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]

Market Overview - The Hong Kong stock market failed to maintain its strong performance from the previous day, with all three major indices experiencing a collective adjustment. The Hang Seng Index fell by 1.18% or 304.99 points, closing at 25,524.92 points, with a total trading volume of HKD 31.78 billion. The Hang Seng China Enterprises Index decreased by 1.07% to 9,148.66 points, while the Hang Seng Tech Index dropped by 0.74% to 5,782.24 points [1] Blue-Chip Stocks Performance - CSPC Pharmaceutical Group (01093) led the decline among blue-chip stocks, falling by 4.33% to HKD 10.38, with a trading volume of HKD 1.797 billion, contributing a loss of 6.04 points to the Hang Seng Index. Bank of America Securities reported a 14.3% year-on-year decline in total revenue for CSPC in Q2, with attributable net profit down 24% to RMB 1.1 billion. The firm revised its revenue forecasts for 2025 to 2027 down by 25%, 2%, and 11% respectively [2] Sector Highlights - Large technology stocks mostly declined, with Alibaba down 2.57% and Tencent down 0.81%. Gold stocks surged, with China Gold International rising over 10%. Apple is expected to initiate a three-year innovation cycle, boosting related stocks like Lens Technology, which rose over 5%. Gaming stocks and some new consumption concepts performed well, with Melco International Development up over 9% [3][5] Federal Reserve Insights - Federal Reserve Chairman Jerome Powell indicated rising downside risks in the U.S. labor market, suggesting a potential policy adjustment could be appropriate. This statement is seen as a strong signal for a possible interest rate cut as early as September. The market reacted positively, particularly for precious metals, with expectations for further increases in gold prices [4] Gaming Sector Performance - The gaming sector continued its upward trend, with Melco International Development rising 9.27% to HKD 5.54. According to JPMorgan, Macau's gaming revenue for the first 24 days of August reached MOP 17.65 billion, with a daily average of MOP 735 million, reflecting a 9% increase from the previous week [6] Pharmaceutical Sector Challenges - The pharmaceutical sector faced pressure, with several stocks declining. Notably, CStone Pharmaceuticals (09966) fell 6.74% to HKD 10.24. U.S. President Trump's announcement to drastically reduce drug prices could create significant challenges for the global pharmaceutical industry, presenting both opportunities and risks for Chinese biotech stocks [6] Notable Stock Movements - Double Ended Co. (06960) debuted with a 31.29% increase, closing at HKD 19.05. The company focuses on energy storage solutions in the data and communication sectors, with a projected market share of 11.1% by 2024 [7] - Kingsoft Holdings (03918) reached a new high, rising 17.94% to HKD 5.72, reporting a 16.76% year-on-year revenue increase to USD 342 million [8] - Angelalign Technology (06699) saw a 10.28% increase to HKD 75.1, with a 33.1% year-on-year revenue growth reported [9] - Meitu Inc. (01357) rose 7.9% to HKD 11.47 after being included in the MSCI China Index, with Morgan Stanley expressing confidence in its long-term growth potential [10] - Xintai Medical (02291) experienced a significant drop of 12.75% to HKD 23.96 following a major shareholder's sale of shares [11]

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]

Market Overview - The Hang Seng Index (HSI) fell by 61 points or 0.2%, closing at 25,104 points, after opening 50 points higher and later dropping to a low of 25,000 points[1] - The Shanghai Composite Index rose by 4 points or 0.1%, closing at 3,771 points, with a total trading volume of 9,977 billion yuan[1] - The S&P 500 dropped by 25 points or 0.4%, closing at 6,370 points, marking its fifth consecutive day of decline[2] Monetary Policy and Economic Indicators - The Hong Kong Monetary Authority provided liquidity of 77 million HKD through the discount window[1] - The People's Bank of China conducted a 253 billion yuan reverse repurchase operation at a steady rate of 1.4%, resulting in a net injection of 124.3 billion yuan for the day[1] - The RMB/USD midpoint was adjusted up by 97 pips to 7.1287[1] Corporate Earnings Highlights - China Power (02380.HK) reported a revenue of 23.858 billion yuan, down 9.9% year-on-year, with a net profit of 2.587 billion yuan, a slight increase of 0.7%[2] - KANLONG (03759.HK) reported a revenue of 6.441 billion yuan, up 14.9% year-on-year, but a net profit decline of 37% to 701 million yuan due to previous year's investment gains[3] - Li Ning (02331.HK) reported a revenue of 14.817 billion yuan, up 3.3%, with a net profit decline of 11% to 1.737 billion yuan[3] - Bilibili (09626.HK) reported a net revenue of 7.338 billion yuan, up 19.8% year-on-year, and turned a profit of 219 million yuan compared to a loss of 609 million yuan in the previous year[4]

Core Viewpoint - Wynn Macau (01128) announced the issuance of $750 million 5.500% senior notes due in 2026 and an additional $250 million 5.500% senior notes, which will be merged with the original notes to form a single series referred to as "2026 Notes" [1] Group 1 - The company intends to exercise its option to fully redeem the 2026 Notes on September 2, 2025, at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest up to the redemption date [1] - As of the last practicable date before the announcement on August 20, 2025, the total outstanding principal amount of the 2026 Notes was $1 billion [1] - The company will use its internal resources to pay off the outstanding principal and accrued interest of the 2026 Notes [1] Group 2 - After the full redemption of the outstanding 2026 Notes, all redeemed notes will be canceled [1] - The company will apply for the delisting of the 2026 Notes from the stock exchange following the redemption date [1]

Core Viewpoint - Wynn Macau (01128.HK) announced the issuance of $250 million additional senior notes due in 2026, intending to exercise its option to fully redeem these notes on September 2, 2025, at a redemption price equal to 100% of the principal amount [1] Group 1 - The company will redeem the 2026 notes at a price equal to 100% of the principal amount, plus accrued and unpaid interest up to the redemption date [1] - As of August 20, 2023, the total outstanding principal amount of the 2026 notes was $1 billion [1] - The company plans to use internal resources to pay off the outstanding principal and accrued interest of the 2026 notes [1] Group 2 - After the full redemption of the 2026 notes, all redeemed notes will be canceled [1] - The company will apply for the delisting of the 2026 notes from the stock exchange following the redemption [1]

本公告或其任何內容概不會成為任何合約或承諾的依據。本公告或其任何副本概不得帶入美國或在美國分發。本 公告所提述的證券並無及將不會根據美國證券法登記，或向美國任何州或其他司法權區的任何證券監管機構登 記，且不得在美國提呈發售或出售，惟根據美國證券法及適用州或地方證券法的登記規定獲適用豁免或進行毋須 遵守有關登記規定的交易則除外。本公司將不會於美國公開發售證券。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 （於開曼群島註冊成立之有限公司） 本公告僅供參考，並非收購、購買或認購證券的邀請或要約，亦非邀請訂立協議進行收購、購買或認購，且不可 視為邀請提出收購、購買或認購任何證券的建議。 本公司宣佈，其提出根據2026年票據契約的條款及條件行使其選擇權，以於2025年9月2 日（「贖回日期」）悉數贖回2026年票據（有關詳情請參閱本公司日期為2020年6月14日的公 告中「票據的主要條款 — 贖回 — 選擇性贖回」一節及本公司日期為2020年8月20日的公 ...

Group 1 - The company, Wynn Macau, announced a mid-term dividend of HKD 0.185 per share, which will be distributed on September 17, 2025, for the six months ending June 30, 2025 [1]