香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 中 國 農 業 銀 行 股 份 有 限 公 司 AGRICULTURAL BANK OF CHINA LIMITED （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ） 於本公告日期，本行的執行董事為谷澍先生、王志恒先生、劉洪先生和林立先生；本行的非執行董事為 周濟女士、李蔚先生、劉曉鵬先生、張奇先生和張洪武先生；本行的獨立非執行董事為吳聯生先生、汪昌雲先生、 鞠建東先生、莊毓敏女士、張琦先生和王沛詩女士。 中国农业银行股份有限公司 （A 股股票代码：601288） （股份代號：1288） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 根據中華人民共和國的有關法律法規，中國農業銀行股份有限公司在上海證券交易所網 站刊登《中國農業銀行股份有限公司2025年度報告》。 茲載列該公告如下，僅供參閱。 承董事會命 中國農業銀行股份有限公司 劉 ...

Core Viewpoint - The article discusses the recent surge in gold prices, driven by geopolitical tensions and shifts in U.S. monetary policy, with predictions for future gold prices reaching as high as $6,000 per ounce by 2026 or 2027 [1][3]. Market Performance - As of March 30, spot gold reached a peak of $4,580 per ounce, later settling around $4,556.63, reflecting a daily increase of 1.36% [1][2]. - The New York futures gold also saw fluctuations, with a current price of $4,580 [1]. - Oil prices showed a slight increase, with WTI crude oil peaking at $103 per barrel and currently at $101.64 [1][2]. - Bitcoin has recovered to $67,850.19, marking a daily increase of 2.79% [2]. Geopolitical Context - The article highlights ongoing conflicts in the Middle East and rising oil prices, which have contributed to a strong demand for the U.S. dollar as a safe haven [1]. - U.S. President Trump's statements regarding negotiations with Iran and potential military actions have added to market volatility and uncertainty [3]. Future Predictions - Analysts predict that gold prices could reach $6,000 per ounce, with various institutions providing different timelines: - JPMorgan forecasts $6,300 by the end of 2026 [3]. - UBS suggests this target could be achieved by mid-2026 [3]. - Citigroup projects a $6,000 target by the end of 2027 [3]. - Goldman Sachs has a baseline scenario of $5,400 but acknowledges that prices could exceed $6,000 in optimistic scenarios [3].

Core Viewpoint - The Indian rupee has experienced significant volatility, prompting the central bank to implement emergency measures to stabilize the currency amid a backdrop of geopolitical tensions in the Middle East and substantial foreign capital outflows from the Indian market [1][2][3]. Group 1: Currency and Market Reactions - On March 30, the Indian rupee initially surged by 1.48% against the US dollar but later fell, closing at 94.84 rupees per dollar, reflecting ongoing instability [2][3]. - The Reserve Bank of India announced new regulations effective April 10, requiring banks to limit their unhedged positions in the domestic market to $100 million at the end of each trading day, aimed at curbing aggressive short positions on the rupee [2][3]. - The Nifty Bank Index dropped over 4%, and the SENSEX Index fell by more than 2% on the same day, indicating a broad market decline [1][3]. Group 2: Foreign Investment and Economic Impact - Since the escalation of tensions in the Middle East, the Indian rupee has depreciated nearly 4%, making it the worst-performing currency in Asia this year [3]. - Foreign investors have withdrawn approximately $12 billion from the Indian stock market, with bond markets experiencing a record outflow of $1.6 billion in March [3][4]. - Analysts predict that prolonged conflict in the Middle East could further negatively impact India's economic growth, with potential GDP growth dropping from 7.2% to 6.5% if oil prices remain high [6][4]. Group 3: Energy Costs and Government Response - India, as the third-largest crude oil importer, faces rising energy costs exacerbated by geopolitical tensions, with 85% to 90% of its oil needs met through imports [6][8]. - The Indian government has reduced special consumption taxes on gasoline and diesel by 10 rupees per liter to mitigate the impact of rising global oil prices on domestic fuel costs [7][9]. - The increase in energy import expenditures and a slowdown in remittances from the Middle East are expected to widen India's current account and fiscal deficits, potentially accelerating capital outflows [9].

Group 1 - The core conclusion indicates that in the fourth week of March, a total net outflow of funds into the market was 35.5 billion, compared to a net outflow of 34.6 billion in the previous week [1][7] - Short-term sentiment indicators are at a mid-high level since 2005, while long-term sentiment indicators are at a mid-low level since 2005 [1][12] - From an industry perspective, the highest transaction volume share in the past week was in the power equipment (99%), communication (98%), and semiconductor (96%) sectors, while the lowest was in real estate (0%), commercial trade (1%), and liquor (1%) [2][14] Group 2 - The recent week saw a decrease in financing balance by 24 billion, an increase in public fund issuance by 21 billion, a net redemption of ETFs amounting to 5.7 billion, and an estimated net outflow of northbound funds of 10.5 billion [1][7] - The recent week’s annualized turnover rate was 488%, placing it in the 82nd percentile historically, while the financing transaction ratio was 8.95%, placing it in the 56th percentile historically [12][15] - The recent week’s A-share risk premium was 2.63%, which is in the 42nd percentile historically, and the dividend yield of the 300 index (excluding finance) compared to the ten-year government bond yield was 1.24, in the 5th percentile historically [2][14]

Core Viewpoint - China Bank aims to enhance its capital strength to better serve the real economy, with a focus on high-quality development and optimized credit allocation by 2026 [1][2]. Group 1: Capital and Credit Growth - In 2025, China Bank will complete its capital increase, which is essential for its high-quality development [1]. - The bank plans to maintain a stable and balanced growth in total credit, with domestic RMB loan growth expected to outperform the market [1]. - The RMB credit balance has shown strong growth in the first two months of the year, laying a solid foundation for annual credit issuance [1]. Group 2: Credit Structure Optimization - China Bank will optimize its credit structure by supporting domestic demand, boosting consumption, and facilitating effective investments, particularly in major national projects outlined in the 14th Five-Year Plan [1]. - The bank will steadily expand personal housing loans and non-housing consumer loans [1]. Group 3: Global Strategy and Service Enhancement - China Bank will enhance its global strategy by improving services for enterprises going abroad, focusing on sectors such as intelligent manufacturing, new energy, new materials, and biomedicine [2]. - The bank has proactively issued loans to small and micro enterprises and for equipment upgrades, leading the industry in these areas [2].

Core Viewpoint - The Bank of China emphasizes its commitment to high-quality development and service to the real economy, aiming to enhance its global and comprehensive advantages while contributing to the construction of a financial powerhouse in the upcoming "14th Five-Year Plan" period [1][6]. Financial Performance - The Bank reported a steady growth in total assets and liabilities, with increases of 9.40% and 9.47% respectively compared to the previous year [2][8]. - Operating income and net profit grew by 4.48% and 2.06% year-on-year, with an average return on total assets of 0.70% and a return on equity of 8.94% [2][8]. - The net interest margin stood at 1.26%, and the non-performing loan ratio decreased by 0.02 percentage points from the previous year [2][8]. Business Growth - The core business showed a dual increase in volume and quality, with total loans and advances exceeding 23.45 trillion yuan and bond investments reaching 9.25 trillion yuan [2][8]. - Deposits grew by 8.18% year-on-year, and the bank's global advantages were reinforced, with contributions from overseas branches maintaining high levels [2][8]. Support for the Real Economy - The bank has actively supported the real economy, with significant credit support for consumption and investment projects, including over 1,500 billion yuan for equipment renewal loans [3][9]. - Personal consumption loans increased by 1,139 billion yuan, and cross-border payment facilitation for foreign nationals improved significantly [3][9]. Technological and Green Finance Initiatives - The bank launched initiatives to support technological innovation, providing 4.82 trillion yuan in technology loans to 171,800 enterprises [4][10]. - Green loans grew by 27.83% year-on-year, positioning the bank as a leader in green finance [4][10]. Globalization and Risk Management - The bank's globalization strategy is a core focus, with overseas revenue and profit increasing by 12.06% and 6.91% respectively [5][11]. - A comprehensive risk management system has been established to effectively mitigate credit risks and enhance compliance management [5][12].

Core Viewpoint - Agricultural Bank of China emphasizes its commitment to high-quality development and risk prevention while achieving stable business growth and enhancing service to the real economy in its 2025 annual report [1][10]. Group 1: Business Performance - The bank's total loan balance reached 27.13 trillion yuan, an increase of 2.23 trillion yuan from the previous year [4][13]. - Personal, inclusive, and private enterprise loans exceeded 9 trillion yuan, 4 trillion yuan, and 7 trillion yuan respectively, leading the industry [4][13]. - The balance of "Huinong e-loan" reached 1.84 trillion yuan, quadrupling during the "14th Five-Year Plan" period [3][12]. Group 2: Service to Agriculture - The bank has reinforced its commitment to serving the agricultural sector, with county loans increasing by over 1 trillion yuan annually for four consecutive years, totaling 10.9 trillion yuan [3][12]. - The bank has developed a comprehensive service channel system, enhancing its ability to serve rural areas through various platforms [3][12]. - Loans in key areas such as food supply and rural construction grew by 20.3%, 19.5%, and 9.6% respectively, with growth rates in poverty alleviation counties exceeding the bank's average [3][12]. Group 3: Customer Service Enhancement - The bank has expanded its customer base to 896 million personal customers, managing financial assets of 24.7 trillion yuan, an increase of 2.4 trillion yuan from the previous year [5][15]. - The number of corporate customers reached 13.29 million, with an increase of 1.16 million, ranking high among peers [5][15]. - The bank has improved its service quality by diversifying its product offerings and enhancing customer protection measures [5][15]. Group 4: Innovation and Technology - The bank is advancing its smart banking initiatives, integrating data and AI applications to enhance operational efficiency [6][16]. - A robust AI capability system is being developed to support applications in credit, operations, and office management [6][16]. - The bank is focusing on automating and digitizing repetitive tasks to alleviate burdens on grassroots operations [7][16]. Group 5: Risk Management - The bank maintains a strong focus on risk prevention, with a non-performing loan rate of 1.27%, down by 0.03 percentage points from the previous year [8][17]. - A comprehensive risk management system is in place, ensuring that risk management practices are embedded throughout the organization [8][17]. - The bank is actively addressing risks in key areas such as real estate and local government debt [8][17].

Core Viewpoint - China Bank is focusing on retaining deposits as the maturity of fixed-term deposits increases in the second half of 2025, with a high proportion expected to be reinvested in fixed-term deposits [1] Group 1: Deposit Management - From the second half of 2025, the maturity scale of fixed-term deposits at China Bank is expected to increase, prompting the bank to enhance its retention strategies [1] - A significant portion of the matured deposits is anticipated to remain in deposit form, with a high reinvestment rate for fixed-term deposits [1] Group 2: Interest Rate Impact - The current deposit interest rates are lower than those from three years ago, which will lead to a decrease in the interest rates paid on deposits, positively impacting the bank's net interest margin stability [1] - The overall trend indicates that funds will continue to concentrate towards individuals and non-bank institutions [1]

Core Viewpoint - China Bank anticipates an increase in the maturity scale of fixed-term deposits starting in the second half of 2025, with a high retention rate expected for these deposits [1] Group 1: Deposit Management - China Bank's Vice President Yang Jun emphasized the importance of stabilizing and retaining deposits as maturity increases, with a high proportion of fixed-term deposits expected to be renewed [1] - The current deposit interest rates are lower than those from three years ago, which will lead to a decrease in the interest rates paid on deposits, positively impacting the bank's net interest margin [1] Group 2: Financial Performance Projections - By the end of 2025, China Bank's total assets and liabilities are projected to exceed 38 trillion yuan and 35 trillion yuan, respectively, representing growth rates of 9.40% and 9.47% compared to 2024 [1] - For the year 2025, the bank expects to achieve operating income and net profit of 659.9 billion yuan and 257.9 billion yuan, reflecting year-on-year growth of 4.28% and 2.06% [1] - The non-performing loan ratio is projected to be 1.23% by the end of 2025, a decrease of 0.02 percentage points from the end of 2024 [1]

Macro Liquidity - The US dollar index has rebounded, and the degree of inversion in the China-US interest rate differential has deepened[2] - The nominal and real yields of 10Y US Treasuries have continued to rise, while inflation expectations have declined[2] - Offshore dollar liquidity is marginally tightening, and the domestic interbank funding situation remains balanced[2] Market Activity and Volatility - Market trading activity continues to decline, with most indices showing reduced volatility[3] - Sectors such as utilities, light industry, petrochemicals, construction, electric new energy, and chemicals have trading activity above the 90th percentile[3] - The volatility of non-ferrous metals, steel, petrochemicals, and military industries is above the 90th historical percentile[3] Institutional Research and Analyst Predictions - Research activity is high in banking, electronics, computing, electric new energy, and pharmaceuticals, with rising interest in home appliances, non-ferrous metals, consumer services, food and beverage, and retail[4] - Analysts have simultaneously revised down the net profit forecasts for the entire A-share market for 2026/2027[5] - The net profit forecasts for sectors like petrochemicals, non-ferrous metals, electronics, steel, military, real estate, and light industry have been revised upwards for 2026/2027[5] Northbound Trading and Margin Financing - Northbound trading activity continues to decline, with net selling of A-shares, although the pace has slowed[6] - The net buying focus has shifted to sectors like computing, military, and pharmaceuticals, while net selling has occurred in electric new energy, power utilities, and electronics[6] - Margin financing activity has dropped to the lowest level since July 2025, with a net sell-off of 24.006 billion yuan last week[7] Fund Positioning and ETF Trends - Active equity funds have reduced positions in non-ferrous metals, construction materials, and telecommunications, while correlations with small-cap growth and large/mid-cap value have increased[9] - ETFs have continued to experience net redemptions, particularly in institutional ETFs, while net subscriptions were seen in indices like CSI 300 and STAR 50[9]