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Warrants Implied Volatility
恒指重上24000點水平之後延續强勢，走勢呈反覆向上，今天則見回吐，截至上日（11日），恒指牛熊街貨比例為65.8：34.2，在23900-23999點區間有明顯重貨，相關對冲期指合約張數1283張。 投資者如看好恒指，或可留意恒指牛60992，收回價23600點，槓桿比率39.8 倍，換股比率10000 兌 1，2028年04月27日到期；如看淡，或可留意恒指熊58203，收回價24708點，槓桿比率35.7 倍，換股比率10000 兌 1，2027年05月28日到期。
中資金融股、内險股受市場追捧，中人壽（2628）突破前區間頂部約16.3元位置之後升勢凌厲，今早（12日）一度抽升，高位報18.72元，其後顯著回落至18元之下形成長上影綫，顯示高位可能缺少承接，而其14天相對强弱指數約77.5，技術上屬超買範圍。 投資者如看好中壽，或可留意中壽購29452，行使價20.93元，實際槓桿7.6 倍，換股比率10 兌 1，2025年09月23日到期；如看淡，或可留意中壽沽13707，行使價13.9元，實際槓桿5.9 倍，換股比率10 兌 1，2025年11月28日到期。
醫藥股亦獲市場追捧，如石藥（1093）、中生製藥（1177）等股份近日均見强勢，而國藥（1099）估值及股價位置相對為低，投資者如看好國藥，可留意國藥購14547，行使價25元，實際槓桿5.4 倍，換股比率10 兌 1，2025年09月30日到期。
另一市場焦點個股泡泡瑪特（9992）持續强勢，今早一度逆市再創上市新高，其後亦隨大市收窄升幅，輪場好淡倉資金均活躍。 投資者如看好泡瑪，或可留意泡瑪購17064，行使價401.08元，實際槓桿3.4 倍，換股比率100 兌 1，2025年11月21日到期；如看淡，或可留意泡瑪沽17386，行使價167.9元，實際槓桿2.6 倍，換股比率100 兌 1，2025年11月27日到期。
恒指近期沿20天綫反覆，根據花旗認股證/牛熊證網站數據，截至上日（3日），過去5日恒指平均上落波幅約330點，恒指牛熊街貨比例介乎53.3：46.7，牛熊重貨區域分別位於22600-22699及24000-24099點區間。 投資者如看好恒指，或可留意恒指牛59240，收回價23280點，槓桿比率57.3 倍，換股比率10000 兌 1，2028年02月28日到期；如看淡，或可留意恒指熊60710，收回價24050點，槓桿比率42.7 倍，換股比率10000 兌 1，2026年04月29日到期。
中國商務部等五部門組織開展2025年新能源汽車下鄉活動，比亞迪（1211）旗下多款車型納入活動車型目錄中，股價近期反覆測試50天綫位置支持。 投資者如看好比迪，或可留意比迪購15612，行使價510.61元，實際槓桿8.8 倍，換股比率100 兌 1，2025年08月11日到期；如看淡，或可留意比迪沽16608，行使價320.91元，實際槓桿7 倍，換股比率100 兌 1，2025年09月15日到期。
焦點個股泡泡瑪特（9992）今天（4日）續創新高，輪場好淡倉資金活躍。 投資者如看好泡瑪，或可留意泡瑪購17064，行使價401.08元，實際槓桿3.4 倍，換股比率100 兌 1，2025年11月21日到期；如看淡，或可留意泡瑪沽17062，行使價153.4元，實際槓桿2.8 倍，換股比率100 兌 1，2025年10月31日到期。
阿里（9988）績後股價下挫，拖累恒指上周五（16日）早段受壓最多跌逾260點，雖然午後跌幅收窄，最後收市亦失守5天綫水平，為5月份首次。今早（19日）亦進一步受壓，截至上周五，恒指牛熊街貨比例為68.6:31.4，牛證在22900-22999點區間有較重街貨，相關對冲期指合約張數達1149張。 投資者如看好恒指，或可留意恒指牛69688，收回價22662點，槓桿比率39.3 倍，換股比率10000 兌 1，2027年09月29日到期；如看淡，或可留意恒指熊55658，收回價23700點，槓桿比率33.6 倍，換股比率10000 兌 1，2027年12月30日到期。
阿里績後挨沽，上周五裂口下挫之後，今天進一步下試120元或20天綫水平。 投資者如看好阿里，或可留意阿里購15988，行使價140.1元，實際槓桿6.4 倍，換股比率100 兌 1，2025年09月30日到期；如看淡，或可留意阿里沽13926，行使價102.78元，實際槓桿7.3 倍，換股比率50 兌 1，2025年08月22日到期。
寧德時代（3750）赴港上市，將於明天（5月20日）開始交易，招股價定於263元，花旗發行認購證將於同日上市。 投資者如看好寧德，或可留意寧德購16734，行使價318元，換股比率100 兌 1，2025年11月19日到期；或可留意寧德購16736，行使價380元，換股比率100 兌 1，2025年11月19日到期；或可留意寧德購16735，行使價428元，換股比率100 兌 1，2025年11月19日到期。
恒指周二（21日）以長下影綫收市，上日（22日）隨即以陰燭回吐，未能於20000點水平站穩，日綫雖仍處於多條移動平均綫之上，惟自去年10月高位計起，整體走勢暫仍呈一頂低於一頂，短期觀之，恒指周一（20日）仍有上升裂口，裂口底部位於約19640點。 投資者如看好恒指，或可留意恒指牛67988，收回價19180點，槓桿比率31.9 倍，換股比率10000 兌 1，2025年09月29日到期；如看淡，或可留意恒指熊65308，收回價20228點，槓桿比率35.3 倍，換股比率10000 兌 1，2026年12月30日到期。
中國國新辦今早（23日）舉行新聞發佈會，明確中長期資金入市指標，未來三年公募基金持有A股流通市值每年至少增長10%，國有大型保險公司每年新增保費的30%用於投資A股。
中資金融股今天普遍强勢，平保（2318）今早曾上試20天綫水平。 投資者如看好平保，或可留意平保購29165，行使價52.36元，實際槓桿11.7 倍，換股比率10 兌 1，2025年03月24日到期；如看淡，或可留意平保沽27717，行使價35.35元，實際槓桿10.8 倍，換股比率10 兌 1，2025年04月01日到期。
中資電訊股今日表現則靠穩，中移動（941）連日於20天綫下方爭持。 投資者如看好中移，或可留意中移購26663，行使價88.05元，實際槓桿13.4 倍，換股比率10 兌 1，2025年06月23日到期；如看淡，或可留意中移沽26039，行使價62.63元，實際槓桿14.8 倍，換股比率10 兌 1，2025年06月25日到期。
12月第一個交易日，恒指繼續於10天綫附近整固向好，截至上日，恒指牛熊街貨比例約為53：47，牛證重貨區位於19000-19099點水平，相關對冲期指合約張數逼近1200張，但見輕微減倉，而更貼價的牛證及熊證均見不同程度的加倉。 投資者如看好恒指，或可留意恒指購28699，行使價22110點，實際槓桿11.3 倍，換股比率9700 兌 1，2025年04月29日到期；或可留意恒指牛56435，收回價18600點，槓桿比率19.2 倍，換股比率20000 兌 1，2027年07月29日到期。如看淡，或可留意恒指沽27879，行使價18905點，實際槓桿9.9 倍，換股比率6800 兌 1，2025年03月28日到期；或可留意恒指熊60432，收回價20100點，槓桿比率35 倍，換股比率10000 兌 1，2027年12月30日到期。
美團（3690）上周五公佈業績勝預期，唯股價表現周一偏軟，周一低開逾5%，最低曾見159.9元低位，之後跌幅逐步收窄，中段更一度轉升。 投資者如看好美團，或可留意美團購28650，行使價207.2元，實際槓桿5.7 倍，換股比率100 兌 1，2025年04月23日到期；如看淡，或可留意美團沽28476，行使價124.3元，實際槓桿5.9 倍，換股比率50 兌 1，2025年04月23日到期。
澳門11月博彩收入勝預期，澳門濠賭股板塊周一普遍上揚，當中，銀娛（0027）承接上周五升勢向好，周一一度逼近200天綫，而金沙（1928）升幅更爲顯著，一度逼近10月反彈頂部。 投資者如看好銀娛，或可留意銀娛購27768，行使價50元，實際槓桿7.8 倍，換股比率10 兌 1，2025年04月02日到期；如看淡，或可留意金沙購28818，行使價29.33元，實際槓桿6.2 倍，換股比率10 兌 1，2025年04月01日到期。
上日午後恒指顯著抽升，嘗試重返10天綫水平，截至上日，恒指牛熊街貨比例約為51：49，牛證重貨區位於19000-19099點水平，相關對冲期指合約張數超過1100張，熊證比例在上日則見減少，最新重貨區則位於19700-19799點水平。 投資者如看好恒指，或可留意恒指牛56435，收回價186000點，槓桿比率24.8 倍，換股比率20000 兌 1，2027年07月29日到期；如看淡，或可留意恒指熊60435，收回價20000點，槓桿比率32.9 倍，換股比率10000 兌 1，2027年11月29日到期。
美團（3690）明天公佈業績，上日帶領大市反彈，嘗試突破近兩周短期區間頂部約176元水平。 投資者如看好美團，或可留意美團購28650，行使價207.2元，實際槓桿5.4 倍，換股比率100 兌 1，2025年04月23日到期；如看淡，或可留意美團沽28476，行使價124.3元，實際槓桿5.5 倍，換股比率50 兌 1，2025年04月23日到期。
騰訊（0700）近期傾向與大市同步，早前隨大市下試100天綫水平，股價在400元附近位置反覆。 投資者如看好騰訊，或可留意騰訊購26591，行使價450.2元，實際槓桿9.8 倍，換股比率100 兌 1，2025年03月26日到期；如看淡，或可留意騰訊沽28011，行使價363.43元，實際槓桿9.7 倍，換股比率100 兌 1，2025年03月25日到期。
恒指未能於100天綫站穩，短綫跌破8月上旬向上延伸的上升軌，今早（4日）隨外圍受壓，進一步跌破50天綫位置。 投資者如看好恒指，或可留意恒指牛66685，收回價16877點，槓桿比率32.7 倍，換股比率10000 兌 1，2025年09月29日到期；如看淡，或可留意恒指熊68834，收回價18000點，槓桿比率25.5 倍，換股比率10000 兌 1，2025年05月29日到期。
國際油價下挫，本港油股受壓，中海油（883）今早曾跌近半成，回落至保力加通道中軸下方，下試20元位置。 投資者如看好海油，或可留意海油牛57924，收回價18.2元，槓桿比率11.6 倍，換股比率50 兌 1，2026年07月02日到期；如看淡，或可留意海油熊65570，收回價22元，槓桿比率7.3 倍，換股比率50 兌 1，2025年07月02日到期。
金屬商品相關股份方面，紫金（2899）裂口低開低走，跌破7月尾8月初底部約14.74元水平，下試250天綫，投資者如看好紫金，或可留意紫金購24051，行使價17.4元，實際槓桿8.2 倍，換股比率10 兌 1，2024年12月20日到期。
洛鉬（3993）今早同樣受壓，股價下試近期底部200天綫支持。如看好，或可留意洛鉬購27136，行使價7.7元，實際槓桿5.2 倍，換股比率5 兌 1，2025年03月21日到期。
恒指上日（20日）於保力加通道頂部高開低走，以陰燭收市，未能延續升勢，今早（21日）低開約200點回試250天綫，截至上日，恒指牛熊街貨比例約52:48，牛證重貨集中於貼價的17100-17199點區間，相關對冲期指合約張數超過1200張，熊證則位於18000-18099區間，相關對冲期指合約張數超過1000張。 投資者如看好恒指，或可留意恒指牛66685，收回價16877點，槓桿比率32.1 倍，換股比率10000 兌 1，2025年09月29日到期；如看淡，或可留意恒指熊64698，收回價17800點，槓桿比率34.7 倍，換股比率10000 兌 1，2025年04月29日到期。
據外媒報導，京東（9618）大股東尋求出售其所持有的京東股份，京東今早低開逾一成下試紅底。投資者如看好京東，或可留意京東購26078，行使價120.09元，實際槓桿7.1 倍，換股比率50 兌 1，2024年12月05日到期；如看淡，或可留意京東沽27007，行使價96.94元，實際槓桿3.9 倍，換股比率50 兌 1，2025年02月05日到期。
另外，快手（1024）績後顯著下挫，截至今早最多曾跌12%。投資者如看好快手，或可留意快手購24625，行使價50.6元，實際槓桿3.6 倍，換股比率50 兌 1，2025年09月11日到期。
小米（1810）今晚將公佈業績，股價月初自200天綫約15.5元位置獲支持展開反彈，本周試探18元水平回落，現價仍處於區間頂部附近。 投資者如看好小米，或可留意小米購21593，行使價19.82元，實際槓桿7.7 倍，換股比率10 兌 1，2024年12月24日到期；如看淡，或可留意小米沽25150，行使價17.08元，實際槓桿5.3 倍，換股比率10 兌 1，2024年12月20日到期。
港股周二（19日）受壓偏軟，恒指下挫失守100天綫水平，資金流入貼價熊證部署，16800至16999點收回區間上日合共錄得接近1000張相關對冲期指合約加倉。 投資者如看好恒指，或可留意恒指牛51802，收回價16138點，槓桿比率34.3 倍；如看淡，或可留意恒指熊52706，收回價16808點，槓桿比率45.8 倍，也可留意收回價較遠的恒指熊52361，收回價17000點，槓桿比率30.5 倍。
有内媒指理想汽車（2015）新車Mega訂單不及預期並低於工廠產能，公司或考慮下調銷量目標，理想股價截至上日連跌4天失守250天綫，周二收報127.9元，全日跌8%。 投資者如看好理想，或可留意理想購22742，行使價188.98元，實際槓桿5 倍，換股比率100 兌 1，2024年08月27日到期；如看淡，或可留意理想沽23292，行使價100元，實際槓桿2.4 倍，換股比率100 兌 1，2024年11月21日到期。
今晚騰訊（0700）公佈業績，股價最近於約280至295元之間窄幅上落，整體走勢整固待變。 投資者如看好騰訊，或可留意騰訊牛68020，收回價263元，槓桿比率10.4 倍，換股比率500 兌 1，2024年08月01日到期；如看淡，或可留意騰訊熊64384，收回價310元，槓桿比率11.9 倍，換股比率500 兌 1，2025年04月01日到期。
上日（5日）恒指走勢繼續受壓尋底，弱勢仍然未止，繼早前新經濟股美團（3690）、阿里（9988）等拖累大市下跌之後，近日傳統板塊如友邦（1299）、港交所（0388）等亦大幅偏軟。但今早（6日）恒指輕微喘定，暫見反彈100點左右， 投資者如看好恒指，或可留意恒指牛54704，收回價16000點，槓桿比率29.9 倍，換股比率10000 兌 1，2023年12月28日到期；如看淡，或可留意恒指熊61793，收回價17000點，槓桿比率24.9 倍，換股比率10000 兌 1，2026年11月27日到期。
友邦（1299）上月於73元附近遇上阻力，股價截至周二連續8日收跌，累計跌幅超過13%，今早則仍要逆市受壓，一度低見61.6元，逼近今年低位61.15元後跌幅顯著收窄。 投資者如看好友邦，或可留意友邦牛52323，收回價59元，槓桿比率12.1 倍，換股比率100 兌 1，2024年02月01日到期；如看淡，或可留意友邦沽19582，行使價54.8元，實際槓桿新上市，換股比率10 兌 1，2024年03月21日到期。
在科網股中較為强勢的騰訊（0700）上月反彈至330元附近亦遇阻，股價連日靠穩橫行於100天綫上方，周二失守該水平並下試50天綫約305元的位置，今早則可隨大市反彈。投資者如看好騰訊，或可留意騰訊牛65298，收回價281元，槓桿比率8.3 倍，換股比率500 兌 1，2024年08月01日到期；如看淡，或可留意騰訊熊52990，收回價340元，槓桿比率9.4 倍，換股比率500 兌 1，2024年01月03日到期。