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。 AGRICULTURAL BANK OF CHINA LIMITED 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 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。 ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector is seen as a safe haven amid rising market uncertainties, with high dividend yield assets becoming increasingly attractive [1][41] - The securities sector is benefiting from a surge in trading volumes and increased stamp duty revenues, indicating strong performance in upcoming quarterly reports [1][43] - The insurance sector is experiencing significant growth in investment income and new business value, driven by increased equity market exposure and favorable policy support [1][45] Summary by Sections Market Review - As of October 16, 2025, the banking index increased by 5.53%, the securities index decreased by 0.57%, and the insurance index rose by 6.27%, while the CSI 300 index fell by 0.48% [11] - Among the sub-sectors, Chongqing Bank (+15.90%), GF Securities (+8.98%), and New China Life Insurance (+12.21%) showed the best performance [11] Valuation Situation - As of October 16, 2025, the banking sector's price-to-book (PB) ratio is 0.73, with state-owned banks at 0.79, joint-stock banks at 0.62, city commercial banks at 0.73, and rural commercial banks at 0.65 [22] - The securities sector's PB ratio is 1.59, indicating potential for valuation recovery [24] - Insurance companies' price-to-earnings value (PEV) ratios are as follows: New China Life (0.74), China Pacific Insurance (0.59), Ping An (0.69), and China Life (0.72) [25] Recent Market Indicators - As of October 16, 2025, the one-year Medium-term Lending Facility (MLF) rate is 2.0%, and the one-year and five-year Loan Prime Rates (LPR) are 3.0% and 3.50%, respectively [29] - The average daily trading volume in the A-share market is 22,359.31 billion, showing a decrease of 13.57% [33] - The total social financing scale reached 437.08 trillion yuan, with a year-on-year growth of 8.7% [41] Company Announcements - New China Life Insurance expects a net profit of 29.986 billion to 34.122 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 45% to 65% [45] - Shanghai Bank announced a cash dividend of 0.30 yuan per share, totaling 4.263 billion yuan [41]

Group 1 - Agricultural Bank of China (ABC) A-share price-to-book ratio (PB) reached 1 for the first time, breaking the long-standing "below book value" situation of state-owned banks [1] - As of October 17, ABC's stock price closed at 7.62 yuan, with a market capitalization of 2.67 trillion yuan, and the stock has increased over 49% year-to-date [1] - Other major state-owned banks still have PB ratios below 1, with Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) both at 0.72, Bank of China (BOC) at 0.65, Bank of Communications (BoCom) at 0.55, and Postal Savings Bank of China (PSBC) at 0.7 [1] Group 2 - Tianfeng Securities report attributes the long-term PB ratio below 1 for banks to significant exposure of non-performing assets and ongoing pressure [2] - Market expectations of continued pressure on bank profitability contribute to the low PB ratios [2] - The growth rate of banks' net assets per share is significantly higher than that of other sectors, which negatively impacts the denominator in the PB valuation [2]

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]