中国港口_2025 年吞吐量增速放缓，平均销售价格（ASP）上涨空间有限；将招商局港口评级下调为 “中性”，卖出上海国际港务（集团）股份有限公司股票；买入中远海运港口股票

20 March 2025 | 3:55AM HKT China Ports Simon Cheung, CFA +852-2978-6102 | simon.cheung@gs.com Goldman Sachs (Asia) L.L.C. Volume decelerating with limited upside on ASP in 2025; d/g CMPort to Neutral, Sell SIPG; Buy COSCO Ports We turn more cautious on the ports sector, especially after share price rally for most port names since 2024. Looking into 2025, we forecast the port container throughput may decelerate to 1% YoY growth for major ports in China, considering: 1) as flagged in our sector Repositioning ...