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Warrants Implied Volatility
科網股齊跌，中移動逆市破頂，留意騰訊購19532/中移購17869
美聯儲如市場預期維持利率不變，不過暗示或再加息一次，隔夜美股三大指數下挫，港股今早輕微低開後，跌幅亦擴大，恒指逐步逼近今年年内低位17573點，暫於17650點附近爭持，截至上日，牛證重貨物區仍然位於17500-17599點水平，熊證則較為分散，並陸續見資金獲利離場，轉身部署反彈。 投資者如看好恒指，或可留意恒指牛65233，收回價17250點，槓桿比率29.4 倍，換股比率10000 兌 1，2023年12月28日到期；如看淡，或可留意恒指熊54435，收回價18200點，槓桿比率32.1 倍，換股比率10000 兌 1，2025年09月29日到期。
科網股齊跌繼續弱勢，其中騰訊（0700）跌破今年低位逼近300元關口，騰訊認購證連續多日獲净流入，今天亦有資金今天順勢做淡。 投資者如看好騰訊，或可留意騰訊購19532，行使價350.18元，實際槓桿12.3 倍，換股比率100 兌 1，2023年12月22日到期；如看淡，或可留意騰訊沽17585，行使價273.6元，實際槓桿11.9 倍，換股比率100 兌 1，2023年12月05日到期。
中移動（0941）公佈，8月5G上客量按月加快至684.4萬戶，股價先前突破橫行區間頂部，今天進一步逆市造好，相關認購證亦獲資金青睞。 投資者如看好中移，或可留意中移購17869，行使價74.93元，實際槓桿12.1 倍，換股比率10 兌 1，2023年12月20日到期；如看淡，或可留意中移沽20003，行使價56.83元，實際槓桿9.3 倍，換股比率10 兌 1，2024年06月25日到期。
港股周四再度考驗18000點關口的支持力，不過恒指周四止步6連跌，收報18047點，全日升38點，大市成交金額約816億，本周已連續4日於萬八點關口附近窄幅整固，且收市均能企穩其上。 投資者如看好恒指，或可留意恒指購17721，行使價19800點，實際槓桿13.9 倍，換股比率7000 兌 1，2023年12月28日到期；如看淡，或可留意恒指沽17799，行使價17400點，實際槓桿10.6 倍，換股比率7200 兌 1，2023年12月28日到期。
內地電動車遭歐盟反補貼調查，花旗指出內地電池供應商的產能擴張及資本支出周期可能會放緩，但總體並無太大下行風險，比亞迪（1211）上日（14日）失守10天綫約248元水平，日内一度跌3.8%，最低曾見238.4元，逼近20天綫水平，收報244.8元，全日跌1.2%。 投資者如看好比迪，或可留意比迪牛53589，收回價229.2元，槓桿比率10.4倍，換股比率500 兌 1，2024年03月01日到期；如看淡，或可留意比迪熊51830，收回價271.7元，槓桿比率8.7 倍，換股比率500 兌 1，2024年06月03日到期。
小米（1810）據報11月初發佈小米14，定位對標蘋果iPhone15 Pro，股價自9月5日跌穿20天移動平均綫後持續受制於該水平，上日（14日）高開高走收陽燭，一舉收復10天及20天綫失地，收報12.24元，全日升2.7%。 投資者如看好小米，或可留意小米購17200，行使價13.82元，實際槓桿9.6 倍，換股比率5 兌 1，2023年11月29日到期；如看淡，或可留意小米沽18981，行使價9.99元，實際槓桿5.2 倍，換股比率5 兌 1，2024年03月22日到期。
港股周一（11日）早段低開之後一度跌穿17900點關口，隨著中國央行午間披露全國外匯市場自律機制專題會議在北京召開，並稱堅決杜絕投機炒作，人民幣匯價午後急升提振中港股市，指數午後跌幅收窄至105點，報18096點收市，大市成交金額約1245億。今早（12日），恒指低開之後逐步收復跌幅，截至中午暫可轉跌為升。投資者如看好恒指，或可留意恒指購17510，行使價20300點，實際槓桿13.9 倍，換股比率6500 兌 1，2023年12月28日到期；如看淡，或可留意恒指沽17799，行使價17400點，實際槓桿10.3 倍，換股比率7200 兌 1，2023年12月28日到期。
阿里巴巴（9988）高層換班，原董事會主席兼CEO張勇原訂將轉為專心領導阿里雲，但最新卻宣布辭任阿里雲CEO令市場驚訝，阿里周一裂口低開收跌3%，今早亦繼續偏軟，截至中午跌1.7%，報86.55元，暫時於250天綫約87元位置附近爭持。另外，據報螞蟻萬里匯首八個月跨境支付用戶於1688採購額達220億人民幣，增逾50%。投資者如看好阿里，或可留意阿里購18649，行使價102.2元，實際槓桿7倍，換股比率50 兌 1，2024年01月29日到期；如看淡，或可留意阿里沽18064，行使價81.95元，實際槓桿7.2 倍，換股比率50 兌 1，2023年11月29日到期。
港交所（0388）股價上周連日於100天綫附近整固，周一則隨大市場回吐，一度急跌4.3%，見294元低位，收市前跌幅顯著收窄，險守300元關口，收報300.2元，全日跌2.3%。 而今早隨大市走低之後强勢反彈，中段轉跌為升，20天綫暫時失而復得。投資者如看好港交，或可留意港交購17137，行使價360.2元，實際槓桿11.1 倍，換股比率100 兌 1，2023年12月27日到期；如看淡，或可留意港交沽18711，行使價277元，實際槓桿8.3 倍，換股比率100 兌 1，2024年01月24日到期。
港股周一（4日）顯著造好升穿20天綫，日内高位止於約18900點或50天綫位置，上月11至14日裂口頂部則位於19049點，仍有一定距離，截至上日，恒指牛熊街貨比例為56.7：43.3，牛證街貨集中在18200至18500點位置，熊證重貨區則位於19000至19100點位置。恒指今早（5日）暫回吐逾200點至約18600點水平。 投資者如看好恒指，或可留意恒指牛53122，收回價18200點，槓桿比率33.3 倍，換股比率10000 兌 1，2023年12月28日到期；如看淡，或可留意恒指熊51831，收回價19100點，槓桿比率33.3 倍，換股比率10000 兌 1，2025年08月28日到期。
財政司司長陳茂波先前於網志表示調低股票印花稅並不足以結構性、長期地刺激股市交投，不過上日再解釋無排除減印花稅選項，稱應以組合拳增港股競爭力，港交所（388）連日於250天綫約310元附近波動。 投資者如看好港交，或可留意港交購17137，行使價360.2元，實際槓桿10.3 倍，換股比率100 兌 1，2023年12月27日到期；如看淡，或可留意港交沽18711，行使價277元，實際槓桿8.8 倍，換股比率100 兌 1，2024年01月24日到期。
上日内房、内險、内銀三大板塊向好，中國平安（2318）上試50元或250天綫位置，不過今早則暫要回吐逾2.5%至48.75元附近。 投資者如看好平保，或可留意平保購19158，行使價59.93元，實際槓桿11.8 倍，換股比率10 兌 1，2023年11月23日到期；如看淡，或可留意平保沽29266，行使價45.95元，實際槓桿6.1 倍，換股比率50 兌 1，2023年12月28日到期。
港股近日低位反彈過千點，逼近8月13日至14日留下的下跌裂口底部，約18793點位置後升幅放緩。牛熊證資金上日（8月30日）於恒指部署好淡分化：好倉追貨積極，牛證於最貼價的18200-18300點收回水平加倉超過900張對冲期指張數，成爲最新的牛證重貨區，累積接近1200張對冲期指張數的街貨。而熊證重貨區則落於19000-19100點水平，累積1133張對冲期指張數的街貨。牛熊街貨比例為57.3：42.7。投資者如看好恒指，或可留意恒指牛53119，收回價18000點，槓桿比率33.7 倍，換股比率10000 兌 1，2023年12月28日到期；如看淡，或可留意恒指熊51894，收回價18900點，槓桿比率32.5 倍，換股比率10000 兌 1，2025年08月28日到期。
騰訊（0700）績後重啓股份回購，自8月18日開始連續9日回購公司股份，支持股價企穩。上日（8月30日）雖然見輪場好淡倉資金流出，但牛證街貨及認購證街貨仍佔多數。騰訊股價現時仍處於6月初以來的橫行區間約320-360元底部位置，本周亦已於20天移動平均綫（330元）附近爭持4日。投資者如看好騰訊，或可留意騰訊牛62899，收回價299元，槓桿比率10 倍，換股比率500 兌 1，2023年11月01日到期；如看淡，或可留意騰訊熊51381，收回價361.2元，槓桿比率9.3 倍，換股比率500 兌 1，2024年04月03日到期。
內地證券交易印花稅實施減半徵收，短期對市場情緒有明顯提振作用，市場繼續關注政策組合拳的長期積極影響的同時，亦繼續跟進港府成立的促進股票市場流動性研究小組的最新動向。港交所（0388）交投連續三日在30億元附近徘徊，股價周三一度逼近320元水平，走勢上跑贏大市，不過今早則暫時要跟隨大市回吐近2%。投資者如看好港交，或可留意港交購18230，行使價326.2元，實際槓桿9.2 倍，換股比率100 兌 1，2023年12月20日到期；如看淡，或可留意港交沽18711，行使價277元，實際槓桿8 倍，換股比率100 兌 1，2024年01月24日到期。
内房憂慮持續發酵，周一（21日）港股跌勢未止，恒指裂口低開後進一步向下，續創今年新低。截至周一，恒指牛熊街貨比例約6：4，牛證重貨區位於目前最貼價的17500至17599點水平，累積相關對冲期指合約張數1125張，熊證街貨則較多集中於18300至18699點水平不等。
今早（22日），恒指開市後一度抽高至17800點水平，其後靠穩。投資者如看好恒指，或可留意恒指牛65233，收回價17250點，槓桿比率31.4 倍，換股比率10000 兌 1，2023年12月28日到期；如看淡，或可留意恒指熊52326，收回價18400點，槓桿比率21.7 倍，換股比率10000 兌 1，2025年07月30日到期。
美團（3690）周四（24日）公佈業績，股價上周失130元位置，向下完全回補7月24至25日的上升裂口後，一連兩日在128元附近爭持。 投資者如看好美團，或可留意美團牛66514，收回價113元，槓桿比率6.1 倍，換股比率500 兌 1，2024年07月02日到期；如看淡，或可留意美團熊51829，收回價147.3元，槓桿比率5.9 倍，換股比率500 兌 1，2024年06月03日到期。
騰訊（700）近期相較大市跌幅仍然較少，不過周一股價輕微跌破近兩月底部約320元水平，收報318元，全日跌2.2%，亦失守250天綫，今早則繼續於該水平附近爭持。 投資者如看好騰訊，或可留意騰訊購17609，行使價380.06元，實際槓桿13.5 倍，換股比率約95 兌 1，2023年10月30日到期；如看淡，或可留意騰訊沽17800，行使價298.6元，實際槓桿8.5 倍，換股比率100 兌 1，2023年11月22日到期。
本周有多隻重點股份公佈業績，周三（16日）有騰訊（0700）、港交所（0388）、京東（9618）等，周四（17日）則有銀河娛樂（0027）、中海油（0883）等，投資者可瀏覽CitiFirst®業績公佈日曆專頁，一表看清所有股份相關業績公佈日期。
大市方面，恒指上周自高位顯著回吐之後，走勢一度有所喘定，而近日市場對内房板塊憂慮進一步加劇，令大市連日受壓，恒指上周連日於250天綫遇上阻力，今天（14日）裂口低開逾370點，失守19000點水平，並下試7月24日低位約18600點附近位置。投資者如看好恒指，或可留意恒指購17510，行使價20300點，實際槓桿11.9 倍，換股比率6500 兌 1，2023年12月28日到期；如看淡，或可留意恒指沽17799，行使價17400點，實際槓桿9.3 倍，換股比率7200 兌 1，2023年12月28日到期。
騰訊（0700）為本周公佈業績股份中的市場焦點之一，將於周三公佈第二季度業績，股價今早下試330元位置，曾低見327.8元，其後迅速獲得承接，由陰轉陽，暫報約333元，跌幅少於大市，亦跑贏阿里（9988）、美團（3690）等大型科網股。 投資者如看好騰訊，或可留意騰訊牛69583，收回價308.5元，槓桿比率10.7 倍，換股比率500 兌 1，2024年01月02日到期；如看淡，或可留意騰訊熊51381，收回價361.2元，槓桿比率11.2 倍，換股比率500 兌 1，2024年04月03日到期。
上周港股升勢凌厲，本周則有所放緩，大市連續兩日先升後回落，恒指一連兩日上試20300點水平未果，高位造出兩支陰燭，周二（1日）高開低走，回補上周五至本周一（7月28至31日）的上升裂口。今早延續跌勢進一步偏軟回試100天綫，暫時於19600點附近喘定。截至上日，恒指牛熊街貨比例介乎50:50，今早資金則集中流入牛證，收回價介乎19200至19500。 投資者如看好恒指，或可留意恒指牛50092，收回價19200點，槓桿比率34 倍，換股比率10000 兌 1，2024年08月29日到期；如看淡，或可留意恒指熊69436，收回價20400點，槓桿比率24.3 倍，換股比率10000 兌 1，2024年04月29日到期。
美團（3690）上周五突破橫行區間向上，不過本周連續兩日受制於150元或250天綫位置，今早進一步回落，回補上周五至周一的上升裂口，並回試前區間頂部約140元水平。 投資者如看好美團，或可留意美團牛50291，收回價124.6元，槓桿比率6.7 倍，換股比率500 兌 1，2024年07月03日到期；如看淡，或可留意美團熊53641，收回價155元，槓桿比率7.6 倍，換股比率500 兌 1，2024年02月01日到期。
内險及内地金融板塊本周見回吐，中國平安（2318）周一試探57元水平後回軟，至今連現三支陰燭，今早暫回落至約54元附近，跌1.8%。 投資者如看好平保，或可留意平保牛66360，收回價48.2元，槓桿比率7.9 倍，換股比率100 兌 1，2023年12月01日到期；如看淡，或可留意平保熊68351，收回價58.8元，槓桿比率9.7 倍，換股比率100 兌 1，2023年12月01日到期。
恒指將於今天（12日）稍後公佈季檢結果。早段恒指高開逾百點後走勢轉弱回落，連續第三日試探250天綫。上月中下旬起，恒指始終圍繞約19500至20300點水平區間上落，整體走勢上有待突破。截至上日（11日），恒指牛熊街貨比例約58:42，牛熊證重貨區分別位於19500-19599及20300-20399點位置。 投資者如看好恒指，或可留意恒指牛58112，收回價19250點，槓桿比率39.3 倍，換股比率10000 兌 1，2024年11月28日到期；如看淡，或可留意恒指熊61446，收回價20500點，槓桿比率19.4 倍，換股比率10000 兌 1，2024年04月29日到期。
“中特估”概念股近日升勢放緩，内銀板塊今天受壓，其中工行（1398）回落至前橫行區間頂部約4.35元附近，考驗該位置承接力。建行（939）則回落至約5.3元位置，兩股暫皆跌逾2%，股價位於5月4日第一支大陽燭頂部附近。 投資者如看好工行，或可留意工行購18791，行使價5.2元，實際槓桿12.1 倍，換股比率1 兌 1，2023年12月28日到期；如看好建行，或可留意建行購15468，行使價5.71元，實際槓桿12.9 倍，換股比率1 兌 1，2023年11月29日到期。
京東（9618）上日公佈第一季業績，表現勝過市場預期。股價今早裂口高開逾8%反彈，暫升約7%。京東股價近日見港股市場上市以來低位，並持續於約135元附近窄幅上落。京東引伸波幅亦在業績公佈後回落。 投資者如看好京東，或可留意京東購15466，行使價188.98元，實際槓桿5 倍，換股比率100 兌 1，2023年11月29日到期；如看淡，或可留意京東沽27013，行使價140元，實際槓桿3.4 倍，換股比率100 兌 1，2023年09月28日到期。
美聯儲議息前夕，同時適逢内地五一黃金周長假，港股交投淡靜，上日（2日）大市成交金額約755億，為去年12月21日以來最低。走勢方面，恒指仍未擺脫上落爭持的局面，近期上下波幅區間介乎約19500至20300點之間，今早（3日）隨外圍低開近250點失守250天綫。截至上日，恒指牛證重貨區位於19500至19599點，熊證重貨區則位於20300至20399點，整體恒指牛熊街貨比例約54:46。議息前夕及成交疏落之下，大市上落波幅或傾向波動，投資者或可考慮部署較遠收回距離的牛熊證，控制收回風險， 投資者如看好恒指，或可留意恒指牛58112，收回價19250點，槓桿比率42.6 倍，換股比率10000 兌 1，2024年11月28日到期；如看淡，或可留意恒指熊61446，收回價20500點，槓桿比率18.8 倍，換股比率10000 兌 1，2024年04月29日到期。
滙豐（0005）首季度業績表現勝市場預期，稅前利潤同比增長逾200%，並宣布派發首季股息及最多20億美元股份回購計劃。股價上日午後抽升突破上月高位，重返2月至3月初水平，今早走勢則以整固爲主。上日輪場滙豐好倉資金流入約500萬元，淡倉流入約300萬元。 投資者如看好滙豐，或可留意滙豐購12404，行使價65.88元，實際槓桿13.2 倍，換股比率10 兌 1，2023年07月28日到期；如看淡，或可留意滙豐沽12406，行使價50元，實際槓桿12.8 倍，換股比率10 兌 1，2023年07月28日到期。
科網股走勢偏軟，阿里（9988）今早下試80元水平，曾跌逾3%，日内低位暫見79.7元，逼近3月低位約78元。根據CitiFirst®樂觀/悲觀情緒資金流專頁輪證數據，截至上日，阿里5天累計樂觀/悲觀資金比例約75:25，合計樂觀資金流逾1億。 投資者如看好阿里，或可留意阿里購23990，行使價95元，實際槓桿6.6 倍，換股比率100 兌 1，2023年09月29日到期；如看淡，或可留意阿里沽26680，行使價62.88元，實際槓桿10.3 倍，換股比率50 兌 1，2023年09月28日到期。