Core Viewpoint - JD Group's stock price is currently fluctuating around HKD 121.6, showing a decline of 1.38%, with significant market divergence observed [2][5]. Technical Analysis - The stock is trading below key moving averages: MA10 at HKD 126.04, MA30 at HKD 128.3, and MA60 at HKD 130.6, indicating a prevailing "sell" signal [2]. - The technical strength index is low at 14, suggesting dominant downward pressure, while the RSI is at 41, nearing the oversold zone [2]. - Key support levels are identified at HKD 119.4 and HKD 115.2, with resistance at HKD 128 and potential further resistance at HKD 133.4 [5]. Market Sentiment - Recent trading activity shows a significant increase in bearish derivative products, with notable gains in put options as JD's stock price fell [5]. - The trading volume for JD's stock was reported at HKD 2.099 billion, indicating that capital has not significantly exited the market [5]. Derivative Products - Active trading in JD's warrants suggests potential short-term rebounds, with specific warrants offering leverage of 4.7 to 6.1 times [8]. - Investors looking for bearish positions can consider high-leverage put options, which have shown competitive pricing and volatility [8]. Bull and Bear Certificates - For aggressive investors, a bull certificate with a recovery price of HKD 118 offers a high leverage of 14.5 times, while a more conservative option has a recovery price of HKD 115 with 9.9 times leverage [10]. - Bear certificates are also available for those anticipating a rebound followed by a decline, with both options providing around 6.3 times leverage [10].

Core Viewpoint - The analysis of Tencent Holdings (00700) indicates a bearish sentiment in the market, with technical signals suggesting potential price declines and key support levels identified for investors to consider entry points [1][2]. Technical Analysis - As of July 2, Tencent's stock price was reported at 503 HKD, showing a slight decline of 0.1%. The stock is at a critical decision point, with short-term support at 486 HKD and mid-term support at 469 HKD. Resistance levels are identified at 517 HKD and 534 HKD [2]. - The RSI indicator is at 48, indicating a neutral to weak sentiment, while multiple moving averages are entangled, suggesting indecision in the market. The 10-day moving average at 506.8 HKD is acting as short-term pressure [2]. - The MACD and Bollinger Bands are signaling a sell, reinforcing the notion that the market is in a corrective phase [2]. Derivative Products - In the derivatives market, Tencent's stock decline of 2.24% on June 27 led to significant performance in bear certificates, with Morgan Stanley's bear certificate (58426) rising by 26% and UBS's bear certificate (58470) increasing by 24% in the following two trading days, showcasing the leverage effect of these instruments in a downward market [2]. - For call options, Bank of China offers two products: one with a strike price of 563.5 HKD providing a leverage of 15.8 times, suitable for aggressive investors, and another with a slightly lower leverage of 13.8 times but with the lowest premium and implied volatility in the market [4]. - In the put options category, UBS's put option (16669) leads with a leverage of 14.3 times, maintaining a safe margin with a strike price of 443.13 HKD, while Bank of China's option (17569) offers a more conservative hedge with a leverage of 12.2 times [4]. Bull and Bear Certificates - Among bull certificates, UBS's product (69944) offers a high leverage of 19.4 times with a redemption price of 484 HKD, making it a preferred choice for aggressive strategies. Another product (54536) has a slightly lower leverage of 17.7 times but attracts conservative funds due to its lowest premium characteristics [6]. - For bear certificates, Société Générale's (60438) and UBS's (61324) products both provide impressive leverage of 28.8 times, with reasonable redemption prices of 522 HKD and 520 HKD, respectively, suitable for capturing potential technical pullbacks [6]. Market Sentiment - The 60-day moving average at 495 HKD is still on an upward trend, raising questions about whether a stronger rebound may follow the current technical consolidation. Investors are encouraged to consider their strategies, whether to use bull certificates for bottom-fishing or bear certificates for shorting [9].