金吾财讯 | 中信证券指出，根据DICJ，澳门11月博彩毛收入（GGR）同比增长14.4%至210.9亿澳门元，恢复至2019年同期的92%。1-11月累计GGR同比增长8.6%，超出预期。澳门博彩为可选消费板块重要的“高端消费+顺周期”品种，25Q2以来表现持续超预期，主要受益于供给端丰富娱乐活动与新物业吸引力提升，更重要的是需求端人民币升值和财富效应带动的消费回暖。博彩休闲娱乐需求具有较强持续性，预计2026年GGR有望实现6%-8%增长。当前板块估值（EV/EBITDA低于10倍）仍低于历史均值，随着景气延续与分红提升，板块有望迎来进一步价值重估。
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