Core Viewpoint - The six major state-owned banks have collectively discontinued the 5-year large denomination certificates of deposit (CDs), reflecting a broader trend of adjustments in long-term deposit products among banks to reduce liability costs and stabilize net interest margins [1][3][8]. Group 1: Market Reactions and Adjustments - The discontinuation of 5-year large denomination CDs by major banks has drawn significant attention, as many smaller banks have also been adjusting their long-term deposit products [3][8]. - Some state-owned banks had already stopped offering 5-year CDs prior to this collective action, indicating a shift in the market [5][8]. - The adjustments in deposit products are primarily aimed at lowering high-cost liabilities and optimizing the banks' liability structures [9][10]. Group 2: Interest Rate Trends - Recent data shows that the net interest margin for commercial banks remains under pressure, with state-owned banks having the lowest net interest margin at 1.31% compared to 3.83% for private banks [8][10]. - The trend of lowering deposit rates is expected to continue, with banks likely to maintain a limited number of 5-year products at reduced rates [10][11]. - The adjustments reflect a significant transformation in the financial system under a low-interest-rate environment, with banks responding to declining asset yields by shortening deposit terms [9][10]. Group 3: Investor Guidance - Investors are advised to shift from a single deposit mindset to a diversified investment strategy, considering options like money market funds, cash management products, and government bonds to balance risk and return [11]. - The expectation of continued declines in deposit rates suggests that investors should lower their return expectations and adjust their investment strategies accordingly [11].

Core Viewpoint - The six major state-owned banks in China have collectively suspended the sale of 5-year large denomination certificates of deposit (CDs), reflecting a broader trend of adjustments in long-term deposit products among banks aimed at reducing liability costs and stabilizing net interest margins [1][2][9]. Group 1: Bank Actions - Major state-owned banks including ICBC, ABC, BOC, CCB, BOCOM, and PSBC have removed 5-year large denomination CDs from their offerings, which has garnered significant attention [2][3]. - Some state-owned banks had already stopped offering 5-year CDs prior to this collective action, indicating a shift in product availability [4][9]. - Several smaller banks have also followed suit, with institutions like Mengyin Village Bank and others announcing the cancellation of 5-year fixed deposit products [9][10]. Group 2: Market Trends - The adjustments in long-term deposit products are seen as a response to ongoing pressure on net interest margins, with the average net interest margin for commercial banks reported at 1.42% as of Q3 2025, with state-owned banks at 1.31% [9][10]. - The trend of suspending long-term deposit products is expected to continue, driven by the need to optimize liability structures and reduce high-cost deposits [10][11]. - The current low interest rate environment is prompting banks to shorten deposit terms and lower liability costs as a strategy to cope with declining asset yields [10][11]. Group 3: Investor Guidance - Investors are advised to adjust their expectations regarding investment returns and to adopt a diversified asset allocation strategy rather than relying solely on traditional deposit products [1][10]. - Suggested alternatives for short-term funds include money market funds and cash management products, while medium to long-term investments could focus on laddered deposits, savings bonds, or "fixed income plus" products [11]. - The emphasis is on balancing risk and return through a diversified portfolio to achieve stable returns in a declining interest rate environment [11].

Core Viewpoint - The recent collective suspension of 5-year large-denomination certificates of deposit (CDs) by six major state-owned banks indicates a trend towards reducing liability costs and stabilizing net interest margins, with expectations for continued declines in deposit product rates [2][12]. Summary by Sections Suspension of 5-Year Large-Denomination CDs - Six major state-owned banks, including Industrial and Agricultural Banks, have removed 5-year large-denomination CDs from their offerings, raising significant attention [4][11]. - Some banks had already stopped offering 5-year CDs prior to this collective action, highlighting a shift in the market [4][6]. Adjustments by Smaller Banks - Many smaller banks have also been adjusting their long-term deposit products, with some, like Mengyin Village Bank, announcing the cancellation of 5-year fixed-term deposits [10][11]. - The trend of suspending long-term deposit products is expected to continue, driven by pressures on net interest margins and regulatory guidance [13]. Net Interest Margin Pressure - As of Q3 2025, the net interest margin for commercial banks remained at 1.42%, with state-owned banks having the lowest margin at 1.31% [11]. - The need to optimize liability structures is critical as high-cost long-term deposits exacerbate profitability pressures [11][12]. Future Trends and Investor Strategies - The ongoing adjustments in deposit products suggest that investors should adopt a diversified investment strategy rather than relying solely on traditional deposit products [12][14]. - Investors are encouraged to consider alternatives such as money market funds, cash management products, and government bonds to balance risk and return in a declining interest rate environment [14][15].

Group 1 - The core point of the article is that Agricultural Bank of China has obtained a patent for a data lake operation and maintenance permission control system and method, indicating its focus on technological innovation in financial services [1] Group 2 - Agricultural Bank of China was established in 1986 and is headquartered in Beijing, primarily engaged in monetary financial services [1] - The registered capital of Agricultural Bank of China is approximately 34.998 billion RMB [1] - The bank has invested in 612 enterprises and participated in 5,000 bidding projects, showcasing its active role in the market [1] - The bank holds 1,308 trademark registrations and 5,000 patent records, reflecting its commitment to intellectual property [1] - Additionally, the bank possesses 119 administrative licenses, indicating its compliance and operational capabilities [1]

Market Overview - The Shanghai Composite Index fell by 1.67% this month, with 171 stocks reaching historical highs [1] - Among the tradable A-shares this month, 1,961 stocks increased in price, accounting for 35.96%, while 3,468 stocks decreased, making up 63.60% [2] Historical Highs - A total of 171 stocks reached historical highs this month, with 93 from the main board, 43 from the ChiNext, 27 from the Sci-Tech Innovation Board, and 8 from the Beijing Stock Exchange [2] - The average increase for stocks that reached historical highs was 14.63%, with the largest increase being 143.31% for HeFu China [2] Sector Performance - The sectors with the most stocks reaching historical highs included power equipment (29 stocks), electronics (25 stocks), and machinery (23 stocks) [2] - The average closing price of stocks that reached historical highs was 57.25 yuan, with 22 stocks priced over 100 yuan and 35 stocks priced between 50 and 100 yuan [2] Market Capitalization - The average total market capitalization of stocks reaching historical highs was 64.42 billion yuan, with an average circulating market capitalization of 59.44 billion yuan [3] - Major companies with high total market capitalization included Agricultural Bank of China (256.67 billion yuan), Industrial and Commercial Bank of China (218.66 billion yuan), and Bank of China (144.82 billion yuan) [3] Institutional Activity - 60 stocks that reached historical highs saw institutional involvement, with 30 stocks experiencing net purchases [3] - The top net purchase was for Saiwei Electronics, amounting to 1.207 billion yuan, followed by Sanxiang New Materials and Shikong Technology [3] Notable Stocks - Notable stocks that reached historical highs include: - HeFu China: Closing price 23.82 yuan, monthly increase 143.31%, turnover rate 323.96% [2] - Hua Sheng Lithium: Closing price 111.80 yuan, monthly increase 132.48%, turnover rate 283.67% [2] - Ping Gao Co.: Closing price 81.83 yuan, monthly increase 132.47%, turnover rate 140.44% [2]

Core Viewpoint - The absence of 5-year large denomination certificates of deposit (CDs) from major state-owned banks reflects a broader trend in the banking industry towards shorter-term products and more refined liability management strategies in a low interest rate environment [1][11]. Summary by Sections Current Market Situation - Recently, the six major state-owned banks, including Industrial, Agricultural, Bank of China, Construction, Communications, and Postal Savings banks, have no 5-year large denomination CDs available for sale, which has drawn attention [1]. - The Bank of China has historically offered 5-year CDs but has limited their availability to specific customers since 2023, indicating a shift in product strategy [2][6]. Historical Context - The Bank of China has issued at least 37 batches of personal large denomination CDs from 2016 to 2025, with several 5-year products released in 2018, 2019, and 2023 [2]. - Other banks, such as Agricultural Bank of China, have not offered 5-year CDs for several years, focusing instead on shorter-term products [8][10]. Interest Rate Dynamics - The current interest rate environment shows a phenomenon where the interest rates for 5-year fixed deposits are lower than those for 3-year deposits, indicating a "negative spread" situation [11]. - As of the third quarter of this year, the net interest margin for commercial banks was reported at 1.42%, showing a year-on-year decrease of 11 basis points, despite some stabilization in recent months [11]. Strategic Responses - Banks are adopting more precise liability management strategies, including shortening deposit terms and offering differentiated rates for specific customer segments, particularly targeting older clients with higher rates and lower minimum deposit requirements [12][13]. - This approach aims to optimize the liability structure, secure stable long-term funding, and enhance customer retention, particularly among the elderly demographic, which constitutes over 70% of savings deposits [12][13].

Core Viewpoint - Agricultural Bank of China (601288) announced a mid-term dividend of 1.195 yuan per 10 shares, to be distributed on January 26, 2026, for the six months ending June 30, 2025 [1] Summary by Category - **Dividend Announcement** - The company will distribute a mid-term dividend of 1.195 yuan for every 10 shares [1]

EF002 免責聲明 | 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 | 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。 | | --- | --- | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 中國農業銀行股份有限公司 | | 股份代號 | 01288 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 派發截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年11月28日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更新股東批准日期、選擇權截止時限及股息所涉及的代扣所得稅 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 10 股 1.195 RMB | | 股東批准日期 | 2025年11月28日 | | 香港 ...

Core Viewpoint - Following the fire incident at Hong Kong's Tai Po Wang Fuk Court, multiple banks have swiftly mobilized to support disaster relief and post-disaster reconstruction through donations, emergency financial services, loan extensions, and fee waivers [1][2][3]. Group 1: Donations and Financial Support - Shanghai Bank initiated an emergency donation mechanism, contributing 10 million HKD to the Hong Kong White Magnolia Charity Foundation to support rescue operations, medical treatment, and post-disaster recovery [1]. - Major banks including ICBC Asia, Bank of China Hong Kong, and others have also announced donations to aid emergency relief and reconstruction efforts [1][2]. Group 2: Emergency Services - ICBC Asia has set up dedicated service windows for affected customers, offering cardless cash withdrawals and expedited card replacements [2]. - SPD Bank established a green channel for emergency services, prioritizing the transfer of disaster relief funds and ensuring uninterrupted financial services [3]. - Several banks have increased staffing and extended operating hours at branches in the affected area to assist customers [3]. Group 3: Loan Management - Banks such as Bank of Communications (Hong Kong) and Bank of China Hong Kong are considering individual cases of affected customers for loan management, including loan extensions and fee waivers [4]. - ICBC Asia is also implementing a comprehensive plan for loan extensions, interest reductions, and fee waivers for early withdrawals from fixed deposits to meet the financial needs of disaster-affected individuals [4]. Group 4: Insurance Claims - Several banks have announced the establishment of emergency claims channels for affected customers, simplifying the claims process and providing prompt responses to inquiries [5]. - Agricultural Bank of China Insurance has initiated customer risk assessments and launched a service green channel to ensure the rights of disaster-affected individuals are protected [5].

Core Viewpoint - Multiple banks in Hong Kong are actively supporting rescue and reconstruction efforts following a significant fire incident in Tai Po, New Territories, which resulted in major casualties [1] Group 1: Donations and Support Actions - Industrial and Commercial Bank of China (ICBC) donated 10 million HKD and organized a volunteer team to assist local government in rescue efforts [3] - Agricultural Bank of China (ABC) also donated 10 million HKD, focusing on supporting fire rescue and post-disaster recovery [6] - Bank of China (BOC) announced a donation of 20 million HKD and established a special account for public donations [11] - China Construction Bank (CCB) pledged 10 million HKD for emergency relief and recovery efforts, while also facilitating cross-border donations [15] - Bank of Communications (BoCom) plans to donate 10 million HKD and set up emergency service stations in affected areas [18] - Shanghai Bank and Minsheng Bank collectively donated over 50 million HKD, with Shanghai Bank contributing 10 million HKD and Minsheng Bank 5 million HKD [24] Group 2: Financial Services and Customer Support - ICBC is providing emergency financial services, including extended service hours and special service windows for affected customers [3] - ABC is coordinating with public welfare organizations for targeted donations and has initiated a volunteer team for disaster support [6] - BOC is expediting the reissuance of bank cards for affected customers and waiving related fees [12] - CCB is offering flexible identity verification and free reissuance of bank cards for customers unable to provide identification [15] - BoCom has set up priority service channels and is providing emergency cash support for affected customers [19]