证券代码：601288 证券简称：农业银行 公告编号：临 2025-029 号 中国农业银行股份有限公司 2024年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 1 1、出席会议的股东和代理人人数 3,720 其中：A 股股东人数 3,716 境外上市外资股股东人数（H 股） 4 2、出席会议的股东所持有表决权的股份总数（股） 313,791,667,372 其中：A 股股东持有股份总数 298,665,446,108 境外上市外资股股东持有股份总数（H 股） 15,126,221,264 1 出席会议的股东包括现场出席会议的股东和网络投票出席会议的股东。因本次股东大会的议案无需由本 行优先股股东审议，优先股股东未出席本次股东大会。 （一） 股东大会召开的时间：2025 年 6 月 27 日 （二） 股东大会召开的地点：北京市东城区建国门内大街乙 18 号本行总行 （三） 出席会议的普通股股东1及其持有股份情况： | ...

Core Viewpoint - The Shandong branch of Agricultural Bank of China has been recognized for its significant contributions to high-quality financial services, particularly in supporting rural revitalization and innovative financial products [1][3]. Group 1: Financial Contributions and Innovations - The Shandong branch received multiple awards for its innovative financial products, including contributions to green finance, inclusive finance, pension finance, and digital finance [1]. - As of March, the county loan balance reached 588.2 billion yuan, accounting for 48% of total loans, with agricultural loans at 467.1 billion yuan, representing over 38% of the industry [3]. - The bank has launched 47 typical practices to support rural revitalization, which have been recognized as ten exemplary cases in Shandong province [3]. Group 2: Demonstration Zones and Strategic Initiatives - The bank established various demonstration zones, such as the Weifang demonstration zone focusing on agricultural enterprises, which supported key companies and issued 270 million yuan in loans to village collectives [4]. - The Linyi demonstration zone, aimed at revitalizing revolutionary old areas, supported nearly 60,000 agricultural operators with a loan balance of 15.6 billion yuan [4]. - The Dongying demonstration zone, focusing on ecological protection, introduced innovative financial products like the "Yellow River Series Loan," which won recognition as an excellent green finance product [5]. Group 3: Future Plans and Goals - The Shandong branch plans to continue promoting successful experiences from demonstration zones and enhance financial services for rural revitalization and high-quality development [6].

Regulatory Developments - Six departments, including the People's Bank of China, encourage financial institutions to increase loan support for eligible consumer industry entities [1] - The National Financial Supervision Administration issued the "Market Risk Management Measures for Commercial Banks," requiring banks to establish comprehensive stress testing procedures [1] - The "Implementation Plan for High-Quality Development of Inclusive Finance in Banking and Insurance" was released, focusing on enhancing inclusive credit systems and support for small and micro enterprises [1] Industry Insights - The four major state-owned banks have successfully completed a total of 520 billion yuan in capital increase through private placements, signaling stability in the banking sector [2] - Listed banks are experiencing a wave of capital increases, with significant shareholders increasing their stakes, indicating a potential revaluation of the banking sector [3] Mergers and Acquisitions - The Industrial and Commercial Bank of China has received approval to acquire Chongqing Bishan Rural Bank, marking the first instance of a state-owned bank participating in the "village-to-branch" reform [4] Corporate Actions - Ping An Life has increased its stake in China Merchants Bank to 15%, marking the third time it has done so this year, reflecting confidence in the bank's long-term investment value [5][6] - Luzhou Bank has paused its planned capital increase due to shareholder objections, with no new timeline for resuming the plan [6] - Suzhou Bank's major shareholder has completed an 856 million yuan stake increase [6] - China Great Wall Asset Management is transferring a 40.92% stake in Changjiang Huaxi Bank for a base price of 4.332 billion yuan, marking its exit after 11 years [6] Personnel Changes - Yang Jun has been appointed as a member of the Party Committee of the Bank of China [7] - Wang Dajun has been appointed as the Vice President of Agricultural Bank of China [8] - Qian Xi has been approved as the Chairman of Huaren Bank, which has total assets exceeding 430 billion yuan [9] - Zeng Xiaosong has been appointed as the President of Fudian Bank [10]

Market Performance - The cross-border payment (CIPS) concept declined by 1.95%, ranking among the top decliners in the concept sector [1] - Major decliners in the CIPS sector included Xiaogoods City, Jida Zhengyuan, and Xincheng Technology, while top gainers were Donghua Software, Jingbeifang, and *ST Rendo, with increases of 4.28%, 2.40%, and 2.34% respectively [1] Capital Flow - The CIPS concept experienced a net outflow of 6.149 billion yuan, with 47 stocks seeing net outflows, and 21 stocks exceeding 100 million yuan in net outflows [1] - Agricultural Bank led the net outflow with 759.39 million yuan, followed by Lakala, Xiaogoods City, and Industrial and Commercial Bank with outflows of 588.37 million yuan, 563.46 million yuan, and 485.34 million yuan respectively [1] Top Gainers and Losers - The top gainers in the CIPS sector included Donghua Software with a 4.28% increase, while the largest loser was Xiaogoods City with a 9.89% decrease [1] - Other notable losers included Agricultural Bank (-3.29%), Industrial and Commercial Bank (-2.85%), and Lakala (-2.44%) [2]

Core Viewpoint - Agricultural Bank successfully issued 30 billion TLAC bonds in the interbank market, marking the first combination issuance of three maturities in the financial bond market this year [1] Summary by Categories Issuance Details - The bond issuance consists of three maturities: 150 billion for 3+1 years at an interest rate of 1.83%, 30 billion for 5+1 years at an interest rate of 1.87%, and 120 billion for 10+1 years at an interest rate of 2.06% [1] Financial Strategy - The bank has set up a mechanism for additional issuance, with an excess issuance of 10 billion allocated entirely to the 10+1 year maturity, which helps ensure compliance with TLAC requirements while further optimizing the liability structure [1]

Core Viewpoint - The A-share market experienced a significant decline on June 27, 2025, with the banking sector, valued over 10 trillion yuan, facing a collective sell-off, leading to a drop of 2.69% in the banking index, closing at 4349.04 points [1] Group 1: Market Performance - The banking index closed at 4349.04 points, reflecting a decline of 2.69% [1] - The sell-off in the banking sector was characterized as a sudden adjustment that caught the market off guard [2] Group 2: Factors Influencing Decline - The "month-end effect" was identified as a contributing factor, with historical data showing poor performance of the banking sector at month-end, attributed to tightening liquidity and institutional settlements [2] - Reports of a large institution reallocating investments away from high-dividend stocks, including bank shares, towards growth-oriented stocks in the Sci-Tech Innovation Board were interpreted as a signal of potential outflows from the banking sector [3] Group 3: Broader Market Context - The decline in bank stocks was not isolated, as other dividend stocks like China Petroleum and Yangtze Power also experienced significant drops, raising concerns about the overcrowding in the banking sector [3] - Despite the adjustments, some analysts believe the decline is temporary, with trading congestion in bank stocks not reaching historical highs, and the fundamental support for bank stocks remaining intact [3][4] - The average dividend yield for A-share banks exceeds 4%, and for H-share banks, it exceeds 5%, indicating continued investment appeal in a low-interest-rate environment [4]

Group 1 - The phenomenon of "capital clustering" is significant in the current structural market of A-shares, with funds concentrating in specific sectors such as core assets, growth tracks, and high-dividend stocks, leading to substantial short-term price increases [1] - On June 27, the banking sector experienced a sharp decline, with several banks like Hangzhou Bank, Chongqing Bank, and Qingdao Bank dropping over 4%, while others like Jiangsu Bank and Agricultural Bank fell more than 3% [1] - The banking sector has seen an increase of nearly 40% in 2024 and over 15% this year, with some individual bank stocks experiencing even greater gains, driven by the low yield environment for traditional savings and investment products [1] Group 2 - Investing in high-dividend assets is not without risks, as these assets are primarily concentrated in traditional industries like energy, finance, and real estate, which are closely tied to macroeconomic cycles [2] - The excessive pursuit of high-dividend assets can lead to valuation bubbles, resulting in rapid adjustments in these assets, especially if companies lack growth momentum [2] - Companies' dividend policies are not fixed and can change due to various factors, including operational conditions and strategic planning, which may lead to reduced or suspended dividends even for historically stable dividend-paying companies [2] Group 3 - In the current low-interest-rate environment, high-dividend assets are attractive due to the potential for steady cash dividends alongside gradual price appreciation, but caution is advised to avoid falling into the "high-dividend trap" [3]

Group 1: Banking Sector - The banking sector has shown strong performance recently, with a two-week increase of 5.48%, ranking second among 31 industries [14][17] - Major banks like Jiangsu Bank, Hangzhou Bank, and Industrial and Commercial Bank of China have reached historical highs, despite a marginal decline in overall performance in Q1 due to macroeconomic conditions [46][47] - The sector's return on equity (ROE) remains above 10%, indicating resilience in profitability and dividends, supported by policies aimed at boosting domestic demand and credit growth [46][47] Group 2: Securities Sector - The securities sector has been active, with a recent approval for Guotai Junan International to provide virtual asset trading services, marking a significant development in the industry [48] - The sector's price-to-book (PB) ratio stands at 1.46, indicating potential for valuation recovery as it is at the 54.84% percentile of the last five years [48][26] - Expected improvements in global risk appetite and ongoing capital market reforms are likely to enhance the business environment for securities firms, with projected double-digit profit growth for the year [48][49] Group 3: Insurance Sector - Recent regulatory measures have curtailed aggressive competition in the insurance sector, particularly regarding dividend insurance, which is expected to stabilize the market [50] - The shift from a "scale-oriented" to a "value-oriented" strategy in the insurance industry is anticipated to lead to valuation recovery, with a focus on products that offer both guaranteed and floating returns [50] - Insurance companies are increasingly investing in bank stocks, benefiting from stable dividends and strong market performance, which is expected to enhance their investment returns [50][51]

Market Overview - The banking sector experienced a significant decline, impacting the overall market performance, with the Shanghai Composite Index falling by 0.7% on June 27 [1][5]. - A total of 3,381 stocks rose, while 1,772 stocks fell, indicating a mixed market sentiment [2]. Banking Sector Performance - Major banks such as China Merchants Bank, Bank of China, and CITIC Bank saw declines ranging from 1.69% to 4.56% [5]. - The decline in bank stocks is attributed to a report from a large insurance institution indicating a shift in investment strategy, moving away from high-dividend bank stocks [5]. Trading Statistics - The total trading volume reached approximately 15,756.91 billion, with 5,420 total varieties traded [3]. - The number of stocks with a price increase of over 7% was 105, while 22 stocks experienced a decline of over 7% [3]. Sector Highlights - The non-ferrous metal sector saw a collective rise, with companies like Northern Copper and Jinhui Co. hitting the daily limit [4]. - The market's performance was notably affected by the sharp drop in bank stocks, which had previously been reaching new highs [4].

星矿主力资金监控: 午后买入前十榜 (截止时间: 14时 15 分) | 排名 | 股票名称 | 主力资金净流入(亿元) | 主力资金净流入率(%) | | --- | --- | --- | --- | | 1 | 中际旭创 | 21.82 | 27.32 | | 2 | 新易盛 | 10.10 | 15.86 | | 3 | 立讯精密 | 9.27 | 20.23 | | ব | 宁德时代 | 7.76 | 15.28 | | 5 | 天风证券 | 7.18 | 7.25 | | 6 | XD洛阳铝 | 6.75 | 22.39 | | 1 | 胜宏科技 | 6.52 | 14.81 | | 8 | 四方精创 | 6.48 | 11.14 | | g | 星源材质 | 6.42 | 14.84 | | 10 | 阳光电源 | 6.10 | 24.64 | 星矿主力资金监控:午后卖出前十榜 (截止时间: 14时 15 分) | 排名 | 板块名称 | 主力资金净流入（亿元） | 主力资金净流入率(%) | | --- | --- | --- | --- | | – | 电子 | 153.32 | 8.43 ...