金融期权 2025/04/30 金融期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | 金融期权策略早报概要： （1）股市短评：上证综指数偏上窄幅盘整，大盘蓝筹股偏强震荡，而中小盘股和创业板股偏弱盘整。 （2）金融期权波动性分析：金融期权隐含波动率历史均值偏下水平波动。 （3）金融期权策略与建议：对于ETF期权来说，适合构建备兑策略和偏中性的双卖策略，垂直价差组合策略；对于 股指期权来说，适合构建偏中性的双卖策略和期权合成期货多头或空头与期货空头或多头做套利策略。 表1：金融市场重要指数概况 | 重要指数 | 指数代码 | 收盘价 | 涨跌 | 涨跌幅 | 成交额 | 额变化 | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | ...

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 ...

Market Overview - After a significant increase of 17% over nine trading days, the gold market experienced a substantial correction, with Shanghai spot gold prices dropping nearly 5% [1] - On April 22, gold futures trading volume surged to a historical high of 1.203 million contracts, and on April 23, it further increased to 1.884 million contracts, marking another record [1] Trading Activity - The trading volume in the gold futures market reached a record high, with a total turnover exceeding 1 trillion yuan for the first time [1] - The overall open interest in the gold futures market peaked at 453,000 contracts on April 22, with nearly 100 billion yuan in funds [1] Volatility and Market Sentiment - The Shanghai Gold Volatility Index saw a significant rise, increasing by 16% on April 22 and reaching a historical high of 38.46 on April 23 [2] - The "end-of-the-month" effect in the options market contributed to increased volatility, with trading volumes for certain call options skyrocketing before the expiration date [2] Risk Management and Regulatory Response - The Shanghai Gold Exchange issued risk warnings and adjusted margin levels from 12% to 13% starting April 25, along with increasing the daily price fluctuation limit [3] - Analysts emphasized the importance of position control and risk tolerance when considering gold as part of an investment strategy [3] Global Market Implications - The World Gold Council noted potential risks associated with the rapid price increase, including a possible slowdown in central bank gold purchases and a decrease in net gold buying due to high prices [4] - Geopolitical tensions and policy uncertainties may also impact gold prices, with potential for price corrections if these issues are resolved [4]