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窩輪反將風險降(一)?

2022-07-18 Article
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Warning This article available in Chinese version only

投資者擔心高通脹帶動環球息口高企,不利股市投資,美股反覆偏軟,港股則跌足五日,指數一周內跌逾一千四百點失守多條移動平均線。隨大市重心向下,投資者作兩手準備的同時,不少資金亦陸續場部署個股撈底反彈的機會。截至7月14日的數字,淡倉街貨多的個股為騰訊及比亞迪; 好倉方面,阿里、騰訊及中移為資金流入最多。

 

本周筆者收到投資者問,雖然短線市場不明朗因素仍多,但眼見股價已回落了較大的幅度,若想入場又不想以太多資金冒險,又可如何部署?筆者認為,窩輪的設計正正幫到投資者達到減少成本管控風險的作用。

 

不少人一聽到窩輪,便會認為是高風險的投資,又怎能用以控制風險?豈不是要冒上更大的市場風險?

 

的確,窩輪作為一期權投資工具,特點是有槓桿效應,比對買入同等金額的正股,所要面對的風險與回報亦以槓桿式放大。理論上,若相關資產價格及波幅走勢一致,好倉方面跟正股一樣,回報沒有設上限,而淡倉方面,因為正股股價理輪上最低是零,所以理輪上淡倉價格將會有上限。相反,若正股價格或波幅走勢相反,雖然有同樣的槓桿效應,但最大的損失僅為投入的本金,沒有被追收補倉的風險。

 

因此,不少投資者其實會利用窩輪槓杆,將資金量大幅減少,即使是最壞的情況,損失亦較投放於正股的資金量為少,達致保障絕大部分現金實力的目的。

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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