HSBC Holdings will announce its earnings on August 4; watch HSBC call warrant 15769 / put warrant 15514.

$Hang Seng Index (800000.HK)$ In July, the Hang Seng Index staged a major rebound, surging over 2,800 points and reclaiming the 250-day moving average. This morning (3rd), it further tested the 26,000 level, triggering the recall of 1,367 bear warrants concentrated in the 26,000–26,099 range. Investors can refer to Citi’s Warrants/Bear & Bull Certificates website for the daily distribution chart of outstanding Hang Seng Index bull and bear warrants. $CT#HSI RC2806E.C (68719.HK)$ , with a call price of 25,400, leverage ratio of 38.1x, conversion ratio of 10,000:1, and expiry date of June 29, 2028; for bearish views, consider $CT#HSI RP2811C.P (57367.HK)$ , with a call price of 26,500, leverage ratio of 42.5x, conversion ratio of 10,000:1, and expiry date of November 29, 2028.

$HSBC HOLDINGS (00005.HK)$ Earnings will be announced tomorrow (4th). With overseas banking stocks trending upward, HSBC’s share price has been climbing steadily, repeatedly hitting new highs and most recently approaching the HK$170 level. Investors bullish on HSBC may consider $CT-HSBC@EC2701A.C (15769.HK)$ , with a strike price of HK$199, effective leverage of 9x, a conversion ratio of 50:1, and expiry on 29 January 2027—currently the lowest-priced out-of-the-money product and the highest-leverage product among those expiring in January next year; for bearish investors, they may consider $CT-HSBC@EP2701A.P (15514.HK)$ , with a strike price of HK$146, effective leverage of 7.1x, a conversion ratio of 80:1, and expiry on 21 January 2027.

$Z.AI (02513.HK)$ has recently been pressured along its 10-day moving average and repeatedly testing the HK$1,000 level, while Xiyu $MINIMAX-W (00100.HK)$ has shown stable recent performance and today attempted to reclaim its 20-day moving average. Investors bullish on Zhipu may consider the closest-to-spot-price warrant available in the market, $CT-ZAI @EC2704A.C (15568.HK)$ , with a strike price of HK$1,000, effective leverage of 1.3x, a conversion ratio of 5,000:1, and expiry on 29 April 2027; investors bullish on Minimax may consider $CTMIMAX@EC2701A.C (15254.HK)$ , with a strike price of HK$399.99, effective leverage of 1.8x, a conversion ratio of 800:1, and expiry on 14 January 2027.

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