• 2024-09-17 (星期二)
    市場對美國減息半厘預期升溫 全新歐元兌美元輪證助你部署

    聯儲局將於本港時間周四凌晨公布議息結果,市場對聯儲局大手減息半厘的預期進一步升溫。據芝商所FedWatch工具,截至9月17日數據,利率期貨反映交易員認為聯儲局於9月會議上減息50點子的機會率,由上周四的40%水平升至約67%。

    美匯指數周二曾錄4連跌,於100大關徘徊,逼近今年低位。美元兌日圓於140關口爭持。輪證資金流方面,日圓兌港元認購證本周獲資金留意。日港好倉周一錄得約200萬港元淨流入,周二即市見資金持續淨入好倉,當中日港購 10370街貨量增加至40%以上,或反映投資者認為日圓有機會短期再向上挑戰更高位置。

    其他主要貨幣方面,歐元於上周歐洲央行宣布減息後,兌美元仍能守於1.11算之上。摩根大通近日新增歐元兌美元輪證選擇,如看好歐元兌美元後市,可留意歐美購 10411,行使價1.2美元,實際槓桿24.2倍。看淡可參考歐美沽 10413,行使價1美元,實際槓桿22.8倍,兩者均為2025年3月31日到期。

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  • 2025-01-21 (星期二)
    恒指重上兩萬點 追入部署可留意最貼恒指牛67837

    恒指上日收市報19,925.81點,升約342點,成交約1610億港元。恒指連續兩日高開逾200點,今日早段再嘗試企穩兩萬點之上,暫連升第6日。

    恒指好淡倉資金流,或反映投資者傾向認為後市升勢未必持續。恒指好倉上日錄得約7800萬港元淨流出,至於淡倉上日錄約5500萬港元淨流入。

    牛熊街貨變化分析: 恒指牛證:最重街貨的收回區為19,100點至19,299點水平,上日新增街貨相對期指張數約219張,累計約1,914張,為昨日好友加倉最多的區域。

    恒指熊證:最重街貨的收回區處於20,200點至20,399點水平,相對期指張數約1,114張; 新增街貨最多的收回區為20,400點至20,599點,相對期指張數增加約645張。

    牛熊證街貨比例: 整體上牛證56%對熊證44%; 如以上下各1000點區間來看,街貨比例為牛證40% 對熊證60%。

    摩根大通牛熊證加權比例*為63,與對上一個交易日比較上升6。

    牛熊證產品選擇: 如投資者部署短線追入可注意恒指牛 67837,收回價19,522點,實際槓桿33.4倍,2027年09月29日到期。產品特點: 活躍條款、全場最貼牛。如看淡後市可參考恒指熊 63353,收回價20,780點,實際槓桿21.6倍,2027年12月30日到期。產品特點: 中距離、低街貨。

    窩輪產品選擇: 如認為升勢尚未結束可留意恒指購 27897,行使價22,000點,實際槓桿12.5倍,2025年04月29日到期。如認為市場可能回落可注意恒指沽 27916,行使價18,507點,實際槓桿11.9倍,2025年04月29日到期。

    *摩根大通獨創牛熊加權比例: 比例愈接近0,反映恒指牛證投資者愈進取,因牛證加權收回價與恒指收市價愈接近,意味持倉過夜的好友願意承擔更高的收回風險。 而比例愈接近100,則反映恒指熊證投資者愈進取,因熊證加權收回價與恒指收市價愈接近,代表淡友傾向揀選較貼價產品並承擔更高的收回風險。

    摩根大通亞洲上市衍生產品銷售部
    以上數據截至 2025/01/21 09:50
    資料來源: 彭博資訊及jpmhkwarrants.com

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  • 2025-01-21 (星期二)
    美元匯價今早於亞洲時段走勢反覆 留意美日沽10467/購10465

    美元匯價今早於亞洲時段走勢反覆,美國新任總統就職禮美國時間周二舉行,市場密切注視相關消息對美元以及整體匯市影響。多隻主要貨幣兌美元走勢相當波動,美匯指數由109之上一度回調至108水平之下。歐元兌美元從1.026水平曾反彈至1.04關口,挑戰1月以來高位。如投資者看淡美元後市及看好歐元升值的話,可留意歐元兌美元認購證 10533 行使價1.12美元,實際槓桿19.2倍,2025年09月30日到期。如預計歐元將持續走弱及美元走強,可留意歐元兌美元認沽證 10486,使價0.98美元,實際槓桿19.6倍,2025年06月30日到期。

     

    日圓匯價方面,美元兌日圓一度跌穿155水平,創近1個月低位。市場同時觀望日本央行周五議息結果。據彭博技術走勢分析指,美元兌日圓的本周支持位或於153.1水平(即12月中低位),阻力為或於159.4水平(即7月中高位),投資者或可參考相關技術水平。如投資者希望於央行議息前率先進場部署,看淡美元後市及看好日圓升值的話,可留意美元兌日圓認沽證 10467,行使價140日圓,實際槓桿16.6倍,2025年6月30日到期。如預計日圓將持續走弱及美元走強,可留意美元兌日圓認購證 10465,行使價168日圓,實際槓桿19.9倍,2025年6月30日到期。

     

    至於人民幣方面,市場關注環球貿易形勢發展對人民幣影響。離岸人民幣兌美元近日由低位反彈,今早曾重返7.25算,如以近日低位近7.37算至日內高位比較,累計反彈幅度有逾1千點子。如投資者看淡美元後市及看好離岸人民幣升值的話,可留意美元兌離岸人民幣認沽證 10438,行使價7人民幣,實際槓桿28.2倍,2025年04月29日到期。如預計離岸人民幣將持續走弱,可留意美元兌離岸認購證 10485,行使價7.5人民幣,實際槓桿21.8倍,2025年06月30日到期。

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  • 2025-01-21 (星期二)
    騰訊反復挑戰390元 追入部署可留意短年期貼價騰訊購26622

    過去5日恒生科技指數升超過半成,其中權重股騰訊 00700累計升幅約6.5%。騰訊股價連續兩日挑戰390元水平,接近20天線(現於約395元)。
    輪證資金流方面,騰訊好倉上日錄得約620萬港元淨流出,至於淡倉上日錄約410萬港元淨流入。觀察北水資金流向,騰訊上日錄得約5.6億港元淨入,為港股通十大活躍個股中,資金淨流入居首。
    近期騰訊短年期及貼價的認購證比較受市場資金歡迎,此類條款實際槓桿水平較高,更吸引對短期股價表現有信心的投資者。如投資者欲趁低吸納好倉可參考騰訊購 26622,行使價450.2港元,實際槓桿13倍,2025年03月26日到期,屬高槓桿之選,年期僅約2個月。或比較更貼價騰訊購 23655,行使價400.2港元,實際槓桿10.7倍,2025年03月26日到期,行使價距離現價水平更近,實際槓桿目前超過10倍。傾向牛熊證部署的投資者可留意騰訊牛 66895,收回價370港元,實際槓桿15.9倍,2025年07月11日到期。
    如預期正股將繼續受壓可留意騰訊沽 28206,行使價348.48港元,實際槓桿7.4倍,2025年06月20日到期。如認為股價未來將會下跌可留意騰訊熊 66930,收回價410港元,實際槓桿13.5倍,2027年10月15日到期。

     

    恒生科技指數成分股中,京東 09618過去5日升幅居首,錄得約22%。另一內地電商平台概念阿里巴巴 09988過去5日低位回升約8%。京東上日升逾7%,然而輪證資金流方面,京東上日好倉資金仍錄得約110萬港元淨流入,至於淡倉上日錄34.3萬港元淨流入。
    如投資者繼續看好可參考京東購 29012,行使價196.28港元,實際槓桿5.5倍,2025年05月22日到期。或可留意京東牛 67693,收回價130港元,實際槓桿5倍,2027年05月14日到期。
    如認為後市有下跌空間可注意京東沽 27922,行使價127.9港元,實際槓桿3.9倍,2025年07月28日到期。或可注意京東熊 57566,收回價170港元,實際槓桿9.7倍,2027年09月10日到期。

     

    阿里股價暫錄得4日連升,正挑戰85元水平。輪證資金流方面,或反映投資者傾向反手造淡。阿里好倉上日錄得約300萬港元淨流出,至於淡倉上日錄約460萬港元淨流入。

    如認為升勢尚未結束可注意阿里購 25539,行使價99.05港元,實際槓桿8.5倍,2025年04月23日到期。或可留意阿里牛 67685,收回價79港元,實際槓桿10.5倍,2025年08月08日到期。
    如認為升勢已近尾聲可參考阿里沽 29917,行使價69.95港元,實際槓桿10.5倍,2025年04月07日到期。或可留意阿里熊 63813,收回價91港元,實際槓桿10.7倍,2027年11月12日到期。

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  • 2025-01-20 (星期一)
    恒指今早高開超過200點 曾升近兩萬點關口 恒指牛67682/熊64026

    恒指上周五收市報19,584.06點,升約61點,成交約1220億港元。恒指上周累計升近520點,連升4日重上19500點。今早高開超過200點後升幅曾擴大至約390點,一度升近兩萬點關口,並突破20天移動平均線。內地人民銀行公布,內地1月貸款市場報價利率(LPR)維持不變,連續3個月持平。內地人民銀行及中證監召開股票回購增持再貸款會議,希望有關措施進一步發揮政策工具穩定資本市場作用。據報道2024年全年,內地上市公司披露回購增持計劃近3000億元,市場憧憬今年公司或更積極回購股份。


    觀察好、淡友部署,或反映投資者傾向認為後市升勢未必持續。恒指好倉上周五錄得約200萬港元淨流出,至於淡倉上周五錄約2500萬港元淨流入。

    牛熊街貨變化分析:
    恒指牛證:最重街貨的收回區為19,100點至19,299點水平,上日新增街貨相對期指張數約747張,累計約1,695張,為昨日好友加倉最多的區域。

    恒指熊證:最重街貨的收回區處於19,800點至19,999點水平,相對期指張數約1,102張; 新增街貨最多的收回區為19,600點至19,799點,相對期指張數增加197張。今早部份已被收回。

    牛熊證街貨比例:
    整體上牛證56%對熊證44%; 如以上下各1000點區間來看,街貨比例為牛證45% 對熊證55%。

    摩根大通牛熊證加權比例*為57,與對上一個交易日比較上升2。

    窩輪產品選擇:
    如預計市場將持續走強可注意恒指購(27897),行使價22,000點,實際槓桿12.4倍,2025年04月29日到期。如計劃趁高造淡可留意恒指沽(27916),行使價18,507點,實際槓桿12倍,2025年04月29日到期。


    牛熊證產品選擇:
    如投資者部署短線追入可留意恒指牛(67682),收回價19,286點,實際槓桿24.2倍,2027年09月29日到期。產品特點: 活躍條款、全場最貼牛。如看淡後市可參考恒指熊(64029),收回價20,400點,實際槓桿35.1倍,2027年12月30日到期。產品特點: 貼熊、低街貨。

    *摩根大通獨創牛熊加權比例: 比例愈接近0,反映恒指牛證投資者愈進取,因牛證加權收回價與恒指收市價愈接近,意味持倉過夜的好友願意承擔更高的收回風險。
    而比例愈接近100,則反映恒指熊證投資者愈進取,因熊證加權收回價與恒指收市價愈接近,代表淡友傾向揀選較貼價產品並承擔更高的收回風險。


    摩根大通亞洲上市衍生產品銷售部
    以上數據截至 2025/01/20 09:55
    資料來源: 彭博資訊及jpmhkwarrants.com

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  • 2025-01-20 (星期一)
    京東股價暫錄5連升 曾飆逾7% 京東購29012/沽27922

    內地多個電商平台在春節前推出送禮功能,市場憧憬可帶動假期前後相關節日消費。京東 09618上周累計升約12%,今早繼續造好,曾升逾7%,連升第5日。

    輪證資金流方面,京東好倉上日錄得約220萬港元淨流出,至於淡倉上日錄約60萬港元淨流入。

    如看好後市走勢可留意京東購 29012,行使價196.28港元,實際槓桿5.5倍,2025年05月22日到期。或可參考京東牛 67693,收回價130港元,實際槓桿5.3倍,2027年05月14日到期。

    如認為後市有下跌空間可留意京東沽 27922,行使價127.9港元,實際槓桿3.8倍,2025年07月28日到期。或可注意京東熊 57566,收回價170港元,實際槓桿8.9倍,2027年09月10日到期。

     

    內地手機等數碼產品購新補貼今日生效,市場憧憬措施或可帶動電子產品品牌銷售收入。另外,內地發布2025年汽車以舊換新政策細則,給予一次性定額補貼。進軍新能源汽車行業的手機品牌小米 01810股價今早表現反復,高開2%後曾出現倒跌。

    輪證資金流方面,小米好倉上日錄得約28萬港元淨流入,至於淡倉上日錄85.5萬港元淨流入。

    如投資者認為跌勢已近尾聲可注意小米購 29627,行使價41.85港元,實際槓桿6.2倍,2025年05月30日到期。如預期正股將繼續受壓可參考小米沽 29558,行使價24.95港元,實際槓桿5.5倍,2025年07月24日到期。

    如投資者認為正股有望回升可參考小米牛 67444,收回價32.8港元,實際槓桿14.6倍,2025年12月12日到期。如認為正股或會進一步下跌可參考小米熊 63364,收回價38港元,實際槓桿8.5倍,2027年12月10日到期。

     

    摩根大通亞洲上市衍生產品銷售部
    以上數據截至 2025/01/20 10:30
    資料來源: 彭博資訊及jpmhkwarrants.com

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  • 2025-01-20 (星期一)
    美元兌離岸人民幣由高位回調 留意美人沽10487美人/購10485

    日本央行將於本周五公布議息結果,市場密切注視日本央行會否上調利率。據彭博指隔夜指數掉期利率顯示,截至周一,市場預期日本央行於下周加息的概率逾80%。日本國債息率周一向下,市場同時關注周二日本40年期國債拍賣結果,希望從中觀察日債需求以及市場對長期債息走勢的預期。

    據彭博技術走勢分析指,美元兌日圓的本周支持位或於153.16水平(即12月中低位),阻力為或於159.45水平(即7月中高位),投資者或可參考相關技術水平。如投資者希望於央行議息前率先進場部署,看淡美元後市及看好日圓升值的話,可留意美元兌日圓認沽證 10467,行使價140日圓,實際槓桿16.6倍,2025年6月30日到期。如預計日圓將持續走弱及美元走強,可留意美元兌日圓認購證 10465,行使價168日圓,實際槓桿19.9倍,2025年6月30日到期。

    人民幣方面,美元兌離岸人民幣由高位回調,今日曾低見7.31水平,錄三連跌。今日輪場資金或認為離岸人民幣或將回調,不少資金留意美元兌離岸人民幣認沽證 10487,行使價7人民幣,實際槓桿20.9倍,2025年06月30日到期, 如認為離岸人民幣或將回調及美元走強可參考美元兌離岸人民幣認購證 10485,行使價7.5人民幣,實際槓桿20.4倍,2025年06月30日到期。

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  • 2025-01-17 (星期五)
    內地經濟數據勝預期 恒指續上試19500點 恒指牛67175/熊66052

    恒指上日收市報19,522.89點,升約237點,成交約1423億港元。恒指近日走勢相對轉強,錄得3日連升,由約200天線水平(現處約18650點)回升至約100天線水平(現處約19598點)。內地今早公布GDP、零售銷售及工業生產等主要經濟數據,均好過市場預期,中港股市早段靠穩。

    恒指好淡倉資金流,或反映投資者傾向認為後市升勢未必持續。恒指好倉上日錄得約1800萬港元淨流出,至於淡倉上日錄約1900萬港元淨流入。

    牛熊街貨變化分析:
    恒指牛證:最重街貨的收回區處於18,400點至18,599點水平,相對期指張數約1,239張; 新增街貨最多的收回區為19,000點至19,199點,相對期指張數增加約1,016張。

    恒指熊證:最重街貨的收回區處於19,800點至19,999點水平,相對期指張數約960張; 新增街貨最多的收回區為20,000點至20,199點,相對期指張數增加約424張。

    牛熊證街貨比例:
    整體上牛證57%對熊證43%; 如以上下各1000點區間來看,街貨比例為牛證47% 對熊證53%。

    摩根大通牛熊證加權比例*為55,與對上一個交易日比較上升2。

    窩輪產品選擇:
    如投資者部署短線追入可參考恒指購 27897,行使價22,000點,實際槓桿12.8倍,2025年04月29日到期。如認為升勢已近尾聲可注意恒指沽 27590,行使價18,200點,實際槓桿15倍,2025年03月28日到期。

    牛熊證產品選擇:
    如投資者看好後市可參考恒指牛 67175,收回價18,800點,實際槓桿22.2倍,2027年09月29日到期。產品特點: 中距離、新上市。如認為後市有下跌空間可參考恒指熊 66052,收回價20,000點,實際槓桿34.6倍,2027年09月29日到期。產品特點: 貼熊、低街貨。

    *摩根大通獨創牛熊加權比例: 比例愈接近0,反映恒指牛證投資者愈進取,因牛證加權收回價與恒指收市價愈接近,意味持倉過夜的好友願意承擔更高的收回風險。
    而比例愈接近100,則反映恒指熊證投資者愈進取,因熊證加權收回價與恒指收市價愈接近,代表淡友傾向揀選較貼價產品並承擔更高的收回風險。

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  • 2025-01-17 (星期五)
    谷子經濟概念備受關注 泡泡瑪特輪證獲資金留意 泡瑪購29100

    泡泡瑪特 09992管理層表示,2025年泡泡瑪特的海外業務佔比可能超過50%,目標是成為「世界的泡泡瑪特」。集團計劃拓張海外市場,繼法國及英國後,將會在更多重要地標如紐約時代廣場等開設泡泡瑪特的旗艦店。

    泡泡瑪特股價上日升約4%,終止4連跌。在輪證資金流方面投資者傾向部署股價繼續回升,泡瑪好倉上日錄得約66.2萬港元淨流入。如預計股份將持續反彈,可參考泡瑪購 29100,行使價110港元,實際槓桿4.7倍,2025年04月23日到期。

     

    春節臨近,市場或憧憬旅遊市場相關消費或有利攜程,攜程 09961股價連升3日,今早股價暫時在510元水平好淡爭持。輪證資金流方面,攜程好倉上日錄得約130萬港元淨流入,至於淡倉上日錄19.4萬港元淨流出。

    如投資者預期正股將繼續上行可注意攜程購 28628,行使價581.49港元,實際槓桿4.5倍,2025年06月20日到期。如投資者部署短線,追求更高槓桿水平,可留意攜程牛 62886,收回價480港元,實際槓桿12.2倍,2025年07月11日到期。携程100天線水平現處於480元左右。

    如看淡正股後市可留意攜程沽 28108,行使價484.84港元,實際槓桿2.2倍,2025年11月07日到期; 或攜程熊 67230,收回價560港元,實際槓桿7.9倍,2027年11月12日到期。

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  • 2025-01-17 (星期五)
    市場關注日本會否於下周加息 部署可留意美日沽10467/購10465

    美國上日公布零售數據,12月零售銷售較同期增長,或受聖誕節日消費需求帶動。聯儲局官員沃勒表示,若通脹回落,上半年或再次減息,同時不排除3月減息可能性。據彭博指隔夜指數掉期利率顯示,利率期貨交易員預計聯儲局今年暫時只減息一次,或較大機日最快於6月減息25個點子。

    美匯指數今日曾重返108水平 ,暫錄4日連跌。美元回落,非美貨幣相對做好,美元兌日圓今日曾跌穿155水平,跌至近一個月低位。投資者或可留意50天線水平(約154.84水平)。日本央行亦將於下周議息,彭博調查指近四分之三的觀察人士料日本央行下周或加息,市場關注日本會否加息從而預估美日息差會否有望收窄。如認為日圓或將持續反彈,注意美日沽 10467,行使價140日圓,實際槓桿16.3倍,2025年06月30日到期。如認為日圓仍有下行空間,可參考美日購 10465,行使價168日圓,實際槓桿19.5倍,2025年06月30日到期。

    內地今日公布經濟數據,2024年GDP較同期升約5%,勝市場預期。其他經濟數據於工業生產及零售銷售高於市場預期。數據公布後,離岸人民幣曾錄升幅。美元兌離岸人民幣今日曾低見7.33水平,近月均於約7.28-7.36區間上落。如認為離岸人民幣或將持續做好可注意美人沽 10438,行使價7人民幣,實際槓桿28.5倍,2025年04月29日到期。如認為離岸人民幣或將回調可注意美人購 10485,行使價7.5人民幣,實際槓桿20倍,2025年6月30日到期。

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  • 2025-01-16 (星期四)
    恒指早段曾重上19500點 升穿10天線水平 恒指牛67176/熊66052

    恒指上日收市報19,286.07點,升約66點,成交約1285億港元。恒指今早曾升穿10天線水平,重上19500點之上,50天線在約19800點水平。外圍方面,美國12月核心CPI年增3.2%,按月升0.2%,升幅為六個月以來首次放緩。據彭博圾導,美國一連兩日公布的PPI和CPI數據顯示通脹增長有放緩跡象,或增強市場對美聯儲今年降息幅度的預期。美股三大指數上日造好,其中納指重上21000點終止3連跌。

    恒指好淡倉資金流,或反映好、淡友均傾向離場觀望。恒指好倉上日錄得約1400萬港元淨流出,至於淡倉上日錄約490萬港元淨流出。

    牛熊街貨變化分析:
    恒指牛證:最重街貨的收回區處於18,400點至18,599點水平,相對期指張數約1,402張; 新增街貨最多的收回區為18,800點至18,999點,相對期指張數增加254張。

    恒指熊證:最重街貨的收回區為19,500點至19,699點水平,上日新增街貨相對期指張數約58張,累計約1,092張,為昨日淡友加倉最多的區域。

    牛熊證街貨比例:
    整體上牛證52%對熊證48%; 如以上下各1000點區間來看,街貨比例為牛證51% 對熊證49%。

    摩根大通牛熊證加權比例*為53,與對上一個交易日比較上升1。

    窩輪產品選擇:
    如預計市場將持續走強可留意恒指購 27897,行使價22,000點,實際槓桿11.8倍,2025年4月29日到期。如看淡後市可注意恒指沽 27590,行使價18,200點,實際槓桿15.5倍,2025年3月28日到期。

    牛熊證產品選擇:
    如投資者看好後市可注意恒指牛 67176,收回價18,950點,實際槓桿22.9倍,2027年9月29日到期。產品特點: 中距離、新上市。如認為後市有下跌空間可參考恒指熊 66052,收回價20,000點,實際槓桿約37倍,2027年9月29日到期。產品特點: 貼熊、低街貨。

    *摩根大通獨創牛熊加權比例: 比例愈接近0,反映恒指牛證投資者愈進取,因牛證加權收回價與恒指收市價愈接近,意味持倉過夜的好友願意承擔更高的收回風險。
    而比例愈接近100,則反映恒指熊證投資者愈進取,因熊證加權收回價與恒指收市價愈接近,代表淡友傾向揀選較貼價產品並承擔更高的收回風險。

    摩根大通亞洲上市衍生產品銷售部
    以上數據截至 2025/01/16 09:45
    資料來源: 彭博資訊及jpmhkwarrants.com

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  • 2025-01-16 (星期四)
    日圓兌港元曾重上5算關口 下周議息前輪場資金部署日圓CALL 可留意日港購10446/沽10530

    日圓(每百)兌港元匯價今日一度觸及5算大關,市場對美國減息預期上升,同時對日本下周加息的憧憬增加,支持日圓匯價。上日日本央行行長植田和男稱,春季工資談判及外圍經濟因素將影響下周(24-25日)央行議息決定,同時表示於不同活動中留意到很多對工資的積極看法。講話發表後日圓造好,市場或對央行加息預期升溫。據彭博指隔夜指數掉期利率顯示,日本央行於1月加息的概率為81%,3月會議加息的概率升至逾90%。

     

    日圓匯價低位回升,近日輪場有不少資金於美國發布通脹數據及日本央行議息前,率先進場部署日圓兌港元認購證,以捕捉日圓反彈,當中以日圓兌港元認購證 10446較受投資者歡迎,行使價5.4港元,2025年5月底到期,屬相對高槓桿選擇,實際槓桿達15倍。

     

    相反,如投資者認為5算關口將有阻力,造淡可留意日圓兌港元認沽證 10530,行使價4.8港元,實際槓桿11.5倍,2025年9月30日到期。

     

    美國上日公布通脹數據,核心通脹(CPI)按月回落,為6個月以來首次。不過考慮到上周強勁的非農就業數據,市場認為或需要更多數據支持聯儲局相信通脹已經處於下行趨勢。觀察芝商所FedWatch工具,截至本港時間下午1時,利率期貨反映交易員認為聯儲局於1月會議上維持利率不變的機會率達97%。

     

    通脹數據公布後,美國10年期國債利率曾回落至4.65%水平,對利率走勢相對敏感的科技股反彈,扭轉過去3日跌市。如投資者認為納指將繼續反彈可留意納指購 10390,行使價22,100點,實際槓桿19.1倍,2025年03月21日到期。如預期納指將回調可注意納指沽 10452,行使價18,600點,實際槓桿9.7倍,2025年06月20日到期。

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  • 2025-01-16 (星期四)
    內地手機等數碼產品補貼下周生效 留意小米購29627/沽29558 美的購29682

    內地商務部指以舊換新等政策將帶動汽車、家電等相關銷售額逾1.3萬億人民幣。内地對手機、平板及智能手錶三類數碼產品的補貼將於下周一起生效,每件補貼最高不超過500元。目前此補貼僅針對個人消費者購買單件銷售價格不超過6,000元人民幣的產品,市場密注觀察以中低端價位爲主的電子產品品牌能否受惠。

    小米股價由月頭高位近37元水平回調,跌至約32元水平暫見支持,今日早段曾升逾3%。輪證資金流方面,小米好倉上日錄得約76.2萬港元淨流入,至於淡倉上日錄約10.8萬港元淨流出。

    如認為正股仍有上行空間可注意小米購 29627,行使價41.85港元,實際槓桿6倍,2025年5月30日到期。較進取的投資者可參考小米牛證 66914,收回價32.5港元,實際槓桿12.1倍,2025年11月14日到期。

    如看淡可參考小米沽 29558,行使價24.95港元,實際槓桿5.4倍,2025年07月24日到期。或可參考小米熊 63364,收回價38港元,實際槓桿8.8倍,2027年12月10日到期。

    以舊換新措施還對12類家電產品給予補貼,每位消費者每類產品可獲補貼一件,而空調產品最高補貼三件,每件補貼不超過2,000元。 “A+H”兩地上市的家電品牌美的股價連跌4日後回穩,在75元水平上落。輪證資金流方面,美的好倉上日錄得約14.5萬港元淨流入。

    如看好正股後市表現可參考美的購 29682,行使價106.78港元,實際槓桿4.1倍,2025年06月11日到期。

    新股市場方面,截至1月15日,香港IPO市場已迎來8間新上市公司,市場亦憧憬更多A股企業效仿 “A+H”集資模式。港交所股價暫連升第3日,上日股價收市錄得升幅,然而通過輪證資金流觀測,有不少好倉投資者並不急於離場,港交所好倉上日錄得約380萬港元淨流入,在好倉中資金流入排名第一,至於淡倉上日錄7.4萬港元淨流出。

    如投資者看好正股後市可注意港交購 13006,行使價330.2港元,實際槓桿7.2倍,2025年06月23日到期。或可留意港交牛 67235,收回價272港元,實際槓桿13.9倍,2027年09月10日到期。

    如認為港交所升抵100天線{現處約288元}附近或有技術阻力,造淡可注意港交沽 28768,行使價255.68港元,實際槓桿9.1倍,2025年04月17日到期; 熊證可參考港交熊 64876,收回價310港元,實際槓桿10.6倍,2027年11月12日到期。

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  • 2025-01-15 (星期三)
    恒指早段暫穩萬九點之上 淡倉上日錄得約7700萬港元淨流入 恒指牛66658/熊65727

    恒指上日收市報19,219.78點,升約346點,港股成交略爲回升至約1600億港元。美國12月PPI按年升3.3%,按月升0.2%,均低於市場預期。但市場或仍擔心美聯儲減息放緩,息口敏感的科技股表現受壓,科技股比重較大的納指連跌3日。市場關注今晚公布的美國CPI物價數據。 上日滬深兩市成交額超過1.37萬億元,中國證監會數據顯示,截至1月14日,滬深兩市共有310家上市公司宣布實施春節前特別分紅,擬分紅金額達3431.9億元,分紅企業數目及分紅金額分別為去年同期的9.4倍及7.6倍,均創歷史新高。

    觀察好、淡友部署,或反映投資者傾向趁高開淡倉。恒指好倉上日錄得約2900萬港元淨流出,至於淡倉上日錄約7700萬港元淨流入。

    牛熊街貨變化分析:

    恒指牛證:最重街貨的收回區為18,500點至18,699點水平,上日新增街貨相對期指張數約292張,累計約1,971張,為昨日好友加倉最多的區域。

    恒指熊證:最重街貨的收回區為19,500點至19,699點水平,上日新增街貨相對期指張數約418張,累計約1,033張,為昨日淡友加倉最多的區域。

    牛熊證街貨比例: 整體上牛證51%對熊證49%; 如以上下各1000點區間來看,街貨比例為牛證52% 對熊證48%。

    摩根大通牛熊證加權比例*為52,與對上一個交易日比較上升10。

    牛熊證產品選擇:

    如投資者看好後市表現可留意恒指牛 51030,收回價18,600點,實際槓桿24.6倍,2027年09月29日到期。產品特點: 貼牛。如擬部署追沽可留意恒指熊 66053,收回價19,689點,實際槓桿34.9倍,2027年10月28日到期。產品特點: 貼熊、低街貨。

    窩輪產品選擇:

    如投資者預期指數有望回升可留意恒指購 27596,行使價20,200點,實際槓桿12.6倍,2025年03月28日到期。看淡可注意恒指沽 27590,行使價18,200點,實際槓桿14倍,2025年03月28日到期。

     

    *摩根大通獨創牛熊加權比例: 比例愈接近0,反映恒指牛證投資者愈進取,因牛證加權收回價與恒指收市價愈接近,意味持倉過夜的好友願意承擔更高的收回風險。

    而比例愈接近100,則反映恒指熊證投資者愈進取,因熊證加權收回價與恒指收市價愈接近,代表淡友傾向揀選較貼價產品並承擔更高的收回風險。

     

    摩根大通亞洲上市衍生產品銷售部

    以上數據截至 2025/01/15 09:25

    資料來源: 彭博資訊及jpmhkwarrants.com

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  • 2025-01-15 (星期三)
    騰訊股價反彈重上380元 過去6日錄得約317億北水資金淨入 可留意騰訊購13952/沽27115

    騰訊 00700今早承接上日升勢,曾升逾2%突破385元。上日錄得約南向港股通31.5億港元淨入,為港股通十大活躍個股中最多,過去6日合共錄得約317億港元北水資金淨流入。

    輪證資金流方面,上日輪場投資者傾向持續看好,同時亦有投資者反手做淡,騰訊好倉上日錄得約870萬港元淨流入,為最多資金持好倉過夜的個股,至於淡倉上日錄約540萬港元淨流入。

    騰訊上周股價波動,曾大幅低開逾7%,引發市場恐慌情緒,窩輪產品引伸波幅普遍上漲。當騰訊走勢相對回穩,觀察到相關窩輪產品的引伸波幅有順勢回落的情況。投資者要留意引伸波幅回落對窩輪產品的影響。投資者可以在條款上,留意較貼價及年期相對長的條款,這類條款的引伸波幅敏感度較低,假如引伸波幅進一步回落,所受影響會相對較細。

    相關好倉條款可參考,騰訊購 13952,行使價410.2港元,實際槓桿5.9倍,2025年8月22日到期。如認為後市有下跌空間,淡倉條款可留意騰訊沽 28206,行使價348.48港元,實際槓桿7.3倍,2025年6月20日到期。

    如投資者部署短線追入可注意騰訊牛 66493,收回價360港元,實際槓桿14倍,2025年08月08日到期。如計劃趁高造淡可注意騰訊熊 66683,收回價400港元,實際槓桿16.2倍,2027年11月12日到期。

     

    春節假期臨近,除夕火車票上日開售。據交通運輸部等部門預計,今年春運全社會跨區域人員流動將達到90億人次。美團 03690旅行發布的數據顯示,截至1月10日,全國春節期間的文旅預訂單量按年升約120%。市場憧憬內地刺激消費政策和增加免簽國家範圍可帶動美團旅遊收入增長。

    輪證資金流方面,或反映投資者傾向認為正股升勢未必持續。美團好倉上日錄得約320萬港元淨流入,至於淡倉上日錄700萬港元淨流入。

    如投資者部署短線追入可注意美團購 29191,行使價190.1港元,實際槓桿6倍,2025年05月09日到期。或可留意美團牛 51261,收回價133港元,實際槓桿9.4倍,2025年10月10日到期。

    如預計市場將出現回調可參考美團沽 27447,行使價109.9港元,實際槓桿3.7倍,2025年09月23日到期。或可留意美團熊 66688,收回價155港元,實際槓桿10.5倍,2025年11月14日到期。

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  • 2025-01-14 (星期二)
    恒指連跌6日失守萬九點關口 好倉上日錄得約6400萬港元淨流入 恒指購27596/沽27590

    恒指上日收市報18,874.14點,跌約190點,成交約1340億港元。恒指連跌6日,失守19000點關口,目前200天線在約18600點水平。美國上周公佈的就業數據較市場預期强勁,投資者關注今明兩日公佈的PPI和CPI數據,10年期美國國債孳息率曾升穿4.8%,市場憂慮美國減息放緩或影響股市表現。


    恒指好淡倉資金流,上日輪場投資者傾向進場博反彈。恒指好倉上日錄得約6400萬港元淨流入,至於淡倉上日錄1700萬港元淨流出。

    牛熊街貨變化分析:
    恒指牛證:最重街貨的收回區處於18,500點至18,699點水平,相對期指張數約1,679張; 新增街貨最多的收回區為18,300點至18,499點,相對期指張數增加961張。

    恒指熊證:最重街貨的收回區處於21,100點至21,299點水平,相對期指張數約774張; 新增街貨最多的收回區為19,100點至19,299點,相對期指張數增加682張。

    牛熊證街貨比例:
    整體上牛證53%對熊證47%; 如以上下各1000點區間來看,街貨比例為牛證64% 對熊證36%。

    摩根大通牛熊證加權比例*為42,與對上一個交易日比較上升5。

    窩輪產品選擇:
    如投資者預期市場反彈可參考恒指購 27596,行使價20,200點,實際槓桿14.2倍,2025年03月28日到期。如認為市場仍有下行風險可注意恒指沽 27590,行使價18,200點,實際槓桿12.7倍,2025年03月28日到期。

    牛熊證產品選擇:
    如投資者認為指數有望回升可留意恒指牛 50720,收回價18,359點,實際槓桿26.8倍,2027年09月29日到期。產品特點: 貼牛、低街貨。如認為指數或會進一步下跌可留意恒指熊 66468,收回價19,400點,實際槓桿31.8倍,2027年09月29日到期。產品特點: 貼熊、新上市。


    *摩根大通獨創牛熊加權比例: 比例愈接近0,反映恒指牛證投資者愈進取,因牛證加權收回價與恒指收市價愈接近,意味持倉過夜的好友願意承擔更高的收回風險。
    而比例愈接近100,則反映恒指熊證投資者愈進取,因熊證加權收回價與恒指收市價愈接近,代表淡友傾向揀選較貼價產品並承擔更高的收回風險。

    摩根大通亞洲上市衍生產品銷售部
    以上數據截至 2025/01/14 09:21
    資料來源: 彭博資訊及jpmhkwarrants.com

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  • 2025-01-14 (星期二)
    市場關注日本央行會否加息 留意日港購10446/沽10530

    日本央行副行長冰見野良三今日發表講話時表示,央行將在下周(23-24日)的政策會議上根據季度薪資增長和通脹預測討論是否加息。若經濟展望能實現央行或將加息,但他指出國內外均存在不穩定因素。市場密切關注日本薪資增長,此前彭博報導指日本工人的基本薪資創下32年來最大漲幅,但經通脹調整的實際現金收入則連續第四個月下跌。因此通脹升幅與工資增長的速度或成央行考慮加息的因素。

     

    日經指數於冰見野良三發表講話後急挫,今日曾跌逾800點低見38300點水平,跌穿200天線。暫時錄4日連跌,合共跌逾4%。如投資者認為日股有望回升可參考日經購 10473,行使價44,000點,實際槓桿13.3倍,2025年06月13日到期。如認為跌勢尚未結束可注意日經沽 10470,行使價33,000點,實際槓桿8.7倍,2025年06月13日到期。

     

    美匯指數一度升穿110元大關後有回吐,非美貨幣跌勢喘定,美元兌日圓重返158水平之下。冰見野良三講話或並未對日圓有明顯影響,每百日圓兌港元今日輕微下跌至4.94算水平,此前錄三連升。近日每百日圓兌港元均於4.9至4.97算間上落,市場關注日本會否持續加息從而預估美日息差會否有望收窄。據彭博預測,日本央行或將於今年1月、4月及7月加息三次,每次加息25個點子。如投資者計畫部署日本央行議息可留意日港購 10446,行使價5.4港元,實際槓桿16.6倍,2025年05月30日到期。如預期日圓將繼續受壓可留意日港沽 10530,行使價4.8港元,實際槓桿10.9倍,2025年09月30日到期。

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  • 2025-01-14 (星期二)
    港股成交連續3個交易日處於1500億水平之下 港交所創逾3個月低位 港交購29144/沽28768

    港股成交過去3個交易日均處於1500億元之下,港交所股價連跌6日,今日止跌回升,嘗試企穩280元水平。港股IPO市場2025延續復蘇勢頭,Wind數據顯示1月頭半個月有超過10隻新股陸續登陸港股市場。另外,港交所 00388宣布支持境外投資者使用債券通持倉中的在岸國債和政策性金融債作為衍生品交易履約抵押品,望進一步推動人民幣國際化。

    輪證資金流方面,上日輪場投資者傾向趁正股下跌部署反彈。港交好倉上日錄得約1200萬港元淨流入,至於淡倉上日錄約170萬港元淨流出。

    如預計市場將持續走強可注意港交購 29144,行使價370.2港元,實際槓桿8.4倍,2025年05月13日到期。或可參考港交牛 51535,收回價265港元,實際槓桿14.2倍,2027年04月09日到期。

    如認為後市仍有下跌空間可留意港交沽 28768,行使價255.68港元,實際槓桿8.8倍,2025年04月17日到期。或可考慮港交熊 65931,收回價300港元,實際槓桿13.5倍,2027年12月10日到期。

     

    據報導指,騰訊 00700召開年度員工大會,會上馬化騰透露騰訊的海外遊戲業務比重已接近國內遊戲業務的一半,期待未來還會有更快發展。騰訊上日曾跌至三個月新低,今日早段輕微低開後反彈,曾逼近380元關口。

    輪證資金流方面,上日輪場投資者繼續部署好倉為主,騰訊好倉上日錄得約1700萬港元淨流入,為連續第5個交易日錄淨流入,累計金額已逾兩億港元,至於淡倉上日錄約420萬港元淨流出。觀察北水資金流向,騰訊上日錄得約28.8億港元淨入,為港股通十大活躍個股中,錄得最多資金淨流入。

    如認為正股仍有上行空間可注意騰訊購 13952,行使價410.2港元,實際槓桿6倍,2025年8月22日到期。牛證或可參考騰訊牛 66265,收回價355港元,實際槓桿近14倍,2025年8月8日到期。如較進取的投資者可參考今日新上市,全場最貼價的騰訊牛證 66663,收回價365元,實際槓桿逾20倍。

    看淡正股後市可注意騰訊沽 27115,行使價319.8港元,實際槓桿7.6倍,2025年06月20日到期。或可考慮騰訊熊 66683,收回價400港元,實際槓桿13.6倍,2027年11月12日到期。

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  • 2025-01-13 (星期一)
    美團暫連跌6日 曾創3個月低位 可參考美團購26502/沽27447

    港股上周錄5連跌後今持續受壓,外圍美國國債息率持續攀升,加上美元走強,影響區內股市表現。科技股持續跌勢下,恒指曾跌逾390點,低見18600點水平。美團 03690股價暫錄得6日連跌,午後曾跌約4.7%創3個月低位,曾跌穿135元水平。春節臨近,市場觀望內地新春假期間消費情況。美團及大眾點評等線上平台資料顯示,自1月以來,「年夜飯預訂」、「年夜飯套餐」等關鍵字搜索量同比增長超5倍。美團亦趁機推出相關推廣活動,希望可幫助商家提升客流及刺激消費者訂單。

     

    輪證資金流方面,上日輪場投資者傾向趁低買入。美團好倉上日錄得約430萬港元淨流入,至於淡倉上日錄約280萬港元淨流出。

     

    觀察北水資金流向,美團上日錄得約4.4億港元淨出,為港股通十大活躍個股中,錄得第二多資金淨流出。

     

    如投資者欲趁低吸納好倉可參考美團購 26502,行使價180.1港元,實際槓桿5.8倍,2025年05月27日到期。如投資者對美團後市表現有信心,亦可留意高槓桿選擇美團牛 50591,收回價126港元,實際槓桿10.5倍,2025年11月14日到期。

    如認為後市仍有下跌空間可留意美團沽 27447,行使價109.9港元,實際槓桿3.4倍,2025年09月23日到期。或可留意美團熊 66497,收回價150港元,實際槓桿6.9倍,2027年12月10日到期。

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  • 2025-01-13 (星期一)
    美匯指數強勢 歐元兌港元曾跌穿8算大關 可留意歐港購10490/沽10489

    美國12月非農就業數據增幅創3月以來新高,勝過市場預期。市場料強勁就業數據或支持聯儲局放緩減息,觀察芝商所FedWatch工具,截至本港時間下午1時,利率期貨反映交易員認為聯儲局於1月會議上維持利率不變的機會率達97%。上周五數據公布後,美國國債收益率和美元齊上升。美匯指數截至周一連升5日,挑戰110大關,再創逾兩年新高。

     

    作為美匯指數的一籃子貨幣中比重相對大的貨幣,歐元兌美元錄得連續5日連跌,今日曾跌至2022年11月以來的低位約1.0213水平。受美元走強及歐元區經濟不明朗因素影響,歐元兌美元自11月初呈下跌趨勢,兩個多月累跌逾6%。如觀察歐元兌港元走勢,近日亦跌穿8算大關。如投資者期待歐元調整後反彈可注意歐港購 10490,行使價8.6港元,實際槓桿20倍,2025年06月30日到期。如擬部署追沽可留意歐港沽 10489,行使價7.7港元,實際槓桿14.5倍,2025年06月30日到期。

     

    商品貨幣方面,澳元兌港元連跌四日,今日亦跌至2020年4月低位,曾低見4.77水平。市場關注澳洲央行會否於接下來的會議中討論澳元下跌的相關問題,彭博指出隔夜指數掉期預示央行於2月會議中減息的可能性為78%。如投資者欲趁低吸納好倉可注意澳港購 10488,行使價5.3港元,實際槓桿14.1倍,2025年09月30日到期。如認為澳元仍有下行風險可留意澳港沽 10466,行使價4.9港元,實際槓桿10.5倍,2025年06月30日到期。

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Last Updated Time: 2025-01-21

本資料所述產品並無抵押品。如發行人及擔保人無力償債或違約,投資者可能無法收回部份或全部應收款項。本資料由摩根大通證券(亞太)有限公司(「摩根大通」)編製,僅供參考用途,並不構成任何要約、建議、提呈出售或招攬購買任何上述產品,亦並不構成摩根大通進行任何上述交易之承諾。過往表現並不代表將來的表現,摩根大通不保證未來事件或表現將與上述任何意見或預測一致。贖回牛熊證備有強制贖回機會而可能被提早終止,屆時 (i) N 類牛熊證投資者將不獲發任何金額;(ii) R類牛熊證之剩餘價值可能為零。結構性產品之格價可急升也可急跌,投資者或會損失部份或所有投資。摩根大通並非投資者的顧問或信託人。投資前應詳閱有關上市檔並在需要時諮詢專業意見了解及評估風險,否則切勿投資上述產品。結構性產品於第二市場的流通量是無法預料的。J.P. Morgan Broking (Hong Kong) Limited可能是上述結構性產品的唯一流通量提供者。


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Structured Products are non-collateralised products. If the Issuer and its guarantor are insolvent or default, investors may not recover part or all of the amount due. The warrants and callable bull/bear contracts are structured products which involve derivatives. Do not invest in them unless you fully understand and are willing to assume the risks associated with them.

The price of the Structured Products may fall in value as rapidly as it may rise and investors may sustain a total loss of their principal invested. Callable bull/bear contracts have a mandatory call feature and may be terminated early, in such case, (i) an investor of category N callable bull/bear contracts will not receive any cash payment; (ii) the residual value for category R callable bull/bear contracts may be zero. It is not possible to predict whether the secondary market for the Structured Products will be liquid or illiquid. J.P. Morgan Broking (Hong Kong) Limited is the market-maker and liquidity provider of warrants, callable bull/bear contracts and/or traded options; and may be the only liquidity provider for the Structured Products. Any opinions, forecasts or estimates herein constitute a judgment as of the date the information is published, and there can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates. You are cautioned that actual results may differ materially from those set forth in any forward-looking statements. Past performance is also not indicative of future results. J.P. Morgan is not the advisor or trustee of investors and will not be responsible to decide whether investing in such financial instrument is legal or suitable for potential investors.

You should therefore conduct risk assessment for yourself and ensure that you understand the nature and risks of the Structured Products and should, where necessary, consult your own legal, tax, accounting, financial and other professional advisers to ensure that any decision to invest in the Structured Products is suitable with regard to your specific circumstances and financial position.

Before investing in the Structured Products, you should carefully review and understand the terms and conditions of the Structured Products, together with the financial statements and other information of the Issuer, as set out in our base listing document (including any addendum), and the relevant launch announcement and supplemental listing document.

The Issuer and its affiliates (“J.P.Morgan Group”) comprises a full-service securities firm and a commercial bank engaged in various securities trading and brokerage activities, as well as providing investment banking, asset management, financing, financial advisory services to a wide range of clients. As a result, J.P.Morgan Group may have potential conflicts of interest relating to those securities that you may purchase from us. In particular, J.P.Morgan Group may act as authorized participant or participating dealer in the purchase or sale of units from an ETF, act as a market maker or block positioner in the ETF units, contribute capital towards the formation of an ETF and may have a significant ownership interest in the ETF units. These activities could negatively affect the performance of the securities which you may be purchasing. It is also possible that the J.P.Morgan activities could result in substantial returns for J.P.Morgan Group while the value of the ETF units declines.

J.P. Morgan Group may take proprietary positions and may have long or short positions or other interests in the Structured Products and may effect transactions or make markets in the Structured Products at any time in the open market or otherwise, in each case whether as principal, agent or as market maker. J.P. Morgan Group may also be involved in other financial, investment and professional activities such as providing advice or loans to, or participating in the underwriting or restructuring of the obligations of, the underlying companies of the Structured Products, which may on occasion give rise to interests or a conflict of interests in respect of the securities or Structured Products which are the subject of this Website.

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J.P.Morgan Commentary

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Information About Indices

In addition to the above disclaimers, the disclaimers and limitations of liability in relation to the various indices associated with the structured products and set forth in the relevant listing or offering documents shall apply to the use of this website and shall be incorporated into these disclaimers. In no event shall any member of the J.P. Morgan or any third party supplying information or data on this website have liability arising from any information provided on this website concerning such indices.

No Verification

The materials on this Website are based on information obtained from public sources considered by us to be reliable. However, we have not verified the materials, which may not be complete or accurate. Opinions, estimates and other information contained in the materials available on this Website may be changed or withdrawn without notice.

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No representation or warranty is made that any indicative return or performance will be achieved in the future. Such information does not constitute investment advice by J.P. Morgan and is for information purposes only. You bear all risk from any use or results of using any information obtained from the Website. You are responsible for validating the integrity of any information received over the Internet.

Risks relating to the use of Website

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You acknowledge that neither any information service provider, third party nor J.P. Morgan will be liable to you or any third party for any losses arising from transmission. In no event will any information provider, third party or J.P. Morgan, be liable for any consequential loss including but not limited to special, incidental, direct or indirect damages resulting from delay or loss of use of the System. J.P. Morgan is not responsible for any damage to your computer, software, modem, telephone or other property resulting from your use of the System. We disclaim any liability for any tampering with your computer system by unauthorised parties. We expressly remind you of the risk of viruses, and the possibility of attacks by hackers.

Any values or prices are as of either the close of business or the time otherwise indicated on the date they are provided, are provided for information purposes only and are intended solely for your use. Prices or values may not represent (i) the actual terms at which new transactions could be entered into, (ii) the actual terms at which existing transactions could be liquidated or unwound or (iii) the calculation or estimate of an amount that would be payable following the designation of an early termination date under any agreement governing our trading relationship, and we do not warrant their completeness or accuracy.

Any valuations are derived from proprietary models based upon well-recognized financial principles and reasonable estimates about relevant future market conditions. Valuations based on other models or different assumptions may yield different results. J.P. Morgan expressly disclaims any responsibility for (i) the accuracy of the models or estimates used in deriving the valuations, (ii) any errors or omissions in computing or disseminating the valuations and (iii) any reliance on or uses to which the valuations are put. Note that in performing the calculations of the present value of all future cash flows for some instruments, it may have been necessary to make estimates about future market conditions. In these cases our calculations have been performed using J.P. Morgan’s best reasonable estimates of the relevant future market conditions, in accordance with our internal policies and models.

You acknowledge that J.P. Morgan does not give legal advice or tax advice. However, the Website may present general tax and estate planning information and principles in relation to the investments in the Structured Products. These general information and principles may not be applicable to your specific circumstances and financial position. You agree that these principles may not apply to your specific circumstances or take into account your comprehensive tax or estate planning situation.

Tax considerations

There are numerous tax issues related to investing. You may want to consult with your tax advisor concerning your particular situation prior to making any investment. The information presented on this Website is not intended to supply tax, legal, or investment advice, and may not be accurate for all persons or, all kinds of Structured Products, securities or transactions.

The presentation of certain tax considerations relevant to the purchase, ownership and disposition of Structured Products is of a general nature only and does not address every potential tax consequence of an investment in derivative securities under all applicable laws. The summaries presented are based on treaties, laws, regulations, rulings and decisions in effect at the date of this writing, all of which are subject to change.

In particular, the precise tax treatment of an investor needs to be determined for each issue with reference to the full terms of the specific instrument. Such terms are specified in the relevant disclosure and are subject to the applicable tax law and practice at the relevant time. Investors should consult their own tax advisors on the tax consequences of the purchase, ownership, exercise and disposition of the Structured Products derivative securities.

Governing law and jurisdiction

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Online Privacy Policy

Privacy Principles

Your privacy is important to us. This Online Privacy Policy explains how we collect, share, use and protect your personal information when you visit or use this and other online services offered by J.P. Morgan that link to or reference this policy (collectively, our “online services”). Please note, however, that this Online Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the financial products or services you obtain from us, or the jurisdiction in which we are doing business with you. You can access many of these policies using the links at the bottom of this page.

  • We protect your information.
    We take our responsibility to protect the privacy and confidentiality of your information, including personal information, very seriously. We maintain physical, electronic and procedural safeguards that comply with applicable legal standards to secure such information from unauthorized access and use, alteration and destruction. We hold our employees accountable for complying with relevant policies, procedures, rules and regulations concerning the privacy and confidentiality of information.
  • We endeavor to collect, use and maintain client information only for appropriate purposes.
    • The types of personal information we may collect from you when you visit or use our online services include your name, email address, mailing address, telephone number(s), account numbers, limited location information (for example, a zip code to help you find a J.P. Morgan office near you), user name and password. We may also collect payment card information, Social Security numbers, driver’s license numbers (or comparable) when you provide such information while using our online services and where we believe it is reasonably required for ordinary business purposes.
    • In addition to the personal information described above, we may collect certain information about your use of our online services. For example, we may capture the IP address of the device you use to connect to the online service, the type of operating system and browser you use, and information about the site you came from, the parts of our online service you access, and the site you visit next. As explained in more detail in our Cookies Policy, we or our third-party partners may use cookies (as well as web beacons or other technologies) to collect and store this and other information about your visit to, or use of, our online services. We may later associate the usage and other information we collect online with personal information about you, as permitted or required by law.
    • We may also collect information about you from additional online and offline sources including commercially available third-party sources, such as credit reporting agencies. We may combine this information with the personal and other information we have collected about you under this Online Privacy Policy.
    • We may use the information we collect from you to help us deliver our online services; to administer, evaluate and improve our business (including developing new products and services, improving existing products and services, performing data analytics, and performing accounting, auditing and other internal functions); manage our risks; market our services and products; and to comply with and enforce applicable laws and regulations, relevant industry standards, contractual obligations and our policies. We may also use data that we collect on an aggregate or anonymous basis (such that it does not identify any individual clients) for various business purposes, where permissible under applicable laws and regulations.
  • We respect and protect your privacy even when you’re on the go.
    For your convenience, J.P. Morgan offers you the ability to access some of our products and services through mobile applications and mobile-optimized websites. When you interact with us through your mobile device, we may collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use your mobile device. We may ask your permission before collecting certain information, such as precise geolocation information.
  • We share personal information with affiliates and with others when we believe it will enhance the services and products we can provide to you or for legal and routine business reasons.
    • We share personal information among our affiliates and business units when we believe it will enhance the services we can provide, but only in circumstances where such sharing conforms to law, any applicable confidentiality agreements, and our policies and practices.
    • We may disclose information we have about you as required or permitted by law. For example, we may share information with regulatory authorities and law enforcement officials when we believe in good faith that such disclosure is necessary to comply with legal requirements. We may share information with third parties where appropriate to protect against fraud or verify or enforce our terms of use, our other rights, or other applicable policies.
    • From time to time, we enter into agreements with other companies to provide services to us, or to make services and products available to you. Under these agreements, these companies may receive your personal information, but they must safeguard this information, and they may only use it for those purposes we specify.
    • We may share your personal information with any person or entity if we have your consent to do so.
  • We may transmit, transfer or process information to, or through, any country in the world, as we deem necessary, appropriate or consistent with legal or regulatory obligations.
    As a global company, we strive to provide you with access to the highest-quality financial products and services wherever you are. To do this, we may share your personal information among members of the JPMorgan Chase & Co. family of companies or service providers that may be located outside your home country. Although the data protection laws of these countries may be less stringent than those in your own, J.P. Morgan will take appropriate steps to ensure your personal information is handled as described in this Online Privacy Policy.
  • We provide you with relevant and appropriate choices regarding the sharing of personal information.
    We may give you choices regarding the sharing of personal information with affiliates and third parties. Choices you have about the sharing of your personal information will be described in the privacy policies or notices you receive in connection with the financial products or services you obtain from us.
  • We offer you the opportunity to access and correct your information on file with us.
    Keeping your account information up-to-date is very important. You may review or update certain account information by logging in and accessing the “Client Center” section. If you cannot change the incorrect information online, or you prefer to request changes offline, please contact your J.P. Morgan representative using the contact information listed on your account statements, records or other account materials.
  • We respect your decisions about the collection of personal information related to your online activities over time and across different websites for advertising purposes.
    J.P. Morgan does not allow unaffiliated third parties to collect personal information about your online activities when you visit our online services. Nor do we use personal information collected across non-affiliated websites for the purpose of serving you advertising related to your browsing behavior. If we engage in this practice in the future, we will provide appropriate notice and choice so that you may opt out of the practice.
  • We tell you when our privacy policies and practices change.
    We may change this Online Privacy Policy from time to time. When we do, we will let you know by appropriate means such as by posting the revised policy on this page with a new “Last Updated” date. All changes will become effective when posted unless indicated otherwise.
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