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吳子青先生 (Andrew Ng)
經理

畢業於香港理工大學金融服務系,2008年完成財經分析師(CFA)考試,喜歡綜合基本因素與技術分析研究股票,並對衍生工具及IPO市場有獨到見解,現主力負責公司的高端客戶,提供度身訂造的投資服務
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新股越炒越快, 需要時果斷止蝕

Friday, November 24, 2017 Views7842

我常常對客戶說, 新股熱潮是一個浪, 而且每次也是越炒越快, 不明白這個道理的人, 操作會相當吃虧. 以下的解釋對喜歡新股的客戶可能非常實用, 尤其是新手.

 

之所以說新股熱潮是一個浪, 因為抽新股都是一個時段一個時段操作, 在熱潮來臨的時段, 上市的新股十之八九都能維持在招股價以上, 甚至動不動出現幾成以上的升幅, 就算破發的新股, 市價也未必比招股價相差太遠, 投資者在這段時間認購新股, 勝算會比較高, 甚至可以說選對了時段比留意新股本身的基本質素還重要.

 

新股除了是一個浪之外, 還有浪頭, 浪中, 浪尾之分, 操作上也有很大分別...

 

在新股的浪頭, 散戶大部份也還沒意識到新股熱潮來到, 所以那些超額倍數很多的新股, 差不多全部是大戶在認購, 這時候的新股不單很難破發, 上市後頭幾天甚至更長的時間股價很容易繼續上升, 所以除了認購外, 就算在暗盤或一開市時買入短炒, 也可能是不錯的策略.

 

在浪中的時候, 不少反應快或專業的投資者也開始加入抽新股戰場, 超購的倍數也繼續上升, 但由於玩的人多了, 甚至越來越多人上市後不斷追入, 所以股價在頭一兩天內可能已到達高位, 在這種情況下認購是可以, 但上市後再追入要注意風險.

 

至於浪尾的時候, 報章雜誌也熱烈討論新股, 大量散戶加入戰場, 就算是質素很差的新股, 也因為散戶的認購而變得超購熱烈, 但股價的高位可能一閃即逝, 甚至直接破發, 這時的策略應該是控制認購注碼, 認購金額一隻比一隻小, 上市後盡快沽出, 形勢不對馬上果斷止蝕.

 

抽新股的確是一個非常吸引的活動, 但各位一定要控制注碼防範風險, 如果不是有十二分的信心, 千萬不要長期持有, 如果有留意過往幾年, 新股無論有多火熱, 大部份最後都是破發收場.

 

注: 本人吳子青, 為證監會持牌人士, 截至本評論文章發表日止, 本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益

 

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