Thursday, April 19, 2007

投資ETF有斬獲

上周談到期貨好玩過二三線股,似乎有叫人炒作多過投資之嫌,禤中怡則認為賺取回報五花八門,市場的投資工具之多,實難在短時間內消化,故建議多花時間研究,因為無論如何吹噓,始終做決定的仍是自己,大家定必要小心留意。

昨日有朋友提及自己最近的「戰績」,原來他於2月23日以每股119.6元買入A50中國基金(2823)500股,然後於該月27日,即恒指大跌460點時,再以每股111.4元增持該股1,000股,合共總成本約17.1萬元。結果如何?當然獲利離場,因為內地A股指數節節上升,該股股價跟隨造好,於是見好即收,在上周五以每股127.8元沽出全部1,500股,賺逾1.9萬元,回報率11.4%,以持有短短約個半月時間便有此成績,難怪朋友要炫耀。

A50中國基金是交易所買賣基金(Exchange Traded Funds,ETF),禤中怡看看港交所(388)可供買賣的ETF陣容時,原來領先國際資產管理準備月內將6隻ETF在港掛牌,令上市的ETF數目增至15隻。

ETF這類產品對投資者來說,或許較為陌生,但只要以盈富基金(2800)為例,相信親切感立增,皆因大家當年亦有參與這個政府為股票脫手的投資工具。簡單而言,ETF屬被動式管理的場內投資工具,操作原理十分容易,其投資目標就是緊貼基本指數走勢。至於傳統股票投資基金,則由基金經理根據對個別股票的分析去進行投資,屬於主動投資模式,回報表現高低則會與業界指標作比較,如摩根士丹利資本指數(MSCI)等,所以可算是各師各法。當然,ETF也有好處,就是可分散投資,因為指數其實包含多隻成分股,而且純粹根據指數作管理,即每次更換成分股時,方作調整,無需像股票基金經常買賣,管理費自然相對較低廉。

這類基金每日交投量已增至5億元,較去年增長1倍,據國際證券交易所聯會統計數字顯示,香港是亞太區內,不包括日本的最大ETF市場,絕對不容小覷。究竟回報是否吸引呢?再以A50中國基金為例,以昨日收市價129.2元計,今年以來回報約12.5%,由於難買A股,如與國企指數升0.2%比較,回報當然較高。至於盈富基金今年以來累升4.97%,比用作參考的恒生指數升4.07%為高。不過,投資ETF時也要分析當地市場前景,如今次加入的美國納斯達克股份及商品為相關資產的ETF,需視乎有關投資產品的基本因素,例如組合內的成分股、市場前景等。

港股挑戰高位失敗
港股上落波幅雖收窄至150點,但開市再衝擊高位,恒指高見20,868點,距離今年1月24日歷史交投新高的20,971點僅相差103點,可惜高位又見跳水,急挫逾百點,之後窄幅徘徊,收市僅跌11點至20,777點,反映大市在高位整固,如有好消息,相信再挑戰歷史新高不難,況且成交額有598億元,料有好友支持。

近期熱門股滙豐控股(005)備受追捧,尾市大手成交增大,大戶欲股價企穩在144元,所以有一宗成交量達50萬股,涉7,200萬元,並有兩宗各逾3,600萬元的大額交投,令該股全日升0.6元至144元,成交額近38億元,成為力頂指數的重磅股之一。

至於中資金融股方面,除交通銀行(3328)略跌7仙至8.65元外,其餘內地4行表現突出,當中建設銀行(939)升2.48%至4.96元,而中國工商銀行(1398)亦升1.8%至4.41元。由於中信銀行(998)認購反應相信會非常熱烈,部分未能獲分配股份的機構投資者或轉投影子股,故這類股份在中信銀行上市前,料續受追捧。

(4月19日刊於《am730》)

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