Investment Rating - The investment rating for Qilu Bank is "Buy" (maintained) [1] Core Insights - Qilu Bank reported a revenue growth of 5.12% year-on-year and a net profit attributable to shareholders growth of 14.58% for 2025, indicating accelerated revenue growth and improved net interest margin [5][6] - The bank's net interest income for 2025 reached 10.519 billion yuan, a year-on-year increase of 16.48% [5] - The asset quality indicators have shown continuous improvement for seven consecutive years, with a non-performing loan ratio of 1.05% at the end of 2025, down 4 basis points from the end of Q3 2025 [5] Summary by Sections Recent Performance - Qilu Bank's stock performance over the last 12 months shows a 7.4% increase, while the CSI 300 index increased by 23.1% [4] - The current stock price is 5.92 yuan, with a market capitalization of approximately 36.43 billion yuan [4] Financial Metrics - For 2025, the bank's total assets grew by 16.65%, loans by 13.55%, and deposits by 11.37% compared to 2024 [5] - The bank's return on equity (ROE) for 2025 is 12.17%, a slight decrease of 0.35 percentage points year-on-year [5] Earnings Forecast - Revenue growth forecasts for 2025-2027 are 5.12%, 11.26%, and 10.99% respectively, while net profit growth forecasts are 14.58%, 17.44%, and 10.74% [6] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 1.11 yuan, 1.32 yuan, and 1.47 yuan respectively [6] Valuation Metrics - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 5.32x, 4.49x, and 4.03x respectively, while the price-to-book (P/B) ratios are expected to be 0.65x, 0.59x, and 0.53x [6][7]

市场策略丨深度报告 [Table_Title] 红马奔腾策略系列 1：从老红利到新红马之投资 范式 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 目前部分机构资产回报率承压，核心原因在于负债端久期长、成本刚性，而低利率环境下，固 收类资产收益率下行，权益类的传统红利投资股息下降，较难覆盖负债端成本。投资思路：预 期回报率高（3%~5%以上）、安全边际高（行业格局和估值企稳）的方向值得关注。1）寻找 未来股息率高的方向：通过分红率的提高来提供较高的股息水平，直接增厚股息回报；2）同时 估值不应大幅下滑：具有安全边际，避免因资本利得大幅损失（如股价下跌）抵消股息收益， 重点关注供给收缩/行业出清到尾声的细分行业。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 28 %% %% %% %% 关注自由现金流和稳住 ROE 是分红潜力的关键。一是从理论出发，稳定的自由现金流是保障 潜在股息率提升的重要基础，其通过影响利润与估值，提供持续的 ...

智通财经APP获悉，方正证券发布研报称，当前A股与美股ROE水平相对错位，美股处历史高位，A股则筑底回升。参考美股经验，长期来看，成熟市场 资产周转率因经济与营收增速中枢下移而步入稳态，杠杆率也因企业加杠杆需求递减而逐步平稳，净利率是长期决定市场ROE变化的核心因素。当前国内 经济环境稳中有进，"十五五"规划为未来高质量发展指明方向，上市公司盈利效率长期将不断向好。 方正证券主要观点如下： 核心结论 本文系统对比分析了美股与A股上市公司ROE长期走势，并对其变化背后原因进行探讨： 一、A股与美股ROE对比分析 1）当前A股与美股ROE水平相对错位，美股处历史高位，A股则筑底回升。2）净利率&资产周转率表现分化为造成A股与美股ROE错位主要原因。 二、杜邦三因子分解 净利率：1）净利率是美股ROE强势最核心因素，美股ROE走势基本由净利率刻画。2）A股净利率近年缓慢波动下行，当前底部蓄力待发。 资产周转率：1）美股周转率经历长期下行后已步入稳态。2）当前A股周转率如同美股早期仍处下行通道，预计未来将如美股逐步平稳。 杠杆率：1）美股杠杆率绝对值较高，已在高位持续平稳。2）A股杠杆率同样已趋于稳定，未来持续上行空 ...

January 11, 2026 09:00 PM GMT China Brokers | Asia Pacific M Idea Catalyst Preview: What's Ahead? Key Takeaways Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important ...

Core Insights - The company is expected to pivot towards growth by 2026, as indicated in the annual report and discussions during the Investor Day [1]. Group 1: Growth Expectations - The company anticipates growth to stem from its international banking business, which is seen as a key differentiator compared to competitors [2].

Core Insights - Micron Technology is evaluated against key competitors in the Semiconductors & Semiconductor Equipment industry to provide insights into its performance and investment potential [1] Company Overview - Micron Technology is a leading semiconductor company specializing in memory and storage chips, primarily generating revenue from dynamic random access memory (DRAM) and having minority exposure to NAND flash chips [2] - The company serves a global customer base across various sectors, including data centers, mobile phones, consumer electronics, and industrial applications [2] Financial Metrics Comparison - Micron's Price to Earnings (P/E) ratio is 32.28, which is 0.31x lower than the industry average, indicating favorable growth potential [3] - The Price to Book (P/B) ratio of 6.5 is below the industry average by 0.67x, suggesting potential undervaluation based on book value [3] - Micron's Price to Sales (P/S) ratio of 9.06 is 0.72x the industry average, further indicating possible undervaluation [3] - The Return on Equity (ROE) stands at 9.28%, which is 3.87% above the industry average, reflecting efficient use of equity to generate profits [3] - Micron's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is $8.35 billion, which is 0.21x below the industry average, potentially indicating lower profitability [3] - The gross profit of $7.65 billion is 0.22x below the industry average, suggesting lower revenue after accounting for production costs [8] - Revenue growth of 56.65% is significantly higher than the industry average of 32.03%, showcasing strong demand for Micron's products [8] Debt-to-Equity Ratio Analysis - Micron Technology has a lower debt-to-equity ratio of 0.21 compared to its peers, indicating a more favorable balance between debt and equity financing [11] - This lower ratio suggests that the company relies less on debt, which can be viewed positively by investors [11] Summary of Performance Relative to Peers - Micron's low P/E, P/B, and P/S ratios compared to peers indicate potential undervaluation, while its high ROE and revenue growth suggest strong performance [9] - However, the low EBITDA and gross profit levels may require further investigation to assess operational efficiency [9]

Core Viewpoint - Ping An Life has disclosed that it will increase its stake in Agricultural Bank of China H-shares to 20% by December 30, 2025, triggering a mandatory disclosure under Hong Kong market rules [1] Group 1: Investment Activities - This marks the fourth time Ping An Life has increased its stake in Agricultural Bank H-shares, having previously surpassed 5%, 10%, and 15% in February, May, and August 2025 respectively [4] - In 2025, Ping An Life also acquired 7.169 million shares of Postal Savings Bank H-shares, raising its stake to 5.01%, and subsequently increased its holdings to 10% and 15% in May and August [6] - Additionally, Ping An Life made multiple acquisitions of China Merchants Bank H-shares throughout 2025, surpassing 5%, 10%, 15%, and 20% in January, March, June, and December respectively [6] Group 2: Industry Trends - The enthusiasm for insurance capital to acquire shares has surged, with a total of 35 instances of share acquisitions in 2025, the highest since 2016 [5] - The preference for bank stocks among insurance companies is attributed to their average dividend yield exceeding 5%, which is significantly higher than the cost of liabilities (approximately 2% to 2.5%) [7] - The new financial instrument standards allow high-dividend bank stocks to be classified as FVOCI assets, reducing profit statement volatility [7] Group 3: Future Outlook - The trend of insurance capital actively acquiring shares is expected to continue into 2026, driven by low interest rates and the need for stable returns [8][10] - Analysts suggest that the motivations behind these acquisitions can be categorized into two types: one focused on stable dividend cash flows and the other on investing in mature, monopolistic enterprises with solid ROE [9][10] - The stock prices of major insurance companies have seen significant increases in 2025, with gains of 46.02% for New China Life, 35.87% for Ping An, and others [10]

Core Viewpoint - Ping An Life has disclosed that it will increase its stake in Agricultural Bank of China H-shares to 20% by December 30, 2025, triggering a mandatory disclosure under Hong Kong market rules [1]. Group 1: Investment Activities - This marks the fourth time Ping An Life has increased its stake in Agricultural Bank H-shares, having previously surpassed 5%, 10%, and 15% in February, May, and August 2025 respectively [4]. - In addition to Agricultural Bank, Ping An Life has also acquired shares in Postal Savings Bank and China Merchants Bank, with holdings reaching 5.01%, 10%, 15%, and 20% at various points in 2025 [6]. - Overall, in 2025, insurance capital made a total of 35 stake increases, the highest since 2016, indicating a growing trend in insurance investments [5][8]. Group 2: Reasons for Preference in Bank Stocks - Insurance companies are favoring bank stocks due to their average dividend yield exceeding 5%, which is significantly higher than the cost of liabilities (approximately 2% to 2.5%), making them attractive as "quasi-fixed income" assets [7]. - The new financial instrument standards allow high-dividend bank stocks to be classified in a way that stabilizes profit and loss statements, further encouraging investment [7]. - The stable performance and dividend consistency of bank stocks align with the long-term investment strategies of insurance companies, which seek value and stability [7]. Group 3: Future Outlook - The trend of insurance capital actively participating in equity markets is expected to continue, driven by low interest rates and regulatory support for long-term investments [8][10]. - Analysts suggest that the demand for bank stocks will persist, with insurance companies likely to focus on stable dividend-paying stocks and those with strong return on equity (ROE) [9][10]. - The stock prices of major insurance companies have shown significant increases in 2025, reflecting market confidence in the insurance sector's fundamentals [10].

Summary of EQB Conference Call - January 06, 2026 Company Overview - **Company**: EQB Inc. (OTCPK: EQGP.F) - **Industry**: Banking, specifically a challenger bank in Canada Key Points and Arguments Growth Expectations - **Loans Under Management**: Expected to grow in high single digits, with a previous growth of 10% in 2025 [3][6] - **Revenue Growth**: Anticipated mid-single-digit revenue growth for 2026, with flat to slightly positive operating leverage and low single-digit expense growth [3][6] - **Operating Efficiency**: Aiming to return to a competitive advantage in efficiency, targeting a return on equity (ROE) of 15%+ [5][6] Strategic Initiatives - **PC Financial Acquisition**: The acquisition is seen as a transformative opportunity, expected to increase customer base from 800,000 to 3.5 million, enhancing distribution capabilities and brand recognition [4][29] - **Focus on Core Franchise**: Emphasis on reigniting the core business and optimizing capabilities to drive revenue growth [4][5] Financial Performance - **Earnings Growth**: Projected EPS growth of 12%-15% for 2026, with a focus on improving operating leverage [6][11] - **Expense Management**: A significant improvement in expenses is expected, with a CAD 45 million reduction anticipated in 2026 [15][27] - **Credit Quality**: The company is well-positioned for a potentially recessionary environment, with an expected improvement in the provision for credit losses (PCL) ratio in 2026 [17][25] Equipment Financing - **Risk Posture Improvement**: The risk profile of the equipment financing business has improved, with a shift from lower quality long-haul trucking to more prime customers [19][20] Cross-Selling Opportunities - **PC Optimum Integration**: Plans to leverage the PC Optimum loyalty program to enhance customer engagement and cross-sell financial products [30][35] - **Product Offerings**: Potential to offer mortgages and insurance products to new customers from the PC Financial acquisition [36][44] Capital Management - **Capital Utilization**: The company is focused on organic growth and share buybacks, with a current CET1 ratio of 13.3% [48][51] - **Share Buyback Program**: An NCIB (Normal Course Issuer Bid) has been announced to repurchase shares, indicating confidence in the company's valuation [51][52] Cultural Alignment - **Partnership with Loblaw**: The shared culture and focus on building a distinct challenger bank were key factors in the partnership with Loblaw for the PC Financial acquisition [53][54] Future Outlook - **New Era for EQB**: The leadership team expresses excitement about the future, emphasizing a commitment to being a leading challenger bank in Canada and enhancing customer offerings [58][59] Additional Important Content - **Efficiency Ratio Goals**: The company aims to improve its efficiency ratio to the high 40s or around 50% by late next year [28] - **Physical Presence Strategy**: Plans to operate device pavilions in stores to enhance customer interaction without incurring high operating costs [39][40] This summary encapsulates the key insights and strategic directions discussed during the EQB conference call, highlighting the company's growth expectations, strategic initiatives, financial performance, and future outlook.

Summary of Bank of Montreal Conference Call Company Overview - **Company**: Bank of Montreal (NYSE: BMO) - **Date**: January 06, 2026 Key Points ROE Target and Performance - Bank of Montreal aims to achieve a **15% Return on Equity (ROE)** by the end of **2027**, with a commitment to sustainable performance beyond that [6][8][59] - The bank increased its ROE by **150 basis points** year-over-year, the fastest among peers, and achieved **26% EPS growth** in the previous year [4][5] - The bank's operating leverage was **4.3%** with an **18% growth** in Pre-Provision Profitability (PPPT) in 2025 [5] U.S. Banking Segment - The objective is to exit 2027 with a **12% ROE** in the U.S. banking segment, which has been restructured to optimize synergies between personal, commercial, and wealth management services [9][10] - The restructuring began in July 2025, and the bank expects to see full benefits from this optimization by the second quarter of 2026 [11] - Loan growth in the U.S. is anticipated to be in the **mid-single digits** starting in the second quarter of 2026, contingent on macroeconomic conditions [16] Credit and Impairments - The bank expects a **flattish** credit experience in 2026, with improvements anticipated in the U.S. but some deterioration in Canadian retail [13][14] - The bank aims to normalize impaired Provision for Credit Losses (PCL) to the mid-30s, but does not expect significant credit normalization to impact ROE significantly [14][34] Deposit Growth and Strategy - Deposit growth has been strong, particularly following the instability in early 2023, and is expected to align with loan growth moving forward [18] - The bank is focusing on improving the mix of deposits, targeting low-cost retail deposits and operational deposits in the commercial sector [19][21] Canadian Market Outlook - Loan growth in Canada is projected to be low single digits, influenced by economic uncertainty and client confidence [22][24] - The bank is optimistic about the Canadian economy's resilience and expects to see increased loan demand as clients regain confidence [24] Efficiency and Cost Control - The bank's efficiency ratio gap to peers has narrowed from **400 basis points** to **160 basis points** over the past five years [27] - A restructuring expense of approximately **CAD 200 million** is expected, with an annual run rate benefit of **CAD 250 million** [28] Capital Deployment and M&A Strategy - The bank generated **90 basis points** of capital last year and maintains a **13.3% Common Equity Tier 1 (CET1)** ratio, indicating strong capital generation capacity [35] - While the bank is open to M&A opportunities, it prioritizes organic growth and optimizing existing operations over pursuing acquisitions [39][40] Capital Markets Outlook - The capital markets business is performing well, with expectations to exceed previous targets of **$625 million** in PPPT per quarter [48] - The U.S. capital markets are seen as a significant growth area, with high market shares in investment banking and a focus on integrating services across business lines [51][52] Macro Economic Outlook - The bank anticipates **2.3%-2.4% GDP growth** in the U.S. and **1.7%** in Canada, with a positive outlook for operational improvements continuing into 2026 [58] - The bank remains optimistic about its ability to achieve its ROE target and sustain it beyond 2027 [59] Additional Insights - The bank's strong position in the mining sector and its global reach in capital markets are expected to provide significant benefits as the market improves [55] - The bank is cautious about the timing of capital flows despite positive policy shifts, indicating a measured approach to growth [56]