Haitong International released a research report stating that coal prices remained stable with a slight increase in the first quarter, showing both value and flexibility for 2026. The report suggests that coal supply and demand will shift from loose to tight by 2026, with coal price performance already surpassing expectations since the beginning of the year. In the short term, due to the impact of the Middle East situation, global energy prices and coal demand have received a further boost, while import coal costs have also increased, leading to promising profitability and valuation flexibility for coal. In the medium to long term, domestic production growth is expected to decline significantly compared to previous periods, while exports and production from countries like Indonesia are projected to decrease. Against the backdrop of high energy prices, demand for coal power and coal chemical industries remains resilient, and coal is expected to maintain a high level of prosperity. Haitong International's main views are as follows: The Macau Gaming Inspection and Coordination Bureau released March data for lucky gaming. Macau's gross gaming revenue (GGR) increased by 15% year-on-year, recovering to 87.5% of the same period in 2019, exceeding market expectations. In March 2026, Macau's GGR reached MOP 22.612 billion, up 15% year-on-year and 9.6% month-on-month, recovering to 87.5% of the same period in 2019. The average daily GGR in March was MOP 729 million, down 1% from MOP 737 million in February. March is traditionally a low season, and following the weak performance during the February Spring Festival, the industry's GGR growth still achieved resilient growth, exceeding the bank's growth forecast for the sector. In the first quarter of 2026, industry GGR increased by 14.3% year-on-year, recovering to 86.5% of the same period in 2019. The bank expects industry GGR to achieve approximately 12% growth in April, recovering to 89.5% of 2019 levels. In February, Macau's visitor arrivals increased by 32.6% year-on-year, recovering to 118% of the same period in 2019. According to data from the Macau Statistics Bureau, in February 2026, Macau's visitor arrivals reached 4.17 million, up 32.6% year-on-year and 14.4% month-on-month, recovering to 117.7% of the same period in 2019. Among them, mainland Chinese visitor arrivals were 3.29 million, up 43.6% year-on-year and 21.7% month-on-month, recovering to 128.6% of the same period in 2019, accounting for 78.9% of total arrivals, with same-day visitors accounting for 64.1%. From January to February 2026, Macau's visitor arrivals reached 7.82 million, up 15.1% year-on-year, recovering to 112.2% of the same period in 2019. Among them, mainland Chinese visitors accounted for 76.7%, and same-day visitors accounted for 63.1%. In February, Macau's hotel occupancy rate was 94.6%, showing improvement both year-on-year and month-on-month, and an increase of 2.7 percentage points compared to the same period in 2019. According to data from the Macau Statistics Bureau, in February 2026, Macau's hotel occupancy rate was 94.6%, up 4.0 percentage points year-on-year and 2.8 percentage points month-on-month, an increase of 2.7 percentage points compared to the same period in 2019. From January to February 2026, Macau's average hotel occupancy rate was 93.2%, up 2.5 percentage points year-on-year and 0.8 percentage points compared to the same period in 2019. In February 2026, the average length of stay for hotel guests was 1.6 nights, remaining stable both year-on-year and month-on-month. Risk warnings include macroeconomic growth falling below expectations, tightening regulatory policies on Macau gaming, and intensified competition in overseas gaming markets.