Group 1 - The core viewpoint indicates that the probability of a Federal Reserve rate cut in September is now at 71%, up from 60% prior to the announcement [1] - The probability of a rate cut in 2025 is reflected at 46 basis points, showing little change compared to the period before the Federal Reserve's statement [1]

Group 1 - The number of A-share listed companies participating in hedging activities continues to grow, with a significant increase in announcements related to hedging in May 2025 compared to the same period in 2024 [1] - In May 2025, 50 A-share listed companies in the real economy issued 78 announcements regarding hedging, up from 26 companies in May 2024, indicating a strong demand for risk management tools [1] - Year-to-date, 1,295 A-share listed companies have issued hedging-related announcements, an increase of 142 companies or 12% compared to the same period in 2024, with exchange rate risk being the primary concern [1] Group 2 - The People's Bank of China announced eight major financial opening measures, including the promotion of RMB foreign exchange futures trading to enhance risk management for financial institutions and foreign trade enterprises [1] - The China Securities Regulatory Commission plans to accelerate the implementation of key measures for capital market opening by 2025, including expanding the range of products available for foreign investment [1] - The establishment of the RMB foreign exchange futures market is expected to deepen the onshore market and provide a new option for the People's Bank of China in foreign exchange market regulation [2] Group 3 - The introduction of foreign exchange futures is anticipated to diversify trading participants and better serve the risk management needs of the real economy [2] - The China Financial Futures Exchange currently offers various futures and options products in equity and interest rate derivatives, and the addition of foreign exchange futures will fill a gap in the market [2]

Group 1 - The secured overnight financing rate (SOFR) reported at 4.32% on June 16, up from 4.28% the previous day [1] - The effective federal funds rate remained unchanged at 4.33% on June 16, consistent with the previous day [1] - Significant risk was added to the June 26 SOFR futures contract following record trading volumes on March 26 and June 26 [1] Group 2 - The largest increase in risk was observed in the 10-year Treasury futures due to price volatility on the same day [1]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-06-17 股市缺乏主线，债市曲线⾛陡 股指期货：地缘冲击淡化，等待陆家嘴论坛政策。 股指期权：波动快速触底，买权为主。 国债期货：债市曲线⾛陡。 股指期货方面，地缘冲击淡化，等待陆家嘴论坛政策。周一继续缺少 主线方向。地缘事件的影响相对淡化，伊朗主要领导层被定向击杀，妥协 只是时间问题，预期差有限，黄金、原油价格均高位回落。市场关注转向 本周的陆家嘴论坛，传涉及数字货币、科技与产业与金融良性循环等， 催化稳定币等主题概念活跃，资金提前布局，TMT板块领涨。然而经济弱 现实仍未改变，PPI同比负增扩大，国补外的社零增速平缓，关注陆家嘴 论坛是否有改善产业利润分配的实质性政策表态。另外，港股隐忧继续提 示资金拥挤风险，恒生AH溢价指数创五年来新低，部分公司出现H股溢 价，而近年AH溢价低位多对应于沪深300高位，存在港股连累A股的可能 性，操作偏向防御。 股指期权方面，波动快速触底，买权为主。昨日，波动率骤降，50ET F期权加权水平来到13.2%，而当月平值在12%左右，而中证1000股指期权 来到近250个交易日最小 ...

日度数据跟踪 2025 年 6 月 16 日 【金融期权日报 0616】金融期权成 交量 579 万张，中证 500ETF 期权上 升 0.60% 重要事项：本报告版权归银河期货有限公司所有。未获得银河期货书面 授权，任何人不得对本报告进行任何形式的发布、复制。本报告的信息 均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证， 也不保证所包含的信息和建议不会发生任何变更。我们已力求报告内容 的客观、公正，但文中的观点、结论和建议仅供参考，报告中的信息或 意见并不构成交易建议，投资者据此做出的任何投资决策与本公司和作 者无关。 有关分析师承诺，见本报告最后部分。并请阅读报告最后一页的免责声 明。 分析师 谢怡伦 从业资格号：F03135587 投资咨询号：Z0021150 Tel：021-65789205 Email： xieyilun_qh@chinastock.com.cn 期 权 研 究 1 衍生品业务总部 ⚫ 金融期权成交量 579 万张：金融期权市场成交相对活跃，其 中上证 50ETF 期权成交量达到 94 万张，持仓量为 144 万张， 创业板 ETF 期权成交量达到 107 万张，持仓 ...

Group 1 - Options are financial derivative contracts that grant the buyer the right to buy or sell an underlying asset at a predetermined price within a specified time frame, without the obligation to exercise that right [1] - The key features of options include the underlying asset, strike price, expiration date, premium, and contract size, which define the terms of the option [1] - Options provide four basic trading directions: buying call options, selling call options, buying put options, and selling put options, catering to different market expectations and risk management needs [1][2] Group 2 - Buying call options is suitable for scenarios where a significant price increase of the underlying asset is expected, allowing investors to hedge against rising costs [2] - Selling call options is appropriate in a sideways or mildly bearish market, where the seller can retain the premium if the asset price does not exceed the strike price [2] - Buying put options is used when a significant price decline is anticipated, enabling investors to lock in a minimum selling price [2] Group 3 - Selling put options can facilitate low-cost entry into positions, as demonstrated by Warren Buffett's strategy with Coca-Cola, where he sold put options to acquire shares at a lower effective price [4] - Selling call options allows investors to achieve high-price exits by setting the strike price at their desired selling price, thus generating additional income through premiums [5][6] Group 4 - The straddle strategy involves buying both call and put options with the same strike price and expiration date, profiting from significant price volatility regardless of direction [7] - The flexibility of options reflects the complexity of financial markets, enabling investors to optimize risk-return profiles and achieve more stable long-term returns [8]

Group 1 - U.S. stock index futures opened lower by 0.4% on Monday [1]

Core Viewpoint - The document outlines the regulations and operational guidelines for Fujian Fuguang Co., Ltd.'s financial derivatives trading activities, emphasizing risk management and compliance with relevant laws and internal policies [1][2][3]. Group 1: General Provisions - The regulations aim to standardize the financial derivatives trading business and related information disclosure to prevent risks [1]. - Financial derivatives include products such as futures, options, forwards, and swaps, which can be based on various underlying assets [1]. - The regulations apply to the company and its subsidiaries, requiring approval and disclosure for derivatives trading activities [1]. Group 2: Operational Principles - The company must adhere to principles of legality, prudence, safety, and effectiveness in its derivatives trading [2]. - All trading activities should focus on hedging to lock in costs and mitigate risks, avoiding speculative trading [2]. - Transactions are only permitted with qualified financial institutions approved by regulatory authorities [2]. Group 3: Approval Authority - The board of directors and shareholders' meeting are the primary decision-making bodies for derivatives trading [3]. - A feasibility analysis report must be submitted for board review before engaging in derivatives trading [3]. - Significant transactions, such as those exceeding 50% of the latest audited net profit or 5 million RMB, require shareholder approval [3]. Group 4: Management and Internal Processes - The finance department is responsible for managing derivatives trading, including developing annual management plans and monitoring compliance [4]. - The audit department oversees the actual operations of derivatives trading, including financial performance and adherence to regulations [4]. - Internal processes must include thorough analysis and recommendations for initiating or halting trading activities [5]. Group 5: Risk Reporting and Emergency Procedures - The finance department must promptly report significant price fluctuations and potential risks to the financial director [6]. - An emergency risk management mechanism must be activated in cases of market changes, regulatory violations, or significant losses [6]. - The audit department supervises the execution of internal risk reporting and emergency procedures [7]. Group 6: Information Disclosure and Record Management - The company is required to disclose information regarding its derivatives trading activities in accordance with regulatory requirements [7]. - All trading and delivery documents must be retained for a period of 10 years by the finance department [7]. - The regulations will be updated in accordance with any changes in relevant laws and regulations [7].

Core Viewpoint - The recent policy allows eligible Hong Kong-listed companies to issue depositary receipts (CDRs) on the Shenzhen Stock Exchange, enhancing the internationalization of the exchange and facilitating the integration of the Guangdong-Hong Kong-Macao Greater Bay Area's financial markets [1][4]. Group 1: Policy Implications - The policy aims to support qualified Hong Kong-listed companies and Greater Bay Area enterprises in listing on the Shenzhen Stock Exchange, which is expected to expand the pool of potential companies significantly [1][4]. - This initiative is part of a broader effort to accelerate capital market reform and open up, particularly to support the economic development of the Greater Bay Area [1][6]. Group 2: Market Dynamics - The introduction of CDRs for Hong Kong stocks is anticipated to create a more integrated valuation system between the Shenzhen and Hong Kong stock markets, enriching the investment options available to domestic investors [3][6]. - Historically, the return of H-shares to A-shares has primarily favored the Shanghai Stock Exchange, with fewer cases in Shenzhen, which may change with the new policy [3][4]. Group 3: Future Prospects - The policy could serve as a pilot for establishing a regional financial collaboration system, with the potential for similar frameworks to be implemented in other exchanges like the Shanghai and Beijing stock exchanges [2][7]. - The successful implementation of this policy is expected to enhance the financing capabilities and quality within the Greater Bay Area, attracting more international financial resources [6][7].

Report Summary 1. Investment Rating The report does not provide an overall industry investment rating. 2. Core Views - **Stock Index Futures**: Micro - liquidity boosts the stock market. The recent strength of the stock market is due to a macro - combination of weak earnings, loose liquidity, and a weak US dollar. However, due to crowded trading, tail risks should be guarded against, and it is recommended to wait and see [1][6]. - **Stock Index Options**: Adopt a covered - call defense strategy. The equity market was strong, but the Shanghai Composite Index failed to break through 3400 points. Option turnover remained low, and implied volatility declined in some varieties. The index faces resistance, so it is advisable to continue holding covered - call positions [2][6]. - **Treasury Bond Futures**: With loose funds, the bond market is oscillating strongly. The central bank's large - scale net injection and weak export and inflation data support the bond market. In the short term, the long - end may remain volatile, and the short - end may be slightly stronger [2][6]. 3. Summary by Directory 3.1 Market Views - **Stock Index Futures**: The basis of IF, IH, IC, and IM contracts and their spreads changed. Total positions also changed. The market opened higher and rose due to positive news and micro - liquidity. It is recommended to wait and see, with the risk of insufficient incremental funds [6]. - **Stock Index Options**: The Shanghai Composite Index rose 0.43% but did not break through 3400 points. Option turnover increased slightly but remained low, and implied volatility decreased. It is recommended to hold covered - call positions, with the risk of insufficient option market liquidity [2][6]. - **Treasury Bond Futures**: Trading volume, open interest, spreads, and basis of T, TF, TS, and TL contracts changed. The central bank conducted a large - scale net injection. It is recommended for trend, hedging, basis, and curve strategies, with risks such as insufficient monetary easing [6][7]. 3.2 Economic Calendar The report lists economic indicators for China and the US for the current week, including PPI, CPI, export and import rates, and money supply rates [8]. 3.3 Important Information and News Tracking - The first meeting of the China - US economic and trade consultation mechanism is being held in the UK [9]. - The general offices of the Communist Party of China Central Committee and the State Council issued an opinion on improving people's livelihood, including measures on social security, public services, and housing [9]. - In May, the retail sales of the national passenger car market were 1.96 million, a year - on - year increase of 13.9%. New energy passenger car retail sales were 1.021 million, a year - on - year increase of 28.2% [9]. 3.4 Derivatives Market Monitoring The report mentions to monitor data of stock index futures, stock index options, and treasury bond futures, but specific data content is not fully presented in the provided text.