根据杜邦(DuPont)(是一种分解股东权益报酬率(ROE)结构、解析企业获利能力的财务分析方法)分析， 这主要受较低资产周转率(澳门整体博彩收入仍未恢复至2019年水平)及较低财务杠杆(总资产/总股本)所 影响。资产周转率主要由行业收入决定，但银娱可透过增加派息(包括特别股息)提升ROE。 另一方面，银娱亦需保留资金，以把握泰国娱乐综合体的投资机会。该行理解每个博彩牌照实体最低需 投资1,000亿泰铢(约31亿美元)，但现时法规时间及牌照招标进度尚未明确。该行维持原有投资逻辑，看 好银娱提升市占率的潜力，以及仍有空间提高派息比率。里昂料银娱2025年至2027年每股派息143.4港 仙、150.3港仙及163.4港仙，提供股息回报3.5厘、3.7厘及4厘，料其2025年至2027年ROE分别为 13.3%、13.2%及13.7%。 智通财经APP获悉，里昂发布研报称，在所有澳门持牌博彩公司当中，银河娱乐(00027)拥有最稳健的现 金储备，最有条件运用财务杠杆，提升股东回报率(ROE)。 潜在资金部署方式包但不限于投资区内机会 及增加派息。无论选择哪种方式，均有助提升资本效益，令ROE(透过财务杠杆)上升。 ...

Market Overview - The Hong Kong stock market showed mixed performance today, with the Hang Seng Index closing flat at 26,545.1 points and a total turnover of HKD 3,768.12 million. The Hang Seng China Enterprises Index rose by 0.17% to 9,472.35 points, while the Hang Seng Tech Index increased by 0.37% to 6,294.42 points. For the week, the Hang Seng Index gained 0.59%, the China Enterprises Index rose by 1.15%, and the Tech Index saw a 5.09% increase [1]. Blue Chip Performance - Sands China (01928) led the blue-chip stocks, rising by 6.19% to HKD 21.6, contributing 4.77 points to the Hang Seng Index. The upcoming National Day and Mid-Autumn Festival holidays have driven demand for gaming stocks, with strong expectations for the Golden Week based on nearly full hotel bookings [2][4]. - Other notable blue-chip performers included China Hongqiao (01378) up 4.67% to HKD 26.46, Galaxy Entertainment (00027) up 4.22% to HKD 42.46, while Hansoh Pharmaceutical (03692) fell by 2.62% to HKD 35, dragging the index down by 1.74 points [2]. Sector Highlights Gaming Sector - The gaming sector saw significant gains, with Melco International Development (00200) up 6.6%, Sands China (01928) up 6.19%, and Wynn Macau (01128) up 6.02%. Macau's gross gaming revenue (GGR) for August reached MOP 22.16 billion, marking a new monthly high, with a year-on-year increase of 12.2% [3][4]. Gold Sector - Gold stocks rebounded, with Shandong Gold (01787) rising by 6.13% to HKD 35.68, Lingbao Gold (03330) up 3.98% to HKD 16.46, and Zijin Mining (02899) up 2.76% to HKD 29.08. The price of spot gold has stabilized above USD 3,650 following the Federal Reserve's interest rate cuts [4]. Coal Sector - Coal stocks performed well, with Yanzhou Coal Mining (01171) up 6.51% to HKD 10.63, and China Shenhua Energy (01088) up 1.42% to HKD 38.46. Recent investigations into overproduction in Inner Mongolia are expected to curb excess supply [5][6]. Robotics Sector - The robotics sector showed mixed results, with Sanhua Intelligent Control (02050) down 6.21% while DCH Holdings (00179) rose by 5.78%. Recent rumors regarding Tesla's robot orders were denied by Elon Musk, but the Chinese government is pushing for the application of humanoid robots in various industries [7]. Notable Stock Movements - Jinfang Pharmaceutical-B (02595) debuted with a remarkable increase of 106.47% to HKD 42.1. The company focuses on developing new treatment solutions for tumors and autoimmune diseases [8]. - Hongteng Precision (06088) surged by 21.44% to HKD 5.89, benefiting from Nvidia's investment in Intel for AI infrastructure [9]. - Cloudfin Financial (00376) rose by 10.55% to HKD 6.39 after appointing a former Ant Group executive to lead its Web3 development [10]. - Weimob Group (02013) increased by 10% to HKD 2.86 following a significant share placement [11]. - Ganfeng Lithium (01772) saw a rise of 9.51% to HKD 37.3, with the company announcing full production capacity for its energy storage cells [12]. - Changfei Optical Fiber (06869) reached a new high, increasing by 8.55% to HKD 61.6, driven by interest in hollow core fiber technology [13][14].

Group 1 - Macau's gaming revenue reached a record high of 22.16 billion MOP in August, marking a 0.14% month-on-month increase and a 12.2% year-on-year increase, surpassing the estimated growth of 12.0% [1][1][1] - From January to August, the total gaming revenue amounted to 163.05 billion MOP, reflecting a year-on-year growth of 7.2% [1][1][1] - Haidong International forecasts that September will see a vibrant array of activities, likely boosting visitor numbers and gaming gross revenue (GGR) during the off-peak season [1][1][1] Group 2 - Goldman Sachs attributes the strong performance of Macau's gaming companies to a combination of major events, wealth effects driven by the stock market, relaxed visa policies, and ongoing safety concerns in Thailand and the Philippines, which have led more mainland tourists to choose Hong Kong and Macau as destinations [1][1][1] - For the upcoming National Day Golden Week, gaming companies anticipate strong demand based on nearly full hotel bookings and communication with clients, while the National Games are not expected to significantly impact gaming revenue [1][1][1]

大行评级｜里昂：银河娱乐现金储备稳健 维持"跑赢大市"评级并列为行业首选之一 大行评级｜大摩： 上调银河娱乐目标价至44港元 评级"与大市同步" 里昂发表报告指，在所有澳门持牌博彩公司当中，银河娱乐拥有最稳健的现金储备，最有条件运用财务 杠杆提升股东回报率(ROE)。该行维持对银河娱乐的"跑赢大市"评级及目标价50.3港元，是该行在澳门 博彩股的两大首选之一。里昂预计银娱2025年至2027年每股派息143.4港仙、150.3港仙及163.4港仙，提 供股息回报3.5厘、3.7厘及4厘，期内ROE分别为13.3%、13.2%及13.7%。 相关事件 ...

Group 1 - The gaming stocks experienced significant gains in early trading, with Wynn Macau rising by 7.07% to HKD 7.12 [1] - Melco International Development increased by 6.79% to HKD 5.66 [1] - Sands China saw a rise of 5.80%, reaching HKD 21.52 [1] - Galaxy Entertainment rose by 5.35%, trading at HKD 42.92 [1]

Group 1 - The core viewpoint of the article highlights the strong performance of Macau's gaming stocks, with significant increases in share prices for major companies such as Wynn Macau, Melco International Development, Sands China, and Galaxy Entertainment [1] - Macau's gross gaming revenue (GGR) for August reached a record high of 22.16 billion MOP, marking a month-on-month increase of 0.14% and a year-on-year increase of 12.2% [1] - For the first eight months of the year, the total GGR in Macau amounted to 163.05 billion MOP, reflecting a year-on-year growth of 7.2% [1] Group 2 - According to Haitong International, the upcoming September is expected to see a boost in visitor numbers and GGR due to various exciting events planned, despite it being a traditionally low season [1] - Goldman Sachs attributes the recent strong performance of Macau's gaming companies to several factors, including a series of major events, wealth effects driven by the stock market, relaxed visa policies, and ongoing safety concerns in Thailand and the Philippines, which have led more mainland travelers to choose Hong Kong and Macau as destinations [1] - For the upcoming National Day Golden Week, gaming companies anticipate strong demand based on nearly full hotel bookings and communication with clients, while the National Games are not expected to significantly impact gaming revenue [1]

（文章来源：每日经济新闻） 每经AI快讯，Wind数据显示，9月18日，共27只港股获公司回购，4只个股回购金额超千万港元。其 中，腾讯控股、恒生银行、美高梅中国回购金额最大，分别获公司回购5.5亿港元、2379.52万港元、 1875.8万港元。截至9月18日，今年已有228只港股获公司回购，48只个股年内累计回购金额超亿港元。 其中，腾讯控股、汇丰控股、友邦保险年内累计回购金额最大，分别获公司回购532.57亿港元、260.37 亿港元、176.93亿港元。 ...

Company News - China Pacific Insurance (02601.HK) reported original insurance premium income of 217.05 billion yuan for the first eight months, a year-on-year increase of 13.2%. The original insurance premium income for Taiping Property Insurance was 142.809 billion yuan, a year-on-year increase of 0.4%. The total original insurance premium income is approximately 360 billion yuan [2] - Datang Renewable (01798.HK) achieved a cumulative power generation of approximately 23.53 million megawatt-hours in the first eight months, an increase of 13.04% year-on-year. In August, the power generation was 2.169 million megawatt-hours, a year-on-year increase of 27.5% [2] - Green Energy Technology Group (00979.HK) issued a profit warning, expecting an annual net loss of approximately 15 to 18 million Hong Kong dollars [2] - Timekeeper (02033.HK) issued a profit warning, expecting a loss attributable to shareholders of approximately 17 million Hong Kong dollars for the fiscal year 2025 [2] - Fuhong Hanlin (02696.HK) completed the administration of the first patient in Australia for the international multi-center phase II clinical study of HLX43 for the treatment of advanced non-small cell lung cancer (NSCLC) [2] - IFBH (06603.HK) entered into a foreign exchange contract with Citibank [2] Buyback Activities - Tencent Holdings (00700.HK) repurchased 848,000 shares at a cost of 550 million Hong Kong dollars, with buyback prices ranging from 636 to 664 Hong Kong dollars [3] - HSBC Holdings (00005.HK) repurchased 1.48 million shares at a cost of approximately 158 million Hong Kong dollars, with buyback prices between 106.4 and 106.9 Hong Kong dollars [3] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of approximately 23.8 million Hong Kong dollars, with buyback prices ranging from 118.5 to 119.6 Hong Kong dollars [3] - MGM China (02282.HK) repurchased 1.2 million shares at a cost of 18.758 million Hong Kong dollars, with buyback prices between 15.50 and 15.77 Hong Kong dollars [3]

美高梅中国(02282)发布公告，于2025年9月18日该公司斥资1875.8万港元回购120万股，回购价格为每股 15.50-15.77港元。 ...

Group 1 - The government has introduced 19 specific measures to boost service consumption, focusing on enhancing service supply and attracting foreign consumers [1][3] - The measures cover a wide range of industries, including internet, culture, telecommunications, sports events, education, and high-end healthcare, indicating a favorable policy environment for these sectors [1][3] - The emphasis is on addressing the supply-side shortage of quality services through financial support and policy adjustments, which is expected to invigorate the service consumption market [1][2] Group 2 - In August, the total retail sales of consumer goods reached 39,668 billion yuan, showing a year-on-year growth of 3.4%, with service retail sales growing by 5.1% [2] - The overall consumption trend remains positive, with expectations for further policy support to boost consumption, potentially increasing the annual growth rate of retail sales to around 4.5% [2][4] - Analysts suggest a shift in policy focus from physical investments to experience-based service consumption, highlighting the importance of government support for service supply [4] Group 3 - Companies like Huazhu Group and Trip.com are expected to benefit from the recovery in tourism consumption, with Huazhu's EBITDA projected to grow by 5% to 1.5 billion yuan [5] - Trip.com anticipates a revenue growth of 12%-17% in 2025, benefiting from policies aimed at attracting foreign consumers [5] - Hong Kong Travel and China Duty Free are positioned to gain from inbound tourism and enhanced duty-free shopping opportunities, with potential increases in visitor numbers and sales [6]