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 ...

Group 1 - The core viewpoint of the report is that despite favorable factors such as regulatory resets and the sale of the UK railway business being reflected in the stock price of Cheung Kong (00001), the fundamental outlook remains unchanged, and further upside potential is limited [1] - The rating for Cheung Kong has been downgraded from "Buy" to "Outperform" with a target price adjustment from HKD 63.5 to HKD 66.3 [1] - The recent ruling by the Panama Supreme Court declaring Cheung Kong's port concession agreement unconstitutional has led to a decline in the stock prices of both Cheung Kong and CK Infrastructure Holdings (01038) [1] Group 2 - The report suggests that the court ruling may be influenced by the strategic tensions between the US and China regarding critical assets, potentially disrupting Cheung Kong's plans to sell its global port business to BlackRock [1] - For CK Infrastructure, the event poses sentiment pressure as it highlights the risk of political scrutiny, but it does not have a direct impact on the company's profit base since its operations are primarily focused on regulated utilities in the UK and Australia [1]

Group 1 - The core viewpoint of the report is that despite favorable factors such as regulatory resets and the sale of UK railway operations being reflected in the stock price of Cheung Kong Holdings (00001), the company's fundamentals remain unchanged, and further upside potential is limited [1] - Daiwa has downgraded its rating on Cheung Kong from "Buy" to "Outperform" and raised the target price from HKD 63.5 to HKD 66.3 [1] - The recent ruling by the Panama Supreme Court declaring Cheung Kong's port concession agreement unconstitutional has led to a decline in the stock prices of both Cheung Kong and CK Infrastructure Holdings (01038) [1] Group 2 - The report suggests that the court ruling may be linked to the strategic tensions between China and the United States, which could disrupt Cheung Kong's plans to sell its global port business to BlackRock [1] - For CK Infrastructure, the event poses sentiment pressure as it highlights political scrutiny risks, but it does not have a direct impact on the company's profit base since its operations are primarily focused on regulated utilities in the UK and Australia [1]

Core Viewpoint - Daiwa downgraded the rating of Cheung Kong Infrastructure Group from "Buy" to "Outperform" while raising the target price from HKD 63.5 to HKD 66.3 [1] Group 1: Impact of Legal Ruling - The ruling by the Panama Supreme Court declaring the port concession agreement unconstitutional led to a decline in the stock prices of Cheung Kong and Cheung Kong Infrastructure [1] - This event primarily exerts emotional pressure on Cheung Kong Infrastructure, without directly impacting its profit base [1] Group 2: Business Fundamentals - Cheung Kong Infrastructure's operations are mainly focused on regulated utilities in the UK and Australia, which remain unaffected by the recent legal ruling [1] - Positive factors such as regulatory resets and the sale of the UK railway business have already been reflected in the stock price [1] Group 3: Market Position - The fundamental outlook for the company remains unchanged, but the potential for upward movement in stock price is limited [1] - The dividend yield of Cheung Kong Infrastructure is now comparable to that of its peers in the industry [1]

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 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]

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。 ...

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]