《高盛認股證牛熊證》 阿里波幅迫近半年低 窩輪槓桿吸引 留意貼價購28396、高槓桿購13228
正股表現：阿里(9988)昨日終止三連跌，升約0.6%，惟今早再度下跌，最低見221元，迫近半年低位。現報221.2元，跌約1.8%。有券商指阿里管理層表示，會持續投入新興業務以優化供給側優勢，當中阿里料淘寶直播網站的成交總金額將保持較高增速。該行維持對阿里「跑贏行業」投資評級，目標價304元。
資金流向：觀察個股輪證資金流向，可見認購證於上週五及本週一共錄得約1,940萬元資金流入後，昨日與認沽證獲資金轉向沽出。牛熊證方面，則見熊證獲資金轉向流入。而昨日流入牛證的資金則集中在215元以上收回價的產品。
產品選擇：仔細觀察阿里個股專頁，可見阿里近期波幅回調，並使窩輪價格減少。而相比之前高波幅水平之下，窩輪現時能提供更高槓桿。例如年期約2個月，價外幅度約10%的阿里購13228，已能提供10倍左右的槓桿。對比與現價約10%收回距離的阿里遠牛55315，阿里購13228能提供更高槓桿，而且無收回風險，更值得看好的投資者留意。
阿里購13228，行使價243.08元，2021年07月23日到期，實際槓桿10.5倍，高槓桿
阿里牛55315，收回價200.18元，行使價198.18元，換股比率500，槓桿比率9.0倍，近10%收回距離遠牛
此外，投資者如看好，認購證方面的貼價選擇可留意價外幅度約5%的短期阿里購28396。牛證方面的近牛選擇可留意阿里牛64595，與現價有約11元收回距離。
阿里購28396，行使價232.2元，2021年06月24日到期，實際槓桿12.2倍，貼價、短期、高槓桿
阿里牛64595，收回價210.18元，行使價208.18元，換股比率500，槓桿比率15.4倍，相近收回價近牛中槓桿最高
投資者如看淡，認沽證方面可留意年期約3個月，屬貼價的阿里沽19740。熊證方面可留意屬貼熊的阿里熊68791，與現價有約18.8元收回距離。
阿里沽19740，行使價204.68元，2021年07月26日到期，實際槓桿9.1倍，貼價
阿里熊68791，收回價240元，行使價242元，換股比率500，槓桿比率9.8倍，高槓桿近熊
註: 以上數據資料來自高盛認股證牛熊證網站https://www.gswarrants.com.hk/~
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