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5. 投資「高交易集中度」的認股權證及牛熊證有何風險?

2025-01-19Article
Article

Source: HKEX - List of products with high trading concentration


5. 投資「高交易集中度」的認股權證及牛熊證有何風險?

 

摘要
1. 港交所標示「高交易集中度」產品,成交量或集中少數投資者。
2. 當主要投資者離場時,流通量和成交量或大降,有機會增加投資風險。
3. 投資者應審慎評估產品及自身風險承受力。
 

在結構性產品市場中,投資者經常會留意哪些認股權證及牛熊證的成交量較高,並傾向把這些產品視為「熱門」或「較易出入」的選擇。為了讓投資者對相關風險有更全面的認識,港交所於交易量排名前一百名的認股權證及前一百名的牛熊證中,篩選出所有屬於「高交易集中度」的產品並加以標示。

所謂「高交易集中度」,並不是單純以成交量大小來判斷,而是會同時考慮實際參與買賣的投資者數目,以及他們各自對產品總成交額的貢獻比例。若某產品的成交雖然龐大,但成交額主要集中於少數投資者身上,便會被視為高交易集中度產品。換言之,這類產品的主要買賣活動,很可能是由少數活躍投資者與流通量提供者之間反覆交易所形成,而非廣泛由大量散戶或一般投資者參與。

高交易集中度的情況,往往與某些特定交易策略有關,例如高頻交易、短線頻密買賣,或較大型持倉的投資者與流通量提供者之間進行的策略性操作。在這些情況下,即使某產品在某段時間內成交量十分可觀,看起來「旺場」,也不代表有穩定而多元化的投資者基礎支持。

投資者需要特別留意的是,高交易集中度產品目前所錄得的高成交量,未必能在未來持續。當主要的幾位活躍投資者減少或停止交易時,相關產品的成交量有機會在其後的交易日大幅下降。若流通量突然收縮,買賣差價可能擴闊,盤口深度減少,投資者在需要買入或沽出時,未必能有足夠的流通量以完成交易,實際交易成本及風險因而上升。

因此,港交所列出該清單的目的,在於提醒投資者,某些看似交投暢旺的產品,其成交可能集中於少數投資者身上,高成交量並不等同於穩定而分散的市場參與。

在考慮清單中的產品時,投資者應抱以審慎態度,不應只因為某產品「成交大」、「排得前」便貿然入市,而是需要同時考慮自身的投資目標、風險承受能力,以及產品的流通風險和價格波動風險。結構性產品(包括認股證及牛熊證)本身屬於高風險投資工具,並非適合所有人士。投資前,投資者應詳細閱讀相關產品文件,充分了解產品條款如行使價、到期日、槓桿效應、時間值損耗、發行人質素及流通量風險等因素,並在清楚明白風險的前提下,謹慎作出投資決定。

有關列表的詳程,投資者可以參考香港交易所於「高交易集中度的結構性產品」頁面內列出的結構性產品。



Check point:

「高交易集中度」的結構性產品有何風險?以下哪一項說法不是正確?

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