格隆汇10月23日｜金沙集团公布第三季度业绩，收入为33.3亿美元，超过分析师平均预期的30.3亿美 元；调整后每股盈利78美分，亦超过分析师预期的60美分。期内，澳门业务总收入同比增长7.6%，达 19.1亿美元，新加坡业务总收入同比增长56.3%，达14.4亿美元，均超预期。金沙集团将年度股息提高 至每股1.2美元，并将股票回购额提高至20亿美元。 ...

2025年第三季度的加权平均债项结余为159.4亿美元，较2024年第三季度的138.7亿美元有所上升。 2025年第三季度的加权平均借贷成本为4.5%，低于2024年第三季度的5.1%。 2025年第三季度，金沙中国的净收益总额为19亿美元，较2024年第三季度增长7.5%。 同期净收入为2.72亿美元，高于2024年第三季度的2.68亿美元。 ...

2025年第三季的经扣除资本化金额后的利息开支为1.87亿美元，而去年同季则为1.79亿美元。2025年第 三季的加权平均债项结余为159.4亿美元，而2024年第三季则为138.7亿美元。2025年第三季的加权平均 借贷成本为4.5%，而2024年第三季则为5.1%。 金沙中国2025年第三季的经调整物业EBITDA为6.01亿美元，而2024年第三季则为5.85亿美元。 金沙中国有限公司(01928)发布公告，根据美国公认会计原则，金沙中国2025年第三季的净收益总额由 2024年第三季增加7.5%至19亿美元。金沙中国2025年第三季的净收入为2.72亿美元，而2024年第三季则 为2.68亿美元。 ...

智通财经APP讯，金沙中国有限公司(01928)发布公告，根据美国公认会计原则，金沙中国2025年第三季 的净收益总额由2024年第三季增加7.5%至19亿美元。金沙中国2025年第三季的净收入为2.72亿美元，而 2024年第三季则为2.68亿美元。 2025年第三季的经扣除资本化金额后的利息开支为1.87亿美元，而去年同季则为1.79亿美元。2025年第 三季的加权平均债项结余为159.4亿美元，而2024年第三季则为138.7亿美元。2025年第三季的加权平均 借贷成本为4.5%，而2024年第三季则为5.1%。 金沙中国2025年第三季的经调整物业EBITDA为6.01亿美元，而2024年第三季则为5.85亿美元。 ...

Core Viewpoint - The report from CICC maintains the 2025 total gaming revenue forecast for Macau while raising the 2026 forecast, expecting total gaming revenue to grow by 9% and 5% in the next two years, recovering to 84% and 88% of 2019 levels respectively [1] Industry Summary - Total gaming revenue is projected to grow by 9% in 2025 and 5% in 2026, reaching 84% and 88% of 2019 levels [1] - Mass gaming revenue is expected to increase by 7% and 6% in 2025 and 2026, recovering to 119% and 126% of 2019 levels [1] - VIP gaming revenue is forecasted to grow by 19% in 2025 but decline by 5% in 2026, recovering to 29% and 28% of 2019 levels [1] - The industry EBITDA for Q3 is estimated to reach $2.108 billion, reflecting a 9% year-on-year growth and a 2% quarter-on-quarter increase, recovering to 91% of the 2019 Q3 level [1] - Total gaming revenue remains resilient, but increased market competition and rising reinvestment rates are pressuring EBITDA [1] Company Summary - CICC is optimistic about MGM China (02282) and Sands China (01928), projecting adjusted EBITDA for Q3 to be HKD 2.352 billion and USD 590 million, representing year-on-year increases of 19% and 1% respectively [1] - Target prices for MGM China and Sands China are set at HKD 19.8 and HKD 23.8, both rated as "outperforming the industry" [1]

Group 1 - The core viewpoint of the report is that MGM China has revaluation potential based on forward-looking indicators such as market share, profit margins, return on capital, and dividend payout growth [1] - MGM China's current price is equivalent to 7.7 times the 2026 EV/EBITDA, which is 15% lower than the industry average [1] - The target EV/EBITDA multiple has been raised from 8.8 times to 10.6 times, which is still 0.5 standard deviations below the long-term average [1] - The target price has been increased from HKD 18.3 to HKD 22.7, while maintaining an "outperform" rating [1]

"12.7万枚比特币在一夜之间被查封，估值超过150亿美元。"这串数字像警报一样刺耳，却并非耸动之 词。陈志，这位出生于福建连江、被称作"全球最强80后之一"的商人，曾在柬埔寨构建起跨越地产、银 行、电信与博彩的商业矩阵，同时被外界指认为东南亚电诈网络的隐形操盘手。资金的轨迹从金边地标 到伦敦豪宅，再到冷钱包里的长串字符，直到美国执法介入，帝国土崩瓦解，故事仍未有终章。 比特币被查封之后，链上真相与监管进位 比特币的去中心化并不等于资金不可触及，关键节点在于"入口"。交易所、托管机构与场外清算台往往 成为监管突破口。公开叙述称，相关资产在美国行动中被"突然查封"，价值按当时价格估算超过150亿 美元，折合人民币上千亿元。逻辑并不复杂：一旦热钱包或受托方被掌握访问权，资产即可被转移或冻 结；若私钥外泄，所谓"不可篡改"也无法挽回。 加密行业自2024年至2025年经历合规大潮。更多司法辖区推动交易所KYC/AML标准升级，链上分析公 司通过地址聚类、资金流追踪建立"画像"，跨境执法合作由点到面。市场层面，2025年比特币价格的高 位震荡放大了被扣押资产的账面价值，使"12.7万枚"的象征意义强过任何一句口号：规 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric Appliances, Anta Sports, and others, while Lulu Lemon is rated as "Neutral" [1]. Core Insights - The report highlights that various sectors within the discretionary industry are experiencing continuous rotation, with price pullbacks presenting buying opportunities [4][11]. - The performance of different sectors is analyzed, with jewelry, overseas cosmetics, luxury goods, and snacks showing positive growth, while domestic cosmetics and gaming sectors are underperforming [6][13]. Sector Performance Overview - Weekly performance shows jewelry leading with a 9.9% increase, followed by overseas cosmetics at 6.8%, and luxury goods at 5.5%. Domestic cosmetics experienced a slight decline of 0.3% [11][12]. - Year-to-date performance indicates jewelry has risen by 179.1%, domestic cosmetics by 50.4%, and overseas cosmetics by 42.3%, while overseas sportswear has declined by 17.7% [11][12]. Valuation Analysis - Most sectors are currently valued below their average over the past five years, with the expected PE for overseas sportswear at 31.9 times, domestic sportswear at 13.4 times, and jewelry at 27.2 times, indicating potential for growth [9][14]. - The report notes that the expected PE for various sectors in 2025 is lower than their historical averages, suggesting that there may be undervalued opportunities in the market [14].

Market Overview - The Hang Seng Index and the National Enterprises Index fell by 4.0% and 3.7% respectively last week, primarily due to tariff issues and concerns surrounding U.S. regional banks Zions and Western Alliance involved in credit fraud cases [1] - On Friday, the Hang Seng Index and the National Enterprises Index dropped by 2.5% and 2.7% respectively, with major sectors like technology, healthcare, brokerage, and automotive seeing significant declines, while gold-related stocks like Lao Pu Gold and Chow Tai Fook rose due to increasing gold prices [1] Company Performance - Chow Tai Fook reported a recovery in same-store sales growth in mainland China, Hong Kong, and Macau for Q2 (July-September), with retail value increasing by 4.1% year-on-year [1] - Insurance companies, including China Pacific Insurance and China Life, released positive profit forecasts, expecting net profit growth of 40%-60% and 50%-70% respectively for the first three quarters [2] Macroeconomic Dynamics - The Eurozone's harmonized consumer price index (CPI) for September showed a year-on-year increase of 2.2%, up 0.2 percentage points from August, aligning with Bloomberg's forecast [3] - Core consumer prices, excluding food and energy, rose by 2.4% year-on-year, exceeding both August's figures and Bloomberg's predictions by 0.1 percentage points [3] Industry Dynamics - In the gaming sector, Macau's gaming revenue for Q3 reached 62.57 billion MOP, reflecting a year-on-year increase of 12.5% and a quarter-on-quarter increase of 2.4% [4] - Despite a general decline in Hong Kong stocks due to fluctuations in U.S.-China trade relations, new consumer stocks like Lao Pu Gold performed well, rising by 18.0% last week [4] - In the automotive sector, NIO responded to GIC's allegations, stating that the related unfounded claims were investigated three years ago, with its stock rebounding by 2.1% on Friday after a 12.9% decline over the week [4] Pharmaceutical Sector - The pharmaceutical industry saw a general decline last week, influenced by U.S. Senate discussions on banning certain Chinese biotech companies from receiving federal funding and President Trump's remarks on lowering prices for popular diabetes and weight loss drugs [5] - Despite these challenges, Chinese pharmaceutical companies have made significant progress in overseas licensing, with Hansoh Pharmaceutical granting Roche rights to develop and commercialize a colorectal cancer drug outside of mainland China and Hong Kong, receiving an upfront payment of $80 million and potential milestone payments of up to $1.45 billion [5] New Energy and Utilities - The new energy and utilities sector in Hong Kong experienced a general decline, although defensive stocks like Huaneng International, China Everbright Environment, and Power Assets Holdings saw gains of 3.9%, 6.6%, and 2.1% respectively [6] - The photovoltaic sector faced notable declines, with companies like Xinyi Solar, Flat Glass Group, and GCL-Poly Energy dropping by 4.5%, 3.9%, and 0.8% respectively [6]

Group 1: Overall Industry Insights - The overall tourism demand remained robust during the recent Golden Week, with positive growth in Average Daily Rate (ADR) and Revenue per Available Room (RevPAR) for hotels, showing a mid to high single-digit growth in the industry [1] - Experts predict that the increase in hotel franchise supply will continue to exert pressure, particularly in the mid to high-end market segment [1] - The competition among online travel platforms is moderate, as smaller or newly entered operators lack supply chain and scale advantages, limiting their competition to specific niche areas [1] Group 2: Company Preferences - The company remains optimistic about the hotel sector, particularly for Huazhu Group (01179, HTHT.US) and Atour (ATAT.US), anticipating that the slowdown in competition from online travel platforms and hotel supply growth will lead to continued improvement in RevPAR [1] - The Macau gaming industry is expected to benefit from wealth effects and a low base of total gaming revenue, with a favorable outlook for Sands China (01928) and Galaxy Entertainment (00027) [1] - The company suggests buying Ctrip Group (09961, TCOM.US) and Air China (601111) (00753, 601111.SH), as both are expected to benefit from recent long-haul outbound travel demand and better-than-expected ticket prices [1]