公司报告 | 年报点评报告 农业银行（601288） 证券研究报告 盈利持续向上 事件： 农业银行发布 24 年财报。截止 2024 年末，公司实现营收约 7106 亿元； 归母净利润 2821 亿元，YoY+4.72%。 点评摘要： 全 年 营 收 利 润 持 续 回 暖 。 24 年，农业银行营收约 7106 亿 元 （YoY+2.26%），其中净利息收入 5807 亿元（YoY+1.56%）。营收结构 上，利息净收入占比回升至 81.7%，较 24 前三季度提升 0.7pct；非息净 收入 1299 亿元，同比增长 5.51%。拨备前利润表现整体贴合营业收入变 动趋势， 24Q1、24H1、24Q1-3、24 分别同比-3.22%、+0.06%、 +1.49%、+1.57%，归母净利润分别同比-1.63%、+2.00%、+3.38%、 +4.72%。24 年初以来农业银行营收和盈利延续向上修复趋势。另外，受 益于资产质量的稳健表现，24 年拨备较 2023 年减少 48 亿元，提振利润 空间的同时维持健康资产拨备水准。 资产收益端：24 年，受 LPR 调降、存量房贷利率下调等多方面影响，公 司 202 ...

南方财经全媒体记者郭晓洁21世纪经济报道记者李德尚玉实习生余忠梅广州报道 随着绿色金融市场的快速发展，相关的资讯和数据变得越来越丰富。绿色金融周报从宏观视角和机构绿色金融实践等角度，关 注绿色金融领域的最新前沿动态，追踪绿色金融市场的最新趋势，为绿色金融相关参与方提供决策依据和参考。 一、重点关注 1、中国财政部在伦敦成功发行60亿元绿色主权债券 伦敦时间4月2日，中华人民共和国财政部代表中央政府在英国伦敦成功簿记发行了60亿元人民币绿色主权债券。其中包含3年期 和5年期各30亿元人民币，发行利率分别为1.88%和1.93%，创境外人民币国债发行新低。国际投资者认购踊跃，总申购金额达 415.8亿元人民币，是发行金额的6.9倍，其中亚太地区投资者占比83.5%，绿色可持续类投资者占22%。该笔债券由香港金管局 CMU托管，将在港交所和伦交所上市。 4月3日，上海环交所发布上周(20250331-20250403)的全国碳市场每周综合价格行情及成交信息。 上周全国碳市场综合价格行情为：最高价86.25元/吨，最低价85.40元/吨，收盘价较上一周五下跌0.85%。 上周挂牌协议交易成交量171,100吨，成交额 ...

Core Viewpoint - Agricultural Bank of China achieved a net profit of 282.7 billion yuan in 2024, marking a year-on-year growth of over 4.8%, indicating strong performance and potential for continued growth in the coming years [1][3][2] Financial Performance - The bank's operating income for 2024 reached 711.4 billion yuan, a 2.3% increase from the previous year, with net interest income at 580.7 billion yuan, up 1.6% [3][4] - The total dividend payout for 2024 amounted to 84.66 billion yuan, with a proposed cash dividend of 1.255 yuan per 10 shares [2][5] Asset Quality - As of the end of 2024, the non-performing loan (NPL) ratio was 1.30%, a decrease of 3 basis points from the previous year, while the coverage ratio stood at 299.61%, indicating strong risk mitigation capabilities [5][6] - The bank's capital adequacy ratio improved to 18.19%, up 1.05 percentage points year-on-year, with the core Tier 1 capital ratio at 11.42%, an increase of 0.70 percentage points [5] Strategic Focus for 2025 - The bank plans to enhance rural financial services and implement proactive macro policies to support growth, while maintaining a strong focus on risk management [2][7] - Key areas of focus include optimizing the credit structure, enhancing non-interest income, and maintaining asset quality stability [6][8] Growth Opportunities - The bank aims to leverage economic recovery and macro policy implementation to identify new growth points, particularly in rural revitalization and green transformation [7][8] - Recent data indicates strong growth in various loan categories, including a significant increase in inclusive loans and personal loans, positioning the bank favorably within the industry [7]

Core Viewpoint - The Central Committee of the Communist Party of China and the State Council have issued a "Special Action Plan to Boost Consumption," prompting Agricultural Bank of China (ABC) to launch ten measures to stimulate consumption through credit cards, aiming to enhance the quality of life for the public [1] Group 1: Consumption Promotion Measures - ABC credit cards are expanding support for the "old-for-new" consumption initiative, collaborating with local governments, UnionPay, and online platforms to enhance resource participation [2] - The bank plans to conduct over 1,000 "Automobile Festivals" throughout the year, focusing on large consumer goods like automobiles and promoting green travel through financial support for electric vehicles [2] - ABC is enhancing its home decoration installment services and expanding partnerships in smart home sectors [2] Group 2: Daily Consumption Scene Engagement - ABC is launching various promotional activities targeting daily consumption scenarios, including discounts on scenic tickets, hotel stays, and specialty dining, in collaboration with local governments and major platforms [3] - The bank is innovating with initiatives like "Wednesday JD Agricultural Bank Day" to boost online payment collaborations with leading platforms, leveraging traffic and resource synergies [3] - ABC is expanding its network of quality merchants around its branches to provide offline service discounts, integrating into urban convenience living circles [3] Group 3: Inclusive Financial Services - ABC is developing personalized and diverse financial service solutions, particularly for rural markets, with the launch of an upgraded rural revitalization credit card [4] - The bank is introducing new credit card products tailored for study abroad and business travel, offering various benefits such as overseas cash withdrawal discounts and cross-border transportation cashback [4] - ABC is collaborating with card organizations to create cross-border activity brands, enhancing services for outbound consumption during peak travel seasons [4] Group 4: Technological Innovations in Payment - ABC is leveraging regulatory policy benefits to accelerate the implementation of remote credit card signing trials, creating a centralized and responsive online card issuance model [5] - The bank is expanding customer loyalty programs by introducing point redemption features on platforms like Alipay and JD [5] - ABC is enhancing its acceptance of foreign card transactions at domestic POS merchants, supporting high-level openness in the payment sector [5] Group 5: Future Development Focus - ABC aims to align its development with the public's aspirations for a better life, focusing on government subsidy distribution, merchant scene penetration, and customer consumption needs [5] - The bank is committed to continuously improving the competitiveness of its credit card products and services, providing personalized financial solutions to support consumption expansion and quality upgrades [5]

Investment Rating - The report assigns an "Buy" rating for Agricultural Bank of China (601288) [1][4][20] Core Views - Agricultural Bank of China achieved a revenue growth of 2.3% year-on-year and a net profit growth of 4.7% in 2024, maintaining its leading position among the six major banks [4] - The bank's financial performance in Q4 2024 showed significant improvement compared to the previous quarters, with revenue growth accelerating by 4.21 percentage points to 5.50% and net profit growth increasing by 5.83 percentage points to 9.21% [4] - The bank's asset quality remains controllable, with a non-performing loan ratio of 1.30% at the end of Q4 2024, a slight decrease from the previous quarter [6][7] Summary by Sections Financial Performance - In 2024, Agricultural Bank of China reported total revenue of 710.56 billion yuan and a net profit of 282.08 billion yuan [4][10] - The bank's total assets reached over 43.23 trillion yuan, reflecting an 8.4% year-on-year growth [4] - The bank's loan balance grew by 10.1% year-on-year, while deposit growth was 4.9% [4] Business Strategy - The bank is focusing on enhancing its county-level financial services, with a 5.4% year-on-year increase in revenue from this segment [5] - Personal business loans have seen a remarkable growth of 35.0% year-on-year, contributing significantly to the bank's loan growth [5] - The bank plans to allocate over 70% of its new branches to county and rural areas, emphasizing support for rural revitalization [5] Profitability Forecast - The report forecasts revenue for 2025-2027 to be 715.61 billion yuan, 761.91 billion yuan, and 818.54 billion yuan, with respective growth rates of 0.71%, 6.47%, and 7.43% [8][10] - Net profit is projected to reach 285.83 billion yuan, 298.83 billion yuan, and 316.67 billion yuan for the same period, with growth rates of 1.33%, 4.55%, and 5.97% [8][10] - The bank's earnings per share (EPS) is expected to increase from 0.77 yuan in 2025 to 0.86 yuan in 2027 [8][10]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國農業銀行股份有限公司 呈交日期: 2025年4月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01288 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 2. 股份分類 | 普通股 | 股份 ...

Core Insights - Agricultural Bank of China Chifeng Branch actively responds to national policies aimed at expanding domestic demand and promoting consumption, enhancing financial supply in the consumer sector and supporting the implementation of various policies [1][2] Group 1: Financial Support and Loan Growth - As of the end of February, the bank has issued a total of 450 million yuan in personal consumer loans, ranking among the top in the industry [1] - The bank's personal consumer loans increased by 76.74 million yuan compared to the beginning of the year [1] - The bank has provided 39.84 million yuan in auto installment loans this year, demonstrating a strong focus on the automotive sector [2] Group 2: Service Initiatives and Consumer Engagement - The bank has implemented various service measures to invigorate consumption, including promoting products like "Wangjie Loan" and focusing on key areas such as elderly care and cultural entertainment [1] - The bank has organized promotional activities in rural areas and communities to raise awareness of credit card cash installment and home decoration installment policies, enhancing consumer interaction [2] - Collaborations with local supermarkets and digital product dealers have been established to conduct promotional activities, stimulating consumer interest and market potential [2] Group 3: Digital Empowerment and Customer Segmentation - The bank emphasizes digital empowerment by integrating and analyzing customer data to categorize customer segments, allowing for precise service information delivery [2]

来源：云南网 农业银行昆明分行紧扣省委"3815"战略发展目标，把文旅产业作为新发展格局下服务经济高质量发展和 支持乡村振兴的重要突破口，精准配置资源，深挖市场、深耕客户、深度服务，通过畅通文旅产业融资 渠道、便捷文旅消费金融服务等实际举措，用金融画笔点染"诗与远方"，让无处不飞花的春城绽放"生 活像花儿一样美"的绚丽光彩。 工笔细描滇池卷，黄金岸线焕新颜 五百里滇池碧波映城，是云南文旅产业的靓丽名片。滇池国家旅游度假区作为云南文旅核心区，当前正 迎来业态升级的关键期。围绕这片黄金发展带，农业银行昆明分行以信贷资源精准投放助推景区品牌焕 新提质，执"文旅+金融"之笔，共绘人城共生、产景交融的生态幸福图景。 坐落于滇池之滨的云南民族村，不仅是国家4A级旅游景区，更是云南少数民族文化风情的生动展示窗 口。2023年，云南民族村提升改造项目跻身云南省重点项目行列，品牌升级和整体提升改造迫在眉睫。 在此关键时期，农行西山支行深入调研，投放3000万元"旅游景区贷"帮助云南民族村进行品牌升级、开 展提升改造。"此次改造，不仅有景区硬件设施的更新换代，还携手法国普德赋文旅集团，立志实现旅 游与科技、文化、创意的深度融合， ...

Investment Rating - The report maintains a rating of "Accumulate" for Agricultural Bank of China [3][26]. Core Views - Agricultural Bank of China shows a steady growth in revenue and net profit, with revenue increasing by 2.3% year-on-year and net profit increasing by 4.7% year-on-year in 2024 [5][10]. - The growth in revenue is attributed to both interest income and non-interest income, with net interest income rising by 1.6% year-on-year [5][10]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.30% and a provision coverage ratio of 299.61% [22][23]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 702,856 million yuan, with a growth rate of 2.3% year-on-year [3]. - Net profit for 2024 is projected at 282,083 million yuan, with a growth rate of 4.7% year-on-year [3]. - Earnings per share (EPS) is expected to be 0.24 yuan for 2024 [3]. Income Sources - Net interest income is expected to reach 580,692 million yuan in 2024, with a slight increase in the net interest margin [27]. - Non-interest income is projected to grow by 5.7% year-on-year, with significant contributions from other non-interest income, which is expected to increase by 31.5% [20][27]. Asset and Liability Management - The bank's total loans are projected to grow, with a significant increase in personal loans and a rise in the proportion of savings deposits [15][16]. - Total deposits are expected to increase by 1.5% in the fourth quarter of 2024, with a notable rise in savings deposits [16][19]. Asset Quality - The non-performing loan generation rate for 2024 is expected to be 0.43%, showing improvement [22]. - The overdue rate is projected to be 1.18%, with a slight increase compared to earlier periods [22]. Investment Recommendations - The report suggests that Agricultural Bank of China has a solid fundamental outlook, with a low valuation and high dividend yield, making it a stock to actively monitor [26].

Investment Rating - The investment rating for Agricultural Bank is "Buy" (maintained) [1] Core Views - Agricultural Bank's revenue and net profit growth rates are leading among state-owned banks, with 2024 revenue and net profit increasing by 2.26% and 4.72% year-on-year, respectively, marking an acceleration compared to the first three quarters of 2024 [4][9] - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.3% at the end of 2024, down 2 basis points from the previous quarter [8][9] - The bank is well-positioned to benefit from urban-rural integration and has a strong focus on county-level financial services, which is expected to drive growth [9] Summary by Sections Financial Performance - In 2024, Agricultural Bank's total assets, loans, and financial investments grew by 8.4%, 10.13%, and 23.5% year-on-year, respectively [5] - The bank's net interest income increased by 1.56% year-on-year, with a slight improvement in growth rate compared to the previous quarter [4] - Non-interest income saw a significant increase of 26.3% year-on-year, driven by strong performance in financial investments [4] Loan Growth - Agricultural Bank's total loan balance reached 23.98 trillion yuan, with corporate, personal, and discount loans growing by 10.6%, 9.35%, and 15% year-on-year, respectively [5] - Personal loans outperformed the national average growth rate, with personal consumption loans and personal business loans growing by 28.3% and 35% year-on-year [5] Asset Quality - The bank's NPL ratio decreased to 1.3%, with a coverage ratio of 299.61%, indicating a stable risk absorption capacity [8] - The bank's focus on county-level loans has resulted in a lower NPL ratio of 1.21% for these loans, which is better than the overall average [8][9] Investment Outlook - The bank is expected to see revenue and profit growth accelerate in 2024, maintaining its leadership among state-owned banks [9] - Projections for 2025-2027 indicate a slight decline in revenue growth in 2025, followed by a gradual recovery in subsequent years [9]