智通财经APP获悉，交易员们越来越担心今年的美股上涨可能即将结束，因而进行对冲保护。尽管标普 500指数今年迄今仍上涨了超过 12%，但交易员们仍在争相锁定收益，尤其是在科技股方面。纳指100 ETF的期权价格相较于SPDR标普500指数ETF的期权价格接近自 2024 年 8 月以来的最高水平。 标普500指数刚刚创下了自 6 月以来最大的单周波动幅度。英伟达(NVDA.US)的良好业绩以及黄仁勋对 人工智能并非处于泡沫状态的保证，并未能平复投资者的紧张情绪。与此同时，比特币自上个月创下历 史新高以来已贬值约三分之一，人们对美联储降息预期也在降温。 上周四，市场恐慌情绪再度凸显。在英伟达公布财报后，市场情绪一度迅速上涨，但随后又迅速回落。 当天，美股出现了自 4 月 8 日(当时正值关税抛售的高峰期)以来最大的高点到低点的波动幅度，芝加哥 期权交易所VIX波动率指数也收于自 4 月以来的最高水平。 Oraclum Capital(一家活跃于短期期权市场的对冲基金)首席投资官Vuk Vukovic上周五开玩笑说道："凡 是昨天还在高位买入期权的人，今天就可以退休了。"他表示，像周四那样的市场压力时刻"对我们有 ...

Telecommunications stock T-Mobile US Inc (NASDAQ:TMUS) was last seen down 1.5% to trade at $207.38, following a downgrade from Oppenheimer to "perform" from "outperform." The firm cited slowing industry subscriber growth, believing the company will have a hard time beating subscriber and free cash flow estimates.TMUS has had a volatile year on the charts, recently hitting a Nov. 6 one-year low of $199.41 after trading as high as $276.49 in March. The stock's rebound from those lows was met with resistance a ...

Group 1: Report General Information - Report Name: Nanhua Futures Asphalt Risk Management Daily Report [1] - Date: November 21, 2025 [1] - Analyst: Ling Chuanhui (Investment Consulting License No.: Z0019531) [1] - Investment Consulting Business Qualification: CSRC Permit [2011] No. 1290 [1] Group 2: Industry Investment Rating - No industry investment rating information provided. Group 3: Core Views - Short - term, after a rapid price drop, the spot and futures are stabilizing near integer levels. The overall supply of asphalt has increased due to the resumption of production at some refineries this week. Demand has improved as prices declined, mainly consuming social inventory, with no significant end - of - peak - season performance. The inventory structure has improved, with a slight increase in refinery inventory and a decline in social inventory. The cost of crude oil has been fluctuating weakly recently, and the spot basis has been weakening. In the long - term, demand in the north will end as the temperature drops, while in the south, post - rainfall catch - up demand may boost consumption. The peak season of asphalt has no unexpected performance. Short - term, attention should be paid to winter storage, and the adjustment of refinery prices may be the valuation anchor for BU01. Due to geopolitical disturbances in crude oil, asphalt is expected to fluctuate in the short - term [3]. Group 4: Asphalt Price and Risk Management Price Information - The predicted monthly price range of the asphalt main contract is 3000 - 3450 yuan/ton, with a current 20 - day rolling volatility of 11.76% and a 3 - year historical percentile of 10.33% [2]. - On November 21, 2025, the Shandong spot price was 3030 yuan/ton (unchanged from the previous day, up 20 yuan/ton week - on - week), the Yangtze River Delta spot price was 3240 yuan/ton (unchanged from the previous day, down 90 yuan/ton week - on - week), the North China spot price was 3020 yuan/ton (unchanged from the previous day, down 10 yuan/ton week - on - week), and the South China spot price was 3150 yuan/ton (unchanged from the previous day, down 50 yuan/ton week - on - week) [2][6][9]. Risk Management Strategies Inventory Management - When product inventory is high and worried about price drops, for a long spot position: - Short 25% of asphalt futures (bu2512) at 3650 - 3750 yuan/ton to lock in profits and cover production costs [2]. - Sell 20% of call options (bu2512C3500) at 30 - 40 yuan to reduce capital costs and lock in the spot selling price if the price rises [2]. Procurement Management - When the regular procurement inventory is low and hoping to purchase according to orders, for a short spot position: - Buy 50% of asphalt futures (bu2512) at 3300 - 3400 yuan/ton to lock in procurement costs in advance [2]. - Sell 20% of put options (bu2512C3500) at 25 - 35 yuan to collect premiums and reduce procurement costs, and lock in the spot purchase price if the price drops [2]. Group 5: Other Information - There are various seasonal charts including asphalt 12 - contract basis seasonality in different regions (Shandong, North China, Yangtze River Delta, Northeast), asphalt futures month - spread seasonality (03 - 06, 06 - 09, 09 - 12), domestic asphalt refinery inventory rate seasonality, domestic asphalt social inventory rate seasonality, and asphalt warehouse and refinery warehouse receipt quantity seasonality [10][11][13][15][17][18][20][22][23].

研究所 能源化工研发报告 甲醇日报 2025 年 11 月 21 日 甲醇日报 【市场回顾】 1、期货市场：期货盘面震荡偏弱，最终报收 2004（-7/-0.35%）。 2、现货市场：生产地，内蒙南线报价 1920 元/吨，北线报价 1960 元/吨。关中地区 报价 1880 元/吨，榆林地区报价 1910 元/吨，山西地区报价 1970 元/吨，河南地区报价 2000 元/吨。消费地，鲁南地区市场报价 2070 元/吨，鲁北报价 2160 元/吨，河北地区 报价 2070 元/吨。 西南地区，川渝地区市场报价 1980 元/吨，云贵报价 2040 元/吨。港 口，太仓市场报价 1990 元/吨，宁波报价 1970 元/吨，广州报价 1970 元/吨。 【重要资讯】 【交易策略】 1、单边：空单止盈 1 / 4 研究员：张孟超 从业资格号：F3068848 投资咨询资格证号： Z0017786 联系方式： zhangmengchao_qh@ chinastock.com.cn 本周期(20251115-20251121）国际甲醇（除中国）产量为 1068585 吨，装置产能利用 率为 73.25%，环比上周持 ...

先锋期货期权日报 2025-11-21 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 | 标的当日 | 排 名 | | --- | --- | --- | --- | --- | --- | --- | | | 含波动率 | | 史波动率 | | 真实波幅 | | | lc2601 | 3.2% | 1 | 3.6% | 1 | 8.7% | 1 | | ps2601 | 2.8% | 2 | 2.3% | 2 | 3.5% | 10 | | si2601 | 2.2% | 3 | 1.8% | 7 | 2.2% | 24 | | ag2512 | 2.1% | 4 | 2.2% | 3 | 4. ...

一、期权有什么好处？期权交易对投资者有哪些优势？ 期权提供更多的机会和策略，期权交易中，无论是期货价格处于牛市、熊市或盘整，均可以为投资者提供获利的机会。期货交 易只能是基于方向性的。而期权的交易策略既可以基于期货价格的变动方向，也可以进行基于期货价格波动率进行交易，下文 介绍做期权的好处对于投资者友好吗？ 期权作为金融市场中的一种重要工具，为投资者带来了诸多好处和优势。 首先，期权提供了灵活性和多样性。投资者可以根据自身的风险偏好和市场预期，选择不同的期权合约和策略。例如，买入看 涨期权可以在预期标的资产价格上涨时获利，而买入看跌期权则能在价格下跌时获益。这种多样化的选择使得投资者能够适应 各种市场环境。 其次，期权有助于风险管理。与期货合约不同，期权的买方最大损失仅限于支付的权利金。这意味着投资者可以通过购买期权 来对冲现有投资组合的风险，而不必担心出现巨大的亏损。 再者，期权能够提高资金使用效率。相较于直接购买标的资产，购买期权所需的资金通常较少。以较小的成本控制较大价值的 资产，为投资者提供了以小博大的机会。 此外，期权还具有策略丰富性的特点。投资者可以通过组合不同的期权合约，构建复杂的投资策略，如蝶 ...

作为投资者，你是否曾遇到这样的困扰？——好不容易找到一只看空的股票，结果它却在底部徘徊，使你的空 头仓位 价值不高，但平仓又觉得可惜 。 更提 心吊胆的是，万一它突然反弹，亏损可能大幅扩大。 有没有一种策略， 能让你的空头仓位在横盘震荡时也产生收益，同时为暴涨风险上好'保险' ？今天介绍的 Short Collar 策略，或许正是你的答案。 Short Collar - 不博股票涨跌、风险小收益小的平衡型策略 策略组成: 已做空正股 + 卖出对应股数的虚值OTM看跌期权Put + 买入对应股数的虚值OTM看涨期权Call，两种期权到期日相同 投资意义: 当你已经 做空 了一支的股票，但是 短期上股价波动小 (横盘/小跌)，你想在 市场平稳时也能拿一点"利息"收益，同时你也想对冲股票大涨的风险 。通过 卖出Put收权利金 + 买入Call对冲上涨风险，Short Collar策略实现了这种投资需求。 策略到期盈亏图和盈亏计算公式: 一、成本和风险都低 。因为初始为权利金净收入，甚至可以说是"负成本"；且通过买Call锁定最大风险，对于做空方，股价即使暴涨，亏损也不会进一 步扩大。 点击蓝字，关注我们 红线部分代 ...

波动率在期权交易中的特性 J 免责声明 本信息不拘成任何投资建议,投资者不应 以该等信息取代其独立判断或仅根据该等 信息做出决策。本信息根据当前法律法规 规则的相关规定形成解答,方便市场主体 参考使用。法律法规规则如有变化,以最 新规定的要求为准。我们力求本材料信息 准确可靠,但对这些信息的准确性或完整 性不作保证,亦不对因使用该等信息而引 发的损失承担任何责任。更多投资知识, 投资者关注"上交所ETF之家"及"上交 所期权之家"微信公众号。 上交所期权之家 上交所ETF之家 公众号 公众号 免责声明 以提前知道其发生的时间窗口,但是其结果 往往存在重大不确定性。对此,可以在期权 市场通过提前买入跨式策略,来做多波动 部 三是隐含波动率相比实际波动率存在一 定的高估。研究表明,在期权市场,隐含波 动率往往高于实际波动率，这可能是因为投 资者为降低不确定性所支付的风险溢价 。 所以通常而言,只要市场不发生黑天鹅事 件,卖出期权的投资者往往可以获得较为稳 定的收益。 四是无套利性。在期权市场上存在众多 合约,合约之间的隐含波动率往往存在某种 关联,比如说某个执行价的合约隐含波动率 偏高,而其上下一档合约的波动率都 ...

Amer Sports Inc (NYSE:AS) stock is surging today, up 7.6% at $33.09 at last glance, after the Wilson and Arcteryx parent posted better-than-expected third-quarter earnings and revenue and lifted its full-year forecast. AS has only been publicly traded since February 2024. Though the stock has pulled back from its Aug. 25 record high of $42.33, it's still up 18.5% since the start of the year. Today, the shares are grappling with the 200-day moving average, which kept a lid on rallies through October. Over in ...

Shares of blue chip Home Depot Inc (NYSE:HD) are off 3.9% to trade at $345.93, after the home improvement chain reported adjusted third-quarter earnings of $3.74 per share, which fell short of estimates. While revenue topped forecasts, Home Depot also slashed its full-year outlook, citing weak demand and less storm damage to homes of late. The report has sector peer Lowe's (LOW) also in the red today.Should these losses hold, HD will be headed for a fifth-straight drop and worst single-session performance s ...