责任编辑：磐石 港股频道更多独家策划、专家专栏，免费查阅>> 1月26日，长和今日盘中一度涨4.6%至65.7港元，股价创2018年3月以来新高。彭博引述知情人士称，长和正在重拾努力，以 完成其出售所持港口业务的计划。长和计划将此前的整体交易分拆成若干资产包，使每个资产单元可以拥有各自的持股结 构。 知情人士表示，这种安排可给中国远洋海运集团在诸如非洲等一些与中国友好地区的港口更大的股权，而意大利富豪 Gianluigi Aponte的Terminal Investment Ltd和美国贝莱德则可以在其他地区拥有更大股权。 ...

摩根士丹利此前报告指出，预期长和股价在未来60天内将相对于大市指数上涨。该行予其"增持"评级， 目标价61港元。长和将于3月公布其2025财年业绩，大摩预期公司将实现每股盈利与每股派息的正面增 长。同时，大摩预期各项企业行动将为股价增添价值，并收窄其相对资产净值的折让。 长和(00001)涨超4%，截至发稿，涨3.98%，报65.3港元，成交额8亿港元。 消息面上，近日有媒体报道称，长和正在重拾努力，以完成其出售所持港口业务的计划。长和计划将此 前的整体交易分拆成若干资产包，使每个资产单元可以拥有各自的持股结构。此外，长和近期公告，最 近有若干媒体报导涉及集团全球电讯资产及业务与集团保健及美容产品业务可能独立上市，以及涉及集 团若干欧洲国家电讯资产的可能交易。对此，长和称，不时接获建议探索及评估可供考虑的机会，以提 升股东长远价值，建议包括与集团若干资产及业务相关的可能交易，当中包括有关业务独立上市。不 过，目前并不确定是否进行任何上述交易。 ...

Core Viewpoint - The company, Hengtong Co., Ltd. (603223.SH), is expected to achieve significant growth in its 2025 annual performance, indicating a strong operational quality and commitment to shareholder returns, alongside a new share repurchase plan [1][2]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of between 250 million to 280 million yuan for 2025, representing a year-on-year increase of 61.22% to 80.57% [1]. - The non-recurring net profit is also projected to be between 250 million to 280 million yuan, with a growth of 63.47% to 83.09% year-on-year [1]. - The expected performance increase is primarily due to the operational commencement of production berths by its wholly-owned subsidiary, Shandong Yulong Port Co., Ltd., leading to a significant rise in port throughput and utilization rates [1]. Group 2: Share Repurchase and Capital Management - The company plans to change the purpose of 8,364,853 repurchased shares from "employee stock ownership plan or equity incentive" to "reducing registered capital," pending shareholder approval [1][2]. - A new share repurchase plan has been announced, with a budget of no less than 80 million yuan and no more than 100 million yuan, at a maximum price of 14.50 yuan per share, aimed at enhancing investor confidence and maintaining shareholder interests [2]. - This repurchase initiative reflects the company's recognition of its future development prospects and intrinsic value, aiming to promote a reasonable return of stock value [2]. Group 3: Industry Insights - Industry experts believe that the company's continuous share repurchase and cancellation, in the context of high performance growth, demonstrate management's confidence in its operational results and long-term value [3]. - As the port business capacity gradually releases and the logistics main business synergy effects become more apparent, the company's growth logic is becoming increasingly clear [3]. - By continuously optimizing its capital structure and enhancing earnings per share, the company is expected to solidify its main business development while providing more stable and sustainable returns for investors [3].

Group 1 - The core viewpoint of the article is that Hengtong Co., Ltd. expects a significant increase in net profit for the year 2025, projecting a profit of 250 million to 280 million yuan, which represents a year-on-year increase of 61.22% to 80.57% [1] - The main reason for the profit increase is the operational commencement of productive berths by its wholly-owned subsidiary, Shandong Yulong Port Co., Ltd., leading to a substantial rise in terminal throughput and port utilization rates as the core enterprises of the Shandong Yulong Petrochemical Industrial Park ramp up their operational rates and capacities [1]

Core Viewpoint - The company, Hengtong Co., Ltd. (603223.SH), forecasts a net profit attributable to shareholders of 250 million to 280 million yuan for the year 2025, representing an increase of 94.93 million to 124.93 million yuan compared to the previous year, which corresponds to a year-on-year growth of 61.22% to 80.57% [1] Group 1 - The company's wholly-owned subsidiary, Shandong Yulong Port Co., Ltd., has put into operation a productive berth, contributing to increased profitability in the port business segment [1] - The core enterprises of the Shandong Yulong Petrochemical Industrial Park are gradually ramping up their operational rates and capacities, leading to a significant increase in terminal throughput and port utilization [1]

Core Viewpoint - Hengtong Co., Ltd. (603223.SH) forecasts a net profit attributable to shareholders of the parent company for 2025 to be between 250 million to 280 million yuan, representing an increase of 94.93 million to 124.93 million yuan compared to the previous year, which corresponds to a year-on-year growth of 61.22% to 80.57% [1] Group 1 - The company's wholly-owned subsidiary, Shandong Yulong Port Co., Ltd., has put into operation a productive berth, contributing to increased profitability in the port business segment [1] - The core enterprises of the Shandong Yulong Petrochemical Industrial Park are gradually ramping up their operational rates and capacities, leading to a significant increase in terminal throughput and port utilization [1]

Core Viewpoint - Hengtong Co., Ltd. (603223.SH) expects a significant increase in net profit for the year 2025, with projections indicating a rise of 61.22% to 80.57% compared to the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company between 250 million to 280 million yuan for 2025 [1] - The expected net profit, after excluding non-recurring gains and losses, is also projected to be between 250 million to 280 million yuan, reflecting an increase of 63.47% to 83.09% year-on-year [1] Business Operations - The company’s wholly-owned subsidiary, Shandong Yulong Port Co., Ltd., has commenced operations of a productive berth, contributing to increased profitability in the port business segment [1] - The operational rates and capacity of core enterprises in the Shandong Yulong Petrochemical Industrial Park are gradually increasing, leading to a substantial rise in terminal throughput and port utilization [1]

Core Viewpoint - The company expects a significant increase in net profit for the fiscal year 2025, projecting a range of 250 million to 280 million yuan, which represents a year-on-year growth of 61.22% to 80.57% [1] Group 1 - The company's wholly-owned subsidiary, Shandong Yulong Port Co., Ltd., has commenced operations of its productive berths, contributing to increased profitability [1] - The core enterprises of the Shandong Yulong Petrochemical Industrial Park are gradually ramping up their operational rates and capacities, leading to a substantial rise in terminal throughput and port utilization [1] - The profitability of the company's port business segment has significantly increased due to the aforementioned factors [1]

Group 1 - Qi Bin, the Deputy Director of the Hong Kong Liaison Office, is reported to have returned to Beijing after only one year in office, with Zhang Yong, former Vice President of China Ocean Shipping Group, set to replace him and manage economic work, particularly the stalled sale of the Panama port by CK Hutchison Holdings [1][4] - Zhang Yong's appointment is significant as he is expected to handle the sale of 43 global ports, including the Panama port, which is a critical transaction involving the interests of the Chinese state [2][5] - Zhang Yong has a strong background in economics and international law, holding multiple advanced degrees and having participated in drafting the "14th Five-Year Plan" [2][6] Group 2 - China Ocean Shipping Group is the largest shipping enterprise in China and plays a key role in the sale of global port operations by CK Hutchison Holdings, which announced a $22.8 billion deal with a consortium led by BlackRock in March [3][7] - The transaction has attracted central government scrutiny due to its implications for national interests and security, leading to an antitrust review [3][7]

Core Viewpoint - The ongoing negotiations regarding the sale of port assets by CK Hutchison Holdings Limited (referred to as "CK Hutchison") face significant challenges, particularly in obtaining antitrust approvals from the US, EU, and China, making a successful transaction uncertain [2][3]. Group 1: Transaction Details - CK Hutchison announced plans to sell its port business to the "BlackRock-TiL consortium" for a total price of $22.765 billion, covering 43 port assets across 23 countries and regions, excluding mainland China and Hong Kong [4]. - The initial buyer consortium includes BlackRock, its infrastructure fund GIP, and Mediterranean Shipping Company (MSC), which holds a 70% stake in the TiL terminal investment platform [2]. - The transaction has been divided into multiple separate deals, with the Barcelona port transaction already prepared and awaiting EU approval [4]. Group 2: Regulatory Challenges - The transaction's success hinges on navigating complex antitrust reviews from the US, EU, and China, with the potential for failure if any of the regulatory bodies oppose the deal [3][5]. - The EU has raised concerns that the sale of the Barcelona port could lead to increased service prices or decreased service quality, prompting a comprehensive review that must conclude by April 30, 2026 [5]. Group 3: Market Reactions and Implications - The ongoing negotiations and potential changes in the buyer consortium have attracted global attention in the shipping industry, helping to improve market sentiment and reduce the significant discount to net asset value, resulting in a 36.66% increase in CK Hutchison's stock price in 2025 [7]. - The Hong Kong Hang Seng Index has also performed strongly in 2025, rising approximately 31.34% year-to-date, marking its best annual performance in five years [9].