Back to CBBC Course
CBBC Intermediate

3. 牛熊證實戰:三小牛策略

2025-04-01Article
Article


3. 牛熊證實戰:三小牛策略

在波動的市場中,牛熊證作為一種帶有槓桿的投資工具,為投資者提供了靈活參與市場走勢的機會。然而,如何在牛熊證的交易中有效鎖定收益並管理風險,始終是投資者面臨的挑戰。「三小牛策略」正是一種針對牛市中逐步鎖定利潤的實用方法,特別適合在大升浪中靈活應對市場波動。本文將詳細介紹三小牛策略的運作原理,並結合實例說明其應用。 三小牛策略的核心原理 三小牛策略的核心在於逐步鎖定利潤並降低風險。具體而言,投資者首先選擇一隻貼價牛證,隨著正股價格上升,牛證的價值也隨之增加。當牛證的價格達到一定水平時,投資者將其沽出,鎖定部分利潤,並以其中一部分利潤轉倉至另一隻更貼價的牛證。這樣的操作可以在升浪中逐步實現利潤最大化,同時減少本金的風險敞口。即使最終市場出現轉勢,投資者最壞的情況也僅是損失最後一隻牛證的本金,而此前的利潤已成功套現。 實例講解:騰訊牛證的應用 (以下示例僅供參考之用,並不構成邀約、游說、或建議出售或購買結構性產品。) 假設騰訊(700.HK)現價為450港元,投資者看好其短期內的升勢,並計劃採用三小牛策略參與市場。以下是具體操作步驟: 第一隻牛證:初始建倉 投資者選擇一隻貼價牛證,例如收回價為440港元、行使價為435港元的牛證,實際槓桿為10倍。假設該牛證的價格為0.5港元,投資者以10,000港元買入20,000份牛證。隨著騰訊股價上升至460港元,該牛證的價格升至1港元,投資者將其沽出,獲得20,000港元,實現10,000港元的利潤。 第二隻牛證:轉倉操作 投資者將10,000港元利潤中的5,000港元用於購買另一隻更貼價的牛證,例如收回價為450港元、行使價為445港元的牛證,實際槓桿為12倍。假設該牛證的價格為0.5港元,投資者買入10,000份。隨著騰訊股價進一步上升至470港元,該牛證的價格升至1港元,投資者再次沽出,獲得10,000港元,實現5,000港元的利潤。 第三隻牛證:最終部署 投資者將第二次獲得的5,000港元利潤中的2,500港元用於購買另一隻更貼價的牛證,例如收回價為460港元、行使價為455港元的牛證,實際槓桿為15倍。假設該牛證的價格為0.5港元,投資者買入5,000份。若騰訊股價繼續上升至480港元,該牛證的價格升至1港元,投資者將其沽出,獲得5,000港元,實現2,500港元的利潤。 即使最終市場出現轉勢,導致最後一隻牛證被收回,投資者也僅損失2,500港元,而此前的15,000港元利潤已成功鎖定。 三小牛策略的優勢 三小牛策略的最大優勢在於逐步鎖定利潤並降低風險。通過分階段轉倉,投資者能夠在升浪中靈活應對市場波動,並在正股出現轉勢時將損失控制在最低範圍內。此外,該策略還能幫助投資者克服「高位摸頂」的心理壓力,實現更理性的交易決策。 在風險管理方面,透過牛熊證,投資者可以在市場上行或下行時,利用其槓桿效應來鎖定收益或減少損失。對沖的基本原理是通過在不同的市場位置上進行相反的交易,以抵消潛在的損失。例如,當投資者持有某一資產的好倉時,可以同時購買相應的熊證來對沖下行風險。這樣,即使市場出現不利變動,投資者也能夠透過熊證的收益來彌補部分損失。故此,透過有效的風險管理和策略運用,牛熊證不僅能幫助牛證投資者在牛市中鎖定利潤,還能在熊市中透過買入熊證減少損失,實現更穩健的投資回報。

Check point:

假設港交所(388.HK)現價為300港元,投資者採用三小牛策略,選擇一隻收回價為290港元、行使價為285港元的牛證。若港交所股價跌至290港元,該牛證將:

select the answer


Frequently used shortcut

Important Risk Warning

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".

Disclaimer

By viewing this website or using any information or functions of this website, you are deemed to acknowledge that you agree to the Privacy and Security, Terms of Use and Hyperlink Policy. Click here for "Disclaimer".

All data/charts are for reference purposes only.