)
(

 (
)

 (
)





(
)

(

)

()

(Call)

 (Put)

(
)







130

(
)
5
15

(
)

10
120

Breakeven
point
5
125
130
0
120
125
130
135
135
-5
140
-10
145

HSBC
share
prices
s
P
rofit/los

-5
-5
-5
140
0
+5
+10

145




70

(
)
3
15

10

Profit/loss

Breakeven point

0
55

60

65

70

75

80

-5
Cheung
Kong share
prices
7


(1)




(

0)

0)


(2)

2005
3
3
129

4687(

140
(
)

0.081

(
)

10




11

 2005
3
7
68.5
67

(2.19%)

0.49
0.39
(-20.4%)
(3514)

12

4687 MB-HSBC@EC0507

4687

(Macquarie
Bank)
MB

@
*

E
A
X

C
P

2005
7

0507
13









14

9540 CS-CMOB@XC0508 (2005

6
13
)

= $28.88

= $28.7

= 2005
8
18

= $0.01

= 2004
5
18
2004
10
18
2005
3
18
2005
8
18

= $69.45

15

 (1)

1.

2.

3.




(
+ )
x 100%

16

 (2)

4.

5.

(
x )




17

(Buy
call)

(Sell
call)

(Buy
put)

(Sell
put)

18






25

(
)

19

(
)

(
)

20

= 130
= 5

15

10

10

0
-5

120

125

130

135

140

145

0
-5

120

125

130

135

140

145

-10
-15

-10

21

= 14,000

= 400

2000

500

1500

1000

-500

500

13000

14000

15000

16000

-1000
-1500

0
-500

12000

12000

13000

14000

15000

16000

-2000

22

23