2025年秋天，中国银行业迎来历史性时刻。 10月30日，中国农业银行A股报收于8.06元/股，总市值约达2.74万亿元人民币（约合3869亿美元），一跃成为全球市值第一大商业银行，刷新了中资金融机 构的全球位势。 近年来，这家因"农"而生的国有大型商业银行，以"服务乡村振兴的领军银行"和"服务实体经济的主力银行"为定位，在落实国家战略与追求商业可持续发展 之间形成有效协同。2025年前三季度，该行实现营业收入5508亿元，净利润2223亿元，同比分别增长1.97%和3.28%，期末总资产规模突破48万亿元。 农业银行的崛起并非一日之功。作为国有六大行中唯一一家实现县域网点全覆盖的金融机构，农业银行横跨城乡、点多面广。依托这一渠道特点，该行在传 统金融服务相对薄弱的县域市场建立起差异化的服务能力，并从长期被传统金融忽视的县域经济领域中开辟出广阔天地。 数据显示，县域业务正成为农业银行重要的增长极。截至2025年9月末，该行县域贷款余额达10.90万亿元，较年初增长10.57%，占全行贷款比重维持在40% 以上。值得关注的是，在业务持续下沉的过程中，该行资产质量还实现了持续优化，不良贷款率降至1.27%，较年初 ...

Core Viewpoint - Agricultural Bank of China has become the world's largest commercial bank by market capitalization, reaching approximately 2.74 trillion RMB (about 386.9 billion USD) as of October 30, 2025, reflecting its strategic positioning in serving rural revitalization and the real economy [1]. Financial Performance - For the first three quarters of 2025, Agricultural Bank reported operating income of 550.8 billion RMB and net profit of 222.3 billion RMB, representing year-on-year growth of 1.97% and 3.28% respectively [1]. - The total asset scale of the bank exceeded 48 trillion RMB by the end of the reporting period [1]. County-Level Business Growth - As of September 2025, the bank's county-level loan balance reached 10.9 trillion RMB, a growth of 10.57% from the beginning of the year, maintaining over 40% of the bank's total loan portfolio [2][21]. - The bank's non-performing loan ratio improved to 1.27%, a decrease of 3 basis points from the start of the year [2]. Rural Financing Initiatives - The "Fumin Loan" program has disbursed 273.29 billion RMB, benefiting 321,600 farmers across 14 cities in Gansu province [4]. - The "Huinong e-loan" program has provided 930.92 billion RMB in loans, serving 1,168,700 farmers [4]. Innovative Financial Products - The bank has introduced innovative products like "Electricity Bill e-loan," which uses actual electricity usage data as a basis for credit assessment, facilitating financing for small and micro enterprises [11]. - The "Live Asset Mortgage Loan" has evolved into the "Smart Animal Husbandry Loan," utilizing AI technology for livestock identification, enhancing efficiency in loan management [16]. Strategic Partnerships and Projects - Agricultural Bank has established a strategic partnership with China Green Development Group, supporting multiple renewable energy projects with a total approval amount of 25.84 billion RMB since 2021 [21]. - The bank's rapid loan approval process has been highlighted in projects like the 300MW compressed air energy storage project, where it completed a 9 billion RMB loan approval swiftly [17][20].

"十五五"规划建议明确指出农业农村现代化关系中国式现代化全局和成色。乡村振兴，金融为要。作为 服务"三农"的金融主力军，农业银行衢州分行紧扣规划要求，聚焦龙头企业赋能、信用乡村建设、农业 协会赋能三大领域，将金融活水精准滴灌至乡村产业发展与民生改善各环节。截至目前，该行涉农贷款 较年初净增8.8%，其中乡村产业贷款净增17亿元、乡村建设相关领域贷款净增12.4亿元。 赋能龙头企业 激活产业升级"新引擎" 农业龙头企业作为乡村产业振兴的"领头雁"，其发展直接关联产业链农户增收。针对农业企业"有资产 缺抵押、有需求缺渠道"的痛点，农行衢州分行创新推出活体抵押、设施抵押等特色产品，量身定制全 周期金融服务。 衢江区高家镇的浙江荷鹭乳业牧场，1000多头荷斯坦奶牛佩戴智能耳标，既是高品质鲜奶的生产者，也 成了企业融资的"信用凭证"。牧场自2018年落地后，坚持"养殖+加工+旅游"三产融合，产品直供本地市 场，但2024年新增300多头奶牛后，因饲料成本占比超60%，面临资金周转压力。 传统贷款中，奶牛"活资产"无法抵押、流转土地难担保，让负责人阮国宏犯了难。农行衢州衢江支行客 户经理王高华发现牧场通过智能耳标技术，能 ...

Core Insights - The central government has introduced a policy to promote livestock collateral financing loans, transforming livestock production into recognized collateral for financial institutions, creating new opportunities for local specialty breeding industries [1] - The dairy industry in Wuzhong City, Ningxia, has developed into one of the six key agricultural industries, with a total dairy cattle population of 308,000, accounting for 33% of the region's total, and a comprehensive industrial output exceeding 30 billion yuan, representing about 32% of the local GDP [1] - The People's Bank of China in Wuzhong has been actively exploring ways to broaden the range of rural collateral, facilitating financing for rural specialty industries [2] Group 1: Policy and Financial Mechanisms - A collaborative mechanism involving government departments, commercial banks, and breeding enterprises has been established to support the dairy industry, with several policy documents issued to encourage financial institutions to include livestock as collateral [2] - As of May, the balance of livestock collateral loans in Wuzhong has reached 700 million yuan, supporting 110 breeding entities, with 620 million yuan specifically for dairy cattle [1][2] - The use of agricultural support loans has exceeded 500 million yuan, accounting for 14.8% of the city's total re-loan balance, providing financial support for the dairy industry [2] Group 2: Innovative Financing Models - The People's Bank of China in Wuzhong is promoting a tiered and categorized livestock collateral financing model to meet the diverse funding needs of breeding entities [3] - Various innovative financing models have been introduced, such as "livestock collateral + guarantee," "livestock collateral + credit," and "livestock collateral + syndicate loans," to enhance risk management and meet large financing demands [3] - Several banks have launched specific livestock collateral loan products, effectively converting livestock into financial assets and reducing financing costs for breeding entities [3] Group 3: Risk Management and Supervision - The unique characteristics of livestock collateral, such as regulatory challenges and value volatility, have led to increased risks for financial institutions [4] - A dynamic regulatory system has been implemented to strengthen the supervision of livestock collateral, including unified registration and real-time monitoring mechanisms [4][5] - The introduction of digital identification for livestock and third-party supervision has been established to mitigate risks associated with collateral value depreciation or loss [5]