摩通大根表示，11月零售轻微放缓，或部分由于11月底大埔宏福苑大火影响情绪。该行预计香港12月零 售销售录低至中单位数增长(意味轻微放缓)，因电子产品强劲升势或减退；12月入境旅客同比增幅轻微 放缓；大埔火灾持续影响消费情绪。不过，该行料零售消费续受股市楼市带来财富效应；及港元贬值所 支撑。该行维持对九置的建设性看法，评级"增持"，因有迹象显示非必需零售走出谷底。 九龙仓置业(01997)跌超4%，截至发稿，跌4.28%，报24.16港元，成交额2719.08万港元。 消息面上，1月2日，香港特区政府统计处发表最新的零售业销货额数字。2025年11月的零售业总销货价 值的临时估计为337亿港元，较2024年同月上升6.5%。2025年10月的零售业总销货价值的修订估计较 2024年同月上升6.9%。香港零售管理协会主席谢邱安仪预期，2026年上半年香港零售额持平，港人北 上仍然会持续，消费力不会有太大改变，未来希望吸引高消费客户，但需要时间带动。 ...

Group 1 - The core viewpoint is that the outlook for the Macau gaming industry has become more optimistic, with an upward revision of the total gaming revenue forecast for 2025, expecting a year-on-year growth of 7% [1] - The EBITDA forecast for 2025 has also been raised by 3%, with an anticipated year-on-year growth of 9% [1] - The estimated industry EBITDA for Q2 2025 is expected to grow by 6% year-on-year (6% quarter-on-quarter), reaching $2.098 billion, driven by strong total gaming revenue performance [1] Group 2 - Macau is gradually transforming into a travel destination centered around entertainment performances, which may help attract more tourists [2] - The experience gained by gaming companies in hosting entertainment events over the past two years allows for more targeted and diverse scheduling, which can drive repeat visits and attract new customers [2] Group 3 - The increase in rebate and subsidy expenditures is expected to enhance the market size of the Macau gaming industry, with a growing focus on the absolute EBITDA levels [3] - Following the opening of the Londoner Macao, Sands China increased its reinvestment rate in May 2025, which is anticipated to drive growth in gaming business volume and increase Macau's market share in the Asian gaming market [3] Group 4 - The depreciation of the Hong Kong dollar may boost tourism demand from residents of neighboring Asian countries to Macau [4] - Given the high quality of gaming products and supporting services in Macau, the depreciation is expected to enhance the spending power of Asian tourists at gaming tables and attract more overseas visitors [4]