《汇丰轮证》北水资金加码流入 建行好淡仓可留意牛60020/熊64634
大市上日急跌，北水资金加码流入，全日流入36亿元人民币增加约四成，最多资金继续留意两大内银股建行(0939)及工行(1398)，金额超过7.8及4.6亿元，已连续多天录得净流入。有大行认为，人行会保持较宽松的货币政策，相信年底或有望先降准，应对年尾流动性紧张的情况。建行及工行早段跟随大市反弹。投资者欲部署内银股表现，并希望透过杠杆放大以牛熊证作短线或即市部署，可留意市场上收回价6元的建行牛证60020为例，10兑1之选能提供杠杆约13倍，明年5月到期。熊证亦有不少选择，参考64634，收回水平於6.68元的杠杆亦有13倍之高。以牛熊证作两手准备的特点，有助投资者以较少资金入场捕捉正股短期的走势，亦不受时间值及引伸波幅的影响。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22日上午10:10
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本结构性产品并无抵押品，如发行人无力偿债或违约，投资者可能无法收回部份或全部应收款项。
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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