中州国际证券：港股晨報

Core Insights - The report highlights the performance of the Hong Kong stock market, with the Hang Seng Index at 26,086 points, reflecting a year-to-date increase of 30.0% despite a daily decline of 0.4% [3] - The report discusses the impact of macroeconomic factors, including the recent interest rate adjustments by the People's Bank of China and ongoing trade tensions between China and the U.S., which are expected to influence market conditions in the short to medium term [10][11] - The report provides a detailed analysis of the performance of individual stocks within the Hang Seng Index, noting significant gains for companies like SMIC and China Hongqiao, while highlighting losses for companies such as Hansoh Pharmaceutical [4][25] Market Overview - The Hang Seng Index has seen a trading volume of HKD 3,252.1 billion, with a price-to-earnings (PE) ratio of 11.9 and a price-to-book (PB) ratio of 1.22 [5] - The report notes that the H-share index and technology index also experienced declines, with the H-share index at 9,260 points, down 0.7% for the day and up 27.0% year-to-date [3][11] - The report indicates that the A-share market has shown positive performance, with the Shanghai Composite Index rising to 3,875 points, an increase of 1.7% [13] Company Performance - Galaxy Entertainment reported a year-on-year revenue increase of 8.3% to HKD 23.25 billion, with adjusted EBITDA rising 14.2% to HKD 6.87 billion, and a net profit increase of 19.4% to HKD 5.24 billion [25][26] - The report details the revenue breakdown for Galaxy Entertainment, noting a 10.7% increase in gaming operations revenue, while hotel and shopping center revenues grew by 2.5% [25] - The company's total assets are approximately HKD 94.8 billion, with total liabilities decreasing by 18.9% to HKD 14.7 billion, indicating a strong balance sheet [26] New Stock Dynamics - The report outlines upcoming IPOs, including Health 160 and Jinfang Pharmaceutical-B, with expected market interest due to their moderate fundraising sizes and potential for high demand [30][31] - The report provides insights into the pricing and expected market performance of these new listings, suggesting a favorable environment for new stock offerings [31]