金吾财讯 | 中信证券表示，澳门博彩为可选消费板块重要的“高端消费+顺周期”品种，6月以来行业GGR（博彩毛收入）表现持续超市场预期。从供给端看：丰富的演艺活动及新物业吸引核心博彩客群，边柱推广带动赢率上行。从需求端看：人民币升值明显，同时财富效应的提振带动内地高端消费者消费意愿回暖（25Q3奢侈品行业中国大陆市场环比改善明显）。博彩娱乐具有较强成瘾性，该机构看好行业景气度延续，预计2026年行业GGR将实现6%-8%增长。当前行业整体EV/EBITDA估值仍不足10x，低于历史平均（2016-2019年澳门行业平均EV/EBITDA约为12x，彼时行业CAGR约为8%）超过一个标准差。该机构看好在行业高景气延续及头部运营商派息率提升的背景下，海外长期资金重新入场，推动板块实现价值重估。
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