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。 ...

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]

郑州机场北货运区正在装卸货的货机。 中原龙浩航空进一步拓宽了本土货运航线的规划空间与业务发展范围。 卢森堡货航自2014年首航以来，以郑州为中心的航线网络已覆盖欧美亚三大洲，为郑州航空货运枢纽建设发 挥了不可替代的作用。图片均由中豫航空集团提供 冬阳普照中原，长空见证跨越。 12月21日，郑州机场跑道上，一架全货机平稳降落，在引擎轰鸣声中，一则振奋人心的消息传来——郑州机 场年货邮吞吐量突破100万吨，创下通航以来的新纪录。 这一里程碑式的跨越，是郑州机场作为国家重要航空货运枢纽能级跃升的硬核注脚，更是河南以"空中丝绸之 路"为翼，深度融入共建"一带一路"，建设全国统一大市场循环枢纽、国内国际市场双循环支点的生动实践。 在"十四五"收官与"十五五"启航的历史交汇点，这一成就标定了中原开放新高度，勾勒出新时代内陆地区走 向世界的壮阔图景。 高水平开放 联通全球新图景 开放是当代中国的鲜明标识，也是河南发展的必由之路。 郑州机场年货邮吞吐量突破100万吨的背后，是"空中丝绸之路"十余年磨一剑的坚守与深耕，是习近平总书记 殷殷嘱托指引下的砥砺前行。 2013年秋，习近平总书记提出共建"一带一路"重大倡议。在共建"一 ...

智研产业研究院发布的《2026年中国飞机租赁行业市场规模、产业链全景及市场竞争格局分析报 告》显示，我国作为全球第二大租赁市场，在飞机、船舶等行业实现规模性突破，截至2025年上半年 末，中国大陆地区机队规模超2000架，租赁渗透率约57%，飞机订单量800架，仅次于爱尔兰（824 架），位居全球第二，订单价值约385亿美元。 2009年12月的天津东疆保税港区，两架波音777F货机的引擎轰鸣声格外响亮。工银金租的这单交 付业务，成为中国飞机租赁产业的重要开端。 政策与技术同频：本土市场的生态革新 十余载栉风沐雨，当初的萌芽已长成参天大树。如今的中国飞机租赁行业已步入良性成长轨道，取 得了系统性突破。2025年，中国飞机租赁的产业生态正加速成形，工银金租、国银金租等中资机构跻身 全球租赁业前10位，而作为租赁产业发源地的天津东疆保税港区，累计交付租赁飞机超2400架，实现民 航客机、货机等全机型全覆盖。 从设立专项基金到提供税收优惠，再到简化市场准入流程，国家层面出台了一系列支持航空租赁行 业发展的政策措施，为行业的快速发展提供了有力保障。同时，地方层面也因地制宜制定政策，助推航 空租赁发展。 全球舞台破局： ...

Core Viewpoint - Air Lease's recent earnings report indicates a mixed performance, with earnings per share missing estimates but showing year-over-year growth in total rental revenue from flight equipment [2][3]. Financial Performance - Air Lease reported Q3 2025 earnings per share of $1.29, missing the Zacks Consensus Estimate of $1.60, but improved 3.2% year over year [2]. - Total revenues reached $725.4 million, falling short of the Zacks Consensus Estimate of $737.3 million, yet grew 5.1% year over year [2]. - Revenues from the rental of flight equipment increased by 9% year over year to $681 million, driven by fleet growth and higher portfolio lease yield [3]. - Revenues from aircraft sales and other sources decreased by 32% year over year to $44 million due to lower sales activity [4]. - Operating expenses rose by 7.3% year over year to $600.9 million [4]. Asset and Debt Position - As of September 30, 2025, Air Lease owned 503 aircraft with a net book value of $29.5 billion, and the total fleet size was 781 [5]. - Cash and cash equivalents stood at $452.21 million, slightly down from $454.80 million in the previous quarter [6]. - Debt financing amounted to $20.2 billion, a slight decrease from $20.3 billion in the prior quarter [6]. Market Position and Outlook - Air Lease has a Zacks Rank of 4 (Sell), indicating expectations of below-average returns in the coming months [9]. - The company has a subpar Growth Score of D, but a strong Momentum Score of A, with an aggregate VGM Score of B [8]. - In comparison, Ryder, a peer in the same industry, reported a slight revenue increase and has a Zacks Rank of 4 (Sell) as well [10][12].

Investment Rating - Industry rating: Outperform the market [1] Core Insights - Aircraft manufacturers are slowly recovering capacity, but supply chain challenges continue to hinder aircraft supply. As of October 2025, Boeing delivered 493 aircraft and Airbus delivered 585 aircraft this year, with backlogged orders remaining at historically high levels [2][5][6] - Global aviation market demand growth has slowed down, with all regions experiencing a deceleration. The Middle East and Africa saw year-on-year increases of 6.2% and 6.1%, respectively, while North America experienced a slight decline of 0.1%. The Asia-Pacific region's international passenger volume grew by 7.4% year-on-year [2][11][16] - Overall, while aircraft manufacturers' capacity is recovering, it still cannot meet the expanding demand for aircraft. The aircraft leasing industry is expected to benefit from the tight supply-demand situation, particularly in the Asia-Pacific region, which presents significant growth potential for Chinese aircraft leasing companies [2][40] Summary by Sections 1. Aircraft Supply Continues to be Tight - Boeing's average monthly delivery has significantly improved compared to last year, while Airbus's delivery is slightly better than the same period last year. However, both manufacturers are still far from previous high levels [5] - The backlog of aircraft orders remains at a historical high, with Boeing and Airbus accumulating new orders of 836 and 722 aircraft, respectively, this year [6] 2. Civil Aviation Passenger Demand Update - Global aviation passenger volume continues to grow, but the growth rate has slowed. In September 2025, global revenue passenger kilometers (RPK) increased by 3.6% year-on-year, while the global load factor was 83.4%, slightly lower than the previous year [11][16] - Domestic aviation RPK in September grew by 0.9% year-on-year, with Brazil showing a remarkable increase of 12.1% [21][20] 3. Aircraft Leasing Company Dynamics - Chinese aircraft leasing companies are currently valued relatively low compared to global leaders like AerCap, and they possess higher order elasticity, making them worthy of attention [2][38] - As of June 30, 2025, Bohai Leasing had the highest number of owned aircraft at 628, while China Aircraft Leasing had the least at 151 [44]