澳门1-7月份幸运博彩毛收入1,409亿澳门元，同比增长6.5%。 澳门7月幸运博彩毛收入221.3亿澳门元，同比增长19.0%。 ...

Core Viewpoint - The total operating revenue of Melco International Development for Q2 2025 reached $1.33 billion, reflecting a year-on-year increase of approximately 15% due to improved performance in both gaming and non-gaming operations [1] Summary by Categories Financial Performance - Total operating revenue increased to $1.33 billion, up about 15% year-on-year [1] - Operating income was $12.47 million, showing a year-on-year growth of 0.81% [1] - Net income attributable to Melco was $17.2 million, representing a year-on-year decrease of 19.63% [1]

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index down by 1.07% at 24,906.39, and the Hang Seng China Enterprises Index down by 1.03% at 8,944.74, while the Hang Seng Tech Index rose by 0.34% to 5,509.61, supported by a rebound in tech stocks [1] Stock Performance - Notable gainers included Meituan with a 15.26% increase, and other companies like Quanta International and Kuaishou also saw significant rises of 11.71% and 8.98% respectively [2] - Major tech stocks experienced a shift from decline to increase, with Kuaishou rising nearly 9%, Tencent up by 1.46%, and NetEase and Alibaba also showing positive performance, while Meituan fell nearly 4% [3] Sector Movements - The gold sector faced declines as investors shifted funds from gold ETFs to domestic stocks, with Tongguan Gold dropping 8.6% marking its sixth consecutive decline [3] - Real estate sales continued to decline year-on-year, leading to a drop in property stocks, with major players like Country Garden and Vanke seeing significant losses [3] - Other sectors such as home appliances, automobiles, photovoltaic, coal, building materials, and insurance stocks also experienced downward trends [3] Gambling Sector - UBS reported that Macau's July gaming revenue exceeded market expectations, while Thailand recently withdrew a casino legalization bill, leading to a rise in gaming stocks [3]

金融界7月31日消息，周四上午盘，港股股指走势分化，恒指低开低走，探底回升后再度走低，整体保 持"W"型走势，科指低开探低后震荡走高，截止午盘，恒生指数跌1.07%报24906.39点，恒生科技指数 涨0.34%报5509.61点，国企指数跌1.03%报8944.74点，红筹指数跌1.89%报4267.33点。 盘面上，大型科技股盘中部分由跌转涨，尤其是快手大涨超8%，腾讯转涨至1.5%，网易、阿里巴巴飘 红，美团仍下跌超3%，京东、小米跌超2%；彭博汇编的数据反映中国投资者正将资金从黄金ETF转向 国内股票，黄金股跌幅明显，潼关黄金大跌近9%录得6连跌行情；6月房地产销售面积同比继续回落， 机构称地产后续政策或重在托底，内房股全线下跌，碧桂园、万科企业、新城发展跌幅居前；家电股、 汽车股、光伏股、煤炭股、建材水泥股、石油股、中资券商股、内险股纷纷走低。另一方面，瑞银称澳 门7月赌收超出市场预期，泰国近日撤回赌场合法化法案，濠赌股逆势上涨，美高梅中国绩后领涨，半 导体芯片股、手游股、药品股多数上涨。 企业新闻 盈大地产(00432.HK)：上半年综合收入7.36亿港元，同比增长35%；净亏损约2.49亿港元， ...

Group 1: Hong Kong Stock Market Highlights - New China Life Insurance (01336) rose over 5%, reaching a historical high, while China Life (2628.HK) increased by 4.4%, AIA (1299.HK) by 3.5%, and China Pacific Insurance (2601.HK) by nearly 2% following the release of the 2Q25 predetermined interest rate of 1.99% by the insurance industry association [1] - Heng Rui Pharmaceutical (1276.HK) opened up 10.65% after announcing a global exclusive licensing agreement with GSK for the HRS-9821 project, excluding mainland China and certain regions [1] - Guangshen Railway (00525.HK) saw a peak increase of over 9% after signing a cooperation agreement for the Guangzhou East Station renovation project, with a total investment of approximately 16.66 billion yuan [1] Group 2: Other Notable Stock Movements - MicroPort Medical (00853.HK) surged over 8% as major shareholders agreed to sell a total of 291 million shares to various buyers, including funds under Shanghai Industrial Capital [2] - China Tobacco Hong Kong (06055.HK) rose over 5% following the release of a draft management regulation for domestic duty-free tobacco products by the National Tobacco Monopoly Administration [2] - Shenghua Land (08106) saw its stock price soar over 200% after a share acquisition agreement was reached [2] - Jiufang Zhitu Holdings (09636) increased over 10% after announcing a profit forecast for the first half of the year, expecting a net profit of 830 to 870 million yuan, a turnaround from a net loss of 174 million yuan in the same period last year [2] - Lianlian Digital (02598) rose over 7% as a report highlighted the significant role of third-party payment institutions in cross-border and multi-currency settlement services [2] Group 3: Macau Gaming Sector Performance - Gaming stocks saw a general increase, with Amax Holdings (00880) up 10.39%, Melco International Development (00200) up 5.64%, and Sands China (01928) up 3.25%. UBS reported that the average daily gaming revenue in Macau for the past week was 657 million patacas, a slight decline due to typhoon impacts, but still showing a year-on-year growth of approximately 14% [3] Group 4: US Stock Market Highlights - AMD (AMD.US) rose 2.68% as it achieved a 50% market share in the server CPU market, matching Intel for the first time [4] - Newmont Corporation (NEM.US) increased by 6.89%, reporting a second-quarter earnings per share of $1.85, up from 73 cents year-on-year [5] - Berkshire Hathaway's holding Verisign (VRSN.US) rose 6.67% despite Q2 revenue falling short of market expectations, as the company raised its full-year revenue guidance [5] - Tesla (TSLA.US) increased by 3.52% with plans to launch Robotaxi services in San Francisco [6]

Group 1: Market Overview - The Hang Seng Index rose by 0.40%, gaining 102 points to close at 25,490 points, while the Hang Seng Tech Index fell by 0.59% [1] - Hong Kong's stock market saw a morning trading volume of HKD 149.7 billion [1] Group 2: Brokerage Performance - The establishment of the China Capital Market Society has led to positive performance reports from listed brokerages, with notable gains in shares such as Guotai Junan (up 3%), Everbright Securities (up 0.54%), and CITIC Securities (up 1%) [1] Group 3: Gaming Sector - UBS reported that Macau's July gaming revenue exceeded market expectations, while Thailand recently withdrew its casino legalization bill, leading to a rise in gaming stocks. Notable increases include Suncity Holdings (up 7.79%), Melco International Development (up 3.89%), and Sands China (up 1.62%) [1] Group 4: Financial Technology and Digital Currency - Yunfeng Financial rose by 5.68% as the company plans to enter the Web 3.0 space and expand investments in stablecoins and other digital currencies [1] - OSL Group announced the completion of a USD 300 million equity financing, which will be used for license application preparations and other core areas, resulting in a 2.68% increase in its stock [1] Group 5: Innovative Products and Earnings - Guichuang Tongqiao saw a nearly 6% increase, with expected net profit growth of nearly 67% year-on-year for the first half, and several innovative products anticipated to receive approval [1] - China Tobacco Hong Kong surged over 13%, indicating that its exclusive cigarette export business is unaffected by related regulatory draft [1] Group 6: Optical Technology - Conant Optical experienced a rise of over 6%, driven by the upward trend in smart glasses and the potential growth of its XR business [2] Group 7: Gold and Coal Sectors - Laopu Gold's stock fell nearly 4% after a profit warning, despite a projected net profit increase of up to 288% year-on-year for the first half [3] - The main contracts for coking coal saw significant declines, with companies like Mongolian Coking Coal and Yancoal Australia dropping by 5% and 3.39% respectively, indicating a need to monitor policy developments [3]

Investment Rating - The report does not explicitly state an investment rating for Sands China (1928 HK) Core Insights - In 25Q2, Sands China reported a net revenue of USD 1.79 billion, a year-on-year increase of 2.5%, while adjusted EBITDA reached USD 566 million, up 0.9% year-on-year, with an adjusted EBITDA margin of 31.6% [10] - The overall gaming gross revenue (GGR) in Macau increased by 8.3% year-on-year and 6.0% quarter-on-quarter, reaching MOP 61.115 billion in 25Q2 [2] - The Londoner Macao showed impressive performance with a net revenue increase of 44.6% year-on-year, benefiting from the completion of its renovation [3] Summary by Sections Financial Performance - In 25Q2, Sands China achieved a net revenue of USD 1.79 billion, with contributions from gaming and non-gaming segments at USD 1.347 billion and USD 0.447 billion respectively, reflecting increases of 1.4% and 5.2% year-on-year [3] - The adjusted property EBITDA for the first half of 2025 was USD 1.101 billion, down 6.0% year-on-year, with a margin of 31.5% [10] Property Performance - The performance of various properties under Sands China varied significantly, with Venetian and Londoner showing contrasting results; Venetian's net revenue decreased by 3.4%, while Londoner's increased by 44.6% due to renovations [3] - The net revenue breakdown by property for 25Q2 was as follows: Venetian at USD 663 million, Londoner at USD 642 million, and Parisian at USD 194 million [3] Gaming Operations - Total betting volume for Sands China in 25Q2 was MOP 155.9 billion, a decline of 5.3% year-on-year, with VIP betting down 23% [4] - The gaming gross revenue reached USD 1.71 billion, a slight increase of 0.2% year-on-year, with VIP gaming revenue declining by 14.1% [4] Capital Expenditure - The total capital expenditure for Sands China in 25Q2 was USD 286 million, including USD 138 million for construction, development, and maintenance activities in Macau [6] Shareholder Returns - LVS purchased 87 million shares of Sands China at an average price of HKD 16.00, increasing its ownership stake to 73.4% as of July 23, 2025 [5]

Core Viewpoint - The article highlights the successful IPO of Cirsa, a Spanish gaming giant, which resulted in a remarkable return of over €20 billion (approximately ¥170 billion) for Blackstone, showcasing a textbook example of a merger and acquisition strategy [2][4]. Summary by Sections IPO Success - Cirsa's IPO was initially delayed due to a sluggish European market but ultimately achieved significant oversubscription, with a first-day stock price increase of 6.7%, leading to a market capitalization of €2.7 billion [3][7]. - The successful listing is seen as a pivotal moment for the European IPO market, setting a positive tone for future listings [3]. Acquisition Details - Blackstone acquired 100% of Cirsa in April 2018 for approximately €2.1 billion, leveraging about €1.5 billion in debt, resulting in a net equity investment of around €500 million [5][6]. - Within a year of the acquisition, Blackstone recouped over half of its equity investment through a dividend recapitalization, followed by a significant one-time dividend of €230 million before the IPO [7][8]. Financial Performance - Cirsa's financial recovery post-COVID-19 was notable, with EBITDA nearly doubling and a debt-to-EBITDA ratio improving from 5.5 times to 2.8 times by the time of the IPO [10][17]. - The company's revenue reached €2.15 billion in 2024, reflecting an 8% year-on-year growth, while EBITDA grew by 11% to €699 million [17]. Strategic Management - Blackstone's management strategy involved minimal changes to Cirsa's existing leadership and operational strategies, allowing the company to continue its growth trajectory without major disruptions [12][11]. - The firm also facilitated Cirsa's expansion into online gaming, which became a significant growth driver, with online revenue increasing from 16.7% to 22.7% of total revenue [16]. Future Outlook - Cirsa plans to invest €400 to €500 million in acquisitions over the next three years, with a pipeline of up to 100 potential targets, indicating further growth potential for Blackstone's investment [17].

Market Overview - The US 90-day exemption period is ending this week, leading to ongoing market focus on US tariff negotiations [1] - The Hang Seng Index closed down 0.12% at 23,887.83 points, with a total turnover of HKD 193.79 billion [1] - The Hang Seng Tech Index rose by 0.25% to 5,229.56 points, indicating mixed performance across indices [1] Blue Chip Performance - Sands China (01928) led blue-chip stocks, rising 3.85% to HKD 18.32, contributing 2.58 points to the Hang Seng Index [2] - Macau's June gaming revenue increased by 19% year-on-year to MOP 21.1 billion, exceeding market expectations [2] - Other notable blue-chip movements included China Resources Land (01109) up 3.45% and Ideal Automotive (02015) up 2.8% [2] Sector Highlights Stablecoin Sector - The stablecoin concept is gaining traction, with companies like Guotai Junan International (01788) rising 10.77% [3] - The Hong Kong Stablecoin Regulation is set to take effect on August 1, with limited licenses expected to be issued [3] Beverage Sector - Tea beverage stocks surged, with Cha Bai Dao (02555) up 11.04% amid a competitive delivery market [4] - The delivery battle between Alibaba and Meituan has significantly boosted tea beverage consumption [4] Real Estate Sector - The housing market is under scrutiny, with a focus on stabilizing expectations and activating demand [5] - Analysts suggest that the third quarter will be crucial for policy direction affecting the real estate market [5] Gaming Sector - Gaming stocks continued to rise, with MGM China (02282) up 2.38% and overall positive sentiment in the Macau gaming market [6] - Morgan Stanley forecasts a 10% year-on-year increase in Macau's July gaming revenue [6] Power Sector - Power stocks saw a general increase, driven by record electricity demand due to high temperatures [7] - The maximum national electricity load reached 14.65 billion kilowatts, marking a significant year-on-year increase [7] Gold Sector - Gold stocks faced pressure, with Shandong Gold (01787) down 5.96% as gold prices fell below USD 3,310 per ounce [7] - The decline in gold prices is attributed to reduced expectations for US interest rate cuts [7] Notable Stock Movements - H&H International Holdings (01112) issued a profit warning, falling 7.14% [8] - Jihong Co. (02603) saw a significant rise of 11.62%, with projected net profit growth of 97.25% to 108.21% for the first half of 2025 [9] - Lao Pu Gold (06181) reached a new high, reflecting strong growth potential compared to industry peers [10] - FWD Group (01828) debuted on the market, closing up 1.05% with a net fundraising of approximately HKD 29.53 billion [11]

Market Overview - The Hong Kong stock market experienced a rebound on July 7, with net inflows from southbound funds exceeding 12 billion HKD, indicating a recovery trend [1][23] - The Hang Seng Index closed at 23,887.83, down 0.12%, while the Hang Seng Technology Index rose by 0.25% to 5,229.56 [2][23] Sector Performance - Large technology stocks showed mixed results, with Kuaishou and Tencent rising over 1%, while Netease and Xiaomi saw slight declines [4][23] - Gaming stocks continued to perform well, with analysts predicting high single-digit growth in total gaming revenue for the second half of the year, particularly benefiting companies like MGM China [2][7] - Cryptocurrency-related stocks saw significant gains, with Guotai Junan International rising over 10% and New Fire Technology Holdings increasing by over 7% [5][6] Real Estate Sector - Real estate stocks generally rose, with Sunac China and New City Development gaining over 4% [8][10] - Analysts noted a weak recovery trend in the housing market, with new and second-hand home sales showing month-on-month growth in June [10] Education Sector - Education stocks saw a broad increase, with China Oriental Education rising over 4% [11][10] Energy Sector - The energy sector was active, with Datang Power rising over 4% and other major players like Huadian International and Huaneng International also showing gains [12][10] Beverage Sector - Beverage stocks collectively strengthened, led by Cha Bai Dao, which surged by 11% [13][10] Dairy Sector - Dairy stocks faced significant declines, with China Feihe dropping over 17% [15][10] Gold Sector - Gold stocks were collectively weak, with major companies like Zhaojin Mining and Shandong Gold experiencing declines of over 5% [16][10] Non-Ferrous Metals Sector - The non-ferrous metals sector saw most stocks decline, with Jiangxi Copper and China Aluminum both dropping over 3% [17][10] Biopharmaceutical Sector - Biopharmaceutical stocks experienced a pullback, with several companies like Innovent Biologics and WuXi Biologics declining over 4% [19][10] Apple Concept Stocks - Apple-related stocks mostly fell, with companies like Gao Wei Electronics and Tongda Group seeing declines [20][10] Solar Energy Sector - The solar energy sector faced a collective downturn, with Kamda Solar dropping 8% [21][10] Investment Outlook - Analysts from China Galaxy Securities suggest that Hong Kong stocks have a relatively low absolute valuation and recommend focusing on technology and consumer sectors for potential investment opportunities [23][10]