2 Transaction Overview Acquisition Presentation July 12, 2024 Forward Looking Statements This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding the anticipated accretion and future rent coverage. Forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "believes," "estimates," " ...

智通财经APP获悉，中金发布研报称，对中国澳门博彩行业转向更为乐观。该行上调澳门博彩行业2025 年总博彩收入预测，预计2025年总博彩收入同比增长7%。另上调2025年EBITDA预测3%，预计2025年 EBITDA同比增长9%。 此外，估计2Q25行业EBITDA同比增长6%（环比增长6%），达到20.98亿美元。该行认为，2Q25行业 EBITDA的增长，可能是由于2Q25总博彩收入表现强劲，但再投资率上升小幅抵消了2Q25总博彩收入 的积极影响。 中金主要观点如下： 港元贬值或将提升亚洲邻国居民前往中国澳门的旅游需求 考虑到中国澳门地区的博彩产品以及配套服务质量较高，该行认为港元贬值可能会导致亚洲游客在博彩 桌上的港元消费能力有所增长，同时也会吸引更多境外游客选择中国澳门作为其出行目的地。 风险 中国澳门博彩行业恢复慢于预期；亚洲博彩市场竞争加剧。 中国澳门正逐步变为以娱乐演出为核心的旅行目的地，或有助于吸引更多游客 随着博彩公司在过去两年中逐步积累举办娱乐活动的相关经验，他们在日程和项目安排方面可以做到更 具针对性和多样化。该行认为，举办各种类型的非博彩娱乐活动可以：1）驱动客户多次前往中国澳 门 ...

Core Insights - The report highlights a potential narrowing of the decline in PPI in the second half of 2025, with June CPI showing a slight improvement to 0.1% year-on-year, compared to a previous value of -0.1% [2] - Global manufacturing PMI has rebounded above the growth line, indicating an overall recovery in manufacturing activity, particularly in developed economies [2] - The report emphasizes the importance of monitoring the performance of various sectors, particularly those expected to benefit from the "anti-involution" policies and improving economic conditions [4] Macroeconomic Overview - June CPI in China improved to 0.1% year-on-year, while PPI decreased by 3.6% year-on-year, indicating a mixed inflationary environment [2] - Global manufacturing PMI showed a notable increase, with developed markets improving while some emerging markets like Vietnam and Indonesia showed marginal declines [2] Sector Analysis Fixed Income - The report discusses the impact of "anti-involution" policies on PPI and CPI, suggesting a potential stabilization in prices, with CPI expected to rise slightly to around 0.5% by Q4 2025 [5] - The report notes that the demand side remains critical for price elasticity, with industry self-discipline and private enterprise willingness being key factors [5] Machinery and Equipment - The report indicates a recovery in excavator sales, with June sales reaching 18,800 units, a year-on-year increase of 13.3%, driven by strong export growth [8] - The growth in second-hand excavator exports is expected to stimulate domestic replacement demand, benefiting leading companies in the sector [8] Agriculture - The report highlights ongoing "anti-involution" efforts in the pig farming industry, which may lead to inventory release and improved profitability for high-quality pig farming companies [9] - The report suggests that the pig farming sector may gradually transition to a phase of high-quality competition, with recommendations for companies like Muyuan Foods and Wens Foodstuffs [9] Renewable Energy and Equipment - The report anticipates strong growth for offshore wind energy, with a significant increase in orders expected to drive performance for leading companies in the sector [19] - The report emphasizes the importance of technological advancements and capacity expansion in the offshore wind sector [19] Electronics and Chemicals - The report forecasts a substantial increase in net profit for Shengquan Group in the first half of 2025, driven by strong demand for electronic materials [20] - The report maintains a positive outlook on the company's growth trajectory, supported by favorable market conditions [20] Company-Specific Insights - Zhaojin Mining is rated as a "buy" with a target price of 23.44 HKD, driven by expected production growth and favorable gold price trends [15] - Harbin Electric is also rated as a "buy," with anticipated recovery in equipment demand across various energy sectors [15] - MGM China is highlighted for its strong performance in the non-gaming segment, benefiting from increased tourist traffic and successful entertainment events [17]

中金研究 我们对中国澳门博彩行业转向更为乐观。我们上调澳门博彩行业2025年总博彩收入预测，预计2025年总博彩收入同比增长7%， 恢复至2019年水平的 83%。其中：1）中场板块：我们预计2025年博彩收入同比增长7%，恢复至2019年水平的119%；2）贵宾板块：我们预计2025年博彩收入同比增速持 平，恢复至2019年水平的24%。 基于我们收入预测调整和再投资率上升，我们上调2025年EBITDA预测3%，预计2025年EBITDA同比增长9%，恢复至2019年水平的89%。 我们估计2Q25行业EBITDA同比增长6%（环比增长6%），达到20.98亿美元， 恢复至2Q19年水平的87%。我们认为，2Q25行业EBITDA的增长，可能 是由于2Q25总博彩收入表现强劲，但再投资率上升小幅抵消了2Q25总博彩收入的积极影响。 点击小程序查看报告原文 中国澳门正逐步变为以娱乐演出为核心的旅行目的地，或有助于吸引更多游客。 随着博彩公司在过去两年中逐步积累举办娱乐活动的相关经验，他们在 日程和项目安排方面可以做到更具针对性和多样化。我们认为，举办各种类型的非博彩娱乐活动可以：1）驱动客户多次前往中国澳门 ...

Core Viewpoint - The recent announcement by President Trump regarding potential high tariffs on copper and pharmaceuticals has led to a decline in Hong Kong's stock market, with the Hang Seng Index falling below 24,000 points, reflecting increased macroeconomic risks and impacting market sentiment [1][4]. Market Performance - The Hang Seng Index closed down 1.06% at 23,892.32 points, with a total trading volume of 233.88 billion HKD. The Hang Seng China Enterprises Index fell 1.28%, while the Hang Seng Tech Index dropped 1.76% [1]. - Major blue-chip stocks experienced significant movements, with Henderson Land Development leading the decline, down 8.64% at 25.9 HKD, while China Biologic Products rose 10.06% to 5.91 HKD [2]. Sector Analysis - The technology sector saw a collective decline, with Alibaba down nearly 4% and Tencent over 1%. The copper sector was negatively impacted by Trump's tariff threats, leading to a drop in copper-related stocks [3][6]. - The innovative drug sector performed well, with Hengrui Medicine surging 15.61% to 69.6 HKD, indicating resilience amid broader market declines [3][4]. Specific Stock Movements - Macau's gaming sector showed strong performance, with Wynn Macau up 6.33% and Melco Resorts up 2.12%, driven by robust gaming revenue growth [4][5]. - Copper stocks faced significant declines, with Luoyang Molybdenum down 4.74% and Jiangxi Copper down 3.46%, reflecting market reactions to tariff announcements [5][6]. Commodity Prices - International gold prices fell below 3,300 USD per ounce, influenced by reduced safe-haven demand amid tariff uncertainties. Analysts expect gold prices to remain volatile within a range of 3,000 to 3,500 USD per ounce [7].

截至发稿， 新濠国际发展(00200.HK)涨6.73%、 澳博控股(00880.HK)涨5.15%、 永利澳门(01128.HK)涨 4.91%、 银河娱乐(00027.HK)涨2.09%。 ...

环球市场动态 美 越 谈 判 协 议 反 映 美 国 主 要 诉 求 股 票 周一 A 股表现不佳，医药股走弱； 港股全日弱势震荡，尾盘拉升但未 能转涨；欧洲股市涨跌互现，市场 密切关注关税谈判进展；特朗普公 布最新关税，美股从历史高点回落。 外 汇 / 商 品 沙特意外上调主要品级原油价格， 周一国际油价上涨超 1%；关税风 险拖累伦敦工业金属期货齐跌，国 际金价先跌后回稳。 欧 美 市 场 | 欧美主要指数 | | | | | | 主要指数 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 收盘点位 | 1日涨跌 (%) | 120 | | | 巴西圣保罗证交所指数 | | | | | 指数 | | | 44,406.4 | (0.9) | | | | 欧元区斯托克 600 | | | | | 道琼斯 | | | | | 115 | | | 英国富时100 | | | | | | | | 6,230.0 | (0.8) | 110 | | 标普500 | | | | | | 标 ...

智通财经APP获悉，美国总统特朗普表示已经对14个国家发出新的关税政策信函，港股三大指数全天震 荡走高，恒指终结三连跌，并重新站上两万四大关。截止收盘，恒生指数涨1.09%或260.24点，报 24148.07点，全日成交额为2132.89亿港元；恒生国企指数涨1.16%，报8708.66点；恒生科技指数涨 1.84%，报5325.95点。 东方财富研究所策略团队认为，6月以来，港汇持续触及7.85"弱方兑换保证"位置，引发金管局自6月28 日累计回收港元流动性590.72亿港元，流动性边际紧缩预期，对港股短期表现形成压制。中期来看，全 球流动性充裕背景下，金管局回收港元对市场流动性冲击有限，港股和A股依然是价值洼地，维持对港 股和A股的"震荡慢牛"格局判断。 蓝筹股表现 信义光能(00968)领涨蓝筹。截至收盘，涨5.43%，报2.91港元，成交额8.39亿港元，贡献恒指1.04点。交 银证券认为，政策密集吹风，反映中央对光伏行业目前困境的重视程度进一步提高，也已深刻了解困境 成因并决心解决，后续针对性的实质性政策有望出台，光伏供给侧将迎转机。看好光伏制造龙头的困境 反转机会，首选光伏玻璃龙头信义光能等。 ...

博彩股延续涨势，金界控股涨超14%，汇彩控股涨超8%，永利澳门涨超6%，澳博控股、新濠国际发 展、美高梅中国、金沙中国跟涨。 7月8日，港股三大指数午后持续冲高，恒生科技指数收涨1.84%领先，恒生指数、国企指数分别上涨 1.09%及1.16%，恒指涨260点重回24000点上方。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 03918 | 金界控股 | 4.250 | +0.530 | 14.25% | | 01180 | 汇彩控股 | 0.930 | +0.070 | 8.14% | | 01128 | 永利澳门 | 6.320 | +0.380 | 6.40% | | 00880 | 澳博控股 | 2.910 | +0.130 | 4.68% | | 00200 | 新濠国际发展 | 5.200 | +0.230 | 4.63% | | 01680 | 澳门励骏 | 0.079 | +0.003 | 3.95% | | 02282 | 美高梅中国 | 15.080 | +0.480 | 3.29% | | 01928 ...

智通财经APP获悉，博彩股延续涨势，截至发稿，永利澳门(01128)涨4.55%，报6.21港元；澳博控股 (00880)涨2.16%，报2.84港元；金沙中国(01928)涨1.2%，报18.54港元；新濠国际发展(00200)涨1.01%， 报5.12港元。 消息面上，花旗发布研报称，根据行业消息来源，澳门7月前六天的博彩总收入可能已达到约43亿澳门 元。这意味着日均收入约7.17亿澳门元，较2025年6月(日均收入约7.02亿澳门元)高出约2%，或较2024年 7月平均水平(日均收入约6亿澳门元)激增约30%。花旗指，虽然澳门本月晚些时候将举办郭富城和林忆 莲的演唱会，但该行预计在张学友演唱会系列结束后，日均博彩收入将有所放缓。因此，该行保守地将 2025年7月的博彩收入预测从195亿澳门元上调至200亿澳门元。 摩根大通也表示，尽管张学友演唱会及夏季季节性因素对7月份的表现有所帮助，但这比6月份或5月份 博彩收入更强劲。报告指，即使假设本月余下时间博彩收入增长有所放缓，7月份的总博彩收入仍可望 取得双位数字的同比增长，并胜该行预测的高单位数增长。该行认为，澳门博彩收入已经连续三个月超 越季节性和市场预 ...