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資源股當道 看好部署參考長身證

2024-04-12 Article
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Warning This article available in Chinese version only

美國通脹數字大過市場預期,市場重新審視美息的走向,本周港股一度上試17,000點樓上後沖高回落,個別息口敏感股如友邦(1299)及本地地產等受壓。不過,雖然息口走勢未明,然而資源股表現繼續強勢,金價破頂,帶動相關板塊同樣有好表現。紫金(2899)一周升7%、招金(1818)更勁升兩成之多,江銅(0358)亦升近7%。

追蹤黃金表現的SPDR黃金ETF跟隨破頂,市場上的相關窩輪選擇方面,行使價於1,868元的認購證,今年12月到期,能提供的實際槓桿超過8倍。這類較長身的認購證,每日的時間值損耗較低,以上述為例,一天的損耗不足1仙,投資者可考慮作一段較中線的部署。

除了金價造好,銅價亦不容忽視,紐約期銅見年多以來新高,過去半年銅價累升近18%。有大行認為,銅市的牛市循環已經展開,今年底前均價將上試每公噸10,000美元,一直升至2026年或見12,000美元。受惠銅價復甦,江銅(0358)強勢持續,筆者早前於節目提到的產品亦已錄得一周倍升的情況。以市場上長身證,行使價於23元附近,明年5月到期,實際槓桿約有4倍,亦是適合作中線部署的輪證之選。

展望下周,內地將公布工業生產、零售銷售及經濟增長等重要數據發表,將有機會為經濟前景帶來更多啓示,可留意能否帶領一眾資源及石油股等出現新一輪的行情。

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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