Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.75 CNY, indicating a potential upside of 20% from the current price of 4.78 CNY [6][4][21] Core Insights - The company has shown a steady increase in revenue and net profit, with total revenue for the first three quarters of 2024 reaching approximately 540.2 billion CNY, representing a year-over-year growth of 1.29% [2][10] - The net interest margin has stabilized at 1.45% for the first three quarters of 2024, suggesting a potential easing of margin pressure in the future [2][10] - Asset quality remains robust, with a non-performing loan ratio of 1.32% and a provision coverage ratio of 302.4% as of Q3 2024 [19][20] Financial Performance Summary - Revenue and net profit growth accelerated in 2024, with net profit reaching 214.4 billion CNY, a year-over-year increase of 3.38% [2][3] - The structure of revenue has shifted, with net interest income accounting for 81.04% of total revenue, while non-interest income grew by 2.69% to 102.4 billion CNY [2][10] - The company’s total interest-earning assets amounted to 427.8 billion CNY, reflecting a quarter-over-quarter increase of 3.9% [14][19] Asset and Liability Management - As of Q3 2024, the company’s interest-bearing liabilities totaled 391.6 billion CNY, up 4.2% from the previous half [14][19] - The liquidity coverage ratio has improved, indicating enhanced capacity to manage potential operational pressures, with ratios of 131.2%, 120.3%, and 126.7% over the three quarters [11][19] Profitability Forecast - The company is projected to achieve net profit growth of 2.56%, 3.16%, and 6.36% for the years 2024, 2025, and 2026, respectively [21][22] - The earnings per share (EPS) is expected to increase from 0.79 CNY in 2024 to 0.87 CNY by 2026 [22]

Financial Data and Key Indicators Changes - The net profit for Q3 2024 was RMB 215.3 billion, representing a 3.6% increase in operating income year-over-year [4] - Net interest income reached RMB 137.8 billion, up 1% year-over-year, with a net interest margin of 1.45%, remaining stable compared to H1 [4][5] - The domestic loan balance increased by RMB 2.21 trillion, up 8.2% year-over-year [4] Business Line Data and Key Indicators Changes - Personal loan balance stood at RMB 8.75 trillion, while corporate finance reached RMB 14.3 trillion, an increase of RMB 1.54 trillion [5] - Country loans increased by RMB 956.3 billion, up 10.9%, which is 1.7 percentage points higher than the overall bank growth [5] Market Data and Key Indicators Changes - The non-performing loan (NPL) ratio was 1.32%, down by 0.01 percentage points compared to H1, indicating stable asset quality [20] - The provisioning coverage ratio remained above 800%, providing a strong cushion against risks [8] Company Strategy and Development Direction - The company aims to focus on key businesses, enhance revenue, and maintain asset quality stability while optimizing the asset structure [10][11] - Future strategies include strengthening support for the real economy, improving digital management capabilities, and enhancing risk control measures [22][33] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic recovery and the positive impact of macroeconomic policies on bank operations [9] - The company anticipates continued pressure on operating profits but remains committed to achieving stability in performance for the year [10] Other Important Information - The company is actively supporting the real estate sector to stabilize asset quality and facilitate market recovery [27][28] - The focus on county area loans is expected to continue, with strategies in place to manage risks effectively [31][34] Q&A Session Summary Question: Trend of profits and competitiveness - Management noted that net profit has increased by 3.6% and emphasized the stability of asset quality and net interest spread [8] Question: Interest rate trends and expectations - The company expects net interest spread to remain stable despite pressures from mortgage rate adjustments and LPR declines [15][18] Question: Future asset quality outlook - Management indicated that asset quality is expected to remain stable due to favorable external policies and internal risk management strategies [21][22] Question: Real estate loan disbursement trends - The company is actively supporting real estate development and has maintained a stable NPL ratio in this sector [27][28] Question: County area loan priorities and risk control - The company plans to enhance services in county areas while implementing strict risk control measures [31][34] Question: Investment strategies and returns - The company is adjusting its bond investment strategies to align with market trends and maintain sound returns [43][45] Question: Consumption loans and risk management - Personal loans have increased significantly, with a focus on maintaining asset quality through rigorous risk management practices [49][50] Question: Deposit trends and repricing effects - The company is optimizing its deposit structure in response to changing market conditions and interest rate adjustments [56][58] Question: Capital and dividend payout trends - The company maintains a high dividend payout ratio and is actively communicating with shareholders regarding capital supplementation [60][61]

Core Insights - Agricultural Bank of China Investment signed a strategic cooperation agreement with Shanghai State-owned Capital Investment Co., Ltd. and Agricultural Bank of China Shanghai Branch to establish a pilot equity investment fund in Shanghai, focusing on the semiconductor industry [1] - The investment firm has reached cooperation intentions for the AIC equity investment pilot fund with all 18 pilot cities, signing 18 strategic cooperation agreements, marking the first contracts in multiple regions [1] - The financial regulatory authority expanded the AIC equity investment pilot areas from Shanghai to 18 major cities, including Beijing, Tianjin, and Guangzhou, while increasing investment limits [1] Summary by Sections Strategic Cooperation - Agricultural Bank of China Investment has signed a strategic cooperation agreement to set up an equity investment pilot fund in Shanghai, targeting the semiconductor sector [1] - The firm has established cooperation intentions with all 18 pilot cities, achieving first contracts in various locations [1] Regulatory Changes - The financial regulatory authority issued notifications to expand the AIC equity investment pilot program to 18 major cities [1] - The investment limits have been increased, allowing a rise in the proportion of on-balance-sheet investments from 4% to 10% and single private fund investments from 20% to 30% [1] Operational Enhancements - Agricultural Bank of China Investment is building specialized investment teams in information communication and advanced manufacturing sectors [1] - The company is optimizing institutional processes, enhancing risk control, and improving supporting mechanisms to facilitate business development [2]

Investment Rating - The investment rating for Agricultural Bank of China is "Buy" (maintained) [1] Core Views - The report highlights that Agricultural Bank of China has outperformed its peers in terms of revenue and profit growth, with revenue and net profit for the first three quarters of 2024 increasing by 1.29% and 3.38% year-on-year, respectively [1] - The bank's net interest income has shown a year-on-year increase of 0.96%, with a stable net interest margin of 1.45% in Q3 2024 [1][4] - The bank's asset quality remains robust, with a non-performing loan ratio of 1.32% and a provision coverage ratio of 302.96% [4] - The report anticipates continued growth in revenue and profit, with projected revenue growth of 1.4% in 2024 and net profit growth of 1.53% [5] Summary by Sections Financial Performance - For the first three quarters of 2024, Agricultural Bank's revenue and net profit increased by 1.29% and 3.38% year-on-year, respectively, with net interest income rising by 0.96% [1] - The bank's total assets, loans, and financial investments grew by 12.55%, 10.68%, and 26.61% year-on-year in Q3 2024 [1] - The bank's net interest margin remained stable at 1.45% in Q3 2024, with effective cost control measures contributing to this stability [1][4] Asset Quality - The non-performing loan ratio stood at 1.32%, maintaining stability over three consecutive quarters, while the provision coverage ratio was 302.96% [4] - The bank's focus on rural finance has resulted in better asset quality in county-level loans, with a non-performing loan ratio of 1.12% in this segment [4] Growth Prospects - The report suggests that Agricultural Bank is well-positioned to benefit from urban-rural integration and the growth of financial demand in central and western regions of China [5] - The bank's retail loan growth is strong, with personal loans accounting for 35% of the national net increase in personal loans [1][5] Financial Projections - The projected operating revenue for 2024 is 704.57 billion yuan, with a year-on-year growth of 1.4% [7] - The forecasted net profit for 2024 is 273.47 billion yuan, reflecting a growth of 1.53% year-on-year [7]

证券代码：601288 证券简称：农业银行 公告编号：临 2024-047 号 特此公告。 中国农业银行股份有限公司董事会 因到龄退休，张旭光先生请求辞去中国农业银行股份有限公 司（以下简称"本行"）执行董事、副行长及董事会战略规划与 可持续发展委员会、风险管理与消费者权益保护委员会兼美国区 域机构风险委员会委员职务。 根据《中华人民共和国公司法》《中国农业银行股份有限公 司章程》的规定，张旭光先生的辞职信于2024年10月31日送达本 行董事会并生效。张旭光先生确认与本行董事会无不同意见，也 没有就其辞职需要知会本行股东及债权人的任何事项。 张旭光先生在本行任职期间，恪尽职守，勤勉尽责，本行董 事会对张旭光先生为本行发展做出的重大贡献表示衷心感谢。 中国农业银行股份有限公司 关于执行董事、副行长辞任的公告 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。 2024 年 10 月 31 日 1 ...

1 证券代码：601288 证券简称：农业银行 公告编号：临 2024-048 号 中国农业银行股份有限公司 关于调整优先股一期票面股息率的公告 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。 根据《中国农业银行股份有限公司非公开发行优先股募 集说明书》（以下简称"募集说明书"）的相关条款，中国农 业银行股份有限公司（以下简称"本行"）于2014年11月非公 开发行的优先股一期（简称"农行优1"，代码"360001"）以5 年为一个股息率调整期，每个股息率调整期内每年以约定的 相同票面股息率支付股息。"农行优1"的第二个股息率调整期 将满五年结束。根据募集说明书的相关条款，现对"农行优1" 的第三个股息率调整期的票面股息率进行调整。 股息率包括当期基准利率和固定溢价两个部分。当期基 准利率为本次重定价日（2024年10月31日）前20个交易日（不 含重定价日当日）中国债券信息网（www.chinabond.com.cn） 公布的中债国债收益率曲线中，待偿期为5年的国债到期收 益率算术平均值1.83%（四舍五 ...

Investment Rating - The report maintains a "Buy" rating for Agricultural Bank of China (601288.SH) with a current price of 4.71 CNY [1]. Core Views - The report highlights that Agricultural Bank of China has achieved stable growth in both revenue and profit, with a year-on-year revenue increase of 1.3% and a net profit increase of 3.4% for the first three quarters of 2024 [4][5]. - The bank's net interest margin (NIM) has stabilized at 1.45%, and the cost control measures on liabilities have shown effectiveness [8][11]. - The bank's non-interest income has increased by 2.7% year-on-year, contributing to 19% of total revenue [9]. Summary by Sections Financial Performance - For the first three quarters of 2024, Agricultural Bank reported revenue of 540.2 billion CNY and a net profit of 214.4 billion CNY, with respective year-on-year growth rates of 1.3% and 3.4% [4]. - The annualized weighted average return on equity (ROAE) stands at 10.79%, a decrease of 0.6 percentage points year-on-year [4]. Revenue and Profit Growth - Revenue and profit growth have accelerated, with revenue growth of 1.3%, pre-provision profit growth of 1.5%, and net profit growth of 3.4%, all showing improvements compared to the first half of 2024 [5]. - The growth in net interest income and non-interest income was 1% and 2.7%, respectively, both higher than the previous half [5]. Asset and Loan Growth - As of the end of Q3 2024, the bank's interest-earning assets and loans grew by 12.9% and 10.5% year-on-year, respectively [5]. - The bank's loan structure shows significant growth in key sectors, with manufacturing, green finance, and inclusive small and micro loans increasing by 12.6%, 22.1%, and 29.1% year-on-year [6]. Deposit Growth and Management - The growth rate of interest-bearing liabilities and deposits was 13.1% and 3.3%, respectively, with a decrease in deposit growth compared to the previous half [7]. - The bank's ability to manage customer funds has improved, with a significant increase in personal deposits [7]. Non-Interest Income - Non-interest income reached 102.4 billion CNY, with a year-on-year growth of 2.7%, and accounted for 19% of total revenue [9]. - The main driver of non-interest income growth was the increase in net other non-interest income, which grew by 23.6% year-on-year [9]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio and attention rate remained stable at 1.32% and 1.42%, respectively, indicating solid asset quality [10]. - The bank's provision coverage ratio is at 302.4%, reflecting a robust risk mitigation capability [10]. Capital Adequacy - As of Q3 2024, the core tier 1 capital ratio, tier 1 capital ratio, and total capital ratio were 11.4%, 13.5%, and 18.1%, respectively, indicating a strong capital buffer [11][18]. - The bank has issued 50 billion CNY in TLAC non-capital bonds to support regulatory compliance and optimize funding costs [11]. Earnings Forecast and Valuation - The earnings per share (EPS) forecasts for 2024-2026 have been adjusted to 0.80, 0.85, and 0.89 CNY, with corresponding price-to-book (PB) ratios of 0.63, 0.58, and 0.54 [12][13]. - The report maintains a "Buy" rating based on the bank's stable low-cost deposit expansion and growth in key lending areas [12].

Investment Rating - The report does not explicitly state an investment rating for the Agricultural Bank of China, but it provides relevant financial metrics for evaluation [1][3]. Core Insights - The Agricultural Bank of China reported a year-on-year revenue increase of 3.4% in Q3 2024, with pre-provision profit rising by 4.9% and net profit attributable to the parent company growing by 5.9% [1][4]. - For the first three quarters of 2024, revenue increased by 1.3%, pre-provision profit rose by 1.5%, and net profit attributable to the parent company grew by 3.4% [1][4]. - The annualized ROA decreased by 0.07 percentage points to 0.69%, while the annualized ROE increased by 0.60 percentage points to 10.79% [1][4]. - The core Tier 1 capital adequacy ratio increased by 0.98 percentage points year-on-year to 11.42% [1][4]. - The estimated P/B for A-shares in 2024 is 0.6x, the estimated P/E is 6.0x, and the TTM dividend yield is 4.9%, compared to industry averages of 0.6x, 5.4x, and 4.8% respectively [1][4]. Financial Performance Summary - Net interest income growth and net interest margin show the best performance among peers, supported by effective cost control on the liability side [2][4]. - In Q3 2024, net interest income increased by 2.6% year-on-year, with a net interest margin of 1.45% [2][4]. - The non-performing loan ratio remained stable at 1.32%, while the provision coverage ratio slightly declined to 302.36% [2][4]. - Net fee and commission income decreased by 7.6% year-on-year, consistent with the mid-year growth rate of -7.9% [3][4]. - The cost-to-income ratio for Q1-Q3 2024 was 28.9%, a decrease of 0.2 percentage points year-on-year [3].

Investment Rating - The investment rating for Agricultural Bank of China (601288.SH) is "Outperform the Market" [3][6]. Core Views - The report highlights an increase in revenue and net profit growth, with revenue reaching 540.2 billion yuan and net profit at 214.4 billion yuan for the first three quarters of 2024, representing year-on-year growth of 1.29% and 3.38% respectively [1]. - The net interest margin has stabilized, and non-interest income has seen significant growth, with non-interest income increasing by 2.7% year-on-year, contributing to 19.0% of total revenue [1]. - The report indicates a strong performance in county-level finance, with loan balances growing by 10.9% and deposit balances by 4.9% compared to the beginning of the year [1]. - The asset quality remains robust, with a non-performing loan ratio of 1.32% and a provision coverage ratio of 302% [1]. Financial Forecasts and Valuation - The forecast for net profit from 2024 to 2026 is 279.5 billion yuan, 294.5 billion yuan, and 312.0 billion yuan, with corresponding year-on-year growth rates of 3.8%, 5.3%, and 6.0% [1][4]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.64x, 0.59x, and 0.55x, and a price-to-earnings (PE) ratio of 6.0x, 5.7x, and 5.4x for the years 2024 to 2026 [1][4].

证券代码：601288 证券简称：农业银行 公告编号：临 2024-045 号 一、中国农业银行股份有限公司金融债券发行计划事宜 中国农业银行股份有限公司 董事会决议公告 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。 中国农业银行股份有限公司（以下简称"本行"）董事会于 2024年10月15日以书面形式发出会议通知，于2024年10月30日 在北京以现场方式召开会议。会议应出席董事13名，亲自出席 董事12名，谷澍董事长由于其他公务安排，书面委托王志恒副 董事长出席会议并代为行使表决权。会议召开符合法律法规、 《中国农业银行股份有限公司章程》（以下简称"《公司章 程》"）及《中国农业银行股份有限公司董事会议事规则》的 规定。 会议由王志恒副董事长主持，审议并通过了以下议案： 议案表决情况：有效表决票13票，同意13票，反对0票，弃 权0票。 本议案尚需提交本行股东大会审议通过。 二、农银人寿保险股份有限公司资本工具发行事宜 议案表决情况：有效表决票13票，同意13票，反对0票，弃 权0票。 1 同意子公司 ...