【正文】 form or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 9第二章重點公司推薦 10天津港 : 審慎推薦天津港是我們推薦的港口類股票的首選? 腹地經(jīng)濟發(fā)展將帶來貨源支持 ? 集裝箱業(yè)務(wù)的快速發(fā)展加快公司的業(yè)務(wù)轉(zhuǎn)型 ? 資產(chǎn)注入將進一步提高盈利水平 ? 天津港區(qū)發(fā)展空間巨大? 估值分析 This report is based on information available to the public. No representation is made that it is accurate or plete. This document is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of panies mentioned herein and may also perform or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 11天津港： 腹地省份 GDP將實現(xiàn)快于全國平均水平的增長資料來源 : CEIC,中金公司研究部? 天津港直接經(jīng)濟腹地占全國面積的%。 ? “十五 ”期間，天津港腹地省份 GDP增長率均快于全國平均水平。? “十一五 ”期間，腹地經(jīng)濟的快速發(fā)展將極大推動天津口岸進出口總值的增長，從而為天津港貨物吞吐量帶來貨源支持。This report is based on information available to the public. No representation is made that it is accurate or plete. This document is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of panies mentioned herein and may also perform or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 12天津港： 天津口岸進出口總值預(yù)測資料來源 : CEIC,中金公司研究部? “十五 ”期間，天津港腹地省份的 GDP出口依存度逐步上升，使得天津口岸進出口總值實現(xiàn)快于腹地 GDP總量增長 。? 口岸進出口總值相對腹地 GDP的彈性由 2023年的 2023年的。 ? 根據(jù)腹地經(jīng)濟 GDP增長預(yù)測，我們預(yù)計未來 5年天津口岸進出口總值年復(fù)合增長約 %。 This report is based on information available to the public. No representation is made that it is accurate or plete. This document is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of panies mentioned herein and may also perform or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 13天津港： 進出口結(jié)構(gòu)升級整體利好集裝箱吞吐量的增長速度資料來源 : CEIC,中金公司研究部? 2023年～ 2023年期間，天津市進出口結(jié)構(gòu)出現(xiàn)較為明顯的升級趨勢：機械及運輸設(shè)備進出口占比由 2023年的 55%上升至 2023年的 63%。 ? 天津口岸進出口結(jié)構(gòu)升級對于集裝箱吞吐量的影響以正面為主。? 集裝箱吞吐量增長相對進出口總值的彈性在2023年見底之后呈現(xiàn)明顯回升趨勢，預(yù)計天津口岸進出口結(jié)構(gòu)仍將繼續(xù)升級，進一步推動集裝箱吞吐量實現(xiàn)快于進出口總值的增長。 This report is based on information available to the public. No representation is made that it is accurate or plete. This document is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of panies mentioned herein and may also perform or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 14天津港：集裝箱 需求強勁增長資料來源 : 公司數(shù)據(jù)，中金公司研究部? 2023年天津港區(qū)在建的集裝箱項目主要包括北港池一、二、三期，預(yù)計 2023年全部建成后，天津港區(qū)的集裝箱吞吐能力將增長約 1343萬 TEU左右。? 我們預(yù)計天津口岸集裝箱吞吐量將于 “十一五 ”期間年復(fù)合增長 %，于 2023年達到 1,308萬TEU，對產(chǎn)能利用率形成強烈的支撐。? 需求的強勁增長亦將極大減少天津港股份與天津港發(fā)展的競爭風(fēng)險。 This report is based on information available to the public. No representation is made that it is accurate or plete. This document is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of panies mentioned herein and may also perform or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction,