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600287资金流向_A股迈入股票期权时代(2015-02-07)

600287资金流向

600287资金流向——新材料十二五规划

  编者按:2月9日,a股将进入股票期权时代。从股指期货、融资融券到股票期权,这些金融衍生品为投资者提供了良好的风险对冲工具。不过,就开户而言,与其他衍生品一样,上证50ETF期权也让散户得以回避。但散户投资者不能真的走开。至少你应该了解机构是如何运作的,以及它是如何影响上证指数的。股票期权推动A股先抑后扬
本报记者马奕迅

  2月9日,上交所50ETF期权试点将正式启动,做市商业务也将正式启动。A股市场正式进入期权时代。股票期权是继融资融券和股指期货之后,A股市场上第三种重要的金融衍生品。The opening of this “experimental field” will have far-reaching practical significance for enriching A-share investment tools, activating A-share market and increasing the profit channels of securities companies.
  Stock option, test water, highly leveraged derivatives

600287资金流向——诺基亚股票

  Compared with “two financial” business, stock option has higher direct leverage.Generally speaking, the direct leverage of “two financing” business is generally 1 times, the higher is 3-5 times, while the direct leverage of stock option can reach about 10 times.If the virtual value contract is used again, the leverage can be increased to 20 times or even higher.Such a high leverage ratio, if properly operated, can greatly expand the income space, quickly complete the capital accumulation and appreciation, and once the judgment is wrong, reverse operation, the loss will be inevitable.Michael Wu, a well-known investor, warned that if ordinary investors do not fully understand the operation of common stocks, they are not recommended to further set foot in the stock option business.

  Stock option is relatively unfamiliar to most domestic individual investors, so this highly leveraged financial derivative implies greater investment risk for most investors.When the stock option is launched, the management allocates protection means such as circuit breaker mechanism, fluctuation range, etc. at the same time, there are multiple rules such as margin system, position limit system, compulsory position closing system, and exercise system to restrict irrational operation, so as to make investors familiar with and participate in the option products in an orderly and progressive way after enough drills and “trials”, so as to naturally activate the A-share market at the same time, Avoid the uncontrollable investment risk caused by irrational operation.
  Investors as the main body of the transaction

600287资金流向——国债是什么意思

  However, the real account opening data of individual investors may dispel this uneasiness to a certain extent.According to the data learned by the reporter from all sides, at present, there are only 1-2 accounts opened by some securities companies.The data revealed by the “Shanghai Stock Exchange designer options training” activity further showed that as of Thursday, there were less than 700 individual investors opening accounts nationwide.There is still a huge gap between the data and the 2.3% proportion of individual investors expected by the market.
  Obviously, individual investors are far from the investors in the pilot stage of stock options.At present, the relatively strict system and conditions of the exchange is an important factor to limit the number of individual investors’ account opening (Table 1).The exchange requires that there must be an exercise record for the simulated transaction of opening an option firm account.即使满足其他条件,如果投资者无法购买1月28日前到期的1月份实物期权,并在该月的行权日1月28日操作行权(因为期权只能在每月的第四个星期三行权),还需要一个月的时间。

  此外,交易所个人投资者交易权限的三级分类制度也稀释了真正拥有期货义务人权限的经营者数量,从而降低了股票期权市场的流动性。在制度要求下,个人需要通过层层考核达到最高3级,成为期权义务人,实现卖出和开仓(保证金开仓)的权限。根据“上海证券交易所投资者期权知识测试”的反馈,多数个人投资者表示,通过考试“非常困难”,通过三级考试非常困难。

600287资金流向——中国基金公司排名

  开户数量少、“卖开”资格小,上交所50ETF无担保现券数量有限,制约了个人投资者争抢标的股票的冲动,个人投资者难以成为主力股票期权交易。对此,资深分析师认为,虽然个人投资者数量有限,但由于专业投资者覆盖面广(表2),股票期权可以为他们提供多种套期保值、套利等交易策略组合和工具,这样他们就可以用更低的成本和更大的杠杆建立更多可能的盈利模式。在这种预期下,股票期权将成为机构间博弈的主战场。
  交易核心,期权的波动性

  机构投资者再次成为股票期权的主力军,这说明个人投资者在a股中被进一步边缘化。然而,在这个市场上苦苦挣扎的投资者面临着股票期权的推出,而“武装自己、提高技能、积累资金、与狼共舞”仍然非常重要。对此,吴迈克建议,对于杠杆率较高的期权,如何锁定期权的“期限”,即时间风险,具备客观条件是进入的关键。

  股票期权的核心是“波动性”。上证50f的价格波动性越大,未来上证50f的收益率越大。对于投资者来说,如何利用杠杆效应建立有利的投资组合,选择波动性适中的股票期权合约,是进入这一市场的必修课。
  Zhao Yongqiang, deputy general manager of options Business Department of galaxy securities brokerage management headquarters, told this magazine that in the selection of targets, it is not based on the price of options as the basis for judging the choice.The reason is that the low price may not be able to become a “pig” to take off.To grasp this point, investors should stay away from “speculation” and abandon the mentality and operation habit of following the trend and following others.On the choice of volatility, Zhao Yongqiang said that investors should generally choose the option contract near the average value with more active trading when buying open positions.For the varieties with higher volatility, the imaginary value option will attract more investors with its high speculation.When the strategy is applied, the cost of the virtual option is small, the leverage is large, and it is not sensitive to the small market, but the income is large in the big market.

  In terms of the exercise of stock options, Zhao Yongqiang also said that although closing positions can be divided into three ways: exercise, early trading and automatic termination of expiration, from the perspective of firm offer operation, as the 50ETF option of Shanghai Stock Exchange is European option and the exercise is real delivery (delivery of ETF shares), if you choose to exercise, it will involve many problems such as advance payment and confirmation of exercise in advance, which will bring more uncertainty to the transaction Therefore, the actual investors generally choose the way of trading ahead of time, and settle it by earning the right gold price difference.
  For example, in the “E (exercise date) + 2” exercise system (attached figure), if investors decide to exercise, they need to confirm the exercise on the exercise date, and the real exercise has to wait until e + 2.After two trading days, the stock price of the option subject may have a large fluctuation contrary to the expectation, which requires investors to bear huge fluctuation losses.Therefore, in fact, most investors will choose to take profits before the expiration date of exercise.If the investor opens a position to buy the “call option” and the stock rises sharply as expected, reaching or exceeding his own expectation, but the time has not yet come to the exercise date, the investor can close it by “selling the closing call option”.

  Stabilize the market in the long term and help the market rise and fall in the short term
  虽然从长期来看,股票期权金融衍生品的增长将带动A股市场的活跃,并在吸引海外资金的进一步沉淀中促进国内市场的稳定,但从中期来看,如果参照股指期货上市后对市场的影响来看,无论是股指期货还是股票期权,无疑都将成为助推市场涨跌的工具

  特别是对于杠杆率较大的股票期权,随着试点范围的扩大,投资者的总持仓限额将提高(上交所表示,如果3个月后能够平稳运行,可以考虑将额度从目前的50只提高到1000只)。从波段来看,股票期权有可能推动市场单边涨跌。
  结合当前市场走势,国金证券表示,作为主要专业投资者不需要进行适合性评估,可以直接参与股票期权交易。因此,即使在上市之初,机构仍可以根据前期现货债券标的股票的存放情况,选择波动性较大的期货合约进行套期保值和套利操作。

  事实上,由于周三晚间准备金率下调政策突然出台,市场波动剧烈,前期大量机构沉淀的金融权重股(包括上证50ETF标的股票)迅速下跌。尽管市场将本周四收盘下跌定义为机构仓促出逃,但市场资深人士表示,随着上交所50ETF期权的上市以及下周24只新股发行时间的巧合,有必要迅速杀掉下跌的机构,或为廉价股票期权的基础股票募集筹码。由于上交所50ETF的标的股票占a股总市值的近30%,机构通过同时卖出开放式看跌期权和买入看涨期权,向同一方向放大杠杆,从而迅速掠夺个人投资者并产生巨额利润,是必然的。

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