FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: CK Infrastructure Holdings Limited 長江基建集團有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01038 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 1 HKD | | 4,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 4,000,000,000 | HKD | | 1 HKD ...

| 笔克远东(00752) | 2.900 | 2.960 | 1.37% | | --- | --- | --- | --- | | 东吴水泥(00695) | 9.580 | 9.990 | 1.32% | | 天虹国际集团(02678) | 5.720 | 5.720 | 1.24% | | 渣打集团(02888) | 204.200 | 204.400 | 1.19% | | 明梁控股(08152) | 0.088 | 0.088 | 1.15% | | 电能实业(00006) | 61.750 | 62.100 | 1.14% | | 太古股份公司Ａ(00019) | 77.550 | 77.600 | 1.11% | | 湾区发展(00737) | 1.900 | 1.920 | 1.05% | | 春城热力(01853) | 2.000 | 2.000 | 1.01% | | 硬蛋创新(00400) | 4.050 | 4.100 | 0.99% | | 健康１６０(02656) | 87.050 | 88.400 | 0.91% | | Ａ南方人民币(03122) | 189.800 | 18 ...

对于长建而言，该行认为事件构成情绪面压力，因其凸显了政治审查风险，但未有直接冲击长建的利润 基础，因公司业务主要集中于英国及澳洲受监管的公用事业。 长和上周被巴拿马最高法院裁定其港口特许经营合约违宪，导致长和及长江基建集团(01038)股价下 跌。该行认为，裁决很可能源于中美在战略资产上的紧张关系，或扰乱长和计划向贝莱德出售其全球港 口业务的交易。 大和发布研报称，考虑到监管重置及英国铁路业务出售等利好因素已反映于长和(00001)股价中，认为 其基本面不变，但进一步上行空间有限，加上股息收益率已与同业接近，将评级由"买入"下调至"跑赢 大市"，目标价由63.5港元上调至66.3港元。 ...

对于长建而言，该行认为事件构成情绪面压力，因其凸显了政治审查风险，但未有直接冲击长建的利润 基础，因公司业务主要集中于英国及澳洲受监管的公用事业。 智通财经APP获悉，大和发布研报称，考虑到监管重置及英国铁路业务出售等利好因素已反映于长和 (00001)股价中，认为其基本面不变，但进一步上行空间有限，加上股息收益率已与同业接近，将评级 由"买入"下调至"跑赢大市"，目标价由63.5港元上调至66.3港元。 长和上周被巴拿马最高法院裁定其港口特许经营合约违宪，导致长和及长江基建集团(01038)股价下 跌。该行认为，裁决很可能源于中美在战略资产上的紧张关系，或扰乱长和计划向贝莱德出售其全球港 口业务的交易。 ...

大和指出，长和上周被巴拿马最高法院裁定港口特许经营合约违宪，引发长和及长江基建股价下跌，但 该事件仅对长江基建构成情绪面压力，未直接冲击其利润基础，因其业务主要集中于英国及澳洲受监管 公用事业。该行认为公司监管重置、英国铁路业务出售等利好已反映在股价中，基本面不变但上行空间 有限，且股息收益率已与同业接近。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 来源：观点地产网 观点网讯：2月3日，大和发表最新研报，将长江基建集团评级由"买入"下调至"跑赢大市"，同时将目标 价由63.5港元上调至66.3港元。 ...

大和发表研报指，长和上周被巴拿马最高法院裁定其港口特许经营合约违宪，导致长和及长江基建集团 股价下跌。对于长建而言，该行认为事件构成情绪面压力，因其凸显了政治审查风险，但未有直接冲击 长建的利润基础，因公司业务主要集中于英国及澳洲受监管的公用事业。考虑到监管重置及英国铁路业 务出售等利好因素已反映于股价中，该行认为其基本面不变，但进一步上行空间有限，加上股息收益率 已与同业接近，将评级由"买入"下调至"跑赢大市"，目标价由63.5港元上调至66.3港元。 ...

Group 1 - The core point of the article is that Changjiang Infrastructure (01038) has received approval from the UK's Competition and Markets Authority (CMA) for the sale of UK Rails (Eversholt Rail), with the transaction expected to be completed within the month, bringing ideal accounting revenue [1] - Changjiang Infrastructure and Cheung Kong Holdings acquired UK Rails (Eversholt Rail) in 2015 for an enterprise value of £2.5 billion (approximately HK$29.3 billion), each holding a 50% stake [1] - Currently, UK Rails (Eversholt Rail) is jointly owned by Changjiang Infrastructure (65%), Cheung Kong Holdings (20%), Power Assets Holdings (10%), and Cheung Kong Group (5%) [1] Group 2 - HSBC and JPMorgan published analysis reports in July 2025, indicating that the cumulative return from the sale of UK Rails (Eversholt Rail) is approximately double the original investment [2] - JPMorgan believes this move demonstrates Changjiang Infrastructure's ability to reallocate capital to enhance shareholder returns, suggesting that the company may invest in projects with reliable cash flows [2] - UK Rails (Eversholt Rail) is one of the major railway vehicle leasing companies in the UK, providing long-term leases for regional, short-distance, and high-speed passenger trains, as well as freight locomotives, ensuring stable cash flow even during the COVID-19 pandemic [2]

Group 1 - The core point of the news is that Changjiang Infrastructure (01038) has received approval from the UK's Competition and Markets Authority (CMA) for the sale of UK Rails (Eversholt Rail), with the transaction expected to be completed within the month, bringing ideal accounting gains [1] - Changjiang Infrastructure and Cheung Kong Holdings acquired UK Rails (Eversholt Rail) in 2015 for an enterprise value of £2.5 billion (approximately HK$29.3 billion), each holding a 50% stake [1] - Currently, UK Rails (Eversholt Rail) is jointly owned by Changjiang Infrastructure (65%), Cheung Kong Holdings (20%), Power Assets Holdings (10%), and Cheung Kong Group (5%) [1] Group 2 - HSBC and JPMorgan published analysis reports in July 2025, indicating that the cumulative return from the sale of UK Rails (Eversholt Rail) is approximately double the original investment, with JPMorgan suggesting that this move demonstrates Changjiang Infrastructure's ability to reallocate capital to enhance shareholder returns [2] - HSBC also noted that the cash generated from the transaction is likely to be reinvested into investment opportunities with better risk-return profiles or those that have synergies with existing businesses [2] - UK Rails (Eversholt Rail) is one of the major railway vehicle leasing companies in the UK, providing services to railway and freight operators through long-term contracts for regional, short-distance, and high-speed passenger trains, as well as freight locomotives, and has shown stable cash flow over the past decade, even during the COVID-19 pandemic [2]

Group 1 - Tencent Holdings (00700), Xiaomi Group-W (01810), and Kuaishou-W (01024) ranked the top three in net inflow of southbound funds, with net inflows of 1.412 billion, 0.870 billion, and 0.775 billion respectively [1] - Alibaba-W (09988), Laopuhuang (06181), and Meituan-W (03690) ranked the top three in net outflow of southbound funds, with net outflows of -2.615 billion, -0.468 billion, and -0.367 billion respectively [1] - In terms of net inflow ratio, Changjiang Infrastructure Group (01038), CLP Holdings (00006), and Hong Kong and China Gas (01083) led the market with ratios of 65.87%, 58.38%, and 56.59% respectively [1] Group 2 - The top ten stocks by net inflow included Tencent Holdings (00700) with 1.412 billion and a net inflow ratio of 12.94%, and Kuaishou-W (01024) with 0.775 billion and a net inflow ratio of 26.20% [2] - The top ten stocks by net outflow included Alibaba-W (09988) with -2.615 billion and a net outflow ratio of -15.38%, and Laopuhuang (06181) with -0.468 billion and a net outflow ratio of -29.76% [2] - The top three stocks by net inflow ratio were Changjiang Infrastructure Group (01038) at 65.87%, CLP Holdings (00006) at 58.38%, and Hong Kong and China Gas (01083) at 56.59% [3]

Core Viewpoint - Morgan Stanley has adjusted its target price for Cheung Kong Infrastructure Holdings (01038) to HKD 62, maintaining a "Market Perform" rating while reflecting changes in profit forecasts for the years 2025 to 2027 [1] Financial Projections - The adjusted net profit forecast for 2025 has been decreased by 0.8% to HKD 8.04 billion [1] - Forecasts for 2026 and 2027 have been increased by 4.4% and 5.3%, respectively, to HKD 8.74 billion and HKD 8.938 billion [1] - Corresponding earnings per share estimates are now HKD 3.19, HKD 3.47, and HKD 3.55 for the years 2025, 2026, and 2027 [1] Rationale for Adjustments - The adjustments in forecasts are based on actual exchange rates for 2025 and updated foreign exchange predictions for 2026 and 2027 [1] - The changes also reflect the potential value growth of the company's main regulated assets as indicated by the company [1]