【正文】 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. 8投資主題 : 內(nèi)生增長及資產(chǎn)擴張? 腹地的經(jīng)濟增長潛能，尤其是外貿(mào)發(fā)展，對于港口的內(nèi)生增長而言至關重要。? 中國港口的建設或重組將為運營商提供注資的機會。 ? “十五 ”期間，天津港腹地省份 GDP增長率均快于全國平均水平。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 。 ? 根據(jù)腹地經(jīng)濟 GDP增長預測，我們預計未來 5年天津口岸進出口總值年復合增長約 %。 ? 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。 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。? 需求的強勁增長亦將極大減少天津港股份與天津港發(fā)展的競爭風險。? 受利于北港池 3期工程，預計集裝箱吞吐量將于 2023～ 2023年期間年復合增長 %至 2023年的 694萬 TEU，增長速度快于整個天津港區(qū)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. 16天津港： 資產(chǎn)注入的盈利增厚遠超出預期資料來源 : 中金公司研究部? 天津港股份將向 天津港集團定向增發(fā)不超過 億股，用于收購天津港集團未上市運營資產(chǎn)。 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. 17天津港： 天津港區(qū)發(fā)展空間巨大資料來源 : 公司數(shù)據(jù)，中金公司研究部? 東疆港區(qū)：東疆港區(qū)占地約30平方公里，其中 10平方公里的地區(qū)為東疆保稅港區(qū)，是我國目前規(guī)模最大的保稅港區(qū)。? 臨港工業(yè)區(qū)：天津臨港工業(yè)區(qū)占地面積將達到 150平方公里，相當于目前整個天津港區(qū)的 。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, re