美股期权大自话第4期 【买入看跌期权】的保险思维 买入看跌期权 小红有套现价170万的房子,她担心经济不好房价会大 跌。于是她对邻居小明说: "我现在付你7万订金。如果半年后房价跌破160万，我 右权依然用160万壶给你。" 这份 "付订金防大跌" 的合同，就是买入看跌期权 (Buy Put)。 实战展示 假设你持有100股英伟达,现价170美元。你担心未来会 大跌。 TVIDIA 你买入: NVDA 260218 160 Put 动作含义： 你付一笔权利金，就获得了在2026年2月18 日前，以每股160美元卖出英伟达股票的权利 权利金成本： 每股收8美元（1手对应100股，所以此处 权利金成本等于100*8=800美元) 你的义务： 如果股价大跌，你可以按160美元卖出100股 你的风险与收益 最大收益： 理论上很大 最大亏损：800美元权利金 如果到期股价 ≥ 160美元 盈亏平衡点: 152美元 如果股价跌到100美元 o · 你可以用160美元卖出 · 一张赚6000美元 (160-100=60/股) 净赚5200美元（扣除800美元权利金） ● · 你不会低价卖出 · 损失全部800美元订金，让合 ...

Core Insights - The domestic steel industry is facing significant challenges over the past two years, necessitating effective risk management to ensure stable operations [1] - The company provides comprehensive risk management services to clients in the steel supply chain, including macro and industry qualitative analysis, risk factor identification, price forecasting, hedging strategy optimization, and options tool application [1] Service Process - Continuous alerts regarding the downward price risk of black series commodities were provided from late 2023 to early 2024, enabling the company to offer integrated risk management services to upstream and downstream clients [2] Derivative Products - The project targets rebar futures and over-the-counter options, specifically the SHFE rebar 2405 contract, based on the risk management needs of steel trading entities [3] Execution Process - Risk warning services were provided before price declines, advising steel traders and manufacturers to increase hedging ratios from December 2023 to January 2024 [4] - On January 4, 2024, recommendations were made for steel traders to enhance hedging for hot-rolled futures, with the Shanghai spot market hot-rolled price at 4110 CNY/ton and the HC2405 contract short position entry price at 4150 CNY/ton [4] - On February 20, 2024, a recommendation to close positions was made, with the Shanghai spot market hot-rolled price at 3970 CNY/ton and the futures closing price at 3890 CNY/ton, resulting in a basis expansion of 120 CNY/ton [4] - A specialized presentation was conducted for an automotive manufacturing client on January 11, 2024, emphasizing the need to increase hedging for steel inventory, which the client successfully achieved [4] Risk Management During Price Decline - From February to March 2024, as black series commodity prices entered a downward trend, the company designed futures interval hedging strategies for steel traders and manufacturers, utilizing options tools for customized risk management services [4][5] - A strategy was suggested to buy put options for the RB2405 contract at a price of 3700 CNY/ton to mitigate downside risk while retaining potential upside from rising spot prices [5] Risk Management During Price Fluctuation - For steel traders and downstream construction clients, a "supply guarantee and price lock" collaboration was designed to achieve mutual benefits during the price fluctuation period [5] - On March 18, 2024, a long position was established for the RB2405 contract at 3420 CNY/ton, with the spot market price at 3610 CNY/ton, resulting in a basis of 190 CNY/ton [5] - On March 22, 2024, the long position was closed at 3630 CNY/ton, with the spot market price at 3660 CNY/ton, leading to a favorable basis movement [5] Project Summary - The establishment of an "all-weather" risk management service model allowed for personalized risk management strategies tailored to different stages, enterprise types, and risk preferences during a price decline [6] - In the first quarter of 2024, the company provided alerts on price volatility risks and designed risk management plans for clients in the black industry chain, effectively mitigating challenges posed by adverse price fluctuations [6]