《瑞銀窩輪》A股抗跌留意南中牛50048
自從習特會在6月底舉行後，港股曾一度升上29000點的水平，但其後近1個月時間回落至28000點至29000點的橫行區，大部份時間更只是在28300點至28600點之間窄幅上落。反觀A股表現則較為強，除科創板開板利好氣氛外，過去1星期中美貿易談判終於有新發展，除中國會採購美國農產品外，美國代表亦將於下星期飛往中國進行會面，是自5月份中國代表前往美國以來的首次。
雖然巿場暫未對會談進度寄予厚望，但至少減低了之前談判轉差的憂慮，如果投資者看好後巿可受惠談判會有進展，可先留意A股表現。因為一來港股短線仍受社會氣氛影響，二來如果美國減息或有利新興貨幣及相關巿場，當然亦包括人民幣及A股。
事實上，與A股唇齒相依的港股，上星期因本地政治環境不穩而令本地地產股向下，加上國際金融股友邦(1299)及匯豐(0005)拖累，恆指按週下跌逾1%，期間波幅及成交低迷。反觀A股上證表現靠穩，富時A50指數更升約1.6%，中資股龍頭騰訊(0700)及平保(2318)逆巿向上。可見中資股及至A股短線值博率或較高。
如投資者看好南中(2822)，可留意南中牛證50048，收回價14.5港元，20年5月到期，有效槓桿約24倍。如沒有收回風險可考慮南中CALL 29254，行使價15.88港元，19年9月到期，有效槓桿約15倍。淡倉選擇：
南中熊證60024，收回價15.6港元，20年5月到期，有效槓桿約12.倍。
更多窩輪牛熊資訊：瑞銀證網站: www.ubs.com/hkwarrants周國威董事
瑞銀亞洲股票衍生產品銷售部
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