证券代码：601288 证券简称：农业银行 公告编号：临2025-059号 中国农业银行股份有限公司 关于执行董事任职的公告 刘洪先生的简历请参见本行2025年11月11日刊载于上海证券交易所网站（www.sse.com.cn）的《中国农 业银行股份有限公司2025年度第二次临时股东会会议资料》。 特此公告。 中国农业银行股份有限公司董事会 2025年12月26日 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。 中国农业银行股份有限公司（以下简称"本行"）收到《国家金融监督管理总局关于刘洪农业银行董事任 职资格的批复》（金复〔2025〕763号）。根据相关规定及董事会决议，刘洪先生担任本行执行董事， 以及董事会战略规划与可持续发展委员会委员、 "三农"金融与普惠金融发展委员会委员的任职已生 效。 ...

Core Viewpoint - The wave of mergers and restructuring among China's small and medium-sized banks has progressed with unexpected intensity and speed, focusing on financial risk prevention and high-quality industry development in 2025 [1][2]. Summary by Sections Mergers and Restructuring Overview - As of December 26, 2025, a total of 394 banking institutions have been approved for mergers or dissolutions, doubling the total from 2024 [1]. - Between 2024 and 2025, nearly 550 banking institutions were reduced through mergers and restructuring, surpassing the total from the previous seven years [1]. - The restructuring involved 28 provinces, with Inner Mongolia leading by integrating 139 institutions, followed by Shandong (33), Henan (26), and Sichuan (25) [1][9]. Characteristics of the Restructuring - The 2025 restructuring is characterized by two significant trends: the involvement of state-owned banks in "village-to-branch" transformations and the acceleration of provincial-level reforms in the rural credit system [2]. - This transformation is not merely a reduction in numbers but a comprehensive change across various types of institutions, moving towards a quality-driven development phase [2]. Regulatory and Policy Framework - The central financial work conference in 2024 emphasized the need to "properly handle risks in small financial institutions," placing them alongside local debts and real estate as key areas for financial risk prevention [4]. - The regulatory focus has been on risk prevention and resolution, with tailored reform plans developed for different regions [5]. Achievements and Progress - The reform efforts have led to a significant increase in the disposal of non-performing assets, with over a 40% increase compared to the previous five-year period [5]. - The number of high-risk small and medium-sized banks has significantly decreased, with some provinces achieving a "dynamic zero" for high-risk institutions [6]. Integration of Institutions - The integration process has seen state-owned banks actively participating in the restructuring of village banks, providing stronger support for their transformation [11]. - By the end of 2025, 231 village banks had merged or dissolved, with a notable acceleration in the second half of the year [12]. Future Outlook - The ongoing restructuring is expected to continue, with a focus on enhancing the quality and effectiveness of the integration process [17]. - The emphasis on "reducing quantity and improving quality" will remain a core theme in the upcoming years, as the industry transitions to a more stable and effective phase [17].

Core Insights - The wave of mergers and restructuring among China's small and medium-sized banks has progressed with unexpected intensity and speed, focusing on financial risk prevention and high-quality industry development as the core themes of the year [1][2]. Summary by Sections Mergers and Restructuring - As of December 26, 2025, a total of 394 banking institutions were approved to exit the market through mergers and dissolutions, doubling the total from 2024 [1][7]. - Between 2024 and 2025, nearly 550 banking institutions were reduced through mergers and restructuring, surpassing the total from the previous seven years [1]. - The restructuring involved 28 provinces, with Inner Mongolia leading by integrating 139 institutions, followed by Shandong (33), Henan (26), and others [1][9]. Characteristics of the Restructuring - The integration of small and medium-sized banks in 2025 is characterized by two significant trends: the involvement of state-owned banks in "village-to-branch" transformations and the acceleration of provincial-level reforms in the rural credit system [1][15]. - The core entities in the restructuring are village banks (231), followed by rural commercial banks (81) and rural credit cooperatives (71) [12]. Policy and Regulatory Framework - The central financial work conference in 2024 emphasized the need to "properly handle risks in small financial institutions," placing them alongside local debts and real estate as key areas for financial risk prevention [3]. - The regulatory focus during the "14th Five-Year Plan" period has been on risk prevention and resolution for small financial institutions, with a commitment to personalized reform strategies based on regional differences [4]. Achievements and Future Directions - Significant progress has been made in risk resolution, with over 40% more non-performing asset disposals compared to the previous five-year period, and the total capital and provisions in the industry exceeding 50 trillion yuan [5]. - The government work report for 2025 outlined a market-oriented and legal approach to risk resolution and transformation of local small financial institutions [5]. Service Upgrades and Market Dynamics - The restructuring is not merely a reduction in numbers but aims to enhance the quality and efficiency of financial services, particularly for rural and small enterprises [19][20]. - Merged institutions are expected to improve operational standards, risk resistance, and expand their service offerings through enhanced digital capabilities [19][20]. Long-term Outlook - The ongoing restructuring of small and medium-sized banks is anticipated to continue into 2026, with a focus on quality improvement and effective integration as the core theme [21].

刘洪先生的简历请参见本行2025年11月11日刊载于上海证 券交易所网站（www.sse.com.cn）的《中国农业银行股份有限公 司2025年度第二次临时股东会会议资料》。 特此公告。 证券代码：601288 证券简称：农业银行 公告编号：临 2025-059 号 中国农业银行股份有限公司 关于执行董事任职的公告 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。 中国农业银行股份有限公司（以下简称"本行"）收到《国 家金融监督管理总局关于刘洪农业银行董事任职资格的批复》 （金复〔2025〕763号）。根据相关规定及董事会决议，刘洪先 生担任本行执行董事，以及董事会战略规划与可持续发展委员会 委员、 "三农"金融与普惠金融发展委员会委员的任职已生效。 中国农业银行股份有限公司董事会 2025年12月26日 1 ...

12月26日金融一线消息，农业银行公告称，公司收到批复，刘洪担任公司执行董事，以及董事会战略规 划与可持续发展委员会委员、"三农"金融与普惠金融发展委员会委员的任职已生效。 简历信息显示，刘洪，1968 年 8 月出生，北京大学公共管理硕士， 高级经济师。2023 年 8 月任农业银 行副行长，2025 年 8 月起任农业银行党委副书记。曾任中国农业银行人力资源部副总经理， 办公室副 主任、中国城乡金融报社（二级部）社长兼总编， 监事会办公室主任，监事，青海省分行行长，机关 党委常务副书记、机关纪委书记，人力资源部/三农及普惠金融人力资源管理中心总经理，三农业务总 监。目前兼任中国金融教育发展基金会副理事长、全国党的建设研究会理事。 党委常务副书记、机关纪委书记，人力资源部/三农及普惠金融人力资源管理中心总经理，三农业务总 监。目前兼任中国金融教育发展基金会副理事长、全国党的建设研究会理事。 责任编辑：李琳琳 12月26日金融一线消息，农业银行公告称，公司收到批复，刘洪担任公司执行董事，以及董事会战略规 划与可持续发展委员会委员、"三农"金融与普惠金融发展委员会委员的任职已生效。 简历信息显示，刘洪，1968 ...

农业银行公告称，公司收到批复，刘洪担任公司执行董事，以及董事会战略规划与可持续发展委员会委 员、"三农"金融与普惠金融发展委员会委员的任职已生效。刘洪简历可参见公司2025年11月11日刊载于 上交所网站的相关会议资料。 ...

Core Viewpoint - The article emphasizes the need for a profound financial transformation to support China's industrial upgrade towards an intelligent, green, and integrated modern industrial system, which is positioned as a top strategic task in the new "14th Five-Year Plan" [1][2][3]. Group 1: Industrial Development and Financial Integration - China is advancing its industrial system towards intelligent, green, and integrated development, achieving significant historical progress in scale, technological innovation, and enterprise competitiveness [1][2]. - The financial sector, particularly Agricultural Bank, plays a crucial role in supporting industrial development by providing tailored financial services that integrate deeply with industry needs [3][11]. Group 2: Innovative Financial Models - Traditional credit models have created barriers for technology-driven companies, which often lack physical assets for collateral, leading to financing challenges [5]. - Agricultural Bank has introduced a "technology flow" evaluation system that assesses companies based on their technological capabilities rather than traditional asset-based metrics, enabling precise financial support [6][8]. Group 3: Comprehensive Financial Support - The bank's approach has evolved from merely providing loans to becoming a partner in the entire lifecycle of a company's development, offering diverse financing solutions that adapt to changing business needs [10][11]. - Agricultural Bank has established a comprehensive service system that includes investment, loans, and advisory services, supporting over 80,000 technology enterprises [11][15]. Group 4: Systemic Integration and Ecosystem Building - The competition in modern industrial systems is fundamentally about the competition between ecosystems, necessitating a shift from single-point support to systemic integration and co-construction of industrial ecosystems [13]. - Agricultural Bank is actively building a collaborative financial ecosystem that connects technology, industry, and finance, facilitating the growth of key industrial chains and innovative enterprises [15].

Core Viewpoint - The 2025 Shenzhen Financial Innovation Competition aims to enhance the financial services of local institutions and promote Shenzhen as a globally influential financial center, showcasing the innovation level of the financial industry in Shenzhen [1][4]. Summary by Category Competition Overview - The competition was announced in September 2025, receiving submissions from 113 units with a total of 173 projects [4]. - After various evaluation stages, 30 projects were selected for awards, including 3 first prizes, 6 second prizes, 12 third prizes, 3 most potential awards, 3 best growth awards, and 3 innovation breakthrough awards [4]. Awarded Projects - **First Prize Projects**: - Financial model full-stack self-research technology system and scenario construction project by China Merchants Bank and WeBank [6]. - Hong Kong-Shenzhen cross-border data verification platform [6]. - Agricultural insurance prevention and rescue system based on data elements by Ping An Property & Casualty Insurance [6]. - **Second Prize Projects**: - Cross-border wealth management navigation plan by China Merchants Bank Wealth Management [6]. - New generation derivative rapid trading platform for global markets by CITIC Securities [6]. - Technology financial empowerment plan for new quality productivity development by Bank of China Shenzhen Branch [6]. - **Third Prize Projects**: - AI and multi-data integration service for early-stage technology enterprises by Shenzhen Credit Service [6]. - New employment form ride-hailing driver insurance project by Taiping Property Insurance [6]. - **Most Potential Award Projects**: - "Housing Dream" project for large-scale urban village renovation by the National Development Bank Shenzhen Branch [7]. - New energy "technology + insurance" model construction by Ping An Property & Casualty Insurance Shenzhen Branch [7]. - **Best Growth Award Projects**: - New model for marine pastoral + insurance + N by Taiping Property Insurance [7]. - **Innovation Breakthrough Award Projects**: - "WeChat Quick Compensation" proactive claim model by Weimin Insurance Agency [7]. - Online self-service tax refund mini-program "Xing Shui Tong" by Guangdong Huaxing Bank Shenzhen Branch [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Since mid - to late November, long - term bonds, especially ultra - long bonds, have undergone significant adjustments, possibly due to banks' selling under year - end duration indicator constraints. The mismatch between banks' asset and liability durations has intensified, with some state - owned banks' bank book interest rate risk indicators approaching regulatory limits. In 2026, the regulatory standards for bank book interest rate risk are likely to be adjusted. Possible adjustment methods include lowering the interest rate shock amplitude, relaxing regulatory indicator upper limits, and using special treasury bonds to supplement primary capital. It is expected that the probability of lowering the shock amplitude and issuing special treasury bonds to supplement capital next year is relatively high, and the indicator pressure will be alleviated compared to this year [1][2][4]. 3. Summary by Directory 3.1 Bank Book Interest Rate Indicator Regulatory Policy Evolution After the 2008 international financial crisis, the importance of bank account interest rate risk management became prominent. In 2009, the CBRC issued the "Guidelines for the Management of Commercial Bank Account Interest Rate Risk". In 2016, the Basel Committee on Banking Supervision released standards for bank book interest rate risk. In 2017, China comprehensively revised the 2009 guidelines. In July 2024, the Basel Committee revised the bank book interest rate shock scenario, to be officially implemented on January 1, 2026, with the "parallel upward" shock amplitude for interest rates adjusted from 250BP to 225BP [8][9]. 3.2 State - owned Banks' ΔEVE/Net Primary Capital Approaching the Upper Limit Banks divide financial assets into TPL, AC, and OCI accounts. AC and OCI accounts, mainly for allocation, face bank book interest rate risk management indicators. Due to the shortening of liability duration and the lengthening of asset duration, the mismatch between banks' asset and liability durations has intensified. In 2024, the ΔEVE/Net Primary Capital of Agricultural Bank of China (-14.31%), Industrial and Commercial Bank of China (-14.71%), and China Construction Bank (-14.73%) was close to the - 15% regulatory limit [10][19]. 3.3 How to Alleviate Bank Book Interest Rate Risk? - **2025 Risk Calculation**: Calculate the 2025 year - end ΔEVE based on the increment of AC and OCI financial investments and their growth rate; calculate the 2025 year - end estimated value of primary capital based on the cumulative year - on - year growth rate from Q3 2025 to Q3 2024; then calculate the theoretical value of ΔEVE/primary capital for each major bank. It is expected that the indicators of Agricultural Bank, Industrial and Commercial Bank, and China Construction Bank will exceed the 15% regulatory red line, and the indicators of Agricultural Bank, Industrial and Commercial Bank, China Construction Bank, and Bank of China will deteriorate marginally in 2025 [22]. - **2026 Possible Measures**: - **Lowering Interest Rate Shock Amplitude**: Lower the parallel upward shock amplitude of RMB in the IRRBB standard by 25BP from January 1, 2026. Static calculations based on 2025 forecast data show that the regulatory buffer space of △EVE/Net Primary Capital increases by 1.3%, and it can support large - scale banks to undertake 30 - year government bonds worth 649 billion yuan. For 5 - year and 10 - year bonds, the supportable scales are 2.8 trillion yuan and 1.3 trillion yuan respectively [2][23]. - **Relaxing Regulatory Indicator Upper Limits**: Static calculations based on 2025 forecast data show that when the regulatory indicator is raised by 1%, the regulatory buffer space of △EVE/Net Primary Capital can support large - scale banks to undertake 30 - year government bonds worth 484 billion yuan. For 5 - year and 10 - year bonds, the supportable scales are 2.0612 trillion yuan and 968.9 billion yuan respectively. If the regulatory indicator is raised by 2%, the supportable incremental scales for 5 - year, 10 - year, and 30 - year government bonds are 4.1225 trillion yuan, 1.9379 trillion yuan, and 968 billion yuan respectively [3][24][26]. - **Supplementing Primary Capital with Special Treasury Bonds**: This year, 50 billion yuan of special treasury bonds have been issued to support state - owned large - scale banks to supplement capital. If Agricultural Bank and Industrial and Commercial Bank each have 25 billion yuan of primary capital increase next year, based on the △EVE/primary capital regulatory requirement of 15%, the △EVE released by the 50 billion yuan of supplementary primary capital can support large - scale banks to undertake incremental scales of 5 - year, 10 - year, and 30 - year government bonds of 1.0166 trillion yuan, 477.9 billion yuan, and 238.7 billion yuan respectively. It is less likely to raise the regulatory threshold of "ΔEVE/primary capital" in IRRBB, while it is more likely to lower the interest rate shock amplitude and issue additional special treasury bonds to supplement capital. After these measures, the pressure on IRRBB in 2026 is expected to be alleviated compared to this year [3][4][28].

第二条 本行董事会设审计委员会（以下简称"委员会"）。 委员会依照法律法规、监管规定、本行章程和本规则履行职责， 主要负责对董事、高级管理人员执行职务的行为进行监督，审核 财务信息及其披露、监督及评估内外部审计工作和内部控制等， 并履行《公司法》规定的监事会职权。 第二章 组成 第三条 委员会应当由 3 名以上董事组成，其中独立董事应 占多数。委员会委员应当为不在本行担任高级管理人员的董事， 并应具备财务、审计、会计或法律等某一方面的专业知识和工作 1 经验。职工董事可以成为审计委员会成员。 中国农业银行股份有限公司董事会 审计委员会工作规则 （2025 年修订） 第一章 总则 第一条 为规范中国农业银行股份有限公司（以下简称"本 行"）董事会决策机制，完善本行公司治理，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国 商业银行法》、《中国农业银行股份有限公司章程》（以下简称 "本行章程"）、《中国农业银行股份有限公司董事会议事规则》 及其他有关法律法规、监管规定，制定本规则。 委员会设主席 1 名，由独立董事中会计专业人士担任，主持 委员会工作。委员会可设副主席 1 名，配合主席开 ...