輪證日報|電信運營商走強，中國移動牛證漲50%
今日市場短評
港股上週兩個交易日累漲1023點後，今早高開後掉頭回落。恆指高開36點，報24609點，曾升43點，高見24616點後向下，港股回吐壓力增加，曾跌207點，見24365點半日低，之後跌幅收窄。恆指半日跌76點或0.3%，報24497點，於100天線(約24455點)附近爭持。港股午後中段跌幅收窄，恆指輕微收漲6點。盤面上，基建股、電信股、石油股普漲，家電股、電影概念股跌幅居前。個股方面，中國海洋石油收漲4.21%，新東方收漲5.27%，貓眼娛樂收跌6.28%，海爾智家收跌6.62%。
窩輪（認股證）焦點
中國石油股份（00857）
中油認購證（26461）到期日：2022年2月
槓桿：16.73倍
石油概念股全線走強
國際油價上週錄得連續第七週上漲，尤其是過去的兩個交易日，紐約油價連續突破每桶90美元和92美元的關口，創下七年多以來的新高。從周線來看，紐約商品交易所3月交貨的輕質原油期貨價格上週累計上漲6.3%，4月交貨的倫敦布倫特原油期貨價格上週累計上漲3.5%。對於國際油價大幅上漲的原因，分析人士普遍認爲，首先是供應端的緊張局勢助推了油價。本週以來，冬季風暴帶來凍雨和降雪持續襲擊美國中部和東部多個州，造成當地對取暖用油的需求增加；另一方面，市場擔憂惡劣天氣會影響美國產油重地得克薩斯州的頁巖油開採。另外，一些歐佩克成員國難以實現目前的月度產量目標，而且缺乏進一步提高產量所需的閒置產能，也令原油供需缺口惡化。此外，俄羅斯與烏克蘭之間的緊張局勢，同樣增加了原油市場的擔憂情緒。
對於未來油價走勢，分析認爲，目前影響油價的最大未知變量是國際局勢。長期來看，隨着主要產油國增產，原油產量將逐步趕上需求，供應緊張局勢有望緩解，油價上漲趨勢也將放緩。
牛熊證焦點
中國移動（00941）
中移牛證（60031）到期日：2022年10月
回收價：52槓桿：11.94倍
電信運營商走強 中國移動5G用戶滲透率破40% 大行唱多
電信運營商板塊隨大盤走強，中國移動領漲，中國聯通和中國電信漲逾2%。工信部公佈，2021年中國電信運營商收入同比增加8%。截至去年12月底，中國移動5G套餐用戶累計達3.87億戶，較前一月淨增1242.1萬戶，全年累計淨增2.22億戶，5G套餐用戶滲透率突破40%，達40.42%。 瑞信發表報告，對三隻中國電信股維持“增持”評級，看好其吸引估值和可觀收益率，首選中國電信、次選中國移動、最後是中國聯通，目標價分別爲6.1港元、84.9港元和6.5港元。瑞信料中國電信2021至2024年間的EBITDA複合年增長率爲最高，達7%，2021年和2022年股息收益率分別爲8%和9%。
衍生品資金流入/流出
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