美银证券发布研报称，农业银行（601288）(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%。 ...

Investment Rating - The report maintains a "Buy" rating for Agricultural Bank with a target price not specified [9] Core Views - Agricultural Bank's revenue and profit have shown improvement in the first half of 2025, with a year-on-year revenue increase of 0.85% and a net profit increase of 2.66% [2][6] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.28% and a provision coverage ratio of 295% [5][28] Revenue and Profitability - In H1 2025, Agricultural Bank achieved a revenue of approximately 369.94 billion yuan, with net interest income of 282.47 billion yuan, accounting for 76.36% of total revenue [2][14] - Non-interest income was strong, reaching 87.46 billion yuan, a year-on-year increase of 15.10% [3][22] - The bank's net interest margin recorded at 1.32%, slightly down by 2 basis points from Q1 2025 [17][19] Asset and Liability Management - As of H1 2025, the total interest-earning assets amounted to 46 trillion yuan, growing by 8.42% from the end of 2024 [4][23] - The total interest-bearing liabilities reached 42.47 trillion yuan, with a year-on-year growth of 13.02% [4][27] Asset Quality - The non-performing loan ratio stood at 1.28%, unchanged from the previous quarter, while the overdue rate increased slightly to 1.22% [5][28] - The provision coverage ratio remains high at 295%, indicating strong risk management [5][29] Future Profitability Projections - The report forecasts Agricultural Bank's net profit growth for 2025-2027 at 1.98%, 3.94%, and 4.63% respectively [6][8]

美银证券发表研究报告称，农业银行上半年净利润按年增长2.7%至1,395亿元，再次领先主要银行，且 与该行预期完全一致。该行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；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%。 ...

美银证券发表研究报告称，农业银行上半年净利润按年增长2.7%至1,395亿元，再次领先主要银行，且 与该行预期完全一致。该行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；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%。 ...

Core Points - China Agricultural Bank will distribute the "2025 Shanghai Government Refinancing General Bond (Phase IV)" starting September 1, 2025, with a bond code of 2505951 [1] - The bond has a fixed interest rate of 1.6800% and a maturity of 5 years, with annual interest payments [1] - The funds raised will be used to repay the principal of Shanghai government bonds maturing in 2025, as per the Ministry of Finance's requirements [1] Distribution and Subscription - The bond will be available to individual investors, financial institutions, and non-financial institutions nationwide, with subscriptions through various channels including bank branches and online banking [1] - The minimum subscription unit is one bond (face value of 100 yuan), with no upper limit on the number of subscriptions [1] - The subscription period is from 10:00 AM to 4:50 PM on working days, and it operates on a first-come, first-served basis until sold out [1] Payment and Taxation - The Shanghai Municipal Finance Bureau will handle the repayment of principal and interest, with China Agricultural Bank acting as an agent for the payment to customers [2] - Interest income from the bonds is exempt from corporate and personal income tax, according to regulations from the Ministry of Finance and the State Administration of Taxation [2] - Investors can verify their bond balance through the Central Government Securities Depository Trust and Clearing Co., Ltd. starting from the bond listing date [2]

截至报告期末，农业银行县域贷款余额10.77万亿元，新增9164亿元，增速9.3%，高于全行平均水 平2.0个百分点；余额占境内贷款比重40.9%。 截至报告期末，农业银行乡村产业、乡村建设领域贷款余额分别为2.70万亿元、2.44万亿元，增速 分别为21.3%、8.5%，分别高于全行14.0个、1.2个百分点。大力拓展粮食全产业链信贷服务，粮食和重 要农产品保供相关领域贷款余额1.24万亿元，新增2372亿元，增速23.7%。 截至报告期末，农业银行832个脱贫县贷款余额2.48万亿元，增速8.9%，高于全行1.6个百分点。建 立重点帮扶地区"一县一档案"工作机制和分层分类帮扶机制，160个国家乡村振兴重点帮扶县贷款余额 4758亿元，增速9.0%，高于全行1.7个百分点。"三区三州"地区贷款余额超4797亿元，新增389亿元，增 速8.8%。 责任编辑：杨喜亭 报告期内，农业银行净利润、营业收入保持"双正增长"，增速分别较一季度提升0.7个、0.4个百分 点。其中，净利润1399亿元，同比增长2.53%；营业收入3698亿元，同比增长0.72%。资本充足率 17.45%。 截至报告期末，农业银行不良贷款率 ...

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期相關 | | --- | --- | --- | --- | --- | | | 原因 股份數目 | | 信号 信号 ■ ■ * 註 * 註 * 註 * 註 * | 有投票權股(日 / 月 / 年) 權 | | | | | | 份自分比 | | | | | | ( 96 ) | | CS20250829E00019 | 中国平安人寿保险股份有限公 101(L) | 8,290,000(L) | HKD 5.4592 | 4,616,494,000(L) 15.01(L)26/08/2025 | | | 0 | | | | | 股份代號: | 01288 | | --- | --- | | 上市法國名稱: | 中國農業銀行股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 01/08/2025 - 01/09/2025 | 格隆汇9月1日丨根据联交所最新权益披露资料显示，2025年8月26日，农业银行(01288.HK)获中国平安人寿保险股份 ...

本报讯 （记者向炎涛）8月30日，中国农业银行股份有限公司（以下简称"农业银行"）发布2025年半年 度报告。上半年，农业银行主要业绩指标表现良好，业务经营保持较强韧性，实现营业收入3699亿元， 净利润1399亿元，同比分别增长0.8%、2.5%，保持"双正增长"势头。 上半年，农业银行紧跟实体经济需求变化，持续优化信贷政策，创新产品和服务模式，强化"两重""两 新""五篇大文章"等重点领域融资供给，助力经济持续回升向好。服务促消费、扩内需走在前列。对接 消费品以旧换新政策，实施金融支持提振消费专项行动，含信用卡在内的个人消费贷款余额1.45万亿 元，增量超1100亿元。累计投放房地产融资协调机制"白名单"项目贷款超5300亿元，已审批贷款投放率 75%，均居同业前列。 （编辑 张昕） 截至6月末，该行资产总计46.9万亿元，较上年末增加3.6万亿元，其中发放贷款和垫款总额26.73万亿 元，较上年末增加1.82万亿元，融资供给保持同业前列。负债合计43.7万亿元。不良贷款率1.28%，比 上年末下降0.02个百分点；拨备覆盖率295%，资本充足率17.45%。 农业银行坚守主责主业，倾斜政策资源，创新产品 ...

Core Viewpoint - The recent announcements from China Bank and Agricultural Bank regarding bond issuance and redemption indicate a significant shift in the banking sector, highlighting efforts to optimize capital structure and reduce funding costs [1][4][7]. Group 1: Bond Issuance and Redemption - China Bank announced the completion of a 40 billion perpetual bond issuance, which is a "loss-absorbing perpetual capital bond" with a low coupon rate of 2.16% for the first five years, comparable to regular savings rates [4][5]. - Agricultural Bank opted to redeem a 35 billion perpetual bond issued in 2020, which had a higher coupon rate of 4.39%, to avoid increased costs that would exceed 7% after the fifth year [7]. - The simultaneous actions of both banks suggest a proactive approach to managing liabilities and reducing funding costs in a competitive environment [7][11]. Group 2: Insurance Investment in Bank Stocks - Insurance funds have significantly increased their holdings in bank stocks, with nearly 30 instances of stake increases this year, including major banks like Agricultural Bank and China Bank [4][9]. - The appeal of bank stocks to insurance companies is driven by attractive dividend yields, with Agricultural Bank projected to distribute 84.66 billion yuan in dividends for 2024, representing a payout ratio exceeding 30% [9]. - The current low price-to-book ratios of banks, with Agricultural Bank at 0.86 and China Bank at 0.62, present an opportunity for insurance funds seeking stable returns amid a low-yield environment [9][11]. Group 3: Market Implications - The actions of the banks and insurance companies reflect a broader trend of financial integration, where banks seek stable long-term funding and insurance companies look for quality investment opportunities [11]. - The low interest rates and the banks' strategic moves signal a potential transformation in the financial sector, suggesting that investors should pay attention to these developments as they may indicate deeper market changes [11].

Core Viewpoints - Agricultural Bank of China (ABC) reported a stable performance in H1 2025, with revenue, PPOP, and net profit growth rates of 0.85%, 0%, and 2.66% respectively, showing improvements compared to Q1 2025 [1] Group 1: Performance Metrics - The total asset growth rate rebounded, with a 5.34 percentage point increase in interest-earning asset growth to 11.60% in Q2, primarily driven by short-term liquidity assets [2] - Loan growth remained stable at 9.63% year-on-year, while financial investment growth slowed to 12.35%, aligning with government bond balance growth [2] - Deposit growth recovered to 8.29% year-on-year, with a significant increase of 5.21 percentage points from Q1, although it still lags behind total asset and loan growth [2] Group 2: Income and Quality - Non-interest income growth turned positive in Q2, with a year-on-year increase of 10.1%, driven by a recovery in capital market activities [3] - Other non-interest income grew by 23.2% year-on-year, indicating a return to average levels [3] - Asset quality remained stable, with a non-performing loan (NPL) ratio of 1.28% at the end of Q2, unchanged from the previous quarter, and a coverage ratio of 295% [3] Group 3: Dividends and Future Outlook - The company announced an interim dividend of 1.195 yuan per 10 shares, representing 30% of net profit [4] - The bank's asset quality is superior to its peers, and if deposit and non-interest income continue to improve, the fundamental advantages will further enhance [5][6]