为积极落实人民币国际化国家战略，深入贯彻人民银行跨境人民币结算工作要求，切实服务实体经济跨 境贸易进口需求，2025年末，晋商银行精准对接企业进口业务需求，成功为太原航空集团办理2.17亿元 跨境支付，人民币款项直接划转至英国卖方指定结算银行。该笔业务是在综改区企业"保税采购+租赁 贸易"新模式下，全省首笔应用跨境人民币支付货物款项，且为我行金额最大一笔跨境人民币结算业 务，是晋商银行践行金融服务实体经济使命、推进人民币跨境结算的重要成果。 该笔2.17亿元跨境人民币结算业务的成功落地，一方面实现了大额跨境人民币支付的重大突破，进一步 提升了我行跨境人民币业务规模与市场影响力；另一方面深化了与客户的合作黏性，为客户新一年度业 务布局形成了良好、高确定性的预期。晋商银行将以此为契机，加大业务推广与产品宣传，不断提升跨 境金融服务质效，为推进人民币国际化、服务区域经济发展作出更大贡献。 银行频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 自获悉客户有飞机采购意向以来，晋商银行高度重视，辖内综改直属行主动作为，将该笔业务作为跨境 人民币业务突破的重点工作抓实抓细，在客户与卖方某飞机租赁（英国）有限公司启动 ...

随着三架飞机全部交付投用，将进一步推动柬国航构建"中国干线+澜湄区域支线"航线网络，拓展河南 至东盟的航空通道。 作为郑州航空港经济综合实验区支持的重点项目，该项目的成功落地也标志着该区在服务"空中丝绸之 路"、推动金融创新方面取得实质性突破。该区相关负责人表示，项目为后续深化国际航空金融合作积 累了宝贵经验，下一步将继续支持相关业务创新，深度融入"空中丝绸之路"建设，提升区域航空枢纽的 综合能级。(完) 航投租赁成功向柬国航交付ATR72-600飞机。郑州航空港区供图 此次交付的两架ATR72-600飞机，是河南航投租赁在2024年与法国空中支线飞机公司(ATR)所签采购协 议中的后续部分。该机型具备燃油效率高、环境适应性强等特点，将助力柬国航优化机队结构、提升区 域运营能力。 本次项目创新采用"两头在外"的跨境双离岸租赁模式，即由河南航投租赁从ATR采购飞机，再以融资租 赁方式交付柬国航运营。该模式不仅具有融资效率高、风险隔离强等优势，也为"新型离岸贸易"在航空 金融领域的实践提供了成功范例。 中新网郑州1月8日电 (陈贵洋)继2025年5月在法国成功交付首架ATR72-600飞机后，柬埔寨当地时间1月 ...

平安证券香港发布研报称，当前飞机租赁行业景气度依旧上行。受全球新造飞机供应链紧张、熟练工人 不足、原材料供给受阻等因素影响，飞机制造商产能持续受限，而飞机需求则维持旺盛，飞机供需态势 持续趋紧的情况下，飞机价值和租金持续上行，而头部飞机租赁商飞机交付相对稳健，将在飞机租赁景 气上行周期中受益。 西部证券则表示，作为航空租赁龙头，公司或将双重受益于航空产业景气度上行与美联储降息周期，一 方面中银航空租赁拥有在列飞机483架，在全球飞机租赁公司中排名第五，航空景气上行下将持续受益 于全球航空公司客户群带来的收入增量，另一方面随着美联储降息持续推进，公司以美元计价的资金成 本有望下行，息差有望扩大，实现双β共振。 来源：智通财经网 中银航空租赁(02588)午后涨近5%，高见78.85港元，创上市新高。截至发稿，涨4.39%，报78.55港元， 成交额8875.14万港元。 ...

中银航空租赁(02588)午后涨近5%，高见78.85港元，创上市新高。截至发稿，涨4.39%，报78.55港元， 成交额8875.14万港元。 平安证券香港发布研报称，当前飞机租赁行业景气度依旧上行。受全球新造飞机供应链紧张、熟练工人 不足、原材料供给受阻等因素影响，飞机制造商产能持续受限，而飞机需求则维持旺盛，飞机供需态势 持续趋紧的情况下，飞机价值和租金持续上行，而头部飞机租赁商飞机交付相对稳健，将在飞机租赁景 气上行周期中受益。 西部证券（002673）则表示，作为航空租赁龙头，公司或将双重受益于航空产业景气度上行与美联储降 息周期，一方面中银航空租赁拥有在列飞机483架，在全球飞机租赁公司中排名第五，航空景气上行下 将持续受益于全球航空公司客户群带来的收入增量，另一方面随着美联储降息持续推进，公司以美元计 价的资金成本有望下行，息差有望扩大，实现双β共振。 ...

平安证券香港发布研报称，当前飞机租赁行业景气度依旧上行。受全球新造飞机供应链紧张、熟练工人 不足、原材料供给受阻等因素影响，飞机制造商产能持续受限，而飞机需求则维持旺盛，飞机供需态势 持续趋紧的情况下，飞机价值和租金持续上行，而头部飞机租赁商飞机交付相对稳健，将在飞机租赁景 气上行周期中受益。 西部证券则表示，作为航空租赁龙头，公司或将双重受益于航空产业景气度上行与美联储降息周期，一 方面中银航空租赁拥有在列飞机483架，在全球飞机租赁公司中排名第五，航空景气上行下将持续受益 于全球航空公司客户群带来的收入增量，另一方面随着美联储降息持续推进，公司以美元计价的资金成 本有望下行，息差有望扩大，实现双β共振。 智通财经APP获悉，中银航空租赁(02588)午后涨近5%，高见78.85港元，创上市新高。截至发稿，涨 4.39%，报78.55港元，成交额8875.14万港元。 ...

智通财经APP讯，中国飞机租赁(01848)发布公告，于2025年12月30日，公司全资附属公司中国飞机租赁 有限公司(中飞租(BVI)，买方)与空中客车司(AirbusS.A.S.)(空客，卖方)订立《2014年飞机购买协议》之 修订，据此，中飞租(BVI)同意向空客购买30架空客 A320neo系列飞机。预期额外空客飞机将分阶段交 付予本公司，直至2033年。 ...

机构：西部证券 研究员：孙寅/陈静 核心结论 +3.0%/+8.4%/+3.0%；归母净利润分别为7.61、8.94、9.64亿美元，同比-17.6%/+17.4%/+7.8%，对应EPS 分别为8.53、10.01、10.80港元，BPS分别为76.70、83.21、90.23港元，对应ROE水平分别为11.53%、 12.53%、12.45% 风险提示：利率风险、地缘政治冲突风险、上游飞机交付延期风险、法律与会计政策风险。 航空业景气度攀升，供给紧缺推动飞机租金上升。2020年疫情影响下全球航空市场景气度骤减，但国际 航空市场自2021年后开始修复，2023年后强势反弹：截至2025H，全球ASK已修复至疫情前水平，航空 市场需求保持稳定。2024年波音因安全事故、监管收紧及工人罢工等问题，交付量不及预期，带来全球 飞机供给短缺，主流窄体机空客A320和宽体机波音737飞机租金价格呈现稳步上升态势，且预计未来仍 将延续。 年轻化机队+长期租约构成中银航空租赁核心竞争力，负债结构动态调整，息差有望扩大。跟渤海租赁 及中国飞机租赁相比，中银航空租赁拥有最年轻的机队及长期的租约，兼具成本与流动性优势，机队规 模 ...

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]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61%. The market turnover decreased to 82.799 billion [1][5] - The US stock market reacted positively to the unexpected annualized GDP growth rate of 4.3% for Q3, with the Dow Jones rising 0.2% to 48,442 points, and the Nasdaq increasing by 0.6% to 23,561 points, marking a new historical high for the S&P 500 [2][11] Sector Performance - In the Hong Kong market, local real estate, software, and 5G concept sectors saw significant declines, while gold stocks performed well [1][5] - Technology-related sectors, including short video concepts, mobile games, cloud computing, and artificial intelligence, showed weak performance, with notable declines in stocks like Kuaishou-W (-3.52%) and Tencent Holdings (-2.03%) [1][5] Investment Opportunities - The report emphasizes the attractiveness of low-valuation, high-dividend sectors in the Hong Kong market, suggesting that these areas remain appealing for capital allocation [3] - Key sectors to watch include artificial intelligence applications, semiconductors, and industrial software, which are expected to benefit from long-term growth opportunities [3] - The report highlights the potential for companies in the semiconductor and robotics sectors to continue attracting investor interest [3] Company Highlights - The report mentions that the aircraft leasing industry remains in an upward cycle, with a focus on a specific company, China Aircraft Leasing Group (2588.HK), which is expected to achieve a revenue of USD 2.557 billion in 2024, reflecting a year-on-year increase of 3.9% [10] - The company is projected to have a net profit of USD 924 million in 2024, up 20.9% year-on-year, with a return on equity (ROE) of 15.3% [10] Key Developments - The report notes that ByteDance's Volcano Engine has successfully upgraded its models, indicating a strong growth trajectory in the AI sector, with significant increases in token usage [9] - The Chinese AI industry is forming a commercial closed loop from upstream GPU chips to downstream large model applications, suggesting a robust growth environment for related companies [9]