9月4日，中国农业银行（601288.SH，1288.HK）A股股价再创历史新高，一度达7.55元/股。就总市值 （综合）来看，农行首次超过中国工商银行（601398.SH；01398.HK）。截至发稿，农行总市值约2.5万 亿元，工行总市值约2.48万亿元。 在业绩方面，今年上半年，农行实现归属于母公司股东的净利润1395.1亿元，同比增长2.66%；实现营 业收入3699.37亿元，同比增长0.85%。工行实现营业收入4270.92亿元，同比增长1.6%；实现归属于母 公司股东的净利润1681.03亿元，同比下降1.39%。 责任编辑：曹睿潼 截至发稿，农业银行A股报7.54元/股，涨5.45%，H股报5.44港元/股，涨2.26%；工商银行A股报7.57元/ 股，涨1.75%，H股报5.74港元/股，涨幅0%。在所有股份中，农行的A股股份占比更高，具体来看，农 行A股占91.22%，H股占8.78%；工行A股占75.65%，H股占24.35%。今年以来，银行股整体走强。Wind 数据显示，2025年以来，农行A股涨幅超44%，工行A股涨幅超13%；农行H股涨超30%，工行H股涨超 17%。同时，无论农行 ...

农业银行持续拉升涨超5%，现报7.51元。 ...

9月4日午后，农业银行持续拉升，截至发稿，该股涨超5%，报7.55元，创历史新高。 截至发稿，该股涨超5%，报7.55元，创历史新高。 ...

Market Performance - The market opened lower on September 4 and experienced a downward trend, with most sectors declining. However, the banking sector managed to recover in the afternoon, with the bank ETF (512800) increasing by 0.72% and achieving a trading volume exceeding 1.1 billion yuan [1][2]. Banking Sector Insights - According to the latest views from CITIC Securities, the banking sector's interim profits have stabilized and improved slightly more than expected. Key factors include stable interest margins, contributions from investment income, and stable asset quality, leading to a noticeable improvement in quarterly profits. There is still potential for profit growth throughout the year [3]. ETF Performance - The bank ETF (512800) and its linked funds are designed to passively track the CSI Bank Index, which includes 42 listed banks in A-shares. This ETF is recognized as the largest and most liquid among the 10 bank ETFs in A-shares, with an average daily trading volume exceeding 600 million yuan this year [3].

Wind最新数据显示，农业银行、工商银行总股本分别约为3500亿股、3564亿股。其中，A股股本占总股本比例分别在91%、76%左右，港股股本占比分别约 为9%、24%。另从流通股占比来看，目前二者流通股占总股本比例均为100%。 | | 总股本 | A股合计 | 香港上市 | A股合计 | 香港上市 | | | --- | --- | --- | --- | --- | --- | --- | | | [交易日期] [交易日期] | | 股 | 占总股本 | 股占息股 | | | 银行 | 最新 | 最新 | [交易日期] | 比例 | 本比例 | A股 | | | [单位] 亿 | [单位] 亿 | 最新 | | [交易日期][交易日期] | (元/ | | | HK | 股 | [单位] 亿 | 最新 | 最新 | | | | | | 股 | [单位] % | [单位] % | | | 农业银行 | 3499.83 | 3192.44 | 307.39 | 91.22 | 8.78 | 7.2 | | 工商银行 | 3564.06 | 2696.12 | 867.94 | 75.65 | 24.35 | ...

Core Viewpoint - Agricultural Bank reported a steady growth in revenue and net profit for the first half of 2025, indicating resilience in its financial performance despite challenges in the banking sector [1][2]. Financial Performance - In H1 2025, Agricultural Bank achieved operating revenue of 369.9 billion yuan and net profit of 139.9 billion yuan, with year-on-year growth of 0.8% and 2.5% respectively [1][2]. - Q2 2025 saw a faster growth in revenue and net profit, with operating revenue increasing by 1.35% year-on-year and net profit rising by 3.16% year-on-year [2]. Revenue Structure - The bank's net interest income for H1 2025 was 282.5 billion yuan, down 2.88% year-on-year, primarily due to a decline in net interest margin [2]. - Non-interest income showed strong growth, with net fee and commission income rising by 10.07% to 51.4 billion yuan, driven by a 62.3% increase in agency business income [2]. - Other non-interest income reached 36.0 billion yuan, up 23.15% year-on-year, mainly due to increased investment income from debt securities [2]. Interest Rate Dynamics - The net interest yield was 1.32% and the net interest margin was 1.20%, reflecting a year-on-year decrease of 13 basis points and 10 basis points respectively [3]. - The average cost of interest-bearing liabilities decreased to 1.60%, down 32 basis points year-on-year, benefiting from lower deposit rates and regulatory measures [3]. Asset Quality - As of June 2025, the non-performing loan (NPL) ratio improved to 1.28%, a decrease of 0.02 percentage points from the end of the previous year [4]. - The bank's provision coverage ratio stood at 295%, maintaining the highest risk absorption capacity among state-owned banks [4]. Investment Outlook - The bank maintains a "buy" rating, with a mid-year cash dividend of 1.195 yuan per 10 shares, translating to a dividend yield of 1.70% based on the closing price on September 1 [4].

有一组纵向对比的数据，能够更为直观地反映出农业银行近年来对县域金融服务领域的重视。 2020年11月，我国832个国家级贫困县全部脱贫摘帽。以2020年为时间节点，农业银行当年年报显示， 截至2020年末，农业银行县域贷款余额为5.31万亿元，在832个国家扶贫重点县贷款余额为1.28万亿元。 短短4年半的时间，农业银行最新半年报显示，截至2025年6月末，农业银行县域贷款余额为10.77万亿 元，在832个脱贫县贷款余额为2.48万亿元，增速8.9%，高于全行1.6个百分点。 "服务'三农'是党中央赋予农业银行的职责使命，也是农业银行最大的优势和特色。农业银行始终传承 发扬扎根一线、支农助农优良传统，着力提升工作质效，进一步做优做强'三农'和乡村振兴金融服 务。"近日，在农业银行召开的2025年中期业绩发布会上，农业银行副董事长、行长王志恒表示。 一直以来，服务"三农"是农业银行的主责主业，如今，扎根县域给农业银行的整体经营带来的正向反馈 十分明显。近年来，县域业务对农业银行的业务发展贡献凸显，"三农"和县域相关服务已经成为农业银 行经营特色和优势的体现。 数据显示，截至报告期末，农业银行县域贷款余额10. ...

Core Viewpoint - The company has shown a recovery in net profit growth and a reduction in impairment pressure, leading to improved profitability in the first half of 2025 Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 369.937 billion yuan, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 139.510 billion yuan, up 2.7% year-on-year, with growth accelerating compared to Q1 [1] - The annualized ROE reached 10.16%, a decrease of 0.59 percentage points year-on-year [1] - In Q2, revenue grew by 1.4% year-on-year, and net profit increased by 3.2% year-on-year, indicating marginal improvement [1] - The growth in performance was primarily driven by optimized liability costs, positive growth in non-interest income, and alleviated provisioning pressure [1] Group 2: Asset Quality and Risk Management - The company reported a credit impairment loss decrease of 3.0% year-on-year in H1 2025, with a significant drop of 9.9% in Q2 alone [1] - The non-performing loan ratio stood at 1.28%, down 2 basis points from the end of the previous year, while the coverage ratio for provisions was 295%, indicating strong risk mitigation capabilities [3] - Retail loan non-performing ratio was 1.18%, up 15 basis points year-on-year, primarily due to fluctuations in operating loans and credit card risks [3] Group 3: Income Sources and Growth Drivers - The company’s net interest income for H1 2025 was 282.473 billion yuan, a decrease of 2.9% year-on-year, with a net interest margin of 1.32%, down 13 basis points year-on-year [2] - Non-interest income reached 87.464 billion yuan, a year-on-year increase of 15.1%, with significant growth in wealth management and agency business [2] - The total loan amount as of June 30 was 26.58 trillion yuan, a 7.3% increase from the beginning of the year, with notable growth in corporate loans and green loans [2] Group 4: Strategic Positioning and Future Outlook - The company positions itself as a leading bank for rural revitalization and a key player in serving the real economy, implementing strategies focused on inclusive finance, green finance, and digital operations [3] - The mid-term dividend payout ratio is stable at 30%, with projected BVPS for 2025-2027 at 8.04 yuan, 8.59 yuan, and 9.16 yuan, respectively [3]

沪指9月2日下跌0.45%，申万所属行业中，今日上涨的有6个，涨幅居前的行业为银行、公用事业，涨 幅分别为1.95%、0.99%。银行行业位居今日涨幅榜首位。跌幅居前的行业为通信、计算机，跌幅分别 为5.73%、4.06%。 资金面上看，两市主力资金全天净流出1512.76亿元，今日有4个行业主力资金净流入，银行行业主力资 金净流入规模居首，该行业今日上涨1.95%，全天净流入资金34.17亿元，其次是公用事业行业，日涨幅 为0.99%，净流入资金为9.36亿元。 主力资金净流出的行业有27个，电子行业主力资金净流出规模居首，全天净流出资金345.44亿元，其次 是计算机行业，净流出资金为245.60亿元，净流出资金较多的还有通信、有色金属、电力设备等行业。 银行行业今日上涨1.95%，全天主力资金净流入34.17亿元，该行业所属的个股共42只，今日上涨的有41 只；下跌的有1只。以资金流向数据进行统计，该行业资金净流入的个股有26只，其中，净流入资金超 亿元的有12只，净流入资金居首的是工商银行，今日净流入资金10.78亿元，紧随其后的是农业银行、 建设银行，净流入资金分别为5.37亿元、2.84亿元。银行 ...

Investment Rating - The report maintains a "Recommend" rating for Agricultural Bank of China (stock code: 601288) [1] Core Views - Agricultural Bank of China achieved operating income of 369.94 billion yuan in H1 2025, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 139.51 billion yuan, up 2.7% year-on-year, indicating a recovery in growth rate compared to Q1 [3] - The bank's annualized ROE reached 10.16%, a decrease of 0.59 percentage points year-on-year, while the second quarter showed marginal improvements with revenue growth of 1.4% and net profit growth of 3.2% [3] - The bank's credit impairment losses decreased by 3.0% year-on-year in H1 2025, with a significant drop of 9.9% in Q2 [3] - The bank's strategy focuses on serving rural revitalization and the real economy, leveraging its county-level financial advantages and low-cost funding capabilities [3] Summary by Sections Financial Performance - In H1 2025, the bank's net interest income was 282.47 billion yuan, down 2.9% year-on-year, with a net interest margin of 1.32%, a decrease of 13 basis points year-on-year [3] - Total loans reached 26.58 trillion yuan, growing 7.3% year-to-date, with corporate loans increasing by 6.35% and retail loans by 5.4% [3] - Non-interest income was 87.46 billion yuan, a year-on-year increase of 15.1%, driven by a 10.1% rise in net fee and commission income [3] Asset Quality - The non-performing loan ratio stood at 1.28%, a decrease of 2 basis points from the end of the previous year, with a strong provision coverage ratio of 295% [3] - Retail loan non-performing ratio was 1.18%, up 15 basis points, primarily due to fluctuations in operating loans and credit card risks [3] Capital Adequacy - The core tier one capital adequacy ratio was 11.11%, indicating sufficient capital safety margins [3] - The bank's strategy includes enhancing wealth management and non-interest income growth, supported by a stable dividend payout ratio of 30% for the mid-2025 period [3] Future Projections - The report forecasts the bank's BVPS for 2025-2027 to be 8.04 yuan, 8.59 yuan, and 9.16 yuan respectively, with corresponding PB ratios of 0.88X, 0.82X, and 0.77X [3][40]