证券代码：601288 证券简称：农业银行 公告编号：临 2024-039 号 中国农业银行股份有限公司董事会 二〇二四年九月六日 中国农业银行股份有限公司 关于赎回2019年无固定期限资本债券（第二期） 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。 2019 年 9 月 3 日，中国农业银行股份有限公司（以下简称 "本行"）簿记发行规模为人民币 350 亿元的无固定期限资本债 券（以下简称"本期债券"），并于 2019 年 9 月 6 日发布了《中 国农业银行股份有限公司关于无固定期限资本债券（第二期）发 行完毕的公告》。根据本期债券募集说明书相关条款的规定，本 期债券设有发行人赎回权，发行人有权在本期债券第五个计息年 度的付息日（即 2024 年 9 月 5 日），全额赎回本期债券。 截至本公告日，本行已行使赎回权，全额赎回了本期债券。 特此公告。 ...

证券代码：601288 证券简称：农业银行 公告编号：临 2024-040 号 中国农业银行股份有限公司 2024 年度第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 （一）股东大会召开的时间：2024 年 9 月 6 日 （二）股东大会召开的地点：北京市东城区建国门内大街乙 18 号本行总行 （四） 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等 本次股东大会采取现场投票和网络投票相结合的表决方式，符合《中华人民 共和国公司法》《上市公司股东大会规则》等法律法规和《中国农业银行股份有 限公司章程》的有关规定。本次股东大会由本行董事会召集，谷澍董事长主持会 议。 （五） 公司董事、监事和董事会秘书的出席情况 1、公司在任董事 12 人，出席 12 人； 2、公司在任监事 6 人，出席 6 人； 3、董事会秘书出席会议；其他高级管理层成员列席会议。 1、出席会议的股东和代理人人数 3,938 其中 ...

Investment Rating - The report indicates a positive investment outlook for Agricultural Bank of China, highlighting its resilience and ability to adapt to market changes [18]. Core Insights - Agricultural Bank of China has demonstrated strong financial resilience with key performance indicators showing positive growth despite industry challenges [19][23]. - The bank's net interest margin has stabilized and is expected to remain steady, supporting its profitability and ability to serve the real economy [10][26]. - The bank's asset quality is robust, with a declining non-performing loan ratio and strict recognition standards, indicating strong risk management [11][27]. - The bank's capital adequacy ratio is well above regulatory requirements, providing a solid buffer against potential risks [30][44]. Financial Resilience - Agricultural Bank's operating income for the first half of 2024 reached RMB 367.1 billion, a year-on-year increase of 0.4%, while net profit grew by 2% to RMB 136.5 billion [19]. - The net interest income was RMB 290.8 billion, reflecting a slight increase of 0.1% year-on-year, supported by a stable net interest margin of 1.45% [19][8]. - The bank's non-performing loan ratio stood at 1.32%, down by 1 basis point from the end of the previous year, indicating improved asset quality [11][14]. Organizational Resilience - As of June 30, 2024, Agricultural Bank's total customer deposits reached RMB 34.1 trillion, with personal deposits averaging RMB 17.5 trillion, leading the industry in growth [46]. - The bank has strategically expanded its network, with 70% of new branches located in rural and suburban areas, enhancing customer reach [15][34]. - The bank's customer base continues to grow, with personal customers totaling 870 million and corporate customers reaching 11.57 million [32]. Business Resilience - Agricultural Bank has increased its focus on rural revitalization, with its "Huinong e-loan" balance reaching RMB 1.4 trillion, a 29.5% increase from the beginning of the year [49]. - The bank has also made significant strides in green finance, with a green credit balance exceeding RMB 4.8 trillion, growing faster than the average loan growth rate [37]. - In the digital finance sector, the bank's mobile banking monthly active users reached 230 million, maintaining a leading position in the industry [51].

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: 2024年8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: 2024年9月4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 ...

Investment Rating - The report maintains an "Overweight" rating for Agricultural Bank of China (ABC) with 2024E, 2025E, and 2026E PB ratios of 0.64X, 0.59X, and 0.55X respectively [3][52] Core Views - ABC's 2024 H1 revenue increased by 0.2% YoY, turning positive from -1.9% in Q1 2024, while net profit grew by 2.0% YoY, up from -1.6% in Q1 2024 [1][63] - Net interest income rose by 0.1% YoY, driven by stabilized net interest margin (NIM), while non-interest income increased by 0.6% YoY, with fee income declining at a slower pace and other non-interest income showing significant growth [1][63] - The bank's asset quality remained stable, with a non-performing loan (NPL) ratio of 1.32% in H1 2024, unchanged from Q1 2024 [47][49] Financial Performance - ABC's H1 2024 net interest margin (NIM) increased by 1bp to 1.45% compared to Q1 2024, with asset yield declining by 11bp to 3.08% and liability cost decreasing by 10bp to 1.83% [10] - The bank's net fee income declined by 7.9% YoY in H1 2024, an improvement from the 10.8% decline in Q1 2024, while other non-interest income surged by 20.8% YoY, up from 11.2% in Q1 2024 [46][63] - ABC's H1 2024 net profit growth was primarily driven by revenue recovery and lower management expense growth [1][63] Asset and Liability Structure - ABC's loan growth slowed in Q2 2024, with total loans increasing by RMB 526.48 billion, down by RMB 83.08 billion YoY [11][13] - Corporate loans grew by RMB 148.33 billion in Q2 2024, down by RMB 363.34 billion YoY, while retail loans increased by RMB 49.38 billion, down by RMB 24.23 billion YoY [11][13] - The bank's deposit growth slowed significantly, with Q2 2024 deposits declining by 5.3% QoQ and decreasing by RMB 1.6 trillion, down by RMB 2.2 trillion YoY [40][43] Asset Quality - ABC's NPL ratio remained stable at 1.32% in H1 2024, with a quarterly annualized NPL formation rate of 0.55%, up by 5bp QoQ [47][49] - The bank's overdue loan ratio stood at 1.07% in H1 2024, down by 1bp from the beginning of the year, while the overdue 90+ days ratio increased by 7.9 percentage points to 52.31% [21][49] - ABC's provision coverage ratio rose slightly to 303.94% in Q2 2024, up by 0.72 percentage points QoQ [21][49] Capital Position - ABC's capital adequacy ratio improved in Q2 2024, with core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio, and total capital adequacy ratio standing at 11.13%, 13.76%, and 18.45% respectively, with changes of -24bp, -1bp, and +5bp QoQ [50] Industry and Market Context - The report highlights ABC's strong fundamentals, including cheap valuation, high dividend yield, excellent asset-liability management, and steady profitability, with ongoing resolution of legacy risks and improving asset quality [3][52]

经营预测指标与估值 | --- | --- | |------------------------|---------------------------------------| | 研究员 | 沈娟 | | SAC No. S0570514040002 | shenjuan@htsc.com | | SFC No. BPN843 | +(86) 755 2395 2763 | | 研究员 | 贺雅亭 | | SAC No. S0570524070008 | heyating@htsc.com | | SFC No. BUB018 | +(86) 755 8249 2388 | | 联系人 | 李润凌 | | SAC No. S0570123090022 | lirunling@htsc.com +(86) 21 2897 2228 | | 联系人 | 蒲葭依 | | SAC No. S0570123070039 | pujiayi@htsc.com +(86) 755 8249 2388 | 经营业绩回暖，资产质量稳健 证券研究报告 | --- | --- | --- | |--------------- ...

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净利润增速转正。2024 年上半年实现营收 3668 亿元，同比增长 0.3%，归母 净利润1359 亿元，同比增长2.0%，一季度营收和归母净利润则分别下降1.8% 和 1.6%，二季度业绩改善。 净息差环比上行 1bp。上半年净利息收入同比增长 0.1%，较一季度提升了 0.8 个百分点，主要受益于净息差企稳。公司披露的上半年净息差为 1.45%，同 比下降了 21bps，较一季度上行 1bp。资产端，伴随经济逐步企稳，贷款收 益率降幅有所收窄；同时，公司积极优化资产和信贷结构对冲利率下行。负 债端，去年存款利率三次下调，手工补息被禁止，以及公司积极优化成本管 控，付息成本有所下降，导致了净息差整体回暖。 贷款保持较快扩张，受手工补息被禁止影响二季度存款规模有所压降。期末 资产总额 42.0 万亿元，贷款总额 24.3 万亿元，存款总额 29.5 万亿元，较 年初分别增长 5.3%、7.8%和 1.9%，其中二季度存款余额下降了 5.2%。期末 公司贷款净额占总资产的 55.8%，较年初提升了 1.4 个百分点，存款占总负 债的 75.7%，较年初下降了 2.7 个百分点。贷款投放上，境内企业贷款和个 人 ...

中国农业银行股份有限公司 2024 年半年度 第三支柱信息披露报告 《中国农业银行股份有限公司 2024 年半年度第三支柱信息披露报告》根据《商业银 行资本管理办法》（国家金融监督管理总局令 2023 年第 4 号）及相关规定编制并披露。 报告包括风险管理、关键审慎监管指标和风险加权资产概览，资本和总损失吸收能 力的构成，信用风险，交易对手信用风险，资产证券化，市场风险，宏观审慎监管措 施，杠杆率，流动性风险等内容。 本行建立完善的信息披露治理结构，由董事会批准并由高级管理层实施有效的内部 控制流程，对信息披露内容进行合理审查，确保第三支柱披露信息真实、可靠。2024 年 8 月 30 日，本行董事会 2024 年第 8 次会议审议通过了本报告。 1 2. 风险管理、关键审慎监管指标和风险加权资产概览 2.1 KM1：监管并表关键审慎监管指标 人民币百万元，百分比除外 | | | a | b | | | --- | --- | --- | --- | --- | | | | 年 月 日 2024 6 30 | 年 月 2024 3 31 | 日 | | 可用资本（数额） | | | | | | 1 | 核心一 ...

中国农业银行股份有限公司 （A 股股票代码：601288） 重要提示 本行董事会建议按照每 10 股人民币 1.164 元（含税）向普通股股东派发 2024 年度 中期现金股息，共人民币 407.38 亿元（含税）。该股息分配方案将提请股东大会审议批 准。 二 O 二四年八月三十日 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 1 释义 | | | 2 公司基本情况及主要财务指标 | | | 2.1 公司基本情况 2.2 财务概要 . | | | 3 经营情况概览 | | | 4 讨论与分析…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...