晨间快照：香港及中国市场每日

HongKong&ChinaMarketDaily 04 June 2026 What’s Hot Today: ►Macau gaming: May GGR beat on record breaking GoldenWeek MayGGR beat expectations–According to the Gaming Inspection andCoordinationBureau(DICJ),GGRinMayreachedMOP22.6bn,up6.7%YoYand13.7%MoM,exceedingthemarketexpectationof+5%YoY,drivenbyrecordbreakingvisitortrafficduringtheLabourDayHoliday.ThisimpliesdailyGGRofMOP729mn,up10%MoM.AccumulatedGGRinthefirstfivemonthsof2026reachedMOP108.4bn,up10.9%YoY,representing45.9%ofthegovernment’sfullyearforecastofMOP236bn,processinginahealthypace. StrongGolden Week traffic boosts performance–Macau welcomedapproximately873ktotalvisitorarrivalsduringthefivedayLabourDayholiday(15May),up2.7%YoY,with2Mayrecording248karrivals,thehighestsingledaytotalonrecord.MainlandChinatouristsaccountedfor725ktrips,up6.9%YoY,representing83%oftotalarrivals.Averagehoteloccupancyreached92.7%overtheholiday,peaking at 98.3%on 2 May.The strong visitation was furthersupportedbyseverallargescaleentertainmenteventsheldinMacauduringthemonth,includingtheIVEconcertatSandsChinaandtheEXOconcertatGalaxyEntertainment,which were believed to have brought in more non-gamingrevenue. Ourview: JuneGGRisexpectedtomoderateduetotheFIFAWorldCup(11June–19July),whichmaytemporarilydivertsomepremiumcustomers.WeexpectJuneandJulyGGRtodeclinemodestlyonaYoYbasis.AflattishtrendisseenforJuneJuly,withLSDgrowthpacelikelyfortheremainderoftheyear. WecontinuetofavourGalaxyEntertainment(27HK,HK$32.12,HK$140.7bn)asourtoppickdrivenby8%YoYEBITDAgrowthin1Q26(massrecoveryat139%of1Q19 levels)and a potential interim dividend hike.Sands China(1928 HK,HK$16.03,HK$129.7bn)andWynnMacau(1128HK,HK$5.95,HK$31.4bn)arefavouredfortheirattractivedividendyieldsof4%+and6%+,respectively.GalaxyEntertainment,SandsChinaandWynnMacauaretradingat13x/14x/12xforFY26EP/E,respectively.(AmeliaDeng) MorningSnapshot HongKong&ChinaMarketDaily 04 June 2026 Source: DICJ, Sunwah Kingsway Research Source: Macau Tourism data plus, Sunwah Kingsway Research So urce: B lo o mberg Disclaimer Thisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecurities.Thesecuritiesreferredtointhisdocumentmaynotbeeligibleforsaleincertainjurisdiction.Neitherthisdocumentnoranyportionhereofmaybetakendistributedortransmitteddirectlyorindirectlyintosuchjurisdictionnortoanyresidentsthereof.Anyfailuretocomplywiththisrestrictionmayconstituteaviolationoftheapplicablelawsandregulationsandpersonsintowhosepossessionthisdocumentcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.Thisdocumenthasbeenproducedforprivatecirculationandmaynotbecopied,photocopied,duplicated,orredistributed without thepriorwrittenconsent ofKingswayFinancial Services GroupLimited(“KFS”)anditsaffiliatedcompanies(collectively,“KingswayGroup”). ThisreportisdistributedinHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina(“HongKong”)byKFSwhichisregisteredasalicensedcorporationundertheSecuritiesandFuturesOrdinance(Cap.571ofTheLawsofHongKong)withtheSecuritiesandFuturesCommissionofHongKong(“SFC”)anditsSFCCEnumberisADF346. Theinformationcontainedinthisreporthas been takenfrom sourcesbelievedtobe reliablebut norepresentationor warrantyexpressedorimpliedismadeastotheiraccuracyorcorrectness.Thisreportispublishedfortheassistanceofrecipientsbutisnottoberelieduponasauthoritativeortakeninsubstitutionfortheexerciseofjudgmentbyanyrecipient.Itisnottobeconstruedasanoffer,invitation or solicitation to buy or sell anysecurities of the company or companies covered herein.Anyrecommendationcontainedinthisreportdoesnothaveregardtothespecificinvestmentobjectives,financialsituationandtheparticularneedsofanyspecificaddressee.Allopinionsandestimatesreflectourjudgmentonthedateofthisreportandaresubjecttochangewithoutnotice. KFS,includingitsparent,subsidiariesand/oraffiliates,mayactasleadorco-managerinanofferingofthesecuritiesofanyissuerdiscussedherein,mayfromtimetotimeperformfinancialservicesorotheradvisoryservicesfor,orsolicitfinancialservicesorotherbusinessfrom,anyissuer. Withinthepastyear,KFS,includingitsparent,subsidiariesand/oraffiliates,mayhaveactedasmarketmakerortradedonaprincipalbasisinthefinancialinstrumentsofanyissuerdiscussedhereinandmayactasunderwriter,placementagent,advisororlendertosuchissuer. KFS,includingitsparent,subsidiaries,affiliates,shareholders,officers,directors,andemployeesmayhavelongorshortpositionsin,andbuyorsell,thesecurities,commoditiesorderivatives(includingoptions)oranyotherfinancialinstrumentsthereof,ofanyissuers. AnemployeeofKFS,includingitsparent,subsidiariesand/oraffiliates,mayactasdirector,orberepresentedontheboardsofdirectors,ofanysuchentitiesorissuers. Head Office Affiliated & Overseas Offices Hong KongKingsway Financial Services Group Limited7/F, Tower One, Lippo Centre,89 Queensway, Hong KongTel: 852-2283-7000Fax: 852-2877-2665 Guangdong廣東新華滙富商業保理有限公司601–5, Building 3130JiaoxiRoad, Nansha District,Guangzhou, 511455, PRC