瑞银发表研报指，澳门过去7日的日均博彩收入约为6.93亿澳门元，与前7日约7亿澳门元大致持平，使 本月至今的日均博彩收入达到约7.12亿澳门元，按年增长约21%，按月上升约6%，升幅高于2015至2019 年同期平均的2%。至于即将来临的农历新年假期，该行追踪的32间酒店中，有27间显示客房已售罄， 情况与去年同期大致相若。该行维持银河娱乐及永利澳门为行业首选，目标价分别为46.9港元及8.9港 元，均予"买入"评级。 ...

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [41]. Core Insights - The report highlights a significant increase in ticket bookings for domestic and international flights during the upcoming Spring Festival travel period, with domestic flight bookings exceeding 7.54 million, a year-on-year increase of approximately 12% [5]. - The Ministry of Finance and other departments have established a special guarantee plan with a scale of 500 billion yuan to support loans for small and micro enterprises, which is expected to leverage nearly 900 billion yuan in private investment [5]. - The report suggests that the pre-holiday booking window for the Spring Festival has opened, with positive year-on-year performance in flight bookings, particularly benefiting destinations like Hainan due to increased tourist flow [5]. - The report recommends monitoring changes in booking data for transportation and hotels leading up to the Spring Festival, as well as investment opportunities arising from policies promoting service consumption [5]. Industry Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.8 billion yuan and a circulating market capitalization of 457.1 billion yuan [2]. - The industry experienced a weekly increase of 3.20%, outperforming the overall A-share market, which saw a 1.80% increase, while the CSI 300 index decreased by 0.62% [8][10]. - The report notes that the hotel and restaurant sectors showed positive performance, with hotel stocks rising by 3.69% and restaurant stocks by 3.31% during the reporting period [18]. Related Companies - Recommended companies include hotels with balanced supply and demand such as Junting Hotel, Jinjiang Hotel, and Huazhu Group, as well as human resources services like Core International and Beijing Renli [5]. - The report also highlights companies in the duty-free sector benefiting from new policies, such as China Duty Free Group and Zhuhai Duty Free Group [5]. - Other notable mentions include online and offline integrated platforms like Meituan and Alibaba, and innovative tourism companies like Three Gorges Tourism and Changbai Mountain [5].

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [41][43]. Core Insights - The report highlights a significant increase in ticket bookings for domestic and international flights during the upcoming Spring Festival travel period, with domestic flight bookings exceeding 7.54 million, a year-on-year increase of approximately 12% [5]. - The Ministry of Finance and other departments have established a special guarantee plan with a scale of 500 billion yuan to support loans for small and micro enterprises, which is expected to leverage nearly 900 billion yuan in private investment [5]. - The report suggests that the pre-holiday booking window for the Spring Festival has opened, with positive year-on-year performance in flight bookings, particularly benefiting destinations like Hainan due to increased tourist flow [5]. - The report recommends monitoring changes in booking data for transportation and hotels leading up to the Spring Festival, as well as the impact of service consumption-related policies on investment opportunities [5]. Industry Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.8 billion yuan and a circulating market capitalization of 457.1 billion yuan [2]. - The absolute performance of the industry over the past month is -7.7%, while the relative performance is -6.9% [3]. Weekly Performance - The consumer services industry experienced a weekly increase of 3.20%, outperforming the overall A-share market, which saw a rise of 1.80%, and the CSI 300 index, which declined by 0.62% [8]. - Notable performers in the sector included SF City with a 34.27% increase and Jiuhua Tourism with a 10.89% increase [5]. Important Announcements - Beijing Human Resources reported a planned reduction of 1.698 million shares by a shareholder, amounting to 313 million yuan, reducing their stake to 5.8% [31]. - Guilin Tourism expects to turn a profit in 2025 with a projected net profit of 11 million yuan, driven by a 10% increase in tourist numbers [31]. - Jinling Hotel anticipates a net profit of 55 million to 63.5 million yuan in 2025, representing a year-on-year growth of 65.37% to 90.93% [31].

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].

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]

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]

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].

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 that industry EBITDA will increase by 4% quarter-on-quarter and 13% year-on-year during this period, compared to total gaming revenue growth of 6% quarter-on-quarter and 14% year-on-year [1] - This growth is attributed to rising operating expenses and a shift in gaming revenue towards the lower-margin VIP segment [1] - Looking ahead to 2026, the overall gaming revenue is expected to rise by 8% year-on-year, with EBITDA increasing by 10%, bringing industry EBITDA and recurring free cash flow to $9.1 billion and $6.4 billion, respectively, nearing pre-COVID levels [1] Company Ratings - The firm believes that the current industry valuations remain attractive and reiterates "buy" ratings for SJM Holdings, MGM China, and Sands China [1]

Core Viewpoint - The Macau gaming industry is expected to see a total gaming revenue growth of 6% year-on-year in 2026, recovering to 90% of 2019 levels, driven primarily by the robust growth of the mass market segment, while the VIP segment is anticipated to remain under pressure with a projected decline of 6% year-on-year [1][2][4]. Revenue Projections - Total gaming revenue in Macau is projected to grow by 6% year-on-year in 2026, reaching 90% of 2019 levels, mainly due to the steady growth of the mass market segment [2][4]. - Mass market gaming revenue, including slot machines, is expected to increase by 7% year-on-year, recovering to 117% of 2019 levels [2][5]. - VIP gaming revenue is forecasted to decline by 6% year-on-year, only recovering to 30% of 2019 levels, influenced by high win rates in 2025 and conservative credit policies from operators [5][21]. EBITDA and Profitability - The EBITDA margin for the gaming sector is expected to improve by 6% to 24.9% in 2026, primarily due to the closure of satellite casinos, which will enhance profitability, although competition in the Macau Peninsula may slightly impact margins [1][24]. - The closure of satellite casinos is anticipated to lead to a marginal improvement in the overall industry EBITDA margin, with a projected increase from 23.6% in 2025 to 24.9% in 2026 [24][36]. Market Dynamics - The closure of satellite casinos is expected to reshape the competitive landscape in the Macau Peninsula, as the demand from former satellite casino customers will still exist, potentially benefiting nearby casinos [10][21]. - The mass market segment is likely to continue driving the industry, supported by diversified entertainment activities, favorable exchange rates, and a strong global capital market enhancing overseas demand [1][24]. Visitor Trends and Demand - Macau has transformed into an "activity city," hosting various large-scale entertainment events, which is expected to attract more visitors and enhance gaming demand [24][25]. - The number of overseas visitors to Macau is projected to continue increasing, driven by the wealth effect from rising capital markets in neighboring regions [26]. Regulatory Environment - The increase in royalty fees by operators, such as MGM China, may lead to concerns among investors regarding potential similar adjustments across the industry, which could pressure valuations [28][29]. - The Macau government may intervene in the industry, potentially affecting dividend distributions and operational efficiency, although these proposals have not been finalized in the latest gaming law [31][39]. Valuation Adjustments - The valuation basis for the gaming sector has been adjusted from EV/Adjusted EBITDA to EV/EBITDA to more accurately reflect operational performance amid changing royalty rates [39][34]. - The current valuation corresponds to a multiple of 9 times the expected EV/EBITDA for 2026, which is below the pre-pandemic average of 14 times [39].

Group 1 - The core viewpoint is that Galaxy Entertainment is expected to increase its market share in 2026, following a rise in net revenue and adjusted EBITDA in Q4 2025 [1] - In Q4 2025, Galaxy Entertainment recorded net revenue of HKD 12.2 billion, a year-on-year increase of 14%, with adjusted EBITDA also rising by 14% to HKD 3.3 billion [1] - The company anticipates a market share of approximately 20% for the full year of 2025, maintaining its position as the second-largest player in the industry [1] Group 2 - Macau's gaming revenue is projected to grow by 9.1% year-on-year to MOP 247.4 billion in 2025, with a significant increase of 13.8% in the second half of the year [2] - The upcoming longer Spring Festival holiday in 2026 is expected to boost travel demand from mainland citizens, benefiting Macau's tourism and gaming sectors [2] - Galaxy Entertainment is likely to attract more investor interest compared to competitors, due to increased brand fees and geopolitical considerations affecting peers [2] Group 3 - The current valuation of Galaxy Entertainment is at 10.6 times the 2026 EV/EBITDA, which is considered low compared to the pre-pandemic range of 10.0 to 14.0 times [3] - There is potential for further upward adjustment in valuation as the company's performance continues to improve [3]