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Warrants Implied Volatility
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。
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。
上周恒指以整固爲主，多次下試由5月底部向上延伸的中期升軌約21400-21500水平，低位見21200點，但日内跌幅得以收窄，全周整體走勢或仍處於上升軌道之上。但今早（11日）低開約250點後持續走低，曾失守上周低位21200點。 投資者如看好恒指，或可留意恒指購13600，行使價24000點，實際槓桿12.5倍，引伸波幅25.6%，換股比率5500兌1，2022年10月28日到期；如看淡，或可留意恒指沽14238，行使價20400點，實際槓桿8.9倍，引伸波幅29.1%，換股比率9000兌1，2022年10月28日到期。
阿里（9988）上周五（8日）全日走勢硬净，高開4.5%後，全日升幅基本維持在4%左右，收報121元，升3.7%。惟國内反壟斷又有新動向，據報，市監局根據反壟斷法對包括阿里在内的多間企業作出處罰，因其未依法申報併購案件。 阿里股價近期曾多次受制於3月高位約120元位置，今早（11日）再度於此關口受壓回調，一度跌近7%至113元附近。投資者如看好阿里，或可留意阿里購22720，行使價140元，實際槓桿4.3倍，引伸波幅56.2%，換股比率100兌1，2022年12月28日到期；如看淡，或可留意阿里沽21495，行使價108.88元，實際槓桿4.5倍，引伸波幅65%，換股比率100兌1，2022年09月29日到期。
醫藥股近期見反彈，藥明生物（2269）自6月上旬展開升浪，至今股價反彈近40%，上周亦曾傳出藥明旗下兩子公司或有機會移除出美國制裁名單的消息。近日股價有所回調，暫時連跌第3天，今早（11日）股價偏軟，暫時跌近4%至77元附近。投資者如對藥明後市看好，想候低吸納的話，或可留意藥明購20289，行使價105元，實際槓桿3.4倍，引伸波幅74.2%，換股比率50兌1，2023年01月30日到期
石藥集團（1093）新冠mRNA疫苗開始第二期臨床測試，消息或刺激股價上周五（8日）升近6%，今早（11日）則要隨大市回調近3%，報8.2元左右。回顧石藥股價自6月中旬開始反彈，至今升約14%，投資者如繼續看好石藥，或可留意石藥購12444，行使價9元，實際槓桿6.6倍，引伸波幅53.1%，換股比率5兌1，2022年09月29日到期。
七一假期前夕恒指表現反覆，上周四（6月30日）曾下試上周上升裂口下方約21700點水平，今早（7月4日）又一度跌穿100天綫，最多跌約401點見21458點低位，其後跌幅顯著收窄，繼續於21800點附近拉鋸。投資者如看好恒指，或可留意恒指購13600，行使價24000點，實際槓桿11.4倍，引伸波幅27.3%，換股比率5500兌1，2022年10月28日到期；如看淡，或可留意恒指沽14238，行使價20400點，實際槓桿8.1倍，引伸波幅29.4%，換股比率9000兌1，2022年10月28日到期。
港交所（0388）在6月24日突破了100天綫後，上周一（6月27日）又以上年7月以來最大成交額約82億，裂口再上升約7%報400.2元，日内高位見404.2元，升穿了3月份中旬頂部約395元水平，創下自2月以來新高，但其後數日走勢有所回調，今早（7月4日）更曾跌逾5%至366元附近，與6月14日最低位334.2元相比，則仍有約10%升幅。消息方面，今日ETF通正式交易，或有望刺激大市交投或利好港交所股價表現。 投資者如看好港交，或可留意港交購27680，行使價448元，實際槓桿10.5倍，引伸波幅39.5%，換股比率100兌1，2022年09月29日到期；如看淡，或可留意港交沽28040，行使價318元，實際槓桿5.6倍，引伸波幅38.0%，換股比率100兌1，2022年12月29日到期。
上周傳出騰訊（0700）遭南非大股東違背“三年不賣“承諾持續減持的消息，雖然騰訊上月曾三次進行股份回購，但截至上周四（6月30日）收市，一周4日累計仍跌約8%，報354.4元，失守50天綫。 投資者如想候低吸納，或可留意騰訊購19406，行使價420元，實際槓桿7.4倍，引伸波幅45.1%，換股比率100兌1，2022年10月28日到期；但相反，如看淡則可留意騰訊沽16103，行使價328.88元，實際槓桿8.1倍，引伸波幅46.2%，換股比率97.087兌1，2022年08月30日到期。
恒生指數在上周五（24日）突破維持了近兩周的20700-21500點橫行區間，今日（27日）更承接外圍升勢裂口高開逾200點，日内暫時最多曾升近700點，最高暫見22414點。CitiFirst網站輪證樂觀/悲觀情緒資金流資料顯示，過去5日恒指樂觀/悲觀資金流比例約4:6，悲觀資金流接近9億，顯示輪證投資者偏向在恒指的升浪中或偏向沽出看好產品鎖定利潤，或買入看淡產品部署技術回調。投資者如看淡，或可於高位留意恒指沽14238，行使價20400點，實際槓桿8.5倍，引伸波幅29.4%，換股比率9000兌1，2022年10月28日到期。相反，如對後市繼續看好的投資者，或可留意恒指購13600，行使價24000點，實際槓桿11.0倍，引伸波幅25.9%，換股比率5500兌1，2022年10月28日到期。
接連有利好汽車市場的政策出台，有報導指，國務院總理李克強再稱實施一系列支持汽車消費措施，釋放汽車消費潛力，當中包括活躍二手車市場，促進汽車更新消費等方向等，並預計今年增加汽車及相關消費約2,000億元人民幣。吉利（0175）近期升勢頗強，上周合計升超過20%，周五（24日）股價升穿2月份頂部約17.5元水平，最多升9.5%高見18.44元，並逼近200天綫，14天RSI亦升至75左右超買區附近。截至今日（27日）開市，吉利繼續向上，暫時最高曾見19.14元。 投資者如繼續看好吉利，或可留意吉利購23255，行使價20元，實際槓桿6.8倍，引伸波幅56.2%，換股比率10兌1，2022年09月29日到期；如看淡，或可留意吉利沽21046，行使價17元，實際槓桿2.8倍，引伸波幅60.7%，換股比率10兌1，2022年10月28日到期。
在國内不同城市的政策上，亦有利好新能源汽車消息：廣州市政府宣傳落實汽車以舊換新政策，對報廢或轉出個人名下廣東號牌舊車在市內以舊換新，指定車型有機會獲3,000元至10,000人民幣補貼，而個人消費者2022年6月30日前在省內以舊換新方式購買新能源汽車新車，每輛可獲補貼8,000元；北京市商務局等七部門印發《北京市關於鼓勵汽車更新換代消費的方案》通知時，亦提出相關政策方案。内地新能源汽車龍頭比亞迪（1211）上周重返300元以上，再次逼近前歷史高位320元關口附近。 投資者如看好比迪，或可留意比迪購18455，行使價388.00元，實際槓桿4.6倍，引伸波幅57.8%，換股比率100兌1，2022年12月2日到期；如看淡，或可留意比迪沽17575，行使價250元，實際槓桿3倍，引伸波幅59.3%，換股比率100兌1，2022年12月29日到期。