Investment Rating - The report suggests a focus on cloud vendors and companies with exceeding expectations in the current market environment [3]. Core Insights - The report highlights a divergence in market performance, with consumer companies facing pressure while AI technology companies continue to show mixed results. Concerns about AI valuation bubbles persist, but leading tech companies like Microsoft, Google, and Meta maintain strong cash flows, suggesting a stable outlook for cloud vendors [3]. - The gaming demand remains robust, although there is a short-term lack of new game releases. Attention is drawn to the progress of key game tests and launches, which could drive revenue growth for related companies [3]. - The report emphasizes the importance of monitoring quarterly reports from major Chinese companies like Tencent, JD, Baidu, and Alibaba, as well as the ongoing value in sectors like PDD and the gaming industry [3]. Summary by Sections 1.1 Consumer & Internet - **Education**: The education index fell by 3.59%, with notable performance differences among companies. The implementation of a spring and autumn break system in Sichuan is expected to impact the sector positively [11][18]. - **Luxury & Gaming**: The luxury goods and gaming sectors are closely tied to macroeconomic conditions. Recent Q3 earnings from major gaming companies exceeded expectations, benefiting from a longer holiday schedule in 2026 [19][24]. - **Coffee & Tea**: The coffee sector remains vibrant, while the tea sector faces challenges due to reduced delivery platform subsidies and seasonal competition [3][27]. - **E-commerce**: The e-commerce sector is under pressure, with a lackluster performance during the Double Eleven shopping festival [3][35]. 1.2 Platform & Technology - **Streaming Platforms**: The streaming sector is driven by domestic demand, with platforms like Spotify reporting better-than-expected earnings [3][42]. - **Virtual Assets & Internet Brokers**: The cryptocurrency market is experiencing volatility, with a significant drop in global market value. However, there are potential buying opportunities following recent corrections [3][43]. - **Automotive Services**: The automotive aftermarket is projected to decline, with a year-over-year decrease of 4% expected by October 2025 [3][61]. 1.3 Media - The media sector is experiencing mixed performance, with streaming services facing challenges but also opportunities for growth through strategic partnerships and content offerings [3][41].

Core Viewpoint - The report from Credit Lyonnais indicates that Wynn Macau (01128) achieved a 17% year-on-year increase in property EBITDA to 2.405 billion HKD, exceeding market expectations by 2% but falling short of the bank's expectations by 3% [1] Group 1: Financial Performance - Property EBITDA margin expanded by 0.6 percentage points year-on-year to 30.8% [1] - The VIP room win rate was above normal levels, contributing 179 million HKD positively to EBITDA, which largely offset the additional operating expenses of 195 million HKD caused by Typhoon Haikui [1] Group 2: Capital Expenditure and Valuation - The company maintains its full-year capital expenditure guidance unchanged [1] - The bank sets a target price of 9 HKD and maintains an "outperform" rating, citing the company's robust cash flow generation and lack of significant expansionary capital expenditures as supportive of its valuation [1]

Core Insights - The report from Credit Lyonnais indicates that Wynn Macau (01128) achieved a 17% year-on-year increase in property EBITDA for Q3, reaching 2.405 billion HKD, which is 2% higher than market expectations but 3% lower than the bank's own forecast [1] - The property EBITDA margin expanded by 0.6 percentage points year-on-year to 30.8% [1] - The target price is set at 9 HKD, maintaining an "outperform" rating, with the belief that the company has robust cash flow generation due to the absence of significant expansionary capital expenditures, which supports its valuation [1] Financial Performance - The contribution from the VIP gaming room's win rate was a positive 179 million HKD to EBITDA, which largely offset the additional operating expenses of 195 million HKD caused by Typhoon Haikui [1] - The company has maintained its full-year capital expenditure guidance unchanged [1]

Core Insights - Wynn Macau Limited reported strong financial results for its Macau operations in Q3 2024, with total operating revenue of approximately $1.001 billion, a year-on-year increase of 14.79% [2] - The EBITDA for the Macau operations reached approximately $308 million, reflecting a year-on-year growth of 17.27% [2] - The increase in operating revenue was primarily driven by a rise in gaming volume in Wynn Macau [2] Financial Performance - Total operating revenue from Wynn Palace was approximately $635.5 million, up 22.26% year-on-year, while EBITDA was about $200.3 million, increasing by 23.41% [2] - Wynn Macau's operating revenue for the third quarter was approximately $365.5 million, showing a year-on-year growth of 3.84% [2] - Total gaming revenue from Wynn Palace was approximately $542 million, reflecting a year-on-year increase of 29.8%, while Wynn Macau's gaming revenue was about $314 million, up 6% [3] Non-Gaming Revenue - Non-gaming revenue from Wynn Palace saw a decline in total room revenue, which was approximately $27.4 million, down 23.9% year-on-year [3] - The average daily rate (ADR) for Wynn Palace was $221, a decrease of 25.08%, and the revenue per available room (RevPAR) was $217, down 24.91% [3] - Wynn Macau's total room revenue was approximately $21.1 million, a decrease of 11%, with an ADR of $207, down 11.16%, and a RevPAR of $205, down 10.87% [3] Other Business Segments - Wynn Palace's food and beverage revenue was approximately $33.3 million, an increase of 5.7% year-on-year, while entertainment, retail, and other revenues were about $22.3 million, up 5.9% [3] - Wynn Macau's food and beverage revenue was approximately $17.3 million, down 11.2%, while entertainment, retail, and other revenues were about $12.5 million, increasing by 5.3% [3] Market Performance - As of November 7, Wynn Macau's stock closed at HKD 6.52 per share, down 1.81% [4]

Group 1 - The core viewpoint of the report indicates that Wynn Macau's Q3 property EBITDA increased by 17% year-on-year to HKD 2.405 billion, which is 2% higher than market expectations but 3% lower than the bank's own forecast [1] - The property EBITDA margin expanded by 0.6 percentage points year-on-year to 30.8% [1] - The high win rate in the VIP room contributed HKD 179 million positively to EBITDA, offsetting the additional operational expenses of HKD 195 million caused by Typhoon Haikui [1] Group 2 - The bank maintains a "Outperform" rating for Wynn Macau with a target price of HKD 9, citing the company's robust cash flow generation as a supportive factor for its valuation [1] - Morgan Stanley forecasts a slowdown in Macau's total gaming revenue growth to 8% to 10% in November, while maintaining a short-term positive outlook on Wynn Macau [2]

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） （股份代號：1128及債務股份代號：5280、40102、40357、5754、5877） 內幕消息 我們的控股股東 WYNN RESORTS, LIMITED 截至2025年9月30日止第三季及 2025財政年度首三季的未經審核業績， 表格10-Q季度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09及37.47B條以及證券及期 貨條例（第571章）第XIVA部而刊發。 我們的控股股東Wynn Resorts, Limited已於2025年11月6日（拉斯維加斯時間下午2:21）或 前後公佈其截至2025年9月30日止第三季及截至2025年9月30日止2025財政年度首三季 的未經審核業績。 本公告乃由永利澳門有限公司（「我們」或「本公司」，連同其附屬公司統稱「本集團」）根 據香港聯合交易所有限公司證券上市規則第13.09及37.47B條以及證券及期貨條例 ...

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） （股份代號：1128及債務股份代號：5280、40102、40357、5754、5877） 內幕消息 我們的控股股東 WYNN RESORTS, LIMITED 截至2025年9月30日止 第三季及2025財政年度首三季的未經審核業績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09及37.47B條以及證券及期 貨條例（第571章）第XIVA部而刊發。 我們的控股股東Wynn Resorts, Limited已於2025年11月6日（拉斯維加斯時間下午1:05）或 前後公佈其截至2025年9月30日止第三季及2025財政年度首三季的未經審核業績。 本公告乃由永利澳門有限公司（「我們」或「本公司」，連同其附屬公司統稱「本集團」）根 據香港聯合交易所有限公司證券上市規則第13.09及37.47B條以及證券及期貨條例（第571 章）第XIVA部而刊發。 * 僅供識別。 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 永利澳門有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01128 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.001 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.001 | HKD ...

Core Insights - Morgan Stanley reports that Macau's total gaming revenue for October reached 24 billion MOP, marking a year-on-year increase of 16% and a month-on-month increase of 32%, representing the strongest gaming performance in six years [1] - The recovery of mass and VIP gaming revenues has returned to approximately 125% and 35% of pre-pandemic levels, respectively [1] - Despite a lackluster performance during the Golden Week, October's gaming revenue exceeded market expectations by 11% to 12% [1] Revenue Breakdown - VIP and high-end mass gaming segments drove VIP business growth of 40% to 45%, while mass gaming grew by 12% to 13% [1] - The outlook for November suggests a more challenging base compared to October, with growth expected to slow to 8% to 10% [1] - Starting in December, the base will become more favorable, with anticipated gaming revenue growth accelerating to 15% to 17%, and at least low double-digit growth expected in the first quarter of next year [1] Stock Recommendations - The company is optimistic about Wynn Macau (01128) in the short term due to attractive valuation and high leverage [1] - In the medium term, Sands China (01928) is favored as there is an opportunity to increase dividends in February next year, with expectations of continued market share expansion in Q4 of this year [1] - Long-term prospects are positive for Galaxy Entertainment (00027), which combines value advantages with long-term growth potential [1] - All mentioned stocks are rated "Buy" with target prices set at HKD 8, HKD 24.5, and HKD 48.5, respectively [1]

Core Viewpoint - Morgan Stanley reports that Macau's total gaming revenue for October reached 24 billion MOP, representing a year-on-year increase of 16% and a month-on-month increase of 32%, marking the strongest gaming performance in six years, exceeding market expectations by 11% to 12% [1] Group 1: Short-term Outlook - The bank anticipates that the growth rate may slow to 8% to 10% in November due to a tougher comparison base compared to October [1] - Wynn Macau is viewed positively in the short term due to attractive valuation and high leverage [1] Group 2: Mid-term Outlook - Sands China is favored in the mid-term as there is an opportunity to increase dividends in February next year, and it is expected to continue expanding market share in Q4 of this year [1] Group 3: Long-term Outlook - Galaxy Entertainment is seen as a long-term investment opportunity due to its value advantage and long-term growth potential [1] - All mentioned stocks are rated as "Overweight" with target prices set at HKD 8, HKD 24.5, and HKD 48.5 respectively [1]