策略组成: 买入较多数量 的 平值 ATM或 浅度虚值 OTM看涨期权Call，同时 卖出较少数量 的 实值 ITM看涨期权Call(行权价低于股价)，且两种期权的到期日相 同。 投资意义: 核心是 对股票看涨但是想控制入场成本，同时保留无限的上行潜力 。 投资者是不是曾有这样的纠结: 如果你对以上任何一个问题点头，那么今天介绍的 Short Bull Ratio Spread 策略，可能就是你在寻找的答案。 它能让你用 极低、甚至 零成本 的方式，去博取股价大涨的收益，同时 严格锁住大跌的风险 。 Short Bull Ratio Spread - 低成本博大涨 策略到期盈亏图和盈亏计算公式: 买入1张Call收益 = (股价 - 行权价)*100 - 权利金总支出 卖出1张Call收益 = 权利金总收入 - (股价 - 行权价)*100 点击蓝字，关注我们 非常看好一只美股 ，觉得它未来会大涨，但 一手股票太贵 ，买不起？ 想用期权博上涨，但动不动就 几百上千美金的权利金 ，买了怕打水漂，不买又怕错过行情？ 听说卖期权能收权利金，但又 害怕万一股票暴涨，自己会面临"无限亏损"的噩梦 ？ 对比 "单纯买看涨 ...

Group 1: Semiconductor Industry - Semiconductor stocks showed an upward trend, with Huahong Semiconductor rising 1.24% and SMIC increasing by 1.02%. The semiconductor industry is expected to continue its upward trajectory through 2025, driven by U.S. export controls and China's "14th Five-Year Plan" emphasizing technological self-reliance [1][2] Group 2: Pharmaceutical Sector - Lakai Pharmaceutical saw a significant increase of over 15%, with a cumulative rise of over 40% this month. The company has granted rights for its breast cancer candidate drug LAE002 to Qilu Pharmaceutical for a total transaction amount of 2.045 billion yuan, along with a potential sales commission of 10% to 20% [1] Group 3: Technology and AI - Cambridge Technology experienced a nearly 10% rise, with reports indicating that Meta is in talks with Google to potentially purchase TPUs for its data centers starting in 2027, with a procurement scale potentially reaching several billion dollars [1] - Guohua Tong surged over 14% after Huawei announced the launch of its first chat robot, "Smart Hanhan," priced at 399 yuan, marking Huawei's entry into the smart companionship market [2] - Xiaoma Zhixing reported a revenue increase of 72% year-on-year to 25.4 million USD in Q3 2025, with Robotaxi services growing by 89% [3] Group 4: Consumer Goods and Entertainment - Pop Mart rose over 8% after Sony Pictures acquired the film adaptation rights for Pop Mart's popular IP "Labubu," with plans for a movie series already in development [3] - Yuran Agriculture increased by over 9%, being recognized as the world's largest raw milk supplier with a comprehensive business model covering the entire dairy industry chain [4] Group 5: U.S. Market Movements - Robinhood's stock rose over 10.93% as the company announced the launch of a futures and derivatives exchange, deepening its investment in predictive markets [5] - Oracle's stock increased by 4.02% after Deutsche Bank raised its target price based on the company's growth potential in cloud infrastructure and AI services [6]

点击蓝字，关注我们 尊敬的各位投资者与公众： 近期，我司接获举报，有不法分子通过"小红书"等社交平台，以"贝塔AI量化"为名发布虚假内容，诱 导用户评论并进一步通过私聊方式，引导用户下载一款假冒的"贝塔证券"APP（该假冒APP在名称及 logo上均恶意仿冒我司官方标识），进而骗取用户资金，实施诈骗行为。 以 下是 近期 客户提供的仿冒我司的诈骗群组截图: 此类行为严重侵犯了我司的合法权益，更对广大投资者的财产安全构成了严重威胁。为此，我司特此 严正声明如下： 1.官方平台唯一性 贝塔国际证券官方指定的交易平台仅为我司官方APP及官方网站，未授权任何第三方或个人以我司名 义开展业务。 请投资者务必通过我司官方渠道下载并使用官方APP（APP名称：贝塔国际）。 2.警惕非官方宣传 我司从未通过"小红书"等社交平台以"贝塔AI量化"等名义开展业务宣传、招揽客户或引导下载任何非 官方APP。任何通过私聊引导下载APP、诱导入金的行为均属诈骗，请切勿轻信。 3.核实信息渠道 官方邮箱：cs@betaints.com 4.法律追责 对任何冒用我司名义进行非法活动的单位或个人，我司保留依法追究其法律责任的权利。 我们恳请 ...

Group 1 - Vitasoy International (00345) reported a 6% year-on-year decrease in revenue and a 7% decrease in gross profit for the six months ending September 30, 2025, primarily due to weak market conditions in mainland China [1] - Shandong Xinhua Pharmaceutical (00719) saw a rise of over 2% after receiving approval from the National Medical Products Administration for the registration of a drug [1] - China Biologic Products (01177) increased by over 2% following the publication of positive Phase II clinical trial results for TQB2102 in HER2-positive breast cancer in a prestigious journal [1] - GDS Holdings (09698) rose over 4% after reporting a net income of 2.887 billion RMB for Q3, a 10.2% year-on-year increase, and a net profit margin of 25.2% [1] Group 2 - GaYa Optical (00907) surged by 49.12% after announcing a profit forecast of 8.8 million to 9.6 million HKD for the six months ending September 30, 2025, a significant turnaround from a loss of 13.8 million HKD in the same period last year [2] - Green Leaf Pharmaceutical (02186) rose nearly 2% after announcing FDA approval for clinical trials of a new drug [2] - Hengrui Medicine (01276) increased by over 5% after receiving approval for clinical trials of two drugs [2] - Meituan-W (03690) saw a 6% rise as Alibaba's CFO announced increased investment in Taobao Flash Purchase [2] Group 3 - Alibaba Group (09988) experienced a nearly 2% drop after reporting a 5% year-on-year revenue increase for Q2, but a significant 78% decline in adjusted EBITA [3] - Junshi Biosciences (01877) rose nearly 4% after announcing successful Phase III trial results for a drug in treating non-small cell lung cancer [4] Group 4 - Abercrombie & Fitch (ANF.US) surged by 37.54% after reporting Q3 earnings that exceeded expectations with an adjusted EPS of $2.36 and a 7% year-on-year sales increase [5] - Symbotic (SYM.US) rose by 39.36% after reporting Q4 revenue of $618 million despite a net loss [5] - Novo Nordisk (NVO.US) increased by 4.65% following positive results for a new weight loss and diabetes drug [5] - Kohl's (KSS.US) saw a 42.53% increase after exceeding Q3 earnings expectations and raising full-year guidance [6] - Alibaba (BABA.US) rose by 2.31% after reporting a 5% year-on-year revenue increase, although adjusted net profit fell by 72% [6] - Pony.ai (PONY.US) increased by 5.88% after announcing profitability for its seventh-generation Robotaxi [6]

Group 1 - Fubo Group (03738) increased by over 9% after launching AI music detection services on November 21 [1] - Hard Egg Innovation (00400) rose nearly 8% as it reported a revenue of approximately RMB 3.332 billion for Q3 2025, a year-on-year increase of about 22.1% [1] - ZTO Express (02057) saw a rise of over 4% following a report indicating a Q3 revenue and adjusted net profit growth of 11% and 7% year-on-year, respectively [1] - Qiniu Intelligent (02567) increased by 5% due to its core advantage in integrated MPaaS technology, supporting one-stop audio and video solutions [1] Group 2 - HAPO Pharmaceuticals-B (02142) rose nearly 5% after announcing an expanded collaboration with AstraZeneca for new generation biotherapies [2] - Junshi Biosciences (01877) increased by over 5% after achieving primary research endpoints in a clinical study for its drug JS001sc [2] - Dazhong Public Utilities (01635) rose over 8% following the announcement of the successful IPO of Moer Thread, marking a record high issuance price in the A-share market [2] Group 3 - Airline stocks faced declines, with China Eastern Airlines (00670) dropping nearly 6% and China Southern Airlines (01055) down nearly 3% due to a significant increase in flight cancellations to Japan [3] Group 4 - Alibaba-W (09988) increased by over 3% after its app surpassed 10 million downloads within a week of public testing [4] - Xiaomi Group-W (01810) rose over 5% as its founder invested over HKD 100 million to increase his stake to 23.26%, reflecting confidence in the company's growth potential [4] Group 5 - U.S. storage stocks saw collective gains, with SanDisk (SNDK.US) up 13.33% and Western Digital (WDC.US) up 8.43%, following a bullish outlook from Bank of America [5] - Qudian (QD.US) rose 10.3% after reporting a Q3 diluted earnings per ADS of RMB 2.47, exceeding last year's figure [5] - WeRide (WRD.US) surged 14.72% with a 144% year-on-year revenue growth to RMB 171 million for Q3, attributed to fleet expansion [5] Group 6 - Lotus (LOT.US) fell 1.57% after reporting a narrower loss of USD 0.10 per share for Q3, with sales declining to USD 137 million [6] - Chinese concept stocks mostly rose, with HSAI (HSAI.US) up 18.08% and Alibaba (BABA.US) up 5.1%, driven by significant partnerships in the ADAS sector [6] Group 7 - Major tech stocks in the U.S. saw gains, with Google A (GOOGL.US) up 6.31% and Tesla (TSLA.US) up 6.82%, following advancements in AI technology [7]

Group 1: Market Movements - Sangfor Technologies (01530) rose over 5% following the news that Mandi International has submitted an application to list on the Hong Kong Stock Exchange, focusing on skin health and weight management solutions [1] - Yino Pharma (02591) surged over 22.5% after being included in the Hang Seng Composite Index, effective December 8, 2025 [1] - ASMPT (00522) fell over 2% as it was removed from the Hang Seng Tech Index [1] - Semiconductor stocks faced declines, with Hua Hong Semiconductor (01347) down 9.35% and SMIC (00981) down 5.38%, amid reports of potential U.S. chip exports to China [1] - Ganfeng Lithium (01772) dropped over 7% due to Goldman Sachs' report indicating that while the lithium market fundamentals have improved, extended inventory cycles in energy storage may offset this [1] Group 2: Company Earnings and Performance - Miniso (09896) fell over 6% despite reporting a 28.2% year-on-year revenue increase, as net profit dropped over 30% compared to the previous year [2] - NetEase (09999) rose over 5% after reporting a net income of RMB 28.4 billion (approximately $4 billion), an 8.2% year-on-year increase [2] - Alibaba (09988) increased over 4% as its AI assistant app surpassed 10 million downloads within a week of public testing [2] - CK Hutchison (00001) rose nearly 3% amid reports of plans for a dual listing of its Watsons brand, potentially raising up to $2 billion [2] Group 3: U.S. Market Highlights - Nvidia (NVDA.US) continued its downward trend, falling 0.97% despite a strong earnings report, with the founder expressing frustration over market perceptions [3] - Oracle (ORCL.US) dropped 5.66% after issuing $18 billion in investment-grade bonds to increase AI spending [4] - Retailer Ross Stores (ROST.US) saw an increase of over 8.41% after reporting third-quarter sales of $5.6 billion, exceeding market expectations [5] - Intuit (INTU.US) rose over 4.03% after reporting adjusted earnings per share of $3.34, surpassing Wall Street's expectations [5]

点击蓝字，关注我们 今日上午港股 1 . 博彩股早盘普跌， 金沙中国(01928)跌5.42%，永利澳门(01128)跌5.57%，美高梅中国(02282)跌 4.36%，银河娱乐(00027)跌2.8% 。 消息面上，澳门特区政府预期2026年度在各项利好因素下，澳门 旅游业可望延续发展。 2. 小鹏汽车-W(09868)续跌近4% ，本周股价累跌两成。消息面上，11月20日晚，小鹏X9增程版正式 上市，新车售价30.98-32.98万元，共推出2款车型，2款配置版本的主要差异在于辅助驾驶能力。 3. 澳博控股(00880)跌近3% 。消息面上，澳博控股发布公告，承接董事会先前有意收购十六浦娱乐场 的所在物业，经过全面审慎的业务评估，以及对长远业务布局、商业考量及本集团整体资源优先分配 的深入考虑后，澳娱综合将不会进行该收购。 4. 光伏股早盘继续下跌， 信义光能(00968)跌6.94%，新特能源(01799)跌6.42%，福莱特玻璃(06865)跌 5.49%，信义玻璃(00868)跌2.52% 。国投期货发布研报称，多晶硅期货跟随工业硅同步回落，现货N 型复投料价格窄幅波动，SMM报价4.97万-5. ...

Core Viewpoint - The article introduces the Short Collar strategy as a balanced approach for investors who have short positions in stocks, allowing them to earn income during sideways market conditions while hedging against potential price spikes [2]. Strategy Composition - The Short Collar strategy consists of shorting the underlying stock, selling out-of-the-money (OTM) put options, and buying OTM call options, all with the same expiration date [2]. - This strategy aims to generate income through the premium received from selling puts while providing downside protection through the purchased calls [2]. Investment Significance - The strategy is particularly useful when the stock price is expected to remain stable or decline slightly, allowing investors to earn "interest" while hedging against significant upward movements [2][8]. - The initial income from the strategy is derived from the net premium received from selling puts minus the premium paid for calls [5]. Profit and Loss Analysis - The maximum loss is capped when the stock price exceeds the call strike price, calculated as the difference between the call strike price and the initial stock price, adjusted for net premium income [6][10]. - The maximum profit is limited to the difference between the initial stock price and the put strike price, plus net premium income, occurring when the stock price falls below the put strike price [6][10]. Strategy Characteristics - The strategy has low cost and risk, often resulting in a net income at the outset, and the call option limits potential losses from significant price increases [6][8]. - It is a neutral or slightly bearish strategy, suitable for stocks expected to trade sideways or decline slightly without breaching the put strike price [8]. Practical Application Example - An example is provided where a stock priced at $196.5 is shorted, with puts sold at a strike price of $185 and calls bought at a strike price of $215, resulting in an initial net income of $720 [8][10]. - The breakeven point for profitability is calculated as $197.2, meaning the stock price must remain below this level for the strategy to yield a profit [10]. Recommendations for Different Risk Preferences - Investors should choose put and call strike prices based on their risk tolerance, balancing premium income against potential future gains from stock price movements [13]. - It is advised that new investors do not sell puts exceeding their short stock positions to avoid excessive risk exposure [14].

Group 1 - Maosheng Holdings (00022) saw a rise of over 14% due to a 75.4% year-on-year increase in revenue for the six months ending September 30, 2025, attributed to the final stages of renovation construction services [1] - Emperor Capital (00717) increased by over 3.8% as net profit rose significantly due to a large reduction in impairment provisions for margin loans and other loans, alongside an increase in group revenue [1] - Ginkgo BioWorks-B (01167) rose over 5.4% following the approval of its self-developed KRAS G12C inhibitor, Goresir, for commercialization in China, with a partnership established with Ailida [1] - Maoyan Entertainment (01896) fell over 2% as reports indicated an increase in the ticket refund rate for "Demon Slayer" [1] - Fuhong Hanlin (02696) increased by over 4.3% after announcing FDA approval for its biosimilar to PERJETA, making it the first and only biosimilar of its kind in the U.S. [1] Group 2 - Trip.com Group-S (09961) dropped over 3.4% despite reporting a net operating revenue of 18.3 billion RMB for Q3 2025, a 16% year-on-year increase driven by sustained global travel demand [2] - Gushengtang (02273) rose over 2.2% after announcing a share transfer agreement with DA ZHONG TANG PTE. LTD. [2] - XPeng Motors-W (09868) fell over 4.6% amid market speculation about plans to produce thousands of autonomous taxis annually from 2026-2027 [2] - Techtronic Industries (00669) increased by over 4.7% as Home Depot's Q3 results indicated a positive outlook for the U.S. consumer market, benefiting Techtronic's professional segment [2] Group 3 - Guofu Quantum (00290) rose over 2.8% as it projected a net profit of approximately 200 million to 210 million HKD for the six months ending September 30, compared to a net loss of about 10.9 million HKD in the same period last year [3] Group 4 - Circle (CRCL.US) fell 8.98% as its stock price continued to decline since late October, with a significant insider sale reported [4] - The U.S. optical communication sector saw gains, with Lumentum (LITE.US) up 8.69% and other companies in the sector also rising [4] - Storage stocks in the U.S. rose, with Seagate Technology (STX.US) up 2.08% following a report on NVIDIA's shift to low-power memory chips for AI servers [5] - MP Materials (MP.US) increased by 8.61% after announcing a joint venture with the U.S. Department of Defense and Saudi Arabia's Maaden to build a rare earth refining plant [5] - Google (GOOGL.US) rose 3% as its new AI model Gemini 3 Pro topped the LMArena leaderboard, highlighting AI's role in its growth [6] - Nokia (NOK.US) fell over 9.19% as it focuses on AI-related infrastructure [6] - Block (XYZ.US) rose 7.56% after announcing a $5 billion increase in its stock buyback plan [6] - NetEase (NTES.US) fell 4.15% following the global launch of its new game [6] - Lowe's (LOW.US) rose 4.03% after reporting Q3 revenue of $20.81 billion, slightly below market expectations [6]

Group 1: Company Performance - 创科实业 (00669) experienced a nearly 3% decline due to disappointing quarterly results from its major client, Home Depot, which reported lower-than-expected profits and same-store sales attributed to a weak real estate market and adverse weather events [1] - 哔哩哔哩-W (09626) saw an early morning increase of over 3% after reporting a 5% year-on-year increase in net revenue for Q3 2025, with advertising revenue up 23% and gross profit up 11%, leading to an improved gross margin compared to the previous year [1] - 雅各臣科研制药 (02633) reported a 5.36% year-on-year decrease in revenue for the six months ending September 30, 2025, totaling 767 million HKD [3] Group 2: Market Trends - Hydrogen-related stocks surged, with 重塑能源 (02570) rising 26.2% and 国富氢能 (02582) increasing by 6.54%, following the release of seven national policies supporting the green hydrogen and ammonia industry since November [1] - Gold stocks rebounded, with 中国黄金国际 (02099) up 3.14% and 山东黄金 (01787) up 3.72%, amid a backdrop of weakened international gold prices due to reduced safe-haven demand and inconsistent expectations regarding U.S. economic data [2] - Oil stocks continued their upward trend, with 中石化 (00386) rising 3.6% and 中海油 (00883) up 2.11%, as the "three oil giants" demonstrated resilience in performance during a period of declining oil prices [4] Group 3: Notable Announcements - 正乾金融控股 (01152) saw a significant increase of over 50% at one point, currently up 21.15%, following the announcement that all preconditions for its debt restructuring have been met, with completion expected by November 18, 2025 [2] - 环球新材国际 (06616) rose over 6% after announcing plans to redeem 40 million USD of convertible bonds due on November 8 [1] - 博雷顿 (01333) increased by over 9.7% as it prepares to launch the world's first autonomous mining truck on November 21 [2]