金属期权 2025-07-02 金属期权策略早报 | 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 | 金属期权策略早报概要：（1）有色金属偏多震荡，构建看涨期权牛市价差组合策略和做空波动率策略策略；（2） 黑色系区间盘整震荡逐渐走弱，适合构建卖方期权中性组合策略；（3）贵金属黄金高位盘整弱势回落，构建现货 避险策略。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （% ...

Market Overview - The macro environment has improved since June 2025, leading to a significant rebound in major stock indices and most commodity futures prices, despite some disturbances from the Israel conflict [1] - Financial, chemical, and non-ferrous metal sectors saw a notable increase in options trading volume in June, indicating an expansion of the options market [1][2] Financial Market Conditions - In June, the manufacturing Purchasing Managers' Index (PMI) was at 49.7%, up 0.2 percentage points from the previous month, indicating marginal recovery despite remaining in contraction territory [2] - The production index rose to 51.0%, suggesting an acceleration in manufacturing activity, while the new orders index increased to 50.2%, indicating improved domestic demand [2] Trading Activity - The average daily trading volume for the Shanghai Stock Exchange 50 ETF was 648.77 million, with a month-on-month increase of 1.45% [3] - The total trading volume for the A-share market reached 44,715.60 million, with a significant month-on-month increase of 11.38% [3] Options Market Activity - The options market saw increased activity, with the trading volume for the Shanghai Stock Exchange 50 ETF options at 75.29 million, reflecting a 16% month-on-month increase [6] - The overall options trading volume for June was 463.70 million, with a 12% increase compared to the previous month [6] Commodity Market Conditions - The agricultural commodity market experienced fluctuations, with soybean meal prices rising initially due to lower quality ratings for U.S. soybeans, but later stabilizing as Brazilian soybeans arrived in large quantities [11] - The average daily trading volume for soybean meal futures was 1.18 million, showing a 26% increase month-on-month [12] Chemical Market Conditions - Crude oil prices initially rose but later fell due to easing tensions in the Middle East, with the market focusing on OPEC+ production policies [20] - The average daily trading volume for crude oil futures was 0.23 million, with a significant month-on-month increase of 2.3% [21]

7月1日，A股小幅上行，沪深两市成交1.49万亿元。其中，超2600只个股上涨，市场整体氛围偏多。板 块方面，医药、生物制品、贵金属、银行等板块领涨，多元金融、软件开发、通信、电池等板块跌幅居 前。期权市场上，成交量回落，而持仓量稳步回升。当日，沪深两市及中金所期权总成交372.81万张， 较前一交易日的461.39万减少19.20%；总持仓739.85万张，较前一交易日的682.38万张增加8.42%。 上证50ETF期权成交量减少19.56%、持仓量增加8.23%。当日，上证50ETF期权成交60.56万张，较前一 交易日的75.29万张减少14.73万张；持仓124.71万张，较前一交易日的115.23万张增加9.48万张。从7月 合约各执行价的持仓变动情况来看，合计增持5.54万张，其中认购增持2.00万张、认沽增持3.54万张。 认购、认沽均在浅虚值部位增持，且认购增持范围较大、认沽增持较为集中，预计市场仍以震荡上行为 主。 沪深300期权成交量和持仓量变化方向与上证50ETF期权一致。深交所沪深300ETF期权成交量减少 29.05%，上交所沪深300ETF期权成交量减少21.86%，中金所沪深3 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601686 证券简称：友发集团 公告编号：2025-078 转债代码：113058 转债简称：友发转债 天津友发钢管集团股份有限公司 关于可转换公司债券转股结果暨股份 变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 转股价格：4.77 元/股 ● 转股期起止日期：2022 年 10 月 10 日至 2028 年 3 月 29日 ● 累计转股情况："友发转债"自 2022年 10月 10日至 2025年 6月 30日，累计转股金额为372,000.00元， 累计转股数为 72,452 股，占可转债转股前公司股本总额的0.005064%。 ● 本季度转股情况："友发转债"自 2025年 4月 1日至 2025年 6月 30日，转股金额为1,000.00元，转股数 为203股，占可转债转股前公司股本总额的0.000014%。 ● 未转股可转债情况：截至2025 年6月30日，尚未转股的"友发转债"金额为人民币 1,999,628,00 ...

Core Viewpoint - The announcement details the results of the third exercise period of the 2020 stock option incentive plan of Beifang Navigation Control Technology Co., Ltd., highlighting the number of options exercised and the implications for the company's stock structure and financial situation [2][6]. Summary by Sections Stock Option Exercise Details - The number of stock options available for exercise in the third period is 6,612,255 options, with the actual exercise period from January 16, 2025, to December 29, 2025 [2]. - As of June 30, 2025, a total of 4,370,316 shares have been exercised, accounting for 66.09% of the total options available [2][6]. - The shares obtained through the exercise will be tradable on the second trading day after the exercise date [2][6]. Decision-Making Process and Disclosure - The board of directors approved the stock option incentive plan on November 15, 2020, and the independent directors provided their opinions on the plan [3]. - The plan received approval from the State-owned Assets Supervision and Administration Commission on December 29, 2020 [3][4]. Stock Structure Changes - The third exercise period involved 81 eligible participants, with 40 participating in the second quarter of 2025 [6]. - The exercise did not result in changes to the controlling shareholder structure, with the major shareholders' holdings remaining stable [8]. Fundraising and Financial Impact - The total funds raised from the exercise in the second quarter of 2025 amounted to 16,864,809.44 yuan, with a cumulative total of 36,946,057.64 yuan raised by June 30, 2025 [8]. - The funds will be used to supplement the company's working capital [8]. - The exercise of options is not expected to have a significant impact on the company's financial status or operating results [8].

证券代码：603300 证券简称：海南华铁 公告编号：临 2025-056 浙江海控南科华铁数智科技股份有限公司 关于2021年股票期权激励计划2025年第二季度自主行 权结果暨股本变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次行权股票数量：浙江海控南科华铁数智科技股份有限公司（以下简 称"公司"）2021 年股票期权激励计划（以下简称"本次激励计划"）于 2025 年第二季度行权且完成过户登记的股份共计 409,847 股。截至 2025 年 6 月 30 日，2021 年股票期权激励计划第三个行权期累计行权并完成股份过户登记 ? 本次行权股票上市流通时间：激励计划采用自主行权方式，行权所得股 票于行权日后的第二个交易日上市交易。 一、本次股票期权行权的决策程序及相关信息披露 华铁应急设备科技股份有限公司 2021 年股票期权激励计划（草案）》及《浙江 华铁应急设备科技股份有限公司 2021 年股票期权激励计划实施考核管理办法》 （以下简称"《考核管理办法》"），关联董事均回避表决。同日， ...

证券代码：688173 证券简称：希荻微 公告编号：2025-048 希荻微电子集团股份有限公司 关于 2024 年股票期权激励计划 2025 年第二季度 自主行权结果暨股份变动公告 审议通过了《关于拟订公司<2024 年股票期权激励计划（草案）>及其摘要的议 案》 《关于拟订公司<2024 年股票期权激励计划实施考核管理办法>的议案》以及 《关于拟订公司<2024 年股票期权激励计划首次授予激励对象名单>的议案》等 议案，并提交公司董事会审议。 于公司<2024 年股票期权激励计划（草案）>及其摘要的议案》《关于公司<2024 年股票期权激励计划实施考核管理办法>的议案》以及《关于提请股东大会授权 董事会办理 2024 年股票期权激励计划相关事宜的议案》等议案。上海君澜律师 事务所和上海荣正企业咨询服务（集团）股份有限公司分别出具了法律意见书和 独立财务顾问报告。 于公司<2024 年股票期权激励计划（草案）>及其摘要的议案》《关于公司<2024 年股票期权激励计划实施考核管理办法>的议案》以及《关于核实公司<2024 年 股票期权激励计划首次授予激励对象名单>的议案》等议案，公司监事会对本激 励计划的事项 ...

证券代码：603026 证券简称：石大胜华 公告编号：临 2025-024 石大胜华新材料集团股份有限公司 关于注销 2022 年股票期权激励计划 部分股票期权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 本次股票期权拟注销数量：202.88 万股 石大胜华新材料集团股份有限公司（以下简称"公司"）于 2025 年 7 月 1 日召开了第八届董事会第十六次会议和第八届监事会第九次会议审议通过了《关 于注销 2022 年股票期权激励计划部分股票期权的议案》，同意对 2022 年股票期 权激励计划已离职激励对象和第三个行权期公司业绩考核未达标导致不符合行 权条件对应的股票期权合计 202.88 万份股票期权进行注销。现将相关事项公告 如下： 一、2022 年股票期权激励计划的基本情况 届监事会第八次会议，审议通过了《关于石大胜华 2022 年股票期权激励计划（草 案）及摘要的议案》《关于石大胜华 2022 年股票期权激励计划实施考核管理办 法的议案》《关于石大胜华 2022 年股票期权激励计划激 ...

Core Viewpoint - The legal opinion letter from Beijing DHH Law Firm confirms that Shandong Bangji Technology Co., Ltd. has made necessary adjustments to its 2024 stock option incentive plan, specifically the exercise price of stock options, in compliance with relevant laws and regulations [1][6][8]. Group 1: Adjustment Details - The exercise price of the stock options has been adjusted from 12.65 RMB per share to 12.50 RMB per share due to the company's profit distribution for the year 2024 [5][7]. - The adjustment was made following the approval of the 2024 profit distribution plan, which includes a cash dividend of 0.15 RMB per share [6][7]. - The adjustment method follows the guidelines in the incentive plan, which stipulates that the exercise price must be adjusted in the event of profit distribution [7]. Group 2: Approval Process - The company has completed the necessary procedures for the adjustment, including the approval of relevant resolutions by the board of directors and the supervisory board [3][4][6]. - The supervisory board did not receive any objections from employees regarding the proposed incentive targets during the public notice period [4]. - The adjustments have been documented and verified, ensuring compliance with the Company Law, Securities Law, and the company's articles of association [2][6][8].

Core Viewpoint - The announcement details the results of the stock option and restricted stock incentive plan for the second quarter of 2025, indicating no shares were exercised during this period. Summary by Sections Stock Option Exercise Results - The total number of stock options available for exercise in the third exercise period of the 2021 stock option and restricted stock incentive plan is 1,976,997 shares, with the exercise start date on January 17, 2025. As of June 30, 2025, no shares have been exercised, representing 0% of the total available for this period [1][12]. - For the reserved stock options in the second exercise period, the total available is 738,491 shares, with the exercise start date on December 25, 2024. Similarly, no shares have been exercised as of June 30, 2025, also representing 0% of the total available [1][12]. Decision-Making Process and Disclosure - The decision-making process for the stock option exercise involved independent directors providing consent and avoiding conflicts of interest during the voting on related proposals [2][3]. Stock Option and Restricted Stock Plan Adjustments - The number of incentive participants was adjusted from 327 to 302 due to 25 participants voluntarily giving up their participation. The total number of stock options remains at 3,865,060, with a grant price of 32.26 CNY per option and restricted stock at 16.13 CNY per share [6][7]. Stock Listing and Trading Arrangements - The stock options from the third exercise period and the reserved options from the second exercise period will be exercised through a self-exercise method, with shares listed for trading on the second trading day after the exercise date [11][12]. Impact on Financial Reports - The exercise of stock options is not expected to have a significant impact on the company's financial condition or operating results [14].