盘面上，权重科技股午后普遍走低拖累大市下行，其中，阿里巴巴跌近2%，小米跌1.6%，快手、腾 讯、京东皆下跌；濠赌股跌幅较大，大摩称明年牌照费升至每月收益3.5%，美高梅中国大跌超17%表现 最差；金银价格大肆回落，现货钯金重挫12%，黄金股全线下跌，紫金黄金国际、山东黄金等多股跌超 5%；中资券商股、影视娱乐股、家电股、半导体股、保险股、内房股多数表现低迷。 另一方面，财政部明年继续安排资金支持消费品以旧换新，汽车股表现活跃，蔚来、小鹏、比亚迪涨幅 靠前，铜价持续创新高，铜业股成唯一强势的有色金属股，江西铜业股份收涨6.5%，内银股多数上 涨，农行、招行、建行、中行等权重皆有涨幅。(格隆汇) 港股三大指数午后持续走低均由涨转跌，且呈现高开低走的单边回落行情。截止收盘，恒生指数跌 0.71%26000点得而复失，国企指数跌0.26%，恒生科技指数跌0.3%盘初曾大涨至2.2%。 ...

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [41][43]. Core Insights - The report highlights the positive impact of Hainan's customs closure and the winter sports season on service consumption, predicting a robust demand for hospitality and travel services in 2026. Notably, Hainan's first week of duty-free shopping post-closure saw sales of 1.1 billion RMB, with year-on-year growth of 54.9% [4]. - The report anticipates a significant increase in domestic ski and ice tourism ticket bookings, with a projected year-on-year growth of approximately 70% from November 2025 to February 2026 [4]. - Key investment targets include hotels with balanced supply and demand, human resources services, the duty-free sector, and internet platforms that integrate online and offline operations [4]. Industry Basic Data - The consumer services industry comprises 55 listed companies with a total market capitalization of 498.8 billion RMB and a circulating market capitalization of 457.1 billion RMB [1]. Market Performance - The consumer services sector experienced a decline of 1.05% in the week from December 22 to December 26, 2025, while the overall A-share market rose by 2.77% [7][10]. - The report notes that the hospitality sector, including hotels, saw varied performance, with some companies like Green Tea Group and Dingdong Maicai showing significant gains [16][19]. Important Announcements - Key announcements from companies in the consumer services sector include share buybacks and financial updates, such as Guilin Tourism's court ruling to recover illegal profits of 52.15 million RMB [31][30]. Upcoming Shareholder Meetings - Several companies in the consumer services sector have scheduled shareholder meetings in the upcoming month, including Nanjing Commercial Travel and Changbai Mountain [34].

每经AI快讯，美高梅中国(02282.HK)早盘重挫逾10%，截至发稿，跌10.85%，报13.89港元，成交额2.24 亿港元。 ...

Market Overview - The Hang Seng Index has short-term support at the 25,000 point level, with expectations of two interest rate cuts in 2026 following the Federal Reserve's recent 0.25% rate cut, which brings the federal funds rate to a range of 3.5% to 3.75% [1][4] - The market anticipates a dovish monetary policy stance post-2026 leadership change, but further observation of economic data is necessary [1] - The Chinese economy is facing a supply-demand imbalance, with a focus on stabilizing investment and the real estate market, while the US-China tariff war has paused, limiting the incentive for aggressive policy adjustments in the short term [1] Company News - Xiaomi's co-founder Lin Bin plans to sell up to $2 billion worth of shares, with proceeds intended for establishing an investment fund [10] - Leapmotor has received a premium subscription from FAW for nearly 75 million shares, amounting to over 4.1 billion RMB [10] - ByteDance is expected to purchase Huawei's Ascend chips next year, with total orders potentially exceeding 40 billion RMB, marking a significant increase from nearly zero in 2025 [10] - UBTECH Robotics has acquired a 43% stake in Fenglong for approximately 1.665 billion RMB, focusing on garden machinery and automotive components [10] - Vanke's domestic bond extension proposal was not approved, but a grace period extension was passed, allowing for a 30-day extension [10] Industry Insights - The National Development and Reform Commission (NDRC) is addressing "involution" competition in new energy vehicles and related industries, emphasizing price monitoring and quality checks to prevent disorderly competition [9] - The Chinese government is set to implement a more proactive fiscal policy in 2026, focusing on boosting consumption and effective investment in key areas [9] - The industrial profits in China fell by 13.1% year-on-year in November, indicating challenges in the industrial sector [9] - The Ministry of Industry and Information Technology forecasts a 5.9% growth in industrial value added for the year, with significant growth in high-tech manufacturing [9]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary sector, including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric Appliances, Anta Sports, and others [2]. Core Insights - The discretionary sector in A/H and overseas markets shows high sentiment, primarily driven by travel-related sectors [2]. - The report highlights a significant increase in consumer spending in Hainan due to duty-free shopping, with a notable rise in shopping amounts and visitor numbers [7]. - The overall performance of various sub-sectors indicates a mixed sentiment, with gambling and retail sectors performing well, while luxury goods and domestic sportswear sectors faced declines [5][12]. Summary by Relevant Sections Weekly Performance Review - The gambling sector saw a weekly increase of 2.1%, driven by rising gross gaming revenue in Macau and a rebound in the Hong Kong stock market [7]. - The retail sector increased by 1.9%, with China Duty Free Group rising by 11.5% due to strong consumer activity in Hainan [7]. - The jewelry sector rose by 1.6%, supported by festive activities and consumer sentiment [7]. - The domestic cosmetics sector increased by 0.4%, while the overseas sportswear sector rose by 0.3%, with Nike's stock boosted by insider buying [9][14]. - Conversely, the luxury goods sector declined by 1.3%, and the domestic sportswear sector fell by 1.1% due to disappointing sales figures [9][14]. Valuation Analysis - The report indicates that most sectors are valued below their historical averages, with the overseas sportswear sector expected to have a PE ratio of 31.0, which is 58% of its past five-year average [10][15]. - The domestic sportswear sector's expected PE is 13.7, at 72% of its historical average, while the jewelry sector's expected PE is 22.8, at 43% of its historical average [10][15]. - The luxury goods sector's expected PE is 27.1, at 49% of its historical average, indicating potential investment opportunities [10][15].

格隆汇12月28日｜澳博(0880.HK)公布，收购凯旋门发展有限公司已于12月17日完成。12月26日，集团 附属公司澳娱综合已获博监局批准自12月30日上午2时正起，以直接管理及营运的方式，于澳门凯旋门 娱乐场经营幸运博彩业务。完成且博监局批准授出后，澳娱综合已直接接管凯旋门酒店的客房服务、餐 饮设施、零售及幸运博彩业务。透过占据市内最具商业动能旅游娱乐枢纽的布局，并巩固其在该高密度 集聚区的地位，澳娱综合能更佳维系澳门半岛地区的核心客源，深化与旗下"葡京"系列物业的协同效 应，优化客流循环并拓展市场覆盖。 来源：格隆汇APP ...

[Table_Title] 研究报告 Research Report 26 Dec 2025 香港策略 Hong Kong Strategy 海通国际 2026 年 1 月金股 HTI January 2026 Top Picks 周林泓 Amber Zhou amber.lh.zhou@htisec.com [Table_yemei1] 观点聚焦 Investment Focus | [Table_summary] 行业 | 分析师 | 行业 | Top Pick | 看好理由 | | --- | --- | --- | --- | --- | | 组 | | | | | | | | | | Google 被 AI 搜索压制的估值已经在逐步释放：1） | | | | | | 通过 AI Overview 过渡 + AI mode 解锁交互式 AI 搜索 | | | | | | 功能，守护搜索市场，未来广告业务保持良好能见 | | | | | | 等大量 度；2）Google TPU 订单激增，Meta OpenAI | | | | | Alphabet (GOOGL US) | 订购 TPU V7 系列。预 ...

澳门励骏(01680)发布公告，由于通函所述的资本重组的所有条件均已获达成，包括股东于股东特别大 会上通过批准资本重组的特别决议案及向百慕达公司注册处处长登记股本削减，资本重组将于2025年12 月29日生效。新股份将于2025年12月29日上午9时正(中国香港时间)开始买卖。 ...

Core Viewpoint - Macquarie forecasts that Macau's gaming revenue in December could increase by 17% to 22% year-on-year, with a total revenue estimate of MOP 213 billion to MOP 222 billion [1] Group 1: Industry Insights - The average daily gaming revenue in Macau last week was MOP 700 million, reflecting a week-on-week increase of 8% [1] - The VIP room win rate has returned to normal levels, with average daily revenue in the mass market increasing by 3% to 5% compared to November, and VIP room daily revenue growing by 2% to 5% [1] - The VIP room win rate is reported to be between 2.7% and 2.9%, which is lower than the over 3% recorded in November [1] Group 2: Company Recommendations - Galaxy Entertainment (00027) is identified as the top pick in the gaming sector, with a target price of HKD 57.5, rated "outperform" due to its strong property project reserves and ample hotel room supply [1] - The opening of the Capella Hotel by the end of this year is expected to enhance Galaxy's market share in the high-end mass market [1] - Investors are advised to reconsider Sands China (01928) and MGM China (02282) due to their market share growth and attractive valuation levels, with target prices set at HKD 25.2 and HKD 22.6 respectively, both rated "outperform" [1]

麦格理发布研报称，数据显示澳门上周的日均博彩收入为7亿澳门元(下同)，按周上升8%，贵宾厅赢率 已恢复正常水平。与11月比较，中场日均收入上升3%至5%，贵宾厅日均收入则增长2%至5%，贵宾厅 赢率达2.7%至2.9%(相对11月为逾3%)。假设本月余下时间日均博彩收入维持6.6亿至7.5亿元，12月的博 彩总收入将达213亿至222亿元，同比升17%至22%。 此外，该行亦建议投资者重新审视金沙中国(01928)及美高梅中国(02282)，考虑到两者的市场份额增长 及具吸引力的估值水平，目标价分别为25.2港元及22.6港元，均获"跑赢大市"评级。 该行在博彩行业内首选股份为银河娱乐(00027)，目标价57.5港元，评级"跑赢大市"，主要因其强劲的物 业项目储备及充足的酒店客房供应;预计今年底全面投入营运的嘉佩乐酒店，有望提升公司在高端中场 的市场份额。 ...