Investment Rating - The industry rating is "Outperform" [1][51] Core Insights - Aircraft manufacturers are slowly recovering their production capacity, but delivery delays persist due to supply chain and labor shortages. Boeing is expected to deliver 600 aircraft in 2025, averaging about 50 per month, while Airbus is projected to deliver 793 aircraft, averaging about 66 per month. The backlog of aircraft orders remains at historically high levels [2][5][7]. - Global civil aviation passenger traffic growth has slowed down, with all regions except Africa experiencing a decrease in year-on-year growth rates compared to October. Africa's airlines saw an increase of 12.6%. Europe accounted for the largest share of international passenger traffic, with a year-on-year growth of 6.8% in November, while Asia's international passenger traffic grew by 9.3% [2][11][15][18]. - Overall, while aircraft manufacturers' production capacity is recovering, it still cannot meet the continuously expanding demand for aircraft. The aircraft leasing market remains strong, benefiting from the tight supply-demand situation. The Asia-Pacific aviation market has significant growth potential, providing broader development space for Chinese aircraft leasing companies, which are currently undervalued compared to global leader AerCap [2][3][4]. Summary by Sections 1. Aircraft Supply Continues to be Tight - Boeing's monthly delivery volume has significantly improved compared to last year, while Airbus's delivery volume is slightly better than the same period last year. However, both manufacturers' delivery levels are still far from previous highs [5]. - The backlog of aircraft orders remains at historical highs, with Boeing and Airbus accumulating new orders of 1,175 and 1,000 aircraft respectively in 2025 [7]. 2. Update on Civil Aviation Passenger Demand - In November 2025, global aviation revenue passenger kilometers (RPK) grew by 5.7% year-on-year, down from 6.6% in October. The global passenger load factor (PLF) reached 83.7%, the highest for November on record [11][15]. - The international passenger traffic in November showed robust growth, with Asia-Pacific and Europe regions maintaining strong performance, while North America saw a growth of 4.0% [18]. 3. Tracking Aircraft Leasing Companies - As of June 30, 2025, Bohai Leasing has the largest number of owned aircraft (628), while China Aircraft Leasing has the least (151). In terms of aircraft orders, Bohai Leasing also leads with 442 orders [39][44]. - The average remaining lease term for China Aircraft Leasing is relatively long at 7.9 years, ensuring long-term stability for the company's leases [47].

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 海外監管公告 全球中期票據計劃項下已發行票據之更新 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 中銀航空租賃有限公司（「本公司」）已於2026年1月21日在新加坡證券交易所有限公 司網站刊載有關本公司全球中期票據計劃項下已發行票據（「該等票據」）的更新資 料。與該等票據相關的資料可於新加坡證券交易所有限公司網站( www.sgx.com )內 的「公司公告」欄目查閱。 蘇堯鋒 公司秘書 香港，2026年1月21日 於本公告日期，本公司董事會成員包括董事長兼執行董事卓成文先生；執行董事 Steven Matthew Townend先生；非執行董事陳翔先生、靳紅舉先生、金彥女士、劉 雲飛女士及Robert James Martin先生；以及獨立非執行董事戴德明先 ...

Group 1: Company Overview - The company is a leading global aircraft operating lessor, listed on the Hong Kong Stock Exchange since 2016, and ranks fifth in aircraft asset value as of Q2 2025 according to Cirium [1] Group 2: Market Demand and Supply - The demand for air travel is recovering, with global RPK and ASK expected to reach 112% and 109% of 2019 levels by October 2025, driving new aircraft purchases and leasing demand [2] - Aircraft delivery rates are slow, with major manufacturers like Boeing and Airbus having significant backlogs, resulting in a supply-demand imbalance that is expected to increase aircraft valuations and rental prices [2] Group 3: Financial Performance - The operating lease yield is projected to increase from 9.2% in 2022 to 10.3% in H1 2025, benefiting from rising rental prices and strong operational capabilities [3] - The company's fleet is expected to expand to 462 owned aircraft by the end of 2025, with a slight recovery in aircraft asset net value in H1 2025 [3] Group 4: Financing and Cost Structure - The company benefits from strong support from its major shareholder, Bank of China, which enhances its credit rating, rated A- by Fitch in H1 2025 [4] - The average funding cost is low at 4.6% in H1 2025, with a significant portion of debt being floating rate, allowing for potential further reductions in financing costs due to anticipated interest rate cuts by the Federal Reserve [4]

Group 1: Core Insights - The report from Guojin Securities initiates coverage on China Aircraft Leasing (02588) with a "Buy" rating, projecting net profit for the company to be $750 million, $850 million, and $950 million for 2025-2027, reflecting a year-on-year growth rate of -19%, 13%, and 13% respectively. The decline in 2025 profit is attributed to a high base effect from a one-time reversal of impairment related to Russian aircraft in 2024 [1] - The aircraft leasing industry is experiencing an upward trend in demand, with IATA reporting that global airline RPK (Revenue Passenger Kilometers) and ASK (Available Seat Kilometers) are expected to recover to 112% and 109% of 2019 levels by October 2025, respectively. This recovery is driving new aircraft purchases and leasing demand [2] - The company is a leading global aircraft operating lessor, ranked fifth in aircraft asset value as of Q2 2025 according to Cirium [1] Group 2: Operational Performance - The operating lease yield is expected to increase from 9.2% in 2022 to 10.3% in H1 2025, benefiting from rising rental prices and strong operational capabilities [3] - The company's fleet is projected to expand to 462 owned aircraft by the end of 2025, although the book value of aircraft assets has declined since 2021 due to impairments related to Russian aircraft and increased sale-leaseback transactions. However, the net asset value of aircraft is expected to recover steadily as aircraft deliveries stabilize [3] Group 3: Financial Position - The company benefits from a low financing cost, supported by its major shareholder, Bank of China, which provides a credit rating advantage. Fitch rated the company at A- in H1 2025 [4] - The average funding cost for the company was 4.6% in H1 2025, which is lower compared to some peers, with approximately 30%-40% of liabilities being floating-rate debt. The company's floating-rate debt costs are expected to decline further following three interest rate cuts by the Federal Reserve in 2025 [4]

盈利预测与估值 中银航空租赁发布2025 年4 季度运营数据。往前看，交付逐步改善叠加美联储降息环境下，我们认为公 司或将步入量价齐升的增长周期，有望创造估值的稳步抬升空间。 评论 供应商交付有所改善，充足订单簿下公司资产负债表有望稳步扩张。4Q25 公司实现交付16 架飞机（同 比+3/环比+5 架）、承诺购买14 架飞机，2025 全年合计交付51 架飞机（较24 年+13架）、承诺购买160 架飞机。截至2025 年末，公司自有机队总规模较24 年末+16 架至451 架、订单簿较24 年+105 架至337 架。行业供给来看，2025 年前11 月空客及波音累计交付1194架（vs.2024 全年1114 架）；且根据 AirInsight Group预测，2026 年波音/空客预计合计交付1,752 架飞机。我们认为在供需仍然紧张的市场格 局下，交付改善将有助公司兑现潜在高定价合约；而充足的订单储备则有望为中长期业务增长奠定坚实 基础。 飞机出售数量稳步增长，有望兑现资产溢价。4Q25 公司出售7架自有飞机（同比-1 架/环比-3 架）； 2025 年合计出售35 架自有飞机（同比+6 架），存量机 ...

机构：中金公司 研究员：Qingqing MAO/Xuejian ZHENG/Zeyu YAO/Xin YANG/Qibin FENG/Qikun WU Company Update What's new BOC Aviation announced its operating data for 4Q25. Looking ahead, we believe the firm may enter a growth cycle with rising volume and prices amid improving delivery and interest rate cuts by the US Federal Reserve, supporting steady valuation upside. Comments Supplier deliveries improve; balance sheet to expand steadily on ample order book. In 4Q25, the firm delivered 16 aircraft (+3 YoY and +5 QoQ) and c ...

Core Viewpoint - The operational data for 4Q25 from China Aircraft Leasing Group (BOCA) indicates a steady expansion in fleet size, driven by the recovery of production capacity from Boeing and Airbus, with a total of 451 owned aircraft as of the end of the quarter [1][2]. Fleet Expansion - The number of owned aircraft increased by 9 units quarter-on-quarter and by 16 units year-on-year, reaching 451 aircraft [1][3]. - In 4Q25, BOCA delivered 16 aircraft and sold 8 aircraft (7 owned and 1 managed), marking a new quarterly high for deliveries since 2024 [3]. - The average age of the owned aircraft remained stable at 5 years, with an average remaining lease term of 7.8 years, and fleet utilization maintained at 100% [3]. Financial Performance and Projections - The company’s financing exceeded $4 billion for the year, potentially setting a new high since 2020, reflecting smoother capital expenditure [2]. - A bond issuance in January 2026 at a coupon rate of 4.375% indicates a decrease in financing costs compared to previous highs [2]. - The projected core Return on Equity (ROE) for 2025/26 is expected to improve to 11% and 12%, respectively, from 10.5% in 2024 [2][4]. Market Demand and Supply Dynamics - Global air travel demand continues to rise, with a 5.7% year-on-year increase in Revenue Passenger Kilometers (RPK) reported by IATA for November, including a 7.7% increase in international markets [4]. - The current supply-demand gap in aircraft remains, with rental rates and market values supported despite improvements in production capacity [4]. Valuation and Profit Forecast - The company maintains steady delivery and sale rhythms, with projected net profits of $720 million, $840 million, and $910 million for 2025, 2026, and 2027, respectively [4]. - The target price has been raised to HKD 91, with the stock currently trading at 1.0x the estimated 2026 Price-to-Book ratio and a 4.1% dividend yield [4].

Core Viewpoint - As of January 15, a total of 105 stocks reached their 52-week highs, with notable performers including 德莱建业 (01546), 东曜药业－Ｂ (01875), and 大森控股 (01580) achieving high rates of 78.00%, 51.36%, and 37.61% respectively [1]. Summary by Category 52-Week Highs - 德莱建业 (01546) closed at 0.355, with a peak of 0.445, marking a high rate of 78.00% [1]. - 东曜药业－Ｂ (01875) closed at 4.190, reaching a high of 4.450, with a high rate of 51.36% [1]. - 大森控股 (01580) closed at 0.275, with a peak of 0.300, achieving a high rate of 37.61% [1]. - 顺兴集团控股 (01637) and 怡园酒业 (08146) also showed significant increases, with high rates of 36.36% and 24.74% respectively [1]. Additional Notable Stocks - JBB BUILDERS (01903) reached a high rate of 24.12% with a closing price of 2.830 [1]. - 天臣控股 (01201) and 江苏创新 (02116) had high rates of 15.38% and 15.00% respectively [1]. - 万国黄金集团 (03939) and 竣球控股 (01481) also performed well, with high rates of 12.95% and 12.44% respectively [1]. 52-Week Lows - The report also noted stocks reaching 52-week lows, with 天彩控股 (03882) showing a low rate of -14.42% [3]. - 中国智慧能源 (01004) and 基石控股 (01592) followed with low rates of -13.64% and -12.86% respectively [3]. - 弘毅文化集团－旧 (02990) and 中原建业 (09982) also reported significant declines of -9.09% and -6.06% respectively [3].

中金基本维持公司2025至2026盈利预测不变，引入2027盈利预测9.31亿美元。 该行指出，去年下半年以来美联储进入降息周期，公司存量负债中今年上半年浮动利率负债占比为 29%，具备较强的降息敏感度；新发负债中，公司去年8月26日及今年1月12日发行5.5年期、7年期公司 债，对应票面利率分别4.25%、4.375%。向前看，认为交付改善叠加海外降息推动下，公司ROE有望稳 步提升。 中金发布研报称，中银航空租赁(02588)发布2025年四季度营运数据。往前看，交付逐步改善叠加美联 储降息环境下，认为公司或将步入量价齐升的增长周期，有望创造估值的稳步抬升空间。考虑公司受益 于行业供需格局及降息周期，上调目标价8%至87.9港元，维持"跑赢行业"评级，对应上行空间8.8%及 2025至2027年1.2倍、1.1倍、1倍市账率。 ...

中金基本维持公司2025至2026盈利预测不变，引入2027盈利预测9.31亿美元。 智通财经APP获悉，中金发布研报称，中银航空租赁(02588)发布2025年四季度营运数据。往前看，交付 逐步改善叠加美联储降息环境下，认为公司或将步入量价齐升的增长周期，有望创造估值的稳步抬升空 间。考虑公司受益于行业供需格局及降息周期，上调目标价8%至87.9港元，维持"跑赢行业"评级，对应 上行空间8.8%及2025至2027年1.2倍、1.1倍、1倍市账率。 该行指出，去年下半年以来美联储进入降息周期，公司存量负债中今年上半年浮动利率负债占比为 29%，具备较强的降息敏感度；新发负债中，公司去年8月26日及今年1月12日发行5.5年期、7年期公司 债，对应票面利率分别4.25%、4.375%。向前看，认为交付改善叠加海外降息推动下，公司ROE有望稳 步提升。 ...