【正文】 nal 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. 21深赤灣 : 審慎推薦投資主題 : ? 良好的盈利能力 — 凈資產(chǎn)回報率居同業(yè)之首。? 長遠來看，招商局國際對深圳西部港區(qū)的股權(quán)整合有望給深赤灣帶來進一步的投資機會。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. 23深赤灣 : 集裝箱吞吐量穩(wěn)步增長資料來源 : 公司數(shù)據(jù) ,中金公司研究部? 深赤灣今年上半年集裝箱吞吐量增長了 17%， 增幅低于上年同期和2023年同期的 33% 和21%。? 深赤灣 A股估值目前在 A股港口中處于較低的水平，若四方港區(qū)的投資得以落實，則深赤灣有望迎來價值重估機會。? 深赤灣有望從招商局國際的股權(quán)整合中受益。 ? 主要干線運輸能力緊張 ，西部地區(qū)鐵路運輸能力不足。 資料來源：鐵道部， CEIC，中金公司研究部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. 中國鐵路現(xiàn)狀分析：鐵路建設(shè)速度落后于經(jīng)濟增長速度 我國鐵路營業(yè)里程及基本建設(shè)投資 33? 中國鐵路客貨周轉(zhuǎn)量市場份額的下降源于投資力度的不足，在貨運部門體現(xiàn)得尤為突出。資料來源：鐵道部，中金公司研究部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. 中國鐵路現(xiàn)狀分析：中國鐵路發(fā)展現(xiàn)狀中國鐵路路網(wǎng)圖32? 截至 2023年底，全國鐵路營業(yè)里程達到 ，居世界第三位。? 國家鐵路運輸由鐵道部下轄的 18個鐵路局（公司）和 3家專業(yè)運輸公司分路段獨家經(jīng)營。? 招商局國際年中完成了對蛇口港區(qū)股權(quán)的整合。? 媽灣港 的吞吐量繼續(xù)大增，得益于新泊位的吞吐量日漸攀升 .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. 24深赤灣 : 有望投資青島港 ? 青島四方港區(qū)項目的設(shè)計吞吐能力為 450萬 TEU，接近今年深赤灣預(yù)估總吞吐量的 75%。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. 22深赤灣 : 較高凈資產(chǎn)回報率和股息收益率資料來源 : 中金公司研究部? 預(yù)計該公司 2023年凈資產(chǎn)回報率高于其他公司。? 從市盈率來看，估值具吸引力。? 考慮港區(qū)未來的發(fā)展及 A、 H股整合帶來的投資機會，我們認為天津港仍具較高的投資價值。? 作為國資委系列的領(lǐng)導(dǎo)及天津港股份的董事長，于汝民先生上任天津港發(fā)展（商務(wù)委員會系列公司）的董事長給市場強烈的有關(guān) A股、 H股上市公司整合的暗示。? 目前臨港工業(yè)園的股權(quán)比重仍未最終確定，但我們預(yù)計天津港集團實現(xiàn)參股乃至控股的可能性仍比較大。? 南疆散雜貨物流中心：配合“北煤南移 ”的策略轉(zhuǎn)移，天津港集團投資開發(fā)了南疆散雜貨物流中心，占地約 13平方公里。 ? 于天津港區(qū)集裝箱吞吐