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CALL輪變價內 點解要轉倉?

2022-06-23 Article
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Warning This article available in Chinese version only

科技股板塊上周表現平平,重磅股騰訊(0700)及阿里(9988)等現較顯著調整,惟京東(9618)周五逆市向上,全周計仍錄得逾4%的升幅,並已連續第三周向上。上周為京東「618」購物節,大行對「618」促銷活動看法正面,上調對京東「618」商品交易總額,最樂觀預測至3888億元人民幣,按年增長最多13%,重申「買入」評級。

 

京東股價水漲船高,由6月初重上220元後動力增加,近日收復100天線,再上試260元的阻力區。市場上京東的窩輪產品中,我們發行的認購證有不少已由價外變為價內,個別更變成深入價內,以12614為例,今年9月到期,行使價207.891,截至周五價內程度已有兩成,輪價收報0.66元,而當京東股價於5月尾時為200元以下之際,當時該認購證尚為輕微價外,價格約為0.27元,即是說該證不消一個月已升逾倍,深入價內。另外分別於237(9月到期)250元附近(11月到期)的兩隻認購證亦同樣變為價內,價格已升至四毫多及五毫多。

 

投資者或會問,既然已變為價內,不如將它當成正股坐到結算?為何要採取轉倉的策略?

 

要解答這個問題,首先投資者要先問自己,入場買窩輪的原意是甚麼。舉例說,投資者買入一隻價外,即行使價高於正股現價的認購證看好正股時,該投資者只付出時間值,過了若干時間及消耗時間值後,當正股發力向上,股價升至高於正股現價時(假設股息為零),即是說一隻窩輪已由價外變為價內,投資者便開始賺取價內值。

 

因此,當正股升至目標價後,投資者不妨考慮「見好即收」,趁有內在值時,先沽出鎖定利潤,再將部分利潤轉倉至價外或貼價之選,以時間值再換取賺內在值的機會,繼續參與正股上升機會。若股價出現掉頭向下,損失亦只是時間值,早前獲利的內在值仍能「袋袋平安」。

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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