Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric, Anta Sports, China Duty Free, and others [1]. Core Insights - The report highlights that domestic and overseas consumer subsectors are not showing synchronized movements, with internal factors driving stock performance [4][10]. - The performance of various sectors is analyzed, indicating that the U.S. hotel sector has outperformed others, while luxury goods and overseas cosmetics have seen significant declines [10][13]. Sector Performance Summary - **U.S. Hotels**: The sector saw a weekly increase of 7.9%, driven by strong performance from Marriott and Hilton, with Marriott's RevPAR growth meeting market expectations [5][13]. - **Pet Sector**: Increased by 1.1%, with leading brands showing significant growth in GMV despite overall sales being weak [5][13]. - **Gambling Sector**: Rose by 0.7%, with Macau's GGR exceeding expectations, indicating strong future performance [5][13]. - **Retail Sector**: Experienced a slight decline of 0.3%, with China Duty Free benefiting from new tax policies [7][13]. - **Snack Sector**: Fell by 1.9%, with competitive pressures affecting performance [7][13]. - **Gold and Jewelry Sector**: Decreased by 2.5% due to tax reforms impacting profitability [7][13]. - **Overseas Sportswear**: Dropped by 2.8%, facing tariff pressures and concerns over U.S. consumer spending [7][13]. - **Luxury Goods**: Declined by 3.0%, with concerns over upcoming earnings reports affecting stock prices [7][13]. - **Domestic Cosmetics**: Fell by 3.4%, with overall performance weaker than international brands [7][13]. - **Overseas Cosmetics**: Experienced a significant drop of 11.6%, primarily due to ELF Beauty's disappointing earnings [7][13]. Valuation Analysis - Most sectors are valued below their average over the past five years, with specific PE ratios indicating potential undervaluation [8][14]. - **Overseas Sportswear**: Expected PE of 28.6, 54% of the past five-year average [14]. - **Domestic Sportswear**: Expected PE of 14.1, 74% of the past five-year average [14]. - **Gold and Jewelry**: Expected PE of 22.1, 42% of the past five-year average [14]. - **Luxury Goods**: Expected PE of 25.6, 46% of the past five-year average [14]. - **Gambling**: Expected PE of 29.1, 47% of the past five-year average [14]. - **Overseas Cosmetics**: Expected PE of 35.5, 53% of the past five-year average [14]. - **Domestic Cosmetics**: Expected PE of 27.9, 52% of the past five-year average [14]. - **Pet Sector**: Expected PE of 40.3, 55% of the past five-year average [14]. - **Snack Sector**: Expected PE of 26.8, 65% of the past five-year average [14]. - **Retail Sector**: Expected PE of 28.6, 53% of the past five-year average [14]. - **U.S. Hotels**: Expected PE of 31.4, 19% of the past five-year average [14]. - **Credit Card Sector**: Expected PE of 28.9, 55% of the past five-year average [14].

Core Viewpoint - The company reported Q3 2025 operating performance with revenue of HKD 12.2 billion, a year-on-year increase of 14% [1] - Adjusted EBITDA reached HKD 3.3 billion, also up 14% year-on-year [1] - The company hosted approximately 260 entertainment, sports, arts, and cultural events in the first three quarters, with plans for significant performances and sports projects in Q4 2025 [1][3] Financial Performance - Q3 2025 revenue was HKD 12.2 billion, a 14% increase year-on-year [1] - Adjusted EBITDA for Q3 2025 was HKD 3.3 billion, reflecting a 14% year-on-year growth [1] - The overall net gaming revenue for Q3 2025 was HKD 9.707 billion, recovering to 91.6% of the 2019 level, with a quarter-on-quarter increase of 4.9 percentage points [2] Business Recovery - The company's mass gaming segment showed a recovery rate of 129.3%, with an 8.0 percentage point increase quarter-on-quarter [2] - The mass gaming revenue for Galaxy Macau in Q3 2025 recovered to 108.3% of the 2019 level, with a quarter-on-quarter increase of 3.4% [2] - The company continues to enhance its non-gaming offerings, supporting Macau's goal of becoming a "City of Entertainment" [2][3] Investment and Future Outlook - The company maintains a strong balance sheet with total cash and liquid investments of HKD 36.8 billion and net cash of HKD 34.8 billion [3] - Significant investments in technology have been made, including electronic gaming tables and data analytics capabilities [3] - Upcoming luxury projects, including the Galaxy Macau's ultra-luxury offerings, are expected to attract customers and enhance revenue streams [3]

Core Viewpoint - MGM China has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and confidence in its stock performance [2][3]. Share Buyback Summary - On November 11, MGM China repurchased 264,700 shares at a price range of HKD 15.990 to HKD 16.120, totaling HKD 4.2516 million. The stock closed at HKD 16.130, up 0.12% with a total trading volume of HKD 95.2942 million [2]. - Since November 5, the company has conducted share buybacks for five consecutive days, acquiring a total of 1.5231 million shares for a cumulative amount of HKD 24.2196 million, during which the stock price increased by 4.88% [2]. - Year-to-date, MGM China has executed 34 buybacks, totaling 28.7397 million shares and an aggregate buyback amount of HKD 449 million [3]. Detailed Buyback Data - The buyback details for November 11 include: - Shares repurchased: 26.47 million - Highest price: HKD 16.120 - Lowest price: HKD 15.990 - Total amount: HKD 425.16 million [3]. - The buyback activity from November 5 to November 10 shows: - November 10: 39.20 million shares at a maximum price of HKD 15.960 and a total amount of HKD 624.30 million - November 7: 40.00 million shares at a maximum price of HKD 15.920 and a total amount of HKD 632.76 million - November 6: 40.00 million shares at a maximum price of HKD 15.990 and a total amount of HKD 637.01 million - November 5: 6.64 million shares at a maximum price of HKD 15.500 and a total amount of HKD 102.73 million [3][4].

智通财经APP讯，美高梅中国(02282)发布公告，于2025年11月11日，该公司斥资425.16万港元回购26.47 万股。 ...

Core Insights - The total number of inbound and outbound trips in Macau has surpassed 200 million as of November 9, 2023, setting a new record for the fastest achievement of this milestone, 29 days earlier than last year [1] - The average daily crossings in Macau have reached 640,000, reflecting a year-on-year increase of 9.8% [1] Group 1: Traffic Growth - The increase in traffic is attributed to the support of national policies and various facilitation measures for border crossings [1] - Macau has seen multiple record-breaking single-day crossings, including 142,000 at the Hong Kong-Zhuhai-Macau Bridge on February 1, and 837,000 on May 2 across all ports [1] - The Hengqin port also recorded a single-day crossing of 128,000, marking a new high [1]

Group 1 - On November 10, four Hong Kong stocks were repurchased by their companies, with MGM China, LianLian Digital, and International Home Retail having the largest repurchase amounts of HKD 6.243 million, HKD 2.7071 million, and HKD 0.1184 million respectively [1] - As of November 10, a total of 244 Hong Kong stocks have been repurchased this year, with 58 stocks having a cumulative repurchase amount exceeding HKD 100 million [1] - The companies with the largest cumulative repurchase amounts this year are Tencent Holdings, HSBC Holdings, and AIA Group, with repurchase amounts of HKD 60.965 billion, HKD 30.257 billion, and HKD 17.693 billion respectively [1]

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 或任何部份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。 – 1 – 茲 提 述 本 公 司 日 期 為 二 零 二 五 年 六 月 二 十 七 日 及 二 零 二 五 年 八 月 十 一 日 之 公 告 （ 統稱「該等公告」），內容有關（ 其中包括 ）有關暫停買賣及復牌指引。除另有界定 者外，本公告所用詞彙與該等公告所界定者具有相同涵義。 根據上市規則第13.24A條，董事會謹此向股東和其他投資者匯報截至本公告日期 本公司的下列最新發展及履行復牌指引的進展如下： (a) 不發表意見 茲提述本公司日期為二零二五年九月四日的公告，內容有關（ 其中包括 ）委任 國富浩華（ 香港 ）會計師事務所有限公司為本公司核數師，自二零二五年九月 三十日起生效。 （於百慕達註冊成立之有限公司） （股份代號：959） 復牌進度之季度更新； 及繼續暫停買賣 本公告由世紀娛樂國際控股有限公司（「本公司」，連同其附屬公司 ...

| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.11.10 | 39.20 | 15.960 | 15.830 | 624.30 | | 2025.11.07 | 40.00 | 15.920 | 15.750 | 632.76 | | 2025.11.06 | 40.00 | 15.990 | 15.860 | 637.01 | | 2025.11.05 | 6.64 | 15.500 | 15.420 | 102.73 | | 2025.09.26 | 100.00 | 16.120 | 15.830 | 1596.49 | | 2025.09.25 | 100.00 | 15.850 | 15.610 | 1574.99 | | 2025.09.22 | 120.00 | 16.260 | 16.030 | 1937.11 | | 2025.09.19 | 11.24 | 15.980 | 15.660 | 178.28 | | 2025.09.18 | 120.00 ...

Core Viewpoint - The Chinese Ministry of Finance released a report on the execution of fiscal policy for the first half of 2025, outlining six key areas of focus for future fiscal policy implementation [1]. Group 1: Fiscal Policy Implementation - The report emphasizes the need for a more proactive fiscal policy, including actions to boost consumer spending through targeted financial subsidies for personal loans in key sectors [3]. - Support for employment and foreign trade is prioritized, with measures to promote job creation and assist businesses in maintaining operations and expanding markets [4]. - The report highlights the importance of fostering new growth drivers by advancing core technologies and promoting emerging industries, while ensuring equal treatment for all business entities [4]. Group 2: Consumer Trends - High-end consumption is showing signs of recovery, with notable improvements in sectors such as Macau gaming and luxury goods, driven by wealth effects and supply optimization [6]. - The luxury market is experiencing growth, with companies like LVMH and Hermès reporting improved sales in China, indicating a positive trend in consumer sentiment [6]. - New consumption sectors, particularly in the tea beverage industry, are expected to see significant profit growth, with leading brands benefiting from strong market positions [8]. Group 3: Policy Support for Consumption - The government is taking steps to enhance service consumption by relaxing entry barriers and removing unreasonable restrictions, which is expected to boost consumer willingness to spend [7]. - Recent policy changes in the duty-free sector aim to improve shopping experiences and increase consumer engagement in duty-free shopping [7].

Core Viewpoint - The report from CICC indicates that SJM Holdings (00027) experienced a 14% year-on-year increase in revenue for Q3, reaching HKD 12.163 billion, which is 96% of the same period in 2019 [1] - Adjusted EBITDA also rose by 14% year-on-year to HKD 3.341 billion, achieving 81% of the same period in 2019, aligning with market expectations of HKD 3.321 billion [1] - The report highlights that SJM's performance is impacted by increased operating expenses due to intensified market competition and the normalization of VIP room win rates [1] Financial Performance - Q3 revenue increased by 14% year-on-year to HKD 12.163 billion [1] - Adjusted EBITDA rose by 14% year-on-year to HKD 3.341 billion [1] - Revenue for Q3 is 96% of the same period in 2019 [1] - Adjusted EBITDA for Q3 is 81% of the same period in 2019 [1] Forecast Adjustments - CICC has revised down its adjusted EBITDA forecasts for SJM by 1% and 3% for this year and next year, respectively, to HKD 14.031 billion and HKD 14.923 billion [1] Rating and Target Price - CICC maintains a "Outperform" rating for SJM Holdings [1] - The target price is set at HKD 44.8 [1]