智通财经APP获悉，摩根士丹利发布研报称，金沙中国(01928)第三季度EBITDA为6.01亿美元(经持有调 整后为5.99亿美元)，符合预期。大摩表示，金沙中国2025全年市场共识EBITDA为22.72亿美元，意味着 第四季需按季增22%。该行认为第四季预期存在下行风险。评级增持，目标价21港元。 季内，公司中场博彩份额较上季增长100个基点至25.4%。高端中场(按季增11%)和基础中场(按季增7%) 的表现均优于行业整体水平(按季增2%)。然而，再投资率(占中场收入百分比)续升至24%，较上季增加 80个基点。竞争强度仍然高企。尽管业务组合有所改善(中场收入按季增9%，贵宾厅收入按季减5%)， EBITDA利润率仅与上季持平，为31.5%。 ...

Market Overview - The Hong Kong stock market saw a rebound with the Hang Seng Index rising by 0.72% to close at 25,967 points, the National Enterprises Index up 0.83% returning to 9,300 points, and the Hang Seng Technology Index increasing by 0.48% to 5,951 points [1] - Major technology stocks experienced gains, with Meituan leading at a 4.06% increase, Alibaba up 1.67%, Tencent and JD.com both up 1.5%, and Baidu rising by 1.22% [1][3] - Financial stocks also contributed to the market's rise, with Agricultural Bank of China increasing by approximately 2% to reach a new high [1] Technology Sector - Alibaba announced the pre-sale of its AI-powered smart glasses, Quark AI Glasses, priced at 4,699 RMB, set to start delivery in December [3] - The technology sector showed a mixed performance, with major players like Meituan, Alibaba, Tencent, and JD.com seeing positive movements, while Apple-related stocks remained sluggish [1][3] Energy Sector - The energy sector saw a broad increase, with notable gains in oil and gas stocks, particularly Yanchang Petroleum International rising over 6% [6] - The U.S. government imposed sanctions on Russian oil companies, which may impact global oil supply dynamics [5] Gambling Sector - The gambling sector showed strong performance, with Sands China rising over 4% and other companies like MGM China and Galaxy Entertainment also experiencing gains [8] - Sands China reported a 7.5% increase in net revenue for Q3 2025 compared to Q3 2024, with total gaming revenue in Macau expected to grow by 9% and 5% in the next two years [7] Aluminum Sector - The aluminum sector was active, with companies like China Hongqiao and Nanshan Aluminum International both rising over 4% [10] - Citic Securities noted supply constraints in the aluminum industry, particularly due to production cuts at Century Aluminum's Grundartangi smelter, which could lead to increased prices [9] Semiconductor Sector - The semiconductor sector faced declines, with stocks like Qorvo and North Sea Kangcheng dropping significantly [12] - Ansys Semiconductor China issued a statement opposing misinformation from its current management and reaffirmed compliance with Chinese regulations [11] Biopharmaceutical Sector - The biopharmaceutical sector underperformed, with stocks like Qianxin Biopharmaceutical dropping over 13% [14] - Analysts noted that the pharmaceutical index lagged behind the market due to tariff impacts and underwhelming external authorizations [13] Apple-Related Stocks - Apple-related stocks declined, with companies like FIH Mobile and Lens Technology experiencing significant drops [16] - Analyst Ming-Chi Kuo indicated that demand for iPhone Air is below expectations, leading to reduced shipments and production capacity [15] Investment Trends - Southbound funds recorded a net inflow of 5.345 billion HKD, indicating strong interest in Hong Kong stocks [19] - Goldman Sachs projected a fundamental shift in investment logic in the Chinese stock market, predicting a potential 30% increase in key indices by the end of 2027 [21]

Core Viewpoint - Despite a decline in profits as expected, Sands China (01928) reported a 2% year-on-year increase in adjusted property EBITDA for Q3, reaching $599 million, which exceeded both institutional and the bank's forecasts by 0.5% and 4% respectively [1] Financial Performance - Adjusted property EBITDA for Q3 increased by 2% year-on-year to $599 million [1] - The market share of the mid-market revenue segment increased by 1.4 percentage points quarter-on-quarter to 25.4%, marking the highest level since Q1 of the previous year [1] Capital Expenditure Guidance - Sands China lowered its total capital expenditure guidance for 2025 to 2027 by 4% to $1.25 billion, which is considered a positive surprise [1] Analyst Rating - The bank has assigned Sands China an "Outperform" rating with a target price of HKD 22 [1]

Core Insights - Sands China has reported a solid performance for the third quarter of 2025, with property EBITDA reaching $601 million, marking a 3% year-over-year increase and a 6% quarter-over-quarter increase, the first time surpassing the $600 million mark since Q1 2024 [1] - The company's new customer rebate strategy has shown early positive results, with market share estimated to have increased by 1 percentage point to 23.4% compared to the previous quarter [1] - The improvement in EBITDA occurred with only a slight decline in profit margins, indicating operational efficiency [1] Financial Performance - EBITDA for Sands China reached $601 million, exceeding the $600 million threshold for the first time since Q1 2024 [1] - Year-over-year growth of 3% and quarter-over-quarter growth of 6% in EBITDA [1] - The impact of a super typhoon at the end of September temporarily interrupted operations, suggesting that EBITDA could have exceeded $600 million without this disruption [1] Market Position - The new customer rebate strategy has contributed to an increase in market share, now estimated at 23.4% [1] - Sands China remains a preferred stock for Citigroup, with expectations of continued EBITDA recovery into Q4 of this year and next year [1] - The stock rating is "Buy" with a target price set at HKD 25.5 [1]

Market Performance - Hang Seng Index (恒指) fell by 245 points or 0.9%, closing at 25,781 points[1] - Shanghai Composite Index (滬指) decreased by 2 points or 0.07%, ending at 3,913 points[1] - S&P 500 dropped by 35 points or 0.5%, closing at 6,699 points[2] Trading Volume - Total trading volume in the Hong Kong market reached 227.54 billion HKD[1] - Shanghai Stock Exchange's trading volume was 741.5 billion CNY[1] - Shenzhen Component Index (深證成指) recorded a trading volume of 926.3 billion CNY[1] Currency and Monetary Policy - The central parity rate of RMB against USD was adjusted down by 24 points to 7.0954[1] - People's Bank of China conducted a 138.2 billion CNY reverse repo operation at a rate of 1.4%[1] - Net injection of liquidity was 94.7 billion CNY after 43.5 billion CNY reverse repos matured[1] Corporate Earnings - Sands China (金沙中國) reported a net revenue increase of 7.5% year-on-year to 1.9 billion USD for Q3[3] - China Unicom (中國聯通) posted a revenue of 292.985 billion CNY, up 1% year-on-year, with a net profit growth of 5.1%[3]

里昂发表研究报告指，金沙中国第三季经调整物业Ebitda按年增长2%至5.99亿美元，分别较彭博及该行 预测高出0.5%和4%。中场收入市场份额按季增1.4个百分点，达到25.4%，是自去年第一季以来的最高 水平。同时，金沙将2025至27年的总资本开支指引下调4%至12.5亿美元，亦属一个正面惊喜。该行予 金沙中国"跑赢大市"评级，目标价为22港元。 ...

摩根士丹利发表报告指，金沙中国第三季EBITDA为6.01亿美元(经持有调整后为5.99亿美元)，符合预 期。季内，中场博彩份额较上季增长100个基点至25.4%。高端中场(按季增11%)和基础中场(按季增7%) 的表现均优于行业整体水平(按季增2%)。尽管业务组合有所改善，EBITDA利润率仅与上季持平，为 31.5%。大摩表示，金沙中国2025全年市场共识EBITDA为22.72亿美元，意味着第四季需按季增22%。 该行认为第四季预期存在下行风险，评级"增持"，目标价为21港元。 ...

Group 1 - Sands China (01928.HK) has seen a stock price increase of over 3%, currently trading at 18.98 HKD [1] - The trading volume for Sands China reached 248 million HKD [1]

Core Viewpoint - Sands China (01928) saw a stock increase of over 3%, currently trading at HKD 18.98 with a transaction volume of HKD 248 million [1] Financial Performance - For the third quarter ending September, Sands China's parent company, Las Vegas Sands Corp., reported a net revenue increase of 7.5% year-on-year to USD 1.9 billion [1] - Net income rose by 1.5% to USD 272 million during the same period [1] - Adjusted property EBITDA increased by 2.7% to USD 601 million [1] Debt and Interest Expenses - Interest expenses, after capitalized amounts, were USD 187 million, compared to USD 179 million in the same quarter last year [1] - The weighted average debt balance stood at USD 15.94 billion, up from USD 13.87 billion in the same period last year [1]

Core Insights - Sands China (01928) shares rose over 3%, reaching HKD 18.98 with a trading volume of HKD 248 million [1] Financial Performance - Las Vegas Sands Corp., the controlling shareholder of Sands China, reported a 7.5% year-on-year increase in net revenue for Q3, totaling USD 1.9 billion [1] - Net income for the quarter increased by 1.5% to USD 272 million [1] - Adjusted property EBITDA rose by 2.7% to USD 601 million [1] Debt and Interest Expenses - Interest expenses, after capitalized amounts, were USD 187 million, compared to USD 179 million in the same quarter last year [1] - The weighted average debt balance was USD 15.94 billion, up from USD 13.87 billion in the same period last year [1]