展望近期，该行认为11月面临的基数较10月更严峻，增长幅度可能放缓至8%至10%。不过，12月起基 数将转趋宽松，预期博彩收入增长将加速至15%至17%，而明年首季亦至少有低十位数增长。 股份方面，该行短期看好永利澳门(01128)，因其估值吸引和杠杆较高;中期看好金沙中国(01928)，因明 年2月有机会上调股息，且预期今年第四季会持续扩大市场份额。长期而言，该行看好银河娱乐 (00027)，兼具价值优势与长期增长潜力。以上股份均获"增持"评级，目标价分别为8港元、24.5港元及 48.5港元。 智通财经APP获悉，摩根大通发布研报称，澳门10月博彩总收入为240亿澳门元(下同)，同比增长16%、 按月增长32%，是六年以来最强劲的博彩表现，中场与贵宾厅博彩收入分别恢复至疫情前约125%及35% 水平。虽然今年黄金周表现较平淡，但10月博彩收入仍较市场已上调预期高出11%至12%。细分而言， 贵宾厅及高端中场推动贵宾业务增长40%至45%，而中场业务则增长12%至13%。 ...

该行短期看好永利澳门，因其估值吸引和杠杆较高；中期看好金沙中国，因明年2月有机会上调股息， 且预期今年第四季会持续扩大市场份额。长期而言，该行看好银河娱乐，兼具价值优势与长期增长潜 力。以上股份均获"增持"评级，目标价分别为8港元、24.5港元及48.5港元。 摩根大通发表研究报告指，澳门10月博彩总收入为240亿澳门元，按年增长16%、按月增长32%，是六 年以来最强劲的博彩表现，较市场已上调预期高出11%至12%。展望近期，该行认为11月面临的基数较 10月更严峻，增长幅度可能放缓至8%至10%。不过，12月起基数将转趋宽松，预期博彩收入增长将加 速至15%至17%，而明年首季亦至少有低十位数增长。 ...

市场预期11月博彩总收入将回复正常，日均约6.73亿元，同比增长10%、环比回落13%，大致符合2015 至19年的季节性模式。股份方面，该行首选永利澳门(01128)、美高梅中国(02282)及银河娱乐(00027)， 均予"买入"评级，目标价分别为8.4港元、19.8港元及46.9港元。 瑞银发布研报称，澳门10月博彩总收入约241亿澳门元(下同)，同比升16%，环比升32%;相当于日均博 彩收入约7.77亿元，好过市场预期，主要因黄金周后表现持续强劲。10月6日至31日期间，日均博彩收 入约7.15亿元，虽然较黄金周核心时期回落约35%，但仍高于9月的6.1亿元，而且35%的跌幅亦好过历 史水平的40%。 ...

Core Viewpoint - Morgan Stanley's report indicates that Macau's gaming revenue for the first 26 days of October reached 20.4 billion MOP, with an average daily revenue of 785 million MOP, reflecting pent-up demand during the Golden Week due to previous disruptions from a typhoon and the Mid-Autumn Festival [1] Group 1: Industry Insights - The report suggests a significant upward trend in gaming revenue, with total revenue for October potentially reaching 23 billion MOP, marking a 71-month high [1] - Starting from December, due to a low base, the firm anticipates double-digit growth in gaming revenue, maintaining low double-digit increases into the first quarter of next year [1] Group 2: Company Ratings - The company is optimistic about Wynn Macau (01128), assigning an "Overweight" rating, expecting its Q3 performance to exceed expectations [1] - For the medium term, Galaxy Entertainment (00027) is also viewed positively, receiving an "Overweight" rating [1] - The company holds a negative outlook on SJM Holdings (00880) and Melco International (00200), assigning "Neutral" and "Underweight" ratings respectively, citing high valuations relative to fundamentals and limited shareholder returns over the next 12 months [1]

Core Viewpoint - Morgan Stanley reports that Macau's gaming revenue for the first 26 days of October reached 20.4 billion MOP, indicating a potential upward trend in gaming revenue due to pent-up demand from the Golden Week holiday [1] Industry Summary - The average daily gaming revenue for October is 785 million MOP, with last week's revenue accelerating to 793 million MOP, reflecting increased activity post-typhoon and mid-autumn festival [1] - The total gaming revenue for October could reach 23 billion MOP, potentially marking a 71-month high [1] - Starting from December, a low base is expected to drive double-digit growth in gaming revenue, continuing into the first quarter of next year with low double-digit increases [1] Company Summary - Wynn Macau (01128) is viewed positively in the short term, with an "Overweight" rating and expectations for third-quarter performance to exceed forecasts [1] - Galaxy Entertainment (00027) is also favored in the medium term, receiving an "Overweight" rating [1] - The outlook for SJM Holdings (00880) and Melco International (00200) is less favorable, with "Neutral" and "Underweight" ratings respectively, as their valuations are considered high relative to fundamentals, and shareholder returns over the next 12 months are expected to be limited [1]

Core Viewpoint - Morgan Stanley's research report indicates a significant potential upward trend in Macau's gaming revenue, with October's total revenue possibly reaching 23 billion MOP, marking a 71-month high [1] Group 1: Gaming Revenue Insights - As of October 26, Macau's gaming revenue reached 20.4 billion MOP, with an average daily revenue of 785 million MOP, showing an acceleration to 793 million MOP in the previous week [1] - The report suggests that the increased revenue may reflect pent-up demand during the Golden Week, as many players shortened their trips due to the typhoon and Mid-Autumn Festival [1] - Morgan Stanley forecasts that starting from December, gaming revenue is expected to record double-digit growth, maintaining low double-digit increases in the first quarter of next year [1] Group 2: Company Ratings - Morgan Stanley has a positive short-term outlook on Wynn Macau, assigning an "Overweight" rating, anticipating that its third-quarter performance may exceed expectations [1] - The firm also maintains an "Overweight" rating on Galaxy Entertainment, indicating a favorable mid-term outlook [1] - Conversely, Morgan Stanley is less optimistic about SJM Holdings and Melco International, assigning "Neutral" and "Underweight" ratings respectively, citing their valuations as high relative to fundamentals and limited shareholder returns over the next 12 months [1]

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: Market Overview - The US-China trade relations show signs of easing, and China's GDP growth for the first three quarters is reported at 5.2% year-on-year [1] - Hong Kong's three major indices rebounded collectively, with the Hang Seng Index rising by 2.42% to close at 25,858.83 points, and a total trading volume of HKD 239.16 billion [1] - The Hang Seng Technology Index increased by 3%, indicating a strong performance in the tech sector [1] Group 2: Blue-Chip Stocks Performance - Alibaba (09988) saw a significant increase of 4.86%, closing at HKD 161.9, contributing 113.55 points to the Hang Seng Index [2] - Other notable blue-chip stocks include NetEase (09999) up 5.18%, China Petroleum (00857) up 5.05%, while Orient Overseas International (00316) and Chow Tai Fook (01929) experienced slight declines [2] Group 3: Sector Highlights - Major technology stocks rebounded, with Alibaba rising nearly 5%, and Baidu and Tencent both increasing over 3% [3] - The aviation sector continued its upward trend, with China Eastern Airlines (00670) surging over 9% [3] - Semiconductor stocks also saw gains, driven by the acceleration of domestic self-sufficiency and AI advancements [4] Group 4: Robotics and Gaming Sector - Robotics stocks performed well, with UBTECH (09880) rising by 9.77% after winning a significant contract worth HKD 126 million [5][6] - Gaming stocks collectively increased, with Wynn Macau (01128) up 4.44% and Sands China (01928) up 4.37% [5][7] Group 5: Gold Stocks and Market Sentiment - Gold stocks faced declines, with notable drops including Chifeng Jilong Gold Mining (06693) down 6.18% [7] - Recent volatility in gold prices, including a drop from a historical high of USD 4,379 to a low of USD 4,185, has affected market sentiment [7] Group 6: Notable Stock Movements - Haixi Pharmaceutical (02637) debuted with a 20.6% increase, closing at HKD 104.2 [8] - COSCO Shipping Energy (01138) reached a new high, closing up 7.91% at HKD 10.09, supported by strategic developments in the shipping sector [9] - Leap Motor (09863) saw a rise of 6.19% after significant insider buying [10] - YF Financial (00376) and Yao Cai Securities (01428) declined, attributed to regulatory actions affecting stablecoin projects [11]

每经AI快讯，博彩股集体走高，截至发稿，金沙中国(01928.HK)涨5.04%，报18.98港元；永利澳门 (01128.HK)涨4.6%，报6.59港元；新濠国际发展(00200.HK)涨4.45%，报4.69港元；银河娱乐(00027.HK) 涨3.94%，报38.48港元。 ...

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]