沉寂了一段时间后，知名投资人段永平再度出手。 近日，段永平在社交平台上表示，开始卖出苹果的看跌期权（put），金额合计超144万美元。值得注意的是，段永平还分享了该笔操作的投资逻辑。 今年4月初，因关税冲击导致美股、港股暴跌，段永平在此期间曾大量卖出苹果、谷歌、英伟达、台积电以及腾讯的看跌期权来抄底。就在今年一季度，段永平管 理的组合曾大举卖出苹果。 段永平再出手 北京时间6月16日，段永平在雪球发文称："开始卖点put了。投入资金（180.55）有大概年化18%。14.45/（195-14.45) x12/7+0.043=18%。"从晒出的截图看，段 永平该笔交易的金额是144万美元。 卖put（卖出看跌期权）是期权交易中的一种策略，指卖方（即卖put的一方）在收取期权费（权利金）的同时，承担在期权到期时以约定价格（行权价）买入标的 资产的义务。如果买方选择行权，卖方必须履约；如果买方不行权，卖方则保留权利金作为收益。 从过往的投资情况来看，段永平十分喜欢"卖put"策略，但段永平也数次提醒，不能随便抄作业。他"卖put"有两个原则，第一必须是自己看得懂的公司，第二不能 用杠杆。段永平曾表示，他手里大部分的 ...

Group 1 - The article discusses various options trading strategies, emphasizing their flexibility and complexity, and introduces four basic investment strategies, simple spread trading, typical volatility trading strategies, and hedging strategies [1] - Volatility (Vol) is defined as the degree of price fluctuation of an asset, serving as a measure of uncertainty in asset returns and reflecting the risk level of the asset [3][4] - High Vol leads to greater price fluctuations and uncertainty in returns, resulting in higher theoretical prices for options. Conversely, low Vol results in lower option prices [4] Group 2 - Historical volatility is calculated using past price data and reflects the asset's price fluctuation over a specified period, serving as a basis for analyzing and predicting other types of volatility [4][6] - Implied volatility (IV) is derived from the actual price of options and reflects the market's expectations of future volatility, with a declining IV indicating a potential decrease in option prices [7] - When uncertain about market direction, various option strategies can be employed, including bullish strategies that anticipate price increases [9] Group 3 - Buying call options allows investors to gain the right to purchase an asset at a predetermined price, with potential unlimited profit if the market price rises, while limiting losses to the premium paid [12][13] - Selling put options involves receiving a premium with the obligation to fulfill the contract if exercised, suitable when the market is expected to remain stable or rise, with maximum profit being the premium received [14][16] - Investors should consider market trends, volatility, and time value when selecting option strategies, and should implement stop-loss and take-profit measures to manage risk and enhance potential returns [16]

Group 1 - The A-share market experienced a rebound with leading weights driving the increase [1] - All types of options saw increased trading activity and rising open interest, indicating a more active market [2] - The trading volume and open interest for various ETF options were significant, with the highest being the CSI 500 ETF options at 1,807,038 contracts traded and an open interest of 1,268,751 contracts [2] Group 2 - All option underlying assets closed in the green, and implied volatility increased, reflecting improved market sentiment [3] - The weighted implied volatility for major ETF options showed a range from 0.1432 for the CSI 300 index options to 0.2749 for the Huaxia Sci-Tech 50 ETF options [3] - The outlook for the stock market remains strong, with expectations of continued high implied volatility and strategies focusing on volatility [3]