轮证日报 |投资者忧美团监管风险，熊证涨70%
| 今日市场短评
恒指高开104点，开市后升幅扩大，重上10天线(28613点)及20天线，但内地出口数据差过预期，港股午后升幅收窄，复失10天线(28624点及20天线(约28673点)，收报28497点，升0.15%。
盘面上，啤酒股、体育用品股、香港零售股普涨，短视频概念股、钢铁、苹果概念股走弱。
个股方面，特步国际收涨15.19%，九龙仓置业收涨6.16%，华润啤酒收涨3.99%，美团收跌7.44%，欧科云链收跌6.94%。
| 窝轮（认股证）焦点
华润啤酒（00291）润啤认购证（18740）到期日：2021年5月杠杆：11.27倍
港股啤酒股全线拉升走强
中信证券研报认为，一季度，啤酒行业销量基本恢复至疫情前水平。预计2021Q2，行业将迎来高基数，各家龙头企业销量会较2019Q2略增，但同比2020Q2下降中单位数左右，吨价预计将保持一季度增长趋势。随着包材及大麦成本明显上行，预计二季度各家公司盈利弹性释放承压，龙头公司望考虑提价可能。首推华润啤酒、重庆啤酒，推荐青岛啤酒、百威亚太。
| 牛熊证焦点
友邦保险（01299）
友邦牛证（63301）到期日：2021年7月回收价：91.88杠杆：13.03
花旗：内地抵港者5月中起可免14天强检 料对友邦香港MCV业务属重要一步就港府昨公布再放宽由内地入境香港限制，5月中推出来港易计划，花旗发表报告表示，虽然旅客返回内地仍需接受14天的隔离，但该行认为此对友邦香港旗下抵港内地人士之保险业务(MCV)业务的重要一步，因为持有旅游签证的内地旅客可能会开始获准入境。该行目前预计友邦香港于今年首年保费增长26%，料未来将有进一步放宽本港与内地边境管制措施(如建立便利的双边旅行安排)，或可能对其预测带来上行空间。监于中国业务持续的增长势头强劲，花旗重申对友邦保险买入评级及目标价116港元。
美团（03690）
美团熊证（63455）到期日：2022年3月回收价：330杠杆：4.76倍
瑞信：投资者忧美团收取佣金及订独家合约面临监管风险瑞信发表报告指，投资者普遍担心美团多于腾讯控股，因为美团有向商户抽成及订立独家合约等，难免会受到监管压力，不过与阿里巴巴比较，公司食物外送业务的利润相对较薄，所以投资者担心潜潜在罚款对公司影响将会更大，同时美团于社区团购方面未来数年将继续投资。至于腾讯，瑞信指市场主场忧虑主要包括微信屏蔽部分竞争对手的连结或惹反垄断忧虑，同时公司在游戏领域具领导地位，在微信小程序的生态系统方面亦鲜有竞争。就阿里巴巴因垄断被罚后，瑞信指投资者担心整改后公司收入及利润将受影响，不过该行相信对公司收入影响有限，因为来自新商户服务的收入可抵销相关影响，而每年投资50亿至100亿元人民币的影响市场亦已反映。
| 衍生品资金流入/流出
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