坚持，终会绽放 春节的热闹渐渐散去，大街小巷的烟火气、电影院的欢笑声、旅游景点的人潮，都慢慢归于平静。 而在这一片喧嚣之中，最让我振奋与关注的，是米兰冬奥会赛场上，那位在逆境中静静绽放的坚韧少女 ——谷爱凌。 2022年，18岁的她横空出世，以两金一银惊艳世界。而这一次的一金两银，靠的已不是顺境与天赋，而 是硬扛伤病和网暴的坚韧。 处于运动生涯黄金年龄的她，却迎来了非常艰难的一届赛事：伤病困扰、体能透支、训练失衡，再加上 舆论与心理压力。可她却在绝境中及时调整，在逆风里稳稳翻盘。 看她比赛，我想到一个词：交易。 有人只看结果，有人只评对错，有人站在远处轻易定义别人，却从不知她背后承受着多少压力与煎熬。 这一点，像极了在市场里坚守的交易者。 在很多人眼里，交易算不上正经工作，甚至被贴上好高骛远、投机取巧的标签。家人不看好，旁人不认 同，连自己偶尔都会怀疑：这条路到底值不值得走下去？ 真正的强者，不是从不失手 本届比赛，她几乎每一场比赛开局都不顺利。预选赛失误，决赛失误，第一跳常常不尽如人意。可她最 可怕的能力，从来不是不犯错，而是允许自己开局不利，但绝不会被一次失误打乱节奏。 这像极了交易。很多交易者，往往栽在 ...

编者按 丙午马年，资本市场是否会迎来奔腾之势？面对利率下行、存款"搬家"的宏观背景，以及A股震荡、商 品波动的复杂局面，投资者如何布局？"策马点金"栏目邀请友山基金首席投资官金焰、上海旭诺资产管 理有限公司投资经理户涛、上海大墉资产管理有限公司创始人兼基金经理鲍瑞海，从宏观配置、衍生工 具、实物资产等不同维度，为投资者奉上马年财富管理的专业参考。 周期股与商品期货的"双重表达" 在利率持续走低的背景下，居民存款向资本市场转移已成为确定性趋势。 金焰介绍，2025年非银机构存款余额显著增加6.4万亿元，银行理财产品规模突破33万亿元，较2024年 年末增加3.3万亿元，其中97%以上为固收类产品。"在利率下行的背景下，单纯的固收类资产难以满足 投资者的收益需求，增配权益类资产来提升整体回报已成为必然选择。预计'固收+'策略将凭借稳健与 增强收益的特性，成为广大投资者资产配置的主流选择。"他说。 他进一步表示，"固收"部分以中短久期、高等级信用债为主，获取稳健票息收益，并充当"安全 垫"；"+"部分则通过可转债、ETF、精选个股以及CTA策略等工具实现收益增强。配置比例需严格依据 资金风险收益目标动态校准，控制在 ...

Core Viewpoint - Northeast Pharmaceutical Group Co., Ltd. has announced plans to engage in financial derivatives trading to manage foreign exchange and interest rate risks arising from its foreign currency settlements in response to market fluctuations [1] Group 1: Financial Derivatives Trading - The primary objective of this trading initiative is hedging, aimed at locking in costs and avoiding risks rather than engaging in speculation or arbitrage [1] - The maximum trading amount is set at 300 million RMB, which can be rolled over within its validity period [1] - The trading instruments will mainly include forward foreign exchange settlements, currency swaps, options, interest rate swaps, and currency swaps, with trading periods generally not exceeding one year [1] Group 2: Financial Stability and Risk Management - The company emphasizes that all trading funds will come from its own capital and will collaborate with legally qualified domestic and foreign large commercial banks [1] - This initiative is viewed as a significant risk control measure to enhance financial stability and mitigate the potential adverse impacts of exchange rate and interest rate fluctuations on operational performance [1] - The company has established corresponding internal operational processes and risk control measures to prevent market, liquidity, and operational risks [1]

Core Viewpoint - The article emphasizes the importance of risk management in the futures market, especially as the market experiences increased trading enthusiasm and complexity among participants [1][2][3] Group 1: Market Conditions and Regulatory Environment - Today marks the last trading day before the Spring Festival holiday, with investors eager to conclude the pre-holiday market positively [1] - The China Securities Regulatory Commission (CSRC) and local regulatory bodies have intensified market supervision since December, implementing administrative measures to enhance risk control [1] - The growing scale of capital in the futures market has led to heightened trading enthusiasm among investors and institutions, necessitating improved risk management practices [1] Group 2: Investor Behavior and Risks - There are instances of investors blindly trading in unfamiliar markets, leading to significant losses, as illustrated by a case of an experienced agricultural futures trader who suffered due to lack of knowledge in the precious metals market [2] - The article warns against the dangers of illegal futures trading, where unlicensed platforms lure investors with promises of high returns, resulting in financial losses [3] - Investors are advised to engage only with legitimate futures companies and to be cautious of high-risk trading strategies, especially during the long holiday period when market volatility may increase [3] Group 3: Recommendations for Futures Companies - Futures companies are urged to enhance their risk monitoring and investor education efforts, ensuring compliance with regulations to mitigate risks [2][3] - The need for innovation in service and risk management is highlighted, as the trading methods and investor demographics have significantly evolved since the inception of the futures market in China [2]

Core Viewpoint - The integration of futures trading into the operations of a copper processing company has significantly improved its ability to manage raw material price volatility, leading to increased confidence and production capacity expansion [1][7]. Group 1: Company Operations and Futures Integration - The copper processing company recycles scrap copper to produce copper plates and rods, which are used in various industries such as cables and home appliances [2]. - The company initially faced significant price volatility in copper, leading to anxiety over potential losses, prompting them to seek risk management tools [2][3]. - After implementing a futures hedging strategy, the company reported a 30% year-on-year increase in refined copper production in 2025, with monthly production exceeding 10,000 tons [3]. Group 2: Risk Management and Strategy Development - The company developed a tailored hedging plan with the assistance of a futures company, which included dynamic inventory management and accounting integration [4]. - The company learned that different industries require different hedging strategies, emphasizing the importance of practical experience in refining these strategies [4][5]. - The use of options, such as selling call options, has been introduced to enhance revenue while managing risk [5]. Group 3: Communication and Support - Continuous communication between the futures company and the copper processing company has been crucial for refining hedging strategies and addressing potential risks [6]. - The futures company has provided not only trading support but also facilitated connections with potential customers, broadening the company's sales channels [6]. Group 4: Industry Trends and Future Outlook - The copper processing company plans to expand its production capacity further in 2026, reflecting increased confidence from effective risk management through futures [7]. - The broader trend shows that more companies across various sectors are recognizing the value of futures markets for risk management and operational stability [8][9].

Group 1 - The company, CITIC Metal, announced plans to engage in currency derivatives hedging within 12 months from the authorization of the shareholders' meeting [2] - The maximum contract value for any trading day will not exceed $2 billion or its equivalent in foreign currency [2] - The margin and premium utilized will not exceed 50% of the consolidated net profit for 2024, with funding sourced from its own funds or credit lines [2] Group 2 - The types of derivatives involved include foreign exchange forwards, swaps, and options [2]

Core Viewpoint - The article introduces the concept of options trading, explaining its fundamental elements and providing examples to illustrate how options work in practice [4][5][10]. Group 1: Understanding Options - Options are contracts that provide the right to buy or sell an asset at a predetermined price within a specified time frame [5][9]. - There are two main types of options: Call options, which give the right to buy an asset, and Put options, which give the right to sell an asset [10][20]. Group 2: Key Elements of Options - The essential components of an option include the premium (the upfront cost), the strike price (the locked-in price), and the expiration date (the validity period of the option) [9][10]. - For example, a Call option for NVIDIA stock with a strike price of $180 and an expiration date of February 18, 2026, allows the holder to buy the stock at that price [13]. Group 3: Practical Examples - The article provides practical examples of options, such as NVDA 260218 180 Call and NVDA 260218 180 Put, to demonstrate how these contracts function in real-world scenarios [13][15]. - Each option represents a specific right to buy or sell shares of NVIDIA stock at a designated price on a set date [13][15]. Group 4: Additional Information - It is noted that one options contract typically represents 100 shares of the underlying stock, and sellers of options must maintain a margin as collateral [18][20]. - The article hints at future content that will cover practical steps for trading options, specifically focusing on buying Call options [20].

2026 年 02 月 11 日 如何通过期权在高波动市场中捕捉 非对称收益？ ——白话期权系列之二 跨式策略（Straddle）： 同时买入平值认购和认沽期权，收益曲线呈"V 型"，对波动最敏感，但成本较高； 宽跨式策略（Strangle）: 同时买入虚值认购和认沽期权，收益曲线呈"U 型"，构建成本较低，但需要标的资产发 生更剧烈的波动才能触及盈利区间。。 相关研究 - 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 衍 生 品 研 究 期 权 权 证 证 券 研 究 报 告 ⚫ 波动率收益的来源：与传统资产必须精准预判"方向"不同，期权工具允许投资者构建 "Delta 中性"组合，使收益与方向脱钩，仅与价格变动的"幅度" ...

Core Insights - The Malaysian Derivatives Exchange (BMD) hosted the 2026 Palm Oil and Lauric Oil Price Outlook Conference, highlighting the positive development of the Dalian Commodity Exchange (DCE) in the past year, particularly in the oil and fat sector [1] Group 1: Market Development - In 2025, DCE launched a series of new products and services aimed at serving the real economy and innovating in line with market demand, expanding its product offerings to 44 futures and options contracts across various sectors [2] - The DCE deepened its market openness by allowing qualified foreign investors access to 13 futures and options contracts, with some contracts available for trading immediately upon listing [2] - The DCE enhanced its market functions by strengthening regulatory oversight and promoting the use of futures for price discovery and risk management, balancing regulation with market efficiency [2] Group 2: Trading Volume and Market Impact - In 2025, the total trading volume of DCE's commodity futures and options exceeded 2.6 billion contracts, a year-on-year increase of approximately 15%, with an average daily open interest of over 17.8 million contracts [3] - The oil and fat sector, including key products like soybean and palm oil, achieved full coverage of futures and options tools, facilitating risk management and cross-market arbitrage for global enterprises [3] - The palm oil futures market saw a trading volume of over 190 million contracts in 2025, ranking among the top in global agricultural futures and options trading [3] Group 3: International Cooperation - DCE aims to continue its market-oriented, legal, and international approach, enhancing market reforms to better serve global participants [4] - The bilateral trade between China and Malaysia remained stable at around $200 billion in 2025, reflecting strong resilience and vitality [4] - Since 2006, DCE and BMD have established a close cooperative relationship, exemplified by the listing of the FSOY contract based on DCE's soybean oil futures price, marking a significant step in financial cooperation and cross-border risk management [4]

华福证券 2026 年 02 月 10 日 金 融 工 程 金 融 工 程 定 期 报 衍生品信号反转，股指升水、波动预期升温——2 月衍生品月报（2026/2） 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）市场活跃 度 12 月份止住跌势，2026 年 1 月份成交额出现反弹。 告 从贴水比例来看，IF 和 IM 合约由贴水转为升水，显示市场最近 空头力量持续较弱，情绪中性偏乐观。 国债期货 1 月份国债期货小幅震荡， 10 年期国债期货对应隐含收益率为 1.69%，低于现货对应的 1.8%。 从升贴水结构来看，近远月合约价差在 0 附近波动，整体投资者 对于未来债券市场情绪中性偏乐观。 期权市场 1 月份主要指数 VIX 中枢向上提升，市场波动率预期相比之前有 所上升。 期权市场 PCR，上证 50 和沪深 300 指数的 PCR 在 1 月有所下降， PCR 指标显示市场情绪中性偏谨慎。 风险提示 本报告所有分析均基于公开信息，不构成任何投资建议；若市场 环境或政策因素发生不利变化将可能造成行业发展表现不及预期；报 告采用的样本数据有限，存在样本不足以代表整 ...