Create a new record high! The total market value of Agricultural Bank exceeded 3 trillion yuan

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On November 12, the share price of Agricultural Bank of China (601288.SH)oncerose by more than 3%, and the total market value exceeded 3 trillion yuan for the first time, setting a record high. As of press release on the interface, the company reported 8.52 yuan/share, up 2.53%.
Since winning the A-share market value champion for the first time in early August, Agricultural Bank's share price has continued to climb, with an increase of 68% during the year. On September 4, the total market value of Agricultural Bank of China (A shares +H shares) rose strongly, successfully surpassingICBC and becoming a new "Universe Bank".
Behind the strong performance of Agricultural Bank's share price is the continued improvement in its fundamentals. The 2025 semi-annual report shows that Agricultural Bank achieved operating income of 369.9 billion yuan in the first half of the year, a year-on-year increase of 0.85%; net profit attributable to shareholders of the parent company was 139.5 billion yuan, a year-on-year increase of 2.66%. It is the only one of the four major state-owned banks that has achieved positive net profit growth.
On October 30, Agricultural Bank of China announced its third-quarter operating results. According to the bank's third quarterly report, Agricultural Bank's operating efficiency continues to be steady and improving. Net profit and operating income continued to maintain positive growth, with growth rates increasing by 0.75 and 1.15 percentage points respectively compared with the first half of the year. Among them, net profit was 222.3 billion yuan, a year-on-year increase of 3.28%; operating income was 550.8 billion yuan, a year-on-year increase of 1.87%.
As of the end of the third quarter, ABC's total assets reached 48.1 trillion yuan, and total loans and advances were 26.99 trillion yuan, a year-on-year increase of 8.36%. Among them, the balance of manufacturing loans was 3.84 trillion yuan, a growth rate of 18.4%; the balance of science and technology loans exceeded 4.7 trillion yuan, demonstrating its continued efforts in serving the real economy and technological innovation.
In terms of asset quality, the balance of non-performing loans was 341.404 billion yuan, an increase of 19.239 billion yuan from the end of the previous year; the non-performing loan ratio was 1.27%, a decrease of 0.03 percentage points from the end of the previous year, and the provision coverage ratio was 295.08%, a decrease of 4.53 percentage points from the end of the previous year.
Galaxy Securities said that Agricultural Bank of China, as one of the targets with the highest dividend yields among major state-owned banks, has significant allocation value in the current low interest rate environment. Its dividend yield exceeds 3.2%, making it highly attractive to long-term funds such as insurance and pensions that pursue stable returns.
Haitong InternationalgaveAgricultural Banka rating of "better than large markets", believing thatthe bank's county-level financial characteristics have driven the increase in profit growth, made strong public loans, continued to improve asset quality, and stable capital adequacy ratio.
China Merchants Securitiespointed out that the valuation of ABC's A-shares is still in a reasonable range. The current P/B ratio is about 1 times, which has not yet deviated from the historical average. Coupled with its solid asset quality and provision level, there is still room for improvement in valuation.