Port industry box growth rate continued to rise, the total improved significantly-ssdao

The port container industry growth rate continued to rise significantly improve the total securities of the Yangtze River port industry report 9 released June 12, report as follows: the report points for 2016 years 8 months, the national port container throughput of 1.93 TEU million, an increase of 6.8%; the port cargo throughput of 10.00 million tons, an increase of 2.8%. Collection box: RMB devaluation continues to affect the growth rate sharply higher. In August, the year-on-year growth rate of China’s container throughput increased by 1.9 percentage points to 6.8%. Since May this year, the port container throughput growth into the unilateral we believe that the improvement of channel, the main reason is the continuing devaluation of the RMB brings cost advantages: RMB out of the wave of rapid devaluation of the market, the dollar against the RMB exchange rate from 6.4565 in early May to 6.6684 today. At the same time, according to China’s import and export data in August showed that exports year-on-year growth rate of -2.8% (U.S. dollar denominated, higher than the market expected value of -4%), down 1.6 percentage points lower than the previous month, of which the United States, Europe, sunrise growth rate improved. Throughput of foreign trade port has been rising and falling. In case the three major trade port of Shanghai, Ningbo, Shenzhen, the throughput of up and down: the first port container throughput of Shanghai port to maintain a high growth rate, an increase of 4.8%, the growth rate unchanged; the trend of Shenzhen port is relatively weak, down 1.3%; Ningbo port throughput gains strong growth of 8.8% last month rose further to 11.7%. Bulk cargo: economic stabilization, bulk pick up, the growth rate improved significantly. In August, the national port cargo throughput growth rate increased by 2.6 percentage points to 2.8% over the previous month (0.3%), and the growth rate increased significantly. We believe that in August the domestic economy showed signs of stabilization, while domestic commodity demand and superimposed exports improved, is an important reason for a substantial increase in the total: in August, domestic manufacturing PMI at 50.4%, up 0.5 percentage points in August, at the same time, the domestic iron ore import volume to 87 million 720 thousand tons, an increase of 18.3%, compared with the growth rate last month rose 15.7 percentage points. Ore transport growth picks up. From the port point of view, the main ore handling port throughput has picked up: Tangshan port, Rizhao Port and Qingdao port throughput increased by 3%, 8% and 6.1%, respectively, compared with 5.5%, 5.8% and 3.6% last month to maintain a good level. From the point of view of the region, the throughput of Bohai, the Yangtze River Delta and the Pearl River Delta improved by 5.59%, 0.73% and 4.07% respectively. Among them, the Bohai port throughput growth rate increased by 3.79 percentage points, the Yangtze River Delta and the Pearl River Delta throughput growth of 0.66 and 0.86 percentage points. The continuous improvement of box growth rate indicates the opportunity of stage allocation. In case we had expected growth as continuous improvement, at the same time as the port plate this year or larger, with some compensatory growth power. In order to suggest concerned about the high flexibility of container port: A, Yantian, Chiwan Port Group, Yingkou port and Ningbo port.

港口行业:集箱增速持续走高 总量明显改善 长江证券9月12日发布港口行业研究报告,报告摘要如下:   报告要点2016 年8 月,全国港口集装箱吞吐量1.93 万TEU,同比上升6.8%;全国港口货物吞吐量为10.00 亿吨,同比上涨2.8%。集箱:人民币贬值影响持续,增速大幅走高。8 月全国集装箱吞吐量同比增速较上月上升1.9 个百分点至6.8%。自今年5 月以来,港口集装箱吞吐量增速进入单边改善通道,我们认为,其主要原因是人民币持续性贬值带来的成本优势:人民币走出一波快速贬值行情,美元兑人民币汇率中间价由5 月初的6.4565 提升至今日的6.6684。同时,根据中国8 月进出口数据显示,出口同比增速为-2.8%(美元计价,高于市场预期值-4%),较上月跌幅收窄1.6 个百分点,其中对美、欧、日出口增速均呈现改善。外贸大港吞吐量有涨有跌。三大主要外贸港上海、宁波、深圳的集箱吞吐量有涨有跌:集装箱第一大港上海港吞吐量维持较高的增速,同比上涨4.8%,增速环比持平;深圳港走势相对疲软,同比下降1.3%;宁波港吞吐量涨势强劲,较上月增速8.8%进一步上涨至11.7%。散货:经济企稳大宗回暖,增速改善显著。8 月,全国港口货物吞吐量增速较上月(0.3%)增加2.6 个百分点至2.8%,增速显著提升。我们认为,8 月国内经济呈现企稳迹象,同时国内大宗商品需求回暖,叠加出口改善,是总量大幅增长的重要原因:8 月,国内制造业PMI 报收50.4%,较上月提升0.5 个百分点,同时,8 月国内铁矿石进口数量报收8772 万吨,同比增长18.3%,增速较上月上涨15.7 个百分点。矿运增速回升。分港口来看,主要矿石装卸港吞吐量有所回暖:唐山港、日照港和青岛港吞吐量分别同比增长3.0%、8.0%和6.1%,较上月5.5%、5.8%和3.6%维持较好水平。分区域来看,环渤海、长三角和珠三角地区吞吐量总体改善,分别同比上涨5.59%、0.73%和4.07%。其中,环渤海港口吞吐量增速环比提升3.79 个百分点,长三角和珠三角吞吐量增速环比上涨0.66 和0.86 个百分点。集箱增速持续改善,提示阶段性配置机会。集箱增速如我们此前预期持续改善,同时由于港口板块今年跌幅较大,具有一定补涨动力。建议依次关注高弹性的集装箱港口:深赤湾A、盐田港、上港集团、营口港和宁波港。相关的主题文章: