權證專題報導
(2007/10/17 由康和證券  提供)
研究標的:

大盤近期走勢處在相對高檔震盪整理的階段,此時期無論是現股操作或是權證的選擇上難度將更高。而近期指數的強勢整理也使得券商發行權證的動作變的相對積極,而發行標的上也擴大至非電子族群。

而近期新發行尚未掛牌權證為下列數檔。

名稱看盤 標的股 發行日期 發行價格 發行波動率 原始履約價 發行數量(仟) 存續期間 執行比例 價內外程度%
永豐R1威力盟2007/9/280.69771.45% 97.95 12,0006M0.10 50 OTM
永豐R2創 惟2007/9/281.03585.26% 105.45 12,0006M0.10 50 OTM
永豐R3群 聯2007/9/285.85593.00% 515.25 12,0006M0.10 50 OTM
新壽70亞 翔2007/10/11.03055.00% 70.27 20,0007M0.20 50 OTM
新壽71美隆電2007/10/21.08263.80% 59.55 20,0007M0.20 50 OTM
新壽72強 茂2007/10/21.58075.00% 76.95 20,0006M0.20 50 OTM
新壽73鼎 元2007/10/30.74567.70% 68.55 20,0007M0.10 50 OTM
元富N4大 立2007/10/30.61775.24% 574.50 20,0006M0.01 50 OTM
元富N5豐 興2007/10/30.67660.00% 83.70 20,0006M0.10 50 OTM
元富N6佰 鴻2007/10/31.23470.38% 130.80 20,0006M0.10 50 OTM
元大QZ原 相2007/10/84.74477.09% 447.00 5,0007M0.10 50 OTM
元大RA力 晶2007/10/81.60438.08% 23.55 20,0007M1.00 50 OTM
元大RB合 晶2007/10/83.89781.03% 317.25 8,0007M0.10 50 OTM
元大RC群 聯2007/10/86.62785.02% 541.50 8,0007M0.10 50 OTM
永豐GM嘉 泥2007/10/91.60366.91% 51.22 20,0006M0.50 50 OTM
永豐GN正 隆2007/10/90.85755.14% 20.70 20,0006M1.00 50 OTM
永豐GP旺 宏2007/10/91.30576.22% 32.47 20,0006M0.50 50 OTM
永豐GQ瑞 昱2007/10/91.61377.92% 192.75 20,0006M0.10 50 OTM
新壽74華 城2007/10/91.80475.00% 79.20 20,0007M0.20 50 OTM
新壽75華 紙2007/10/91.61167.00% 34.87 20,0007M0.50 50 OTM
元富N7華 上2007/10/30.79680.03% 75.75 20,0006M0.10 50 OTM
信證C7崇 越2007/10/92.85885.93% 115.65 20,0006M0.20 50 OTM
信證C8精 英2007/10/93.18775.11% 30.30 20,0006M1.00 50 OTM
中信GG宏達電2007/10/90.99465.56% 885.00 50,0006M0.01 50 OTM
元大AT統 一2007/10/91.92366.15% 77.10 20,0007M0.20 50 OTM
元大AU中 砂2007/10/91.18666.86% 66.86 20,0007M0.10 20.0 ITM
元大AV金像電2007/10/91.79457.07% 42.90 20,0007M0.50 50 OTM
元大AW中信金2007/10/91.63452.84% 37.87 20,0007M0.50 50 OTM
富邦M3鴻 海2007/10/91.96042.00% 381.00 20,0008M0.10 50 OTM
富邦M4瑞 昱2007/10/92.07064.00% 192.75 20,0009M0.10 50 OTM
富邦M5晶 電2007/10/92.04060.00% 227.25 20,0008M0.10 50 OTM
統一N5聯 陽2007/10/32.60093.50% 193.50 20,0006M0.10 50 OTM
富邦M6聯發科2007/10/90.94046.10% 88500 20,00010M0.01 50 OTM
富邦M7元大金2007/10/90.85046.10% 35.85 20,0008M0.20 50 OTM
富邦M8統 一2007/10/91.85046.10% 77.10 20,0008M0.20 50 OTM
統一N6華 上2007/10/30.82060.00% 75.75 20,0006M0.10 50 OTM
統一N7台 聚2007/10/31.68074.80% 30.45 20,0006M0.50 50 OTM
亞東B3中 鴻2007/10/31.99964.46% 28.65 20,0009M1.00 50 OTM
亞東B4南 亞2007/10/32.41765.64% 33.37 20,0009M1.00 50 OTM
元大AF豐 興2007/10/32.76053.01% 83.70 20,0007M0.50 50 OTM
元大AG研 華2007/10/31.87352.77% 142.35 20,0007M0.20 50 OTM
元大AH萬 海2007/10/33.43860.97% 41.92 20,0007M1.00 50 OTM
永豐FU永 光2007/10/40.97690.23% 45.15 20,0006M0.20 50 OTM
永豐FV震旦行2007/10/40.73776.04% 46.05 20,0006M0.20 50 OTM
永豐FW台 航2007/10/40.98579.20% 114.30 20,0006M0.10 50 OTM
永豐FX三商行2007/10/41.35475.43% 34.35 20,0006M0.50 50 OTM
永豐FY威達電2007/10/40.86675.12% 110.70 20,0006M0.10 50 OTM
永豐FZ百 和2007/10/40.82763.31% 73.95 20,0006M0.20 50 OTM
群益DZ國 產2007/10/41.09453.00% 32.85 20,0006M0.50 50 OTM
群益EA華新科2007/10/40.58751.30% 52.95 25,0006M0.20 50 OTM
群益EB瑞 軒2007/10/40.77668.30% 72.75 25,0006M0.10 50 OTM
群益EC日月光2007/10/40.76654.70% 54.68 25,0006M0.20 50 OTM
日盛C8台 聚2007/10/41.88181.40% 30.45 20,0007M0.50 50 OTM
日盛C9豐 興2007/10/41.64269.55% 82.50 20,0007M0.20 47.4 OTM
日盛D1精 英2007/10/41.99084.45% 30.68 20,0007M0.50 50 OTM
日盛D2萬 海2007/10/41.86168.62% 41.93 20,0007M0.50 50 OTM
信證C6鼎 元2007/10/41.38473.68% 67.50 20,0006M0.20 50 OTM
大展62鼎 元2007/10/40.72679.00% 67.50 20,0006M0.10 50 OTM
大展63華 上2007/10/40.80579.00% 75.45 20,0006M0.10 50 OTM
寶來BA凌 巨2007/10/41.10577.97% 71.55 25,0009M0.10 50 OTM
寶來BB華 上2007/10/41.10578.70% 75.45 20,0009M0.10 50 OTM
寶來BC鼎 元2007/10/41.10582.03% 67.50 20,0009M0.10 50 OTM
寶來BD台 揚2007/10/40.61774.91% 39.00 20,0009M0.10 50 OTM
寶來BE錸 德2007/10/40.46867.09% 16.65 20,0009M0.20 50 OTM
寶來BF永 大2007/10/41.15558.85% 47.47 20,0009M0.20 50 OTM
寶來BG台 聚2007/10/40.94673.64% 30.45 20,0009M0.20 50 OTM
寶來BH豐 興2007/10/40.88665.60% 82.50 20,0006M0.10 50 OTM
寶來BI精 英2007/10/40.53770.66% 30.67 20,0006M0.20 50 OTM
寶來BJ所羅門2007/10/41.52366.81% 42.15 20,0006M0.50 50 OTM
中信GB精 英2007/10/40.69681.55% 30.67 20,0006M0.20 50 OTM
中信GC長榮航2007/10/40.99472.41% 47.32 35,0006M0.20 50 OTM
元大AJ厚 生2007/10/42.64159.75% 33.15 20,0007M1.00 50 OTM
元大AK台 航2007/10/42.44273.10% 114.30 20,0007M0.20 50 OTM
元大AL台 航2007/10/41.69475.10% 38.10 20,0007M0.20 50.0 ITM
元大AM威達電2007/10/42.23270.37% 110.70 20,0007M0.20 50 OTM
統一PB威 剛2007/10/41.19556.00% 124.95 10,0007M0.10 50 OTM
統一PC中美晶2007/10/40.55970.00% 477.75 25,0007M0.01 50 OTM
統一PD群 聯2007/10/40.82092.00% 556.5 10,0007M0.01 50 OTM
統一PE致 新2007/10/40.55085.00% 378.75 10,0007M0.01 50 OTM
金鼎U2台 半2007/10/42.70898.54% 102.75 35,0006M0.20 50 OTM
金鼎U3朋 程2007/10/44.75998.69% 312.65 20,0006M0.10 30 OTM
群益ED中石化2007/10/51.95064.00% 24.98 20,0006M1.00 50 OTM
群益EE正 新2007/10/51.38368.90% 104.25 20,0006M0.10 50 OTM
群益EF潤泰新2007/10/52.07055.70% 57.75 20,0006M0.50 50 OTM
群益EG元大金2007/10/51.37361.10% 33.60 20,0006M0.50 50 OTM
統一N8強 茂2007/10/50.92080.00% 76.80 20,0006M0.10 50 OTM
統一N9奇 偶2007/10/50.60780.00% 432.00 20,0007M0.01 50 OTM
元富N8威達電2007/10/51.15480.13% 109.65 20,0006M0.10 50 OTM
元富N9瑞 昱2007/10/52.08978.21% 205.50 20,0006M0.10 50 OTM
永豐GA宏 泰2007/10/50.77772.28% 53.40 20,0006M0.20 50 OTM
永豐GB美隆電2007/10/50.82671.06% 58.65 20,0006M0.20 50 OTM
永豐GC佰 鴻2007/10/50.87669.99% 128.10 20,0006M0.10 50 OTM
永豐GD崇 越2007/10/51.15560.34% 114.30 20,0006M0.20 50 OTM
永豐GE康 舒2007/10/51.16572.02% 32.25 20,0006M0.50 50 OTM
永豐GF全 國2007/10/51.32562.23% 49.12 20,0006M0.50 50 OTM
大眾19元大金2007/10/50.80084.00% 33.60 20,0006M0.20 50 OTM
亞東B5友 達2007/10/53.33268.96% 67.05 20,0009M0.50 50 OTM
亞東B6國 建2007/10/51.03468.33% 26.40 20,0009M0.50 50 OTM
金鼎97強 茂2007/10/51.90291.59% 76.80 20,0006M0.20 50 OTM
金鼎98聯 陽2007/10/52.52998.52% 192.00 20,0006M0.10 50 OTM
金鼎99泰 銘2007/10/53.09791.06% 125.70 20,0006M0.20 50 OTM
元大AN東 鋼2007/10/52.98953.17% 78.75 20,0007M0.50 50 OTM
元大AQ精 英2007/10/53.03967.75% 31.72 20,0007M1.00 50 OTM
元大AR聯 陽2007/10/52.69189.64% 192.00 20,0007M0.10 50 OTM
元大AS欣 興2007/10/53.18953.13% 96.30 20,0007M0.50 50 OTM
元大AP東 鋼2007/10/51.17653.17% 26.25 20,0007M0.50 50.0 ITM
中信GD台 泥2007/10/51.89083.08% 74.47 20,0006M0.20 50 OTM
台証PW威 剛2007/10/52.86580.82% 123.75 8,0006M0.20 50 OTM
台証PX類比科2007/10/53.46289.42% 262.50 8,0006M0.10 50 OTM
台証PY太 欣2007/10/52.06988.88% 79.05 12,0006M0.20 50 OTM
台証PZ群 聯2007/10/56.76682.72% 567.00 6,0006M0.10 50 OTM
中信GE台 泥2007/10/51.49284.60% 24.83 20,0006M0.20 50.0 ITM
永豐GG大 成2007/10/81.12575.07% 72.00 20,0006M0.20 50 OTM
永豐GH華 城2007/10/81.30576.01% 81.60 20,0006M0.20 50 OTM
永豐GI燿 華2007/10/81.45464.10% 50.70 20,0006M0.50 50 OTM
永豐GJ友 達2007/10/81.89257.02% 84.75 20,0006M0.50 50 OTM
永豐GK榮 運2007/10/81.46466.07% 48.00 20,0006M0.50 50 OTM
永豐GL正 文2007/10/81.11561.03% 107.70 20,0006M0.20 50 OTM
統一AA神 達2007/10/80.32840.00% 61.95 20,0007M0.10 50 OTM
統一AB鴻 海2007/10/80.30855.00% 375.00 20,0007M0.01 50 OTM
中信GF陽 明2007/10/81.04484.03% 34.00 20,0006M0.20 20.1 OTM
群益V9威力盟2007/10/80.97566.10% 107.40 20,0006M0.10 50 OTM

將市場上的權證以發行波動率減去隱含波動率作排序,然後扣除深度價內外、接近到期日、隱含波動率不合理及流動性過低者,可以在隱含波動率相對偏低時介入。部分標的股表現強勢的權證似乎價格反映的較為緩慢,造成隱含波動率偏低,若在合理的範圍內,若現股持續上漲,相關權證是不錯的投資標的。

而大盤近期走勢相對不穩定,而無論是個股或是權證操作上必須以挑選俱防禦性質的標的為主,如部份的傳產以及中概族群拉回皆可以留意。而之前熱門的電子股如IC設計族群等,若營收不如預期之下不排除股價仍有下跌空間,操作上需特別留意。而部分電子零組件個股,其營收體質不錯,建議可是作為相關權證介入的留意標的。


 
 
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