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期权避险增收策略的应用
Qi Huo Ri Bao·2025-05-09 14:50

Core Insights - The article discusses the development and application of options strategies, particularly focusing on risk management and income enhancement through options trading [1][9]. Options Hedging Strategies - In a volatile market, strategies that hedge against market beta risk while capturing alpha are increasingly common, utilizing derivatives like stock index futures for hedging [2]. - The introduction of options has led to more managers using them for risk management, as options provide economic compensation during losses, unlike futures [2][3]. - Protective put strategies allow investors to profit from market beta while limiting losses during downturns, although they incur time decay costs in sideways markets [3][5]. Performance Comparison - Backtesting over four years shows that protective put strategies exhibit greater volatility compared to futures hedging strategies, but can outperform during significant market upswings [5][6]. - The performance of different hedging strategies, including futures and options, indicates that the collar strategy (buying puts and selling calls) can provide a smoother return profile compared to outright futures [6][7]. Income Enhancement Strategies - Income enhancement strategies, such as covered call writing, involve holding long positions while selling call options to generate premium income [9][10]. - The covered call strategy is particularly effective in flat or slightly bullish markets, allowing investors to lock in selling prices while generating additional income [10][11]. - Data shows that professional investors increasingly focus on income enhancement strategies, which accounted for 57.8% of trading purposes in 2023 [13].