开云集团CFO：我们对美国市场仍然非常谨慎，市场波动性很高。 ...

Group 1 - The core viewpoint of the articles highlights the significant impact of zero-day options on market volatility, particularly in the context of recent market turmoil driven by trade policy concerns [1][2][4] - The VIX index surged to its highest level since 2020, indicating extreme market volatility, while the trading volume of zero-day options related to the S&P 500 reached 8.5 million contracts in April, a 23% increase since the beginning of the year [1][2] - Analysts express mixed opinions on the role of zero-day options in driving volatility, with some attributing the recent spikes primarily to external factors such as Trump's tariff policies, while others suggest that the popularity of these options has exacerbated market fluctuations [3][4] Group 2 - The intraday volatility of the S&P 500 reached 44%, surpassing levels seen during the pandemic and approaching those during the 2008 financial crisis, with zero-day options playing a significant role in this volatility [2] - Concerns have been raised by investors, including Bill Ackman, regarding the potential risks posed by zero-day options in an already volatile trading environment, suggesting that these instruments may threaten market stability [2] - Research indicates that since the introduction of zero-day options in 2022, intraday volatility has increased by 24.5%, highlighting the potential influence of these short-term, speculative financial products on market dynamics [4]