证券代码：601288 证券简称：农业银行 公告编号：临 2024-050 号 中国农业银行股份有限公司 关于 2024 年无固定期限资本债券（第三期）（债券通） 发行完毕的公告 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。 特此公告。 中国农业银行股份有限公司董事会 二〇二四年十一月二十八日 1 经相关监管机构批准，中国农业银行股份有限公司（以 下简称"本行"）在全国银行间债券市场发行"中国农业银行股 份有限公司 2024 年无固定期限资本债券（第三期）（债券 通）"（以下简称"本期债券"）。 本期债券于 2024 年 11 月 26 日簿记建档，于 2024 年 11 月 28 日发行完毕。本期债券发行规模为人民币 400 亿元，前 5 年票面利率为 2.29%，每 5 年调整一次，在第 5 年及之后的 每个付息日附发行人有条件赎回权。 依据适用法律和监管机构批准，本期债券募集资金将用 于补充本行其他一级资本。 ...

Investment Rating - The report assigns a "Recommend" rating to Agricultural Bank of China (ABC) for the first time [2] Core Views - ABC has solidified its customer base and differentiated growth by focusing on rural areas and agriculture [2] - The bank's rural financial services have become a key growth driver, with profitability and asset quality outperforming the overall bank [5] - ABC has maintained high loan growth despite industry fluctuations, driven by strong demand in rural areas [6] - The bank's non-interest income has room for growth, and its high dividend yield makes it attractive in a low-interest-rate environment [8] Company Overview - ABC is a state-owned large bank with a long history of serving agriculture and rural development [4] - As of Q3 2024, ABC's total assets reached 43.6 trillion yuan, making it the second-largest commercial bank in China [4] - The bank's deposit and loan balances were 29.3 trillion yuan and 24.7 trillion yuan, respectively, with year-on-year growth rates of 3.3% and 10.5% [16] - ABC's ownership structure is stable, with Central Huijin and the Ministry of Finance as the controlling shareholders [21] Rural Financial Services - ABC's rural financial services have a higher profit margin (1.38% of total assets) compared to the overall bank (0.63%) [5] - The rural segment's net interest margin is 2.07%, 23 basis points higher than the overall bank [5] - The non-performing loan ratio in rural areas is 1.12%, 20 basis points lower than the overall bank [5] - ABC's rural loan balance grew at a compound annual growth rate (CAGR) of 17.8% from 2019 to 2023, outpacing the overall loan growth by 3.7 percentage points [6] Financial Performance - ABC's loan growth CAGR from 2019 to 2023 was 14.1%, 1.9 percentage points higher than the industry average [6] - The bank's return on equity (ROE) was 11.5% as of H1 2024, ranking second among listed state-owned banks [6] - ABC's rural financial services contributed 39.5% of the total loan balance as of H1 2024, with a year-on-year growth rate of 15.0% [52] - The bank's rural financial assets reached 14.1 trillion yuan by H1 2024, accounting for over 30% of total assets [54] Valuation and Dividend - ABC's dividend yield was 5.55% as of November 12, 2024, offering a significant premium over the risk-free rate [8] - The bank's price-to-book (P/B) ratio for 2024-2026 is projected to be 0.64x, 0.59x, and 0.55x, respectively [8] - Earnings per share (EPS) for 2024-2026 is forecasted to be 0.80 yuan, 0.82 yuan, and 0.87 yuan, with year-on-year growth rates of 3.4%, 3.6%, and 5.1% [8]

2024 年 11 月 29 日 中国农业银行股份有限公司 2024 年度第三次临时股东大会 文件目录 | 1：选举吴联生先生继续担任中国农业银行股份有限公司独立董 | 议案 | | | --- | --- | --- | | 事 | | 1 | | 2：选举刘晓鹏先生继续担任中国农业银行股份有限公司非执行 | 议案 | | | 董事 | | 16 | | 2024 | 议案 3：中国农业银行股份有限公司 | 年度中期利润分配方案.19 | | 2024 | 议案 4：中国农业银行股份有限公司 | 年度对外捐赠预算安排.20 | | 2023 | 议案 5：中国农业银行股份有限公司 | 年度董事薪酬标准方案.21 | | 2023 | 议案 6：中国农业银行股份有限公司 | 年度监事薪酬标准方案.24 | | 7：中国农业银行股份有限公司金融债券发行计划事宜 26 | 议案 | | 中国农业银行股份有限公司 2024 年度第三次临时股东大会 中国农业银行股份有限公司 2024 年度第三次临时股东大会 会议资料 中国农业银行股份有限公司 2024 年度第三次临时股东大会 各位股东： 根据《中华人民共和国公司法》 ...

证券代码：601288 证券简称：农业银行 公告编号：临 2024-049 号 中国农业银行股份有限公司 关于召开 2024 年度第三次临时股东大会的通知 （一） 股东大会类型和届次 2024 年度第三次临时股东大会 召开的日期时间：2024 年 11 月 29 日 14 点 50 分 召开地点：北京市东城区建国门内大街乙 18 号本行总行 （五） 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 1 股东大会召开日期：2024年11月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 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： 一、 召开会议的基本情况 网络投票起止时间：自 2024 年 11 月 29 日 至 2024 年 11 月 29 日 采用上海证券交易所网络投票系 ...

Core Viewpoint - The company, Guangdian Yuntong, has been awarded the contract for the "Agricultural Bank of China 2024 Self-service Equipment Project (Package One) Cash Deposit and Withdrawal Integrated Machine" [1] Summary by Categories Company Announcement - The company received a "Notice of Winning Bid" from China Communications Construction Group [1] - The company's bid amount was 921 million yuan (excluding tax) [1] - The company's winning share for the project is over 60% [1]

Investment Rating - The investment rating for Agricultural Bank of China (601288) is "Outperform the Market" and is maintained [1] Core Views - The report highlights that Agricultural Bank of China has maintained robust profitability, with a revenue growth rate of +1.3% and a net profit growth rate of +3.4% for the first three quarters of 2024. The revenue in Q3 2024 increased by +3.4% year-on-year, while the net profit rose by +5.9% compared to Q3 2023, indicating an upward trend from Q2 2024 [4][5] - The asset quality remains stable, with a non-performing loan ratio of 1.32% in Q3 2024, unchanged from the previous quarter. The provision coverage ratio stands at 302.36%, reflecting a strong risk mitigation capability [4] - The net interest income growth has improved, with a year-on-year increase of +2.6% in Q3 2024, compared to +1.0% in Q2 2024. The net interest margin for Q1-3 2024 is reported at 1.42% [4] Summary by Sections Financial Performance - For the first three quarters of 2024, Agricultural Bank's revenue growth was +1.3%, and net profit growth was +3.4%. In Q3 2024, revenue and net profit increased by +3.4% and +5.9% year-on-year, respectively [4] - The bank's total loan amount increased by +10.54% year-on-year as of the end of Q3 2024, with corporate loans up by +11.52% and personal loans by +8.26% [5] - The forecast for EPS from 2024 to 2026 is projected at 0.74, 0.76, and 0.79 yuan, with net profit growth rates of 2.58%, 2.52%, and 3.72% respectively [5] Valuation - The report estimates a reasonable value range for the bank between 5.18 and 5.54 yuan, based on the DDM model and PB-ROE model, with corresponding PE ratios for 2024 estimated at 5.85-7.48 times [5][6] - The bank's average return on equity (ROE) is projected to decline from 11.30% in 2023 to 9.66% by 2026 [6][15] Market Comparison - The report includes a comparison of Agricultural Bank's valuation metrics with peer banks, indicating a PB ratio of 0.70 times for 2024E, which is higher than the average of comparable companies [7][15]

致：香港交易及結算所有限公司 公司名稱: 中國農業銀行股份有限公司 呈交日期: 2024年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01288 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- ...

Investment Rating - The report maintains an "Accumulate" rating for Agricultural Bank of China [4][3]. Core Views - Agricultural Bank of China exceeded expectations in Q3 2024 performance, with revenue growth accelerating quarter by quarter and net profit growth leading among state-owned banks, indicating strong performance quality [3]. - The net profit growth forecasts for Agricultural Bank of China for 2024-2026 have been adjusted to 3.64%, 4.32%, and 4.56%, respectively, with a target price raised to 5.51 yuan, corresponding to a 0.75x PB for 2024 [3][4]. - The bank's Q3 2024 revenue growth was 3.4% year-on-year, with net interest income growth at 2.6%, driven by stabilized interest margins [3]. - The bank's total assets grew by 12.5% year-on-year as of Q3 2024, with loans increasing by 10.5% [3]. Summary by Sections Financial Performance - Q3 2024 revenue reached 694.8 billion yuan, with a net profit of 269.4 billion yuan, reflecting a 5.9% increase [3][10]. - The bank's net interest margin for the first three quarters was 1.45%, remaining stable compared to the first half of the year [3]. Asset Quality - As of Q3 2024, the non-performing loan ratio was 1.32%, unchanged from Q2, with a provision coverage ratio of 302.4% [3][10]. - The bank's risk compensation ability remains high, with a provision-to-loan ratio of 3.99% [3]. Growth and Expansion - The bank's total assets reached approximately 39.87 trillion yuan, with loans totaling about 22.61 trillion yuan and deposits at approximately 28.90 trillion yuan [6][10]. - The bank's retail loan segment saw a net increase of 996 billion yuan in Q3 2024, while corporate loans decreased by 73 billion yuan [3].

公司报告 | 季报点评 息差企稳，营收净利增长提速，拨备维持高位。 事件： 农业银行发布 24 年三季度财报。24 年前三季度，企业实现营收约 5402 亿元，归母净利润 2144 亿元，YoY+3.38%；不良率 1.32%，不良拨备 覆盖率 302.4%。 营收净利增长双双提速。2024 年前三季度，农业银行总营收累计约 5402 亿元（YoY+1.29%，较年中增速+1pct），其中净利息收入 4378 亿元 （YoY+0.96%，较年中增速+0.81pct）。营收结构上，利息净收入占比回 升至 81.04%；非息净收入 1024 亿元，同比增长 2.69%。 净息差企稳。24Q1-3 企业净息差为 1.45%，与 24H1 持平。结合今年下 半年的贷款利率和存款挂牌利率双向调整环境下，企业未来息差压力可能 有所减缓，营收能力也可能随之向好。流动性覆盖水平稳步向上。据企业 2024 年数据显示，24 前三季度末的流动性覆盖率 分别为 131.2%、 120.3%、126.7%，这表明农业银行对未来可能的经营压力的递补能力进 一步提升。 盈利能力韧性表现。24Q1-Q3 企业累计归母净利润同比为 3.38 ...

农业银行11月2日消息显示，农银投资11月1日与上海国有资本投资有限公司、农行上海分行等各方签署 包括股权投资在内的战略合作协议，计划在上海设立股权投资试点基金，重点投向半导体等产业方向。 这也意味着农银投资与全部18个试点城市均达成了AIC股权投资试点基金合作意向，签署了18份战略合 作协议，在多地实现同业首单签约。 9月24日，金融监管总局发布《关于做好金融资产投资公司股权投资扩大试点工作的通知》（下称《试 点工作通知》）和《关于扩大金融资产投资公司股权投资试点范围的通知》。 明确将金融资产投资公司（下称"AIC"）股权投资试点的区域由上海扩大至北京、天津、上海、重庆、 南京、杭州、合肥、济南、武汉、长沙、广州、成都、西安、宁波、厦门、青岛、深圳、苏州等18个大 中型城市。 同时，适当放宽股权投资金额和比例限制，将表内投资占比由原来的4%提高到10%，投资单只私募基 金的占比由原来的20%提高到30%。 据农银投资有关负责人介绍，目前已在信息通信、先进制造领域打造专业投资团队，同时聚焦专业赛道 开展投资，进一步补充基金运营、风控合规、会计核算等中后台部门力量。 此外，还在制度流程方面进一步优化，强化风险管 ...