港股近日跌勢不止，恒指在3月14日更失守20000點，創6年低位。不少孖展戶口投資者都被追 Call 孖展要補倉，若收到孖展 Call，該如何決定補倉 / 斬倉？除了借孖展，還有沒有其他槓桿投資方法？
港股跌勢持續 恒指見19531點創6年低 券商 Call 孖展
恒指自2月18日24622點拾級而下，直至3日14日收市的19531點，不足一個月已累跌5091點，創了6年新低。無論機構投資者還是散戶近日都選擇將股份沽售，有專家形容，今次是港股史上最猛烈的拋售潮。跌勢不止下，不少孖展用戶都被追 Call 孖展補倉，否則將被券商斬倉。由於兩個選擇都有風險，導致投資者陷入兩難。
Call 孖展是什麼意思？隨後的補倉/斬倉行動
所謂「Call 孖展 / Call margin」，正式叫法為「追繳保證金」。當孖展戶口內的股票價值跌至低於預設的孖展成數，所屬券商 / 經紀行便會要求投資者提供額外的抵押品，這個要求便是「Call 孖展」，而投資者提供額外抵押品便叫「補倉」。
如投資者未能及時補倉，券商 / 經紀行有機會出售戶口內的股票以減少損失，這個動作稱為「斬倉」。券商 / 經紀行甚至可以在未經投資者同意下將股份出售，稱為「強迫性斬倉」。假如斬倉後剩餘的款項仍不足以償還孖展貸款，投資者還要承擔該戶口的虧損。比較孖展戶口收費
收到孖展 Call 應該補倉還是斬倉？
不少有經驗的投資者都建議收到孖展 Call 不要補倉，因為已錯了一次，再補倉只會愈陷愈深，隨時蝕到「出血」。但其實這也不一定。以下3項因素，可以作為是否補倉的參考：
整體市況：在熊市底部、個股股價已跌出價值時，後市轉勢機會增加，即使短期下行壓力未除，補倉仍然值博。相反，若在牛市頂部高追被套，便應當機立斷斬倉止蝕。
股票品質：優質的股票在市況好時表現優異，市況差時抗跌力強；劣質的股票通常估值過高，容易愈買愈蝕。補倉之前，投資者須考慮自己買的股票屬於哪一類。如果屬於優質股票，長遠看補倉還是值得的。
個股走勢：如果買的股票走勢不跟隨大市，投資者便不能單靠大圍市況做分析，而是要獨立判斷股份的後市走勢。舉例說，若股份股價已明顯跌離估值，後市便值得看好，可以考慮補倉；若股價只是跌回合理水平，此時便要以其他方式判斷後市再作決定。
避免 Call 孖展 孖展以外可考慮借貸做槓桿投資
「借孖展」是向券商 / 經紀行借錢買股票做槓桿操作，本質上屬借貸一種。如果不想面臨斬倉風險，其實可考慮一些低息私人貸款，年利率與券商貸款相若，而沒有斬倉 / 補倉問題。如果打算做長線投資，私人貸款更不用像借孖展那樣逐日計息，較為有利。
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