Core Insights - The issuance of $4 billion sovereign bonds by the Agricultural Bank of China in collaboration with the Ministry of Finance was successfully completed in Hong Kong, indicating strong international market confidence in China's sovereign credit [1] - The bonds included two maturities: $2 billion for 3-year bonds at an interest rate of 3.646% and $2 billion for 5-year bonds at an interest rate of 3.787% [1] - The offering received an overwhelming response with a subscription scale of $118.2 billion, nearly 30 times the issuance amount, reflecting robust confidence in China's long-term economic prospects [1] Summary by Categories Issuance Details - The Agricultural Bank of China acted as a joint lead underwriter for the issuance of $4 billion sovereign bonds [1] - The bonds were split into two categories: 3-year and 5-year, each amounting to $2 billion [1] - The interest rates for the bonds were set at 3.646% for the 3-year bonds and 3.787% for the 5-year bonds [1] Market Reception - The bonds were met with enthusiastic demand, achieving a subscription level of $118.2 billion, which is approximately 30 times the amount issued [1] - This high level of interest signifies the international market's strong recognition of China's sovereign credit [1] Strategic Implications - The issuance serves as a high-quality investment option for the offshore market and signals China's commitment to advancing high-level opening-up to the international community [1] - The Agricultural Bank of China provided essential support through its global sales and professional pricing capabilities, indicating its role in expanding China's sovereign bond international financing channels [1]

Core Viewpoint - The issuance of $4 billion sovereign bonds by the Agricultural Bank of China in Hong Kong demonstrates strong international market confidence in China's sovereign credit and long-term economic prospects [1] Group 1: Bond Issuance Details - The Agricultural Bank of China acted as a joint lead underwriter for the issuance of $4 billion sovereign bonds on November 5, 2025 [1] - The issuance included two types of bonds: $2 billion for 3-year bonds with an interest rate of 3.646% and $2 billion for 5-year bonds with an interest rate of 3.787% [1] Group 2: Market Reception - The bond issuance received an enthusiastic market response with a subscription scale of $118.2 billion, nearly 30 times the issuance amount [1] - This issuance set a record for the lowest issuance spread in the history of global sovereign dollar bonds, reflecting high recognition of China's sovereign credit [1] Group 3: Implications for Financial Markets - The successful issuance reinforces Hong Kong's status as an international financial center and provides high-quality investment options for the offshore market [1] - It sends a clear signal to the international community about China's commitment to advancing high-level opening-up [1] Group 4: Future Commitment - The Agricultural Bank of China stated its intention to continue fulfilling its responsibilities as a major bank and to assist in broadening international financing channels for Chinese sovereign bonds [1]

Core Points - The Thai Ministry of Finance announced that the Agricultural Bank of Thailand will repurchase debt this month [1] Company Summary - The Agricultural Bank of Thailand is taking proactive measures to manage its debt obligations by initiating a debt repurchase [1]

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: 2025年10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: 2025年11月4日 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 30,738,823,096 | | 0 | | 30,738,823,096 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 30,738,823,096 | | 0 | | 30,738,823,096 | I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份 ...

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 本月底法定/註冊股本總額： RMB 349,983,033,873 截至月份: 2025年10月31日 狀態: 新提交 公司名稱: 中國農業銀行股份有限公司 呈交日期: 2025年11月4日 致：香港交易及結算所有限公司 FF301 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 ...

Core Viewpoint - Agricultural Bank of China demonstrated strong competitiveness in a complex economic environment, with positive growth in net profit for both the third quarter and the first three quarters of the year [1] Group 1: Financial Performance - In the third quarter, net profit increased by 3.7% year-on-year, accelerating from 3.2% in the second quarter and 2.2% in the first quarter [1] - The net interest margin for the first three quarters and the first half of the year was 1.3% and 1.32%, respectively, reflecting a decline of 12 and 10 basis points compared to the end of 2024 [1] Group 2: Valuation and Ratings - The bank's valuation is considered attractive, leading to an increase in the target price for H-shares from HKD 6.09 to HKD 6.95, which corresponds to a forecasted price-to-book ratio of 0.8 times for this year [1] - The bank maintains a "Buy" rating and anticipates an average return on equity of 10.1% by 2025 [1]

Core Viewpoint - Agricultural Bank of China (01288) reported its Q3 2025 performance, showing a 2% year-on-year revenue growth and a 3.3% year-on-year net profit growth, aligning with expectations from CICC [1] Financial Performance - Revenue for the first three quarters of the year increased by 2% year-on-year [1] - Net profit for the same period rose by 3.3% year-on-year [1] Analyst Ratings and Price Targets - CICC maintains a "Outperform" rating for Agricultural Bank of China [1] - The target price for A-shares (601288.SH) has been raised by 14.9% to RMB 8.87, reflecting a 1.1 times price-to-book ratio for 2025 and 1 time for 2026, indicating a 10% upside potential [1] - The target price for Hong Kong shares has also been increased by 14.7% to HKD 6.62, corresponding to 0.8 times price-to-book ratio for 2025 and 0.7 times for 2026, also suggesting a 10% upside potential [1]

Core Viewpoint - Agricultural Bank of China (601288) reported a year-on-year revenue growth of 2% and a net profit increase of 3.3% for the first three quarters of 2025, aligning with expectations, leading to an upgrade in valuation by CICC [1] Financial Performance - Revenue growth of 2% year-on-year for the first three quarters of 2025 [1] - Net profit growth of 3.3% year-on-year for the same period [1] Analyst Ratings and Price Targets - CICC maintains an "outperform" rating for Agricultural Bank of China [1] - Target price for A-shares raised by 14.9% to 8.87 RMB, reflecting a price-to-book ratio of 1.1 times for 2025 and 1 time for 2026, with a 10% upside potential [1] - Target price for H-shares also raised by 14.7% to 6.62 HKD, indicating a price-to-book ratio of 0.8 times for 2025 and 0.7 times for 2026, with a 10% upside potential [1]

Core Viewpoint - Bank of China International reports that Agricultural Bank of China (601288)(01288) is expected to see a decline in net interest margin in the first three quarters and the first half of 2025, while maintaining strong profitability and improving asset quality, leading to an increased target price for H-shares [1] Financial Performance - Agricultural Bank's net interest margin for the first three quarters and the first half of 2025 is projected to be 1.3% and 1.32%, respectively, down by 12 and 10 basis points compared to the end of 2024 [1] - The bank's net profit for the third quarter of 2025 is expected to grow by 3.7% year-on-year, accelerating from 3.2% in the second quarter and 2.2% in the first quarter [1] Valuation and Investment Outlook - Bank of China International raises the target price for Agricultural Bank's H-shares from HKD 6.09 to HKD 6.95, equivalent to a forecasted price-to-book ratio of 0.8 times for this year [1] - The bank's solid asset quality, decent shareholder return rate, and attractive dividend yield indicate that its value is underestimated, with an expected average return on equity of 10.1% in 2025 [1]

Core Viewpoint - Bank of China International reports that Agricultural Bank of China (01288) is expected to see a decline in net interest margin in the first three quarters and the first half of 2025, with figures of 1.3% and 1.32% respectively, down by 12 and 10 basis points from the end of 2024 [1] Financial Performance - Agricultural Bank of China recorded positive growth in net profit for both the third quarter and the first three quarters, indicating strong competitiveness in a complex economic environment [1] - The net profit for the third quarter of 2025 is projected to grow by 3.7% year-on-year, accelerating from 3.2% in the second quarter and 2.2% in the first quarter [1] Valuation and Investment Outlook - Bank of China International has raised the target price for Agricultural Bank of China’s H-shares from HKD 6.09 to HKD 6.95, which corresponds to a forecasted price-to-book ratio of 0.8 times for this year [1] - The bank's asset quality is considered stable, with a decent shareholder return rate and attractive dividend yield, leading to the conclusion that the bank is undervalued [1] - The average return on equity for Agricultural Bank of China is expected to reach 10.1% in 2025 [1]