Zheshang Securities released a research report saying that judging from historical reviews, the gaming industry's valuation and revenue growth rate are basically the same, showing that Davis double hit the market, and companies with stronger profitability can enjoy higher valuation premiums. At present, Macau Gaming's valuation level is still at a historically low level, and the midfield business leading the recovery trend has been gradually verified. It is expected that it will continue to follow the path of “passenger flow recovery → boosting midfield business with higher profit levels → rise in the valuation center” in the future. In terms of individual stocks, Zheshang Securities believes that it mainly grasps three investment ideas: 1) the small but American standard that has led the mid-market recovery rhythm since 23, focusing on MGM China and Wynn Macau; 2) leading companies with high market share and strong resource endowments, focusing on Galaxy Entertainment and Sands China Co., Ltd.; 3) New properties climb the slope to release operating vitality, and focus on the development of Aobo Holdings and Xinhao International.