JPX衍生品市场 大阪交易所 证券期权市场日趋活跃 原创 阅读全文 ...

ETF产品规模的持续增长背后，是越来越多的投资者认可以ETF为代表的指数化投资新趋势。上交所有 关负责人介绍，随着指数化投资理念不断深入人心，ETF市场参与度稳步提升，目前沪市ETF参与账户 数近1000万户，去年"9.24"以来增长约200万户。 值得一提的是，ETF产品也吸引了更多国际资金以指数化方式投资中国。据上交所有关负责人介绍，目 前境外跟踪上证、中证指数的产品规模达到1500亿元。 该负责人表示，上交所正围绕"指数化投资高质量发展，推动中长期资金入市"这一主线，努力携手各方 构建"长钱长投"的生态环境，培育壮大耐心资本。具体举措包括持续健全ETF产品谱系、不断优化ETF 配套机制、着力构建ETF市场良好生态以及推动中长期资金投资规模和比例稳步提升等。 4月16日，上交所有关负责人在国泰海通"促进资本市场指数化高质量发展研讨会"上表示，以ETF为代 表的指数化投资已成为推动资本市场高质量发展的重要引擎。据介绍，今年以来，沪深两市ETF资金净 流入约2000亿元，其中沪市ETF净流入近1300亿元。2024年，两市ETF净流入约1.2万亿元，其中沪市 ETF净流入8400亿元。 当前，ETF产品数量已 ...

欢迎加入交易理想国知识星球 文 | Daniel，交易理想国合伙人 编辑 | 杨兰 审核 | 浦电路交易员 2024年10月开始，我们开始参与日经空头交易，参考： ** 为什么考虑做空日本股市？ ** 时机成熟：做空日经！ 半年战役，告一段落！ 有预期，也有超预期。 我的交易思考总结如下： 1. 交易能不能按照预期实现（play out），运气真的太重要！ 市场的发展路径千变万化，假 设没变，就要保持耐心。 2. 交易兑现的催化因素，系统内生的可以通过演绎去推断估计，但外部冲击的加速催化不可 测。 3. 做空日经，震荡接近2个季度，耗时半年，是超出预期的，美股先崩（特朗普关税政策）的 外部催化也是超出预期的，这是意外演绎的结果，是运气。 4. 空日经（多日元）内生演绎的终局结果与此可能很接近，但路径却完全不同，是另外一种 形式的结果呈现。 「对冲研投」 总结，能拿住仓位的关键在于： * 基础假设有无变化？有没有更好的替代机会集？ * 必须耐心，尊重运气！ 对了，另一个经验总结： 市场极端事件的水位mark，一定会被重新测试（retest），只是时 间问题。 如2024.08.05那天！ 这也是观察一段时间后， ...

Core Viewpoint - Overseas investors have shown renewed interest in Japanese stocks, with significant net purchases observed in the third week of March, driven by positive market sentiment and notable investments from Berkshire Hathaway [1][2]. Group 1: Overseas Investor Activity - In the third week of March (17-21), overseas investors net purchased a total of 697.3 billion yen in Japanese stock spot and index futures, marking the highest level in approximately two months [1]. - The net purchases included 261.1 billion yen in stock spot and 436.2 billion yen in index futures, indicating a return to net buying after four weeks [2]. - The Nikkei average index rose by 623 points (2%) during this period, reflecting increased risk appetite among investors [2]. Group 2: Influencing Factors - The announcement of Berkshire Hathaway increasing its stake in five major Japanese trading companies has led to a surge in buying activity, particularly in undervalued stocks [2]. - There are indications of seasonal demand related to the fiscal year-end, with institutional investors engaging in "dividend reinvestment" ahead of expected future dividends [2]. - However, there are concerns that the buying momentum from foreign investors may not be sustained, especially following the announcement of a 25% tariff on imported cars by President Trump, which negatively impacted export-related stocks [2]. Group 3: Domestic Investor Behavior - Japanese corporations have continued to net purchase stock spots for 11 consecutive weeks, with a net purchase amount of 44.9 billion yen, reflecting ongoing stock buyback activities [3]. - Trust banks, which reflect the trading behavior of pension funds, have resumed net selling after two weeks, indicating a shift in institutional investor sentiment [3].

Core Insights - The global carbon market experienced a significant rebound in trading volume, increasing by 24% compared to the stagnation in 2023, although the transaction value only slightly rose by 0.3%, indicating a decoupling between trading volume and transaction prices [1]. Group 1: Market Overview - The EU carbon market remains dominant, accounting for 85% of the total transaction value in major global carbon markets, but its transaction value decreased by 2% year-on-year due to lower carbon prices influenced by falling natural gas prices [3]. - Geopolitical tensions in regions like Ukraine and the Middle East, along with increased winter risk premiums, led to heightened carbon price volatility in the fourth quarter of the previous year [3]. - In the U.S., the California-Quebec market initially performed well but later faced volatility due to policy uncertainties, while the Regional Greenhouse Gas Initiative (RGGI) saw rising auction demand and prices [3]. Group 2: Regional Highlights - New Zealand's carbon market saw a remarkable trading volume increase of over 300% year-on-year, attributed to the resumption of auctions and heightened market activity, with an average carbon price of approximately NZD 64 per ton [4]. - China's national carbon market entered its third compliance period in 2024, with increased market activity and improved policies, including the expansion of mandatory carbon markets to cover industries like steel and cement [6]. - Japan's Tokyo Stock Exchange carbon credit market experienced strong growth since its launch in October 2023, with plans to transition to a mandatory carbon market by April 2026 [6]. Group 3: Voluntary Carbon Market Challenges - The voluntary carbon market faced significant challenges in 2024, with both prices and trading volumes plummeting; GEO contracts fell by 75%, reaching a historical low price of 15 cents [7]. - Higher-quality emission reductions, such as those meeting CORSIA Phase 1 requirements, maintained relatively stable prices, averaging USD 15.50 per ton [7]. - The outlook for 2025 appears optimistic, contingent on governance reforms and enhanced connections with compliance markets, with efforts underway to improve the credibility of the voluntary carbon market [7].

Group 1: Nasdaq Trading Hours - Nasdaq plans to offer extended trading hours five days a week, pending regulatory approval, with a projected launch in the second half of 2026 [3] Group 2: Wanchen Group Investigation - Wanchen Group's chairman Wang Jiankun is under investigation, but the matters are unrelated to the company, which has not been asked to assist in the investigation [5] - Following the announcement, Wanchen Group's stock price dropped over 10%, closing at 88.43 yuan per share, a decline of 7.74%, with a total market value of 15.92 billion yuan [6] - Wanchen Group, founded in 2011, initially focused on edible fungi and has since expanded into the snack industry, acquiring brands like "Haoxianglai" and "Laiyoupin" [6] Group 3: US Stock Market Decline - On March 6, US stock indices fell collectively, with the Dow down 0.99%, Nasdaq down 2.61%, and S&P 500 down 1.78% [11] - Nvidia's market value decreased by approximately 164.2 billion USD (about 1.19 trillion yuan) in one night due to a drop of over 5% in its stock price [11] Group 4: SpaceX Starship Test Flight - SpaceX's Starship experienced a failure during its eighth test flight, losing contact approximately 20 seconds before ignition due to engine failure and loss of control [15] - The investigation into the incident will begin, as the failure mode is similar to a previous incident that occurred in January [15]