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——海外消费周报(20260116-20260122):海外医药:英矽智能与衡泰生物合作开发创新透脑性NLRP3抑制剂,复宏汉霖H股全流通获批准-20260123
Shenwan Hongyuan Securities· 2026-01-23 08:34
Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The report highlights significant developments in the overseas pharmaceutical sector, including the collaboration between Insilico Medicine and Heng Tai Biopharma to develop a novel NLRP3 inhibitor for central nervous system diseases [2][6]. - The report notes that MicroPort Robotics expects a revenue growth of approximately 110%-120% year-on-year for 2025, with an adjusted net loss not exceeding 240 million yuan, representing a reduction of over 50% [5][6]. - GSK has reached a final agreement to acquire RAPT Therapeutics for approximately 2.2 billion USD, focusing on a long-acting monoclonal antibody currently in clinical trials [7][8]. Summary by Sections 1. Overseas Pharmaceuticals - Insilico Medicine and Heng Tai Biopharma have entered a partnership to develop ISM8969, a novel oral NLRP3 inhibitor, with both companies holding 50% global rights [2][6]. - The Hong Kong Stock Exchange has approved the full circulation of 182,645,856 H shares for Fuhong Hanlin, representing about 33.61% of the company's total issued shares as of January 19 [2][6]. - The new drug application for TLX591-CDx, a radiopharmaceutical for prostate cancer diagnosis, has been accepted by the NMPA [2][6]. 2. Company Updates - MicroPort Robotics has reported over 180 commercial orders and more than 120 installations globally as of January 21 [5][6]. - Legend Biotech, a joint venture of Genscript Biotech, reported a trade sales net of approximately 555 million USD for the quarter ending December 31, 2025 [5][6]. - GSK's acquisition of RAPT Therapeutics includes a payment of 58.00 USD per share, with an expected upfront investment of 1.9 billion USD after cash adjustments [7][8]. 3. Market Performance - The Hang Seng Healthcare Index fell by 4.35%, underperforming the Hang Seng Index by 3.26 percentage points [4]. - The report indicates a strong performance in the overseas education sector, with GMV for Dongfang Zhenxuan reaching approximately 310 million yuan, a 42.8% increase week-on-week [15][16]. 4. Recommendations - The report suggests focusing on innovative drugs and the ongoing clinical progress of key pipelines from companies such as BeiGene, Innovent Biologics, and others [12]. - It also recommends monitoring the performance of educational companies like Dongfang Zhenxuan and China Oriental Education, which are expected to benefit from improved operational strategies and increased enrollment [16].
金沙中国有限公司(01928) - 审核委员会职权范围书

2026-01-23 08:31
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 2.1 審核委員會應由最少三名成員組成,並須全部為非執行董事。大多數成員應為 獨立非執行董事,而其中至少要有一名為具備上市規則所規定的適當專業資格 或會計或相關的財務管理專長的獨立非執行董事。 2.2 成員應由董事會委任,且可由董事會經決議案隨時撤職。審核委員會主席必須 為獨立非執行董事。審核委員會主席應由董事會指定,倘非如此,則全體審核 委員會成員應以大多數票選出主席。概無成員可在超過三家上市公司的審核委 員會服務,除非董事會決定有關同時的職務不會損害該成員有效服務審核委員 會的能力。 2.3 審核委員會可於其認為適當時成立小組委員會,並向其授予權力。 (於開曼群島註冊成立的有限公司) (股份代號:1928) 審核委員會職權範圍書 金沙中國有限公司(「本公司」)審核委員會(「審核委員會」)根據本公司董事(「董事」)會 (「董事會」)於二零零九年十月十 ...
高盛:料去年第四季澳门博彩业EBITDA按季升4% 银河娱乐升近三成
Zhi Tong Cai Jing· 2026-01-23 07:47
Core Viewpoint - Goldman Sachs reports that several Macau gaming stocks are set to announce their Q4 2025 earnings, with investors expected to focus on profit trends amid concerns over additional spending for the National Games in November and intense competition [1] Industry Summary - The firm anticipates a quarterly and year-on-year increase in industry EBITDA by 4% and 13% respectively, compared to a quarterly and year-on-year increase in total gaming revenue of 6% and 14%, driven by rising operating expenses and a shift towards lower-margin VIP gaming [1] Company Summaries - Galaxy Entertainment (00027) is expected to see its EBITDA rise by 28% quarter-on-quarter to $550 million, attributed to a higher VIP win rate [1] - MGM China (02282) is projected to have its EBITDA increase by 8% quarter-on-quarter to $328 million, due to a robust recovery in gaming revenue [1] - Sands China (01928) is forecasted to experience a 4% quarter-on-quarter EBITDA increase to $628 million, as retail revenue growth is offset by higher operating expenses and promotional costs [1] Future Outlook - For 2026, the firm expects overall gaming revenue to increase by 8% year-on-year and EBITDA to rise by 10%, leading to industry EBITDA and recurring free cash flow reaching $9.1 billion and $6.4 billion respectively, nearing pre-COVID levels [1] - The firm believes that the current industry valuations remain attractive and reiterates a "buy" rating for Galaxy Entertainment, MGM China, and Sands China [1]
高盛:料去年第四季澳门博彩业EBITDA按季升4% 银河娱乐(00027)升近三成
智通财经网· 2026-01-23 07:47
Core Viewpoint - Goldman Sachs reports that several Macau gaming stocks are set to announce their Q4 2025 earnings, with investors expected to focus on profit trends amid concerns over additional spending for the November National Games and intense competition [1] Industry Summary - The firm anticipates a quarterly and year-on-year increase in industry EBITDA by 4% and 13% respectively, compared to a quarterly and year-on-year rise in total gaming revenue of 6% and 14% [1] - The increase in operating expenses and the shift of gaming revenue towards the lower-margin VIP segment are noted as contributing factors [1] Company-Specific Insights - Galaxy Entertainment (00027) is expected to see its EBITDA rise by 28% quarter-on-quarter to $550 million, driven by a higher VIP win rate [1] - MGM China (02282) is projected to have an EBITDA increase of 8% quarter-on-quarter to $328 million, attributed to a robust recovery in gaming revenue [1] - Sands China (01928) is forecasted to experience a 4% quarter-on-quarter EBITDA increase to $628 million, as retail revenue growth is offset by higher operating expenses and promotional costs [1] Future Outlook - For 2026, the overall gaming revenue is expected to increase by 8% year-on-year, with EBITDA rising by 10%, leading to industry EBITDA and recurring free cash flow reaching $9.1 billion and $6.4 billion respectively, nearing pre-COVID levels [1] - The firm believes that the current industry valuations remain attractive and reiterates a "buy" rating for Galaxy Entertainment, MGM China, and Sands China [1]
海外消费周报(20260116-20260122):英矽智能与衡泰生物合作开发创新透脑性NLRP3抑制剂,复宏汉霖H股全流通获批准-20260123
Shenwan Hongyuan Securities· 2026-01-23 06:43
Investment Rating - The report maintains a "Positive" outlook on the overseas pharmaceutical sector, highlighting significant developments and collaborations in the industry [1]. Core Insights - The collaboration between Insilico Medicine and Heng Tai Biologics to develop an innovative brain-penetrating NLRP3 inhibitor is a key highlight, with potential applications in treating central nervous system diseases [2][7]. - The approval of full circulation for Fuhong Hanlin's H shares is noted, which involves a significant number of shares and stakeholders [2][7]. - The report emphasizes the strong revenue growth projections for companies like MicroPort Robotics and King’s Ray Biotech, with expected revenue increases of approximately 110%-120% year-on-year for 2025 [6][10]. Summary by Sections 1. Overseas Pharmaceuticals - Insilico Medicine and Heng Tai Biologics have entered a partnership to develop ISM8969, a novel oral NLRP3 inhibitor, with a 50% global rights share and potential milestone payments exceeding HKD 500 million [2][7]. - Fuhong Hanlin's H shares have received approval for full circulation, involving 182,645,856 shares, which represents about 33.61% of the company's total issued shares [2][7]. 2. Company Performance Updates - MicroPort Robotics anticipates a revenue increase of 110%-120% for 2025, with adjusted net losses expected to narrow by over 50% [6][10]. - King’s Ray Biotech's joint venture, Legend Biotech, is projected to generate approximately USD 555 million in trade sales for the quarter ending December 31, 2025 [6][10]. 3. Recent Developments in Overseas Pharmaceutical Companies - GSK has reached an agreement to acquire RAPT Therapeutics for approximately USD 2.2 billion, focusing on a long-acting IgE monoclonal antibody currently in clinical trials [3][8]. - Corvus has reported positive results from a Phase I trial of its ITK inhibitor for moderate to severe atopic dermatitis, showing good safety and efficacy [3][9]. - Eli Lilly's FRα ADC has received breakthrough therapy designation from the FDA for treating platinum-resistant ovarian cancer [3][9]. 4. Recommendations - The report suggests monitoring innovative drug companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and Fuhong Hanlin [13]. - It also highlights the importance of ongoing clinical progress in innovative pipelines for pharmaceutical companies transitioning towards innovation [13].
澳门告别卫星场 近10万人迎来加薪
2 1 Shi Ji Jing Ji Bao Dao· 2026-01-20 23:10
Core Insights - The Macau gaming industry is undergoing a significant transformation, marked by the closure of satellite casinos by the end of 2025 and a widespread salary increase for nearly 100,000 employees in early 2026, reflecting the industry's shift from decentralization to concentration [1][3][4] Salary Increase and Employee Impact - Six major integrated tourism and leisure companies in Macau announced bonus and salary increase plans, with a uniform raise of 500 MOP for employees earning 16,000 MOP or less, and approximately a 2% increase for those earning above that threshold, benefiting about 99% of frontline employees [2][3] - The total number of employees affected by this salary increase is close to 100,000, emphasizing the industry's commitment to team contributions and shared success [2][3] Closure of Satellite Casinos - The last satellite casino, the Landmarks Casino, will close on December 31, 2025, marking the end of an era for this model that has been part of Macau's gaming landscape for nearly 50 years [4][5] - The closure of satellite casinos, which involved around 5,600 local employees, is seen as a pivotal moment in the industry's transition towards a more concentrated operational model [4][5] Industry Transformation and Regulatory Changes - The new gaming regulations have reinforced the legal status of satellite casinos and provided a framework for their phased exit, indicating a shift towards a more regulated and concentrated gaming environment [5][6] - The closure of satellite casinos is viewed as a necessary step for the growth of integrated resorts, which have become the preferred model for tourism in Macau [5][6] Tourism Growth and Non-Gaming Investments - Macau's tourism sector achieved a record-breaking 40 million visitors in 2025, a 14.7% increase year-on-year, contributing to the overall recovery of the gaming industry [7][8] - Non-gaming investments and activities have increased significantly, with major companies hosting nearly 600 events in 2025, indicating a strategic shift towards diversifying revenue sources beyond gaming [9] Future Outlook and Key Performance Indicators - The upcoming three-year assessment period starting in 2026 will evaluate the performance of gaming companies in terms of their non-gaming investments, which are crucial for the industry's structural transformation [9] - The growth of international visitors and the focus on non-gaming elements are expected to be key indicators of the industry's success in adapting to new market demands [9]
大行评级|大摩:预计澳门博彩业去年末季利润率将略有下降,看好银娱和金沙中国
Ge Long Hui· 2026-01-19 07:44
Core Viewpoint - Morgan Stanley's research report indicates a slight decline in profit margins for the Macau gaming industry in Q4 2025 due to unfavorable business mix changes (higher proportion of VIP customers) and increased operating expenses [1] Industry Summary - The average adjusted property EBITDA for the industry is expected to increase by 4% quarter-on-quarter and 13% year-on-year in Q4, aligning with market expectations [1] Company Summary - Morgan Stanley is optimistic about Galaxy Entertainment and Sands China, both rated "Overweight" [1] - The rating for Melco Resorts China was downgraded to "In Line with the Market" in December due to high royalty expenses [1] - A "Underweight" rating was assigned to SJM Holdings [1]
濠赌股反弹 银河娱乐等多股涨超3% 富瑞指澳门今年开局赌收持续强劲
Ge Long Hui· 2026-01-14 03:27
Group 1 - The core viewpoint of the articles indicates a rebound in Hong Kong's gaming stocks, particularly in the Macau gaming sector, with significant increases in stock prices for companies like Melco International Development and Galaxy Entertainment [1] - According to a report by Jefferies, Macau's gaming revenue has shown strong growth, with an average daily revenue of 693 million MOP as of January 11, reflecting an 18% year-on-year increase [1] - Jefferies' industry survey suggests that Macau's gaming revenue is expected to grow by 15% to 21% year-on-year for the entire month of January [1] Group 2 - Specific stock performance includes Melco International Development rising by 3.5%, Galaxy Entertainment and Huayi Tencent Entertainment increasing by over 3%, and Sands China and Wynn Macau rising by over 2% [2] - The report highlights a shift in investor preference towards U.S. regional gaming stocks, although Jefferies maintains that the fundamentals of stocks primarily operating in Macau are superior to their peers [1] - Jefferies continues to favor Wynn and Sands in the U.S. market, as well as Galaxy Entertainment and Sands China in the Hong Kong market [1]
港股濠赌股反弹 银河娱乐等多股涨超3%
Jin Rong Jie· 2026-01-14 03:18
Group 1 - The Hong Kong gaming stocks, which have been experiencing a continuous decline, are now witnessing a rebound in the market [1] - Notable gains include SJM Holdings rising by 3.5%, while Galaxy Entertainment, Melco International Development, and MGM China all increased by over 3% [1] - Sands China and Wynn Macau saw increases of over 2%, and both Genting Hong Kong and Amax Holdings rose by 1% [1]
港股异动 | 博彩股悉数上扬 机构指2026开年澳门博彩总收入持续呈现强劲增长
Zhi Tong Cai Jing· 2026-01-14 03:04
Group 1 - The core viewpoint of the articles indicates that Macau's gaming revenue is expected to show strong growth starting in 2026, with recent data supporting this trend [1][2] - According to a report from Jefferies, Macau's gaming revenue averaged MOP 693 million per day as of January 11, reflecting an 18% year-on-year increase [1] - The industry survey suggests that January's gaming revenue could achieve a year-on-year growth of 15% to 21%, indicating a positive outlook for the sector [1] Group 2 - UBS noted that the average daily gaming revenue in Macau over the past seven days was approximately MOP 693 million, which is lower than the MOP 800 million average in the first four days of January [2] - Year-to-date, Macau's gaming revenue has reached a solid average of MOP 732 million per day, representing a year-on-year growth of about 24% and a month-on-month growth of approximately 9% [2] - This performance is significantly better than the seasonal growth of about 2% observed from 2015 to 2019 [2]