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。 | | | | | | 是否繼續在 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 原定任期 | | 本行及其控股 | 具體職務 | 是否存在未履行 | | 姓名 | 離任職務 | 離任時間 | 到期日 | 離任原因 | 子公司任職 | （如適用） | 完畢的公開承諾 | | 武剛 | 首席風險官 | 2025年9月8日 | – | 到齡退休 | 否 | – | 否 | 武剛先生確認與本行董事會（「董事會」）無不同意見，也沒有就其離任需要知會本行股東 及債權人的任何事項，已按照有關要求做好交接工作。 武剛先生擔任本行高級管理層成員期間，恪盡職守、勤勉盡責。董事會對武剛先生任職 期間為本行發展做出的重要貢獻表示衷心感謝。 承董事會命 中國農業銀行股份有限公司 AGRICULTURAL BANK OF CHINA LIMITED ...

武刚先生确认与本行董事会无不同意见，也没有就其离任需 要知会本行股东及债权人的任何事项，已按照有关要求做好交接 工作。 武刚先生担任本行高级管理层成员期间，恪尽职守、勤勉尽 责。本行董事会对武刚先生任职期间为本行发展做出的重要贡献 表示衷心感谢。 特此公告。 证券代码：601288 证券简称：农业银行 公告编号：临 2025-041 号 中国农业银行股份有限公司 关于高级管理人员离任的公告 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。 因到龄退休，武刚先生请求辞去中国农业银行股份有限公司 （以下简称"本行"）首席风险官职务。 | 姓名 | 离任职务 | 离任时间 | | 原定任期 | 离任 | 是否继续 在本行及 | 具体职务（如 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 到期日 | 原因 | 其控股子 | 适用） | 履行完毕的 | | | | | | | | | | 公开承诺 | | | | ...

Group 1 - Agricultural Bank announced that Wu Gang has requested to resign from the position of Chief Risk Officer due to reaching retirement age [1] - Wu Gang confirmed that there are no disagreements with the board and has completed the required handover work [1]

Core Viewpoint - The announcement by Agricultural Bank of China aims to implement a fiscal subsidy policy for personal consumption loans to reduce costs for consumers and stimulate market potential [1] Group 1: Implementation of Fiscal Subsidy Policy - The Agricultural Bank of China is actively organizing the implementation of the fiscal subsidy policy for personal consumption loans as per the guidelines from the Ministry of Finance, People's Bank of China, and financial regulatory authorities [1] - Customers must sign a supplementary agreement to authorize the bank to query loan accounts for subsidy calculations, but this does not affect their ability to apply for loans [1][2] Group 2: Eligibility and Conditions for Subsidy - The fiscal subsidy applies to personal consumption loans used for consumption between September 1, 2025, and August 31, 2026, with transactions identified through loan accounts [3] - The subsidy interest rate is set at an annualized 1%, not exceeding 50% of the loan contract rate [4] Group 3: Disbursement and Notification of Subsidy - The bank will directly deduct the subsidy amount from the loan interest charged to eligible customers, enhancing consumer benefits [5] - Customers can check their subsidy amounts through various channels, including mobile banking and SMS notifications [6] Group 4: Restrictions and Compliance - Loans in default are not eligible for the subsidy until all dues are cleared [7] - Once a loan is fully repaid, the corresponding consumption will no longer qualify for the subsidy, although outstanding portions may still be eligible [8] - A single consumption transaction can only receive the subsidy from one financial institution [9] Group 5: Dispute Resolution and Compliance Violations - Customers can appeal subsidy results by providing supplementary materials to the bank for review [10] - Certain behaviors, such as using loan funds for non-consumption purposes or engaging in fraudulent activities, will disqualify customers from receiving the subsidy [11]

2025 年 09 月 07 日 农业银行 (01288) ——大行基本面最优，看好 AH 估值折价稳步修复 报告原因：有业绩公布需要点评 买入（首次评级） 上 市 公 司 银行 | 市场数据： | 2025 年 09 月 05 日 | | --- | --- | | 收盘价（港币） | 5.48 | | 恒生中国企业指数 | 8937.09 | | 52 周最高/最低（港币） | 5.84/3.35 | | H 股市值（亿港币） | 19,004.08 | | 流通 H 股（百万股） | 30,738.82 | | 汇率（人民币/港币） | 1.0977 | 一年内股价与基准指数对比走势： -2% 48% 98% 09/05 10/05 11/05 12/05 01/05 02/05 03/05 04/05 05/05 06/05 07/05 08/05 HSCEI 农业银行 资料来源：Bloomberg 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522 ...

Group 1 - The 2025 China Farmers' Harvest Festival Autumn Consumption Season was launched in Xiaoshan District, Hangzhou, Zhejiang Province, showcasing financial support for agriculture [1] - The Agricultural Bank of China established a "Rural Revitalization Theme Pavilion" to demonstrate financial services that empower agricultural industries and farmers' lives through various products like "High-Standard Farmland Construction Loan" and "Huinong e-loan" [3] - The bank introduced 12 "Huinong e-loan" products targeting different customer segments in the agricultural supply chain, enhancing services for farmers and agricultural merchants [3][4] Group 2 - The Agricultural Bank of China has significantly increased its financial resources directed towards agriculture, with county-level loan balances exceeding 10 trillion yuan, rural industry loans over 2.7 trillion yuan, and loans for rural construction surpassing 2.4 trillion yuan as of mid-2025 [4] - The bank launched the "Ten Thousand Village Broadcaster Growth Plan" in collaboration with educational institutions to train rural broadcasters, helping quality agricultural products expand online sales channels [4] - The bank aims to continue supporting the rural revitalization strategy by increasing credit support and innovating service models to enhance rural consumption potential [5]

Group 1 - The core viewpoint of the articles is that the China Securities Regulatory Commission (CSRC) is seeking public opinion on the draft regulations for managing sales expenses of publicly offered securities investment funds, which is seen as a crucial step in promoting the reform of fund fees and enhancing investor benefits [1][2] - Agricultural Bank of China (ABC) emphasizes its commitment to "finance for the people" and actively responds to policies aimed at boosting the capital market, focusing on developing public fund businesses and promoting equity and mixed funds to meet the asset allocation needs of its 888 million individual customers [1][3] - The CSRC's action plan aims to shift the public fund industry from a focus on scale to prioritizing investor returns, with a key measure being the establishment of a floating management fee mechanism linked to fund performance, which is expected to enhance investor satisfaction and promote a win-win situation among investors, fund managers, and sales channels [2] Group 2 - ABC plans to enrich its product offerings by introducing more fund products that align with national strategies and development directions, guiding capital flow to key areas that support the real economy and social development [3] - The bank aims to leverage technology, such as big data and artificial intelligence, to enhance customer profiling, product recommendations, and professional service, thereby continuously optimizing the investment experience [3] - ABC seeks to build deep partnerships with excellent fund managers to create shared value and improve the actual return experience for investors, while also integrating investment education into its services to cultivate long-term, value-oriented, and rational investment habits among investors [3]

Core Viewpoint - Agricultural Bank released its mid-year performance report for 2025, showing improvements in revenue and net profit growth, alongside stable asset quality indicators [1] Group 1: Financial Performance - Net commission and fee income improved year-on-year: In Q2 2025, Agricultural Bank's revenue grew by 1.4% year-on-year, and net profit attributable to shareholders increased by 3.2%, indicating a recovery in growth rates. For the first half of 2025, revenue growth was 0.8%, and net profit growth was 2.7 [1] - Asset growth remains high, with county loans accounting for 40.9%: As of the end of the first half of 2025, the bank's total assets grew by 11.6% year-on-year, with loans increasing by 9.9% and financial investments by 12.3%. The proportion of county loans in domestic loans rose to 40.9% [1] Group 2: Asset Quality - Asset quality indicators remained stable: As of the end of the first half of 2025, the non-performing loan (NPL) ratio was 1.28%, unchanged from Q1 2025. The corporate NPL ratio was 1.45%, lower than the end of the previous year; the operating loan NPL ratio was 1.7%, up by 31 basis points from the end of the previous year; and the credit card NPL ratio was 1.51% [1] Group 3: Profit Forecast and Investment Suggestions - Profit forecasts and investment recommendations: In the first half of 2025, Agricultural Bank maintained high asset growth, with significant revenue growth in wealth management-related businesses such as wealth management and fund distribution. Asset quality indicators remained stable. The company proposed a mid-term dividend of 0.1195 yuan per share, with a dividend payout ratio [1]

Core Insights - The 2025 Hengqin World Bay Area Forum focused on financial innovation and integration between Guangdong and Macau, highlighting the role of Hengqin as a new platform for high-level opening-up [1] Financial Innovation Practices - The Agricultural Bank of China Macau Branch introduced three financial innovation practices: 1. "Qin-Ao Linked Loan" to help state-owned enterprises in Macau reduce financing costs and manage exchange rate risks [2] 2. EF Account financing case that allows Macau tech companies to transfer funds with Hengqin subsidiaries, enhancing funding efficiency [2] 3. Value-added services for individual clients, including USD floating rate time deposits to meet cross-border asset allocation needs [2] Comprehensive Financial Solutions - The "Qin-Ao Nongqin Baishitong" financial scheme offers a full range of services, including cross-border exchange, custody, guarantees, and investment financing for industries, as well as loans for housing, consumption, and education for Macau residents [2] Future Outlook - Future financial cooperation between Guangdong and Macau will focus on policy innovation, trade and investment facilitation, support for the real economy, and the application of financial technology to aid Macau's diversified economic development and the Greater Bay Area construction [2]

Core Viewpoint - The A-share market is experiencing significant differentiation, with substantial capital outflow from the technology sector and strong performance in low-positioned and defensive sectors, particularly in the banking sector [1] Group 1: Banking Sector Performance - Agricultural Bank's stock price surged by 5.17%, reaching a historical high and surpassing Industrial and Commercial Bank to become the highest market capitalization company in A-shares [1] - Since the end of 2023, the banking sector has shown a strong upward trend, with a 70% increase from the bottom in late 2023 [1] - The banking sector's performance is supported by a high dividend yield, with the China Securities Banking Index yielding over 5%, significantly higher than the 3% yield of the CSI 300 [2] Group 2: Policy Support and Economic Recovery - Monetary policy adjustments, including a 0.5% reserve requirement ratio cut and a 0.1% interest rate reduction, have lowered banks' liability costs and eased net interest margin pressure [3] - The banking sector's non-performing loan ratio decreased from 1.72% in 2023 to 1.62% by the end of 2024, indicating improved asset quality [3] - Economic recovery is reflected in a 12% year-on-year increase in long-term loans to residents in Q1 2025, contributing to banks' interest income growth [3] Group 3: Investment Shifts and Valuation - With high valuations in technology and new energy sectors, funds are shifting towards undervalued, high-dividend banking stocks, creating a "see-saw effect" [4] - The banking sector's price-to-book (PB) ratio is currently at 0.56 and the price-to-earnings (PE) ratio is approximately 6.37, both below the 10% percentile of the past decade [4] - The diversification of the banking sector's asset structure, including infrastructure loans and green finance, is expected to become new profit growth points [4]