【券商聚焦】中信证券：7月GGR表现略低于预期关注世界杯后需求释放

金吾财讯

Aug 04

金吾财讯 | 中信证券表示，澳门博彩行业在较高可比基数及足球赛事分流的影响，7月行业GGR同比下滑8.4%至202.6亿澳门元，略低于市场预期。2026年1-7月行业GGR同比增长4.4%至1471.6亿澳门元。考虑到世界杯已在7月20日（北京时间）结束，各运营商对于行业表述积极（如根据美高梅2Q26业绩电话会交流：澳门全市场最近一周GGR已接近1Q26水平，公司两家物业的访客量及正常化GGR均已超过1Q26水平），该机构预计8月行业日均行业GGR将达到7.3亿澳门元（vs. 1Q26日均为7.32亿澳门元），全月行业GGR将同比增长2%（当前彭博一致预期中位数为+1.3%，市场预测范围为-2.8%~+6%）。进入下半年，该机构认为行业竞争环境将整体趋于稳定，建议积极关注龙头运营商的潜在股东回报提升，以及内地核心城市房价止跌回稳态势延续、内地消费信心企稳下，行业中场、角子机业务的复苏改善。尽管行业在下半年即将面临较高可比基数（25H2行业GGR同比+14%），但该机构认为澳门博彩竞争环境整体趋于稳定，当前澳门博彩板块整体EV/EBITDA估值（对应2027年）不足9x，行业龙头股息率基本处于6-7%区间，估值优势显著。该机构建议优选能够抢夺市场份额、股东回报有望提升的运营商。

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href=\"https://laohu8.com/S/600030\">中信证券</a>表示，澳门博彩行业在较高可比基数及足球赛事分流的影响，7月行业GGR同比下滑8.4%至202.6亿澳门元，略低于市场预期。2026年1-7月行业GGR同比增长4.4%至1471.6亿澳门元。考虑到世界杯已在7月20日（北京时间）结束，各运营商对于行业表述积极（如根据<a href=\"https://laohu8.com/S/MGM\">美高梅</a>2Q26业绩电话会交流：澳门全市场最近一周GGR已接近1Q26水平，公司两家物业的访客量及正常化GGR均已超过1Q26水平），该机构预计8月行业日均行业GGR将达到7.3亿澳门元（vs. 1Q26日均为7.32亿澳门元），全月行业GGR将同比增长2%（当前彭博一致预期中位数为+1.3%，市场预测范围为-2.8%~+6%）。进入下半年，该机构认为行业竞争环境将整体趋于稳定，建议积极关注龙头运营商的潜在股东回报提升，以及内地核心城市房价止跌回稳态势延续、内地消费信心企稳下，行业中场、角子机业务的复苏改善。尽管行业在下半年即将面临较高可比基数（25H2行业GGR同比+14%），但该机构认为澳门博彩竞争环境整体趋于稳定，当前澳门博彩板块整体EV/EBITDA估值（对应2027年）不足9x，行业龙头股息率基本处于6-7%区间，估值优势显著。该机构建议优选能够抢夺市场份额、股东回报有望提升的运营商。</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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09:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/600030\">中信证券</a>表示，澳门博彩行业在较高可比基数及足球赛事分流的影响，7月行业GGR同比下滑8.4%至202.6亿澳门元，略低于市场预期。2026年1-7月行业GGR同比增长4.4%至1471.6亿澳门元。考虑到世界杯已在7月20日（北京时间）结束，各运营商对于行业表述积极（如根据<a href=\"https://laohu8.com/S/MGM\">美高梅</a>2Q26业绩电话会交流：澳门全市场最近一周GGR已接近1Q26水平，公司两家物业的访客量及正常化GGR均已超过1Q26水平），该机构预计8月行业日均行业GGR将达到7.3亿澳门元（vs. 1Q26日均为7.32亿澳门元），全月行业GGR将同比增长2%（当前彭博一致预期中位数为+1.3%，市场预测范围为-2.8%~+6%）。进入下半年，该机构认为行业竞争环境将整体趋于稳定，建议积极关注龙头运营商的潜在股东回报提升，以及内地核心城市房价止跌回稳态势延续、内地消费信心企稳下，行业中场、角子机业务的复苏改善。尽管行业在下半年即将面临较高可比基数（25H2行业GGR同比+14%），但该机构认为澳门博彩竞争环境整体趋于稳定，当前澳门博彩板块整体EV/EBITDA估值（对应2027年）不足9x，行业龙头股息率基本处于6-7%区间，估值优势显著。该机构建议优选能够抢夺市场份额、股东回报有望提升的运营商。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0251144936.SGD","symbol_name":"Fidelity Sustainable Asia Equity 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