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]

Investment Rating - The report maintains a "Strong Buy" rating for Agricultural Bank of China (601288.SH) [5][9]. Core Views - The bank's total asset growth rate rebounded, with stable growth in loans and investments. In Q2, the growth rate of interest-earning assets increased by 5.34 percentage points to 11.60%, primarily driven by short-term liquidity assets [2]. - Deposit growth has recovered, with a year-on-year increase of 8.29% in the first half of the year, showing significant improvement compared to the first quarter [3]. - Non-interest income growth turned positive, with a 10.1% year-on-year increase in Q2, supported by a recovery in capital markets [3]. - Asset quality remains stable, with a non-performing loan ratio of 1.28% at the end of Q2, unchanged from the previous quarter [4]. - The bank announced an interim dividend of 1.195 yuan per 10 shares, accounting for 30% of net profit [4]. Summary by Sections Performance - In the first half of 2025, the bank's operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 0.85%, 0%, and 2.66% year-on-year, respectively [1][15]. - The growth rates for total assets, loans, and deposits were 11.60%, 9.63%, and 8.29%, respectively, indicating a stable performance [15]. Non-Interest Income - Non-interest income saw a year-on-year growth of 23.2% in the first half, with significant contributions from various services such as agency sales and custody [3][16]. Interest Margin and Asset-Liability Management - The bank's net interest margin has shown a slight decline, with a reported value of 1.32% [15]. The bank's strategy of asset expansion in a high-interest environment has been effective, although future asset growth may need to align with deposit growth [2][4]. Asset Quality - The non-performing loan ratio remained stable at 1.28%, with a provision coverage ratio of 295% [4]. The bank has effectively managed the increase in retail non-performing loans, which rose by 15 basis points to 1.18% [4]. Capital and Shareholder Returns - The bank's interim dividend reflects a commitment to returning value to shareholders, with a payout ratio of 30% of net profit [4]. The bank's capital adequacy ratios remain strong, supporting its growth strategy [15].

Core Insights - Agricultural Bank reported a net profit of 139.9 billion yuan for the first half of the year, representing a year-on-year growth of 2.53% [1] - The bank's operating income reached 369.8 billion yuan, with a year-on-year increase of 0.72% [1] - Both net profit and operating income showed positive growth, with an improvement in growth rates compared to the first quarter [1] Financial Performance - The bank's net interest margin is expected to stabilize marginally in the second half of the year, contributing to steady profit growth [1] - The bank aims to achieve stable profit growth and shareholder returns while serving the real economy [1] Strategic Focus - The bank plans to deepen revenue generation efforts to ensure a solid financial foundation [1] - There will be a focus on rural markets to strengthen competitive advantages and provide quality financial services for rural revitalization [1] - Continuous optimization of financial supply is a priority, with efforts to support economic recovery [1] - Emphasis on reform and solidifying operational foundations is highlighted [1] - The bank will enhance risk prevention in key areas to maintain stable performance [1]

2025年上半年，农行净利息收益率为1.32%，净利差为1.20%，同比分别下降13个和10个基点。农行 称，净利息收益率和净利差同比下降主要是由于受该行支持实体经济发展、LPR下调等影响，生息资产 收益率下降。 净利息收入是农行营业收入的最大组成部分，占其2025年上半年营业收入的76.4%。2025年上半年，农 行实现净利息收入2824.73亿元，同比减少83.75亿元，其中规模增长导致净利息收入增加205.27亿元， 利率变动导致净利息收入减少289.02亿元。 格隆汇8月29日丨农业银行(601288.SH)发布中报，2025上半年实现营业总收入3699.37亿元，同比增长 0.85%；归属母公司股东净利润1395.1亿元，同比增长2.66%；基本每股收益为0.37元。此外，拟对全体 股东每10股派发现金红利1.195元(含税)。 ...

Core Viewpoint - Agricultural Bank of China Limited reported a stable performance in the first half of 2025, with a net profit of RMB 1,399.43 billion, reflecting a year-on-year growth of 2.5% [10][14][40]. Financial Overview - Total assets reached RMB 46.8558 trillion, an increase of RMB 361.774 billion or 8.4% compared to the end of the previous year [14][15]. - The total liabilities amounted to RMB 43.7066 trillion, up by RMB 356.577 billion or 8.9% from the previous year [15]. - Shareholder equity totaled RMB 3.1492 trillion, with a net asset value per share of RMB 7.65, an increase of RMB 0.25 [16]. Dividend Distribution - The bank proposed a mid-term cash dividend of RMB 1.195 per 10 shares, totaling RMB 418.23 billion, which is 30% of the net profit attributable to shareholders for the first half of 2025 [2][40][42]. Business Performance - The bank's loan and advance total reached RMB 26.73 trillion, an increase of RMB 1.82 trillion or 7.5% from the previous year [10][14]. - The non-performing loan ratio was 1.28%, a decrease of 0.02 percentage points from the end of the previous year [10]. - The bank's capital adequacy ratio stood at 17.45%, with a return on assets (ROA) of 0.62% and a return on equity (ROE) of 10.16% [10][14]. Support for Agriculture and Rural Development - Loans to rural areas increased by RMB 916.4 billion, with a total balance of RMB 10 trillion, accounting for 40.9% of domestic loans [11]. - The bank provided RMB 1.24 trillion in loans related to food security, with a growth rate of 23.7% [11]. Risk Management - The bank emphasized risk prevention, maintaining a stable asset quality and enhancing market risk management capabilities [14][21].