9月4日，中国农业银行（601288.SH，1288.HK）A股股价再创历史新高，一度达7.55元/股。就总市值 （综合）来看，农行首次超过中国工商银行（601398.SH；01398.HK）。截至发稿，农行总市值约2.5万 亿元，工行总市值约2.48万亿元。 在业绩方面，今年上半年，农行实现归属于母公司股东的净利润1395.1亿元，同比增长2.66%；实现营 业收入3699.37亿元，同比增长0.85%。工行实现营业收入4270.92亿元，同比增长1.6%；实现归属于母 公司股东的净利润1681.03亿元，同比下降1.39%。 责任编辑：曹睿潼 截至发稿，农业银行A股报7.54元/股，涨5.45%，H股报5.44港元/股，涨2.26%；工商银行A股报7.57元/ 股，涨1.75%，H股报5.74港元/股，涨幅0%。在所有股份中，农行的A股股份占比更高，具体来看，农 行A股占91.22%，H股占8.78%；工行A股占75.65%，H股占24.35%。今年以来，银行股整体走强。Wind 数据显示，2025年以来，农行A股涨幅超44%，工行A股涨幅超13%；农行H股涨超30%，工行H股涨超 17%。同时，无论农行 ...

农业银行持续拉升涨超5%，现报7.51元。 ...

9月4日午后，农业银行持续拉升，截至发稿，该股涨超5%，报7.55元，创历史新高。 截至发稿，该股涨超5%，报7.55元，创历史新高。 ...

Market Performance - The market opened lower on September 4 and experienced a downward trend, with most sectors declining. However, the banking sector managed to recover in the afternoon, with the bank ETF (512800) increasing by 0.72% and achieving a trading volume exceeding 1.1 billion yuan [1][2]. Banking Sector Insights - According to the latest views from CITIC Securities, the banking sector's interim profits have stabilized and improved slightly more than expected. Key factors include stable interest margins, contributions from investment income, and stable asset quality, leading to a noticeable improvement in quarterly profits. There is still potential for profit growth throughout the year [3]. ETF Performance - The bank ETF (512800) and its linked funds are designed to passively track the CSI Bank Index, which includes 42 listed banks in A-shares. This ETF is recognized as the largest and most liquid among the 10 bank ETFs in A-shares, with an average daily trading volume exceeding 600 million yuan this year [3].

Investment Rating - The report indicates a positive outlook for the banking industry, with overall revenue and net profit growth rates turning positive in the first half of 2025, at 1.0% and 0.8% respectively, showing improvements from the previous quarter [4]. Core Insights - The banking sector's net interest margin for the first half of 2025 is reported at 1.42%, a decrease of 10 basis points compared to the previous year, but the decline is narrowing due to improved cost management on the liability side [5]. - Non-interest income, particularly from fees and commissions, has increased by 3.1% year-on-year, driven by a recovery in wealth management and a more active market environment [5]. - The asset quality remains stable, with a non-performing loan ratio of 1.23% and a provision coverage ratio of 239%, indicating a solid credit environment [5]. Summary by Sections Financial Performance Overview - The overall revenue and net profit growth for listed banks in the first half of 2025 were 1.0% and 0.8%, respectively, with both metrics showing improvement from the first quarter [4][22]. - The total assets of listed banks reached 321.3 trillion yuan, growing by 6.35% year-to-date, with loans and advances totaling 179.4 trillion yuan, accounting for 55.84% of total assets [21][24]. Income Sources - Net interest income decreased by 1.3% year-on-year, but the decline rate has slowed, reflecting better management of funding costs [5]. - Fee and commission income grew by 3.1% year-on-year, benefiting from a recovering market and the gradual impact of regulatory changes [5]. - Other non-interest income saw a significant increase of 10.7%, primarily due to favorable market conditions in the bond market [5]. Asset Quality and Management - The non-performing loan ratio remained stable at 1.23%, with a provision coverage ratio of 239%, indicating a robust asset quality [5]. - The credit cost for the first half of 2025 was 0.81%, a decrease of 5 basis points year-on-year, suggesting manageable credit risks [5]. Loan Growth and Composition - Loan growth was primarily driven by corporate lending, with significant contributions from infrastructure and manufacturing sectors [20]. - Personal loan growth was weaker, with a year-on-year increase of only 3.6%, reflecting a cautious approach to consumer lending amid rising risks [20]. Investment and Market Conditions - The investment asset proportion decreased to 34% as banks adjusted their strategies in response to market volatility [20]. - The overall yield on bonds fluctuated significantly, prompting banks to engage in tactical trading to enhance returns [20].

【#宇宙行易主#！#农行总市值首次超过工行#】继8月上旬A股市值超过工商银行之后，不足1个月时间 内，农业银行总市值首次超过工商银行，晋升为新"宇宙行"。 当日上午，农业银行A股股价上涨0.7%，报7.2元；工商银行A股股价下跌0.81%，报7.38元。港股市场 上，农业银行、工商银行分别涨0.38%、跌0.35%，股价分别报5.72港元、5.34港元。 Wind最新数据显示，农业银行、工商银行总股本分别约为3500亿股、3564亿股。其中，A股股本占总股 本比例分别在91%、76%左右，港股股本占比分别约为9%、24%。另从流通股占比来看，目前二者流通 股占总股本比例均为100%。（一财） | | 总股本 变易日期 | A股合 | 香港上 IIItt | AWAit | 香港上市 股占总股 | | 港股股份 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 银行 | | | 11 to 10 years | 12 12 | 不干得 | | | A 股 | 港股市值 | 合社 | | | 最新 | 成新 ...

2025.09. 04 Wind最新数据显示，农业银行、工商银行总股本分别约为3500亿股、 3564亿股。其中，A股股本占总股本比例分别在91%、76%左右，港股股本占 比分别约为9%、24%。另从流通股占比来看，目前二者流通股占总股本比例均为100%。 | （注：文中总市值计算口径为A股最新价×A股总股本+H股最新价×H股总股本×实时汇率；A股市值计算口径为A股最新价×A股总股本） | | --- | 微信编辑 | 夏木 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。 专用邮箱： bianjibu@yicai.com 本文字数：500，阅读时长大约1分钟 作者 | 第一财经 亓宁 继8月上旬A股市值超过工商银行（601398.SH，01398.HK）之后，不足1个月时间内，农业银行（601288.SH，01288.HK）总市值首次超过工商银 行，晋升为新"宇宙行"。 截至9月4日午间休盘，农业银行总市值接近2.45万亿元，略超过工商银行的2.44万亿元。 当日上午，农业银行A股股价上涨0.7%，报7.2元；工商银行A股股价下跌0.81%，报7.38元。港股市场上， ...

Core Viewpoint - The private banking sector has shown remarkable growth in the first half of 2025, becoming a standout area within the wealth management segment of banks, despite a complex economic environment [1]. Group 1: Growth Metrics - As of June 2025, the total number of private banking clients across 15 banks exceeded 1.63 million, with an increase of nearly 150,000 clients, representing a growth rate of over 10% [1]. - Major banks like Agricultural Bank, Bank of China, and China Construction Bank reported AUM exceeding 3 trillion yuan, with Agricultural Bank's AUM reaching 3.5 trillion yuan, a growth of 11.11% year-on-year [3]. - The AUM of Industrial Bank surpassed 1 trillion yuan for the first time, joining the "trillion club" among joint-stock banks [1][3]. Group 2: Client Quality and Strategy - Despite high growth in scale, the average asset per client has generally declined, indicating a shift from rapid expansion to a focus on deeper client engagement and service quality [4]. - Banks are increasingly targeting ultra-high-net-worth clients and enhancing services such as family trusts and retirement financial planning to differentiate themselves in a competitive market [1][5]. Group 3: Service Innovations - Private banks are moving beyond traditional product sales to more refined customer operations, focusing on precise segmentation and embedding services into clients' daily lives [6]. - For instance, China CITIC Bank has launched a dedicated service brand for ultra-high-net-worth clients, achieving a 40.96% increase in this segment [6]. - Family trusts have become a key area of focus, with several banks reporting significant growth in this service, such as Everbright Bank's family trust business growing by 56.12% year-on-year [7]. Group 4: Revenue Generation - The private banking sector is increasingly contributing to banks' intermediary income, with Beijing Bank reporting a 16.89% increase in product sales, directly boosting its intermediary income by 17.77% [9]. - Construction Bank's net income from fees and commissions reached 65.218 billion yuan in the first half of the year, reflecting a year-on-year growth of 4.02% [10].

Wind最新数据显示，农业银行、工商银行总股本分别约为3500亿股、3564亿股。其中，A股股本占总股本比例分别在91%、76%左右，港股股本占比分别约 为9%、24%。另从流通股占比来看，目前二者流通股占总股本比例均为100%。 | | 总股本 | A股合计 | 香港上市 | A股合计 | 香港上市 | | | --- | --- | --- | --- | --- | --- | --- | | | [交易日期] [交易日期] | | 股 | 占总股本 | 股占息股 | | | 银行 | 最新 | 最新 | [交易日期] | 比例 | 本比例 | A股 | | | [单位] 亿 | [单位] 亿 | 最新 | | [交易日期][交易日期] | (元/ | | | HK | 股 | [单位] 亿 | 最新 | 最新 | | | | | | 股 | [单位] % | [单位] % | | | 农业银行 | 3499.83 | 3192.44 | 307.39 | 91.22 | 8.78 | 7.2 | | 工商银行 | 3564.06 | 2696.12 | 867.94 | 75.65 | 24.35 | ...

Core Viewpoint - The development of pension finance is a crucial measure to actively respond to population aging and enhance the accessibility of pension services, with Agricultural Bank of China Pingdingshan Branch focusing on creating a distinctive pension finance bank that enhances financial accessibility and satisfaction for the elderly [1]. Group 1: Comprehensive Pension Financial System - The company is constructing a comprehensive pension financial system by focusing on the "three pillars" and actively engaging with relevant departments to optimize the "social bank direct connection" system [1]. - It aims to improve the full-process service of pension insurance funds, deepen cooperation in annuity business, and provide a range of products and services for corporate employees' pension security [1]. - The company is dynamically optimizing personal pension service plans and promoting exclusive financial products to expand the third pillar of pension security [1]. Group 2: Wealth Management and Product Supply - The company emphasizes wealth management by building an open, full-category wealth management product shelf that balances asset liquidity and yield [2]. - It is enhancing the promotion of insurance trust and family trust services for pension asset management, preservation, and inheritance [2]. - The introduction of home decoration installment services for elderly families aims to improve their living environment with differentiated fee rate discounts [2]. Group 3: Elderly-Friendly Services - The company is advancing "elderly-friendly renovations" to enhance service experiences at its branches, creating benchmark branches for elderly-friendly services [2]. - It is implementing a "three-in-one" service model that includes in-branch, door-to-door, and online services, ensuring a comprehensive approach to customer service [3]. - The company is developing a large-font mobile banking version to meet the digital financial needs of elderly customers [3].