Structured notes are investment instruments issued in the form of notes. It combines fixed income products and derivative products to create a more innovative type of financial products. The issuer invests a portion of the principal in fixed income products and the remainder in derivative products. The return on structured notes depends on the performance of the underlying assets to which the notes are tied.

2. Related terms

Face Value & Issue Price

When investors buy structured notes, they need to pay an amount of money equal to the face value multiplied by the issue price. The issue price is usually 1 or close to 1.

Underlying Asset

The underlying assets are the investments to which the notes are linked. They can be almost anything, such as stocks, interest rates, indices, etc. Usually, the prospectus of structured notes includes the key terms and definitions of different asset categories. The prices of the underlying assets are the major factor determining the return on the notes.

Knock-Out

Some structured products have a knock-out feature. A knock-out event occurs when the underlying asset rises/falls to a predetermined knock-out level and may trigger an early redemption.

Knock-In

Some structured products have a knock-in feature. A knock-in event occurs when the underlying asset rises/falls to a predetermined knock-in level. After this happens, investors may suffer a loss when the product matures.

Physical Delivery

Contrary to cash settlement, physical delivery refers to the delivery of shares or other assets at a specified strike price.

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看好！繼續加倉

我恐高，逢高減倉

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Feb 27 16:09

Review on February 27...

$Hang Seng Index (800000.HK)$ $HSI Futures Current Contract (HSIcurrent.HK)$ The day before yesterday's review mentioned that the estimated previous top of 23,700 was not the peak. Yesterday it immediately broke through, and the increase was unexpectedly close to 1,000 points, as the short-term trading underestimated the extent of the rise. Therefore, many positions were previously entered in a bearish way, but in the end, the bears exited with stop losses at the close.

Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.

Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.

Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
Support and resistance can be referenced based on spot prices.
Support levels are 23150, 23250, 2...