能源化工期权 2025-06-20 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | -- ...

交易咨询业务资格：证监许可【2012】1091号 股指期货早报- 2025年6月20日 大越期货投资咨询部 杜淑芳 从业资格证号：F0230469 投资咨询证号：Z0000690 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、 收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 早评 期指 IC2507贴水59.43点，IM2507贴水77.02点，偏空 4、盘面：IM>IC>IF> IH（主力），IM、IC、IF在20日均线上方，偏多 IH在20日均线下方，偏空 期债 1、基本面：受到以伊局势不确定性，港股和A股小微盘指数连续下跌，市场热点减少；偏空 2、资金：融资余额18167亿元，增加14亿元；中性 3、基差：IH2507贴水45.32点，IF2507贴水44.69点，中性 股指期货升贴水表 期货市场-上证50基差与价差 -150 -100 -50 0 50 100 150 200 2021/11/10 2021/12/16 2022/1/24 2022/3/7 2022/4/1 ...

股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2506 | 移仓为主，总持仓 变动不大 | 申万多头、招商空头加仓千手 | | 上证 | 50 | IH2506 | 移仓为主，总持仓 变动不大 | 国君多空投均增仓近千手 | | 中证 | 500 | IC2506 | 总持仓小幅上升 | 中信多空头均加仓超 2000 手 | | 中证 | 1000 | IM2506 | 总持仓明显上升 | 中信多空头均加仓 5000 手左右 | 股指期货持仓日度变动简评 -18,151.0 -8,837.0 -13,728.0 -31,422.0 4,729.0 2,290.0 8,682.0 14,528.0 -40,000 -30,000 -20,000 -10,000 0 10,000 20,000 IF IH ...

注:ETF持仓数据于北京时间周二至周六凌晨5点30分左右更新,数据为上 一日的持仓情况。 @ JIN10.COM 金十数据 | 一个交易工具 2025-06-03 +64.8314 +48.07吨 2025-06-02 +86.25吨 2025-05-29 +84.83吨 2025-05-23 +77.77吨 2025-05-22 -30 0 30 150 60 90 120 减仓 -60 增仓 金十图示：2025年06月20日（周五）白银ETF持仓报告 ...

全球最大黄金ETF--SPDR Gold Trust持仓为947.37吨，较前一个交易日维持不变。 @ JIN10.COM 金十数据 | 一个交易工具 2025-06-02 +2.87吨 +4.59吨 2025-05-29 +3.15吨 2025-05-28 -1.43吨 2025-05-23 2025-05-22 +4.01吨 0 1 2 3 4 5 -2 -1 减仓 增仓 注:ETF持仓数据于北京时间周二至周六凌晨5点30分左右更新,数据为上 一日的持仓情况。 ...

Core Viewpoint - Platinum prices have surged, reaching a nearly 10-year high, driven by geopolitical instability and supply shortages, leading to a reevaluation of its investment value [1][2]. Supply and Demand Dynamics - The global platinum market is expected to face a structural shortage of 966,000 ounces by Q1 2025, with supply shrinking by 10% year-on-year in Q1 2023 due to flooding in South Africa and aging mines [1]. - Platinum demand increased by 10% in Q1 2023, with jewelry demand rising by 9% and investment demand surging by 28% to 14 tons, particularly driven by a 140% increase in Chinese retail investment [1][2]. Market Sentiment and Investment Trends - The sentiment in the platinum market is improving, as indicated by the increase in futures positions and net long holdings, with total open interest rising from 70,592 contracts on May 22 to 77,787 contracts by May 30 [2]. - The COMEX platinum inventory has seen a net outflow, dropping to 12.46 million ounces, exacerbating supply-demand tensions [2]. Price Influences - The high gold prices are suppressing gold demand while boosting platinum jewelry market growth, suggesting that sustained high gold prices will continue to drive platinum demand recovery [2]. - Speculative funds and increased ETF holdings have contributed to the rapid rise in platinum prices since May 20, although there are concerns about long-term sustainability due to potential oversupply in industrial and consumer demand [3]. Future Outlook - Analysts predict a global platinum supply shortage of 30 tons for the year, alongside increasing demand from the hydrogen energy sector, where platinum is essential for fuel cells [2]. - However, some analysts caution that the market may face oversupply in the coming years, with projections indicating a surplus of 26,000 ounces in 2024 and 32,900 ounces in 2025 if investment demand is excluded [3].

文章来源：环球网 【环球网消费综合报道】尽管年初至今金价在美元贬值、关税和地缘政治风险催化下不断创出历史新 高，涨超28%，但在涨幅比拼中，黄金却远远比不上铂金。Wind数据显示，年初至今，铂金涨幅牛冠 全球大宗商品，涨幅超过47%，超越其他大宗商品表现。 不过，高盛认为，铂金价格快速上涨主要源于投机资金大量介入和ETF持仓显著增加，而非基本面实质 性改善，长期价格将受中国买家价格敏感性、汽车行业需求萎缩及供应端增长制约，提醒投资者注意价 格回调风险。德商银行预计，到明年年底，铂金价格将升至1400美元/盎司。（文馨） 新浪合作大平台期货开户 安全快捷有保障 责任编辑：朱赫楠 全球铂金供应持续收缩是价格上涨的重要因素。2025年一季度，全球铂金总供应量同比下降10%至45.3 吨，全年预计供应量218吨，较2024年下降4%。南非作为全球最大的铂金生产国，占全球产量70%，却 因电力短缺、开采成本上升等问题，铂金产量持续疲软，2025年一季度同比下降4%，预计未来五年还 将进一步下降15%。 供需方面，2025年一季度全球铂金需求同比增长10%至70.7吨，全年预计需求量247.7吨，供需缺口预计 达30吨， ...

金融期权 2025/06/19 金融期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | 金融期权策略早报概要： （1）股市短评：上证综指数、大盘蓝筹股高位盘整震荡，中小盘股和创业板股表现为震荡回暖。 （2）金融期权波动性分析：金融期权隐含波动率历史较低水平水平波动。 （3）金融期权策略与建议：对于ETF期权来说，适合构建备兑策略和偏中性的双卖策略，垂直价差组合策略；对于 股指期权来说，适合构建偏中性的双卖策略和期权合成期货多头或空头与期货空头或多头做套利策略。 表1：金融市场重要指数概况 | 重要指数 | 指数代码 | 收盘价 | 涨跌 | 涨跌幅 | 成交额 | 额变化 | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

农产品期权 2025-06-19 农产品期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏多上行，油脂类，农副产品维持震荡行情，软商品白糖延续偏弱， 棉花反弹后高位盘整形态，谷物类玉米和淀粉逐渐回暖上升后窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

Summary of Key Points Core Viewpoint - The trading data for the CSI 300 index futures as of June 18 shows a slight increase in the main contract price, with a net short position among the top 20 holders, indicating a bearish sentiment in the market [1]. Trading Volume and Positions - The main contract for the CSI 300 index futures closed at 2509, with a change of +0.20% and a trading volume of 30,000 contracts. The total trading volume for all contracts reached 105,700 contracts, an increase of 10,000 contracts from the previous day [1]. - The top 20 positions show a total long position of 175,800 contracts, an increase of 1,234 contracts, while the total short position is 198,000 contracts, an increase of 357 contracts [1]. Major Players - The top three long positions are held by Guotai Junan with a total holding of 40,023 contracts, CITIC Futures with 27,029 contracts, and Haitong Futures with 16,075 contracts. The top three short positions are held by CITIC Futures with 43,359 contracts, Guotai Junan with 26,465 contracts, and Haitong Futures with 16,304 contracts [1][4]. - Among the top 20 positions, the largest increase in long positions was seen in CITIC Futures (+851 contracts), Guotai Junan (+622 contracts), and Haitong Futures (+594 contracts). The largest decrease in long positions was in CITIC Jiantou (-213 contracts), Nanhua Futures (-106 contracts), and Donghai Futures (-39 contracts) [1][4]. Changes in Positions - The largest increase in short positions was recorded by Guotai Futures (+1,824 contracts), Yong'an Futures (+608 contracts), and Huatai Futures (+520 contracts). The only decrease in short positions was by Guoxin Futures (-199 contracts) [1][4].