邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 2月2日，外交部发言人林剑主持例行记者会。 路透社记者提问，据报道，一家丹麦航运公司表示将暂时接管长和巴拿马港口运营权。此前巴拿马最高法 院裁定巴拿马港口公司（长和子公司）的特许经营权违宪。中方对此有何评论？ "我们此前已经就巴拿马有关港口的问题阐明了中方的立场。中方将坚决维护中方企业的正当合法权 益。"林剑回应。 来源：北京日报 责编：罗晓霞 校对： 廖胜超 百万用户都在看 AI，突传重磅！四大巨头，同时出手！ 盘中暴涨25%！芯片巨头，释放重磅信号! 深夜"血洗"！白银，史诗级暴跌！黄金，40年最大跌幅！ 事关中美经贸磋商！刚刚，商务部发声！ 尾盘异动！A股， ...

对此，林剑回应道："我们此前已经就巴拿马有关港口的问题阐明了中方的立场，中方将坚决维护中方 企业的正当合法权益。" 责任编辑：刘万里 SF014 责任编辑：刘万里 SF014 2月2日，外交部发言人林剑主持例行记者会。路透社记者提问，据报道，一家丹麦航运公司表示将暂时 接管长和巴拿马港口运营权。此前巴拿马最高法院裁定巴拿马港口公司（长和子公司）的特许经营权违 宪。中方对此有何评论？ 2月2日，外交部发言人林剑主持例行记者会。路透社记者提问，据报道，一家丹麦航运公司表示将暂时 接管长和巴拿马港口运营权。此前巴拿马最高法院裁定巴拿马港口公司（长和子公司）的特许经营权违 宪。中方对此有何评论？ 对此，林剑回应道："我们此前已经就巴拿马有关港口的问题阐明了中方的立场，中方将坚决维护中方 企业的正当合法权益。" ...

瑞银发表研报指，媒体报道称巴拿马最高法院裁定长和经营巴拿马运河附近两个港口的合约违宪。诉讼 源于巴拿马较早前指控长和去年与其进行的合约延期，令巴拿马损失超过10亿美元的税收，且长和未能 为该合约延期取得适当批准。报道亦指出，长和只能提出动议寻求澄清，无法就裁决结果提出上诉。该 行估计，巴拿马两个港口仅占集团旗下和记港口控股EBITDA的5%，以及长和整体EBITDA的0.8%。下 行风险更多在于长和正在进行的港口业务出售谈判，其中包括相关的两个巴拿马港口。不过，早前亦有 报道指，长和正考虑将港口交易拆分为不同所有权结构的独立部分进行处理。该行现予长和"买入"评 级，目标价67港元。 ...

Core Viewpoint - Morgan Stanley believes that Cheung Kong is entering a phase of moderate profit recovery, projecting a compound annual growth rate of 4% over the next three years, maintaining an "overweight" rating with a target price of HKD 68 [1] Group 1: Financial Performance - The stock price fell by 4.6% on the previous Friday due to the Panama Supreme Court ruling that declared Cheung Kong's port concession in Panama unconstitutional [1] - The two Panama ports contribute less than 1% to Cheung Kong's EBITDA, indicating limited impact from the ruling [1] Group 2: Strategic Implications - The ruling is seen as politically sensitive but may facilitate consensus among various stakeholders, including Blackstone and the US and Chinese governments, regarding the global port sale plan valued at HKD 110 billion [1] - The potential exit of Panama from the port sale may lead to a different structure for the sale, possibly involving multiple buyers instead of a single consortium [1] Group 3: Value Release Strategies - Cheung Kong is exploring other avenues to unlock value, including potential retail business spin-offs and the listing of its telecommunications business [1]

Core Viewpoint - Morgan Stanley believes that Cheung Kong is entering a mild profit recovery phase, projecting a compound annual growth rate of 4% over the next three years, maintaining an "overweight" rating with a target price of HKD 68 [1] Group 1: Financial Performance - The stock price fell by 4.6% on the previous Friday due to a ruling by the Panama Supreme Court declaring Cheung Kong's port concession in Panama unconstitutional [1] - The two ports in question contribute less than 1% to Cheung Kong's EBITDA, indicating limited impact on overall financial performance [1] Group 2: Strategic Implications - Despite the negative headline, the ruling is not expected to jeopardize the HKD 110 billion global port sale plan, as these ports are politically sensitive [1] - The potential exit of Panama from the plan may facilitate consensus among various stakeholders, including Blackstone and the US and Chinese governments, although the final structure or scale may differ from the original plan [1] - Cheung Kong is exploring other avenues to unlock value, including a potential retail business spin-off and a listing of its telecommunications business [1]

每经AI快讯，长和(00001.HK)再跌超3%，截至发稿跌3.56%，报61港元，成交额7.16亿港元。 （文章来源：每日经济新闻） ...

瑞银指，巴拿马两个港口仅占集团旗下和记港口控股EBITDA的5%，以及长和整体EBITDA的0.8%。下 行风险更多在于长和正在进行的港口业务出售谈判，其中包括相关的两个巴拿马港口。不过，早前亦有 报道指，长和正考虑将港口交易拆分为不同所有权结构的独立部分进行处理。 长和(00001)再跌超3%，截至发稿，跌3.56%，报61港元，成交额7.16亿港元。 消息面上，巴拿马最高法院此前发布一份裁决，称李嘉诚家族控制的长江和记实业旗下公司运营的两个 巴拿马港口，港口合同违宪，并取消有关合同。对此，外交部发言人1月30日下午回应事件称，有关企 业已经第一时间发表声明，表示该裁决有悖于巴拿马方面批准相关特许经营权的法律，企业将保留包括 诉讼法律程序在内的所有权利。中方将采取一切必要措施，坚决维护中方企业正当合法权益。 ...

Core Viewpoint - The stock of CK Hutchison Holdings (00001) has dropped over 3%, currently trading at HKD 61, following a ruling by the Panama Supreme Court that declared contracts for two ports operated by its subsidiary unconstitutional, leading to their cancellation [1] Group 1: Company Impact - The Panama Supreme Court's ruling affects two ports controlled by CK Hutchison, which are deemed unconstitutional, resulting in the cancellation of related contracts [1] - The Chinese Ministry of Foreign Affairs responded, stating that the company will retain all rights, including legal proceedings, to contest the ruling [1] - UBS noted that the two Panama ports contribute only 5% to the EBITDA of the group's port holdings and 0.8% to CK Hutchison's overall EBITDA [1] Group 2: Business Operations - The ruling poses a downside risk to CK Hutchison's ongoing negotiations for the sale of its port business, which includes the two affected Panama ports [1] - There are reports indicating that CK Hutchison is considering restructuring the port transactions into independent parts with different ownership structures [1]

Core Viewpoint - Morgan Stanley's report indicates that Cheung Kong's stock price fell by 4.6% last Friday due to the Panama Supreme Court ruling the company's port concession unconstitutional, but the impact is limited as these ports contribute less than 1% to Cheung Kong's EBITDA [1] Group 1 - The Panama Supreme Court's ruling is not unexpected as discussions regarding this issue began in early 2025 [1] - Cheung Kong is exploring other avenues to unlock value, including potential retail business spin-offs and telecommunications business listings [1] - Morgan Stanley believes Cheung Kong is entering a phase of moderate earnings recovery, projecting a compound annual growth rate of 4% over the next three years [1] Group 2 - Morgan Stanley maintains an "Overweight" rating on Cheung Kong with a target price of HKD 68 [1]

Core Viewpoint - The Panama Supreme Court ruled that the concession contract held by Li Ka-shing's company for the ports at both ends of the Panama Canal is unconstitutional, leading to the temporary takeover of operations by APM Terminals, a subsidiary of Maersk Group [1] Group 1: Company Actions and Reactions - Li Ka-shing's company, CK Hutchison Holdings, has publicly opposed the court's decision and the subsequent actions taken by the Panamanian government [1] - The Hong Kong government and the central government of China have also expressed their opposition to the ruling [1] - Critics argue that if Li Ka-shing had been allowed to sell the ports last year, he would not have incurred significant losses [3] Group 2: Broader Implications and Criticism - The situation reflects a broader concern regarding the treatment of Chinese companies in international markets, especially in light of past U.S. sanctions against companies like Huawei [5] - There is criticism regarding Li Ka-shing's decision to sell not just the Panamanian ports but also 43 other ports globally, raising questions about the strategic implications of such a move [5][7] - The actions of Li Ka-shing's family are seen as indicative of a desire to distance themselves from political involvement, which some argue is not a viable approach for a major business figure [7][9]