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.
Phone:
3925 9237

播種? 收成?

Friday, March 29, 2019 Views561

近年少了在公司網頁以文字形式寫評論, 主要經輝立頻道(短片)發評論, 或舉辦各種各樣的期權課堂多.

 

工欲善其事, 必先利其器. 學好期權不一定能有好回報, 但以 2018年下半年開始計, 至執筆時間 (27/3/2019), 差不多所有在輝立頻道(Phillip Channel) 發表的期權評論都能獲利/減少投資風險.

 

近日中美貿易談判再起波瀾, 有傳特朗普要求中國每年從美國進口商品貨值在原來共識上再加1-2倍, 又有傳中國徹回部份關於知識產權/開放市場的讓步.

 

不論傳聞如何, 港股近日回調是不爭的事實, 如認為港股 4月份再升空間有限, 可考慮以下兩個做法

 

策略A:

4月恆指結算價在 29,200 以下, 每套賺 ~214點期權金

4月恆指結算價在 30,000 以上, 每套最大潛在損失 ~586點期權金

 

策略B:

4月恆指結算價在 29,600 以下, 每套賺 ~110點期權金

4月恆指結算價在 30,200 以上, 每套最大潛在損失 ~490點期權金

 

 

以上兩個做法, 每套最大潛在潛失有限, 只要恆指升幅不大, 便有機會獲利, 可能是不錯的做法.

當然, 中美貿易問題變數較多, 中途可能要考慮止賺/止蝕.

 

如果投資者在認為4月指數上升空間不大同時, 下跌空間亦有限, 可在進行以上策略 A/B 部署同時, 再作以下安排

 

策略C:

Short 4HSI, 行使價 26,600 Put, 目標收取 >100/張期權金

 

以上價格在 25/3 曾有出現, 雖然以上策略C 最大潛大損失為無限, 但如:

 

1. 做2套策略 A, 加1張策略 C 的 Short Put,

四月結算價在 26,600 - 29,200 中間, 投資者可賺 ~500/

 

2. 做2套策略 B, 加1張策略 C 的 Short Put,

四月結算價在 26,600 - 29,600 中間, 投資者可賺 ~300/

 

當然, 加上策略 C 的 Short Put, 潛在風險要大得多, 中途亦要考慮止賺/止蝕. 但如投資者能承受以上提及風險, 及認為大市上升和下跌空間都不大, 未嘗不是一個選擇.

 

 

註1: 具體及即時買賣策略只會向個人客戶提出.

市況可隨時變化, 網站文章不一定會及時更新. 投資者宜向個人經紀查詢意見.

 

註2:期貨及期權價格可升可跌, 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.

 

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 http://www.phillip.com.hk. 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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