近期，宣布拟出售巴拿马等全球4 3个港口后，李嘉诚以及长和系一众上市公司处于风口浪尖 上。 3月2 0日，长江和记实业有限公司发布2 0 2 4年业绩报告。2 0 2 4年度，长和收益总额为4 7 6 6 . 8 2 亿港元，同比增长3%；按照IFRS 1 6（国际财务报告准则第1 6号——租赁）后基准，呈报盈 利为1 7 0 . 8 8亿港元，同比减少2 7%；每股盈利4 . 4 6港元，拟派末期股息每股1 . 5 1 4港元。 全球5 3个港口贡献近4 5 3亿港元收入 李泽钜：将限制资本开支及新投资 零售业务板块方面，分部收入约1 9 0 1 . 9 3亿港元，同比增长4%。长和指出，报告期内除店铺 人流下降及消费者信心疲弱的非东盟亚洲地区外，此部门大部分业务均表现理想。撇除非东 盟亚洲地区，以当地货币计算的EBITDA同比增长1 0%。长和认为，展望未来，欧洲及东盟亚 洲的业务预计可维持强劲表现，而非东盟市场之亚洲业务表现也有望通过优化店铺网络及推 行各项策略而好转。 长和集团旗下有港口、零售、基建、电讯等四大主营业务。 其中，备受关注的港口及相关服 务部门实现营收4 5 2 . 8 2亿港元，较2 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 476,682 million, representing a 3% increase from HKD 461,558 million in 2023[2]. - EBITDA for the same period was HKD 125,108 million, down 1% from HKD 127,309 million in 2023[2]. - Reported profit attributable to shareholders was HKD 17,088 million, a decrease of 27% compared to HKD 23,500 million in 2023[2]. - Basic earnings per share for 2024 was HKD 4.46, down 27% from HKD 6.14 in 2023[6]. - The board proposed a final dividend of HKD 1.514 per share, a decrease of 15% from HKD 1.775 in 2023[7]. - EBIT totaled HKD 58,758 million, reflecting a 6% decline compared to HKD 62,770 million in 2023[29]. - Net profit after tax fell by 20% to HKD 23,790 million in 2024 compared to HKD 29,921 million in 2023[31]. - The company reported a significant decline in EBIT for the financial and investment segment, down 53% to HKD 6,875 million from HKD 14,525 million in 2023[31]. Segment Performance - The port and related services segment recorded revenue of HKD 45,282 million, an 11% increase driven by a 6% rise in throughput[9]. - Retail segment revenue totaled HKD 190,193 million, a 4% increase, with EBITDA and EBIT both rising by 1%[11]. - CK Hutchison Group Telecom's revenue reached HKD 88,371 million, a 2% increase from last year, with EBITDA and EBIT rising by 8% and 54% respectively[16]. - The European 3 Group's revenue was HKD 81,710 million, a 2% increase year-on-year, driven by an increase in total customers and effective revenue growth measures[17]. - The infrastructure segment reported a 10% year-on-year increase in operating profit, with a net profit of HKD 8,150 million, reflecting a 1% increase compared to the previous year[14]. Impairments and Provisions - The group recognized a one-time non-cash impairment and other provisions of HKD 3,700 million related to its telecommunications business in Vietnam[5]. - The financial and investment segment reported a decline in EBITDA and EBIT due to a one-time non-cash impairment of HKD 3,740 million in the Vietnam telecom business[20]. - The impairment loss from the Vietnam telecommunications business is HKD 1,859 million, primarily due to increased competition and declining revenue expectations[152]. Cash Flow and Debt - The group's cash and cash equivalents totaled HKD 129,445 million, with total debt amounting to HKD 259,059 million, resulting in a net debt to total equity ratio of 16.2%[21]. - Operating cash flow before changes in working capital for 2024 was HKD 75,130 million, a slight decrease from HKD 75,416 million in 2023[139]. - Net cash from operating activities for 2024 was HKD 6,953 million, compared to HKD 54,228 million in 2023[72]. - The company reported a decrease in cash and cash equivalents by $(771) million during 2024[72]. - The total amount of cash, cash equivalents, and other marketable securities was HKD 16,596 million at the end of 2024, down from HKD 143,109 million in 2023[73]. Tax and Regulatory Matters - The total tax expense for 2024 is HKD 4,717 million, compared to HKD 3,003 million in 2023, indicating an increase of 57.1%[156]. - The group expects no significant tax risks related to the OECD's Pillar Two rules for the fiscal year ending December 31, 2024[156]. - The group anticipates that the new tax regulations will take effect starting January 1, 2025, with no immediate impact expected on the current fiscal year[156]. Environmental and Social Responsibility - The group achieved a 20% reduction in carbon emissions compared to baseline levels, aligning with its carbon reduction targets[23]. - The group received multiple awards for diversity and inclusion, highlighting its commitment to a supportive work environment[24]. Future Outlook - The company anticipates improved operational performance in the port sector in 2025, despite potential supply chain disruptions[9]. - The company plans to limit capital expenditures and focus on cash flow management due to an unstable operating environment[26]. - The company plans to continue focusing on market expansion and new product development in the upcoming fiscal year[75].

来源：每日经济新闻 01 交易非"普通商业行为" 这绝非危言耸听，根据美国政府一项行政命令草案，其已计划向中国有关船只收取特别停靠费用，并将敦促盟友也采取类似措施，否则将遭到报复。如果 美国的种种算计得逞，必然会对中国的造船、航运、外贸乃至共建"一带一路"造成冲击，也势将直接影响香港巩固提升国际航运、贸易中心地位，并威 胁、破坏全球正常的航运、贸易秩序和安全。 最近有一个动向引起各方强烈反响：香港长江和记实业有限公司日前公告称与美国贝莱德牵头的财团达成原则性协议，拟向该财团出售旗下和记港口集团 80%的资产，转让其持有和运营的分布于23个国家的43个港口及配套物流网络，包括巴拿马运河两端的巴尔博亚和克里斯托瓦尔港口。 有人说，这个交易是普通的商业行为。果真如此吗？ 大家都能看到的是，特朗普今年1月刚就职便指中国在控制巴拿马运河，高调宣称美国要"收回"来，必要时不惜动用军队。紧接着，美国务卿鲁比奥首次外 访即直奔巴拿马进行施压。之后，赶在特朗普第一次作国会演讲前夕，上述消息被释放出来。这一切难道只是时间上的巧合？这到底是什么性质的交易？ 事实上，一些美英媒体已披露其中不少内幕。有媒体报道指，贝莱德CEO芬克与特 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 56.31, indicating a potential upside of 19.6% from the current price of HKD 47.10 [4][43]. Core Insights - The report highlights that the strategic sale of port assets is a wise move to mitigate geopolitical risks and optimize the asset structure, which is expected to generate significant cash inflow and improve financial health [4][43]. - The company has shown strong performance in 2023, with diversified revenue streams and a solid market presence, particularly in Europe where it generated over 50% of its revenue [2][9]. - Long-term projections indicate steady growth in net profit, with expected figures of HKD 240.0 billion, HKD 269.4 billion, and HKD 288.0 billion for 2024, 2025, and 2026 respectively [4][43]. Company Overview - The company, Cheung Kong Holdings (长和), is a diversified multinational headquartered in Hong Kong, with operations in retail, telecommunications, ports, infrastructure, and investments [2][6]. - Established in 1971, the company has undergone significant restructuring since 2015 to focus on four core areas: telecommunications, retail, infrastructure, and energy [2][8]. Business Performance - Retail business revenue reached HKD 183.3 billion in 2023, a year-on-year increase of 8.1%, driven by consumer recovery and digital transformation [3][18]. - Telecommunications business has made significant progress in 5G network construction, with a total of 44.2 million active customers by the end of 2023 [22][28]. - The infrastructure segment reported stable revenue growth of 1% in 2023, focusing on energy transition projects [29][30]. - Port operations handled 8.21 million TEUs in 2023, although revenue faced challenges due to the global trade environment [3][32]. Financial Summary - The company reported total revenue of HKD 275.6 billion in 2023, with a projected increase to HKD 283.0 billion in 2024 [5]. - Net profit for 2023 was HKD 23.5 billion, with expectations of HKD 24.0 billion in 2024 [5]. - The company’s financial structure shows a debt ratio of 42.3%, which is expected to improve post-asset sale [14][41].

Core Viewpoint - The announcement of a principle agreement to sell core global port assets by Cheung Kong Holdings has significantly boosted its stock price, with a potential cash inflow exceeding $19 billion from the sale [1][3][4]. Group 1: Transaction Details - Cheung Kong Holdings has reached a principle agreement with a consortium led by BlackRock to sell 90% of its stake in the Panama Port Company, which is part of a larger transaction involving the sale of its global port business [3][4]. - The total enterprise value of the assets being sold is agreed at $22.8 billion (approximately 165.7 billion RMB), with expected cash proceeds of over $19 billion after adjustments [4][5]. - The transaction includes ports across 23 countries in Asia, Europe, and the Americas, covering 43 ports and 199 berths, along with smart terminal management systems and global logistics networks [4]. Group 2: Financial Implications - According to Citigroup, if the transaction is completed, it will significantly enhance the value of Cheung Kong Holdings, potentially reducing its net debt ratio to below 20% if part of the proceeds is used for debt repayment [5]. - The sale is expected to reduce Cheung Kong's EBITDA by approximately 10% for the year 2025 [5]. Group 3: Market Reaction - Following the announcement, Cheung Kong's stock price surged over 24% during trading, with a market capitalization reaching 177.7 billion HKD [2][4].

Core Viewpoint - The report from Credit Lyonnais indicates that Cheung Kong is unexpectedly selling 80% of its stake in Hutchison Port Holdings, which is expected to generate over $19 billion in cash, exceeding Credit Lyonnais's valuation by 43% [1] Group 1 - The transaction is expected to enhance Cheung Kong's net asset value by 13% and shift its balance sheet to a net cash position [1] - The transaction price reflects an enterprise value to EBITDA multiple of 13 times, which is above the industry average of 10 times [1] Group 2 - Credit Lyonnais maintains a "Outperform" rating for Cheung Kong with a target price of HKD 61 [1] - The report suggests that even after the transaction, returning cash to shareholders remains a reasonable option considering Cheung Kong's current valuation and balance sheet [1]

巴拿马运河的巴尔博亚港（2月，Reuters） 此外双方还就收购在全球23个国家运营着43个港口的和记港口的80％股份达成协议。特朗普总统 此前一直对巴拿马施加压力，要求限制中国在巴拿马运河的影响力…… 由全球最大的资产管理公司美国贝莱德集团（BlackRock）率领的投资者联合体3月4日就从香港 的"长江和记实业"（CK Hutchison Holdings）手中收购巴拿马运河的港口业务达成协议。收购金 额为228亿美元。围绕中国企业对巴拿马运河的管理，美国特朗普政府之前对巴拿马政府加大了 施压力度。 贝莱德旗下的基础设施投资公司BlackRock Infrastructure Partners和瑞士投资公司Terminal Investment，将从长江和记的子公司"和记港口"（Hutchison Ports）手中收购巴拿马运河港口业 务90％的控制权。此外双方还就收购在全球23个国家运营着43个港口的和记港口的80％股份达 成协议。 长江和记由一直以来打造庞大综合企业、被称为"香港超人"的李嘉诚创办。该公司通过香港及中 国内地的房地产业务实现了飞跃发展，2010年代洞察到中国经济的变化后，转型为在全球从 ...

Core Points - The U.S. Senate approved the appointments of Robert Francis Kennedy as Secretary of Health and Human Services and Brooke Rollins as Secretary of Agriculture [1] - Kennedy, a member of the Kennedy family, previously participated in the 2024 Democratic presidential primary before deciding to run as an independent candidate [1] - Rollins has a background in conservative think tanks and served as acting director of the White House Domestic Policy Council during Trump's first term [1] Summary by Category Appointments - The Senate voted 52-48 in favor of Robert Francis Kennedy's appointment as Secretary of Health and Human Services [1] - Brooke Rollins was approved with a vote of 72-28 as Secretary of Agriculture [1] Background Information - Robert Francis Kennedy is the nephew of former President John F. Kennedy and the son of former Attorney General Robert F. Kennedy [1] - Kennedy withdrew from the presidential race in August 2024 to support Republican candidate Donald Trump [1] - Rollins previously held leadership roles in conservative organizations, including the Texas Public Policy Foundation [1] Legislative Context - Since President Trump's inauguration on January 20, the Republican-majority Senate has confirmed several key cabinet positions, including Secretary of State, CIA Director, Secretary of Homeland Security, Secretary of Defense, Secretary of the Treasury, and Secretary of Energy [1]

机构普遍认为，随着各项改革政策落地，北交所市场的配置价值凸显，建议重点关注业绩增速高的成长 型公司，同时关注北交所公司的并购重组动向。 近期，多家券商发布2025年北交所市场前瞻及投资策略。 券商展望2025年北交所市场 瞄准业绩高增长和并购重组两条主线 财联社12月23日电，随着北交所改革 走深走实以及市场交投更加活跃，市场各方对北交所2025年的表现抱以乐观态度。 (中国证券报) ...

财联社11月22日讯（记者 曹韵仪）今日，国家金融监督管理总局发布2024年三季度银行业保险业主要 监管指标数据情况，从数据来看，三季度末银行业总资产和净利润同比较上半年稳中有升，不良率维持 低位，银行业经营状况略有改善。 业内人士对财联社记者表示，整体来看，数据反映国内宏观经济逆周期调节效果有所释放，经济稳步复 苏。但三季度银行净息差继续下行，其中城商行净息差最低，反映银行业面临经营挑战大，主要与国内 宏观经济波动等因素有关。 三季度商业银行息差下行 城商行净息差最低 数据显示，2024年三季度末，我国银行业金融机构本外币资产总额439.5万亿元，同比增长7.3%。其 中，大型商业银行本外币资产总额189.3万亿元，同比增长9.2%，占比43.1%；股份制商业银行本外币资 产总额72.8万亿元，同比增长4.5%，占比16.6%。 值得注意的是，从数据看银行业的盈利压力不减，平均资本利润率、平均资产利润率呈现下降趋势。前 三季度，商业银行累计实现净利润1.9万亿元,同比增长0.5%。平均资本利润率为8.77%，较上季末下降 0.14个百分点。平均资产利润率为0.68%，较上季末下降0.01个百分点。 业内人士 ...