Market Brief

The articles are produced in Chinese only.

Author

區良鍵先生(George Au)
高級業務經理

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

也許部份投資者不喜歡風險管理, 但在波動市中還是希望能和大家分享一下

Wednesday, July 08, 2015 Views4019

 3/7提及一套應對黑天鵝事件的策略, 詳情可參看以下連結:

 http://www.poems.com.hk/zh-hk/research-and-analysis/market-brief/?id=8789

 不幸言中, 希臘公投反對了歐洲的援助方案, 恆指翌日下跌828點.

 前文提及的應對策略是以2/7收市價為計價參考, 3/7港股下跌, 價格有所變動, 而6/7港股開市時受惠內地救市措施, 尚有一線逃生門, 6/7期指開市價和3/7的收市價相差不大 (25,978 & 26,011), 下表將列出在2/7收市或6/7開市時開倉的回報.

 期權組合策略簡述:

Short 7月行使價 26,400 Put 3張

Long 7月行使價 25,400 Put 8張

從上表可以看到, 不論是 2/6 收市還是 6/7 開市時 開倉, 以上組合所帶來的利潤都足以彌補6/7港股大跌時的跌幅. 7/7 晚夜期再急跌近800點, 如8/7期指開市價和夜期收市相若, 以上組合回報很大機會大於期指的跌幅, 帶來額外利潤.

 如投資者本身持有一張期指好倉或相若股票投資(假設升跌幅度和期指接近), 以上組合在這輪急跌下不單彌補了持貨的損失, 更帶來額外利潤. [開倉時所要付出期權金每套亦只是167點(如6/7開倉成本則為 364點)]

 後市或將繼續波動, 在波動市況中風險管理猶為重要.

如時間上能安排到的話, 將嘗試逢週五在文況評論中分享一下不同的期權策略/其它投資建議.

 

 

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.

 

 

 

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