中新网11月21日电(记者左雨晴) "当前县域金融已基本解决服务覆盖'有没有'的问题，正迈向'好不好'的 高质量发展新周期"。近日，中国人民银行原副行长、中国互联网金融协会首届会长李东荣在第六届中 国县域金融发展论坛暨第十七届村镇银行年会上表示。 县域金融是连接城市资本与乡村产业的关键纽带。近年来，我国县域金融在服务网络覆盖、信贷规模扩 张等方面取得了一系列成就，但也面临发展区域不平衡、合规风险、数字化水平低等痛点。 中国社会科学院农村发展研究所党委书记、中国县镇经济交流促进会会长杜志雄指出，县域产业结构单 一导致抗风险能力不足、金融服务深度不够与人才短缺形成双重挤压等问题相互交织，制约了金融赋能 实效。 面对从"覆盖"到"提质"的转型命题，与会专家认为新路径的探索，需科技赋能与协同联动来破局。 （文章来源：中国新闻网） 杜志雄强调，"县域金融高质量发展需要政府、市场与社会形成合力，任何单方面的努力都难以奏效。" 李东荣认为，金融科技已成为数字经济发展的重要驱动力，有效赋能县域金融与农村金融的创新发展。 金融机构既要扛起支持乡村振兴的使命责任，也要把握金融科技带来的创新机遇。"为了让金融服务覆 盖全社会的普通 ...

Core Insights - The article discusses the launch of the "Meituan Co-branded Credit Card" by Agricultural Bank of China in collaboration with Meituan, focusing on unlocking consumer benefits in county-level markets [3] Group 1: Product Features - The co-branded credit card offers two unique card designs: the "Fun Version" featuring a green background representing Agricultural Bank and the "Vitality Version" highlighting common life elements from Meituan's ecosystem [3] - The card provides significant benefits for new customers, including up to 360 yuan in rewards, covering high-frequency daily scenarios such as food delivery, group buying, ride-hailing, and movie tickets [3] - Additional perks include payment discounts and membership benefits for coffee, tea, and audio-visual services, catering to comprehensive consumer needs [3] Group 2: Strategic Goals - The launch of the credit card is part of Agricultural Bank's commitment to social responsibility, emphasizing "payment for the people and inclusive finance" [3] - The bank aims to align with the central financial work conference's directives, focusing on developing new productive forces and deepening innovation with leading partners [3] - Future plans include introducing more products tailored to the consumption upgrades in county-level markets, enhancing financial benefits for these regions [3]

信风统计发现，A股42家上市银行中，前三季度利润增速突破15%的机构仅有2家，齐鲁银行正是其中之一。 下行周期中持续发酵的县域金融业务，正在成为银行业绩新的价值锚地。 前三季度，齐鲁银行录得营收、归母净利99.24亿元、39.63亿元，同比增幅分别为4.63%、15.14%。 尽管从更长时间回溯，该行近五年营收、净利增速已处于下行通道，4.63%的营收增幅甚至创下历史新低； 但与同业横向比较，两位数的利润增速在上市银行中已较为鲜见。 如今的稳健表现，很大程度上可追溯至六年前的前瞻性布局。 当同业普遍聚焦城市业务时，齐鲁银行曾将县域金融确立为全行核心战略； 如今其县域存贷款占比均已达到全行约三成，广阔的下沉市场不仅为其提供了差异化的竞争优势，亦成为其穿越周期、实现稳健增长的重要支柱。 收入结构上，该行利息、中收、投资收益对营收的贡献率分别为78.24%、10.44%、14.82%。 支柱业务传统信贷的量价齐增，支撑其利息净收入增长17.31%，成为营收向好的关键。 一方面，是齐鲁银行仍维持了较高的扩表速度： 前三季度，资产、负债分别较年初增长12.93%、13.22%，大幅领先行业整体水平； 其中贷款、存款增幅 ...

银行股再次"大象起舞"，与其本身流动性好、分红稳定、股息率较高等特征有关，在低利率、"资产 荒"环境下，这些特征对中长期资金具有较强吸引力。此外，市值管理相关规定的落实，对提升银行板 块估值也有推动作用。 11月12日，银行板块再现"大象起舞"行情，两大龙头股农业银行、工商银行股价均创下历史新高。农业 银行总市值再迎突破，是目前A股市场市值最大的公司。近期，受市场风格切换影响，资金回流银行板 块趋势加速演绎。机构人士认为，银行股以高股息的"类债资产"属性，对中长期资金的吸引力仍较大。 同时，在市场风格切换下，三季度资金低配板块迎补仓机遇，银行板块成为受益对象之一。 银行板块获资金加持 11月12日，A股42只银行股多数收涨。其中，农业银行以3.49%的涨幅领涨板块，中国银行、渝农商行 （601077）、长沙银行（601577）、上海银行（601229）等涨幅居前。农业银行强劲的股价上涨，带动 该股市净率提升，目前其市净率达到1.1倍，在A股上市银行中最高。 业内人士表示，农业银行强势行情背后，有基本面稳健的因素，也有资金面的推动：受益于在"县域金 融"的深度布局，未来信贷增长空间大、息差韧性更强；资产质量较好 ...

Core Viewpoint - The banking sector is experiencing a significant rally, with Agricultural Bank of China and Industrial and Commercial Bank of China reaching historical highs, driven by a shift in market style and increased capital inflow into the banking sector [1][2]. Group 1: Market Performance - On November 12, 42 banking stocks in A-shares mostly rose, with Agricultural Bank leading the sector with a 3.49% increase, boosting its price-to-book ratio to 1.1, the highest among A-share listed banks [1]. - The banking sector has seen a net inflow of over 300 million yuan in the past five trading days, ranking first among 36 Wind secondary industry sectors [2]. Group 2: Fundamental and Technical Factors - The strong performance of Agricultural Bank is attributed to its solid fundamentals, including deep penetration in county-level finance, strong asset quality, and robust risk absorption and profit reinvestment capabilities [2][3]. - The low volatility and stable dividends of bank stocks have made them attractive to long-term funds in a low-interest-rate environment, contributing to the recent capital shift towards the banking sector [2]. Group 3: Institutional Activity - Recent reports indicate a decrease in public fund holdings in bank stocks, creating a replenishment opportunity for underweight sectors, with banks expected to benefit from this trend [3]. - Several bank executives and major shareholders have disclosed plans to increase their holdings, signaling confidence in the long-term investment value of bank stocks [3].

Core Viewpoint - Agricultural Bank of China has shown strong performance in the stock market, reaching a historical high with a market capitalization exceeding 3 trillion yuan, driven by solid fundamentals and favorable market conditions [1][2] Group 1: Stock Performance - On November 12, the banking sector rose against the trend, with Agricultural Bank's stock price increasing approximately 3.13% to 8.56 yuan [1] - The bank's stock has seen a cumulative increase of over 60% year-to-date, outperforming the Shanghai Composite Index [1] - Agricultural Bank has maintained its position as the top A-share market value leader since early August [1] Group 2: Financial Performance - For the first three quarters of 2025, Agricultural Bank reported operating income of 550.88 billion yuan, a year-on-year increase of 1.97%, and a net profit attributable to shareholders of 220.86 billion yuan, up 3.03% [1][2] - As of September 30, 2025, the bank's total assets reached 48 trillion yuan, reflecting an 11.33% growth compared to the end of the previous year [1] Group 3: County Financial Potential - The bank's strong performance is attributed to the release of potential in county-level finance, with county loans amounting to 10.90 trillion yuan, a 10.57% increase year-on-year [2] - The proportion of county loans in domestic loans stands at 40.98%, indicating a strategic focus on this segment [2] Group 4: Asset Quality and Valuation - As of September 30, the non-performing loan ratio was 1.27%, a decrease from the beginning of the year, with a provision coverage ratio of 295.08% and a capital adequacy ratio of 17.78% [2] - Agricultural Bank's A-share price-to-earnings ratio is 10.17, with a dividend yield of 2.86%, making it the only major bank with a price-to-book ratio exceeding 1 [2] Group 5: Dividend Distribution - The bank has completed two cash dividend distributions for the 2024 fiscal year, totaling 84.66 billion yuan, and plans to distribute an additional 41.82 billion yuan, representing 30% of its semi-annual net profit [3]

Investment Rating - The investment rating for Agricultural Bank of China is "Buy" with a 6-month outlook maintained [6]. Core Insights - Agricultural Bank of China reported a revenue of 550.88 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.97%, and a net profit attributable to shareholders of 220.86 billion yuan, up 3.03% year-on-year [1][2]. - The bank's annualized weighted ROE stands at 10.47%, showing a quarter-on-quarter increase of 0.31 percentage points [1]. - The bank's net interest income, net fee and commission income, and net other non-interest income showed year-on-year changes of -2.40%, +13.34%, and +31.72% respectively, indicating a continuous improvement trend [2]. Financial Performance Summary - For the first three quarters of 2025, Agricultural Bank's operating income, pre-provision profit, and net profit attributable to shareholders grew by 1.97%, 1.13%, and 3.03% respectively, showing improvements compared to the first half of 2025 [2]. - The bank's total assets grew by 10.52% year-on-year, with loans and financial investments increasing by 9.31% and 15.64% respectively [3]. - The bank's net interest margin recorded at 1.30%, ranking second among the major banks, with a slight decline of 2 basis points from the first half of 2025 [3]. Non-Interest Income and Asset Quality - Non-interest income showed strong performance, with net fee and commission income increasing by 23.59% year-on-year in Q3 2025, benefiting from the stock market recovery [4]. - The bank's non-performing loan ratio was 1.27% as of the end of September 2025, ranking second lowest among major banks, with a quarter-on-quarter decrease of 1 basis point [4]. Profit Forecast and Valuation - The bank is expected to maintain strong growth potential, with projected net profit growth rates of 2.07%, 3.97%, and 4.95% for 2025, 2026, and 2027 respectively [5]. - The estimated book value per share for 2025, 2026, and 2027 is projected to be 7.69 yuan, 8.12 yuan, and 8.53 yuan respectively [5].

Core Viewpoint - The article emphasizes the importance of county-level economies in China's modernization, highlighting their role as the foundation of the national economy and their potential for future domestic demand growth [2]. Financial Support in County Economies - Financial institutions are crucial in providing support to county economies, particularly in facilitating the last mile of service to the real economy [2]. - Agricultural Bank of China (ABC) has initiated various loan products tailored for county-level agricultural enterprises, such as the "Grain Farmer e-loan" and "River West Corridor Seed Loan," which have shown high efficiency in disbursing funds [4][5]. Case Studies of Financial Impact - In Gansu's Zhangye, a seed company faced cash flow issues but received a quick loan of 10 million yuan from ABC, demonstrating the bank's responsiveness [4]. - In Guangxi's Bo Bai County, 83% of grain farmers struggled to secure loans due to lack of collateral, but ABC's innovative data-driven "Grain Farmer e-loan" provided them with access to credit based on subsidy records [4]. Agricultural and Industrial Development - ABC's loans have significantly supported local agricultural enterprises, such as the Gansu Jiabinyun Dairy Company, which has received continuous financial backing to maintain operations and support local employment [7][10]. - The bank's innovative "Smart Animal Husbandry Loan" allows live cattle to serve as collateral, addressing the issue of insufficient physical assets for loans [9]. Infrastructure and Technological Advancements - Financial support is extending beyond traditional agriculture to include modern agricultural facilities, such as drip irrigation systems, which enhance water efficiency [16][20]. - ABC has developed products like "Electricity Fee e-loan," which uses stable electricity payment records as a basis for credit approval, showcasing a shift towards data-driven lending [19][23]. Community and Trust Building - The "Financial Village Director" model has been implemented to enhance trust and efficiency in loan approvals, connecting banks with local communities [29][31]. - ABC's efforts in building a comprehensive financial service network have resulted in significant loan disbursements to farmers, improving their livelihoods and economic stability [28][32]. Conclusion - The article concludes that financial services are evolving from merely providing funds to becoming integral components of county economic development, fostering growth and resilience in local communities [34].

Investment Rating - The report maintains an "Overweight" rating for A/H shares of Agricultural Bank of China [8] Core Views - The company's performance shows marginal improvement with a decrease in the decline of net interest income and a rebound in non-interest income growth, supported by stable asset quality and declining credit costs [1][4] - The bank's leading position in county-level markets provides resilience for earnings growth, justifying the "Overweight/Buy" rating for A/H shares [6] Summary by Sections Financial Performance - For the first nine months, the bank's net profit attributable to shareholders increased by 3.0%, operating income by 2.0%, and PPOP by 1.3% year-on-year, with growth rates improving compared to the first half of the year [1] - As of September, total assets, loans, and deposits grew by 10.5%, 9.1%, and 7.5% respectively, showing an increase from June [2] Non-Interest Income - Non-interest income rose by 20.7% year-on-year, with intermediary business income up by 13.3% and other non-interest income increasing by 31.7% [3] - Investment net income and fair value changes showed significant growth, with net investment income up by 35% [3] Asset Quality - The non-performing loan ratio stood at 1.27% with a provision coverage ratio of 295%, indicating stable asset quality [4] - The annualized credit cost decreased to 0.44%, reflecting improved risk management practices [4] Rural Financial Services - The bank has focused on enhancing financial services for agriculture and rural areas, with county-level loans increasing significantly [5] - The balance of loans related to food security reached 1.24 trillion yuan, growing by 23.7% year-on-year [5] Valuation and Forecast - The report projects net profit attributable to shareholders for 2025 to be 2929.45 billion yuan, with a target PB of 1.20 for A/H shares [6] - The estimated BVPS for 2025 is 8.01 yuan, with corresponding target prices of 9.61 yuan and 8.10 HKD for A/H shares [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is well-positioned in the Hunan region, with 99% of its revenue generated from this area, particularly from Changsha, which accounts for 65.76% of its income [4][14] - The bank's diversified ownership structure, primarily state-owned with participation from private enterprises, supports its strong government financial relationships [11][45] - The bank's net interest margin is among the highest in the listed city commercial banks, indicating effective asset utilization and low-cost funding [4][64] - The bank is focusing on retail transformation and expanding its presence in county-level financial services, which is expected to drive future growth [4][5] Summary by Sections Company Overview - Changsha Bank was established in 1997 and became the first regional joint-stock commercial bank in Hunan, listed in 2018 [9] - The bank's headquarters is in Changsha, with a focus on local and regional economic development [10] Regional Advantages - The economic development in Hunan is stable, with a GDP growth rate of 5.6% in the first half of 2025, outperforming the national average [17][19] - Changsha's low housing price-to-income ratio enhances consumer spending and attracts talent, contributing to a vibrant local economy [22] Business Characteristics - The bank has prioritized county-level financial services, achieving a compound annual growth rate of 18.96% in county loans from 2022 to 2024 [40] - The bank's government financial services are robust, supported by its major shareholder, the Changsha Municipal Finance Bureau [45] Financial Performance - The bank's revenue is projected to grow from 245.96 billion yuan in 2023 to 317.23 billion yuan by 2027, with net profit expected to increase from 74.63 billion yuan to 95.07 billion yuan in the same period [3] - The bank's return on equity (ROE) was 11.65% as of mid-2025, ranking it 8th among listed city commercial banks [53]