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。 SANDS CHINA LTD. 金沙中國有限公司 本公告乃根據上市規則第14A.54條而作出。 茲提述本公司日期為二零二四年十二月十七日有關本公司共享服務協議的公告，該協 議的期限將於二零二五年十二月三十一日屆滿。 於二零二五年十二月二十四日，本公司與LVS訂立二零二六年共享服務重續協議，以 重續共享服務協議的期限，自二零二六年一月一日起至二零二八年十二月三十一日 止，為期三年。 由於LVS是本公司的控股股東並因而根據上市規則為本公司的關連人士，故共享服務 協議（經二零二六年共享服務重續協議予以重續）項下的交易根據上市規則第14A章構 成本公司的持續關連交易。 （於開曼群島註冊成立的有限公司） （股份代號：1928） 持續關連交易 重續共享服務協議 共享服務協議（經二零二六年共享服務重續協議予以重續）項下由LVS集團向本集團提 供的市場推廣服務，及由LVS集團向本集團提供的運輸及相關服務須遵守上市規則 ...

持續關連交易 重續國際商標許可協議 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。 SANDS CHINA LTD. 金沙中國有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1928） 本公告乃根據上市規則第14A.54條而作出。 茲提述本公司日期為二零二二年十二月二日有關本公司國際商標許可協議的公告，該 協議的期限將於二零二五年十二月三十一日屆滿。 於二零二五年十二月二十四日，LVS與本公司若干附屬公司（即VML、VCL、VOL及 CSL2）訂立二零二六年商標重續協議，以重續國際商標許可協議的期限，自二零二六 年一月一日起至二零二八年十二月三十一日止，為期三年。 由於LVS是本公司的控股股東並因而根據上市規則為本公司的關連人士，故國際商標 許可協議（經二零二六年商標重續協議予以重續）項下的交易根據上市規則第14A章構 成本公司的持續關連交易。 國際商標許可協議（經二零二六年商標重續協議予以重續）項下的交易須遵守上市規則 第14A章所載的申報 ...

Core Viewpoint - Macquarie forecasts that Macau's gaming revenue in December could increase by 17% to 22% year-on-year, with a total revenue estimate of MOP 213 billion to MOP 222 billion [1] Group 1: Industry Insights - The average daily gaming revenue in Macau last week was MOP 700 million, reflecting a week-on-week increase of 8% [1] - The VIP room win rate has returned to normal levels, with average daily revenue in the mass market increasing by 3% to 5% compared to November, and VIP room daily revenue growing by 2% to 5% [1] - The VIP room win rate is reported to be between 2.7% and 2.9%, which is lower than the over 3% recorded in November [1] Group 2: Company Recommendations - Galaxy Entertainment (00027) is identified as the top pick in the gaming sector, with a target price of HKD 57.5, rated "outperform" due to its strong property project reserves and ample hotel room supply [1] - The opening of the Capella Hotel by the end of this year is expected to enhance Galaxy's market share in the high-end mass market [1] - Investors are advised to reconsider Sands China (01928) and MGM China (02282) due to their market share growth and attractive valuation levels, with target prices set at HKD 25.2 and HKD 22.6 respectively, both rated "outperform" [1]

Core Viewpoint - Morgan Stanley's research report indicates that Macau's total gaming revenue for the first 21 days of December reached MOP 14.65 billion, averaging approximately MOP 697 million per day, suggesting potential upward adjustments in revenue forecasts for December and Q4 [1] Industry Summary - The report suggests that the current gaming sector valuation is low, with expectations of significant revaluation in the coming quarters due to improved earnings visibility and an increase in gamblers [1] - The forecast for Q4 gaming revenue is projected to grow by 15% to 16% year-on-year and by 6% to 7% quarter-on-quarter, supporting market expectations for upward adjustments [1] Company Summary - In the short term, the report is optimistic about Sands China, anticipating an increase in dividends and improvements in market share and profits for Q4 [1] - For the long term (over 12 months), Galaxy Entertainment is favored due to its combination of solid value and long-term growth potential [1] - The report advises avoiding Melco International and Austar Holdings [1]

Market Overview - The US CPI annual rate decline has led to a rise in US stocks, boosting risk market sentiment [1] - The Hang Seng Index opened higher and closed up 0.75%, with the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.68% and 1.12% respectively [1][2] Sector Performance - Major technology stocks saw collective gains, with Tencent up 1.49%, Kuaishou up 1.45%, and Meituan up 1.28% [4] - Pharmaceutical stocks were active, with WuXi AppTec and other related stocks rising [2] - Gaming stocks continued to rise, with MGM China leading with a 6.6% increase [2][5] - AI-driven demand boosted optical fiber and cable stocks, with Yangtze Optical Fiber rising 12% [2] - Automotive, wind power, education, photovoltaic, insurance, and Apple-related stocks also experienced gains [2] Notable Stock Movements - Xpeng Motors rose 7.65%, Horizon Robotics up 7.04%, and Li Auto up 3.81% [4][10] - Electronic cigarette stocks saw significant increases, with China Tobacco Hong Kong up 6.68% [5] - Chinese brokerage stocks rose, with China International Capital Corporation up over 4% [7] - Intelligent driving concept stocks surged, with Youjia Innovation up 31.22% [8] Weak Performers - Heavy machinery stocks faced declines, with China National Heavy Duty Truck Group down over 6% [13] - Gold and precious metal stocks were weak, with several companies experiencing declines of over 2% [16] - Oil stocks also fell, with China Petroleum & Chemical Corporation down 1.52% [15] Capital Flows - Southbound funds recorded a net purchase of HKD 3.371 billion, with net selling from Shanghai-Hong Kong Stock Connect and net buying from Shenzhen-Hong Kong Stock Connect [18] Market Outlook - CITIC Securities suggests that after a strong performance in September, Hong Kong stocks are undergoing a mid-term adjustment, with quality assets entering a high-value zone [18]

Group 1 - The gaming stocks have experienced significant declines, with MGM China down 3.55% to HKD 15.74, Sands China down 3.67% to HKD 19.96, Wynn Macau down 1.6% to HKD 6.15, and Melco International Development down 1.52% to HKD 4.55 [1] - The Macau SAR government has projected that the gross gaming revenue for the next year will be estimated at MOP 236 billion, considering various favorable factors and external uncertainties [1] - Citigroup's research report indicates that Macau will continue to be a preferred tourist destination for wealthy travelers from mainland China, with a forecasted 6% year-on-year growth in gaming revenue and a 10% increase in industry EBITDA for the next year, maintaining an EBITDA margin of approximately 29% [1]

Core Viewpoint - The Macau gaming stocks have experienced significant declines, with major companies like MGM China, Sands China, Wynn Macau, and Melco International Development all reporting drops in their stock prices amid concerns over the gaming industry's future performance [1] Group 1: Stock Performance - MGM China shares fell by 3.55%, trading at HKD 15.74 [1] - Sands China shares decreased by 3.67%, trading at HKD 19.96 [1] - Wynn Macau shares dropped by 1.6%, trading at HKD 6.15 [1] - Melco International Development shares declined by 1.52%, trading at HKD 4.55 [1] Group 2: Government and Market Outlook - The Macau SAR government has projected that the gaming gross revenue for the next year will be MOP 236 billion, considering various favorable factors and external uncertainties [1] - Citigroup's research report indicates that Macau will continue to be a preferred travel destination for affluent mainland tourists, supported by rich concert activities, luxurious new hotel offerings, and new baccarat side bet options [1] Group 3: Revenue Projections - Citigroup forecasts a 6% year-on-year growth in Macau's gaming revenue for the upcoming year [1] - The industry EBITDA is expected to grow by 10% year-on-year, with an EBITDA margin remaining stable at approximately 29% [1]

Group 1 - The core viewpoint of the article is that Macau is expected to remain a preferred travel destination for affluent mainland tourists, driven by a rich lineup of concert events, luxurious new hotel offerings, and new baccarat side bets [1] - The forecast for Macau's gaming revenue in the coming year is a year-on-year growth of 6%, with industry EBITDA projected to grow by 10% annually, maintaining an EBITDA margin of approximately 29% [1] Group 2 - Sands China is identified as the top pick in the industry, with expectations that it will become the largest market share winner by 2026, increasing its share by 1.6 percentage points to 25.1%. The target price has been raised from HKD 25.5 to HKD 26.5 [1] - Wynn Macau is also highlighted, with the expansion of the Chairman's Club in the VIP gaming area expected to open in the first quarter of next year, leading to a recovery in market share. Its target price has been increased from HKD 7.2 to HKD 8.05 [1] - Other preferred gaming stocks include Galaxy Entertainment, MGM China, Melco Resorts, and SJM Holdings, with target prices set at HKD 54, HKD 20, USD 13, and HKD 2.3 respectively [1] - Las Vegas Sands is maintained as the global gaming stock of choice, with its target price raised from USD 75.5 to USD 76.75 [1]

Market Overview - Hong Kong stocks opened positively with the Hang Seng Index up by 0.9%, the National Enterprises Index up by 0.88%, and the Hang Seng Technology Index up by 1.02% [1] - The market sentiment remains cautious, with expectations that the index will continue to fluctuate between 25,200 and 26,200 points [3] Company Updates - Zijin Mining (02899) saw a rise of 3.51%, while China Hongqiao (01378) increased by 3.32%, JD Health (06618) by 3.2%, Sands China (01928) by 2.36%, and NetEase (09999) by 1.91% [1] - Conversely, Henderson Land Development (00012) fell by 1.03%, Li Ning (02331) by 0.75%, and Hansoh Pharmaceutical (03692) by 0.65% [1] Bond Issuance - Zhaojin Mining (01818) opened high at 1.97% and announced the issuance of technology innovation convertible bonds amounting to 800 million RMB, which is 53.3% of the planned issuance of up to 1.5 billion RMB. The bonds have a two-year term and a coupon rate of 2.2% [1] Shareholder Activity - Leap Motor (09863) opened up by 1.63% as the Chairman and CEO Zhu Jiangming, along with shareholder Fu Liqian, purchased a total of 2.1506 million H shares at an average price of approximately 50.51 RMB, totaling over 100 million RMB. This increases their combined holdings to 23.75% of the total issued shares [2] - Red Star Macalline (01528) opened down by 0.84% after shareholders Taobao Holdings and New Retail Fund reduced their holdings by 30.616 million H shares, representing 0.7% of the current total share capital [2]

Group 1 - Morgan Stanley forecasts that Macau's gaming revenue in Q4 is expected to grow by 17% year-on-year, with industry EBITDA projected to increase by 15%, surpassing market expectations [1] - The firm continues to favor MGM China (02282) and Galaxy Entertainment (00027) as top picks, anticipating that Q4 performance will drive upward revisions in market earnings forecasts [1] - Q4 and Q1 of the following year are expected to maintain double-digit growth in gaming revenue, supported by potential increases in dividend payouts for gaming companies [1] Group 2 - The firm predicts that Q4 EBITDA for gaming operators will grow by 15% quarter-on-quarter and 6% year-on-year, despite high operating expenses, with potential improvements in profit margins [1] - Morgan Stanley assigns a "Market Perform" rating to Galaxy Entertainment, primarily due to its lower dividend yield and higher enterprise value multiples, lowering the target price from HKD 44 to HKD 43 [1] - Sands China (01928) is striving for greater market share, and with potential for dividend doubling, it receives an "Overweight" rating, maintaining a target price of HKD 23 [1]