市场资讯及洞察

Trading terms glossary A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z - E Earnings per share Earnings per share (EPS) is the net profit of a company, divided by the number of outstanding shares. A tool commonly used to measure a company's profitability. EBITDA EBITDA (earnings before interest, taxes, depreciation, and amortization) is a way of evaluating a company’s performance.

An alternative measure to net income. ECB ECB stands for the European Central Bank, which is the central bank for the eurozone. Equity Equity can have several different meanings in the context of trading, however it usually refers to the ownership of an asset without any debt.

Equity options Equity options are contracts affording the owner the right, not the obligation, to trade to buy or sell shares of the underlying security at a specified price before the expiration date. ETF ETF stands for Exchange Traded Fund, which is a type of fund that is traded on a stock exchange. Learn more about ETF's ETP ETP stands for Exchange Traded Products, which are types of financial products that are publicly traded on a stock exchange.

Eurobond A eurobond is a debt instrument denominated in a currency other than the home currency (the market or country where it was issued). Sometimes referred to as external bonds. Eurodollar Bonds A type of eurobond, eurodollar bonds are denominated by the US dollar, but are sold outside of the US.

Can be sold worldwide. Exotics Exotics refer to c urrencies that are less actively traded. Exchange An open marketplace where financial instruments are traded.

An exchange can also be described as ‘the market.’ Execution The completion of a buy or sell order from a trader, actioned by a broker. Expiry date The day when a trading position automatically closes. Expiry (of a futures contract) The expiry date of a futures contract is the last day you can trade that contract.

Exposure Exposure can mean a variety of things in trading. It can either be the amount of money invested in a certain asset, or the total market value of an investor's open trades. Or it can refer to the total amount of possible risk at any given time.

Trading terms glossary A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z - D Dark pools Dark pools is a privately organized financial forum or exchange for trading securities. They allow institutional investors to trade without exposure until after the trade has been executed and reported Day order A day order is provision placed on an order to a broker to execute a trade at a specific price that expires at the end of the trading day. Day trading Day trading involves buying and selling stocks before the market closure, with the aim of earning short-term profits.

Debt ratio Debt ratio is an indication of how much debt a company is holding, when compared to the value of its assets. It can also be applied to individuals: in which case it is the cost accrued by their debt compared to total income each year. Delta Also termed as hedge ratio, Delta is a measure used in options trading to assess how the price of an options contract changes as the price of the underlying asset moves.

Depreciation Decline in an asset's value is defined as Depreciation. It can happen either due to market conditions or other factors like wear and tear. It is the opposite of appreciation.

Derivative Derivatives are financial products that derive their value from the price of an underlying asset. Derivatives are often used by traders as a device to speculate on the future price movements of an asset, whether that be up or down, without having to buy the asset itself. Direct market access (DMA) Direct market access (DMA) is a way of placing trades directly onto the order books of exchanges.

As a result, DMA offers traders flexibility and transparency when trading. But due to the risks and complexities involved, it is usually recommended for advanced traders only. Dividend A portion of profit that an organization chooses to return to its shareholders in terms of percentage is known as dividend.

Dividends are commonly paid quarterly, but in some cases are paid annually, or even monthly, depending on the companies policy.

Trading terms glossary A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z - C Cable Cable in forex is the nickname of the GBP/USD currency pair, which is one of the most popular currency pairs on the market. Calendar Spread A calendar spread is a trading technique, which involves buying a derivative of an asset in one month and selling a derivative of the same asset in another month. The calendar spread represents the difference in the price of the same asset from one futures contract to another.

Call option A call option is an option to buy an asset at a given price by a specific date. Learn more about Call Options Capital expenditure Funds spent on physical assets. Capital gains Capital gains are the profits made from the buying and selling of assets, when the sale of an asset exceeds the original cost.

Capital gains tax Capital gains tax (or CGT), is the tax levied by the government on the profits made from selling any financial assets. Capital loss Opposite of capital gains. When the sale of an asset is less than the original cost to the owner.

Cash flow Cash flow is the amount of money coming into and going out of a company, and the resulting availability of cash. It can refer to a single project or the entire business. Cash Price Not to be confused with Prompt or Spot price, the cash price refers the price paid or received for immediate delivery of a good or asset.

The cash price and spot futures price should converge the closer you get to the spot futures contract expiry. Cash rate Also known as a bank rate or base interest rate, the cash rate is the interest rate charged by a central bank for loans to other banks. Chartist A chartist trader relies predominantly on charts to help them understand historical data in order to better speculate on future price movements.

Also commonly known as technical analysts, or technical traders. Closing price The price of a security on a financial market at the end of the trading day. Closing prices can be used as a marker when looking at long-term historical movements, or they can be compared to the opening price to review the movement over a single day.

Commission Commission is a service charge by an investment broker for making trades on a client's behalf. Commodity A commodity is a basic physical asset, which can be bought and sold. Commodities can often be categorised as a raw material, used in the production of other goods or services.

Contracts for difference Contracts for difference (CFDs) are a type of financial derivative where your gain or loss is based on the price of the asset when the contract opens and closes. It is an arrangement made where the differences in the settlement between the open and closing trade prices is cash settled and there is no delivery of physical goods or securities. Learn more about CFDs Contract (Lot) A Lot is a trading unit, representing a set amount of a particular asset.

A standard lot in the forex market is $100,000. A mini lot is $10,000. Convexity Bond convexity is a measure of the "degree of the curve" or difference, between a bond’s price and a bond's yield.

It is a risk management tool used to assess the impact that a rise or fall in interest rates can have on a bond’s price – which highlights a bond holder’s exposure to risk. Contango Typically seen when the market is well supplied, contago is when the futures price of a commodity or security is higher than the spot price (present price). Here we would expect the higher price of the futures contract to reflect the commodity cost of carry.

Cost of carry Cost of carry is the amount of additional money you need to hold a position. This can include overnight funding charges, interest payments, or the costs of storing any commodities on the delivery of a futures contract. These charges are an important consideration when trading, as they will affect your net return.

Covered call A covered call is a call option trading strategy, where you hold an existing long position on a tradeable asset and write (sell) a call option against the same asset to generate extra income. The aim is to increase the overall profit that a trader will receive. Learn more about Covered Calls CPI CPI stands for consumer price index, which measures the change in average prices paid by US consumers, month to month.

Learn more about CPI Crystallisation Crystallisation is the act of realising a profit or loss, by selling a position and immediately reopening it again. Currency appreciation The increase in value of one currency compared to another. The 'strengthening’ of a currency in Forex trading means that it would cost more to buy, or that it can buy more of another currency when sold.

Learn more about currency appreciation Currency depreciation A decrease in a specific currency's value, relative to another currency in a floating exchange rate system. In a floating exchange rate system, a currency’s value is set by the forex market, based on supply and demand. Learn more about currency depreciation Currency peg A fixed exchange rate of its currency, set by a national government or central bank.

It can sometimes also be referred to as a fixed exchange rate or 'pegging'. Learn more about Currency Pegs Currency Swap Sometimes referred to as a cross-currency swap, this is an agreement between two parties to exchange principal and fixed rate interest payments in two different currencies to an agreed rate of exchange. Learn more about Currency Swaps.

Trading terms glossary A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z - A Acquisition (mergers and acquisitions) When one company purchases or 'takes over' either the majority or the entirety of the ownership stake of another company. American Depositary Receipt (ADR) The ADR represents securities of a foreign company and enables American investors to own shares in foreign corporations. ADRs trade on the US stock exchange and the sponsoring bank collects dividends, pays local taxes and converts them to dollars for distribution to American shareholders.

American Option An options contract which can be exercised at any time prior to expiration. Aggregate demand The overall demand for goods and services in the economy, showing how current price relates to GDP (gross domestic product). Aggregate supply The total supply of goods and services that can be sold in a national economy - at a particular time and during a particular period.

Alpha The measurement of the performance of an investment portfolio, against a certain benchmark. Measuring the "success" of a portfolio over a period of time. The alpha can be positive or negative, depending on its proximity to the market.

Learn more about Alpha Amortisation Paying off a loan or obligation over a period of time in installments or transfers. Amortisation will often incur interest payments, at the discretion of the lender. Annual general meeting (AGM) A yearly meeting of the shareholders of a company and its board of directors.

Generally, the directors to present the company’s annual report to shareholders at this meeting. Arbitrage Arbitrage is simultaneously buying and selling an asset, in order to take advantage of a temporary difference in price. The asset will usually be bought and sold in different markets.

It can also be the calculation of the relative value of stocks, bonds or funds at the same time, in two or more places. Learn how to use Arbitrage trading to increase profits. Ask (Offer) price The asking price from the seller, at which you can buy an asset or security.

Asset classes Physical assets or financial assets grouped into a category. The instruments are grouped based on whether they have similar characteristics, behave in the same way on the market, or follow the same laws and regulations. Assets In trading, an asset refers to what is being traded or exchanged on the market, for example stocks, bonds, commodities or currencies.

It is an economic resource which can be owned or exchanged to return a profit or held for a future benefit. At the money At the money (ATM) is a term used to describe the relationship between an option's strike price and the underlying securities price. The term describes a strike price that is the same as the market price.

Learn more about At the Money Auction An auction market facilitates competition between buyers and sellers, where buyers indicate the maximum price they will pay for an asset, while sellers express the lowest price they will sell at. Automated trading (to be expanded) Automated trading - sometimes known as algorithmic trading – is the use of algorithms for making trade orders. It allows traders to set specific rules and parameters for making trades, which will be executed automatically once triggered.

Averaging down When a stock owner purchases additional assets when the asset’s price drops, it is referred to as averaging down. The purpose of the second purchase is to decrease the average price at which the investor purchased the stock. Learn more about Averaging Down

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刚刚过去的一周，美国7月CPI增幅重回二字头来到2.9%，预示着今年持续数月通胀数据都在稳步回落，短期看通胀不再是最关键的问题，美联储也不着急强力降息，因此FedWatch的降息预期比拼中，九月份降息25个基点的概率强过降息50个基点。另一方面是刚刚公布的零售销售数据超预期反弹至1%增幅，预示着美国经济依然强势，消费水平没有负影响，加上之前公布的最新GDP增幅超预期反弹至2.8%的增幅，基本排除当前美国经济衰退的阴云，另一个投资者较为担心的问题得以暂缓，舆论中美国经济经历加息周期能够实现软着陆的可能性也大大增加了。目前最重要的关注点是美国的就业数据，由于月初公布的非农数据远低于预期，失业率比上个月上升了0.2%，加上美国涌入了2000万非法移民后，大量兼职人数被统计进非农，每月修正后的非农数据都是大幅下修，因此目前美国的实际非农数据估计连10万月增幅都站不稳，公布值的超过11万是不可信的。美联储也因此煞费苦心，其职责之一控制通胀刚有好转，其另一职责控制失业率就眼看要失控了，这也是美联储9月务必开启降息进程的一大主要原因。

随着货币政策转向节点临近，以及财报季落下帷幕，美股经历了数周回调后，在AI板块反弹的带动下，纳指上周大幅反弹刷新了今年周涨幅记录，标普和纳指都重回了十周均线，技术面进入反弹区间。尽管之前分析的几大阴云依然笼罩着美股，历次美联储首降股指都表现很差，过去连续几年三季度股指都在持续回落。然而我们不得不用当前的行情和技术面去考量当前美股可能的走势。前几次美股在首降时的颓势，也是衰退阴云迫使美联储不得不降息，而本次降息主要因为就业数据而非经济衰退。当然9月首降距离尚有数周，新的一周行情可以做一个预判，却无法判断9月到来后的市场走向。新的一周没有重大金融消息影响股市，澳大利亚和美国分别会公布货币政策会议纪要，投资者将可以了解更多当时决议的细节，但不足以对市场构成较大影响，而且特别是美联储的会议纪要应该会偏鸽，为首降做准备。另外一个比较重要的事件时周四周五召开的杰克逊霍尔年会。澳洲时间周五晚上鲍威尔将在杰克逊霍尔年会上发言，为美国经济未来做预期分析。过去几年的杰克逊霍尔年会上，鲍威尔每年的分析预判都被证明为反向指标，期顽固性和滞后性饱受批评。通胀开始上升时过分乐观估计了通胀导致美国通胀至今仍为得到有效控制，利率过高时一直保持利率政策被动性令美国经济出现较大衰退风险。今年的年会上，鲍威尔大概率会倡导稳步开启降息进程，而依然不会有创新性预言和展望，也不会对降息后可能出现恶行通胀的问题做任何布局。他依然会是走一步算一步的态度，根据公布的数据去应对。

总体上来说，新的一周美股大概率是继续反弹为主，AI板块的反弹还会继续，很多回落一月的高科技股将继续处于反弹波段中，至于美股能否实现4月底开启的那波冲上新高的反弹，我们很难在现在就下定论，需要8月底的金融数据做参考。目前可以操作的，是在低仓位前提下，布局一些美股高科技权重股的反弹波段。现在依然看不到合适的资源股进场机会，特别是澳股方面没有什么可选标的。免责声明：GO Markets 分析师或外部发言人提供的信息基于其独立分析或个人经验。所表达的观点或交易风格仅代表其个人；并不代表 GO Markets 的观点或立场。联系方式：墨尔本 03 8658 0603悉尼 02 9188 0418中国地区(中文） 400 120 8537中国地区(英文） +248 4 671 903作者：

Xavier Zhang | GO Markets 高级分析师

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腾讯公司股价最近几年一直没有大涨过，在370港币左右徘徊。原因是受到中国和香港大经济环境影响，加上外资从香港股市流出，美元资产无风险收益率较高，资本未来预期香港市场难以有更好的表现。但是，单纯从腾讯公司本身的估值和盈利能力来看，公司还是被低估的。8月14日，腾讯公布了第二季度财报，表现非常不错。对于一家规模3.7万亿港币市值的公司，他的第二季度营收上涨8%，经营利润同比增加27%，净利润增幅同比达到80%，达到476.3亿元，远超399.3亿的预期，这是非常不得了的数据。

我们看一下腾讯公司营收结构。增值服务在总收入中占比为49%，同比增加6%，收入为788.2亿元。广告收入为298.7亿元，在总收入中占比19%。接下来是金融和企业服务业务，收入为504.4亿元，占总收入的31%。其他业务是198.4亿的收入，同比增幅46%。具体表现不错的细分领域是，游戏，视频，小程序，和腾讯音乐。在游戏领域里，今年市场开始复苏，缘由是经济下滑，人们连口红经济都开始谨慎对待，年轻人的感情生活升温开始逐渐向虚拟世界再次倾斜，毕竟分泌的多巴胺还挺多，但是消费挺低。一百块出门可能只能两杯奶茶，但是游戏里一百块可能快乐很久，与不充值的玩家相比，体验感更友好。腾讯比较核心的几个游戏中，《王者荣耀》和《和平精英》流水开始恢复，《荒野乱斗》表现也很突出，平均日活用户创历史新高。腾讯游戏的国际市场流水同比增长40%。目前应用商店对游戏收取的费用高达30%抽成，腾讯正在和苹果公司谈判，一旦谈判成功，未来通过游戏获利的比例将进一步上升。腾讯在游戏领域，一如既往的给力，数百款小游戏日活跃数量超过百万，季度流水超过千万。

在宏观上，真正影响我们购买中概股或者腾讯股票的，是对未来中美关系不确定性以及中国经济增长情况还在观望的态度决定的。美国次贷危机时的“大空头”Michael Burry管理的基金，在最近大量买入阿里巴巴股票，持仓价值从900万美金增持到1120万美金，并增持了650万美金的百度股票。同时，清空了谷歌和亚马逊两家公司股票。另外一家基金公司，高瓴资本，同样坚持了亚马逊和微软，以及清仓了AMD，继续增持阿里巴巴，网易等中概股。最后是对冲基金David Tepper，也增持了中概股。但是目前这些基金主要是在美股市场购买相应的中国科技股票，对于香港市场还是有一定的顾虑，或者说，他们优先还是考虑美国本土的资本市场。所以，对我们来说，后续的资本是否能够进入香港股市，还是很难说的。但从估值的角度来讲，中概股相比于日本股市，澳洲股市，和美国股市，已经在地板价上盘整了很久，其中很多公司的业务已经完成了国际化，并且国际业务增长快速。只是在股价上，还需要吸引更多国际投资者认可和购买，只有中资背景的国际资金购买是很难让股价大幅度上涨的。

今年年初，腾讯制定了2024年预计回购超过千亿港元的1000个小目标，目前回购已经完成了500多亿港元，大半年的时间，已经超过了2023年全年494亿港元的回购总额。所以，产业资本自己回购的时候，往往就是股价被低估的时候，对于价值投资者来说，是一件好事情。在研发上，腾讯依旧低调的在第二季度丢进去研发经费172亿，包括对人工智能相关领域的投入，未来该板块也可能持续发力，给腾讯贡献一个新的业务增长线。总体来说，腾讯本身的增长和利润，对比当下的股价，是被低估的，腾讯本身也在做回购股票这件事情。但是，从国际形势和经济环境的宏观角度来考虑，资本对腾讯是有顾虑的，主要是在金融市场存在浓郁的空头情绪。所以，买入腾讯，在估值上属于价值投资，没有问题，但是在投资的时间周期上，可能要等到国际资本对港股的信任重新恢复，需要较长的时间周期才能在股价上赚钱。免责声明：GO Markets 分析师或外部发言人提供的信息基于其独立分析或个人经验。所表达的观点或交易风格仅代表其个人；并不代表 GO Markets 的观点或立场。联系方式：墨尔本 03 8658 0603悉尼 02 9188 0418中国地区(中文） 400 120 8537中国地区(英文） +248 4 671 903作者：

Jacky Wang | GO Markets 亚洲投研部主管