Core Viewpoint - A-shares experienced a collective decline, with major indices falling significantly, while bank stocks showed resilience, particularly Agricultural Bank of China reaching a historical high [1] Group 1: Market Performance - The Shanghai Composite Index fell by 1.25% to 3765 points, the Shenzhen Component Index dropped by 2.83%, the ChiNext Index decreased by 4.25%, and the STAR 50 Index declined by 6.08% [1] - Bank stocks, including Agricultural Bank of China and Postal Savings Bank, saw gains, with Agricultural Bank rising over 5% to a new historical high [1] Group 2: ETF Performance - Bank ETFs and related funds saw increases of over 1%, with specific funds like Bank ETF and Bank ETF Fund rising by 1.04% and 1.02% respectively [3] - The Bank ETF tracks the CSI Bank Index, which includes 42 listed banks, focusing on high dividend opportunities and growth potential [4] Group 3: Financial Metrics - In the first half of 2025, listed banks reported a total operating income of 2.92 trillion yuan, a year-on-year increase of 1.0%, and a net profit attributable to shareholders of 1.10 trillion yuan, up 0.8% [4] - The net interest margin for listed banks decreased by 14 basis points year-on-year to 1.41%, with expectations of a slight narrowing in the decline due to policy changes [4] Group 4: Asset Quality and Growth - Asset quality pressure has slightly increased, with rising overdue rates and non-performing loan generation rates, particularly in the retail sector [5] - Total assets of listed banks grew by 9.6% year-on-year as of the end of Q2 2025, indicating a recovery in growth rates [5] Group 5: Future Outlook - The banking sector is expected to see a bottoming out in 2025, with potential for revenue and profit growth to turn positive in 2026, driven by policy support and improved asset quality [6] - The emphasis on long-term investment in the banking sector remains strong, with recommendations for diversified allocations focusing on banks with high dividend yields and solid asset quality [6]

Group 1 - Agricultural Bank of China (ABC) shares surged over 5%, while Postal Savings Bank rose over 3%, both reaching historical highs [1][2] - ABC's market capitalization surpassed that of Industrial and Commercial Bank of China (ICBC), marking it as the new "universe bank" [1] - The overall market liquidity improved significantly during the rally led by ABC and other banks [1] Group 2 - The banking sector experienced a strong performance, with major banks like CITIC Bank and ICBC also seeing gains of over 2% [2] - The overall market was weak, with the Shanghai Composite Index down 1.25% and the Shenzhen Component down 2.83% [4] - Despite the overall market decline, the banking stocks showed resilience and strength, indicating a potential shift in market dynamics [1][2] Group 3 - Recent reports suggest that the narrowing of interest margin and reduced non-interest disturbances could lead to improved revenue and profit growth for listed banks in the first half of 2025 [3] - The banking sector's price-to-book (PB) ratio is currently at 0.71, which is at a low level compared to historical data, indicating potential value for investors [3] Group 4 - Market volatility has increased, with significant fluctuations in stock prices and investor sentiment [6][7] - Analysts suggest that the current market downturn is primarily due to a decline in risk appetite rather than any substantial negative news [7] - The market is expected to experience a period of consolidation, similar to past patterns observed in 2014-2015, before potentially moving higher [7][8]

Core Insights - The private banking business of major state-owned banks in China has experienced rapid growth in the first half of the year, with a total client base of 864,000, reflecting a net increase of approximately 83,400 clients and a growth rate of 11% compared to the beginning of the year [1] Group 1: Bank-Specific Data - Agricultural Bank of China has 279,000 private banking clients and manages assets totaling 3.5 trillion yuan, continuously expanding its product offerings and optimizing the full-service experience [1] - Bank of China has 216,900 private banking clients with financial assets amounting to 3.4 trillion yuan, having established 205 private banking centers domestically to provide customized services [1] - China Construction Bank has 265,500 private banking clients with financial assets reaching 3.18 trillion yuan, focusing on wealth planning and family wealth services [1] - Bank of Communications has 102,600 private banking clients, marking a historic milestone, with managed assets of 138.89 billion yuan, reflecting a growth of 7.20% from the previous year [1] - Industrial and Commercial Bank of China has not disclosed detailed private banking data but has integrated group resources to enhance services for entrepreneurs, establishing over 3,300 "entrepreneur service stations" [1][2] Group 2: Market Trends and Analysis - The private banking sector is witnessing a growing demand for wealth management, prompting banks to enhance their service systems through product innovation and service upgrades to attract high-net-worth clients [3] - Postal Savings Bank is accelerating its private banking business, reporting a client base of 6.441 million, with a 10.97% increase, and 41,400 clients meeting the asset threshold of 6 million yuan, reflecting a growth of 21.28% [3] - China Construction Bank led in new private banking client additions in the first half of the year with 34,000 new clients, followed by Agricultural Bank, Bank of China, and Bank of Communications with 23,000, 18,000, and 8,400 new clients respectively [3]

股价涨幅更直观反映市场态度。截至9月4日，农业银行年内股价涨幅达47.15%，涨幅位居银行板块榜首，远超工商银行13.54% 的涨幅。 | | | 2025年上半年个股净利润 TOP10 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 归母净利润(亿元) | | 净利增速 (%) | 所属行业 | | 601398.SH | 工商银行 | 1681.03 | | -1.39 | 银行 | | 601939.SH | 建设银行 | | 1620.76 | -1.37 | 银行 | | 601288.SH | 农业银行 | | 1395.10 | 2.66 | 银行 | | 601988.SH | 中国银行 | | 1175.91 | -0.85 | 银行 | | 600941.SH | 中国移动 | | 842.35 | 5.03 | 通信 | | 601857.SH | 中国石油 | | 839.93 | -5.42 | 石油石化 | | 600036.SH | 招商银行 | | 749.30 | 0.25 | 银行 | | 6009 ...

记者丨李益文 编辑丨叶映橙 "宇宙行"桂冠变更。9月4日，银行板块探底回升，截至收盘，农业银行（601288.SH，01288.HK） A股涨超5%再创历史新高，A+H总市值约 2.55万亿元，首次反超工商银行 （601398.SH，01398.HK） 的2.49万亿元 。这也是继8月6日农行A股流通市值登顶后，不到一个月内完成的 第二次超越。 | 证券代码 | 证券简称 | 区间涨跌幅 [起始交易日期] 本年初 | | | --- | --- | --- | --- | | | | [截止交易日期] 2025-9-4 | | | | | [单位] % | | | 601288.SH | 农业银行 | | 47.1530 | | 002948.SZ | 青岛银行 | | 39.8793 | | 600000.SH | 浦发银行 | | 37.8774 | | 002142.SZ | 宁波银行 | | 20.0369 | | 002807.SZ | 江阴银行 | | 17.9822 | | 601166.SH | 兴业银行 | | 19.7379 | | 601187.SH | 厦门银行 | | 19.0650 ...

Market Overview - The three major stock indices in A-shares collectively declined, with the Shanghai Composite Index closing at 3765.88 points, down 1.25% [1][2] - The Shenzhen Component Index closed at 12118.7 points, down 2.83%, and the ChiNext Index closed at 2776.25 points, down 4.25% [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.54 trillion yuan, with nearly 3000 stocks declining and over 2200 stocks rising [1] Sector Performance - Semiconductor, precious metals, CPO, and liquid-cooled server concepts experienced significant declines, while retail, banking, and tourism sectors were active [4] - The retail sector led the gains, with stocks like Huijia Times, Guofang Group, Baida Group, and Guoguang Chain hitting the daily limit [5] Banking Sector - The banking sector showed strong performance towards the end of the trading session, with Agricultural Bank of China rising over 5% to reach a new historical high, and Postal Savings Bank increasing nearly 3% [6] - Other major banks such as CITIC Bank, Industrial and Commercial Bank of China, and Bank of China also saw gains [6] Capital Flow - Main capital flows showed net inflows into power equipment, commercial retail, and light industry manufacturing sectors, while there were net outflows from electronics, communications, and computing sectors [7] - Specific stocks like Agricultural Bank of China, Pacific, and China Shipbuilding received net inflows of 1.47 billion yuan, 1.439 billion yuan, and 947 million yuan respectively [7] Institutional Insights - CITIC Securities noted that the significant decline in heavyweight stocks indicates a short-term market adjustment, with expectations for the index to fluctuate between 3600 and 3900 points [8] - China Galaxy Securities identified support for the Shanghai Index around 3731 points, with potential rebounds near 3674 points [8] - Guodu Securities observed a return to rationality in market sentiment, suggesting a slow bull market with opportunities for dynamic portfolio optimization [8]

Core Viewpoint - Agricultural Bank of China reported a stable performance in its 2025 interim results, showing resilience in business operations despite a slight increase in revenue and profit [1] Group 1: Financial Performance - The bank's operating income reached 369.79 billion RMB, a year-on-year increase of 0.72% [1] - Net profit attributable to shareholders was 139.51 billion RMB, reflecting a year-on-year growth of 2.66% [1] - Basic earnings per share stood at 0.37 RMB [1] Group 2: Asset and Liability Management - As of the end of June, total assets amounted to 46.9 trillion RMB, an increase of 3.6 trillion RMB from the previous year [1] - Total customer loans and advances reached 26.73 trillion RMB, up by 1.82 trillion RMB [1] - Total liabilities were 43.7 trillion RMB, with customer deposits increasing by 2.6 trillion RMB [1] Group 3: Credit Quality - The non-performing loan (NPL) ratio was 1.28%, a decrease of 0.02 percentage points from the end of the previous year [1] - The overdue loan ratio remained low at 1.22%, with an overdue NPL ratio of 95.11% [1] - The provision coverage ratio was 295%, indicating a strong buffer against potential loan losses [1] Group 4: Shareholding Changes - China Ping An Life Insurance Company increased its stake in Agricultural Bank by acquiring 8.29 million shares at a price of 5.4592 HKD per share, totaling approximately 45.26 million HKD [2] - Following the acquisition, the total number of shares held by China Ping An reached approximately 4.616 billion, representing a 15.01% ownership stake [2]

"宇宙行"桂冠变更。9月4日，银行板块探底回升，盘中农业银行（601288）(601288.SH，01288.HK)A股涨超5%再创历史新高， A+H总市值约2.55万亿元，首次反超工商银行(601398.SH，01398.HK)的2.5万亿元。这也是继8月6日农行A股流通市值登顶后， 不到一个月内完成的第二次超越。 数据显示，截至14时50分，农行A股涨5.17%，报7.52元，带动总市值升至2.55万亿元；工行A股涨1.75%，报7.57元，总市值为 2.5万亿元。总股本方面，农业银行约3500亿股，其中A股占比为91%，港股占比为9%；工商银行约3564亿股，A股占比76%，港 股占比为24%。 业绩层面，国有四大行2025年半年报已悉数亮相，农行实现营业收入3699亿元，同比增长0.85%；归母净利润1395亿元，同比增 长2.66%，为四大行中唯一保持利润正增长的银行。反观工行，虽营收规模4271亿元仍居首位，但归母净利润1681亿元，同比下 滑1.39%，增速落后农行逾4个百分点。 | 证券代码 | 证券简称 | 归母净利润(亿元) | | 净利增速 | 所属行业 | | --- | --- | ...

值得一提的是，香港联交所最新资料显示，8月26日，中国平安人寿保险股份有限公司增持农业银行829 万股，每股作价5.4592港元，总金额约4525.68万港元。增持后最新持股数目约为46.16亿股，最新持股 比例为15.01%。 智通财经APP获悉，农业银行(01288)涨超3%，截至发稿，涨2.44%，报5.45港元，成交额8.57亿港元。 截至6月末，集团资产总计46.9万亿元，较上年末增加3.6万亿元，其中客户贷款及垫款总额26.73万亿 元，较上年末增加1.82万亿元，融资供给保持同业前列。负债合计43.7万亿元，其中全口径客户存款新 增2.60万亿元，存款偏离度连续5个季度在3%以下，为服务实体经济提供了有力资金保障。不良贷款率 1.28%，比上年末下降0.02个百分点；逾期贷款率1.22%，保持较低水平，逾期不良比95.11%，不良贷款 认定标准严格；拨备余额持续增长，拨备覆盖率295%。 消息面上，近日，农业银行发布2025年中期业绩，营业收入3697.93亿元(人民币，下同)，同比增加 0.72%；归母净利润1395.1亿元，同比增加2.66%；基本每股收益0.37元。公告称，农业银行上半年主 ...

| 编辑：黄梅 | | --- | 校对：王玥 中国基金报 晨曦 9月4日下午，农业银行股价直线走高，盘中最高达到7.52元/股，涨幅达5.59%。 股价飙涨之际，农业银行总市值也超越工商银行，成为总市值"冠军"。 巅峰对话 投资热点说 ETF风向标 IPO情报站 0 f= ® m CHINAFUND CHINAFUND CHINAFUND CHINAFUND 全球早班车 数说人物 开盘速道 港股目报 � V a 8 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 微信搜一搜( Q 中国基金报 ) 即刻获取财经资讯 制作：舰长 审核：陈墨 tels we no as 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ ...