JPCKINF@EC2605A

Morgan Stanley Cuts CK Infrastructure's 2025 Forecast but Raises 2026-2027 Projections

Citibank Gives Buy Rating to China Yangtze Infrastructure Group

Morningstar Raises Fair Value for Cheung Kong Infrastructure to HKD65

Daiwa Reports: Cheung Kong Infrastructure Mid-Year Earnings Meet Expectations

CLSA Raises Cheung Kong Infrastructure Target Price to HKD 63

Goldman Sachs Cuts Cheung Kong Infrastructure Target Price to HKD 60

CKI HOLDINGS released FY2025 Q1 earnings on August 13 (BJT), actual revenue HKD 1.196 B, actual EPS HKD 0.8628

CKI reports H1 profit of HK$43.5 billion

CKI HOLDINGS released FY2025 Semi-Annual earnings on August 13 Pre-Market (BJT), actual revenue HKD 2.391 B (forecast HKD 2.66 B), actual EPS HKD 1.7256 (forecast HKD 1.8)

CKI HOLDINGS released FY2025 Q2 earnings on August 13 Pre-Market (BJT), actual revenue HKD 1.196 B, actual EPS HKD 0.865

CKI Becomes Major Competitor to Thames Water

CKI HOLDINGS to release FY2025 Q2 earnings on August 13, Pre-Market BJT

Cheung Kong Infrastructure Negotiates Sale of UK Rail Assets with Potential Buyers Including MTR

CK Infrastructure Consortium Bidding for National Grid's LNG Terminal

JPMorgan Predicts Hong Kong Utility Stocks' Earnings and Ratings

CK Infrastructure Holdings Announces $5 Billion Euro Medium Term Note Program Listing

Huatai Securities Outlines Positive Outlook for CKI Profit Growth

CKI Considering Sale of Eversholt Rail Attracts HKMTR and JPMorgan's Interest

CK Infrastructure Globally Seeking Quality Acquisition Projects

Cheung Kong Infrastructure's Chairman Expresses Optimism about Business Stability

STARCOIN GROUP

AE LOGISTICS

GUANZE MEDICAL

WATER INDUSTRY

ZHONGSHI MINAN

IDT INT'L

HAIZHI TECH GP

MANY IDEA CLOUD

FIRST CAP GP

XL2CSOPCOIN-U

562550

03899

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600312

HSBC's research report points out that the market in the Year of the Horse will focus on five major themes: solar energy and hydrogen energy, the 14th Five-Year Plan, power grids, and green fuels. Defensive industries still hold value, and nuclear energy is worth attention. The report mentions that specific equipment manufacturers in the solar energy supply chain and hydrogen producers will benefit from new demand. The target price for CIMC ENRIC has been raised to HKD 12.5, maintaining a "Buy" rating, while GCL TECH, HPEC, and CKI HOLDINGS have also been given "Buy" ratings

AASTOCKS

ChinaAMC Green Electricity ETF

CIMC ENRIC

GCL TECH

CKI HOLDINGS

Penghua SSE STAR New Energy ETF

HPEC

HSBC Research: Stock Selection in the Year of the Horse Focuses on Five Major Themes, Urges Buy on CIMC ENRIC, GCL TECH, CKI HOLDINGS, etc

CKI HOLDINGS is expected to complete the sale of the UK railway vehicle leasing company UK Rails within this month. Li Zeju, Chairman of the CK Group, stated that the group does not like borrowing and often reserves funds for larger transactions. Analysis reports indicate that the return from this sale is approximately double the original investment, demonstrating CKI HOLDINGS' ability to reallocate capital to enhance shareholder returns, and it may invest in cash flow stable projects. This move also reflects the overall strategy of the CK Group

Cheung Kong sells UK Rails to reconfigure capital, with reports indicating that reserve funds are for a "larger transaction" as part of the overall strategy of the Cheung Kong Group

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HUA HONG SEMI(01347) rose 9.42%, with a trading turnover 2.3 Billion HKD, and a year-to-date rose 258.9%. BIDU-SW(09888) rose 9.35%, with a trading turnover 4.8 Billion HKD, and a year-to-date rose 71.6%. SANY HEAVY IND(06031) fell 2.21%, with a trading turnover 40.4 Million HKD, and a year-to-date rose 3.8%. CHERY AUTO(09973) fell 2.14%, with a trading turnover 36.5 Million HKD, and a year-to-date fell 1.8%.

- The Hang Seng Index increased by 2.76%, with a year-to-date gain of 31.3%.  
- The Hang Seng Tech Index rose by 4%, reaching a year-to-date increase of 27.5%.  
- Notable stock movements include Hua Hong Semiconductor up 9.42% and Baidu-SW rising 9.35%, while SANY Heavy Industry and Chery Automobile fell by 2.21% and 2.14%, respectively.

Top Gainers & Losers

HUA HONG SEMI

BIDU-SW

NTES-S

CHINA LIFE

TRIP.COM-S

SANY HEAVY IND

CHERY AUTO

GWMOTOR

MIXUE GROUP

Top 5 HK Stock Gainers/Losers (>100B) (1.2)

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01378

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01880

01898

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06690

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SMIC(00981) rose 3.12%, with a trading turnover 5.0 Billion HKD, and a year-to-date rose 123.4%. CHINAHONGQIAO(01378) rose 2.34%, with a trading turnover 625.9 Million HKD, and a year-to-date rose 200.9%. CTG DUTY-FREE(01880) fell 2.94%, with a trading turnover 276.8 Million HKD, and a year-to-date rose 47%. CHINA COAL(01898) fell 2.79%, with a trading turnover 39.9 Million HKD, and a year-to-date rose 14.6%.

- The Hang Seng Index increased by 0.17%, with an annual increase of 28.7%, while the Hang Seng Tech Index rose by 0.19%, accumulating a 23.1% rise for the year.  
- Semiconductor giant SMIC (00981) saw a 3.12% increase, with a trading volume of 4.96 billion HKD and a remarkable annual rise of 123.4%.  
- China Hongqiao (01378) climbed 2.34%, while China Duty Free (01880) and China Coal Energy (01898) experienced declines of 2.94% and 2.79%, respectively, with notable yearly gains for all three companies.

SMIC

CHINAHONGQIAO

CGN POWER

POWER ASSETS

CTG DUTY-FREE

CHINA COAL

LAOPU GOLD

HAIER SMARTHOME

BEKE-W

Top 5 HK Stock Gainers/Losers (>100B) (12.24)

STECH

06616

HSBC

00005

688981

The Hang Seng Index closed at 25,818 points, up 44 points or 0.2%. The Hang Seng TECH Index reported 5,499 points, up 10 points or 0.2%. SMIC rose over 3%, while Cheung Kong Infrastructure, CLP Holdings, HSBC, Hong Kong Electric, and GLOBAL NEW MAT reached new highs

Hang Seng TECH Index

GLOBAL NEW MAT

HSBC HOLDINGS

The Half-Day Report: The Hang Seng Index closed at 25,818 points, up 44 points; the Hang Seng TECH Index closed at 5,499 points, up 10 points. SMIC rose over 3%, while Cheung Kong Infrastructure, CLP Holdings, HSBC, Hong Kong Electric, and GLOBAL NEW MAT reached new highs

CKI HOLDINGS (1038.HK) experienced light trading yesterday, with trading volume dropping to a recent low. Although the bullish structure has not been completely destroyed, the upward momentum has significantly weakened, and major funds generally chose to remain on the sidelines. The hotspots in the real estate and infrastructure sectors continue to cool, with incremental funds almost absent and a low willingness for active operations. Currently, there are no outstanding highlights in the information landscape, and related leading stocks have not shown a rotation in trading, indicating limited changes in the industry's fundamentals for the time being. The market generally hopes for the implementation of a new round of policy stimulus, but the short-term rhythm is constrained by macro trends. Overall, the downstream is moving along the lower Bollinger Band, reflecting a balance between bullish wait-and-see and bearish probing, with the risk of a downward move gradually increasing. Future investments need to focus on the recovery of industry trading and changes in macroeconomic benefits. If no incremental events occur in the short term, CKI HOLDINGS' defensive attributes may weaken temporarily, and the volatility range may expand at any time. It is recommended to maintain cautious positions and strictly set stop-loss levels

Technical Forecast

Morning Trend | CKI HOLDINGS faces pressure, market sentiment remains cautious

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CHINA EAST AIR(00670) rose 1.71%, with a trading turnover 77.4 Million HKD, and a year-to-date rose 84.2%. CSC(06066) rose 1.57%, with a trading turnover 186.1 Million HKD, and a year-to-date rose 36.4%. ZIJIN GOLD INTL(02259) fell 6%, with a trading turnover 931.1 Million HKD, and a year-to-date rose 108%. ZIJIN MINING(02899) fell 4.41%, with a trading turnover 1.6 Billion HKD, and a year-to-date rose 142.3%.

CHINA EAST AIR

AIR CHINA

BEONE MEDICINES

ZIJIN GOLD INTL

ZIJIN MINING

Top 5 HK Stock Gainers/Losers (>100B) (12.16)

00002

HGKGY

02638

HSBC Research released a report providing investment ratings and target prices for local utility stocks. CKI HOLDINGS is rated as Buy, with a target price of HKD 65; CLP HOLDINGS is rated as Buy, with the target price raised from HKD 78 to HKD 80; HKELECTRIC-SS is rated as Buy, with a target price of HKD 7.2; POWER ASSETS is rated as Hold, with a target price of HKD 51; and the Gas Company is rated as Hold, with a target price of HKD 6.6

CLP HOLDINGS

Power Assets Holdings

HKELECTRIC-SS

Investment Ratings and Target Prices for Hong Kong Utility Stocks by "The Big Banks" Research (Table)

Huiyan published a report stating that the Hong Kong utility sector outperformed the market, with CKI Holdings being favored due to its robust free cash flow, and strong potential for value enhancement through mergers and acquisitions expected by 2026. CLP Holdings is enhancing shareholder returns due to ample free cash flow, while HKELECTRIC focuses on the defensive Hong Kong electricity market. Power Assets Holdings and Hong Kong and China Gas have tight free cash flow, with limited growth in shareholder returns, maintaining a "Hold" rating

The report from "The Big Bank" is optimistic about CKI HOLDINGS' stable free cash flow, which is expected to bring better returns to shareholders

As of the close on October 28, CKI HOLDINGS (1038.HK) is still stuck in a low-volume narrow range, with most funds remaining on the sidelines throughout the day, creating an extremely dull market atmosphere. Main funds occasionally attempted to lift prices during the session, but there was no enthusiasm for chasing gains, resulting in a stalemate characterized by "no one has the confidence to make the first move." Especially with the real estate and infrastructure sectors generally under pressure, fund sentiment leans more towards "buying low and waiting for confirmation," and many defensive positions are hesitant and observing. 

It is worth mentioning that the overall funding situation in the Hong Kong stock market is extremely cautious, with foreign capital continuously flowing out. CKI HOLDINGS, as a conservative player, has hardly any independent market performance. The short-term key point lies in whether it can leverage policy expectations or dividend themes to attract a wave of main funds to ignite momentum. The market shows that the 5-day and 10-day moving averages continue to exert pressure, and the MACD is still gradually retreating, with clear signs of loosening high-level chips. The recent rebound failed to break through the resistance level, and confidence in the bottom position is gradually being digested, just waiting for an event trigger. 

From a technical perspective, positions are ready to follow any unusual movements at any time. If there is a significant influx of funds "rushing in," the upward momentum may explode instantly, as main funds often like to pull up a wave in despair. It should be noted that if sector sentiment continues to show no improvement, it may have to continue "grinding at the bottom," but short-term traders have already begun to closely monitor every market fluctuation. Market fluctuations have become a key signal for capturing short-term opportunities, with main funds either suddenly igniting high turnover or grinding through another round

Morning Trend | CKI Holdings continues to shrink in volume, is the main force about to break through?

JPCKINF@EC2605A(13288.HK)

HSBC Research: Stock Selection in the Year of the Horse Focuses on Five Major Themes, Urges Buy on CIMC ENRIC, GCL TECH, CKI HOLDINGS, etc

Cheung Kong sells UK Rails to reconfigure capital, with reports indicating that reserve funds are for a "larger transaction" as part of the overall strategy of the Cheung Kong Group

Top 5 HK Stock Gainers/Losers (>100B) (1.2)

Top 5 HK Stock Gainers/Losers (>100B) (12.24)

The Half-Day Report: The Hang Seng Index closed at 25,818 points, up 44 points; the Hang Seng TECH Index closed at 5,499 points, up 10 points. SMIC rose over 3%, while Cheung Kong Infrastructure, CLP Holdings, HSBC, Hong Kong Electric, and GLOBAL NEW MAT reached new highs