Core Viewpoint - The Hong Kong-based company Cheung Kong (Holdings) Limited (CKH) is initiating arbitration against the Panamanian government following a ruling by the Panamanian Supreme Court that invalidated the port concession agreements held by its subsidiary, Panama Ports Company (PPC), citing "unconstitutionality" [1][3]. Group 1: Company Actions and Responses - PPC has formally initiated arbitration proceedings against the Republic of Panama through the International Chamber of Commerce (ICC) due to actions taken by the Panamanian government that are deemed inconsistent with the legal framework governing the concession agreements [3][4]. - The company has expressed strong opposition to the Panamanian Supreme Court's ruling and the subsequent actions taken by the government, which include aggressive measures to take over PPC's operations [3][4]. - PPC has reported that it has made extensive efforts to resolve the conflict through negotiation, but the Panamanian government has ignored its requests for dialogue [4]. Group 2: Legal and Economic Implications - The Panamanian Supreme Court's ruling has not yet been published or come into effect, but the government has already begun actions based on this unannounced ruling, including inspections and demands for access to PPC's assets and information [4]. - The ruling and the government's actions are seen as a violation of the concession agreements and relevant laws, prompting PPC to seek extensive compensation based on financial assessments [4][7]. - The situation is viewed as detrimental to Panama's international credibility and could have long-term negative impacts on its business environment and economic development [7]. Group 3: International Context and Reactions - Analysts suggest that the dispute over the Panama Canal port operations is not merely a commercial issue but is intertwined with geopolitical tensions, particularly between the U.S. and China [5]. - The U.S. has expressed support for the Panamanian Supreme Court's decision, viewing it as a victory in its efforts to diminish Chinese influence in Central America [5][6]. - The Chinese government has condemned the ruling, asserting that it undermines the rule of law and contract spirit, and has warned that Panama will face significant political and economic consequences if it continues down this path [1][6][7].

Core Viewpoint - The Chinese government firmly defends the rights of its enterprises following the ruling by the Panama Supreme Court regarding the operational rights of Hong Kong's CK Hutchison Holdings at both ends of the Panama Canal, which has drawn attention from U.S. officials [2][2]. Group 1: Government Response - The Chinese government has responded to the Panama Supreme Court's ruling, emphasizing the protection of legitimate rights and interests of Chinese enterprises [2][2]. - The Hong Kong Special Administrative Region government has also issued a statement regarding the court's decision [2][2]. Group 2: U.S. Reaction - U.S. Secretary of State Marco Rubio expressed satisfaction with the Panama Supreme Court's ruling, indicating a broader concern regarding Chinese influence in the Western Hemisphere [2][2]. - The Chairman of the U.S. House China Committee, Mike McCaul, stated that the Western Hemisphere does not welcome what he termed as "malicious influence" from China [2][2]. Group 3: Ideological Conflict - The Chinese spokesperson criticized the U.S. for exhibiting Cold War mentality and ideological bias, questioning who is truly seeking to dominate the canal [2][2]. - The spokesperson highlighted the contradiction of the U.S. claiming to uphold the rule of law while allegedly undermining international law [2][2].

Core Viewpoint - The article discusses the response of the Chinese Foreign Ministry to recent comments made by U.S. officials regarding the operation rights of ports at the Panama Canal, highlighting perceived Cold War mentality and ideological bias from the U.S. [1] Group 1: U.S. Comments and Reactions - U.S. Secretary of State Rubio expressed excitement over the Panama Supreme Court's ruling that deemed the Hong Kong CK Hutchison Group's port operation rights unconstitutional [1] - The chairman of the U.S. House of Representatives' "China Special Committee," Molinar, stated that the Western Hemisphere does not welcome China's "malicious" influence [1] Group 2: China's Position - The Chinese Foreign Ministry, represented by spokesperson Lin Jian, emphasized that China will firmly protect the legitimate rights and interests of Chinese enterprises [1] - Lin Jian criticized the U.S. for its actions, suggesting that they are seeking to dominate the canal while undermining international law under the guise of legal principles [1]

Core Viewpoint - The company, CK Hutchison Holdings Limited, announced that its subsidiary, Panama Ports Company, has initiated arbitration against the Republic of Panama due to inconsistencies between the decisions of the Panamanian Supreme Court and the legal framework governing the concession agreement [1]. Group 1: Legal Actions - Panama Ports Company has commenced arbitration proceedings based on the relevant concession agreement and international arbitration rules [1]. - The board of CK Hutchison strongly opposes the ruling and actions taken by Panama and intends to consult legal advisors while reserving the right to pursue further legal actions [1]. Group 2: Background Information - The announcement references a statement from the Panamanian Ministry of Justice on January 29, indicating that the Supreme Court declared Law No. 5 of January 16, 1997, and its amendments unconstitutional [1]. - Law No. 5, enacted in 1997, is crucial as it approved the concession agreements under which Panama Ports Company has operated in two ports in Panama for nearly thirty years [1].

Group 1 - The Panama Supreme Court ruled that the Hong Kong CK Hutchison Group's operation rights at both ends of the Panama Canal are unconstitutional, which has drawn attention from the U.S. government [1] - U.S. Secretary of State Rubio expressed that the U.S. is encouraged by the Supreme Court's decision, while the Chairman of the U.S. House China Committee, Molinar, stated that the Western Hemisphere does not welcome China's malicious influence [1] - The Chinese side has responded by emphasizing the protection of legitimate rights and interests of Chinese enterprises, and criticized the U.S. for its Cold War mentality and ideological bias [1]

Core Viewpoint - The Chinese government firmly defends the rights of its enterprises following the ruling by the Panama Supreme Court that deemed the Hong Kong CK Hutchison Group's port operations at both ends of the Panama Canal unconstitutional, while the U.S. expresses support for the ruling [1]. Group 1 - The Panama Supreme Court ruled on January 30 that the operations rights held by CK Hutchison Group at the Panama Canal ports are unconstitutional [1]. - U.S. Secretary of State Rubio expressed that the U.S. is encouraged by the Panama Supreme Court's decision, indicating a stance against Chinese influence in the Western Hemisphere [1]. - The chairman of the U.S. House China Committee, Molinar, stated that the Western Hemisphere does not welcome what he termed as "malicious influence" from China [1]. Group 2 - The Chinese Foreign Ministry spokesperson, Lin Jian, emphasized that China will resolutely safeguard the legitimate rights and interests of Chinese enterprises [1]. - Lin Jian criticized the U.S. for demonstrating a Cold War mentality and ideological bias, suggesting that the U.S. is attempting to dominate the canal while claiming to uphold the rule of law [1].

展望未来，施罗德投资预测，金矿股的ROIC将在未来继续增长，并有望轻松突破20%，远超标普500指 数的回报率。投资者对于金矿股的前景持乐观态度，并预期在2025年，该板块将继续吸引大量资金流 入。 施罗德投资将继续密切关注金矿股的表现，并建议投资者把握这个潜力巨大的市场机会。 然而，尽管经营利润率显著提升，金矿股相对黄金现货的估值仍较2020年时低。这一现象意味着，即便 金矿股的价格持续上涨，其相对于黄金现货的价格仍存在较大的潜力和吸引力。 从投资资本回报率(ROIC)角度来看，2025年金矿股的表现令人瞩目。过去12个月，金矿股的ROIC已成 功超越了标普500指数，显示出强劲的财务表现。值得注意的是，在2013至2015年的金矿股熊市期间， 该板块的ROIC甚至一度为负数。 施罗德投资公司资深投资组合经理、黄金与大宗商品专家James Luke近日表示，金矿股在2025年创下破 纪录的升势，这一现象虽显得极为特殊，但也充分反映出市场对金矿股前景的广泛关注和期望。尽管 2025年金矿股的创纪录表现令人鼓舞，市场对其能否进一步上涨仍持谨慎态度。James Luke认为，这种 疑虑是可以理解的，毕竟金矿股已在 ...

和记港口的拖船正在引导集装箱船（1月30日，巴拿马，Reuters） 巴拿马运河两座港口成为中美角力的舞台。此次启动国际仲裁，可能让事态进一步复杂化…… 2月4日，香港长江和记实业（CK Hutchison，以下简称"长和"）宣布，已启动对巴拿马政府的国际仲裁 程序。巴拿马最高法院裁定管理巴拿马运河两端港口的长和旗下企业和巴拿马政府签订的合同违宪，长 和对此表示反对。 美国总统特朗普试图消除中国在中美洲地区的影响力，将长和认定为中国企业并对其实施排除措施，巴 拿马运河两端的这两座港口也由此成为中美角力的舞台。此次启动国际仲裁，可能让事态进一步复杂 化。 自1990年代起，巴拿马运河两端的两座港口便由长和旗下的和记港口（Hutchison Ports）受巴拿马政府 委托负责运营管理。2021年，巴拿马审计长办公室认为和记港口与政府续签的、有效期至2047年的港口 管理合同存在违规问题，以违宪为由向巴拿马最高法院提起诉讼。 巴拿马政府在此次违宪判决作出后，正式推进针对长和的排除举措。1月 30日，作为决定新运营商之前 的临时措施，巴方宣布由丹麦海运巨头马士基集团旗下企业接手港口的运营管理工作。 美国特朗普政府对巴 ...

Core Viewpoint - The Chinese government, through spokesperson Lin Jian, has responded to the ruling by Panama's Supreme Court regarding the operational rights of Hong Kong's CK Hutchison Holdings at both ends of the Panama Canal, emphasizing the protection of Chinese enterprises' legitimate rights and interests [1]. Group 1 - The Panama Supreme Court ruled that the operational rights held by Hong Kong's CK Hutchison Group at the Panama Canal are unconstitutional [1]. - U.S. Secretary of State Rubio expressed satisfaction with the ruling, while the U.S. House of Representatives' China Select Committee Chairman, Molinar, stated that the Western Hemisphere does not welcome China's malicious influence [1]. - The Chinese government criticized the U.S. for its Cold War mentality and ideological bias, asserting that the U.S. is attempting to dominate the canal while claiming to uphold the rule of law [1].

Core Viewpoint - The Panama Supreme Court's ruling declaring the contract for the operation of ports by Hong Kong enterprises as unconstitutional is seen as a violation of legal principles and has drawn strong opposition from both the Chinese government and the Hong Kong Special Administrative Region (HKSAR) government [4][5][9]. Group 1: Company Actions and Responses - Changjiang Holdings announced that its subsidiary, Panama Port Company (PPC), which holds a 90% stake, has initiated arbitration against the Republic of Panama due to the Supreme Court's ruling and government actions being inconsistent with the original legal framework and concession agreement [1]. - The board of Changjiang Holdings expressed strong opposition to the ruling and plans to consult legal advisors while reserving all rights, including pursuing further domestic and international legal actions [1]. Group 2: Government and Public Reactions - The Chinese government and HKSAR government have firmly opposed the ruling, emphasizing that it severely undermines the legitimate rights of Hong Kong enterprises and damages the business environment in Panama [4][9]. - The HKSAR government stated that the ruling could shake investor confidence and harm bilateral relations and long-term economic development [9]. - The Chinese Foreign Ministry has indicated that it will take all necessary measures to protect the legitimate rights of Chinese enterprises, including those from Hong Kong, against such coercive actions [10]. Group 3: Economic Implications - The ruling is viewed as a significant threat to Panama's credibility as a host for international investments, potentially leading to long-term damage to its business environment and economic development [5][6]. - The Hong Kong enterprises have invested over $1.8 billion in Panama, creating thousands of jobs, and the ruling is seen as detrimental not only to the companies involved but also to Panama's own interests [5].