Core Viewpoint - The report from CICC indicates that with improving deliveries and the Federal Reserve's interest rate cut environment, China Aircraft Leasing Group may enter a growth cycle characterized by both volume and price increases, potentially creating steady valuation uplift space [1] Group 1: Financial Performance - Since the second half of last year, the Federal Reserve has entered a rate-cutting cycle, with the company's floating rate liabilities accounting for 29% of total liabilities in the first half of this year, indicating strong sensitivity to interest rate cuts [1] - The company issued 5.5-year and 7-year corporate bonds on August 26 last year and January 12 this year, with corresponding coupon rates of 4.25% and 4.375% [1] Group 2: Earnings Forecast - CICC maintains the company's earnings forecast for 2025 to 2026, while introducing a new earnings forecast for 2027 at USD 931 million [1] - Considering the company's benefits from the industry supply-demand dynamics and the interest rate cut cycle, the target price has been raised by 8% to HKD 87.9, while maintaining an "outperforming the industry" rating [1]

证券研究报告 港股通 中银航空租赁 (2588 HK) 4Q25：机队规模持续扩张 2026 年 1 月 14 日│中国香港 租赁 | 华泰研究 | | 公告点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2026 年 1 月 | 14 日│中国香港 | 租赁 | 目标价(港币): | 91.00 | 中银航空租赁（BOCA）披露了 4Q25 运营数据。自有飞机数量环比提升 9 架，同比提升 16 架，达到 451 架。四季度公司交付的飞机数量达到 16 架， 同时出售了 8 架飞机（7 架自有+1 架代管）。资产端，机队规模的增长显 示公司仍然在稳步扩张，背后的驱动力是上游波音和空客的产能正在逐步修 复。根据空客披露的交付数据和 Forecast International 的估计数据，12 月 波音和空客可能合计交付了 200 架飞机，相比去年同期的 153 架有所提升。 我们认为上游 OEM 的产能改善有利于 BOCA 的资本开支投放和机队扩张， 公司资产规模有望增长。在负债端，公司全年融资额超过 40 亿美元，可能 创下 2020 年后的 ...

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。 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 根據全球中期票據計劃發行 於2033年到期的5億美元固定利率票據（「票據」）之定價補充說明 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」）根據其全球中期票據計劃發行的票據已於2026年 1月13日於新加坡證券交易所有限公司上市。關於票據的定價補充說明可於新加坡 證券交易所有限公司網站查閱： www.sgx.com 。 承董事會命 中銀航空租賃有限公司 蘇堯鋒 公司秘書 BOC AVIATION LIMITED 香港，2026年1月14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 ...

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 * 僅供識別 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」）根據其全球中期票據計劃發行的票據將於2026年 1月13日於新加坡證券交易所有限公司上市。相關文件可於新加坡證券交易所有限 公司網站查閱： www.sgx.com 。 承董事會命 中銀航空租賃有限公司 蘇堯鋒 公司秘書 香港，2026年1月12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生、付舒拉先 生、Antony Nigel Tyler先生及楊賢博士。 海外監 ...

Core Viewpoint - The company reported strong operational performance for the year ending December 31, 2025, achieving significant transaction volumes and maintaining a 100% aircraft utilization rate [2]. Group 1: Operational Performance - The investment portfolio consists of a total of 815 aircraft and engines, with an average age of 5.0 years and an average remaining lease term of 7.8 years for the 451 owned aircraft [1]. - The company executed 333 transactions throughout the year, including 66 in the fourth quarter, with commitments to purchase 160 aircraft for the year [1]. - The company delivered 51 aircraft in total for the year, with 16 delivered in the fourth quarter, and sold 35 owned aircraft and 1 managed aircraft throughout the year [1]. Group 2: Market Position and Strategy - The company is positioned among the top five aircraft leasing companies globally, bolstered by the addition of 160 aircraft purchase commitments [2]. - The company emphasizes its commitment to investing in technologically advanced aircraft models, as evidenced by the reception of 51 new aircraft [2]. - The company’s proactive portfolio management strategy includes the sale of 35 owned aircraft, contributing to its strong investment portfolio and order reserve [2].

Core Viewpoint - The company reported strong operational performance for the year ending December 31, 2025, achieving one of the largest transaction volumes in its history, solidifying its position as one of the top five aircraft leasing companies globally [2] Group 1: Operational Performance - The investment portfolio consists of a total of 815 aircraft and engines, with an average age of 5.0 years and an average remaining lease term of 7.8 years for the 451 owned aircraft [1] - The company maintained a 100% utilization rate for its owned aircraft throughout the year [1] - A total of 333 transactions were executed during the year, including 66 in the fourth quarter [1] Group 2: Transactions and Deliveries - In the fourth quarter, the company committed to purchasing 14 aircraft and delivered 16 aircraft, resulting in a total net delivery of 51 aircraft for the year [1] - The company sold 35 owned aircraft and 1 managed aircraft throughout the year, with 7 owned aircraft and 1 managed aircraft sold in the fourth quarter [1] - A total of 74 lease commitments were signed during the year, with 21 signed in the fourth quarter [1] Group 3: Financial Highlights - The total financing raised by the company exceeded $4 billion for the year [1]

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12月31日止第四季度及年度營運資料 中銀航空租賃有限公司（「本公司」）公佈其截至2025年12月31日止第四季度及年度 的營運交易情況。 總經理兼首席執行官Steven Townend表示：「2025年，公司實現了強勁的營運表 現，完成了公司歷史上最大規模之一的交易量。公司訂單簿中新增160架飛機採購 承諾，進一步鞏固了公司作為全球前五大飛機租賃公司之一的地位。全年公司共接 收51架新飛機，體現了公司致力於投資技術先進機型的承諾。作為積極投資組合管 理策略的一部分，公司在2025年出售了35架自有飛機，並實現了100%的飛機利用 率。憑藉強健的投資組合和訂單儲備，我們對實現未來增長目標充滿信心。」 投資組合及交易概要 承董事會命 • 投資組合共計815架╱台自有、代管 ...

Group 1 - The core viewpoint of the article highlights a collective decline in Hong Kong airline stocks, with China Eastern Airlines and China Southern Airlines dropping over 3%, and Air China falling over 1% [1] - Specific stock performance includes China Eastern Airlines at 5.370 with a decrease of 2.89%, China Southern Airlines at 5.910 down by 2.48%, and Air China at 7.220 down by 0.96% [2] - Following the New Year, domestic air ticket prices have significantly dropped, with some prices as low as 10% of their original cost, indicating a "volume increase and price drop" phenomenon, which is seen as a short-term negative for airline stocks [2] Group 2 - The lowest ticket price from Guangzhou to Shanghai was reported at 210 yuan (excluding tax), equivalent to 11% of the original price, reflecting a drastic reduction in airfares [2] - Industry experts suggest that as students begin their winter break in mid to late January, air ticket prices are expected to fluctuate, indicating potential volatility in the market [2] - The analysis emphasizes that while the current price drop is a short-term negative for airline stocks, the long-term industry fundamentals remain crucial [2]

（文章来源：每日经济新闻） 每经AI快讯，中银航空租赁(02588.HK)午后涨近5%，截至发稿涨4.39%，报78.55港元，成交额8875.14 万港元。 ...

Group 1 - The core viewpoint of the article highlights that China Aircraft Leasing Group (02588) has seen a significant increase in its stock price, reaching a new high of 78.85 HKD, driven by favorable conditions in the aircraft leasing industry [1] - The aircraft leasing industry is experiencing an upward trend due to tight supply chains for new aircraft, a shortage of skilled workers, and disruptions in raw material supply, leading to sustained demand and increasing aircraft values and rental rates [1] - Major aircraft leasing companies, including China Aircraft Leasing Group, are expected to benefit from the ongoing upcycle in the aircraft leasing market, as they maintain stable aircraft deliveries amidst strong demand [1] Group 2 - As a leading player in the aircraft leasing sector, China Aircraft Leasing Group is poised to gain from both the rising aviation industry and the Federal Reserve's interest rate cuts, which may lower funding costs denominated in USD and expand profit margins [1] - The company operates a fleet of 483 aircraft, ranking fifth among global aircraft leasing firms, and is likely to see revenue growth from its customer base of global airlines as the aviation market improves [1] - The dual benefits of industry growth and favorable financial conditions are expected to create a synergistic effect for the company, enhancing its overall performance [1]