Core Viewpoint - Bank of China Aviation Leasing (02588) announced a mid-term dividend of HKD 1.1483 per share for the six months ending June 30, 2025, to be distributed on October 13, 2025 [1] Summary by Category - **Company Announcement** - The company will distribute a mid-term dividend of HKD 1.1483 per share [1] - The dividend pertains to the period ending June 30, 2025 [1] - The payment date for the dividend is set for October 13, 2025 [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9月30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: | 2025年10月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 (- ...

| 代扣所得稅信息 | | | --- | --- | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 本公司董事會成員包括董事長兼非執行董事張曉路女士；執行董事Steven Matthew Townend先生；非執行董事靳紅舉先生、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。 | | 第 2 頁 共 2 頁 v 1.1.1 EF001 EF001 免責聲明 | 公告全部或任何部份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。 | 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 | | --- | --- | | | 股票發行人現金股息公告 | | 發行人名稱 | 中銀航空租賃有限公司 (僅供識別) | | ...

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。 承董事會命 中銀航空租賃有限公司 蘇堯鋒 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 派付中期股息的匯率 茲提述中銀航空租賃有限公司（「本公司」）日期為2025年8月21日的中期業績公告 （「該公告」），內容有關（其中包括）宣派截至2025年6月30日止六個月的中期股息每 股0.1476美元（「中期股息」）。除文義另有所指外，本公告中使用的詞彙應與該公告 所界定者具相同涵義。 誠如該公告所披露，中期股息將按支付日期2025年10月13日前至少一週的美元兌港 元的現行市場匯率以港元派付。根據1美元兌7.7795港元的匯率（即本公司為派付中 期股息之目的而於2025年9月26日購入港元之加權平均匯率），本公司宣佈就截至 2025年6月30日止六個月每股應付中期股息的金額為1.1483港元。 公司秘書 香港，2025年10月2日 於 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]

(Stock Code: 2588) Dear non-registered shareholder(s), BOC Aviation Limited (the "Company") - 2025 Interim Report (the "Current Corporate Communication") and Arrangement of Electronic Dissemination of Corporate Communications Please be informed that the English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.bocaviation.com and the HKExnews' website at www.hkexnews.hk. A printed copy of the relevant version is enclosed if you previously req ...

BOC AVIATION LIMITED 中銀航空租賃有限公司 * (Incorporated in the Republic of Singapore with limited liability) (Stock Code: 2588) Dear registered shareholder(s), BOC Aviation Limited (the "Company") - 2025 Interim Report (the "Current Corporate Communication") and Arrangement of Electronic Dissemination of Corporate Communications Please be informed that the English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.bocaviation.com and the HKExnews' web ...

(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 著眼全球謀發展 2025年中期報告 公司2025年上半年稅後淨利潤為3.42億美元， 每股收益為0.49美元，較2024年上半年稅後 淨利潤4.60億美元及每股收益0.66美元有所減 少。然而，與2024年上半年的核心稅後淨利潤 2.84億美元相比，盈利增長20%。 截至2025年上半年末，公司自有機隊共有441 架飛機，平均機齡為5.0年，加權平均剩餘租期 為7.9年。我們亦連續第二個季度達到100%的 利用率，五年多來首次實現所有飛機處於租賃狀 態，這充分體現了航空公司客戶的強勁需求、我 們的風險管理能力以及投資組合的信用質量。 公司在2025年上半年向航空公司客戶交付了24 架新飛機，高於去年的18架，預計下半年將交付 至少相似數量的飛機。我們還簽訂了公司歷史上 最大的新飛機訂單，包括70架空客A320NEO 系列及50架波音737-8飛機。公司在2025年上 半年新增143架飛機訂單，使訂單總數達到351 架。公司的未來交付計劃規模在全球飛機租賃公 司中排名前列，為公司核心資產增長奠定了堅實 基礎。 2025年上半年經營收入及其他收 ...

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" investment rating for the industry [2][3]. Core Insights - The brokerage sector has experienced a recent adjustment, with the Shenwan Brokerage II Index declining by 3.51%, underperforming the CSI 300 Index by 3.07 percentage points. However, the sector is expected to maintain double-digit year-on-year profit growth in Q3 2025, supported by ongoing capital inflows [3][6]. - The insurance sector has seen a decline of 4.76% in the Shenwan Insurance II Index, with significant movements such as Ping An Life increasing its stake in China Pacific Insurance to over 10%. This reflects a strong positive outlook from insurance capital towards the sector [3][8]. - The report highlights the upcoming National New Conference on September 22, which is anticipated to bring new policies that could positively impact market sentiment [3][15]. Summary by Sections Market Review - The CSI 300 Index closed at 4501.92 with a slight decline of 0.44%. The non-bank index reported a drop of 3.66%, with the brokerage, insurance, and diversified financial sectors showing declines of 3.51%, 4.76%, and 0.50% respectively [6][8]. Non-Bank Industry Key Data - As of September 19, 2025, the 10-year government bond yield was 1.88%, with a slight increase of 0.65 basis points. The average daily stock trading volume reached 25,181.36 billion yuan, reflecting an increase of 8.23% week-on-week [11][14]. Non-Bank Industry News and Key Announcements - The report notes that the property insurance sector achieved a record high in underwriting profits in the first half of 2025, with premium growth of 4.2% [16]. - Ping An Life's recent acquisition of shares in China Pacific Insurance is seen as a strong signal of confidence in the insurance sector's investment value [19]. - China Pacific Insurance announced the completion of a convertible bond issuance, which is expected to enhance its capital position [20]. Investment Recommendations - For brokerages, the report recommends focusing on leading firms benefiting from improved competitive dynamics, such as GF Securities, Guotai Junan, and CITIC Securities. It also suggests considering firms with strong international business capabilities like China Galaxy and CICC [3][8]. - In the insurance sector, the report recommends China Life, China Pacific, New China Life, and Ping An, among others, due to their favorable valuation and growth prospects [3][8].

Core Viewpoint - The aircraft leasing industry is experiencing a tightening supply-demand dynamic, leading to rising aircraft values and rental rates, with strong demand for leasing continuing amidst supply chain constraints and skilled labor shortages [1][2]. Group 1: Industry Dynamics - Aircraft manufacturers are facing production capacity limitations due to supply chain issues, skilled labor shortages, and raw material supply disruptions, while demand for aircraft remains robust [1]. - The tightening supply-demand situation is expected to benefit leading aircraft leasing companies, which are experiencing stable aircraft deliveries during this upcycle [1]. Group 2: Company Strengths - The company has a strong management team with over 26 years of experience in banking, leasing, and aviation, which enhances its fleet management capabilities and helps mitigate cyclical risks in the aviation industry [1]. - The company has maintained profitability for 31 consecutive years since its establishment, with a steady growth trend in aircraft business revenue, primarily driven by operating lease rental income, which has consistently accounted for over 70% of total revenue [1]. Group 3: Financial Position - Backed by its major shareholder, Bank of China, the company enjoys significant financing cost advantages and strong capital acquisition capabilities, with a high credit rating relative to peers [1][2]. - Approximately 30% of the company's debt consists of floating-rate bonds, positioning it to benefit from potential interest rate cuts by the Federal Reserve [1][2]. Group 4: Performance Forecast - The company is expected to achieve revenues of $2.533 billion, $2.668 billion, and $2.817 billion for the years 2025-2027, with year-on-year growth rates of -0.9%, +5.3%, and +5.6% respectively [2]. - Projected net profits for the same period are $699 million, $766 million, and $840 million, with year-on-year growth rates of -24.31%, +9.56%, and +9.66% respectively [2]. - The company’s target price is set at HKD 91.70, with a target price-to-book ratio of 1.20x for 2025, reflecting an anticipated improvement in valuation amid favorable industry conditions and reduced financing costs [2].