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　　First Shanghai released a research report saying that Galaxy Entertainment (00027) was maintained as a "buy" rating, and its performance in the fourth quarter of 2003 met expectations with a target price of HK$ 56.08. The launch of the third phase of "Macau Galaxy" w ill help the group to increase its market share. Due to the Group’s good products and services, the most stable balance sheet in the industry, the strong executive ability of the management, and the launch of the fourth phase project of Ludang, Hengqin project and potential overseas projects in the future; The bank is full of confidence in the long-term development of the group.

　　First, the main points of Shanghai are as follows:

　　Summary of performance in the fourth quarter of 2003: Summary of performance in the fourth quarter of 2003:

　　Galaxy’s net income increased by 254% year-on-year and 7% quarter-on-quarter to HK$ 10.3 billion (back to 80% in the same period in 2019) . The number of VIP gambling transcoding increased by 408% year-on-year and 6% quarter-on-quarter (back to 21% in the same period of 2019); The revenue from midfield betting increased by 398% year-on-year and 5.2% quarter-on-quarter (up by 13% compared with the same period in 2019). The adjusted EBITDA of the Group increased by 1.4% from the previous month to HK$ 2.8 billion (returning to 69% in the same period of 2019), and the EBITDA rate was 27%. After deducting the influence of low winning rate, EBITDA will increase by 100 million yuan. The overall performance is in line with expectations. The balance sheet of the Group remains very stable, with net cash of HK$ 23.5 billion (the strongest in the industry). In addition, because the Group is full of confidence in its future development, it announced another special dividend of 0.30 yuan per share. The annual dividend payout ratio reached 32%, which was higher than expected.

　　Performance survey of "Galaxy Macau" and Star Hotel;

　　During the period, the net income of "Macau Galaxy" and Star Hotel increased by 7% and 2% respectively from the previous month to HK$ 8.2 billion and HK$ 1.3 billion (re turning to 88% and 47% respectively in the same period of 2019); The adjusted EBITDA was HK$ 2.57 billion and HK$ 350 million respectively (returning to 80% and 45% in the same period of 2019, respectively). The EBITDA rates were 31.4% and 28.1% respectively. The occupancy rates of Galaxy Macau and Star Hotel are 95% and 100% respectively. At the end of l ast year, the group has added catering facilities in "Macau Galaxy" and transferred the high-end midfield gambling area located in the center; And re-planning the distribution of venues in the gambling area, hoping to improve the flow of people and customer experience. The Star Hotel also has plans to update its facilities.

　　The update of the third and fourth phases of "Macau Galaxy";

　　The third phase of "Macau Galaxy" will launch a high-end hotel (with about 100 rooms) in 2025, which will be provided to very high-end midfield customers and self-operated VIP customers. The Group is also continuing to advance the construction o f the fourth phase of "Macau Galaxy", which is expected to be completed in 2027. With a development area of about 600,000 square meters, this project will introduce a number of high-end hotel brands that have entered Macao for the first time, with a 4,000-seat theater, diversified catering, retail, non-gaming facilities, gardens and water play parks. The capital expenditure in 2024 is estimated to be about 6.1 billion yuan (of which 5.1 billion yuan will be used for th e third and fourth phases of "Macau Galaxy" and the rest will be used for the renovation of other facilities.

　　Other points:

　　In the fourth quarter, the group’s market share should drop to below 18%, but due to the group’s good products and the launch of new projects in the future, it is believed that the market share will pick up in the future. It is understood that the hotel occupancy rate of the group reached 100% during the Spring Festival; The performance of the midfield business has increased by 20% compared with the same period in 2019. In order to expand overseas visitors, the group has set up offices in Tokyo and Seoul to develop overseas business, and is preparing to set up an office in Bangkok.

　　From September 26th to 30th, the training course of Jiangxi Civil Affairs Planning Finance and Welfare Lottery Finance and Asset Management was held in Xiamen National Accounting Institute. Deputy Director Ouyang Haiquan (director level) attended the opening ceremony and delivered a speech. Li Jinxi, vice president of Xiamen National Accounting Institute, attended the opening ceremony. More than 80 people attended the training, including the responsible comrades of the Finance Department of the Department of Planning and Finance, the Provincial Welfare Lottery Center and the financial departments of the departments affiliated to the Department, and the responsible comrades of the civil affairs departments of all districts and cities, Ganjiang New District and counties (cities, districts).

　　Ouyang Haiquan put forward four requirements to the financial personnel of the provincial civil affairs planning and welfare lottery system: First, Do not forget your initiative mind, bearing in mind the mission is the basic political follow of the financial personnel of the provincial civil affairs. Second, adhering to the standards and not making false accounts are the basic professional ethics of civil affairs financial personnel in the province. Third, lifelong learning and continuous improvement are the basic literacy pursuits of civil affairs financial personnel in the province. Fourth, cherish opportunities and strictly observe discipline, which are the basic training requirements for civil affairs financial personnel in the province.

　　Dr. Lin Zhiyuan, Dr. Chen Yanping and Dr. Liu Yongquan from Xiamen University and Xiamen National Accounting Institute gave authoritative interpretations and practical guidance on budget performance management, internal control construction of administrative institutions, new Government Accounting System and state-owned assets management of administrative institutions.

　　The students have said that the wonderful lectures and lively learning exchanges of experts and scholars have enabled everyone to think, learn and succeed, effectively improving the comprehensive quality and professional ability of financial personnel, strengthening the construction of Jiangxi civil affairs talent team, and laying a solid foundation for promoting the high-quality development of civil affairs and wealth management. In particular, it is of special commemorative significance to hold training courses on the occasion of the 70th birthday of the motherland. The students said that they will promote the construction of great love civil affairs in Jiangxi in the new era with practical actions, paint a new picture of Jiangxi’s reform and development in the new era and make their due contributions to building a prosperous, beautiful, happy and modern Jiangxi.

Live broadcast: March 12th At 4: 00 am Beijing time on March 12th, the 27th round of Ligue 1 in the 2022-23 season started to compete at Lebray Stadium, and Paris Saint-Germain challenged brest away. In the first half, Sohler scored the first goal after the middle frame, Aunola equalized the score, Messi assisted in the second half, unlocking 300 assists in the club’s career, and Mbappé finished the lore. In the end, Paris beat brest 2-1 away, and Paris won four consecutive victories in the league. In terms of standings, Paris ranked first with 66 points, 11 points ahead of Marseille, the second place.

[Key Events of Competition]

In the 36th minute, Messi dribbled the ball, and a sudden stab of cold arrow from the periphery of Mbappé was saved by Bizot. Sohler followed up and shot again, and brest scored 0-1 in Paris Saint-Germain! ↓

In the 42nd minute, Del Castillo made a long pass from the midfield, and Aunola faced the defense of Pembele and Ramos, and volleyed into the restricted area to score a goal. brest scored 1-1 in Paris Saint-Germain! ↓

In the 90th minute, Messi sent a penetrating straight plug from the midfield, and Mbappé’s single-handed ball bounced past Bizot to push an empty net into the net, and brest scored 1-2 in Paris Saint-Germain! ↓

[Moment of Competition Focus]

In the 10th minute, Messi missed the first shot, and Sohler hit the crossbar hard in the penalty area, and Messi shot high again. ↓

The 24th minute, brest’s counterattack opportunity, Belkebra’s low cross, Ramos’s key position will clear the ball. ↓

In the 45 th minute, the scene was smoky. ↓

In the 61st minute, Mbappé missed the left side of the penalty area with an excellent opportunity. ↓

In the 64 th minute, Messi’s low shot from the top of the restricted area was resolved by Bizot. ↓

In the 68th minute, Mbappé made a straight tackle, and Mendes smashed the ball at a small angle and was saved by Bizot. ↓

In the 86th minute, Mbappé retaliated by kicking Belkebra down, and the referee showed a yellow card warning. ↓

[Starting and substitution information of both parties]

Brest starting: 40- Bizot, 99- Fadiga (80’23- Erel), 2- Du Wen, 4- Dari, 3- Bourrassier, 20- Melo, 9- Aunola, 10- Del Castillo (75’37- Lemarechal), 8- Magnay, 7-.

Substitutes did not appear: 1- Brasquez, 5- Chadoni, 28- Rocoro, 17- Ellis, 18- Karamoko-Dembele, 97- Alcon.

Paris Saint-Germain starting: 99- Donaruma, 25- Mendes, 4- Ramos, 15- Danilo-Pereira, 29- Pembele (74’14- beernaert), 33- emeri (88’18- Sanches), 8- Fabian-Ruiz (74’17-

Substitutes did not play: 16- Rico, 90- Letellier, 31- Bishyab, 35- Galby.

At present, financial technology has become a new kinetic energy of the economy, and it is one of the indicators to measure the economic development level of various countries. How financial technology can empower high-quality economic development has also become a hot topic of global concern.

On November 5th, the 5th International Financial Science and Technology Forum opened in Wenjiang District, Chengdu. More than 150 top guests from the world’s political, industrial, academic and research circles once again gathered in Chengdu to analyze the new direction, new track, new trend and new path of China’s economic, financial and technological development around the theme of "digital economy enabling high-quality development". The forum will inject financial power into promoting high-quality economic and social development through more than 10 activities.

The Red Star reporter learned that this two-day forum was sponsored by Southwestern University of Finance and Economics, Chengdu Local Financial Supervision Administration and Wenjiang District People’s Government of Chengdu, and hosted by the School of Finance of Southwestern University of Finance and Economics and China Institute of Finance, Southwestern University of Finance and Economics International Joint Laboratory of Financial Technology, and Southwestern University of Finance and Economics Sichuan Key Laboratory of Financial Intelligence and Financial Engineering.

Vision: Financial Technology Helps Digital China Construction

Today, China’s economic strength has achieved a historic leap, and its total economic output ranks second in the world.

High-quality development has become the primary task for China to build a socialist modernized country in an all-round way, and we must persist in putting the focus of economic development on the real economy.

After several rounds of discussions, the participating experts agreed that financial technology, with its characteristics of integration, accuracy, intersection and openness, has become the key to providing financial support, inciting the capital market and technological innovation, effectively serving the development of real economy and digital economy, helping to strengthen advanced manufacturing industry, realizing high-quality economic development and speeding up the construction of a "manufacturing power" and "digital China".

2022 is a year in which China’s digital economy is fully developed. During the "14th Five-Year Plan" period, China’s digital economy turned to a new stage of deepening application, standardizing development, and universal sharing.

Experts attending the meeting said that, based on this background, this forum is held under the new development pattern of digital economy empowerment. Global financial experts jointly review the process of financial technology innovation, discuss the present situation of financial technology development, and look forward to the wonderful prospect of technology in helping financial service entities, preventing financial risks, and building a digital China and a green China, which is of great significance for forming a wider, wider and deeper opening-up pattern.

Four highlights: groundbreaking technology gives birth to new formats

This forum is carefully prepared and boldly innovated on the basis of previous sessions, and this year presents four new points of view.

The first highlight is that a series of pioneering financial technology systems and platforms were released for the first time at the opening ceremony on November 5th, including AI engineering KubeAI platform, Quant Plus quantitative analysis platform, enterprise risk intelligent identification and early warning system, etc. This is the first time that Southwestern University of Finance and Economics has shown the technical "hard power" of financial universities to the industry, which will bring new products, new models and new formats to the financial technology industry and help enterprises to transform digitally.

The second highlight is that the 5th Chengdu August 80 Global Financial Technology Product Design and R&D Competition officially started, and the competition teams of eight top universities in the world gathered in Chengdu again. The competition will further deepen Industry-University-Research’s cooperation, focus on "new finance and economics" talent training, innovate and standardize the contents of the competition, and innovate the talent training methods.

At the same time, at the Digital Economy Empowerment Financial Technology Innovation Forum held on the same day, the founders of financial technology companies such as Bingjian Technology, Daoke DaoCloud and Kuanbang Technology started a dialogue, focusing on the promotion of enterprise credit evaluation by artificial intelligence technology, AI empowerment investment and other topics to explore the new direction of digital economy development.

In addition, on November 6th, a headmaster’s forum will be held, which will be changed from a closed meeting to an open meeting for the first time. Southwestern University of Finance and Economics will set up a platform to invite the principals and deans of 16 mainstream universities in China to discuss and share new modes, new experiences and new methods of talent cultivation in universities.

Red Star Journalist Wu Huayu According to Wenjiang District

Editor Chai Chang

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