轮证日报 |投行唱多百度，认购证涨30%
| 今日市场短评
港股午后变化不大，在10日线水平附近波动，但尾盘在香港交易所急挫下走低，最终收跌0.7%。
盘面上，科网股表现稳健，石油、内房、农牧业等板块全天低迷。
个股方面，百度涨5.5%，哔哩哔哩涨3.5%，结束连日跌势。万洲国际绩后大跌12.7%；中国恒大、华润置地跌3.9%。
| 窝轮（认股证）焦点
百度集团（09888）百度认购证（14435）到期日：2021年9月杠杆：4.85
百度集团公布，于2021年3月30日，稳定价格经办人已完成在二级市场以不超过公开发售价的价格购买1425万股股份。
消息面上，隔夜美股百度昨日收涨逾6%。花旗发布研报表示，近期的下跌已经令百度股价达到有吸引力的水平。百度迄今已较2月峰值下跌30%以上。花旗认为这种疲软与基本面无关。花旗表示，百度的增长前景仍然光明，因为广告需求强劲复苏且公司云业务增长较快。分析师AliciaYap预计百度的Apollo自动驾驶业务存在上行潜力。花旗重申买入评级，目标价364美元。
快手（01024）快手认购证（21598）到期日：2021年8月杠杆：5.96
快手近日发布业绩显示，第四季收入按年升53%至181亿元，略高于市场预期；第四季总成交金额(GMV)同比升3.14倍至1770亿元，高于市场预期。业绩公布后，野村给予333港元的目标价，富瑞给予395港元目标价，瑞银给予432港元目标价。瑞银称，快手业绩公布后股价一度明显下跌，主因投资者担心其亏损表现，不过该行维持其线上媒体行业首选，因其电商及广告业务展望更趋正面，特别是去年第四季录强劲收入表现之后。预期快手其他服务收入受电商带动，今年料升224%，商品成交金额(GMV)料亦按年升87.4%至7142亿元人民币。料快手今年广告收入按年增95%，产品转型料提振流量亦协力广告变现。
| 牛熊证焦点
美团（03690）
美团牛证（68599）到期日：2021年6月回收价：268.88杠杆：8.28倍
瑞银：维持美团买入评级 目标价420港元
瑞银发表报告表示，美团股价自2月中旬高位累积调整34%后，指喜爱其目前的风险回报，并指其外卖及社区团购业务近期趋势巩固，相信内地监管压力属于可控。该行指，美团去年第四季外卖业务营运毛利率按季及按年均有所改善，料其今年会进一步改善，维持对其“买入”评级，目标价由470港元降至420港元。瑞银引述美团管理层认为更广阔的消费零售市场，最终将使美团的用户群从5亿增加到中国的所有互联网用户，增幅可达70%，并将整体交易额从食品配送、到店、至所有电子商务增加多达4倍。
| 衍生品资金流入/流出
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