Group 1 - The overall unemployment rate in Macau for Q2 2025 remains at 1.9%, while the local resident unemployment rate is stable at 2.5% compared to Q1 2025 [1][2] - The total employment population is reported at 372,700, with local residents employed at 281,600, showing a slight increase of 900 and 1,400 respectively from Q1 2025 [1] - The median monthly income for the total employment population decreased by 1,000 MOP to 17,800 MOP, while the local residents' median monthly income fell by 1,500 MOP to 20,000 MOP, attributed to high comparative bases from bonuses in Q1 2025 [1] Group 2 - The employment population decreased by 300 and local residents' employment decreased by 600 compared to the previous period, with a total of 37,270 and 28,160 respectively [2] - Among the unemployed residents, 7,300 individuals were primarily from the retail, construction, and gaming sectors, with new job seekers increasing their share of the unemployed to 11.0% [2] - The total labor force, including residents working in Macau and those residing outside, is estimated at 486,700, reflecting an increase of 200 from the previous period [2]

格隆汇7月31日丨永利澳门(01128.HK)公布，于2025年7月31日，根据融通协议的条款，公司、WM Cayman II与中国银行股份有限公司澳门分行(作为贷款方代理)及WM Cayman II选定的若干贷款人("弹性 增额贷款方")已订立文件，据此，弹性增额贷款方将根据融通协议项下优先无抵押循环信贷融通向WM Cayman II额外提供总额为等值10亿美元的额外资金。因此，融通协议项下优先无抵押循环信贷融通的 承诺总额已增至25亿美元等值。就融通协议应付予弹性增额贷款方的惯常弹性增额费用，将由WM Cayman Holdings Limited II支付。 ...

港股三大指数全线下跌，恒生指数跌1.6%失守25000点关口，国企指数跌1.72%，恒生科技指数盘中曾 转涨午后再度走弱，最终收跌0.69%并且录得6连跌。盘面上，大型科技股普遍下跌，美团跌4.55%，京 东跌超3%，小米跌2.9%。阿里巴巴、百度跌超1%，快手涨超6%，腾讯勉强飘红；大金融股(银行、保 险、券商)、中字头等权重股多股表现低迷，其中，招商证券跌5.69%，中国银河、光大证券跌超5%， 中国太保、中国人保、中国平安均跌超4%，招商银行、建设银行走低；钢铁股、家电股、汽车股、光 伏股等"反内卷"相关板块齐跌，黄金股、石油股等避险板块亦走低。另一方面， 英伟达被约谈，半导 体芯片股午后拉升，龙头中芯国际一度涨约6%，濠赌股逆势上扬，美高梅中国绩后涨超6%创6年来新 高。(格隆汇) ...

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index down by 1.07% at 24,906.39, and the Hang Seng China Enterprises Index down by 1.03% at 8,944.74, while the Hang Seng Tech Index rose by 0.34% to 5,509.61, supported by a rebound in tech stocks [1] Stock Performance - Notable gainers included Meituan with a 15.26% increase, and other companies like Quanta International and Kuaishou also saw significant rises of 11.71% and 8.98% respectively [2] - Major tech stocks experienced a shift from decline to increase, with Kuaishou rising nearly 9%, Tencent up by 1.46%, and NetEase and Alibaba also showing positive performance, while Meituan fell nearly 4% [3] Sector Movements - The gold sector faced declines as investors shifted funds from gold ETFs to domestic stocks, with Tongguan Gold dropping 8.6% marking its sixth consecutive decline [3] - Real estate sales continued to decline year-on-year, leading to a drop in property stocks, with major players like Country Garden and Vanke seeing significant losses [3] - Other sectors such as home appliances, automobiles, photovoltaic, coal, building materials, and insurance stocks also experienced downward trends [3] Gambling Sector - UBS reported that Macau's July gaming revenue exceeded market expectations, while Thailand recently withdrew a casino legalization bill, leading to a rise in gaming stocks [3]

Market Overview - The Hong Kong stock market showed mixed performance, with the Hang Seng Index down 1.07% to 24,906.39 points, while the Hang Seng Tech Index rose 0.34% to 5,509.61 points [1] - Major technology stocks experienced fluctuations, with Kuaishou surging over 8% and Tencent rising 1.5%, while Meituan fell over 3% [1] - There was a notable shift of funds from gold ETFs to domestic stocks, leading to significant declines in gold stocks [1] Company News - New Oriental reported a net revenue of $4.9 billion for the fiscal year 2025, a year-on-year increase of 13.6%, and a net profit of $372 million, up 20.1% [2][4] - Vanke Enterprises secured a loan of 869 million RMB from Shenzhen Metro Group [3] - CATL achieved revenue of 178.886 billion RMB in the first half of the year, a 7.27% increase year-on-year, with a net profit of 30.512 billion RMB, up 33.02% [3] - Weisheng Holdings reported a revenue of 1.368 billion RMB for the first half of the year, an 11.88% increase, and a net profit of 305 million RMB, up 12.24% [4] - Yingda Real Estate reported a comprehensive income of 736 million HKD for the first half of the year, a 35% increase, but a net loss of approximately 249 million HKD, widening by 62.75% year-on-year [4] - Aon Construction expects a net profit increase of over 125% for the first half of the year, reaching at least 18 million MOP [5] - Da Cheng Corn Group issued a profit warning, anticipating a net loss of approximately 65 to 85 million HKD for the first half of the year [6] - China Biopharmaceutical announced successful external authorization cooperation for LM-299, with a milestone payment of $300 million expected soon [7] Industry Insights - CITIC Securities noted an increase in confidence in certain sub-sectors, with earnings expectations being revised upwards ahead of earnings reports, particularly in new energy vehicles, semiconductors, and consumer electronics [9] - Zhongtai International indicated that the overall upward trend in the Hong Kong stock market remains healthy, with a shift from risk-averse sentiment to improved fundamentals and positive policy expectations [9] - Ping An Securities highlighted the low valuation of the Hong Kong market and the increasing trading activity under the "profit-making effect," maintaining an optimistic long-term outlook [10] - Huatai Securities expressed confidence in the opportunities within the Hong Kong market, particularly in the Hang Seng Tech Index, citing the potential for further appreciation of the RMB and the attractiveness of Chinese assets globally [10]

Group 1 - The core viewpoint of the article highlights the upward trend of Hong Kong gaming stocks, particularly MGM China, which saw a more than 4% increase after its earnings report, reaching a new high for the period [1] - Macquarie has raised its forecast for Macau's total gaming revenue in 2025 by 5% to 235.7 billion, indicating a year-on-year growth of 4% [1] - Following a strong second quarter, Macquarie expects Macau's gaming business to remain robust in the third quarter, supported by the upcoming openings of high-end hotels and elite events [1] Group 2 - Specific stock performance includes MGM China with a 4.1% increase, SJM Holdings up 1.5%, Sands China rising 1.4%, and Galaxy Entertainment gaining 0.5% [1] - MGM China's adjusted EBITDA for the second quarter grew by 2.8% year-on-year to 2.511 billion, with a quarter-on-quarter increase of 6.1%, marking a quarterly record [1] - During the period, MGM China's gaming revenue reached 977 million, reflecting a 10% year-on-year growth, with the overall market share at 16.6%, and specific shares for MGM Macau and MGM Cotai at approximately 6.2% and 10.5% respectively [1]

智通财经APP获悉，澳博控股(00880)跌近5%，截至发稿，跌4.91%，报3.1港元，成交额6700.35万港 元。 消息面上，澳博控股发布公告，于2025年7月28日，买方SJM投资(公司一间附属公司)与卖方珠海横琴信 德房地产开发有限公司(信德集团附属)订立收购协议。根据收购协议，卖方已有条件同意出售且买方已 有条件同意收购该物业，且不附带任何产权负担。该物业的代价已协定为人民币7.2420亿元(相当于约 8.0321亿港元，不含税)，将以现金分七个阶段结付。 据悉，该物业为该项目中位于珠海市横琴新区吉临路59号办公大楼21楼至29楼及31楼至33楼12层楼的分 层办公单位(总建筑面积约为19,651平方米)，以及位于珠海市横琴新区信德街28号现时标记为126号铺的 一个零售单位(总建筑面积约为130平方米)。 ...

Group 1: Hong Kong Stock Market Highlights - New China Life Insurance (01336) rose over 5%, reaching a historical high, while China Life (2628.HK) increased by 4.4%, AIA (1299.HK) by 3.5%, and China Pacific Insurance (2601.HK) by nearly 2% following the release of the 2Q25 predetermined interest rate of 1.99% by the insurance industry association [1] - Heng Rui Pharmaceutical (1276.HK) opened up 10.65% after announcing a global exclusive licensing agreement with GSK for the HRS-9821 project, excluding mainland China and certain regions [1] - Guangshen Railway (00525.HK) saw a peak increase of over 9% after signing a cooperation agreement for the Guangzhou East Station renovation project, with a total investment of approximately 16.66 billion yuan [1] Group 2: Other Notable Stock Movements - MicroPort Medical (00853.HK) surged over 8% as major shareholders agreed to sell a total of 291 million shares to various buyers, including funds under Shanghai Industrial Capital [2] - China Tobacco Hong Kong (06055.HK) rose over 5% following the release of a draft management regulation for domestic duty-free tobacco products by the National Tobacco Monopoly Administration [2] - Shenghua Land (08106) saw its stock price soar over 200% after a share acquisition agreement was reached [2] - Jiufang Zhitu Holdings (09636) increased over 10% after announcing a profit forecast for the first half of the year, expecting a net profit of 830 to 870 million yuan, a turnaround from a net loss of 174 million yuan in the same period last year [2] - Lianlian Digital (02598) rose over 7% as a report highlighted the significant role of third-party payment institutions in cross-border and multi-currency settlement services [2] Group 3: Macau Gaming Sector Performance - Gaming stocks saw a general increase, with Amax Holdings (00880) up 10.39%, Melco International Development (00200) up 5.64%, and Sands China (01928) up 3.25%. UBS reported that the average daily gaming revenue in Macau for the past week was 657 million patacas, a slight decline due to typhoon impacts, but still showing a year-on-year growth of approximately 14% [3] Group 4: US Stock Market Highlights - AMD (AMD.US) rose 2.68% as it achieved a 50% market share in the server CPU market, matching Intel for the first time [4] - Newmont Corporation (NEM.US) increased by 6.89%, reporting a second-quarter earnings per share of $1.85, up from 73 cents year-on-year [5] - Berkshire Hathaway's holding Verisign (VRSN.US) rose 6.67% despite Q2 revenue falling short of market expectations, as the company raised its full-year revenue guidance [5] - Tesla (TSLA.US) increased by 3.52% with plans to launch Robotaxi services in San Francisco [6]

Group 1: Market Overview - The Hang Seng Index rose by 0.40%, gaining 102 points to close at 25,490 points, while the Hang Seng Tech Index fell by 0.59% [1] - Hong Kong's stock market saw a morning trading volume of HKD 149.7 billion [1] Group 2: Brokerage Performance - The establishment of the China Capital Market Society has led to positive performance reports from listed brokerages, with notable gains in shares such as Guotai Junan (up 3%), Everbright Securities (up 0.54%), and CITIC Securities (up 1%) [1] Group 3: Gaming Sector - UBS reported that Macau's July gaming revenue exceeded market expectations, while Thailand recently withdrew its casino legalization bill, leading to a rise in gaming stocks. Notable increases include Suncity Holdings (up 7.79%), Melco International Development (up 3.89%), and Sands China (up 1.62%) [1] Group 4: Financial Technology and Digital Currency - Yunfeng Financial rose by 5.68% as the company plans to enter the Web 3.0 space and expand investments in stablecoins and other digital currencies [1] - OSL Group announced the completion of a USD 300 million equity financing, which will be used for license application preparations and other core areas, resulting in a 2.68% increase in its stock [1] Group 5: Innovative Products and Earnings - Guichuang Tongqiao saw a nearly 6% increase, with expected net profit growth of nearly 67% year-on-year for the first half, and several innovative products anticipated to receive approval [1] - China Tobacco Hong Kong surged over 13%, indicating that its exclusive cigarette export business is unaffected by related regulatory draft [1] Group 6: Optical Technology - Conant Optical experienced a rise of over 6%, driven by the upward trend in smart glasses and the potential growth of its XR business [2] Group 7: Gold and Coal Sectors - Laopu Gold's stock fell nearly 4% after a profit warning, despite a projected net profit increase of up to 288% year-on-year for the first half [3] - The main contracts for coking coal saw significant declines, with companies like Mongolian Coking Coal and Yancoal Australia dropping by 5% and 3.39% respectively, indicating a need to monitor policy developments [3]

Investment Rating - The report does not explicitly state an investment rating for Sands China (1928 HK) Core Insights - In 25Q2, Sands China reported a net revenue of USD 1.79 billion, a year-on-year increase of 2.5%, while adjusted EBITDA reached USD 566 million, up 0.9% year-on-year, with an adjusted EBITDA margin of 31.6% [10] - The overall gaming gross revenue (GGR) in Macau increased by 8.3% year-on-year and 6.0% quarter-on-quarter, reaching MOP 61.115 billion in 25Q2 [2] - The Londoner Macao showed impressive performance with a net revenue increase of 44.6% year-on-year, benefiting from the completion of its renovation [3] Summary by Sections Financial Performance - In 25Q2, Sands China achieved a net revenue of USD 1.79 billion, with contributions from gaming and non-gaming segments at USD 1.347 billion and USD 0.447 billion respectively, reflecting increases of 1.4% and 5.2% year-on-year [3] - The adjusted property EBITDA for the first half of 2025 was USD 1.101 billion, down 6.0% year-on-year, with a margin of 31.5% [10] Property Performance - The performance of various properties under Sands China varied significantly, with Venetian and Londoner showing contrasting results; Venetian's net revenue decreased by 3.4%, while Londoner's increased by 44.6% due to renovations [3] - The net revenue breakdown by property for 25Q2 was as follows: Venetian at USD 663 million, Londoner at USD 642 million, and Parisian at USD 194 million [3] Gaming Operations - Total betting volume for Sands China in 25Q2 was MOP 155.9 billion, a decline of 5.3% year-on-year, with VIP betting down 23% [4] - The gaming gross revenue reached USD 1.71 billion, a slight increase of 0.2% year-on-year, with VIP gaming revenue declining by 14.1% [4] Capital Expenditure - The total capital expenditure for Sands China in 25Q2 was USD 286 million, including USD 138 million for construction, development, and maintenance activities in Macau [6] Shareholder Returns - LVS purchased 87 million shares of Sands China at an average price of HKD 16.00, increasing its ownership stake to 73.4% as of July 23, 2025 [5]