《汇丰轮证》贸易协议或延後 中石化四连升後整固
投资者憧憬稍後时间中美有望签署首阶段贸易协议，报导指细节及签署地点待定，美股变动不大，金价保持平稳。油价则上周原油库存增幅大过预期受影响，纽约期油跌1.5%。石油股走势偏软，惟中石化(00386)近日与大市同步，连升4个交易日後今早整固，股价重上50天移动平均线之上，成交亦随股价增加。
观乎恒指大市已重上250天线27,400点，而中石化的250天线则处於5.35元位置。欲部署中石化中线向好追落後，可留意相关的牛证，特点是不受引伸波幅及时间影响，可作较中线准备: 中化牛证52973，收回价 3.98 元， 2020年3月到期 ，实际杠杆 5.4 倍。而看淡亦可以贴价熊证作准备: 中化熊证53203，收回价 5.33 元， 2020年3月到期 ，实际杠杆 5.8 倍。陈恩因
汇丰环球资本市场机构客户及财富管理联席总监
更新日期及时间: 2019年11月7日 上午10:30
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本文由香港上海汇丰银行有限公司(「本行」或「发行商」)发行(包括任何参考条款)，仅供参考之用，并不构成邀约、游说、或建议出售或购买结构性产品。
结构性产品属复杂产品，投资者务须就此审慎行事，除非投资者完全了解及愿意承担所涉风险，否则切勿投资此产品。结构性产品价格可急升可急跌，投资者或会损失所有或大部分投资。过往表现并不反映将来表现。投资前应了解结构性产品之性质及风险，并详阅有关上市文件，独立决定是否适合自己，若需要应谘询专业建议。本行及其委任之流通量提供者可能是结构性产品的唯一市场参与者，而结构性产品的二级市场可能有限。谨请注意，牛熊证设有强制收回机制，因此有可能提早终止，在此情况下(i)N类牛熊证投资者会损失於牛熊证的全部投资；而(ii)R类牛熊证之剩余价值则可能为零。界内证在市场是全新的结构性产品，现时在香港交易所并无类似上市产品可作比较。界内证具备有别於标准的特徵，其条款及定价或较其他标准权证复杂，其最大潜在回报为固定及设有上限。界内证价格变动可能与其挂钩资产的价格变动不成比例或呈相反方向。
作者为金管局及证监会持牌人士，并无就结构性产品或相关资产持有任何直接或间接权益。~重要声明:
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