2025 年 08 月 21 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn 证券分析师： 徐凝碧 S0350524110001 xunb@ghzq.com.cn [Table_Title] 非息收入同比增速超 30% ——江阴银行（002807）公司点评 最近一年走势 | 相对沪深 | 300 表现 | | 2025/08/20 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 江阴银行 | | 1.8% | 15.3% | 39.1% | | 沪深 300 | | 5.2% | 9.6% | 28.2% | | 市场数据 | 2025/08/20 | | --- | --- | | 当前价格（元） | 4.98 | | 周价格区间（元） 52 | 3.37-5.10 | | 总市值（百万） | 12,257.74 | | 流通市值（百万） | 12,240.92 | | 总股本（万股） | 246,139.28 | | 流通股本（万股） | ...

Core Viewpoint - Agricultural Bank of China (ABC) has achieved positive growth in both revenue and profit in Q1, contrasting with the declining performance of other major banks, driven primarily by strong growth in non-interest income despite a challenging bond market [1][3]. Group 1: Financial Performance - In Q1, ABC's non-interest income growth reached 45.3%, significantly higher than the full-year growth rate of 26.3% in 2024, showcasing its resilience in a tough market [1][2]. - The bank's investment net income increased by 71 million, a year-on-year increase of 35 million, while fair value changes contributed an additional 39 million, indicating effective timing in investment strategies [3][4]. - ABC's total assets grew at a rate of 6.3%, the lowest among the six major state-owned banks, reflecting a strategic decision to control asset growth and structure [5][6]. Group 2: Asset Management Strategy - The bank has actively reduced interbank assets and adjusted financial investment growth from 23.5% at the end of 2024 to 12.7% in Q1 2025, while maintaining a loan growth rate of around 10% [5][6]. - ABC's significant increase in precious metal investments aligns with market trends, demonstrating a proactive approach to asset allocation [6]. Group 3: Areas for Improvement - Despite strong performance in asset management, ABC's deposit growth of 3.1% and net fee income decline of 3.5% indicate areas needing enhancement [7]. - Long-term sustainability of excess returns relies on improving deposit levels and intermediary income, as well as maintaining high asset quality, which is currently leading among large banks [7].