《高盛认股证牛熊证》 美团业绩後高开急弹 资金趁急升部署淡仓 留意高杠杆沽21395，贴牛64904，近熊65275
正股表现：美团(3690)上周五失守270元水平，跌约2.4%，并在收市後公布截至今年三月底止的首季业绩。今早则发力急涨，早上高开约4.1%後升幅扩大，最高见288元。现报283.8元，升约7%，跑赢大市。
截至至今年三月底止，美团首季收入达370.16亿元人民币，按年升120.9%。然而亏损则扩大至48.47亿元人民币，但合符市场预期。而按非国际财务报告准则计量，经调整亏损净额则为38.92亿元人民币。及後有券商指，美团首季业绩强於该行预期。并指美团短期监管风险虽然持续，但旗下三大业务增长势头依然完好。该行给予美团「买入」投资评级，目标价则下调至440元。
资金流向：观察个股轮证资金流向，可见近日资金集中部署好仓，上周四及上周五共录得约2,240万元资金流入。当中认购证占约2,080万元，为同期最多资金流入的认股证相关资产。而上周五流入牛证的资金则较集中在255至260元收回区域的产品。
淡仓方面，则见认沽证於上周五获资金转向流入，有约70万元。而熊证则上周五继续获资金流入，并较集中在295至300元收回区域的产品。此外，今早即市亦见资金趁美团急升时部署淡仓。
观察港股通资金流向，则见昨日北水继续沽出美团，但净卖出的资金较上周四少，有约5亿元。
产品选择：投资者如看好，认购证方面可留意价外幅度约6%，年期约2个月，属高杠杆的美团购21395。牛证方面可留意属贴牛的美团牛64904，与现价有约23.8元收回距离。
美团购21395，行使价302.08元，2021年07月27日到期，实际杠杆8.6倍，高杠杆
美团牛64904，收回价260元，行使价257元，换股比率500，杠杆比率9.8倍，相近收回价贴牛中杠杆最高
投资者如看淡，须注意由於股价今早急升，使部分认沽证已变得价外，及部分熊证已被收回，因此应重新审视产品条款。
认沽证方面的高杠杆选择可留意价外幅度约11%，年期约2个月的美团沽21953。贴价选择可留意价外幅度约6%，年期约3个月的低街货美团沽23248。熊证方面的近熊选择可留意美团熊65275，与现价有约16.2元收回距离。远熊选择可留意美团熊52857，与现价有约36.2元收回距离。
美团沽21953，行使价252.68元，2021年07月23日到期，实际杠杆9.3倍，高杠杆
美团沽23248，行使价269.8元，2021年08月27日到期，实际杠杆6.0倍，贴价、低街货
美团熊65275，收回价300元，行使价303元，换股比率500，杠杆比率14.8倍，相近收回价近熊中杠杆最高
美团熊52857，收回价320元，行使价323元，换股比率500，杠杆比率7.3倍，相近收回价远熊中杠杆最高
注: 以上数据资料来自高盛认股证牛熊证网站https://www.gswarrants.com.hk/~
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