恒生股指期货合约规则大揭秘，这些细节别忽略》

Core Insights - The Hang Seng Index futures are standardized contracts based on the Hong Kong Hang Seng Index, serving as a crucial risk management tool in international financial markets [1] - The futures allow investors to speculate on the future price movements of the index, providing opportunities for profit in both rising and falling markets [1] Types and Characteristics - Hang Seng Index futures are categorized by expiration dates into current month, next month, and the following two quarterly contracts, with the current month contract having an average daily trading volume of 300,000 lots [2] - The annualized volatility for the Hang Seng Index futures is 22%, while the Hang Seng Tech Index futures, which focus on technology stocks, have a higher volatility of 30% [2] Trading Rules and Impact - Trading hours for Hang Seng Index futures cover both Asian and European sessions, with a T+0 trading system allowing same-day opening and closing of positions [3] - In 2023, the Hong Kong Stock Exchange reduced the margin requirement for futures from 10% to 8%, resulting in a 25% increase in trading volume within one month [3] Relationship with Hang Seng Index - The price of Hang Seng Index futures is closely linked to the spot index, with the basis typically fluctuating within ±20 points [5] - Futures prices often lead spot index movements by 3-5 minutes, reflecting market information more rapidly [5] Market Role and Significance - For institutional investors, Hang Seng Index futures serve as a vital hedging tool, with 40% of institutional trades in 2024 being hedging transactions [6] - The futures market enhances liquidity in the Hong Kong stock market, with a trading volume ratio of 1.5:1 compared to the spot market, facilitating better price discovery [6]