Deutsche Bank says its positive views on Chinese ports in 2012 remain intact after meetings with major Chinese ports early in the year, but risk/reward in the near term has become less favorable as it expects quarter-on-quarter Chinese exports to trough in 1H. “We recommend that investors not chase this rally but accumulate select Chinese ports should share prices fall on potentially soft throughput data.” In 2H, the house expects a double-digit quarter-on-quarter Chinese export growth recovery; its top pick is Cosco Pacific.