Before May Day, Macau gaming stocks were soft; pay attention to Galaxy Entertainment's warrants at 28209.

Source: Citi Warrants/Bull Bear website citiwarrants.com

$Hang Seng Index (800000.HK)$ The Hang Seng Index has been fluctuating near the 26,000-point level recently, repeatedly testing the 20-day line with an unclear direction. According to the bull-bear certificate street-level distribution chart on the Citi Warrants/Bull Bear website, as of the previous day (the 29th), the ratio of bull to bear certificates for the Hang Seng Index was 56.5:43.5. The heavy accumulation zone for bull certificates is located between 25,400-25,599 points, with a total of over 2,200 related hedging futures contracts. Bear certificates are mainly concentrated in the 26,100-26,699 range. Investors who are optimistic about the Hang Seng Index may consider $CT#HSI RC2807R.C (56522.HK)$ , with a recovery price at 25,200 points, leverage ratio of 40.3 times, exchange ratio of 10,000 to 1, expiring on July 28, 2028; if bearish, you may consider $CT#HSI RP2804U.P (60629.HK)$ , with a recovery price at 26,300 points, leverage ratio of 38.5 times, exchange ratio of 10,000 to 1, expiring on April 27, 2028.

Ahead of the upcoming May Day Golden Week in mainland China, Macau gaming stocks have softened overall, $GALAXY ENT (00027.HK)$ Currently trading below multiple short-term and long-term moving averages, pressured by the 5-day line. Investors optimistic about Galaxy Entertainment may consider $CT-GEG @EC2610A.C (28209.HK)$ , with a strike price of 41.88 yuan, actual leverage of 8 times, exchange ratio of 10 to 1, expiring on October 15, 2026, offering decent leverage and being the closest-to-the-money product available. Meanwhile, $TRIP.COM-S (09961.HK)$ has temporarily held above the 50-day line amid its ongoing regulatory scrutiny. If optimistic about Trip.com, investors may consider $CT-TRIP@EC2609A.C (26434.HK)$ , with a strike price of 516.61 yuan, actual leverage of 7.1 times, exchange ratio of 100 to 1, expiring on September 2, 2026.

The overall market is moving sideways, but there is a divergence in the performance of different sectors. Old economy stocks have shown relatively stable performance to support the market, while technology and internet stocks are generally under pressure. $TENCENT (00700.HK)$ After breaking below the HKD 500 level, it continues to search for a bottom, with notable funds deploying bullish positions in the options market. Investors who are optimistic about Tencent might consider the following: $CTTENCT@EC2609A.C (27913.HK)$ With an exercise price of HKD 600.4, actual leverage of 9.9 times, a conversion ratio of 100 to 1, and an expiration date of September 22, 2026; for those bearish, they may consider: $CTTENCT@EP2609A.P (26502.HK)$ With an exercise price of HKD 428.88, actual leverage of 8.2 times, a conversion ratio of 100 to 1, and an expiration date of September 3, 2026.

Source: Citi Warrants/Bull Bear Certificates Website citiwarrants.com

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