Core Insights - Several commercial banks, including Agricultural Bank of China, Bohai Bank, and Industrial Bank, have successfully issued varying scales of secondary capital bonds or perpetual bonds in the interbank bond market [1] - The issuance of secondary capital bonds and perpetual bonds helps improve the capital adequacy ratio of commercial banks [1] Group 1: Issuance Trends - As of April 18, 2023, nine commercial banks have issued a total of 407 billion yuan in "two perpetual bonds" (secondary capital bonds and perpetual bonds combined), representing a year-on-year increase of 55.8% [1] - Among the total issuance, secondary capital bonds accounted for 314 billion yuan (77.1%), while perpetual bonds made up 93 billion yuan (22.9%) [1] - State-owned banks have been particularly active in bond issuance, with China Bank, Agricultural Bank, and Construction Bank issuing a total of 280 billion yuan in secondary capital bonds this year [1] Group 2: Capital Supplementation Needs - The increase in issuance volume compared to the same period last year is attributed to stronger capital supplementation needs, regulatory guidance encouraging market-based capital replenishment, and a favorable interest rate environment [1] - The overall capital adequacy ratio of commercial banks is facing downward pressure, with capital adequacy ratios reported at 15.06%, 12.12%, and 10.54% for total, tier 1, and core tier 1 capital respectively, all showing declines from the end of 2022 [1] - The decline in core tier 1 capital adequacy ratio is primarily due to increased risk-weighted assets from declining asset quality, reduced net profit growth affecting internal capital replenishment, and the need for more capital due to increased credit issuance [1] Group 3: TLAC Requirements - Despite currently high capital adequacy ratios, major state-owned banks need to enhance their TLAC (Total Loss-Absorbing Capacity) to meet regulatory requirements, which will require a TLAC ratio of 16% by early 2025 [2] - Different types of banks are expected to adopt various strategies for capital supplementation, including internal capital retention, issuance of secondary capital bonds, preferred shares, and perpetual bonds, as well as asset restructuring and strategic investor introduction [2] - Large banks are likely to prefer issuing long-term capital instruments in the capital market, while smaller banks may rely more on restructuring, mergers and acquisitions, and profit retention for capital supplementation [2]

Group 1: Bank Stock Performance - Bank stocks have shown significant gains in April 2024, with major state-owned banks reaching multi-year highs, such as Agricultural Bank at 4.58 CNY and Bank of Communications at 6.95 CNY [1][2] - Central Huijin's support through share buybacks has contributed to the rise in bank stock prices, with over 1 billion shares accumulated across major banks [2] - The overall banking sector is recovering, driven by high dividend yields, with bank dividends maintaining above 5% since mid-2022, outperforming the broader market [1][2] Group 2: Financial Performance and Valuation - The net profit of major banks like CITIC Bank increased by 7.91% in 2023, with a non-performing loan ratio of 1.18%, indicating improved financial health [2][3] - Despite the positive performance of some banks, there is a notable divergence, with certain joint-stock banks experiencing profit declines of over 40% compared to their historical highs [3] - The average price-to-book (PB) ratio for listed banks remains below 1, indicating low valuation levels, with some banks like Minsheng Bank at 0.34 and Pudong Development Bank at 0.35 [5][6] Group 3: Market and Economic Context - The banking sector's recovery is supported by government policies aimed at stabilizing the financial market and addressing risks associated with real estate and local government financing [7][8] - Recent economic data shows a GDP growth of 5.3% in Q1 2024, which is expected to bolster the banking sector's performance and valuation recovery [8] - The shift in market sentiment towards high-dividend strategies reflects a broader trend in investor behavior, favoring stability in uncertain economic conditions [1][2]

Core Viewpoint - The demand for raw investment silver bars is surging due to high silver prices, with many consumers purchasing them for investment purposes or to create jewelry, leading to tight inventory levels in various sales channels [1][2]. Group 1: Market Demand and Pricing - Raw investment silver bars are sold out or in tight supply across various platforms, while certain bank-sold silver bars remain available at higher prices due to their collectible value [1]. - As of April 18, the price of silver was reported at 7.046 yuan per gram, with a 500-gram raw investment silver bar priced at 4,050 yuan, compared to 7,545 yuan for a similar bank-sold product [1]. - Consumers are increasingly turning to online platforms for purchasing silver bars, although there are concerns about counterfeit products [1][2]. Group 2: Processing Costs and Regional Variations - Consumers find it more cost-effective to buy silver bars and have them processed into jewelry rather than purchasing finished silver items directly [2]. - Processing fees for silver jewelry vary significantly by region, with costs for a popular bracelet style ranging from 4 yuan to 10 yuan per gram depending on the location [2]. - Different processing shops have varying policies on handling material loss during the processing of silver, affecting overall costs for consumers [2]. Group 3: Silver Price Trends and Market Analysis - As of April 17, COMEX silver futures closed at $28.295 per ounce, reflecting a more than 23% increase since March [3]. - Analysts suggest that the rising price of silver is supported by its dual role as both a financial and industrial commodity, with increasing demand in sectors like photovoltaics and AI [3]. - Supply constraints are anticipated due to the nature of silver mining, which is often a byproduct of other metal mining, potentially leading to a supply-demand gap that could further elevate silver prices [3].

董事會 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。 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2024年4月 29日（星期一）召開董事會會議，以考慮及批准（其中包括）本行截至2024年3月31日的第 一季度業績。 中國農業銀行股份有限公司 中國農業銀行股份有限公司 AGRICULTURAL BANK OF CHINA LIMITED （於中華人民共和國註冊成立之股份有限公司） （股份代號：1288） 中國北京 2024年4月17日 於本公告日期，本行的執行董事為谷澍先生、張旭光先生和林立先生；本行的非執行董事為周濟女士、李蔚先生、 劉曉鵬先生、肖翔先生和張奇先生；本行的獨立非執行董事為黃振中先生、梁高美懿女士、劉守英先生、 吳聯生先生和汪昌雲先生。 ...

2019 年 4 月，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了规模为 400 亿元的 10 年期二级资本债券（以下简称"本期债券"）。根据本期 债券募集说明书相关条款规定，本期债券设有发行人赎回选 择权，发行人有权在本期债券第五年末，即 2024 年 4 月 11 日赎回本期债券。 截至本公告日，经国家金融监督管理总局批准，本行已 行使赎回权，全额赎回本期债券。 证券代码：601288 证券简称：农业银行 公告编号：临 2024-015 号 中国农业银行股份有限公司 关于赎回二级资本债券的公告 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 承担个别及连带责任。 特此公告。 中国农业银行股份有限公司董事会 二〇二四年四月十二日 1 ...

中国农业银行股份有限公司（以下简称"本行"）于 2023 年 10 月 11 日发布了《中国农业银行股份有限公司关于 控股股东增持本行股份的公告》。依据该公告，本行股东中 央汇金投资有限责任公司（以下简称"汇金公司"）于 2023 年 10 月 11 日通过上海证券交易所交易系统增持了本行股份， 并在该次增持之日起 6 个月内，以自身名义继续在二级市场 增持本行股份。 日前，本行接汇金公司通知，截至 2024 年 4 月 10 日， 汇金公司通过上海证券交易所交易系统累计增持本行 A 股股 份 401,363,300 股，约占本行总股本的 0.11%；汇金公司共持 有本行 A 股股份 140,488,809,651 股，约占本行总股本的 40.14%。汇金公司将继续支持本行长期稳健发展。 特此公告。 中国农业银行股份有限公司董事会 证券代码：601288 证券简称：农业银行 公告编号：临 2024-014 号 中国农业银行股份有限公司 关于汇金公司增持本行股份计划实施情况的公告 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 ...

增持中国农业银行股份有限公司股份的 专项核查意见 致：中央汇金投资有限责任公司 北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 北京市君合律师事务所 关于中央汇金投资有限责任公司 北京市君合律师事务所（以下简称"本所"）是在北京市司法局注册的律师 事务所，具有从事法律业务的资格。本所接受中央汇金投资有限责任公司（以下 简称"汇金公司"或"公司"）的委托，就其于 2023 年 10 月 11 日起 6 个月内 增持中国农业银行股份有限公司（以下简称"农业银行"）股份（以下简称"本 次增持"）的实施情况，出具本专项核查意见。 本专项核查意见系根据《中华人民共和国公司法》《中华人民共和国证券法》 及《上市公司收购管理办法》（以下简称"《收购管理办法》"）等在本专项核查意 见出具日以前中华人民共和国（为出具本专项核查意见之目的，不包括香港特别 行政区、澳门特别行政区和台湾地区）正式公布并实施的法律、法规及规范性文 件的相关规定而出具。 为出具本专项核查意见，本所审查了本所认为出具本专项核查意见所需查阅 的文件，就有关 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Agricultural Bank of China (601288) [4] Core Views - The report highlights that Agricultural Bank has benefited from the "中特估" policy and has seen a valuation recovery, with a stock price increase of 59% from January 3, 2023, to April 8, 2024, outperforming other state-owned banks and the Shenwan Bank Index by 26 percentage points and 57 percentage points respectively [4] - The bank's price-to-book ratio (PB) has improved from 0.46 at the beginning of 2023 to 0.63, supported by high dividends and low valuations [4] - The report anticipates that Agricultural Bank will continue to perform well in the new economic cycle, with expected net profit growth rates of 2.5%, 3.1%, and 4.9% for 2024-2026 [9] Summary by Sections Market Data - Closing price as of April 8, 2024, is 4.34 yuan - The one-year high and low prices are 4.4 yuan and 3.16 yuan respectively - The market capitalization of circulating A-shares is 1,385,520 million yuan [1] Financial Performance - The report projects net interest income for 2024E at 582,929 million yuan, with a year-on-year growth of 2.0% - Non-interest income is expected to be 116,924 million yuan for 2024E, reflecting a decrease of 5.0% year-on-year - The net profit for 2024E is projected at 276,483 million yuan, with a year-on-year growth of 2.5% [24] Valuation Metrics - The current stock price corresponds to a 0.59 times price-to-book ratio for 2024, with a dividend yield of 5.3% [9] - The report indicates that Agricultural Bank's return on equity (ROE) for 2023 is 10.92% and is expected to decline to 10.40% in 2024E [24] Risk Management - The report notes that Agricultural Bank maintains a strong provision coverage ratio of 303.9% for 2023, indicating robust risk management practices [24]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年3月31日 狀態: 新提交 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4月8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 | 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) ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6-12 months compared to the benchmark index [25]. Core Insights - In 2023, the company's revenue decreased by 0.1% year-on-year, while the net profit attributable to shareholders increased by 3.9%, indicating a stabilization in profit growth despite a slight decline in revenue [3][30]. - The net interest income showed a year-on-year decline of 3.1%, but the growth rate of non-interest income rebounded to 18.8% [3][30]. - The asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.33% at the end of Q4 2023, down 2 basis points from the previous quarter [18][19]. Summary by Sections Revenue and Profitability - Revenue growth rates for 2022, Q1 2023, H1 2023, Q1-Q3 2023, and 2023 were 0.01%, 2.09%, 0.79%, -0.60%, and -0.07% respectively. The net profit growth rates were 7.48%, 1.75%, 3.33%, 4.97%, and 3.91% respectively [3][30]. Net Interest Income - In Q4 2023, net interest income decreased by 3.6% quarter-on-quarter, with an annualized net interest margin down by 9 basis points to 1.42% [8][9]. Asset and Liability Growth - In Q4 2023, new loans totaled 284.1 billion, with a decrease in corporate loans by 58.3 billion and retail loans by 24.1 billion. The bond investment grew by 7.1% [9][12]. - Deposits remained stable with a quarter-on-quarter growth rate of 0.1%, adding 41.843 billion in new deposits [9][12]. Asset Quality - The NPL ratio improved to 1.33%, with a net NPL generation rate of 0.09%, down 24 basis points from Q3 [18][19]. - The provision coverage ratio was stable at 303.87%, with a slight decrease of 0.25 percentage points [18][19]. Capital Adequacy - As of the end of Q4 2023, the core Tier 1 capital adequacy ratio was 10.72%, with a quarter-on-quarter increase of 28 basis points [22][23]. Shareholder Changes - The top ten shareholders saw changes, with Central Huijin Investment Co., Ltd. increasing its stake by 0.11% [22][23]. Investment Recommendations - The company is considered fundamentally sound with a low valuation and high dividend yield, suggesting active monitoring. The report maintains a "Buy" rating [22][23].