Core Viewpoint - Agricultural Bank of China (ABC) announced the issuance of a total of RMB 20 billion in non-capital bonds to enhance its total loss-absorbing capacity, with the bonds being issued in three different maturities [1] Group 1: Bond Issuance Details - The total scale of the bond issuance is RMB 20 billion, divided into three types [1] - Type one is a 4-year fixed-rate bond with an issuance scale of RMB 14 billion and a coupon rate of 2.02%, featuring a conditional issuer call option at the end of the third year [1] - Type two is a 6-year fixed-rate bond with an issuance scale of RMB 3 billion and a coupon rate of 2.12%, featuring a conditional issuer call option at the end of the fifth year [1] - Type three is an 11-year fixed-rate bond with an issuance scale of RMB 3 billion and a coupon rate of 2.50%, featuring a conditional issuer call option at the end of the tenth year [1] Group 2: Use of Proceeds - The funds raised from this bond issuance, after deducting issuance costs, will be used to enhance the bank's total loss-absorbing capacity, subject to applicable laws and regulatory approvals [1]

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。 經相關監管機構批准，本行在全國銀行間債券市場發行「中國農業銀行股份有限公司2025 年總損失吸收能力非資本債券（第三期）（債券通）」（「本期債券」）。 本期債券於2025年11月27日簿記建檔，於2025年12月1日發行完畢。本期債券發行總規模 為人民幣200億元，分為三個品種。其中品種一為4年期固定利率債券，發行規模為人民 幣140億元，票面利率為2.02%，在第3年末附有條件的發行人贖回權；品種二為6年期固 定利率債券，發行規模為人民幣30億元，票面利率為2.12%，在第5年末附有條件的發行 人贖回權；品種三為11年期固定利率債券，發行規模為人民幣30億元，票面利率為 2.50%，在第10年末附有條件的發行人贖回權。 本期債券募集資金在扣除發行費用後，將依據適用法律和主管部門的批准用於提升本行 總損失吸收能力。 AGRICULTURAL BANK OF CHINA LIMITED 1288 關於20 ...

Group 1 - The Financial Stability Board (FSB) announced the 2025 list of Global Systemically Important Banks (G-SIBs), with five Chinese banks included, maintaining the same number as the previous year [1] - Industrial and Commercial Bank of China (ICBC) has been upgraded to the third group with an additional capital requirement of 2.0%, while Bank of China, Agricultural Bank of China, and China Construction Bank remain in the second group with a requirement of 1.5%, and Bank of Communications stays in the first group with a requirement of 1% [1] - Following the upgrade, ICBC's core Tier 1 capital adequacy ratio regulatory requirement increases from 9% to 9.5%, with a current ratio of 13.6%, providing a buffer of 4.6 percentage points [1] Group 2 - Fitch Ratings noted that the scoring changes for Chinese G-SIBs in 2025 show that scale is no longer the primary driver for score increases, and exchange rate effects have positively influenced scores [2] - The Basel Committee plans to adjust the framework for identifying G-SIBs from year-end static data to annual average calculations, which may reduce data volatility and limit the impact on most banks, although institutions near threshold levels may experience changes [2] - The increase in global systemic importance reflects the fundamental strength of large banks, with scores for the five major banks rising between 9 to 33 points, and Bank of China is likely to be upgraded soon [2] Group 3 - The banking sector is viewed positively for long-term investment, with a high dividend strategy still having room for growth amid an "asset shortage" environment, suggesting a continuation of structural market trends [3]

证券之星消息，12月1日国有大型银行板块较上一交易日下跌0.26%，农业银行领跌。当日上证指数报收 于3914.01，上涨0.65%。深证成指报收于13146.72，上涨1.25%。国有大型银行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601328 | 交通银行 | 7.69 | 1.32% | 202.42万 | | 15.51 Z | | 601658 | 邮储银行 | 5.70 | 0.35% | 153.14万 | | 8.70 Z | | 601988 | 中国银行 | 6.07 | 0.00% | 306.50万 | | 18.58 Z | | 666109 | 建设银行 | 9.65 | -0.10% | 86.85万 | | 8.35 Z | | 601398 | 工商银行 | 8.09 | -0.25% | 265.26万 | | 21.38 Z | | 601288 | 农业银行 | 7.99 | -0.62% | 244.58万 ...

Group 1 - Inner Mongolia is enhancing the integration of culture and tourism, leading to improved quality and brand influence in the industry [1] - Agricultural Bank of China (ABC) Inner Mongolia Branch is providing diverse financial products and professional services to support cultural and tourism projects in the region [1] - The Xiaozhuang River Cultural Tourism Leisure Street is a key national-level tourism project in Tongliao City, serving as an important platform for local economic and social development [1] Group 2 - The Xiaozhuang River Cultural Tourism Leisure Street project faced funding shortages for operational facilities by the end of 2024, prompting ABC Tongliao Branch to issue a short-term working capital loan of 10 million yuan to support its operations [1] - The street has become a popular destination for locals, enhancing its status as a cultural and tourism hub [1] Group 3 - Local entrepreneur Luo Gang has successfully expanded his business, including a car rental service and a farmhouse restaurant, with financial support from ABC since 2011, increasing his credit limit from 50,000 yuan to 500,000 yuan [2] Group 4 - ABC Inner Mongolia Branch has developed a comprehensive financial service plan to support the high-quality development of the cultural and tourism industry, focusing on various consumer scenarios such as dining, retail, parking, and accommodation [3] - As of June 2025, ABC Inner Mongolia Branch has issued a total of 1.603 billion yuan in loans to the cultural and tourism industry, supporting 164 clients and facilitating industry growth and upgrades [3]

转自：新华财经 "通过车商了解到农行限时免息购车福利后，果断选择农行办理了汽车分期。流程简便，只需几分钟， 我就拿到钱开始办理提车手续了。"鄂尔多斯市某汽车4S店内，正在购车的张女士满脸喜悦地说。 农行鄂尔多斯分行联合全市70余家主流车企及品牌4S店，推出"10%低首付""5年超长分期"等汽车分期 服务。所有服务都可在线上申请、审核，符合条件的客户最快10分钟内就能获得贷款。"看车看了这么 久，终于可以开着心爱的车回家了。"张女士充满期待地走出了汽车4S店。此外，鄂尔多斯分行针对重 点客群，实现"一张身份证"即可低首付快速提车。 鄂尔多斯分行的高效服务是农行内蒙古分行贯彻落实提振消费政策的缩影。农行内蒙古分行深化与优质 汽车经销商的战略合作，分类施策提供精准服务。通过制定专项分期服务方案，实施城区与县域差异化 管理模式，重点聚焦汽车下乡、新车促销、旧车置换、新能源补贴等核心领域，优化服务流程设计，高 效运用主干道审批策略，实现单笔业务审批省时提效。通过系统化推进各项创新举措，着力打造"购车 首选农行"的品牌口碑，切实提升金融服务实体经济质效。 截至11月末，农行内蒙古分行实现汽车分期交易额19.93亿元，同比 ...

Core Viewpoint - Major state-owned banks in China, including Industrial and Commercial Bank of China, Agricultural Bank of China, and China Construction Bank, have collectively removed five-year large denomination time deposits from their offerings, shifting focus to shorter-term products in response to narrowing net interest margins [2][3]. Group 1: Changes in Deposit Products - Six major commercial banks have adjusted their deposit products by removing five-year large denomination time deposits, leaving only shorter-term options available for investors [2]. - This shift is seen as a strategic response to the ongoing pressure of declining net interest margins, which are currently at historical lows [2][3]. - The removal of long-term deposit products is aimed at shortening the average maturity of liabilities and enhancing the re-pricing flexibility of banks [2]. Group 2: Impact on Small and Medium Banks - Small and medium-sized banks are also accelerating adjustments to their deposit product structures due to increasing net interest margin pressures [3]. - These banks, which typically have weaker deposit-raising capabilities and brand trust compared to large banks, are moving away from high-interest long-term deposits that are no longer sustainable [3]. - The prevalence of interest rate inversion, where short-term deposit rates exceed long-term rates, is diminishing the attractiveness of medium to long-term deposits, prompting these banks to focus on short- to medium-term products [3]. Group 3: Investor Behavior and Market Trends - As deposit rates decline, there is a noticeable trend of "savings migration," with bank wealth management products gaining popularity due to their lower volatility [3][4]. - A survey indicates that 62.3% of urban savers prefer to save more, a decrease of 1.5 percentage points from the previous quarter [4]. - The number of investors holding wealth management products reached 139 million by the end of the third quarter, reflecting a year-on-year growth of 12.7% [4]. Group 4: Recommendations for Banks - Banks are advised to enhance asset yields by optimizing credit structures and improving risk pricing capabilities while also focusing on non-credit asset management [4]. - On the liability side, banks should strengthen their core deposit-raising capabilities by exploring service, product, and channel potentials, and optimizing customer segmentation strategies to enhance low-cost fund retention [4].

Group 1: Dividend Indices - The China Securities Hong Kong Stock Connect Central Enterprises Dividend Index (931233.CSI) includes 50 stable dividend-paying stocks with high dividend yields, achieving a 1-year dividend yield of 5.70%, surpassing the 10-year government bond yield of 3.85 [1] - The Hang Seng Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks listed in Hong Kong, with a 1-year dividend yield of 5.34%, also higher than the 10-year government bond yield of 3.49 [1] - The Non-Standard S&P Hong Kong Stock Connect Low Volatility Dividend Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks, with the Hong Kong Stock Connect Dividend Low Volatility ETF (159118) being the lowest fee ETF tracking this index [1] Group 2: Company Dividend Announcements - Agricultural Bank of China announced a dividend of RMB 0.1195 per share, with an ex-dividend date of December 5, 2025, and a payment date of January 26, 2026 [2] - Industrial and Commercial Bank of China declared a dividend of RMB 0.1414 per share, with an ex-dividend date of December 4, 2025, and a payment date of January 26, 2026 [2] - Changan Minsheng Logistics announced a dividend of HKD 0.05493 per share, with an ex-dividend date of December 2, 2025, and a payment date of January 30, 2026 [2] Group 3: Additional Company Dividends - Perfect Medical announced a dividend of HKD 0.076 per share, with an ex-dividend date of December 12, 2025, and a payment date of December 31, 2025 [3] - Chongqing Bank declared a dividend of HKD 0.185075283 per share, with an ex-dividend date of December 2, 2025, and a payment date of January 16, 2026 [3] - Yihe Holdings announced a dividend of HKD 0.15 per share, with an ex-dividend date of December 12, 2025, and a payment date of December 31, 2025 [3] Group 4: Other Company Dividends - Huaxin Handbag International Holdings declared an interim dividend of HKD 0.04 and a special dividend of HKD 0.02 per share, with an ex-dividend date of December 15, 2025, and a payment date of January 9, 2026 [4] - Tianli International Holdings announced a dividend of HKD 0.0429 per share, with an ex-dividend date of February 4, 2026, and a payment date of February 27, 2026 [4] - China Keyway announced a dividend of HKD 0.06 per share, with an ex-dividend date of July 31, 2026, and a payment date of August 21, 2026 [4]

中证港股通央企红利指数（931233.CSI），从港股通范围内，选取中央企业实际控制的分红水平稳定且 股息率较高的50只上市公司股票进行打包；截至11月28日，该指数近1年股息率是5.70%，高于同期10 年期国债收益率3.85%，港股央企红利ETF（513910）是跟踪该指数规模最大的投资标的。 恒生中国内地企业高股息率指数（HSMCHYI.HI），筛选打包在港上市，内地公司中的高股息股票； 截至11月28日，该指数近1年股息率是5.34%，高于同期10年期国债收益率3.49%，恒生红利ETF （159726）是跟踪该指数的唯一ETF。 非标普港股通低波红利港币指数（SPAHLVHP.SPI）筛选打包在港上市的50只高股息低波动股票，港股 通红利低波ETF（159118）是跟踪该指数综合费率最低的一只ETF。 农业银行：每股人民币0.1195元，除净日：2025-12-05，派息日期：2026-01-26；恒生行业：银行；是 中证港股通央企红利指数（931233.CSI）的成分股，是恒生中国内地企业高股息率指数 （HSMCHYI.HI）的成分股，非标普港股通低波红利港币指数（SPAHLVHP.SPI）的成分 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the CSI 300 index by more than 5% within the next six months [34]. Core Insights - The Financial Stability Board (FSB) has released the 2025 list of Global Systemically Important Banks (G-SIBs), with five Chinese state-owned banks included. Notably, the Industrial and Commercial Bank of China (ICBC) has moved to the third group, requiring an additional capital requirement increase from 1.5% to 2.0% [4][12]. - The China Securities Regulatory Commission (CSRC) has issued a draft announcement for the pilot of Commercial Real Estate Investment Trusts (REITs), aimed at revitalizing the commercial real estate market and filling the gap for quality investment targets [5][13]. - A joint announcement from six departments outlines a plan to enhance the adaptability of supply and demand for consumer goods, targeting significant improvements in the supply structure by 2027 and fostering a high-quality development pattern by 2030 [6][19]. Summary by Sections Global Systemically Important Banks - The FSB has categorized Chinese banks into different groups, with ICBC in the third group, Agricultural Bank of China, Bank of China, and China Construction Bank in the second group, and China Communications Bank in the first group. This classification reflects the banks' systemic importance and associated capital requirements [4][12]. Commercial Real Estate Investment Trusts - The CSRC's draft announcement outlines the framework for establishing Commercial REITs, which will allow investment in commercial real estate assets to generate stable cash flows. This initiative is expected to address challenges in the commercial real estate sector and enhance financing channels [5][13]. Consumer Goods Supply and Demand - The joint plan from six government departments aims to optimize the supply structure of consumer goods, with specific targets for 2027 and 2030. The focus is on creating significant consumer sectors and enhancing the quality of products available in the market [6][19]. Industry Data - The banking sector saw a net injection of 15,118 billion yuan through open market operations, while the SHIBOR rates showed mixed performance. The average daily trading volume in the stock market was 21,585 billion yuan, reflecting a decrease of 7.4% from the previous week [21][27][29]. - The insurance sector's ten-year government bond yield increased by 2.46 basis points, indicating a slight upward trend in interest rates [32].