Core Viewpoint - The article discusses the performance of dividend strategies in the market, highlighting the significant internal differentiation in returns among various sectors and stocks. Group 1: Overall Performance of Dividend Strategies - In the third quarter, the CSI Dividend Index increased by 2.5%, indicating a relatively average performance [4] - The banking ETF experienced a decline of 9.1%, with only state-owned banks, particularly Agricultural Bank of China (601288.SH), showing impressive performance [7] - The traditional heavy sectors of the dividend index, such as coal, performed well recently [10] Group 2: High Dividend Strategy Performance - The high dividend strategy by Fengyunjun saw a substantial increase of 16.74% in the third quarter, significantly outperforming the index [13] - Notable stocks that performed well include Kangputon (603798.SH), Meiyingsen (002303.SZ), Tiancheng Technology (688603.SH), Dongfang Yuhong (002271.SZ), Rong'an Real Estate (000517.SZ), and Jizhong Energy (000937.SZ), showcasing a diverse range of industries [13] Group 3: Market Sentiment and Future Outlook - The rebound in dividends suggests a shift in risk appetite among some investors, but reliance on a few sectors like coal and state-owned banks may not sustain a more prolonged upward trend [15]

证券代码：601288 证券简称：农业银行 公告编号：临 2025-047 号 中国农业银行股份有限公司 1 会议召开时间：2025年10月30日（星期四）17:00-18:00 会议召开方式：网络文字互动 参会网址：上证路演中心（http://roadshow.sseinfo.com） 投资者如需提问，可于2025年10月28日（星期二）23:59前将 相关问题通过电子邮件形式发送至本行投资者关系邮箱： ir@abchina.com，或在会议召开时提问。 二、业绩说明会安排 （一）会议召开时间：2025年10月30日（星期四）17:00-18:00 （二）会议召开方式：网络文字互动 （三）参会网址：上证路演中心（http://roadshow.sseinfo.com） 三、参加人员 关于召开2025年三季度业绩说明会的公告 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。 重要内容提示： 中国农业银行股份有限公司（以下简称"本行"）拟于2025年 10月30日（星期四）披露本行2025年三季度业绩。为了便于 ...

（ 於 中 華 公 司 ） 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，概不對因本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。 中 國 農 業 銀 行 股 份 有 限 公 司 AGRICULTURAL BANK OF CHINA LIMITED 三、參加人員 董事會秘書劉清及相關業務部門負責人。 四、投資者參加方式 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 （股份代號：1288） 關於召開2025年三季度業績說明會的公告 中國農業銀行股份有限公司（「本行」）擬於2025年10月30日（星期四）披露本行2025年三季 度業績。為了便於廣大投資者更全面深入地了解本行2025年三季度業績和經營情況，本 行擬於2025年10月30日（星期四）17:00-18:00召開業績說明會，就投資者普遍關注的業績 問題進行交流。 一、業績說明會類型 業績說明會通過網絡文字互動方式召開。 二、業績說明會安排 - 1 - （一）會議召開時間：2025年10月30日（星期四）17:00-18:00 （二）會議召開 ...

Core Insights - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated trading competitions aimed at enhancing the wealth management industry in China [1]. Group 1: Top Stocks by Purchase Frequency - The top ten stocks purchased by frequency on October 23 are led by Jifeng Co., Ltd. (stock code: sh603997) and include notable companies such as XWANDA (sz300207) and Agricultural Bank of China (sh601288) [1]. Group 2: Top Stocks by Purchase Amount - The top ten stocks by purchase amount on October 23 include Three Gorges New Materials (sh600293) and Guangku Technology (sz300620), with significant investments also seen in companies like Bright Real Estate (sh600708) and Shenghong Technology (sz300476) [2]. Group 3: Event Structure and Data Explanation - The event features a competitive evaluation of investment capabilities across three categories: stock simulation group, on-market ETF simulation group, and public fund simulation configuration group, with specific trading rules regarding holding proportions, maximum drawdown rates, and rebalancing frequency [4]. - The data presented reflects simulated trading activities and is not indicative of actual trading scenarios, serving solely as a reference [4].

Core Viewpoint - Agricultural Bank of China (ABC) experienced a dramatic trading day on October 23, with its stock price reaching a historical high before a significant drop, ending the day down 1.24% after a 14-day rally that saw a cumulative increase of over 20% since September 25 [2][3]. Group 1: Stock Performance - ABC's stock price has increased by 56.35% year-to-date, outperforming other major state-owned banks such as ICBC (18.05%), CCB (11.49%), and BOC (4.08%) [3]. - The total market capitalization of ABC has risen to 2.71 trillion yuan, surpassing ICBC's 2.59 trillion yuan, making it the highest market cap company in A-shares [3]. - As of October 23, ABC's price-to-book (P/B) ratio reached 1.04, marking a significant recovery from a long period of being below 1, and is one of only two banks in the A-share market with a P/B ratio above 1 [3][4]. Group 2: Market Analysis - Analysts suggest that the recent price drop is a normal phase of adjustment after a rapid increase, with expectations for ABC's stock to stabilize in the future [2][5]. - The strong performance of ABC is attributed to its stable operations and lower exposure to real estate market fluctuations, leading to better performance compared to other banks [5]. - The recovery of ABC's P/B ratio above 1 is seen as a milestone that could positively influence the entire banking sector [6]. Group 3: Financial Performance - For the first half of 2025, ABC reported operating revenue of 369.94 billion yuan, a year-on-year increase of 0.85%, and a net profit attributable to shareholders of 139.51 billion yuan, up 2.7%, leading the growth among state-owned banks [6]. - As of June 30, 2025, ABC's non-performing loan (NPL) ratio was 1.28%, a decrease of 0.02 percentage points from the beginning of the year, with a provision coverage ratio of 295%, the highest among comparable peers [6].

对于农行今日盘中跳水一事，著名经济学家盘和林向21财经·南财快讯记者表示，此前农行涨势较为迅 猛，回调属于意料之中的事情，今天股价跳水属于阶段性调整，后续农行股价走势可能会逐步走稳。 前海开源基金首席经济学家杨德龙同样认为，近期市场出现调整，在此情况下，估值低，分红率较高的 农行契合了一部分追求稳定回报投资者的需求。而农行近期的连续走强，已累积了一定的获利盘，在板 块轮动行情下，盘中回调也属正常。 事实上，将周期拉长，今年以来，农业银行股价涨幅已达56.35%，而同期工行、建行、中行、交行、 邮储银行的股价涨幅分别为18.05%、11.49%、4.08%、-2.49%和10.83%，农业银行股价表现显著跑赢其 他国有大行，成为当之无愧的"领涨者"。 10月23日，市值超2万亿元的农业银行（601288.SH/01288.HK）在A股市场上演戏剧性一幕。当日开 盘，农业银行盘中涨幅一度超过2%，股价继续创出历史新高，然而随后出现大幅跳水。截至收盘，农 业银行报7.99元/股，下跌1.24%，日K线收阴，终结了14连阳。 在此之前，农业银行上涨行情可谓气势如虹。自9月25日以来，农业银行股价实现了14连阳，累计涨 ...

Market Overview - On October 23, the A-share market rebounded, with all three major indices closing in the green. The Shanghai Composite Index rose by 0.22%, the Shenzhen Component Index increased by 0.22%, and the ChiNext Index gained 0.09%. The total trading volume in the Shanghai and Shenzhen markets was 1.64 trillion yuan, a decrease of 23.9 billion yuan from the previous trading day [1]. Sector Performance - The sectors that performed well included Shenzhen state-owned enterprise reform, coal, and energy metals, while sectors such as cultivated diamonds, engineering machinery, and oil and gas saw declines. Specifically, local stocks in Shenzhen led the gains, with over ten stocks, including Teli A and Shenzhen Saige, hitting the daily limit. The coal sector also saw a collective rise, with Dayou Energy achieving eight consecutive limit-ups [1]. - Quantum technology stocks surged in the afternoon, with companies like Shenzhou Information and Keda Guochuang hitting the daily limit. Lithium mining stocks strengthened in the afternoon, with Shengxin Lithium Energy hitting the daily limit. XWANDA (300207) rose by 1.71%, as it announced the launch of a new generation of polymer all-solid-state batteries at the 2025 New Energy Battery Industry Development Conference [1]. Financial Sector Movements - The financial sector experienced notable fluctuations, with Agricultural Bank of China ending its 14-day rising streak. The bank's stock price initially rose over 2% but later fell by 1.24% to close at 7.99 yuan per share, marking a significant adjustment after a rapid increase [3]. Apple Supply Chain Impact - Apple-related stocks declined, with a peak drop of 1.79% before closing down 0.29%. Notably, Dongshan Precision fell over 4%, while other companies like Keri Technology and Pengding Holdings dropped more than 3%. Analyst Ming-Chi Kuo indicated that demand for the newly launched iPhone Air was below expectations, leading to a reduction in output and capacity across the supply chain [4]. - The iPhone Air, which was launched at a starting price of 7,999 yuan, is Apple's first model to rely entirely on eSIM technology, eliminating the physical SIM card slot. The device is noted for its ultra-thin design, measuring only 5.6mm in thickness and weighing 165g, making it the thinnest model in Apple's history [4].

Core Viewpoint - The banking sector is experiencing significant growth, with the Tianhong Bank ETF (515290) showing a notable increase in both price and trading volume, indicating strong investor interest and capital inflow [2][3]. Group 1: Bank ETF Performance - The Tianhong Bank ETF (515290) rose by 0.54%, achieving four consecutive days of gains, with a trading volume of 1.05 billion yuan [2]. - Over the past two weeks, the Tianhong Bank ETF has seen an increase of 1.244 billion yuan in scale and a growth of 568 million shares [2]. - In the last five trading days, there were net inflows on four days, totaling 315 million yuan, indicating strong demand for the ETF [2]. Group 2: Individual Bank Stocks - Key constituent stocks of the Tianhong Bank ETF, such as Postal Savings Bank (601658), Minsheng Bank (600016), and Industrial Bank (601166), have shown significant price increases of 4.71%, 2.72%, and 1.76% respectively [2]. - Agricultural Bank of China has been a standout performer, with its stock price rising significantly, breaking a long-standing "net asset value" issue and achieving a market capitalization exceeding 2.8 trillion yuan [3][4]. Group 3: Dividend Trends - As of October 22, at least 18 A-share companies have announced dividend plans, with a total payout exceeding 3.4 billion yuan, highlighting a growing focus on dividend stocks [5]. - The current market environment, characterized by increased volatility and a shift towards safer investments, has made dividend-paying assets attractive to investors seeking stable cash flows [5][6]. Group 4: Institutional Insights - Analysts note that the banking sector's characteristics of high dividends and low valuations are becoming more pronounced, with the A-share banking sector trading at a price-to-book (PB) ratio of 0.71 and H-share banks at 0.5 [6]. - The average dividend yield for H-share banks is around 5%, enhancing their appeal to risk-averse investors amid ongoing economic uncertainties [6].

Core Viewpoint - The Chinese government emphasizes the importance of rural revitalization as part of achieving modernization, with financial policies aimed at directing resources towards rural areas [1] Financial Support and Loan Growth - As of June 2023, the agricultural loan balance in Liaoning Province reached 780.22 billion yuan, a year-on-year increase of 2.47%, surpassing the average growth rate of all loans by 4.77 percentage points [1] - The Agricultural Bank of China plays a crucial role in supporting rural industries and farmers' income, with a focus on enhancing financial services for rural revitalization [1] Case Studies of Loan Impact - Individual farmers, such as Feng Suyun, have benefited from timely loans, allowing them to expand their operations significantly, from 100 acres to 500 acres, with sales exceeding 2 million yuan and net profits of 550,000 yuan [2] - Another farmer, Fu Hanbing, expanded his farming area from over 300 acres to more than 1,900 acres, facilitated by loans from the Agricultural Bank [2] Business Growth through Financial Support - Companies like Pengyue Rice Industry have scaled operations from a small rice mill to a leading enterprise, increasing processing capacity from 50,000 tons to 200,000 tons and sales from 100 million yuan to 500 million yuan, supported by bank loans [3][5] Innovative Financial Products - The Agricultural Bank of China has introduced various specialized loan products tailored to local agricultural needs, such as "Sea Cucumber e-loan" and "Grain e-loan," to support specific industries [5][12] Credit and Guarantee Innovations - The bank has developed a service plan for the sea cucumber industry, providing a total credit line of 500 million yuan to address financing and guarantee challenges faced by local enterprises [9] - The proportion of pure credit loans for farmers has exceeded 70%, reflecting a 14 percentage point increase year-on-year [12] Policy Support and Strategic Initiatives - The Agricultural Bank of China aligns its services with national policies aimed at rural development, offering preferential loan rates and fee reductions for agricultural clients [13][14] - The bank has completed credit approvals totaling 121.8 billion yuan for major provincial projects, supporting significant local economic initiatives [14]

Market Overview - The A-share market opened lower and continued to decline, with the Shanghai Composite Index down 0.66%, Shenzhen Component Index down 0.87%, and ChiNext Index down 1.1% as of the midday close [1] Industry Performance - The coal sector continued its recent upward trend, with stocks like Shanxi Black Cat, Zhengzhou Coal Electricity, and Yunmei Energy hitting the daily limit [2] - The banking sector saw gains, with Agricultural Bank of China rising over 2% during trading, reaching a historical high [1][2] - Other sectors such as telecommunications, electronics, and real estate experienced pullbacks [1] Policy and Development - Shenzhen issued a notice on the "Shenzhen City Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)," aiming for a total market capitalization of listed companies to exceed 20 trillion yuan by the end of 2027 [1] - The plan includes completing over 200 merger projects with a total transaction value exceeding 100 billion yuan [1] Financial Projections - Guotai Junan Securities forecasts that listed banks' cumulative revenue and net profit attributable to shareholders will grow by 0.4% and 1.1% year-on-year, respectively, in the first three quarters of 2025 [1] - The growth in profits is attributed to a narrowing decline in net interest margins and a decrease in credit costs [1] Investment Sentiment - Goldman Sachs indicates a slow bull market is forming in the Chinese stock market, predicting a potential 30% increase in key indices by the end of 2027 [3] - The firm cites demand-side stimulation and the new five-year plan as factors contributing to growth rebalancing and risk mitigation [3] ETF Market Activity - As of October 23, 2025, the CSI A500 Index fell by 0.64%, with the A500 ETF leader (563800) seeing a turnover of 4.01% and a transaction volume of 586 million yuan [3] - The top three weighted industries in the A500 ETF are electronics (14.45%), power equipment (10.90%), and banking (7.21%) [3]