登录新浪财经APP 搜索【信披】查看更多考评等级 关于控股子公司Avolon Holdings Limited2025年第四季度及年度主要运营数据 的自愿性信息披露公告 证券代码：000415 证券简称：渤海租赁 公告编号：2026-001 的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 为便于投资者及时了解渤海租赁股份有限公司（以下简称"公司"）主要境外子公司生产经营情况，现将 公司控股子公司Avolon Holdings Limited（以下简称"Avolon"）2025年第四季度及年度主要运营数据公 告如下： 一、主要运营数据 截至2025年年末，Avolon机队规模为1,132架，包括自有飞机596架、管理飞机36架、订单飞机500架， 服务于全球61个国家的139家航空公司客户。具体飞机机队组合如下： ■ 渤海租赁股份有限公司 关于控股子公司Avolon Holdings Limited 2、2025年全年，完成了95架飞机销售（其中第四季度完成26架飞机销售），出售飞机平均机龄约为10 年。截至2025年年末，已同意出售但尚未 ...

格隆汇1月12日丨渤海租赁(000415.SZ)公布，截至2025年年末，Avolon机队规模为1,132架，包括自有飞 机596架、管理飞机36架、订单飞机500架，服务于全球61个国家的139家航空公司客户。 ...

证券代码：000415 证券简称：渤海租赁 公告编号：2026-001 渤海租赁股份有限公司 关于控股子公司 Avolon Holdings Limited 2025 年第四季度及年度主要运营数据 的自愿性信息披露公告 2、2025 年全年，完成了 95 架飞机销售（其中第四季度完成 26 架飞机销售）， 出售飞机平均机龄约为 10 年。截至 2025 年年末，已同意出售但尚未完成交割的 飞机为 72 架； 3、2025 年全年，达成 59 架新技术飞机的租约安排（其中第四季度完成 10 架）； 4、2025 年 5 月，国际评级机构惠誉将 Avolon 的主体评级从"BBB-"上调至 "BBB"，穆迪将 Avolon 的主体评级从"Baa3"上调至"Baa2"，评级展望均为"稳定"； 标普上调对 Avolon 的主体评级展望至"积极"； 5、2025 年 7 月，Avolon 向空中客车公司（Airbus S.A.S.）订购了 90 架飞机， 包括 75 架 A321NEO 及 15 架 A330NEO 飞机，上述飞机计划于 2033 年年底前陆 续完成交付。 本公司及董事会全体成员保证信息披露的内容真实、 ...

2025年第四季度执行66项交易，全年共执行333项交易，其中包括：第四季度承诺购买14架飞机，全年 承诺购买160架飞机，第四季度交付16架飞机(不包括由航空公司客户于交付前购买的4架)，全年净交付 总数为51架，第四季度售出7架自有飞机及1架代管飞机，全年售出35架自有飞机及1架代管飞机，第四 季度签署21份租约承诺，全年签署74份租约承诺。全年融资总额超过40亿美元。 总经理兼首席执行官Steven Townend表示："2025年，公司实现了强劲的营运表现，完成了公司历史上 最大规模之一的交易量。公司订单簿中新增160架飞机采购承诺，进一步巩固了公司作为全球前五大飞 机租赁公司之一的地位。全年公司共接收51架新飞机，体现了公司致力于投资技术先进机型的承诺。作 为积极投资组合管理策略的一部分，公司在2025年出售了35架自有飞机，并实现了100%的飞机利用 率。凭借强健的投资组合和订单储备，我们对实现未来增长目标充满信心。" 中银航空租赁(02588)发布截至2025年12月31日止第四季度及年度的营运交易情况，投资组合共计815架 ╱台自有、代管及已订购的飞机和发动机，451架自有飞机的平均机龄为5. ...

2025年第四季度执行66项交易，全年共执行333项交易，其中包括：第四季度承诺购买14架飞机，全年 承诺购买160架飞机，第四季度交付16架飞机(不包括由航空公司客户于交付前购买的4架)，全年净交付 总数为51架，第四季度售出7架自有飞机及1架代管飞机，全年售出35架自有飞机及1架代管飞机，第四 季度签署21份租约承诺，全年签署74份租约承诺。全年融资总额超过40亿美元。 总经理兼首席执行官Steven Townend表示："2025年，公司实现了强劲的营运表现，完成了公司历史上 最大规模之一的交易量。公司订单簿中新增160架飞机采购承诺，进一步巩固了公司作为全球前五大飞 机租赁公司之一的地位。全年公司共接收51架新飞机，体现了公司致力于投资技术先进机型的承诺。作 为积极投资组合管理策略的一部分，公司在2025年出售了35架自有飞机，并实现了100%的飞机利用 率。凭借强健的投资组合和订单储备，我们对实现未来增长目标充满信心。" 来源：智通财经网 中银航空租赁(02588)发布截至2025年12月31日止第四季度及年度的营运交易情况，投资组合共计815架 ╱台自有、代管及已订购的飞机和发动机，451架自有飞 ...

Group 1 - The core viewpoint of the article highlights that China Aircraft Leasing Group (02588) has seen a significant increase in its stock price, reaching a new high of 78.85 HKD, driven by favorable conditions in the aircraft leasing industry [1] - The aircraft leasing industry is experiencing an upward trend due to tight supply chains for new aircraft, a shortage of skilled workers, and disruptions in raw material supply, leading to sustained demand and increasing aircraft values and rental rates [1] - Major aircraft leasing companies, including China Aircraft Leasing Group, are expected to benefit from the ongoing upcycle in the aircraft leasing market, as they maintain stable aircraft deliveries amidst strong demand [1] Group 2 - As a leading player in the aircraft leasing sector, China Aircraft Leasing Group is poised to gain from both the rising aviation industry and the Federal Reserve's interest rate cuts, which may lower funding costs denominated in USD and expand profit margins [1] - The company operates a fleet of 483 aircraft, ranking fifth among global aircraft leasing firms, and is likely to see revenue growth from its customer base of global airlines as the aviation market improves [1] - The dual benefits of industry growth and favorable financial conditions are expected to create a synergistic effect for the company, enhancing its overall performance [1]

Group 1 - The stock of China Aircraft Leasing (02588) rose nearly 5%, reaching a new high of 78.85 HKD, with a trading volume of 88.75 million HKD [1] - The aircraft leasing industry remains in an upward trend due to tight supply chains for new aircraft, a shortage of skilled workers, and disruptions in raw material supply, leading to sustained demand and increasing aircraft values and rental rates [1] - Major aircraft leasing companies are expected to benefit from the ongoing upcycle in the aircraft leasing market, as they maintain stable aircraft deliveries [1] Group 2 - China Aircraft Leasing, as a leading player in the aviation leasing sector, is poised to benefit from both the rising aviation industry and the Federal Reserve's interest rate cuts [1] - The company operates a fleet of 483 aircraft, ranking fifth among global aircraft leasing firms, and is expected to see revenue growth from its customer base of global airlines [1] - With the continued easing of interest rates by the Federal Reserve, the company's dollar-denominated funding costs are likely to decrease, potentially expanding its interest margins [1]

平安证券香港发布研报称，当前飞机租赁行业景气度依旧上行。受全球新造飞机供应链紧张、熟练工人 不足、原材料供给受阻等因素影响，飞机制造商产能持续受限，而飞机需求则维持旺盛，飞机供需态势 持续趋紧的情况下，飞机价值和租金持续上行，而头部飞机租赁商飞机交付相对稳健，将在飞机租赁景 气上行周期中受益。 西部证券则表示，作为航空租赁龙头，公司或将双重受益于航空产业景气度上行与美联储降息周期，一 方面中银航空租赁拥有在列飞机483架，在全球飞机租赁公司中排名第五，航空景气上行下将持续受益 于全球航空公司客户群带来的收入增量，另一方面随着美联储降息持续推进，公司以美元计价的资金成 本有望下行，息差有望扩大，实现双β共振。 智通财经APP获悉，中银航空租赁(02588)午后涨近5%，高见78.85港元，创上市新高。截至发稿，涨 4.39%，报78.55港元，成交额8875.14万港元。 ...

Core Conclusion - In 2016, China Aircraft Leasing Group Holdings Limited (CALC) was listed on the Hong Kong Stock Exchange. As a leading player in the aircraft leasing industry, the company is expected to benefit from both the rising aviation industry and the Federal Reserve's interest rate cuts. CALC owns 483 aircraft, ranking fifth among global aircraft leasing companies, and is projected to see revenue growth from its global airline customer base as the aviation market improves. Additionally, with the ongoing interest rate cuts by the Federal Reserve, the company's USD-denominated funding costs are expected to decrease, leading to an expansion of interest margins, resulting in a dual benefit for the company. The company is favored for its young fleet and long-term leases, which provide asset stability, and the anticipated decline in debt costs is expected to widen interest spreads. A "Buy" rating is assigned for the first coverage [1]. Industry Outlook - The aviation industry's recovery is driving an increase in aircraft rental prices due to supply shortages. The global aviation market saw a sharp decline in 2020 due to the pandemic, but it began to recover in 2021, with a strong rebound expected post-2023. By the first half of 2025, global Available Seat Kilometers (ASK) are projected to return to pre-pandemic levels, with stable demand in the aviation market. In 2024, Boeing is expected to underdeliver due to safety incidents, regulatory tightening, and labor strikes, leading to a global aircraft supply shortage. Rental prices for mainstream narrow-body Airbus A320 and wide-body Boeing 737 aircraft are showing a steady upward trend and are expected to continue this trajectory in the future [1]. Competitive Advantage - CALC's core competitiveness lies in its young fleet and long-term leases, which provide cost and liquidity advantages compared to Bohai Leasing and China Aircraft Leasing. The company's fleet size is continuously increasing, and its financing lease scale is growing rapidly. The company's liabilities are primarily USD-denominated, and it dynamically adjusts the duration and structure of its liabilities in response to interest rate changes. With the anticipated continuation of Federal Reserve interest rate cuts, the cost of liabilities is expected to decrease [2]. Financial Projections - CALC's total operating revenue is projected to be USD 2.634 billion, USD 2.854 billion, and USD 2.939 billion for the years 2025 to 2027, reflecting year-on-year growth of +3.0%, +8.4%, and +3.0% respectively. The net profit attributable to the parent company is expected to be USD 761 million, USD 894 million, and USD 964 million for the same years, with year-on-year changes of -17.6%, +17.4%, and +7.8%. Corresponding earnings per share (EPS) are projected to be HKD 8.53, HKD 10.01, and HKD 10.80, while book value per share (BPS) is expected to be HKD 76.70, HKD 83.21, and HKD 90.23, with return on equity (ROE) levels of 11.53%, 12.53%, and 12.45% respectively [2].

Group 1: Company Overview - The report covers Damai Entertainment (1060.HK), a leading platform in live entertainment, driven by ticketing and IP derivatives [1][6][8] - The company is positioned in a high-growth sector, benefiting from the recovery and structural upgrade of offline entertainment consumption [1][8] - Expected adjusted net profits for FY26-28 are projected at 1.06 billion, 1.35 billion, and 1.58 billion CNY respectively [1][8] Group 2: Industry Insights - The live performance market is experiencing a significant increase, with ticket sales for large concerts expected to exceed 26 billion CNY in 2024, a year-on-year growth of 78.1% [6] - The demand for live entertainment is driven by both personal enjoyment and social needs, with an increase in repeat attendance [6] - The supply side is expanding with diversification in lower-tier cities and various performance categories [6] Group 3: IP Business - Alibaba's IP licensing platform, Aliyu, is a leading player in the market, with a projected GMV of 4.1 billion USD in 2024 [7] - The company is enhancing its collaboration with top IPs, which is expected to contribute significantly to revenue growth [7] - The film industry is still in a recovery phase, with a total box office of 29.23 billion CNY in the first half of 2025, reflecting a year-on-year increase of 22.91% [7] Group 4: Company Financials - Sinopec Engineering (02386.HK) is highlighted as a leading energy and chemical engineering firm with strong technical capabilities and a solid financial performance [10][12] - The company has a high dividend payout ratio, with a dividend yield exceeding 5%, providing stable returns for investors [10][12] - Expected target price for 2026 is set at 9.50 HKD per share, based on a 13x PE ratio [10] Group 5: Market Trends - The petrochemical industry is facing revenue stability but profit pressures, with a slight revenue decline of 2.6% year-on-year in H1 2025 [11] - The trend of "reducing oil and increasing chemicals" is evident, with a 9.94% year-on-year increase in ethylene consumption [11] - Global refining capacity continues to grow, particularly in the Middle East and Asia-Pacific regions, with a projected capital expenditure of 153.35 billion USD in 2024 [11] Group 6: Aviation Sector - Bank of China Aviation Leasing (02588.HK) is positioned to benefit from the rising aviation industry and the ongoing interest rate cut cycle [14][15] - The company ranks fifth globally with a fleet of 483 aircraft, poised to gain from increased revenues as the aviation market recovers [14][15] - Expected total revenue for 2025-2027 is projected at 2.63 billion, 2.85 billion, and 2.94 billion USD, with net profits of 761 million, 894 million, and 964 million USD respectively [16] Group 7: Medical Sector - Weisi Medical (688580.SH) is experiencing steady growth, with projected net profits of 133 million, 165 million, and 184 million CNY for 2025-2027 [4][18] - The company focuses on rehabilitation as its core business while expanding into aesthetic and urology sectors [18][19] - The company emphasizes product innovation in non-invasive brain-machine interfaces, aiming to create a comprehensive neuro-rehabilitation system [19]