澳娱综合早前发新闻稿指，因应整体业务规划及商业考量，君怡娱乐场提前终止营运。所有由澳娱综合 聘用的本地雇员将继续受雇，并按营运需要调派至公司旗下其他娱乐场从事博彩相关工作；至于非澳娱 综合聘用的本地雇员亦将获邀申请公司内部相关空缺岗位，并在相同条件下优先聘用。 澳门11间赌场"卫星场"须于年底前结束营业，其中澳娱综合旗下澳门卫星赌场君怡娱乐场今日凌晨结束 营运。澳门卫星赌场本身没有赌牌，但与持牌博彩公司合作经营，类似特许经营模式。澳门政府较早前 于2022年修改相关法例，规定"卫星场"在三年过渡期届满后，要结束经营或改为持牌博企直营。 据报道，君怡娱乐场今日(31日)凌晨零时拉下卷闸，场所招牌由红布遮挡。门外摆放的告示指出，若持 有未兑换筹码、未取回积存现金回赠等，可到另一娱乐场账房处理。 ...

美高梅中国(02282)涨超5%，截至发稿，涨5.38%，报16.44港元，成交额8131.04万港元。 消息面上，美高梅中国公布，根据国际财务报告准则，截至今年6月30日止第2季度，总收益为86.67亿 港元，同比增长8.89%；上半年总收益为166.61亿元，同比增长2.73%。第2季公司的经调整EBITDA为 25.11亿元，同比增长2.79%，创新高；上半年经调整EBITDA为48.79亿元，同比下跌1.39%。 ...

Core Viewpoint - MGM China Holdings Limited reported an increase in total revenue and adjusted EBITDA for the three months ending June 30, 2025, compared to the same period last year, indicating a positive growth trend in the company's financial performance [1] Financial Performance Summary - For the three months ending June 30, 2025, total revenue reached HKD 8.667 billion, representing an 8.89% year-on-year increase [1] - Adjusted EBITDA for the same period was HKD 2.511 billion, showing a 2.79% year-on-year increase [1] - For the six months ending June 30, 2025, total revenue was HKD 16.661 billion, which is a 2.73% year-on-year increase [1] - Adjusted EBITDA for the six-month period was HKD 4.879 billion, reflecting a 1.39% year-on-year decrease [1]

Group 1 - The core viewpoint of the article is that MGM China Holdings Limited reported an increase in total revenue and adjusted EBITDA for the three months ending June 30, 2025, compared to the same period last year [1] - For the three months ending June 30, 2025, total revenue reached HKD 8.667 billion, representing an increase of 8.89% year-on-year [1] - The adjusted EBITDA for the same period was HKD 2.511 billion, showing a year-on-year increase of 2.79% [1] Group 2 - For the six months ending June 30, 2025, total revenue amounted to HKD 16.661 billion, which is a year-on-year increase of 2.73% [1] - The adjusted EBITDA for the six-month period was HKD 4.879 billion, reflecting a year-on-year decrease of 1.39% [1]

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)。 本文源自：智通财经网 智通财经获悉，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。 ...

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)。 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。 ...

Group 1: Market Overview - The Hang Seng Index (HSI) shows bullish sentiment with investors expecting an increase to 26,000, while some anticipate a pullback to 25,000 [1] - Current resistance is at 25,928 points, with a potential challenge to 26,700 points if breached [1] - Support is noted at 24,864 points, indicating cautious positioning for both bullish and bearish investors [1] Group 2: AIA Group (01299.HK) - AIA's stock price reached a high of 74.75 HKD, signaling a strong buy recommendation [3] - There is potential for the stock to challenge 77.6 HKD in the near term [3] Group 3: Ping An Insurance (02318.HK) - Ping An's stock hit a new high of 57.65 HKD, closing above the upper Bollinger Band, indicating strong bullish momentum [6] - Resistance levels are identified at 59.2 HKD and 61.1 HKD, with support at 52.8 HKD [6] Group 4: Xiaomi Corporation (01810.HK) - Xiaomi is experiencing significant selling pressure, with investors looking for support levels [9] - A buyback strategy is being considered with a recovery price set at 55.5 HKD [9] Group 5: Sands China (01928.HK) - Sands China is currently in a sideways trading pattern, with a recent rebound noted [12] - Technical analysis suggests a buy signal, with resistance at 19.6 HKD and 20.1 HKD [12] Group 6: Sunny Optical Technology (02382.HK) - Sunny Optical opened high but closed lower, with a potential resistance at 78.2 HKD [14] - Investors are considering waiting for a drop to 70 HKD before re-evaluating their positions [14]

Global Market Overview - The Chinese stock market is experiencing an upward trend, with innovative pharmaceuticals leading the charge. Heng Rui Pharmaceutical has secured a $500 million upfront payment and potential orders worth $12 billion from foreign pharmaceutical companies [2] - Strong performance in computing hardware stocks, particularly in CPO and PCB sectors. Insurance stocks are also performing well, with Xinhua Insurance reaching a historical high [2] - Macau's satellite casinos are set to cease operations by the end of the year, with two being acquired by Aobo Holdings, signaling a shift in the gaming industry [2] - Recent trading restrictions have led to significant declines in coking coal and other cyclical stocks, while the yield on RMB government bonds has decreased slightly [2] Economic Policies and Impacts - The Chinese government is implementing economic rebalancing policies, including annual childcare subsidies of 3,600 yuan for children aged 0-3, which will cost approximately 100 billion yuan. Additionally, free preschool education will be gradually introduced, costing around 400 billion yuan [2] - These policies are expected to boost household consumption by approximately 0.6% and nominal GDP by about 0.25% [2] - The market regulatory authority is taking steps to address low-quality competition among enterprises and enhance safety regulations for food, pharmaceuticals, and industrial products [2] International Market Trends - European stock markets have declined, although the semiconductor sector has seen gains. A trade agreement between the US and Europe has been reached, but investors perceive it as more beneficial to the US [2] - In the US, stock performance is mixed, with energy, information technology, and consumer discretionary sectors rising, while real estate, materials, and utilities are down. Nvidia shares have rebounded nearly 2%, contributing to new highs for the stock index [2] - Investors are closely monitoring upcoming earnings reports from major tech companies such as Microsoft, Meta, Apple, and Amazon, focusing on future profit guidance and AI capital expenditure [2] Market Indicators - US Treasury yields have slightly increased, and the dollar index has surged. Oil prices have rebounded to a two-week high amid threats of sanctions against Russia by Trump [2] - Gold prices have experienced a pullback [2]

Financial Performance - Sands China reported a 2.5% year-on-year increase in net revenue to $1.8 billion in Q2 2025, but net profit fell by 13% to $214 million[1] - Adjusted EBITDA remained flat at $566 million, with the Londoner property contributing significantly to performance recovery[1] - The Londoner’s EBITDA doubled year-on-year to $205 million, outperforming market expectations[1] Market Trends - Total gaming revenue in Q2 2025 was flat at $1.7 billion, while the industry grew by 8%, indicating Sands China's growth lagged behind the market[2] - Sands China's market share decreased by 2 percentage points year-on-year to 22.5%[2] - VIP gaming revenue fell by 13% to $155 million, contrasting with a 13% industry growth, despite a slight increase in win rate[2] Operational Insights - The Londoner’s renovation has positively impacted performance, with a total of 10,800 hotel rooms post-renovation, maintaining the largest room count among Macau's six licensed operators[3] - The Venetian's EBITDA declined by 10% to $236 million, primarily due to poor gaming win rates[1] - Sands China is focusing on high-end mass market growth while consolidating its base mass market share[6]

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, JD Group, and Midea Group, while some companies like Lululemon are rated as "Neutral" [1]. Core Insights - The implementation of major infrastructure projects is driving the outperformance of traditional consumption stocks with low valuations and expectations, while new consumption concepts are under pressure [20]. - The report highlights a rotation in investment focus from high-valuation, high-expectation new consumption stocks to low-valuation, low-expectation traditional consumption stocks [5][12]. Weekly Performance Review - The weekly performance of various sectors shows that daily necessities, domestic cosmetics, and domestic sportswear outperformed MSCI China, while overseas sportswear, pets, and gold jewelry sectors experienced negative growth [4][10]. - The life necessities sector saw a weekly increase of 7.6%, with Baiya shares rising by 15.5% [5][12]. - Domestic cosmetics increased by 2.8%, driven by rising cases of mosquito-borne diseases in southern China, benefiting companies like Runben and Shanghai Jahwa [5][12]. - The luxury goods sector rose by 2.2%, with LVMH showing signs of recovery in its second-quarter performance [5][12]. Valuation Analysis - Most sectors are still valued below their average over the past five years, with the overseas sportswear sector expected PE at 33.9 times, which is 55% of its historical average [15]. - The domestic sportswear sector has a projected PE of 13.3 times, representing 77% of its historical average [15]. - The luxury goods sector is projected to have a PE of 25.2 times, which is 45% of its historical average [15]. Company-Specific Insights - Companies like Anta Sports and Li Ning have shown mixed performance, with Li Ning increasing by 2.5% while Anta faced challenges due to rumors of narrowing brand acquisition [11][12]. - The report notes that several new consumption companies will face unlock events, with significant percentages of their shares becoming tradable in the coming months [13][14].