Shanghai, Feb 2, 2026, 00:43 (GMT+8) — Premarket
- Class A shares ended the session at 6.72 yuan, slipping 0.88%.
- A filing revealed the appointment of a new non-executive director, effective following regulator approval.
- Traders await new private-sector PMI figures following the official index’s slip into contraction.
Agricultural Bank of China’s Class A shares (601288) slipped 0.88% to settle at 6.72 yuan, marking a cautious tone heading into Monday’s session following a weekend of soft economic data and a fresh board update.
The reason this matters now is straightforward: major state lenders are right where growth, policy, and credit risk collide. Bank stocks often move quickly once the data shifts. This is particularly true as investors weigh the next steps on rates and liquidity.
Profitability faces another challenge. Net interest margin — the difference between what banks earn on loans and what they pay depositors — can narrow if lending rates drop more quickly than funding costs.
Friday saw the stock close at 6.72 yuan, with roughly 411 million shares traded, according to MarketScreener data. It’s dropped 12.5% year-to-date. The Shanghai Composite slipped 0.96% on the same day. (MarketScreener)
In a filing with Hong Kong Exchanges and Clearing Limited, the lender announced that Zhang Hongwu’s appointment as a non-executive director took effect following approval from the National Financial Regulatory Administration. The company described the move as a governance update rather than an operational shift. (HKEX News)
The macro outlook took a hit over the weekend. Official figures revealed the manufacturing PMI fell to 49.3 in January from 50.1 in December, dipping below the 50 threshold that marks expansion. Both new orders and export orders also registered under 50. A statistician from China’s National Bureau of Statistics noted some manufacturers are in a lull, with demand still sluggish. Ting Lu, Nomura’s chief China economist, warned that Beijing will have to “do much more” to keep growth above 4.5% this year. Meanwhile, the People’s Bank of China hinted at potential broader easing, though that could squeeze bank margins. (Reuters)
A Reuters poll of economists, released ahead of the official data, predicted a flat PMI reading. It also suggested a slight rise in the private RatingDog survey for early February. Analysts at Mizuho Securities pointed to the late Lunar New Year as a factor that may have boosted factory output. (Reuters)
Sentiment isn’t limited to factories. On Sunday, Industrial and Commercial Bank of China flagged the “highly volatile” nature of precious metal prices and advised investors to weigh their risk tolerance carefully — highlighting nerves creeping into some market segments. (Reuters)
Peers matter since flows often treat the sector as a single trade. When the tape shifts risk-off, moves in other state lenders like China Construction Bank and Bank of China can influence Agricultural Bank of China’s direction.
The setup cuts both ways. Weak data may boost hopes for additional support, but more easing could squeeze net interest margins and reignite concerns about credit losses if borrowers falter.
The next catalyst is approaching: the Caixin Insight Group/S&P Global
“,”financial data firm”] private manufacturing PMI for January is set for release Monday, with traders watching to see if it holds above 50 or falls back toward contraction. (Investing)
