证券研究报告 港股通 中银航空租赁 (2588 HK) 3Q25：机队保持迭代 2025 年 10 月 11 日│中国香港 多元金融 中银航空租赁（BOCA）披露了 3Q25 运营数据。BOCA 机队仍保持了较快 的迭代速度，3Q25 交付飞机 11 架，出售飞机 10 架，自有机队数量相比 2Q25 提升 1 架至 442 架。公司飞机出售和交付数量连续两个季度不少于 10 架，在飞机快速迭代的背后，是上游飞机制造商产能的改善。我们认为 产能改善将有助于下游租赁商的资本开支投放和机队扩张，公司飞机资产规 模有望增长。在负债端，公司 3Q25 发行了 5 亿美元 5.5 年期债券，票面利 率 4.25%，比 5 年期美债利率高 58bps，利差创新低。当前 5 年期美债收 益率在 3.7%上下波动，年内美联储或再度降息，有望缓解 BOCA 负债成本 的上行压力。考虑到公司资负两端的向好情况，我们预计公司25年核心ROE 有望达到 11%，在 24 年 10.5%的基础上改善，维持公司"买入"评级。 飞机制造产能改善的趋势仍在延续 3Q25 空客的月均交付数量达到 67 架，相比 2Q25 的 57 架和 3Q ...

10月6日，有媒体报道称"春秋航空计划于2026年赴港上市"，引发市场广泛关注。对此，春秋航空迅速作出回应称：公司目前暂无赴港上市相关计划，如有 重大事项将依法依规披露。 业内人士表示，此次传闻虽被否认，但市场对民营航空公司海外融资与多地上市的关注，折射出行业资本运作的再度升温。 一、事件起因：媒体报道引发市场关注 消息最早来自部分财经媒体的报道，称春秋航空正与多家投行接洽，计划于2026年前后在香港联交所申请上市，拟筹资约10亿美元。报道还提到，公司或考 虑在港股与A股"双重上市"，以拓宽融资渠道。 该消息一经发布，迅速引发市场讨论。春秋航空A股股价一度小幅波动，航空板块整体成交活跃。 对此，春秋航空方面回应称： "公司目前暂无赴港上市相关计划，如后续涉及重大事项，公司将严格按照监管要求进行信息披露。" 春秋航空成立于2004年，是中国首批低成本航空公司之一，总部位于上海。 截至2025年中期，公司机队规模超过130架，运营国内外航线达280余条，航线网络覆盖东亚、东南亚及部分欧洲地区。 作为A股上市航空公司中运营效率较高的一家，春秋航空凭借低成本模式+高上座率+灵活运营策略，多年保持盈利。 2025年上半 ...

Group 1 - The core viewpoint of the news is that Cambodia's aviation industry is experiencing a steady recovery, with a significant increase in passenger throughput at its three major international airports [1] - In the first half of the year, passenger throughput reached 3.65 million, representing a 20% increase compared to the same period last year, driven by strong outbound travel demand from China and other countries [1] - The main sources of international passengers for Cambodia are China, Thailand, Vietnam, South Korea, Japan, the United States, and Europe [1] Group 2 - The Cambodian government has introduced a national aviation transport policy for 2025-2035, aiming to achieve an annual passenger throughput of 25 million by 2035 [1][2] - The policy outlines seven core strategic directions, including the liberalization of air rights and routes, diversification of airline ownership and management, and strengthening of aviation support services [2] - The government aims to integrate aviation policy with tourism, trade, and cultural development strategies to enhance service quality and industry competitiveness while ensuring safety [2]

Core Points - The appointment of Shu Yumin as the new Secretary of Bao'an District marks a significant leadership change, emphasizing a hands-on approach to development and project management [1][2] - Shu Yumin has a diverse background in finance, regional governance, and aviation management, which positions him well to drive economic growth and infrastructure development in Bao'an District [1][2] Company Overview - Shu Yumin previously served as the Chairman of Shenzhen Airport Group, where he oversaw critical projects such as the third runway and T2 terminal, contributing to the airport's transformation into a value hub [2] - Under Shu's leadership, Shenzhen Airport achieved record-breaking metrics in 2024, with passenger throughput reaching 61.48 million, cargo volume at 1.881 million tons, and flight operations totaling 428,000, making it the fourth airport in mainland China to surpass the 60 million passenger mark [2]

Group 1 - The core viewpoint of the articles highlights the significant growth in international flight operations by Chinese airlines, with a weekly average of 6,428 flights, representing a 25.4% increase compared to the previous year [1] - Chinese airlines are expanding their international routes, with China Eastern Airlines launching six new routes across Europe and Central Asia, enhancing connectivity with key cities [3][4] - The number of countries with direct international flight access from China has increased to 79, indicating a robust expansion of China's international aviation network [1][8] Group 2 - China Eastern Airlines plans to operate new flights from Xi'an to Istanbul starting June 30, with three weekly flights, further strengthening air traffic between China and Europe [3] - The airline is also set to expand its European network to 15 cities, achieving a route recovery rate of 112% [4] - Other Chinese airlines, including China Southern Airlines and Hainan Airlines, are also increasing their international flight offerings, indicating a strong recovery in the aviation sector [5][7] Group 3 - The influx of international tourists to China has surged, with 1.115 million inbound visitors during the "May Day" holiday, marking a 43.1% year-on-year increase [1] - The expansion of international routes is complemented by the growth of regional airports, which are also adding international flights [8] - Major U.S. airlines, such as United Airlines, are planning to restore or add six round-trip routes to China, enhancing connectivity between the two countries [9][10]

Core Viewpoint - The resumption of Boeing aircraft deliveries to Chinese airlines is expected following significant progress in US-China trade talks, which include a substantial reduction in bilateral tariffs, indicating a recovery in the disrupted supply chain between the two major economies [1][3]. Group 1: Impact on Boeing and Airlines - Chinese airlines will arrange the resumption of Boeing aircraft deliveries based on their own schedules and needs, leading to a nearly 1% increase in Boeing's stock price [1]. - The previous imposition of tariffs up to 145% by the Trump administration forced several Chinese airlines to halt the acceptance of Boeing aircraft, resulting in at least three planes being returned to the US [1]. - The resumption of aircraft deliveries is expected to restart Boeing's factories and revive long-frozen agreements, leading to a comprehensive update of flight schedules and growth strategies among airlines in Asia, Europe, and the US [3]. Group 2: Market Dynamics and Future Prospects - The aviation sector is anticipated to experience a rapid rebound in the US-China travel market, with Chinese airlines likely to restart expansion plans, particularly for high-end business and trans-Pacific leisure routes [3]. - Major Chinese airlines, including China Southern Airlines, China Eastern Airlines, and Air China, have updated their flight plans for 2025, indicating a proactive approach to market recovery [3]. - Increased operations of Chinese airlines are expected to lead to more affordable ticket prices and flexible booking options for travelers, with significant growth anticipated in leisure travel, business trips, and family visits in the third and fourth quarters of this year [3]. Group 3: Infrastructure and Marketing Initiatives - US cities are preparing to enhance tourism marketing efforts targeting Chinese visitors, with cities like London, San Francisco, Los Angeles, Seattle, Chicago, and Boston planning to increase long-haul routes to China, Canada, Europe, and Southeast Asia [3]. - In response to the expected surge in passenger traffic, cities such as Beijing, Shanghai, Guangzhou, and Chengdu are accelerating airport expansions [3].