格隆汇2月10日丨中国诚通发展集团(00217.HK)公告，于2026年2月10日，诚通融资租赁(公司间接全资 附属公司)与承租人中国康富国际租赁订立租赁资产转让协议。根据租赁资产转让协议，诚通融资租赁 将向承租人购买租赁资产，并将租赁资产出租予承租人，租赁期为期两(2)年，惟可根据租赁资产转让 协议的条款及条件提早终止。 ...

智通财经APP获悉，花旗发布研报称，更新对中银航空租赁(02588)的预测，并将目标价从80港元上调至 98.5港元，以反映更高的盈利预测，并计入其机队估值溢价带来的隐含权益，评级"买入"。 花旗在业绩缄默期前与中银航空租赁管理层对话，提到公司2025年上半年，核心净利润同比增长20%， 管理层预期2025年下半年亦将持续强劲增长。管理层重申全年35%的股息分派政策，并鉴于其低杠杆 率，有潜力进一步提高分红。管理层预计2025年下半年净租赁收益率将按半年大致稳定，而出售飞机的 利润率将较上半年有所提高。 报告引述管理层表示，市场对飞机的强劲需求亦支撑公司的隐含权益，截至2025年上半年末，其机队评 估价值较飞机账面净值高出15%。管理层表示，2025财年资本支出大致达到先前40亿美元的目标；并计 划在2026财年进一步增加资本支出。该行上调中银航空租赁2025至27年各年盈测分别3%、2%及3%，至 7.54亿美元、8.41亿美元及9.07亿美元，主要是为反映飞机处置收益预测获上调。 ...

Core Viewpoint - The report from Guojin Securities forecasts that the net profit attributable to the parent company of China Ship Leasing (03877) will be HKD 2.16 billion, HKD 2.30 billion, and HKD 2.48 billion for the years 2025-2027, with year-on-year growth rates of 3%, 6%, and 8% respectively. The lower profit growth in 2025 is attributed to the completion of certain financing leasing and loan projects, leading to a decline in related income, and a tax expense of HKD 140 million due to the retrospective application of the second pillar framework starting in 2025. The company is characterized by counter-cyclical investment capability, leading operational ability, low funding costs, and a high dividend payout ratio (approximately 40%), with a projected dividend yield of about 7% at the current price. A target price of HKD 2.64 is set based on a 1x PB for 2026, with an initial "Buy" rating assigned [1]. Group 1: Diverse Business Structure - As of the first half of 2025, the company's revenue breakdown from operating leasing, financing leasing, loan borrowing, and ship brokerage is 60%, 27%, 12%, and 1% respectively. The company primarily focuses on long-term leasing, providing revenue growth certainty. The net asset value of the company's ship assets and the scale of receivables from leasing are projected to grow at a compound annual growth rate (CAGR) of 20% from 2020 to 2024. The estimated operating leasing yield and financing leasing yield for 2024 are 14.4% and 7.8% respectively. In addition to long-term leases, the company utilizes its professional industry knowledge to operate some self-owned and joint venture ships in the spot and short-term markets, contributing approximately 30% to profits from 2021 to 2024 [1]. Group 2: Leading Operational Capability - The company's fleet is characterized by diversity, high value, and youthfulness, with a fleet size of 143 vessels as of the first half of 2025. According to Clarkson data, as of September 2025, the company's ship asset value ranks 7th among Chinese leasing companies and 2nd among non-bank leasing companies. The company is one of only four Chinese shipping leasing companies covering all ship types. The company is also leading in green transformation, with 91% of its vessels being energy-efficient as of September 2025, ranking 2nd among the top ten leasing companies in terms of vessel quantity. The average age of the fleet is 4.13 years, lower than comparable peers, and new ships generally comply with environmental policies, resulting in lower maintenance costs and strong appeal to high-quality customers [2]. Group 3: Low Funding Costs - The company has a high credit rating, with Fitch and S&P both rating it A- as of the first half of 2025. The average funding cost is 3.1%, which is below the industry level. With the Federal Reserve expected to cut interest rates three times in 2025, and the majority of the company's liabilities denominated in USD, the average funding cost is anticipated to decline further [3].

花旗发表研报指，在业绩缄默期前与中银航空租赁管理层对话，公司2025年上半年核心净利润按年增长 20%，管理层预期2025年下半年亦将持续强劲增长。管理层重申全年35%的股息分派政策，并鉴于其低 杠杆率，有潜力进一步提高分红。管理层预计2025年下半年净租赁收益率将按半年大致稳定，而出售飞 机的利润率将较上半年有所提高。 花旗更新对中银航空租赁的预测，并将目标价从80港元上调至98.5港元，以反映更高的盈利预测，并计 入其机队估值溢价带来的隐含权益，评级"买入"。该行上调中银航空租赁2025至27年各年盈测分别 3%、2%及3%，至7.54亿美元、8.41亿美元及9.07亿美元，主要是为反映飞机处置收益预测获上调。 ...

每经记者｜王帆 每经编辑｜金冥羽 张明双 宋思艰 标题点睛 2月8日，有网友反馈，千问App再次出现宕机，"发放奶茶免单卡"活动无法下单。千问官微发文回应称，"球球（求求）大家放过，知道很多朋友急着参 与免单活动，但热度太高有点堵……免单卡有效期至2月28日，大家慢慢来，保证一定能用掉"。 北京时间2月8日，马斯克发帖表示，是时候大规模重返月球了。此外，有消息称SpaceX正在奥斯汀和西雅图招聘工程师，以开发人工智能卫星和太空数 据中心。马斯克转发相关帖子并回复称：是真的。 据日本广播协会报道，在8日举行的日本众议院选举中，由自民党和日本维新会组成的执政联盟获得过半数议席。 在2月8日举行的第35届国际乒联-亚乒联盟亚洲杯女单决赛中，孙颖莎以4比3战胜王曼昱夺得冠军，王曼昱获得亚军。 在2月8日进行的第35届国际乒联-亚乒联盟亚洲杯男单决赛中，王楚钦战胜日本选手张本智和，夺得冠军。这也是王楚钦继2025年后，再夺亚洲杯男单冠 军。 李亚鹏在2月7日的直播中首次公开回应，证实董宇辉在嫣然天使儿童医院陷入关停危机后，第一时间通过中间人捐赠了大额款项。他特别强调两人此前素 不相识，并透露捐款金额"不是小钱，不是10 ...

Group 1: Logistics and Shipping Developments - COSCO Shipping has established a normalized automotive parts intermodal transport corridor spanning four countries, facilitating a logistics chain from Mexico to Uzbekistan, covering approximately 21,800 kilometers [1] - The "Silk Road Maritime" route has surpassed a cumulative container throughput of 26 million TEUs, with a projected growth of 9.11% to over 5.4 million TEUs by 2025 [2] - Tianjin Port and COSCO Shipping have successfully launched their first "import-export" dual business, involving 28,000 tons of imported pulp and 33,000 tons of exported steel, enhancing shipping efficiency and reducing logistics costs [3][12] - Qingdao Port has opened four new container foreign trade routes in January, expanding its total to nearly 240 routes, connecting with over 700 ports globally [4][6] Group 2: Financial and Investment Activities - CITIC Bank plans to increase its investment in CITIC Financial Leasing by 2 billion RMB, raising its registered capital from 10 billion RMB to 12 billion RMB [4][5] - The capital ranking of domestic financial leasing companies places CITIC Financial Leasing at 8th with 12 billion RMB, following larger firms like ICBC Leasing and CMB Leasing [5][13] Group 3: Shipbuilding and Environmental Initiatives - Huangpu Wenchong has signed a contract with Evergreen Marine for 16 new 3,000 TEU container ships, incorporating advanced eco-friendly technologies to reduce fuel consumption and emissions [7][14] - Hapag-Lloyd has won a second ZEMBA tender for zero-emission fuel procurement, committing to use hydrogen-based e-methanol as marine fuel starting in 2027, aiming for significant CO2 emissions reduction [9][16] Group 4: Oil Market Dynamics - Venezuelan oil is flooding into the U.S. market, leading to challenges in absorption due to increased supply, which is putting pressure on oil prices [8][15] - Traders are facing difficulties in finding buyers for Venezuelan crude oil in the Gulf Coast, indicating a supply-demand imbalance [8][15]

Investment Rating - The report maintains a "Buy" rating for China Aircraft Leasing Group (02588) [1] Core Insights - China Aircraft Leasing is benefiting from a renewed acceleration in asset growth and is entering a new cycle of rising Return on Equity (ROE), with an expected ROE of 11.7% in 2026 and 12.7% in 2027, up from 10.9% in 2025 [1] - The target price for the company has been raised from HKD 86.5 to HKD 96.9, indicating potential for re-rating as ROE improves [1] - The estimated profit for the previous year is approximately USD 720 million, with capital expenditures aligning with the forecast of USD 4 billion [1] Financial Projections - Leasing business revenue is projected to accelerate from a 1% growth in the first half of the previous year to a forecasted 5.5% growth in the second half [1] - The expected annual dividend is USD 0.36, with a payout ratio of 35%, although there is potential for a more generous dividend policy due to the company's improved capital structure [1]

瑞银预计，中银航空租赁去年盈利将达约7.2亿美元;资本开支则符合40亿美元的预测指引;租赁业务收入 同比增长将从去年上半年1%加快至下半年预测的5.5%。股东回报方面，该行预期公司全年股息派0.36 美元，派息比率为35%。然而，由于公司的资本结构有充分的提升空间，因此不能排除其可能逐渐倾向 于更慷慨的派息政策。 智通财经APP获悉，瑞银发布研报称，中银航空租赁(02588)受惠于资产增长重新加速，现正朝着新的股 东权益回报率(ROE)上升周期迈进，预计ROE在2026年将达到11.7%，并在2027年达到12.7%，高于2025 年的10.9%。该行相信，随着ROE提升，公司估值有重新评级的空间。该行略微上调中银航空租赁去年 盈测2%，惟将2026及27年盈测下调2%至4%，以反映采用较高的利率假设。该行将公司目标价由86.5港 元上调至96.9港元，续予"买入"评级。 ...

瑞银发布研报称，中银航空租赁(02588)受惠于资产增长重新加速，现正朝着新的股东权益回报率(ROE) 上升周期迈进，预计ROE在2026年将达到11.7%，并在2027年达到12.7%，高于2025年的10.9%。该行相 信，随着ROE提升，公司估值有重新评级的空间。该行略微上调中银航空租赁去年盈测2%，惟将2026 及27年盈测下调2%至4%，以反映采用较高的利率假设。该行将公司目标价由86.5港元上调至96.9港 元，续予"买入"评级。 瑞银预计，中银航空租赁去年盈利将达约7.2亿美元;资本开支则符合40亿美元的预测指引;租赁业务收入 同比增长将从去年上半年1%加快至下半年预测的5.5%。股东回报方面，该行预期公司全年股息派0.36 美元，派息比率为35%。然而，由于公司的资本结构有充分的提升空间，因此不能排除其可能逐渐倾向 于更慷慨的派息政策。 ...

瑞银发表研报指，中银航空租赁受惠于资产增长重新加速，现正朝着新的股东权益回报率(ROE)上升周 期迈进，预计ROE在2026年将达到11.7%，并在2027年达到12.7%，高于2025年的10.9%。随着ROE提 升，公司估值有重新评级的空间。瑞银预计，中银航空租赁去年盈利将达约7.2亿美元；资本开支则符 合40亿美元的预测指引；租赁业务收入按年增长将从去年上半年1%加快至下半年预测的5.5%。股东回 报方面，该行预期公司全年股息派0.36美元，派息比率为35%。然而，由于公司的资本结构有充分的提 升空间，因此不能排除其可能逐渐倾向于更慷慨的派息政策。该行将公司目标价由86.5港元上调至96.9 港元，续予"买入"评级。 ...