农业银行公告，刘洪先生因职务变动，已于2025年8月起担任中国农业银行股份有限公司党委副书记， 于2025年9月22日提交辞呈，辞去本行副行长职务。刘洪先生确认与本行董事会无不同意见，也没有就 其辞任需要知会本行股东及债权人的任何事项，已按照有关要求做好交接工作。 ...

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。 AGRICULTURAL BANK OF CHINA LIMITED 1288 董事會決議公告 中國農業銀行股份有限公司（「本行」）董事會（「董事會」）於2025年9月5日以書面形式發出 會議通知，於2025年9月22日在北京以現場方式召開會議（「會議」）。會議應出席董事13 名，親自出席董事10名，梁高美懿董事、鞠建東董事、周濟董事由於其他公務安排，分 別書面委託汪昌雲董事、莊毓敏董事、劉曉鵬董事出席會議並代為行使表決權。會議召 開符合法律法規、《中國農業銀行股份有限公司章程》（「本行章程」）及《中國農業銀行股份 有限公司董事會議事規則》的規定。 本議案已經本行董事會提名與薪酬委員會審議通過，同意提名劉洪先生為本行執行董事 候選人。 本行獨立非執行董事發表如下意見：經核查相關文件並溝通了解，我們認為，提名劉洪 先生為本行執行董事候選人符合有關法律法規、規範性文件、本行章程的要求，不存在 損害本行及股東 ...

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。 劉洪先生確認與本行董事會（「董事會」）無不同意見，也沒有就其辭任需要知會本行股東 及債權人的任何事項，已按照有關要求做好交接工作。 董事會對劉洪先生擔任高級管理層成員期間為本行發展做出的貢獻表示感謝！ 承董事會命 中國農業銀行股份有限公司 AGRICULTURAL BANK OF CHINA LIMITED 1288 關於高級管理人員辭任的公告 劉洪先生因職務變動，已於2025年8月起擔任中國農業銀行股份有限公司（「本行」）黨委副 書記，於2025年9月22日提交辭呈，辭去本行副行長職務。 | | | | | | 是否存在 | | --- | --- | --- | --- | --- | --- | | | | | 原定任期 | | 未履行完畢 | | 姓名 | 辭任職務 | 辭任時間 | 到期日 | 辭任原因 | 的公開承諾 | | 劉洪 | 副行長 | 2025年9月22日 | – | 職務變動 ...

Core Viewpoint - The report outlines the progress of the China Agricultural Bank's rectification efforts following the third round of inspections by the Central Committee, emphasizing the integration of rectification with reform and strict governance [1][2][6]. Group 1: Rectification Responsibilities - The Agricultural Bank's Party Committee has taken the rectification as a serious political task, integrating it with reform and strict governance [2][3]. - A rectification leadership group has been established, with the Party Secretary as the leader, to oversee the entire rectification process [3]. - Regular meetings are held to assess and guide the rectification efforts, ensuring accountability at all levels [3][4]. Group 2: Key Issues Addressed - The bank has focused on enhancing financial support for rural revitalization and agricultural development, aligning with national policies [7][8]. - Specific measures have been implemented to prevent large-scale poverty and ensure financial services reach rural areas effectively [8][9]. - The bank has maintained a declining trend in non-performing loan ratios for four consecutive years, indicating improved risk management [9]. Group 3: Quality of Rectification - The bank has established a system for evaluating the effectiveness of rectification measures, ensuring that issues are addressed thoroughly [5][6]. - A series of institutional documents have been revised to enhance compliance and address systemic issues [5][6]. Group 4: Future Plans - The Agricultural Bank plans to maintain a stable rectification team and continue to implement the lessons learned from the rectification process [20][21]. - There is a commitment to convert rectification outcomes into tangible results for high-quality development, particularly in supporting rural and agricultural sectors [22].

Core Viewpoint - The Central Inspection Team conducted a routine inspection of Agricultural Bank of China from April 16 to July 20, 2024, and provided feedback on October 21, 2024, emphasizing the importance of rectification and improvement in governance and operations [1] Group 1: Rectification Responsibility - The Agricultural Bank's Party Committee has taken the rectification as a serious political task, integrating it with reform and strict governance [2][3] - A rectification leadership group was established, with the Party Secretary as the head, to oversee the entire rectification process [3] - Regular meetings are held to assess and guide the rectification efforts, ensuring accountability at all levels [3] Group 2: Key Issues Addressed - The bank is focusing on enhancing financial support for rural revitalization and agricultural development, aligning with national policies [6][7] - Specific measures have been implemented to prevent large-scale poverty and support vulnerable regions through tailored financial services [7][8] - The bank is improving its network and customer service capabilities in rural areas, including expanding branch locations and enhancing staff training [8] Group 3: Risk Management - The Party Committee is actively leading risk prevention efforts, with a focus on reducing non-performing loan ratios, which have declined for four consecutive years [9] - Strategies are in place to manage real estate and local government debt risks, ensuring compliance with regulations [9] - Strengthening credit management practices is a priority, with enhanced procedures for loan approvals and monitoring [9] Group 4: High-Quality Development - The bank is reforming its performance evaluation system to align with high-quality development goals, reducing unnecessary burdens on grassroots operations [11] - Efforts are being made to streamline operational indicators and improve the efficiency of credit services to the real economy [12] Group 5: Party Governance - The bank is committed to strict party governance, enhancing accountability and oversight mechanisms to ensure compliance with party regulations [14][15] - Initiatives are in place to address issues related to corruption and misconduct, with a focus on maintaining integrity within the organization [14] Group 6: Future Plans - The Agricultural Bank plans to establish a long-term rectification mechanism, ensuring ongoing compliance with central directives and continuous improvement [23][24] - The bank aims to convert rectification outcomes into tangible results that support high-quality development and enhance financial services for rural areas [25]

Investment Rating - The report assigns an "Outperform" rating to the banking sector [1] Core Insights - The banking sector experienced a decline of 4.21% this week, marking the lowest performance across all industries [1][14] - Year-to-date, the banking sector has seen a growth of 3.30%, ranking 26th among all industries [1] - The report highlights investment opportunities in China Merchants Bank, Agricultural Bank of China, and Jiangsu Bank [1] Summary by Sections Banking Sector and Stock Performance - The A-share banking index fell by 4.09%, underperforming the Wind All A index by 3.91 percentage points [13] - Among 42 listed banks, only Qilu Bank saw an increase in stock price this week [2][17] - The average price-to-book (P/B) ratios for different types of banks are as follows: state-owned banks at 0.70X, joint-stock banks at 0.54X, city commercial banks at 0.63X, and rural commercial banks at 0.59X [2][17] Funding Price Situation - The People's Bank of China conducted a significant reverse repo operation, injecting 18,268 billion yuan into the market [3][29] - The overnight SHIBOR rate increased to 1.46%, up by 9 basis points from last week [3][32] - The average issuance rate for interbank certificates of deposit rose to 1.64%, an increase of 1 basis point [6][40] Bond Market Situation - Total bond market financing reached 23,465.1 billion yuan, with net financing of 8,512.8 billion yuan, an increase of 7,050.0 billion yuan from the previous week [4][45] - The issuance of financial bonds increased by 1,031.0 billion yuan, while the issuance of government bonds decreased [4][46] - The yield on 10-year government bonds rose to 1.88%, while the 1-year yield fell to 1.39% [5][50] Interbank Market Review - The interbank repo overnight rate (R001) increased to 1.50%, up by 10 basis points [3][32] - The trading volume for the week was 31.39 trillion yuan, a decrease of 1.74 trillion yuan from the previous week [3][32] Important News and Announcements - The report includes various charts and data visualizations that illustrate the performance of the banking sector and market conditions [12][18]

Core Insights - The Agricultural Bank of China’s Hunan Xiangxi Huayuan Branch issued an 8.35 million yuan loan to Xiangxi Beiyikang Agricultural Products Development Co., Ltd., utilizing the "Xianglin Carbon Ticket" pledge model to support green industry development [1][2] - The "Xianglin Carbon Ticket" is a standardized forestry carbon credit certificate issued by the Hunan Forestry Bureau, converting ecological resources into tradable "green assets" [1] - The loan alleviated the company's financial pressures related to technological upgrades, raw material reserves, and seasonal cash flow, enhancing its market competitiveness [2] Financial Innovation - The loan represents a financial innovation that transforms ecological value into economic value, providing financial support for low-carbon development in the region [1] - By incorporating carbon tickets as collateral, the bank expanded financing channels for green enterprises, addressing their previous challenges in securing traditional collateral [1] Impact on Business Operations - The funding enabled the company to acquire advanced production equipment and optimize processing techniques, thereby improving product quality and market competitiveness [2] - The loan also provided stable financial support for daily operations, enhancing the company's ability to respond to market fluctuations and expand sales channels [2] Future Directions - The Agricultural Bank of China’s Xiangxi Branch aims to deepen green financial innovation and increase the development of green financial products, focusing on local ecological industries and low-carbon project financing needs [2] - The bank plans to optimize credit resource allocation to further integrate financial services with green development, contributing to the sustainable economic growth of Xiangxi [2]

转自：新华财经 为提升消费者和投资者金融知识水平和风险防范能力，9月15日至21日，国家金融监管总局、中国人民银行和中国证监会联合开展2025年金融教育宣传周活 动。宣传周期间，农行上海市分行聚焦"一老一少一新"重点群体开展"风险提示送上门"专项行动，深入社区、学校、乡村、企业、商圈，围绕群众日常生活 场景，组织形式多样的基层金融教育宣传活动。 "小品里面有老年人莫名其妙收个验证码钱就没了，我也碰到过！"台下的两位老人深有感触地交流道。在周浦镇周市社区活动中心，一台文艺大戏正在上 演。农行上海新片区分行以"我为群众送台戏"的形式开展"风险提示送上门"专项活动，工作人员以"文艺搭桥·知识唱戏"的方式突破传统宣讲模式，将金融知 识与艺术文化相融合。 台上，农行员工正全新演绎反诈版《暖暖》，以朗朗上口的歌词、耳熟能详的旋律传递防骗要点，搭建知识桥梁；互动小品《诈骗那些事儿》还原真实诈骗 场景，现场老年人踊跃参与，在模拟中掌握"一听二问三报警"的防骗口诀；片区民警以案说法，揭开诈骗话术层层伪装，助力老人练就"火眼金睛"；歌舞剧 《反诈的微笑》则将诈骗识别技巧融入欢快节奏，通过生动表演方便社区居民掌握防骗知识；上海银保 ...

Core Viewpoint - Agricultural Bank of China experienced a decline in stock price, with a year-to-date increase of 27.70% but a recent drop of 9.08% over the last five trading days [1] Group 1: Stock Performance - On September 22, Agricultural Bank's stock fell by 2.11%, trading at 6.51 CNY per share with a total transaction volume of 919 million CNY [1] - The stock's market capitalization is approximately 22,783.90 billion CNY [1] - Year-to-date, the stock has increased by 27.70%, but it has decreased by 9.08% in the last five trading days and 10.33% in the last 20 trading days [1] Group 2: Capital Flow - There was a net outflow of 92.99 million CNY from main funds, with large orders buying 226 million CNY (24.56%) and selling 283 million CNY (30.82%) [1] - Special large orders accounted for 1.62 billion CNY in purchases (17.59%) and 1.97 billion CNY in sales (21.45%) [1] Group 3: Company Overview - Agricultural Bank of China was established on December 18, 1986, and listed on July 15, 2010 [2] - The bank's main business includes accepting public deposits, issuing loans, and conducting domestic and international settlements, among other financial services [2] - The revenue composition is as follows: personal banking (54.82%), corporate banking (39.17%), other businesses (3.34%), and fund operations (2.66%) [2] Group 4: Shareholder Information - As of June 30, the number of shareholders was 491,500, a decrease of 0.73% from the previous period [3] - The average circulating shares per person increased by 0.72% to 676,101 shares [3] - The bank's net profit attributable to shareholders for the first half of 2025 was 139.51 billion CNY, a year-on-year increase of 2.66% [3]

Group 1: Key Recommendations - The report highlights Jiangbolong (301308) as a leading player in the full matrix storage industry, driven by "main control expansion + enterprise-level breakthroughs" [3] - The recommendation logic emphasizes the company's continuous breakthroughs and growth in the enterprise storage segment, with expected revenue growth rates of 41.09%, 26.39%, and 23.65% from 2025 to 2027 [3] - The report also identifies Stik (300806) as a leader in functional coating composite materials, with a growth inflection point approaching, supported by a significant increase in electronic-grade adhesive material demand [4] Group 2: Financial Projections - Jiangbolong's projected revenues for 2025-2027 are 24,639.91 million, 31,141.96 million, and 38,506.08 million yuan, with net profits expected to reach 843.17 million, 1,491.97 million, and 2,166.77 million yuan respectively [3] - Stik's projected revenues for the same period are 3,405.54 million, 4,540.38 million, and 5,834.50 million yuan, with net profits forecasted at 102.45 million, 287.35 million, and 464.63 million yuan [4] Group 3: Market Insights - The banking sector report indicates that the recent decline in bank stocks, down 7.3% from July 1 to September 19, 2025, is primarily due to increased risk appetite and liquidity withdrawal [5] - The report suggests that as risk-free interest rates decline and risk appetite stabilizes, the pressure on bank stock outflows is expected to ease, potentially opening up absolute return opportunities [5] Group 4: Catalysts and Drivers - For Jiangbolong, the key catalyst is the increase in storage prices, which is expected to drive revenue growth [3] - For Stik, the demand surge for OCA (Optically Clear Adhesive) in end products is identified as a significant growth driver [4] - In the banking sector, the anticipated decline in risk-free interest rates and stabilization of risk appetite are seen as crucial factors for recovery [5]