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1. 窩輪基本概念

2025-04-01Article
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1. 窩輪基本概念

窩輪(認股證)是一種衍生金融工具,為投資者提供以較低成本參與市場波動的機會。它的特點在於槓桿效應,能夠放大潛在回報,但同時也伴隨著更高的風險。窩輪的操作原理類似於期權,但其結構和風險特性使其成為一種獨特的投資工具。本文將探討窩輪的定義、價格構成及槓桿效應,並說明引伸波幅與時間值對窩輪價格的影響。 窩輪是一種由發行商推出的上市衍生產品,投資者可透過窩輪參與相關資產(如股票或指數)的價格波動。根據市場走勢,窩輪分為認購證和認沽證兩種主要類型。認購證適合看好相關資產價格上升的投資者,而認沽證則適合看淡相關資產價格下跌的投資者。 窩輪的價格由內在值和時間值兩部分組成。內在值是指當相關資產價格高於認購證行使價(或低於認沽證行使價)時,兩者的差價;若相關資產價格未達行使價,窩輪則屬於價外,內在值為零。時間值則是指窩輪未到期前,投資者為持有該產品所支付的機會成本。隨著到期日臨近,時間值會逐漸減少,最終歸零。 窩輪的槓桿效應是其吸引投資者的重要原因。槓桿效應指的是,窩輪價格的變動幅度通常高於相關資產價格的變動幅度。這種效應使得投資者能夠以較小的資本投入,獲得相對較大的市場回報。然而,槓桿效應也意味著風險的放大。若市場走勢與預期相反,窩輪價格可能迅速下跌,投資者有機會損失全部本金。 因此,投資者需謹慎評估風險,並制定相應的風險管理策略。窩輪價格受多種因素影響,投資者在使用窩輪時,應充分了解其操作原理與風險,並根據市場情況制定適合的投資策略,讓我們在接下來的教學文章,就影響窩輪價格的因素作更詳盡解析。

Check point:

以下哪一項是影響窩輪價格的主要因素?

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The structured products are not collateralized. If the issuer is insolvent or defaults, investors may not recover part or all of the amount due.

Structured products are complex products. Investors should exercise caution in relation to them. The price of the structured products may fall in value as rapidly as it may rise and investors may sustain a total or substantial loss of their investment. Prospective investors should ensure that they understand the nature and risks and seek professional advice where applicable. Please also note that CBBCs have a mandatory call feature and may therefore be subject to early termination, upon which (i) investors in category N CBBCs will lose all of their investments in the CBBCs; and (ii) the residual value of category R CBBCs may be zero. Trading structured products with United States (US) underlying index may be exposed to additional risks, including (a) risks relating to difference in trading days and hours, (b) less public information about the index and such information may not be available in Chinese, (c) political and economic risks relating to the index regions (such as the US), (d) exchange rate risks, (e) possible delay in settlement, (f) publication of index level when component shares are not trading, and (g) occurrence of mandatory call event for US index CBBCs outside trading hours. Click here for "Terms of Use".

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