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].

Investment Rating - The investment rating for the company is "Outperform the Market" [8][36]. Core Insights - The company's asset quality remains stable with a non-performing loan ratio decreasing by 2 basis points to 1.33%. The coverage ratio is at 303.87%, indicating strong risk resilience [1]. - The projected earnings per share (EPS) for 2024-2026 are 0.73, 0.78, and 0.83 yuan, with net profit growth rates of 0.90%, 6.47%, and 6.70% respectively. The reasonable value range is estimated between 5.17 and 5.81 yuan [1]. - The company has shown a revenue growth of 0.03% year-on-year in 2023, with a net profit increase of 3.9%. The total assets grew by 17.5% year-on-year, and loans increased by 14.4% [17]. Financial Performance Summary - Revenue (in million yuan) for 2024E is projected at 694,652, with a year-on-year growth of 1.86%. The net profit for 2024E is expected to be 259,232 million yuan, reflecting a growth of 0.90% [3]. - The average return on equity (ROE) is projected to be 10.19% in 2024E, while the average return on assets (ROA) is expected to be 0.61% [3]. - The company’s total deposits increased by 15.0% year-on-year, with personal customer deposits reaching 17.11 trillion yuan, maintaining the highest balance and increment in the industry [17]. Valuation Metrics - The company is valued at a price-to-book (PB) ratio of 0.70 times for 2024E, compared to a peer average of 0.53 times, indicating a reasonable valuation range of 5.17 to 5.81 yuan [1][35]. - The projected price-to-earnings (PE) ratio for 2024 is between 5.96 and 7.99 times, compared to the peer average of 5.35 times [1].

＃dyCompany＃ 农业银行（601288.SH） ＃dyStockcode＃ ＃title 利润增速领跑同业，规模扩张势能强劲 ——农业银行 2023 年年报点评 投资要点 ＃summary＃ ⚫ 非息高增支撑营收增速回正，利润增速领跑同业。2023 年营收同比+0.03%（Q4 单季度+1.9%），归母净利润同比+3.9%（Q4 单季度+0.5%），营收增速边际回 正，利润增速有所下降，但领跑国有大行。拆分来看，①净利息收入同比-3.1% （Q4 单季度-2.7%），降幅略有收窄，主要由于息差下行拖累，规模扩张稳健。 ②手续费净收入同比-1.5%（Q4 单季度-4.2%），主要受资本市场波动、产品费 率下调等因素影响，代理业务手续费同比-15%。③其他非息收入同比+83%(Q4 单季+284.8%)，其中投资净收益+汇兑净收益同比增加 210 亿元支撑营收。 ⚫ 息差持续收窄，同比-30bp。2023 年末净息差 1.60%，环比-2bp，同比-30bp。 拆分结构看，贷款收益率 3.79%，同比-30bp，其中对公贷款收益率，同比-28bp， 零售贷款收益率较，同比-37bp，主要受 LPR 下调、 ...

[Table_RightTitle] [Table_Title] 规模稳步扩张 资产质量保持稳健 农业银行发布 2023 年度业绩报告。 | --- | --- | --- | --- | --- | |------------------------|-------|---------------------------------|-------|-------| | [Table_ForecastSample] | 2023A | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | | 694,828 690,271 699,382 734,222 | | | | 增长比率 ( % ) | 0.03 | -0.66 | 1.32 | 4.98 | | 归母净利润 (百万元) | | 269,356 273,177 276,016 285,344 | | | | 增长比率 ( % ) | 3.91 | 1.42 | 1.04 | 3.38 | | 每股收益(元 ) | | 0.72 0.73 0.74 0.76 | | | | 市盈率(倍 ) | | 5.81 5.72 5.66 ...

Agricultural Bank of China Limited (OTCPK:ACGBY) Q4 2023 Earnings Conference Call March 28, 2024 5:00 AM ET Company Participants Gu Shu - Chairman, Interim President and Executive Director Wu Gang - Chief Risk Officer Zhang Xuguang - Executive Vice President and Executive Director Lin Li - Executive Vice President and Executive Director Liu Xiaopeng - Non-Executive Director Conference Call Participants Claire Ouyang - Goldman Sachs Tong Wu - Citi Katelyn Lilly - JPMorgan Chase Gu Shu [Interpreted] Ladies an ...