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]

美国总统特朗普去年初上台后，将"阻止中方对巴拿马运河施加影响"作为其在西半球的优先事项之一， 甚至直言巴拿马应将运河交给美国管控。2025年3月，长和宣布将包括巴拿马运河两个港口在内的43个 海外港口业务出售给由美国贝莱德、意大利地中海航运公司组成的国际财团。中国国家市场监管总局随 后依法对该交易进行审查。据彭博社报道，长和随后邀请中远海运集团加入洽购港口的财团。 据法新社30日报道，巴拿马总统穆利诺当天表示，巴拿马正与丹麦马士基公司接洽，商讨暂时接管长和 运营的两个港口相关事宜。报道称，长和的特许经营权已被法院撤销。穆利诺在一段录音讲话中表 示："我们已与马士基集团旗下子公司进行对话，该公司已表示愿意暂时接管运营。" 香港特区政府发言人30日表示，强烈反对任何外国政府在国际经贸关系中使用胁迫、施压或其他不合理 的手段，严重损害香港企业在当地的合法经营权益。这会严重损害当地营商环境，势必动摇投资者信 心，并损害双边关系和两地长远经济发展。发言人表示，"基于现时巴拿马的情况，香港企业应认真审 视其现时及未来在当地的投资。" 中国外交部发言人郭嘉昆30日明确表示，中方将采取一切必要措施，坚决维护中方企业正当合法权 ...

Core Viewpoint - The Panama Supreme Court ruled that the contract of Hong Kong's CK Hutchison Holdings (referred to as "CK Hutchison") for operating two ports near the Panama Canal is unconstitutional, leading to significant backlash from CK Hutchison, the Chinese Ministry of Foreign Affairs, and the Hong Kong government [1][2]. Group 1: Legal and Contractual Issues - The ruling stems from an audit initiated by Panama's Office of the Comptroller General, which indicated that the contract caused Panama to lose over $1 billion in tax revenue [1]. - CK Hutchison's subsidiary, Panama Ports Company, had originally obtained approval from the Panamanian government in January 1997 for a 25-year concession to operate Balboa and Cristobal ports, which was extended for another 25 years until 2047 under an automatic renewal clause [1]. - The Panama Supreme Court's decision has been described as a significant setback for CK Hutchison, which has operated these ports for a long time [1]. Group 2: Responses from Stakeholders - The Hong Kong government expressed strong dissatisfaction and opposition to the ruling, urging the Panamanian government to respect contractual agreements and ensure a fair business environment for local enterprises [2]. - CK Hutchison's Panama Ports Company stated that the court's ruling contradicts the principles of good faith and breaches the spirit of the contract, reserving the right to pursue legal action [2]. - The Panamanian President, Laurentino Cortizo, announced discussions with Maersk to temporarily take over the operations of the two ports following the court's ruling [3]. Group 3: Implications for Future Operations - The Hong Kong government warned that the ruling could severely damage the business environment and investor confidence in Panama, urging local enterprises to reassess their current and future investments in the region [3]. - The Chinese Ministry of Foreign Affairs indicated that China would take all necessary measures to protect the legitimate rights and interests of Chinese enterprises [3].