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Warrants Implied Volatility
港股踏入業績期，恒指暫時於去年年高位23241點水平門前受阻，今天（20日）高位回吐，截至上日（19日），恒指5天平均上落波幅約580點，牛熊街貨比例約59：41。 投資者如看好恒指，或可留意恒指牛55562，收回價22150點，槓桿比率39.1 倍，換股比率10000 兌 1，2025年07月30日到期；如看淡，或可留意恒指熊56030，收回價23150點，槓桿比率42.8 倍，換股比率10000 兌 1，2026年12月30日到期。
美團（3690）擬為外賣騎手繳納社保計劃，引投資者憂慮其業務成本上升，美團股價今天裂口低開承壓挫逾半成，下試20日綫水平。 投資者如看好美團，或可留意美團購29030，行使價234.08元，實際槓桿6.5 倍，換股比率100 兌 1，2025年06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8.4 倍，換股比率50 兌 1，2025年04月23日到期。
阿里（9988）今晚公佈業績，另外，根據内媒報導，早前確認與阿里合作的蘋果公司，其最新有關Apple Intelligence的資料顯示，該AI功能將支持簡體中文。 投資者如看好阿里，或可留意阿里牛55575，收回價106元，槓桿比率6.2 倍，換股比率500 兌 1，2026年02月27日到期；如看淡，或可留意阿里熊56018，收回價131元，槓桿比率13.3 倍，換股比率100 兌 1，2026年12月31日到期。
恒指本周暫呈反復向上格局，上日（6日）早段小幅震蕩過後，午後越升越有，並以日内高位收市。
在技術層面，恒指下方有位於約20200水平之上升裂口尚未完全回補；向上觀望，市場下一關注之短綫目標則可能是去年12月初高位21070點位置。 投資者如看好恒指，或可留意恒指牛69300，收回價20600點，槓桿比率39.5 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55363，收回價21600點，槓桿比率36.1 倍，換股比率10000 兌 1，2025年04月29日到期。
上日有接近3800萬元資金流入平保（2318）牛證，平保上月末重上20天綫以來，於約44元水平進行整固，上日數據顯示，場上大多數平保牛證街貨量已接近100%，投資者在選擇相關產品時，宜多加關注街貨水平。 投資者如看好平保，或可留意低街貨的平保牛67475，收回價36.5元，槓桿比率5.7 倍，換股比率100 兌 1，2026年10月30日到期；如看淡，或可留意平保熊65579，收回價51元，槓桿比率5.6 倍，換股比率100 兌 1，2026年04月30日到期。
小米（1810）股價反復向上，持續破頂，雷軍表示本月末將發佈Ultra版新手機及汽車。 投資者如看好小米，或可留意小米牛69306，收回價38.95元，槓桿比率9.8 倍，換股比率100 兌 1，2025年10月31日到期，為本日全場槓桿比率最高產品；如看淡，或可留意小米熊68880，收回價45元，槓桿比率15.6 倍，換股比率100 兌 1，2026年12月31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。
恒指周三全日於20天綫水平上落，收報19742點，全日跌3點，大市成交金額約1312億，較上日略微回升。 投資者如看好恒指，或可留意恒指牛62524，收回價19100點，槓桿比率26 倍，換股比率20000 兌 1，2027年10月28日到期；如看淡，或可留意恒指熊60372，收回價20400點，槓桿比率30.4 倍，換股比率10000 兌 1，2027年12月30日到期。
中國乘用車市場信息聯席會公布初步統計數據顯示，11月，新能源車市場零售127.7萬輛，按年增長52%，按月增長7%，另外据報道，比亞迪（1211）目前已組裝逾30%蘋果iPad平板電腦。比亞迪更表示，下一個重要行動將是與輝達(Nvidia)合作，為工廠開發人工智能(AI)驅動的機械人。比亞迪股價近日於10天綫及20天綫之間整固，周三收報260.4元，全日跌0.8%。 投資者如看好比迪，或可留意比迪購25764，行使價275.2元，實際槓桿9.1 倍，換股比率100 兌 1，2025年02月18日到期；如看淡，或可留意比迪沽28013，行使價248.88元，實際槓桿5.8 倍，換股比率100 兌 1，2025年04月07日到期。
小米（1810）股價近日於20天綫尋得支持反彈，周三再度逼近11月高位近30元水平，收報29.1元，全日冇升跌。 投資者如看好小米，或可留意小米購28870，行使價34.6元，實際槓桿6.4 倍，換股比率10 兌 1，2025年05月06日到期；如看淡，或可留意小米沽29138，行使價23.38元，實際槓桿5.7 倍，換股比率10 兌 1，2025年05月06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。
美聯儲減息50點子，内地上證指數上日（18日）下試2700點水平後今天（19日）反彈，港股今天亦整體向好，恒指早前回補月初裂口後，今早上試100天綫逼近18000點水平，技術走勢上已暫時形成連續7支陽燭，由9月16日計起的三支大陽燭呈一頂高於一頂。 投資者如看好恒指，或可留意恒指牛69895，收回價17408點，槓桿比率29.8 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62250，收回價18400點，槓桿比率34.4 倍，換股比率10000 兌 1，2026年02月26日到期。
中移動（0941）除息後回落至70元水平或200天綫附近，近期在該水平逐漸靠穩，周二（17日）重返10天綫之上。 投資者如看好中移，或可留意中移購23657，行使價82元，實際槓桿14.8 倍，換股比率10 兌 1，2025年02月20日到期；如看淡，或可留意中移沽26039，行使價62.63元，實際槓桿9.5 倍，換股比率10 兌 1，2025年06月25日到期。
美團（3690）技術走勢强勢，股價早前站上120元水平後進一步走強，上試5月份的年内高位，暫見年内新高。 投資者如看好美團，或可留意美團購21364，行使價135.1元，實際槓桿5.4 倍，換股比率100 兌 1，2025年02月11日到期；如看淡，或可留意美團沽26519，行使價94.95元，實際槓桿6.8 倍，換股比率50 兌 1，2025年02月14日到期。
中國電器巨頭美的集團（0300）周二在港首日掛牌，較定價升約8%，而同業海爾名下海爾智家（6690）則跑輸大市，股價逆市下跌，海爾智家今天隨大市向好突破50天綫短綫阻力。投資者如看好海智，或可留意海智購26659，行使價32.5元，實際槓桿6.4 倍，換股比率10 兌 1，2025年02月14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。
恒指於18400點水平附近爭持多日，今早（5日）終於升穿10天綫位置阻力，整體牛熊證街貨分佈仍以牛證比重稍高，牛熊街貨比例約52.4:47.6。 投資者如看好恒指，或可留意恒指牛60291，收回價18200點，槓桿比率39.1 倍，換股比率10000 兌 1，2024年09月27日到期；如看淡，或可留意恒指熊59957，收回價19000點，槓桿比率40 倍，換股比率10000 兌 1，2025年04月29日到期。
國際油價顯著回落，紐約期油跌破75美元逼近2月份低位。股價一路强勢的中海油上日（4日）低開，不過日内能收窄跌幅，大筆資金入場部署好倉。 投資者如看好海油，或可留意海油購24333，行使價23.93元，實際槓桿9.6 倍，換股比率5 兌 1，2024年10月03日到期；如看淡，或可留意海油沽24822，行使價17元，實際槓桿7.6 倍，換股比率5 兌 1，2024年11月05日到期。
暑期臨近，金沙於19元附近位置爭持整固多日，走勢相較其他濠賭股落後。 投資者如看好金沙，或可留意金沙購25525，行使價25.05元，實際槓桿5.8 倍，換股比率10 兌 1，2024年12月19日到期；如看淡，或可留意金沙沽22214，行使價18.48元，實際槓桿6.8 倍，換股比率10 兌 1，2024年08月22日到期。