今年以来该股累计进行19次回购，合计回购1800.22万股，累计回购金额2.78亿港元。（数据宝） 美高梅中国回购明细 证券时报·数据宝统计，美高梅中国在港交所公告显示，9月10日以每股16.000港元至16.200港元的价格 回购100.00万股，回购金额达1608.69万港元。该股当日收盘价16.170港元，上涨2.15%，全天成交额 1.83亿港元。 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.09.10 | 100.00 | 16.200 | 16.000 | 1608.69 | | 2025.09.08 | 100.00 | 16.060 | 15.700 | 1584.40 | | 2025.09.05 | 100.00 | 15.870 | 15.680 | 1577.56 | | 2025.09.04 | 100.00 | 15.970 | 15.580 | 1568.73 | | 2025.09.03 | 100.00 | 16.000 | 15.83 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary sector, including Nike, Midea Group, JD Group, Haier Smart Home, Anta Sports, Gree Electric, and others [1]. Core Insights - The report emphasizes the focus on consumer sub-sectors with favorable risk/reward ratios, highlighting bottom opportunities in the market [1][4]. - The performance of various consumer sectors is analyzed, with gold and jewelry, overseas cosmetics, and domestic cosmetics showing positive growth, while luxury goods and overseas sportswear sectors experienced declines [4][12]. Sector Performance Review - Weekly performance rankings indicate that the gold and jewelry sector led with a 4.0% increase, followed by overseas cosmetics at 1.7% and domestic cosmetics at 1.4%. In contrast, overseas sportswear saw a significant decline of 4.2% [4][12]. - Monthly performance shows overseas cosmetics leading with an 8.8% increase, while overseas sportswear experienced a decline of 2.9% [12]. - Year-to-date performance highlights gold and jewelry with a remarkable 175.3% increase, while overseas sportswear faced a decline of 12.0% [12][13]. Sector Valuation Analysis - Most sectors are valued below their average over the past five years, with the overseas sportswear sector expected PE at 34.3 times, which is 61% of its historical average. The domestic sportswear sector is expected to have a PE of 14.1 times, 80% of its historical average [9][18]. - The gold and jewelry sector's expected PE is 27.1 times, 48% of its historical average, while the luxury goods sector is expected at 24.3 times, 44% of its historical average [9][18]. - The report indicates that all sectors' expected PE for 2025 is lower than their historical averages, with only the household goods sector's EV/EBITDA exceeding its historical average [18].

Core Viewpoint - MGM China Holdings Limited has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and confidence in its stock performance [2][3]. Summary by Sections Share Buyback Activity - On September 5, 2025, MGM China repurchased 1 million shares at prices ranging from HKD 15.680 to HKD 15.870, totaling HKD 15.7756 million [2]. - The stock closed at HKD 15.830 on the same day, reflecting a 0.76% increase, with a total trading volume of HKD 114 million [2]. - Since August 26, 2025, the company has conducted share buybacks for nine consecutive days, acquiring a total of 9 million shares for a cumulative amount of HKD 143 million, despite a 0.75% decline in the stock price during this period [2][3]. Year-to-Date Buyback Summary - Year-to-date, MGM China has executed 17 buyback transactions, acquiring a total of 16 million shares for a total expenditure of HKD 246 million [3]. - A detailed breakdown of the buyback activities shows consistent repurchases, with the highest price reaching HKD 16.580 and the lowest at HKD 10.660 across various dates [3].

智通财经APP讯，美高梅中国(02282)发布公告，于2025年9月5日，该公司斥资1577.56万港元回购100万 股。 ...

Core Viewpoint - MGM China has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [2][3]. Share Buyback Summary - On September 4, MGM China repurchased 1 million shares at a price range of HKD 15.580 to HKD 15.970, totaling HKD 15.6873 million. The stock closed at HKD 15.710, down 1.63% for the day, with a total trading volume of HKD 78.0975 million [2]. - Since August 26, the company has conducted share buybacks for eight consecutive days, repurchasing a total of 8 million shares for a cumulative amount of HKD 128 million, during which the stock price has decreased by 1.50% [2]. - Year-to-date, MGM China has completed 16 buyback transactions, acquiring a total of 15.0022 million shares for a total expenditure of HKD 231 million [3]. Buyback Details - The detailed buyback transactions are as follows: - September 4: 100,000 shares at a maximum price of HKD 15.970 and a minimum of HKD 15.580, totaling HKD 1.56873 million - September 3: 100,000 shares at a maximum price of HKD 16.000 and a minimum of HKD 15.830, totaling HKD 1.59506 million - September 2: 100,000 shares at a maximum price of HKD 16.070 and a minimum of HKD 15.770, totaling HKD 1.59001 million - September 1: 100,000 shares at a maximum price of HKD 16.080 and a minimum of HKD 15.870, totaling HKD 1.59785 million - August 29: 100,000 shares at a maximum price of HKD 16.270 and a minimum of HKD 15.920, totaling HKD 1.60602 million - August 28: 100,000 shares at a maximum price of HKD 16.160 and a minimum of HKD 15.820, totaling HKD 1.59533 million - August 27: 100,000 shares at a maximum price of HKD 16.130 and a minimum of HKD 15.920, totaling HKD 1.60180 million - August 26: 100,000 shares at a maximum price of HKD 16.290 and a minimum of HKD 15.950, totaling HKD 1.61391 million - August 14: 100,000 shares at a maximum price of HKD 16.250 and a minimum of HKD 16.100, totaling HKD 1.61807 million - August 13: 100,000 shares at a maximum price of HKD 16.070 and a minimum of HKD 15.870, totaling HKD 1.59846 million - August 12: 100,000 shares at a maximum price of HKD 16.340 and a minimum of HKD 15.840, totaling HKD 1.62205 million - August 11: 100,000 shares at a maximum price of HKD 16.000 and a minimum of HKD 15.790, totaling HKD 1.59019 million - August 8: 100,000 shares at a maximum price of HKD 16.580 and a minimum of HKD 16.110, totaling HKD 1.63621 million - June 18: 100,000 shares at a maximum price of HKD 11.300 and a minimum of HKD 11.140, totaling HKD 1.12380 million - June 16: 62.75 thousand shares at a maximum price of HKD 10.900 and a minimum of HKD 10.660, totaling HKD 674.70 thousand - March 21: 37.47 thousand shares at a maximum price of HKD 11.280 and a minimum of HKD 11.120, totaling HKD 419.24 thousand [3].

智通财经APP讯，美高梅中国(02282)发布公告，于2025年9月4日，该公司斥资1568.73万港元回购100万 股。 （原标题：美高梅中国(02282)9月4日斥资1568.73万港元回购100万股） ...

证券时报·数据宝统计，美高梅中国在港交所公告显示，9月3日以每股15.830港元至16.000港元的价格回 购100.00万股，回购金额达1595.06万港元。该股当日收盘价15.970港元，上涨0.50%，全天成交额 7073.48万港元。 自8月26日以来公司已连续7日进行回购，合计回购700.00万股，累计回购金额1.12亿港元。 其间该股累 计上涨0.13%。 今年以来该股累计进行15次回购，合计回购1400.22万股，累计回购金额2.15亿港元。（数据宝） 美高梅中国回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.09.03 | 100.00 | 16.000 | 15.830 | 1595.06 | | 2025.09.02 | 100.00 | 16.070 | 15.770 | 1590.01 | | 2025.09.01 | 100.00 | 16.080 | 15.870 | 1597.85 | | 2025.08.29 | 100.00 | ...

Core Viewpoint - Morgan Stanley has updated its forecasts for Galaxy Entertainment (00027) based on the company's mid-term performance, increasing the expected dividend payout ratio for 2025 to 2027 from 50% to 60%, resulting in a 19% increase in the predicted dividend per share [1] Financial Projections - EBITDA forecasts for Galaxy Entertainment for 2025 to 2027 have been reduced by 1% due to higher expected operating expenses [1] - Earnings per share forecasts have been adjusted from HKD 2.39, HKD 2.58, and HKD 2.73 to HKD 2.36, HKD 2.56, and HKD 2.72 respectively for the same period [1] - The target price for Galaxy Entertainment has been raised from HKD 40 to HKD 44 [1] Market Position and Risks - The opening of the Capella Hotel is expected to help Galaxy Entertainment increase its market share [1] - The company has been given a "in line with the market" rating, but there are warnings that if competitors resume dividends and the company's market share continues to weaken, some potential premiums may reverse [1]

Core Viewpoint - Morgan Stanley has updated its forecasts for Galaxy Entertainment (00027) based on the company's mid-term performance, increasing the dividend payout ratio from 50% to 60% for 2025 to 2027, resulting in a 19% increase in the predicted dividend per share [1] Financial Projections - EBITDA forecasts for Galaxy Entertainment for 2025 to 2027 have been reduced by 1% due to higher expected operating expenses [1] - Earnings per share forecasts have been adjusted from HKD 2.39, HKD 2.58, and HKD 2.73 to HKD 2.36, HKD 2.56, and HKD 2.72 for the respective years [1] - The target price for Galaxy Entertainment has been raised from HKD 40 to HKD 44 [1] Market Position and Risks - The opening of the Capella Hotel is expected to help Galaxy Entertainment increase its market share [1] - Morgan Stanley maintains a "market perform" rating but warns that if competitors resume dividends and the company's market share continues to weaken, some potential premium may reverse [1]

Group 1 - Morgan Stanley has raised Galaxy Entertainment's dividend payout ratio forecast for 2025 to 2027 to 60% and increased the per-share dividend forecast [1] - Despite slight downward adjustments to EBITDA and earnings per share forecasts for 2025 to 2027, the target price for Galaxy Entertainment has been raised to HKD 44 [1] - The opening of the Capella Hotel is expected to help Galaxy Entertainment increase its market share, maintaining a "market perform" rating [1] Group 2 - There is a risk of valuation premium decline if competitors resume dividend payouts and Galaxy Entertainment's market share continues to weaken [1]