Core Insights - The global cryptocurrency market is experiencing significant changes, with SHIB's token burn rate soaring to 5762.9%, while Bitcoin's network transaction volume has dropped to 317,000, marking a two-year low. Additionally, BlackRock's IBIT holdings have surpassed $69.5 billion, with over 660,000 Bitcoins held [1] Group 1: Leverage and Derivatives - SHIB's open interest weighted funding rate has turned positive at 0.0048%, indicating a slow shift of funds towards long positions. This change highlights the fundamental differences between leverage and contract systems [3] - The OKX liquidation heatmap reveals a significant number of vulnerable short positions between $0.0000132 and $0.0000133, illustrating the distinct impacts of leverage and contract functionalities on market dynamics [3] - XBIT decentralized trading platform utilizes advanced risk management algorithms to help users find an optimal balance between leverage and contract tools [3] Group 2: Political Economy and Market Psychology - The political fallout from the Trump-Musk alliance has emerged as a critical variable affecting the cryptocurrency market, influencing investor preferences for leverage and contract tools through market sentiment [4] - Increased uncertainty leads to higher emotional sensitivity in leverage trading, while contract trading offers a more refined risk pricing mechanism, allowing investors to construct robust hedging strategies during market volatility [4] - As SHIB's deflationary pressure increases and address activity rises, market sentiment is transitioning from panic to rationality, reflecting investors' macroeconomic outlook [4] Group 3: Decentralized Financial Infrastructure - XBIT is exploring the integration of biometric technology with blockchain to enhance the security model of derivative trading, utilizing zero-knowledge proof technology and multi-signature transaction architecture [6] - The non-custodial model of XBIT ensures users maintain complete control over their assets, mitigating platform risks while providing enhanced trading privacy [6] - Investors are encouraged to understand the intrinsic logic of various trading tools and align them with their risk preferences and investment goals to achieve sustainable investment success in the evolving cryptocurrency market [6]

华福证券 2025 年 06 月 06 日 股指期货深度贴水与期权市场共振：谨慎情绪初 现——5 月衍生品月报（2025/05） 投资要点： ➢ 股指期货 主要股指（沪深 300、上证 50、中证 500 和中证 1000）成交额在 2025 年初高点后有回落趋势，市场活跃度持续下降，最近开始趋于平 稳。 从贴水比例来看，远月贴水大于近月，且贴水幅度进一步提升，我 们认为主要原因在于： ➢ 国债期货 5 月份国债期货小幅下跌， 10 年期国债期货隐含收益率在 1.6-1.7 波动。 从升贴水结构来看，近远月合约价差显示远月大于近月，表示投 资者对于未来债券市场偏乐观。 ➢ 期权市场 期权市场波动率依然在大幅下行，大幅低于标的的实际波动率， 显示期权当前价值合理，投资价值高。 华福证券 期权市场 PCR 在 5 月中旬开始下降，PCR 指标显示市场情绪偏谨 慎。 ➢ 期权 PCR 择时策略的跟踪 期权持仓量 PCR 是一个市场情绪指标，我们的期权 PCR 策略逻 辑是顺趋势（PCR 上行情形，提示情绪较好）和反趋势（PCR 较低的 情形，指示情绪低点未来可能反转）。 从结果上来看，期权 PCR 策略在今年以来在 ...

Economic Weakness: Financial Magic of Wall Street - The U.S. boasts a GDP exceeding $29 trillion, yet its manufacturing sector has shrunk to only 11% of the economy, relying on foreign countries like Japan for essential materials [4][6] - The comparison of purchasing power reveals that China accomplishes tasks with $18 trillion GDP that the U.S. requires $29 trillion to achieve [4] - During the pandemic, the U.S. struggled to produce basic medical supplies, highlighting a significant gap in capabilities compared to China [4] Military Illusion: Rusty Aircraft Carriers and Overpriced Supplies - Despite having 11 aircraft carriers, only about 4 are operational, with high failure rates in advanced systems like the Ford-class carrier [6] - The Pentagon faces corruption issues, with exorbitant prices for basic items, indicating inefficiencies in military spending [6] - The U.S. military's performance in conflicts has been poor, exemplified by the 20-year engagement in Afghanistan that ended with a swift Taliban takeover [6] Debt Crisis: $36 Trillion Debt Burden - The U.S. government faces immense pressure from daily interest payments of $2 billion, with total national debt sufficient to purchase the entire European Union [7][8] - A significant portion of the population lacks health insurance, and many middle-class families struggle to survive financially during unemployment [7] - The decline of the dollar's credibility is evident as countries increasingly turn to alternative currencies for trade, with central banks selling U.S. debt and accumulating gold [7]

微盘风格展望与 DCN 产品的影响 20250604 摘要 微盘风格近期表现强势主要有以下六大因素：首先，政策端释放了科创小微企 业的活力。自 2024 年以来，政策维度出台了很多利好小微企业发展的政策， 例如 2025 年 5 月发布的重组办法，包括精简审核流程、放宽支付工具限制和 私募基金可入股微盘股等，这些措施提供了新的资金来源和产业资源支持。其 次，从市场环境来看，中国金融市场目前处于流动性较为宽松的格局，社融和 M2 增速同步扩张，加上央行全面降准的政策支持，使得流动性充裕时过剩资 金倾向于追逐高弹性资产，以获取超额收益。第三，从量化预测模型来看，机 构持仓集中度和大小盘 PB 比值分位数这两个指标对于微盘风格表现有一定的 预测能力，目前这两个指标都处于历史低位，利好微盘风格。第四，从资金类 型分析，高风险偏好的资金参与度较高，如融资参与度较高，而北向资金参与 度非常低，仅有少数符合要求的成分股。第五，微盘风格存在显著日历效应， 例如每年 4 月下跌、5 月上涨、11 月上涨、1 月下跌，这次 5 月行情也与历史 相符。最后，从风险端来看，通过量化风格拥挤度模型判断，目前拥挤信号得 分为 1 分，处 ...

金十数据6月4日讯，俄罗斯莫斯科交易所宣布，计划于2025年6月4日正式推出比特币期货交易。这一产 品仅向合格投资者开放，首批IBIT期货合约将于2025年9月到期。该合约以美元报价，并以卢布结算， 基于比特币信托ETF的价格。俄罗斯央行已在5月批准金融机构向合格投资者提供加密货币挂钩的金融 衍生品，但建议避免直接投资加密货币。 莫斯科交易所向合格投资者推出比特币期货交易 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View In 2025, on June 4th, the implied volatility of stock index options increased in a positive correlation during intraday trading. A bull call spread strategy can be considered [1]. 3. Summary by Related Catalogs 3.1 Option Market Data Statistics - **Underlying Market Statistics**: The closing prices of the Shanghai - Shenzhen 300 Index, CSI 1000 Index, and other indices rose. For example, the Shanghai - Shenzhen 300 Index closed at 3868.74, up 16.73 points; the CSI 1000 Index closed at 6123.17, up 53.14 points. Trading volumes of most indices decreased, such as the Shanghai - Shenzhen 300 Index with a trading volume of 116.80 billion shares, a decrease of 14.60 billion shares [2]. - **Option Market Statistics**: Trading volumes of most options decreased, while open interest increased. For instance, the trading volume of Shanghai - Shenzhen 300 index options was 44122, a decrease of 6399, and the open interest was 174658, an increase of 2711. The VL - PCR and OI - PCR of different options varied [2]. 3.2 Option Indicator Data Statistics - **Option Volatility Statistics (Near - Month)**: The ATM - IV of different options showed different changes. For example, the ATM - IV of CSI 1000 index options was 18.40%, up 0.32%. The HV of most options also changed, with the HV of CSI 1000 index options at 14.70%, up 0.51% [5]. - **Option Volatility Statistics (Next - Month)**: The ATM - IV and HV of different options also had corresponding changes. For example, the ATM - IV of Shanghai - Shenzhen 300 index options was 12.90%, down 0.30%, and the HV was 8.09%, up 0.06% [5]. 3.3 Option Charts - **Shanghai 50 Index Options**: Include full - contract PCR charts, main - contract skewness trend charts, volatility cone charts, and volatility term structure charts [9]. - **Shanghai - Shenzhen 300 Index Options**: Include full - contract PCR charts, main - contract skewness trend charts, volatility cone charts, and volatility term structure charts [13]. - **CSI 1000 Index Options**: Include full - contract PCR charts, main - contract skewness trend charts, volatility cone charts, and volatility term structure charts [17]. - **ETF Options (Shanghai 50ETF, Huatai - Baorui 300ETF, etc.)**: Each type of ETF option has corresponding full - contract PCR charts, main - contract skewness trend charts, volatility cone charts, and volatility term structure charts [24][28].

Core Viewpoint - The document outlines the financial derivatives business management system of Zhejiang Xinkai Technology Group Co., Ltd., emphasizing risk prevention and control in derivatives trading, aligning with relevant laws and regulations [1][2]. Summary by Sections General Principles - The system aims to regulate the financial derivatives trading behavior of the company and its subsidiaries, ensuring compliance with laws such as the Company Law and Securities Law of the People's Republic of China [1]. - Financial derivatives include products like forwards, options, swaps, and currency swaps, which can be settled either through physical delivery or cash difference [1]. Operational Principles - The company and its subsidiaries must strictly control the types and scale of derivatives trading, ensuring it does not affect normal business operations [2]. - Derivatives trading should not be solely for profit but should be based on normal business operations, focusing on hedging and risk prevention related to exchange rates and interest rates [2]. Approval Authority - Any foreign exchange derivatives trading must be preceded by a feasibility analysis report submitted to the board of directors for approval [2]. - Overall plans and limits for derivatives trading must comply with regulations and require board approval; if exceeding board authority, shareholder approval is necessary [2]. Management and Operational Processes - The board authorizes the chairman and representatives to manage foreign exchange derivatives trading, including signing legal documents [4]. - The finance director leads the derivatives team, overseeing risk management, market analysis, and strategy formulation [4]. - The operations team is responsible for providing relevant data and ensuring approved funds for derivatives trading are monitored and reconciled monthly [5]. Risk Management - A risk measurement system is established to assess funding risks and price fluctuation risks associated with derivatives trading [6]. - In case of significant market changes that increase risks, the company must report and initiate emergency measures [6]. - A stop-loss mechanism is activated when market price fluctuations approach predetermined limits [6]. Information Disclosure - The company must disclose information regarding derivatives trading in accordance with regulations from the China Securities Regulatory Commission and the Shenzhen Stock Exchange [7]. - Any confirmed gains or losses from derivatives trading that exceed 10% of the most recent audited net profit must be disclosed promptly [7]. Other Provisions - The management system will be effective upon approval by the board and will be interpreted by the board [9].

刚过去的5月，在特朗普政府推迟贸易谈判期限，并与多个主要贸易伙伴展开积极对话后，市场风险偏 好有所改观。衍生品市场保持火热态势，零日期权"0DTE"交易比例再创历史新高。与此同时，随着特 朗普关税政策而衍生出"TACO交易"（TACO trade）策略背后，针对市场波动性VIX的新交易模式或将 兴起。 零日期权火热依旧 在5月份整体期权市场活动有所缓解，但受欢迎的"0DTE"合约的月度交易量创下历史新高。 根据芝加哥期权交易所Cboe的数据，5月份，与标普500指数挂钩的"0DTE"期权合约交易量份额飙升至 历史新高61%，标志着华尔街最受欢迎的期权策略增长迎来最新里程碑。 超短期期权窗口期短，这使得投资者可以较低的价格（权利金），博取潜在巨大回报的潜力。同时，交 易热度背后高流动性的优点，受到了不少短线投资者的青睐。 芝加哥期权交易所全球市场（Cboe Global Markets）衍生品市场情报主管徐曼迪（Mandy Xu）在电子邮 件评论中表示："虽然5月份标普500指数期权总量从4月份的高点有所放缓，但0DTE期权交易比例飙 升，比4月份增长了9个百分点，其中大部分活动都是由散户投资者推动的。 " 第 ...

Core Insights - The significant increase in positions for the September 2025 Federal Funds futures and one-month SOFR futures indicates active basis trading in the market [1] - On Thursday, May 29, there was a notable buying activity in the basis trading volume for near-month contracts [1] - A court ruling that blocked certain import tariffs imposed by President Trump has contributed to a decrease in risk exposure for U.S. Treasury futures when adjusted for roll [1]

Core Viewpoint - Shanghai Longtou (Group) Co., Ltd. plans to engage in financial derivatives trading in 2025 to hedge against foreign exchange risks, with a maximum single transaction amount of $5 million and an annual cumulative contract amount not exceeding $150 million [1][2]. Summary by Sections 1. Transaction Overview - The purpose of the trading is to mitigate operational risks arising from foreign exchange fluctuations, focusing on the company's actual business needs without engaging in speculative or arbitrage trading [2]. - The planned transaction amount will not exceed the company's foreign currency payment and receipt amounts, with a maximum single transaction of $5 million and an annual cumulative contract amount of $150 million [2]. - The funding for these transactions will come from the company's own funds, without involving raised capital [2]. - The types of financial derivatives to be used include forward foreign exchange contracts, foreign exchange swaps, and foreign exchange options [2]. 2. Transaction Duration and Authorization - The validity of the trading authorization will last for 12 months from the date of approval by the shareholders' meeting, allowing for the recycling of funds within the approved limits [3]. - The board of directors will be authorized to make investment decisions and sign relevant contracts within the approved limits, pending shareholder approval [3]. 3. Risk Analysis and Control Measures - The company acknowledges potential risks associated with financial derivatives trading, including market risk, credit risk, operational risk, and internal control risk [4]. - To mitigate these risks, the company will adhere to a strict risk management principle, ensuring that trading activities do not affect normal operations and are limited to low-risk financial products [4]. - The company will implement a regular reporting mechanism for its business activities and establish clear internal risk management procedures [4]. 4. Impact on the Company - The proposed financial derivatives trading is expected to enhance the company's financial stability by hedging against foreign exchange fluctuations, aligning with the long-term interests of the company and its shareholders [4]. - The accounting treatment for these transactions will comply with relevant accounting standards, ensuring proper recognition and measurement of financial instruments [4].