Core Points - The Chief Executive of the Macao SAR, Ho Iat Seng, presented the 2026 Policy Address focusing on administrative reform, promoting diversification, optimizing livelihoods, and integrating into the national framework [1][2] Group 1: Economic Development - The main goals for the 2026 government policy include sustained economic recovery, substantial progress in economic diversification, and maintaining positive growth in local GDP [2] - The government aims to improve the business environment and enhance economic vitality, with a focus on the development of the Hengqin Cooperation Zone and further integration with Zhuhai [2][3] Group 2: Administrative and Legal Reforms - The government plans to deepen public administrative reforms to address long-standing issues, break down departmental barriers, and build a service-oriented government [3] - There will be an emphasis on "streamlining administration and delegating power," restructuring departmental functions, and enhancing e-government initiatives [3] Group 3: Social Welfare and Employment - The government aims to ensure effective employment for residents and optimize social welfare, with particular attention to vulnerable groups [2][3] - The policy will focus on improving the livelihood system and addressing practical social issues [2] Group 4: Infrastructure and Urban Development - Plans include enhancing urban infrastructure and building a smart, livable city [2] - The government will work on developing a comprehensive cultural base to promote civilizational exchange [2] Group 5: International Cooperation - The government intends to promote higher levels of openness and integrate into the national development framework, particularly through the Guangdong-Hong Kong-Macao Greater Bay Area [3][4] - There will be efforts to deepen international economic and technological exchanges and expand the international network [3]

Core Viewpoint - The Chief Executive of the Macao SAR, Ho Iat Seng, presented the 2026 Policy Address, highlighting economic growth, tourism recovery, and stable employment rates in Macao, alongside significant fiscal reserves [1][3]. Economic Performance - In the first three quarters of 2025, Macao's GDP was estimated at 301.33 billion Macao Patacas, reflecting a real year-on-year growth of 4.2% [1][3]. - The number of inbound tourists reached 29.67 million, with international visitors accounting for 1.89 million, representing increases of 14.5% and 12.4% respectively [1][3]. Employment Situation - The overall unemployment rate from July to September was 1.8%, while the unemployment rate for local residents was 2.4%, both remaining at low levels [1][3]. Fiscal Reserves - As of September 30, 2025, the fiscal reserves of the Macao SAR amounted to 658 billion Macao Patacas, with basic reserves at 167.3 billion and excess reserves at 490.7 billion [1][3]. Governance and Policy Implementation - The government emphasized the implementation of the "patriots governing Macao" principle and the importance of public administration reform to support economic diversification and social stability [4][5][6]. - The government plans to align with national development strategies and enhance cooperation in various sectors, including trade, technology, and culture [5][6]. Social Stability and Recovery Efforts - The government successfully managed the aftermath of Typhoon Hato, ensuring the safety of citizens and restoring normalcy, which received widespread support from the community [4].

Core Insights - The "MAGICMAN2" world tour concert by singer Jackson Wang in Macau attracted nearly 35,000 attendees over three shows, highlighting the city's vibrant entertainment scene [1] - Macau's concert and event industry is experiencing significant growth, with an expected 1,096 concerts and music events in 2024, representing a year-on-year increase of at least 10-20% [1] - The integration of high-quality hotel services and top-notch venue facilities is a key strength for Macau's entertainment sector, enhancing the overall experience for artists and audiences [2] Industry Overview - Macau has developed a leading network of high-standard performance venues, including the Galaxy Macau and Venetian Macao, capable of hosting events for thousands of attendees [1] - The Macau government has introduced a new outdoor performance area that can accommodate approximately 50,000 spectators, further enhancing the city's event hosting capabilities [1] - The concert economy in Macau is closely tied to the gaming industry, with major events driving foot traffic and boosting both gaming and non-gaming revenues [2][3] Economic Impact - In August, Macau's gaming revenue saw a 6% year-on-year increase, attributed to various events, including concerts, which positively influenced monthly revenue forecasts [3] - Non-gaming consumption by visitors reached MOP 37.86 billion in the first half of 2025, with concert-goers spending an average of MOP 4,161 per visit [2] - The concert economy is estimated to have a multiplier effect of 1:7 to 1:8, meaning a ticket priced at MOP 1,000 could generate MOP 7,000 to MOP 8,000 in total spending [5] Future Development - The Macau government aims to increase the non-gaming sector's contribution to GDP to about 60% by 2028, reflecting a strategic shift towards economic diversification [4] - The concert economy is seen as a vital component of Macau's efforts to develop a more diverse tourism landscape, with cultural and entertainment revenues significantly increasing since 2019 [6] - Collaboration between concert organizers and travel agencies is being promoted to enhance the integration of entertainment and tourism, aiming to attract a more diverse visitor demographic [6][7] Challenges and Opportunities - The current concert economy in Macau is still in its early stages, heavily reliant on specific tourist demographics and external production teams [7][9] - There is a need for Macau to cultivate local talent and reduce dependence on international resources to foster a sustainable and independent entertainment industry [9] - The ongoing development of the entertainment sector presents opportunities for increased internationalization and professionalization, with potential for growth in diverse content offerings [7][9]

Economic Overview - Macau's economy is experiencing strong momentum across multiple sectors, driven by efforts to boost economic growth, promote diversification, enhance livelihoods, and pursue development [1] Tourism Sector - The tourism market in Macau has shown significant recovery, with over 22 million inbound travelers in the first seven months of the year, a year-on-year increase of 14.9% [2] - Non-gaming tourist spending reached 18.25 billion MOP in the second quarter, reflecting a 4.6% increase compared to the previous year [2] - Macau has been recognized for having the highest number of five-star hotels according to Forbes Travel Guide for three consecutive years and ranked first in the "Top Ten Destinations for Chinese Tourists" by the China Tourism Academy [2] - The "Tourism+" strategy is expected to enhance the multiplier effect of the tourism industry, with upcoming events like the National Games and the International Fireworks Display further boosting tourism [2] Exhibition Sector - Macau has been awarded "Best Asian Conference Destination" by M&C Asia, highlighting its competitive advantages in hosting events [3] - In the first half of the year, there were 918 exhibition activities, a 29.3% increase year-on-year, with a focus on trade and management themes [3] - The government’s support for the "1+4" industry development strategy has positively impacted the exhibition sector, which is expected to continue growing with upcoming major events [3] Community Economy - Community events, such as the recent food market, have successfully attracted both residents and tourists, increasing sales by approximately 15% for local vendors [4] - The government has funded 21 projects that have engaged over 520,000 participants and approximately 900 businesses, aiming to stimulate local economies [4] Consumer Stimulus Initiatives - Macau will host the 15th National Games in November, and the government plans to distribute 485 million MOP in consumer vouchers from September 1 to November 30 to stimulate local consumption [5] - This initiative is expected to enhance community economic vitality and stabilize the overall economic environment in Macau [5]

Group 1 - Shanghai's leadership, including Secretary Chen Jining and Mayor Gong Zheng, welcomed Macau's Chief Executive Ho Iat Seng, emphasizing the importance of deepening cooperation between Shanghai and Macau [1] - Chen Jining highlighted Shanghai's commitment to enhancing its role as an international economic, financial, trade, shipping, and technological innovation center, aligning with national strategies [1] - The meeting aimed to strengthen communication and collaboration in various fields, including economic investment, technological innovation, and cultural education, to better serve national development [1] Group 2 - Ho Iat Seng expressed gratitude for Shanghai's support in Macau's development and emphasized Macau's efforts to diversify its economy and develop the Hengqin Guangdong-Macau Deep Cooperation Zone [2] - The visit was intended to gain insights into Shanghai's experiences in technological innovation and high-tech industry development, promoting strategic alignment and enterprise cooperation [2] - Both parties aim to achieve a "two-way rush" in collaboration, contributing to national development goals [2]

Economic Growth - Macau's GDP for Q2 2025 reached 100.38 billion MOP, showing a year-on-year growth of 5.1%, despite a 1.3% decline in Q1, resulting in a 1.8% growth for the first half of the year [1] - The tourism sector is a key driver of Macau's economic recovery, supported by various central government policies [2][3] Tourism Recovery - The number of inbound tourists to Macau exceeded 19.21 million in the first half of the year, marking a 14.9% increase year-on-year, with significant growth from Zhuhai (57.0%) and the Greater Bay Area [2] - The "Tourism+" initiative has diversified tourism offerings, attracting a younger and more family-oriented demographic [3] Cultural Integration - The successful application for UNESCO World Heritage status for Macau's historical district has enhanced cultural tourism, with events like the International Culinary City Carnival promoting local culture [4][5] - Various cultural events and festivals are continuously held, contributing to Macau's reputation as a "City of Events" and enhancing the tourism environment [6] Investment and Development - The development of the Hengqin Guangdong-Macau Deep Cooperation Zone is expected to attract more investment and talent, supporting Macau's economic diversification [7] - In the first five months of the year, the cooperation zone saw a 15.91% increase in VAT invoices, indicating strong growth in sectors like manufacturing and information services [7] Government Initiatives - The new government has outlined major projects aimed at long-term economic development, reinforcing confidence in Macau's stable growth trajectory [8]

Core Viewpoint - The event "Building Dreams Together for Development" highlighted the importance of Macau's role in economic diversification and integration into the national development framework, emphasizing its historical significance as a cultural exchange hub [1][2]. Group 1: Economic Development - Macau aims to enhance its economic diversification while improving governance efficiency to support national high-level openness and maintain social stability [1]. - The government plans to assist mainland enterprises and advanced technologies in expanding into Portuguese-speaking, Spanish-speaking, and Latin American countries, while also attracting foreign enterprises and business models to the Greater Bay Area market [1]. Group 2: International Cooperation - The China-Portuguese-speaking Countries Economic and Trade Cooperation Forum is seen as a stabilizing force amid recent international trade uncertainties, promoting predictability in economic relations [1]. - Key areas of focus include strengthening economic ties, maintaining a multilateral trade system, expanding cooperation in emerging fields, and deepening cultural exchanges to solidify mutual understanding [2]. Group 3: Cultural and Tourism Engagement - The media delegation engaged with various local organizations and visited significant cultural sites, reflecting Macau's appeal as a world tourism and leisure center [2]. - The event was part of a series of joint interviews aimed at covering all cities in the Greater Bay Area, showcasing the region's collaborative spirit [2].

Core Viewpoint - China Telecom (Macau) Limited celebrated its 20th anniversary and launched new services, signing strategic cooperation agreements with Macau Pass and Macau Airlines to support industrial upgrades [1] Group 1: Company Developments - The company has developed a comprehensive 5G network across Macau and has introduced various innovative services, including "Easy Trip" communication products for visitors and "5G Bay Area Pass" for local businesses [1][2] - The company aims to enhance digital living experiences for residents and tourists through collaborations in smart transportation and cross-border payment services [1] Group 2: Future Plans - The company plans to leverage its resource advantages to accelerate the transition to 5G-A and 6G technologies, creating an integrated information channel across land, sea, and air [2] - The focus will be on building a localized AI cloud platform and industry application scenarios to support Macau's "1+4" economic diversification strategy [2]

Core Viewpoint - The Ministry of Commerce is committed to supporting the development of Macau's exhibition industry and promoting moderate economic diversification, aligning with national development strategies under the CEPA framework [1][2]. Group 1: Support for Macau's Exhibition Industry - The exhibition industry in Macau is showing a strong recovery, with the number of exhibition activities increasing by over 30% last year [2]. - The Ministry of Commerce will continue to implement central government decisions and expand the opening of service sectors to Macau, encouraging the local industry to utilize preferential policies in the exhibition sector [2][3]. Group 2: Cooperation and Integration - There will be a deepening of cooperation between mainland China and Macau, with efforts to implement CEPA agreements and expand service trade openings [2]. - The Ministry aims to enhance Macau's role as a platform for China and Portuguese-speaking countries, promoting trade cooperation and increasing Macau's international influence and competitiveness [2]. Group 3: Regional Development Initiatives - The Ministry will support the construction of the Guangdong-Hong Kong-Macau Greater Bay Area and the Hengqin Guangdong-Macau Deep Cooperation Zone, fostering industrial collaboration between Macau and the region [2]. - Efforts will be made to effectively integrate resources for the exhibition industry, promoting cross-border cooperation between Macau and neighboring regions [3]. Group 4: Infrastructure Forum Support - The Ministry will continue to play a guiding role in the Infrastructure Forum, supporting its sustainable development [4].

Core Viewpoint - Galaxy Entertainment Group reported a solid performance for Q1 2025, driven by diverse entertainment offerings and property enhancements, despite geopolitical instability and economic slowdown [2][3][37]. Financial Performance - For Q1 2025, the group recorded a net revenue of HKD 11.2 billion, a year-on-year increase of 6% but a quarter-on-quarter decrease of 1% [15][19]. - Adjusted EBITDA for the same period was HKD 3.3 billion, up 16% year-on-year and 2% quarter-on-quarter [11][15]. - The overall gaming revenue in Macau for Q1 2025 was HKD 56 billion, slightly up year-on-year and quarter-on-quarter, recovering to 76% of 2019 levels [2][14]. Business Segments - The group's flagship property, "Galaxy Macau™," contributed significantly with a net revenue of HKD 9.1 billion, a 10% increase year-on-year [21][23]. - The adjusted EBITDA for "Galaxy Macau™" was HKD 3 billion, reflecting a 15% year-on-year increase [21][23]. - The non-gaming segment continues to play a crucial role, with various entertainment events attracting visitors, leading to a 64% year-on-year increase in visitor numbers to "Galaxy Macau™" [4][38]. Development and Expansion - The new luxury hotel, Galaxy Hotel Capella, commenced trial operations in May 2025, expected to enhance the group's market share and luxury offerings [7][39]. - Ongoing construction of the fourth phase of development focuses on non-gaming facilities, including entertainment and family-friendly amenities, set to be completed by 2027 [33][39]. - The group is exploring overseas opportunities, including potential developments in Thailand [39][40]. Market Overview - Visitor numbers to Macau reached 9.9 million in Q1 2025, an 11% increase year-on-year, with mainland Chinese visitors growing by 15% [14][37]. - The Macau government continues to promote economic diversification and support non-gaming investments, aligning with the group's strategy [3][37].