2025年9月4日，中国农业银行（601288）发布公告称，根据《上海黄金交易所风险控制管理办法》的有 关规定，上海黄金交易所发布《关于调整部分合约保证金水平和涨跌停板的通知》，对金市通（金交所 代理）业务合约涨跌停板进行调整，现将相关调整情况通知如下： 自2025年9月5日（星期五）收盘清算时起，Au(T+D)、mAu(T+D)合约下一交易日起涨跌幅度限制从 12%调整为13%；Ag(T+D）合约下一交易日起涨跌幅度限制从15%调整为16%。 请客户关注持仓风险，合理控制持仓规模，理性交易。 ...

Core Points - China Agricultural Bank (601288) announced a scheduled maintenance of its production system to enhance service efficiency and convenience [1][2][3] Summary by Sections Maintenance Schedule - The maintenance will occur in several phases, affecting various services and functionalities of the bank's online platforms [1][2] - Specific timeframes include: - September 5, 23:00 to 23:20 and September 6, 23:30 to 23:50: Disruption of corporate online banking services, including payroll, deposits, investments, and financing [1] - September 6, 23:00 to September 7, 6:00: Slow transaction speeds in personal mobile banking channels, affecting multiple marketing and service features [2] - September 7, 1:00 to 4:00: Two brief service interruptions for international business transactions, each lasting about one minute [2] - September 7, 2:00 to 6:00: Multiple brief interruptions in third-party payment services, each lasting about one minute [2] - September 7, 2:30 to 6:00: Two brief service interruptions for custody and margin trading, each lasting about two minutes [2] Customer Communication - The bank expressed apologies for any inconvenience caused by the maintenance and encouraged customers to plan their transactions accordingly [3]

Group 1 - The banking sector showed resilience with a 0.75% increase in the banking index on September 4, 2023, led by Agricultural Bank of China, which surged 5.17% to reach a market capitalization of 2.55 trillion RMB, surpassing Industrial and Commercial Bank of China [1] - Postal Savings Bank also saw a rise of over 2.9%, with its market value exceeding 2 trillion RMB, marking a historical high [1] - Analysts suggest that the rise in bank stocks is supported by their stable high dividend yields, with banks transitioning from "pro-cyclical" to "weak-cyclical" assets, indicating robust asset quality and stable performance [1] Group 2 - Despite significant gains in the banking sector this year, with Agricultural Bank leading at a 47.15% increase, analysts believe that the current valuation is at historical lows, approximately 0.6 times PB, with a dividend yield near 4%, providing a safety margin for investors [2] - The outlook for 2025 suggests a potential end to the down cycle for bank earnings, with expectations of improved fundamentals next year, as indicated by recent mid-year reports showing a rebound in revenue and profit growth [2] - The high dividend characteristics of the banking sector are expected to attract investors during a period of market stagnation, indicating potential for a rotational rebound in stock prices [2]

Core Viewpoint - Bank stocks have shown resilience in the market, with significant gains and historical highs, driven by their stable high dividend yields and solid asset quality [1] Group 1: Market Performance - On September 4, the banking index rose by 0.75%, with Agricultural Bank leading the gains, up 5.17%, reaching a market capitalization of 2.55 trillion RMB, surpassing Industrial and Commercial Bank [1] - Postal Savings Bank's stock also increased by over 2.9%, with its market value exceeding 2 trillion RMB, marking a historical high [1] Group 2: Analyst Insights - Analysts suggest that bank stocks are transitioning from "pro-cyclical" to "weak-cyclical" assets, with stable underlying asset quality and performance, making them attractive to long-term investors amid an "asset shortage" environment [1] - The banking sector has seen significant price increases this year, with Agricultural Bank's stock up 47.15%, followed by Qingdao Bank at 39.88% and Shanghai Pudong Development Bank at 37.88% [1] Group 3: Future Outlook - Despite the notable gains, the banking sector's valuation is currently at a historical low of approximately 0.6 times PB, with a dividend yield close to 4%, indicating a certain safety margin [1] - Expectations for 2025 suggest it may mark the end of the banking industry's earnings downturn, with anticipated improvements in fundamentals and asset quality [1]

Core Viewpoint - Agricultural Bank of China (ABC) has achieved a remarkable turnaround, becoming the leader in A-share market capitalization among Chinese banks, with a stock price increase of over 40% year-to-date, surpassing Industrial and Commercial Bank of China (ICBC) [2][3][6] Market Performance - As of September 4, 2025, ABC's stock closed at 7.52 CNY per share, marking a 5.17% increase and a new historical high [2][3] - ABC's total market capitalization reached approximately 2.55 trillion CNY, overtaking ICBC's 2.49 trillion CNY [2][6] - Year-to-date, ABC's stock price has surged by 46.9%, while ICBC's has only increased by 13.66% [3][4] Strategic Success Factors - ABC's success is attributed to its "volume compensates for price" strategy, which focuses on expanding interest-earning assets, particularly in rural lending, to maintain revenue growth amid industry-wide margin pressures [2][10][14] - The bank's net profit for the first half of 2025 was 1,399.43 billion CNY, a 2.53% year-on-year increase, leading among the six major state-owned banks [10][13] Asset Quality and Risk Management - ABC has maintained a stable asset quality, with a non-performing loan ratio of 1.28%, a historical low, and a provision coverage ratio of 297.81%, the highest among state-owned banks [13][20] - The bank's total assets reached 43.24 trillion CNY by the end of 2024, with an 8.44% growth rate, ranking second among state-owned banks [13] County-Level Financial Strategy - ABC has established a comprehensive county-level financial network with 2.29 million outlets, 56.6% of which are located in rural areas, creating a competitive advantage [15] - By the end of 2024, the bank's county-level loan balance was 9.85 trillion CNY, contributing significantly to its interest income [18] Non-Interest Income Growth - Non-interest income has become a crucial growth driver, with investment income reaching 231.53 billion CNY in the first half of 2025, a 52.54% increase year-on-year [19] - The bank's strategy to diversify its income sources is particularly important in a low-interest-rate environment [19] Future Outlook - ABC's management anticipates that net interest margins will stabilize in the second half of 2025, supported by effective loan structure optimization and cost management [14][20] - The bank's current price-to-book ratio stands at 0.98, with a dividend yield exceeding 3.2%, indicating attractive valuation prospects [20]

农业银行股价周四再创新高，推动其A+H股总市值首次超越工商银行，成为中国新的"宇宙行"。这一历史性变化，标志着银行板块估值修复与资 金配置逻辑的阶段性成果，也反映出市场对银行股"低估值+高分红"价值的重新评估。 9月4日，农业银行A股盘中一度达到7.55元/股的历史新高，收盘报7.52元/股，涨幅5.17%，H股报5.4港元/股，涨1.5%。Wind数据显示，按A+H股 综合市值计算，农业银行总市值2.55万亿元，首次反超工商银行，后者市值现为2.49万亿元。此前8月6日，农行A股市值已超越工商银行，首次成 为A股市值冠军。 不过，如果按照总股本*现价计算，农业银行市值为2.63万亿元，仍略低于工商银行的2.69万亿元。 今年以来，银行板块整体走强，农业银行表现尤为突出。Wind数据显示，年初至今，农业银行A股涨幅超44%，H股涨超30%；同期工商银行A股 涨幅超13%，H股涨超17%。A股价格相较H股存在较高溢价，反映出内地投资者对银行股的偏好提升。 8月6日，农业银行A股市值首次超越工商银行，登上A股市值冠军宝座。不到一个月，A+H股总市值也实现反超，显示资金对农行的持续青睐。 业绩与资产质量稳健 农业银 ...

北京商报讯（记者 孟凡霞 实习记者 周义力）9月4日，A股银行板块迎来里程碑时刻。农业银行 （601288）A股股价收报7.52元，大涨5.17%，盘中最高触及7.55元，创下历史新高；H股亦同步上涨 2.07%，报5.43港元。 今日银行板块整体表现强劲，24家上市银行股价收涨。除农业银行外，邮储银行（601658）、中信银行 （601998）分别上涨2.90%、2.17%，工商银行、中国银行（601988）、常熟农商行等涨幅均超1%。 市场表现方面，农业银行A股年内股价涨幅已达47.15%，在A股上市银行板块中居首。从业绩基本面 看，2025年上半年，农业银行实现营业收入3699.37亿元、归母净利润1395.10亿元，同比分别增长 0.8%、2.7%，是四大行中唯一保持净利润正增长的机构，同时也是国有六大行中归母净利润增速最高 的银行。相比之下，工商银行上半年该行以4270.92亿元的营收、1681.03亿元的归母净利润继续稳居商 业银行首位，但归母净利润同比下降1.4%。 截至今日收盘，农业银行总市值达2.55万亿元，首次超越工商银行（601398）的2.49万亿元，登顶银行 板块总市值榜首。这也是农 ...

港股方面，药明康德跌超7%，中芯国际、地平线机器人、商汤等跌超6%，华虹半导体跌超5%；农业银 行、百度集团等涨超2%。 A股今日（9月4日）继续回调，沪指盘中跌超2%，创业板指一度跌超5%，尾盘跌幅有所收窄；港股亦 下挫，恒生科技指数一度跌超2%。 具体来看，沪指盘中震荡下探，一度跌超2%，尾盘在金融、酿酒等板块的带动下跌幅有所收窄。创业 板、科创50指数等大幅下挫。截至收盘，沪指跌1.25%报3765.88点，深证成指跌2.83%报12118.7点，创 业板指跌4.25%报2776.25点，科创50指数跌逾6%，北证50指数跌0.8%，沪深北三市合计成交25823亿 元，较此前一日增加1862亿元。 场内近3000股飘绿，半导体板块领跌，寒武纪大跌超14%，海光信息、华虹公司、敏芯股份等跌超 10%；CPO概念大幅下挫，新易盛、天孚通信、太辰光等跌超15%，中际旭创跌逾13%；军工板块再度 下行，北方长龙、长城军工等连续两日跌停；食品饮料、旅游餐饮、零售等消费板块集体拉升，润普食 品、欢乐家、百大集团、国光连锁等涨停；券商、银行板块尾盘异动，太平洋涨停，市值超2万亿的农 业银行（601288）涨超5%续创 ...

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8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9月4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 (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 | | 30,738,823,096 | | ...

Market Overview - A-shares continued to decline on September 4, with the Shanghai Composite Index dropping over 2% at one point, while the ChiNext Index fell over 5% before narrowing its losses towards the end of the trading day [1] - The Shanghai Composite Index closed down 1.25% at 3765.88 points, the Shenzhen Component Index fell 2.83% to 12118.7 points, and the ChiNext Index decreased by 4.25% to 2776.25 points [1] Sector Performance - The semiconductor sector led the decline, with stocks like Cambricon falling over 14% and several others dropping more than 10% [2][12] - The CPO concept stocks also saw significant declines, with New Yisheng and Tianfu Communication dropping over 15% [2] - Conversely, the food and beverage, tourism, and retail sectors experienced a collective rise, with stocks like Runpu Food and Huanlejia hitting the daily limit [2][8] Financial Sector Insights - The financial sector showed signs of recovery towards the end of the trading day, with notable gains in brokerage and banking stocks [3][5] - Agricultural Bank of China saw its stock rise over 5%, surpassing Industrial and Commercial Bank of China in total market capitalization, thus becoming the new "universe bank" [2][6] - In the first half of 2025, 44 listed brokerages achieved a net profit of 948.46 billion yuan, marking a year-on-year increase of 52.9% [4] Future Outlook - Institutions forecast that the securities industry will benefit from high trading volumes and a normalized equity financing environment, leading to improved performance in the second half of 2025 [5][7] - The banking sector is also expected to see positive developments, with a focus on retail loan demand and risk improvement [7] Consumer Sector Trends - The consumer sector is showing signs of recovery, with a focus on rational consumption and quality upgrades [10][11] - Traditional consumer sectors are also experiencing a rebound, particularly in essential goods [11] Technology Sector Decline - The technology sector, particularly semiconductors, faced significant declines, with stocks like Dongxin and Cambricon dropping over 14% [12][14] - Cambricon has seen a cumulative drop of over 24% in the last five trading days following a peak in late August [14]