Core Viewpoint - A-shares experienced a collective decline, with major indices falling significantly, while bank stocks showed resilience, particularly Agricultural Bank of China reaching a historical high [1] Group 1: Market Performance - The Shanghai Composite Index fell by 1.25% to 3765 points, the Shenzhen Component Index dropped by 2.83%, the ChiNext Index decreased by 4.25%, and the STAR 50 Index declined by 6.08% [1] - Bank stocks, including Agricultural Bank of China and Postal Savings Bank, saw gains, with Agricultural Bank rising over 5% to a new historical high [1] Group 2: ETF Performance - Bank ETFs and related funds saw increases of over 1%, with specific funds like Bank ETF and Bank ETF Fund rising by 1.04% and 1.02% respectively [3] - The Bank ETF tracks the CSI Bank Index, which includes 42 listed banks, focusing on high dividend opportunities and growth potential [4] Group 3: Financial Metrics - In the first half of 2025, listed banks reported a total operating income of 2.92 trillion yuan, a year-on-year increase of 1.0%, and a net profit attributable to shareholders of 1.10 trillion yuan, up 0.8% [4] - The net interest margin for listed banks decreased by 14 basis points year-on-year to 1.41%, with expectations of a slight narrowing in the decline due to policy changes [4] Group 4: Asset Quality and Growth - Asset quality pressure has slightly increased, with rising overdue rates and non-performing loan generation rates, particularly in the retail sector [5] - Total assets of listed banks grew by 9.6% year-on-year as of the end of Q2 2025, indicating a recovery in growth rates [5] Group 5: Future Outlook - The banking sector is expected to see a bottoming out in 2025, with potential for revenue and profit growth to turn positive in 2026, driven by policy support and improved asset quality [6] - The emphasis on long-term investment in the banking sector remains strong, with recommendations for diversified allocations focusing on banks with high dividend yields and solid asset quality [6]

Group 1 - Agricultural Bank of China (ABC) shares surged over 5%, while Postal Savings Bank rose over 3%, both reaching historical highs [1][2] - ABC's market capitalization surpassed that of Industrial and Commercial Bank of China (ICBC), marking it as the new "universe bank" [1] - The overall market liquidity improved significantly during the rally led by ABC and other banks [1] Group 2 - The banking sector experienced a strong performance, with major banks like CITIC Bank and ICBC also seeing gains of over 2% [2] - The overall market was weak, with the Shanghai Composite Index down 1.25% and the Shenzhen Component down 2.83% [4] - Despite the overall market decline, the banking stocks showed resilience and strength, indicating a potential shift in market dynamics [1][2] Group 3 - Recent reports suggest that the narrowing of interest margin and reduced non-interest disturbances could lead to improved revenue and profit growth for listed banks in the first half of 2025 [3] - The banking sector's price-to-book (PB) ratio is currently at 0.71, which is at a low level compared to historical data, indicating potential value for investors [3] Group 4 - Market volatility has increased, with significant fluctuations in stock prices and investor sentiment [6][7] - Analysts suggest that the current market downturn is primarily due to a decline in risk appetite rather than any substantial negative news [7] - The market is expected to experience a period of consolidation, similar to past patterns observed in 2014-2015, before potentially moving higher [7][8]

Core Viewpoint - Agricultural Bank of China reported a stable performance in its 2025 interim results, showing resilience in business operations despite a slight increase in revenue and profit [1] Group 1: Financial Performance - The bank's operating income reached 369.79 billion RMB, a year-on-year increase of 0.72% [1] - Net profit attributable to shareholders was 139.51 billion RMB, reflecting a year-on-year growth of 2.66% [1] - Basic earnings per share stood at 0.37 RMB [1] Group 2: Asset and Liability Management - As of the end of June, total assets amounted to 46.9 trillion RMB, an increase of 3.6 trillion RMB from the previous year [1] - Total customer loans and advances reached 26.73 trillion RMB, up by 1.82 trillion RMB [1] - Total liabilities were 43.7 trillion RMB, with customer deposits increasing by 2.6 trillion RMB [1] Group 3: Credit Quality - The non-performing loan (NPL) ratio was 1.28%, a decrease of 0.02 percentage points from the end of the previous year [1] - The overdue loan ratio remained low at 1.22%, with an overdue NPL ratio of 95.11% [1] - The provision coverage ratio was 295%, indicating a strong buffer against potential loan losses [1] Group 4: Shareholding Changes - China Ping An Life Insurance Company increased its stake in Agricultural Bank by acquiring 8.29 million shares at a price of 5.4592 HKD per share, totaling approximately 45.26 million HKD [2] - Following the acquisition, the total number of shares held by China Ping An reached approximately 4.616 billion, representing a 15.01% ownership stake [2]

"宇宙行"桂冠变更。9月4日，银行板块探底回升，盘中农业银行（601288）(601288.SH，01288.HK)A股涨超5%再创历史新高， A+H总市值约2.55万亿元，首次反超工商银行(601398.SH，01398.HK)的2.5万亿元。这也是继8月6日农行A股流通市值登顶后， 不到一个月内完成的第二次超越。 数据显示，截至14时50分，农行A股涨5.17%，报7.52元，带动总市值升至2.55万亿元；工行A股涨1.75%，报7.57元，总市值为 2.5万亿元。总股本方面，农业银行约3500亿股，其中A股占比为91%，港股占比为9%；工商银行约3564亿股，A股占比76%，港 股占比为24%。 业绩层面，国有四大行2025年半年报已悉数亮相，农行实现营业收入3699亿元，同比增长0.85%；归母净利润1395亿元，同比增 长2.66%，为四大行中唯一保持利润正增长的银行。反观工行，虽营收规模4271亿元仍居首位，但归母净利润1681亿元，同比下 滑1.39%，增速落后农行逾4个百分点。 | 证券代码 | 证券简称 | 归母净利润(亿元) | | 净利增速 | 所属行业 | | --- | --- | ...

Group 1 - Agricultural Bank of China reported a revenue of 369.79 billion RMB for the first half of 2025, a year-on-year increase of 0.72% [1] - The net profit attributable to shareholders was 139.51 billion RMB, reflecting a year-on-year growth of 2.66% [1] - The bank's total assets reached 46.9 trillion RMB, an increase of 3.6 trillion RMB compared to the end of the previous year [1] Group 2 - Customer loans and advances totaled 26.73 trillion RMB, up by 1.82 trillion RMB from the end of the previous year, indicating strong financing supply [1] - The total liabilities amounted to 43.7 trillion RMB, with customer deposits increasing by 2.6 trillion RMB [1] - The non-performing loan ratio was 1.28%, a decrease of 0.02 percentage points from the end of the previous year, indicating improved asset quality [1] Group 3 - China Ping An Life Insurance Company increased its stake in Agricultural Bank of China by acquiring 8.29 million shares at a price of 5.4592 HKD per share, totaling approximately 45.26 million HKD [2] - Following the acquisition, Ping An's total shareholding in the bank reached approximately 4.616 billion shares, representing a 15.01% ownership stake [2]

| 编辑：黄梅 | | --- | 校对：王玥 中国基金报 晨曦 9月4日下午，农业银行股价直线走高，盘中最高达到7.52元/股，涨幅达5.59%。 股价飙涨之际，农业银行总市值也超越工商银行，成为总市值"冠军"。 巅峰对话 投资热点说 ETF风向标 IPO情报站 0 f= ® m CHINAFUND CHINAFUND CHINAFUND CHINAFUND 全球早班车 数说人物 开盘速道 港股目报 � V a 8 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 微信搜一搜( Q 中国基金报 ) 即刻获取财经资讯 制作：舰长 审核：陈墨 tels we no as 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ ...

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].