麦格理发布研究报告指出，美高梅中国第二季度赌收按年及按季均增长12%，超出预期2%；总收入按 年升9%、按季增8%，符合预期；经调整EBITDA创新高至25.1亿港元。期内公司市场份额按年增长0.6 个百分点至16.6%，管理层对其维持中双位数市场份额有信心。麦格理上调美高梅中国2025至2027年经 调整EBITDA预测，并微降目标价至22.1港元，维持"跑赢大市"评级。 ...

Market Overview - The Hang Seng Index fell by 403 points or 1.6% to close at 24,773 points on July 31, marking the second consecutive day of significant decline[1] - The Hang Seng Tech Index decreased by 0.7% to 5,453 points, with total market turnover at HKD 320.6 billion, indicating active trading[1] - Net inflow from the Hong Kong Stock Connect was HKD 13.13 billion, showing continued positive sentiment[1] Economic Indicators - The U.S. GDP for Q2 grew at an annualized rate of 3.0%, exceeding expectations, while year-on-year growth was 2.0%, consistent with Q1 but down from 2.7% in Q4 of the previous year[2] - U.S. nominal GDP growth slowed to 4.5%, the lowest since Q1 2021, indicating a potential weakening in domestic demand[2] Federal Reserve Insights - The FOMC maintained interest rates but remains cautious about future rate cuts, with inflation being a primary concern[3] - The U.S. CPI is expected to rebound in the coming months due to low base effects and tariff impacts, although core service inflation may be constrained by a slowing job market[3] Sector Performance - The healthcare sector, represented by the Hang Seng Healthcare Index, fell by 1.4% without significant negative news affecting the industry[5] - Notable stocks like Tencent and Kuaishou rose against the market trend due to AI application demand, while gaming stocks like MGM China surged by 6.4%[1] Industry Developments - The semiconductor sector faced challenges with Nvidia's H20 chip safety issues, impacting related stocks like SMIC and Hua Hong Semiconductor, which saw slight gains[4] - The new energy and utility sectors experienced widespread declines, particularly in the photovoltaic segment, with stocks like Xinyi Solar dropping by 4.7% to 6.4%[6] Real Estate Trends - New home sales in 30 major cities fell by 16.8% year-on-year, with first-tier cities showing a decline of 26.1%[11] - The land transaction volume decreased by 48.6% year-on-year, indicating a slowdown in real estate activity[14] Company Performance - WuXi AppTec reported a 20.6% increase in revenue for H1 2025, with Non-IFRS adjusted net profit rising by 44.4%[7] - The company announced a mid-term dividend of RMB 3.50 per 10 shares, expected to boost market confidence[9]

消息面上，新濠国际发展发布公告称，新濠博亚娱乐2025年第二季度的总营运收益为13.3亿美元，同比 增加约15%。总营运收益增加，主要可归因于整体博彩及非博彩营运的表现均有改善。营运收入为 1.247亿美元，同比增长0.81%；新濠博亚娱乐应占净收入为1720万美元，同比减少19.63%。 智通财经APP获悉，新濠国际发展(00200)跌超3%，截至发稿，跌3.13%，报5.27港元，成交额3526.56万 港元。 ...

Group 1 - The core viewpoint of the report is that MGM China (02282) has its adjusted EBITDA forecasts for 2025 and 2026 raised by 3% to HKD 9.888 billion and HKD 10.271 billion respectively, due to the opening of villa products [1] - The current stock price corresponds to a 7x EV/EBITDA for 2025, and the target price has been raised by 18% to HKD 19.80, indicating a 27% upside potential compared to the current stock price [1] - MGM China's 2Q25 performance showed net revenue of HKD 8.667 billion, a year-on-year increase of 9% and a quarter-on-quarter increase of 8%, recovering to 157% of 2Q19 levels [1] Group 2 - The management observed strong performance across all business segments in July 2025, with market share and profit margins remaining stable, and expects continued strong performance during the summer [2] - The strong market share is attributed to the trial operation of the Alpha villa targeting ultra-high-end customers, with the official opening expected before the National Day Golden Week in 2025 [2] - MGM China's total gaming revenue market share reached 16.6% in 2Q25, with a monthly increase, and the market share in June 2025 was approximately 17%, driven by visitor volume and high-end customers [2]

Group 1 - The core viewpoint of the report is that MGM China (02282) is expected to see an increase in adjusted EBITDA forecasts for 2025 and 2026 by 3% to HKD 9.888 billion and HKD 10.271 billion respectively, due to the opening of villa products [1] - The current stock price corresponds to a 7x EV/EBITDA for 2025, and the target price has been raised by 18% to HKD 19.80, indicating a 27% upside potential compared to the current stock price [1] - MGM China's Q2 2025 performance showed net revenue of HKD 8.667 billion, a year-on-year increase of 9% and a quarter-on-quarter increase of 8%, recovering to 157% of Q2 2019 levels [1] Group 2 - The adjusted EBITDA for Q2 2025 was HKD 2.511 billion, reflecting a year-on-year increase of 3% and a quarter-on-quarter increase of 6%, recovering to 172% of Q2 2019 levels, outperforming consensus expectations [1] - The strong performance is attributed to the robust results from MGM Macau and MGM Cotai, with total gaming revenue recovering to 100% and 214% of Q2 2019 levels respectively [1] - The total gaming revenue market share increased to 16.5% in Q2 2025, up from 15.6% in Q1 2025 [1] Group 3 - The management observed strong performance across all business segments in July 2025, with stable market share and profit margins, and expects continued strong performance during the summer [2] - The strong market share is primarily driven by the trial operation of the Alpha villa targeting ultra-high-end customers, which is expected to officially open before the National Day Golden Week in 2025 [2] - The total gaming revenue market share reached 16.6% in Q2 2025, with a monthly increase, and approximately 17% in June 2025, driven by visitor volume and high-end customers [2]

Market Overview - The Hang Seng Index is experiencing a downward trend, with investors anticipating further declines, particularly around the 24600 level, while some see support at 24700 and are considering bullish options with a recovery price of 24200 [1] - Technical signals for the index are neutral, indicating a 50% probability of either rising or falling as it approaches the middle line of the Bollinger Bands [1] Kuaishou Technology (01024.HK) - The stock price is nearing the upper limit of the Bollinger Bands, with a strong buy signal indicated by 16 buy signals and 1 sell signal [3] - Resistance levels are identified at 81 and 87.1, while support is close to 69.7, aligning with investor expectations around 70 [3] Kingsoft Corporation (03888.HK) - The stock is showing resilience in a declining market, stabilizing above the recent low of 34.7, with a target range of 38-40 [6] - Technical signals suggest a buy, with resistance at 37.9 and support at 33.7 and 32.6 [7] Pop Mart International (09992.HK) - The stock closed at 246, with a sell signal indicated, and primary support identified at 236 [10] - Investors are holding put options with a strike price of 178.78, which may be too far from the current price, leading to lower price sensitivity [10] Semiconductor Manufacturing International Corporation (00981.HK) - The stock opened high but closed at 51.1 after reaching a peak of 52.95, with a recent volatility of 9.2% [13] - Technical signals indicate a buy with 13 buy signals and 4 sell signals, resistance levels at 54.2 and 56.8, and support at 47.2 and 45.2 [13][14] Sands China Ltd. (01928.HK) - The stock closed at 19.04, maintaining position above the middle line of the Bollinger Bands [17] - A buy signal is indicated, with resistance at 19.6 and 20, and support at 18.3 and 17.3 [17][20]

Group 1 - PENN Entertainment is expected to report a year-over-year increase in earnings, with a projected quarterly loss of $0.04 per share, reflecting a change of +77.8% [3][12] - Revenues for PENN are anticipated to be $1.73 billion, which is a 4.3% increase from the same quarter last year [3] - The consensus EPS estimate has been revised 8.61% lower over the last 30 days, indicating a reassessment by analysts [4] Group 2 - The Zacks Earnings ESP for PENN is +23.32%, suggesting a bullish outlook from analysts regarding the company's earnings prospects [12] - The stock currently holds a Zacks Rank of 3, indicating a hold position [12] - Historically, PENN has beaten consensus EPS estimates three out of the last four quarters, with a recent surprise of +13.79% [13][14] Group 3 - Super Group (SGHC) Limited, another player in the gaming industry, is expected to report earnings per share of $0.13, representing a year-over-year change of +62.5% [18] - Revenues for Super Group are projected to be $503 million, up 12.7% from the previous year [18] - The consensus EPS estimate for Super Group has been revised 16.7% lower over the last 30 days, with an Earnings ESP of 0% [19]

新濠国际发展(00200)公布，新濠博亚娱乐2025年第二季度的总营运收益为13.3亿美元，同比增加约 15%。总营运收益增加，主要可归因于整体博彩及非博彩营运的表现均有改善。营运收入为1.247亿美 元，同比增长0.81%;新濠博亚娱乐应占净收入为1720万美元，同比减少19.63%。 ...

相关事件 格隆汇7月31日丨新濠国际发展(00200.HK)公告，公司上市附属公司─新濠博亚娱乐有限公司公布截至 2025年6月30日止第二季度未经审核财务业绩。 新濠博亚娱乐2025年第二季度的总营运收益为13.3亿美元，同比增加约15%。总营运收益增加，主要可 归因于整体博彩及非博彩营运的表现均有改善。 2025年第二季度的营运收入为1.25亿美元，而2024年第二季度的营运收入为1.2亿美元。新濠博亚娱乐于 2025年第二季度录得经调整物业EBITDA(即扣除利息、税项、折旧、摊销、开业前成本、开发成本、物 业开支及其他、以股份为基础的薪酬、根据合作安排付予菲律宾订约方("菲律宾订约方")的款项、综合 度假村及娱乐场租金、企业及其他开支以及其他非营运收入及开支前的净收入／亏损)为3.78亿美元， 而2024年第二季度则录得经调整物业EBITDA为3.03亿美元。 新濠国际发展(00200.HK)附属新濠博亚娱乐第二季度总营运收益13.3亿美元 同比增加约15% 港股异动丨 张学友演唱会带动澳门6月博彩收入超预期，新濠国际发展大涨超13% ...

Core Viewpoint - The Hong Kong stock market showed a decline on July 31, with the Hang Seng Index dropping by 1.60% and the Hang Seng Technology Index down by 0.69%, while some sectors like SaaS, gaming, and gambling stocks experienced gains [1][2][3]. Market Performance - The Hang Seng Index closed at 24,773.33, down 403.60 points or 1.60% [3]. - The Hang Seng Technology Index and the Hang Seng China Enterprises Index also saw declines, closing at 5,453.14 and 8,882.95 respectively [3]. Sector Highlights - SaaS stocks such as Youzan and Duiba surged over 10%, driven by positive earnings forecasts from Youzan, which expects revenue between 709 million to 719 million RMB for the first half of 2025, a year-on-year growth of 3.3% to 4.8% [5][6]. - Gambling stocks like MGM China, SJM Holdings, and Sands China rose by 6.41%, 4.02%, and 1.71% respectively [6][7]. - Gaming stock Dreamland saw an increase of over 10% [7]. Semiconductor Sector - Semiconductor stock SMIC experienced a rise of 1.79% after a midday surge of over 5%, following news of Nvidia being questioned regarding security risks associated with its H20 computing chip [9][11]. Technology Sector - Major technology stocks faced declines, with Tencent Holdings slightly up by 0.18%, while Meituan and JD.com fell by 4.55% and 3.15% respectively [13][14]. Financial Sector - The financial sector showed poor performance, with stocks like China Pacific Insurance and China Life Insurance dropping over 4% [18][19]. - Securities firms such as China Merchants Securities and China Galaxy Securities fell by more than 5% [16][18]. Gold Sector - Gold stocks experienced a downturn, with Lingbao Gold dropping over 4% and other companies like Zhaojin Mining and Shandong Gold falling over 3% [21].