回顧近期熱門窩輪表現，2025年12月17日上線的美團兩只牛證表現突出。其中摩根大通牛證（54408）在兩日後漲幅達9%，瑞銀牛證（56384）兩日後漲幅 更高達10%，而同期美團正股兩日累計上漲1.38%。可見這兩只牛證憑藉較高的Delta敏感度，實現了比正股更強的彈性放大，充分體現出窩輪產品在正股小 幅波動下的杠杆效應。 結合當前美團股價走勢及技術面狀態，我們精選4只高性價比窩輪及牛熊證標的供投資者參考。 認購證方面，國泰君安認購證（19998）擁有10倍杠杆，行使價106.98元 ，其溢價及引伸波幅均為同類最低，成本效率優勢明顯，適合追求低成本佈局的投 資者；摩根士丹利認購證（20964）杠杆9.5倍，行使價106.78元 ，溢價相對較低，流動性表現穩定，風險與彈性相對平衡。 【窩輪透視】美團中立信號下，選擇高杠杆還是低溢價窩輪更穩？ 上周五（19日）美團（03690）全日收報102.7元 ，單日上漲1.28%，成交額達52.26億元 。技術面方面，整體技術指標綜合信號為"中立"，信號強度9。從具 體指標來看，相對強弱指數（RSI）為58，處於中性區間；威廉指標呈現超買狀態，但信號為中立；MACD、布林 ...

Group 1: Hang Seng Index - The Hang Seng Index opened high but closed lower, with investors taking profits and waiting for a buying opportunity around 26,300-26,400 [1] - The index reached a high of 27,058 points but closed at 26,544 points, signaling a "sell" [1] - Support levels are identified at 25,859 points and 25,300 points, while resistance is at 27,300 points [1] Group 2: HSBC Holdings - Investors view interest rate cuts as beneficial for HSBC, with expectations for the stock to rise to 110 HKD [3] - Some investors anticipate a decline to the range of 96-100 HKD, opting for put options [3] Group 3: Hong Kong Exchanges and Clearing - The stock experienced a significant drop, closing at 444 HKD, which is within the Bollinger Band's middle line [5] - Short-term technical signals suggest a "buy" with resistance levels at 459 HKD and 470 HKD [5] - For those considering entry at lower levels, support is noted at 436 HKD and 428 HKD [5] Group 4: Ping An Insurance - The stock is trading within a sideways range, with a closing price of 54.25 HKD, near the lower boundary of the Bollinger Band [8] - Technical signals are neutral, suggesting a wait-and-see approach [8] - Support levels are at 52.7 HKD and 51 HKD, with options available at a strike price of 43.83 HKD [8] Group 5: Baidu Group - Baidu's stock closed at 132.8 HKD, above the upper boundary of the Bollinger Band, with a high of 38.4 HKD during the day [11] - The data signal indicates a "sell," with support levels at 114.2 HKD and 103.2 HKD [11] - Investors holding bear certificates have a safe recovery price of 150 HKD, with resistance levels at 140 HKD and 162 HKD [11]

Core Viewpoint - Ping An Insurance (02318) shows stable performance with its stock price approaching key resistance levels, indicating potential upward movement in the near term [1][3]. Technical Analysis - The 10-day moving average (47.04 HKD) has crossed above the 30-day moving average (45.33 HKD), signaling a bullish trend. The MACD indicator has issued a buy signal, although momentum appears moderate. The RSI is at a neutral level of 55, suggesting further upside potential [3]. - Key support levels are identified at 44.9 HKD (Support 1) and 44 HKD (Support 2), while resistance levels are at 48.4 HKD (Resistance 1) and 49.4 HKD (Resistance 2) [3]. Derivative Products Performance - On May 19, Ping An's related derivatives performed well, with the underlying stock rising by 2.19%. Notably, the Societe Generale call option (15999) surged by 16%, and the JPMorgan bull certificate (53834) increased by 15%, outperforming the underlying stock [4]. - Current options to consider include Citigroup call option (13225) with a strike price of 49.93 HKD, offering a leverage of 13.4 times, and Morgan Stanley call option (15639) with similar leverage and favorable implied volatility [5]. Bull and Bear Certificates Analysis - For bull certificates, JPMorgan's bull certificate (65655) offers a leverage of 7.2 times with a redemption price of 40.2 HKD, providing about a 14% safety margin from the current price. UBS's bull certificate (64267) offers 7 times leverage with a redemption price of 40 HKD [8]. - In the bear certificate category, Societe Generale's bear certificate (60435) and JPMorgan's bear certificate (64018) provide high leverage of 10.4 times, with redemption prices of 50.5 HKD and 50 HKD, respectively, offering a buffer of approximately 7-8% from the current price [8].