4 正文目录 1 市场回顾 .....................................................................4 1.1 现货价格振荡回升，基差走阔 .............................. 错误！未定义书签。 姓名：陈栋 宝城期货投资咨询部 从业资格证号：F0251793 投资咨询证号：Z0001617 电话：0571-87006873 邮箱：chendong@bcqhgs.com 本人具有中国期货业协会授 准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或 间接接收到任何形式的报酬。 投资咨询业务资格：证监许可【2011】1778 号 专业研究·创造价值 2025 年 6 月 26 日 胶版印刷纸 胶版印刷纸期货期权合约及规则介绍 核心观点 1.2 期价上涨，月差转为升水 .................................. 错误！未定义书签。 2 橡胶市场供需依然偏弱 ........................................ 错误！未定义书签。 2.1 产胶国产 ...

期货从业号: F03097698 投资咨询号: Z0018336 2025年6月26日 国投期货 范丽军 | | | | 日期 | 标的物价格 | 5HV | 10HV | 20HV | 当月IV | 当月近1年 | 当月近2年 | 次月IV | 次月近1年IV分位 | 次月近2年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | IV分位数 | IV分位数 | | 数 | IV分位数 | | 2025/6/24 | 2.792 | 10.30% | 8.50% | 6.84% | 11.85% | 16.30% | 8.10% | 11.80% | 7.50% | 3.80% | | 2025/6/25 | 2.832 | 12.17% | 10.26% | 8.06% | 15.07% | 56.30% | 53.30% | - | - | - | | | 2.826 | 9.81% | 10.40% | 8.11% | 13.58% | 38.70% | 30.60% | 13.88% ...

投资咨询业务资格:证监许可【2012】31号 IIC ERR. NEHR CT + m H =: F0251925 2025/6/26 数据来源: Wind,国贸期货研究院 | | 行情回顾 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指数 | 收盘价 张肤帽(%) | | | 成交额(亿元) | | 成交里(亿) | | | 上证50 | 2747.7278 1.17 | | | 1023. 26 | | 50. 86 | | | 沪深300 | 3960. 0662 1.44 | | | 3617. 27 | | 187. 21 | | | 中证1000 | 6276. 1634 1.32 | | | 3349. 98 | | 247.56 | | | | 中金所股指期权成交情况 | | | | | | | | 指数 | 期权成交里 山沽期权 | 认购期权 | 日成交里 | 期权持仓里 | 认购期权 | 认沽期权 | 持仓里 | | | (万张) 成交里 | 成交里 | PCR | (万5k) | 持仓里 | 持仓里 ...

股指期权日报 | 2025-06-26 股指期权日报 股指期权市场概况 期权成交量 2025-06-25，上证50ETF期权成交量为168.42万张；沪深300ETF期权（沪市）成交量为150.68万张； 中证500ETF期权（沪市）成交量为182.28万张；深证100ETF期权成交量为7.62万张； 创业板ETF期权成交量为211.51万张；上证50股指期权成交量为5.41万张； 沪深300股指期权成交量为12.17万张；中证1000期权总成交量为27.13万张。 期权PCR 上证50ETF期权成交额PCR报0.47，环比变动为-0.06；持仓量PCR报1.28，环比变动为+0.20； 沪深300ETF期权（沪市）成交额PCR报0.48，环比变动为-0.14；持仓量PCR报1.03，环比变动为+0.12； 中证500ETF期权（沪市）成交额PCR报0.56，环比变动为-0.11；持仓量PCR报1.26，环比变动为+0.13 ； 深圳100ETF期权成交额PCR报0.56 ，环比变动为-0.30；持仓量PCR报1.06；环比变动为+0.05； 创业板ETF期权成交额PCR报0.43，环比变动为-0.19 ；持 ...

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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 原油 | SC2508 | 505 | -4 | -0.77 | 30.40 | -22.25 | 3.54 | -0.73 | | 液化气 | PG2508 | 4,296 | 87 | 2.07 | 12.64 | -4.99 | 7.60 | -0.55 | | 甲醇 | MA2509 | 2,419 | 31 | 1.30 | 105.29 | -183.87 | 90.45 | 0.77 | | 乙二醇 | EG2509 | 4,332 | 13 | 0.30 | 17.88 | -17.61 | 26.42 | -0.43 | | 聚丙烯 | PP2509 | 7,102 | 32 | 0.45 | 26.89 | -29.82 | 42.43 | -2.41 | | 聚氯乙烯 | ...

先锋期货期权日报 2025-6-26 风险揭示 本报告中的信息或所表述的意见并不构成对任何人的投资建议。本报告所载 的资料、工具、意见及推测只提供给客户作参考之用。过去的表现并不代表未来 的表现，未来的回报也无法保证，投资者可能会损失本金。 在任何情况下,我们不对任何人因使用本报告中的任何内容所引致的任何损 失负任何责任,投资者需自行承担风险。此报告中所指的投资及服务可能不适合 阁下,我们建议阁下如有任何疑问应咨询独立投资顾问。 | 标的 | 平值期权隐 | 排名 | 标的30天历 | 排名 | 标的当 = | 排名 | | --- | --- | --- | --- | --- | --- | --- | | | 含液动率 | | 中 波 云 2 | | 真实液幅 | | | sc2508 | 2.4% | 1 | 3.4% | 1 | 2.6% | 4 | | ps2508 | 1.9% | 2 | 1.8% | e | 3.7% | 1 | | sn2508 | 1.7% | 3 | 1.3% | 17 | 1.9% | 12 | | si2508 | 1.7% | 4 | 1.6% | 11 | 3. ...

Core Viewpoint - A significant number of foreign exchange options are set to expire on June 26, 22:00 Beijing time, with 13 strike prices having large orders exceeding 1 billion [1] Group 1: Euro to USD Options - A total of 67 billion euros in options are set at a strike price of 1.1600 [3] - Other notable strike prices include 54 billion euros at 1.1700 and 14 billion euros at 1.1625 [3][4] - Smaller amounts include 12 billion euros at 1.1525 and 8.34 billion euros at 1.1550 [3] Group 2: USD to JPY Options - Options worth 14 billion USD are set at a strike price of 143.00 [3] - An additional 10 billion USD is set at 147.00 [3] Group 3: Other Currency Pairs - The USD to CAD options include 9.1 billion USD at a strike price of 1.3715 and 18 billion USD at 1.3800 [4] - For AUD to USD, there are 27 billion AUD at a strike price of 0.6500 [4] - The EUR to GBP options include 4.78 billion euros at a strike price of 0.8560 [4]

Group 1: Core Insights - The article introduces Hang Seng Index Options, a product listed on the Hong Kong Stock Exchange (HKEX) that allows investors to trade on the fluctuations of the Hang Seng Index in both directions [1]. Group 2: Account Opening Channels - Investors can open accounts through licensed brokers in Hong Kong, such as Phillip Securities, Bright Smart Securities, and Interactive Brokers, which must hold licenses from the Securities and Futures Commission (SFC) [4]. - Indirect participation is available through QDII funds or the Stock Connect program, but these options do not support direct trading of options [4]. Group 3: Account Opening Conditions - Individual investors must be at least 18 years old and provide identification and proof of address, with no mandatory capital requirement but must meet margin requirements set by brokers [6][7]. - Institutional investors face a more complex process requiring company registration documents and financial statements [7]. Group 4: Account Opening Process - The process involves selecting a broker, comparing fees (typically HKD 10-50 per contract), submitting necessary documents, and funding the account through a Hong Kong bank or overseas card [7]. Group 5: Trading Rules - Each contract corresponds to HKD 10 times the index points, with expiration on the second last trading day of each month [7]. - Trading hours are from 9:15 AM to 12:00 PM and 1:00 PM to 4:30 PM, with night trading available for some brokers [7]. - Cash settlement is used, with initial margin requirements ranging from 5% to 20% of the contract value [7]. Group 6: Cost Structure - Commissions range from HKD 10 to 50 per contract, with additional exchange fees including a trading fee of HKD 0.5 and a settlement fee of HKD 0.05 per contract [7].

新能源及有色金属日报 | 2025-06-26 现货流通货源偏强 铜价震荡偏强 市场要闻与重要数据 期货行情： 2025-06-25，沪铜主力合约开于 78410元/吨，收于 78810元/吨，较前一交易日收盘0.22%，昨日夜盘沪铜主力合约 开于 78,600元/吨，收于 78,720 元/吨，较昨日午后收盘上涨0.36%。 现货情况： 据 SMM 讯，昨日SMM 1#电解铜现货报价78530-78630元/吨，对2507合约报平水至升水60元/吨，均价升水30元/ 吨（跌10元）。早盘沪铜2506合约冲高78600元后回落，隔月价差收窄至130-150元。市场流通货源趋紧，升水企稳： 好铜成交升水40-60元，平水铜平水至升水20元，常州贴水20元货源抢手。预计今日升水维持但部分紧俏品种或上 涨。 重要资讯汇总： 宏观与地缘方面，特朗普称其认为伊以之间的战争已经结束，冲突可能再次爆发，或许很快，并表示不会放弃对 伊朗的制裁；不认为伊朗会重新进行核计划，下周美方将与伊朗会谈，不认为核协议是有必要的。国内方面，伊 朗防长抵达中国参加上合防长会。 矿端方面，外电6月25日消息，New World Resourc ...

金属期权 2025-06-26 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）有色金属偏多盘整，构建做空波动率策略策略；（2）黑色系区间盘整震荡，适合构 建熊市价差组合策略和卖方期权组合策略；（3）贵金属黄金高位盘整，有所下降回落现货避险策略。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | ...