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區良鍵先生(George Au)

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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撈貨過後, 如何部署?

Wednesday, November 07, 2018 Views1842

10月中的 Phillip Channel 提過兩種不同的策略:



24,000- 25,000 附近, 可以開始考慮分段吸納一些優質藍籌股.




Short 11月恆指行使價 27,000 Call, 目標收取 200點以上

Short 11月恆指行使價 23,000 Put, 目標收取 150點以上

共收取 350點以上期權金


過去一週, 恆指從低位 24,540點回升, 最多曾有近 2,000點升幅.




投資者至今應有不錯的利潤. 2/Nov 港股急升近千點, 主因包括:

1. 英國疑似能和歐盟達成協議

2. 中美兩國元首進行電話交流

3. 午間傳出特朗普要求內閣開始起草可能的中美貿易協議條款


第2, 第3點涉及中美貿易糾紛, 對港股影響深遠. 而投資者應對特朗普 ''出爾反爾'' 的態度記憶猶新, 加上美國中期選舉到來
, 這傳聞中的貿易協議, 最終發展難以預測


如中美貿易戰最終完滿落幕, 恆指再升 1,000多點不是難事, 已撈貨投資者可能不必急於獲利, 但如這協議存在變動呢?

為已低位撈貨的股票, 做一些 Long Put 作保障, 確保目前帳面利潤最終不會 ''見財化水'', 可能是較理想的選擇





以上提及 3大利好消息, 前兩項在2/11開市前已提出, 11月恆指行使價 27,000 Call 及 23,000 Put 開市價分別是 201點及 55點, 在開市時平倉的話, 因開倉時收取期權金 >350點, 2/11 開市平倉, 仍有近100點/套的利潤

基於近期的各種變數, 保持 Short Option 倉位或不太理想, 可先行平倉止賺.


如認為中美貿易關係會繼續有利好消息傳出, 又或覺得這事會有所反覆,

Long Call + Long Put

捕捉後市的潛在波幅, 也是一個選擇, 在大量不明朗因素下, 最大潛在損失有限.



如對以上提及, 運用期權鎖定部份股票利潤的做法, 或其它不同買賣策略有興趣的投資者, 也可報讀 9/11 (週五) 舉辦的 ''期權達人 1.1'' 講座, 進一步了解





This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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