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]

Investment Rating - The report maintains a "Recommended" rating for Agricultural Bank of China (601288.SH) [1][3] Core Views - Agricultural Bank of China demonstrated strong performance in non-interest income, with a year-on-year growth of 15.1% in the first half of 2025, significantly up from 11.1% in the first quarter [7] - The bank's net profit attributable to shareholders increased by 2.7% year-on-year, driven by a recovery in revenue growth [4][7] - The bank's total assets reached 46.9 trillion yuan, reflecting an 11.6% year-on-year increase, with loans and deposits growing by 9.6% and 8.3% respectively [4][7] Summary by Sections Financial Performance - In the first half of 2025, Agricultural Bank achieved operating income of 369.9 billion yuan, a 0.8% increase year-on-year, and a net profit of 139.5 billion yuan, up 2.7% [4][9] - The annualized return on equity (ROE) was reported at 10.2% [4] Income Breakdown - Non-interest income showed a significant increase, with fee income rising by 10.1% year-on-year, and other non-interest income growing by 23.2% [7][9] - Net interest income decreased by 2.9% year-on-year, influenced by a declining net interest margin of 1.32% [7][9] Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.28%, with a slight year-on-year decrease of 4 basis points [8] - The bank's provision coverage ratio stood at 295%, indicating strong risk mitigation capabilities [8] Future Projections - The report forecasts earnings per share (EPS) for 2025-2027 to be 0.84, 0.89, and 0.93 yuan respectively, with corresponding profit growth rates of 4.1%, 5.6%, and 5.4% [7][11] - The price-to-book (P/B) ratios for 2025-2027 are projected to be 0.91x, 0.84x, and 0.78x [7][11]

Core Viewpoint - The company has shown fluctuations in revenue and net profit growth rates over the years, indicating potential areas for investment analysis and risk assessment [13][15][22]. Financial Performance - The company's revenue growth rate has varied, with a peak of 9.47% in 2021 and a decline to 0.03% in 2023 [13]. - The net profit growth rate also experienced fluctuations, with a high of 9% in 2021 and a drop to -3.67% in 2022 [13][15]. - For the first half of 2025, the average return on equity was 4.51%, a slight decrease of 0.05 percentage points compared to the same period last year [22]. Cash Flow Analysis - In the first half of 2025, the net cash flow from operating activities was 10,058.04 billion, while financing activities generated 3,038.98 billion, and investment activities resulted in a negative cash flow of -3,835.82 billion [25]. Asset and Liability Changes - As of the first half of 2025, the company's monetary funds increased by 57.55%, raising its proportion of total assets by 2.24 percentage points [30]. - Debt investments rose by 4.48%, but their proportion of total assets decreased by 0.82 percentage points [30]. - The company's liabilities saw significant changes, with a 73.2% increase in sold repurchase financial assets, raising their proportion of total assets by 0.85 percentage points [33]. Historical Trends - The company's asset-liability ratio has shown a consistent trend, with the latest figures indicating a ratio of 92.07% in the first half of 2025, compared to the industry average and median [35].

银行业 买入（维持） 净利润增速领跑国有行，其他非息表现亮眼 农业银行（601288）2025 年半年报点评 2025 年 9 月 2 日 投资要点： 分析师：吴晓彤 SAC 执业证书编号： S0340524070001 电话：0769-22119302 邮箱： wuxiaotong@dgzq.com.cn 主要数据 2025 年 9 月 1 日 | 收盘价(元) | 7.05 | | --- | --- | | 总市值（亿元） | 23,978 | | 总股本(百万股) | 349,983 | | 流通股本(百万股) | 349,983 | | ROE（TTM） | 10.67% | | 12 月最高价(元) | 7.34 | | 12 月最低价(元) | 4.14 | 股价走势 农业银行 深 资料来源：iFinD，东莞证券研究所 事件：农业银行发布2025年半年报。2025年上半年，农业银行实现营业收入 3,699亿元、净利润1,399亿元，同比分别+0.8%、+2.5%，平均总资产回报率 0.62%，加权平均净资产收益率10.16%，成本收入比27.81%。 点评： 本报告的风险等级为中风险。 本报告的 ...

美银证券发布研报称，农业银行(01288,601288.SH)今年上半年净利润同比增长2.7%至1,395亿元人民 币，再次领先主要银行，且与该行预期完全一致。美银证券将农业银行将目标价上调0.5%至1.2%，H股 目标价为5.7港元、A股目标价为6.86元人民币;重申H股"买入"评级，因其每股盈利成长领先同业。但美 银证券将农行A股从"买入"降级至"跑输大市"，因农行A股过去三个月上涨近30%，大幅超越同业及H 股，股息收益率降至仅3.6%。 ...