美股期权大自话第4期 【买入看跌期权】的保险思维 买入看跌期权 小红有套现价170万的房子,她担心经济不好房价会大 跌。于是她对邻居小明说: "我现在付你7万订金。如果半年后房价跌破160万，我 右权依然用160万壶给你。" 这份 "付订金防大跌" 的合同，就是买入看跌期权 (Buy Put)。 实战展示 假设你持有100股英伟达,现价170美元。你担心未来会 大跌。 TVIDIA 你买入: NVDA 260218 160 Put 动作含义： 你付一笔权利金，就获得了在2026年2月18 日前，以每股160美元卖出英伟达股票的权利 权利金成本： 每股收8美元（1手对应100股，所以此处 权利金成本等于100*8=800美元) 你的义务： 如果股价大跌，你可以按160美元卖出100股 你的风险与收益 最大收益： 理论上很大 最大亏损：800美元权利金 如果到期股价 ≥ 160美元 盈亏平衡点: 152美元 如果股价跌到100美元 o · 你可以用160美元卖出 · 一张赚6000美元 (160-100=60/股) 净赚5200美元（扣除800美元权利金） ● · 你不会低价卖出 · 损失全部800美元订金，让合 ...

前十大重仓股 · 苹果"王座"松动，组合趋向均衡 点击蓝字，关注我们 追踪机构：伯克希尔·哈撒韦(Berkshire Hathaway Inc) 数据周期：截至2025年12月31日（Q4季度） 持仓概览 截至2025年第四季度末，伯克希尔·哈撒韦的美股持仓规模约为2740亿美元，较上一季度下降约1.86%。 前十大重仓股合计持仓占比约88.26%，仍保持较高的集中度，但科技和金融股的权重有所下降，能源、 保险等防御性板块的权重有所提升。 最值得关注的变动是排名第三的纽约时报（NYT）。 作为Q4唯一的新建仓品种，巴菲特斥资3.52亿美元 重返媒体赛道。 在AI技术重塑信息分发的当下，NYT凭借强劲的数字订阅增长和权威品牌背书，重新赢 得了股神的青睐。 减持榜 Top Sells 在2025年四季度的持仓组合中，苹果（AAPL）虽仍以619.62亿美元的市值稳居第一大重仓股，但其持仓 占比已降至22.60%，减持市值约28亿美元。紧随其后的美国运通（AXP）市值达560.88亿美元，占比攀 升至20.46%，与苹果的差距已不足3个百分点。 | 排名 | | 前十大重仓股 持仓市值（亿美元） | 持仓占比 | ...

Core Viewpoint - The article explains the concept of selling call options, using a real estate analogy to illustrate the mechanics and potential outcomes of this investment strategy [2][3]. Group 1: Selling Call Options - Selling a call option involves receiving a premium (in this case, a deposit) while agreeing to sell an asset at a predetermined price if the buyer exercises the option [3][20]. - The example of a homeowner, Xiao Hong, illustrates how a seller can limit potential gains while securing immediate income through the premium [2][3]. Group 2: Example with NVIDIA Stock - An example is provided where an investor holds 100 shares of NVIDIA at $170 and sells a call option with a strike price of $180, receiving a premium of $8 per share, totaling $800 [6][12]. - The maximum profit from this strategy is the premium received, which is $800, while the maximum loss can be theoretically unlimited if the stock price rises significantly [12][13]. - The breakeven point for the investor is at $188, meaning if the stock price exceeds this point, the investor starts incurring losses [15][16]. Group 3: Risk Management - It is emphasized that selling call options should ideally be done with underlying stock holdings to mitigate risks, as naked selling (selling without owning the stock) carries high risks [21][22]. - The article advises against trading highly volatile stocks when engaging in this strategy to avoid significant losses [22].

Group 1: Oil and Gas Sector - Oil stocks experienced a decline, with Sinopec (00386) down 3.89%, PetroChina (00857) down 3.17%, and CNOOC (00883) down 2.79%. This follows a drop in WTI crude oil futures by 2.77% to $62.84 per barrel and Brent crude by 2.71% to $67.52 per barrel [1] Group 2: Renewable Energy Sector - Solar stocks fell collectively, with Xinyi Solar (00968) down 3.62% and New Special Energy (01799) down 3.61%. The rise in silver prices has increased silver paste costs, impacting the battery and component sectors [1] Group 3: Precious Metals Sector - Lao Poo Gold (06181) saw a nearly 5% drop. Bank of America Securities reported that the company is expected to benefit from rising gold prices, with a projected revenue increase of 165% year-on-year for the second half of last year [1] Group 4: Pharmaceuticals - Zai Lab (09688) rose by 7% after its injection drug ZL-1310 was proposed for breakthrough therapy designation for extensive-stage small cell lung cancer (ES-SCLC), showing promising early clinical data [2] Group 5: Precision Manufacturing - China High Precision (00591) fell over 18% after issuing a profit warning, expecting a profit of approximately RMB 2.5 million to RMB 4.5 million for the six months ending December 31, 2025, due to project delays in the oil and petrochemical sectors [2] Group 6: Non-Ferrous Metals - Non-ferrous stocks faced significant declines, with China Nonferrous Mining (01258) down 5.08% and Zijin Mining (02899) down 5.29%. This is attributed to a "de-risking" sentiment in global financial markets, leading to a sell-off in precious metals [3] Group 7: Biotechnology - Xiansheng Pharmaceutical (02096) increased over 4.4% after announcing a licensing agreement with AbbVie for the investigational drug SIM0500, which includes upfront payments and potential milestone payments totaling up to $1.055 billion [3] Group 8: Gaming Sector - Gaming stocks declined, with Melco International Development (00200) down 6.21%. Wynn Macau reported a 7% year-on-year drop in EBITDA for Q4 2025, which was below market expectations [4] Group 9: Oilfield Services - Anton Oilfield Services (03337) rose over 9% after announcing a profit forecast of approximately RMB 360 million to RMB 380 million for 2025, representing a significant year-on-year increase of 48.4% to 56.6% [4] Group 10: U.S. Market Movements - Arko Petroleum (APC.US) opened with a 2.5% decline after its market debut. The company delivered 1.5 billion gallons of fuel in the nine months ending September 30, 2025 [5] - Albemarle (ALB.US) fell 9.41% despite a 16% year-on-year increase in Q4 sales to $1.4 billion, reporting a net loss of $414 million [5] - Boeing (BA.US) rose 1.31% as it plans to increase the monthly production of its 737 series aircraft to 63 units in the coming years [5] Group 11: Technology Sector - Cisco (CSCO.US) dropped 12.32% as it projected a decline in adjusted gross margin for Q3, indicating a worsening trend compared to previous quarters [7] - Storage stocks saw gains, with SanDisk (SNDK.US) up 5.16% and Western Digital (WDC.US) up 3.78% [7]

Core Viewpoint - The article explains the concept of buying call options, illustrating how investors can leverage their expectations of stock price increases while limiting their risk to the premium paid for the option [4][5][20]. Summary by Sections Explanation of Buying Call Options - The article uses an analogy of a real estate transaction to explain buying call options, where a buyer pays a deposit to secure the right to purchase an asset at a predetermined price in the future [4][5]. Practical Example - An example is provided using NVIDIA stock, where the current price is $170. An investor can buy a call option with a strike price of $180, paying a premium of $8 per share, totaling $800 for one option contract (100 shares) [10][11]. Risk and Reward Analysis - Maximum profit from buying a call option is theoretically unlimited, while the maximum loss is limited to the premium paid ($800) [13][14]. - The breakeven point for the investment is at $188, meaning the stock price must exceed this level for the investor to start making a profit [15][16]. Target Investor Profile - This investment strategy is suitable for strong bullish investors who believe in significant price increases and can accept the risk of losing the entire premium if the market does not move in their favor [18]. Conclusion - The article summarizes that buying call options involves paying a premium to bet on significant price increases, with limited risk and potential for substantial profit. The next article will discuss the opposing strategy of selling call options and the underlying trading logic [20].

Group 1 - Tsugami Machine Tool China (01651) saw a nearly 6% increase, reaching a historical high, with revenue of 81.58 billion yen in China, up 28.3% year-on-year, and segment profit of 22.534 billion yen, up 51.2% [1] - Zhizhu (02513) surged over 26%, with a 25.8% increase reported, following the launch of its flagship model GLM-5, which achieved state-of-the-art performance in coding and agent capabilities [1] - China Nuclear International (02302) rose over 7%, with a forecasted revenue of no less than 2.46 billion HKD for 2025, driven by increased uranium trading volume [1] Group 2 - Tianyu Semiconductor (02658) increased nearly 8% after announcing a strategic partnership with EYEQ Lab Inc., a leader in third-generation semiconductors in South Korea [2] - Harbin Electric (01133) rose 7.95% after announcing an expected net profit of 2.65 billion yuan for 2025, a year-on-year increase of approximately 57.2% [2] - Weichai Power (02338) increased over 5.6%, with Morgan Stanley raising the projected cumulative power gap for U.S. data centers from 44 GW to 47 GW for 2025-2028 [2] Group 3 - SOLV Energy (MWH.US) debuted on the U.S. stock market with a 22.68% increase, focusing on large-scale solar power and battery storage projects [4] - Gilead Sciences (GILD.US) rose 5.82%, with a reported revenue growth of 2.4% year-on-year and a significant net profit increase of approximately 16.73 times [4] - TSMC (TSM.US) increased by 3.37%, reporting a January revenue growth of 36.8% year-on-year, marking its strongest monthly revenue ever [5] Group 4 - Bilibili (BILI.US) rose 2.84% after announcing collaboration with the Spring Festival Gala, marking the first involvement of UP owners in the event [6] - Micron Technology (MU.US) surged 9.94% as the memory market experienced a rapid increase, with prices rising 80%-90% since the end of Q4 2025 [7] - Kingsoft Cloud (KC.US) increased by 9.98%, with Goldman Sachs predicting Xiaomi's investment in AI to reach approximately 10 billion yuan in 2026, benefiting Kingsoft Cloud [8]

Core Viewpoint - The article introduces the concept of options trading, explaining its fundamental elements and providing examples to illustrate how options work in practice [4][5][10]. Group 1: Understanding Options - Options are contracts that provide the right to buy or sell an asset at a predetermined price within a specified time frame [5][9]. - There are two main types of options: Call options, which give the right to buy an asset, and Put options, which give the right to sell an asset [10][20]. Group 2: Key Elements of Options - The essential components of an option include the premium (the upfront cost), the strike price (the locked-in price), and the expiration date (the validity period of the option) [9][10]. - For example, a Call option for NVIDIA stock with a strike price of $180 and an expiration date of February 18, 2026, allows the holder to buy the stock at that price [13]. Group 3: Practical Examples - The article provides practical examples of options, such as NVDA 260218 180 Call and NVDA 260218 180 Put, to demonstrate how these contracts function in real-world scenarios [13][15]. - Each option represents a specific right to buy or sell shares of NVIDIA stock at a designated price on a set date [13][15]. Group 4: Additional Information - It is noted that one options contract typically represents 100 shares of the underlying stock, and sellers of options must maintain a margin as collateral [18][20]. - The article hints at future content that will cover practical steps for trading options, specifically focusing on buying Call options [20].

Group 1 - Gold stocks continue to rise, with significant increases in companies such as WanGuo Gold Group (up 9.39%), Zijin Mining (up 3.5%), and Lingbao Gold (up 7.24%), driven by fluctuating gold prices and rising interest rate cut expectations [1][2] - Zijin Mining has approved a three-year production plan for major mineral products from 2026 to 2028, outlining clear production targets [1] - China Duty Free Group reported a 14.71% year-on-year increase in duty-free shopping amounts, totaling 11.585 billion yuan since the policy adjustment [1] Group 2 - Mongol Mining shares rose over 15% during trading, reflecting its transition from a single coking coal producer to a multi-mineral producer, including gold and copper [2] - Semiconductor manufacturer SMIC reported a 12.8% year-on-year increase in Q4 2025 revenue, reaching $2.489 billion, with a 60.7% increase in attributable profit [2] - Health 160 experienced a significant drop of nearly 40%, with its market value falling below 20 billion HKD, indicating a major reversal in its stock performance [2] Group 3 - Xiaomi Group shares increased nearly 5% following a live broadcast by its founder, emphasizing ongoing investments in technology and product development [3] - Zhizhu shares rose over 10% this week, with a cumulative increase exceeding 70%, driven by the launch of a new anonymous model by OpenRouter [3] - Jiantao Group stocks rose due to increased demand for high-end copper-clad laminates driven by AI computing power [3] Group 4 - Jaguar Uranium's stock opened over 35% higher on its debut in the US market but later fell by 23.25%, indicating volatility in its initial trading [4] - NIO shares rose 1.43% as the CEO highlighted significant achievements and future plans for profitability by 2026 [4] - Sohu reported a 6% year-on-year revenue increase in Q4 2025, with a notable reduction in losses compared to the previous year [4] Group 5 - Ferrari's Q4 2025 revenue reached €1.8 billion (approximately $2.14 billion), exceeding expectations, with a positive outlook for 2026 [5] - Philips reported a 1% year-on-year sales increase in Q4, with adjusted EBITA surpassing market expectations, particularly in its personal health segment [5]

点击蓝字，关注我们 今日上午港股 1 . 创新药概念股普遍走高，截至发稿， 石药集团(01093)涨6.34%，药明生物(02269)涨5.54%，康诺 亚-B(02162)涨5.02%，信达生物(01801)涨5.15%，再鼎医药(09688)涨5.33% 。 消息面上，2026年开年 以来重磅合作频出，除信达生物外，石药集团与阿斯利康达成最高185亿美元的平台级合作，荣昌生 物与艾伯维达成56亿美元授权，"单品授权"和"技术平台+重磅单品"等呈现创新药多种出海形式。 2 . 复宏汉霖(02696)再涨超9%，月内累计涨幅已超24% 。消息面上，2月5日，卫材株式会社与复宏汉 霖联合宣布，双方已就抗PD-1抗体斯鲁利单抗在日本市场达成独家商业化协议，并签订联合独家开发 与生产许可协议。 3 . 宝济药业-B(02659)再涨超10%，较招股价26.38港元已涨超440%。截至发稿，涨10.65% 。 4. 云知声(09678)盘中涨超9% 。消息面上，中盛集团发布研究报告指出，云知声医疗核心数据打造坚 实行业壁垒，公司通过医疗大模型与各类Agent切入诊疗核心场景，与北京协和、北京友谊、湖南湘 雅等顶级三甲 ...

Group 1 - The core viewpoint of the article highlights significant stock movements in the Hong Kong and US markets, driven by strategic partnerships, positive financial reports, and market trends [1][2][3][4][5][6][7]. Group 2 - Ocean Group (01991) saw a surge of over 13.3% after announcing a strategic partnership with CONSCIOUSNESS FOUNDATION LTD. to establish a joint venture focused on AI smart hardware, marking a significant step in its AI strategy [1]. - Gaming stocks continued to rise, with Melco International Development (00200) up 5.49% and Sands China (01928) up 3.26%, supported by a 24% year-on-year increase in Macau's gaming revenue for January [1]. - China Energy Storage (02399) increased by over 9.2% following its announcement to acquire 100% of Wuzhong Ruichu Technology for RMB 64 million [2]. - The real estate sector showed recovery, with Sunac China (01918) rising 8.2% as market confidence improved in January [3]. - Gold stocks collectively rose, with China’s gold reserves increasing to 74.19 million ounces, marking a continuous increase for 15 months [4]. - In the US market, Lexin Fintech (LX.US) rose 6.04% amid a broader market rally, with the Dow Jones reaching a historic high of 50,115.67 points [5]. - SpyGlass Pharma (SGP.US) debuted on the US market with a 65% increase, focusing on chronic eye disease treatments [6]. - Bitcoin-related stocks rebounded significantly, with Strategy (MSTR.US) up 26.11% [7].