行业内IMO环保新规加速15年以上老旧船拆解，"影子船队"受制裁影响加速退出主流市场，合规运力持 续收缩，进一步加剧市场供给紧张局面，合规船队可充分享受行业供给收缩带来的红利。 声明：本内容由AI生成，数据资料来自于交易所及第三方公开信息，仅供参考，不构成投资建议。 来源：市场资讯 交易所数据显示，中远海发当前价格3.00元，涨幅9.89%，开盘2.73元，最高3.00元，最低2.72元，成交 量154.47万手，成交额4.45亿元，振幅10.26%，换手率1.58%，总市值395.93亿元。 市场炒作聚焦于中远海发作为航运物流产融运营商的业务布局与协同优势。公司核心业务涵盖集装箱制 造、集装箱租赁和航运租赁，近期拓展的航运产融业务贴合航运业船队升级转型需求，凭借船舶全生命 周期管理能力、多元化资金融通能力以及产融协同解决方案，通过投资建造船舶后出租于产业链公司实 现价值共赢。同时公司深耕航运产业链，布局海南，搭建产融服务平台、落地航运产融项目，借助当地 跨境资金流动便利政策创新人民币定价结算的产融服务模式，降低产业链合作伙伴运营成本、提升资金 效率。此外，公司与行业龙头联合探索产融结合安排，提升新造船融资协 ...

纯粹的飞机租赁龙头企业 渤海租赁（000415.SZ）动态报告 研究团队：非银金融&交运 报告日期：2026年2月25日 证券研究报告 * 请务必阅读最后一页免责声明 摘要 证券研究报告 * 请务必阅读最后一页免责声明 1 ➢ 公司出售集装箱资产，整体业务回归飞机租赁。近年来渤海租赁飞机租赁及销售收入占比持续提升，2025H1飞 机相关收入占比达到89%，集装箱相关收入占比为10%。2025年公司正式出售集装箱资产，2025年11月公司同 时转让天津渤海持有的皖江金租股份，公司主业将更加聚焦于飞机租赁。 ➢ 飞机子公司后续有望占据更大市场份额。2025年波音空客飞机产能逐步修复，整体交付水平已经优于2019年。 但当前供需缺口依旧较大，当前波音空客全部待交付订单超2万架。从行业格局来看，2025年末仍有155家航司 以及23家租赁商手里拥有波音空客的飞机订单，Avolon预计2030年末该数量将减少为70、11家。后续份额将 进一步向头部飞机租赁商集中。 ➢ 风险提示：利率上行，地缘政治，上游交付延期，债务展期风险，汇率风险，资产处置与业务转型风险，控制 权变动风险。 01 背景：公司出售集装箱资产 02 A ...

纯粹的飞机租赁龙头企业 渤海租赁（000415.SZ）动态报告 研究团队：非银金融&交运 报告日期：2026年2月25日 证券研究报告 * 请务必阅读最后一页免责声明 摘要 证券研究报告 * 请务必阅读最后一页免责声明 1 ➢ 公司出售集装箱资产，整体业务回归飞机租赁。近年来渤海租赁飞机租赁及销售收入占比持续提升，2025H1飞 机相关收入占比达到89%，集装箱相关收入占比为10%。2025年公司正式出售集装箱资产，2025年11月公司同 时转让天津渤海持有的皖江金租股份，公司主业将更加聚焦于飞机租赁。 ➢ 飞机子公司后续有望占据更大市场份额。2025年波音空客飞机产能逐步修复，整体交付水平已经优于2019年。 但当前供需缺口依旧较大，当前波音空客全部待交付订单超2万架。从行业格局来看，2025年末仍有155家航司 以及23家租赁商手里拥有波音空客的飞机订单，Avolon预计2030年末该数量将减少为70、11家。后续份额将 进一步向头部飞机租赁商集中。 ➢ 风险提示：利率上行，地缘政治，上游交付延期，债务展期风险，汇率风险，资产处置与业务转型风险，控制 权变动风险。 01 背景：公司出售集装箱资产 02 A ...

（文章来源：证券日报） 证券日报网讯 2月12日，中远海发在互动平台回答投资者提问时表示，公司致力于围绕航运物流产业主 线，以集装箱制造、集装箱租赁及航运租赁业务为核心，以投资管理为支撑，实现产融投一体化发展。 目前公司未有直接覆盖卫星导航、无人驾驶的业务。科技创新方面，公司聚焦核心主业，积极投入科研 力量，增加数值化赋能，在集装箱智能制造、集装箱数字化平台创建升级等方面，都取得了良好成果， 同时，公司也将持续聚焦"数字智能、绿色低碳"，赋能产业创新、挖掘绿色价值。 ...

证券日报网讯2月12日，中远海发（601866）在互动平台回答投资者提问时表示，公司立足自身业务需 求，在集装箱制造、集装箱租赁、航运租赁等业务中融合数智化技术，赋能核心业务发展，有效实现提 质增效。 ...

证券日报网讯2月12日，中远海发（601866）在互动平台回答投资者提问时表示，公司是围绕航运物流 的产融运营商，核心业务包括集装箱制造、集装箱租赁和航运租赁业务。公司近期拓展的航运产融业 务，立足于融入航运业船队升级转型需求，凭借船舶全生命周期管理能力、多元化资金融通能力以及产 融协同解决方案，通过投资建造船舶后出租于产业链公司，实现价值共赢。 ...

格隆汇2月12日丨中远海发(601866.SH)在互动平台表示，公司致力于围绕航运物流产业主线，以集装箱 制造、集装箱租赁及航运租赁业务为核心，以投资管理为支撑，实现产融投一体化发展。目前公司未有 直接覆盖卫星导航、无人驾驶的业务。科技创新方面，公司聚焦核心主业，积极投入科研力量，增加数 值化赋能，在集装箱智能制造、集装箱数字化平台创建升级等方面，都取得了良好成果，同时，公司也 将持续聚焦"数字智能、绿色低碳"，赋能产业创新、挖掘绿色价值。 ...

Core Viewpoint - The company is focused on integrating investment management with its core businesses in container manufacturing, leasing, and shipping logistics, while emphasizing technological innovation and sustainability [1] Group 1: Business Focus - The company aims to develop an integrated model around the shipping logistics industry, centering on container manufacturing, leasing, and shipping leasing [1] - Investment management serves as a supporting pillar for the company's integrated development strategy [1] Group 2: Technological Innovation - The company is concentrating on its core business and actively investing in research and development to enhance digital capabilities [1] - Achievements have been made in smart container manufacturing and the creation and upgrading of digital platforms for containers [1] Group 3: Sustainability Initiatives - The company is committed to focusing on "digital intelligence and green low-carbon" initiatives to empower industrial innovation and explore green value [1]

Core Viewpoint - The stock of China COSCO Shipping Development Co., Ltd. (中远海发) has shown a slight increase in recent trading sessions, with a current market capitalization of 33.654 billion yuan and a recent trading volume of 110 million yuan [1]. Group 1: Stock Performance - Year-to-date, the stock price has decreased by 0.74%, but it has increased by 2.82% over the last five trading days and by 1.59% over the last twenty days [2]. - The stock has appeared on the "龙虎榜" (top trading list) twice this year, with the most recent occurrence on May 15 [2]. Group 2: Company Overview - China COSCO Shipping Development was established on March 3, 2004, and was listed on December 12, 2007. The company is based in Shanghai and primarily engages in container manufacturing, leasing, and shipping rental services [2]. - The revenue composition of the company is as follows: container manufacturing accounts for 89.43%, container leasing for 21.26%, shipping leasing for 8.54%, and investment management for 0.13% [2]. - The company is classified under the transportation industry, specifically in shipping and ports, and is associated with concepts such as low prices, Shanghai Free Trade Zone, RCEP, energy storage, and state-owned enterprise reform [2]. Group 3: Financial Performance - For the period from January to September 2025, the company reported a revenue of 19.566 billion yuan, reflecting a year-on-year decrease of 1.54%. However, the net profit attributable to shareholders increased by 0.71% to 1.391 billion yuan [2]. - Since its A-share listing, the company has distributed a total of 7.48 billion yuan in dividends, with 2.411 billion yuan distributed over the last three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders stood at 261,400, showing no change from the previous period. The average number of circulating shares per person is zero [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 108 million shares, an increase of 30.4299 million shares compared to the previous period. In contrast, the Southern CSI 500 ETF has reduced its holdings by 1.1662 million shares to 57.1508 million shares [3].

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 3.88 CNY and a reasonable value of 4.36 CNY [2]. Core Insights - The company has completed the sale of its container leasing business, resulting in an estimated cash inflow of approximately 12 billion CNY, which will help accelerate the repayment of high-interest debt and reduce financial expenses [9]. - Following the divestiture, the company will focus solely on its aircraft leasing business, positioning it to benefit from the Federal Reserve's interest rate cuts and the global supply-demand imbalance in aircraft [9]. - The aircraft leasing fleet is globally leading, with a total of 1,159 aircraft as of Q3 2025, including 601 owned and 522 on order [9]. - The company is expected to see a significant improvement in profit margins due to reduced financial costs and a more streamlined business model [9]. - The earnings forecast for 2025 includes a projected net profit of -135 million CNY, with a recovery expected in subsequent years [8][9]. Financial Summary - Revenue is projected to grow from 33,675 million CNY in 2023 to 49,115 million CNY in 2025, reflecting a growth rate of 27.8% [8]. - EBITDA is expected to decline to 17,047 million CNY in 2025, with a subsequent recovery [8]. - The company's net profit is forecasted to be -135 million CNY in 2025, with a significant rebound anticipated in 2026 [8]. - The report estimates a book value per share (BVPS) of 4.84 CNY for 2025, applying a reasonable valuation of 0.9x price-to-book (PB) ratio [9].