由于农历新年前趋势较预期疲弱，花旗将2月博彩收益预测由200亿元下调至195亿元，按年下跌1%，意 味著本月余下时间的日均博彩收益约为8.67亿元。该行对1月至2月合计的博彩收益预测(撇除今年与去 年农历新年时间不同的因素)现为421亿元，按年增长11%。摩通指出澳门2月赌收好坏参半，微调全月 预测。(格隆汇) | 代码 | 名称 | 最新价 涨跌幅 ^ | | --- | --- | --- | | 00200 | 新濠国际发展 | 4.380 -4.78% | | 00027 | 银河娱乐 | 41.640 -3.79% | | 01928 | 金沙中国有限公 | 17.570 -1.95% | | 01128 | 永利澳门 | 5.770 -1.20% | | 02282 | 美高梅中国 | 12.770 -0.70% | 消息上，瑞银研究报告指，根据其渠道调查显示，春节假期(2月16日至22日)期间，澳门日均赌收约为 7.86亿澳门元，低于市场预测每日约9亿至9.5亿澳门元。 港股濠赌股集体下跌，其中，新濠国际发展跌近5%，银河娱乐跌近4%，金沙中国跌2%，永利澳门、美 高梅中国跟跌。 ...

消息面上，瑞银最新报告显示，根据其渠道调查显示，春节假期期间，澳门日均赌收约为7.86亿澳门 元，低于市场预测每日约9亿至9.5亿澳门元。虽然初期需求疲软，但最后三天的成交额增速加快，每日 达到12亿至13亿澳门元，按年上升约10%至15%，令本月至今的日均赌收约为6.5亿澳门元，但仍按年下 跌约8%，按月下跌约11%。 智通财经APP获悉，博彩股继续走低，截至发稿，新濠国际发展(00200)跌4.35%，报4.4港元；银河娱乐 (00027)跌4.02%，报41.54港元；金沙中国(01928)跌2.23%，报17.52港元；永利澳门(01128)跌1.37%，报 5.76港元。 小摩则表示，鉴于农历新年表现好坏参半，该行微调2月博彩总收益预测至按年持平至增长2%(此前预 测增长2%至5%)。撇除季节性及日历因素后，料2026年首两个月博彩总收益增长12%至13%(此前预测增 长13%至14%)，与该行及市场的行业预测一致。 ...

Core Viewpoint - Morgan Stanley expresses concerns over the profitability pressure from promotional activities in Macau casinos, despite a moderate performance during the Lunar New Year and ongoing hopes for a spring effect in the casino sector [1] Group 1: Industry Performance - Macau's gaming revenue is performing better than other Chinese consumer stocks, with no risks related to artificial intelligence [1] - Total gaming revenue is expected to see low single-digit growth year-on-year this month, with a projected 13% year-on-year growth for the first two months of the year [1] Group 2: Visitor Trends - Strong growth in the number of visitors to Macau is noted, but there is a decline in per capita spending [1] - There is a bottleneck in hotel room supply, which may impact overall visitor experience [1] - The average age of gamblers is decreasing over time [1] Group 3: Company Preferences - Morgan Stanley favors Galaxy Entertainment (00027) as an industry representative and Sands China (01928) for its high dividends [1] - Wynn Macau (01128) and Melco Resorts (MLCO.US) are considered undervalued, while SJM Holdings (00880) may experience significant EBITDA fluctuations by 2026 [1]

不过大摩指出，澳门访客人数增长强劲，但人均消费下降，酒店房间供应出现瓶颈。赌客的平均年龄随 时间下降。 大摩偏好作为行业代表的银河娱乐(00027)和派高息的金沙中国(01928)。永利澳门(01128)和新濠博亚 (MLCO.US)估值便宜; 澳博控股(00880)在2026年的EBITDA可能出现大幅波动。 智通财经APP获悉，摩根士丹利发布研报称，尽管外界对澳门赌场春尾效应持续怀抱希望，惟农历新年 表现温和，且大摩担忧在各赌场的推广活动下所带来的利润压力。正面而言，澳门赌收表现较其他中国 消费股好，没有人工智能风险; 此外，现金流及股息持续增长，令濠赌股估值具吸引力。 大摩表示，虽然赌场营运者强调推广活动已趋稳定，但早前已听过有关表达，并对行业利润率已见底缺 乏信心。虽然春节假期前段表现疲软，但后段回升，料本月的博彩总收入同比录得低单位数增长，但今 年首两月仍可实现同比13%增长。 ...

该行认为基本面更有利于获评"买入"的酒店股，包括华住集团、亚朵酒店，澳门股包括银河娱乐、金沙 中国，及航空股包括国航、东航。 高盛发表报告指，春节旅游数据整体健康，国内游客量年增19%达5.96亿人次，旅游花费按年增19%至 8030亿元，日均增长6%；出境旅客量年增24%达480万人次，其中日本航线年减约50%，但东南亚及韩 国航线按年增10-40%的转移需求抵消了部分影响。 报告指，春节酒店业表现亮眼，每间可供房收入受平均房价带动，按年增长达中至高个位数百分比；航 空票价亦表现优于预期，受限于运力紧绷，国内航线票价按年上涨7%，国际航线票价按年上涨15%。 海南免税店表现逊于预期，日均销售额仅增长15%，1月为45%，主因每位旅客消费额下滑；澳门日均 博彩总收入7.86亿澳门币，按年增5%，未达预期8.5亿至9亿澳门元，部分源于贵宾厅赢率下降。 ...

智通财经APP获悉，摩根大通发布研报称，更新对澳门博彩股的最新偏好次序。首选为银河娱乐 (00027)，给予"增持"评级; 其次为美高梅中国(02282)，同样获"增持"评级; 金沙中国(01928)与永利澳门 (01128)则紧随其后，两者均获"增持"评级。新濠博亚娱乐(MLCO.US)的评级为"中性"，而新濠国际发展 (00200)及澳博控股(00880)则同被评为减持。该行建议投资者在澳门市场保持选择性，聚焦个别股份的 共识风险及估值水平，而非等待广泛的重估。 鉴于农历新年表现好坏参半，该行微调2月博彩总收益预测至同比持平至增长2%(此前预测增长2%至 5%)。撇除季节性及日历因素后，料2026年首两个月博彩总收益增长12%至13%(此前预测增长13%至 14%)，与该行及市场的行业预测一致。 根据该行的查验，2月首22天澳门博彩总收益为143亿澳门元(下同)，即日均6.5亿元。上周的日均收益， 涵盖农历新年假期的淡静及高峰时段为7.85亿元，低于该行预期的8.5亿元。该行表示，假期开始时表现 呆滞，首4至5天日均收益约4.5亿元，同比录得双位数跌幅。但从第6天起，活动急升，每日博彩总收益 突破12亿元 ...

Core Viewpoint - Morgan Stanley's report indicates that Macau's total gaming revenue for the first 22 days of February reached 14.3 billion MOP, averaging 650 million MOP per day, with the holiday period still ongoing and future days being crucial for high-end player spending [1] Group 1: Revenue Forecast - The bank has adjusted its February gaming revenue forecast to flat to a 2% increase year-on-year, down from a previous estimate of 2% to 5% growth [1] - Excluding seasonal and calendar factors, the forecast for total gaming revenue growth in the first two months of 2026 is revised to 12% to 13%, slightly down from the previous estimate of 13% to 14% [1] Group 2: Stock Preferences - Morgan Stanley updated its preference order for Macau gaming stocks, with Galaxy Entertainment as the top pick, rated "Overweight" [1] - MGM China is also rated "Overweight," followed closely by Sands China and Wynn Macau, both receiving "Overweight" ratings [1] - Melco Resorts is rated "Neutral," while Melco International Development and SJM Holdings are both rated "Underweight" [1]

每经AI快讯，港股博彩股集体走低，截至发稿，美高梅中国(02282.HK)跌4.06%，报13.01港元；新濠国 际发展(00200.HK)跌4.21%，报4.55港元；金沙中国(01928.HK)跌3.04%，报18.18港元；永利澳门 (01128.HK)跌1.68%，报5.84港元。 ...

Group 1 - The gaming stocks collectively declined, with MGM China down 4.06% to HKD 13.01, Melco International Development down 4.21% to HKD 4.55, Sands China down 3.04% to HKD 18.18, and Wynn Macau down 1.68% to HKD 5.84 [1] - Citigroup reported that Macau's gaming revenue for the first 22 days of February could reach approximately MOP 14.3 billion, with strong performance during the Lunar New Year but a significant drop in VIP room win rates [1] - UBS indicated that average daily gaming revenue during the Chinese New Year holiday (February 16-22) was about MOP 786 million, lower than market expectations of MOP 900 million to MOP 950 million [1] Group 2 - The VIP gaming volume reportedly decreased by 8% to 10% month-on-month, while mass gaming revenue fell by 10% to 12% month-on-month [1] - Due to weaker-than-expected trends before the Lunar New Year, Citigroup revised its February gaming revenue forecast down from MOP 20 billion to MOP 19.5 billion, representing a year-on-year decline of 1% [1] - Despite initial weak demand, the last three days of the holiday saw an acceleration in transaction growth, with daily revenue reaching MOP 1.2 billion to MOP 1.3 billion, marking a year-on-year increase of about 10% to 15% [1]

Group 1 - UBS reports that Sands China (01928) declared a final dividend of HKD 0.5 per share for the fiscal year 2025, which is in line with expectations, following an interim dividend of HKD 0.25 per share [1] - The final dividend declaration provides visibility for the fiscal year 2026, with a minimum expected dividend of HKD 1 per share (i.e., HKD 0.5 per half year), indicating potential for an increase if operating cash flow improves [1] - UBS estimates that at this level, the implied dividend yield for fiscal year 2026 is approximately 5.4%, which is attractive and should provide downside support for the stock price, with expectations of a positive market reaction [1]