<p>中国农业银行 H 股（(HK:1288)）已召开第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>中国农业银行最新的财报电话会议整体语气积极，平衡了稳健的业绩与对宏观和行业逆风的坦诚承认。管理层强调了稳定的利润增长、强劲的资本和拨备，以及在农村、普惠、绿色和科技金融方面的战略进展，同时指出了利润率压力、资产质量的局部压力和债券市场的不确定性。</p>
<h2>稳定的盈利能力和强劲的资本指标</h2>
<p>该行报告净利润为 2920 亿元人民币，同比增长 3.3%，营业收入为 7250 亿元人民币，同比增长 2.1%。尽管利润率受到压缩，盈利能力比率依然保持韧性，净利差为 1.28%，资产回报率为 0.63%，股本回报率超过 10%，资本充足率为 17.39%。</p>
<h2>资产负债表显著增长</h2>
<p>管理层强调了强大的规模扩张，总资产攀升至 48.8 万亿元人民币，同比增长 12.8%。贷款余额达到 27.13 万亿元人民币，增加了 2.23 万亿元人民币，而存款增长 7.7%，贷款增长约 8.9%，显示出稳健的融资和贷款势头。</p>
<h2>高拨备覆盖率和改善的资产质量</h2>
<p>该行继续建立缓冲，拨备超过 1 万亿元人民币，新增拨备 396 亿元人民币，覆盖率达到约 292.5%。资产质量指标显示逐步改善，不良贷款率为 1.27%，关注类贷款为 1.39%，逾期贷款为 1.25%，延续了多年的积极趋势。</p>
<h2>主导农村和农业业务</h2>
<p>中国农业银行强调其作为中国农村贷款机构的核心身份，拥有 22800 个网点，其中 56% 位于县和乡镇地区。在第十四个五年规划期间，县级贷款余额翻了一番，农民贷款增长至 1.84 万亿元人民币，县存款增加了 1.23 万亿元人民币，巩固了其基层融资基础。</p>
<h2>在普惠、绿色和科技金融方面的领导地位</h2>
<p>普惠金融、绿色贷款和科技相关信贷成为定义性增长支柱，普惠金融贷款达到 4.35 万亿元人民币，同比增长 20.9%。科技金融贷款达到 4.7 万亿元人民币，同比增长 20.1%，而绿色金融贷款攀升至 5.93 万亿元人民币，同比增长 18.7%，使该行在政策导向的贷款中处于领先地位。</p>
<h2>财富管理规模和扩展</h2>
<p>财富业务正成为关键的增长引擎，个人客户管理的资产接近中等人民币 20 万亿元的范围。财富管理收入达到 357 亿元人民币，顾问团队扩展至约 119,000 人，增加约 6,000 人，支持更深入的交叉销售和费用收入多样化。</p>
<h2>资本市场表现和股东回报</h2>
<p>自上市以来，该行为 A 股和 H 股提供了约 12% 和 10% 的年化回报，三年总回报分别约为 48% 和 41%。董事会提议每股派发最终股息 1.30 元人民币，全年派息率约为 30%，折合每股约 2.495 港元的年度总股息。</p>
<h2>国际和跨境业务扩展</h2>
<p>管理层强调在服务全球客户方面稳步进展，国际结算量同比增长约 8%。跨境人民币结算达到 3.82 万亿元人民币，同比增长 8.7%，而更广泛的跨境互动业务上升至 1180 亿美元，同比增长 13%，得益于覆盖 18 个国家和 21 个海外实体的业务布局。</p>
<h2>积极的债券市场操作和投资管理</h2>
<p>该行将人民币债券投资增加了 2.4 万亿元人民币，利用其在国内市场的规模。承销和投资活动超过 3.7 万亿元人民币，同比大幅增长，而绿色债券发行总额为 660 亿元人民币，绿色债券持有量增长 37%，使投资与可持续发展主题保持一致。</p>
<h2>技术和人工智能的应用推动效率</h2>
<p>数字化正在重塑运营，农业电子贷款余额达到 6.8 万亿元人民币，同比增长 18.7%。人工智能工具将前线处理时间缩短至约 176 秒，并现在自动准备大多数小企业调查报告，在风险控制、反欺诈和客户服务方面进一步应用。</p>
<h2>尽管规模庞大，收入和利润增长温和</h2>
<p>尽管资产负债表规模庞大，收入增长依然温和，反映出行业普遍的利润率压力和谨慎定价。净利润增长 3.3%，营业收入增长 2.1%，表明规模效益部分被较低的收益和更具竞争力、受监管的利率环境所抵消。</p>
<h2>零售和普惠领域的压力点</h2>
<p>在资产质量的表面改善之下，管理层承认某些普惠零售产品的不良贷款形成上升。中小企业贷款也显示出较高的风险，不良贷款形成率为 1.54%，这表明对小型借款人的支持承受着集中信贷压力，需要更严格的风险管理。</p>
<h2>对房地产风险的谨慎态度</h2>
<p>该行对房地产行业保持谨慎态度，专注于项目特定的风险评估，而非广泛扩张。管理层指出对预售资金和地方隐性债务的监管趋紧，并重申偏好基于规则的市场导向解决方案，以管理持续的行业风险。</p>
<h2>债券和交易收入的宏观和市场不确定性</h2>
<p>展望未来，管理层警告称，潜在的收益率曲线陡峭化和不太宽松的政策可能会加剧债券市场的波动。他们强调了积极管理久期和信用的必要性，这意味着即使银行依赖于费用和佣金，债券和交易收入可能变得不那么可预测。</p>
<h2>运营和披露复杂性</h2>
<p>此次电话会议还暴露了一些披露挑战，描述性术语与数值指标之间偶尔存在不一致。这种翻译或报告差距可能会使投资者分析变得复杂，并强调了更清晰、更标准化地传达关键绩效指标的重要性。</p>
<h2>前瞻性指引和 2026 年展望</h2>
<p>对于 2026 年，管理层表示净利息收入和盈利能力将继续向上，贷款增长大致与 2025 年的扩张保持一致。他们的目标是实现超过 1 万亿人民币的县级贷款增长，增加对农民的贷款，强劲的消费和中小企业融资，科技和绿色贷款保持两位数的持续增长，资产质量稳定，资本充足，并持续投资于数字化、人工智能和跨境能力。</p>
<p>中国农业银行的财报电话会议描绘了一家巨头利用其规模推动战略优先事项的图景，从农村金融到绿色和科技信贷，同时谨慎应对零售、中小企业、房地产和债券市场的风险。对于投资者而言，这个故事是稳健但并不惊艳的增长，得到了厚实的拨备、稳健的分红和在不确定的宏观环境中保持的纪律性立场的支持。</p>

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<p>中国农业银行报告第四季度净利润为 2920 亿元人民币，同比增长 3.3%；营业收入为 7250 亿元人民币，增长 2.1%。该行强调农村和普惠金融的稳步增长，总资产上升至 48.8 万亿元人民币。尽管面临利差压力，盈利能力指标依然强劲。该行的财富管理业务正在扩展，并提议每股派发最终股息 1.30 元人民币。管理层承认在资产质量方面面临挑战，特别是在零售和中小企业贷款方面，同时对房地产风险保持谨慎态度</p>

<p>Agricultural Bank of China Class H ((HK:1288)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>中国农业银行 H 股（(HK:1288)）已召开第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>End of Quarter Sale - 50% Off TipRanks</h3>
<div class="lb-trans"><h3>季末促销 - TipRanks 50% 折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Agricultural Bank of China’s latest earnings call struck an overall constructive tone, balancing solid results with a frank acknowledgment of macro and sector headwinds. Management highlighted steady profit growth, robust capital and provisioning, and strategic advances in rural, inclusive, green and technology finance, while flagging margin pressure, pockets of asset-quality stress and bond-market uncertainty.</p>
<div class="lb-trans"><p>中国农业银行最新的财报电话会议整体语气积极，平衡了稳健的业绩与对宏观和行业逆风的坦诚承认。管理层强调了稳定的利润增长、强劲的资本和拨备，以及在农村、普惠、绿色和科技金融方面的战略进展，同时指出了利润率压力、资产质量的局部压力和债券市场的不确定性。</p>
</div><h2>Stable profitability and strong capital metrics</h2>
<div class="lb-trans"><h2>稳定的盈利能力和强劲的资本指标</h2>
</div><p>The bank reported net profit of RMB 292 billion, up 3.3% year on year, on operating income of RMB 725 billion, up 2.1%. Profitability ratios remained resilient despite margin compression, with a net interest margin of 1.28%, return on assets of 0.63%, return on equity above 10% and a capital adequacy ratio of 17.39%.</p>
<div class="lb-trans"><p>该行报告净利润为 2920 亿元人民币，同比增长 3.3%，营业收入为 7250 亿元人民币，同比增长 2.1%。尽管利润率受到压缩，盈利能力比率依然保持韧性，净利差为 1.28%，资产回报率为 0.63%，股本回报率超过 10%，资本充足率为 17.39%。</p>
</div><h2>Significant balance sheet growth</h2>
<div class="lb-trans"><h2>资产负债表显著增长</h2>
</div><p>Management underscored powerful scale expansion, as total assets climbed to RMB 48.8 trillion, a 12.8% increase versus last year. Loan balances reached RMB 27.13 trillion, rising by RMB 2.23 trillion, while deposits grew 7.7% and loans about 8.9%, demonstrating solid funding and lending momentum.</p>
<div class="lb-trans"><p>管理层强调了强大的规模扩张，总资产攀升至 48.8 万亿元人民币，同比增长 12.8%。贷款余额达到 27.13 万亿元人民币，增加了 2.23 万亿元人民币，而存款增长 7.7%，贷款增长约 8.9%，显示出稳健的融资和贷款势头。</p>
</div><h2>High provision coverage and improving asset quality</h2>
<div class="lb-trans"><h2>高拨备覆盖率和改善的资产质量</h2>
</div><p>The bank continued to build buffers, with provisions exceeding RMB 1 trillion after an additional RMB 39.6 billion, pushing coverage to roughly 292.5%. Asset quality indicators showed gradual improvement, with the NPL ratio at 1.27%, special-mention loans at 1.39% and overdue loans at 1.25%, extending a multi-year positive trend.</p>
<div class="lb-trans"><p>该行继续建立缓冲，拨备超过 1 万亿元人民币，新增拨备 396 亿元人民币，覆盖率达到约 292.5%。资产质量指标显示逐步改善，不良贷款率为 1.27%，关注类贷款为 1.39%，逾期贷款为 1.25%，延续了多年的积极趋势。</p>
</div><h2>Dominant rural and agricultural franchise</h2>
<div class="lb-trans"><h2>主导农村和农业业务</h2>
</div><p>Agricultural Bank leaned into its core identity as China’s rural lender, highlighting 22,800 outlets with 56% in county and township areas. County-level loan balances have doubled during the 14th Five-Year Plan, farmer loans have quadrupled to RMB 1.84 trillion and county deposits increased by RMB 1.23 trillion, reinforcing its grassroots funding base.</p>
<div class="lb-trans"><p>中国农业银行强调其作为中国农村贷款机构的核心身份，拥有 22800 个网点，其中 56% 位于县和乡镇地区。在第十四个五年规划期间，县级贷款余额翻了一番，农民贷款增长至 1.84 万亿元人民币，县存款增加了 1.23 万亿元人民币，巩固了其基层融资基础。</p>
</div><h2>Leadership in inclusive, green and technology finance</h2>
<div class="lb-trans"><h2>在普惠、绿色和科技金融方面的领导地位</h2>
</div><p>Inclusive finance, green lending and tech-related credit emerged as defining growth pillars, with inclusive finance loans at RMB 4.35 trillion, up 20.9%. Technology finance loans reached RMB 4.7 trillion, up 20.1%, while green finance loans climbed to RMB 5.93 trillion, up 18.7%, positioning the bank as a leader in policy-aligned lending.</p>
<div class="lb-trans"><p>普惠金融、绿色贷款和科技相关信贷成为定义性增长支柱，普惠金融贷款达到 4.35 万亿元人民币，同比增长 20.9%。科技金融贷款达到 4.7 万亿元人民币，同比增长 20.1%，而绿色金融贷款攀升至 5.93 万亿元人民币，同比增长 18.7%，使该行在政策导向的贷款中处于领先地位。</p>
</div><h2>Wealth management scale and expansion</h2>
<div class="lb-trans"><h2>财富管理规模和扩展</h2>
</div><p>The wealth business is becoming a key growth engine, with personal client assets under management approaching the mid-RMB-20 trillion range. Wealth management income hit RMB 35.7 billion and the adviser force expanded to about 119,000, up roughly 6,000, supporting deeper cross-selling and fee-income diversification.</p>
<div class="lb-trans"><p>财富业务正成为关键的增长引擎，个人客户管理的资产接近中等人民币 20 万亿元的范围。财富管理收入达到 357 亿元人民币，顾问团队扩展至约 119,000 人，增加约 6,000 人，支持更深入的交叉销售和费用收入多样化。</p>
</div><h2>Capital markets performance and shareholder returns</h2>
<div class="lb-trans"><h2>资本市场表现和股东回报</h2>
</div><p>Since listing, the bank has delivered annualized returns of about 12% for A shares and 10% for H shares, with three-year total returns around 48% and 41%, respectively. The board proposed a final dividend of RMB 1.30 per share and a full-year payout ratio of roughly 30%, translating into a total annual dividend of about HKD 2.495 per share.</p>
<div class="lb-trans"><p>自上市以来，该行为 A 股和 H 股提供了约 12% 和 10% 的年化回报，三年总回报分别约为 48% 和 41%。董事会提议每股派发最终股息 1.30 元人民币，全年派息率约为 30%，折合每股约 2.495 港元的年度总股息。</p>
</div><h2>International and cross-border business expansion</h2>
<div class="lb-trans"><h2>国际和跨境业务扩展</h2>
</div><p>Management highlighted steady progress in serving clients going global, with international settlement volumes growing around 8% year on year. Cross-border RMB settlement reached RMB 3.82 trillion, up 8.7%, while broader cross-border interplay business rose to USD 118 billion, up 13%, supported by a footprint spanning 18 countries and 21 overseas entities.</p>
<div class="lb-trans"><p>管理层强调在服务全球客户方面稳步进展，国际结算量同比增长约 8%。跨境人民币结算达到 3.82 万亿元人民币，同比增长 8.7%，而更广泛的跨境互动业务上升至 1180 亿美元，同比增长 13%，得益于覆盖 18 个国家和 21 个海外实体的业务布局。</p>
</div><h2>Active bond market operations and investment management</h2>
<div class="lb-trans"><h2>积极的债券市场操作和投资管理</h2>
</div><p>The bank increased its RMB bond investments by RMB 2.4 trillion, leveraging its scale in the domestic market. Underwriting and investment activity surpassed RMB 3.7 trillion, up sharply year on year, while green bond issuance totaled RMB 66 billion and green bond holdings grew 37%, aligning investment with sustainability themes.</p>
<div class="lb-trans"><p>该行将人民币债券投资增加了 2.4 万亿元人民币，利用其在国内市场的规模。承销和投资活动超过 3.7 万亿元人民币，同比大幅增长，而绿色债券发行总额为 660 亿元人民币，绿色债券持有量增长 37%，使投资与可持续发展主题保持一致。</p>
</div><h2>Technology and AI adoption driving efficiency</h2>
<div class="lb-trans"><h2>技术和人工智能的应用推动效率</h2>
</div><p>Digitalization is reshaping operations, with agriculture e-loan balances reaching RMB 6.8 trillion, up 18.7% year on year. AI tools have cut frontline handling time to about 176 seconds and now automatically prepare most small-enterprise investigation reports, with further applications in risk control, anti-fraud and customer service.</p>
<div class="lb-trans"><p>数字化正在重塑运营，农业电子贷款余额达到 6.8 万亿元人民币，同比增长 18.7%。人工智能工具将前线处理时间缩短至约 176 秒，并现在自动准备大多数小企业调查报告，在风险控制、反欺诈和客户服务方面进一步应用。</p>
</div><h2>Modest income and profit growth despite scale</h2>
<div class="lb-trans"><h2>尽管规模庞大，收入和利润增长温和</h2>
</div><p>Despite the sheer size of its balance sheet, income growth remained modest, reflecting sector-wide margin pressure and cautious pricing. Net profit rose 3.3% and operating income 2.1%, indicating that scale benefits are being partly offset by lower yields and a more competitive, regulated rate environment.</p>
<div class="lb-trans"><p>尽管资产负债表规模庞大，收入增长依然温和，反映出行业普遍的利润率压力和谨慎定价。净利润增长 3.3%，营业收入增长 2.1%，表明规模效益部分被较低的收益和更具竞争力、受监管的利率环境所抵消。</p>
</div><h2>Stress pockets in retail and inclusive segments</h2>
<div class="lb-trans"><h2>零售和普惠领域的压力点</h2>
</div><p>Beneath the headline improvement in asset quality, management acknowledged rising NPL formation in some inclusive retail products. SME lending also showed elevated risk, with NPL formation of 1.54%, signaling that support for smaller borrowers carries concentrated credit pressure that will require tighter risk management.</p>
<div class="lb-trans"><p>在资产质量的表面改善之下，管理层承认某些普惠零售产品的不良贷款形成上升。中小企业贷款也显示出较高的风险，不良贷款形成率为 1.54%，这表明对小型借款人的支持承受着集中信贷压力，需要更严格的风险管理。</p>
</div><h2>Cautious stance on real estate exposure</h2>
<div class="lb-trans"><h2>对房地产风险的谨慎态度</h2>
</div><p>The bank maintained a guarded approach to the property sector, focusing on project-specific risk assessment rather than broad expansion. Management pointed to tighter oversight of presale funds and local implicit debts and reiterated a preference for rule-based, market-oriented solutions to manage lingering sector risks.</p>
<div class="lb-trans"><p>该行对房地产行业保持谨慎态度，专注于项目特定的风险评估，而非广泛扩张。管理层指出对预售资金和地方隐性债务的监管趋紧，并重申偏好基于规则的市场导向解决方案，以管理持续的行业风险。</p>
</div><h2>Macro and market uncertainty for bond and trading income</h2>
<div class="lb-trans"><h2>债券和交易收入的宏观和市场不确定性</h2>
</div><p>Looking ahead, management warned that potential yield-curve steepening and less accommodative policy could fuel bond-market volatility. They stressed the need for active duration and credit management, implying that bond and trading income may become less predictable even as the bank leans on fees and commissions.</p>
<div class="lb-trans"><p>展望未来，管理层警告称，潜在的收益率曲线陡峭化和不太宽松的政策可能会加剧债券市场的波动。他们强调了积极管理久期和信用的必要性，这意味着即使银行依赖于费用和佣金，债券和交易收入可能变得不那么可预测。</p>
</div><h2>Operational and disclosure complexity</h2>
<div class="lb-trans"><h2>运营和披露复杂性</h2>
</div><p>The call also exposed some disclosure challenges, with occasional inconsistencies between descriptive terms and numerical metrics. Such translation or reporting gaps could complicate investor analysis and underline the importance of clearer, more standardized communication of key performance indicators.</p>
<div class="lb-trans"><p>此次电话会议还暴露了一些披露挑战，描述性术语与数值指标之间偶尔存在不一致。这种翻译或报告差距可能会使投资者分析变得复杂，并强调了更清晰、更标准化地传达关键绩效指标的重要性。</p>
</div><h2>Forward-looking guidance and 2026 outlook</h2>
<div class="lb-trans"><h2>前瞻性指引和 2026 年展望</h2>
</div><p>For 2026, management signaled continued upward momentum in net interest income and profitability, supported by loan growth broadly in line with 2025’s expansion. They aim for over RMB 1 trillion of net county-level loan growth, higher farmer lending, robust consumer and SME finance, sustained double-digit growth in tech and green loans, stable asset quality, strong capital and ongoing investment in digital, AI and cross-border capabilities.</p>
<div class="lb-trans"><p>对于 2026 年，管理层表示净利息收入和盈利能力将继续向上，贷款增长大致与 2025 年的扩张保持一致。他们的目标是实现超过 1 万亿人民币的县级贷款增长，增加对农民的贷款，强劲的消费和中小企业融资，科技和绿色贷款保持两位数的持续增长，资产质量稳定，资本充足，并持续投资于数字化、人工智能和跨境能力。</p>
</div><p>Agricultural Bank of China’s earnings call painted the picture of a giant using its scale to push strategic priorities, from rural finance to green and tech credit, while carefully navigating risks in retail, SMEs, real estate and the bond market. For investors, the story is one of steady but not spectacular growth, backed by thick provisions, solid dividends and a disciplined stance in an uncertain macro environment.</p>
<div class="lb-trans"><p>中国农业银行的财报电话会议描绘了一家巨头利用其规模推动战略优先事项的图景，从农村金融到绿色和科技信贷，同时谨慎应对零售、中小企业、房地产和债券市场的风险。对于投资者而言，这个故事是稳健但并不惊艳的增长，得到了厚实的拨备、稳健的分红和在不确定的宏观环境中保持的纪律性立场的支持。</p>
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Agricultural Bank of China Signals Steady, Strategic Growth

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中国农业银行发出稳定和战略性增长的信号