Core Viewpoint - Meituan's stock performance has been disappointing recently, with a decline from a high of 136.1 HKD to a current price of 120.8 HKD, indicating a bearish trend in the market [1][3]. Technical Analysis - The technical signals for Meituan indicate a "sell" with 11 sell signals and 1 buy signal, suggesting a bearish outlook [1]. - Key support levels are identified at 111.6 HKD and 110.7 HKD, while the resistance level is at 126.7 HKD [3]. - The stock has broken below the 10-day moving average (MA10) of 123.9 HKD and the 30-day moving average (MA30) of 124.79 HKD, approaching the 60-day moving average (MA60) of 130.54 HKD [1]. Market Sentiment - Investors are cautious, as indicated by a low trading amplitude of 2.7% over the past five days, reflecting a lack of confidence in the market [1]. - The Relative Strength Index (RSI) has dropped to 42, nearing the oversold territory, yet the overall downward momentum remains strong [1][3]. Derivative Products - Bearish products have performed well during Meituan's decline, with UBS's bear certificate rising by 10% and other related products showing significant gains [3]. - Selected bullish products include call options from Bank of China and HSBC, with exercise prices at 133.1 HKD, offering leverage of 7.9-8.2 times [6]. - Bearish options include UBS and JPMorgan put options with exercise prices around 99.94 HKD, providing 4 times leverage [6]. Trading Activity - On the morning of the report, Meituan's stock price was at 120 HKD, down 0.75% from the previous close, continuing its weak performance [1]. - The trading volume for Meituan's related products indicates active market participation, with significant movements in both bullish and bearish certificates [5][9].