博彩股跌幅扩大，截至发稿，美高梅中国(02282)跌3.55%，报15.74港元；金沙中国(01928)跌3.67%，报 19.96港元；永利澳门(01128)跌1.6%，报6.15港元；新濠国际发展(00200)跌1.52%，报4.55港元。 花旗发表研究报告指，凭借丰富的演唱会活动、奢华的新酒店供应及新的百家乐边注玩法，相信澳门将 继续成为内地富裕旅客追求的首选旅游目的地，目前预测明年澳门博彩收入将同比增长6%，行业 EBITDA料按年增长10%，EBITDA利润率维持在约29%，按年大致持平。 消息面上，澳门特区政府此前公布，预期2026年度在各项利好因素下，澳门旅游业可望延续发展。因应 须考虑外部环境及经济形势的不确定性，并综合考量各项因素，以及建基于审慎理财的原则，估算明年 全年博彩毛收入为2,360亿澳门元。 ...

在美的洗衣机工厂、岚图汽车总装车间、蓝思科技精密制造生产线……人形机器人、协作机器人等一批硅基生命已不再是展会上的炫技——具身智能机器人 穿梭于产线，承担起柔性部署、多工序无缝流转等关键生产环节工作。 一场人机协同的技术革命发生在中国制造业车间。 越疆相关人士近期告诉北京商报记者，基于公司机器人产品在合作方生产线上的长期卓越表现，蓝思科技已承诺于2025年内向越疆采购1000台具身智能机器 人，"机器人高效安全、精度高、力控智能等综合优势，将全面提升工厂里的生产柔性与运营效率"。 2025年，被业界定义为"人形机器人量产元年"，同时也是行业全局提速之年。曾经只在科幻电影中看到的场景先是走入了日常生活的镜头：从2025蛇年春晚 到北京亦庄人形机器人半程马拉松、世界机器人大会，再到11月的全运会，人们在越来越多的镜头中看到了跑步的、打拳击的、给运动员送装备的机器人； 接着它们走出镜头，进入到工厂、后厨、家庭，以各式各样的形态成为人的助力，成为看得见摸得着的生产力。 这一年，头部机器人公司批量告别实验室demo（样例），迈入商业化落地的关键节点。真金白银的订单数据最具说服力：优必选全年累计斩获超13亿元人 形机器人 ...

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]

该行预期，第四季博彩营运商物业EBITDA将按季增长15%，同比增长6%，尽管营运开支高企，但利润 率仍有可能录得改善。大摩对银娱给予"与大市同步"评级，主要基于其股息回报率较低及企业价值倍数 较高，目标价由44港元降至43港元; 又指金沙中国(01928) 正力争更多市场份额，加上潜在股息倍增，给 予"增持"评级，目标价维持23港元。 摩根士丹利发布研报称，澳门第四季博彩收入预计同比增长17%，目前预测行业EBITDA将同比增长 15%，高于市场普遍预期。大摩继续将美高梅中国(02282)及银河娱乐(00027)列为首选，预计第四季业 绩将驱动市场盈利预测上调。目前预测第四季及明年首季博彩收入仍可录得双位数增幅，博企估值亦将 受股息潜在增加的支持。 ...

Industry Overview - 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 anticipates that Q4 and Q1 of the following year will still see double-digit growth in gaming revenue, supported by potential increases in dividends for gaming companies [1] Company Analysis - MGM China (02282) and Galaxy Entertainment (00027) are highlighted as top picks, with expectations that Q4 performance will drive upward revisions in market earnings forecasts [1] - For Galaxy Entertainment, Morgan Stanley maintains a "Market Perform" rating, primarily due to its lower dividend yield and higher enterprise value multiples, adjusting 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, with the target price remaining at HKD 23 [1] Financial Performance Expectations - The firm expects Q4 EBITDA for gaming operators' properties to grow by 15% quarter-on-quarter and by 6% year-on-year, indicating potential margin improvements despite high operating expenses [1]

Core Viewpoint - 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] Industry Summary - The forecast indicates that Q4 and Q1 of the following year will still see double-digit growth in gaming revenue, supported by potential increases in dividends for gaming companies [1] - Q4 EBITDA for gaming operators is expected to grow by 15% quarter-on-quarter and 6% year-on-year, despite high operating expenses, with potential improvements in profit margins [1] Company Summary - Morgan Stanley 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] - For Galaxy Entertainment, a "Market Perform" rating is given, primarily due to its lower dividend yield and higher enterprise value multiples, with a target price reduced 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]

美高梅中国(02282)发布公告，于2025年12月9日，该公司斥资87.02万港元回购5.25万股。 ...

格隆汇12月9日丨美高梅中国(02282.HK)公告，12月9日耗资87万港元回购5.25万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 美高梅中國控股有限公司(於開曼群島註冊成立的有限公司) 呈交日期： 2025年12月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) 02282 | | 說明 | 普通股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | ...

Core Viewpoint - Macquarie expresses optimism about Galaxy Entertainment (00027) due to its strong property project reserves and ample hotel room supply, with the upcoming full operation of the Galaxy Hotel expected to enhance its share in the premium mass market [1] Group 1: Company Insights - Galaxy Entertainment is anticipated to benefit from the opening of the Galaxy Hotel, which is expected to boost its market share in the high-end mass market [1] - Macquarie suggests investors reassess Sands China (01928) and MGM China (02282), highlighting both companies' potential for market share growth and attractive valuation levels [1] Group 2: Industry Performance - Third-party data indicates that Macau's gaming revenue increased by 32% year-on-year over the past week, with improvements in the first week of the month, suggesting a return of major players to gaming activities post-Asian Games [1] - Average daily gaming revenue in the mass market grew by 5% to 8% compared to November, while VIP room daily gaming revenue increased by 6% to 8%, with VIP win rates ranging from 2.9% to 3.2%, down from 3.2% to 3.5% in November [1] - Macquarie expects December gaming revenue to maintain the momentum from the previous month, projecting a double-digit year-on-year increase [1] Group 3: Market Share Expectations - Macquarie forecasts that Wynn Macau (01128) and SJM Holdings (00880) will capture the most market share in November, with increases of 1.5 and 1 percentage points, respectively, while Sands China and MGM China are expected to each gain 0.5 percentage points [1] - Sands China's market share has steadily rebounded over the past few months, reaching a 13-month high of 24.5% in November [1]