Investment Rating - The report provides a detailed analysis of the company's performance metrics, indicating a stable investment rating with no significant changes noted in the overall revenue structure [2][5]. Core Insights - The company's operating income remains consistent at 100% across various periods, with net interest income showing a slight decline from 84.9% in 2022A to 82.3% in 2023A [2]. - Non-interest income has increased from 15.1% in 2022A to 17.7% in 2023A, indicating a positive trend in diversifying revenue sources [2]. - The report highlights a decrease in net profit margin from 37.3% in 2022A to 38.8% in 2023A, suggesting a need for monitoring profitability [2][5]. Revenue Structure - The total operating income for 2023A is reported at 100.0%, with net interest income contributing 82.3% and non-interest income at 17.7% [2]. - Interest income has shown a gradual increase from 159.6% in 2022A to 176.1% in 2023A, while interest expenses have also risen from 74.7% to 93.8% in the same period [2]. - The report indicates a stable trend in operating expenses, maintaining around 54.5% in 2023A, with a slight increase in management fees from 32.8% in 2022A to 33.9% in 2023A [2][5]. Profitability Metrics - The report notes a decline in the provision for impairment losses, which decreased from 20.9% in 2022A to 19.6% in 2023A, indicating improved asset quality [2]. - The pre-provision profit margin has remained relatively stable, with a slight increase from 65.0% in 2022A to 73.7% in 2023A [2]. - The total profit margin has shown a slight decrease from 44.1% in 2022A to 44.2% in 2023A, reflecting the need for strategic adjustments [2][5]. Balance Sheet Analysis - The report indicates that deposits constitute 81.3% of the total liabilities in 2023H1, showing a slight decrease from 82.4% in 2023Q1 [12]. - The proportion of interbank liabilities has increased from 9.1% in 2023Q1 to 11.3% in 2023A, indicating a shift in funding sources [12]. - The total interest-bearing liabilities have shown a year-on-year growth of 19.1% in 2023A, reflecting the company's strategy to leverage its funding capabilities [12].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company experienced a slight decline in revenue and net profit in Q1 2024, but remains in a relatively strong position among large banks. The Q1 revenue was 186 billion yuan, down 1.76% year-on-year, and the net profit attributable to shareholders was 70.4 billion yuan, down 1.63% year-on-year [13] - The company has a unique advantage in county-level finance, with a focus on expanding credit in manufacturing, green finance, and inclusive finance sectors. The loan balance in county areas reached 9.4 trillion yuan, growing 7.1% year-to-date [13] - The board has decided on a mid-term dividend arrangement for 2024, with the total dividend not exceeding 30% of the net profit attributable to shareholders for the first half of 2024 [13] Financial Forecasts and Key Metrics - Revenue forecast for 2024 is 730.46 billion yuan, with a year-on-year growth of 5.1%. The net profit attributable to shareholders is projected to be 295.19 billion yuan, reflecting a growth rate of 9.6% [3][13] - The diluted earnings per share (EPS) is expected to be 0.84 yuan in 2024, increasing to 0.93 yuan by 2026 [3][13] - The company maintains a stable asset quality with a non-performing loan ratio of 1.32% as of the end of the reporting period, down 1 basis point from the beginning of the year [13]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported a slight decline in revenue and net profit in Q1 2024, but remains in a relatively strong position among large banks [12] - The company has a unique advantage in county-level financial services, with a focus on manufacturing, green finance, and inclusive finance [12] - The board has decided on a mid-term dividend arrangement for 2024, indicating a commitment to returning value to shareholders [12] Financial Forecasts and Key Metrics - Revenue (in million yuan) is projected to be 730,460 in 2024, with a growth rate of 5.1% [3] - Net profit attributable to shareholders is expected to reach 295,190 million yuan in 2024, reflecting a year-on-year increase of 9.6% [3] - The diluted earnings per share (EPS) is forecasted to be 0.84 yuan in 2024, increasing to 0.93 yuan by 2026 [3] - The return on equity (ROE) is projected to be 11.8% in 2024, slightly improving in subsequent years [3] - The dividend payout ratio for the mid-term dividend is expected to be no more than 30% of the net profit attributable to shareholders for the first half of 2024 [12] Financial Performance Indicators - The company reported total assets of 42.2 trillion yuan at the end of Q1 2024, with a loan balance of 23.9 trillion yuan [12] - The non-performing loan ratio stands at 1.32%, indicating stable asset quality [12] - The capital adequacy ratio is deemed reasonable, with a core Tier 1 capital ratio of 11.37% [12]

Investment Rating - The investment rating for Agricultural Bank of China is "Accumulate" [1]. Core Views - The report highlights that while revenue and profit growth have declined, the performance remains better than comparable peers. In Q1 2024, the bank's net profit attributable to shareholders decreased by 1.63% year-on-year, and operating income fell by 1.76% year-on-year, compared to a 3.91% and 0.03% increase in 2023 respectively [1][3]. - The decline in profit is primarily attributed to the pressure on net interest margin, while the expansion in scale has positively contributed to performance. The net interest margin for Q1 2024 was 1.44%, down 26 basis points year-on-year, but the decline has narrowed compared to previous periods [1][3]. - The bank has increased its focus on county-level financial services, with significant growth in loans and advances in rural areas, which rose by 16.78% year-on-year, surpassing the overall loan growth rate of 12.92% [1][3]. - Asset quality indicators are improving, with a non-performing loan ratio of 1.32% at the end of Q1 2024, down 5 basis points year-on-year, and a provision coverage ratio of 303.22%, indicating strong risk resilience [1][3]. Summary by Sections Financial Performance - In Q1 2024, the bank's net interest income was 5,718 million, with a year-on-year growth rate of -1.76%. The net profit attributable to shareholders was 2,694 million, reflecting a growth rate of 3.94% [1][6]. - The report forecasts a slight recovery in profit growth, with expected net profit growth rates of 1.88%, 4.12%, and 5.26% for the years 2024E, 2025E, and 2026E respectively [1][6]. Capital Adequacy - As of Q1 2024, the core Tier 1 capital adequacy ratio was 11.37%, indicating a reasonable level of capital adequacy. The bank is actively working on enhancing its capital base through the issuance of subordinated bonds and perpetual bonds [1][3]. Loan and Deposit Growth - Total loans and deposits have shown robust growth, with total loans increasing by 12.92% year-on-year and total deposits by 12.25% year-on-year as of Q1 2024 [1][3]. Strategic Focus - The bank is strategically focusing on expanding its services in rural finance and key sectors, aiming to become a leading bank in supporting rural revitalization and serving the real economy [1][3].

Financial Performance - Total operating income for Q1 2024 was RMB 186,021 million, a decrease of 1.76% compared to the same period last year[18]. - Net profit attributable to shareholders of the parent company was RMB 70,386 million, down 1.63% year-on-year[18]. - Basic earnings per share were RMB 0.19, representing a decrease of 5.00% year-on-year[18]. - The group reported a net profit of 70.839 billion RMB for the period, a decrease of 1.77% year-on-year[46]. - Net interest income was 144.535 billion RMB, down 0.74% year-on-year, with a net interest margin of 1.44%[29]. - Net fee and commission income decreased by 10.79% year-on-year to 29.037 billion RMB[29]. - The group's investment income for the first quarter of 2024 was RMB 3,664 million, compared to RMB 4,607 million in the same period of 2023, indicating a decline of approximately 20.4%[71]. - The group's fee and commission income was RMB 32,505 million for the first quarter of 2024, down from RMB 35,930 million in the same period last year, reflecting a decrease of about 9.5%[71]. - The group reported a total comprehensive income of RMB 66,038 million for the first quarter of 2024, compared to RMB 60,103 million for the same period in 2023, representing an increase of about 9.8%[73]. Cash Flow and Liquidity - Net cash flow from operating activities was RMB 783,563 million, reflecting a decline of 13.50% compared to the previous year[18]. - The group's cash inflow from operating activities for the three months ended March 31, 2024, was RMB 2,619,025 million, a decrease of 16.9% compared to RMB 3,151,941 million for the same period in 2023[75]. - The net cash outflow from investing activities was RMB 1,187,549 million for the three months ended March 31, 2024, compared to RMB 222,880 million for the same period in 2023, indicating a significant increase in investment expenditures[79]. - Cash inflow from financing activities amounted to RMB 869,401 million for the three months ended March 31, 2024, up from RMB 623,968 million in the same period of 2023, reflecting increased debt issuance[79]. - The net cash flow from financing activities was RMB 63,340 million for the three months ended March 31, 2024, compared to a net outflow of RMB 16,034 million for the same period in 2023, showing a positive shift in financing[79]. - The group received RMB 739,677 million from the recovery of investments during the three months ended March 31, 2024, an increase from RMB 512,320 million in the same period of 2023[79]. - The cash received from investment income was RMB 85,267 million for the three months ended March 31, 2024, compared to RMB 70,318 million for the same period in 2023, reflecting growth in investment returns[79]. Assets and Liabilities - Total assets at the end of the reporting period reached RMB 42,157,279 million, an increase of 5.73% from the end of the previous year[18]. - Total liabilities reached RMB 39,158.06 billion, an increase of RMB 21,819.34 billion or 5.90% compared to the end of the previous year[49]. - The total assets of the group as of March 31, 2024, reached RMB 42,157,279 million, an increase from RMB 39,872,989 million as of December 31, 2023, representing a growth of approximately 5.7%[69]. - The total liabilities of the group as of March 31, 2024, were RMB 39,872,989 million, an increase from RMB 37,000,000 million as of December 31, 2023, reflecting a growth of approximately 7.8%[69]. - The total amount of loans and advances was 23,863.600 billion RMB, up 5.52% from the end of the previous year[29]. - The balance of manufacturing loans was RMB 33,256 billion, reflecting a growth of RMB 3,737 billion or 12.66%[52]. - The balance of green credit business reached RMB 48,154 billion, an increase of RMB 7,667 billion or 18.94%[52]. Shareholder Information - The company reported a decrease in the number of ordinary shareholders, with the top ten shareholders holding significant stakes[9][10]. - Cash dividends of RMB 4.84 per share were distributed to shareholders, totaling RMB 19.36 billion[54]. - The group's earnings per share for the first quarter of 2024 were RMB 0.25, compared to RMB 0.26 for the same period in 2023, indicating a decrease of approximately 3.8%[73]. Capital and Ratios - The capital adequacy ratio, tier 1 capital adequacy ratio, and core tier 1 capital adequacy ratio were 18.40%, 13.77%, and 11.37% respectively as of March 31, 2024[52]. - The average liquidity coverage ratio for the first quarter of 2024 was 131.17%[52]. - The weighted average return on net assets (annualized) was 11.39%, a decrease of 1.21 percentage points[18]. - The annualized average return on total assets was 0.69%, down 0.13 percentage points year-on-year[46]. - The annualized weighted average return on equity was 11.39%, a decrease of 1.21 percentage points year-on-year[47].

经相关监管机构批准，中国农业银行股份有限公司（以 下简称"本行"）在全国银行间债券市场公开发行"中国农业银 行股份有限公司 2024 年二级资本债券（第二期）"（以下简 称"本期债券"），于 2024 年 4 月 25 日发行完毕。 证券代码：601288 证券简称：农业银行 公告编号：临 2024-016 号 中国农业银行股份有限公司 关于 2024 年二级资本债券（第二期） 发行完毕的公告 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。 二〇二四年四月二十五日 1 本期债券发行总规模为人民币 600 亿元，分为两个品种， 其中品种一为 10 年期固定利率债券，发行规模为 300 亿元， 票面利率为 2.32%，在第 5 年末附有前提条件的发行人赎回 权；品种二为 15 年期固定利率债券，发行规模为 300 亿元， 票面利率为 2.49%，在第 10 年末附有前提条件的发行人赎回 权。 本期债券募集的资金将依据适用法律和监管部门的批准， 补充本行的二级资本。 特此公告。 中国农业银行股份有限公司董事会 ...

Core Insights - Several commercial banks, including Agricultural Bank of China, Bohai Bank, and Industrial Bank, have successfully issued varying scales of secondary capital bonds or perpetual bonds in the interbank bond market [1] - The issuance of secondary capital bonds and perpetual bonds helps improve the capital adequacy ratio of commercial banks [1] Group 1: Issuance Trends - As of April 18, 2023, nine commercial banks have issued a total of 407 billion yuan in "two perpetual bonds" (secondary capital bonds and perpetual bonds combined), representing a year-on-year increase of 55.8% [1] - Among the total issuance, secondary capital bonds accounted for 314 billion yuan (77.1%), while perpetual bonds made up 93 billion yuan (22.9%) [1] - State-owned banks have been particularly active in bond issuance, with China Bank, Agricultural Bank, and Construction Bank issuing a total of 280 billion yuan in secondary capital bonds this year [1] Group 2: Capital Supplementation Needs - The increase in issuance volume compared to the same period last year is attributed to stronger capital supplementation needs, regulatory guidance encouraging market-based capital replenishment, and a favorable interest rate environment [1] - The overall capital adequacy ratio of commercial banks is facing downward pressure, with capital adequacy ratios reported at 15.06%, 12.12%, and 10.54% for total, tier 1, and core tier 1 capital respectively, all showing declines from the end of 2022 [1] - The decline in core tier 1 capital adequacy ratio is primarily due to increased risk-weighted assets from declining asset quality, reduced net profit growth affecting internal capital replenishment, and the need for more capital due to increased credit issuance [1] Group 3: TLAC Requirements - Despite currently high capital adequacy ratios, major state-owned banks need to enhance their TLAC (Total Loss-Absorbing Capacity) to meet regulatory requirements, which will require a TLAC ratio of 16% by early 2025 [2] - Different types of banks are expected to adopt various strategies for capital supplementation, including internal capital retention, issuance of secondary capital bonds, preferred shares, and perpetual bonds, as well as asset restructuring and strategic investor introduction [2] - Large banks are likely to prefer issuing long-term capital instruments in the capital market, while smaller banks may rely more on restructuring, mergers and acquisitions, and profit retention for capital supplementation [2]

Group 1: Bank Stock Performance - Bank stocks have shown significant gains in April 2024, with major state-owned banks reaching multi-year highs, such as Agricultural Bank at 4.58 CNY and Bank of Communications at 6.95 CNY [1][2] - Central Huijin's support through share buybacks has contributed to the rise in bank stock prices, with over 1 billion shares accumulated across major banks [2] - The overall banking sector is recovering, driven by high dividend yields, with bank dividends maintaining above 5% since mid-2022, outperforming the broader market [1][2] Group 2: Financial Performance and Valuation - The net profit of major banks like CITIC Bank increased by 7.91% in 2023, with a non-performing loan ratio of 1.18%, indicating improved financial health [2][3] - Despite the positive performance of some banks, there is a notable divergence, with certain joint-stock banks experiencing profit declines of over 40% compared to their historical highs [3] - The average price-to-book (PB) ratio for listed banks remains below 1, indicating low valuation levels, with some banks like Minsheng Bank at 0.34 and Pudong Development Bank at 0.35 [5][6] Group 3: Market and Economic Context - The banking sector's recovery is supported by government policies aimed at stabilizing the financial market and addressing risks associated with real estate and local government financing [7][8] - Recent economic data shows a GDP growth of 5.3% in Q1 2024, which is expected to bolster the banking sector's performance and valuation recovery [8] - The shift in market sentiment towards high-dividend strategies reflects a broader trend in investor behavior, favoring stability in uncertain economic conditions [1][2]

Core Viewpoint - The demand for raw investment silver bars is surging due to high silver prices, with many consumers purchasing them for investment purposes or to create jewelry, leading to tight inventory levels in various sales channels [1][2]. Group 1: Market Demand and Pricing - Raw investment silver bars are sold out or in tight supply across various platforms, while certain bank-sold silver bars remain available at higher prices due to their collectible value [1]. - As of April 18, the price of silver was reported at 7.046 yuan per gram, with a 500-gram raw investment silver bar priced at 4,050 yuan, compared to 7,545 yuan for a similar bank-sold product [1]. - Consumers are increasingly turning to online platforms for purchasing silver bars, although there are concerns about counterfeit products [1][2]. Group 2: Processing Costs and Regional Variations - Consumers find it more cost-effective to buy silver bars and have them processed into jewelry rather than purchasing finished silver items directly [2]. - Processing fees for silver jewelry vary significantly by region, with costs for a popular bracelet style ranging from 4 yuan to 10 yuan per gram depending on the location [2]. - Different processing shops have varying policies on handling material loss during the processing of silver, affecting overall costs for consumers [2]. Group 3: Silver Price Trends and Market Analysis - As of April 17, COMEX silver futures closed at $28.295 per ounce, reflecting a more than 23% increase since March [3]. - Analysts suggest that the rising price of silver is supported by its dual role as both a financial and industrial commodity, with increasing demand in sectors like photovoltaics and AI [3]. - Supply constraints are anticipated due to the nature of silver mining, which is often a byproduct of other metal mining, potentially leading to a supply-demand gap that could further elevate silver prices [3].

董事會 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。 董事會會議召開日期 中國農業銀行股份有限公司（「本行」）董事會（「董事會」）謹此宣佈，本行將於2024年4月 29日（星期一）召開董事會會議，以考慮及批准（其中包括）本行截至2024年3月31日的第 一季度業績。 中國農業銀行股份有限公司 中國農業銀行股份有限公司 AGRICULTURAL BANK OF CHINA LIMITED （於中華人民共和國註冊成立之股份有限公司） （股份代號：1288） 中國北京 2024年4月17日 於本公告日期，本行的執行董事為谷澍先生、張旭光先生和林立先生；本行的非執行董事為周濟女士、李蔚先生、 劉曉鵬先生、肖翔先生和張奇先生；本行的獨立非執行董事為黃振中先生、梁高美懿女士、劉守英先生、 吳聯生先生和汪昌雲先生。 ...