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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | ...

全球最大黄金ETF--SPDR Gold Trust持仓较上日增加0.86吨，当前持仓量为947.37吨。 @ JIN10.COM 金十数据 | 一个交易工具 2025-06-18 +1.43吨 +4.01吨 2025-06-17 2025-06-16 +1.44吨 +2.58吨 2025-06-13 +3.72吨 2025-06-12 -2 0 2 6 8 4 -4 -6 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。 ...

金融界7月9日消息，A股三大指数收盘涨跌不一，中证文化产业指数 (中证文化，H30068)报1881.59 点。 数据统计显示，中证文化产业指数近一个月上涨4.85%，近三个月上涨16.46%，年至今上涨11.27%。 据了解，中证文化产业指数选取涉及新闻出版发行服务、广播电视电影服务、文化艺术服务、文化信息 传播服务、文化创意和设计服务、文化休闲娱乐服务、工艺美术品的生产、文化产品生产的辅助生产、 文化用品的生产、文化专用设备生产等业务的上市公司证券作为指数样本，以反映文化产业相关上市公 司证券的整体表现。该指数以2012年06月29日为基日，以1000.0点为基点。 从指数持仓来看，中证文化产业指数十大权重分别为：分众传媒（10.15%）、巨人网络（5.14%）、恺 英网络（4.98%）、岩山科技（4.47%）、昆仑万维（4.29%）、三七互娱（4.24%）、光线传媒 （4.18%）、神州泰岳（3.71%）、利欧股份（3.37%）、蓝色光标（3.32%）。 从中证文化产业指数持仓的市场板块来看，深圳证券交易所占比77.41%、上海证券交易所占比 22.59%。 从中证文化产业指数持仓样本的行业来看，通信服 ...

证券研究报告：金融工程报告 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 近期研究报告 《上交 AI 智能体表现亮眼， AlphaEvolve 生成代码反超人类——AI 动态汇总 20250707》 - 2025.07.08 《低估值高盈利，基本面表现占优— —中邮因子周报 20250706》 - 2025.07.07 《ETF 流入金融与 TMT，连板高度与涨 停家数限制下活跃资金处观望态势— —行业轮动周报 20250706》 - 2025.07.07 《"量化新规"或将平稳落地，双均线 法再现买点——微盘股指数周报 20250706》 - 2025.07.07 《谷歌推出 Gemini Robotics On- Device 大模型，快手开源 keye-VL 多 模态模型——AI 动态汇总 20250630》 - 2025.07.02 《基于宏观经济状态划分的 BL 模型与 ETF 实践》 - 2025.07.01 《基于大模型外部评价体系框架介 绍》 - 2025.06.30 《beta 风格显著，高波占优——中邮 ...

Core Viewpoint - As of the end of Q2 2025, northbound funds held a total of 3,572 A-shares with a combined market value of 2.28 trillion yuan, reflecting an increase of approximately 500 billion yuan compared to the end of Q1 2025 [1]. Group 1: Northbound Fund Holdings - Northbound funds increased their holdings in seven industries by over 10% compared to the end of Q1 2025, including retail, construction decoration, telecommunications, defense, comprehensive, non-bank financials, and steel [1]. - Conversely, the household appliances, electronics, and textile and apparel sectors saw a decline in holdings of over 10% [1]. Group 2: Top Holdings and Changes - The top ten stocks held by northbound funds at the end of Q2 2025 included Ningde Times, Kweichow Moutai, Midea Group, China Merchants Bank, Yangtze Power, BYD, Ping An Insurance, Zijin Mining, Huichuan Technology, and Mindray Medical [1]. - Notably, the market value of holdings in Ningde Times was nearly 153.1 billion yuan, while Kweichow Moutai and Midea Group had holdings valued at over 102.7 billion yuan and approximately 74.2 billion yuan, respectively [1]. Group 3: Net Buying and Selling - In Q2 2025, northbound funds recorded a net purchase of 54.77 billion yuan in A-shares, marking the second consecutive quarter of net buying [2]. - The top three stocks with the highest net buying amounts were Ningde Times (12.58 billion yuan), Hengrui Medicine (7.36 billion yuan), and Dongpeng Beverage (4.04 billion yuan) [2]. - The stocks with the largest net selling amounts included Kweichow Moutai (10.32 billion yuan), Midea Group (8.13 billion yuan), and Wuliangye (4.27 billion yuan) [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals showing a volatile decline, construct a seller's neutral volatility strategy [2]. - For the black - series with a gradual range - bound consolidation, it is suitable to construct a seller's option neutral combination strategy [2]. - For precious metals like gold with a high - level consolidation and a weak decline, construct a spot hedging strategy [2]. 3. Summary According to the Directory 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2508) is 80,030, with a price increase of 550 and a trading volume of 6.13 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of various metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the open interest PCR of copper options is 0.67, with a change of - 0.01 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed from the perspective of the maximum open interest of call and put options. For example, the pressure point of copper options is 82,000 and the support point is 78,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of various metal options is presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 11.20% [6]. 3.5 Strategy and Recommendations for Different Metal Categories 3.5.1 Non - Ferrous Metals - **Copper Options**: The copper market shows a high - level range - bound shock and then an upward breakthrough followed by a continuous decline. Construct a bullish option bull - spread strategy, a short - volatility option combination strategy, and a spot long - hedging strategy [8]. - **Aluminum/Alumina Options**: The aluminum market shows a bullish rise, high - level shock, and then a decline. Construct a bullish option bull - spread strategy, a short - option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead Options**: The zinc market shows a bullish upward and high - level range - bound shock. Construct a short - option combination strategy and a spot collar strategy [9]. - **Nickel Options**: The nickel market shows a weak rebound. Construct a short - option combination strategy with a short bias and a spot long - hedging strategy [10]. - **Tin Options**: The tin market shows a short - term weak shock. Construct a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: The lithium carbonate market shows an oversold rebound. Construct a short - option combination strategy with a neutral bias and a spot covered - call strategy [11]. 3.5.2 Precious Metals - **Gold/Silver Options**: The gold market shows a short - term weak shock. Construct a short - volatility option seller's combination strategy with a bullish bias and a spot hedging strategy [12]. 3.5.3 Black - Series - **Rebar Options**: The rebar market shows an oversold rebound with strong upward momentum. Construct a short - option combination strategy and a spot covered - call strategy [13]. - **Iron Ore Options**: The iron ore market shows a bullish upward trend. Construct a short - option combination strategy with a bullish bias and a spot collar strategy [13]. - **Ferroalloy Options**: The manganese silicon market shows a weak rebound. Construct a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: The industrial silicon market shows a rebound and then a range - bound shock. Construct a short - option combination strategy and a spot covered - call strategy [14]. - **Glass Options**: The glass market shows a rebound from a weak bearish trend. Construct a short - volatility option combination strategy and a spot collar strategy [15].

农产品期权 2025-07-09 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：油料油脂类农产品有所转弱，油脂类，农副产品维持震荡行情，软商品白糖延续偏弱， 棉花温和上涨，谷物类玉米和淀粉弱势窄幅盘整。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

晨星投顾研讨会 围绕投顾服务与投资者场景化需求，结合实战经验与案例拆解，帮助从业者打造 一整套满足客户个性化需求的买方投顾方案，高效推动服务落地，赋能投资者成功！ 市场波动下，投资顾问如何确保客户账户具备抗风险能力？ 资产配置的分散性与风险适当性，正 成为守护客户财富的关键防线。 从诊断结果到配置优化的过渡路径不清晰，基于单品的分析结论难以转化为账户层面的可执行方 案...... 本次研讨会，晨星将携手投顾问们逐一破解以上难题，实现 全账户视角的持仓诊断与配置优化 晨星投顾研讨会后续主题预告 投顾场景的风险精细化识别与匹配 目标导向的个性化资产配置方案 然而现实中，账户管理面临诸多挑战： 客户账户分散难整合，依赖手工录入效率低； 风险诊断手段单一，依赖适当性评估或简单指标，持仓分析停留在单品层面，带有较强的预测性; 资产配置到个性化组合的落地实践 。 关于晨星 Morningstar, Inc.是全球目前最主要的投资研究机构之一，业务遍及北美、欧洲、澳洲及亚洲，为个人投资者、投资顾 问、基金管理公司、退休计划发起机构及私募领域的机构投资者等专业人士提供财经资讯、基金、股票的分析及评级， 并致力于发展具实用性、 ...

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 金十图示：2025年07月09日（周三）黄金ETF持仓报告 2025-06-17 +4.01吨 2025-06-16 +1.44吨 2025-06-13 +2.58吨 +3.72吨 2025-06-12 -1.72吨 2025-06-11 0 2 6 8 4 -4 -2 减仓 -6 增仓 ...

能源化工期权 2025-07-09 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 | | --- | --- | --- | --- | --- | --- | --- | -- ...