Group 1 - UBS raised the forecast for Macau's 2025 second half gaming gross revenue (GGR) growth from 7% to 12%, compared to a 4% growth in the first half of this year [1] - The gaming market dynamics in Macau are shifting, with hotel room growth no longer being the main driver of market share growth; instead, table distribution and high-end products and services are becoming key factors [1] - Mid to low-end gaming operations are expected to face challenges from domestic tourism competition and the macroeconomic environment in China [1] Group 2 - UBS anticipates that high-end gaming companies like Wynn Macau (01128) and MGM China (02282) will maintain or expand their market share, with their valuation discounts compared to larger gaming companies expected to narrow [1] - For the third quarter, UBS estimates Wynn Macau's market share at 12.2% (up 0.5 percentage points from previous forecasts) and MGM China's market share at 16.4% (up 0.7 percentage points) [1] - Sands China (01928) and Galaxy Entertainment (00027) are projected to have market shares of 24.5% (down 0.2 percentage points) and 19.5% (down 0.1 percentage points) respectively for the third quarter [1] Group 3 - UBS upgraded Wynn Macau's rating from "Neutral" to "Buy," raising the target price from HKD 6.1 to HKD 8.4, reflecting a projected enterprise value to EBITDA multiple of 9.5 times for next year [1] - UBS maintained a "Buy" rating for MGM China, increasing the target price from HKD 15.9 to HKD 19.8, also reflecting a projected enterprise value to EBITDA multiple of 9.5 times for next year [1] - UBS maintained a "Neutral" rating for Sands China, raising the target price from HKD 17.8 to HKD 21.6, corresponding to a projected enterprise value to EBITDA multiple of 11.5 times for next year [2] - UBS maintained a "Buy" rating for Galaxy Entertainment, increasing the target price from HKD 43.9 to HKD 46.9, reflecting a projected enterprise value to EBITDA multiple of 11.7 times for next year [2]

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong's gaming stocks, particularly driven by the strong performance of Golden Century Holdings, which surged 18% after its earnings report [1] - Golden Century Holdings reported a revenue of $342 million for the first half of the year, representing a year-on-year increase of 16.76% [1] - The company achieved a profit attributable to shareholders of $149 million, marking a turnaround from a loss, with earnings per share at 3.36 cents and an interim dividend of 1.01 cents [1] Group 2 - The financial position of Golden Century Holdings showed a substantial increase in cash and bank balances, which surged by 103.5% to $245 million, with a net asset value of $2.3 billion [1] - Several institutions have released research reports expressing optimism about the gaming industry, with Morgan Stanley predicting continuous growth in Macau's gaming revenue from 2025 to 2027 due to improved operating leverage and competitive dynamics [1] - JPMorgan has raised its forecasts for the Macau gaming industry for the third time in three months since the last upgrade [1] Group 3 - Other gaming stocks also experienced gains, with Macau Legend rising 7.6%, Melco International Development up 6.9%, and Wynn Macau increasing by over 3% [1] - Additional stocks such as SJM Holdings and Galaxy Entertainment saw increases of over 1%, indicating a positive trend across the sector [1]

Group 1 - The core viewpoint of the article highlights a significant increase in Macau's gaming revenue, with July's gross gaming revenue (GGR) rising by 19.0% year-on-year to 22.1 billion MOP, reaching a post-pandemic high and recovering to 90% of the levels seen in the same period of 2019 [1] - Major gaming stocks in Macau, including Sands China, Galaxy Entertainment, Wynn Macau, and Melco International Development, experienced substantial gains in their stock prices, with increases ranging from 4.34% to 5.45% [1] - HSBC forecasts that the upcoming months will see a continuous influx of visitors due to a series of non-gaming activities, predicting that August's gaming revenue could reach between 21.6 billion to 22.7 billion MOP, reflecting a year-on-year increase of 9% to 15% [1] Group 2 - CITIC Securities notes that a variety of entertainment activities and newly opened or renovated properties are effectively attracting core gaming customers, suggesting potential structural improvements in the industry's win rate [1] - The demand-side changes are identified as a more critical reason for the improvement in gaming data, with Macau's gaming sector being a significant indicator of high-end discretionary spending, benefiting from a marginal improvement in consumption willingness among high-end consumers from mainland China [1] - Under a neutral assumption with no incremental positive or negative factors, CITIC Securities predicts an 8-10% growth in the industry's GGR by 2025 [1]

Core Viewpoint - The Macau gaming sector is experiencing a significant recovery, with July gross gaming revenue (GGR) reaching 22.1 billion MOP, a 19% year-on-year increase, marking the highest level since the pandemic and recovering to 90% of the 2019 levels [1] Group 1: Market Performance - Sands China (01928) shares rose by 5.45% to 21.28 HKD [1] - Galaxy Entertainment (00027) shares increased by 5.44% to 42.26 HKD [1] - Wynn Macau (01128) shares climbed by 4.51% to 6.95 HKD [1] - Melco International Development (00200) shares grew by 4.34% to 5.05 HKD [1] Group 2: Future Projections - HSBC forecasts that the upcoming months will see a continuation of non-gaming activities attracting visitors, with August GGR expected to reach between 21.6 billion to 22.7 billion MOP, representing a year-on-year increase of 9% to 15% [1] - Citic Securities notes that the recovery in the gaming sector is primarily driven by changes in demand, with a projected GGR growth of 8-10% by 2025 under a neutral assumption [1]

Group 1 - The Hong Kong gaming stocks have seen a rise, with notable increases in shares such as Melco Resorts up 5%, Galaxy Entertainment up 1.37%, and Wynn Macau up 3.57% [1] - Multiple institutions have released reports expressing optimism about the gaming industry, with Morgan Stanley predicting a continuous increase in Macau's gaming revenue from 2025 to 2027 [1] - Since the last upgrade of Macau's gaming industry forecast, Morgan Stanley has revised its predictions for the third time within three months [1] Group 2 - Wynn Macau is set to release its financial report on August 20, with expectations of revenue reaching HKD 7.246 billion for Q2 2025 and an estimated earnings per share of HKD 0.09 [1] - Golden Entertainment plans to hold a board meeting on August 25 to approve its interim results [1] - Amax Holdings is scheduled to hold a board meeting on August 28 to approve its interim results [1]

Investment Rating - The report maintains a "Buy" rating for Galaxy Entertainment, highlighting the resilience of the gaming industry and the long-term growth potential of the company [6]. Core Insights - Galaxy Entertainment achieved a net revenue of HKD 12 billion in Q2 2025, representing an 8% quarter-on-quarter increase and a 10% year-on-year increase. The adjusted EBITDA was HKD 3.2 billion, with a 7% quarter-on-quarter increase but a 1% year-on-year decline. Key revenue metrics have recovered to 82%, 130%, 138%, and 31% of 2019 levels for total gross revenue, mass market revenue, slot machine revenue, and VIP turnover, respectively [6][8]. - The company has a net cash position of HKD 30.3 billion as of June 30, 2025, and announced an interim dividend of HKD 0.70 per share, with a payout ratio of 58%, up from 50% in 2024 [6][8]. Summary by Sections 1. Overseas Social Services - Galaxy Entertainment's Q2 2025 performance shows a recovery in various revenue streams, with EBITDA returning to 79% of 2019 levels. The Capella Hotel is in trial operation, with full opening expected soon. The Macau Galaxy Phase IV project is progressing, with completion expected in 2027 [6][8]. 2. Overseas Pharmaceuticals - The 2025 medical insurance directory and commercial insurance innovative drug directory preliminary review has been published, with 534 out of 718 submissions passing the initial review. The new directory includes several CAR-T products and other innovative drugs [10][12]. 3. Domestic Pharmaceutical Companies - Crystal Holdings expects a revenue of at least HKD 500 million in H1 2025, a year-on-year increase of approximately 387%. In contrast, Jinxin Reproductive expects a net loss of no more than HKD 1.09 billion due to asset impairments [11][12]. 4. Overseas Pharmaceutical Company Updates - Insmed's DPP-1 inhibitor, BRINSUPRI, has received FDA approval for treating non-cystic fibrosis bronchiectasis. Novartis's BAFF-R monoclonal antibody has met primary endpoints in two Phase III studies for treating active Sjögren's syndrome [13][14]. 5. Investment Recommendations - The report suggests focusing on innovative drugs and pharmaceutical companies with strong clinical pipelines, including companies like BeiGene, Innovent Biologics, and others [15]. 6. Market Performance - The Hang Seng Healthcare Index rose by 3.50%, outperforming the Hang Seng Index by 1.75 percentage points, indicating a positive market sentiment towards healthcare stocks [8].

Core Viewpoint - Galaxy Entertainment reported a mixed performance in 2Q25, with net revenue growth but lower-than-expected EBITDA, leading to revised earnings forecasts and a lowered target price while maintaining a Buy rating [1][4]. Financial Performance - 2Q25 net revenue reached HK$12.0 billion, reflecting an 8% quarter-over-quarter increase and a 10% year-over-year increase [1]. - Normalized adjusted EBITDA was HK$3.2 billion, showing a 7% increase QoQ but a 1% decrease YoY, attributed to a lower mass market hold rate [1]. - Total gross gaming revenue, mass market revenue, slot machine revenue, and VIP rolling chip volume recovered to 82%, 130%, 138%, and 31% of 2Q19 levels, respectively [2]. - EBITDA recovery was at 79% of the 2019 level [2]. Dividend and Cash Position - As of June 30, 2025, the company's net cash stood at HK$30.3 billion [4]. - The interim dividend is set at HK$0.70 per share, with a payout ratio increased to 58% from 50% in 2024 [4]. New Developments - The Capella Hotel, a 95-all-suite project, has been in trial operation since May, with full opening expected soon [3]. - Construction of Phase 4 of Galaxy Macau is progressing, with completion scheduled for 2027, featuring high-end hotel brands, a theater with approximately 5,000 seats, green gardens, a water resort deck, and a casino [3]. Investment Outlook - The target price has been revised down from HK$55 to HK$50, indicating a 24% upside potential, while the Buy rating is maintained due to the resilience of the gaming business and long-term growth potential [1][4].

8 月演出密集，银河以陈奕迅演唱会打头阵，叠加月底腾讯音乐颁奖典礼及边伯贤演出，催化效应明 显；金沙汇聚I-DLE、KEP1ER 等韩流组合，以及张信哲、孙楠等华语歌手；新濠奉上Highlight 与Kara 热力演出；永利则以筷子兄弟增添亮色。9 月Twice、Dear Jane 及邓丽欣等接力登场，有望延续暑期热 潮。各博企齐力共拓路氹娱乐版图，吸引更广泛客群。我们认为，相比已演出的权志龙、张学友、陈奕 迅、郑秀文等阵容，剩余演出明星效应或有所减弱。演唱会虽主要集中在金沙与银河，但对博彩业务的 效应可外溢至整个路氹区域，"水涨船高"。叠加，第十五届全运会（粤港澳合办）及澳门格兰披治大 赛，下半年将进一步吸引客流。 机构：华泰证券 研究员：何翩翩 银河娱乐8/12 盘中发布25Q2 财报，受益于演唱会经济，公司各项博彩业务稳重向好，其中VIP/中场/老 虎机转码数分别环比+20/9/12%。但公司收盘仅涨1.6%，主系：1）业绩未显著超市场预期，且星际酒 店营运承压，2）投资者获利了结，股价自5 月初已累计上涨约40%。鉴于银河非博彩布局丰富，看好 2H 娱乐催化；嘉佩乐9 月公众开放有望吸引高端客群，推动 ...

在中场板块中，高端中场板块表现持续跑赢普通中场，得益于嘉佩乐的开业驱动客户日均理论赢额及消 费水平的强劲增长；银河将继续致力于在中国澳门举办各种大型演唱会及娱乐活动，鉴于其看到了综合 度假村作为整体的可持续性以及回报率的提升；管理层预计2025 年资本开支为70 亿港元，1H25 资本开 支为30 亿港元，管理层预计，尽管嘉佩乐酒店开业，但公司日均运营成本将维持在1Q25 相同水平； 星际酒店将继续向中场为主物业转型，重点运营电子博彩机，此前的250张博彩桌中的100 张已搬至澳 门银河物业； 机构：中金公司 研究员：吴昇勇/王嘉钰/侯利维 管理层预计，由于大多数卫星娱乐场将于2025 年底关闭，星际酒店有望受益于卫星娱乐场的留存需 求； 2Q25 业绩符合市场一致预期 管理层仍有兴趣在泰国曼谷投资综合度假村，并将等待可能出现的外部环境变化。 银河娱乐公布2Q25 业绩：净收入为120.44 亿港元，同比增长10%，环比增长8%，恢复至2Q19 水平的 91%。经调整EBITDA 为35.69 亿港元，同比增长12%，环比增长8%，恢复至2Q19 水平的82%，与彭博 一致预期的35.40 亿港元基本一致。我 ...

中期股息有惊喜，宣布派发每股股息0.7 港元，派息比率提升到59%；是行业里首家再提升派息的公 司。总体业绩表现亮丽；增长主要由高端中场来带动。 资产负债状况维持非常稳健， 持有净现金为303 亿港元（在行业里是最强大的，相信能支持最新的派息比率)。 机构：第一上海 研究员：王柏俊 25 年第二季度业绩概况：银河净收益同比增长10.3%，环比增长7.5%到120.4 亿港元（恢复到2019 年同 期的91.4%）。 贵宾赌枱转码数同比增长20.8%, 环比增长20.2%（恢复到2019 年同期的31.2%）；中场 博彩收益同比增长6.4%, 环比增长7.1%（为2019年同期的129.2%）。集团经调整EBITDA 同比增长 12.4%，环比增长8.3%到35.7 亿港元（恢复到2019 年同期的82.4%），EBITDA 率为29.6(同比提升 0.5%，环比提升0.2%。 维持买入评级, 目标价49.81 港元: 集团 25 年第二季度业绩亮丽，提升派息比率更是惊喜。 随着智能赌 台的引入和更多产品的推出和优化(尤其是嘉佩乐酒店及度假村的投入)，我们相信集团的市场份额将能 继续回升。由于集团拥有良好的产品 ...