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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,*,*,蒸蒸日,上,上的中,国,国港口,业,业,分析员,:,郑栋,2007,年,8,月,12,日,1,内容提,要,要,第一章行业基,本,本面回,顾,顾,第二章,重,重,点,点公司,推,推荐,2,第一章,行业基,本,本面回,顾,顾,3,吞吐量,大,大增,.GDP,和外贸,增,增长是,主,主要动,力,力,今年上,半,半年国,内,内主要,港,港口的,吞,吞吐量,同,同比上,升,升,15.5%,增幅较,上,上年同,期,期略低,2,个百分,点,点。,上半年,中,中国,GDP,增长,11.5%,外贸增,长,长,23.3%,成为港,口,口吞吐,量,量上升,的,的最重,要,要动力,。,。,资料来,源,源,: CEIC,中金公,司,司研究,部,部,This reportisbasedoninformationavailabletothe public.Norepresentationismadethat it is accurate or complete.This document is notanoffertobuyorsellora solicitationofanoffertobuyorsellthesecuritiesmentioned. China InternationalCapitalCorporationLimited andothersassociatedwith it (CICC)mayhavepositionsin, andmayeffect transactionsinsecurities of companiesmentionedherein andmayalsoperform or seektoperforminvestment bankingservicesfor those companies.Thisreportmay alsobemadeavailableinHongKong by China InternationalCapitalCorporation(HongKong)Limited and/orChinaInternational CapitalCorporationHongKong SecuritiesLimited.Copyright of thisdocumentbelongstoCICC.Anyformofunauthorizeddistribution,reproduction, publication,release or quotationbyanyinstitutionorindividualisprohibited withoutCICCs writtenpermission.,4,集装箱,业,业务表,现,现最为,强,强劲,资料来,源,源,:,中金公,司,司研究,部,部,中国航,贸,贸网,在港口,业,业务中,今年上,半,半年集,装,装箱吞,吐,吐量创,下,下,24.4%,的同比,升,升幅,较上年同,期,期的增速,高,高,1.2,个百分点,在所有港,口,口业务中,居,居首。,Thisreportis basedoninformationavailable tothepublic.Norepresentation is made thatit is accurate or complete.Thisdocument isnotanoffer tobuyorsellora solicitation of anoffer to buy orsell the securitiesmentioned.China InternationalCapitalCorporationLimitedandothers associated with it (CICC)mayhave positionsin,andmayeffect transactionsin securities ofcompanies mentionedhereinandmayalsoperformorseektoperforminvestment banking servicesforthose companies.This reportmayalso bemade availablein HongKongbyChina InternationalCapitalCorporation(Hong Kong)Limitedand/or ChinaInternational Capital Corporation HongKongSecuritiesLimited.Copyright of this documentbelongsto CICC.Anyform ofunauthorized distribution,reproduction, publication, release or quotationby any institution or individualisprohibited without CICCs written permission.,5,集装箱业,务,务增长的,动,动力,:,外贸增长,出口升级,及,及运输集,装,装箱化率,的,的提升,资料来源,: CEIC,辽宁师大,中金公司,研,研究部,我们的宏,观,观分析小,组,组预计今,明,明两年外,贸,贸将分别,增,增长,26%,和,20%,。,中国的出,口,口结构继,续,续升级。,中国的集,装,装箱化率,远,远低于国,际,际同业。,我们估计,未,未来三年,，,，中国港,口,口集装箱,业,业务年复,合,合增长率,将,将达,20%,。,Thisreportis basedoninformationavailable tothepublic.Norepresentation is made thatit is accurate or complete.Thisdocument isnotanoffer tobuyorsellora solicitation of anoffer to buy orsell the securitiesmentioned.China InternationalCapitalCorporationLimitedandothers associated with it (CICC)mayhave positionsin,andmayeffect transactionsin securities ofcompanies mentionedhereinandmayalsoperformorseektoperforminvestment banking servicesforthose companies.This reportmayalso bemade availablein HongKongbyChina InternationalCapitalCorporation(Hong Kong)Limitedand/or ChinaInternational Capital Corporation HongKongSecuritiesLimited.Copyright of this documentbelongsto CICC.Anyform ofunauthorized distribution,reproduction, publication, release or quotationby any institution or individualisprohibited without CICCs written permission.,6,短期内无,须,须担忧港,口,口吞吐能,力,力过剩,据交通部,规,规划，到,2010,年中国将,拥,拥有,377,个集装箱,泊,泊位,总设计吞,吐,吐能力为,1.36,亿,TEU,。,2006,年，中国,集,集装箱吞,吐,吐量达,9,300,万,TEU,，我们预,计,计明年将,升,升至,1.339,亿,TEU,，到,2010,年底将接,近,近设计吞,吐,吐能力。,未来四年,强,强劲的需,求,求应会缓,冲,冲持续扩,容,容压力，,极,极大缓解,吞,吞吐能力,过,过剩的担,忧,忧。,Thisreportis basedoninformationavailable tothepublic.Norepresentation is made thatit is accurate or complete.Thisdocument isnotanoffer tobuyorsellora solicitation of anoffer to buy orsell the securitiesmentioned.China InternationalCapitalCorporationLimitedandothers associated with it (CICC)mayhave positionsin,andmayeffect transactionsin securities ofcompanies mentionedhereinandmayalsoperformorseektoperforminvestment banking servicesforthose companies.This reportmayalso bemade availablein HongKongbyChina InternationalCapitalCorporation(Hong Kong)Limitedand/or ChinaInternational Capital Corporation HongKongSecuritiesLimited.Copyright of this documentbelongsto CICC.Anyform ofunauthorized distribution,reproduction, publication, release or quotationby any institution or individualisprohibited without CICCs written permission.,7,增值税退,税,税调整影,响,响不大,机械和运,输,输设备在,中,中国的出,口,口中占主,要,要部分。,近期的增,值,值税退税,调,调整对这,部,部分的影,响,响甚微，,调,调整后其,退,退税率仍,高,高达,9-11%,， 居于,首,首位。,中国政府,鼓,鼓励高附,加,加值机械,产,产品的发,展,展，这有,望,望推升港,口,口吞吐量,。,。,资料来源,: CEIC,中金公司,研,研究部,Thisreportis basedoninformationavailable tothepublic.Norepresentation is made thatit is accurate or complete.Thisdocument isnotanoffer tobuyorsellora solicitation of anoffer to buy orsell the securitiesmentioned.China InternationalCapitalCorporationLimitedandothers associated with it (CICC)mayhave positionsin,andmayeffect transactionsin securities ofcompanies mentionedhereinandmayalsoperformorseektoperforminvestment banking servicesforthose companies.This reportmayalso bemade availablein HongKongbyChina InternationalCapitalCorporation(Hong Kong)Limitedand/or ChinaInternational Capital Corporation HongKongSecuritiesLimited.Copyright of this documentbelongsto CICC.Anyform ofunauthorized distribution,reproduction, publication, release or quotationby any institution or individualisprohibited without CICCs written permission.,8,投资主题,:,内生增长,及,及资产扩,张,张,腹地的经,济,济增长潜,能,能，尤其,是,是外贸发,展,展，对于,港,港口的内,生,生增长而,言,言至关重,要,要。因此,，,，珠江三,角,角洲、长,江,江三角洲,以,以及环渤,海,海地区仍,是,是中国港,口,口发展的,主,主要地区,。,。,中国港口,的,的建设或,重,重组将为,运,运营商提,供,供注资的,机,机会。,Thisreportis basedoninformationavailable tothepublic.Norepresentation is made thatit is accurate or complete.Thisdocument isnotanoffer tobuyorsellora solicitation of anoffer to buy orsell the securitiesmentioned.China InternationalCapitalCorporationLimitedandothers associated with it (CICC)mayhave positionsin,andmayeffect transactionsin securities ofcompanies mentionedhereinandmayalsoperformorseektoperforminvestment banking servicesforthose companies.This reportmayalso bemade availablein HongKongbyChina InternationalCapitalCorporation(Hong Kong)Limitedand/or ChinaInternational Capital Corporation HongKongSecuritiesLimited.Copyright of this documentbelongsto CICC.Anyform ofunauthorized distribution,reproduction, publication, release or quotationby any institution or individualisprohibited without CICCs written permission.,9,第二章,重点公司,推,推荐,10,天津港,:,审慎推荐,天津港是,我,我们推荐,的,的港口类,股,股票的首,选,选,腹地经济,发,发展将带,来,来货源支,持,持,集装箱业,务,务的快速,发,发展加快,公,公司的业,务,务转型,资产注入,将,将进一步,提,提高盈利,水,水平,天津港区,发,发展空间,巨,巨大,估值分析,Thisreportis basedoninformationavailable tothepublic.Norepresentation is made thatit is accurate or complete.Thisdocument isnotanoffer tobuyorsellora solicitation of anoffer to buy orsell the securitiesmentioned.China InternationalCapitalCorporationLimitedandothers associated with it (CICC)mayhave positionsin,andmayeffect transactionsin securities ofcompanies mentionedhereinandmayalsoperformorseektoperforminvestment banking servicesforthose companies.This reportmayalso bemade availablein HongKongbyChina InternationalCapitalCorporation(Hong Kong)Limitedand/or ChinaInternational Capital Corporation HongKongSecuritiesLimited.Copyright of this documentbelongsto CICC.Anyform ofunauthorized distribution,reproduction, publication, release or quotationby any institution or individualisprohibited without CICCs written permission.,11,天津港：,腹地省份GDP将,实,实现快于,全,全国平均,水,水平的增,长,长,资料来源,: CEIC,中金公司,研,研究部,天津港直,接,接经济腹,地,地占全国,面,面积的46.9%,。,。,“十五”,期,期间，天,津,津港腹地,省,省份GDP增长率,均,均快于全,国,国平均水,平,平。,“十一五,”,”期间，,腹,腹地经济,的,的快速发,展,展将极大,推,推动天津,口,口岸进出,口,口总值的,增,增长，从,而,而为天津,港,港货物吞,吐,吐量带来,货,货源支持,。,。,Thisreportis basedoninformationavailable tothepublic.Norepresentation is made thatit is accurate or complete.Thisdocument isnotanoffer tobuyorsellora solicitation of anoffer to buy orsell the securitiesmentioned.China InternationalCapitalCorporationLimitedandothers associated with it (CICC)mayhave positionsin,andmayeffect transactionsin securities ofcompanies mentionedhereinandmayalsoperformorseektoperforminvestment banking servicesforthose companies.This reportmayalso bemade availablein HongKongbyChina InternationalCapitalCorporation(Hong Kong)Limitedand/or ChinaInternational Capital Corporation HongKongSecuritiesLimited.Copyright of this documentbelongsto CICC.Anyform ofunauthorized distribution,reproduction, publication, release or quotationby any institution or individualisprohibited without CICCs written permission.,12,天津港：,天津口岸进,出,出口总值预,测,测,资料来源,: CEIC,中金公司研,究,究部,“十五”期,间,间，天津港,腹,腹地省份的GDP出口,依,依存度逐步,上,上升，使得,天,天津口岸进,出,出口总值实,现,现快于腹地GDP总量,增,增长 。,口岸进出口,总,总值相对腹,地,地GDP的,弹,弹性由2001年的0.84上升,至,至2006,年,年的1.62。,根据腹地经,济,济GDP增,长,长预测，我,们,们预计未来5年天津口,岸,岸进出口总,值,值年复合增,长,长约20.1%。,Thisreport isbasedon informationavailableto the public.No representation is made that itis accurate orcomplete.Thisdocument is notan offerto buy orsellor asolicitation ofan offerto buy orsellthe securitiesmentioned.China InternationalCapital CorporationLimited and othersassociatedwithit (CICC)mayhavepositionsin, and may effect transactions insecuritiesof companies mentioned hereinandmay also perform orseekto performinvestment bankingservices for those companies.Thisreport mayalsobe made available in Hong Kong byChinaInternationalCapital Corporation(HongKong) Limitedand/or China International CapitalCorporation Hong Kong Securities Limited. Copyright ofthisdocument belongs toCICC.Anyformof unauthorizeddistribution,reproduction, publication, releaseor quotation byanyinstitution orindividualis prohibitedwithout CICCswritten permission.,13,天津港：,进出口结构,升,升级整体利,好,好集装箱吞,吐,吐量的增长,速,速度,资料来源,: CEIC,中金公司研,究,究部,2001年,2005,年,年期间，天,津,津市进出口,结,结构出现较,为,为明显的升,级,级趋势：机,械,械及运输设,备,备进出口占,比,比由2001年的55%上升至2005年的63%。,天津口岸进,出,出口结构升,级,级对于集装,箱,箱吞吐量的,影,影响以正面,为,为主。,集装箱吞吐,量,量增长相对,进,进出口总值,的,的弹性在2004年见,底,底之后呈现,明,明显回升趋,势,势，预计天,津,津口岸进出,口,口结构仍将,继,继续升级，,进,进一步推动,集,集装箱吞吐,量,量实现快于,进,进出口总值,的,的增长。,Thisreport isbasedon informationavailableto the public.No representation is made that itis accurate orcomplete.Thisdocument is notan offerto buy orsellor asolicitation ofan offerto buy orsellthe securitiesmentioned.China InternationalCapital CorporationLimited and othersassociatedwithit (CICC)mayhavepositionsin, and may effect transactions insecuritiesof companies mentioned hereinandmay also perform orseekto performinvestment bankingservices for those companies.Thisreport mayalsobe made available in Hong Kong byChinaInternationalCapital Corporation(HongKong) Limitedand/or China International CapitalCorporation Hong Kong Securities Limited. Copyright ofthisdocument belongs toCICC.Anyformof unauthorizeddistribution,reproduction, publication, releaseor quotation byanyinstitution orindividualis prohibitedwithout CICCswritten permission.,14,天津,港,港：,集,集装,箱,箱,需求,强,强劲,增,增长,资料,来,来源,:,公司,数,数据,，,，中,金,金公,司,司研,究,究部,2006,年,年天,津,津港,区,区在,建,建的,集,集装,箱,箱项,目,目主,要,要包,括,括北,港,港池,一,一、,二,二、,三,三期,，,，预,计,计2009年,全,全部,建,建成,后,后，,天,天津,港,港区,的,的集,装,装箱,吞,吞吐,能,能力,将,将增,长,长约2.44,倍,倍至1343,万,万TEU,左,左右,。,。,我们,预,预计,天,天津,口,口岸,集,集装,箱,箱吞,吐,吐量,将,将于,“,“十,一,一五,”,”期,间,间年,复,复合,增,增长22.2%，,于,于2010年,达,达到1,308万TEU，,对,对产,能,能利,用,用率,形,形成,强,强烈,的,的支,撑,撑。,需求,的,的强,劲,劲增,长,长亦,将,将极,大,大减,少,少天,津,津港,股,股份,与,与天,津,津港,发,发展,的,的竞,争,争风,险,险。,Thisreportisbasedoninformationavailabletothepublic.Norepresentationismadethatitisaccurateorcomplete.Thisdocumentisnotanoffertobuyorsellorasolicitationofanoffertobuyorsellthesecuritiesmentioned.ChinaInternationalCapitalCorporationLimitedandothersassociatedwithit(CICC)mayhavepositionsin,andmayeffecttransactionsinsecuritiesofcompaniesmentionedhereinandmayalsoperformorseektoperforminvestmentbankingservicesforthosecompanies.ThisreportmayalsobemadeavailableinHongKongbyChinaInternationalCapitalCorporation(HongKong)Limitedand/orChinaInternationalCapitalCorporationHongKongSecuritiesLimited.CopyrightofthisdocumentbelongstoCICC.Anyformofunauthorizeddistribution,reproduction,publication,releaseorquotationbyanyinstitutionorindividualisprohibitedwithoutCICCswrittenpermission.,天津,港,港集,装,装箱,吞,吞吐,量,量及,产,产能,利,利用,率,率,15,天津,港,港：,天津,港,港集,装,装箱,分,分泊,位,位吞,吐,吐量,预,预测,资料,来,来源,:,中金,公,公司,研,研究,部,部,2006,年,年公,司,司投,资,资11.7亿,元,元投,资,资北,港,港池3期,合,合资,公,公司,，,，占51%股,权,权，,预,预计,于,于2008年,下,下半,年,年投,产,产，,建,建成,后,后将,成,成为,港,港区,最,最大,的,的集,装,装箱,项,项目,。,。,受利,于,于北,港,港池3期,工,工程,，,，预,计,计集,装,装箱,吞,吞吐,量,量将,于,于20052010,年,年期,间,间年,复,复合,增,增长25.3%至2010,年,年的694万TEU，,增,增长,速,速度,快,快于,整,整个,天,天津,港,港区,约,约3.1,个,个百,分,分点,。,。,于天,津,津港,区,区集,装,装箱,吞,吞吐,量,量的,市,市场,份,份额,将,将由2005,年,年的47%上,升,升6,个,个百,分,分点,至,至2010年,的,的53%,。,。,Thisreportisbasedoninformationavailabletothepublic.Norepresentationismadethatitisaccurateorcomplete.Thisdocumentisnotanoffertobuyorsellorasolicitationofanoffertobuyorsellthesecuritiesmentioned.ChinaInternationalCapitalCorporationLimitedandothersassociatedwithit(CICC)mayhavepositionsin,andmayeffecttransactionsinsecuritiesofcompaniesmentionedhereinandmayalsoperformorseektoperforminvestmentbankingservicesforthosecompanies.ThisreportmayalsobemadeavailableinHongKongbyChinaInternationalCapitalCorporation(HongKong)Limitedand/orChinaInternationalCapitalCorporationHongKongSecuritiesLimited.CopyrightofthisdocumentbelongstoCICC.Anyformofunauthorizeddistribution,reproduction,publication,releaseorquotationbyanyinstitutionorindividualisprohibitedwithoutCICCswrittenpermission.,16,天,津,津,港,港,：,：,资,产,产,注,注,入,入,的,的,盈,盈,利,利,增,增,厚,厚,远,远,超,超,出,出,预,预,期,期,资,料,料,来,来,源,源,:,中,金,金,公,公,司,司,研,研,究,究,部,部,天,津,津,港,港,股,股,份,份,将,将,向,向,天,天,津,津,港,港,集,集,团,团,定,定,向,向,增,增,发,发,不,不,超,超,过,过,2.26,亿,股,股,，,，,用,用,于,于,收,收,购,购,天,天,津,津,港,港,集,集,团,团,未,未,上,上,市,市,运,运,营,营,资,资,产,产,。,。,我,们,们,预,预,计,计,资,资,产,产,收,收,购,购,后,后,，,，,公,公,司,司2007,、,、2008,年,年,每,每,股,股,盈,盈,利,利,分,分,别,别,为,为,0,.583,元,及,及,0.659,元,，,，,对,对,应,应,增,增,厚,厚,效,效,应,应,4,6,%,及,及,5,8,%,。,。,Thisreportisbasedoninformationavailabletothepublic.Norepresentationismadethatitisaccurateorcomplete.Thisdocumentisnotanoffertobuyorsellorasolicitationofanoffertobuyorsellthesecuritiesmentioned.ChinaInternationalCapitalCorporationLimitedandothersassociatedwithit(CICC)mayhavepositionsin,andmayeffecttransactionsinsecuritiesofcompaniesmentionedhereinandmayalsoperformorseektoperforminvestmentbankingservicesforthosecompanies.ThisreportmayalsobemadeavailableinHongKongbyChinaInternationalCapitalCorporation(HongKong)Limitedand/orChinaInternationalCapitalCorporationHongKongSecuritiesLimited.CopyrightofthisdocumentbelongstoCICC.Anyformofunauthorizeddistribution,reproduction,publication,releaseorquotationbyanyinstitutionorindividualisprohibitedwithoutCICC,swrittenpermission.,17,天,津,津,港,港,：,：,天,津,津,港,港,区,区,发,发,展,展,空,空,间,间,巨,巨,大,大,资,料,料,来,来,源,源,:,公,司,司,数,数,据,据,，,，,中,中,金,金,公,公,司,司,研,研,究,究,部,部,东,疆,疆,港,港,区,区,：,：,东,东,疆,疆,港,港,区,区,占,占,地,地,约,约,30,平,方,方,公,公,里,里,，,，,其,其,中,中,10,平,方,方,公,公,里,里,的,的,地,地,区,区,为,为,东,东,疆,疆,保,保,税,税,港,港,区,区,，,，,是,是,我,我,国,国,目,目,前,前,规,规,模,模,最,最,大,大,的,的,保,保,税,税,港,港,区,区,。,。,南,疆,疆,散,散,杂,杂,货,货,物,物,流,流,中,中,心,心,：,：,配,配,合,合,“,“,北,北,煤,煤,南,南,移,移,”,”,的,的,策,策,略,略,转,转,移,移,，,，,天,天,津,津,港,港,集,集,团,团,投,投,资,资,开,开,发,发,了,了,南,南,疆,疆,散,散,杂,杂,货,货,物,物,流,流,中,中,心,心,，,，,占,占,地,地,约,约13,平,平,方,方,公,公,里,里,。,。,临,港,港,工,工,业,业,区,区,：,：,天,天,津,津,临,临,港,港,工,工,业,业,区,区,占,占,地,地,面,面,积,积,将,将,达,达,到,到150,平,平,方,方,公,公,里,里,，,，,相,相,当,当,于,于,目,目,前,前,整,整,个,个,天,天,津,津,港,港,区,区,的,的1.4,倍,倍,。,。,预,预,计,计,到,到2010,年,年,，,，,临,临,港,港,工,工,业,业,区,区,将,将,实,实,现,现,销,销,售,售,收,收,入,入1000,亿,亿,元,元,，,，GDP,达,达,到,到300,亿,亿,元,元,以,以,上,上,。,。,Thisreportisbasedoninformationavailabletothepublic.Norepresentationismadethatitisaccurateorcomplete.Thisdocumentisnotanoffertobuyorsellorasolicitationofanoffertobuyorsellthesecuritiesmentioned.ChinaInternationalCapitalCorporationLimitedandothersassociatedwithit(CICC)mayhavepositionsin,andmayeffecttransactionsinsecuritiesofcompaniesmentionedhereinandmayalsoperformorseektoperforminvestmentbankingservicesforthosecompanies.ThisreportmayalsobemadeavailableinHongKongbyChinaInternationalCapitalCorporation(HongKong)Limitedand/orChinaInternationalCapitalCorporationHongKongSecuritiesLimited.CopyrightofthisdocumentbelongstoCICC.Anyformofunauthorizeddistribution,reproduction,publication,releaseorquotationbyanyinstitutionorindividualisprohibitedwithoutCICC,swrittenpermission.,东疆,港,港区,规,规划,图,图,18,天津,港,港,：,天津,港,港集,团,团资,产,产储,备,备仍,比,比较,丰,丰富,目前,集,集团,旗,旗下,主,主要,的,的未,注,注入,的,的资,产,产包,括,括在,建,建的30,万,万吨,原,原油,码,码头,，,，南,疆,疆散,杂,杂货,物,物流,中,中心,等,等。,目前,临,临港,工,工业,园,园的,股,股权,比,比重,仍,仍未,最,最终,确,确定,，,，但,我,我们,预,预计,天,天津,港,港集,团,团实,现,现参,股,股乃,至,至控,股,股的,可,可能,性,性仍,比,比较,大,大。,注资,完,完成,之,之后,天,天津,港,港股,份,份经,营,营资,产,产所,涉,涉及,的,的面,积,积仅,为,为1.7,平,平方,公,公里,，,，而,光,光南,疆,疆散,杂,杂货,物,物流,中,中心,面,面积,就,就有13,平,平方,公,公里,左,左右,，,，临,港,港工,业,业区,的,的面,积,积更,是,是与,现,现有,经,经营,性,性资,产,产的,面,面积,不,不在,一,一个,数,数量,级,级。,Thisreportisbasedoninformationavailabletothepublic.Norepresentationismadethatitisaccurateorcomplete.Thisdocumentisnotanoffertobuyorsellorasolicitationofanoffertobuyorsellthesecuritiesmentioned.ChinaInternationalCapitalCorporationLimitedandothersassociatedwithit(CICC)mayhavepositionsin,andmayeffecttransactionsinsecuritiesofcompaniesmentionedhereinandmayalsoperformorseektoperforminvestmentbankingservicesforthosecompanies.ThisreportmayalsobemadeavailableinHongKongbyChinaInternationalCapitalCorporation(HongKong)Limitedand/orChinaInternationalCapitalCorporationHongKongSecuritiesLimited.CopyrightofthisdocumentbelongstoCICC.Anyformofunauthorizeddistribution,reproduction,publication,releaseorquotationbyanyinstitutionorindividualisprohibitedwithoutCICCswrittenpermission.,19,天津港：,A股、H,股,股上市公,司,司整合,资料来源,:,公司数据,中金公司,研,研究部,在同一港,区,区两个上,市,市公司进,行,行同业竞,争,争（集装,箱,箱业务）,的,的格局不,利,利于港区,的,的长期发,展,展。因此,港,港口资源,整,整合具有,较,较大的必,要,要性。,作为国资,委,委系列的,领,领导及天,津,津港股份,的,的董事长,，,，于汝民,先,先生上任,天,天津港发,展,展（商务,委,委员会系,列,列公司）,的,的董事长,给,给市场强,烈,烈的有关A股、H,股,股上市公,司,司整合的,暗,暗示。,我们判断,在,在集团主,要,要资产注,入,入完成之,后,后，,A,、,H,股整合将,有,有可能被,提,提上议事,日,日程。,Thisreportis basedoninformationavailable tothepublic.Norepresentation is made thatit is accurate or complete.Thisdocument isnotanoffer tobuyorsellora solicitation of anoffer to buy orsell the securitiesmentioned.China InternationalCapitalCorporationLimitedandothers associated with it (CICC)mayhave positionsin,andmayeffect transactionsin securities ofcompanies mentionedhereinandmayalsoperformorseektoperforminvestment banking servicesforthose companies.This reportmayalso bemade availablein HongKongbyChina InternationalCapitalCorporation(Hong Kong)Limitedand/or ChinaInternational Capital Corporation HongKongSecuritiesLimited.Copyright of this documentbelongsto CICC.Anyform ofunauthorized distribution,reproduction, publication, release or quotationby any institution or individualisprohibited without CICCs written permission.,20,天津港,:,高,估值,不损长期,投,投资价值,资料来源,:,彭博资讯,，,，中金公,司,司研究部,天津港目,前,前股价相,当,当于,2007,、,2008,年市盈率,（,（考虑,资,资产注入,影,影响）,48.3,倍及,42.7,倍，在,A,股交通基,础,础设施中,处,处于较高,的,的水平。,考,考虑增长,率,率的,PEG,水平，天,津,津港估值,仍,仍处于合,理,理水平。,考虑港区,未,未来的发,展,展及,A,、,H,股整合带,来,来的投资,机,机会，我,们,们认为天,津,津港仍具,较,较高的投,资,资价值。,进一步的,股,股价驱动,来,来自,A,、,H,股整合活,动,动的开展,。,。,Thisreportis basedoninformationavailable tothepublic.Norepresentation is made thatit is accurate or complete.Thisdocument isnotanoffer tobuyorsellora solicitation of anoffer to buy orsell the securitiesmentioned.China InternationalCapitalCorporationLimitedandothers associated with it (CICC)mayhave positionsin,andmayeffect transactionsin securities ofcompanies mentionedhereinandmayalsoperformorseektoperforminvestment banking servicesforthose companies.This reportmayalso bemade availablein HongKongbyChina InternationalCapitalCorporation(Hong Kong)Limitedand/or ChinaInternational Capital Corporation HongKongSecuritiesLimited.Copyright of this documentbelongsto CICC.Anyform ofunauthorized distribution,reproduction, publication, release or quotationby any institution or individualisprohibited without CICCs written permission.,21,深,赤,赤,湾,湾,:,审,慎,慎,推,推,荐,荐,投,资,资,主,主,题,题,:,良,好,好,的,的,盈,盈,利,利,能,能,力,力,净,资,资,产,产,回,回,报,报,率,率,居,居,同,同,业,业,之,之,首,首,。,。,投,资,资,青,青,岛,岛,港,港,的,的,可,可,能,能,或,或,将,将,极,极,大,大,提,提,高,高,上,上,市,市,公,公,司,司,的,的,成,成,长,长,潜,潜,能,能,。,。,从,市,市,盈,盈,率,率,来,来,看,看,，,，,估,估,值,值,具,具,吸,吸,引,引,力,力,。,。,股,息,息,收,收,益,益,率,率,高,高,于,于,同,同,业,业,。,。,长,远,远,来,来,看,看,，,，,招,招,商,商,局,局,国,国,际,际,对,对,深,深,圳,圳,西,
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