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 二) 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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