机构：中金公司 研究员：Qingqing MAO/Xuejian ZHENG/Zeyu YAO/Xin YANG/Qibin FENG/Qikun WU Company Update What's new BOC Aviation announced its operating data for 4Q25. Looking ahead, we believe the firm may enter a growth cycle with rising volume and prices amid improving delivery and interest rate cuts by the US Federal Reserve, supporting steady valuation upside. Comments Supplier deliveries improve; balance sheet to expand steadily on ample order book. In 4Q25, the firm delivered 16 aircraft (+3 YoY and +5 QoQ) and c ...