Market Brief

The articles are produced in Chinese only.

Author

區良鍵先生(George Au)
業務副董事

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

5未窮、6將絶?

Thursday, June 4, 2015 Views5636

雖然大市於5月回調,但如投資者自4月開始持有好倉, 至今回報仍應不俗.

然而踏入6月, 市場有所變化, 3/6 市況雖稍見轉好, 但前兩日內地A股反彈回升, 港股及港匯表現仍然乏力, 加上有希債及政改等變數, 重倉好倉投資者要多加注意.

以3/6為例, 6月恆指收 27,369點, 投資者可考慮:

1. Short 6月 28,800 Call (e.g. 3張) 每張 93點

2. Long 6月 26,600 Put (e.g. 2張), 每張 216點

(以上每套組合要附期權金 153點)
 

雖然要付出期權金較金, 單看以上組合更要承擔指數上升時的無限風險. 但這視乎投資者本身倉位組合, 如倉底走勢和大市相若, 以上組合可在一定程度上控制大市下跌時的風險. 當指數上升, 如倉底貨值能跟上大市的升幅, Short Call 潛在損失部份亦有機會由倉底持貨的升幅補回.

當然, 是否運用以上組合視乎投資者的風險接受程度及倉底持貨. 另外, 如倉底貨值在升市時跟不上大市升幅, 或持貨相對較少, 不足彌補 Short Call 可能帶來的損失, 最大潛在損失
仍為無限.

[除非投資者直接持有期貨/盈富基金(2800), 否則理論上無法保証倉底持貨在升市時能追上/跑嬴大市升幅]
 

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. 最大潛在損失是無限.

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.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
E-Check
Login
Investor Notes
Free Subscribe
Contact Us