Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - The geopolitical tensions persist, and concerns about inflation have led to a decline in US Treasuries. The yields of 10 - year and 2 - year US Treasuries have risen significantly, with the 2 - year yield rising more, reflecting concerns about limited Fed rate - cut space due to rising inflation expectations. The situation's uncertainty remains high, and the duration of the Holmuiz Strait's navigation restrictions is crucial [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks, with the Bloomberg Barclays Chinese - funded US dollar bond total return index falling 0.5% last week [1][3]. - In the on - shore market, the yields of 3 - year and 10 - year government bonds have risen. Factors such as improved inflation expectations, good industrial production and export performance, improved fixed investment data, and reduced expectations of future monetary policy easing have jointly promoted the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [1][4]. Summary According to Relevant Catalogs Off - shore Market - There were 3 new issuances of Chinese - funded US dollar bonds exceeding $100 million last week, totaling $1.45 billion, mainly financial bonds; about 17.5 billion RMB of off - shore RMB bonds were newly issued, also mainly financial bonds [2]. - The yields of 10 - year and 2 - year US Treasuries rose 14 and 16 basis points respectively to 4.28% and 3.72% last week, mainly due to market concerns about potential inflation problems caused by the continuous high oil price [1][2]. - Key - term US Treasuries have fully reversed all their gains this year. The yields of 10 - year and 2 - year US Treasuries have risen 11 and 24 basis points respectively compared to the end of 2025 [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks. The Bloomberg Barclays Chinese - funded US dollar bond total return index fell 0.5% last week, and the spread narrowed by 2 basis points. Among them, the high - rating index fell 0.5%, and the spread narrowed by 3 basis points; the high - yield index fell 0.4%, and the spread widened by 3 basis points [1][3]. On - shore Market - The People's Bank of China net - withdrew 10.11 billion RMB of short - term liquidity through reverse repurchase operations last week, and inter - bank funding rates rebounded. The weighted average interest rates of 7 - day deposit - type institutional pledged repurchase and 7 - day inter - bank pledged repurchase rose 5 and 1 basis points respectively to 1.46% and 1.50% [4]. - The yields of 3 - year and 10 - year government bonds rose 1 and 3 basis points respectively to 1.37% and 1.81% last week [4]. - February's inflation data showed improved price pressure, and the continuous geopolitical tensions pushed up oil prices, improving market expectations of subsequent inflation. The macro data from January to February showed good industrial production and export performance, improved fixed investment data, and although retail data was still weak, it was better than market expectations. Coupled with the guidance of the People's Bank of China, market expectations of future monetary policy easing have weakened, jointly promoting the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [4]. Recent Newly Issued Chinese - funded US Dollar Bonds - Beijing Construction Engineering (Hong Kong) Co., Ltd. issued bonds with a coupon rate of 4.10%, an issue amount of $300 million, and a maturity date of March 19, 2029 [5]. Appendix: List of Chinese - funded US Dollar Bonds - The appendix provides a detailed list of various Chinese - funded US dollar bonds, including information such as the issuer, guarantor, coupon rate, issue amount, maturity date, and ratings from Moody's, S&P, and Fitch [17][19][21].

Group 1 - The gaming stocks have declined across the board, with notable drops including Melco International Development down 6.02% to HKD 3.75, Sands China down 5.48% to HKD 16.73, MGM China down 4.84% to HKD 11.8, and Galaxy Entertainment down 4.42% to HKD 36.36 [1] - Morgan Stanley reported that after incorporating February data, the total gaming revenue (GGR) for the first two months of the year increased by 14% year-on-year, recovering to 86% of pre-pandemic levels, consistent with strong growth momentum from the second half of last year [1] - UBS maintains a positive outlook on the Macau gaming industry, citing solid demand year-to-date, which strengthens confidence in sustainable growth for gaming revenue this year, forecasting a 5% year-on-year increase in GGR, with growth concentrated in the first half at approximately 8%, while the second half is expected to slow to about 3% [1]

Group 1 - The gaming stocks have declined across the board, with New World Development down 6.02% to HKD 3.75, Sands China down 5.48% to HKD 16.73, MGM China down 4.84% to HKD 11.8, and Galaxy Entertainment down 4.42% to HKD 36.36 [1] - Morgan Stanley reported that after including February data, the total gaming revenue (GGR) for the first two months of the year increased by 14% year-on-year, recovering to 86% of pre-pandemic levels, consistent with strong growth momentum from the second half of last year [1] - UBS maintains a positive outlook on the Macau gaming industry, citing solid demand year-to-date, which strengthens confidence in the sustainability of gaming revenue growth for the year [1] Group 2 - UBS forecasts a 5% year-on-year growth in GGR for the year, with growth concentrated in the first half at approximately 8%, while the growth rate for the second half is expected to slow to about 3% [1] - Morgan Stanley suggests that the GGR performance in March will not catalyze stock prices as investor focus has shifted to profit margins and EBITDA growth, despite observing initial signs of quarterly improvement [1]

Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector's performance compared to the overall market [5][10]. Core Insights - The report highlights significant developments in the pharmaceutical sector, including a licensing agreement between China National Pharmaceutical Group (Sinopharm) and Sanofi for the JAK/ROCK inhibitor, and the approval of a new indication for Innovent Biologics' BTK inhibitor in China [1][2]. - Performance forecasts for companies such as Crystal Holding and He Yu indicate substantial revenue growth, with Crystal Holding expected to achieve at least 780 million RMB in revenue for 2025, representing a year-on-year increase of approximately 193% [6][7]. Summary by Sections 1. Overseas Pharmaceuticals - Sinopharm and Sanofi have entered into an exclusive licensing agreement for the global development, production, and commercialization of the JAK/ROCK inhibitor, with potential milestone payments totaling up to 1.395 billion USD [2][7]. - Innovent Biologics' BTK inhibitor, Jiepalit (Pirtobrutinib), has received NMPA approval for a new indication in adult patients with chronic lymphocytic leukemia (CLL) who have previously undergone systemic treatment [2][7]. - Roche's BTK inhibitor Fenebrutinib has successfully met primary endpoints in a Phase III trial for relapsing multiple sclerosis, potentially becoming the first effective oral treatment for both relapsing and primary progressive forms of the disease [3][8]. 2. Performance Updates - Crystal Holding anticipates a revenue of no less than 780 million RMB in 2025, with a net profit of at least 100 million RMB, marking a turnaround from losses [6][7]. - He Yu expects to achieve 612 million RMB in revenue for 2025, reflecting a 21% year-on-year growth, with net profit projected at 55 million RMB, a 95% increase [6][7]. 3. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and others [10]. - It also highlights the importance of monitoring clinical progress in key pipelines for companies transitioning towards innovation [10].

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 金沙中國有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2026年3月4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) | 01928 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 16,000,000,000 | USD | | 0.01 | USD | | 160,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 16,000,000,000 | USD | | 0.01 | USD | ...

Core Viewpoint - Morgan Stanley's report indicates that Macau's gaming revenue (GGR) in February increased by 4% year-on-year to MOP 20.6 billion, with an average daily revenue of MOP 737 million, surpassing market and the bank's expectations [1] Group 1: Revenue Performance - The last week of February saw a significant increase in daily revenue to approximately MOP 1 billion, driven by strong demand from high-end customers, contrasting with the relatively subdued performance during the Lunar New Year holiday [1] - For the first two months of the year, GGR has grown by 14% year-on-year, recovering to 86% of pre-pandemic levels, consistent with the strong growth observed in the second half of the previous year [1] Group 2: Market Outlook - The bank believes that the GGR performance in March will not catalyze stock prices in the industry, as investor focus has shifted towards profit margins and EBITDA growth [1] - Initial signs of quarterly improvement have been observed, but the bank advises maintaining selectivity in investment choices [1] Group 3: Company Ratings and Targets - The bank is most optimistic about Galaxy Entertainment (00027), with a target price of HKD 52; followed by Sands China (01928) and MGM China (02282), with target prices of HKD 22 and HKD 18 respectively [1] - Wynn Macau (01128) has a target price of HKD 8, all these stocks are rated as "Buy" [1] - SJM Holdings (00880) and Melco International Development (00200) are rated as "Sell," with target prices of HKD 2 and HKD 3.5 respectively [1]

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） 董事名單 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。 及彼等的角色與職務 金沙中國有限公司（「本公司」）的董事會（「董事會」）的成員載列如下： 韋狄龍 公司秘書 執行董事： 王英偉， 行政副主席 鄭君諾， 行政總裁兼總裁 非執行董事： Patrick Sydney Dumont， 董事會主席 Charles Daniel Forman 獨立非執行董事： 張昀 Victor Patrick Hoog Antink Steven Zygmunt Strasser 鍾嘉年 鍾潔儀 1 董事會成立了五個委員會，分別為審核委員會、薪酬委員會、提名委員會、金沙中國資 本開支委員會（「資本開支委員會」）及環境、社會及管治委員會（「環境、社會及管治委員 會」）。下表分別載列五個委員會的成員及組成詳情。 | | | | | 資本開支 | 環境、 社會及管治 ...

Group 1 - The core viewpoint of the article indicates a collective decline in Hong Kong gaming stocks, with specific companies like Melco International Development dropping nearly 5% and Galaxy Entertainment nearly 4% [1] - UBS's research report highlights that the average daily gaming revenue in Macau during the Chinese New Year holiday (February 16 to 22) was approximately 786 million MOP, which is below market expectations of around 900 million to 950 million MOP [1] - Due to weaker-than-expected trends before the Lunar New Year, Citigroup has revised its February gaming revenue forecast from 20 billion MOP to 19.5 billion MOP, representing a year-on-year decline of 1% [1] Group 2 - Citigroup's revised forecast implies an average daily gaming revenue of about 867 million MOP for the remainder of the month, while the total gaming revenue forecast for January and February combined (excluding the differing Lunar New Year dates) is now set at 42.1 billion MOP, reflecting an 11% year-on-year growth [1] - JPMorgan notes that the gaming revenue in Macau for February is mixed, leading to slight adjustments in their monthly predictions [1] - The stock performance of major gaming companies is as follows: Melco International Development at 4.380 (-4.78%), Galaxy Entertainment at 41.640 (-3.79%), Sands China at 17.570 (-1.95%), Wynn Macau at 5.770 (-1.20%), and MGM China at 12.770 (-0.70%) [1]

消息面上，瑞银最新报告显示，根据其渠道调查显示，春节假期期间，澳门日均赌收约为7.86亿澳门 元，低于市场预测每日约9亿至9.5亿澳门元。虽然初期需求疲软，但最后三天的成交额增速加快，每日 达到12亿至13亿澳门元，按年上升约10%至15%，令本月至今的日均赌收约为6.5亿澳门元，但仍按年下 跌约8%，按月下跌约11%。 智通财经APP获悉，博彩股继续走低，截至发稿，新濠国际发展(00200)跌4.35%，报4.4港元；银河娱乐 (00027)跌4.02%，报41.54港元；金沙中国(01928)跌2.23%，报17.52港元；永利澳门(01128)跌1.37%，报 5.76港元。 小摩则表示，鉴于农历新年表现好坏参半，该行微调2月博彩总收益预测至按年持平至增长2%(此前预 测增长2%至5%)。撇除季节性及日历因素后，料2026年首两个月博彩总收益增长12%至13%(此前预测增 长13%至14%)，与该行及市场的行业预测一致。 ...

Core Viewpoint - Morgan Stanley expresses concerns over the profitability pressure from promotional activities in Macau casinos, despite a moderate performance during the Lunar New Year and ongoing hopes for a spring effect in the casino sector [1] Group 1: Industry Performance - Macau's gaming revenue is performing better than other Chinese consumer stocks, with no risks related to artificial intelligence [1] - Total gaming revenue is expected to see low single-digit growth year-on-year this month, with a projected 13% year-on-year growth for the first two months of the year [1] Group 2: Visitor Trends - Strong growth in the number of visitors to Macau is noted, but there is a decline in per capita spending [1] - There is a bottleneck in hotel room supply, which may impact overall visitor experience [1] - The average age of gamblers is decreasing over time [1] Group 3: Company Preferences - Morgan Stanley favors Galaxy Entertainment (00027) as an industry representative and Sands China (01928) for its high dividends [1] - Wynn Macau (01128) and Melco Resorts (MLCO.US) are considered undervalued, while SJM Holdings (00880) may experience significant EBITDA fluctuations by 2026 [1]