格隆汇2月26日｜银河娱乐：2025年全年经调整EBITDA 145亿港元，按年上升19%；股东应占溢利107 亿港元，按年上升22%。公司拟派末期股息每股0.8港元。 来源：格隆汇APP ...

港股恒生指数跌0.39%，跌104点，报26661点；恒生科技指数跌1.65%。港股早盘成交1309亿港元。 AI数据中心爆发式增长提振电气设备股，东方电气（600875）(01072)涨超17%；哈尔滨电气(01133)涨 超6%。 重庆机电(02722)涨超11%，美国科技巨头将承诺自供电力，AIDC拉动大马力发动机需求。 MINIMAX(00100)涨超3%，推出MaxClaw模式，高盛指其正处于高速增长阶段。 稳定币概念股活跃。美股Circle绩后暴涨35%，香港将于下月发出首批牌照。国富量子(00290)涨6%；连 连数字(02598)涨2%。 万咖壹联(01762)涨超10%，预期年度溢利同比增幅至多约795.7%，AI商业化服务平台实现精准投放。 博彩股继续走低，春节假期澳门赌收不及预期，小摩轻微下调2月赌收预测。新濠国际发展(00200)跌 5.2%；银河娱乐(00027)跌4.7%。 宁德时代（300750）(03750)跌5.5%，津巴布韦收紧锂精矿出口或推升锂价，下游电池厂家成本增加。 金风科技（002202）(02208)涨7%，全年中国风电吊装达130GW，风机价格有望继续小幅修复。 ...

AI数据中心爆发式增长提振电气设备股，东方电气(01072)涨超17%；哈尔滨电气（01133）涨超6%。 智通财经APP获悉，港股恒生指数跌0.39%，跌104点，报26661点；恒生科技指数跌1.65%。港股早盘成 交1309亿港元。 重庆机电(02722)涨超11%，美国科技巨头将承诺自供电力，AIDC拉动大马力发动机需求。 博彩股继续走低，春节假期澳门赌收不及预期，小摩轻微下调2月赌收预测。新濠国际发展(00200)跌 5.2%；银河娱乐(00027)跌4.7%。 宁德时代(03750)跌5.5%，津巴布韦收紧锂精矿出口或推升锂价，下游电池厂家成本增加。 MINIMAX(00100)涨超3%，推出MaxClaw模式，高盛指其正处于高速增长阶段。 稳定币概念股活跃。美股Circle绩后暴涨35%，香港将于下月发出首批牌照。国富量子(00290)涨6%；连 连数字(02598)涨2%。 万咖壹联(01762)涨超10%，预期年度溢利同比增幅至多约795.7%，AI商业化服务平台实现精准投放。 金风科技(02208)涨7%，全年中国风电吊装达130GW，风机价格有望继续小幅修复。 光通信概念股走高，2026 ...

由于农历新年前趋势较预期疲弱，花旗将2月博彩收益预测由200亿元下调至195亿元，按年下跌1%，意 味著本月余下时间的日均博彩收益约为8.67亿元。该行对1月至2月合计的博彩收益预测(撇除今年与去 年农历新年时间不同的因素)现为421亿元，按年增长11%。摩通指出澳门2月赌收好坏参半，微调全月 预测。(格隆汇) | 代码 | 名称 | 最新价 涨跌幅 ^ | | --- | --- | --- | | 00200 | 新濠国际发展 | 4.380 -4.78% | | 00027 | 银河娱乐 | 41.640 -3.79% | | 01928 | 金沙中国有限公 | 17.570 -1.95% | | 01128 | 永利澳门 | 5.770 -1.20% | | 02282 | 美高梅中国 | 12.770 -0.70% | 消息上，瑞银研究报告指，根据其渠道调查显示，春节假期(2月16日至22日)期间，澳门日均赌收约为 7.86亿澳门元，低于市场预测每日约9亿至9.5亿澳门元。 港股濠赌股集体下跌，其中，新濠国际发展跌近5%，银河娱乐跌近4%，金沙中国跌2%，永利澳门、美 高梅中国跟跌。 ...

博彩股集体走低，截至发稿，美高梅中国(02282)跌4.06%，报13.01港元；新濠国际发展(00200)跌 4.21%，报4.55港元；金沙中国(01928)跌3.04%，报18.18港元；永利澳门(01128)跌1.68%，报5.84港元。 瑞银也表示，根据其渠道调查显示，春节假期(2月16日至22日)期间，澳门日均赌收约为7.86亿澳门元， 低于市场预测每日约9亿至9.5亿澳门元。虽然初期需求疲软，但最后三天(20日至22日)的成交额增速加 快，每日达到12亿至13亿澳门元，按年上升约10%至15%，令本月至今的日均赌收约为6.5亿澳门元，但 仍按年下跌约8%，按月下跌约11%。 花旗发布研报称，根据行业消息来源，澳门2月首22天的博彩收益总额可能已达约143亿澳门元，虽然农 历新年第四至第六天的博彩收益表现强劲，每日约12亿至13亿元，但该周首四天的贵宾厅赢率显著低于 正常水平。根据行业消息来源，贵宾厅博彩量按月下跌约8%至10%，中场博彩收益按月下跌约10%至 12%。由于农历新年前趋势较预期疲弱，该行将2月博彩收益预测由200亿元下调至195亿元，按年下跌 1%。 ...

Group 1 - Morgan Stanley updates its preference order for Macau gaming stocks, with Galaxy Entertainment (00027) as the top pick rated "Overweight" [1] - MGM China (02282) is also rated "Overweight," followed by Sands China (01928) and Wynn Macau (01128), both rated "Overweight" [1] - Melco Resorts (MLCO.US) receives a "Neutral" rating, while SJM Holdings (00200) and Australia’s Amax Holdings (00880) are rated "Underweight" [1] Group 2 - For the first 22 days of February, Macau's total gaming revenue reached MOP 14.3 billion, averaging MOP 650 million per day [1] - The average daily revenue during the previous week, which included the Lunar New Year holiday, was MOP 785 million, lower than the expected MOP 850 million [1] - The initial days of the holiday showed weak performance with an average daily revenue of MOP 450 million, reflecting a double-digit year-on-year decline [1] Group 3 - The forecast for February's gaming revenue has been adjusted to a year-on-year growth of 0% to 2%, down from the previous estimate of 2% to 5% [2] - Excluding seasonal and calendar factors, the expected growth for total gaming revenue in the first two months of 2026 is revised to 12% to 13%, slightly down from the earlier forecast of 13% to 14% [2] - This revised forecast aligns with both the company's and market's industry expectations [2]

Group 1 - The Hang Seng Index fell by 1.93%, dropping 521 points to 26,560, while the Hang Seng Tech Index decreased by 2.36%. The morning trading volume was HKD 138.7 billion [1] - Zhizhu (02513) and MINIMAX-WP (00100) saw gains of over 20% and 7% respectively, indicating a rebound in the large model sector [1] - Kintor Group (00148) rose by 4.5% and Kintor Laminates (01888) increased by over 11% due to a rise in both volume and price of copper-clad laminates and upstream materials, contributing to annual performance growth [1] - Tongguan Gold (00340) increased by over 5%, with expected profit growth of approximately 289% to 298% year-on-year [1] Group 2 - Dongfang Electric (01072) rose by over 6%, driven by a long-term supply-demand gap in main engines and potential expansion in gas turbine exports [2] - Changfei Optical Fiber (06869) increased by over 5%, reaching a new high, with expectations for continued upward momentum in the optical fiber and cable sector [3] Group 3 - China Duty Free Group (01880) fell by over 9%, with a cumulative drop of more than 20% over three days, as institutions believe the stock price has already reflected the strong performance of Hainan's duty-free sales [4] - Gaming stocks collectively declined, with MGM China (02282) dropping by 4.2% due to lower-than-expected daily gambling revenue in Macau during the Spring Festival holiday [4] - Domestic insurance stocks retreated across the board, with New China Life Insurance (01336) falling by over 5%, as Q4 net profits for insurers may be affected by short-term investment fluctuations [4] - Maoyan Entertainment (01896) dropped by over 7%, reaching a nine-month low, attributed to weak box office performance during this year's Spring Festival [4]

智通财经APP获悉，花旗发布研报称，根据行业消息来源，澳门2月首22天的博彩收益总额可能已达约 143亿澳门元(下同)。这意味着上周的日均收益约为7.86亿元，较1月26日的日均博彩收益(约7.3亿元)高 出约8%，亦较2月9日当周的日均收益(约5.43亿元)高出约45%。 该行指出，虽然农历新年第四至第六天的博彩收益表现强劲，每日约12亿至13亿元，但该周首四天的贵 宾厅赢率显著低于正常水平。根据行业消息来源，贵宾厅博彩量环比下跌约8%至10%，中场博彩收益 环比下跌约10%至12%。 由于农历新年前趋势较预期疲弱，该行将2月博彩收益预测由200亿元下调至195亿元，同比下跌1%，意 味着本月余下时间的日均博彩收益约为8.67亿元。该行对1月至2月合计的博彩收益预测(撇除今年与去 年农历新年时间不同的因素)现为421亿元，同比增长11%。 ...

Core Viewpoint - Morgan Stanley's report indicates that Macau's total gaming revenue for the first 22 days of February reached 14.3 billion MOP, averaging 650 million MOP per day, with the holiday period still ongoing and future days being crucial for high-end player spending [1] Group 1: Revenue Forecast - The bank has adjusted its February gaming revenue forecast to flat to a 2% increase year-on-year, down from a previous estimate of 2% to 5% growth [1] - Excluding seasonal and calendar factors, the forecast for total gaming revenue growth in the first two months of 2026 is revised to 12% to 13%, slightly down from the previous estimate of 13% to 14% [1] Group 2: Stock Preferences - Morgan Stanley updated its preference order for Macau gaming stocks, with Galaxy Entertainment as the top pick, rated "Overweight" [1] - MGM China is also rated "Overweight," followed closely by Sands China and Wynn Macau, both receiving "Overweight" ratings [1] - Melco Resorts is rated "Neutral," while Melco International Development and SJM Holdings are both rated "Underweight" [1]

Core Viewpoint - The report from Haitong International indicates that SJM Holdings (00200) experienced a slight decline in market share in Q4 2025, while showing improvement compared to Q4 2024, with a strong start to 2026 and steady recovery in industry demand [1] Group 1: Financial Performance - In Q4 2025, SJM Holdings reported operating revenue of $1.29 billion, an increase of 8.6% year-on-year; adjusted EBITDA reached $300 million, up 11% year-on-year, with an adjusted EBITDA margin of 23.2%, improving by 0.5 percentage points [2] - The company's operating revenue for 2025 was $5.16 billion, reflecting an 11.3% year-on-year increase; adjusted EBITDA was $1.32 billion, up 15.5% year-on-year, with an adjusted EBITDA margin of 25.5%, an increase of 0.9 percentage points [2] Group 2: Macau Market Performance - SJM Holdings' operating revenue in Macau for Q4 was $1.1 billion, a year-on-year increase of 11.1% and a slight quarter-on-quarter increase of 0.1%; the contributions from gaming and non-gaming segments were $930 million and $180 million, respectively, with year-on-year changes of +11.5% and +8.8% [3] - The operating revenue from different properties was $700 million from Grand Lisboa, $360 million from Lisboa Palace, and $30 million from other properties, with year-on-year changes of +17.7%, +5.4%, and -18.9% respectively [3] Group 3: Betting Trends - Total betting amount in Macau reached $11.76 billion, a year-on-year increase of 1.7% and a quarter-on-quarter increase of 8.0%; the breakdown for VIP, mass market, and slot machines was $6.28 billion, $2.83 billion, and $2.66 billion, with year-on-year changes of -2.0%, +8.5%, and +3.9% respectively [4] - The VIP win rate for SJM Holdings was 3.18%, exceeding the expected range of 2.85% to 3.15% [4] Group 4: Revenue Growth and Margins - The gross gaming revenue in Macau was $1.16 billion, a year-on-year increase of 9.9%, but below the industry average growth of 15%; the gross revenue from VIP, mass market, and slot machines was $200 million, $850 million, and $80 million, with year-on-year changes of +31.1%, +7.9%, and -8.8% respectively [5] - Adjusted EBITDA for Macau was $280 million, a year-on-year increase of 24%, but a quarter-on-quarter decline of 11.2%, with an adjusted EBITDA margin of 25.5%, up 2.7 percentage points year-on-year [6]