Core Viewpoint - The article highlights that the current market dynamics, driven by ETFs, quantitative trading, QE, and 0DTE options, are creating a bubble that is likely to burst, with a Shiller CAPE ratio of 38 indicating an inevitable market reset [2][9][14] Group 1: Market Dynamics - The S&P 500 is projected to reach 6512 points in 2025, with a 25% increase in the year, primarily driven by momentum rather than earnings [3] - The Shiller CAPE ratio is at 38, significantly above the historical average of 17, indicating a severe disconnection between valuation and earnings growth, which is only 7-10% [3][9] - The market is experiencing a similar scenario to the lead-up to the 1987 "Black Monday," where momentum and technical risks are overlapping [7][8] Group 2: Momentum Factors - Four key momentum factors are identified as driving the market: index ETFs, quantitative funds, QE liquidity, and 0DTE options [4] - The total assets under management (AUM) of U.S. ETFs reached $12.2 trillion in 2025, a 74% increase from $7 trillion in 2020, with significant inflows into large-cap stocks [4] - Quantitative hedge funds achieved an 11% return in the first half of 2025, with momentum strategy ETFs rising by 15.5%, indicating a strong reliance on price trends [5] - The Federal Reserve's balance sheet is projected to be $6.2 trillion in 2025, still 55% higher than pre-pandemic levels, contributing to a liquidity-driven market environment [6] - Retail trading volume has surged, with retail investors accounting for 10-36% of market activity in 2025, and 0DTE options making up 61% of S&P 500 options volume [6] Group 3: Historical Comparisons - The article draws parallels between the current market conditions and those of 1987, noting that both periods exhibit high CAPE ratios and reliance on momentum-driven trading strategies [9][12] - Historical data shows that when CAPE exceeds 30, markets typically experience a 20-30% decline, suggesting a similar outcome is likely in 2025 [9] Group 4: Investment Implications - The article suggests that value stocks, particularly in sectors like energy and finance, may outperform momentum stocks in the current environment, similar to post-1987 trends [13] - Diversifying assets and returning to fundamental analysis are emphasized as key strategies to navigate the current momentum-driven market [13][14]

Market Overview - The current market sentiment remains heated, with the A-share upward cycle not yet over, but transitioning from a unilateral rise to a "slow bull" phase, indicating potential short-term volatility [1][4] - Growth style shows greater elasticity supported by industrial trends and earnings growth prospects, while cyclical style remains more stable; a balanced approach is recommended for investors [1][4] Equity Market Analysis - Last week, the market style favored large-cap stocks, with value style significantly outperforming; the volatility of large and small-cap styles increased rapidly, while value and growth style volatility decreased [6][7] - The excess return dispersion of industry indices increased, indicating a rise in industry rotation speed, while the proportion of rising constituent stocks decreased, suggesting a weakening of the strong index trend [6] - The trading concentration increased, with the top 100 stocks' trading volume share rising, while the top five industries' trading volume share remained stable compared to the previous period [6] Market Activity - Market volatility and turnover rate continued to rise last week, indicating increased market activity [7] Commodity Market Insights - In the commodity market, the energy and chemical sector's trend strength increased, while other sectors remained stable; the basis differential momentum for black and energy sectors rose [21] - Volatility increased in the black and precious metals sectors, with liquidity performance showing divergence across sectors [21] Options Market Overview - Implied volatility for the SSE 50 and CSI 1000 remains high but has shown marginal easing; the skew of put options for the 50ETF has risen rapidly, while the CSI 1000 remains unchanged [25] Convertible Bond Market Analysis - The convertible bond market experienced a decline followed by recovery, with significant volatility; the premium rate for bonds convertible at 100 yuan stabilized at a mid-level [27] - The proportion of low premium convertible bonds has notably decreased, with these bonds performing relatively well; market trading volume has contracted but remains within a healthy range [27]

Core Viewpoint - The market has shown signs of cooling down after a prolonged period of strength, indicated by a significant drop in major indices, suggesting a potential period of consolidation and correction [2][4]. Group 1: Market Dynamics - A sudden large drop in indices has occurred, breaking through short-term moving averages, indicating a significant sell-off by large funds, which reflects a cooling intention from the market leaders [2]. - The implied volatility of options has surged, reflecting extreme market emotions. During the downturn, this corresponds to a capitulation of bullish positions, while in an uptrend, it indicates a rush of new capital entering the market [3]. - The recent large drop in indices has led to a noticeable shift in market sentiment, with implied volatility showing a negative correlation with index movements, suggesting fear of further declines [4][5]. Group 2: Market Sentiment and Future Outlook - The current market correction is seen as a natural response to previous extreme bullish sentiment, with the potential for a gradual recovery rather than a sharp decline, as existing funds appear to be staying in the market [7]. - The macroeconomic backdrop remains supportive, with expectations of a potential easing in the US dollar and domestic policies aimed at reducing competition, which could provide a foundation for future market strength [7]. - Despite recent declines, smaller indices and thematic stocks have shown relative strength, indicating that not all segments of the market are equally affected [8]. Group 3: Investment Strategies - In light of the current market conditions, a "buy low, sell high" strategy is recommended, with a focus on maintaining a balanced options portfolio to manage risk effectively [9]. - For options traders, it is advised to limit exposure to positive Vega, as the market remains heated, and to consider strategies that mitigate risks associated with extreme downward movements [11]. - Conservative investors may find more stability in indices like the 50 and 300, which are perceived to have lower downside risk compared to more aggressive indices [11].

1. Report's Investment Rating for the Industry - The report does not explicitly mention an overall industry investment rating. However, for specific financial derivatives: - Stock index futures are expected to be "oscillating with a bullish bias" [9] - Stock index options are also expected to be "oscillating with a bullish bias" [10] - Treasury bond futures are expected to be "oscillating" [10] 2. Core View of the Report - The stock market rally is not over, and the sentiment in the bond market has improved. Stock index futures are in high - level oscillations with shrinking capital; stock index option trading remains active, and the skewness indicates that the market rally is not over; the bullish sentiment in the bond market continues [2][3] 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - **Market Situation**: On Tuesday, the Shanghai Composite Index opened lower and oscillated, with trading volume shrinking by nearly 500 billion yuan to 2.7 trillion yuan. All four stock index futures varieties reduced their positions by over 10,000 lots [9]. - **Reasons for Oscillations**: High trading volume is not sustainable; during the intensive disclosure period of interim reports, funds are avoiding high - valuation sectors; with the approaching military parade, risk appetite may converge [9]. - **Outlook**: This retracement is defined as an oscillation in a bull market. Loss - making stock price increases, a signal of the end of a bull market, have not appeared. It is recommended to continue holding IM long positions and wait for opportunities to add positions [9]. 3.1.2 Stock Index Options - **Market Situation**: The trading volume of the options market was 14.636 billion yuan, still above the 10 - billion - yuan level. After the decline, the position PCR did not drop significantly, and the skewness index decreased. Volatility is high, with most varieties oscillating at high levels [10][11]. - **Outlook**: The market is still expected to rise. It is recommended to continue holding long - position strategies, such as buying call options or using bull spreads [10][11]. 3.1.3 Treasury Bond Futures - **Market Situation**: Most yields of major inter - bank interest - rate bonds declined. The central bank's open - market operations had a net withdrawal of 17.45 billion yuan, but the inter - bank pledged repurchase rate mostly declined, and the capital market remained loose [4][12]. - **Reasons for Bullish Sentiment**: The decline of the Shanghai Composite Index supported the long - end of the bond market through the stock - bond seesaw effect. This week, trading funds such as fund companies have turned to net buying of bonds [4][12]. - **Outlook**: Short - term risk appetite improvement may disrupt the bond market. It is advisable to focus on opportunities for narrowing long - end basis spreads [4][12]. 3.2 Economic Calendar - The economic calendar lists data such as the US new home sales in July 2025, the S&P/CS housing price index of 20 large and medium - sized cities in the US in June, and the expected data of the eurozone's economic sentiment index and consumer confidence index in August [13]. 3.3 Important Information and News Tracking - The Ministry of Housing and Urban - Rural Development plans to start the renovation of 25,000 old urban residential areas in 2025, and 19,800 have been started from January to July. Six regions including Hebei and Liaoning have a start - up rate of over 90% [14]. - The State Council issued the "Opinions on Deeply Implementing the 'Artificial Intelligence +' Initiative", proposing to increase financial and fiscal support in the field of artificial intelligence [15][16]. - The State - owned Assets Supervision and Administration Commission requires state - owned enterprises to further deepen industrial assistance to Tibet and promote major projects such as the Yaxia Hydropower Project and the Sichuan - Tibet Railway [16]. 3.4 Derivatives Market Monitoring - The report mentions monitoring data for stock index futures, stock index options, and treasury bond futures, but specific data details are not provided in the given text [17][21][33]

Market Overview - The macro environment has improved since June 2025, leading to a significant rebound in major stock indices and most commodity futures prices, despite some disturbances from the Israel conflict [1] - Financial, chemical, and non-ferrous metal sectors saw a notable increase in options trading volume in June, indicating an expansion of the options market [1][2] Financial Market Conditions - In June, the manufacturing Purchasing Managers' Index (PMI) was at 49.7%, up 0.2 percentage points from the previous month, indicating marginal recovery despite remaining in contraction territory [2] - The production index rose to 51.0%, suggesting an acceleration in manufacturing activity, while the new orders index increased to 50.2%, indicating improved domestic demand [2] Trading Activity - The average daily trading volume for the Shanghai Stock Exchange 50 ETF was 648.77 million, with a month-on-month increase of 1.45% [3] - The total trading volume for the A-share market reached 44,715.60 million, with a significant month-on-month increase of 11.38% [3] Options Market Activity - The options market saw increased activity, with the trading volume for the Shanghai Stock Exchange 50 ETF options at 75.29 million, reflecting a 16% month-on-month increase [6] - The overall options trading volume for June was 463.70 million, with a 12% increase compared to the previous month [6] Commodity Market Conditions - The agricultural commodity market experienced fluctuations, with soybean meal prices rising initially due to lower quality ratings for U.S. soybeans, but later stabilizing as Brazilian soybeans arrived in large quantities [11] - The average daily trading volume for soybean meal futures was 1.18 million, showing a 26% increase month-on-month [12] Chemical Market Conditions - Crude oil prices initially rose but later fell due to easing tensions in the Middle East, with the market focusing on OPEC+ production policies [20] - The average daily trading volume for crude oil futures was 0.23 million, with a significant month-on-month increase of 2.3% [21]

1. Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating. However, for specific derivatives: - Stock index futures: The outlook is "oscillating, slightly bullish" [7]. - Stock index options: The outlook is "oscillating" [8]. - Treasury bond futures: The outlook is "oscillating" [8][10]. 2. Core Viewpoints of the Report - Stock index futures are in a period of sentiment adjustment, with the market showing signs of weakness after consecutive rises this week, entering a short - term observation period, and it is recommended to continue holding IM long positions [7]. - Stock index options are experiencing a temporary lull in sentiment, and it is advisable to take profits opportunistically. If the market remains oscillating, consider switching to a covered call strategy [2][8]. - Treasury bond futures' sentiment has stabilized to some extent. After recent adjustments, factors such as central bank net injections, non - excessive policy surprises, and potential market speculation on PMI data and central bank bond - buying have contributed. However, caution should still be maintained, and attention should be paid to June PMI data and central bank operations [3][8][10]. 3. Summary by Relevant Catalogs 3.1 Market Views Stock Index Futures - Yesterday, the market first rose and then fell. The Wind All - A Index slightly declined by 0.28%, and the Science and Technology Innovation 100 Index fell nearly 2%. Sectors such as banking and telecommunications rose against the trend, while the sentiment in the non - banking financial sector declined. - The open interest of stock index futures ended three consecutive days of increases, indicating profit - taking by funds. The narrowing of the futures discount may be due to some neutral strategy funds shifting from far - month to near - month hedging, with limited significance for trend prediction. - The basis of IF, IH, IC, and IM contracts and the spread between current and next - month contracts changed. The total open interest decreased. - It is recommended to hold IM long positions [7]. Stock Index Options - Yesterday, the underlying market declined across the board. The CSI 1000 initially performed well in the morning but weakened in the afternoon, closing down 0.45%. - The trading volume of the options market was 5.095 billion yuan, a 31.92% decrease from the previous trading day. The main trading drivers may be profit - taking and the re - entry of sellers. - The continuous increase in the intraday trading volume ratio of call options was interrupted, and the over - heated sentiment cooled. The put - call ratio of open interest in stock index options did not decline significantly, and the sellers were still relatively optimistic, but the decline from the high level was not a good sign historically. - The volatility of each option variety declined after a sharp increase the previous day, returning to the end - of - May level, with room for further decline compared to the beginning of the week. - It is recommended to take profits on directional strategies and switch to a covered call strategy if the market remains oscillating [2][8]. Treasury Bond Futures - Yesterday, treasury bond futures showed mixed performance. The T main contract initially rose but then declined, ultimately closing down 0.02%, while the TL main contract rose 0.10%, and the TF and TS main contracts were basically flat. - The central bank conducted 509.3 billion yuan of reverse repurchase operations, with 203.5 billion yuan of reverse repurchases maturing, resulting in a net injection of 305.8 billion yuan. The inter - bank liquidity eased, and the DR007 rate slightly declined. - The National Development and Reform Commission's press conference did not bring excessive policy surprises, and the stock - bond seesaw effect that had suppressed the bond market in recent days may have weakened. - As the end of the month approaches, the market may be speculating on June PMI data and the central bank's bond - buying restart. - For trading strategies, the trend strategy is to expect oscillation; for hedging, pay attention to short - hedging at low basis levels; for basis strategies, pay attention to basis widening; for yield curve strategies, it is more profitable to steepen the curve in the medium term [3][8][10]. 3.2 Economic Calendar - The report provides economic data for the week, including PMI data from the eurozone and the US, the German IFO business climate index, US consumer confidence indices, and US initial and continuing jobless claims [11]. 3.3 Important Information and News Tracking - Hong Kong Dollar: On June 26, the Hong Kong dollar triggered the "weak - side convertibility undertaking" of the linked exchange rate system. The Hong Kong Monetary Authority sold US dollars and bought 9.42 billion Hong Kong dollars, and the aggregate balance of the banking system will decrease to 164.1 billion Hong Kong dollars on June 27. Multiple factors led to this situation, which is part of the normal operation of the linked exchange rate system [12]. - China Macro: The National Development and Reform Commission will issue the third batch of consumer goods trade - in funds in July and will formulate a monthly and weekly plan for the use of national subsidy funds to ensure the orderly implementation of the consumer goods trade - in policy throughout the year [12]. - Digital Assets: The Hong Kong Special Administrative Region Government issued the "Hong Kong Digital Asset Development Policy Declaration 2.0" on June 26, aiming to make Hong Kong a global innovation center in the digital asset field. The new policy builds on the 2022 declaration, promoting the practical application of tokenization, diversifying application scenarios, and constructing a more vibrant digital asset ecosystem [13][14]. 3.4 Derivatives Market Monitoring - The report separately lists sections for stock index futures data, stock index options data, and treasury bond futures data, but specific data content is not fully presented in the provided text [15][19][31].

Report Industry Investment Rating The report does not explicitly mention the industry investment rating. Core Views - The stock market should be treated as a volatile market, while the profit - taking sentiment in the bond market is rising. Specifically, the stock index futures are in a volatile market, the sentiment in the stock index options is expected to continue to warm up, and the profit - taking sentiment in the bond index futures continues to heat up [1][2]. Summary by Directory 1. Market Views Stock Index Futures - **View**: Treat it as a volatile market. The current major indices are approaching the upper resistance levels. Although the A - share market rose on the previous day due to the easing of geopolitical tensions, this rise is a one - time pricing of the exhaustion of negative news and cannot be a reference for the sustainability of the subsequent market. Catalysts are needed for an upward breakthrough, and currently, it is still far from the time for concentrated speculation, so it should be treated as a volatile market, with low - level buying and high - level selling [1][7]. - **Operation Suggestion**: Wait and see [7]. Stock Index Options - **View**: The sentiment is expected to continue to warm up. The trading volume in the options market increased by 29.90% compared with the previous trading day, showing active trading. The PCR of open interest continued to rise, and there is still room for improvement in sentiment. The skewness of major varieties decreased, indicating a shift from defense to offense in the market. The volatility rebounded but remained at a low level. It is recommended to continue with the collar or bull spread strategies and a light - position double - buying strategy for volatility [2][7]. - **Suggestion**: Collar, bull spread, and light - position double - buying [7]. Bond Index Futures - **View**: The profit - taking sentiment continues to heat up. The bond index futures closed down across the board on the previous day. The strong performance of the equity market and the potential disturbances in the capital market due to the approaching end of the quarter and increased supply may have put pressure on the bond market. The DR007 rose significantly to 1.67%. The bond market may remain in a volatile pattern, and the profit - taking sentiment has increased [2][9][10]. - **Operation Suggestion**: For the trend strategy, it is a volatile market. For the hedging strategy, pay attention to short - selling hedging at low basis levels. For the basis strategy, appropriately pay attention to the widening of the basis. For the curve strategy, steepening the curve in the medium term has a higher probability of success [10]. 2. Economic Calendar The report provides an economic calendar for the current week, including data such as the manufacturing PMI preliminary values in the Eurozone and the United States, the IFO business climate index in Germany, and consumer confidence indices in the United States. Some data has been released, while others are yet to be announced [11]. 3. Important Information and News Tracking - **US Macro**: On June 24, Fed Chairman Powell submitted semi - annual monetary policy report testimony to Congress, reiterating that the Fed is not in a hurry to cut interest rates and is waiting for the impact of tariffs to become clear. He believes that the impact of tariffs on inflation may be short - term or long - term [12]. - **China Macro**: Six departments including the People's Bank of China jointly issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", proposing to set up a re - loan for service consumption and elderly care with a quota of 500 billion yuan [12]. 4. Derivatives Market Monitoring The report mentions the monitoring of the stock index futures, stock index options, and bond index futures markets, but specific data details are not fully presented in the provided content.

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - The stock index futures market will be in a state of shock and consolidation, and the bond futures market should be mainly operated with a light - position and low - long strategy [5][9][10] Group 3: Summary by Sections 1. Financial News - China is fully prepared to join the CPTPP and will actively align with international high - standard economic and trade rules [3] - China is accelerating the review of rare earth export license applications and has approved a certain number of compliant applications [3] - The central bank conducted 203.5 billion yuan of 7 - day reverse repurchase operations on June 19, with a net investment of 84.2 billion yuan [3] - The Fed kept the benchmark interest rate unchanged at 4.25% - 4.50%, in line with market expectations [4] 2. Investment Logic Stock Index Futures - On Thursday, the stock index fluctuated and declined. The Shanghai Composite 50 Index fell 0.54%, the CSI 300 Index fell 0.82%, the CSI 500 Index fell 1.2%, and the CSI 1000 Index fell 1.42%. The total market turnover was 1.28 trillion yuan [5] - Stock index futures fell across the board. The basis showed differentiation, with the discounts of IF and IH slightly expanding, and the discounts of IM and IC converging. The trading volume and positions of IM, IC, IF, and IH all increased [5] - After continuous shocks, the market declined again. The sharp adjustment in the Hong Kong stock market and the decline of popular concepts in the A - share market have led to a decrease in risk appetite and a setback for the bullish force. The market will remain in shock and consolidation [5] Financial Options - Most option underlying prices fluctuated lower during the day, and the trading volume of most option varieties rebounded. The 500ETF option was relatively active in trading [6] - The actual volatility of the underlying and the implied volatility of options showed a double - low pattern. The market sentiment was cautious, and the willingness to short volatility was weak. It is recommended to take appropriate profit - taking on short - volatility positions [7] Treasury Futures - On Thursday, most treasury futures closed down. The spot bond yields mostly rose slightly. The bond market continued to fluctuate, and the yield was blocked from further decline [8][9] - The current fundamentals do not support a reversal in the bond market, and the market adjustment space is limited. It is recommended to take a neutral - to - bullish approach. Consider short - term long positions in TS contracts and pay attention to potential cash - and - carry arbitrage opportunities [9] 3. Data Chart Presentation - The report presents a series of data charts, including the trading volume and position changes of stock index futures and treasury futures, basis changes, the changes in south - bound funds, margin trading balances, option implied volatility, and various interest rate data [11][12][13][14][15][16][17][19][20][21][22][23][25][26][27][28][29][30][31][33][34][35][37][38][39][41][43]

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - **Stock Index Futures**: The cost - effectiveness of chasing the rise is not high. Although the stock market may have structural opportunities in the second half of the year, the Shanghai Composite Index is currently fluctuating around 3400, and it is advisable to wait for better layout opportunities [1][5]. - **Stock Index Options**: Use options for hedging and defense. The market turnover of options has declined by 21.50%, and the implied volatility has risen. It is recommended to continue holding put options for short - term hedging [1][5]. - **Treasury Bond Futures**: The profit - taking sentiment is rising. Although the short - term liquidity environment may be relatively stable, the long - end may be in a volatile state, and the short - end may be slightly stronger [2][5]. 3. Summary According to the Table of Contents 3.1 Market Views - **Stock Index Futures** - **Data**: The basis of IF, IH, IC, IM current - month contracts are - 8.60, - 9.08, - 19.93, - 35.42 points respectively, with a month - on - month change of 7.23, 0.66, 11.81, 7.09 points; the spreads between current - month and next - month contracts are 42.0, 36.2, 79.6, 97.0 points respectively, with a month - on - month change of 2.6, 3.8, 6.0, 4.2 points; the total positions change by - 15578, - 1138, - 2651, 2007 hands respectively [5]. - **Logic**: The equity market was mainly volatile yesterday, and the offshore Hong Kong stock market adjusted. The AH premium is at a low level, and the poor performance of popular stocks affected market sentiment. The index shows strong resistance to decline, but short - term chasing the rise is not cost - effective [5]. - **Operation Suggestion**: Wait and see [5]. - **Stock Index Options** - **Logic**: The equity market was slightly stronger in a volatile manner yesterday. The option market turnover declined by 21.50%. The high trading volume on Tuesday was due to intraday volatility and hedging needs, not new capital inflows. After two consecutive days of narrowing liquidity, the market is still in a volatile state [1][5]. - **Operation Suggestion**: Continue to hold put options for hedging and defense [5]. - **Treasury Bond Futures** - **Data**: The trading volumes of T, TF, TS, TL next - quarter contracts are 47942, 47953, 25053, 62753 hands respectively, with a one - day change of - 12693, - 2506, - 10233, - 12885 hands; the positions are 188181, 150785, 118548, 106051 hands respectively, with a one - day change of 823, - 60, - 555, 901 hands [5]. - **Logic**: Treasury bond futures showed mixed performance yesterday. The T main contract opened high and closed low, with a significant decline in positions, indicating strong profit - taking sentiment. The spot bond market lacks incremental information, the capital is tight, and most bond varieties have corrected under the influence of profit - taking [2][5]. - **Operation Suggestion**: For trend strategies, it may be volatile in the short term, and the short - end may be stronger; for hedging strategies, pay attention to short - selling hedging at low basis levels; for basis strategies, pay attention to basis widening; for curve strategies, the odds of steepening the curve in the medium term are higher [6]. 3.2 Economic Calendar - The report provides the economic data of China and the United States from June 9th to June 13th, including China's May PPI, CPI, export and import annual rates, M2, M0, M1 money supply annual rates, and the United States' May CPI, core CPI, PPI annual rates, and the initial value of the June Michigan Consumer Confidence Index [7]. 3.3 Important Information and News Tracking - On June 12th, Ant International responded to the news of applying for stablecoin licenses in Hong Kong and Singapore, stating that it is accelerating investment and cooperation in global treasury management [8]. - The State Council Information Office held a press conference to introduce the "Opinions on Deeply Promoting the Comprehensive Reform Pilot in Shenzhen to Deepen Reform and Innovation and Expand Opening - up", with officials from relevant departments making statements on various aspects such as cross - listing, capital cultivation, and industrial development [8]. - The central bank and the foreign exchange administration jointly issued measures to support Fujian in exploring new ways for cross - strait integration and building a cross - strait integration development demonstration area, including cross - border trade and investment facilitation and financial supervision [8]. 3.4 Derivatives Market Monitoring - The report mentions the monitoring of stock index futures, stock index options, and treasury bond futures data, but specific data content is not provided in the given text [9][13][25].

以下文章来源于力的期权工作室 ，作者余力 Felix 力的期权工作室 . 对个人更通俗，对机构更专业，努力做最具品质的衍生品公众号~ 文 | 余力 Felix 来源 | 力的期权工作室 编辑 | 杨兰 审核 | 浦电路交易员 今天！全市场的量能依然不到1.1万亿，银行股一枝独秀，大盘红利"吊打"了中小盘。可以说，整个4月至今，红利不出所料（详见《大反弹 日！两天时间，净流入1600亿……》、《尾盘！再买百亿！4月至今，果然红利最强……》），既产生了绝对收益，也产生了相对收益，相 对于中证1000、中证2000等前期融资盘深度参与的指数，一系列红利指数已经完全修复了4.7那一天的跳空大缺口…… 站在当下，从时间上看，距离五一只剩最后两天，对于接下来的五一假期，说长不长、说短不短，但它却是各大上市公司刚披露完年 报和一季报的数据空窗期，也可能成为某些事件集聚在一起的时期。 每当临近长假前夕，我总是喜欢在公众号唠叨几句，因为很多人会纠结到底是持股过节，还是持币过节？还有些朋友还不太清楚假期 的时间价值会怎么变化？带着这一系列问题，相信下面的七大"灵魂追问"一定会给您带来帮助…… 第一个问题：放假五天就是赚五天时间价 ...