Group 1 - Morgan Stanley raised the target price for Wynn Macau from HKD 7.1 to HKD 7.8, upgrading the rating to "Overweight" [1] - The recent decline in stock price has made the valuation more attractive, with expectations that the stock will outperform the market in the next 60 days [1] - The forecast for the company's 2025 earnings per share dividend has been increased to HKD 0.37, which is 50% higher than market expectations, with an anticipated dividend yield of 6%, the highest in the industry [1] Group 2 - During the industry's upward cycle, Morgan Stanley is optimistic about high-leverage companies, noting that Wynn Macau's net debt to EBITDA ratio (4-5 times) is expected to provide greater upside potential for the stock price [1]

智通财经APP获悉，摩根士丹利发布研报称，上调永利澳门(01128)目标价，由7.1港元升至7.8港元，因 2026年非博彩资本支出预估下调，现料年度非博彩资本支出为18亿港元，评级升至"增持"，在高端中场 业务推动下，预计集团第三季市场份额将提高。基于近期公司股价回落，令短期估值更具吸引力，该行 料公司股价将于未来60日内跑赢大市。 该行又指，在行业上升周期中，更看好高杠杆企业，而永利澳门净负债与EBITDA比率达4至5倍，其股 价上升空间应较同业更大。另外，永利澳门是其覆盖范围内首间发行2034年到期债券的企业，反映对业 务持续的信心增强。 公司公布6月及7月的经运气调整日均EBITDA达330万美元，相当于一季约3亿美元。该行将2025年每股 股息预测上调至0.37港元(料中期派息0.185港元)，较市场预期高50%，意味股息率达6%，将会是行内最 高。 ...

Group 1 - The Hong Kong gaming stocks have seen a rise, with notable increases in shares such as Melco Resorts up 5%, Galaxy Entertainment up 1.37%, and Wynn Macau up 3.57% [1] - Multiple institutions have released reports expressing optimism about the gaming industry, with Morgan Stanley predicting a continuous increase in Macau's gaming revenue from 2025 to 2027 [1] - Since the last upgrade of Macau's gaming industry forecast, Morgan Stanley has revised its predictions for the third time within three months [1] Group 2 - Wynn Macau is set to release its financial report on August 20, with expectations of revenue reaching HKD 7.246 billion for Q2 2025 and an estimated earnings per share of HKD 0.09 [1] - Golden Entertainment plans to hold a board meeting on August 25 to approve its interim results [1] - Amax Holdings is scheduled to hold a board meeting on August 28 to approve its interim results [1]

Group 1 - The core viewpoint of the article highlights the performance of Melco Resorts & Entertainment (MSC), which saw a stock increase of 2.66% to $4.73 per share, with a total market capitalization of $997 million [1] - Financial data indicates that as of June 30, 2025, Melco Resorts reported total revenue of $352 million, reflecting a year-on-year growth of 12.87%, while the net profit attributable to shareholders was -$19.718 million, showing a significant year-on-year increase of 58.93% [1] - Melco Resorts & Entertainment is described as a world-class gaming, retail, and entertainment resort located in Macau, featuring a highly differentiated non-gaming entertainment offering, including the world's first figure-eight Ferris wheel and a 4D Batman flight simulator [1] Group 2 - The resort includes approximately 1,600 luxury hotel rooms, various dining options, and around 35,000 square meters of retail space, enhancing its appeal as a comprehensive entertainment destination [1]

Market Performance - The Hang Seng Index opened 197 points lower and closed 249 points or 1% down at 25,270, with a daily trading volume up over 15% to HK$312.687 billion [1] - The Shanghai Composite Index rose 30 points or 0.8% to 3,696, with a turnover of RMB960.6 billion; the Shenzhen Component Index rose 183 points or 1.6% to 11,634, with a turnover of RMB1.28 trillion; the ChiNext Index rose 64 points or 2.6% to 2,534, with a turnover of RMB652.2 billion [2] - The Dow Jones Industrial Average rose 34 points or 0.1% to 44,946; the S&P 500 Index fell 18 points or 0.3% to 6,449; the Nasdaq Composite Index fell 87 points or 0.4% to 21,622 [2] Central Bank Operations - The People's Bank of China conducted a 7 - day reverse repurchase operation worth RMB238 billion at an unchanged rate of 1.4% on the 15th, with a net injection of RMB116 billion after RMB122 billion of reverse repurchases matured. It also carried out a 6 - month buy - out reverse repurchase operation worth RMB500 billion [2] - The central parity rate of the RMB against the US dollar was lowered by 34 points to 7.1371 [2] Corporate News - Huahong Semiconductor is planning to acquire the controlling stake of Shanghai Huili Microelectronics by issuing shares and paying cash, and is currently in contact with potential transaction parties [4] - Argo Biopharma is considering an IPO in Hong Kong, aiming to raise about US$300 million (equivalent to about HK$2.34 billion) [4] - China Shenhua plans a mid - 2025 profit distribution, with the amount not less than 75% and not more than the attributable net profit to shareholders in the first half of the year [4] - Longfor Group issued a profit warning, expecting a 45% drop in profit and a 70% drop in core profit for the six months ended June compared to last year due to the decline in the real estate industry [5] - China Hongqiao reported a 10.1% year - on - year increase in revenue to RMB81.039 billion and a 35% increase in net profit to RMB12.361 billion for the six months ended June, with no interim dividend [5] - Sands China reported a 23.7% year - on - year drop in net profit to US$413 million for the six months ended June, with an interim dividend of HK$0.25 [5] International News - US President Trump and Russian President Putin met in Alaska but did not reach a consensus on a cease - fire in Ukraine. Trump said they discussed land transfer and security guarantees in Ukraine and were close to an agreement, pending Ukraine's approval [3] - Based on the results of the meeting, Trump said he did not think it was necessary to take action regarding China's purchase of Russian oil for the time being and might reconsider in two to three weeks [3] Banking Data - In the first half of 2025, commercial banks in China achieved a cumulative net profit of RMB1.2 trillion. At the end of the second quarter of 2025, the average return on capital was 8.19% and the average return on assets was 0.63% [4]

Core Viewpoint - Goldman Sachs reports that Sands China declared an interim dividend of HKD 0.25 per share, consistent with last year's final dividend, but the payout ratio has increased to 63%. This move aligns with expectations despite being slightly lower compared to other companies, as Sands faces pressure from fluctuating market share in gaming revenue and needs to enhance promotional activities [1] Group 1 - Sands China's management has set a short-term goal to increase gaming volume, aiming for EBITDA to reach USD 2.6 billion to USD 2.7 billion [1] - Goldman Sachs anticipates that this target will be achieved by 2026 [1] - Goldman Sachs has slightly adjusted Sands China's target price from HKD 21.5 to HKD 21.6 while maintaining a "Buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for Galaxy Entertainment, highlighting the resilience of the gaming industry and the long-term growth potential of the company [6]. Core Insights - Galaxy Entertainment achieved a net revenue of HKD 12 billion in Q2 2025, representing an 8% quarter-on-quarter increase and a 10% year-on-year increase. The adjusted EBITDA was HKD 3.2 billion, with a 7% quarter-on-quarter increase but a 1% year-on-year decline. Key revenue metrics have recovered to 82%, 130%, 138%, and 31% of 2019 levels for total gross revenue, mass market revenue, slot machine revenue, and VIP turnover, respectively [6][8]. - The company has a net cash position of HKD 30.3 billion as of June 30, 2025, and announced an interim dividend of HKD 0.70 per share, with a payout ratio of 58%, up from 50% in 2024 [6][8]. Summary by Sections 1. Overseas Social Services - Galaxy Entertainment's Q2 2025 performance shows a recovery in various revenue streams, with EBITDA returning to 79% of 2019 levels. The Capella Hotel is in trial operation, with full opening expected soon. The Macau Galaxy Phase IV project is progressing, with completion expected in 2027 [6][8]. 2. Overseas Pharmaceuticals - The 2025 medical insurance directory and commercial insurance innovative drug directory preliminary review has been published, with 534 out of 718 submissions passing the initial review. The new directory includes several CAR-T products and other innovative drugs [10][12]. 3. Domestic Pharmaceutical Companies - Crystal Holdings expects a revenue of at least HKD 500 million in H1 2025, a year-on-year increase of approximately 387%. In contrast, Jinxin Reproductive expects a net loss of no more than HKD 1.09 billion due to asset impairments [11][12]. 4. Overseas Pharmaceutical Company Updates - Insmed's DPP-1 inhibitor, BRINSUPRI, has received FDA approval for treating non-cystic fibrosis bronchiectasis. Novartis's BAFF-R monoclonal antibody has met primary endpoints in two Phase III studies for treating active Sjögren's syndrome [13][14]. 5. Investment Recommendations - The report suggests focusing on innovative drugs and pharmaceutical companies with strong clinical pipelines, including companies like BeiGene, Innovent Biologics, and others [15]. 6. Market Performance - The Hang Seng Healthcare Index rose by 3.50%, outperforming the Hang Seng Index by 1.75 percentage points, indicating a positive market sentiment towards healthcare stocks [8].

格隆汇8月15日丨金沙中国有限公司(01928.HK)公告，集团于2025年上半年的净收益总额为34.9亿美 元，较2024年上半年减少1.7%。集团于2025年上半年的利润为4.13亿美元，同比减少23.7%。于2025年8 月15日，董事会议决向于2025年9月1日名列公司股东名册的股东宣派中期股息每股0.25港元(约0.032美 元)。 澳门伦敦人二期工程主要包括改建澳门喜来登大酒店为伦敦人名汇、升级博彩区，以及增加景点、餐 饮、零售及娱乐选择。澳门喜来登大酒店改建为伦敦人名汇的工程现已完成，标志着澳门首家万豪国际 豪华精选酒店。伦敦人名汇全新装修的客房及套房的建设工程已于2025年4月初完工，合共提供2,405间 客房及套房。该等项目估计总成本为12亿美元，并已于2025年第一季度大致完工。 ...

每经AI快讯，8月15日，金沙中国有限公司(01928.HK)在港交所发布中期业绩报告，上半年收入34.9亿 美元，同比减少1.7%；净利润4.13亿美元，同比减少23.7%。 ...

金沙中国有限公司(01928)公布2025年上半年业绩，经调整物业EBITDA为11亿美元，同比减少5.9%。净 收益总额为34.9亿美元，同比减少1.7%。净利4.13亿美元，同比减少23.66%;每股盈利5.1美仙，中期股 息每股0.25港元。 公告称，经调整物业EBITDA减少主要由于澳门博彩毛收入竞争加剧，导致公司整个业务的娱乐场及餐 饮收益减少。 ...