source： 南华研究,同花顺 苹果产业风险管理日报 2025/09/12 边舒扬（投资咨询证号：Z0012647 ） 投资咨询业务资格：证监许可【2011】1290号 苹果价格区间预测 | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | | 8100-8700 | 10.5% | 41.5% | 苹果风险管理策略建议 | 行为 | 情景分析 | 现货 | 策略推荐 | 套保工具 | 买卖 | 套保比例（%） | 建议入 | | --- | --- | --- | --- | --- | --- | --- | --- | | 导向 | | 敞口 | | | 方向 | | 场区间 | | 库存 管理 | 担心全国新苹果丰产， 苹果收购价过低 | 多 | 为了防止新季库存叠加损失，可以根据企业自身 情况，做空苹果期货来锁定利润，弥补企业的生 产成本 | AP2510 | 卖出 | 25% | 8500-8 600 | | | | | 卖出看涨期权收取权利金降低成本，若苹果价上 涨还可以锁定现货卖出价格 | AP2511C8600 ...

苹果产业风险管理日报 2025/09/10 苹果价格区间预测 | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | | 7800-8400 | 10.5% | 37.6% | source： 南华研究,同花顺 苹果风险管理策略建议 | 行为 | 情景分析 | 现货 | 策略推荐 | 套保工具 | 买卖 | 套保比例（%） | 建议入 | | --- | --- | --- | --- | --- | --- | --- | --- | | 导向 | | 敞口 | 为了防止新季库存叠加损失，可以根据企业自身 | | 方向 | | 场区间 | | 库存 管理 | 担心全国新苹果丰产， 苹果收购价过低 | 多 | 情况，做空苹果期货来锁定利润，弥补企业的生 产成本 | AP2510 | 卖出 | 50% | 8300-8 400 | | | | | 卖出看涨期权收取权利金降低成本，若苹果价上 涨还可以锁定现货卖出价格 | AP2511C8400 | 卖出 | 50% | 30-40 | | 采购 管理 | 担心旧作苹果库存下 | | 为 ...

Core Insights - Soros Fund Management reported a total market value of $7.97 billion for Q2 2025, up from $6.70 billion in the previous quarter, reflecting a 19% increase [1][2] - The fund added 80 new stocks and increased holdings in 60 stocks, while reducing positions in 45 stocks and completely selling out of 87 stocks [1][2] Holdings Overview - The top ten holdings account for 28.11% of the total market value [1][2] - The largest position is in SPDR S&P 500 ETF put options (SPY.US, PUT) with approximately 537,500 shares valued at about $332 million, representing 4.17% of the portfolio, a significant increase of 168.75% from the previous quarter [3][4] - Other notable holdings include Smurfit WestRock (SW.US) with 7.48 million shares valued at approximately $323 million (4.05% of the portfolio) and First Solar call options (FSLR.US, CALL) with 1.64 million shares valued at about $271 million (3.40% of the portfolio) [3][4] Buying and Selling Activity - The top five purchases by percentage change in portfolio include Invesco QQQ Trust call options (QQQ.US, CALL), SPDR S&P 500 ETF put options (SPY.US, PUT), and Globant (GLOB.US) notes [4][6] - The top five sales by largest value include AstraZeneca (AZN.US), iShares 20+ Year Treasury ETF call options (TLT.US, CALL), and SPDR S&P 500 ETF (SPY.US) [5][6]

沉寂了一段时间后，知名投资人段永平再度出手。 近日，段永平在社交平台上表示，开始卖出苹果的看跌期权（put），金额合计超144万美元。值得注意的是， 段永平还分享了该笔操作的投资逻辑。 今年4月初，因关税冲击导致美股、港股暴跌，段永平在此期间曾大量卖出苹果、谷歌、英伟达、台积电以及 腾讯的看跌期权来抄底。就在今年一季度，段永平管理的组合曾大举卖出苹果。 段永平再出手 北京时间6月16日，段永平在雪球发文称："开始卖点put了。投入资金（180.55）有大概年化18%。14.45/ （195-14.45) x12/7+0.043=18%。"从晒出的截图看，段永平该笔交易的金额是144万美元。 卖put（卖出看跌期权）是期权交易中的一种策略，指卖方（即卖put的一方）在收取期权费（权利金）的同 时，承担在期权到期时以约定价格（行权价）买入标的资产的义务。如果买方选择行权，卖方必须履约；如果 买方不行权，卖方则保留权利金作为收益。 从过往的投资情况来看，段永平十分喜欢"卖put"策略，但段永平也数次提醒，不能随便抄作业。他"卖put"有 两个原则，第一必须是自己看得懂的公司，第二不能用杠杆。段永平曾表示，他手里大部 ...

金十数据6月16日讯，时隔多日，知名投资人段永平再次在雪球上晒出自己的操作。根据他分享的投资 截图，他卖出苹果的看跌期权（put），金额合计超144万美元。值得注意的是，今年一季度，段永平管 理的组合曾大举卖出苹果。 段永平，再晒持仓 ...

Core Insights - Appaloosa Management, led by billionaire David Tepper, reported a total market value of $8.38 billion for Q1 2025, up 15.65% from $6.46 billion in the previous quarter [1][2] - The fund added 7 new stocks, increased holdings in 8 stocks, reduced holdings in 21 stocks, and completely exited 6 stocks during the quarter [1][2] - The top 10 holdings accounted for 77.25% of the total market value [2] Holdings Overview - The largest position was in SPDR S&P 500 Fossil Fuel Reserves Free ETF put options (SPYX.US), with 4.5 million shares valued at approximately $2.52 billion, representing 30.03% of the portfolio [3][6] - Alibaba (BABA.US) was the second-largest holding with 9.23 million shares valued at about $1.22 billion, a decrease of 22.06% from the previous quarter [3][6] - Other significant holdings included Pinduoduo (PDD.US) with 4.37 million shares valued at $517.19 million, Amazon (AMZN.US) with 2.51 million shares valued at $477.55 million, and JD.com (JD.US) with 8.05 million shares valued at $331.02 million [4][5][6] Trading Activity - Notable new purchases included put options for Apple (AAPL.US), Deutsche Bank (DB.US), L3Harris Technologies (LHX.US), Broadcom (AVGO.US), VanEck Semiconductor ETF put options (SMH.US), and Block (XYZ.US) [6][7] - The fund completely exited positions in AMD (AMD.US), Antero Resources (AR.US), EQT Energy (EQT.US), Expand Energy (EXE.US), FedEx (FDX.US), and Intel (INTC.US) [7] - Significant reductions were made in holdings of Microsoft (MSFT.US), NVIDIA (NVDA.US), Qualcomm (QCOM.US), ASML (ASML.US), and Micron Technology (MU.US) [7][8] Performance Metrics - The turnover rate for the quarter was 29.55%, with an alternative turnover rate of 20.07% [2] - The average holding period for the top 20 stocks was 8.85 quarters, while the top 10 stocks had an average holding period of 10.9 quarters [2]