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This paper constructs a class of generalized embeddings of multiplicative watermarks. Ordinary multiplicative and additive methods are included as special cases. The new watermarks automatically adapt to the local contents of host signals, benefiting the perceptual quality. The decoding makes use of the optimal generalized correlation detector. The host interference is precanceled at the embedder side and very high gains are obtained in terms of decoding capability. We develop performance analysis for this new class of embeddings. It turns out that the plain multiplicative watermark is far outperformed by the new embedding. Further, the multiplicative watermark with host interference rejection is still suboptimal. The best embeddings and configurations are specified for typical scenarios. Our construction and performance analyses of the generalized embedding offer a class of new methods. The construction and analyses are confirmed by empirical experiments.