Core Viewpoint - Individual investors can participate in options trading, but there are specific requirements that must be met, summarized as "five have and one do not" [1] Group 1: Requirements for Individual Investors - **Have Assets**: Investors must have an average daily securities value and available cash balance of at least 500,000 RMB over the previous 20 trading days [2] - **Have Experience**: Investors need to have at least six months of trading experience with a securities company or a futures company, along with qualifications for margin trading or financial futures trading [4] - **Have Knowledge**: Investors must possess basic knowledge of options and pass relevant tests recognized by exchanges, understanding concepts such as strike price, premium, implied volatility, Delta, and Gamma [5] - **Have Simulation Trading Experience**: Investors are required to have recognized simulation trading experience in options [8] - **Have Risk Tolerance**: Investors must demonstrate the ability to bear risks associated with options trading, which is characterized by leverage and complexity [12] - **Do Not Have Bad Records**: Investors must not have serious bad credit records or any legal restrictions on engaging in options trading [12] Group 2: Exemptions and Special Conditions - **Exemption Conditions**: Certain conditions allow for exemptions from trading, funding, and testing requirements, such as being a professional investor or having a record of trading futures or options for at least 50 days in the past year [13] - **Additional Exemptions**: Investors who have previously opened accounts with other companies for the same type of trading or already possess options trading permissions may also qualify for exemptions [15] Group 3: Important Considerations - **Understanding Risks and Returns**: Investors should fully understand the risk and return characteristics of options trading, which has leverage effects and high risks [16] - **Choosing a Trading Platform**: It is essential for investors to select a reputable trading platform with transparent rules and reasonable fees [16] - **Developing a Trading Strategy**: Investors should create a trading strategy based on their risk tolerance and investment goals to avoid excessive trading and following trends blindly [16] Group 4: Definition of Options - **Definition**: Options are financial derivatives that grant the buyer the right, but not the obligation, to buy or sell an underlying asset at a predetermined price within a specified time frame, while the seller must fulfill the obligation [17]

1. Report Information - Report Title: Pioneer Futures Option Daily Report - Report Date: April 28, 2025 [1] 2. Core Data 2.1 Option Volatility Ranking - The report provides the implied volatility of at - the - money options, 30 - day historical volatility, and the true range of the day for various option targets, along with their rankings [3][5] 2.2 Exchange - Specific Option Data - **Shanghai Stock Exchange Options**: - **SSE 50 ETF**: The trading volume of the main options is 445,784 lots, the open interest is 673,060 lots, the trading volume ratio of call and put options is 1, and the weighted average implied volatility is 14.62% [22] - **Huatai - Berich SSE 300 ETF**: The trading volume of the main options is 377,724 lots, the open interest is 562,154 lots, the trading volume ratio of call and put options is 0.97, and the weighted average implied volatility is 15.66% [34] - **Southern CSI 500 ETF**: The trading volume of the main options is 603,625 lots, the open interest is 562,720 lots, the trading volume ratio of call and put options is 0.94, and the weighted average implied volatility is 20.84% [47] - **China AMC SSE STAR 50 ETF**: The trading volume of the main options is 236,372 lots, the open interest is 614,878 lots, the trading volume ratio of call and put options is 1.13, and the weighted average implied volatility is 26.56% [57] - **E Fund SSE STAR 50 ETF**: The trading volume of the main options is 46,927 lots, the open interest is 143,584 lots, the trading volume ratio of call and put options is 1.3, and the weighted average implied volatility is 28.05% [69] - **Shenzhen Stock Exchange Options**: - **Harvest SZSE 300 ETF**: The trading volume of the main options is 44,659 lots, the open interest is 118,204 lots, the trading volume ratio of call and put options is 1.05, and the weighted average implied volatility is 16.65% [82] 3. Core Views 3.1 Volatility Trading - For different months, sell the options of the month with the curve above and buy the options of the month with the curve below; for the same month, sell the options with points above the curve and buy the options with points below the curve [25][38][48] 3.2 Risk - Free Arbitrage - Different ETF options have different minimum annualized yields for the optimal arbitrage portfolio held to maturity when trading at the settlement price and the counter - party price [29][31][41] 4. Directory Summary 4.1 Shanghai Stock Exchange Options - **SSE 50 ETF**: Includes basic information (T - type quotation table, trading volume, open interest, etc.), volatility trading (implied volatility curve analysis), and risk - free arbitrage (optimal arbitrage portfolio yield) [19][22][23] - **Huatai - Berich SSE 300 ETF**: Similar to SSE 50 ETF, with its own basic information, volatility trading, and risk - free arbitrage analysis [32][35][41] - **Southern CSI 500 ETF**: Covers basic information, volatility trading, and risk - free arbitrage [44][48][52] - **China AMC SSE STAR 50 ETF**: Contains basic information, volatility trading, and risk - free arbitrage [55][58][64] - **E Fund SSE STAR 50 ETF**: Includes basic information, volatility trading, and risk - free arbitrage [67][70][76] 4.2 Shenzhen Stock Exchange Options - **Harvest SZSE 300 ETF**: Comprises basic information, volatility trading, and risk - free arbitrage [79][83]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the daily data of futures and options, including the implied volatility of at - the - money options, 30 - day historical volatility, and the true range of the day for various underlying assets. It also provides basic information, volatility trading suggestions, and risk - free arbitrage analysis for options on different ETFs across multiple exchanges [3][19][24]. 3. Summary by Directory 3.1 Shanghai Stock Exchange Options 3.1.1 Shanghai 50ETF - **Basic Information**: The trading volume of the main options of Shanghai 50ETF is 407,440 lots, the open interest is 660,353 lots, the trading volume ratio of call options to put options is 1.46, and the weighted average implied volatility is 20.16% [19][22]. - **Volatility Trading**: Suggestions include selling options in months with higher implied volatility curves and buying those in months with lower curves; for the same month, sell options with points above the curve and buy those below [24]. - **Risk - Free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 45.6% at the settlement price and 3.60% at the counter - party price [24][28][30]. 3.1.2 Huatai - Berry CSI 300ETF - **Basic Information**: The trading volume of the main options of Huatai - Berry CSI 300ETF is 301,423 lots, the open interest is 424,838 lots, the trading volume ratio of call options to put options is 1.04, and the weighted average implied volatility is 15.91% [30][31][33]. - **Volatility Trading**: Similar to Shanghai 50ETF, sell options in months with higher curves and buy those in lower - curve months; for the same month, follow the curve - point rule [40]. - **Risk - Free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 7.33% at the settlement price and 2.25% at the counter - party price [40][41][43]. 3.1.3 Southern CSI 500ETF - **Basic Information**: The trading volume of the main options of Southern CSI 500ETF is 453,489 lots, the open interest is 432,642 lots, the trading volume ratio of call options to put options is 0.98, and the weighted average implied volatility is 26.7% [44][47]. - **Volatility Trading**: Adopt the same strategy as above for different and same - month options [49]. - **Risk - Free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 83.9% at the settlement price and 11.0% at the counter - party price [53][55]. 3.1.4 Huaxia Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The trading volume of the main options of Huaxia Shanghai Science and Technology Innovation 50ETF is 256,668 lots, the open interest is 851,491 lots, the trading volume ratio of call options to put options is 1.31, and the weighted average implied volatility is 45.31% [56][58]. - **Volatility Trading**: Follow the curve - based trading suggestions [60]. - **Risk - Free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 656% at the settlement price and 144% at the counter - party price [64][65]. 3.1.5 E Fund Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The trading volume of the main options of E Fund Shanghai Science and Technology Innovation 50ETF is 84,166 lots, the open interest is 161,095 lots, the trading volume ratio of call options to put options is 1.64, and the weighted average implied volatility is 32.58% [66][68]. - **Volatility Trading**: Use the curve - based trading strategy [70]. - **Risk - Free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 37.3% at the settlement price and 8.58% at the counter - party price [74][76]. 3.2 Shenzhen Stock Exchange Options 3.2.1 Harvest CSI 300ETF - **Basic Information**: The trading volume of the main options of Harvest CSI 300ETF is 87,131 lots, the open interest is 154,861 lots, the trading volume ratio of call options to put options is 1.03, and the weighted average implied volatility is 28.97% [77][80]. - **Volatility Trading**: Sell options in months with higher implied volatility curves and buy those in lower - curve months; for the same month, follow the point - on - curve rule [84][85].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents a comprehensive analysis of various options, including their basic information, volatility trading, and risk - free arbitrage opportunities. It also provides data on the trading volume, open interest, volume ratio of call and put options, and weighted - average implied volatility of the underlying assets of these options. 3. Summary by Directory 3.1 Shanghai Stock Exchange Options 3.1.1 SSE 50 ETF - **Basic Information**: Presented the T - type quotation table of SSE 50 ETF options, including call and put option prices at different strike prices and expiration months. The trading volume of the main - contract options was 549,253 lots, the open interest was 746,563 lots, the volume ratio of call and put options was 1.32, and the weighted - average implied volatility was 19.95% [19][22]. - **Volatility Trading**: Provided implied volatility curves of call options at different strike prices and Deltas, and gave trading suggestions: sell options in months with higher curves and buy those in months with lower curves; sell options with points above the curve and buy those with points below the curve [26]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity was 67.2% at the settlement price and 4.81% at the counter - price [29][31]. 3.1.2 Huatai - Baoying CSI 300 ETF - **Basic Information**: Presented the T - type quotation table of Huatai - Baoying CSI 300 ETF options. The trading volume of the main - contract options was 452,760 lots, the open interest was 515,506 lots, the volume ratio of call and put options was 1.22, and the weighted - average implied volatility was 19.77% [32][34]. - **Volatility Trading**: Similar to SSE 50 ETF, provided implied volatility curves and trading suggestions [39]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity was 51.0% at the settlement price and 5.47% at the counter - price [41][42]. 3.1.3 Southern CSI 500 ETF - **Basic Information**: Presented the T - type quotation table of Southern CSI 500 ETF options. The trading volume of the main - contract options was 779,457 lots, the open interest was 475,828 lots, the volume ratio of call and put options was 0.94, and the weighted - average implied volatility was 25.86% [43][46]. - **Volatility Trading**: Provided implied volatility curves and trading suggestions [48]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity was 153% at the settlement price and 25.8% at the counter - price [52][54]. 3.1.4 Huaxia SSE STAR Market 50 ETF - **Basic Information**: Presented the T - type quotation table of Huaxia SSE STAR Market 50 ETF options. The trading volume of the main - contract options was 319,166 lots, the open interest was 903,715 lots, the volume ratio of call and put options was 1.25, and the weighted - average implied volatility was 39.03% [55][57]. - **Volatility Trading**: Provided implied volatility curves and trading suggestions [61]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity was 327% at the settlement price and 67.1% at the counter - price [66][67]. 3.1.5 E Fund SSE STAR Market 50 ETF - **Basic Information**: Presented the T - type quotation table of E Fund SSE STAR Market 50 ETF options. The trading volume of the main - contract options was 88,580 lots, the open interest was 261,982 lots, the volume ratio of call and put options was 1.15, and the weighted - average implied volatility was 39.86% [68][70]. - **Volatility Trading**: Provided implied volatility curves and trading suggestions [72]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity was 263% at the settlement price and 42.2% at the counter - price [76][78]. 3.2 Shenzhen Stock Exchange Options 3.2.1 Harvest CSI 300 ETF - **Basic Information**: Presented the T - type quotation table of Harvest CSI 300 ETF options. The trading volume of the main - contract options was 106,649 lots, the open interest was 180,426 lots, the volume ratio of call and put options was 1.13, and the weighted - average implied volatility was 30.19% [79][82]. - **Volatility Trading**: Provided implied volatility curves and trading suggestions [87]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity was 48.2% at the settlement price and 0.42% at the counter - price [89][90]. 3.2.2 E Fund ChiNext ETF - **Basic Information**: Presented the T - type quotation table of E Fund ChiNext ETF options. The trading volume of the main - contract options was 898,179 lots, the open interest was 892,753 lots, the volume ratio of call and put options was 0.98, and the weighted - average implied volatility was 35% [91][93]. - **Volatility Trading**: Provided implied volatility curves and trading suggestions [97]. - **No content on risk - free arbitrage was provided.** 3.3 Other Exchanges' Options The report also listed options on CFFEX, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, Shanghai Futures Exchange, Shanghai International Energy Exchange, and Guangzhou Futures Exchange, but detailed data and analysis were not provided in the given text. 3.4 Option Target Volatility Ranking The report provided a ranking of the implied volatility, 30 - day historical volatility, and daily true volatility of various option targets, which can assist different types of traders in making decisions. For example, trend traders can focus on targets with high implied volatility rankings, option sellers can pay attention to the difference between implied and historical volatility rankings, and intraday traders can focus on targets with high daily true volatility rankings [3][6].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the option market data of various underlying assets on April 8, 2025, including the implied volatility of at - the - money options, 30 - day historical volatility, and the true range of the day. It also provides basic information, volatility trading suggestions, and risk - free arbitrage returns for different exchange - listed options [3][4][6]. 3. Summary by Directory 3.1. Shanghai Stock Exchange Options 3.1.1. Shanghai 50ETF - **Basic Information**: The trading volume of the main options is 1,327,067 lots, the open interest is 995,843 lots, the trading volume ratio of call options to put options is 1.23, and the weighted average implied volatility is 27.22% [19][22]. - **Volatility Trading**: Different months: sell the month with the curve on top, buy the month with the curve below; same month: sell the option with the point on the curve above, buy the option with the point below [24]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 89.4% at the settlement price and 26.9% at the counter - price [28][30]. 3.1.2. Huatai - Berry CSI 300ETF - **Basic Information**: The trading volume of the main options is 1,140,414 lots, the open interest is 806,814 lots, the trading volume ratio of call options to put options is 1.01, and the weighted average implied volatility is 31.73% [31][33]. - **Volatility Trading**: Similar to the Shanghai 50ETF, sell the month or option with the curve or point above, buy the one below [37]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 73.2% at the settlement price and 24.9% at the counter - price [40][42]. 3.1.3. Southern CSI 500ETF - **Basic Information**: The trading volume of the main options is 1,386,820 lots, the open interest is 646,442 lots, the trading volume ratio of call options to put options is 0.84, and the weighted average implied volatility is 40.85% [43][46]. - **Volatility Trading**: Follow the rule of selling high and buying low on the volatility curve [51]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 35.4% at the settlement price and 23.9% at the counter - price [53][55]. 3.1.4. Huaxia Shanghai Science and Technology Innovation Board 50ETF - **Basic Information**: The trading volume of the main options is 1,024,532 lots, the open interest is 993,129 lots, the trading volume ratio of call options to put options is 0.87, and the weighted average implied volatility is 57.71% [56][58]. - **Volatility Trading**: Adopt the strategy of selling high and buying low on the volatility curve [62]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 67.0% at the settlement price and 22.4% at the counter - price [65][67]. 3.1.5. E Fund Shanghai Science and Technology Innovation Board 50ETF - **Basic Information**: The trading volume of the main options is 227,894 lots, the open interest is 257,582 lots, the trading volume ratio of call options to put options is 0.96, and the weighted average implied volatility is 55.69% [68][70]. - **Volatility Trading**: Sell the month or option with the higher position on the volatility curve and buy the lower one [72]. - **Risk - Free Arbitrage**: No specific data provided.

Report Date - The report is dated April 7, 2025 [1] Option Underlying Volatility Ranking Overall Ranking - The report provides a ranking of option underlying assets based on implied volatility, 30 - day historical volatility, and daily true range. For example, the "Gem etf4 month" ranks 1st in implied volatility (5.0%), 2nd in 30 - day historical volatility (2.9%), and 1st in daily true range (17.2%) [3] Volatility Explanation - Implied volatility reflects market expectations of future price fluctuations, historical volatility shows past actual price movements, and daily true range indicates intraday price movements [5] Directory Summary 1. Shanghai Stock Exchange Options 1.1 Shanghai Stock Exchange 50ETF - **Basic Information**: The trading volume of the main - contract options is 2,087,696 lots, the open interest is 971,494 lots, the trading volume ratio of call to put options is 1.27, and the weighted - average implied volatility is 42.64% [18][21] - **Volatility Trading**: Suggestions include selling options in months with higher implied - volatility curves and buying those in lower - curve months; selling options with higher points on the curve and buying those with lower points in the same month [25] - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio is 18.7% at the settlement price and 37.5% at the counter - price [28][30] 1.2 Huatai - Peregrine CSI 300ETF - **Basic Information**: The trading volume of the main - contract options is 1,629,367 lots, the open interest is 755,999 lots, the trading volume ratio of call to put options is 1.44, and the weighted - average implied volatility is 48.99% [31][33] - **Volatility Trading**: Similar trading suggestions as above are provided [38] - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio is 75.2% at the settlement price and 62.1% at the counter - price [40][41] 1.3 Southern CSI 500ETF - **Basic Information**: The trading volume of the main - contract options is 1,559,573 lots, the open interest is 626,185 lots, the trading volume ratio of call to put options is 1.03, and the weighted - average implied volatility is 50.09% [42][44] - **Volatility Trading**: The same trading suggestions apply [51] - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio is 104% at the settlement price and 44.3% at the counter - price [52][54] 1.4 Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50ETF - **Basic Information**: The trading volume of the main - contract options is 1,821,325 lots, the open interest is 924,001 lots, the trading volume ratio of call to put options is 0.88, and the weighted - average implied volatility is 77.74% [55][57] - **Volatility Trading**: Similar trading advice is given [61] - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio is 87.1% at the settlement price and 44.5% at the counter - price [64][65] 1.5 E Fund Shanghai Stock Exchange Science and Technology Innovation Board 50ETF - **Basic Information**: The trading volume of the main - contract options is 322,569 lots, the open interest is 232,670 lots, the trading volume ratio of call to put options is 0.86, and the weighted - average implied volatility is 78.44% [68][67] - **Volatility Trading**: The same trading strategy is recommended [70] - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio is 41.6% at the settlement price and 50.8% at the counter - price [74][76] 2. Shenzhen Stock Exchange Options 2.1 Harvest CSI 300ETF - **Basic Information**: The trading volume of the main - contract options is 242,898 lots, the open interest is 192,309 lots, the trading volume ratio of call to put options is 1.96, and the weighted - average implied volatility is 46.38% [77][79] - **Volatility Trading**: Suggestions are consistent with previous ones [81] - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio is 32.6% at the settlement price and 64.2% at the counter - price [85][87] 2.2 E Fund GEM ETF - **Basic Information**: The trading volume of the main - contract options is 1,922,780 lots, the open interest is 934,427 lots, the trading volume ratio of call to put options is 1.36, and the weighted - average implied volatility is 76.94% [88][90] - **Volatility Trading**: Similar trading suggestions are provided [95]

Historical second-quarter data paints an even more disappointing picture. Over the last 10 years, INTC finished the quarter higher only three times, and averaged a 7.7% loss. From their current perch, this mean the shares could end April around $21, and the quarter just above $20. | | SA SESSION III PIEN WE INDE WA PERIAL | | | | | --- | --- | --- | --- | --- | | Ticker | Sector | Average | Median | Percent | | | | Return | Return | Positive | | LUV | Travel and Leisure | -6.45% | -7.59% | 20% | | STX | Tec ...

黄旭东说"走进期权市场，是因为意识到期权是个很好的工具。国外期权市场发展非常好，中国将来也是这样，相信期权的魅力会有光芒四射的时候。" 0 2 期权亚军之路 从亏 37 倍到期权亚军，黄旭东的期权致胜之道！ 在第十届全国期货（期权）实盘交易大赛中，黄旭东获得期权组亚军。他在接受采访时说的： "我参赛就想拿个奖玩玩，最后真的兑现了。" 0 1 初入期权市场 黄旭东的期权之路开始于2014年底，随着即将推出国内第一个期权品种的消息不胫而走，全国的证券和期货公司便开始了期权普及和推广之路，黄旭东老 师就是第一批被普及的人。他经常去证券营业部参加期权知识讲座，自学很多期权的书，还跟台湾的期权老师学习。彼时国内期权市场尚未成熟，但他敏 锐地察觉到这一新兴市场的潜力。便在2015年2月9日，国内第一个期权品种上证50ETF期权正式交易当天，他毫不犹豫地参与交易， 成为当天参与交易 的492个人当中的一员，成为最早一批参与期权交易的投资者。 2016年，黄旭东迎来了自己期权交易生涯的高光时刻。在第十届全国期货（期权）实盘交易大赛中，他凭借出色的交易技巧和稳健的策略， 一举夺得期 权组亚军。这一成就不仅让他在期权市场中声名鹊 ...