Core Viewpoint - Agricultural Bank announced that non-executive director Li Wei will no longer serve as a non-executive director due to the expiration of his term, and he will also step down from various committee positions within the board [1] Group 1 - Li Wei confirmed that there are no disagreements with the board regarding his departure [1] - His resignation does not require notification to shareholders or creditors [1]

Core Viewpoint - Agricultural Bank of China (601288.SH) announced that non-executive director Li Wei will no longer serve as a non-executive director due to the expiration of his term [1] Group 1 - Li Wei also stepped down from his positions on the board's "Three Rural" Financial and Inclusive Finance Development Committee, Nomination and Remuneration Committee, and Audit Committee [1]

Group 1 - Agricultural Bank conducted a block trade of 4 million shares on March 31, with a transaction value of 26.8 million yuan, accounting for 0.68% of the total trading volume for the day [1] - The transaction price was 6.7 yuan per share, which was flat compared to the market closing price of 6.7 yuan [1]

银行 2026 年 3 月 31 日 农业银行(601288.SH) 盈利持续领跑大行，息差降幅收窄 推荐（维持） 股价：6.49 元 行情走势图 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 研究助理 | | | 李灵琇 | 一般证券从业资格编号 | | --- | --- | | | S1060124070021 | | | LILINGXIU785@pingan.com.cn | 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.abchina.com;www.abchina.com | | | .cn | | 大股东/持股 | 中央汇金投资有限责任公司/40.14% | | 实际控制人 | | | 总股本(百万股) | 349,983 | | 流通 A 股(百万股) | 319,244 | | 流通 B/H 股(百万股) | 30,739 | | 总市值（亿元） | 22,186 | | 流通 A 股市值(亿元) | 20 ...

证券研究报告 农业银行 (601288 CH/1288 HK) 港股通 扩表与中收增长亮眼 华泰研究 年报点评 2026 年 3 月 31 日│中国内地/中国香港 国有大型银行 农业银行于 3 月 30 日发布 2025 年年报，2025 年归母净利润、营业收入分 别同比+3.2%、+2.1%，较 1-9 月+0.1pct、+0.1pct，基本符合我们此前预 期（25E 利润、营收增速 3.85%、2.18%）。2025 年拟每股派息 0.25 元， 年度现金分红比例为 30%（2024 年:30%），25 年 AH 股息率分别为 3.84%、 5.25%。公司利润和扩表增速领跑大行，中收增长亮眼，风险整体稳定，维 持 A/H 增持/买入评级。 扩表领先大行，息差降幅收窄 25 年末总资产、贷款、存款增速分别为+12.8%、+9.0%、+7.7%，较 9 月 末+2.3pct、-0.4pct、+0.3pct，扩表速度为六大行第 1。25 年末对公、零售 贷款分别同比+9.2%、+5.0%。县域贷款增速持续高于全行，2025 年末县 域贷款余额 10.9 万亿元，增速 11.0%，余额占境内贷款比重 41.0% ...

农行去年纯利同比增长3.2%至2,910亿元人民币(下同)，较该行预期低0.9%。核心盈利同比微跌0.1%， 较预期低1.8%。去年股本回报率跌0.3个百分点至10.2%，核心一级资本充足率跌35个基点至11.08%。派 息比率大致稳定，每股派息同比增3.1%至0.2495元，H股及A股股息率分别为5.2%及3.8%，在同行中相 对较低。 智通财经APP获悉，美银证券发布研报称，考虑到盈利预测下调及股本成本上调50个基点，下调农业银 行(01288,601288.SH)2026及2027年盈利预测1%至2%，H股目标价由6.32港元下调至5.8港元，农行A股 目标价由7.32元人民币下调至6.4元人民币，维持H股"中性"及A股"跑输大市"评级。 该行表示，农业银行去年第四季净息差按季跌7个基点至1.2%，表现较同业弱。手续费收入同比增长 16.6%，受惠于代理佣金急增88%。其他非利息收入受债务证券处置及外汇收益带动，同比增长22%。 收入同比增长1.7%，经营成本增长4.9%，成本收入比率升1.1个百分点至37.3%。 ...

Core Viewpoint - The six major state-owned commercial banks in China reported strong financial performance for the year 2025, with total operating income exceeding 35,482 billion yuan and net profit surpassing 14,200 billion yuan, indicating robust growth and stability in the banking sector [1][2]. Group 1: Financial Performance - All six banks achieved growth in both operating income and net profit for 2025, which has enabled them to maintain a high dividend payout ratio [2]. - The Industrial and Commercial Bank of China (ICBC) reported a stock price increase of 14.6% in A-shares and 20.7% in H-shares, along with a cash dividend of 1,105.93 billion yuan [4]. Group 2: Wealth Management and Consumer Services - Banks are focusing on innovating wealth management services to enhance residents' income and asset allocation [6]. - The Agricultural Bank of China emphasized leveraging its comprehensive operations to offer diverse financial products that meet clients' customized needs [8]. Group 3: Consumer Spending Initiatives - Several banks have prioritized boosting consumption and expanding domestic demand in 2025, enhancing financial services to support consumer spending [9]. - The Bank of China plans to inject over 20,000 billion yuan in credit to key consumption sectors, with subsidies and fee reductions benefiting over 100 million people [9]. - The China Construction Bank reported a personal consumption loan balance of 6,832 billion yuan, with a net increase of 1,552 billion yuan, and has provided 220 billion yuan in government consumption subsidies, stimulating 1,800 billion yuan in consumer spending [11].

Core Viewpoint - The A-share market saw a collective rise in bank stocks, with Agricultural Bank of China and Bank of China leading the gains, both increasing by over 3% [1] Group 1: Stock Performance - Agricultural Bank of China and Bank of China rose by more than 3%, leading the banking sector [1] - Ningbo Bank, Huaxia Bank, and Shanghai Pudong Development Bank increased by over 2% [1] - Shanghai Rural Commercial Bank, Qingdao Bank, Jiangsu Bank, and Hangzhou Bank saw nearly 2% gains [1] Group 2: Technical Indicators - A MACD golden cross signal has formed, indicating a positive trend for these bank stocks [1]

Group 1 - The A-share market showed a lackluster performance on March 31, with the Shanghai Composite Index down 0.38% and the ChiNext Index down over 2%, while the banking sector performed well, with China Bank rising over 4% and Agricultural Bank rising over 3% [1] - The recent geopolitical risks in the Middle East have led to a shift in market sentiment towards low-volatility assets, benefiting the banking sector [1] - Major banks in China, including Industrial, Agricultural, China, Construction, and Postal Savings Banks, reported increased revenue and net profit for 2025, with a total net profit of approximately 1.42 trillion yuan [1] Group 2 - The Bank ETF (512800) passively tracks the CSI Bank Index and includes 42 listed banks, making it an efficient investment tool for tracking the banking sector [2] - The latest scale of the Bank ETF exceeds 12 billion yuan, with an average daily trading volume of over 800 million yuan since 2025, making it the largest and most liquid among A-share banking ETFs [2] - The fee structure for the Bank ETF and its linked funds includes various commission rates for subscription and redemption, with specific rates based on the amount and holding period [2]

Core Viewpoint - Agricultural Bank of China reported a resilient financial performance in 2025, achieving a revenue of 725.31 billion yuan and a net profit of 292.00 billion yuan, both showing year-on-year growth of 2.1% and 3.3% respectively, maintaining a "double growth" trend [1][8] Financial Performance - The bank's net interest income was 569.59 billion yuan, accounting for 78.5% of total revenue, despite a 1.9% year-on-year decline due to LPR adjustments and low market interest rates [2][11] - Non-interest income, including fees and commissions, reached 88.09 billion yuan, marking a significant year-on-year increase of 16.6%, contributing notably to revenue growth [2][11] - The bank's net profit growth has outpaced comparable peers for six consecutive years, with revenue also leading among peers [2][11] Dividend Distribution - The board proposed a final dividend of 1.3 yuan per 10 shares (tax included) for 2025, totaling 87.32 billion yuan in cash dividends, maintaining a payout ratio of 30% [10] Asset Quality - As of the end of 2025, the non-performing loan (NPL) ratio was 1.27%, a decrease of 0.03 percentage points year-on-year, continuing a five-year downward trend [4][13] - The overdue loan ratio was 1.25%, the lowest in the industry, with the bank being the only one with an overdue rate lower than the NPL rate [5][13] Credit Growth and Strategy - The bank's credit growth is expected to remain stable in 2026, focusing on four key areas: rural revitalization, supporting domestic demand, modern industrial system construction, and enhancing inclusive financial services [15][16] - The bank's inclusive finance services have seen significant growth, with inclusive loan balances reaching 4.35 trillion yuan, an increase of 749.9 billion yuan in 2025 [16] Wealth Management - The bank's wealth management business has shown remarkable growth, with total wealth management income reaching 35.7 billion yuan and fee income from wealth management at 25.1 billion yuan, driven by a substantial increase in agency business [3][12] Risk Management - The bank emphasizes the importance of risk management as a differentiating factor in the banking industry, with a strong risk coverage capability reflected in a provision coverage ratio of 292.55% [4][13]