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大行評級|瑞銀:下調青島港評級至“中性” 指其估值已不再具吸引力

瑞銀髮表研究報吿指,青島港股價自4月底以來反彈約24%,原因包括港口吞吐量表現穩健(部分由於中美貿易提前裝運)以及貿易爭端暫時緩解。不過,該行認為,自上次盈利修訂以來,青島港基本面沒有變化,美國和中國均大幅降低了相互關税税率,並同意繼續談判,認為青島港股價上升後估值已不再具吸引力,因此將評級從“買入”下調至“中性”。

該行預測,青島港2025年的集裝箱吞吐量將年增1%或持平,超越中國沿海港口的年減1%或2%,此優異表現歸因於青島港對亞洲內部貿易的較高敞口,即受美國較高關税影響較小。

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