同时，《关于开展外汇衍生品交易业务的议案》也获全票通过。为防范汇率、利率波动风险，公司及控 股子公司拟适度开展外汇套期保值业务。预计动用的交易保证金和权利金在期限内任一时点占用的资金 余额不超过300万美元或其他等值外币，使用最高额（任一时点合计，含收益再交易金额）不超过8000 万美元（或等值货币，含本数），在授权期限内该额度可循环使用。交易额度自董事会审议通过之日起 12个月内有效，期限内任一时点的交易金额（含收益再交易金额）不超过已审议额度。 两项议案均不构成关联交易，也无需提交股东会审议。海航科技此次决策，展现出其积极应对市场风 险，保障公司稳健运营的决心与策略。 点击查看公告原文>> 海航科技股份有限公司于2025年9月29日以现场结合通讯表决方式召开第十二届董事会第四次会议，审 议通过了两项重要议案，旨在应对市场波动风险，保障公司及控股子公司的稳定经营。 会议全票通过《关于开展金融衍生品业务（远期运费协议）的议案》。为有效应对市场波动，减少不利 影响，海航科技及控股子公司拟以套期保值、防范市场风险为目的，使用自有资金开展远期运费协议 （FFA）业务。交易保证金金额不超过300万美元，任一交易日持有 ...

Group 1 - The event held on September 19 focused on enhancing the understanding and practical skills of financial derivatives among management teams in the non-ferrous metal industry, aiming to support stable operations amidst market fluctuations [1][3] - Wang Jian, representing the China Nonferrous Metals Industry Association, emphasized the importance of ecological and green development in the operations of Western Mining, a leader in the industry, and highlighted the association's commitment to providing valuable information and policy guidance to member enterprises [3][5] - Lu Feng from the Shanghai Futures Exchange pointed out the critical functions of futures derivatives in price discovery, risk avoidance, and asset allocation, which are essential for stabilizing enterprise profitability and controlling production costs [5][6] Group 2 - Zhao Fukan from Western Mining expressed gratitude towards supporting organizations and highlighted the company's full industry chain layout, emphasizing the need to utilize financial derivatives to manage market risks effectively [6] - The training program included expert-led sessions covering macroeconomic analysis, industry policy assessment, hedge management practices, and the application of options, focusing on addressing business pain points and essential needs [6]

投资咨询号:Z0000116 国贸期货研究院 2025/9/18 金融衍生品中心 李泽矩 从业资格号:F0251925 数据来源: Wind,国资期货研 Time to Matutity 行情回顾 成交额(亿元) 成交量(亿) 收盘价 涨跌幅(%) 指数 2952. 7778 0. 17 1550. 34 56. 67 上证50 235. 72 4551. 023 沪深300 0. 61 6084. 54 中证1000 7554. 8125 0. 95 4932. 96 301. 71 中金所股指期权成交情况 认购期权 期权持企量 持仓量 期权成交量 认洁期权 认购期权 日成交量 认洁期权 指数 持仓量 持仓量 (万张) 成交量 成交量 PCR (万张) PCR 上证50 5.78 3. 90 1. 89 0. 48 10. 55 6. 45 4. 10 0. 64 沪深300 11. 76 6. 32 0. 54 24. 29 13. 25 0. 83 18. 08 11. 04 中证1000 25. 61 0. 70 35. 52 43. 66 18. 05 16. 45 19. 08 1. 16 中证1 ...

Report Core View - The report presents the trading data and volatility analysis of stock index options on September 18, 2025, including the performance of the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc., as well as the trading volume, turnover, and volatility of options for the Shanghai 50, CSI 300, and CSI 1000 indices [3][4]. Market Review Index Quotes - The Shanghai Composite Index rose 0.37% to 3876.34 points, the Shenzhen Component Index rose 1.16%, the ChiNext Index rose 1.95%, the North - 50 Index fell 0.6%, the Science and Technology Innovation 50 Index rose 0.91%, the Wind All - A Index rose 0.67%, the Wind A500 Index rose 0.72%, and the CSI A500 Index rose 0.78%. A - share trading volume was 2.4 trillion yuan, compared with 2.37 trillion yuan the previous day [4]. Index Option Quotes | Index | Closing Price | Change (%) | Turnover (Billion Yuan) | Trading Volume (Hundred Million) | | --- | --- | --- | --- | --- | | Shanghai 50 | 2952.7778 | 0.17 | 1550.34 | 56.67 | | CSI 300 | 4551.023 | 0.61 | 6084.54 | 235.72 | | CSI 1000 | 7554.8125 | 0.95 | 4932.96 | 301.71 | [3] CFFEX Stock Index Option Trading | Index | Call Option Volume (Million Contracts) | Put Option Volume (Million Contracts) | Volume PCR | Call Option Open Interest (Million Contracts) | Put Option Open Interest (Million Contracts) | Open Interest PCR | | --- | --- | --- | --- | --- | --- | --- | | Shanghai 50 | 5.78 | 3.90 | 0.48 | 10.55 | 6.45 | 0.64 | | CSI 300 | 11.76 | 6.32 | 0.54 | 24.29 | 13.25 | 0.83 | | CSI 1000 | 25.61 | 18.05 | 0.70 | 43.66 | 19.08 | 1.16 | [3] Volatility Analysis Shanghai 50 Volatility - The report shows the historical volatility and volatility cone of the Shanghai 50 index, as well as the volatility smile curve of the next - month at - the - money implied volatility [3]. CSI 300 Volatility - It presents the historical volatility and volatility cone of the CSI 300 index, along with the volatility smile curve of the next - month at - the - money implied volatility [3]. CSI 1000 Volatility - The historical volatility and volatility cone of the CSI 1000 index are provided, and the volatility smile curve of the next - month at - the - money implied volatility is also shown [3].

Market Overview - The A-share market unexpectedly continued to decline, with AI hardware stocks leading the drop, and the Shanghai Composite Index hitting a low of 3732 points during trading [1] - The index has experienced three consecutive days of decline, leaving many investors feeling confused and uncertain [1] Futures Market Insights - In the futures market, canola seeds, iron ore, and eggs saw significant gains, while red dates, CSI 500, and CSI 1000 index futures experienced notable declines [1] - A participant in the "Economic Grain Cup - National Futures Simulation Competition" achieved a remarkable 209% return over four days by capitalizing on the egg market [1] Key Technical Levels - Experts believe that the 3730-point level on the Shanghai Composite Index is a critical support point, as it represents the upper boundary of a ten-year trading range [4] - The recent rally in the brokerage sector indicates that market participants view the 3730-point level as having some support [4] Advantages of Futures Trading - Futures trading offers several advantages over stocks, such as the ability to go long or short, leverage trading, and T+0 trading, which can be beneficial in a declining stock market [6] - The purpose of the futures competition is to help investors understand and learn about futures and options, broadening their investment horizons and improving trading skills [6] Professional Traders' Strategies - Unlike ordinary retail investors, institutional traders often remain calm during market fluctuations due to their access to a wider range of financial instruments, including derivatives like index futures and options [7] - These tools allow traders to hedge against market downturns and create diverse risk-return profiles to adapt to different market conditions [7] Misconceptions About Derivatives - Many retail investors misunderstand index futures and options, perceiving them as overly risky and complex; however, these tools can effectively manage risk when used correctly [8] Learning Opportunities - The current high-volatility market presents an ideal opportunity for traders to learn how to utilize these financial instruments [9] - A special course on index futures and options is being offered to educate investors on relevant strategies and risk management techniques [10] Competition Details - The "Economic Grain Cup - National Futures Simulation Competition" provides a risk-free environment for participants to practice trading with virtual funds, simulating real trading conditions [12] - Participants can join without any financial investment, receiving 1 million virtual funds to trade, which helps mitigate the fear of losing real money [13] Incentives for Participation - The competition features a dual evaluation mechanism with weekly and monthly prizes, allowing participants to earn rewards based on positive returns [13] - Monthly prizes can reach up to 1288 yuan (pre-tax), with additional rewards for top performers, creating an engaging learning experience [13]

Core Viewpoint - The A-share market is experiencing a significant rise, with the Shanghai Composite Index reaching around 3888 points, leading to increased volatility and divergence among investors [1] Group 1: Market Conditions - The market is currently in a high-level fluctuation phase, causing many investors to feel conflicted as their stocks may not reflect the overall index gains, leading to anxiety about potential losses [1][2] - Traditional "buy and hold" strategies are failing for many investors, as they face challenges in maintaining profits amidst market corrections [2] Group 2: Professional Traders vs. Retail Investors - Professional traders are generally more composed during market fluctuations, utilizing financial derivatives such as index futures and options to hedge against risks and capitalize on market volatility [3] - There is a common misconception among retail investors that derivatives are overly risky and complex, whereas, when used correctly, they can actually reduce overall trading risk [4] Group 3: Educational Opportunities - The current market environment presents an ideal opportunity for traders to learn about and utilize financial derivatives, with specialized courses being offered to educate investors on index futures and options [5] - The courses will cover fundamental concepts, practical strategies, and risk management techniques to help traders navigate the current market conditions effectively [7][8] Group 4: Simulation Competitions - A nationwide futures simulation competition is being organized to provide investors with a risk-free environment to practice trading skills, offering virtual funds and the chance to win cash prizes [10] - The competition is designed to be accessible to all users of the Daily Economic News app, with no real capital required for participation, thus encouraging learning through practice [10][11]

Group 1: Market Overview - The Shanghai Composite Index fell 0.45% to 3858.13 points, the Shenzhen Component Index fell 2.14%, the ChiNext Index fell 2.85%, the Northbound 50 Index rose 0.4%, the Science and Technology Innovation 50 Index fell 2.13%, the Wind All - A Index fell 1.48%, the Wind 500 Index fell 0.98%, and the CSI A500 Index fell 1.11%. A - share trading volume was 2.91 trillion yuan, compared with 2.78 trillion yuan the previous day [5] Group 2: Index Quotes - The closing price of the SSE 50 was 1960.61, with a change of 77.45, a trading volume of 7779.99 billion yuan, and a turnover of 0.39 billion shares. The CSI 300 had a change of - 0.74, a trading volume of 7313.8824 billion yuan, and the CSI 1000 had a change of - 2.50 and a trading volume of 5985.14 billion yuan [3] Group 3: CFFEX Stock Index Options Trading SSE 50 - Call option trading volume was 3.72 million contracts, put option trading volume was 6.96 million contracts, the trading volume PCR was 0.56, call option open interest was 9.32 million contracts, put option open interest was 5.60 million contracts, the open - interest PCR was 0.66, and the total open interest was 22.30 million contracts [3] CSI 300 - Call option trading volume was 12.28 million contracts, put option trading volume was 6.81 million contracts, the trading volume PCR was 0.55, call option open interest was 10.25 million contracts, put option open interest was 19.09 million contracts, and the open - interest PCR was 0.85 [3] CSI 1000 - Call option trading volume was 38.92 million contracts, put option trading volume was 19.79 million contracts, the trading volume PCR was 0.97, call option open interest was 33.98 million contracts, put option open interest was 17.07 million contracts, the open - interest PCR was 0.99, and the total open interest was 16.91 million contracts [3] Group 4: Volatility Analysis SSE 50 - Historical volatility analysis includes historical volatility cones with 10%, 30%, 60%, 90% quantile values, minimum, maximum, and current values. The next - month at - the - money implied volatility was presented in the volatility smile curve [3][4] CSI 300 - Similar to the SSE 50, historical volatility analysis with historical volatility cones and quantile values was provided, and the next - month at - the - money implied volatility was shown in the volatility smile curve [3][4] CSI 1000 - Historical volatility analysis with historical volatility cones and quantile values was conducted, and the next - month at - the - money implied volatility was presented in the volatility smile curve [3][4]

Core Viewpoint - CITIC Securities reported a record mid-year performance for 2025, with operating revenue of 33.039 billion yuan, a year-on-year increase of 20.44%, and a net profit attributable to shareholders of 13.719 billion yuan, up 29.80% [1] Financial Performance - The net cash flow from operating activities decreased by 18.93% to 30.347 billion yuan, with a reduction in net inflow of 7.085 billion yuan, primarily due to increased cash outflows for financial assets held for trading and lent funds [1][3] - The fair value changes recorded a loss of 1.521 billion yuan, a significant decline of 149.67%, largely due to losses from derivative financial instruments amounting to 14.720 billion yuan [1][4] - The foreign exchange loss for the first half of 2025 was 1.823 billion yuan, a decrease of 221.52%, significantly impacting the profitability of overseas operations, which saw a 13.57% increase in revenue to 6.912 billion yuan [2][4] Investment Activities - The net cash flow from investment activities turned positive at 31.812 billion yuan, compared to a negative 42.897 billion yuan in the same period last year, indicating improved cash recovery from investments [3][4] Regulatory Compliance - CITIC Securities faced multiple regulatory penalties in the first half of 2025, receiving eight fines, including three related to investment banking violations and others concerning non-compliance by branch offices and staff misconduct [4][5]

Core Viewpoint - The launch of futures and options for offset printing paper by the Shanghai Futures Exchange marks a significant development in the financial derivatives market for cultural paper, expected to bring systemic changes to supply-demand regulation, trading models, and pricing logic in the industry [1][2]. Supply Side - Futures prices will guide paper manufacturers in optimizing production plans, potentially leading to a more stable supply in the industry. However, the current oversupply situation may limit immediate impacts [3]. - The introduction of futures will accelerate the elimination of outdated production capacity and promote environmentally friendly practices in the industry [3]. - The futures market provides cost management tools for traders and end-users, enhancing flexibility and competitiveness in the market, which may stabilize and expand demand for offset printing paper [3]. Trading Side - The introduction of standardized contracts will reduce negotiation costs and credit risks, increasing market efficiency and transaction volume [5]. - New trading strategies such as basis trading and arbitrage will attract more non-industry participants, enhancing overall market activity [5]. Pricing Side - The futures market will create a more efficient and transparent pricing mechanism, moving away from traditional pricing methods that rely heavily on manufacturer quotes and negotiations [6]. - The "futures price + basis" pricing model will become more common, reflecting supply-demand conditions and logistics costs, leading to more scientifically rational pricing [6]. - The futures market will improve the responsiveness of price formation, allowing for quick adjustments based on new information, thus preventing supply-demand imbalances [6]. Industry Role Restructuring - The futures market offers risk management tools for producers, allowing them to lock in sales prices and stabilize profits amid raw material price fluctuations [8]. - Increased price transparency will present both opportunities and challenges for traders, potentially reducing profit margins due to decreased information asymmetry [8]. - Traders may need to adapt by transitioning to service-oriented roles, leveraging warehousing, logistics, and financial services to maintain profitability [8].

Core Viewpoint - The Shanghai Futures Exchange will launch futures and options for coated printing paper, fuel oil, asphalt, and pulp on September 10, 2023, filling a gap in the domestic financial derivatives market for cultural paper and providing tools for price risk management in the industry [1][2]. Group 1: Industry Impact - The introduction of coated printing paper futures and options is expected to significantly enhance the risk management capabilities of the paper industry, addressing issues such as price volatility and long-term order pricing difficulties [2]. - The new financial instruments will allow industry players to better hedge against price risks, leading to improved revenue allocation and overall operational efficiency within the industry [2]. - The launch will also help optimize the pricing mechanism in the spot market, as the current lack of a unified pricing benchmark affects price transparency and fairness [2]. Group 2: Delivery and Trading Mechanism - The futures will utilize a combination of delivery warehouses and factory warehouses for physical delivery, accommodating the diverse specifications required by downstream users such as publishers and printing companies [4]. - The trading unit for the coated printing paper futures has been set at 40 tons per contract, aligning with the purchasing habits of downstream buyers and mainstream transportation methods [4]. - The delivery quality standards include a brightness index for double-sided coated printing paper set between 80.0% and 85.0%, promoting health considerations for youth [4]. Group 3: Options Design - The minimum price fluctuation for the coated printing paper options is set at 1 yuan per ton, with traders typically favoring at-the-money options [5]. - The delta of at-the-money options is approximately 0.5, indicating that the price change of the option is about half that of the underlying futures price [5].