上证指数冲刺3900点。 在经历连续两个交易日大涨后，今天（8月26日）上午A股市场涨势较昨日有所减缓。 今日A股三大指数早盘低开高走，创业板指一度跌超1%。临近午盘，三大指数全线翻红。盘面上，猪肉概念股大涨，成为上午市场主要亮点之一。 猪肉概念大涨牧原股份大涨近9% A股市场今天上午涨势较昨日有所减缓，主要指数低开高走。截至中午收盘，上证指数上涨0.11%报3888点，深证成指上涨0.74%，创业板指上涨0.21%。 全市场半日成交额超1.7万亿元，超3300只个股上涨。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3888.00 | 12532.51 | 1593.36 | | +4.43 +0.11% +91.44 +0.74% -10.66 -0.66% | | | | 科创50 | 创业板指 | 万得全A | | 1281.03 | 2768.76 | 6194.73 | | -6.70 -0.52% | | +5.77 +0.21% +24.56 +0.40% | | 沪深300 | 中证500 | 中证A5 ...

金界控股(03918)高开逾5%，截至发稿，涨5.15%，报5.1港元，成交额973.08万港元。 消息面上，金界控股发布截至2025年6月30日止6个月业绩，该集团期内取得收入3.42亿美元，同比增加 16.76%；公司拥有人应占溢利1.49亿美元，同比扭亏为盈；每股盈利3.36美仙，中期息派1.01美仙。公 告指出，博彩总收入增长17.2%至3.3亿美元，中场博彩总收入增长20.9%，贵宾市场博彩总收入增长 9.6%，而中场分部毛利率扣除博彩税后为89.1%，占博彩总收入69.8%及总毛利75%，而剔除去年同期 确认俄罗斯海参崴的博彩及度假村项目减值亏损8910万美元元的影响，纯利增加68.8%至1.49亿美元， 未计利息、税项、折旧及摊销的盈利(EBITDA)增加38.5%至2亿美元。 ...

Group 1 - The core viewpoint of the article is that Macau's gaming revenue is showing positive growth despite adverse weather conditions, with a projected total gaming revenue for August of 22 billion MOP [1] - As of the first 17 days of August, the total gaming revenue in Macau reached 12.1 billion MOP, translating to an average daily revenue of 711 million MOP [1] - The VIP and mass market segments have experienced approximately 10% year-on-year growth so far this month [1]

Core Viewpoint - Goldman Sachs reports that Sands China (01928) declared an interim dividend of HKD 0.25 per share, consistent with last year's final dividend, but increased the payout ratio to 63% [1] Group 1: Dividend and Financial Projections - The bank expects the final dividend for 2025 to remain at HKD 0.25, totaling HKD 0.50 for the year; assuming gradual increases to HKD 0.80 in 2026 and HKD 1.00 in 2027 [1] - Sands China's target price is slightly raised from HKD 21.5 to HKD 21.6, maintaining a "Buy" rating [1] Group 2: Market Conditions and Business Strategy - Compared to Galaxy Entertainment (00027), Sands China's dividend may disappoint some investors, but Goldman Sachs believes this aligns with expectations due to recent fluctuations in gaming revenue market share, indicating significant business pressure [1] - The management's short-term goal is to increase gaming volume to achieve an EBITDA close to USD 2.6 to 2.7 billion, which is anticipated to be reached by 2026 [1] - Unlike other gaming companies that base dividends on payout ratios, Sands China prefers to maintain consistent dividend amounts across different market cycles, as evidenced by maintaining a full-year dividend of HKD 1.99 during the anti-corruption period from 2014 to 2015 [1]

Core Viewpoint - Macquarie's research report indicates that Galaxy Entertainment's net income for the second quarter increased by 10% year-on-year and 8% quarter-on-quarter, with gaming revenue rising by 16% year-on-year and 10% quarter-on-quarter, slightly below the firm's forecast by 1% [1] Financial Performance - Adjusted EBITDA increased by 12% year-on-year and 8% quarter-on-quarter, exceeding the firm's forecast by 2% [1] - The company declared an interim dividend of HKD 0.7, with a payout ratio of 58%, up from 50% in the same period last year, surpassing market expectations [1] Cash Flow and Dividend Outlook - The firm believes that Galaxy Entertainment has strong free cash flow and net cash accumulation capabilities, allowing it to maintain the current dividend payout ratio [1] - The expected payout ratio for the company in 2023 is 60%, translating to a cash dividend yield of 3.5% [1] Future Earnings Projections - Due to lower expectations for non-gaming revenue, the firm has slightly reduced its adjusted EBITDA forecasts for 2025 and 2026 by 0.1% and 0.5%, respectively, while increasing the 2027 forecast by 0.6% [1] - The target price for Galaxy Entertainment has been raised from HKD 53.6 to HKD 55.6, maintaining an "outperform" rating [1]

Group 1 - Morgan Stanley reported that Galaxy Entertainment (00027) declared an interim dividend of HKD 0.7 per share, a 40% increase year-on-year, exceeding the bank's expectation of HKD 0.6 per share [1] - The dividend yield stands at 3.5%, which is less attractive compared to a payout ratio of 59%, up from the previous 50% [1] - Adjusted EBITDA for the second quarter was HKD 3.162 billion, a 1% decrease year-on-year but a 7% increase quarter-on-quarter, representing 79% of the EBITDA from the second quarter of 2019, falling short of both the bank's and market expectations [1] Group 2 - The reported EBITDA for Galaxy Entertainment was HKD 3.569 billion, reflecting an 8% quarter-on-quarter increase and a 12% year-on-year increase, which is 82% of the EBITDA from the second quarter of 2019, benefiting from a 4.4% increase in VIP room win rate [1] - Excluding the City Club, the mass gaming revenue increased by 7% quarter-on-quarter, reaching 130% of the second quarter of 2019, with market share increasing by 20 basis points to 19% [1] - Due to a business mix favoring VIP rooms and rising operating costs, the EBITDA margin was weak, with the reinvestment rate for mass gaming increasing by 150 basis points to 19.8% [1]

花旗发表研究报告，永利澳门次季收入按年持平于8.83亿美元，调整后物业EBITDA按年减10%至2.54亿 美元。经赢率调整后EBITDA达2.66亿美元，大致上符合该行预期。该行指，管理层预计，迈向2025年 底，将面对轻微营运干扰，主要是扩建永利皇宫主席俱乐部博彩区的和改造永利大厦，并预计今年新项 目资本支出为2亿至2.5亿美元。花旗将集团2025年至2027年盈利预测下调2%至8%，维持目标价为6.75 港元，评级为"中性"。 ...

瑞银发布研报称，永利澳门(01128)控股股东永利渡假村(Wynn Resorts)公布，澳门调整后物业EBITDA 为2.54亿美元，较去年同期下降约10%，EBITDA达2.66亿美元，低于预期，主要是博彩表现低于预期。 该行维持永利澳门目标价为6.1港元，其评级为"中性"。 瑞银指，永利澳门管理层预料博彩需求于6、7月加速，调整后EBITDA运行速度为每日330万美元。管 理层将继续进行物业升级改造，以保持竞争力，包括扩建永利皇宫主席俱乐部博彩区，以及翻新永利大 厦客房。管理层预计，活动及娱乐中心的建设将于2028年之后完成，但需获得政府批准。该行指，永利 澳门管理层将今年资本支出指引下调5,000万美元，至2亿至2.5亿美元，明年指引维持不变，为4.5亿至5 亿美元。 ...

瑞银指，永利澳门管理层预料博彩需求于6、7月加速，调整后EBITDA运行速度为每日330万美元。管 理层将继续进行物业升级改造，以保持竞争力，包括扩建永利皇宫主席俱乐部博彩区，以及翻新永利大 厦客房。管理层预计，活动及娱乐中心的建设将于2028年之后完成，但需获得政府批准。该行指，永利 澳门管理层将今年资本支出指引下调5,000万美元，至2亿至2.5亿美元，明年指引维持不变，为4.5亿至5 亿美元。 智通财经APP获悉，瑞银发布研报称，永利澳门(01128)控股股东永利渡假村(Wynn Resorts)公布，澳门 调整后物业EBITDA为2.54亿美元，较去年同期下降约10%，EBITDA达2.66亿美元，低于预期，主要是 博彩表现低于预期。该行维持永利澳门目标价为6.1港元，其评级为"中性"。 ...

2025年第二季永利皇宫的经营收益为5.396亿美元，较2024年第二季的5.480亿美元减少840万美元。2025 年第二季永利皇宫经调整后的物业EBITDAR为1.572亿美元，而2024年第二季则为1.845亿美元。中场业 务的赌枱赢额百分比为22.3%，低于2024年第二季录得的23.6%。贵宾赌枱赢额占转码数百分比为 2.86%，低于3.1%至3.4%的物业预期范围，并低于2024年第二季录得的4.10%。 2025年第二季永利澳门的经营收益为3.438亿美元，较2024年第二季的3.373亿美元增加650万美元。2025 年第二季永利澳门经调整后的物业EBITDAR为9,650万美元，而2024年第二季则为9,590万美元。中场业 务的赌枱赢额百分比为17.4%，略低于2024年第二季录得的17.5%。贵宾赌枱赢额占转码数百分比为 3.41%，略高于3.1%至3.4%的物业预期范围，并高于2024年第二季录得的2.19%。 永利澳门(01128)公布控股股东Wynn Resorts,Limited2025年第二季度业绩，澳门业务经营收入约1.28亿美 元，同比减少20.78%。经调整后的物业EBI ...