随着全球资本纷纷流向清洁能源与人工智能领域，香港亿万富翁李嘉诚旗下的商业集团却逆势加大了对石油行业的投入。分析人士认为，此举既是为了防范地缘政治风险，也是为了获取稳定的现金流。
As global capital flows towards clean energy and artificial intelligence, Hong Kong billionaire Li Ka-shing’s business group has expanded its oil exposure in a move analysts see as a buffer against geopolitical risks and a play for steady cash flow.
在李嘉诚家族在全球范围内大量出售资产之后，此次重大投资举动引发了外界高度关注。当前，受通胀压力上升、货币政策收紧以及地缘政治局势紧张等因素影响，金融市场波动加剧，各界对此自然充满好奇。
The first major investment move by the widely watched Hong Kong tycoon after a slew of asset sales across the world has stirred curiosity at a time when financial markets are more volatile amid rising fears of inflation, monetary tightening and geopolitical sparks.
加拿大石油生产商Cenovus Energy于10月5日宣布，将以57亿加元（约合40亿美元）的价格收购同国企业Athabasca Oil。长江和记实业有限公司以及由李嘉诚创立的信托基金目前合计持有Cenovus Energy约29%的股份。
Canadian producer Cenovus Energy, in which conglomerate CK Hutchison Holdings and a trust founded by Li together hold a stake of roughly 29 per cent, agreed on October 5 to acquire fellow Canadian firm Athabasca Oil in a deal valued at C$5.7 billion (US$4 billion).
就在不到一年前，作为李嘉诚家族在石油行业的主要投资平台，Cenovus Energy刚刚以86亿加元的价格完成了对加拿大油砂生产商MEG Energy的收购。
The deal comes less than a year after Cenovus – the Li family empire’s primary exposure to the oil sector – closed its C$8.6 billion purchase of Canadian oil sands producer MEG Energy.
金融咨询公司T.O. & Associates Consultancy的执行董事汤米·王指出：“在地缘政治风险日益加剧的当下，分散投资才是明智之举。”他认为，李嘉诚集团正致力于构建一个涵盖传统经济与新经济领域的均衡投资组合。
“In the world of heightened geopolitical risk, it’s wiser to not put all your eggs in one basket,” said Tommy Ong, managing director of financial advisory firm T.O. & Associates Consultancy. He said Li’s group was trying to keep a balanced portfolio of new and old economy businesses.
香港金融分析师及专业评论员协会主席邓成辉则表示，此次收购将助力李嘉诚家族在加拿大石油行业进一步发挥影响力。事实上，长江和记实业及李嘉诚家族信托早在上世纪80年代末便投资了Husky Energy，并在2021年该公司与Cenovus Energy合并时持有其近70%的股份。
Kenny Tang Sing-hing, chairman of the Hong Kong Institute of Financial Analysts and Professional Commentators, said the Athabasca deal would “create synergies” in the Canadian oil industry, where the Li family had been active for decades. CK Hutchison and a family trust bought into Husky Energy in the late 1980s and held almost 70 per cent of the firm when it merged into Cenovus in 2021.
该集团的许多投资一直倾向于具有稳定现金流的传统基础设施项目。香港金融分析师及专业评论人协会的邓唐星兴表示，长和集团上半年利润受资产出售推动，同时也受益于其持有的Cenovus股份。根据该集团中期报告，美以对伊朗的战争扰乱了全球能源供应，提振了中东以外地区的石油需求。与此同时，主要资产处置帮助该集团建立了充足的现金缓冲。
Many of the group’s investments have always leaned towards traditional infrastructure projects with stable cash flow Kenny Tang Sing-hing, Hong Kong Institute of Financial Analysts and Professional Commentators CK Hutchison’s first-half profit, driven by asset sales, also benefited from its Cenovus stake, as the US-Israel war on iran disrupted global energy supply and boosted demand for oil from outside the Middle East, according to the group’s interim report. At the same time, major asset disposals have helped the group build a substantial cash cushion.
今年早些时候，长和基建——长和集团的子公司——以及另外两家李氏关联的上市公司，电能实业和长江地产，以105亿英镑（合139亿美元）将英国电力分配商UK Power Networks出售给法国能源公司Engie。另据报道，长和集团将其持有的英国移动运营商VodafoneThree的49%股份出售给Vodafone，交易价为58亿美元。
Earlier this year, CK Infrastructure – a CK Hutchison subsidiary – and two other Li-linked listed companies, Power Assets and CK Asset, sold British electricity distributor UK Power Networks to French utility Engie for £10.5 billion (US$13.9 billion). Separately, CK Hutchison sold its 49 per cent stake in British mobile operator VodafoneThree to Vodafone for US$5.8 billion.
截至6月底，长和集团的现金及等价物较去年同期增长25%，达到1790亿港元（合228亿美元），这一数字未包含VodafoneThree出售所得。
CK Hutchison’s cash and equivalents rose 25 per cent year on year to HK$179 billion (US$22.8 billion) as of the end of June – a figure that does not include the proceeds from the VodafoneThree sale.
5月份在年度股东大会上，长和集团主席李泽钜——李嘉诚的长子——重申了该集团审慎的立场。
At its annual general meeting in May, CK Hutchison chairman Victor Li Tzar-kuoi, Li’s elder son, reiterated the group’s cautious stance.
“现金为王，”李泽钜表示，并指出资质、稳定性和回报仍是任何新投资的核心标准。
“Cash is king,” Li said, noting that qualification, stability and return remained the core criteria for any new investments.
李嘉诚的投资动向备受关注。专家表示，李嘉诚具备判断何时出售的敏感度，举例称和记黄埔在互联网泡沫接近顶峰时退出了英国移动运营商Orange，而长江地产则在本地商业地产市场达到顶峰前一年多就售出了一座香港标志性写字楼。
Li Ka-shing’s investment moves are closely watched. Experts said that Li had a sense of when to sell, citing Hutchison Whampoa’s exit from UK mobile operator Orange near the height of the dot-com bubble and CK Asset’s sale of a trophy Hong Kong office tower more than a year before the local commercial property market peaked.
该集团继续投资化石燃料的做法与更广泛的全球市场趋势背道而驰。国际能源署预测，今年全球清洁能源投资将达2.2万亿美元——几乎是化石燃料投资规划额1.2万亿美元的两倍。
The group’s continued investments in fossil fuels run against the grain of broader global market trends. The International Energy Agency projects US$2.2 trillion in clean-energy investments this year – nearly double the US$1.2 trillion slated for fossil fuels.
与此同时，全球知名投资者正在加大对人工智能的投资。例如，伯克希尔·哈撒韦公司最近将其对谷歌母公司Alphabet的持股规模扩大至约360亿美元，理由是谷歌在人工智能领域作为“重要参与者”的地位是一个基本因素。
Meanwhile, prominent global investors are boosting AI investments. For example, Berkshire Hathaway recently expanded its stake in Google parent Alphabet to roughly US$36 billion, citing Google’s position as a “significant player” in AI as a fundamental factor.
然而，T.O. & Associates的王先生指出，即使在人工智能等高增长科技领域，能源仍然是“成功的主要决定因素”。
However, Ong of T.O. & Associates pointed out that even in high-growth tech sectors like AI, energy remained “the main determinant” of success.
他补充说，CK集团正在全球范围内打造完整的能源业务体系，以抓住不同的机遇，并以2017年CK资产和CK基础设施以约45亿欧元（50亿美元）收购德国智能电表和能源管理公司Ista为例。
The CK group is building a full range of energy businesses worldwide to capture different opportunities, he added, pointing to the 2017 purchase of German smart-meter and energy-management company Ista by CK Asset and CK Infrastructure for about €4.5 billion (US$5 billion).
CK基础设施在8月表示，其澳大利亚电力网络的新监管条款允许更高的回报和更多投资，这有助于支撑因电气化和数据中心需求带来的预期增长。
CK Infrastructure said in August that new regulatory terms for its Australian power networks allowed higher returns and more investment, supporting projected growth from electrification and data-centre demand.
“该集团的许多投资一直倾向于具有稳定现金流的传统基础设施项目，”香港金融分析师与专业评论家学会的邓先生表示。
“Many of the group’s investments have always leaned towards traditional infrastructure projects with stable cash flow,” said Tang of the Hong Kong Institute of Financial Analysts and Professional Commentators.
“虽然石油行业在长期内将逐渐感受到清洁能源的影响，但它仍然能够带来非常稳定的收入。”
“Although the oil industry will gradually feel the impact of clean energy in the long run, it can still bring very stable income.”