中金发布研报称，基本维持中银航空租赁(02588)盈利预测不变，当前公司交易于25e/26e1.0x/0.9x P/B。 维持跑赢行业评级及目标价81.40港币(对应25e/26e1.1x/1.0x P/B及13%上行空间)。公司1H25收入同比 +6%至12.4亿美元，净利润同比-26%至3.42亿美元，利润下行主因1H24收回两架俄罗斯飞机构成一次性 影响，剔除该影响、公司核心净利润同比+20%，符合该行预期。 依托庞大订单簿及高质量机队，公司中长期增长趋势稳健 1)订单簿方面，公司上半年完成签订历史上最大飞机订单，1H25订单簿同比+132架/环比+119架至351 架、对应合计资本支出~200亿美元，充足订单簿奠定公司中长期增长能力，公司目标2030年达到总资 产400亿美元、对应2024-2035CAGR~8%; 2)存量机队结构方面，截至1H25，公司机队保持100%出租率，平均机龄5年、平均剩余租期7.9年，机 队持续保持年轻、长久期的稳健架构，租金收益及价值曲线可预期性较强。同时公司当前经营租赁机队 评估价值较账面净值溢价15%(vs.24年末溢价14%)、溢价价值约28亿美元，高价值机队夯实 ...

Group 1: Etihad Airways and Boeing Orders - Etihad Airways confirmed an order for 28 new Boeing long-haul aircraft during President Trump's visit, bringing the total Boeing sales announcements during the trip to 268 aircraft [2] - The new agreement includes a mix of Boeing 787 Dreamliner and 777X airplanes, with deliveries starting in 2028, supporting Etihad's plan to double its fleet by 2030 [4][6] - Etihad currently operates a fleet of 100 aircraft with an average age of 9 years and had 17 pending deliveries before this announcement [6] Group 2: Engine Orders and Industry Context - Etihad Airways selected GE Aerospace engines for the new aircraft, which aligns with Qatar Airways' recent large engine order [5] - The backlog for Boeing's 777X continues to grow, with Qatar Airways adding orders for 30 of the new 777-9 planes, contributing to a total backlog of 481 777Xs as of March [7] - The first airline expected to receive a 777-9 is Lufthansa in 2026, pending certification completion [11]