投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-08-28 股指期权方面，看跌侧博弈偏强。昨日从成交结构来看，整体看跌成 交占比边际上升，市场逻辑有切向下跌博弈的趋势。从持仓量PCR来看， 整体并未有大幅回落，甚至沪市500ETF继续上行至新高，似乎中期卖方资 金仍以波动回落叠加下跌空间不大为主要观点，但需要注意的是偏度方面 500ETF也有明显冲高，表明部分买权也在博弈隔夜下跌持续性，但多数品 种偏度仍处于中部区间，判断市场情绪转变为时尚早。波动率方面，日内 交易行为对部分小品种冲击较大，例如深市部分品种和HO，其余品种以高 位震荡为主，波动下行拐点未现，卖权建议观望，暂维持多delta类策 略，考虑到市场近两日有暂歇迹象，推测短期上方可能较难突破，更加推 荐以牛市价差组合降低成本。 市场⻛险偏好有所降温 股指期货：杠杆资⾦拥挤，出现抢跑⽌盈。 股指期权：看跌侧博弈偏强。 国债期货：债市曲线⾛陡。 股指期货方面，杠杆资金拥挤，出现抢跑止盈。周三上证指数下跌1. 76%，创4月初加征关税以来最大单日跌幅，收盘险守3800点。变盘时点在 午后，"固收+"投资者出现恐高 ...

Group 1 - The Supreme People's Court issued guidelines to implement the Private Economy Promotion Law, focusing on the judicial protection of data property rights and the resolution of data rights disputes to promote efficient circulation and trading of data elements [1][2] - The guidelines emphasize the need to correct disproportionate administrative penalties against private economic organizations and strengthen judicial efforts against monopolistic and unfair competition practices [2][3] - The guidelines aim to address issues related to overdue payments to private economic organizations, particularly small and medium-sized enterprises, ensuring timely payment of debts [2][3] Group 2 - The guidelines propose measures to combat internal corruption within private economic organizations, including the issuance of guiding cases and promoting legal awareness [3][4] - The guidelines call for the establishment of a one-stop international commercial dispute resolution mechanism to facilitate cross-border commercial mediation, supporting private economic organizations in participating in the Belt and Road Initiative [3][4] - The guidelines stress the importance of judicial protection of property rights and the need to rectify wrongful cases involving enterprises, ensuring strict adherence to legal procedures [4]

Group 1 - The Supreme People's Court has issued guidelines to implement the "Promotion Law of Private Economy," emphasizing the regulation of monopolistic and unfair competition behaviors [1] - The guidelines aim to strengthen judicial efforts against monopolies and unfair competition, ensuring fair market order and competition [1] - The court will accurately distinguish between normal exercise of intellectual property rights and abuse of such rights that restrict competition, promoting fair access to innovation resources [1] Group 2 - The guidelines support the construction of a unified market by ensuring the rational allocation and efficient use of innovation resources among various enterprises [1]

Group 1 - The charging treasure industry is facing challenges due to low-quality products leading to safety issues, prompting regulatory actions to enhance product quality [1] - The new energy vehicle sector is experiencing price wars and unrealistic sales targets, necessitating a return to rational competition and regulatory oversight [1] - Unfair competition characterized by price wars and scale expansion is detrimental to market health, requiring a focus on quality and innovation to foster a more productive environment [1] Group 2 - Both government and enterprises share the responsibility to combat "involution," with a need for regulatory measures to ensure fair competition and resource allocation [2] - Innovation is highlighted as a key strategy for growth, with examples of companies like Haier successfully addressing consumer pain points through product development [2] - Effective market mechanisms and government actions are essential to create a conducive business environment and stimulate innovation [2] Group 3 - Expanding domestic demand and addressing "involution" should be pursued simultaneously, with a focus on guiding competition towards healthier practices [3] - Innovative approaches to enhance consumer experiences, such as the development of cultural and recreational activities, are seen as effective strategies to stimulate demand [3] - Recent regulatory initiatives and industry discussions indicate a collective effort to promote fair competition and prevent detrimental practices in the market [3]

Group 1 - The article emphasizes the need for a dual approach to expand domestic demand and combat "involution," highlighting that healthy competition should focus on quality, innovation, and service rather than price wars [1][3] - The charging treasure industry is experiencing a shift as some manufacturers adopt low-quality, low-price strategies, leading to safety concerns and regulatory responses from civil aviation authorities [1] - The new energy vehicle sector is facing challenges due to aggressive price cuts and unrealistic sales targets, necessitating a comprehensive approach to restore rational competition [1][2] Group 2 - The article discusses the importance of fair competition as the essence of a market economy, stating that "involution" represents inefficient and unfair competition that results in losses for all parties involved [1][2] - It highlights the role of government and enterprises in combating "involution," advocating for the regulation of local investment attraction practices to prevent market fragmentation [2] - The article mentions successful innovations by companies like Haier, which have moved beyond price competition to develop unique products that address consumer pain points, thereby enhancing their market position [2][3] Group 3 - The article notes various recent initiatives aimed at promoting healthy competition, including public consultations on price law amendments and industry associations advocating for better practices [3][4] - It suggests that creating new consumption scenarios and enhancing demand through innovative experiences can help steer the economy away from "involution" [3] - The article concludes that a collaborative effort to eliminate detrimental competition will support high-quality economic development [3]

Group 1 - The charging treasure industry is facing challenges due to low-quality products leading to safety issues, prompting regulatory actions to enhance product quality [1] - The new energy vehicle sector is experiencing price wars and unrealistic sales targets, necessitating a return to rational competition and regulatory oversight [1] - Unfair competition characterized by price wars and scale expansion is detrimental to market health, requiring a focus on quality and innovation to foster a more productive environment [1] Group 2 - Both government and enterprises share the responsibility to combat "involution," with a need for regulatory frameworks to ensure fair competition and resource allocation [2] - Innovation is highlighted as a key strategy for growth, with examples of companies like Haier successfully addressing consumer pain points through product development [2] - Effective market mechanisms and government intervention are essential to create a conducive business environment and stimulate innovation [2] Group 3 - Expanding domestic demand and addressing "involution" should be pursued simultaneously, with a focus on guiding competition towards healthier practices [3] - Initiatives such as extending museum hours and developing new consumer experiences are being implemented to stimulate economic activity and move away from "involution" [3] - Recent legislative and regulatory actions indicate a collective effort to promote fair competition and prevent detrimental market practices [3]

Group 1 - The "Two New" policies, which include large-scale equipment updates and consumer goods trade-in programs, are important measures for promoting high-quality development in China [1] - From January to June, the amount spent by enterprises on machinery and equipment purchases increased by 11.1% year-on-year, continuing the rapid growth trend from the previous year [1] - Retail sales of home appliances, such as televisions and refrigerators, saw significant year-on-year growth of 45.3% and 56.6% respectively, while furniture related to home decoration grew by 34% [1] Group 2 - The sales revenue of the manufacturing industry increased at a rate 1.5 percentage points faster than the overall growth rate of national enterprises, becoming a key support for stable economic growth [1] - High-tech industries experienced a year-on-year sales revenue growth of 14.3% from January to June, indicating a robust expansion of innovative industries [2] - The proportion of inter-provincial sales in total national enterprise sales reached 40.7%, an increase of 0.6 percentage points compared to the same period last year, reflecting the deepening trade connections and steady progress in building a unified national market [2]

Group 1 - The article highlights the issue of "involution" competition in emerging industries, where companies blindly follow trends, leading to resource waste and inefficiency [1][2] - The National Development and Reform Commission (NDRC) is implementing systemic measures, including legal revisions and policy guidance, to shift private enterprises from "inefficient competition" to "innovative cooperation" [1][2] - In the first half of the year, China's economy showed resilience with key indicators performing better than expected, supported by various policies aimed at growth and reform [1] Group 2 - The NDRC plans to promote measures to enhance service consumption, digital consumption, and the sharing economy to further unleash consumption potential [2] - The NDRC is focusing on addressing issues of "involution," disorderly competition, and market disruption as key governance priorities for the second half of the year [2][3] - The NDRC aims to combine effective market mechanisms with proactive government actions to improve market order and encourage high-quality competition among enterprises [2][3] Group 3 - The NDRC will enforce regulations against low-price disorderly competition, establishing clear governance measures to guide enterprises in rational pricing and market order [3] - The NDRC is set to advance the revision of the pricing law to clarify standards for identifying unfair pricing practices, particularly those aimed at eliminating competitors [3] - The NDRC will coordinate efforts to promote a unified national market, focusing on institutional development and addressing key issues in market competition [3]

Economic Performance - China's GDP grew by 5.3% year-on-year in the first half of the year, exceeding expectations and improving by 0.3 percentage points compared to the same period last year and the entire previous year [1] - Domestic demand contributed 68.8% to economic growth, showcasing strong resilience amid external pressures [2] - The import and export scale reached 20 trillion yuan, with exports increasing by 7.2% [2] Policy Measures - The National Development and Reform Commission (NDRC) has fully allocated 800 billion yuan for "two heavy" construction projects and 735 billion yuan for central budget investments [1] - A total of 690 million yuan in special bonds for consumer goods replacement has been allocated, with plans for a fourth batch of 690 million yuan to be disbursed in October, completing the annual target of 300 billion yuan [1] - The NDRC aims to enhance support for the artificial intelligence industry, focusing on optimizing the innovation ecosystem and increasing policy support [2] Investment and Consumption - The NDRC plans to promote healthy and sustainable consumption growth, including measures to steadily increase residents' income and foster domestic products [3] - There will be efforts to expand effective investment, including the establishment of new policy financial tools and encouraging private enterprises to participate in major national projects [3] - The NDRC will also work on reform measures to stimulate domestic demand and enhance the role of private investment in various sectors [3][4] Market Regulation - The NDRC aims to address issues of "involution," disorderly competition, and market disarray by combining effective market mechanisms with proactive government actions [4] - Measures will be taken to regulate low-price competition and ensure fair pricing practices among enterprises [4][5] - The NDRC will develop a comprehensive action plan to promote a unified national market, focusing on regulatory measures and improving market access [5]

Core Viewpoint - The central bank and the China Securities Regulatory Commission have released the "Financial Infrastructure Supervision and Management Measures," emphasizing the need for a modernized financial infrastructure system that prioritizes public interest and operational efficiency [1]. Group 1: Financial Infrastructure Management - Financial infrastructure management departments are required to enhance planning and guidance to promote orderly interconnectivity among financial infrastructures [1]. - The measures call for continuous optimization of the financial infrastructure layout based on safety and efficiency principles [1]. - There is a focus on strengthening the governance system of financial infrastructures to ensure that operational institutions prioritize public interest over profit maximization and risk-taking [1]. Group 2: Regulatory and Operational Guidelines - The guidelines advocate for a balanced approach that supports both market services and regulatory oversight [1]. - New financial infrastructure projects should be cautiously undertaken, particularly those that impact national financial security and have significant externalities, ensuring absolute national control [1].