輪證日報 |美團領漲科網股，牛證漲100%
| 今日市場短評
港股收盤，恆指收漲1.96%，恆生科技指數收漲3.17%，科技股領漲大盤；美團收漲月8.4%，股價創今年7月26日以來新高。
| 窩輪（認股證）焦點
阿裏巴巴（09988）
阿裏認購證（12321）到期日：2021年12月槓桿：10.15倍
高盛下調阿裏巴巴目標價至246元 維持「確信買入」名單
高盛發表研究報告，指近期中國宏觀經濟轉弱，受累房地產市場下行、就業市場挑戰、新冠疫情等影響，都令整體消費市場增長放緩。 該行估計，阿裏巴巴2022財年第二財季在此基礎下，預期收入增長爲33%。同時公司以倍數減少其投資數字，以建設一個更開放經營環境的應用程式。 高盛預期，阿裏巴巴2022財年至2024財年度收入增長爲25%、22%及20%，但平臺的商品成交金額下跌4-8%，同時以非國際會計標準計算料2022財年至2024財年度純利減少8-9%，該行下調對阿裏巴巴的目標價由295元降至246元，相當預測2023財年綜合市盈率21倍，維持「買入」評級及「確信買入」名單。
| 牛熊證焦點
美團（03690）
美團牛證（56705）到期日：2022年3月回收價：236槓桿：6.18倍
美團-W漲超8%領漲科網股，反壟斷懲罰落地
10月8日，市場監管總局依法對美團在中國境內網絡餐飲外賣平臺服務市場實施“二選一”壟斷行爲作出行政處罰。興業證券表示，反壟斷懲罰落地，力度略好於市場預期。此次市場監管總局對美團的罰款標準是其2020年營收1147.48億元的3%，低於普遍預期對於阿裏巴巴的4%罰款標準。
摩根大通：美團罰款符市場預期 料可消除投資者的股票負面情緒摩根大通發表報告表示，內地對美團34.42億元的罰款符合投資者的預期，因爲大多數投資者預計會受到與阿裏巴巴(09988.HK)案類似的處罰。因此，該公告消除了股票情緒的懸念，而並非意外驚喜。摩通預料美團股價將在未來幾個交易日內有積極反應。該行還料美團可能會在未來幾個季度加速推出騎手社會保障福利計劃。一旦美團公佈首批社保福利計劃的政策，投資者應該能夠量化對平臺利潤率和單位經濟效益的財務影響。根據目前的監管要求，估計向美團所有全職騎手推出社保福利計劃將導致每筆訂單的增量成本低於0.5元人民幣。該行維持美團增持評級及目標價300港元。
| 衍生品資金流入/流出
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