輪證日報|地產股延續漲勢，融創認購證漲70%
今日市場短評
港股兩日升594點後，今早反覆回落。恆指低開87點，報24837，曾跌191點，低見24732點；之後一度倒升21點，高見24945點。午後掉頭向下，未有跌穿上午低位(24732點)。尾盤跌幅收窄，恆指小幅收跌0.07%。盤面上，內險股、地產股、物管股領漲大市，醫藥股、蘋果概念股普跌。個股方面，碧桂園服務收漲5.43%，中國平安收漲3.9%，藥明康德收跌5.87%，舜宇光學科技收跌4.37%
窩輪（認股證）焦點
融創中國（01918）
融創認購證（27035）到期日：2022年4月
槓桿：39.1
港股地產股延續漲勢
融創宣佈完成組織架構調整，機構看好民企地產接力估值修復
融創宣佈近日調整了公司組織架構，由原先的七大區域調整爲九大區域。國泰君安表示，優質民營房企存活概率大幅提升，估值修復在即。截至發稿，融創中國漲8.90%，報10.52港元，成交額6.82億港元。
據澎湃新聞，2月10日，融創中國透露，融創集團近日調整了公司組織架構，由原先的七大區域調整爲九大區域。新成立西北區域，管理陝西省、山西省、甘肅省和寧夏回族自治區四地；原西南區域拆分爲成渝區域、雲貴區域，分別管理四川省、重慶、雲南省及貴州省。
對此，融創中國表示，九大區域將在現有的城市佈局基礎上，進一步聚焦深耕市場空間大、更加匹配公司發展戰略的核心城市，加強公司在行業的綜合競爭力。
本週，國泰君安表示，近期部分優質民企公開市場融資恢復，央行對金融機構糾偏，同時收併購也逐步活躍，不排除仍有尾部民企暴雷，但優質民企存活概率大幅提升，估值修復在即。推薦保利發展、招商蛇口、華潤置地、融創中國等地產龍頭。
牛熊證焦點
中芯國際（00981）
中芯牛證（68951）到期日：2022年10月
回收價：18槓桿：5.94倍
中芯國際第四季度營收同比增長61.1%且創歷史新高。
高盛：維持中芯國際“買入”評級 目標價37.6港元
高盛發佈研究報告稱，維持中芯國際“買入”評級，目標價37.6港元，相當於預測今年市盈率24倍，並分別上調今年的收入/營運溢利/淨利潤預測5%/12%/11%。
報告中稱，中芯國際去年第四季度收入符合公司指引，毛利率35%達到了指引高端。而今年的資本支出預計爲50億美元。該行將今年第一季度的強勁指引歸功於產能擴張、更強勁的需求和更好的晶圓平均價格，由CIS/MCU/PMIC等驅動。此外，該行預計中芯財報電話會議的主要問題將圍繞第一季度強勁的收入和毛利率指引背後的主要驅動因素;晶圓價格趨勢;未來幾個季度的需求可持續性，以及今年的產能擴張計劃。
衍生品資金流入/流出
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