--- title: "【Warrant Trading Strategy】Hong Kong and US Stock Earnings Season Approaches｜Performance Outlook and Warrant Deployment Strategies for HKEX, China Life, Microsoft, Amazon, etc." type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/40279262.md" description: "Overall Performance and Sector Highlights of Hong Kong StocksOlga: SocGen Coral, welcome. Recently, do you feel that Hong Kong stocks have been performing a bit weaker compared to US, Japanese, Korean, and Taiwanese stocks? Coral: Yes, this week Hong Kong stocks have indeed performed weaker than expected. US stocks have been hitting new highs, but Hong Kong stocks are still fluctuating within a range with high volatility, lacking clear upward catalysts. The overall market trend is quite stagnant. However, at the individual stock level, there are still popular sectors, especially new stocks and concept stocks related to AI..." datetime: "2026-04-29T07:24:15.000Z" locales: - [en](https://longbridge.com/en/topics/40279262.md) - [zh-CN](https://longbridge.com/zh-CN/topics/40279262.md) - [zh-HK](https://longbridge.com/zh-HK/topics/40279262.md) author: "[说财经](https://longbridge.com/en/profiles/8322226.md)" --- # 【Warrant Trading Strategy】Hong Kong and US Stock Earnings Season Approaches｜Performance Outlook and Warrant Deployment Strategies for HKEX, China Life, Microsoft, Amazon, etc. 1. Overall Performance and Sector Highlights of Hong Kong Stocks Olga: Coral from Societe Generale, welcome. Recently, do you feel that the performance of Hong Kong stocks is a bit weak compared to US, Japanese, Korean, and Taiwanese stocks? Coral: Yes, this week the performance of Hong Kong stocks has indeed been weaker than expected. US stocks keep hitting new highs, but Hong Kong stocks are still fluctuating within a range with high volatility, lacking clear upward catalysts. The overall market trend is quite stagnant. However, at the individual stock level, there are still popular sectors, especially new stocks and concept stocks related to AI, for example: - Minimax (100) - Zhipu (2513) - Qunhe Technology (68) Traditional heavyweight stocks like Tencent (0700) and Alibaba (9988) are relatively lagging. Although they rose today, they haven't been the market focus recently. Last week, Deepseek (news related to domestic chips) drove some AI concept stocks, such as 981 and 1347, to show explosive moves. Coral: Now the market has two main strategies: one is to follow the hype, seeing which stocks everyone is asking about to know the market's current focus. Discussion on New and Semi-New Stocks Olga: A viewer asked about Qunhe Technology (latest semi-new stock), which rose quickly after listing and then fell back. What's your view? Coral: We haven't issued related warrant products for Qunhe yet. It has an AI application concept behind it, and there was some speculation at its listing, but the timing wasn't great, coinciding with a general pullback in AI application stocks, leading to an adjustment. Playing IPO new stocks mainly looks at two points: Underlying concept + whether the pricing has a discount (especially for A+H shares listing in Hong Kong) Market demand (the intensity of margin trading) New stocks surge faster than before (e.g., 2513 Zhipu, 100 Minimax), but not every one will skyrocket, so careful selection is needed. Specific Stock Discussion Olga A viewer asked about 2513 (Zhipu). Can it be bought now? Coral: 2513 previously surged violently, rising over 10 times, and recently had three consecutive days of decline, stabilizing slightly today. The current entry cost for the underlying stock is high (100 shares per board lot, nearly HKD 100,000), which is not very friendly to retail investors. We at Societe Generale currently issue Call Warrants, for example: - 283822 (strike price relatively close, about 60% strike, leverage around 2x) Olga: A viewer asked if 9618 (JD.com) is suitable for long-term holding? Also, what about 9660 (Horizon Robotics)? Coral: 9618 (JD.com): - Recently rebounded due to positive news related to anti-monopoly, returning to around 115. - You can consider Bull Warrants, e.g., 5842 (closer call price), 64813 (leverage about 8x), etc. 9660 (Horizon Robotics): - If you already hold the underlying stock and have profits, you might consider taking some profits and switching to Bull Warrants. - Products like 68116 (closer), 54552 (farther, leverage about 4x). Olga: A viewer asked about Meituan (3690)? Coral: Meituan is currently in the middle of its recent range, with divergent views among funds. - If bullish, consider Bull Warrants: 557125 (call price distance about 10%, leverage about 7.4x) - If bearish, consider Bear Warrants: 62763 (call price distance about 11-12%, leverage about 8x) 1. Key Points of US Stock Earnings Week Coral: This week's highlight for US stocks is the earnings release of four giants on the same day: - Microsoft (MSFT) - Google (GOOGL) - Amazon (AMZN) - Meta (META) - NVIDIA (NVDA) is also closely watched Key points to watch: 1. How AI investments are monetized (especially cloud revenue contribution) 2. Next quarter guidance 3. Whether capital expenditure is too high Coral's views on individual stocks: - NVIDIA (NVDA): - Recently hit new highs, reaching a market cap of 5 Trillion. - Has Call Warrant products, e.g., 11007 (short-term, leverage about 6x), long-term products with leverage about 3x. - Microsoft (MSFT): - Products like 1136, 11064 (expiring Sep-Oct, leverage about 5-6x) - Apple (AAPL): - Reports earnings after market close on April 30th (coinciding with the May Day holiday, Hong Kong market reaction will be delayed). - Products like 1132 (Call Warrant, leverage about 8x), 11063 (Put Warrant, leverage about 6x) Coral: Stock prices won't necessarily fall after earnings; it depends on whether they meet high market expectations, AI monetization capability, and future guidance. 1. Hong Kong Stock Earnings Stocks Coral: - HKEX (0388): Reports earnings today; trading volume and other data are worth watching. - Bull Warrants: 55073 (call price distance about 6%, leverage about 13x) - Bear Warrants: 56049 (leverage about 14x) - China Life (2628): Reports earnings today, showing signs of a rebound. - Bull Warrants: 53213, 56406 - Bear Warrants: 65273 Coral adds: Using warrants/bull-bear warrants to deploy relatively stable stocks (like HKEX) can achieve higher leverage (over 10x), which is a clear difference compared to high-volatility new stocks (like 2513, which can only get about 2x leverage). 1. Precious Metals (Gold, Silver) Coral: Tomorrow (April 30) is the last interest rate decision announcement by Fed Chair Powell, with the market expecting no change. However, the Middle East situation and oil prices still affect inflation expectations. - Gold: - Currently pulled back to around $2600. - Call Warrants: 11124 (leverage about 7x, strike price 4900) - Put Warrants: 11100 (leverage about 5.5x) - Silver: - Societe Generale currently offers the only product on the market. - Call Warrants: 1125 (strike price about 90, leverage about 4x) - Put Warrants: 11126 (leverage about 3x) Olga (Summary): Thank you, Coral, for bringing such rich content today, from AI new stocks, semi-new stocks, traditional Hong Kong stocks, US stock earnings, to gold and silver, providing everyone with a clear market context and specific product suggestions. We'll see you again next Wednesday at the same time! 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