《瑞银窝轮》油价企20美元油股先行 留意海油CALL24126、牛56657
3月份在环球抗疫如火如荼期间，沙特及俄罗期突然就石油减产方面谈不拢，各自宣布增产，拖累油价崩盘式由40美元水平挫至约20美元，创超过10年低位。石油企业的债价及股价都急跌，其中香港上市的3桶油亦不能幸免，中海油(0883)由10港元以上於短短2个星期时间跌至6.24港元，同创10年低位。中石油(0857)更跌穿3港元水平，见15年低位。
不过过去1个星期国际油价於20美元水平喘定，即使美国库存急升亦未再有令油价穿底。而美国总统特朗普介入与沙持及俄罗期总统普京通话，同意目前低油价对两国并非有利。令市场憧憬油价有机会反弹，从而带动油价由多年低位回升。
截至周四下午，中海油持续反弹，股价由低位回升接近4成，虽然升幅大，但相较不久之前的高位仍距离非常远。若油价有机会收复更多失地，理论上油股仍可受惠，投资者如部署短线油价或油股继续向上，可留意以下好仓选择：
中海油认购24126，行使价9港元，20年10月到期，有效杠杆约3.3倍。
中海油牛证56657，收回价6.3港元，20年12月到期，有效杠杆约3.4倍。
中石油认购23294，行使价3.38港元，20年10月到期，有效杠杆约5.5倍。
中石化(0386)认购22829，行使价4.49港元，20年8月到期，有效杠杆约6.2倍。
更多窝轮牛熊资讯：瑞银证网站: www.ubs.com/hkwarrants
窝证教学及市况焦点短片:
https://www.youtube.com/channel/UCKw86qy4eBAInmd52MND45Q?view_as=subscriber
周国威
董事
瑞银亚洲股票衍生产品销售部
本产品并无抵押品。 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。笔者为UBS AG的代表(作为证监会持牌人)，并未持有相关上市公司的任何财务权益。本资料由瑞银刊发，其并不构成买卖建议、邀请、要约或游说。结构性产品价格可急升或急跌，投资者可能会蒙受全盘损失。过往表现并不反映将来表现。牛熊证备强制赎回机制而可能被提早终止，届时 (i) N类牛熊证投资者将不获发任何金额;而(ii) R类牛熊证之剩余价值可能为零。投资前应了解有关风险，并谘询专业顾问及查阅有关上市文件。UBS Securities Hong Kong Limited为结构性产品之流通量提供者，亦可能是唯一报价者或市场参与者。(C)UBS 2020。版权所有。~
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