Market Brief

The articles are produced in Chinese only.

Author

區良鍵先生(George Au)
基金經理

工商管理(財務系)畢業, 有十多年投資經驗, 經歷過股災及大大小小的升/跌市. 善於配合基礎因素及技術分析, 整合不同投資工具, 在不同市況下作出相應投資決定. 熟悉本地投資市場, 尤精於股票期權、指數期權及期貨投資.
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3925 9237

鎖定利潤≠止賺, 風險管理和潛在升市的獲利機會並存

Monday, March 05, 2018 Views3682

2017年恆指節節上升, 即使投資者未有買入強勢股票, 只是持有盈富基金 (2800), 至2018年2月初應該仍有不錯利潤. 不過及後大市走勢轉趨波動, 投資者在牛市期間賺錢, 之後不幸倒輸的例子比比皆是, 如何在嘗試繼續捕捉潛在升市的獲利空間同時, 鎖定早前已在帳面錄得的大部份利潤? 以下可能是方法之一

 

假設投資者從 1/Feb/2017 持有盈富基金 (2800), 至 2/Feb/2018, 投資者已賺約 $10.23/股

但2/Feb (本港時間晚上)開始, 美股急跌, 港股5/Feb(週一)跟隨低開. 如投資者未有在 2/Feb 止賺離場, 短短一星期, 持貨利潤已減少 ~30%

但大市升跌, 誰人能100%準確預知. 在2/Feb 高位 $32.8 沽出盈富基金 (2800)後, 誰又能確保後市不會越升越有?

 

股票期權可能是幫投資者控制回報, 鎖定利潤的好工具

 

假使在 2/Feb 買入盈富基金 2月行使價 $33 認沽期權 (Long Put), 當時買入價約 $0.6/股, 至 9/Feb, 有關認沽期權價格約為 $3.35/股.

 

 

 

 

 

大家細心比較正股從 2/Feb 至 9/Feb 的跌幅 ($32.8 - $29.65 = $3.15), 以上 Long Put 已替投資者追回($3.35 - $0.6 = $2.75) 正股下跌所賺少的大部份利潤.

 

可能大家會說, 在 2/Feb 沽出盈富基金 (2800)正股不是有同樣效果?

 

不是的, 如果正股在以上期間, 或27/Feb 前一直上升, 投資者仍有賺到盈富基金 (2800)持續上升的額外利潤, 他會損失的最多只是買入認沽期權 (Long Put), 所付出的 $0.6/股成本.

 

 

 

2017年6月曾發文, 提過減少手上持有的個別股票, 股價從高位急跌的方法. [瑞聲(2018)被沽空機構葛咸城唱淡事件]. 有興趣讀者可參考下方連結:

 

http://www.poems.com.hk/zh-hk/research-and-analysis/market-brief/?id=10010&writerID=10119&cid=9%2c22

 

 

 

 

 

在持續升市期間, 懂得鎖定利潤, 控制風險, 同時不會錯過後市持續上升的機會極為重要.

 

 

上文僅提及買入認沽期權 (Long Put) 配合正股買賣的部份策略. 如何較有效地控制風險, 及減少風險管理策略的成本, 涉及好些因素, 詳細的內容, 將在下方的期權課程詳述.

 

 

 

[可供選擇課程每月更新]

 

http://www.poems.com.hk/zh-hk/education-center/courses/?sp=leungkinau

 


 


 

註:資產價格可升可跌, 投資可賺可蝕.

 

期貨及期權買賣有槓桿效應, 可放大潛在利潤及損失. 潛在最大損失可以無限.

 

 

 

以上純屬個人意見,不構成任何買賣邀請。本人區良鍵為證監會持牌人,本人及/或其有聯繫者會隨時就不同情況買賣上述分析的相關資產.

 

 

 

 

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