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]

Group 1 - The stock of China Aircraft Leasing (02588) rose nearly 5%, reaching a new high of 78.85 HKD, with a trading volume of 88.75 million HKD [1] - The aircraft leasing industry remains in 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 are expected to benefit from the ongoing upcycle in the aircraft leasing market, as they maintain stable aircraft deliveries [1] Group 2 - China Aircraft Leasing, as a leading player in the aviation leasing sector, is poised to benefit from both the rising aviation industry and the Federal Reserve's interest rate cuts [1] - The company operates a fleet of 483 aircraft, ranking fifth among global aircraft leasing firms, and is expected to see revenue growth from its customer base of global airlines [1] - With the continued easing of interest rates by the Federal Reserve, the company's dollar-denominated funding costs are likely to decrease, potentially expanding its interest margins [1]

Group 1 - The core viewpoint of the article highlights that China Aircraft Leasing Group (02588) has seen a significant stock price increase, reaching a new high of 78.85 HKD, driven by favorable market 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 a sustained increase in aircraft values and rental rates [1] - Major aircraft leasing companies, including China Aircraft Leasing Group, are expected to benefit from the ongoing upturn in the aircraft leasing market, as they maintain stable aircraft deliveries amid 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]

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12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1月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 | 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 | | | | 694,01 ...

Core Conclusion - In 2016, China Aircraft Leasing Group Holdings Limited (CALC) was listed on the Hong Kong Stock Exchange. As a leading player in the aircraft leasing industry, the company is expected to benefit from both the rising aviation industry and the Federal Reserve's interest rate cuts. CALC owns 483 aircraft, ranking fifth among global aircraft leasing companies, and is projected to see revenue growth from its global airline customer base as the aviation market improves. Additionally, with the ongoing interest rate cuts by the Federal Reserve, the company's USD-denominated funding costs are expected to decrease, leading to an expansion of interest margins, resulting in a dual benefit for the company. The company is favored for its young fleet and long-term leases, which provide asset stability, and the anticipated decline in debt costs is expected to widen interest spreads. A "Buy" rating is assigned for the first coverage [1]. Industry Outlook - The aviation industry's recovery is driving an increase in aircraft rental prices due to supply shortages. The global aviation market saw a sharp decline in 2020 due to the pandemic, but it began to recover in 2021, with a strong rebound expected post-2023. By the first half of 2025, global Available Seat Kilometers (ASK) are projected to return to pre-pandemic levels, with stable demand in the aviation market. In 2024, Boeing is expected to underdeliver due to safety incidents, regulatory tightening, and labor strikes, leading to a global aircraft supply shortage. Rental prices for mainstream narrow-body Airbus A320 and wide-body Boeing 737 aircraft are showing a steady upward trend and are expected to continue this trajectory in the future [1]. Competitive Advantage - CALC's core competitiveness lies in its young fleet and long-term leases, which provide cost and liquidity advantages compared to Bohai Leasing and China Aircraft Leasing. The company's fleet size is continuously increasing, and its financing lease scale is growing rapidly. The company's liabilities are primarily USD-denominated, and it dynamically adjusts the duration and structure of its liabilities in response to interest rate changes. With the anticipated continuation of Federal Reserve interest rate cuts, the cost of liabilities is expected to decrease [2]. Financial Projections - CALC's total operating revenue is projected to be USD 2.634 billion, USD 2.854 billion, and USD 2.939 billion for the years 2025 to 2027, reflecting year-on-year growth of +3.0%, +8.4%, and +3.0% respectively. The net profit attributable to the parent company is expected to be USD 761 million, USD 894 million, and USD 964 million for the same years, with year-on-year changes of -17.6%, +17.4%, and +7.8%. Corresponding earnings per share (EPS) are projected to be HKD 8.53, HKD 10.01, and HKD 10.80, while book value per share (BPS) is expected to be HKD 76.70, HKD 83.21, and HKD 90.23, with return on equity (ROE) levels of 11.53%, 12.53%, and 12.45% respectively [2].

Group 1: Company Overview - The report covers Damai Entertainment (1060.HK), a leading platform in live entertainment, driven by ticketing and IP derivatives [1][6][8] - The company is positioned in a high-growth sector, benefiting from the recovery and structural upgrade of offline entertainment consumption [1][8] - Expected adjusted net profits for FY26-28 are projected at 1.06 billion, 1.35 billion, and 1.58 billion CNY respectively [1][8] Group 2: Industry Insights - The live performance market is experiencing a significant increase, with ticket sales for large concerts expected to exceed 26 billion CNY in 2024, a year-on-year growth of 78.1% [6] - The demand for live entertainment is driven by both personal enjoyment and social needs, with an increase in repeat attendance [6] - The supply side is expanding with diversification in lower-tier cities and various performance categories [6] Group 3: IP Business - Alibaba's IP licensing platform, Aliyu, is a leading player in the market, with a projected GMV of 4.1 billion USD in 2024 [7] - The company is enhancing its collaboration with top IPs, which is expected to contribute significantly to revenue growth [7] - The film industry is still in a recovery phase, with a total box office of 29.23 billion CNY in the first half of 2025, reflecting a year-on-year increase of 22.91% [7] Group 4: Company Financials - Sinopec Engineering (02386.HK) is highlighted as a leading energy and chemical engineering firm with strong technical capabilities and a solid financial performance [10][12] - The company has a high dividend payout ratio, with a dividend yield exceeding 5%, providing stable returns for investors [10][12] - Expected target price for 2026 is set at 9.50 HKD per share, based on a 13x PE ratio [10] Group 5: Market Trends - The petrochemical industry is facing revenue stability but profit pressures, with a slight revenue decline of 2.6% year-on-year in H1 2025 [11] - The trend of "reducing oil and increasing chemicals" is evident, with a 9.94% year-on-year increase in ethylene consumption [11] - Global refining capacity continues to grow, particularly in the Middle East and Asia-Pacific regions, with a projected capital expenditure of 153.35 billion USD in 2024 [11] Group 6: Aviation Sector - Bank of China Aviation Leasing (02588.HK) is positioned to benefit from the rising aviation industry and the ongoing interest rate cut cycle [14][15] - The company ranks fifth globally with a fleet of 483 aircraft, poised to gain from increased revenues as the aviation market recovers [14][15] - Expected total revenue for 2025-2027 is projected at 2.63 billion, 2.85 billion, and 2.94 billion USD, with net profits of 761 million, 894 million, and 964 million USD respectively [16] Group 7: Medical Sector - Weisi Medical (688580.SH) is experiencing steady growth, with projected net profits of 133 million, 165 million, and 184 million CNY for 2025-2027 [4][18] - The company focuses on rehabilitation as its core business while expanding into aesthetic and urology sectors [18][19] - The company emphasizes product innovation in non-invasive brain-machine interfaces, aiming to create a comprehensive neuro-rehabilitation system [19]

Investment Rating - The report assigns an "Accumulate" rating to BOC Aviation (02588.HK) [6] Core Views - BOC Aviation is positioned to benefit from the rising aviation industry and the Federal Reserve's interest rate cuts, with a fleet of 483 aircraft, ranking fifth globally among aircraft leasing companies. The company is expected to see revenue growth from its global airline customer base and a decrease in funding costs due to lower interest rates, leading to an expansion of profit margins [2][6] - The aviation market is recovering strongly post-pandemic, with global available seat kilometers (ASK) returning to pre-pandemic levels by mid-2025. A shortage of aircraft supply due to delivery delays from Boeing and Airbus is expected to drive rental prices upward [2][3] Summary by Sections Company Overview - BOC Aviation, a leading aircraft leasing company backed by Bank of China, operates in 46 countries and regions, serving 88 airlines. The company has shown resilience and growth since its establishment in 1993 and its listing in Hong Kong in 2016 [22][23] Industry Analysis - The aviation leasing market is characterized by high concentration, with the top 20 companies holding a significant market share. The industry is currently in a recovery phase, with demand for air travel increasing, particularly in Europe and North America, while the Asia-Pacific region is expected to drive future growth [36][39][43] Competitive Advantages - BOC Aviation boasts a young fleet and long-term lease agreements, providing cost and liquidity advantages. The company is dynamically adjusting its debt structure to optimize financing costs, which are expected to decline as interest rates fall [3][12] Financial Projections - Revenue projections for BOC Aviation from 2025 to 2027 are estimated at $26.34 billion, $28.54 billion, and $29.39 billion, with corresponding net profits of $7.61 billion, $8.94 billion, and $9.64 billion. The earnings per share (EPS) are projected to be 8.53, 10.01, and 10.80 HKD respectively [4][12][13] Valuation and Target Price - The report suggests a target price of 84.37 HKD for BOC Aviation, based on a price-to-book (PB) ratio of 1.1 times, reflecting the company's strong position in the recovering aviation market and the anticipated decrease in funding costs [16]

有内媒指出，目前国航、东航、南航、春秋航空及吉祥航空等主要经营中日航线的航空公司都已发布相 关航线退改政策，业界估计退票高峰仍会持续至12月底。 | 代码 | 名称 | 最新价 | 涨跌幅 ^ | | --- | --- | --- | --- | | 00670 | 中国东方航空股 | 5.030 | -2.71% | | 00753 | 中国国航 | 6.760 | -2.31% | | 01055 | 中国南方航空股 | 5.510 | -2.13% | | 00293 | 国泰航空 | 12.730 | -1.16% | | 02588 | 中银航空租赁 | 73.250 | -0.88% | | 00357 | 美兰空港 | 10.770 -0.28% | | 港股航空股集体走低，中国东方航空跌近3%并且录得3连跌，中国国航、中国南方航空跌超2%，南航 更是连跌4日，国泰航空跌超1%，美兰空港跟跌。 消息上，据中国民用航空网及航班数据平台「航班管家」资料显示，明年1月往返中国及日本航班有约 2,195班已取消，整体取消率40.4%，其中有46条中日航线在未来两个星期内(2025年12月23日至202 ...

Group 1 - The aviation stocks have rebounded after a period of decline, with China Southern Airlines rising by 2%, China Eastern Airlines and Cathay Pacific increasing by 1.5%, and Air China up by 1.28% [1] - As of December 10, several airlines, including China Eastern, China Southern, Hainan Airlines, and Juneyao Airlines, have opened, increased, or resumed international routes in anticipation of the peak travel periods during New Year's, winter vacation, and Spring Festival [1] - The demand for travel is expected to surge due to the overlap of family visits, student travel, and tourism during the peak season starting from late December, prompting airlines to increase capacity to meet this demand [1] Group 2 - The latest stock prices and changes for key airlines are as follows: China Southern Airlines at 5.240 with a rise of 1.95%, China Eastern Airlines at 4.640 with a rise of 1.53%, Cathay Pacific at 11.950 with a rise of 1.53%, and Air China at 6.350 with a rise of 1.28% [2]

Group 1 - The core point of the article is the appointment of Chen Xiang as a non-executive director and member of the remuneration and nomination committees of China Aircraft Leasing Group Holdings Limited, effective from December 10, 2025 [1] Group 2 - The announcement was made by China Aircraft Leasing Group Holdings Limited on December 9 [1]