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

期權策略及大市分析 2015-07-31

Friday, July 31, 2015 Views3224

觀乎近月環球政經發展及市場走勢, 個人認為大市大升機會不大, 甚至有機會向下跌3,000點以上.

 

詳細原因可參看28/7 的市況評論.

http://www.poems.com.hk/zh-hk/research-and-analysis/market-brief/?id=8831&cid=9%2c22

 

(A)

基於以上看法, 個人認為 Short 8月 Call Option 可能是一個不錯選擇, e.g. Short 26,000 行使價 Call Option, 近100點或以上的期權金亦可考慮.

 

(B)

另外, 如認為大市會下跌, 亦可考慮以下組合:

1. Long 8月行使價 24,200 Put.....1張

2. Short 8月行使價 23,200 Put.....2張

 

於28/7, 24,200 Put 最高見 700點, 23,200 Put 最高見 361點.

用以上方法, Short Put (2張) 能收到的期權金和Long Put (1張) 作需付出期權金相若. 如大市無升跌或至8月結算價高於24,200點, 在結算日28/8 以上做法並無損失.

 

而如結算價約在 22,200 - 24,200 中間, 投資者有機會賺錢. 用以上期權金為例子, 投資者最大利潤是 1,022點 (結算價在23,200點, 投資者賺到 24,200點行使價 Long Put 至 23,200 點結算價的 1,000點差價 + 以上組合淨收取的 22點期權金).

 

世上自然沒有只賺不賠的買賣, 以上組合, 以結算日計, 打和點是 22,178點. 如結算價低於22,178點, 指數每低一點, 以上組合輸多一點, 最大潛在損失為無限. 而目前期指仍在24,000點以上, 是否值得冒以上潛在風險, 投資者可視乎個人風險接受能力自行決定.

 

如對以上策略有興趣並打算開倉, 在 Short Put (2張) 能收到的期權金和Long Put (1張) 作需付出期權金相若時開倉較好.

.

.24/7 的市況評論提及沽金,

http://www.poems.com.hk/zh-hk/research-and-analysis/market-brief/?id=8824&writerID=10119&cid=9%2c22

 

目前10月紐約期金僅約 USD 1,080, 有一定利潤. (10月期金僅方面參考, 12月期金亦可考慮). 初步目標 USD 1,050 附近, 不排除下試 USD 1,000. 但請注意, 以上沽金策略投機概念較重.

.

..

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.
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