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引伸波幅回落 留意輪證防守性

2024-06-07 Article
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Warning This article available in Chinese version only

最新公布的內地經濟數據差過市場預期,加上息口走勢難料,港股連續第二周向下調整,本周一度下破18,200點水平,失守10天及20天線,周五先升後回,暫時仍處於反覆尋支持的階段,最終收報18,079點。

輪證資金流方面則以流入博反彈為主,截至本周四的數字,以過去5天的資金流計,流入好倉最多的包括恒指、騰訊(0700)、阿里(9988)、美團(3690)及港交所(0388),金額分別超過3.3億、4,200萬、4,000萬、2,400萬及1,600萬元。

欲以窩輪部署後市短線走勢的投資者,可多加留意市場引伸波幅水平,近日恒指波幅指數反覆回落至21%的水平,為今年3月以來的低位。欲減輕引伸波幅下跌對認股證的影響,可考慮轉碼至較長身及貼價之選,以增加短線的防守性。相反,如認為波幅有機會擴大,欲於現水平入場,則會獲得較吸引的實際槓桿。

個股方面,本周跌幅較大包括內房、地產、金融等,逆市有升的包括石油石化、能源、汽車、基建及科技。中海油(0883)一周升超過7%,ATM則與大市同步回落,其中阿里(9988)回試77元關口,輪證資金流連日流入,7日認購證累計6,680萬元,6天牛證累計2,180萬元。

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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