Core Viewpoint - Recent announcements from multiple banks indicate a concerted effort to clean up long-dormant accounts, which include both personal and corporate accounts, primarily targeting low-balance accounts with no recent transactions [2][5][7]. Summary by Relevant Sections Long-Dormant Account Cleanup - Banks are initiating a wave of clean-up actions for long-dormant accounts, with varying criteria for what constitutes a "long-dormant account" [2][7]. - The criteria generally include accounts that have not had any active transactions for over three years, excluding interest-related transactions [7][11]. Reasons Behind the Cleanup - The clean-up is driven by three main factors: preventing misuse of dormant accounts for illegal activities such as money laundering and fraud, optimizing resource allocation by reducing the number of inactive accounts, and complying with regulatory requirements for customer identity verification [7][14]. Variability in Standards - Different banks have established their own criteria for identifying long-dormant accounts, leading to inconsistencies across the industry [11][12]. - For example, some banks define long-dormant accounts as those with balances below 10 yuan and no transactions for over a year, while others may have different thresholds [10][12]. Expansion of Cleanup Scope - The cleanup efforts are not limited to personal accounts; some banks are also targeting corporate accounts that have been inactive for over a year [13]. - Specific criteria for corporate accounts include those that have not had any payment activities for over a year and have no outstanding loans [13]. Consumer Impact and Recommendations - The cleanup of long-dormant accounts may pose risks to consumers, such as potential fees for maintaining inactive accounts and the risk of accounts being used for fraudulent activities [10][14]. - Industry experts suggest that banks should establish clearer and more consistent criteria for account cleanup to protect consumer rights and reduce confusion [14].

Investment Rating - The report maintains a positive outlook on the banking sector, suggesting that several banks are undervalued based on their asset quality and excess provisioning metrics [4][3]. Core Insights - The valuation premium of banks typically arises from their middle-income and liability advantages, while valuation discounts are often due to concerns over asset quality [2][10]. - The report introduces two key indicators: "broad non-performing asset ratio" and "excess provisioning profit multiple" to objectively assess and compare the current asset quality status of banks [2][10]. - A total of 56 AH-listed banks are analyzed, expanding from the previous report's focus on 42 A-share listed banks, to provide a comprehensive overview of excess provisioning levels and trends [2][10]. Summary by Sections 1. Introduction: Significance of Asset Quality - The report emphasizes the importance of objectively assessing asset quality, as it significantly impacts bank valuations and performance [10]. 2. How to Objectively Assess Bank Non-Performing Assets - Traditional asset quality indicators may not accurately reflect the true provisioning situation due to inconsistent standards and incomplete coverage of assets [14]. - The report proposes a "broad non-performing asset ratio" to better capture the credit risk within banks [14][15]. 3. Construction of Excess Provisioning Profit Multiple Indicator - The excess provisioning profit multiple is constructed to measure the performance elasticity of banks, indicating their potential for future earnings recovery [7][14]. - The report highlights that banks with higher excess provisioning ratios, such as Hangzhou Bank, show strong risk mitigation capabilities [7][14]. 4. Valuation from the Perspective of Broad Excess Provisioning - The long-term correlation between bank valuation levels and ROE is noted, with excess provisioning contributing to performance and valuation improvements [3][4]. - Several banks, including Wuxi Bank and Agricultural Bank (H), are identified as being significantly above the PB-excess provisioning profit multiple regression line, indicating potential investment opportunities [3][4].

Core Viewpoint - Agricultural Bank of China (01288.HK) will hold a board meeting on October 30, 2025, to consider and approve its third-quarter results for the period ending September 30, 2025 [1] Summary by Category - **Company Announcement** - The board meeting is scheduled for October 30, 2025 [1] - The meeting will focus on the approval of the bank's third-quarter performance [1]

Market Overview - The financing net purchase in A-shares exceeded 14.4 billion yuan for the week, with the financing balance reaching a historical high of 2.44 trillion yuan [1][3] - The A-share market experienced adjustments due to external market volatility, with the Shanghai Composite Index failing to break through 3,900 points and the Shenzhen Component Index falling below 13,000 points [1][3] Index Performance - The Shanghai Composite Index closed at 3,839.76, down 76.47 points or 1.95% [2] - The Shenzhen Component Index closed at 12,688.94, down 397.47 points or 3.04% [2] - The ChiNext Index fell to 2,935.37, down 102.07 points or 3.36% [2] - The Hong Kong Hang Seng Index dropped 2.48% for the week, with a cumulative decline of 3.97% [2] Sector Analysis - The non-ferrous metals sector saw a net purchase of over 7.6 billion yuan, while the power equipment sector received over 2.7 billion yuan in net purchases [3] - The banking sector experienced a net outflow of over 1.3 billion yuan, while the food and beverage, home appliances, electronics, and automotive sectors also faced net outflows exceeding 1 billion yuan [3] - The banking sector was the only one to see a net inflow exceeding 12.3 billion yuan, with transportation and steel sectors also receiving significant inflows [3] Investment Trends - The banking sector's dividend yield median is 4.01%, with several banks exceeding 6% [6] - All bank stocks have a dynamic price-to-earnings ratio below 10, indicating a favorable long-term investment opportunity [6] - The coal sector has shown strength due to the onset of the heating season, with coal stocks experiencing significant price increases [4][8] Future Outlook - The "14th Five-Year Plan" is expected to drive sector rotation in the A-share market, with a focus on digital technology, space economy, and healthcare [3] - The coal industry is projected to maintain a balanced supply and demand, with potential price improvements expected due to seasonal demand [8]

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。 承董事會命 中國農業銀行股份有限公司 劉清 公司秘書 中國北京 2025年10月17日 AGRICULTURAL BANK OF CHINA LIMITED 於本公告日期，本行的執行董事為谷澍先生、王志恒先生和林立先生；本行的非執行董事為周濟女士、李蔚先生、 劉曉鵬先生和張奇先生；本行的獨立非執行董事為梁高美懿女士、吳聯生先生、汪昌雲先生、鞠建東先生、 莊毓敏女士和張琦先生。 1288 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2025年10月 30日（星期四）召開董事會會議，以考慮及批准（其中包括）本行截至2025年9月30日的第三 季度業績。 ...

南方财经10月17日电，据同花顺显示，10月17日收盘。农行A股11连阳，股价价收于7.62元，今年至今 涨幅超49%，市值达2.67万亿元。其中，农行的市净率也达到了1倍，打破了国有银行长期破净的局 面。（21世纪经济报道） ...

Core Insights - The state-owned large bank sector saw a 0.45% increase on October 17, with Agricultural Bank leading the gains [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Bank Performance Summary - Agricultural Bank: Closed at 7.62, up 1.74%, with a trading volume of 603.13 million shares and a transaction value of 45.75 billion [1] - Construction Bank: Closed at 9.22, up 0.33%, with a trading volume of 170.18 million shares and a transaction value of 15.76 billion [1] - Industrial and Commercial Bank: Closed at 7.62, down 0.13%, with a trading volume of 408.70 million shares and a transaction value of 31.25 billion [1] - Transportation Bank: Closed at 6.98, down 0.29%, with a trading volume of 260.19 million shares and a transaction value of 18.29 billion [1] - Postal Savings Bank: Closed at 5.72, down 0.52%, with a trading volume of 173.51 million shares and a transaction value of 9.96 billion [1] - Bank of China: Closed at 5.34, down 0.74%, with a trading volume of 309.62 million shares and a transaction value of 16.67 billion [1] Capital Flow Analysis - The state-owned large bank sector experienced a net inflow of 8.31 million from institutional investors, while retail investors saw a net inflow of 14 million [1] - The sector faced a net outflow of 148 million from speculative funds [1] Individual Bank Capital Flow - Agricultural Bank: Net inflow of 367 million from institutional investors, with a net outflow of 1.81 billion from speculative funds and a net inflow of 1.87 billion from retail investors [2] - Construction Bank: Net inflow of 17.76 million from institutional investors, with a net outflow of 90.38 million from speculative funds and a net inflow of 72.61 million from retail investors [2] - Bank of China: Net outflow of 44.94 million from institutional investors, with a net outflow of 22.94 million from speculative funds and a net inflow of 67.88 million from retail investors [2] - Industrial and Commercial Bank: Net outflow of 73.38 million from institutional investors, with a net inflow of 732.28 million from speculative funds and a net inflow of 66.06 million from retail investors [2] - Postal Savings Bank: Net outflow of 1.10 billion from institutional investors, with a net inflow of 760.12 million from speculative funds and a net inflow of 342.48 million from retail investors [2] - Transportation Bank: Net outflow of 1.48 billion from institutional investors, with a net inflow of 628.16 million from speculative funds and a net inflow of 854.58 million from retail investors [2]

Core Viewpoint - Agricultural Bank of China Changji Branch is innovating financial products and services to meet the financing needs of the grain seed industry, contributing to high-quality development and national food security [1] Group 1: Financial Support and Innovation - The Changji Branch has issued over 1 billion yuan in loans to the grain seed industry over the past three years, supporting food security and technological innovation [1] - The bank has introduced innovative financial services, such as plant variety rights pledge loans, to address the financing difficulties faced by seed companies [7] - A loan of 50 million yuan was successfully issued through the plant variety rights pledge, marking a breakthrough in financing for the seed industry [7] Group 2: Company Overview - Xinjiang Changji Jiushenghe Seed Industry Co., Ltd. is a joint-stock enterprise engaged in the breeding, production, processing, and market services of new varieties of wheat, corn, cotton, and vegetables [3] - The company has established a stable seed production base of 500,000 acres and has 15 modern seed processing production lines, with a total seed production capacity of 300,000 tons [4] Group 3: Research and Development - The company has over 370 varieties and has obtained more than 100 plant variety rights, establishing over 10,000 high-yield demonstration households, with sales covering 18 provinces in China [8] - The focus is on developing drought-resistant, water-saving, high-quality, and disease-resistant new varieties that meet market demands, thereby enhancing agricultural productivity [8]

Market Overview - A-shares continued to decline in the afternoon, with the Shanghai Composite Index down nearly 2% and the ChiNext Index down over 3% [1] - The Hang Seng Index fell over 3%, with tech stocks and semiconductor shares experiencing widespread declines [1][4] - Government bonds rebounded, with the 30-year futures contract rising nearly 0.6% [2][3] Sector Performance - The banking sector showed resilience, with several banks, including Agricultural Bank of China, hitting new highs [1][24][31] - New energy sectors, including photovoltaic and energy storage concepts, saw significant declines, with stocks like Shenghong Co. and Igor falling to their limits [17][18] - Semiconductor stocks also faced pressure, with major players like SMIC and BYD Electronics dropping significantly [10][12][20] Commodity Market - Domestic commodity futures showed divergence, with gold prices surging over 3% due to international price increases, while other commodities like lithium carbonate and coking coal also saw gains [2][5][38] - The gold futures contract broke the 1000 yuan mark, marking a significant increase of over 60% year-to-date [8] Trading Volume and Market Sentiment - The overall market sentiment was bearish, with approximately 4000 stocks in the Shanghai and Shenzhen markets declining [14][22] - The trading volume decreased, with the total market turnover dropping by 32.6 billion yuan compared to the previous trading day [14] Notable Stock Movements - ZTE Corporation hit the daily limit down with a trading volume exceeding 14.8 billion yuan, while its Hong Kong counterpart fell over 12% [6] - Major tech stocks like Baidu and Alibaba also experienced declines of over 3% [11][12]

银行板块逆势上涨，板块指数7连阳。农业银行11连阳，股价再创历史新高。消息面上，国家金融监督 管理总局金华监管分局正式发布批复，同意农业银行收购浙江永康农银村镇银行有限责任公司，这是年 内第三家启动旗下村镇银行"村改支"改革的国有大行。 "老登股"连日上涨，A股风格大反转？ 类似的行情昨天已出现。10月16日，半导体、人工智能等热门赛道集体翻绿，银行、煤炭、港口、白酒 等曾被年轻投资者调侃为"老登"的传统行业板块领涨飘红。 21财经·南财快讯记者梳理发现，10月以来，银行、煤炭板块均已实现连续多日上涨，港口、白酒等板 块亦涨幅靠前；而电子、通信、汽车、计算机等板块回调明显，相较节前科技叙事带动股价大幅上涨的 市场行情出现明显的风格切换。 | | 10月以来各板块表现 | | | --- | --- | --- | | 证券代码 | 证券名称 | 涨跌幅 | | | | (%) | | 801950.SL | 煤炭 | 9.53 | | 801780.SL | 银行 | 5.53 | | 801160.SL | 必用事业 | 3.77 | | 801050.SL | 有色金属 | 3.35 | | 801040 ...