Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration released the list of systemically important banks for 2025, identifying 21 domestic banks, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [1][3]. Group 1: Systemically Important Banks - The 2025 list categorizes banks into five groups based on their systemic importance scores, with the first group containing 11 banks, including China Minsheng Bank, China Everbright Bank, Ping An Bank, Huaxia Bank, Ningbo Bank, Jiangsu Bank, Beijing Bank, Nanjing Bank, Guangfa Bank, Zheshang Bank, and Shanghai Bank [3]. - Zheshang Bank is newly included in the first group, becoming the 10th joint-stock commercial bank recognized [1]. - Industrial Bank has moved from the third group to the second group, indicating a change in its systemic importance [1]. Group 2: Regulatory Framework - Systemically important banks are subject to additional capital requirements based on their group classification, with the first group requiring a 0.25% additional capital, increasing to 1.5% for the fourth group [3]. - These banks must also meet additional leverage ratio requirements, which are set at 50% of the additional capital requirements, to be satisfied by Tier 1 capital [3]. - The regulatory bodies emphasize the importance of macro-prudential management and micro-prudential supervision to ensure the safe and sound operation of systemically important banks, thereby supporting the high-quality development of the real economy [3].

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。 中国农业银行股份有限公司（以下简称"本行"）董事会于2026年1月26日以书面形式发出会议通知，于 2026年2月13日在北京以现场方式召开会议。会议应出席董事15名，亲自出席董事15名。会议召开符合 法律法规、《中国农业银行股份有限公司章程》（以下简称"《公司章程》"）及《中国农业银行股份有 限公司董事会议事规则》的规定。 会议由谷澍董事长主持，审议并通过了以下议案： 一、中国农业银行股份有限公司2026年度固定资产投资预算安排 议案表决情况：有效表决票15票，同意15票，反对0票，弃权0票。 本议案尚需提交本行股东会审议通过。 二、聘任王志恒先生兼任中国农业银行股份有限公司首席合规官 王志恒先生与审议事项存在利害关系，回避表决。 议案表决情况：有效表决票14票，同意14票，反对0票，弃权0票。 本议案已经本行董事会提名与薪酬委员会审议通过，同意聘任王志恒先生兼任本行首席合规官。 独立董事发表如下意见：经核查相关文件并沟通了解，我们认为，聘任王志恒先生兼任本行 ...

Core Viewpoint - The People's Bank of China has identified 21 domestic systemically important banks for the year 2025, aiming to enhance macro-prudential management and regulatory oversight of these institutions [1] Group 1: Identification of Systemically Important Banks - A total of 21 banks have been recognized as systemically important, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [1] - The banks are categorized into five groups based on their systemic importance scores, with the first group containing 11 banks, the second group 4 banks, the third group 2 banks, the fourth group 4 banks, and the fifth group having no banks [1] Group 2: Breakdown of Bank Groups - Group 1 includes: China Minsheng Bank, China Everbright Bank, Ping An Bank, Huaxia Bank, Ningbo Bank, Jiangsu Bank, Beijing Bank, Nanjing Bank, Guangfa Bank, Zheshang Bank, and Shanghai Bank [1] - Group 2 consists of: Industrial Bank, China CITIC Bank, Shanghai Pudong Development Bank, and China Postal Savings Bank [1] - Group 3 includes: Bank of Communications and China Merchants Bank [1] - Group 4 comprises: Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Agricultural Bank of China [1] Group 3: Future Regulatory Actions - The People's Bank of China and the financial regulatory authority will implement additional regulatory measures as per the "Regulations on Additional Supervision of Systemically Important Banks (Trial)" to ensure the safe and sound operation of these banks [1] - The aim is to strengthen the macro-prudential management and micro-prudential regulatory synergy, promoting the healthy development of systemically important banks to better serve the high-quality development of the real economy [1]

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have published the list of systemically important banks for 2025, identifying 21 domestic banks, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [1][2]. Group 1: Systemically Important Banks - The newly published list includes Zhejiang Commercial Bank as a new entrant among systemically important banks [1]. - The banks are categorized into five groups based on their systemic importance scores, with the first group containing 11 banks, the second group 4 banks, the third group 2 banks, the fourth group 4 banks, and the fifth group having no banks [1]. - The first group includes China Minsheng Bank, China Everbright Bank, Ping An Bank, Huaxia Bank, Ningbo Bank, Jiangsu Bank, Beijing Bank, Nanjing Bank, Guangfa Bank, Zhejiang Commercial Bank, and Shanghai Bank [1]. - The second group consists of Industrial Bank, China CITIC Bank, Shanghai Pudong Development Bank, and China Postal Savings Bank [1]. - The third group includes Bank of Communications and China Merchants Bank [1]. - The fourth group comprises Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Agricultural Bank of China [1]. - No banks are listed in the fifth group [1]. Group 2: Regulatory Measures - The People's Bank of China and the National Financial Regulatory Administration will implement additional regulatory measures for systemically important banks according to the "Regulations on Additional Supervision of Systemically Important Banks (Trial)" [2]. - The aim is to enhance macro-prudential management and micro-prudential supervision, ensuring the safe and sound operation of systemically important banks [2]. - This initiative is intended to better serve the high-quality development of the real economy [2].

Core Viewpoint - The A-share banking sector has shown significant performance in 2025, with a total market capitalization surpassing 10 trillion yuan, indicating a structural bull market despite a mixed performance among individual stocks [2][6]. Group 1: Market Performance - As of February 13, the total market capitalization of the banking sector reached approximately 13.72 trillion yuan, an increase of 1.45 trillion yuan from the end of the previous year [2][6]. - The A-share market capitalization grew by over 20 trillion yuan compared to the previous year, reaching nearly 114 trillion yuan [6]. - The banking sector's market capitalization as a proportion of the total A-share market decreased from 11.19% at the end of the previous year to around 9% [6]. Group 2: Stock Performance - In 2025, 32 banking stocks recorded gains, with Qingdao Bank, Xiamen Bank, and Agricultural Bank leading with increases of over 30% [2][3]. - The banking sector's overall performance was relatively weak, with a decline of 0.3% for the year, making it one of the lowest-performing sectors among 31 major industries [3][4]. - Notable individual stock performances included Qingdao Bank with a 39.37% increase, Xiamen Bank at 38.36%, and Agricultural Bank at 30.86% since February 5 [3][5]. Group 3: Structural Trends - The banking sector experienced a clear differentiation in performance, with large state-owned banks initially performing well, while smaller banks gained momentum later in the year [4][6]. - Despite the overall positive trend, 10 banking stocks ended the year in the red, with Everbright Bank showing the largest decline at 10.7% [4][5]. - The competition for market capitalization among major banks saw Agricultural Bank briefly surpass Industrial and Commercial Bank of China, although the latter regained its position as the market leader by year-end [6][7].

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have conducted an assessment of systemically important banks for 2025, identifying 21 domestic banks categorized into five groups based on their systemic importance scores [1] Group 1: Identification of Systemically Important Banks - A total of 21 domestic systemically important banks have been recognized, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [1] - The banks are categorized into five groups based on their systemic importance scores, with the first group consisting of 11 banks, the second group containing 4 banks, the third group having 2 banks, the fourth group including 4 banks, and the fifth group having no banks [1] Group 2: Breakdown of Bank Groups - **First Group (11 banks)**: Includes China Minsheng Bank, China Everbright Bank, Ping An Bank, Huaxia Bank, Ningbo Bank, Jiangsu Bank, Beijing Bank, Nanjing Bank, Guangfa Bank, Zheshang Bank, and Shanghai Bank [1] - **Second Group (4 banks)**: Comprises Industrial Bank, China CITIC Bank, Shanghai Pudong Development Bank, and China Postal Savings Bank [1] - **Third Group (2 banks)**: Consists of Bank of Communications and China Merchants Bank [1] - **Fourth Group (4 banks)**: Includes Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Agricultural Bank of China [1] - **Fifth Group**: Currently has no banks included [1] Group 3: Future Regulatory Actions - The People's Bank of China and the National Financial Regulatory Administration will implement additional regulatory measures for systemically important banks according to the "Regulations on Additional Supervision of Systemically Important Banks (Trial)" [1] - The aim is to enhance macro-prudential management and micro-prudential supervision, ensuring the safe and sound operation of systemically important banks and better supporting the high-quality development of the real economy [1]

Core Viewpoint - Agricultural Bank of China has appointed Wang Zhiheng as the Chief Compliance Officer, effective immediately following the board's approval [1] Group 1: Appointment Details - The board of directors approved the appointment of Wang Zhiheng as the Chief Compliance Officer of Agricultural Bank of China [1] - Wang Zhiheng's appointment is effective from the date of the board's resolution [1] Group 2: Background of Wang Zhiheng - Wang Zhiheng was born in June 1973 and holds a master's degree in economics from Nankai University [1] - He has held various positions including President of Agricultural Bank of China starting June 2024, Vice Chairman and Executive Director from September 2024, and has previously served as Vice President of Bank of China [1] - His career includes roles such as Deputy General Manager of Human Resources at Bank of China, Vice President of Guangdong Branch, and President of Qinghai Branch [1]

Core Viewpoint - Agricultural Bank of China has appointed Mr. Wang Zhiheng as the Chief Compliance Officer, effective immediately following the board's approval [1][4][5] Group 1: Appointment Details - The board meeting approved the appointment of Mr. Wang Zhiheng as Chief Compliance Officer of Agricultural Bank of China [1][4] - Mr. Wang, born in June 1973, holds a Master's degree in Economics from Nankai University and has held various senior positions in the banking sector [1][4] - His previous roles include Vice President of Human Resources at Bank of China, Deputy General Manager of Guangdong Branch, and President of Qinghai Branch [1][4] Group 2: Board Committee Adjustments - The board also approved adjustments to the specialized committees, appointing Zhang Hongwu to multiple committees including Strategic Planning and Sustainable Development [1][4] - Zhuang Yumin was appointed as a member of the Audit Committee but will no longer serve on the Strategic Planning and Sustainable Development Committee [1][4]

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration announced the list of systemically important banks for 2025, identifying 21 banks, an increase of one from the previous assessment, indicating a slight expansion trend in the number of recognized banks [1][4]. Group Structure - The list of systemically important banks has shown a gradual increase over the years, with 19 banks recognized in both 2021 and 2022, 20 in 2023, and 21 in 2025, reflecting a consistent expansion [1][4]. - The fourth group remains stable, consistently comprising the four major banks: Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Agricultural Bank of China [2][4]. Group Classification - The 21 banks are categorized into five groups based on their systemic importance scores, with the fifth group remaining vacant. The first group increased from 10 to 11 banks, the second group rose from 3 to 4 banks, the third group decreased from 3 to 2 banks, and the fourth group maintained its count at 4 banks [4]. - The first group now includes 11 banks: China Minsheng Bank, China Everbright Bank, Ping An Bank, Huaxia Bank, Ningbo Bank, Jiangsu Bank, Beijing Bank, Nanjing Bank, Guangfa Bank, Zhejiang Commercial Bank, and Shanghai Bank. The second group consists of 4 banks: Industrial Bank, China CITIC Bank, Shanghai Pudong Development Bank, and China Postal Savings Bank. The third group has 2 banks: Bank of Communications and China Merchants Bank. The fourth group includes 4 banks: Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Agricultural Bank of China [4]. Key Changes - A significant change in this announcement is the inclusion of Zhejiang Commercial Bank in the first group, marking its first entry as a systemically important bank. Additionally, Industrial Bank has been moved from the third group to the second group [4]. Regulatory Framework - The assessment and publication of the list are part of the regulatory authorities' efforts to establish a comprehensive macro-prudential management system and strengthen the supervision of systemically important financial institutions [4][5]. - The People's Bank of China and the National Financial Regulatory Administration will continue to enhance the additional supervision of systemically important banks to promote their safe and sound operation, thereby better serving the high-quality development of the real economy [5].

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration released the list of systemically important banks for 2025, identifying 21 domestic banks, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [1]. Group 1: List of Systemically Important Banks - The 2025 list includes Zhejiang Commercial Bank, which is newly added and placed in the first group, making it the 10th joint-stock commercial bank on the list [2]. - The list is categorized into five groups based on systemic importance scores, with the first group containing 11 banks, the second group 4 banks, the third group 2 banks, the fourth group 4 banks, and no banks in the fifth group [3]. Group 2: Regulatory Framework - Systemically important banks are characterized by their large scale, high complexity, and strong interconnections with the financial system, which significantly impacts economic and financial operations [4]. - The regulatory framework requires additional capital requirements for banks in different groups, ranging from 0.25% for the first group to 1.5% for the fourth group, with specific leverage ratio requirements also in place [4]. - The regulatory bodies aim to enhance macro-prudential management and micro-prudential supervision to ensure the safe and sound operation of systemically important banks, thereby supporting the high-quality development of the real economy [4].