Core Viewpoint - Goldman Sachs has raised the net profit forecasts for China Merchants Port (00144) and COSCO Shipping Ports (01199) for 2025 to 2027 by 2% to 6% [1] Company Summaries - COSCO Shipping Ports is favored due to strong performance at its European terminals and improved performance at Qianhai Port, with a projected dividend yield of 5% in 2025 and a target price increase from HKD 5.3 to HKD 6, rated as "Buy" [1] - China Merchants Port's target price has been raised from HKD 13.1 to HKD 14.2, rated as "Neutral" [1] Industry Insights - Despite increased US tariffs and trade uncertainties, the container throughput at mainland ports grew by 7% year-on-year in the first half of the year [1] - Future growth projections indicate year-on-year increases of 4.6%, 2.7%, and 2.5% for 2025, 2026, and 2027 respectively, suggesting a slowdown to 2% growth in the second half of 2025 [1] - China Merchants Port anticipates a 2% price increase in contract negotiations for 2026, while other operators expect no further price hikes beyond inflation adjustments [1] - Both China Merchants Port and COSCO Shipping Ports are optimistic about contract price growth for overseas terminals due to faster throughput growth and rising costs [1]

股份方面，该行将招商局港口及中远海运港口2025至27年净利润预测上调2%至6%，看好中远海运港 口，因其欧洲码头表现强劲及钱凯港表现提升，并预期2025年股息收益率达5%，目标价由5.3港元上调 至6港元，评级"买入"；招商局港口目标价由13.1港元上调至14.2港元，评级"中性"。 价格方面，招商局港口目标在2026年合约谈判中加价2%，其他营运商则预期除通胀调整外不会进一步 加价。招商局港口与中远海运港口均对海外码头的合约价格增长表示乐观，因吞吐量增速更快及成本上 升。 高盛研究报告指，即使在美国关税上调及贸易不确定背景下，内地上半年港口集装箱吞吐量仍按年增长 7%。展望未来，该行预测2025、26及27年将分别按年增长4.6%、2.7%及2.5%，意味2025下半年增速将 放缓至2%。 ...

Core Insights - In the first four months, China's port cargo throughput reached 5.755 billion tons, reflecting a year-on-year growth of 3.7% [1] - The port container throughput exceeded 11 million TEUs, showing a year-on-year increase of 7.9% [1] Summary by Category Cargo Throughput - China's total port cargo throughput for the first four months was 5.755 billion tons, which is a 3.7% increase compared to the same period last year [1] Container Throughput - The port container throughput surpassed 11 million TEUs, marking a 7.9% year-on-year growth [1]