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馮兆山先生(Michael Fung)
經理

現任職輝立經理,對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
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建設銀行(939HK):靈活運用期權策略,兩手準備迎接波動市況

Monday, October 24, 2022 Views4992

# 建設銀行(939HK):靈活運用期權策略,兩手準備迎接波動市況

 

# 建設銀行於香港交易所上市, 編號為939HK;同時亦在上海交易所上市, 編號為 601939。

# 成立於1954年10月, 總部設於中國北京。集團是一家中國綜合性大型國有商業銀行, 提供個人銀行業務、公司銀行業務、投資理財等金融服務。

# 近年, 建設銀行致力發展個人銀行業務、公司銀行業務、投資理財等全面的金融服務。

在基金、租賃、信託、保險、期貨、養老金、投行等多個行業擁有子公司,境外機構覆蓋三十個國家和地區,擁有各級境外機構二百多家。

 

# 2022年上半年度業績表現

# 2022年上半年度, 集團之股東應佔溢利上升5.4% 至1616.42億元人民幣。

# 淨利息收入增長7.2% 至3173.4億元人民幣。

# 淨利息收益率和淨利差分別收窄4點子及5點子, 至2.09% 及 1.9%。

# 非利息收減少13.9% 至730.21億元人民幣, 佔總收入18.7%, 上年同期為22.3%。

# 經營支出增加上升16.2% 至2191.82億元人民幣, 成本對收入比率由去年同期之23.1% 升至24.3%。

# 貸款減值支出為1032.94億元人民幣。不良貸款率由去年底之1.42% 降至1.40%。

# 客戶存款及貸款分別為241,845億元人民幣及196,940億元人民幣。

# 貸存比率由去年底的81.2% 升至 81.4%。

# 公司銀行、個人銀行及資金業務分別佔稅前溢利26.1%、62.8% 及8.1%,去年同期分別佔18.4%、63.3% 及 11.7%。

 

# 2019年度至2022年上半年度:財務資料及重要財務比率一覽:

 

# 圖表技術分析:

# 以月線圖看, 939HK 自從2018年1月見高位 = HK$9.39後, 便開始一浪低於一浪的下跌趨勢;看來中、長期下跌趨勢已成。

# 以月線圖看, 目前939HK的較明顯阻力位為 SMA(10) = HK$5.335 及SMA(20) = HK$5.546;而較明顯的支持位為 2016年2月的低位 = HK$4.31。

 

# 投資策略:

# 「看好」部署:939HK 股價跌近 HK$4.31的支持位時, 可考慮沽出即月, 或下月, 行使價為HK$4.0的「認沽期權」 – 收取期權金, 賺取時間值損耗。

# 「看淡」部署:939HK股價升近HK$5.3 – HK$5.5阻力位時, 可考慮沽出即月, 或下月, 行使價為HK$5.8的「認購期權」 – 同樣是收取期權金, 賺取時間值損耗。

# 期權策略的一大好處是, 投資者可以因應市況, 於區間內同時靈活運用「看好」及「看淡」策略,賺取期權金收入。

 

本人馮兆山為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之證券的所有相關財務權益.

I, Michael Fung, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto.

 

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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