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恒指受阿里配股影響,恒指牛證換馬策略,留意恒指牛58702/熊61165

2026-08-24 Article
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Warning This article available in Chinese version only

今早阿里股價低開,失守配股價112.7元後一度跌幅加快,恒指亦一度低見25430點,期後才見稍為回穩。由於上周五恒指一度衝上26000點,不少上周場內交投活躍的牛證,收回價普遍在25400-25500點之間,而該收回區域的牛證街貨量亦在增長,令不少以此前成交金額選擇牛證收回價的投資者,揀了今朝差點/已經被收回的恒指牛證。

事實上,投資者選擇恒指牛熊證,應考慮哪個收回價的產品較合自己,而不是跟成交。一般而言,如即日捕捉市場波幅,以近期市場日內幅度選收回價的話,以開市位25750左右計算,是日可能會選25200-25350點區域內的牛證。而因應開市後指數變化,可在這大概150點幅度內,因應所需槓桿及收回價選擇部署。

一旦即市大市失守技術支持位,投資者可考慮及時作換馬部署,選擇下一檔較低收回價的牛證,先避開一旦跌穿技術支持位而大增的收回風險。

滙豐牛熊證積極提供在不同收回價的恒指牛熊證,讓投資者可寧活應對市況,而且在場內保持尚佳流通量與較窄的買賣差價。投資者可隨時到我們主頁上牛熊證快速搜尋上,找出不同收回區域內我們的恒指牛熊證選擇。

回說市況,因應大市失守25500支持,恒指牛證選擇可調至25000-25200區域;而熊證亦可對應調低回價選擇以維持槓桿倍數。

看好可留意恒指牛證58902,收回價為25200點,槓桿比率約70.8倍。

或恒指牛證58702,收回價為25088點,槓桿比率約53.1倍。

看淡可留意較貼價恒指熊證61165,收回價為25828點,槓桿比率約56.6倍。

本結構性產品並無抵押品,如發行人無力償債或違約,投資者可能無法收回部份或全部應收款項。

本文由香港上海匯豐銀行有限公司(「本行」或「發行商」)發行(包括任何參考條款),僅供參考之用,並不構成邀約、游說、或建議出售或購買結構性產品。

結構性產品屬複雜產品,投資者務須就此審慎行事,除非投資者完全了解及願意承擔所涉風險,否則切勿投資此產品。結構性產品價格可急升可急跌,投資者或會損失所有或大部分投資。過往表現並不反映將來表現。投資前應了解結構性產品之性質及風險,並詳閱有關上市文件,獨立決定是否適合自己,若需要應諮詢專業建議。本行及其委任之流通量提供者可能是結構性產品的唯一市場參與者,而結構性產品的二級市場可能有限。謹請注意,牛熊證設有強制收回機制,因此有可能提早終止,在此情況下(i)N類牛熊證投資者會損失於牛熊證的全部投資;而(ii)R類牛熊證之剩餘價值則可能為零。買賣與美國指數掛鈎的結構性產品可能帶有額外風險,包括:(a)與交易日和交易時間差異有關的風險;(b) 有關指數的公開資料較少,或未有提供中文版本;(c) 與指數有關的政治和經濟風險(例如美國);(d) 匯率風險; (e) 可能延遲結算及(f) 在成份股並無交易時公佈指數水平與MSCI中國A50互聯互通指數掛鈎的衍生權證投資者可能會承受額外風險,包括:(i) 新推出指數的風險;(ii) 指數成份股為透過滬港通及/或深港通在滬港通及深港通的北向交易渠道買賣的A股;(iii) 有關指數的公開資料較少,且該等資料或未有提供中文版本;(iv) 與指數有關的政治及經濟風險;(v) 匯率風險;及(vi) 人民幣利率風險。

作者為金管局及證監會持牌人士,並無就結構性產品或相關資產持有任何直接或間接權益。

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