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]

摩根士丹利发布研报称，下调长江基建集团(01038)2025年经调整净利润预测0.8%至80.4亿港元，但将 2026至27年的预测上调4.4%和5.3%，分别至87.4亿及89.38亿港元，相应每股盈测分别为3.19港元、3.47 港元及3.55港元。该行又将公司目标价上调14.8%，由54港元升至62港元，续予"与大市同步"评级。大 摩表示，对长江基建预测作出调整，是要反映2025年实际汇率及2026至27年最新外汇预测，且根据公司 指引，反映其主要基础资产的监管资产潜在价值增长。 ...

Summary of Key Points Core Viewpoint - As of January 9, a total of 73 stocks reached their 52-week highs, with notable performances from Lingxiong Technology (02436), Delai Construction (01546), and Zhipu (02513) showing significant growth rates of 104.99%, 38.89%, and 22.22% respectively [1]. 52-Week Highs - Lingxiong Technology (02436) closed at 11.760, with a peak price of 15.600, achieving a high rate of 104.99% [1]. - Delai Construction (01546) closed at 0.161, reaching a maximum of 0.250, with a high rate of 38.89% [1]. - Zhipu (02513) had a closing price of 158.600 and a peak of 165.000, resulting in a high rate of 22.22% [1]. - Other notable stocks include Asia Pacific Satellite (01045) with a high rate of 20.64% and Rongda Technology (09881) at 12.87% [1]. 52-Week Lows - The stocks reaching their 52-week lows include Lishi International (00842) with a closing price of 0.850, marking a decline of 39.29% [2]. - Bokan Vision Cloud - B (02592) closed at 2.930, with a decrease of 16.90% [2]. - Lingzai Technology Finance (00093) reached a low of 0.485, reflecting a drop of 14.77% [2].

Core Viewpoint - Citigroup has set a target price of HKD 62.5 for Cheung Kong Infrastructure Holdings (01038) and assigned a "Buy" rating [1] Group 1: Company Performance - Cheung Kong Infrastructure's management held an online meeting with Northern Gas Network (NGN), which is expected to contribute approximately 8% to Cheung Kong's net profit in 2024 [1] - NGN is also projected to account for about 13% of the net profit of Power Assets Holdings (00006), which has a "Buy" rating [1] Group 2: Financial Outlook - Citigroup believes that the reverse roadshow will enhance the transparency of the company and its assets [1] - The bank anticipates that NGN's return rate reset has just been completed, and its regulatory asset base will continue to grow at a mid-single-digit rate [1] - Earnings are expected to maintain moderate long-term growth over the next five years [1] Group 3: Dividend Expectations - It is expected that Cheung Kong Infrastructure will maintain its dividend per share [1] - The anticipated dividend yield for 2025 is 4.5%, which is particularly attractive ahead of expected US interest rate cuts in 2026 [1]

Core Viewpoint - Citigroup has set a target price of HKD 62.5 for Cheung Kong Infrastructure Holdings (01038) and assigned a "Buy" rating [1] Group 1: Company Performance - Cheung Kong Infrastructure held an online meeting with the management of Northern Gas Network (NGN), which is expected to contribute approximately 8% to Cheung Kong's net profit in 2024 [1] - NGN is also projected to account for about 13% of the net profit of Power Assets Holdings (00006), which has a "Buy" rating [1] Group 2: Financial Outlook - Citigroup believes that the reverse roadshow will enhance the transparency of the company and its assets [1] - The bank anticipates that NGN's return rate reset has just been completed, and its regulatory asset base will continue to grow at a mid-single-digit rate [1] - Earnings are expected to maintain a long-term moderate growth over the next five years [1] Group 3: Dividend Expectations - It is expected that Cheung Kong Infrastructure will maintain its dividend per share [1] - The anticipated dividend yield for 2025 is projected to be 4.5%, which is particularly attractive ahead of expected US interest rate cuts in 2026 [1]