Group 1 - The core viewpoint of the article highlights the continued rebound of Hong Kong gaming stocks, with significant gains observed in companies such as Sands China and Galaxy Entertainment [1] - The Macao Gaming Inspection and Coordination Bureau reported that the lucky gaming revenue for Q3 this year reached 62.57 billion Macao Patacas, marking a 12.53% increase compared to 55.602 billion Patacas in the same period last year, and a 2.4% quarter-on-quarter rise [1] - According to a report from Credit Lyonnais, the growth in industrial profits in mainland China is expected to sustain the growth of Macao's gaming revenue, with investors favoring high-quality enterprises [1] Group 2 - The gaming sector is currently trading at an enterprise value to EBITDA (EV/EBITDA) multiple of 9.4 times for 2026, which is below the normalized range of 11 to 12 times for the sector in Macao [1] - Credit Lyonnais maintains its existing forecasts and ratings, identifying Galaxy Entertainment and MGM China as preferred stocks within the sector [1] - The article lists the latest stock prices and percentage changes for various gaming companies, with Sands China up 4.11%, Galaxy Entertainment up 3.37%, and others showing modest gains [1]

Group 1 - The core viewpoint of the article highlights a rebound in Hong Kong's gaming stocks, with significant increases in share prices for major companies such as Melco International Development, Sands China, and Wynn Macau, all rising by 4.6% [1] - China International Capital Corporation (CICC) maintains its forecast for total gaming revenue in Macau for 2025 while raising the forecast for 2026, expecting annual growth of 9% and 5% for the next two years, respectively, recovering to 84% and 88% of 2019 levels [1] - The expected growth in mass gaming revenue is projected at 7% and 6% for the next two years, recovering to 119% and 126% of 2019 levels, while VIP gaming revenue is expected to grow by 19% in 2025 and decline by 5% in 2026, recovering to 29% and 28% of 2019 levels [1] Group 2 - CICC is particularly optimistic about MGM China and Sands China, forecasting adjusted EBITDA for the third quarter at HKD 2.352 billion and USD 590 million, representing year-on-year increases of 19% and 1%, respectively [1] - Target prices for MGM China and Sands China are set at HKD 19.8 and HKD 23.8, with both companies rated as "outperforming the industry" [1]

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index closing at 25,441 points, down 1.73%, while the Hang Seng Tech Index fell 3.62%, dropping below the 6,000-point mark [1][2] - Major technology stocks led the market downturn, with semiconductor stocks also suffering substantial losses [2][4] Sector Performance - The technology sector saw widespread declines, with notable drops including Hua Hong Semiconductor down over 13% and SMIC down over 8% [4][5] - Gold and precious metals stocks also fell sharply, with Zijin Mining and Chifeng Jilong Gold both dropping over 6% [6] - The gambling sector continued its downward trend, with New World Development down over 8% and Galaxy Entertainment down over 5% [11][12] - Conversely, banking stocks showed resilience, with Chongqing Rural Commercial Bank rising over 6% and China Merchants Bank up over 4% [13][14] - The film and entertainment sector performed well, with Huayi Brothers Media surging nearly 20% [15][16] Capital Flows - Southbound funds recorded a net inflow of 8.603 billion HKD, indicating continued interest in Hong Kong stocks despite the market volatility [17] Future Outlook - Analysts suggest that the recent escalation in US-China trade tensions may increase market uncertainty, but they remain optimistic about the medium-term outlook for Hong Kong stocks, particularly in sectors like AI, innovative pharmaceuticals, and new consumption [19]

Group 1 - Hong Kong gaming stocks continue to decline, with Melco International Development down 5%, Sands China down nearly 4%, Galaxy Entertainment down over 3%, MGM China down 2.7%, and Wynn Macau down 1.7% [1] - According to a report by Citi Research, the Macau gaming industry is expected to see a year-on-year EBITDA growth of 10% to $2.063 billion in Q3, driven by a 12.5% year-on-year increase in gross gaming revenue (GGR) [1] - However, adjusted profit margins are expected to be under pressure, with a projected quarterly decline of 0.5 percentage points due to a 33-hour casino shutdown caused by Typhoon Haikui [1] Group 2 - The resilience of gaming revenue post-Golden Week and the reinvestment activities of gaming companies will be key focus areas for the market [1] - The firm has revised its EBITDA forecasts for the industry downwards by 1.4% and 0.5% for this year and next year, respectively, anticipating a 7% year-on-year increase in industry EBITDA to $8.2 billion for this year [1]

Core Viewpoint - UBS reports that Wynn Macau (01128) significantly increased its market share in September, rising approximately 200 basis points month-over-month, contributing to a quarterly increase of 150 basis points in Q3 [1] Company Summaries - Wynn Macau (01128) saw a notable rise in market share, with a month-over-month increase of about 200 basis points and a quarterly increase of 150 basis points [1] - SJM Holdings (00880) experienced a month-over-month market share increase of approximately 50 basis points in September, but a decline of 30 basis points in Q3 [1] - Sands China (01928) and Galaxy Entertainment (00027) reported a month-over-month decline in market share of about 100 basis points and 150 basis points respectively in September, although both saw quarterly increases of approximately 70 basis points and 40 basis points [1] - Melco Resorts (MLCO.US) and MGM China (02282) maintained stable market shares in September, but both experienced quarterly declines of 120 basis points and 100 basis points respectively [1] - Compared to market expectations, the market shares of Galaxy Entertainment and Wynn Macau exceeded expectations, while those of MGM, Sands China, and SJM Holdings fell short [1]

Core Viewpoint - UBS report indicates that Wynn Macau (01128) significantly increased its market share in September, rising approximately 200 basis points month-over-month, contributing to a quarterly increase of 150 basis points in Q3 [1] Group 1: Market Share Changes - Wynn Macau's market share in September rose significantly, leading the market with a 200 basis points increase month-over-month and a 150 basis points increase quarter-over-quarter [1] - The second highest market share increase was observed in SJM Holdings (00880), which saw a month-over-month rise of about 50 basis points in September, but a decline of 30 basis points in Q3 [1] - Sands China (01928) and Galaxy Entertainment (00027) experienced declines in market share in September, with decreases of approximately 100 basis points and 150 basis points, respectively, although both companies saw quarterly increases of about 70 basis points and 40 basis points in Q3 [1] - Melco Resorts (MLCO.US) and MGM China (02282) maintained their market share in September, but both experienced declines of 120 basis points and 100 basis points, respectively, in Q3 [1] Group 2: Market Expectations - Compared to market expectations, the market shares of Galaxy Entertainment and Wynn Macau were higher than anticipated, while those of MGM, Sands China, and SJM Holdings were lower than expected [1]

瑞银发布研报称，永利澳门(01128)9月份博彩收入市占率环比上升约200个基点，使其第三季市占率环 比增加150个基点，为季内最大升幅。 报告指出，澳博控股(00880)9月份市占率环比上升约50个基点，但第三季度整体仍按季下跌30个基点。 大型博企在9月份似乎因季节性因素而失去市场份额，其中金沙中国(01928)及银河娱乐(00027)的市占率 分别环比下跌约100和150个基点，但第三季度整体仍分别按季上升70和40个基点。 新濠国际发展(00200)和美高梅中国(02282)9月份市占率环比持平，但第三季度分别按季下跌120和100个 基点。与第三季度市场预期相比，银河和永利的市占率高于预期，而美高梅中国、金沙中国和澳博控股 则低于预期。 ...

每经AI快讯，10月10日，港股博彩股午后跌幅扩大，截至发稿，金沙中国(01928.HK)跌4.13%，报20.44 港元；银河娱乐(00027.HK)跌3.29%，报38.84港元；澳博控股(00880.HK)跌3.19%，报3.03港元；新濠国 际发展(00200.HK)跌3.32%，报5.24港元。 ...

Core Viewpoint - The Macau gaming stocks experienced a significant decline in the afternoon trading session, attributed to lower-than-expected gaming revenue growth for September and October, influenced by typhoon-related disruptions [1] Group 1: Stock Performance - Sands China (01928) fell by 4.13%, trading at HKD 20.44 [1] - Galaxy Entertainment (00027) decreased by 3.29%, trading at HKD 38.84 [1] - SJM Holdings (00880) dropped by 3.19%, trading at HKD 3.03 [1] - Melco International Development (00200) declined by 3.32%, trading at HKD 5.24 [1] Group 2: Revenue Data - The Macau Gaming Inspection and Coordination Bureau reported that the gross gaming revenue (GGR) for September was MOP 18.289 billion, reflecting a year-on-year increase of 6% [1] - Morgan Stanley noted that the total gaming revenue for September was MOP 18.3 billion, which was below market expectations of 9% growth due to a 33-hour casino shutdown caused by a typhoon [1] Group 3: October Performance Insights - According to JPMorgan, the GGR for the first five days of October reached MOP 5.5 billion, with an average daily revenue of approximately MOP 1.1 billion, marking the best performance for the Golden Week in five years [1] - However, this represented only a 3% year-on-year increase compared to a high base last year, falling short of both JPMorgan's and market expectations [1] - Visitor numbers during October 1-5 remained flat, with a 25% drop in visitors on October 5 due to the typhoon, further impacting GGR growth [1] - JPMorgan maintains a positive outlook, projecting a year-on-year GGR growth of 11% to 13% for October, estimating it could reach MOP 23 billion, the highest in six years [1]

Core Viewpoint - The Macau gaming stocks experienced a significant decline in the afternoon trading session, with major companies like Sands China, Galaxy Entertainment, and Melco International all reporting losses due to disappointing gaming revenue figures for September and early October [1]. Group 1: September Gaming Revenue - The Macau Gaming Inspection and Coordination Bureau reported that the gross gaming revenue (GGR) for September was MOP 18.289 billion, reflecting a year-on-year increase of 6% [1]. - Morgan Stanley noted that the total gaming revenue for September was MOP 18.3 billion, which was below both market expectations and their own forecast by 9% [1]. - The decline in revenue was attributed to a 33-hour closure of casinos due to a typhoon, impacting overall operations [1]. Group 2: October Performance - According to JPMorgan, the GGR for the first five days of October reached MOP 5.5 billion, averaging MOP 1.1 billion per day, marking the best performance for the Golden Week in five years [1]. - However, this represented only a 3% year-on-year increase compared to a very high base from the previous year, falling short of both the bank's and market expectations [1]. - Visitor numbers during this period remained flat, with a 25% drop on October 5 due to the typhoon, further hindering GGR growth [1]. - JPMorgan projects that the GGR for October could increase by 11% to 13%, reaching MOP 23 billion, which would be the highest in six years [1].