1. Report Industry Investment Rating - No information provided in the report regarding industry investment rating 2. Core Viewpoints of the Report - The stock market, including the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks, shows a high - level oscillating market trend [2] - The implied volatility of financial options gradually declines and fluctuates at a relatively low level around the mean [2] - For ETF options, it is suitable to construct covered strategies, neutral double - selling strategies, and vertical spread combination strategies; for index options, it is appropriate to construct neutral double - selling strategies and arbitrage strategies between synthetic long or short options and long or short futures [2] 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,633.99, up 16.40 points or 0.45%, with a trading volume of 707.2 billion yuan and an increase of 50.8 billion yuan [3] - The Shenzhen Component Index closed at 11,177.78, up 70.82 points or 0.64%, with a trading volume of 1026.8 billion yuan and an increase of 87.1 billion yuan [3] - The Shanghai 50 Index closed at 2,797.42, up 6.69 points or 0.24%, with a trading volume of 88.4 billion yuan and an increase of 10.6 billion yuan [3] - The CSI 300 Index closed at 4,113.49, up 10.04 points or 0.24%, with a trading volume of 307.7 billion yuan and an increase of 0.7 billion yuan [3] - The CSI 500 Index closed at 6,357.38, up 54.14 points or 0.86%, with a trading volume of 263.8 billion yuan and an increase of 28.1 billion yuan [3] - The CSI 1000 Index closed at 6,861.31, up 73.83 points or 1.09%, with a trading volume of 399.1 billion yuan and an increase of 50.5 billion yuan [3] 3.2 Option - Underlying ETF Market Overview - The Shanghai 50 ETF closed at 2.918, up 0.006 or 0.21%, with a trading volume of 3.2878 million shares and a decrease of 3.2154 million shares, and a trading value of 959 million yuan and a decrease of 1.14 billion yuan [4] - The Shanghai 300 ETF closed at 4.194, up 0.011 or 0.26%, with a trading volume of 4.0894 million shares and a decrease of 4.0346 million shares, and a trading value of 1.713 billion yuan and a decrease of 570 million yuan [4] - The Shanghai 500 ETF closed at 6.428, up 0.052 or 0.82%, with a trading volume of 1.7198 million shares and an increase of 1.7077 million shares, and a trading value of 1.103 billion yuan and an increase of 336 million yuan [4] 3.3 Option Factors - Volume and Position PCR - For the Shanghai 50 ETF option, the trading volume was 702,200 contracts (a decrease of 216,900 contracts), the open interest was 1,454,000 contracts (a decrease of 76,900 contracts), the volume PCR was 0.94 (a decrease of 0.05), and the position PCR was 0.94 (a decrease of 0.01) [5] - For the Shanghai 300 ETF option, the trading volume was 680,200 contracts (a decrease of 195,700 contracts), the open interest was 1,344,400 contracts (a decrease of 73,000 contracts), the volume PCR was 1.08 (an increase of 0.05), and the position PCR was 0.95 (a decrease of 0.02) [5] 3.4 Option Factors - Pressure and Support Points - The pressure point of the Shanghai 50 ETF is 2.90, and the support point is 2.90 [7] - The pressure point of the Shanghai 300 ETF is 4.30, and the support point is 4.10 [7] 3.5 Option Factors - Implied Volatility - The at - the - money implied volatility of the Shanghai 50 ETF option is 13.00%, the weighted implied volatility is 13.20% (a decrease of 0.17%), the average annual implied volatility is 15.25%, the call implied volatility is 13.23%, the put implied volatility is 13.15%, the 20 - day historical volatility is 13.84%, and the difference between implied and historical volatility is - 0.64% [9] - The at - the - money implied volatility of the Shanghai 300 ETF option is 13.57%, the weighted implied volatility is 13.86% (a decrease of 0.01%), the average annual implied volatility is 15.89%, the call implied volatility is 13.94%, the put implied volatility is 13.77%, the 20 - day historical volatility is 14.22%, and the difference between implied and historical volatility is - 0.36% [9] 3.6 Strategies and Recommendations 3.6.1 Financial Stocks Sector (Shanghai 50 ETF, Shanghai 50) - The Shanghai 50 ETF has been in a high - level oscillating trend since July, with short - term resistance above and support below [12] - The implied volatility of the Shanghai 50 ETF option fluctuates below the mean [12] - The position PCR of the Shanghai 50 ETF option is around 0.90, indicating a sideways market [12] - Directional strategy: None [12] - Volatility strategy: Construct a neutral short - option strategy to obtain time - value income and dynamically adjust the position delta to keep it neutral, such as SELL_510050P2508M02850 and SELL_510050C2508M02950 [12] - Covered call strategy: Hold the Shanghai 50 ETF and sell call options, such as LONG_510050 + SELL_510050C2508M03000 [12] 3.6.2 Large - Cap Blue - Chip Stocks Sector (Shanghai 300 ETF, Shenzhen 300 ETF, CSI 300) - The Shanghai 300 ETF has been in a high - level oscillating trend since July, with short - term resistance above and support below [13] - The implied volatility of the Shanghai 300 ETF option fluctuates below the mean [13] - The position PCR of the Shanghai 300 ETF option is around 1.00, indicating a sideways market [13] - Directional strategy: None [13] - Volatility strategy: Construct a short - volatility strategy by selling call and put options to obtain option time - value, such as S_510300P2508M04000 and S_510300C2508M04300 [13] - Covered call strategy: Hold the Shanghai 300 ETF and sell call options, such as LONG_510300 + SELL_510300C2508M04000 [13]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The stock market, including the Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks, showed a high-level oscillating and declining market trend [3]. - The implied volatility of financial options gradually declined to a relatively low level around the mean [3]. - For ETF options, it is suitable to construct covered strategies, neutral double-selling strategies, and vertical spread combination strategies; for stock index options, it is suitable to construct neutral double-selling strategies and arbitrage strategies between synthetic long or short futures with options and short or long futures [3]. 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,559.95, down 13.26 points (-0.37%), with a trading volume of 684.6 billion yuan, a decrease of 161.2 billion yuan [4]. - The Shenzhen Component Index closed at 10,991.32, down 18.45 points (-0.17%), with a trading volume of 913.7 billion yuan, a decrease of 176.4 billion yuan [4]. - The SSE 50 Index closed at 2,754.13, down 21.86 points (-0.79%), with a trading volume of 94.1 billion yuan, a decrease of 37.8 billion yuan [4]. - The CSI 300 Index closed at 4,054.93, down 20.66 points (-0.51%), with a trading volume of 359.7 billion yuan, a decrease of 132.5 billion yuan [4]. - The CSI 500 Index closed at 6,213.20, down 13.14 points (-0.21%), with a trading volume of 254.5 billion yuan, a decrease of 67.8 billion yuan [4]. - The CSI 1000 Index closed at 6,670.47, up 9.29 points (0.14%), with a trading volume of 349.1 billion yuan, a decrease of 52.8 billion yuan [4]. 3.2 Option Underlying ETF Market Overview - The SSE 50 ETF closed at 2.876, down 0.023 (-0.79%), with a trading volume of 8.2351 million shares, an increase of 8.1405 million shares, and a trading value of 2.374 billion yuan, a decrease of 0.376 billion yuan [5]. - The SSE 300 ETF closed at 4.133, down 0.022 (-0.53%), with a trading volume of 6.1157 million shares, an increase of 6.0034 million shares, and a trading value of 2.531 billion yuan, a decrease of 2.157 billion yuan [5]. - The SSE 500 ETF closed at 6.287, down 0.010 (-0.16%), with a trading volume of 1.582 million shares, an increase of 1.5621 million shares, and a trading value of 0.995 billion yuan, a decrease of 0.263 billion yuan [5]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.091, down 0.010 (-0.91%), with a trading volume of 37.1572 million shares, an increase of 36.6287 million shares, and a trading value of 4.07 billion yuan, a decrease of 1.802 billion yuan [5]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.064, down 0.010 (-0.93%), with a trading volume of 8.8498 million shares, an increase of 8.7303 million shares, and a trading value of 0.946 billion yuan, a decrease of 0.351 billion yuan [5]. - The Shenzhen 300 ETF closed at 4.263, down 0.021 (-0.49%), with a trading volume of 1.0369 million shares, an increase of 1.0169 million shares, and a trading value of 0.443 billion yuan, a decrease of 0.418 billion yuan [5]. - The Shenzhen 500 ETF closed at 2.510, down 0.007 (-0.28%), with a trading volume of 0.5791 million shares, an increase of 0.562 million shares, and a trading value of 0.146 billion yuan, a decrease of 0.287 billion yuan [5]. - The Shenzhen 100 ETF closed at 2.877, down 0.007 (-0.24%), with a trading volume of 0.4771 million shares, an increase of 0.47 million shares, and a trading value of 0.137 billion yuan, a decrease of 0.069 billion yuan [5]. - The ChiNext ETF closed at 2.303, up 0.002 (0.09%), with a trading volume of 11.3713 million shares, an increase of 11.1732 million shares, and a trading value of 2.621 billion yuan, a decrease of 2.008 billion yuan [5]. 3.3 Option Factor - Volume and Position PCR - For different option varieties, the volume and position PCR values and their changes are provided, which can be used to analyze the market sentiment and potential turning points of the underlying assets [6][7]. 3.4 Option Factor - Pressure and Support Points - The pressure and support points of different option underlying assets are analyzed based on the strike prices with the largest open interest of call and put options [8][10]. 3.5 Option Factor - Implied Volatility - The implied volatility of different option varieties, including at-the-money implied volatility and weighted implied volatility, is presented, along with their changes and comparisons with historical average values [11][12]. 3.6 Strategies and Recommendations - The financial option sector is divided into large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks. Different option strategies are recommended for each sector [13]. - For example, for the financial stock sector (SSE 50 ETF, SSE 50), it is recommended to construct a seller-neutral strategy and a covered call strategy; for the large-cap blue-chip stock sector (SSE 300 ETF, Shenzhen 300 ETF, CSI 300), a short-volatility strategy and a covered call strategy are suggested [14].

Report Title - Financial Options Strategy Morning Report, dated July 31, 2025 [1] Core Viewpoints - The stock market shows a bullish oscillating upward trend, with the Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks all performing well [2]. - The implied volatility of financial options has gradually declined to a relatively low level [2]. - For ETF options, it is suitable to construct covered strategies, neutral double-selling strategies, and vertical spread combination strategies; for index options, it is suitable to construct neutral double-selling strategies and arbitrage strategies between synthetic long or short options and long or short futures [2]. Market Data Summaries Financial Market Important Indexes - The Shanghai Composite Index closed at 3,615.72, up 6.01 points or 0.17%, with a trading volume of 819.6 billion yuan [3]. - The Shenzhen Component Index closed at 11,203.03, down 86.38 points or 0.77%, with a trading volume of 1,024.7 billion yuan [3]. Option - Based ETFs - The Shanghai 50ETF closed at 2.943, up 0.009 or 0.31%, with a trading volume of 826.17 million shares and a turnover of 2.433 billion yuan [4]. - The Shanghai 300ETF closed at 4.232, down 0.003 or 0.07%, with a trading volume of 950.25 million shares and a turnover of 4.024 billion yuan [4]. Option Factors Volume - to - Open Interest PCR - For the Shanghai 50ETF option, the volume PCR was 0.85 (down 0.08), and the open interest PCR was 1.04 (up 0.04) [5]. - For the Shanghai 300ETF option, the volume PCR was 1.02 (up 0.04), and the open interest PCR was 1.10 (up 0.04) [5]. Pressure and Support Points - The pressure point for the Shanghai 50ETF was 3.10, and the support point was 2.90 [7]. - The pressure point for the Shanghai 300ETF was 4.20, and the support point was 4.10 [7]. Implied Volatility - The weighted implied volatility of the Shanghai 50ETF option was 15.55% (down 0.40%) [9]. - The weighted implied volatility of the Shanghai 300ETF option was 15.75% (down 0.63%) [9]. Strategy and Recommendations Financial Stock Sector (Shanghai 50ETF, Shanghai 50) - Directional strategy: Construct a bull call spread strategy, such as B_510050C2508M02900 and S_510050P2508M03000 [12]. - Volatility strategy: Construct a neutral selling strategy, such as SELL_510050P2508M02850 and SELL_510050P2508M03050 [12]. - Spot long covered strategy: Hold the Shanghai 50ETF and sell call options, such as LONG_510050 + SELL_510050C2508M03000 [12]. Large - Cap Blue - Chip Stock Sector (Shanghai 300ETF, Shenzhen 300ETF, CSI 300) - Directional strategy: Construct a bull call spread strategy, such as B_510300C2508M04200 and S_510300C2508M04400 [12]. - Volatility strategy: Construct a short - volatility strategy by selling call and put options, such as S_510300P2508M04100 and S_510300C2508M04400 [12]. - Spot long covered strategy: Hold the Shanghai 300ETF and sell call options, such as LONG_510300 + SELL_510300C2508M04000 [12].

金融期权 2025/07/30 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、中小盘股和创业板股表现为偏多头震荡上行的市场行情。 （2）金融期权波动性分析：金融期权隐含波动率逐渐下降至均值较低水平平波动。 （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 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market, including the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks, shows a bullish and oscillating upward market trend [3]. - The implied volatility of financial options gradually decreases and fluctuates at a relatively low level [3]. - For ETF options, it is suitable to construct covered strategies, neutral double - selling strategies, and vertical spread combination strategies; for index options, neutral double - selling strategies and arbitrage strategies between synthetic long or short options and long or short futures are appropriate [3]. 3. Summary by Related Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,593.66, down 12.07 points or 0.33%, with a trading volume of 821.6 billion yuan, a decrease of 30.6 billion yuan [4]. - The Shenzhen Component Index closed at 11,168.14, down 24.92 points or 0.22%, with a trading volume of 965.7 billion yuan, a decrease of 26.7 billion yuan [4]. - The Shanghai 50 Index closed at 2,795.51, down 16.93 points or 0.60%, with a trading volume of 114 billion yuan, a decrease of 4.1 billion yuan [4]. - The CSI 300 Index closed at 4,127.16, down 21.87 points or 0.53%, with a trading volume of 430.4 billion yuan, a decrease of 56.6 billion yuan [4]. - The CSI 500 Index closed at 6,299.59, up 5.99 points or 0.10%, with a trading volume of 304.4 billion yuan, a decrease of 15.8 billion yuan [4]. - The CSI 1000 Index closed at 6,706.61, up 5.49 points or 0.08%, with a trading volume of 363.1 billion yuan, a decrease of 11.3 billion yuan [4]. 3.2 Option - Based ETF Market Overview - The Shanghai 50 ETF closed at 2.916, down 0.017 or 0.58%, with a trading volume of 5.7256 million shares and a turnover of 1.671 billion yuan, an increase of 0.095 billion yuan [5]. - The Shanghai 300 ETF closed at 4.203, down 0.022 or 0.52%, with a trading volume of 8.2009 million shares and a turnover of 3.452 billion yuan, a decrease of 0.277 billion yuan [5]. - The Shanghai 500 ETF closed at 6.365, up 0.002 or 0.03%, with a trading volume of 3.1757 million shares and a turnover of 2.019 billion yuan, an increase of 0.71 billion yuan [5]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.109, up 0.023 or 2.12%, with a trading volume of 48.4149 million shares and a turnover of 5.301 billion yuan, an increase of 1.45 billion yuan [5]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.082, up 0.022 or 2.08%, with a trading volume of 11.3537 million shares and a turnover of 1.212 billion yuan, an increase of 0.381 billion yuan [5]. - The Shenzhen 300 ETF closed at 4.338, down 0.022 or 0.50%, with a trading volume of 1.3561 million shares and a turnover of 0.589 billion yuan, a decrease of 0.018 billion yuan [5]. - The Shenzhen 500 ETF closed at 2.543, down 0.002 or 0.08%, with a trading volume of 1.7068 million shares and a turnover of 0.434 billion yuan, an increase of 0.0246 billion yuan [5]. - The Shenzhen 100 ETF closed at 2.932, down 0.014 or 0.48%, with a trading volume of 0.3065 million shares and a turnover of 0.09 billion yuan, a decrease of 0.022 billion yuan [5]. - The ChiNext ETF closed at 2.318, down 0.007 or 0.30%, with a trading volume of 7.6103 million shares and a turnover of 1.763 billion yuan, a decrease of 0.623 billion yuan [5]. 3.3 Option Factor - Volume and Position PCR - Volume and position PCR data for various option varieties are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market [6][7]. 3.4 Option Factor - Pressure and Support Points - Pressure and support points for various option varieties are determined from the strike prices with the largest open interest of call and put options [8][10]. 3.5 Option Factor - Implied Volatility - Implied volatility data for various option varieties are presented, including at - the - money implied volatility and weighted implied volatility [11][12]. 3.6 Strategies and Recommendations - The financial options sector is divided into large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks. Different strategies are recommended for each sector [13]. - For example, in the financial stock sector (Shanghai 50 ETF and Shanghai 50), directional strategies include constructing bullish call option spread combinations, and volatility strategies include constructing neutral seller strategies [14]. - Similar strategy recommendations are provided for other sectors such as large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks [15][16].

金融期权 2025-07-24 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、中小盘股和创业板股表现为偏多头震荡上行的市场行情。 （2）金融期权波动性分析：金融期权隐含波动率逐渐下降至均值较低水平平波动。 （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 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The stock market shows a bullish, oscillating upward trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all performing well [3]. - The implied volatility of financial options is gradually decreasing and fluctuating at a relatively low average level [3]. - For ETF options, it is suitable to construct covered strategies, neutral double - selling strategies, and vertical spread combination strategies; for index options, it is suitable to construct neutral double - selling strategies and arbitrage strategies between synthetic futures long or short positions and futures short or long positions [3]. 3. Summary by Relevant Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,581.86, up 22.07 points or 0.62%, with a trading volume of 840.6 billion yuan and an increase of 109.7 billion yuan in trading volume [4]. - The Shenzhen Component Index closed at 11,099.83, up 92.34 points or 0.84%, with a trading volume of 1,052.5 billion yuan and an increase of 83.4 billion yuan in trading volume [4]. - Other important indices such as the SSE 50, CSI 300, CSI 500, and CSI 1000 also showed varying degrees of increase [4]. 3.2 Option - Underlying ETF Market Overview - The SSE 50ETF closed at 2.914, up 0.024 or 0.83%, with a trading volume of 658.98 million shares and a trading volume increase of 2.54 billion yuan [5]. - The SSE 300ETF closed at 4.201, up 0.044 or 1.06%, with a trading volume of 1,082.11 million shares and a trading volume increase of 13.33 billion yuan [5]. - Other ETFs also had their own price and trading volume changes [5]. 3.3 Option Factor - Volume and Position PCR - For the SSE 50ETF option, the volume PCR is 0.67 (up 0.06), and the position PCR is 1.20 (up 0.09) [6]. - Different option varieties have different volume and position PCR values and changes, which can be used to analyze the strength and turning points of the underlying asset market [6][7]. 3.4 Option Factor - Pressure and Support Points - The pressure point of the SSE 50ETF is 2.90, and the support point is 2.85 [8]. - Each option variety has its own pressure and support points, which can be analyzed from the perspective of the maximum open interest of call and put options [8][10]. 3.5 Option Factor - Implied Volatility - The at - the - money implied volatility of the SSE 50ETF option is 12.95%, and the weighted implied volatility is 14.33% (down 0.53%) [11]. - Different option varieties have different implied volatility levels and changes, which are important factors for option pricing and strategy selection [11][12]. 3.6 Strategy and Recommendations - **Financial Stock Sector (SSE 50ETF, SSE 50)**: Directional strategy - construct a bull call spread; volatility strategy - construct a neutral seller strategy; spot long covered strategy - hold SSE 50ETF and sell call options [14]. - **Large - Cap Blue - Chip Stock Sector (SSE 300ETF, Shenzhen 300ETF, CSI 300)**: Directional strategy - construct a bull call spread; volatility strategy - construct a short - volatility strategy of selling call and put options; spot long covered strategy - hold the corresponding ETF and sell call options [14]. - **Medium - Sized Stock Sector (Shenzhen 100ETF)**: No directional strategy; volatility strategy - construct a short - volatility strategy of selling call and put options; spot long covered strategy - hold Shenzhen 100ETF and sell call options [15]. - **Small - and Medium - Cap Stock Sector (SSE 500ETF, Shenzhen 500ETF, CSI 1000)**: Some have no directional strategy, while for CSI 1000, construct a bull call spread; volatility strategy - construct a short - volatility strategy; spot long covered strategy - hold the corresponding ETF and sell call options [15][16]. - **ChiNext Sector (ChiNext ETF, Huaxia Science and Technology Innovation 50ETF, E Fund Science and Technology Innovation 50ETF)**: Directional strategy - construct a bull call spread; volatility strategy - construct a short - volatility strategy; spot long covered strategy - hold the corresponding ETF and sell call options [16].

| 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、中小盘股和创业板股表现为偏多头震荡上行的市场行情。 （2）金融期权波动性分析：金融期权隐含波动率逐渐下降至均值较低水平平波动。 金融期权 2025/07/22 金融期权策略早报 （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 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...

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、中小盘股和创业板股表现为偏多头震荡上行的市场行情。 金融期权 2025-07-21 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 | （2）金融期权波动性分析：金融期权隐含波动率逐渐下降至均值较低水平平波动。 （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 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...

金融期权 2025-07-18 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、中小盘股和创业板股表现为偏多头震荡上行的市场行情。 （2）金融期权波动性分析：金融期权隐含波动率逐渐下降至均值较低水平平波动。 （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 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...