輪證日報 |恆指表現萎靡，熊證漲170%
| 今日市場短評
港股主要指數全天呈單邊下跌行情，且午後跌幅進一步擴大。截止收盤，恆指跌1.07%再度失守24000點，國指跌0.92%，恆生科技指數跌1.11%。
盤面上，權重科技股普跌，網易跌2.34%，騰訊控股、美團、阿裏巴巴均跌近2%，昨日大漲的在線教育股、電力股、互聯網醫療股集體回調，新東方在線、思考樂教育均大跌超9%；受疫情影響的濠賭股、旅遊股、航空股、餐飲股等全天標表現萎靡。另一方面，港口航運股在弱勢中繼續走強，啤酒、乳製品少數板塊上漲。中鋁國際大幅收漲逾67%爲市場表現最佳個股。
| 窩輪焦點
華潤啤酒（00291）
華啤認購證（15553）到期日：2022年3月槓桿：6.33倍
高盛：將華潤啤酒列入確信買入名單，升青島啤酒H股評級至買入
高盛發表報告指，內地啤酒行業於今年經歷了相對疲弱的一年，受疫情、成本壓力及更廣泛的消費行業向下重評影響，啤酒股股價年初至今下跌了15%。
不過，該行認爲啤酒行業的高端化趨勢仍然穩健，在受疫情影響的過去兩年的年均複合增長率仍有9%至10%。展望未來，高盛相信行業會維持雙位數增長、產品均價繼續上升及毛利率擴張。
高盛將華潤啤酒列入“確信買入”名單，目標價由82.1港元升至84.5港元；青島啤酒由“中性”升至“買入”，目標價由84港元升至87港元；至於百威亞太 評級維持“買入”，目標價由26.1港元降至23.8港元。該行認爲，啤酒股現時市盈率估值低於五年平均水平，對行業看法轉爲更加積極，相信明年上半年會有估值重評。
| 牛熊證焦點
香港交易所（00388）
港交牛證（57975）到期日：2022年10月回收價：44.28槓桿：14.86倍
摩根大通：下調港交所目標價至540港元 評級增持摩根大通發表研究報告指，考慮到股票及衍生產品交易量下降，將港交所2021至2023財年每股盈利預測下調5%至17%，分別達9.84、11.97及14.3元。該行指出，內地經濟復甦，當局政策清晰，加上南向及北向交易情況改善，將推動中概股迴歸潮，但認爲部分政策和地緣政治變化可能會導致北向交易減少。摩通指，MSCI中國A50互聯互通指數回升速度明顯低於預期，亦導致該行對交易所的每股盈利預測下降。摩通預期港交所2021至2023年每股盈利將複合增長22%，維持增持評級，基於45.9倍的動態市盈率，將目標價由580港元下調至540港元。
| 衍生品資金流入/流出
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