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].

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].