恒生指数低开0.14%，恒生科技指数跌0.07%。新东方跌超5%，金沙中国跌超1%。紫金矿业涨超5%， 蔚来涨近6%。 国泰海通研报称，港股市场IPO增量显著，有望进一步推动投行业务收入增长。 东吴证券认为，关税重回视野，港股短期波动风险加大。往后看，中长期上行趋势还在。其一，短期中 美关税问题超市场预期，或导致港股有回调风险。叠加近期美股AI泡沫叙事再起，港股AI科技方向短 期波动或会加大。资金会转向避险行业。其二，除关税外，投资者仍关心本月四中全会十五五规划定调 会。如果政策超预期，市场修复力度会更强。其三，中长期看，我们对港股并不悲观。一是，全球仍处 在降息周期，货币宽松背景下，股市仍有上涨空间;二是，AI产业趋势不可阻挡，中国AI产业加速，港 股科技龙头仍有上涨空间。三是，我们认为明年一季度，经济基本面和企业盈利会进一步改善。 本文转载自腾讯自选股，智通财经编辑：陈雯芳。 关于港股后市 浦银国际指出，近期中美贸易摩擦再度升级将提升短期市场的不确定性，若贸易摩擦进一步升级，或将 导致市场波动加大。该行认为，在当前市场对贸易谈判预期更充分、资金面更宽裕、盈利开始成为市场 驱动力的情况下，短期回调难以改变港 ...

Group 1 - The core point of the article highlights the extensive crackdown on Chinese nationals involved in fraud in northern Myanmar, with over 57,000 suspects apprehended since the initiation of the special operation by the Ministry of Public Security [1] - Recent judicial actions include the initiation of public prosecution against the Wei and Liu crime groups, following the trial and sentencing of the Bai and Ming crime groups [1] - The "Four Great Families" crime groups in northern Myanmar have all entered judicial proceedings, indicating a significant legal response to organized crime in the region [1] Group 2 - The Wei family has established a powerful "iron triangle" of politics, military, and business, with key figures including Wei Chaoren and Wei Huairen, who have leveraged their political and military connections for criminal activities [2][4] - Wei Huairen, holding a position of authority in the border defense forces, has utilized his power to appoint family members to key positions, consolidating control over the region [2][6] - The Wei family has engaged in various illicit industries, including gambling and pornography, while creating a facade of prosperity to lure Chinese citizens to northern Myanmar for fraudulent activities [8] Group 3 - The Wei family's criminal operations have included the establishment of armed control over fraud zones, which has been emulated by other crime families, leading to a toxic criminal ecosystem in the area [13] - The family has been implicated in heinous acts, including murder, with evidence suggesting a culture of violence and disregard for human life among its members [14][24] - Investigations have revealed the brutal methods employed by the Wei family, including the execution of individuals as part of initiation rituals and disputes with rival factions [18][26] Group 4 - The Chinese police have undertaken significant efforts to gather evidence and secure convictions against the Wei family, including collaboration with Myanmar's law enforcement [28][30] - The discovery of additional remains of Chinese victims has underscored the severity of the crimes committed by the Wei family, with a focus on ensuring justice for the victims [30]

该行略微下调今年的博彩收入预测至同比增长8%，仍然看好金沙中国(01928)及银河娱乐(00027)，均 予"买入"评级。另外，预期永利澳门(01128)第三季度业绩将超出预期，或在短期内为其股价带来正面 动力。 高盛发布研报称，10月首12日的总博彩收入同比减少5%，较预期为低，对比本月首5日的博彩收入则同 比增加3%。考虑到台风及前往海外国家旅游等因素，该行认为近期正向趋势已经逆转的论调属言之尚 早。该行相信11及12月至明年2月的同比比较基础仍相当有利。 ...

金沙中国有限公司(01928)发布公告，钟洁仪女士获委任为公司独立非执行董事及公司审核委员会成 员，自2025年10月16日起生效。 ...

Core Viewpoint - The recent prosecution of the Wei family and Liu family criminal groups marks a significant step in addressing organized crime in northern Myanmar, particularly in the context of telecom fraud and associated violent crimes [1][3]. Group 1: Criminal Activities and Structure - The Wei family criminal group has established a "triangular" structure involving politics, military, and business, which has allowed them to operate with significant power and influence in northern Myanmar [3][7]. - The group has created a model of armed control over telecom fraud operations, leveraging their political connections and military authority to maintain dominance [18][11]. - The criminal activities of the Wei family extend beyond fraud to include murder, illegal detention, and organized prostitution, showcasing a complex web of criminal enterprises [20][57]. Group 2: Financial Operations and Scale - From 2018 to 2023, the Wei family criminal group has developed multiple fraud parks, with the total amount of fraud identified nearing 60 billion yuan, alongside significant gambling operations [46][57]. - The group's operations have evolved to include sophisticated scams that combine traditional methods with new techniques, significantly increasing their financial gains [50][52]. - The financial ecosystem of the Wei family is supported by various illegal activities, including gambling and drug-related enterprises, which serve as additional revenue streams [59][63]. Group 3: Social and Political Implications - The rise of the Wei family criminal group reflects a broader issue of governance and law enforcement in northern Myanmar, where power dynamics are heavily influenced by organized crime [41][69]. - The group's ability to operate with impunity highlights the challenges faced by law enforcement in addressing such entrenched criminal networks [43][71]. - The lavish lifestyles of the Wei family members, funded by their criminal enterprises, illustrate the social consequences of their actions, impacting local communities and contributing to a culture of violence and fear [67][69].

Industry Overview - Despite the impact of a super typhoon in late September, Macau's total gaming revenue for the third quarter reached MOP 62.57 billion, representing a year-on-year growth of 12.5%, marking the highest quarterly gaming revenue since the post-pandemic reopening [1] - The industry EBITDA for the third quarter is expected to grow by 7% year-on-year to USD 2.07 billion [1] Company Insights - Citigroup's top pick is Galaxy Entertainment, maintaining a target price of HKD 54 and a "Buy" rating [1] - Wynn Macau's rating has been upgraded to "Buy," with a target price of HKD 7.2; although the company has lost market share this year due to the lack of new product launches, improvements are anticipated with the completion of the Chairman's Club expansion in the VIP gaming area at Wynn Palace in the first quarter of next year [1]

Core Viewpoint - MGM Resorts International has decided to withdraw from the competition for a casino license in the New York City area due to changes in the economic environment and competitive expectations [1] Summary by Relevant Categories - **Company Decision** - The company has re-evaluated its position and opted out of the New York City casino license competition [1] - **Market Conditions** - A newly defined competitive landscape has emerged, with four proposals concentrated in a relatively small geographic area, posing challenges to the company's initial return expectations for the project [1]

花旗发表报告，预期澳门娱乐场营运商第三季行业EBITDA按年升约7%，当中，美高梅中国料将录得 13%按年增长。该行相信，美高梅中国EBITDA潜在高于行业的增长可能在公司公布业绩前(10月30日) 转化为正面的股价动力。花旗予其"买入"评级，目标价为19港元，并列入30日正面催化观察名单。 ...

Core Insights - Asia's tourism sector is experiencing a significant recovery post-COVID-19, driven by pent-up demand in travel and consumer spending [1][14] - Companies with direct links to hospitality and aviation are well-positioned to benefit from this recovery [1][15] Group 1: CDL Hospitality Trusts (SGX: J85) - CDL Hospitality Trusts holds a diverse portfolio of hotels and resorts across multiple countries, allowing for operational efficiencies [3][6] - For 1H2025, revenue decreased by 1.7% YoY to S$125.1 million, with net property income falling 11.9% YoY to S$58.6 million [4][5] - Despite mixed results, certain regions like Japan and Perth showed strong RevPAR growth of 13.7% and 15.9% YoY respectively [4][5] Group 2: Genting Singapore (SGX: G13) - Genting Singapore operates Resorts World Sentosa, benefiting from increased visitor numbers post-pandemic [7][8] - Revenue for 1H2025 was S$1.2 billion, reflecting a 10% decrease due to renovations and temporary closures [7][8] - The opening of the Singapore Oceanarium is expected to enhance recovery in the non-gaming segment [9] Group 3: SATS Ltd (SGX: S58) - SATS Ltd is a leading provider of ground handling and food solutions, experiencing a 9.9% YoY revenue increase in 1QFY2026 [11][12] - Gateway Services revenue rose 11.2% YoY to S$1.18 billion, while Food Solutions revenue increased by 5.6% YoY to S$328.3 million [12] - The company faces risks from external disruptions and revenue concentration, but remains a key beneficiary of the tourism boom [13]

Group 1: Market Overview - The Hang Seng Index fell by 0.20%, down 52 points, closing at 25,837 points, while the Hang Seng Tech Index dropped by 1.3% [1] - The early trading volume in the Hong Kong stock market reached HKD 188.8 billion [1] Group 2: Banking Sector - Most bank stocks rose, with expectations of stable annual performance and increased attractiveness of dividend value; China Merchants Bank rose by 4.26%, Chongqing Bank by 3%, and CITIC Bank by 2.49% [1] Group 3: Shipping Sector - Shipping stocks experienced a broad increase, with expectations that the mutual port fees between China and the U.S. will boost freight rates; DeXiang Shipping rose by 5% and Orient Overseas International by 2% [1] Group 4: Solar Industry - Solar stocks saw gains, with recent developments indicating a reduction in internal competition and Chinese solar companies securing overseas contracts; Xinyi Solar rose by 5.7%, Flat Glass Group by 6%, and GCL-Poly Energy by 4.8% [1] Group 5: Education Sector - Fenbi (粉笔) stock rose over 3% following the relaxation of age restrictions for national exams, with institutions optimistic about the potential growth of AI-based exam preparation classes [2] Group 6: Alcohol Industry - Zhenjiu Li Du (珍酒李渡) stock increased by over 6% as Tang Xiangyang took over as CEO, overseeing core brand operations [3] Group 7: Semiconductor Sector - Semiconductor stocks opened high but fell; Huahong Semiconductor dropped by 10% and SMIC by over 6%, with analysts noting that recent events involving Wentai Technology may temporarily impact market sentiment [3] Group 8: Securities Sector - Yaocai Securities (耀才证券金融) experienced a decline of over 9% after a previous surge of 34%, following the approval of Ant Group's acquisition by the Hong Kong Securities and Futures Commission [4] Group 9: Chemical Sector - Dongyue Group (东岳集团) fell by over 7% due to declining prices of silicone products, with its subsidiary reporting a profit drop of up to 97% in the first three quarters [5] Group 10: Gaming Sector - Gaming stocks continued to decline, with Melco International Development down by over 5% and Sands China by over 4% [6]