Core Viewpoint - Agricultural Bank of China has become the world's largest commercial bank by market capitalization, reaching approximately 2.74 trillion RMB (about 386.9 billion USD) as of October 30, 2025, reflecting its strategic positioning in serving rural revitalization and the real economy [1]. Financial Performance - For the first three quarters of 2025, Agricultural Bank reported operating income of 550.8 billion RMB and net profit of 222.3 billion RMB, representing year-on-year growth of 1.97% and 3.28% respectively [1]. - The total asset scale of the bank exceeded 48 trillion RMB by the end of the reporting period [1]. County-Level Business Growth - As of September 2025, the bank's county-level loan balance reached 10.9 trillion RMB, a growth of 10.57% from the beginning of the year, maintaining over 40% of the bank's total loan portfolio [2][21]. - The bank's non-performing loan ratio improved to 1.27%, a decrease of 3 basis points from the start of the year [2]. Rural Financing Initiatives - The "Fumin Loan" program has disbursed 273.29 billion RMB, benefiting 321,600 farmers across 14 cities in Gansu province [4]. - The "Huinong e-loan" program has provided 930.92 billion RMB in loans, serving 1,168,700 farmers [4]. Innovative Financial Products - The bank has introduced innovative products like "Electricity Bill e-loan," which uses actual electricity usage data as a basis for credit assessment, facilitating financing for small and micro enterprises [11]. - The "Live Asset Mortgage Loan" has evolved into the "Smart Animal Husbandry Loan," utilizing AI technology for livestock identification, enhancing efficiency in loan management [16]. Strategic Partnerships and Projects - Agricultural Bank has established a strategic partnership with China Green Development Group, supporting multiple renewable energy projects with a total approval amount of 25.84 billion RMB since 2021 [21]. - The bank's rapid loan approval process has been highlighted in projects like the 300MW compressed air energy storage project, where it completed a 9 billion RMB loan approval swiftly [17][20].

Group 1 - The core viewpoint indicates that the state-owned large bank sector experienced a decline of 1.77% compared to the previous trading day, with XD Agricultural Bank leading the drop [1] - On the same day, the Shanghai Composite Index closed at 3867.92, down 0.55%, while the Shenzhen Component Index closed at 13112.09, down 1.1% [1] - The individual stock performance within the state-owned large bank sector showed mixed results, as detailed in the accompanying table [1] Group 2 - In terms of capital flow, the state-owned large bank sector saw a net outflow of 336 million yuan, while speculative funds recorded a net inflow of 250 million yuan, and retail investors contributed a net inflow of 8.578 million yuan [2] - The capital flow details for individual stocks within the state-owned large bank sector are provided in the accompanying table [2]

Core Insights - Agricultural Bank of China (ABC) is actively promoting consumer spending in Inner Mongolia through various financial services and promotional activities aimed at enhancing consumer vitality [1][2][3] Group 1: Consumer Financing Initiatives - ABC's "Wangjie Loan" program has enabled customers like Li Jingran to secure loans quickly for home renovations, with a notable example being a 190,000 yuan loan processed online within a day [2] - The bank has implemented a management model combining personal loan centers and business outlets to streamline loan approval processes, thereby reducing waiting times for customers [2] Group 2: Promotional Activities - ABC has launched several local promotional activities, such as the "6 yuan breakfast" offer and discounts at cinemas and restaurants, to enhance customer experience and stimulate spending [3] - The bank's initiatives have resulted in over 370,000 transactions from promotional activities, providing direct benefits of approximately 252,790 yuan to consumers [3] Group 3: Financial Performance - As of the end of November, ABC's personal consumer loan balance reached 19 billion yuan, reflecting a growth of 3.65 billion yuan since the beginning of the year [3] - The number of active credit card users surpassed 900,000, with total transaction volume reaching 48.06 billion yuan, indicating a successful cycle of consumer engagement and spending enhancement [3]

Group 1 - The core viewpoint of the article indicates that the recent decline in Chinese bank stocks is attributed to fluctuations in year-end trading fund allocations, reflecting changes in market risk appetite as the quarter and year-end approaches [1] - Major state-owned banks have recently completed their interim dividend ex-dividend dates, which historically leads to short-term stock price adjustments. The ex-dividend date for this year was moved up to December [1] - Long-term investment opportunities may arise from stock price adjustments caused by trading factors such as ex-dividend dates, as these periods are often seen as good entry points for long-term capital [1] Group 2 - Specific declines in bank stocks include Bank of Communications down 3.93% to HKD 6.84, Agricultural Bank down 2.52% to HKD 5.41, China Construction Bank down 0.79% to HKD 7.58, and Industrial and Commercial Bank down 0.33% to HKD 6.12 [1] - The report from Changjiang Securities suggests that the fluctuations in bank stocks are expected to stabilize and potentially increase after the year-end, as institutional investors may need to realize profits [1] - It is anticipated that large banks such as Bank of Communications, Postal Savings Bank, China Merchants Bank, and Industrial Bank will also implement interim dividend ex-dividend dates towards the end of the year and early next year [1]

Group 1 - The core viewpoint of the article indicates that certain Chinese bank stocks experienced a decline in the afternoon trading session, with notable drops in shares of major banks such as Bank of Communications, Agricultural Bank of China, China Construction Bank, and Industrial and Commercial Bank of China [1] - Longjiang Securities released a report stating that the initial rise of bank stocks in the fourth quarter followed by recent adjustments reflects fluctuations in year-end trading fund allocations. This is expected to mirror changes in market risk appetite as the quarter and year-end approaches [1] - The report anticipates that after the cross-year period, the allocation power will push up bank stock valuations and the scale of bank index funds [1] Group 2 - Longjiang Securities noted that the recent completion of interim dividend ex-dividend dates by the four major state-owned banks typically leads to short-term stock price adjustments. Historically, similar fluctuations have occurred after ex-dividend dates [1] - The interim dividend ex-dividend date for the four major state-owned banks has been moved up to December this year, with expectations that other large banks will also implement interim dividend ex-dividend dates towards the end of the year and early next year [1] - From a long-term perspective, if stock price adjustments occur due to trading factors like ex-dividend dates, it is usually a favorable time for long-term investors to allocate funds [1]

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced significant net redemptions, indicating a trend of outflow in the cross-border ETF market [1][2] Group 1: Fund Performance - On December 12, the ETF faced net redemptions of 2.0134 million yuan, ranking 19th out of 200 in terms of cross-border ETF net outflows [1] - The latest fund size is 685 million yuan, up from 682 million yuan the previous day, with a net outflow representing 0.30% of the previous day's size [1] - Over the past 5 days, the ETF saw net redemptions totaling 3.0162 million yuan, ranking 27th out of 200 [1] - In the last 10 days, net redemptions reached 23.5849 million yuan, ranking 14th out of 200 [1] - Over the past 20 days, the total net redemptions amounted to 31.8381 million yuan, ranking 17th out of 200 [1] Group 2: Fund Management and Holdings - The fund is managed by Liu Tingyu and Cai Leping, with Liu managing since July 23, 2025, achieving a return of 1.19%, while Cai has managed since November 5, 2025, with a return of -1.59% [2] - The ETF's top holdings include COSCO Shipping Holdings (6.08%), China Nonferrous Mining (3.25%), and China National Offshore Oil Corporation (2.54%), among others, with significant positions in various state-owned enterprises [2] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually [1] Group 3: Market Comparison - The ETF is part of a group of funds tracking the Central State-Owned Enterprises Dividend Index, which includes other ETFs such as Huaxia and Wanji [2] - As of December 12, the fund's size is 685 million yuan, with a recent average daily trading volume of 15.0941 million yuan over the last 20 trading days [2] - The fund's recent net subscription figures indicate a trend of outflows, with a net subscription of -0.02 billion yuan over the past month [2]

Core Insights - The article emphasizes the importance of small and micro enterprises as a driving force for economic development, job creation, and improving livelihoods, highlighting the efforts of Agricultural Bank of China in Jiangsu Suzhou to support these enterprises through enhanced financial services and innovative products [1] Group 1: Financial Support for Small and Micro Enterprises - Agricultural Bank of China in Jiangsu Suzhou has implemented a financing coordination mechanism to assist small and micro enterprises, optimizing service paths and innovating product systems to stimulate regional economic growth [1] - The bank has developed a financial service system for technology-driven small enterprises, addressing their unique challenges such as lack of traditional collateral and long R&D cycles, exemplified by a case where a company received a 5 million yuan "Kejie Loan" within ten days [2] Group 2: Empowering Traditional Industries - Traditional industries, such as the wool sweater market in Suzhou, are adapting to consumer demands by investing in production line upgrades and diversifying product offerings, while facing financing challenges due to insufficient collateral [3] - The bank utilizes digital technologies like big data and AI to evaluate small enterprises comprehensively, offering tailored financial products such as "Tax e-loan" and "Micro Loan" to support the wool sweater industry [3] Group 3: Collaborative Financial Services - The bank has established a collaborative service mechanism involving chambers of commerce and enterprises to broaden the reach of inclusive finance, creating a diverse service network [4] - By leveraging the role of chambers of commerce, the bank has developed a progressive service path for enterprises, from potential clients to loyal partners, simplifying processes and enhancing credit access for small businesses [4]

本期，南财理财通重点关注最低持有期人民币公募产品的业绩表现，按照7天、14天、30天、60天持有期限分类对产品业绩进行 排名，业绩指标计算指标为年化收益率，计算区间与持有期限相同，如90天持有期产品的业绩计算区间为近三月年化收益率， 同机构同系列同投资周期产品保留一只参与排名。 统计代销机构（28家）：工商银行、中国银行、农业银行、邮储银行、建设银行、交通银行、招商银行、中信银行、光大银 行、民生银行、兴业银行、浦发银行、广发银行、浙商银行、华夏银行、平安银行、恒丰银行、渤海银行、北京银行、宁波银 行、江苏银行、上海银行、南京银行、杭州银行、徽商银行、微众银行、网商银行、百信银行。 需要特别提醒的是：本榜单对理财产品"在售"状态的判断基于其投资周期推算。但实际情况中，部分产品可能因额度售罄，或 银行针对不同客户展示的产品清单存在差异而无法购买。因此，建议投资者以代销银行APP的实际展示为准。 此外，南财理财通虽力求客观公正，但不对本评价榜信息的真实性、完整性和准确性作任何保证，排名信息仅供参考。 | | | (A(分割) | | K | | | | --- | --- | --- | --- | --- | ...

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (00728) at 72.41%, Green Power Environmental (01330) at 69.93%, and Da Zhong Public Utilities (01635) at 69.81% [1] - Xiaomi Group-W (01810), China Merchants Bank (03968), and Agricultural Bank of China (01288) saw the largest increases in stockholding amounts over the last five trading days, with increases of +2.377 billion, +1.655 billion, and +0.815 billion respectively [1] - The largest decreases in stockholding amounts over the same period were recorded by WanGuo Gold Group (02979) at -3.768 billion, YingFu Fund (02800) at -1.184 billion, and China Petroleum & Chemical Corporation (00857) at -0.624 billion [2] Stockholding Ratios - The latest stockholding ratios for the top 20 companies in the Hong Kong Stock Connect show that China Telecom leads with 100.50 billion shares, followed by Green Power Environmental with 2.83 billion shares and Da Zhong Public Utilities with 3.73 billion shares [1] - Other notable companies in the top 20 include Kaisa New Energy (01108) at 67.96% and Tianjin Chuangye Environmental Protection (01065) at 66.72% [1] Recent Increases in Stockholding - Xiaomi Group-W (01810) increased its stockholding by +2.377 billion, with a change of +55.329 million shares [2] - China Merchants Bank (03968) saw an increase of +1.655 billion, with a change of +32.2845 million shares [2] - Agricultural Bank of China (01288) increased by +0.815 billion, with a change of +146.8699 million shares [2] Recent Decreases in Stockholding - WanGuo Gold Group (02979) experienced the largest decrease of -3.768 billion, with a change of -494.5072 million shares [2] - YingFu Fund (02800) decreased by -1.184 billion, with a change of -45.2735 million shares [2] - China Petroleum & Chemical Corporation (00857) saw a decrease of -0.624 billion, with a change of -75.768 million shares [2]

EF002 | | | | EF002 | | --- | --- | --- | --- | | | 皇后大道東183號 | | | | 灣仔 | | | | | 香港 | | | | | 代扣所得稅信息 | | | | | | | 請參考本行日期為2025年11月28日的2025年度第二次臨時股東會表決結果公告有關代扣 | | | | 代繳股東股息稅之詳情。 | | | | | 股東類型 | 稅率 | 有關代預扣所得稅之更多補充 | | | | | （如適用） | | | 非個人居民 | | | | | （非中國內地登記地址） | 10% | 境內非外商投資企業在香港發行股 | | | | | 票，其境外居民個人股東可根據其 | | | | | 居民身份所屬國家與中國簽署的稅 | | | | | 收協定及內地和香港（澳門）間稅 | | | | | 收安排的規定，享受相關稅收優 惠。對於H股個人股東，本行將一 | | | | | 般按10%稅率代扣代繳股息的個人 | | | | | 所得稅，稅務法規及相關稅收協定 | | | | | 另有規定的除外。 | | | 非居民企業 | | | | | （非中國內地 ...