Core Viewpoint - The gaming stocks continue to decline, extending their downward trend for the month, with significant drops in major companies like Sands China and Wynn Macau [1] Group 1: Stock Performance - Sands China (01928) fell by 5.41%, trading at HKD 19.05 [1] - Melco International Development (00200) decreased by 4.05%, trading at HKD 4.98 [1] - Wynn Macau (01128) dropped by 3.65%, trading at HKD 6.34 [1] - MGM China (02282) declined by 3.16%, trading at HKD 14.4 [1] Group 2: Gaming Revenue Insights - Morgan Stanley reported that Macau's gaming gross revenue (GGR) for the first five days of October reached MOP 5.5 billion, with an average daily revenue of MOP 1.1 billion, marking the best performance for the Golden Week in five years [1] - Year-on-year growth was only 3%, lower than both the bank's and market expectations [1] - Visitor numbers from October 1 to 5 remained flat, further impacting GGR growth, with a 25% drop in visitors on October 5 due to a typhoon [1] - The bank projects a year-on-year GGR growth of 11% to 13% for October, estimating a total of MOP 23 billion, which would be the highest in six years [1] Group 3: Market Share Analysis - UBS noted a significant increase in Wynn Macau's market share in September, rising by approximately 200 basis points month-on-month, contributing to a quarterly increase of 150 basis points [1] - The second-highest market share increase was observed in SJM Holdings, which saw a month-on-month rise of about 50 basis points, although it still declined by 30 basis points in the third quarter [1] - Compared to market expectations, the market shares of Galaxy Entertainment and Wynn exceeded expectations, while MGM, Sands China, and SJM fell short [1]

瑞银发布研报称，永利澳门(01128)9月份博彩收入市占率环比上升约200个基点，使其第三季市占率环 比增加150个基点，为季内最大升幅。 报告指出，澳博控股(00880)9月份市占率环比上升约50个基点，但第三季度整体仍按季下跌30个基点。 大型博企在9月份似乎因季节性因素而失去市场份额，其中金沙中国(01928)及银河娱乐(00027)的市占率 分别环比下跌约100和150个基点，但第三季度整体仍分别按季上升70和40个基点。 新濠国际发展(00200)和美高梅中国(02282)9月份市占率环比持平，但第三季度分别按季下跌120和100个 基点。与第三季度市场预期相比，银河和永利的市占率高于预期，而美高梅中国、金沙中国和澳博控股 则低于预期。 ...

Core Insights - Macao is evolving into a diverse entertainment hub, similar to Las Vegas, with significant investments in non-gaming amenities [3][9][10] - Las Vegas Sands is hosting NBA games in Macao, marking the league's return after a six-year absence, which underscores Macao's growing status as an entertainment destination [4][8] - Analysts project Macao's gross gaming revenue to reach $33.3 billion by 2025, reflecting a 10% year-over-year growth [8] Investment and Development - Las Vegas Sands has invested $17 billion in Macao over 21 years to enhance its entertainment capacity [5] - The Macao government has mandated primary concessionaires to invest nearly $15 billion over the next decade, with 90% allocated to non-gaming facilities [9] - MGM's recent $7 million investment in a spa and innovative attractions aims to cater to a younger, sophisticated demographic [12][13] Visitor Demographics and Trends - Visitor numbers increased by nearly 20% in the first half of 2025, reaching 19.2 million, with significant contributions from family-oriented attractions [15][13] - The demographic of visitors has shifted post-pandemic, with younger gamblers and families seeking diverse entertainment options [11][13] Economic Impact - Macao's government collected $5.6 billion in gaming taxes in the first half of 2025, indicating a 1% growth from 2024 [17] - Despite the focus on non-gaming amenities, increased visitation correlates with higher gambling revenue, as evidenced by projections for Golden Week [15][16][20]

Core Insights - The report highlights changes in the Hong Kong Stock Connect holdings, with specific companies experiencing significant increases and decreases in ownership percentages [1][2]. Group 1: Recent Changes in Holdings - Ample increases in holdings were observed for companies such as Ample Hangseng Technology (03067), Huaxia Hangseng Technology (03088), and MGM China (02282), with increases of 0.02%, 0.02%, and 0.01% respectively [1]. - Conversely, Southern Hangseng Technology (03033), Hangseng Technology ETF (03032), and Huaxia Hangseng Biotechnology (03069) saw the largest decreases in holdings, with reductions of -0.28%, -0.20%, and -0.06% respectively [1]. Group 2: Five-Day Holding Changes - Over the last five trading days, Canggang Railway (02169), Dazhong Public Utilities (01635), and Zhongchu Innovation Navigation (03931) experienced the largest increases in holdings, with increases of 20.77%, 7.73%, and 3.41% respectively [1][2]. - In contrast, Shandong Molong (00568), Zhongchu Zhiling (00564), and Jingcheng Electromechanical (00187) faced the largest decreases, with reductions of -2.83%, -2.63%, and -2.56% respectively [2]. Group 3: Twenty-Day Holding Changes - Over a twenty-day period, Dazhong Public Utilities (01635) and Canggang Railway (02169) had the most significant increases in holdings, with increases of 34.18% and 31.47% respectively [2]. - Other notable increases included Shanhigh Holdings (00412) with 13.52% and Zhongchu Innovation Navigation (03931) with 11.37% [2].

Core Viewpoint - The report from Credit Lyonnais indicates that Macau's inbound tourist numbers during the first two days of the National Day Golden Week increased by 0.6% year-on-year to 304,000 visitors, aligning with the government's forecast of an average of 150,000 visitors per day over the 8-day holiday period [1] Group 1: Tourism and Visitor Trends - The number of inbound tourists to Macau has shown a slight increase, with a total of 304,000 visitors during the first two days of the holiday [1] - The government had predicted an average of 150,000 visitors per day for the holiday, which the current figures meet [1] - There is a noticeable increase in the number of family travelers compared to previous years [1] Group 2: Gaming Revenue Forecast - Credit Lyonnais forecasts that Macau's total gaming revenue (GGR) for October will increase by 9% year-on-year to 22.6 billion Macau Patacas [1] - There is potential for further upward movement in gaming revenue beyond the forecasted figures [1] Group 3: Company Ratings and Recommendations - The report maintains a preference for Galaxy Entertainment (00027) and MGM China (02282), with target prices set at HKD 50.3 and HKD 19.5, respectively [1] - All gaming companies, except for SJM Holdings (00880), are rated as "outperform," while SJM Holdings is rated as "hold" [1]

Group 1 - The Hang Seng Index fell by 0.61%, down 164 points, closing at 26,976 points, while the Hang Seng Tech Index dropped by 1.2% [1] - International gold prices reached a new historical high, leading to significant gains in the precious metals sector, with China Silver Group rising over 20% and Zijin Mining International increasing by over 5% [1] - Xinjiang Xinxin Mining surged over 12%, with a year-to-date increase exceeding 300%, and plans to issue A-shares [1] - Bitcoin surpassed $125,000, setting a new historical high, which positively impacted cryptocurrency-related stocks, with OK Blockchain rising over 14% and Boya Interactive increasing by over 10% [1] - Hesai Technology (Hesai-W) rose over 4%, marking the production of its one-millionth LiDAR unit by the end of September [1] - Beijing Bluebird Universe soared over 58% as its subsidiary JBD partnered with AMAT and Thunderbird Innovation to enhance AR glasses display quality [1] - Yunfeng Financial increased by over 7%, collaborating with Anthea to explore blockchain-based insurance products [1] - Dingdang Health surged by 26%, continuing to expand its innovative drug portfolio with multiple new products recently launched [1] - Shuangdeng Co. rose over 9%, driven by increased energy demand for storage solutions, being a key supplier for Alibaba's data center storage [1] Group 2 - Hua Hong Semiconductor rose over 5%, reaching a new high with an eight-day consecutive increase, as institutions noted advanced manufacturing capacity as a scarce resource [2] - Gaming stocks experienced a significant decline, with Macau's September gambling revenue growing by only 6%, falling short of expectations, and further impacted by a typhoon during the Golden Week [2] - New World Development dropped by 5.4%, while MGM China fell by 4.45% [2]

Core Viewpoint - The Hong Kong gaming stocks experienced a significant decline on October 6, with major companies reporting substantial drops in their stock prices [1] Company Summaries - New World Development (00200.HK) saw a decrease of 6.51%, trading at HKD 5.46 [1] - MGM China (02282.HK) fell by 5%, with shares priced at HKD 15.58 [1] - Sands China (01928.HK) dropped 4.42%, currently at HKD 20.34 [1] - Galaxy Entertainment (00027.HK) declined by 3.65%, with a share price of HKD 40.6 [1]

Group 1 - The core viewpoint of the article highlights a significant decline in gaming stocks, with major companies like Melco International Development, MGM China, Sands China, and Galaxy Entertainment experiencing notable drops in their stock prices [1] - In September, Macau's gross gaming revenue reached 18.289 billion MOP, reflecting a year-on-year increase of 6%. For the first nine months of the year, the total gross gaming revenue amounted to 181.341 billion MOP, up 7.1% year-on-year [1] - Morgan Stanley's report indicates that Macau's total gaming revenue for September was 18.3 billion MOP, which was below market expectations and the bank's forecast of 9% growth, primarily due to a 33-hour casino shutdown caused by Typhoon "Mekhdum" [1] Group 2 - The third quarter's gaming revenue in Macau reached 62.6 billion MOP, showing a year-on-year growth of 12.5% and a quarter-on-quarter increase of 2.4% [1] - The strong quarterly performance is expected to support the profit margins of gaming companies and lead to upward revisions in earnings forecasts [1]

Group 1 - The gaming stocks experienced a significant decline, with New World Development down 6.51% to HKD 5.46, MGM China down 5% to HKD 15.58, Sands China down 4.42% to HKD 20.34, and Galaxy Entertainment down 3.65% to HKD 40.6 [1] - In September, Macau's gross gaming revenue (GGR) was reported at MOP 18.289 billion, reflecting a year-on-year increase of 6%. For the first nine months of the year, the cumulative GGR reached MOP 181.341 billion, up 7.1% year-on-year [1] - The impact of Typhoon "Mekhdum" during the Golden Week led to a temporary suspension of casino operations for 33 hours, which contributed to the lower-than-expected revenue figures [1] Group 2 - Morgan Stanley's report indicated that Macau's total gaming revenue for September was MOP 18.3 billion, which was 6% higher year-on-year but fell short of market expectations by 9% [1] - The third quarter's total gaming revenue in Macau reached MOP 62.6 billion, marking a year-on-year increase of 12.5% and a quarter-on-quarter rise of 2.4% [1] - The strong quarterly performance is expected to support the profit margins of gaming companies and lead to upward revisions in earnings forecasts [1]

美高梅中国(02282)发布公告，该公司于2025年10月3日注销1321.44万股已回购股份。 ...