Core Points - China Aircraft Leasing Group announced that Ms. Zhang Xiaolu will resign from her positions as non-executive director, chairman, chairman of the nomination committee, and chairman of the strategy and budget committee effective October 30, 2025 [1] - Mr. Zhuo Chengwen has been appointed as executive director, chairman, chairman of the nomination committee, and chairman of the strategy and budget committee, effective October 30, 2025 [1]

Core Viewpoint - China Aircraft Leasing Group Holdings Limited (中银航空租赁) announced significant changes in its board of directors, with Zhang Xiaolu set to resign and Zhuo Chengwen appointed as the new chairman and executive director effective October 30, 2025 [1] Group 1 - Zhang Xiaolu will resign from his positions as non-executive director, chairman, chairman of the nomination committee, and chairman of the strategy and budget committee on October 30, 2025 [1] - Zhuo Chengwen has been appointed as executive director, chairman, chairman of the nomination committee, and chairman of the strategy and budget committee, effective October 30, 2025 [1]

Core Viewpoint - China Aircraft Leasing Group Holdings Limited (中银航空租赁) announced the resignation of Ms. Zhang Xiaolu as non-executive director, chairman, and chairperson of the nomination committee and strategy and budget committee, effective October 30, 2025 [1] - Mr. Zhuo Chengwen has been appointed as executive director, chairman, and chairperson of the nomination committee and strategy and budget committee, effective October 30, 2025 [1] Summary by Categories - **Management Changes** - Ms. Zhang Xiaolu will resign from her positions on October 30, 2025 [1] - Mr. Zhuo Chengwen will take over the roles of executive director, chairman, and chairperson of the relevant committees starting October 30, 2025 [1]

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） 非執行董事 靳紅舉先生 金彥女士 劉雲飛女士 Robert James Martin先生 獨立非執行董事 戴德明先生 付舒拉先生 Antony Nigel Tyler先生 楊賢博士 * 僅供識別 – 1 – 股份代號：2588 董事名單及其角色與職能 自2025年10月30日起，中銀航空租賃有限公司董事會成員載列如下： 執行董事 卓成文先生 （董事長） Steven Matthew Townend先生 （總經理兼首席執行官） 自2025年10月30日起，相關董事會委員會委員載列如下： | | 審計 | 薪酬 | 提名 | 風險 | 戰略及預算 | | --- | --- | --- | --- | --- | --- | | 董事 | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | | 卓成文先生 | | | C | | C | | Steven Matthew Townend | | | | | M | | 先生 | | | | | | | 靳紅舉先生 | M | | | | M | | 金彥 ...

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 股份代號：2588 有關董事、董事長、提名委員會主席 以及戰略及預算委員會主席的變動 董事會宣佈：(1)張曉路女士將於2025年10月30日辭任非執行董事、董事長、提 名委員會主席以及戰略及預算委員會主席職務；以及(2)卓成文先生獲委任為執行 董事、董事長、提名委員會主席以及戰略及預算委員會主席，並於2025年10月30 日起生效。 張曉路女士之辭任 中銀航空租賃有限公司（「本公司」）董事會（「董事會」）宣佈，張曉路女士因工作需 要已辭任本公司非執行董事、董事長、提名委員會（「提名委員會」）主席以及戰略及 預算委員會（「戰略及預算委員會」）主席職務，辭任自2025年10月30日起生效。 張曉路女士已確認其與董事會並無意見分歧，且概無與其辭任有關的任何事項須提 請本公司股東注意。 董事會謹此對張曉路女士任職期間的寶貴貢獻表示感謝。 * 僅供識別 – 1 – 卓成文先 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 85 [6]. Core Insights - The company, BOCA, has shown a strong fleet iteration with 11 aircraft delivered and 10 sold in 3Q25, resulting in a total fleet size of 442 aircraft, an increase of 1 from 2Q25 [1][3]. - The improvement in aircraft manufacturing capacity is expected to positively impact BOCA's capital expenditures and asset scale expansion, which may enhance leasing rates and return on equity (ROE) [2][4]. - The company issued USD 500 million in bonds with a 4.25% coupon rate, which is lower than previous issuances, indicating a favorable trend in debt costs [4][5]. Summary by Sections Fleet Operations - In 3Q25, BOCA executed 34 transactions, including the delivery of 11 aircraft and the sale of 10, maintaining a healthy average fleet age of 5 years [3]. - The fleet utilization rate remains stable at 100%, with an average remaining lease term of 7.8 years [3]. Financial Performance - The global air travel demand continues to rise, with a 4.6% year-on-year increase in revenue passenger kilometers (RPK) in August [4]. - The company expects its core ROE to improve to 11% in 2025, up from 10.5% in 2024, supported by favorable debt conditions and operational performance [4][5]. Profit Forecast and Valuation - The profit forecasts for 2025, 2026, and 2027 have been adjusted to USD 720 million, USD 840 million, and USD 910 million respectively, reflecting increases of 1.4%, 4.8%, and 10.1% [5]. - The company's stock is currently trading at 0.93x 2025E price-to-book (PB) ratio, with a dividend yield of 4.1% [5].

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]

Core Insights - The company reported operational results for the third quarter ending September 30, 2025, with a total portfolio of 812 aircraft and engines, including owned, managed, and ordered units [1] - The average age of the 442 owned aircraft is 5.0 years, with an average remaining lease term of 7.8 years [1] - The company no longer serves as a provider for 15 aircraft, resulting in a managed fleet that now includes 17 aircraft [1] - The order book consists of 343 aircraft, and the customer base for owned and managed fleets spans 88 airlines across 46 countries and regions [1] - The utilization rate for owned aircraft remains at 100% [1] Transaction Summary - In the third quarter of 2025, the company executed 34 transactions, which included commitments to purchase 3 aircraft, delivery of 11 aircraft, and sale of 10 owned aircraft [1] - The company signed 10 lease commitments and issued a $500 million 5.5-year bond with an annual coupon rate of 4.25%, which is 58 basis points above the 5-year U.S. Treasury yield, marking a record low for the company's bond spread [1]