汇丰银行-中国港口业-china ports：throughput maintained its strong momentum in july-20170814-hsbc

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1、14August2017ChinaPortsEQUITIESINFRASTRUCTUREThroughputmaintaineditsstrongmomentuminJulyChinaThroughputofthetop8containerportsgrew8.0%y-o-yinJuly,ParashJain*comparedwith7.5%y-o-yinJune…HeadofTransportResearch,Asia-PacificTheHongkongandShanghaiBankingCorp

2、orationLimitedparashjain@hsbc.com.hk…butglobalmanufacturingactivityexpansionsloweddown;we+85229966717arecautiousonthroughputgrowthin2H17duetoahighbaseLouisPang*AssociateTheHongkongandShanghaiBankingCorporationLimitedWepreferCOSCOShippingPorts(Buy)toChinaMe

3、rchantslouis.w.h.pang@hsbc.com.hk+85229149934Port(Hold)DeepakMaurya*AssociateBangaloreChina’stop8containerportsthroughputgrewat8.0%y-o-yinJulyvs7.5%inJune,drivenbyanaccelerationatthePearlRiverDeltaandBohaiRim,partially*Employedbyanon-USaffiliateofHSBCSecurit

4、ies(USA)Inc,andisoffsetbyslowergrowthatYangtzeRiverDelta.Y-t-d,throughputofthetop8notregistered/qualifiedpursuanttoFINRAregulationscontainerportsgrew7.4%y-o-y.GrowthinPearlRiverDeltapickedupfrom9.0%inJuneto12.1%inJulyasbothGuangzhouandShenzhenportsgainedmome

5、ntum.Meanwhile,BohaiRimgrewslightlyfasterat2.2%inJulyvs0.8%inJune.However,theoverallperformancewasaffectedbyYangtzeRiverDelta,whosegrowthedgedlowerfrom11.1%inJuneto8.9%inJuly.Indeed,growthatbothShanghaiandNingbo-Zhoushanportsdeceleratedforthreeconsecutivemon

6、thssinceMay.GlobalmanufacturingactivitycontinuedtoexpandinJulybutataslowerpace.JulyManufacturingPMIsinChina,theEurozoneandtheUSshowedacontinuedexpansioninmanufacturingactivityalbeitataslowerpace.Indeed,theslowdowninChinamanufacturingactivitywaspartlydrivenby

7、adecelerationinnewexportordersaswellasimports.DespitegrowthaccelerationinJulyforthetop8containerports,wecautionthattherecouldbeapotentialslowdowninthroughputgrowthin2H17afterastronggrowthof7.2%in1H17givenahighbaselastyear.Recallthatportthroughputgrewat4.1%y-

8、o-yin2H16vs1.4%in1H16.WepreferCoscoShippingPorts(Buy)toChinaMerchantsPort(Hold):CSPortscouldseeareboundinROEdrivenbythesynergieswithitscontainershippingparent,COSCOShippingHoldings(CSH,1919HK,HK