今天分享的是：为发展中国家运输的气候行动融资（英文版） 报告共计：110页 该报告聚焦发展中国家交通领域气候行动融资问题，指出交通领域是温室气体排放的主要来源之一，发展中国家面临扩大交通基础设施以支持包容性增长和 向可持续低碳系统转型的双重挑战，需创新且大量的气候融资解决方案，核心内容如下： 交通领域气候行动的紧迫性 - 排放现状与挑战：交通领域排放增长迅速，发展中国家的排放增速高于发达国家，且未来可能成为运输二氧化碳排放的主要贡献者。若不采取行动，将对 地球和人类造成灾难性后果，还可能使发展中国家陷入错误技术，增加未来转型成本。 - 投资需求：为实现1.5°C路径，需大幅增加绿色和弹性交通投资。据估计，2015至2030年，发展中国家交通基础设施投资每年需达4170亿美元，维护支出需 占GDP的2.6%。 气候融资现状与障碍 - 融资规模与分布：2021-2022年全球气候融资年均约1.27万亿美元，但发展中国家获得的资金不足，且主要集中在发达国家。交通领域融资占比29%，但资 金缺口大，尤其在适应气候变化方面。 - 私人资本与公共资本：发达国家低碳交通融资主要来自私人部门，而发展中国家依赖开发金融机构。气 ...

Investment Rating - The report assigns a "Buy" rating to China Merchants Port (CMPort) and Qingdao Port International (QPIC), while Daqin Railway is rated as "Sell" [63]. Core Insights - The transport infrastructure outlook has been revised positively due to the reduction of reciprocal tariff rates between the US and China, leading to improved volume growth forecasts for 2025 [2]. - Passenger volume is expected to outperform freight volume in 2025, with railway passenger volume projected to grow by 6% YoY and highway freight volume by 4% YoY [4][5]. - Container throughput at key Chinese ports has shown resilience, with a 5% YoY increase in May and a 9% increase YTD, although a decline is expected in 2025 and 2026 [3][8]. Summary by Sections Ports - Container throughput growth at major Chinese ports is forecasted to decrease by 1% to 2% YoY in 2025 and 2026, following a strong performance in early 2025 [3][8]. - Key ports like CMPort and Shanghai International Port Group (SIPG) have had their earnings estimates fine-tuned by 2-3% due to expected deceleration in throughput growth [3]. Toll Roads - Highway freight volume is projected to grow by 4% YoY in 2025, while passenger volume is expected to see minimal growth of 1% YoY [4][20]. - The expressway truck traffic is anticipated to grow by 2% YoY in 2025, with similar flat growth expected in 2026 [22]. Railways - Rail passenger volume is expected to grow by 6% YoY in 2025, with freight volume stable at a 2% growth rate [5][28]. - The number of rail services has increased by 11% YoY in May, indicating strong demand for rail travel [5]. Earnings and Price Target Revisions - CMPort's price target has been raised from HK$14.80 to HK$16.90, reflecting a 3% increase in earnings estimates for 2025-2027 due to better-than-expected container volume [35]. - QPIC's price target has been slightly increased from HK$7.30 to HK$7.50, based on new container throughput forecasts and a higher-than-expected profit contribution from associates [38]. - SIPG's price target has been raised from Rmb5.50 to Rmb5.80, maintaining a Neutral rating while reflecting better-than-expected container volume growth [41].