Core Viewpoint - Macquarie is optimistic about Galaxy Entertainment (00027) due to its strong property project reserves and ample hotel room supply, with the upcoming opening of the Galaxy Hotel expected to enhance its market share in the premium mass segment [1] Company Analysis - Galaxy Entertainment is expected to benefit from the opening of the Galaxy Hotel by the end of this year, which will likely boost its market share in the high-end mass market [1] - Sands China (01928) and MGM China (02282) are recommended for investors to reassess, as both companies possess growth advantages in market share and attractive valuation levels [1] Industry Insights - 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 compared to the previous 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 anticipates that December's gaming revenue will maintain the momentum from the previous month, with a year-on-year double-digit growth expected [1] Market Share Projections - Macquarie predicts that Wynn Macau (01128) and SJM Holdings (00880) will gain 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]

Core Viewpoint - Macquarie's research report indicates that Macau's gaming revenue increased by 32% year-on-year in the past week, with improvements in the first week of this month, suggesting that major players may be re-engaging in gaming activities post the National Games [1] Group 1: Industry Insights - The report anticipates that December's gaming revenue will maintain the momentum from the previous month, projecting a double-digit year-on-year growth [1] - The strong performance in Macau's gaming sector is attributed to the re-engagement of key players in the market [1] Group 2: Company Recommendations - Macquarie expresses a positive outlook on Galaxy Entertainment, highlighting its robust property project reserves and ample hotel room supply [1] - The anticipated full operation of the Galaxy Macau's Capella Hotel by the end of this year is expected to enhance its market share in the high-end mass market [1] - Investors are encouraged to reassess Sands China and MGM China, as both companies possess advantages in market share growth and attractive valuation levels [1]

Core Insights - Multiple companies, including Tencent Holdings and China Petroleum & Chemical Corporation, conducted share buybacks on December 5, 2025, with Tencent leading in both volume and monetary value [1][2] Company Summaries - **Tencent Holdings (00700)**: Repurchased 1.046 million shares for a total of 636 million, with a year-to-date total of 85.148 million shares, representing 0.927% of total share capital [2] - **China National Offshore Oil Corporation (01919)**: Bought back 3 million shares for 41.6745 million, with a cumulative total of 6.9543 million shares, accounting for 2.415% of total share capital [2] - **Kuaishou-W (01024)**: Acquired 438,000 shares for 29.9859 million, with a year-to-date total of 682,460 shares, representing 0.159% of total share capital [2] - **Fenbi (02469)**: Conducted a buyback of 6.657 million shares for 21.0954 million, with a cumulative total of 26.657 million shares, accounting for 1.193% of total share capital [2] - **Jinxin Fertility (01951)**: Repurchased 7.722 million shares for 19.7977 million, with a total of 7.722 million shares year-to-date, representing 0.280% of total share capital [2] - **Yum China (09987)**: Engaged in two buybacks, totaling 57,000 shares for 19.1905 million, with a cumulative total of 16.2024 million shares, accounting for 4.350% of total share capital [2] - **China Feihe (06186)**: Bought back 3 million shares for 12.3 million, with a cumulative total of 208 million shares, representing 2.295% of total share capital [2] - **Haier Smart Home (06690)**: Acquired 450,000 shares for 12.1991 million, with a total of 330,000 shares year-to-date, representing 0.116% of total share capital [2] - **Vitasoy International (00345)**: Repurchased 1.302 million shares for 8.6504 million, with a cumulative total of 1.928 million shares, accounting for 1.837% of total share capital [2] - **Coolpad Group (02369)**: Conducted a buyback of 4.144 million shares for 5.5725 million, with a total of 15.048 million shares year-to-date, representing 3.925% of total share capital [2]

（原标题：国际顶尖"设计头脑"齐聚澳门 探路全球创意经济下一步） （"设计头脑风暴大会"现场。 本报记者 梁信/摄） 如今，全球各地的企业都在竞相借助人工智能升级优化自身产品与服务。但人们该如何驾驭这项新技术 呢？三星（Samsung）总裁兼首席设计官Mauro Porcini在分享中提出，下一个品牌领导力时代的核心， 取决于一个简洁的公式：人工智能x情商+人文温度，即"AI×(EI+HI)"。他表示，设计能够为依托先进计 算技术打造的产品赋予叙事性与深层意义；在自动化导致设计同质化的时代，领导者应如何塑造独树一 帜的品牌立场；同时强调，即便是以技术为核心驱动力的企业，也必须加倍重视人文关怀这个关键的维 度。 战略城市规划师、咨询机构MULTIBALL创始董事Jan Bunge在分享中，为城市设计与治理提供了全新视 角。他指出，在每座可见的城市之下，实则隐藏着一个由根系、河流、土壤、微风与微生物构成的隐性 生态系统；这些维度，与人类规划一样，深刻塑造着城市的形态与肌理。他进一步探讨了如何运用智能 工具，识别诸如调节微气候的树木、水道，以及联结城市结构的土壤等非人类主体的需求与节律。他提 出，一旦学会倾听这些细 ...

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