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Warrants Implied Volatility
港股一再跑輸亞洲主要市場，截至上日（29日）恒指連續四日下跌，今早（30日）下試今年低位16863點水平。 投資者如看好恒指，或可留意恒指牛54701，收回價16500點，槓桿比率26.6 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61003，收回價17700點，槓桿比率23倍，換股比率10000 兌 1，2026年11月27日到期。
科網股績後裂口下挫，美團（3690）宣佈周五（1日）開始最多10億美金股份回購，上日跌逾12%，全日成交金額達192億。投資者如想趁低搏美團反彈，或可留意美團購20313，行使價120.1元，實際槓桿5.6 倍，換股比率100 兌 1，2024年06月25日到期。另外，嗶哩嗶哩（9626）預計2023全年淨營業額總額將處於225億至235億元範圍的低端，股價裂口低開逾8%後進一步尋底，投資者如看好嗶哩嗶哩欲趁低搏反彈，或可留意嗶哩購20482，行使價137.9元，實際槓桿4.6 倍，換股比率100 兌 1，2024年04月23日到期。
舊經濟板塊同樣表現不振，中國平安（2318）上周於20天綫位置遇阻力繼而偏軟，周三刷新今年新低，今早（30日）暫時止跌靠穩。投資者如看好平保，或可留意平保購19585，行使價48元，實際槓桿11.2 倍，換股比率10 兌 1，2024年03月21日到期；如看淡，或可留意平保沽19490，行使價36元，實際槓桿7.3 倍，換股比率10 兌 1，2024年02月26日到期。
恒指牛證上日大量加倉，留意恒指牛59543/熊56491
雖然外電報導中國考慮首次允許銀行向房企提供無抵押的流動資金貸款，恒指周五（24日）早段則未能延續上日（23日）尾段升勢，跌超過200點再次回試50天綫水平，牛熊證街貨方面，截至周四牛熊街貨比例為58.8：41.2，熊證在上日有大量減倉，熊證街貨現集中於18200-18599各水平皆有分佈，每個區間約400-700張相關對冲期指合約，牛證則上日則有大量加倉，17300-17599水平累積大量街貨，合共超過2800對冲期指合約。 投資者如看好恒指，或可留意恒指牛59543，收回價17300點，槓桿比率37.6 倍，換股比率10000 兌 1，2024年09月27日到期；如看淡，或可留意恒指熊56491，收回價18200點，槓桿比率28.5 倍，換股比率10000 兌 1，2024年10月30日到期。
阿里（9988）上周五（17日）急挫後，股價本周反彈靠穩，距離回補裂口重返80元仍有一定距離，成交量亦持續回落，MACD指標背馳。 投資者如看好阿里，或可留意阿里牛59295，收回價71.5元，槓桿比率11.2 倍，換股比率100 兌 1，2024年06月03日到期；如看淡，或可留意阿里沽21297，行使價71.8元，實際槓桿3.3倍，換股比率50 兌 1，2024年09月20日到期。
中國增發一萬億元人民幣國債，支持災後重建、災害治理等工程，另外隔夜美股造好，帶動恒指今早高開473點造好，不過開市後升勢未能延續，暫於17300-17400點附近反覆。 投資者如看好恒指，或可留意恒指牛65728，收回價16750點，槓桿比率25.6 倍，換股比率10000 兌 1，2024年02月28日到期；如看淡，或可留意恒指熊56645，收回價17800點，槓桿比率28.6 倍，換股比率10000 兌 1，2025年10月30日到期。
港府今天（25日）發表施政報告，市場憧憬有關樓市減辣、提振股市交投等相關措施，新地（0016）今早曾衝高4%上試10/20天綫約83元水平，不過其後升幅收窄回落，港交所（0388）今早隨大市高開，嘗試重返50天綫位置，暫高見298元，不過其後亦隨市場回落。
投資者如看好新地，或可留意新地購20079，行使價96.05元，實際槓桿8.5 倍，換股比率50 兌 1，2024年07月23日到期；如看淡，或可留意新地沽19962，行使價61.83元，實際槓桿7.3 倍，換股比率10 兌 1，2024年03月22日到期。
投資者如看好港交，或可留意港交牛65727，收回價255.5元，槓桿比率7.2倍，換股比率500 兌 1，2024年12月1日到期；如看淡，或可留意港交熊51423，收回價325元，槓桿比率8.4 倍，換股比率500 兌 1，2024年04月03日到期。
中國是次增發國債將全部通過轉移支付方式安排給地方，用於有關自然災害、防洪等災後重建、防災等工程，海螺水泥（0914）及中國建材（3323）高開超過半成上試10天綫位置，兩股上日（24日）均見年内低位。
投資者如看好海螺，或可留意海螺購18379，行使價24.8元，實際槓桿5.9 倍，換股比率10 兌 1，2024年06月20日到期；如看好國材，或可留意國材購19321，行使價5.23元，實際槓桿2.3 倍，換股比率5 兌 1，2025年09月22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。
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。