3690 MEITUAN | Citi Recommended Callable Bull Contracts

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Callable bull/bear contracts (“CBBCs”) have a mandatory call feature. Subject to the terms and conditions of CBBCs as set out in the Base Listing Document (including any addendum thereto), CBBCs will be automatically terminated when the spot price / spot level of the underlying asset reaches the call price / call level during the observation period, in which case, you will not receive any cash payment (for category N CBBCs) or may receive a cash payment called the residual value (for category R CBBCs).

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Last updated in January 2022

	Code	Strike	Entitlement Ratio	Eff. Gearing	I.V.	Price	Change (%)	Outstanding	Maturity
	Code	Call Level	Call Level to spot	Strike	Entitlement Ratio	Gearing	Price	Change(%)	Outstanding	Maturity

Highest Effective Gearing
Lowest Premium %
Citi Recommendation
Lowest Product Spot Price

Comparing the top 10 turnover Warrants/CBBCs products in a specific underlying name

Last updated time:

美團業績勝預期，唯股價績後偏軟，留意美團購28650/沽28476

2024-12-03, 09:59

12月第一個交易日，恒指繼續於10天綫附近整固向好，截至上日，恒指牛熊街貨比例約為53：47，牛證重貨區位於19000-19099點水平，相關對冲期指合約張數逼近1200張，但見輕微減倉，而更貼價的牛證及熊證均見不同程度的加倉。投資者如看好恒指，或可留意恒指購28699，行使價22110點，實際槓桿11.3 倍，換股比率9700 兌 1，2025年04月29日到期；或可留意恒指牛56435，收回價18600點，槓桿比率19.2 倍，換股比率20000 兌 1，2027年07月29日到期。如看淡，或可留意恒指沽27879，行使價18905點，實際槓桿9.9 倍，換股比率6800 兌 1，2025年03月28日到期；或可留意恒指熊60432，收回價20100點，槓桿比率35 倍，換股比率10000 兌 1，2027年12月30日到期。

美團（3690）上周五公佈業績勝預期，唯股價表現周一偏軟，周一低開逾5%，最低曾見159.9元低位，之後跌幅逐步收窄，中段更一度轉升。投資者如看好美團，或可留意美團購28650，行使價207.2元，實際槓桿5.7 倍，換股比率100 兌 1，2025年04月23日到期；如看淡，或可留意美團沽28476，行使價124.3元，實際槓桿5.9 倍，換股比率50 兌 1，2025年04月23日到期。

澳門11月博彩收入勝預期，澳門濠賭股板塊周一普遍上揚，當中，銀娛（0027）承接上周五升勢向好，周一一度逼近200天綫，而金沙（1928）升幅更爲顯著，一度逼近10月反彈頂部。投資者如看好銀娛，或可留意銀娛購27768，行使價50元，實際槓桿7.8 倍，換股比率10 兌 1，2025年04月02日到期；如看淡，或可留意金沙購28818，行使價29.33元，實際槓桿6.2 倍，換股比率10 兌 1，2025年04月01日到期。

美團守尾門，明天公佈業績，留意美團購28650/沽28476

2024-11-28, 12:03

上日午後恒指顯著抽升，嘗試重返10天綫水平，截至上日，恒指牛熊街貨比例約為51：49，牛證重貨區位於19000-19099點水平，相關對冲期指合約張數超過1100張，熊證比例在上日則見減少，最新重貨區則位於19700-19799點水平。投資者如看好恒指，或可留意恒指牛56435，收回價186000點，槓桿比率24.8 倍，換股比率20000 兌 1，2027年07月29日到期；如看淡，或可留意恒指熊60435，收回價20000點，槓桿比率32.9 倍，換股比率10000 兌 1，2027年11月29日到期。

美團（3690）明天公佈業績，上日帶領大市反彈，嘗試突破近兩周短期區間頂部約176元水平。投資者如看好美團，或可留意美團購28650，行使價207.2元，實際槓桿5.4 倍，換股比率100 兌 1，2025年04月23日到期；如看淡，或可留意美團沽28476，行使價124.3元，實際槓桿5.5 倍，換股比率50 兌 1，2025年04月23日到期。

騰訊（0700）近期傾向與大市同步，早前隨大市下試100天綫水平，股價在400元附近位置反覆。投資者如看好騰訊，或可留意騰訊購26591，行使價450.2元，實際槓桿9.8 倍，換股比率100 兌 1，2025年03月26日到期；如看淡，或可留意騰訊沽28011，行使價363.43元，實際槓桿9.7 倍，換股比率100 兌 1，2025年03月25日到期。

大市整固待變，美團、吉利跑出，留意美團購28433/吉利購28355

2024-10-24, 11:18

恒指嘗試重返20天綫水平，上日（23日）走高曾一度逼近21000點位置，午後升幅收窄，整體走勢上暫尚未脫離整固待變形態。資金動向方面，截至上日牛證重貨區位於離現價有一定距離的19900-19999點區間，若恒指延續窄幅上落走勢，牛證重貨區或有望隨著上日更貼價新產品上市及時間推移而逐漸上移，熊證方面則未見明顯重倉區域，整體恒指牛熊街貨比例約6：4。投資者如看好恒指，或可留意恒指牛57184，收回價20200點，槓桿比率36.8 倍，換股比率10000 兌 1，2027年09月29日到期；如看淡，或可留意恒指熊56097，收回價21200點，槓桿比率36.8 倍，換股比率10000 兌 1，2025年04月29日到期。

低空經濟及消費相關市場話題熾熱，美團(3690)續為ATM中表現最佳大型科網股，股價走勢上亦領先大市，沿20天綫支持向上。投資者如看好美團，或可留意美團購28433，行使價234.08元，實際槓桿4.7 倍，換股比率100 兌 1，2025年03月28日到期；如看淡，或可留意美團沽28012，行使價155元，實際槓桿4 倍，換股比率100 兌 1，2025年04月07日到期。

吉利(0175)近日表現亮眼，股價20天綫見支持後多次抽升，股價上日一度逼近15元水平，收於月初高位之上，今天（24日）暫時見小幅回吐。投資者如看好吉利，或可留意近期備受資金追捧的吉利購28355，行使價15.8元，實際槓桿4.1 倍，換股比率10 兌 1，2025年04月29日到期；如看淡，或可留意吉利沽27776，行使價9.68元，實際槓桿3.3 倍，換股比率5 兌 1，2025年06月27日到期。

恒指逼近18000點，留意恒指牛69895/熊62250

2024-09-19, 14:00

美聯儲減息50點子，内地上證指數上日（18日）下試2700點水平後今天（19日）反彈，港股今天亦整體向好，恒指早前回補月初裂口後，今早上試100天綫逼近18000點水平，技術走勢上已暫時形成連續7支陽燭，由9月16日計起的三支大陽燭呈一頂高於一頂。投資者如看好恒指，或可留意恒指牛69895，收回價17408點，槓桿比率29.8 倍，換股比率10000 兌 1，2027年09月29日到期；如看淡，或可留意恒指熊62250，收回價18400點，槓桿比率34.4 倍，換股比率10000 兌 1，2026年02月26日到期。

中移動（0941）除息後回落至70元水平或200天綫附近，近期在該水平逐漸靠穩，周二（17日）重返10天綫之上。投資者如看好中移，或可留意中移購23657，行使價82元，實際槓桿14.8 倍，換股比率10 兌 1，2025年02月20日到期；如看淡，或可留意中移沽26039，行使價62.63元，實際槓桿9.5 倍，換股比率10 兌 1，2025年06月25日到期。

美團（3690）技術走勢强勢，股價早前站上120元水平後進一步走強，上試5月份的年内高位，暫見年内新高。投資者如看好美團，或可留意美團購21364，行使價135.1元，實際槓桿5.4 倍，換股比率100 兌 1，2025年02月11日到期；如看淡，或可留意美團沽26519，行使價94.95元，實際槓桿6.8 倍，換股比率50 兌 1，2025年02月14日到期。

中國電器巨頭美的集團（0300）周二在港首日掛牌，較定價升約8%，而同業海爾名下海爾智家（6690）則跑輸大市，股價逆市下跌，海爾智家今天隨大市向好突破50天綫短綫阻力。投資者如看好海智，或可留意海智購26659，行使價32.5元，實際槓桿6.4 倍，換股比率10 兌 1，2025年02月14日到期。

北水流出美團，留意美團購22009/沽25410

2024-07-25, 13:05

上證指數下試2900點關口，恒指近日反復下試250天綫位置，上日（24日）終要失守該水平，今早（25日）進一步逼近17000點水平。投資者如看好恒指，或可留意恒指牛56066，收回價16600點，槓桿比率33.6 倍，換股比率10000 兌 1，2024年09月27日到期；如看淡，或可留意恒指熊65018，收回價17600點，槓桿比率28.1 倍，換股比率10000 兌 1，2025年05月29日到期。

友邦（1299）上日早段隨大市回落，午後跌幅擴大，股價低見約50.45元水平後獲承接跌幅小幅收窄，今早跌幅暫時少於大市。投資者如看好友邦，或可留意友邦購24468，行使價58元，實際槓桿12 倍，換股比率10 兌 1，2024年10月18日到期；如看淡，或可留意友邦沽25902，行使價47.95元，實際槓桿11.2 倍，換股比率10 兌 1，2024年10月18日到期。

北水連續多日流出美團（3690），上日淨流出金額更達6.31億。美團在120元附近位置窄幅橫行多日後，上日失守50天綫支持，今天進一步逼近5月31日低位104.2元位置。投資者如看好美團，或可留意美團購22009，行使價110.1元，實際槓桿7.5 倍，換股比率50 兌 1，2024年09月25日到期；如看淡，或可留意美團沽25410，行使價95.9元，實際槓桿4.9 倍，換股比率50 兌 1，2024年12月19日到期。

恒指連跌3日，電動車逆市有得升留意比迪購 24634 /電車電池ETF購29344

2021-11-30, 18:10

港股周二表現繼續偏軟，恒指中段跌幅一度擴大至近700點，最低曾見23175點，午後跌幅逐漸收窄至377點，報23475點收市，MSCI換馬推高大市成交額至2238億元。截至周二收市，恒指連跌3個交易日，累計跌1265點，重返2020年9月底水平。

雖然指數表現偏軟，但比亞迪（1211）周二逆市升穿20天移動平均綫，整體走勢仍於高位整固，顯著跑贏大市。繼荷蘭電動車大巴訂單後，比亞迪昨日宣佈於11月29日中標以色列最大純電動大巴訂單，該訂單為當地有史以來最大的純電動大巴招標，亦是至今比亞迪在以色列贏得的最大純電動大巴訂單。截至周二收市，比亞迪收市報306.4元，升1.4%。投資者如看好，或可留意比迪購24634，行使價349.69元，實際槓桿7.8倍，引伸波幅56.1%，換股比率100兌1，2022年01月28日到期。

但考慮到近日外圍市況不穩，投資者如持有比亞迪正股又想做對冲部署的話，或可留意比迪沽24036，行使價248.88元，實際槓桿5.6倍，引伸波幅57.2%，換股比率100兌1，2022年02月25日到期。

電動車除了看龍頭企業比亞迪之外，另一隻追蹤電動車及電池板塊的ETF（2845）表現亦跑出，持續於歷史高位212.3元位置附近窄幅整固，連續3個交易日跑贏指數表現，昨日表現無升跌，抗跌力出衆。該ETF覆蓋相關資產涉及電動車、電池以及其原材料，如投資者想在電動車板塊作上中下游全方位部署的話，看好方面可留意電車購29344，行使價228.88元，實際槓桿4.5倍，引伸波幅55.6%，換股比率100兌1，2022年04月28日到期。相反，投資者如看淡，或可留意電車沽27476，行使價160.88元，實際槓桿4.5倍，引伸波幅60.9%，換股比率100兌1，2022年03月30日到期。

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