《瑞銀窩輪》阿里剛突破、平保仍「落後」?
本週初段恆指衝穿25000點並企穩後，很快便在A股帶動下把26000點關口亦一併攻破，更曾高見近26800點水平，由6月底短短5個交易日便升超過2000點。很多投資者都不必反映得切，造淡又擔心大成交升巿仍有餘波，造好又擔心高追。
跟進本欄早前的分析，6月底起至7初的升巿，跟3月起的反彈浪的分別在於升勢不再是集中在騰訊(0700)，而是比較全面，尤其中資金融股中，當中又以內險股走勢較受惠A股而比較強。雖然平保(2318)一週內由80港元升至90港元，升幅達12%，但相比國壽(2628)最多近2成的升幅，平保短線仍算落後。加上該股過去1年大部份時間在90港元附近上落，剛升穿250天線約87.4港元。今轉升勢又A股被捧「入牛巿」所帶動，那相對「落後」的平保或仍可考慮。如看好，CALL輪選擇可留意28553，行使價91.93港元，20年9月到期，有效槓桿約10倍。
另外，之前提及阿里巴巴(9988)亦是「ATM」中的落後之選，本週果見突破，終於升穿年初227.4港元的高位，蓄勢挑戰240港元水平。雖然如此，相比屢創新高的騰訊及美團(3690)頻頻破頂，阿里巴巴仍算落後。大巿在高位時，值搏率上阿里在ATM中短期或仍有值搏率。如投資者看好阿里，可留意阿里巴巴認購11847，行使價265.2港元，20年12月到期，有效槓桿約6.9倍。
筆者持有阿里巴巴
更多窩輪牛熊資訊：瑞銀證網站: www.ubs.com/hkwarrants
窩證教學及巿況焦點短片:
https://www.youtube.com/channel/UCKw86qy4eBAInmd52MND45Q?view_as=subscriber
周國威
董事
瑞銀亞洲股票衍生產品銷售部
本產品並無抵押品。 如發行人無力償債或違約,投資者可能無法收回部份或全部應收款項。筆者為UBS AG的代表(作為證監會持牌人)，並持有相關上市公司的任何財務權益。本資料由瑞銀刊發，其並不構成買賣建議、邀請、要約或遊說。結構性產品價格可急升或急跌，投資者可能會蒙受全盤損失。過往表現並不反映將來表現。牛熊證備強制贖回機制而可能被提早終止，屆時 (i) N類牛熊證投資者將不獲發任何金額;而(ii) R類牛熊證之剩餘價值可能為零。投資前應瞭解有關風險，並諮詢專業顧問及查閱有關上市文件。UBS Securities Hong Kong Limited為結構性產品之流通量提供者，亦可能是唯一報價者或巿場參與者。(C) UBS 2020。版權所有。~
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