截至2025年9月30日止九个月，集团实现净利润2,223.23亿元，同比增长3.28%。年化平均总资产回报率 为0.65%，同比下降0.04个百分点；年化加权平均净资产收益率为10.47%，同比下降0.32个百分点。实 现基本每股收益0.59元，同比增加0.03元。 格隆汇10月30日丨农业银行(01288.HK)发布公告，截至2025年9月30日止九个月，集团实现营业收入 5,507.74亿元(人民币，下同)，同比增长1.87%。实现归属于母公司股东的净利润2208.59亿元，同比增长 3.03%。净利息收入4,273.08亿元，同比下降2.40%。净利息收益率为1.30%。手续费及佣金净收入698.77 亿元，同比增长13.34%。营业支出1,746.69亿元，同比增长3.84%；成本收入比(中国会计准则)29.14%， 同比上升0.20个百分点。信用减值损失1,274.03亿元，同比减少36.43亿元。 ...

Core Insights - Agricultural Bank of China reported Q3 revenue of 180.98 billion, a year-on-year increase of 4.30% [1] - The net profit attributable to shareholders for Q3 was 81.35 billion, reflecting a year-on-year growth of 3.66% [1] - For the first three quarters, the total revenue reached 550.77 billion, up by 1.87% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 220.86 billion, with a year-on-year increase of 3.03% [1]

Core Viewpoint - Agricultural Bank of China (01288.HK) reported a revenue of 550.774 billion RMB for the nine months ending September 30, 2025, reflecting a year-on-year growth of 1.87% [1] Financial Performance - The net profit attributable to shareholders reached 220.859 billion RMB, marking a year-on-year increase of 3.03% [1] - Net interest income was 427.308 billion RMB, showing a decline of 2.40% year-on-year [1] - The net interest margin stood at 1.30% [1] - Net fee and commission income increased by 13.34% to 69.877 billion RMB [1] - Operating expenses totaled 174.669 billion RMB, up 3.84% year-on-year [1] - The cost-to-income ratio (according to Chinese accounting standards) was 29.14%, an increase of 0.20 percentage points year-on-year [1] - Credit impairment losses decreased by 3.643 billion RMB year-on-year to 127.403 billion RMB [1] Return Metrics - The annualized average return on total assets was 0.65%, down 0.04 percentage points year-on-year [1] - The annualized weighted average return on equity was 10.47%, a decrease of 0.32 percentage points year-on-year [1] - Basic earnings per share increased by 0.03 RMB to 0.59 RMB [1]

Core Insights - Agricultural Bank of China (ABC) reported a net profit of 222.32 billion yuan for the nine months ending September 30, 2025, representing a year-on-year increase of 3.28% [1] - The net profit attributable to shareholders was 220.86 billion yuan, up 3.03% year-on-year [1] - The annualized average total asset return rate decreased by 0.04 percentage points to 0.65%, while the annualized weighted average return on equity fell by 0.32 percentage points to 10.47% [1] Financial Performance - The group achieved an operating income of 550.77 billion yuan, reflecting a year-on-year growth of 1.87% [1] - Net interest income was 427.31 billion yuan, down 2.40% year-on-year, with a net interest margin of 1.30% [1] - Net fee and commission income increased by 13.34% to 69.88 billion yuan [1] - Operating expenses rose by 3.84% to 174.67 billion yuan, with a cost-to-income ratio of 29.14%, up 0.20 percentage points year-on-year [1] - Credit impairment losses decreased by 3.64 billion yuan to 127.40 billion yuan [1] Capital Adequacy and Liquidity - As of September 30, 2025, the capital adequacy ratio, tier 1 capital adequacy ratio, and core tier 1 capital adequacy ratio were 17.78%, 12.92%, and 11.16%, respectively [1] - The average liquidity coverage ratio for the third quarter of 2025 was 130.25% [1]

Financial Performance - For Q3 2025, Agricultural Bank of China reported operating income of RMB 180,981 million, an increase of 4.30% year-on-year[7]. - The net profit attributable to shareholders for the same period was RMB 81,349 million, reflecting a growth of 3.66% compared to the previous year[7]. - The total operating income for the same period was RMB 550.77 billion, an increase of 1.87% year-on-year, while net interest income decreased by 2.40% to RMB 427.31 billion[17]. - For the nine months ended September 30, 2025, the group achieved a net profit of RMB 222.32 billion, representing a year-on-year growth of 3.28%[17]. - The bank reported a net profit of RMB 82.380 billion for the three months ending September 30, 2025, compared to RMB 78.768 billion in the same period of 2024, reflecting a growth of 3.9%[31]. - The bank's operating profit for the nine months ending September 30, 2025, was RMB 248.685 billion, up from RMB 241.308 billion in the same period of 2024[30]. - The bank's total comprehensive income for the nine months ending September 30, 2025, was RMB 206.532 billion, down from RMB 232.020 billion in the same period of 2024[31]. Assets and Liabilities - The total assets of the bank reached RMB 48,135,429 million, marking an increase of 11.33% from the end of the previous year[7]. - As of September 30, 2025, total assets reached RMB 48,135.43 billion, an increase of 11.33% compared to the end of the previous year[18]. - Total liabilities increased by 12.01% to RMB 44,960.22 billion compared to the end of the previous year[19]. - Total liabilities increased to RMB 44,960,218 million, up from RMB 40,140,862 million, reflecting a growth of approximately 12.5%[33]. - Customer loans and advances totaled RMB 26,987.57 billion, reflecting an increase of 8.36% from the end of the previous year[18]. - Customer loans and advances rose to RMB 26,019,737 million, compared to RMB 23,977,013 million in the previous year, marking an increase of about 8.7%[32]. - Customer deposits reached RMB 32,067.82 billion, an increase of 5.82% from the end of the previous year[19]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 539,787, with 520,726 being A-share shareholders[9]. - The top two shareholders, Central Huijin Investment Ltd. and the Ministry of Finance of the People's Republic of China, held 40.14% and 35.29% of shares respectively[9]. - The bank's equity attributable to shareholders was RMB 3,168,502 million, an increase of 2.51% from the previous year[7]. - The bank's total equity increased to RMB 3,175,211 million as of September 30, 2025, from RMB 3,097,273 million, representing an increase of approximately 2.5%[33]. - The bank has no restricted shares among its top shareholders, indicating a fully tradable share structure[10]. Dividends - The bank declared a final cash dividend of RMB 0.1255 per share for the fiscal year 2024, totaling RMB 43.923 billion[26]. - The board proposed an interim cash dividend of RMB 1.195 per 10 shares for the fiscal year 2025, amounting to RMB 41.823 billion, pending shareholder approval[26]. - The bank plans to distribute a cash dividend of RMB 4.12 per preferred share, totaling RMB 1.648 billion, for the fiscal year 2024-2025[26]. Capital and Financing - The capital adequacy ratio as of September 30, 2025, was 17.78%, with a Tier 1 capital adequacy ratio of 12.92%[23]. - The group issued RMB 600 billion in Tier 2 capital bonds in both July and September 2025[24]. - The group also issued RMB 500 billion in total loss-absorbing capacity non-capital bonds in August 2025[24]. - The bank issued debt securities amounting to RMB 3,450,107 million during the nine months ended September 30, 2025, compared to RMB 2,920,323 million in the same period of 2024, an increase of about 18.2%[36]. Cash Flow - The net cash flow from operating activities for the year-to-date period was RMB 2,034,128 million, showing an increase of 8.49%[7]. - Net cash from operating activities for the nine months ended September 30, 2025, was RMB 2,034,128 million, compared to RMB 1,874,980 million for the same period in 2024, an increase of about 8.5%[35]. - Cash and cash equivalents at the end of the period reached RMB 2,933,380 million, up from RMB 2,780,032 million, indicating an increase of approximately 5.5%[36]. - The bank's net cash used in investing activities for the nine months ended September 30, 2025, was RMB (1,208,002) million, an improvement from RMB (1,771,297) million in 2024[36]. - The bank's interest income from investment securities for the nine months ended September 30, 2025, was RMB (275,590) million, compared to RMB (267,368) million in 2024, indicating a slight increase of about 3.4%[35]. Non-Performing Loans - The non-performing loan balance was RMB 341.40 billion, with a non-performing loan ratio of 1.27%, a decrease of 0.03 percentage points from the end of the previous year[20].

Core Points - Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.19% on October 30, with a trading volume of 67.65 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 29, the fund's latest share count was 224 million shares, with a total size of 230 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.13 billion yuan, with an average daily trading amount of 56.48 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 2.56% during the tenure [1] Holdings Summary - The top holdings of Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China Petroleum & Chemical Corporation (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China People's Insurance Group (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

Core Viewpoint - The international gold price has been fluctuating at high levels, leading banks to adjust their precious metal business strategies, particularly by optimizing the minimum investment thresholds for gold accumulation products [1][2]. Group 1: Strategy Adjustments by Banks - Many banks have recently optimized the minimum investment thresholds for gold accumulation products in response to the current high volatility in gold prices and increased market risks [1][4]. - The Bank of Communications has introduced a floating mechanism for its gold accumulation plan, where the minimum investment amount will be adjusted according to real-time gold prices starting from October 27, 2025 [2][3]. - Other banks, including Agricultural Bank of China, have also announced similar adjustments to their gold accumulation products, moving towards a model that reflects real-time market conditions [2][4]. Group 2: Market Trends and Compliance - The floating mechanism linked to real-time gold prices helps avoid frequent manual adjustments and aligns with regulatory requirements, thus enhancing risk management and compliance [3][4]. - Several banks, including ICBC and Bank of China, have raised their minimum investment amounts for gold accumulation products in October, reflecting the need to ensure compliance and manage risks associated with rising gold prices [4][5]. - The increase in minimum investment thresholds is seen as a measure to curb speculative behavior among investors amid rising gold prices [4][6]. Group 3: Investor Education and Risk Management - Banks are also intensifying investor education by issuing risk warnings, advising clients to pay attention to market changes and manage their positions carefully [5][6]. - The combination of adjusting investment thresholds and providing risk warnings is aimed at enhancing risk control while ensuring compliance and protecting consumer rights [6].

Core Viewpoint - The ongoing "return to the nest" reform of village banks, led by main initiating banks, aims to address risks and optimize the financial layout in rural areas, ensuring that financial services remain rooted in local communities and meet the needs of rural residents [1][7][11]. Summary by Sections Village Bank Mergers and Acquisitions - On October 29, three village banks in Shandong were approved for dissolution, with their assets and operations taken over by Qingdao Rural Commercial Bank, marking a significant step in the "village to branch" reform [1][2]. - The day before, six village banks in Sichuan were also absorbed by Chengdu Rural Commercial Bank, indicating a broader trend of consolidation in the sector [2][3]. Background and Rationale - Village banks were established to serve "three rural issues," small and micro enterprises, and county-level economies, filling gaps left by traditional financial institutions. However, many have strayed from their original mission due to weak capital, governance issues, and inadequate risk control [7][11]. - The "village to branch" reform involves the absorption of village banks into their main initiating banks, eliminating their independent legal status and allowing for unified management and operations [7][11]. Strategic Implications - The main initiating banks can leverage their risk management frameworks and capital allocation mechanisms to reduce potential risks associated with village banks, enhancing their overall risk resilience [4][10]. - The consolidation allows main banks to deepen their penetration into rural financial markets by utilizing existing customer bases and branch networks of the absorbed village banks [4][10]. Future Outlook - The reform is expected to continue, with more village banks likely to be integrated into main initiating bank systems, as highlighted by recent regulatory approvals and ongoing discussions in the financial sector [11][12]. - The central government's emphasis on rural financial reform and the need for differentiated strategies for different institutions will be crucial for the success of these reforms [11][12].

Core Points - The article discusses upcoming changes in banking regulations in China, effective from November 2025, which aim to simplify banking processes and enhance customer experience [3][4][5][6][10]. Group 1: Changes in Withdrawal Procedures - The optimization of the large withdrawal appointment system will allow customers to make appointments through various channels such as mobile banking apps, phone banking, and WeChat banking, rather than only in-person [4][5]. - The requirement to explain the purpose of cash withdrawals over 50,000 yuan will be simplified, with the new regulations indicating that this information will be optional [5][10]. - The daily withdrawal limit at ATMs will increase from 20,000 yuan to 30,000 yuan, enhancing convenience for customers [6][8]. Group 2: Credit Card and Fee Adjustments - Credit card functionalities will be upgraded, allowing for better integration with third-party payment wallets while maintaining cross-border transaction capabilities [8][9]. - The elimination of intercity withdrawal fees will provide significant savings for customers, with an estimated 6.7 billion yuan in fees collected in 2024 [10][12]. Group 3: Customer Feedback and Industry Response - Public sentiment regarding the new regulations is largely positive, with approximately 70% of online discussions reflecting approval for the changes [12][13]. - Banks are preparing for the implementation of these new regulations by updating systems and training staff to ensure smooth transitions [16][18].

Core Viewpoint - Agricultural Bank of China is launching a series of activities themed around elderly care and financial services, aiming to enhance the quality of life for senior citizens and provide tailored financial solutions for their retirement needs [1][4][7]. Group 1: Elderly Care Financial Services - The bank is initiating the "Golden Years, Agricultural Affection" campaign, which includes ten major themed activities focused on retirement asset preservation and growth, as well as financing for enterprises [4][6]. - Agricultural Bank is committed to offering comprehensive financial services that integrate loans, bonds, funds, stocks, consulting, and leasing to support the elderly care industry [7]. Group 2: Community and Lifestyle Support - The bank collaborates with local governments and communities to enhance home-based elderly care services, including medical assistance, meal delivery, and cleaning services [11]. - Activities promoting traditional culture, such as calligraphy, tea ceremonies, and cultural attire, are organized to enrich the quality of life for seniors [12]. Group 3: Digital and Financial Security - The bank aims to assist seniors in embracing the digital age by providing training on using smartphones and online banking for everyday conveniences [17]. - It emphasizes the importance of financial security by raising awareness about risks such as telecom fraud and illegal fundraising [18].