Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [4][55]. Core Insights - The report highlights strong growth in the brokerage sector, with a significant increase in new A-share accounts and trading volumes, indicating a robust market environment. The net profit for the brokerage sector is expected to show high year-on-year growth for the first nine months of 2025 [4]. - The insurance sector is undergoing regulatory changes aimed at improving profitability, particularly in non-auto insurance, which is expected to benefit leading companies in the industry [4]. - The report identifies three main investment themes in the brokerage sector: 1) Stronger institutions benefiting from improved competition, 2) Brokerages with high earnings elasticity, and 3) Companies with strong international business capabilities [4]. Market Review - The Shanghai Composite Index rose by 1.47% during the period from September 29 to October 10, 2025, while the non-bank index increased by 3.18%. The brokerage sector saw a rise of 4.42%, while the insurance sector increased by 0.89% [7]. - The average daily trading volume for the Shanghai and Shenzhen stock exchanges reached 26,034.09 billion yuan, reflecting a year-on-year increase of 56.08% [15][31]. Non-Bank Industry Data - As of October 10, 2025, the financing balance in the margin trading market was 24,455.47 billion yuan, showing a year-on-year increase of 31.2% [15]. - The report notes that the average daily trading volume for the first nine months of 2025 was 26,034.09 billion yuan, indicating a vibrant trading environment [31]. Regulatory Developments - The Financial Regulatory Bureau has implemented a new framework for non-auto insurance, focusing on improving underwriting profitability and establishing stricter fee management and compliance measures [4][17]. - The report mentions the central bank's liquidity measures, including significant net injections through various monetary policy tools, which aim to maintain market liquidity [16][19].

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector [1] Core Views - The report highlights a continuation of strong growth in the brokerage sector, with a significant increase in net profits expected for the first nine months of 2025. Key metrics include a 61% year-on-year increase in new A-share accounts and a 203% increase in average daily stock trading volume in September 2025 [2][5] - The brokerage sector is currently undervalued, with a price-to-book (PB) ratio of 1.48, placing it in the 47.8th percentile over the past decade [2] - The report notes a favorable market environment supporting continued high growth in brokerage performance, with specific recommendations for leading firms and those with strong international business capabilities [2][7] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.47% during the period from September 29 to October 10, 2025, while the non-bank index increased by 3.18%. The brokerage, insurance, and diversified financial sectors reported gains of 4.42%, 0.89%, and 0.52%, respectively [5][6] Non-Bank Sector Insights - The report indicates that the insurance sector is benefiting from the implementation of a "de-involution" policy framework for non-auto insurance, which is expected to improve underwriting profitability for leading firms [2][16] - Specific investment recommendations include firms that are expected to benefit from improved competitive dynamics and those with strong earnings elasticity [2][7] Key Data Tracking - As of October 10, 2025, the average daily trading volume in the stock market was 26,034.09 billion yuan, reflecting an 18.99% increase from the previous period [14][32] - The report also tracks significant metrics such as the balance of margin financing and securities lending, which stood at 24,455.47 billion yuan as of October 9, 2025, marking a 31.2% increase from the end of 2024 [14][39]

证券研究报告 港股通 中银航空租赁 (2588 HK) 3Q25：机队保持迭代 2025 年 10 月 11 日│中国香港 多元金融 中银航空租赁（BOCA）披露了 3Q25 运营数据。BOCA 机队仍保持了较快 的迭代速度，3Q25 交付飞机 11 架，出售飞机 10 架，自有机队数量相比 2Q25 提升 1 架至 442 架。公司飞机出售和交付数量连续两个季度不少于 10 架，在飞机快速迭代的背后，是上游飞机制造商产能的改善。我们认为 产能改善将有助于下游租赁商的资本开支投放和机队扩张，公司飞机资产规 模有望增长。在负债端，公司 3Q25 发行了 5 亿美元 5.5 年期债券，票面利 率 4.25%，比 5 年期美债利率高 58bps，利差创新低。当前 5 年期美债收 益率在 3.7%上下波动，年内美联储或再度降息，有望缓解 BOCA 负债成本 的上行压力。考虑到公司资负两端的向好情况，我们预计公司25年核心ROE 有望达到 11%，在 24 年 10.5%的基础上改善，维持公司"买入"评级。 飞机制造产能改善的趋势仍在延续 3Q25 空客的月均交付数量达到 67 架，相比 2Q25 的 57 架和 3Q ...

Company News - Sunny Optical Technology (02382.HK) plans to transfer Shanghai Aolai for approximately 1.903 billion yuan and invest in GoerTek to jointly develop AI/AR optical business [2] - Orient Overseas International (00316.HK) reported a 8.3% decrease in shipping revenue for the first nine months, totaling approximately 6.696 billion USD, with an overall load factor down 1.5% and average revenue per standard container down 12.4% compared to the same period last year [2] - Xiehe New Energy (00182.HK) reported a 0.31% decrease in equity power generation for the first nine months, totaling 6,464.54 GWh, while solar equity power generation increased by 30.69% year-on-year [2] - Fast Retailing (06288.HK) announced annual results for the year ending August 31, 2025, with revenue of 3.400539 trillion yen, a year-on-year increase of 9.6%, and net profit of 433.009 billion yen, up 16.4% [3] - Dongfeng Motor Group (00489.HK) reported cumulative vehicle sales of 1.3168 million units for the first nine months, a year-on-year decline of approximately 3.6% [4] - Gemdale Property (00535.HK) reported a cumulative contract sales amount of approximately 8.533 billion yuan for the first nine months, a year-on-year decrease of 39.81% [4] - Baolong Real Estate (01238.HK) reported a contract sales total of approximately 5.431 billion yuan for the first nine months, down 43.64% year-on-year [4] - Zhengrong Real Estate (06158.HK) reported a cumulative contract sales amount of approximately 3.288 billion yuan for the first nine months, a year-on-year decrease of 32.8% [4] - JINGRUI Holdings (01862.HK) reported a contract sales amount of 740 million yuan for the first nine months, a year-on-year decrease of 49.52% [5] - China Wisdom Energy (01004) withdrew its liquidation petition [5] Shareholding Changes - Flat Glass Group (06865.HK) saw some shareholders and directors reduce their holdings by a total of 29.9803 million shares [6] - CNOOC Services (02883.HK) reported that its controlling shareholder, China National Offshore Oil Corporation, increased its holdings by 16.008 million H-shares over the past six months [6] - China National Offshore Oil Corporation (00883.HK) reported that its actual controller increased its holdings by 22.098 million shares in the past six months [6] - Tencent Holdings (00700.HK) repurchased 816,000 shares at a cost of 551 million HKD, with repurchase prices ranging from 666 to 680.5 HKD [6]

中银航空租赁(02588)公布截至2025年9月30日止第三季度的营运交易情况，投资组合共计812架╱台自 有、代管及已订购的飞机和发动机，442架自有飞机的平均机龄为5.0年、平均剩余租期为7.8年;因公司 不再担任15架飞机的服务商，代管机队现包括17架飞机;订单簿包括343架飞机;自有及代管机队的客户 群覆盖46个国家及地区的88家航空公司;自有飞机利用率保持在100%。 2025年第三季度共执行34项交易，其中包括：承诺购买3架飞机，交付11架飞机，售出10架自有飞机， 签署10份租约承诺，发行5亿美元5.5年期债券，票面利率为每年4.25%，较5年期美国国债上浮58个基 点，债券利差创公司新低。 ...

2025年第三季度共执行34项交易，其中包括： 承诺购买3架飞机，交付11架飞机，售出10架自有飞机， 签署10份租约承诺，发行5亿美元5.5年期债券，票面利率为每年4.25%，较5年期美国国债上浮58 个基 点，债券利差创公司新低。 智通财经APP讯，中银航空租赁(02588)公布截至2025年9月30日止第三季度的营运交易情况，投资组合 共计812架╱台自有、代管及已订购的飞机和发动机，442架自有飞机的平均机龄为5.0年、平均剩余租 期为7.8年;因公司不再担任15架飞机的服务商，代管机队现包括17架飞机;订单簿包括343架飞机;自有及 代管机队的客户群覆盖46个国家及地区的88家航空公司;自有飞机利用率保持在100%。 ...

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分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 BOC AVIATION LIMITED 中銀航空租賃有限公司* （於新加坡共和國註冊成立的有限公司） 股份代號：2588 截至2025年9月30日止第三季度營運資料 中銀航空租賃有限公司（「本公司」）公佈其截至2025年9月30日止第三季度的營運交 易情況。 投資組合及交易概要 * 僅供識別 – 1 – | 資產類型 | 自有 | 代管 | 已訂購2 | 總數 | | --- | --- | --- | --- | --- | | 空客A220系列 | 23 | 0 | 0 | 23 | | 空客A320CEO系列 | 57 | 7 | 0 | 64 | | 空客A320NEO系列 | 148 | 0 | 211 | 359 | | 空客A330CEO系列 | 8 | 0 | 0 | 8 | | 空客A330NEO系列 | 6 | 0 | 0 | 6 | | 空客A350系列 | 9 | 0 | 0 | ...

中银航空租赁(02588)发布公告，将于2025年10月13日派发截至2025年6月30日止六个月的中期股息每股 1.1483港元。 ...

智通财经APP讯，中银航空租赁(02588)发布公告，将于2025年10月13日派发截至2025年6月30日止六个 月的中期股息每股1.1483港元。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中銀航空租賃有限公司 | | | 呈交日期: | 2025年10月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02588 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 694,010,334 | | 0 | | 694,010,334 | | 增加 / 減少 (- ...