Original title: “Credit Suisse Warrant” [Credit Suisse Stock Round Review] Hong Kong stocks sold off on the day, HSBC fell and JD continued to rise Source: Astark Financial News
Hong Kong stocks weakened again by 23,500 points and recovered
Trend analysis
On the settlement day of the futures index, Hong Kong stocks rose first on Tuesday. After opening more than 100 points, the Hang Seng Index returned to the level of 23,600 points, but then gradually weakened. The afternoon low even fell more than 200 points. The closing market just maintained a decline of about 200 points and fell below 23,300 points.
Hong Kong stocks are falling again. The recent downward trajectory on the daily chart has been extended. In the short term, it may be necessary to close the season before the end of the season will show a more obvious direction. Upwards, it is yet to rise to the 23,800 point level, and we support continuing to refer to the 23,000 mark.
Strategy Overview
Hong Kong stocks are on the rise. As the long holiday season approaches, investors are more on the sidelines. There are financial considerations for good and short positions, but when concerned about the potential risk of a rift after a long holiday, investors may choose to take back Bull and Bear securities whose price is far from the current level to reduce the risk of holding goods.
In terms of good positions, my friend referred to 23,000 as support and chose to take back the bullish certificate where the price was below that level. Danyou, on the other hand, are watching for bear certificates with a withdrawal price of about 23,800 points or more. The distance from closing is more than 500 points, which is further away from the current level.
The Hang Seng Index is 50,921, with a recovery price of 2,952 points, an exercise price of 2,852 points, a leverage ratio of about 54.1 times, and an exchange ratio of 10,000.
The Hang Seng Index is 51,588, with a recovery price of 22,850 points, an exercise price of 2,750 points, a leverage ratio of about 44.1 times, and an exchange ratio of 12,000.
The Hang Seng Index bear stock is 58,720, with a recovery price of 23,734 points, an exercise price of 23,834 points, a leverage ratio of about 37.3 times, and an exchange ratio of 12,000.
The Hang Seng Index bear stock is 59,762, with a recovery price of 23,800 points, an exercise price of 23,900 points, a leverage ratio of about 34.7 times, and an exchange ratio of 10,000.
The Hang Seng Index purchased the license for 18493, with an exercise price of 25,300 points. It expires in December '20, and the actual leverage is about 15.2 times.
The Hang Seng Index placed a sell warrant of 14,174, with an exercise price of 22,000 points. It expires in December '20, and the actual leverage is 9.2 times.
HSBC fell to 30 yuan, and Xiaomi stayed at 20 yuan
Trend analysis
HSBC (0005), which received an increase in its holdings by Ping An Asset Management under Ping An (2318), rebounded for only one day on Monday and weakened again on Tuesday. HSBC rose nearly 2% to more than $31 on Tuesday, but then fell back. After the auction, the decline widened to more than 2%, closing at a low of $30 throughout the day. Looking upwards, it will rise above the 32 yuan resistance level, and support re-referencing the 28 yuan level.
The Xiaomi Group (1810) also changed from rise to decline on Tuesday. The high level rose nearly 3% to 20.8 yuan, but failed to follow the trend back to 21 yuan. The low level fell and hit the 20 yuan mark, closing slightly. Upwards, it is yet to break through the resistance of 22 yuan. The support for 50 antennas is about 19 yuan.
Strategy Overview
HSBC fell back to 30 yuan to consolidate, and there are financial considerations for good and short positions. On the day of the sharp increase on Monday, my friend moved up to a subscription certificate with an exercise price of about $33 to $35. There is no change in the strategy of the postback fund. Look out for put warrants with an exercise price of about $26.
Xiaomi narrowly held the 20 yuan mark. Friends waited for a rebound and watched for subscription certificates with an exercise price of 23 yuan or more. Last week, Tanyou traded down to sell warrants with an exercise price of less than 18 yuan, and is watching to see if the 20 yuan mark will fall again.
The HSBC subscription certificate 20212 has an exercise price of 35.28 yuan. It expires in February '21, and the actual leverage is about 7.9 times.
The HSBC put warrant is 23,926, with an exercise price of 25.95 yuan. It expires in February '21, and the actual leverage is about 6.6 times.
The HSBC Bull Stock Exchange is 61,026, with a recovery price of 26.28 yuan and an exercise price of 25.28 yuan. The leverage ratio is about 6.5 times.
The HSBC Bear Stock Exchange is 68,689, with a recovery price of 33 yuan and an exercise price of 34 yuan. The leverage ratio is about 6.8 times.
The Xiaomi subscription certificate is 26029, with an exercise price of 23.88 yuan. It expires in March '21, and the actual leverage is about 5.0 times.
The Xiaomi put warrant is 25,372, with an exercise price of 17.88 yuan. It expires in February '21, and the actual leverage is about 3.9 times.
Xiaomi Niu shares 69,541, with a recovery price of 19.06 yuan and an exercise price of 18.66 yuan. The leverage ratio is about 10.5 times.
The Xiaomi Xiong Stock Exchange is 59,736, the recovery price is 21.88 yuan, the strike price is 22.28 yuan, and the leverage ratio is about 7.6 times.
JD boosts two consecutive upgrades, Tencent and NetEase consolidation in a narrow range
Trend analysis
After the e-commerce stock JD (9618) was confirmed by the Stock Exchange to be split and listed independently by JD Health, its stock price rose two times in a row. The high level rose more than 2% to 297 yuan on Tuesday, and closed up more than 1% against the market and remained above 295 yuan. Upwards, it is yet to rise above the 300 yuan mark. Please keep an eye on the 285 yuan level.
Tencent (0700) did not change much on Tuesday. The low position remained at the 505 yuan level. The market closed softly. In the short term, it continued to refer to the 500 yuan mark for support. NetEase (9999), which is also an online game stock, continued to lag behind. It hovered between 142 yuan and 145 yuan throughout the day, and closed down slightly.
Strategy Overview
JD's upward trend continues. The market is hoping for a spin-off or favorable reflection of value. Friends are considering a subscription certificate with an exercise price of 320 yuan or more. If JD expands its increase and increases to 300 yuan, friends may need to consider switching back to the next level.
Tencent has maintained a narrow range of more than 500 yuan. Recently, friends have swapped down to subscription certificates with an exercise price of less than 600 yuan, reducing the margin outside of the low price. NetEase is weak, and capital continues to lag behind. It mainly considers subscription certificates with an exercise price of 160 yuan or more.
The JD subscription certificate is 17145, with an exercise price of 325.88 yuan. It expires in January '21, and the actual leverage is about 6.1 times.
The JD put order is 24751, with an exercise price of 245.88 yuan. It expires in February '21, and the actual leverage is about 4.6 times.
The Tencent subscription certificate is 15,463, with an exercise price of 590.88 yuan. It expires in January '21, and the actual leverage is about 9.1 times.
The Tencent Put Warrant is 15582, with an exercise price of 452.88 yuan. It expires in January '21, and the actual leverage is about 9.2 times.
Tencent's bull market is 5,2679, with a recovery price of 490.28 yuan, an exercise price of 487.48 yuan, and a leverage ratio of about 18.7 times.
The Tencent Bear Stock Exchange is 59,735, with a recovery price of 535.88 yuan, an exercise price of 538.68 yuan, and a leverage ratio of about 15.1 times.
The NetEase subscription certificate is 27031, with an exercise price of 164.98 yuan. It expires in February '21, and the actual leverage is about 5.8 times.
The NetEase Put Warrant is 16,859, with an exercise price of 125.88 yuan. It expires in January '21, and the actual leverage is about 5.5 times.
Sources of information for the above products: Bloomberg News and Credit Suisse website cswarrants.com
(There is no collateral for this structured product)
“Ho Kai-chung, Head of Sales, Hong Kong Warrants and Cattle Securities, Credit Suisse”
Disclaimer: The author is a representative of Credit Suisse (Hong Kong) Limited, and as a license holder of the Securities Regulatory Commission, does not hold any financial interest in the relevant listed company. The content of this article is for reference only. It does not constitute an offer, suggestion, or procure any person to offer to trade or subscribe for any securities. The price of structured products can rise or fall sharply, and investors may suffer overall losses. There is no collateral for this product. If the issuer becomes insolvent or defaulted, investors may be unable to recover part or all of the receivables. The mandatory redemption mechanism for Bull and Bear Certificates may be terminated early. At that time (i) investors of Class N Bull and Bear Certificates will not be issued any amount; and (ii) the remaining value of Class R Bull and Bear Certificates may be zero. For disclaimers relating to the Hang Seng Index or Hang Seng China Enterprises Index, please refer to the listing documents. Past performance does not reflect future performance. Before investing, investors should understand the risks, consult professional advisors and check relevant listing documents. Credit Suisse's affiliated companies are circulation providers for structured products and may also be the sole bidders. Nothing in this article constitutes investment, legal, accounting, or tax advice, and does not state that any investment or strategy is appropriate or appropriate to your individual circumstances. Structured product trading volume is not an indicator of structured product performance; investors should not only rely on historical high trading volume data to determine the future performance of structured products.