【正文】 資料來(lái)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(guó)鐵路現(xiàn)狀分析：鐵路建設(shè)速度落后于經(jīng)濟(jì)增長(zhǎng)速度 我國(guó)鐵路營(yíng)業(yè)里程及基本建設(shè)投資 33? 中國(guó)鐵路客貨周轉(zhuǎn)量市場(chǎng)份額的下降源于投資力度的不足，在貨運(yùn)部門體現(xiàn)得尤為突出。資料來(lái)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(guó)鐵路現(xiàn)狀分析：中國(guó)鐵路發(fā)展現(xiàn)狀中國(guó)鐵路路網(wǎng)圖32? 截至 2023年底，全國(guó)鐵路營(yíng)業(yè)里程達(dá)到 ，居世界第三位。 ? 主要干線運(yùn)輸能力緊張 ，西部地區(qū)鐵路運(yùn)輸能力不足。? 國(guó)家鐵路運(yùn)輸由鐵道部下轄的 18個(gè)鐵路局（公司）和 3家專業(yè)運(yùn)輸公司分路段獨(dú)家經(jīng)營(yíng)。? 深赤灣有望從招商局國(guó)際的股權(quán)整合中受益。? 招商局國(guó)際年中完成了對(duì)蛇口港區(qū)股權(quán)的整合。? 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(shí)，則深赤灣有望迎來(lái)價(jià)值重估機(jī)會(huì)。? 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(xiàng)目的設(shè)計(jì)吞吐能力為 450萬(wàn) 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. 23深赤灣 : 集裝箱吞吐量穩(wěn)步增長(zhǎng)資料來(lái)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(zhǎng)了 17%， 增幅低于上年同期和2023年同期的 33% 和21%。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(bào)率和股息收益率資料來(lái)源 : 中金公司研究部? 預(yù)計(jì)該公司 2023年凈資產(chǎn)回報(bào)率高于其他公司。? 長(zhǎng)遠(yuǎn)來(lái)看，招商局國(guó)際對(duì)深圳西部港區(qū)的股權(quán)整合有望給深赤灣帶來(lái)進(jìn)一步的投資機(jī)會(huì)。? 從市盈率來(lái)看，估值具吸引力。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 H