Group 1 - Douyin e-commerce's GMV growth exceeded 30% from January to October 2025, with an expected annual GMV surpassing 4 trillion yuan, approaching Pinduoduo levels [1][8] - Douyin's local life service business also saw significant growth, with a year-on-year increase of nearly 60% from January to October, and the annual GTV expected to exceed 800 billion yuan [1][8] - ByteDance's new strategy for Douyin e-commerce focuses on durable consumer goods to achieve market share breakthroughs and optimize traffic distribution mechanisms to enhance GMV [2][9] Group 2 - The Macau SAR government estimates the gross gaming revenue for 2026 to be 236 billion patacas, with a cautious outlook considering external economic uncertainties [2][11] - The government anticipates that tourism will continue to develop positively in 2026, supported by various favorable factors, despite a slight underperformance in actual gaming revenue in early 2025 [11][12] - The Macau government revised its 2025 gross gaming revenue estimate down to 228 billion patacas, reflecting a monthly revenue adjustment from 20 billion to 19 billion patacas [12]

集团应占与十六浦有关之联营公司的溢利于截至今年6月30日止六个月约为4850万港元，而于截至2024 年12月31日止年度则约为1.12亿港元。集团于该等联营公司权益的账面值于今年6月30日约为8.14亿港 元，而于去年12月31日则约为7.66亿港元。根据董事会参照现时可得之资料作出的初步评估，董事会预 期集团应占该等联营公司业绩将由终止日期起录得大幅减少。 实德环球(00487)重挫逾40%，截至发稿，跌40.35%，报0.068港元，成交额38.21万港元。 消息面上，实德环球公布，据十六浦物业发展通知并参照澳博于2025年11月20日（交易时段后）发出的 自愿性公告，澳娱综合与十六浦娱乐相互同意及订立一份终止协议，据此，该服务协议将由2025年111 月29日起提前终止。故此，十六浦娱乐将不再于十六浦娱乐场向澳娱综合提供娱乐场管理服务，十六浦 娱乐场亦将于终止日期结束营运，而澳博建议收购十六浦娱乐场一事将不会进行。尽管十六浦娱乐场结 束营运，惟集团将继续经营旅游相关业务及物业投资业务，并继续投资于十六浦项目。 ...

Investment Rating - The report maintains a positive outlook on the overseas pharmaceutical sector, particularly focusing on innovative drugs and industry chain opportunities, with an investment rating of "Overweight" [1][6]. Core Insights - Multiple policies are supporting the development of the innovative drug industry, with domestic innovative drug transactions reaching historical highs in both value and quantity. The sector's valuation has rebounded from a low point, and leading companies are achieving profitability through increased commercial sales and licensing income [6][8]. - Companies like BeiGene are experiencing significant growth, with global sales exceeding $1 billion in Q3 2025, marking a 51% year-on-year increase. The company anticipates a positive GAAP operating profit for the full year 2025, raising its revenue guidance to $5.1-5.3 billion [1][6]. - Innovent Biologics is expanding its pipeline with a dual focus on oncology and non-oncology products, expecting to achieve positive non-IFRS net profit and EBITDA in 2024, with continued growth projected for 2025 [2][6]. - The report highlights the increasing R&D investments by leading pharmaceutical companies, which are enhancing their innovative pipelines and accelerating their transformation towards innovation [3][7]. Summary by Sections Section 1: Overseas Pharmaceuticals - The report emphasizes the focus on innovative drugs and the opportunities within the industry chain for 2026, noting the historical highs in transaction amounts and numbers for domestic innovative drugs going overseas [6][8]. - BeiGene's overseas sales are highlighted, with Q3 2025 global sales surpassing $1 billion and a significant year-on-year profit turnaround [1][6]. - Innovent Biologics is noted for its strategic partnerships and expected profitability in the coming years [2][6]. Section 2: Pharma Sector - Leading companies are rapidly increasing their R&D investments, which is expected to strengthen their innovative pipelines and global competitiveness [3][7]. - Companies like Hansoh Pharmaceutical and China Biologic Products are projected to see substantial growth in their innovative product revenues, with significant contributions expected in the coming years [3][7]. Section 3: CXO Sector - The report indicates a recovery in investment and financing for innovative drugs, which is likely to drive early-stage R&D investments and boost demand [8]. - Emerging fields such as peptides and ADCs are expected to open new growth opportunities, with a recommendation to focus on companies like WuXi AppTec and WuXi Biologics [8].

花旗认为，澳博控股以17.5亿元收购凯旋门酒店，作价较预期更为合理。管理层决定不继续收购十六浦 49%权益的决策亦令人鼓舞。不过，该行仍忧虑集团短期内或面临的市场份额流失。完成收购凯旋门酒 店以及其他物业后，集团的净负债与EBITDA比率将轻易突破7倍，而截至第三季为6.5倍。该行亦预计 全年减值亏损将增加，因集团决定停止十六浦赌场营运，并将继续持有其51%权益。因应负债比率上 升，该行将目标价由2.85港元下调至2.65港元，维持"沽售"评级。 ...

Group 1: Market Overview - The Hang Seng Index closed slightly up by 4 points or 0.02%, after fluctuating throughout the day, with a high of 25,999 and a low of 25,692 [3][4] - The total market turnover was 245.136 billion, with a net inflow of 15.992 billion from northbound trading [3] - Among 88 blue-chip stocks, 55 saw an increase, while technology stocks continued to show weakness [4] Group 2: Economic Indicators - Hong Kong's inflation rate for October was reported at 1.2%, slightly higher than September's 1.1%, aligning with expectations [7] - The basic inflation rate, excluding government relief measures, remained at 1% [7] - The government indicated that overall inflation is expected to remain mild in the short term due to controlled price pressures [7] Group 3: Corporate News - Sanofi plans to spin off its subsidiary, Mandai, for independent listing on the Hong Kong Stock Exchange, aiming to enhance growth positioning for both entities [11] - Xinyi Energy announced the sale of a 51% stake in a photovoltaic power plant in Tianjin for 515 million RMB, with proceeds allocated for general operational funds [13] - Amax Holdings intends to acquire the Parisian Macao hotel for 1.75 billion HKD, with part of the funds used to repay bank loans [14]

Group 1 - The gaming stocks experienced a decline in early trading, with Sands China down 5.33% to HKD 19.2, Wynn Macau down 5.12% to HKD 6.3, MGM China down 3.67% to HKD 15.47, and Galaxy Entertainment down 3.15% to HKD 38.76 [1] - The Macau government anticipates that the tourism industry will continue to develop in 2026, estimating the total gaming gross revenue for next year to be MOP 236 billion, considering external uncertainties and economic conditions [1] - For the first ten months of this year, the gaming revenue reached MOP 2,054.27 billion, reflecting a year-on-year growth of 8% [1] Group 2 - According to a report from JPMorgan, the total gaming revenue in Macau for October was MOP 24 billion, showing a year-on-year increase of 16% and a month-on-month increase of 32%, marking the strongest performance in six years [1] - The bank projects that the growth rate may slow to 8% to 10% in November due to a tougher comparison base, but expects an acceleration in gaming revenue growth to 15% to 17% starting in December, with at least low double-digit growth anticipated in the first quarter of next year [1]

智通财经APP获悉，实德环球(00487)重挫逾40%，截至发稿，跌40.35%，报0.068港元，成交额38.21万 港元。 消息面上，实德环球公布，据十六浦物业发展通知并参照澳博于2025年11月20日（交易时段后）发出的 自愿性公告，澳娱综合与十六浦娱乐相互同意及订立一份终止协议，据此，该服务协议将由2025年111 月29日起提前终止。故此，十六浦娱乐将不再于十六浦娱乐场向澳娱综合提供娱乐场管理服务，十六浦 娱乐场亦将于终止日期结束营运，而澳博建议收购十六浦娱乐场一事将不会进行。尽管十六浦娱乐场结 束营运，惟集团将继续经营旅游相关业务及物业投资业务，并继续投资于十六浦项目。 集团应占与十六浦有关之联营公司的溢利于截至今年6月30日止六个月约为4850万港元，而于截至2024 年12月31日止年度则约为1.12亿港元。集团于该等联营公司权益的账面值于今年6月30日约为8.14亿港 元，而于去年12月31日则约为7.66亿港元。根据董事会参照现时可得之资料作出的初步评估，董事会预 期集团应占该等联营公司业绩将由终止日期起录得大幅减少。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） 儘管十六浦娛樂場結束營運，惟本集團將繼續經營旅遊相關業務及物業投資業務， 並繼續投資於十六浦項目。 本集團應佔與十六浦有關之聯營公司（「該等聯營公司」）之溢利於截至二零二五年 六月三十日止六個月約為港幣48,500,000元，而於截至二零二四年十二月三十一日 止年度則約為港幣112,000,000元。本集團於該等聯營公司權益之賬面值於二零二五 年六月三十日約為港幣814,000,000元，而於二零二四年十二月三十一日則約為港幣 765,600,000元。根據董事會參照現時可得之資料作出之初步評估，董事會預期本集 團應佔該等聯營公司業績將由終止日期起錄得大幅減少。 本公告所載資料僅根據本公司對本集團之管理賬目及本公司現時可得之資料作出 之初步審閱，而並非根據任何經本公司核數師審閱之數字或資料。 本公司將會根據聯交所證券上市規則之規定在適當時候另行發出公告，讓市場獲悉 本集團 ...

Group 1 - The acquisition involves the purchase of all issued shares of Kai Tak Development Limited for a total consideration of HKD 1.75 billion, with a face value of MOP 180,000 [1][2] - The buyer will repay a loan from Industrial and Commercial Bank of China, capped at HKD 1,749,825,243, which corresponds to the valuation of the Kai Tak hotel property [1] - The acquisition aligns with the strategic goal of integrating resources to provide long-term value and synergies for the company [2] Group 2 - The Kai Tak hotel is strategically located near the city center of Macau, enhancing its attractiveness as an asset [2] - The acquisition is expected to create operational synergies across hotel accommodation and dining services, benefiting the overall group [2] - The board believes that this acquisition will significantly contribute to the long-term development and market positioning of the company in the Macau Peninsula [2]

格隆汇11月20日丨澳博控股(00880.HK)宣布，于2025年11月20日，(i)买方(各自均为公司附属公司)；(ii) 梁安琪(作为担保人)；及(iii)卖方(各自均由梁安琪间接全资拥有)订立收购协议，据此，卖方已同意出售 且买方已同意收购目标公司凯旋门发展的全部已发行股本。 订约方已同意：(i)收购协议项下目标公司全部已发行股份之购买价将为其面值，即18万澳门元(或约 174,757港元)；及(ii)买方须于完成时安排偿还工商银行贷款，金额上限为1,749,825,243港元，该金额相 当于17.50亿港元(即凯旋门酒店物业之估值)减去股份购买价。买方于完成时应付的总金额为17.50亿港 元。 根据收购协议，于完成后至取得博监局批准期间，凯旋门娱乐不得收取任何服务费。订约方协定，凯旋 门娱乐将有权就有关服务费的到期应付金额向澳娱综合开具发票或以其他方式收取费用，惟有关权利仅 具效力至完成日期晚上23时59分止。 澳门旅游娱乐股份有限公司与其间接全资附属公司Konrad Investments Limited均已作出承诺，将就于成 员特别大会提呈有关本公告所载建议交易的决议案投赞成票。根据公司于公告日期 ...