Core Viewpoint - The recent sale of port assets by Li Ka-shing's CK Hutchison Holdings has raised significant concerns regarding national interests and security, highlighting the complex interplay of political and economic factors involved in the transaction [2][4]. Transaction Details - CK Hutchison Holdings announced a principle agreement to sell its global port assets for $22.8 billion, covering 43 ports across 23 countries, including critical locations like the Panama Canal, which handles 6% of global maritime trade, with Chinese shipping accounting for 21% of that volume [6][8]. - The sale is seen as crucial for China's trade with Latin America and its supply chain stability, making the ports vital geopolitical assets [8][10]. Regulatory Response - The State Administration for Market Regulation (SAMR) expressed its intention to review the transaction on March 28, emphasizing the need to maintain fair competition and protect public interests, effectively pausing the deal [13][17]. - In response to regulatory scrutiny, CK Hutchison attempted to split the transaction into two parts to circumvent the review process, which included selling less sensitive ports to an Italian family and splitting sensitive ports between the U.S. BlackRock and Italy [15][18]. Market Reactions - Following China's firm stance, various stakeholders, including Hong Kong's Chief Executive John Lee and local media, have called for compliance with legal and regulatory requirements, increasing pressure on CK Hutchison [19][20]. - The U.S. BlackRock faces a dilemma, as continuing with the deal could lead to sanctions from China, while abandoning it risks damaging their business reputation [20][22]. Conclusion - The ongoing negotiations surrounding the port sale reflect broader issues of globalization and the intersection of business activities with national interests, underscoring the importance of adhering to national regulations in pursuit of commercial gains [24][26].

2025年4月29日，重庆港(600279.SH)发布2025年一季报。 公司营业总收入为11.10亿元，在已披露的同业公司中排名第24，较去年同报告期营业总收入减少2.83亿 元，同比较去年同期下降20.30%。归母净利润为-871.67万元，在已披露的同业公司中排名第34，较去 年同报告期归母净利润减少1636.44万元，同比较去年同期下降213.98%。经营活动现金净流入为 6901.01万元，在已披露的同业公司中排名第29，较去年同报告期经营活动现金净流入增加3.45亿元。 公司最新资产负债率为39.39%，在已披露的同业公司中排名第22，较上季度资产负债率增加2.06个百分 点，较去年同期资产负债率增加0.12个百分点。 公司最新毛利率为8.88%，在已披露的同业公司中排名第31，较上季度毛利率减少2.83个百分点，较去 年同期毛利率增加0.48个百分点，实现2年连续上涨。最新ROE为-0.13%，在已披露的同业公司中排名 第32，较去年同期ROE减少0.14个百分点。 公司摊薄每股收益为-0.01元，在已披露的同业公司中排名第34，较去年同报告期摊薄每股收益减少0.01 元，同比较去年同期下降21 ...

钱凯港地处南美洲西海岸中段，背靠拉美、面朝太平洋，是连接亚洲与南美洲贸易的关键节点，也是中 秘共建"一带一路"的标志性项目。 钱凯港开港后，秘鲁到中国的海上运输时间缩短至23天，可节约20%以上的物流成本。 海 广州港首条直航南美西岸的WSA3航线将广州南沙港与秘鲁钱凯港、墨西哥曼萨尼约港、智利圣安东尼 奥港等拉美核心港口串联。 陆 北京时间4月29日12时，中吉乌铁路吉尔吉斯斯坦境内段重点控制性工程开工建设，标志着中吉乌铁路 项目正线工程进入实质性施工阶段。 空 中国南方航空首飞广州经莫尔兹比港至瓦努阿图首都维拉港的客运航班，实现了中国内地至南太平洋岛 国瓦努阿图的首次试运行，这也标志着中国民航通航国家数量增至79个。 广州港南沙港区开通南美西直航航线 广州日报讯（全媒体记者杨朝露、林琳通讯员曹畅、朱嘉明、关悦）4月29日，"中远海运伏尔加河"轮 稳稳停靠广州港南沙二期码头，标志着广州首条直航秘鲁钱凯港航线——中远海运南美西三线 （WSA3）正式开通。该航线自广州港直航南美西岸，将广州南沙港与秘鲁钱凯港、墨西哥曼萨尼约 港、智利圣安东尼奥港等拉美核心港口串联，开通后将助力粤港澳大湾区与拉美西岸地区的物流通道 ...

智通财经4月29日电，ST锦港(600190.SH)公告称，公司于2025年4月29日收到中国证监会辽宁监管局下 发的《行政处罚及市场禁入事先告知书》，公司2020年年度报告至2023年年度报告连续4年存在虚假记 载，触及重大违法强制退市情形。此外，因公司2024年度经审计的期末净资产为负值，且财务报表被中 审众环会计师事务所出具了无法表示意见的审计报告，触及财务类强制退市的情形，公司股票将被实施 退市风险警示。公司股票自2025年4月30日开市起停牌1天，并于5月6日开市起复牌。复牌后，公司A股 股票简称将变更为*ST锦港，B股股票简称将变更为*ST锦港B。 ST锦港：公司股票将被实施退市风险警示 ...

香港中环，长江中心顶层的会议室彻夜通明。落地窗外维港的货轮汽笛声里，长和集团高管们正焦灼地盯着巴拿马最高法院的实时动态——这个决定全球 6%海运命脉的判决，此刻牵动着中美两大国的神经。三个月前那场震惊世界的港口交易，正在演变成21世纪最复杂的地缘政治博弈。 3月4日那纸公告像颗深水炸弹，炸醒了国际航运界。长和集团宣布以228亿美元向美国贝莱德财团出售43个港口资产，包含巴拿马运河两端吞吐量占39%的 巴尔博亚港和克里斯托瓦尔港。这组被称作"地球咽喉"的港口，每年护送着价值4700亿美元的中国货物穿越两大洋。 交易刚落地，巴拿马城的海鲜市场就传开个段子："运河管理员现在查中国货轮特别仔细，连冷冻柜里的青岛啤酒生产日期都要核对。"这看似荒诞的细节， 实则是美国资本渗透后的微妙变化——贝莱德集团手握10万亿美元资产，与五角大楼的密切关系早已是公开秘密。 《大公报》3月13日的社论标题《莫天真 勿糊涂》，用五个惊叹号把事件推向高潮。这篇被国务院港澳办全文转载的雄文，揭开了资本交易背后的暗 流："当特朗普在就职演说六次点名巴拿马时，这场收购就注定不是商业行为。" 数据佐证着担忧：美国若掌控这些港口，能对中国货轮收取单次 ...

Core Points - Guangzhou Port has launched its first direct shipping route to the west coast of South America, connecting Nansha Port with ports in Peru, Mexico, and Chile, enhancing logistics between the Guangdong-Hong Kong-Macao Greater Bay Area and Latin America [1][3] - The new route, operated by COSCO Shipping Ports, reduces maritime transport time from Peru to China to 23 days, saving over 20% in logistics costs [3] - The WSA3 route will facilitate the export of Chinese manufactured goods such as home appliances, electronics, furniture, and toys, while also allowing for the import of high-quality tropical fruits, seafood, wine, and other products from Latin America [3] - Nansha Port has the highest number of African routes among mainland ports, and the WSA3 route connects it to the new land-sea corridor [3] - The Nansha International Cold Chain project has built three multi-layer cold storage facilities with a total capacity of 227,000 tons, enabling a seamless cold chain service for frozen goods [3] - Future shipments of refrigerated goods from South America, including various meats and fruits, will be more accessible to consumers in China through Nansha Port [3]

本以为港口之事告一段落，谁想其正变着法的将港口分批卖给老美。 4月27日，市场监管总局一纸声明震动商界：长和集团拆分出售43个港口的计划涉嫌规避反垄断审 查，"未获批准前不得实施"。这是继年初交易被叫停后，监管部门的第二次强硬表态。 而李嘉诚的"分拆出售"策略，也被网友嘲讽为"切肉式甩卖"，试图将资产切成小块蒙混过关，却撞上了 监管的铁壁。 据《华尔街日报》披露，长和集团将港口资产拆分为亚洲和欧洲两个资产包，其中亚洲资产包含 41 个 港口，欧洲资产包则聚焦巴拿马运河等战略要地。 有分析人士一针见血地指出，长和集团此举安排巧妙，让意大利航运巨头 TiL 主导收购 41 个普通港 口，表面上降低了美标签的敏感性，而对掌控全球海运命脉的巴拿马运河两端战略港口，则依旧安排美 企贝莱德财团持股 51% 实现实质控制，前者是给后者充当掩护。 作为全球重要的航运通道，巴拿马运河其两端港口的控制权尤为关键。我方作为全球贸易大国，海运贸 易量巨大，若相关港口被美资掌控，我方海运贸易安全将面临严峻挑战。 因此就算长和集团有再精妙的算计，也逃不过监管部门的火眼金睛。早在2月27日，市场监督管理总局 新闻发言人就已强调，将高度关注 ...

Investment Rating - The report assigns an "Accumulate" rating for Zhuhai Port, marking its first coverage [2][13][14]. Core Views - The company is expected to achieve stable growth in 2024, driven by its dual business model of port logistics and renewable energy [10][11]. - Despite a decline in revenue from the port logistics segment, the renewable energy business has shown robust growth, contributing significantly to the company's overall performance [7][10]. Summary by Sections Financial Performance - In 2024, Zhuhai Port reported operating revenue of 5.125 billion yuan, a year-on-year decrease of 6.07%. The net profit attributable to shareholders was 292 million yuan, an increase of 5.37% year-on-year [6][12]. - The fourth quarter of 2024 saw operating revenue of 1.091 billion yuan, down 22.02% year-on-year, while net profit increased by 7.92% to 53 million yuan [6]. Business Segments - The port logistics segment faced short-term pressure, with revenues from the port, shipping, logistics, and port services declining by 2.38%, 24.96%, 39.51%, and increasing by 5.84% respectively [7]. - The renewable energy segment achieved revenue of 2.435 billion yuan, reflecting a year-on-year growth of 3.29% [7]. Profitability and Margins - The overall gross margin for 2024 was 26.10%, an increase of 1.79 percentage points year-on-year. The gross margins for various segments varied, with the logistics segment showing a notable increase of 4.34% [9][10]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 5.302 billion yuan, 5.483 billion yuan, and 5.652 billion yuan, respectively, with a consistent growth rate of 3% [12][13]. - The net profit for the same years is projected to be 312 million yuan, 330 million yuan, and 348 million yuan, with growth rates of 7%, 6%, and 6% respectively [12][13].

Financial Performance - In 2024, Zhuhai Port achieved a revenue of CNY 5.13 billion, a decrease of 6.07% year-on-year [3][4] - The net profit attributable to shareholders was CNY 292 million, an increase of 5.37% year-on-year [4][7] - Revenue breakdown by business segments: - Port segment: CNY 780 million (15.22%) - Shipping segment: CNY 393 million (7.66%) - Logistics segment: CNY 557 million (10.86%) - Port services segment: CNY 331 million (6.46%) - New energy segment: CNY 2.43 billion (47.51%) - Investment and other segments: CNY 630 million (12.29%) [2] Strategic Development - The company released its 2025-2030 Development Strategy on April 22, 2025, focusing on becoming a leading comprehensive service provider in port logistics and new energy [3][6] - Key strategic shifts include transitioning from heavy asset investment to a combination of light and heavy assets, and from investment operations to integrated investment and operation [3][6] - The strategic goals include enhancing market competitiveness and achieving synchronized growth in operational scale and quality by 2030 [6] Debt and Financial Management - As of December 31, 2024, the company's asset-liability ratio was 53.06%, a decrease of 0.92% from the previous year, indicating improved asset quality [2] - The company has approximately CNY 2.8 billion in cash, indicating no short-term liquidity pressure [7] ESG and Governance - The company has established a comprehensive ESG management system, with 101 milestone events completed by the end of 2024 [4] - Independent directors actively participate in strategic decision-making and ensure compliance with governance standards [5][6] Market Outlook and Challenges - The port industry is expected to maintain stable growth, supported by domestic economic recovery and green initiatives [7][8] - The company faces challenges from global economic uncertainties and trade protectionism, particularly regarding U.S. tariff policies [8]