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。 中銀航空租賃有限公司（「本公司」）已於2026年3月24日在新加坡證券交易所有限公 司網站刊載有關本公司全球中期票據計劃（「該計劃」）的經更新發售通函。與該計 劃相關的資料可於新加坡證券交易所有限公司網站( www.sgx.com )內的「招募說明 書、通函和發售文件」欄目查閱。 承董事會命 中銀航空租賃有限公司 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 海外監管公告 全球中期票據計劃的更新 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 蘇堯鋒 公司秘書 香港，2026年3月24日 於本公告日期，本公司董事會成員包括董事長兼執行董事卓成文先生；執行董事 Steven Matthew Townend先生；非執行董事陳翔先生、靳紅舉先生、金彥女士、劉 雲飛女士及Robert James Martin先生； ...

Group 1: Strategy Insights - The financial system's fragility is expected to drive monetary easing in leading countries, with 2026 likely witnessing a bull market in commodities alongside a manufacturing leap by catching-up nations like China [1][9] - In the first half of 2026, it is recommended to increase allocation to the PPI chain, particularly in oil and chemicals, while also focusing on Chinese manufacturing sectors such as photovoltaics, wind power, energy storage, and construction machinery [1][9] - The second half of 2026 should shift focus to the CPI chain, particularly in the liquor sector, and also consider investments in Hang Seng Technology and gold, which are expected to benefit from a rebound in the US dollar index [1][9] Group 2: Company Analysis - Hu Shang A Yi (沪上阿姨) - Hu Shang A Yi has a diversified brand matrix that covers various categories and price ranges, allowing it to fully benefit from growth in different market segments [2][13] - The company is focusing on deepening its presence in lower-tier markets and small store formats, which provides a competitive advantage [2][13] - Revenue projections for Hu Shang A Yi are estimated at 4.197 billion, 4.894 billion, and 5.790 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 493 million, 556 million, and 667 million yuan [2][13] Group 3: Company Analysis - Hai Tong Development (海通发展) - Hai Tong Development reported a revenue of 4.443 billion yuan for 2025, reflecting a year-on-year increase of 21.43% [3][21] - The company achieved a foreign trade revenue of 2.899 billion yuan, up 21.87% year-on-year, while domestic revenue reached 1.205 billion yuan, increasing by 27.78% [3][21] - The overall gross margin slightly declined to 16.29%, down 1.87 percentage points year-on-year, primarily due to a decrease in the gross margin of foreign trade business [3][22] Group 4: Company Analysis - Fangda Special Steel (方大特钢) - Fangda Special Steel achieved a revenue of 18.233 billion yuan in 2025, a decrease of 15.43% year-on-year, while net profit surged by 280.18% to 942 million yuan [25][26] - The company optimized its product structure, resulting in improved profitability metrics, with a gross margin of 9.65%, up 4.85 percentage points year-on-year [25][26] - The production and sales of high-margin products like spring flat steel and automotive leaf springs increased, indicating a successful shift in product strategy [25][26] Group 5: Company Analysis - Xiangcai Co., Ltd. (湘财股份) - Xiangcai Co., Ltd. reported a total revenue of 2.420 billion yuan and a net profit of 464 million yuan for 2025, reflecting increases of 10.37% and 325.15% respectively [29][30] - The company experienced significant growth in its commission income, which rose by 40.11% year-on-year, driven by an active market [29][30] - The firm is focusing on enhancing its self-operated investment performance, which saw a 9.36% increase in investment income [29][30] Group 6: Company Analysis - Chery Automobile (奇瑞汽车) - Chery Automobile achieved a revenue of 300.29 billion yuan in 2025, marking an 11.3% increase year-on-year, with a net profit of 19.02 billion yuan, up 34.6% [33][34] - The company reported a significant increase in overseas sales, with exports reaching 1.294 million units, a growth of 33.2% [33][34] - Chery's strategy includes a multi-brand approach, with plans to launch 16 new models over the next three years, enhancing its market presence [33][35] Group 7: Company Analysis - China Jushi (中国巨石) - China Jushi reported a revenue of 18.881 billion yuan for the first three quarters of 2025, a year-on-year increase of 19.08%, with a net profit of 3.285 billion yuan, up 34.38% [37][38] - The company is focusing on high-end markets, with electronic fabric sales increasing by 21.4% year-on-year, driven by demand from the information technology sector [37][38] - The gross margin improved to 33.12%, reflecting effective cost management and pricing strategies [37][39] Group 8: Company Analysis - Jianghe Group (江河集团) - Jianghe Group achieved a revenue of 21.845 billion yuan in 2025, a decrease of 2.50% year-on-year, while net profit was 610 million yuan, down 4.31% [42][43] - The company reported strong growth in overseas orders, with a 30% increase in new overseas contracts [42][43] - The gross margin improved to 17.24%, despite an increase in expenses due to currency fluctuations [42][43]

非银金融行业 2026 年一季度业绩前瞻 资本市场稳中向好驱动非银行业向好 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 06069 | 盛业 | 8.97 | 0.48 | 0.61 | 0.76 | 18.81 | 14.59 | 11.86 | 推荐 | | 02588 | 中银航空租赁 | 9.81 | 1.13 | 1.19 | 1.28 | 8.65 | 8.26 | 7.68 | 推荐 | | 03877 | 中国船舶租赁 | 2.08 | 0.34 | 0.35 | 0.39 | 7.05 | 6.68 | 6.01 | 推荐 | | 03360 | 远东宏信 | 6.27 | 0.87 | 0.88 | 0.90 | 7.21 | 7.1 ...

中银航空租赁（2588.HK）2025 年年度业绩公告点评 飞机交付超预期，分红比例提升 glmszqdatemark 风险提示：稳增长不及预期，飞机交付情况不及预期，监管政策转向。 相对走势 -20% 7% 33% 60% 2025/3 2025/9 2026/3 中银航空租赁 恒生指数 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 [盈利预测与财务指标 Table_Forcast] | 单位/百万美元 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入（百万美元） | 2619 | 2720 | 2859 | 3033 | | 增长率（%） | 2.41% | 3.87% | 5.09% | 6.10% | | 归属母公司股东净利润（百万美元） | 787 | 825 | 887 | 959 | | 增长率（%） | -14.76% | 4.78% | 7.47% | 8.14% | | EPS（美元/股） | 1.13 | 1.19 | 1.28 | 1.38 | | ...

中银航空租赁（2588.HK）2025 年年度业绩公告点评 飞机交付超预期，分红比例提升 glmszqdatemark 风险提示：稳增长不及预期，飞机交付情况不及预期，监管政策转向。 [盈利预测与财务指标 Table_Forcast] | 单位/百万美元 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入（百万美元） | 2619 | 2720 | 2859 | 3033 | | 增长率（%） | 2.41% | 3.87% | 5.09% | 6.10% | | 归属母公司股东净利润（百万美元） | 787 | 825 | 887 | 959 | | 增长率（%） | -14.76% | 4.78% | 7.47% | 8.14% | | EPS（美元/股） | 1.13 | 1.19 | 1.28 | 1.38 | | BVPS（美元/股） | 9.86 | 10.65 | 11.48 | 12.38 | | PE（倍） | 9 | 8 | 8 | 7 | | PB（倍） | 1.0 | 0.9 | 0.9 | ...

上 市 公 司 非银金融 2026 年 03 月 20 日 中银航空租赁 (02588) -21% 29% 79% HSCEI 中银航空租赁 资料来源：Bloomberg 相关研究 ——税后净利及分红率创新高，飞机租赁量价齐升 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2026 年 03 月 19 日 | | --- | --- | | 收盘价（港币） | 76.70 | | 恒生中国企业指数 | 8695.88 | | 52 周最高/最低（港币） | 91.95/53.20 | | H 股市值（亿港币） | 532.31 | | 流通 H 股（百万股） | 694.01 | | 汇率（港币/人民币） | 0.8801 | 一年内股价与基准指数对比走势： 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 金黎丹 A0230525060004 jinld@swsresearch.com 事件：3 月 19 日，中银航空租赁披露 2025 年业绩，业绩符合预期 ...

[Table_Page] 年报点评|多元金融 证券研究报告 | [Table_Title] 【广发非银&海外】中银航空租赁 | | --- | | （02588.HK） | 规模盈利双升，核心业务韧性凸显 [Table_Summary] 核心观点： 盈利预测： | [Table_Finance] | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万美元） | 2557 | 2619 | 2868 | 3306 | 3615 | | 增长率(%) | 3.90% | 2.41% | 9.52% | 15.28% | 9.33% | | 归母净利润(百万美元) | 924 | 787 | 982 | 1220 | 1314 | | 增长率(%) | 20.90% | -14.76% | 24.76% | 24.20% | 7.75% | | EPS（美元/股） | 1.33 | 1.13 | 1.42 | 1.76 | 1.89 | | 市盈率（P/E） | 5.6 | 8.0 | 6.9 ...

证券研究报告 港股通 中银航空租赁 (2588 HK) 资本开支和分红均加码 资料来源：公司公告、华泰研究预测 | 华泰研究 | | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 3 月 | 20 日│中国香港 | 租赁 | 目标价(港币): | 91.00 | | 李健，PhD | 研究员 | | --- | --- | | SAC No. S0570521010001 | lijian@htsc.com | | SFC No. AWF297 | +(852) 3658 6112 | | 陈宇轩* | 研究员 | | SAC No. S0570524070010 chenyuxuan020827@htsc.com | | 基本数据 | 收盘价 (港币 截至 3 月 19 日) | 76.70 | | --- | --- | | 市值 (港币百万) | 53,231 | | 6 个月平均日成交额 (港币百万) | 58.42 | | 52 周价格范围 (港币) | 53.20-91.95 | 股价走势图 ( ...

公司点评 | 中银航空租赁 核心盈利稳健增长，机队结构持续优化 业绩概述：核心盈利稳健增长，资产质量与股东回报同步提升。中银航空租 赁 2025 年实现经营收入/归母净利润 26.19/7.87 亿美元，yoy+2.4%/-14.8%， 加权平均 ROE 为 11.9%，同比-3.4pct；归母净利润下降主因涉俄飞机回收 收益减少及 OECD 支柱二落地推升实际税率上升。剔除涉俄因素，核心归母 利润为 7.46 亿美元，yoy+17.9%，核心盈利能力稳健增长。全年派息每股 0.45 美元，派息率从 35%上调至 40%，截至 3/19 股息率为 4.67%。 资产端量价齐升。受益于全球航空业高景气周期，波音、空客交付瓶颈持续， 供需紧张格局推动租金定价持续上行。截至 2025 年末，公司经营租赁飞机 资产 213.30 亿美元，较上年末+6.0%；融资租赁应收款 41.34 亿美元，较 上年末+10.4%。2025 年公司经营租赁费率因子 10.3%，同比+30bps，净经 营租赁收益率 7.5%，同比+30bps。 机队结构持续优化，资产增长路径清晰。2025 年公司自有机队 462 架，以 新一代窄体客 ...

证券研究报告 港股通 中银航空租赁 (2588 HK) 资本开支和分红均加码 | 华泰研究 | | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 3 月 | 20 日│中国香港 | 租赁 | 目标价(港币): | 91.00 | | 李健，PhD | 研究员 | | --- | --- | | SAC No. S0570521010001 | lijian@htsc.com | | SFC No. AWF297 | +(852) 3658 6112 | | 陈宇轩* | 研究员 | | SAC No. S0570524070010 chenyuxuan020827@htsc.com | | 基本数据 | 收盘价 (港币 截至 3 月 19 日) | 76.70 | | --- | --- | | 市值 (港币百万) | 53,231 | | 6 个月平均日成交额 (港币百万) | 58.42 | | 52 周价格范围 (港币) | 53.20-91.95 | 股价走势图 (20) (2) 17 35 53 ...