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恒指23年最後一周發力迎24年

2024-01-05 Article
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Warning This article available in Chinese version only

踏入2024年,大家不外乎估計恒指年底目標將會是什麼水平,但又有沒有回顧過去一年訂下的恒指目標是否達到預期?

每年年尾,無論大行或投資者,皆會向前望,不外乎預測來年恒指目標,有看更高的,有看更低的。

窩輪牛熊,皆是讓投資者作短線看好或看淡的上市衍生工具,相信很多投資者對此並不陌生,但其實兩者之好倉(即牛證及認購證)亦可讓看好正股的投資者,以持有正股少的注碼,繼續看好正股,不至於沽出正股後錯失上升獲利的機會。另一方面,兩者之淡倉(即熊證及認沽證)則可以緩衝萬一正股急跌時的下行風險,特別適合一些持高息正股收息,但又想對沖萬一高息股下行之投資者。至於買多少才合適?下周再討論,先賣個關子。

話說回來,恒指2023年下跌約13.8%,險守17,000點關。

與年初預期有很大出入?那麼有可能要在年中作調整或對沖,看錯方向亦要止蝕,如果已過了一段時間,正股也不在同一水平,記緊不要「溝貨」,應即時登入各大發行商網頁,搜尋最合適的產品。

同一方向?那麼在止賺亦要落點功夫,套利後若對正股看法仍不變,亦應該換馬至當時最合適的產品。

本結構性產品並無抵押品,如發行人無力償債或違約,投資者可能無法收回部份或全部應收款項。

本文由香港上海匯豐銀行有限公司(「本行」或「發行商」)發行(包括任何參考條款),僅供參考之用,並不構成邀約、游說、或建議出售或購買結構性產品。

結構性產品屬複雜產品,投資者務須就此審慎行事,除非投資者完全了解及願意承擔所涉風險,否則切勿投資此產品。結構性產品價格可急升可急跌,投資者或會損失所有或大部分投資。過往表現並不反映將來表現。投資前應了解結構性產品之性質及風險,並詳閱有關上市文件,獨立決定是否適合自己,若需要應諮詢專業建議。本行及其委任之流通量提供者可能是結構性產品的唯一市場參與者,而結構性產品的二級市場可能有限。謹請注意,牛熊證設有強制收回機制,因此有可能提早終止,在此情況下(i)N類牛熊證投資者會損失於牛熊證的全部投資;而(ii)R類牛熊證之剩餘價值則可能為零。買賣與美國指數掛鈎的結構性產品可能帶有額外風險,包括:(a)與交易日和交易時間差異有關的風險;(b) 有關指數的公開資料較少,或未有提供中文版本;(c) 與指數有關的政治和經濟風險(例如美國);(d) 匯率風險; (e) 可能延遲結算及(f) 在成份股並無交易時公佈指數水平與MSCI中國A50互聯互通指數掛鈎的衍生權證投資者可能會承受額外風險,包括:(i) 新推出指數的風險;(ii) 指數成份股為透過滬港通及/或深港通在滬港通及深港通的北向交易渠道買賣的A股;(iii) 有關指數的公開資料較少,且該等資料或未有提供中文版本;(iv) 與指數有關的政治及經濟風險;(v) 匯率風險;及(vi) 人民幣利率風險。

作者為金管局及證監會持牌人士,並無就結構性產品或相關資產持有任何直接或間接權益。

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