Group 1 - Agricultural Bank of China (01288.HK) announced the dividend distribution plan for its second phase of preferred shares (referred to as "Agricultural Bank Preferred 2") for the fiscal years 2025-2026, which was approved during the board meeting on February 13, 2026 [1] - The cash dividend per share is calculated at a coupon rate of 3.77%, amounting to RMB 3.77 per share (including tax), with a total distribution of RMB 1.508 billion (including tax) [1] - The dividend payment date is set for March 11, 2026 [1] Group 2 - As of the market close on March 2, 2026, Agricultural Bank of China (01288.HK) was trading at HKD 5.16, reflecting a decline of 2.82%, with a trading volume of 128 million shares and a turnover of HKD 666.5 million [1] - The market capitalization of Agricultural Bank of China in the Hong Kong stock market is HKD 163.223 billion, ranking 9th in the banking industry [1] - There has been low attention from investment banks regarding this stock, with no ratings provided in the past 90 days [1]

Core Viewpoint - Agricultural Bank of China (01288) announced the dividend distribution plan for its second phase of preferred shares (referred to as "ABC Preferred 2") for the fiscal years 2025-2026, which was approved during the board meeting held on February 13, 2026 [1] Summary by Relevant Categories - **Dividend Details** - The cash dividend per share is set at RMB 3.77 (including tax), based on a nominal dividend rate of 3.77% [1] - The total dividend payout amounts to RMB 1.508 billion (including tax) [1] - The dividend payment date is scheduled for March 11, 2026 [1]

Core Viewpoint - Agricultural Bank of China (601288) announced the dividend distribution plan for its preferred shares phase II (referred to as "Agricultural Bank Preferred II") for the fiscal years 2025-2026, which was approved during the board meeting on February 13, 2026 [1] Summary by Category - Dividend Rate and Amount - The dividend rate for Agricultural Bank Preferred II is set at 3.77%, resulting in a cash dividend of RMB 3.77 per share (tax included) [1] - The total dividend payout amounts to RMB 1.508 billion (tax included) [1] - Dividend Payment Date - The dividend payment date is scheduled for March 11, 2026 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 中 國 農 業 銀 行 股 份 有 限 公 司 AGRICULTURAL BANK OF CHINA LIMITED （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ） （股份代號：1288） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 根據中華人民共和國的有關法律法規，中國農業銀行股份有限公司在上海證券交易所網 站刊登《中國農業銀行股份有限公司優先股二期2025-2026年度股息發放實施公告》。 茲載列該公告如下，僅供參閱。 承董事會命 中國農業銀行股份有限公司 劉清 公司秘書 中國北京 2026年3月2日 於本公告日期，本行的執行董事為谷澍先生、王志恒先生、劉洪先生和林立先生；本行的非執行董事為周濟女士、 李蔚先生、劉曉鵬先生、張奇先生和張洪武先生；本行的獨立非執行董事為吳聯生先生、汪昌雲先生、 鞠建東先生、莊毓敏女士、張琦先生 ...

Report Summary 1. Investment Rating The provided content does not mention the investment rating of the industry. 2. Core View - The market sentiment is dominated by risk - aversion, leading to a significant decline in US Treasury yields. The 10 - year and 2 - year US Treasury yields decreased by 15 and 10 basis points respectively last week to 3.94% and 3.37%. Although recent data shows a rebound in US inflation pressure, risk - aversion sentiment has overshadowed this, causing the yields to drop [1][2][3]. - The geopolitical conflict between the US, Israel and Iran has escalated, with the US and Israel launching military actions against Iran and Iran counter - attacking and blocking the Strait of Hormuz. This has led to a sharp rise in crude oil prices, which may affect inflation. The military action may last for four weeks, and in the short term, US Treasuries may remain volatile under the resonance of risk - aversion and rising inflation expectations. Higher - than - expected inflation data and the rise in energy prices triggered by geopolitical conflicts have further reduced the possibility of the Fed cutting interest rates in March [1][3]. - Driven by the significant decline in US Treasury yields, Chinese dollar - denominated bonds performed well last week, with the Bloomberg Barclays Chinese dollar - denominated bond total return index rising 0.4% for the week. Among them, the high - rating index rose 0.5% and the high - yield index rose 0.2% [1][3]. - In the on - shore market, after the Spring Festival, the central bank net - withdrew short - term liquidity of 611.4 billion RMB through reverse repurchase operations and net - injected long - term funds of 300 billion RMB through MLF over - renewal. Bank - to - bank funding rates have rebounded significantly compared to before the Spring Festival. The 3 - year and 10 - year Treasury yields were flat and up 2 basis points respectively compared to before the Spring Festival, reaching 1.38% and 1.82%. The domestic interest - rate bond market was also boosted by risk - aversion sentiment on Monday, with yields on Treasury bonds of various maturities generally declining. The Two Sessions will be held this week, and the 2026 economic targets, fiscal support, and possible release of more monetary policy signals will be priced in the bond market [1][4]. 3. Summary by Category Off - shore Market - The issuance of Chinese dollar - denominated bonds remained light, with only one new issuance of over $100 million for the whole week. In contrast, the issuance of off - shore RMB bonds was quite active, with a total issuance of 65.5 billion RMB for the whole week, mainly driven by the issuance of 50 billion RMB central bank bills by the People's Bank of China [2]. - The significant decline in US Treasury yields was due to the market being dominated by risk - aversion sentiment. Although recent inflation data in the US has rebounded, the geopolitical risk has significantly escalated, and the US Treasury market has priced in the war risk in advance [2][3]. On - shore Market - After the Spring Festival, funds flowed back to the banking system. The central bank adjusted the liquidity through reverse repurchase operations and MLF. Bank - to - bank funding rates increased, and the yields of 3 - year and 10 - year Treasury bonds changed compared to before the Spring Festival. The domestic interest - rate bond market was affected by risk - aversion sentiment, and the yields of Treasury bonds of various maturities declined. The upcoming Two Sessions may bring new economic and policy signals to the bond market [1][4]. List of Chinese Dollar - denominated Bonds The documents provide a detailed list of Chinese dollar - denominated bonds, including information such as issuers, guarantors, coupon rates, issuance amounts, maturities, and ratings [7][17][23].

证券代码：601288 证券简称：农业银行 公告编号：临2026-003号 1 优先股代码：360009 优先股简称：农行优2 每股优先股派发现金股息人民币3.77元（含税） 最后交易日：2026年3月9日 股权登记日：2026年3月10日 除息日：2026年3月10日 股息发放日：2026年3月11日 1. 发放金额：按照农行优2票面股息率3.77%计算，每股发 放现金股息人民币3.77元（含税），合计派发人民币15.08亿元（含 税）。 2. 发放对象：截至2026年3月10日上海证券交易所收市后， 在中国证券登记结算有限责任公司上海分公司登记在册的全体 农行优2股东。 3. 扣税情况：每股税前发放现金股息人民币3.77元。根据国 家税法的有关规定： （1）对于持有农行优2的居民企业股东（含机构投资者）， 其现金股息所得税由其自行缴纳，每股实际发放现金股息人民币 3.77元。 中国农业银行股份有限公司 优先股二期2025-2026年度股息发放实施公告 中国农业银行股份有限公司董事会及全体董事保证本公告内容不存在任何 虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性 承担法律责任。 重要 ...

Group 1 - Agricultural Bank of China announced the dividend distribution plan for its preferred shares "Agricultural Bank Preferred 2" for the fiscal year 2025-2026, approved by the board meeting on February 13, 2026 [1][4][6] - The dividend is calculated at a nominal dividend rate of 3.77%, resulting in a cash dividend of RMB 3.77 per share (tax included), totaling RMB 1.508 billion (tax included) [1][4][8] - The dividend payment date is set for March 11, 2026, with the last trading day on March 9, 2026, and the ex-dividend date on March 10, 2026 [8]

Group 1 - The top 20 stocks with significant capital inflow include Zhongji Xuchuang (1.706 billion), BYD (1.590 billion), and Xinyi Sheng (1.447 billion) [1] - Zhongji Xuchuang experienced a price increase of 6.74%, while BYD rose by 4.4% [2] - The defense sector shows strong performance with Lei Ke Defense and China Satellite increasing by 10.02% and 6.52% respectively [2] Group 2 - Other notable stocks include Feilong Co. (10% increase), Dongshan Precision (4.01% increase), and Hengtong Optic-Electric (6.36% increase) [2][3] - The energy sector is represented by TBEA (3.1% increase) and Changjiang Electric Power (2.04% increase) [2] - Agricultural Bank saw a modest increase of 1.88% with a capital inflow of 3.17 billion [3]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The central theme of the report discusses the impact of recent currency policies on liquidity, specifically focusing on the People's Bank of China's (PBOC) measures to adjust the foreign exchange risk reserve ratio and its implications for cross-border liquidity [13][22] - The report highlights that the PBOC's recent policies aim to stabilize the RMB's exchange rate and enhance the liquidity of the offshore RMB market, which is expected to support the internationalization of the RMB [16][22] Summary by Sections 1. Current Observations: How Currency Policies Affect Liquidity - The PBOC introduced two key policies: a notification regarding RMB cross-border interbank financing and a reduction of the foreign exchange risk reserve ratio for forward foreign exchange transactions from 20% to 0% [13][18] - RMB cross-border interbank financing is crucial for providing RMB liquidity to offshore markets, with the potential net outflow limit estimated at approximately 1.79 trillion CNY, significantly higher than the current balance of about 1,942 billion CNY [16][17] 2. Forward Foreign Exchange Business - The adjustment of the foreign exchange risk reserve ratio is designed to lower the costs associated with forward foreign exchange transactions, thereby increasing demand in the forward market and countering expectations of RMB appreciation [18][19] 3. Outlook on Cross-Border Liquidity - The report anticipates that while speculative inflows may slow down, the demand for foreign investment in RMB-denominated assets will remain robust, driven by fundamentals, returns, and safety differentials [22][23] - It is expected that the increase in interbank lending will tighten liquidity in the banking sector, prompting the PBOC to potentially implement additional liquidity measures through government bond transactions and open market operations [23]

Investment Rating - The industry investment rating is "Buy" [2] Core Views - The report highlights a rebound in month-end bill rates, with a significant decrease in net purchases by major banks year-on-year [1][14] - The central bank's operations included a total of CNY 16,410 billion in 7-day reverse repos at a rate of 1.40%, with a net withdrawal of CNY 4,614 billion [14] - The report anticipates continued flexibility in central bank operations to stabilize liquidity fluctuations, especially with important meetings approaching [14][21] Summary by Sections Section 1: Month-End Bill Rate Rebound - The overall liquidity in the market is balanced due to post-holiday fund recovery and tax payments [14] - Major banks' net purchases of bills have significantly decreased, with only an increase of approximately CNY 320 billion year-on-year as of February 27 [17] Section 2: Central Bank Dynamics and Market Rates - The central bank's MLF (Medium-term Lending Facility) increased by CNY 6,000 billion, continuing to inject long-term liquidity into the market [14] - The end-of-period rates for DR001 and DR007 were 1.32% and 1.50%, reflecting increases of 0.68bp and 18.23bp respectively [15] Section 3: Bank Financing Tracking - The total outstanding amount of interbank certificates of deposit (NCD) reached CNY 18.77 trillion, with a weighted average issuance rate of 1.59% [19] - The issuance of interbank certificates of deposit for the period was CNY 4,545 billion, with a completion rate of 93.3% [19]