编辑｜孙春芳 来源｜棱镜（ID：lengjing_qqfinance） 让入局者有利可图，才是永恒法则。 文｜温世君 封面来源｜视觉中国 按照李嘉诚习惯的"虚岁"来计算，7月29日是他的98岁生日。 生日前一天，他选择了"浪子回头"。备受争议的李嘉诚全球港口资产售予美资财团一事，以官宣中国内 地投资者入局而获得破解之道。 7月28日，长江和记（0001.HK）公告称，拟邀请中国内地主要策略投资者加入其出售港口资产的交 易，并特别强调，在未获得所有相关监管机构和部门批准前，不会进行任何交易。 这则公告发布前一周，已有多家媒体报道，中国远洋海运集团有限公司（中远海运）正在谈判加入收购 李嘉诚旗下全球港口的跨国财团。报道还称，中远海运要求在收购相关港口后，拥有关键的否决权。 中远海运在最新国资委"央企名录"中位列39位。截至2024年底，中远海运经营船队综合运力1.3亿载重 吨、1535艘，规模为全球首位；在全球投资码头58个，其中集装箱码头51个，年吞吐能力1.3亿标准 箱，同样居世界第一。 显然，这家企业确有能力力挽狂澜，是接得住招的"大玩家"。 各取所需是永恒法则 四个月前的3月4日，长江和记曾发布公告：几个 ...

以下文章来源于棱镜 ，作者温世君 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 作者 | 温世君 编辑 ｜ 孙春芳 出品 ｜ 棱镜·腾讯小满工作室 导语：李嘉诚卖港口会是一个多赢的结果吗？ 按照李嘉诚习惯的"虚岁"来计算，7月29日是他的98岁生日。 生日前一天，他选择了"浪子回头"。备受争议的李嘉诚全球港口资产售予美资财团一事，以官宣中国内地投资者入局 而 获得破解之道。 7月28日，长江和记（ 0001.HK ）公告称，拟邀请中国内地主要策略投资者加入其出售港口资产的交易，并特别强调，在未获得所有相关监管机 构和部门批准前，不会进行任何交易。 这则公告发布前一周，已有多家媒体报道， 中国远洋海运集团有限公司（ 中远海运 ） 正在谈判加入收购李嘉诚旗下全球港口的 跨国 财团。 报 道 还 称 ， 中远海运要求 在收购相关 港口 后，拥有 关键 的 否决权。 中远海运 在最新国资委"央企名录"中位列39位。 截至 2024 年底，中远海运经营船队综合运力1.3亿载重吨、1535艘，规模 为 全球首位；在全 球投资码头58个，其中集装箱码头51个，年吞吐能力1.3亿标准箱， 同样居世界第一 。 显然 ...

Group 1 - The company, Haixia Co., Ltd. (002320.SZ), has indicated that its current shipping capacity and port throughput capabilities have significant surplus capacity to handle the expected increase in passenger and vehicle flow following the implementation of the Hainan Free Trade Port's closure operations [1] - There is a strong interest from domestic investment institutions regarding the Hainan Free Trade Port's full island closure operations, with analysis suggesting that various tax and shopping incentives will attract a large number of tourists and businesses to Hainan, potentially leading to a substantial increase in demand for ferry services across the Qiongzhou Strait [3]

Core Viewpoint - The establishment of the first international transit zone for passengers at a seaport in China, specifically at the Shekou Cruise Homeport, marks a significant development in enhancing international travel efficiency and connectivity [1] Group 1: Industry Impact - The Shekou Cruise Homeport has become the first seaport in China to offer international transit capabilities, allowing foreign travelers to bypass traditional immigration procedures [1] - This development is expected to boost the cruise tourism industry by facilitating easier access for international travelers to embark on cruises, such as the "Zhenhua Yidun" cruise ship to Vietnam [1] Group 2: Operational Details - Passengers arriving on the high-speed ferry from Hong Kong and Macau can now directly access the international transit area without the need for standard entry and exit formalities [1] - The new transit zone is anticipated to streamline the boarding process for international cruises, enhancing the overall travel experience for tourists [1]

1. Report Information - Report Title: Key Container Ports and Critical Hub Monitoring 20250729 [1] - Researcher: Lan Xi from the Black and Shipping Department of Orient Securities Derivatives Research Institute [1] - Qualification Number: F03086543 (Practice Qualification), Z0016590 (Investment Consultation) [1] 2. Core Viewpoints - In Asia, the superposition of typhoon season and export peak has continuously pressured the operation of domestic ports. Southeast Asian ports may face continuous congestion due to increased transfer demand. In Europe, ports will face continuous pressure of rising congestion in the next two months, but the overall congestion level is lower than the same period last year. In North America, the scale of ships in port has slightly increased, and the congestion level is generally controllable [2] 3. Data Analysis by Region Asia - **Port Operation Data**: The weekly average waiting time/berthing time of ocean - going container ships in Yangshan, Waigaoqiao, Ningbo, Qingdao, Singapore, and Port Klang are 15.7h/24.7h, 19.0h/20.7h, 11.2h/29.1h, 13.8h/44.3h, 4.5h/30.6h, and 10.2h/28.0h respectively. The average turnover time of Yangshan, Ningbo, and Yantian ports is about 1.8 days, 1.7 days, and 1.6 days respectively. The average time of ships in port in Singapore and Port Klang is 1.4 days and 1.6 days respectively [2] - **Congestion Situation**: Typhoons may affect ship berthing and operations in Ningbo and Shanghai ports, increasing the pressure of rising congestion. Port Klang's congestion has improved month - on - month but remains high [2] - **In - port Duration**: The latest in - port durations of Yangshan, Ningbo, Singapore, and Port Klang are 44.2h, 41.6h, 33.5h, and 38.3h respectively. The month - on - month changes are - 4.0h, 1.8h, 0.8h, and - 1.8h respectively [6] Europe - **Port Operation Data**: The weekly average waiting time/berthing time of ocean - going container ships in Rotterdam, Antwerp, Hamburg, Bremen, and Valencia are 9.2h/46.3h, 3.8h/37.9h, 16.1h/49.1h, 26.7h/53.3h, and 14.3h/34.2h respectively. The average in - port durations of Antwerp, Rotterdam, Hamburg, and Bremen are about 1.79 days, 2.1 days, 2.8 days, and 3.8 days respectively [2] - **Congestion Situation**: Problems such as summer vacations, labor shortages, railway construction in Germany, and low water levels in the Rhine will gradually emerge in the next two months, and ports will face continuous pressure of rising congestion. The overall congestion level is lower than the same period last year [2] - **In - port Duration**: The latest in - port durations of Rotterdam, Hamburg, Felixstowe, and Valencia are 49.8h, 67.3h, 41.5h, and 39.4h respectively. The month - on - month changes are - 6.0h, 7.8h, - 12.0h, and - 2.4h respectively [6] North America - **Port Operation Data**: The weekly average waiting time/berthing time of ocean - going container ships in Long Beach, Los Angeles, Tacoma, New York, Savannah, Norfolk, and Houston are 0h/107.9h, 3.4h/109.3h, 0h/69.5h, 1.1h/45.6h, 26.0h/36.8h, 6.5h/21.9h, and 15.2h/48.2h respectively [2] - **Congestion Situation**: The scale of ships in port in the US has slightly increased, and the in - port duration of some ports has slightly increased month - on - month, but the overall congestion level is controllable [2] - **In - port Duration**: The latest in - port durations of Long Beach, Los Angeles, New York, and Savannah are 113.1h, 103.4h, 47.1h, and 68.3h respectively. The month - on - month changes are - 1.5h, - 5.4h, 0.9h, and 23.5h respectively [6] 4. Large - ship Arrival and Key Hub Monitoring - **Large - ship Arrival**: The arrival situations of large - scale container ships in Yangshan, Ningbo, and Singapore ports are monitored, including different ship types (1.2 - 1.7w, 1.7w+). The arrival situations of 1.2w+ container ships of different alliances (Gemini, OA, PA + MSC) in Asia, Northwest Europe, and the Mediterranean are also monitored [47][50][54] - **Key Hub**: The passage situations of container ships at the Cape of Good Hope, Suez Canal, and Panama Canal are monitored, including the number of arrivals and passage volumes [52][53]

Core Viewpoint - The article discusses the reversal of Li Ka-shing's decision to sell port assets to a U.S. consortium led by BlackRock, now opting to include mainland Chinese investors in the deal, reflecting a shift in the political and economic landscape in China [1][3][20]. Group 1: Transaction Background - Initially, Li Ka-shing's company, CK Hutchison, planned to sell 43 global port assets for $22.8 billion to a consortium led by BlackRock, which raised concerns about national interests due to the strategic nature of these assets [3][5][20]. - The deal faced significant backlash from the public and government officials, who criticized the potential sale to foreign entities, emphasizing the importance of these ports to China's trade [4][20][25]. Group 2: Involvement of Chinese Capital - Following the backlash, it was announced that China’s COSCO Shipping would potentially join the consortium, indicating a shift towards including Chinese capital in the transaction [10][14]. - The restructuring of the deal aims to satisfy regulatory requirements and address the concerns raised by the Chinese government regarding foreign control of critical infrastructure [11][13][18]. Group 3: Strategic Implications - The involvement of COSCO Shipping, a major state-owned enterprise, signifies a strategic move to enhance China's influence in global shipping and logistics, particularly in key locations like the Panama Canal [14][19]. - The article highlights the changing dynamics in China's capital markets, where national security and strategic interests are increasingly prioritized over traditional profit motives [21][22][25]. Group 4: Li Ka-shing's Position - Li Ka-shing's initial approach to the sale was seen as outdated, as he underestimated the political implications of selling strategic assets to foreign investors [20][24]. - The article suggests that this situation serves as a warning to Li Ka-shing and similar business leaders about the evolving landscape of business operations in China, where alignment with national interests is becoming crucial [26][27].

Core Viewpoint - The decision by Cheung Kong Holdings to sell its global port assets to Chinese enterprises reflects a strategic shift influenced by national interests and economic power in the global capital market [1][3][9] Group 1: Transaction Background - Initially, Cheung Kong intended to sell the port assets to foreign investment groups like BlackRock, seeking quick profits [3] - The Chinese government's strong stance emphasized that any such transactions must undergo antitrust reviews, highlighting the importance of national interests [3][4] - The control of the Panama Canal, a crucial maritime hub, is not only a commercial issue but also a matter of national security, with the U.S. exerting pressure to limit Chinese influence in the region [3][4] Group 2: Strategic Implications - Partnering with Chinese enterprises like COSCO is seen as a strategic move by Li Ka-shing, ensuring equal shareholder status and decision-making power, which protects both commercial interests and national security [4][6] - The involvement of Chinese capital allows for effective responses to potential threats from the U.S., ensuring the security of China's energy and food transport [4][6] - Li Ka-shing's collaboration with Chinese firms positions him favorably in negotiations, balancing risk management with maintaining good relations with international investors [6][9] Group 3: Broader Economic Context - The transaction illustrates a growing confidence and strength of China in the current international economic environment, with a clear message from the Chinese government to uphold national sovereignty and interests [6][9] - The evolving dynamics of this deal signal a shift towards a more collective and stable economic policy in China, emphasizing the need for foreign enterprises to adapt to these changes to succeed in the Chinese market [9] - The outcome of this port transaction serves as a clear signal that only capital aligned with national strategies will thrive in the globalized economy [9]

Group 1 - The completion of the first automated container quay crane in Henan province marks a significant advancement in the region's port automation and modernization efforts [2] - The crane, standing at 32 meters tall, will work in conjunction with fully automated gantry cranes and unmanned container trucks to achieve full-process automation in container handling and transportation [2] - The Zhoukou Port Central Port Area is a key project under the "11246" initiative for inland waterway transportation in Henan, with a planned capacity of 1.76 million TEUs annually and 22 berths [2] Group 2 - The project is currently in its final stages, with 73.91% of the planned annual investment completed by 2025 and an overall construction progress of approximately 86% [2] - The transportation of oversized components from Shanghai to Zhoukou Port was conducted entirely via water transport, which significantly reduced transportation costs and carbon emissions while ensuring the integrity of the components [3]

Core Viewpoint - The latest developments regarding the sale of ports by Cheung Kong Holdings indicate ongoing discussions with a consortium, including potential new strategic investors from mainland China, despite the expiration of the exclusivity period for negotiations [1][3]. Group 1: Transaction Details - On March 4, Cheung Kong announced plans to sell its holdings in 43 ports across 23 countries, including ports at both ends of the Panama Canal, with a total value of $22.8 billion [3]. - The company has reiterated that no transaction will occur without the necessary approvals from all relevant regulatory bodies [1][7]. Group 2: Public and Government Reactions - There has been significant public criticism regarding the transaction, with concerns raised about national interests and the implications of selling strategic assets to foreign entities [4]. - The Chinese government has indicated that it will conduct an antitrust review of the transaction to ensure fair market competition and protect public interests [5]. Group 3: Regulatory Compliance - Cheung Kong has stated that the completion of the transaction is contingent upon meeting various conditions, including legal and regulatory approvals, and the absence of any illegal circumstances [7].

7月28日，长和集团盘前发布公告，计划邀请来自中国内地的主要策略投资人加入，成为财团的重要成 员。为使得交易能够获得相关监管机构和部门的批准，财团的成员以及交易架构，需要进行变更。集团 预留充分的时间进行相关讨论，以达成新的安排。 长和出售43个港口业务交易再有新进展。 在7月18日外交部例行记者会上，有外媒记者对此进行提问，外交部发言人林剑回应，"暂不掌握其所说 的消息，关于长和出售海外港口资产，中国国家市场监督管理总局已表示将依法进行审查，保护市场公 平竞争。" 公告中提到，今年3月4日公告中提到的，与一家财团之间的独家磋商期已届满。 这意味着，当时计划以190亿美元将港口出售给贝莱德集团的独家磋商期，已经结束。 在此次公告中，长和再度强调，在没有获得所有相关监管机构及部门批准前，公司将不会进行任何交 易。 随着公告的发布，长和股价也引发剧烈震荡，开盘后股价直线拉伸后又一字下跌，之后股价再度攀升至 54.4港元/股的价位，市值一度超过2083亿港元。但之后股价再度下行，截止11:15，股价为53港元/股， 跌幅0.84%。 早前根据外媒消息称，央企中远海运集团正在谈判投资寻求进入贝莱德与地中海航运牵头的财 ...