This article available in Chinese version only

大市風高浪急 窩輪持倉如何部署?

2020-01-03

踏入新一年,首先多謝廣大讀者對本欄的支持,祝願大家股輪亨通,身體健康﹗

港股去年埋單計數升幅9%,表現不過不失,但就大幅落後環球的升勢。新一年恒指首天開出紅盤後再發力,周五力圖上攻兩萬九大關,其後指數於即市急回,表現相當波動。

隨大市累積的短期升勢不少,高位波動亦相當正常,因此本周筆者想提醒一下,各個會影響窩輪價格的因素,好讓投資者多加提防。

首先,讓我們了解下認股證的價格組成。簡單來說,價格基本上可分為兩部分︰一) 內在值 時間值。所謂內在值,即當相關資產價格變為「價內」,資產價格高於認購證行使價的兩者差價,而認沽證則為相關資產價格低於認沽證行使價的兩者差價。 因此,當輪證產品由價外變為價內之時,投資者只需將計算出資產價格與行使價的兩者差價,再除以兌換比率,便能計算出其內在值多少。

另一個組成部分是時間值,簡單來說是認股證未過到期日前,投資者要付出的機會成本。只要時間值仍然存在,就會受認股證的年期、引伸波幅及利率等因素影響。若到期結算,輪證能成為價內,產品將自動進行現金結算交收,投資者無須另作任何申報,交收簡易。

由此可見,投資者買入一隻窩輪,最大的願望是在到期前,以最短的時間能由價外變為價內,盡量減少時間值的損耗,並且賺取較高的引伸波幅定價,因而獲利。

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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。界內證在市場是全新的結構性產品,現時在香港交易所並無類似上市產品可作比較。界內證具備有別於標準的特徵,其條款及定價或較其他標準權證複雜,其最大潛在回報為固定及設有上限。界內證價格變動可能與其掛鈎資產的價格變動不成比例或呈相反方向。

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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