该行看好银河娱乐、永利澳门及美高梅中国，并视其为行业首选，目标价分别为46.9港元、8.9港元及 20.3港元，均予"买入"评级。 瑞银发表研究报告指，渠道数据显示，澳门过去七天的日均博彩总收入约为6.5亿澳门元，较前七天的 7.43亿澳门元有所回落，部分因贵宾厅赢率较低，令本月至今的日均博彩总收入维持约6.96亿澳门元， 按年增长约19%，但按月微跌约1%，相较之下2015年至19年同期通常录得1%按月升幅。 ...

Core Viewpoint - The Macau gaming stocks have experienced significant declines, with major companies like MGM China, Sands China, Wynn Macau, and Melco International Development all reporting drops in their stock prices amid concerns over the gaming industry's future performance [1] Group 1: Stock Performance - MGM China shares fell by 3.55%, trading at HKD 15.74 [1] - Sands China shares decreased by 3.67%, trading at HKD 19.96 [1] - Wynn Macau shares dropped by 1.6%, trading at HKD 6.15 [1] - Melco International Development shares declined by 1.52%, trading at HKD 4.55 [1] Group 2: Government and Market Outlook - The Macau SAR government has projected that the gaming gross revenue for the next year will be MOP 236 billion, considering various favorable factors and external uncertainties [1] - Citigroup's research report indicates that Macau will continue to be a preferred travel destination for affluent mainland tourists, supported by rich concert activities, luxurious new hotel offerings, and new baccarat side bet options [1] Group 3: Revenue Projections - Citigroup forecasts a 6% year-on-year growth in Macau's gaming revenue for the upcoming year [1] - The industry EBITDA is expected to grow by 10% year-on-year, with an EBITDA margin remaining stable at approximately 29% [1]

本文源自：金融界AI电报 花旗发表研报指，尽管今年经济充满不确定性，但澳门今年迄今的博彩总收入显示，富裕玩家对博彩的 热情和消费意愿仍在上升，而花旗在今年十二个月的调查数据也印证了这一点。今年，花旗博彩团队观 察到约8000名高端中场玩家，总投注额达1.914亿港元，按年增长12%，增长动力来自高端中场玩家人 数按年增长6%，以及人均投注额按年增长6%至24018港元，换言之，玩家数量和质量均有所提升。花 旗又指，因澳门为中国内地的富裕消费者提供了愿意消费的全方位体验(演唱会、酒店套房及新式博 彩)，相信澳门的博彩总收入增长将持续保持。 ...

Core Viewpoint - The overall recovery pace of the industry is accelerating, with growth resilience expected to continue until 2026. Galaxy Entertainment has three key highlights that provide both growth and defensive characteristics: low long-term debt ratio, sufficient cash reserves, and a project pipeline supporting future performance growth [1][5]. Group 1: Financial Performance - Galaxy Entertainment's gaming gross revenue (GGR) is projected to reach HKD 41.15 billion in 2024, representing a year-on-year increase of 29.7%, recovering to 69.3% of 2019 levels [2]. - Adjusted property EBITDA is expected to be HKD 12.19 billion in 2024, reflecting a year-on-year growth of 22.4%, returning to 74.0% of 2019 levels, with an adjusted EBITDA margin of 28.1% [2][5]. - The company anticipates net income for 2025-2027 to be HKD 48.297 billion, HKD 52.600 billion, and HKD 56.837 billion, respectively, with year-on-year growth rates of 11.2%, 8.9%, and 8.1% [5]. Group 2: Market Position and Strategy - Galaxy Entertainment ranks third in table share but holds the second position in gaming gross revenue share due to its operational excellence [1]. - The company is shifting focus from VIP business to high-end mass gaming, which is expected to drive future revenue growth, particularly in the high-end mass segment [2][4]. - The upcoming Galaxy Phase IV project is expected to add 1,500 hotel rooms, further enhancing the company's competitive edge [1][2]. Group 3: Industry Trends - The overall GGR in Macau is recovering, with a cumulative GGR of MOP 226.515 billion from January to November 2025, marking an 8.6% year-on-year increase and recovering to 84.0% of 2019 levels [3]. - The high-end mass gaming segment is leading the growth in gaming revenue, surpassing pre-pandemic levels, with intense competition among operators [4]. - The closure of satellite casinos by the end of the year will release 5.1% of market share, potentially benefiting other properties in the Macau Peninsula [3].

（文章来源：每日经济新闻） 每经AI快讯，金界控股(03918.HK)一度跌超5%，截至发稿，跌3.53%，报4.92港元，成交额1513.09万港 元。 ...

（原标题：港股异动 | 金界控股(03918)再跌超5% 驻柬使馆提醒柬泰边境的中国公民加强安全防范） 智通财经APP获悉，金界控股(03918)再跌超5%，截至发稿，跌3.53%，报4.92港元，成交额1513.09万港 元。 消息面上，柬泰边境冲突已持续多日。据新华社报道，中国驻柬埔寨大使馆10日晚发布领事消息，提醒 靠近柬泰边境地区的中国公民尽快转移至安全地带。消息说，有网络媒体10日报道称，柬埔寨奥多棉吉 省部分区域遭到炮击，有中国公民受伤。中国驻柬使馆正积极核实有关情况。 高盛近日发布研报称，将金界控股评级由"中性"升至"买入"，因对公司的博彩总收入及EBITDA持续上 升充满信心。该行指，全新的德崇国际机场已启用，客运力大幅提升。该行数据显示，第四季至今，前 往金边的航班数量持续强劲增长，整体同比增幅达10%至15%，其中中国航线更升40%至50%。另外， 柬埔寨政府最近亦对中国旅行试行免签政策。 ...

高盛近日发布研报称，将金界控股评级由"中性"升至"买入"，因对公司的博彩总收入及EBITDA持续上 升充满信心。该行指，全新的德崇国际机场已启用，客运力大幅提升。该行数据显示，第四季至今，前 往金边的航班数量持续强劲增长，整体同比增幅达10%至15%，其中中国航线更升40%至50%。另外， 柬埔寨政府最近亦对中国旅行试行免签政策。 智通财经APP获悉，金界控股(03918)午后跌超4%，截至发稿，跌3.39%，报5.13港元，成交额2282.57万 港元。 消息面上， 柬泰边境冲突已持续多日，中国驻柬埔寨使馆提醒靠近柬泰边境的中国公民加强安全防 范。据中国驻柬埔寨大使馆微信公众号消息，12月10日，有网络媒体报道称，柬埔寨奥多棉吉省奥斯玛 赌场区域遭到炮击，有中国公民受伤。中国驻柬使馆正积极核实有关情况。 ...

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Core Viewpoint - Citi's report indicates that Macau's total gaming revenue for the first seven days of December is approximately MOP 5.2 billion, showing a daily average of about MOP 743 million, which is a 6% increase from November and a 27% increase year-on-year [1] Group 1: Revenue Performance - The total gaming revenue for the first week of December is approximately MOP 5.2 billion, translating to a daily average of MOP 743 million [1] - This revenue represents a 6% increase compared to November and a 27% increase compared to the same period last year [1] Group 2: Segment Analysis - VIP gaming volume has increased by approximately 6% to 8% month-on-month, while mass market gaming has risen by about 5% to 8% [1] - The win rate in VIP gaming rooms has remained relatively stable [1] Group 3: Future Projections - Citi maintains its December total gaming revenue forecast at MOP 22 billion, which corresponds to a year-on-year growth of 21% [1] - This forecast indicates that the remaining days of the month are expected to yield an average daily gaming revenue of about MOP 700 million [1]

Group 1 - The core viewpoint of the article indicates that Macau's total gaming revenue for the first seven days of December is approximately 5.2 billion MOP, with an average daily revenue of about 743 million MOP, representing a 6% increase from November and a 27% increase year-on-year [1] - The report suggests that an event held at the Galaxy Arena on December 6 contributed to the strong start in early December [1] - The company maintains its conservative forecast for total gaming revenue in December at 22 billion MOP, which corresponds to a year-on-year growth of 21% and 96% of the revenue from November 2019, implying an average daily revenue of about 700 million MOP for the remaining days of the month [1]