《高盛認股證牛熊證》 資金追阿里落後、部署騰訊淡倉 部署可留意貼價阿里購17653，貼價騰訊沽23026，低面值騰訊牛61025
正股表現：阿里(9988)昨日升約0.8%。今早則低開不足0.1%後跌幅擴大，現報267.6元，跌約0.2%。事實上，阿里近期屬A.T.M.X.中表現落後的股份。有報導指阿里將於明日宣佈新業務。此外亦有報導指，阿里擬斥30億美元投資東南亞共乘公司Grab。
另一方面，騰訊近期表現跑贏大市，當中昨日升約2.6%。今早繼續更突破530元水平，最高見538.5元，現報533.5元，升約0.8%，暫時為連續第四日上升，累計至今升約6%。有券商指就社交距離措施，因此手機遊戲用戶群在上半年大幅增長。該行維持對內地遊戲開發行業的正面看法，並將騰訊列為首選，維持「跑贏大市」投資評級，目標價上調至683元。
資金流向：觀察個股輪證資金流向，資金傾向在阿里表現落後部署好倉，例如昨日錄得約1,900萬元資金流入，當中認購證佔約700萬元。而騰訊方面，則見資金在其表現跑贏大市時傾向部署淡倉，過去3個交易日共錄得約3,550萬元資金流入，當中認沽證佔約2,420萬元。由此可反映出資金對騰訊及阿里的取態不同。
產品選擇：投資者如看好阿里，貼價的選擇可留意價外幅度約5%，年期約4個月的阿里購17653。高槓桿的選擇則可留意年期約5個月的阿里購26802。
阿里購17653，行使價279.88元，2021年01月21日到期，實際槓桿6.6倍，貼價
阿里購26802，行使價319.08元，2021年02月22日到期，實際槓桿6.9倍，高槓桿、低街貨
投資者如看淡騰訊，可留意屬行使價437至534元間的低街貨認沽證中，槓桿最突出的騰訊沽18194。貼價的選擇則可留意年期約3個月的騰訊沽23026。
騰訊沽18194，行使價439.68元，2020年12月24日到期，實際槓桿9.5倍，行使價437至534元間產品中，槓桿最高
騰訊沽23026，行使價459.8元，2020年12月24日到期，實際槓桿9.0倍，貼價、高槓桿
投資者如看好騰訊，現階段可留意騰訊牛61025，與現價有約6%差距，換股比率為500兌1，屬少數低面值的選擇。
騰訊牛61025，收回價501.18元，行使價498.68元，換股比率500，槓桿比率14.2倍，少數低面值牛證
註: 以上數據資料來自高盛認股證牛熊證網站~
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