CICC: Export decline or fade

Exports in April fell 22.6% from a year earlier, down from 17.1% in March, as many factories postponed orders from the Spring Festival holidays in February until March to concentrate production.　　However, taking into account that the April working day is less than March days, the average daily throughput of April containers is still 2% per cent below the March level, indicating that, despite the low volatility of port container throughput, the risk has begun to gradually be released, even though there is still a low-level oscillation in the ports. China's manufacturing PMI climbed further to 53.5% in April, with the second consecutive month standing above the 50% contraction line. With the improvement in the external environment, the decline in exports may be receding. But due to the Dragon Boat Festival May working day, the chain was reduced two days.　　We expect that May container throughput will not increase significantly from April levels. From the valuation point of view, the current container port plate in 2009, the average P/e ratio is 23 times times higher than the average value of 20.2 times multiples, the safety margin is more limited. Maintain the port industry "with the big city synchronous" rating, the first push Tianjin Port (600717). Cicc