This article available in Chinese version only

窩輪如「雙刃劍」 適當利用最緊要

2021-07-30

上周提到納指100的相關產品,投資者可參考作美股業績期的部署,惟要留意港美市場交易時段不同所要留意的風險及機遇。放眼周五美股期指表現,納指100指數期貨在亞洲時段先錄得跌勢,不少投資者隨即留意納指100窩輪率先作部署。這就是筆者提到不同交易時段的特點。

放眼本周大市表現,港股迎來極大波動,恒指一度失守兩萬五後大幅反彈,周五又再度回落,走勢十分反復。有投資者不解為何以認購證作撈底入場,當看中後市反彈時,輪價卻有機會出現「不跟行」的情況。首先,本周不少投資者入場時,可能沒有仔細留意產品的價外幅度及到期日,只單純以有效槓桿作參考,選取極高有效槓桿的產品應市,這就出現問題了。

不少投人誤以為有效槓桿一定「有效」,卻忽略了其他重要條款,如對沖值、引伸波幅、年期等等。舉例說,投資者買入一些非常價外,而年期超短的「一仙輪」,卻發現相關資產出現小幅反彈時升幅卻跑輸其他認購證,大感不解。其實輪價跑輸的原因不是看錯方向,而是反彈幅度不足,令即使正股價格上升過後依然與認購證的行使價有很大距離,故對沖值仍非常低,對相關資產的價格變動不高。

此外,大市波動令整體引伸波幅普遍出現急升急回的現象,一旦波幅由高位急回,亦對上述的短身證有較大負面影響。要發揮這些仙輪的本領,正股必須要在短時間內出現非常火爆的升幅,令行使機會急增,否則此起彼落的情況下,這類仙輪亦未必能夠受惠。再者,這些所謂「一仙輪」實際上理論價值是否真的值一仙,又或者只是顯示成港交所最低報價單位$0.01,真的要打電話給發行人了解清楚先可以心裡有數,以免買貴貨。

相反,在這輪跌浪中,如已經持有以上一類價外短證認沽證的朋友,會發現輪證價格受惠對沖值急增的帶動,加上引伸波幅在跌市時抽升,不少認沽證最終的實際升幅遠遠較預期為高。其實這類高槓桿窩輪就如「雙刃劍」,要好好發揮務必要對方向、時機及引伸波幅等多角度有較佳掌握。否則盲目過度追求槓桿效應,有機會適得其反。

Hot topics
Back to Hot topics
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。
Sign up to our newsletter

Stay abreast of the trends with the latest investment insight and market updates.

Latest article

(Available in Chinese only)
Back to Hot topics

Important Risk Warning

The structured products are not collateralized. If the issuer is insolvent or defaults, investors may not recover part or all of the amount due.

Structured products are complex products. Investors should exercise caution in relation to them. The price of the structured products may fall in value as rapidly as it may rise and investors may sustain a total or substantial loss of their investment. Prospective investors should ensure that they understand the nature and risks and seek professional advice where applicable. Please also note that CBBCs have a mandatory call feature and may therefore be subject to early termination, upon which (i) investors in category N CBBCs will lose all of their investments in the CBBCs; and (ii) the residual value of category R CBBCs may be zero. Inline warrants have been newly introduced to the market and there are no similar products currently listed on the Stock Exchange of Hong Kong Limited for comparison. Inline warrants carry exotic features, and their terms and pricing may be more complicated than standard derivative warrants. Maximum potential payoff is fixed and capped. Price movement of the inline warrants may be disproportionate or opposite to the price movement of the underlying asset. Trading structured products with United States (US) underlying index may be exposed to additional risks, including (a) risks relating to difference in trading days and hours, (b) less public information about the index and such information may not be available in Chinese, (c) political and economic risks relating to the index regions (such as the US), (d) exchange rate risks, (e) possible delay in settlement, and (f) publication of index level when component shares are not trading. Click here for "Terms of Use".

Disclaimer

By viewing this website or using any information or functions of this website, you are deemed to acknowledge that you agree to the Privacy and Security, Terms of Use and Hyperlink Policy. Click here for "Disclaimer".

All data/charts are for reference purposes only.