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。 | | | | | | 是否繼續在 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 原定任期 | | 本行及其控股 | 具體職務 | 是否存在未履行 | | 姓名 | 離任職務 | 離任時間 | 到期日 | 離任原因 | 子公司任職 | （如適用） | 完畢的公開承諾 | | 武剛 | 首席風險官 | 2025年9月8日 | – | 到齡退休 | 否 | – | 否 | 武剛先生確認與本行董事會（「董事會」）無不同意見，也沒有就其離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。 武剛先生擔任本行高級管理層成員期間，恪盡職守、勤勉盡責。董事會對武剛先生任職 期間為本行發展做出的重要貢獻表示衷心感謝。 承董事會命 中國農業銀行股份有限公司 AGRICULTURAL BANK OF CHINA LIMITED ...

武刚先生确认与本行董事会无不同意见，也没有就其离任需 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。 武刚先生担任本行高级管理层成员期间，恪尽职守、勤勉尽 责。本行董事会对武刚先生任职期间为本行发展做出的重要贡献 表示衷心感谢。 特此公告。 证券代码：601288 证券简称：农业银行 公告编号：临 2025-041 号 中国农业银行股份有限公司 关于高级管理人员离任的公告 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。 因到龄退休，武刚先生请求辞去中国农业银行股份有限公司 （以下简称"本行"）首席风险官职务。 | 姓名 | 离任职务 | 离任时间 | | 原定任期 | 离任 | 是否继续 在本行及 | 具体职务（如 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 到期日 | 原因 | 其控股子 | 适用） | 履行完毕的 | | | | | | | | | | 公开承诺 | | | | ...

Group 1 - Agricultural Bank announced that Wu Gang has requested to resign from the position of Chief Risk Officer due to reaching retirement age [1] - Wu Gang confirmed that there are no disagreements with the board and has completed the required handover work [1]

Core Viewpoint - The announcement by Agricultural Bank of China aims to implement a fiscal subsidy policy for personal consumption loans to reduce costs for consumers and stimulate market potential [1] Group 1: Implementation of Fiscal Subsidy Policy - The Agricultural Bank of China is actively organizing the implementation of the fiscal subsidy policy for personal consumption loans as per the guidelines from the Ministry of Finance, People's Bank of China, and financial regulatory authorities [1] - Customers must sign a supplementary agreement to authorize the bank to query loan accounts for subsidy calculations, but this does not affect their ability to apply for loans [1][2] Group 2: Eligibility and Conditions for Subsidy - The fiscal subsidy applies to personal consumption loans used for consumption between September 1, 2025, and August 31, 2026, with transactions identified through loan accounts [3] - The subsidy interest rate is set at an annualized 1%, not exceeding 50% of the loan contract rate [4] Group 3: Disbursement and Notification of Subsidy - The bank will directly deduct the subsidy amount from the loan interest charged to eligible customers, enhancing consumer benefits [5] - Customers can check their subsidy amounts through various channels, including mobile banking and SMS notifications [6] Group 4: Restrictions and Compliance - Loans in default are not eligible for the subsidy until all dues are cleared [7] - Once a loan is fully repaid, the corresponding consumption will no longer qualify for the subsidy, although outstanding portions may still be eligible [8] - A single consumption transaction can only receive the subsidy from one financial institution [9] Group 5: Dispute Resolution and Compliance Violations - Customers can appeal subsidy results by providing supplementary materials to the bank for review [10] - Certain behaviors, such as using loan funds for non-consumption purposes or engaging in fraudulent activities, will disqualify customers from receiving the subsidy [11]

Core Viewpoint - The banking sector in the A-share market is experiencing significant momentum, with Agricultural Bank of China (ABC) leading in market capitalization and performance among its peers [4][5]. Market Performance - As of September 4, 2025, ABC's total market capitalization reached 2.55 trillion yuan, surpassing Industrial and Commercial Bank of China (ICBC) for the first time [4][5]. - By September 5, 2025, ABC's market capitalization was 2.48 trillion yuan, maintaining its position as the highest in A-shares, with a year-to-date increase of 43% [5][6]. - Among 42 listed banks in A-shares, 39 have seen positive stock price growth in 2025, with over 20 banks experiencing increases exceeding 10% [6]. Financial Performance - In the first half of 2025, ABC reported operating income of 369.94 billion yuan, a year-on-year increase of 0.85%, and net profit of 139.51 billion yuan, up 2.66%, making it the only state-owned bank to achieve growth in both metrics [8][9]. - The bank's total assets reached 46.9 trillion yuan, with loans and advances totaling 26.73 trillion yuan, reflecting a growth of 1.82 trillion yuan from the previous year [9][10]. Agricultural Focus - ABC has positioned itself as a leading bank for rural revitalization and support for the real economy, with county loans increasing by 916.4 billion yuan, reaching a total of 10 trillion yuan, accounting for 40.9% of domestic loans [10][11]. - The bank's loans in key agricultural supply areas amounted to 1.24 trillion yuan, with a growth rate of 23.7% [10]. Dividend Distribution - The six major state-owned banks plan to distribute a total of 204.7 billion yuan in cash dividends in the first half of 2025, with ABC's share being 418.23 billion yuan [11][12].

Core Viewpoint - Commercial banks are actively enhancing their "green finance" initiatives to support the achievement of the "dual carbon" goals, focusing on both the growth and quality of green financial products and services [2][3][5]. Group 1: Green Credit Growth - Major commercial banks have maintained a high growth rate in green credit, with an increase of over 10% in the first half of the year, surpassing the average loan growth rate [3]. - As of June, the total green loan balance of six major state-owned banks reached 23.8 trillion yuan, with Industrial and Commercial Bank of China (ICBC) leading at over 6 trillion yuan and a growth rate of 16.4% [3]. - Other banks, including Agricultural Bank of China and China Construction Bank, also reported significant growth in green loans, with balances of 5.72 trillion yuan and growth rates of 14.6% and 14.88%, respectively [3]. Group 2: Green Bond Market - The green bond market is experiencing rapid growth, with 477 green bonds issued in 2024, totaling 681.43 billion yuan [5]. - Major banks are increasing their participation in the green bond market, with ICBC issuing a global multi-currency "carbon neutrality" themed green bond [6]. - China Bank led the underwriting of green bonds, with a total issuance of 2.11 trillion yuan domestically and 14.9 billion USD internationally [6]. Group 3: Product Innovation and Diversification - The demand for diverse financing solutions has led to an increase in the variety of green financial products, including green loans, bonds, and funds [5][7]. - Banks are focusing on innovative products such as floating-rate green bonds and carbon finance services, including carbon emission rights collateralized loans [6][7]. - Future developments may include the introduction of carbon derivatives and the establishment of green industry investment funds targeting renewable energy and resource recycling [7].

Market Overview - The A-share market showed mixed performance this week, with the Shanghai Composite Index declining by 1.18% and the Shenzhen Component Index falling by 0.83%. However, the ChiNext Index saw a monthly increase of 2.35% [1]. Sector Performance - The battery, photovoltaic equipment, and precious metals sectors experienced significant gains, with solid-state battery and energy metal stocks being particularly active [1]. - The battery sector led the gains, with Tianhong Lithium Battery rising by 78.78% and XianDao Intelligent increasing by 51.51% [1]. Policy and Industry Developments - The recent "Action Plan for Stable Growth in the Electronic Information Manufacturing Industry (2025-2026)" issued by two departments supports foundational research in cutting-edge technologies, including all-solid-state batteries [1]. - The China Automotive Engineering Society will hold a review meeting for ten group standards related to solid-state battery assembly methods in Beijing on September 10-11, 2025, which is expected to promote the standardization of the solid-state battery industry [1]. Precious Metals Market - The precious metals sector saw notable activity, with Western Gold rising by 49.70%. COMEX gold futures increased by 3.52%, marking the strongest weekly gain in nearly four months, while international gold prices reached a historical high [1]. - Recent executive orders from Trump exempting tariffs on metals such as gold, tungsten, and uranium may influence market dynamics [1]. Capital Flow - Major inflows of capital were observed in Agricultural Bank of China, CATL, and China Shipbuilding, each exceeding 1.5 billion yuan [1]. - Conversely, significant outflows were noted in Dongfang Wealth, New Yi Sheng, and Northern Rare Earth, with outflows exceeding 5 billion yuan [1].

Group 1 - The core viewpoint of the article highlights the performance and outlook of the AI Fund, Xingzheng Global Dividend Mixed A, which reported a profit of 5.7861 million yuan in the first half of 2025, with a net value growth rate of 5.79% [3] - As of September 5, 2025, the fund's unit net value was 1.096 yuan, and the fund manager, Zhang Xiaofeng, manages two funds that have shown positive returns over the past year [3][6] - The fund's performance compared to peers shows a one-year net value growth rate of 16.74%, ranking 576 out of 604 comparable funds [6] Group 2 - The fund's management maintains a humble approach to macroeconomic predictions, focusing on intuitive logic and adaptability to changing circumstances, with a shift towards domestic demand as a core driver post-export growth decline [3] - The fund's stock assets are undervalued, with a weighted average price-to-earnings ratio (TTM) of approximately 5.63 times, significantly lower than the peer average of 33.74 times [12] - The weighted average net profit growth rate (TTM) for the fund's held stocks was -0.01%, indicating a challenging growth environment [22] Group 3 - The fund's maximum drawdown since inception was 6.82%, occurring in the second quarter of 2025, with an average stock position of 71.31%, lower than the peer average of 85.36% [34][37] - As of June 30, 2025, the fund had 1,515 holders, with individual investors holding 81.33% of the shares, indicating a strong retail investor base [42] - The fund's top ten holdings include companies like China Shenhua, Gree Electric, and Agricultural Bank of China, reflecting a diversified investment strategy [48]

2025 年 09 月 07 日 农业银行 (01288) ——大行基本面最优，看好 AH 估值折价稳步修复 报告原因：有业绩公布需要点评 买入（首次评级） 上 市 公 司 银行 | 市场数据： | 2025 年 09 月 05 日 | | --- | --- | | 收盘价（港币） | 5.48 | | 恒生中国企业指数 | 8937.09 | | 52 周最高/最低（港币） | 5.84/3.35 | | H 股市值（亿港币） | 19,004.08 | | 流通 H 股（百万股） | 30,738.82 | | 汇率（人民币/港币） | 1.0977 | 一年内股价与基准指数对比走势： -2% 48% 98% 09/05 10/05 11/05 12/05 01/05 02/05 03/05 04/05 05/05 06/05 07/05 08/05 HSCEI 农业银行 资料来源：Bloomberg 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522 ...

Group 1 - The 2025 China Farmers' Harvest Festival Autumn Consumption Season was launched in Xiaoshan District, Hangzhou, Zhejiang Province, showcasing financial support for agriculture [1] - The Agricultural Bank of China established a "Rural Revitalization Theme Pavilion" to demonstrate financial services that empower agricultural industries and farmers' lives through various products like "High-Standard Farmland Construction Loan" and "Huinong e-loan" [3] - The bank introduced 12 "Huinong e-loan" products targeting different customer segments in the agricultural supply chain, enhancing services for farmers and agricultural merchants [3][4] Group 2 - The Agricultural Bank of China has significantly increased its financial resources directed towards agriculture, with county-level loan balances exceeding 10 trillion yuan, rural industry loans over 2.7 trillion yuan, and loans for rural construction surpassing 2.4 trillion yuan as of mid-2025 [4] - The bank launched the "Ten Thousand Village Broadcaster Growth Plan" in collaboration with educational institutions to train rural broadcasters, helping quality agricultural products expand online sales channels [4] - The bank aims to continue supporting the rural revitalization strategy by increasing credit support and innovating service models to enhance rural consumption potential [5]