Group 1 - The core viewpoint of the report is that the total gaming revenue in Macau is expected to be between 21-22.4 billion MOP in February 2026, with daily revenue projected at 750-800 million MOP, reflecting a year-on-year growth of 6-13%, but a decline of 12-17% compared to February 2019 [1] - The stock preference ranking for the gaming sector remains unchanged, favoring Sands China (01928), Galaxy Entertainment (00027), MGM China (02282), Wynn Macau (01128), Melco International Development (00200), Melco Resorts & Entertainment (MLCO.US), and SJM Holdings (00880) [1] - In January 2026, Macau recorded a total gaming revenue (GGR) of 22.6 billion MOP, representing a year-on-year increase of 24.0% and a month-on-month increase of 8.4%, exceeding the consensus forecast of 18.5% [1] Group 2 - The strong performance of Macau's gaming industry in January is attributed to several factors: a longer New Year holiday compared to previous years, sustained demand on other days, and diversified activities attracting visitors [2] - The estimated VIP gaming revenue in January 2026 decreased by 46-55% compared to January 2019, while mass gaming revenue increased by 27-37%, with mass revenue accounting for 70-75% of total gaming revenue [2] - In December 2025, the number of visitors to Macau increased by 17.8% year-on-year, reaching 3,580,130, which is 116.1% of the level in December 2019, with an average daily visitor count of 115,488 [2]

智通财经APP获悉，沃什获美联储主席提名引爆鹰派预期，全球资产遭遇剧烈波动。港股三大指数全天 下行，恒指失守两万七大关，恒科指数午后一度跌超4%。截至收盘，恒生指数跌2.23%或611.54点，报 26775.57点，全日成交额为3478.86亿港元；恒生国企指数跌2.54%，报9080.19点；恒生科技指数跌 3.36%，报5526.31点。 华泰证券表示，当前市场回调更多是上涨过快的背景下，偏鹰派美联储主席提名导致的技术性回撤。该 行认为，经历了如此调整后，当前的核心问题是波动的持续性和会不会终结市场表现。当前情绪已在乐 观区间，且拥挤度尚未明显回落，波动短期或持续，但更多是回撤而不是反转。一季度市场空间的三个 驱动因素——流动性改善、资金面共振与盈利预期上修仍然成立。 蓝筹股表现 金沙中国(01928)逆市上扬。截至收盘，涨4.05%，报17.72港元，成交额7.76亿港元，贡献恒指2.66点。 澳门博彩监察协调局公布数据显示，1月博彩毛收入226.33亿澳门元，同比增长24%，较前一个月升 8.4%。摩根士丹利研报指出，澳门今年一月博彩总收入优于市场预期。又因农历新年8日假期全落在二 月，预计该月应能 ...

智通财经APP获悉，金界控股(03918)现跌超4%，截至发稿，跌3.48%，报4.44港元，成交额2350.05万港 元。 花旗发布与研报称，考虑到近期柬埔寨访客量疲弱，将金界控股2025下半年的博彩量预测下调约4%至 65亿美元，并将同期EBITDA预测下调约11%至2.06亿美元。该行认为，泰柬边境紧张局势的忧虑或于 第一季持续。 消息面上，据央视报道，当地时间1月30日晚，泰国军方称柬埔寨有破坏停火行为。泰柬双方指挥官已 协调解决该问题。由于该事件发生突然且毫无准备，泰国军方认为可能是由于柬埔寨士兵缺乏纪律所 致。 ...

消息面上，据央视报道，当地时间1月30日晚，泰国军方称柬埔寨有破坏停火行为。泰柬双方指挥官已 协调解决该问题。由于该事件发生突然且毫无准备，泰国军方认为可能是由于柬埔寨士兵缺乏纪律所 致。 花旗发布与研报称，考虑到近期柬埔寨访客量疲弱，将金界控股2025下半年的博彩量预测下调约4%至 65亿美元，并将同期EBITDA预测下调约11%至2.06亿美元。该行认为，泰柬边境紧张局势的忧虑或于 第一季持续。 金界控股(03918)现跌超4%，截至发稿，跌3.48%，报4.44港元，成交额2350.05万港元。 ...

智通财经APP获悉，2月2日，根据澳门博彩监察协调局数据显示，澳门1月幸运博彩毛收入226.33亿澳门元，同比增长24.0%。 | | 2026年及2025年每月幸運博彩毛收入 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 月份毛收入 | | 累計毛收入 | | | | | | 2026年 | 2025年 | 變動率 | 2026年 2025年 | | 變動率 | | | 一月份 | 22,633 | 18,254 | +24.0% | 22,633 | 18,254 | +24.0% | | | 二月份 | | | | | | | - | | 三月份 | | | | | | | - | | 园月份 | | | | | | | - | | 五月份 | | | | | | | - | | 六月份 | | | | | | | - | | 七月份 | | | | | | | - | | 八月份 | | | | | | | - | | 九月份 | | | | | | | l | | 十月份 | | | | | | | l | ...

展望今年2月，该行预期将因农历新年而出现季节性疲软，相信淡季可能从2月3日持续至2月18日，而最 旺季则在农历新年后五日。该行预计2月博彩收入为205亿澳门元，即日均约为7.32亿元，料同比增长 4%。该行调整今年与去年农历新年时段的差异后，料1至2月的合并博彩收入预测为431亿澳门元，意味 着同比升13.5%。 智通财经APP获悉，花旗发布研报称，今年1月澳门博彩收入达226.33亿澳门元，日均博彩收入则约7.3 亿澳门元，同比增长24%，并达到2019年同月水平约91%。数据较市场预测高约5%。 ...

Group 1 - The core viewpoint of the report is that Macau's gaming revenue is projected to reach 22.633 billion MOP in January 2026, representing a year-on-year increase of 24%, and is expected to be approximately 91% of the revenue level in January 2019, exceeding market predictions by about 5% [1] - For February, the forecasted gaming revenue is 20.5 billion MOP, reflecting a year-on-year growth of 4%, with an average daily revenue of approximately 732 million MOP [1] - The report notes that February will experience seasonal weakness due to the Lunar New Year, with the off-peak season likely lasting from February 3 to February 18 [1] Group 2 - After adjusting for the differences in the Lunar New Year period, the combined gaming revenue for January and February is predicted to be 43.1 billion MOP, which indicates a year-on-year increase of 13.5% [1]

Core Viewpoint - The Macau gaming stocks experienced an upward trend, with significant increases in share prices for major companies, driven by strong gaming revenue growth in January 2023 [1] Group 1: Market Performance - Sands China saw a rise of 5.5%, while MGM China increased by 2.56%. Other companies like Galaxy Entertainment and SJM Holdings also reported gains of 1.3% and approximately 1%, respectively [1][2] - The overall performance of Macau gaming stocks is contrary to broader market trends, indicating strong investor confidence in the sector [1] Group 2: Gaming Revenue - The Macau Gaming Inspection and Coordination Bureau reported that January's gaming revenue reached 22.633 billion MOP, marking a year-on-year increase of 24%, surpassing the expected growth of 18.5% [1] - Month-on-month, the revenue increased by 8.35%, reflecting a robust recovery in the gaming sector [1] Group 3: High-End Customer Trends - A monthly survey by Citigroup indicated that the betting volume from high-end gamblers rose by 25% year-on-year in January, attributed to effective marketing strategies [1] - Promotions included free tickets to a concert by the popular K-pop group BLACKPINK in Hong Kong and collaborations with brands like Pop Mart's Twinkle Twinkle [1] Group 4: Hotel Occupancy - UBS's recent research highlighted that among 32 tracked hotels, 27 reported fully booked rooms for the upcoming Lunar New Year holiday, indicating a stable demand compared to the same period last year [1]

Group 1 - The gaming stocks are experiencing an upward trend, with Sands China increasing by 5.5% [1] - MGM China has risen by 2.56% [1] - Galaxy Entertainment and SJM Holdings have both seen a rise of 1.3% [1] - Melco International Development and Wynn Macau have increased by approximately 1% [1]

Group 1 - The gaming stocks in Macau have risen against the trend, with Sands China increasing by 5.5%, MGM China by 2.56%, Galaxy Entertainment and SJM Holdings by 1.3%, and Melco International and Wynn Macau by approximately 1% [1][2] - The Gaming Inspection and Coordination Bureau of Macau reported that gaming revenue for January reached 22.633 billion MOP, a year-on-year increase of 24%, exceeding the expected 18.5%, and a month-on-month increase of 8.35% [1] - According to Citigroup's monthly survey, the betting volume from high-end gamblers in January grew by 25% year-on-year, likely due to aggressive marketing strategies, including free tickets to a concert by the popular K-pop group BLACKPINK in Hong Kong and collaboration with Pop Mart's Twinkle Twinkle [1] - UBS's recent research indicated that for the upcoming Lunar New Year holiday, 27 out of 32 tracked hotels showed sold-out rooms, similar to the situation in the same period last year [1]