澳门与中国内地同步，在1月8日取消了几乎所有疫情管控相关的旅行限制。尽管旅行承载力有限，澳门的跨境旅行规则基本上恢复了疫情前的范式。开放首日，澳门游客量仅为2019年的36.7%，意味着有很大的增长空间。
　　我们维持“跑赢大市”的行业评级，并建议在股价回调时收集。我们认为，在未来几周和几个月内，如果澳门博彩业实际业绩未达到市场预期，投资者情绪肯定会先回调走低，但随后会继续改善趋势。虽然可能不稳定，但我们预计澳门博彩业的上升趋势将持续贯穿2023年，特别是在2023年下半年。因此，我们认为短期不及预期和股价回调都将是收集机会。
　　我们建议逢低收集，尤其是股价波动性较大的博彩股。自疫情开始以来，一般在市场不是最受欢迎的美高梅中国（02282 HK）和永利澳门（01128 HK）的股价从低点升至高点，创最大涨幅。从2020年开始，美高梅中国（02282 HK）和永利澳门（01128 HK）的股价由历史低点升至历史高点，涨幅分别为249.8%和227.2%。
　　风险：2023年澳门博彩业复苏的步伐仍高度不确定，可能不稳定或低于预期。短期内，如果春节或一月的业绩（访客数量或博彩收入）令人失望，股价可能会回调。

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