消息上，一年一度的"中国春节人口大迁移"2月2日启幕。据悉，春运期间，多航司部分热门航线客座率 已至八成以上，整体航线客座率情况仍处于上升期。根据航旅纵横提供的数据，春运首日，国内航线机 票预订量超186万张，同比增长约5%；出入境航线机票预订量超25万张，比去年春运同期增长约7%。 从票价来看，同程旅行方面称，从其平台数据来看，2月2日，国内和国际机票均价相比上周同期略有提 升，但总体保持平稳，预计将在2月7日开始呈现明显上扬。与此同时，各航空公司针对春运需求旺盛的 航线，对运力进行了调整。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 00670 | 中国东方航空股2 | 5.630 | 4.26% | | 01055 | 中国南方航空股 | 5.950 | 2.76% | | 00753 | 中国国航 | 6.980 | 2.65% | | 02588 | 中银航空租赁 | 81.450 | 2.32% | | 00293 | 国泰航空 | 12.380 | 1.56% | | 00694 | 北京首都机场股 | 2.610 | 0.38% ...

| 截至月份: | 2026年1月31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: | 2026年2月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 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 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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 (-) 0 0 本月底結存 694,010,334 0 694,010,334 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在 ...

Core Viewpoints - The non-bank financial sector, including brokerage and insurance, shows continued improvement in fundamentals, highlighting the investment value of the non-bank sector [1] Group 1: Market Performance - As of January 31, 2026, the Shanghai Composite Index reported 4117.95 points, down 0.44%, while the Shenzhen Component Index was at 14205.89, down 1.62% [10] - The CSI 300 Index increased by 0.08%, and the ChiNext Index decreased by 0.09% [10] - The CITIC II Securities Index fell by 0.71%, while the CITIC II Insurance Index rose by 5.41% [10] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest rate spreads [15] - As of January 30, 2026, the 10-year government bond yield was 1.81%, down 2 basis points from the previous week, indicating a cautious risk preference in the equity market [12] - The insurance sector is benefiting from a stable long-term interest rate environment and an upward trend in the equity market, which is expected to drive performance growth in Q1 2026 [15] Securities Sector - The securities market is showing positive core indicators, with a projected high growth in Q1 2026, supported by improved trading volume and margin financing [16] - As of January 30, 2026, 17 brokerages reported a total net profit of 1153.44 billion CNY for 2025, a year-on-year increase of 60.27% [19] - The average daily trading volume of all A and B shares reached 2.90 trillion CNY, a 144.26% increase compared to the same period in 2025, indicating a significant rise in market activity [21] Group 3: Investment Opportunities - The launch of commercial real estate REITs is expected to expand business opportunities, with the first three products anticipated to raise over 13 billion CNY [27] - The REITs initiative aims to activate existing commercial real estate assets and enhance the supply of capital market products, indicating strong market demand [27] - The insurance sector is advised to focus on companies like China Ping An, China Life, and New China Life, which are expected to benefit from favorable market conditions [15]

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]

Company Dynamics - Zhongyin Aviation Leasing reported operational data for Q4 2025, indicating a gradual improvement in aircraft deliveries and a favorable environment due to the Federal Reserve's interest rate cuts, suggesting the company may enter a growth cycle with both volume and price increases, potentially leading to a steady rise in valuation [1] - In Q4 2025, the company delivered 16 aircraft (up 3 year-on-year and up 5 quarter-on-quarter) and committed to purchasing 14 aircraft, with a total of 51 aircraft deliveries expected for the entire year of 2025 (an increase of 13 from 2024) and 160 aircraft committed for purchase [1] - By the end of 2025, the company's owned fleet is expected to grow by 16 aircraft to a total of 451, with an order book increasing by 105 aircraft to 337 [1] - The industry supply outlook shows that Airbus and Boeing delivered a total of 1,194 aircraft in the first 11 months of 2025, compared to 1,114 for the entire year of 2024, with a forecast of 1,752 aircraft deliveries in 2026 [1] Asset Management - The company sold 7 owned aircraft in Q4 2025 (down 1 year-on-year and down 3 quarter-on-quarter), with a total of 35 aircraft expected to be sold in 2025 (an increase of 6 year-on-year) [2] - The average age of the owned fleet is 5.0 years, with a remaining lease term of 7.8 years, and the market value of the owned fleet is at a 15% premium to its book value as of the end of H1 2025, indicating that steady asset sales will help realize asset premiums [2] Financial Outlook - The Federal Reserve's interest rate cuts may lead to a marginal decrease in financing costs, with 29% of the company's existing liabilities being floating-rate, indicating strong sensitivity to interest rate changes [2] - The company issued 5.5-year and 7-year corporate bonds on August 26, 2025, and January 12, 2026, with coupon rates of 4.25% and 4.375%, respectively, compared to a 4.75% coupon rate for a 3-year bond issued in January 2025 [2] - The combination of improved deliveries and overseas interest rate cuts is expected to lead to a steady increase in the company's Return on Equity (ROE) [2] Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 remains unchanged, with a new forecast for 2027 introduced at $931 million [2] - The company is currently trading at 1.1x, 1.0x, and 0.9x Price-to-Book (P/B) ratios for 2025, 2026, and 2027, respectively, and the target price has been raised by 8% to HKD 87.9, maintaining an outperform rating with an upside potential of 8.8% [2]

Core Viewpoint - BOC Aviation is expected to enter a growth cycle with increasing volume and prices due to improved delivery and interest rate cuts by the US Federal Reserve, which supports steady valuation upside [1]. Company Performance - In 4Q25, BOC Aviation delivered 16 aircraft, marking a 3% increase year-over-year (YoY) and a 5% increase quarter-over-quarter (QoQ). The company committed to purchasing 14 aircraft [2]. - For the full year 2025, BOC Aviation delivered 51 aircraft, a 13% increase YoY, and committed to purchasing 160 aircraft. By the end of 2025, the owned fleet totaled 451 aircraft, a 16% increase YoY, with an order book of 337 aircraft, up 105 YoY [2]. Industry Supply Dynamics - Airbus and Boeing delivered a total of 1,194 aircraft in the first 11 months of 2025, compared to 1,114 for the entire year of 2024. AirInsight Group estimates that combined deliveries may reach 1,752 aircraft in 2026 [3]. - The tight supply-demand market is expected to support high-priced contract execution, while the ample order backlog provides a solid foundation for medium- to long-term business growth [3]. Asset Management - BOC Aviation sold seven self-owned aircraft in 4Q25, a decrease of 1 YoY and 3 QoQ. In 2025, the total sales of self-owned aircraft reached 35, reflecting a 6% increase YoY [4]. - The existing fleet has an average age of 5.0 years and an average remaining lease term of 7.8 years. As of the end of 1H25, the market value of the self-owned fleet had a 15% premium over its book value, indicating potential for asset premium realization [4]. Financial Outlook - The US Federal Reserve's interest rate cuts may lead to a marginal decline in financing costs, with floating-rate liabilities comprising 29% of BOC Aviation's existing liabilities as of 1H25, indicating strong sensitivity to interest rate changes [5]. - The company issued corporate bonds with coupon rates of 4.25% and 4.375% for 5.5-year and 7-year terms, respectively, which are lower than the 4.75% rate for a newly issued 3-year bond in January 2025 [5]. - Earnings forecasts for 2025 and 2026 are largely maintained, with a new forecast for 2027 set at US$931 million. The stock is trading at 1.0x 2026e and 0.9x 2027e P/B, with a target price raised by 8% to HK$87.9, implying 1.1x 2026e and 1.0x 2027e P/B with an 8.8% upside [6].

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].