Core Viewpoint - UBS reports that Sands China (01928) declared a final dividend of HKD 0.5 per share for the fiscal year 2025, aligning with expectations, following an interim dividend of HKD 0.25 per share. This final dividend declaration provides visibility for the fiscal year 2026, indicating a minimum of HKD 1 per share (i.e., HKD 0.5 per half year), with potential for an increase if operating cash flow improves. The bank believes that at this level, the implied dividend yield for fiscal year 2026 is approximately 5.4%, which is attractive and should provide downside support for the stock price, with expectations of a positive market reaction [1]. Group 1 - Sands China declared a final dividend of HKD 0.5 per share for fiscal year 2025 [1] - The interim dividend of HKD 0.25 per share was previously distributed [1] - The final dividend provides visibility for a minimum of HKD 1 per share for fiscal year 2026 [1] Group 2 - Potential for dividend increase exists if operating cash flow improves [1] - Implied dividend yield for fiscal year 2026 is approximately 5.4% [1] - The attractive yield is expected to support the stock price and elicit a positive market response [1]

Market Overview - The Hong Kong stock market experienced a half-day trading session on February 16, with all three major indices opening lower but recovering. The Hang Seng Index closed up 0.52% at 26,705.94 points, with a total turnover of 849.97 billion HKD. The Hang Seng Tech Index rose 0.13%, while the Hang Seng China Enterprises Index increased by 0.42% [1] - For the year of the Snake, the Hang Seng Index has gained over 32%, the Hang Seng Tech Index has risen over 13%, and the China Enterprises Index has increased by over 23% [1] Blue Chip Performance - Zijin Mining (02899) led the blue-chip stocks, rising 4.67% to 43.52 HKD, contributing 18.71 points to the Hang Seng Index. Citigroup raised its target prices for Zijin's A-shares and H-shares by over 30% due to increased gold and lithium price forecasts and higher gold sales [2] - Other notable blue-chip performers included China Hongqiao (01378) up 3.92%, CNOOC (00883) up 3.71%, while HSBC Holdings (00005) fell 1.11% [2] Sector Highlights - The technology sector showed mixed results, with Alibaba down 0.45%, Baidu up over 1%, and Tencent up 0.19%. The storage chip sector saw significant price increases, with companies like Lianqi Technology and Zhaoyi Innovation reaching new highs [3] - The storage chip price surge is expected to improve profitability across the NAND industry, with Kioxia projecting a 50% increase in average selling prices starting Q1 2026. Morgan Stanley estimates Kioxia's adjusted gross margin will reach 66% in Q1 [3] - The large model AI sector also saw significant gains, with MINIMAX (00100) up 24.56% and Zhipu AI (02513) up 4.74%. MINIMAX launched a new flagship programming model, while Zhipu announced a price increase for its AI programming subscription [4] Commodity and Energy Stocks - The non-ferrous metals sector experienced broad gains, with Luoyang Molybdenum (03993) up 6.35%, China Nonferrous Mining (01258) up 5.55%, and Zijin Mining (02899) also contributing to the sector's performance [4] - The oil and shipping sectors remained active, with rising sentiments among shipowners due to geopolitical tensions, leading to higher freight rates [10] Recent Developments - The Hang Seng Index Company announced its quarterly review results, with companies like CATL, Luoyang Molybdenum, and Laopuhuang being added to the Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [7] - Haizhi Technology Group (02706) saw a significant rise of 29.59% on its second day of trading, attributed to its focus on AI solutions and rapid revenue growth [8] - Fubo Group (03738) also experienced an 8.22% increase, driven by the popularity of its new copyright management platform [9]

Core Viewpoint - Sands China reported a mixed financial performance for 2025, with total net revenue increasing but net profit declining, indicating challenges in the competitive environment and rising operational costs [1] Financial Performance - Total net revenue for 2025 reached $7.44 billion, representing a year-on-year increase of 5.1% [1] - Net profit was $896 million, showing a year-on-year decrease of 14.3% [1] - Adjusted property EBITDA was $2.31 billion, reflecting a slight decline of 0.7% year-on-year [1] - Earnings per share stood at 11.08 cents, with a final dividend of HK$0.50 per share, which is double the amount from the previous year [1] Cost and Competition - The company experienced increased sales and marketing costs to attract customers, alongside rising wage costs due to the competitive environment, which contributed to the overall decline in adjusted property EBITDA [1]

Core Viewpoint - Sands China (01928) experienced a low opening but saw a rise of nearly 3% during trading, closing at HKD 18.87 with a transaction volume of HKD 1.29 billion [1] Financial Performance - For the year 2025, Sands China reported total net revenue of USD 7.44 billion, an increase of 5.1% year-on-year [1] - The net profit for the company was USD 896 million, reflecting a decrease of 14.3% compared to the previous year [1] - Adjusted property EBITDA was USD 2.31 billion, showing a slight decline of 0.7% year-on-year [1] - Earnings per share stood at USD 0.1108, with a final dividend of HKD 0.50 per share, which is a 100% increase year-on-year [1] Market and Operational Insights - Despite an increase in revenue and market share in gaming gross revenue, the company faced higher sales and marketing costs to attract customers, as well as increased wage costs due to competitive pressures, leading to an overall decline in adjusted property EBITDA [1]

Major Events - Xunce (03317) has been included in the Hang Seng Index series [1] - Zhonghui Biotech-B (02627) has been included in the Hang Seng Composite Index [1] - Woan Robotics (06600) has been included in the Hang Seng Composite Index [1] - Guangdong-Hong Kong-Macau Holdings (01396) has been included in the MSCI China Small Cap Index [1] - Different Group (06090) has been included in the Hang Seng Index series [1] - Jinfang Pharmaceutical-B (02595) has been included in both the Hang Seng Index series and MSCI Index [1] - Huitongda Network (09878) has completed the acquisition of a 25% stake in Jintongling (300091.SZ), accelerating the implementation of its "integrated production and sales" strategy [1] - Yingda Real Estate (00432) has received a $400 million offer to acquire Rafflesia Investment Limited [1] Operating Performance - SF Holding (06936) reported a total revenue of 26.86 billion yuan from its express logistics, supply chain, and international businesses in January, a year-on-year increase of 2.22% [1] - Lukoil (06623) announced a total revenue of 24.513 billion yuan for the fiscal year 2024 [1] - YTO Express International (06123) issued a profit warning, expecting a net loss of approximately 145 million to 154 million HKD for the fiscal year 2025 [1] - Sands China Ltd. (01928) reported a net profit of $896 million for 2025, a year-on-year decrease of 14.3% [1] - Shanghai Fudan (01385) reported a net profit attributable to shareholders of approximately 232 million yuan for 2025, a year-on-year decrease of 59.42% [1] - Ronshine China (03301) reported a total contract sales amount of approximately 21.8 million yuan in January, a year-on-year decrease of 37.71% [1] - Greater China Financial (00431) reported a shareholder loss of 113 million HKD for 2024, a year-on-year decrease of 75.98% [1]

Group 1: Market Updates - The Hang Seng Index will increase its constituent stocks from 88 to 90, adding CATL, Luoyang Molybdenum, and Laopu Gold [1] - The Dow Jones Industrial Average rose by 48.95 points to 49,500.93, a gain of 0.1%, while the S&P 500 increased by 3.41 points to 6,836.17, a rise of 0.05%. The Nasdaq Composite fell by 50.48 points to 22,546.67, a decline of 0.22% [2] - Gold and silver futures both rose over 2%, with gold prices surpassing $5,000, closing at $5,063.80 per ounce, and silver at $77.27 per ounce [3] Group 2: Regulatory Developments - The State Administration for Market Regulation issued the "Antitrust Compliance Guidelines for Internet Platforms," aimed at clarifying the boundaries of competitive behavior for platform operators [4] - The Financial Regulatory Bureau, in conjunction with the Market Regulation Bureau and the People's Bank of China, held discussions with six travel platform companies regarding compliance in lending practices [5] - The People's Bank of China and the Financial Regulatory Bureau released a list of 21 systemically important banks, categorized into five groups based on their importance scores [6] Group 3: Industry Performance - In January, the national port equipment operating rate was 33.85%, an increase of 2.97 percentage points year-on-year, indicating strong demand in foreign trade [7] - SF Holding reported a total revenue of 26.86 billion yuan in January, a year-on-year increase of 2.22%, driven by growth in supply chain and international logistics [9] - Sands China Limited reported a net profit of $896 million for 2025, a decrease of 14.3%, while total revenue increased by 5.1% to $7.44 billion [10] Group 4: Technological Advancements - MIKRON Heart Technology announced that its new generation implantable cardioverter-defibrillator (ICD) is entering the special review process for innovative medical devices, potentially becoming the first domestically approved MRI-safe ICD [8] - The release of the national certification standard for automotive steering systems is seen as a significant step towards the mass production of steer-by-wire technology, which offers advantages such as improved cabin space and enhanced driving comfort [11]

以下文章来源于棱镜 ，作者吴遮 ----------------------------- 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 作者： 吴遮 来源： 棱镜 谢霆锋、容祖儿、陈伟霆等明星的老板杨受成，再次受到关注。 过往一段时间，这位"娱乐大亨"多次因为与明星们的互动而登上热搜，但这一次与明星、娱乐无 关，而与79公斤的黄金有关。 杨受成身上的标签很多，除了"娱乐大亨""钟表大王"之外，还有重要标签，就是"赌场老板"。 他 的赌场是位于澳门老城区的英皇宫殿，位置优越，距离澳门标志性建筑新葡京赌场只有400米的路 程。 这个赌场曾经有一个网红打卡地——"黄金大道"，这条"大道"由78块、总重量79公斤的999.9千足 纯金铺设而成，尽显"土豪气派"。 今年1月底，有游客发现，"黄金大道"里的"黄金"没了。当时，工作人员解释称是"内部装修需 要"，待装修结束后会再行展出。但是，2月4日晚间，英皇娱乐（00296.HK）的一纸公告，明确 了这些黄金的去向。 根据公告，这批黄金已经全部出售，套现了约9970万港元。要知道，英皇娱乐的总市值，也仅3亿 港币左右。 此次出售黄金事件，有着多重背景，比如 ...

智通财经APP讯，金沙中国有限公司(01928)发布公告，将于2026年6月12日派发截至2025年12月31日止 年度的末期股息每股0.5港元。 （原标题：金沙中国有限公司(01928)将于6月12日派发末期股息每股0.5港元） ...

Core Viewpoint - Sands China Ltd. (01928) announced a final dividend of HKD 0.5 per share for the year ending December 31, 2025, to be distributed on June 12, 2026 [1] Company Summary - The final dividend reflects the company's commitment to returning value to shareholders [1] - The dividend amount is set at HKD 0.5 per share, indicating a structured approach to shareholder returns [1] - The distribution date is scheduled for June 12, 2026, providing a timeline for investors [1] Industry Summary - The announcement of dividends is a common practice in the gaming and hospitality industry, reflecting financial health and profitability [1] - Such dividend distributions can influence investor sentiment and market perception of the company's stability [1] - The timing and amount of dividends are critical factors for investors in assessing the company's future performance [1]

金沙中国有限公司(01928)公布2025年业绩，净收益总额为74.4亿美元，同比增加5.1%。 净利润为8.96亿 美元，同比减少14.3%。经调整物业EBITDA为23.1亿美元，同比减少0.7%。 每股盈利11.08美仙，末期 股息每股0.50港元。 ...