绶ㄨ集鎺ㄨ枽锛�2020骞存湡璨ㄥ緸妤�(y猫)璩囨牸鑰冭│鐭ヨ瓨榛炲尟绺姐€愭湡璨ㄥ悕瑭炶В閲嬨€�

瀵﹀€�銆佽櫅鍊煎拰骞冲€兼槸鎸夊鏅傛寚鏁�(sh霉)鑸囪娆�(qu谩n)鍍逛箣闁撶殑闂�(gu膩n)绯诲妰鍒嗙殑銆�

1.瀵﹀€兼湡娆�(qu谩n)

鐣�(d膩ng)鐪嬫疾鏈熸瑠(qu谩n)鐨勮娆�(qu谩n)鍍逛綆浜庣暥(d膩ng)鏅傛鐨勭墿甯傚牬鍍规檪锛屽皪鏈熸瑠(qu谩n)鐨勮卜鏂规槸鏈夊埄鐨�銆傞€欑ó鏈熸瑠(qu谩n)琚ū鐐哄鍊兼湡娆�(qu谩n)(in-the-money)銆備篃鏈夊皣“in-the-money”璀綔“鍍瑰収(n猫i)鏈熸瑠(qu谩n)”鐨�锛屽叐鑰呭苟鐒″樊鍒�銆傛瘮濡�锛屾滑娣�300鑲℃寚鐪嬫疾鏈熸瑠(qu谩n)鐨勮娆�(qu谩n)鍍圭偤2700榛烇紝鑰岀洰鍓嶆滑娣�300鑲℃寚鐐�2750榛�銆傞’鐒讹紝姝ゆ檪灏嶆湡娆�(qu谩n)鐨勮卜鏂规槸鏈夊埄鐨�锛屽洜鐐哄亣瀹氱洰鍓嶅彲浠ヨ浣挎瑠(qu谩n)鍒╋紝鍗崇浉鐣�(d膩ng)浜庡彲浠ユ寜2700榛炵殑鍍规牸璨烽€�锛岀珛鍗虫寜鐝�(xi脿n)鍦ㄧ殑甯傚牬鍍瑰钩鍊夛紝灏囧鐝�(xi脿n)2750-2700=50榛炵殑鐩堝埄銆�

鐣�(d膩ng)鐪嬫疾鏈熸瑠(qu谩n)鐨勮娆�(qu谩n)鍍归仩閬犱綆浜庣暥(d膩ng)鏅傛鐨勭墿鐨勫競鍫村児鏍兼檪锛岃┎鏈熸瑠(qu谩n)绋辩偤娣卞鍊兼湡娆�(qu谩n)(deep-in-the-money)銆�

鐣�(d膩ng)鐪嬭穼鏈熸瑠(qu谩n)鐨勮娆�(qu谩n)鍍归珮浜庣暥(d膩ng)鏅傛鐨勭墿甯傚牬鍍规檪锛屽皪鏈熸瑠(qu谩n)鐨勮卜鏂规槸鏈夊埄鐨�銆傞€欑ó鏈熸瑠(qu谩n)涔熸槸瀵﹀€兼湡娆�(qu谩n)(in-the-money)銆傚悓妯�锛岀暥(d膩ng)鐪嬭穼鏈熸瑠(qu谩n)鐨勮娆�(qu谩n)鍍归仩楂樹簬鐣�(d膩ng)鏅傛鐨勭墿鍍规牸鏅�锛岃┎鏈熸瑠(qu谩n)绋辩偤娣卞鍊兼湡娆�(qu谩n)銆傛瘮濡�锛屾滑娣�300鑲℃寚鐪嬭穼鏈熸瑠(qu谩n)鍚堢磩涓殑琛屾瑠(qu谩n)鍍圭偤2700榛�锛岃€岀洰鍓嶆滑娣�300鑲℃寚鐐�2550榛�銆傞’鐒�锛屾鏅傚皪鏈熸瑠(qu谩n)鐨勮卜鏂规槸鏈夊埄鐨�锛屽洜鐐哄亣瀹氱洰鍓嶅彲浠ヨ浣挎瑠(qu谩n)鍒╋紝鍗崇浉鐣�(d膩ng)浜庢寜2700榛炵殑鍍规牸璩ｅ嚭锛岀珛鍗虫寜鐝�(xi脿n)鍦ㄧ殑甯傚牬鍍瑰钩鍊夛紝灏囧鐝�(xi脿n)2700-2550=150榛炵殑鐩堝埄銆�

2.铏涘€兼湡娆�(qu谩n)

鐣�(d膩ng)鐪嬫疾鏈熸瑠(qu谩n)鐨勮娆�(qu谩n)鍍归珮浜庣暥(d膩ng)鏅傜殑甯傚牬鍍规牸鏅�锛屾湡娆�(qu谩n)鐨勮卜鏂硅娆�(qu谩n)鏄笉鍒╃殑锛岄€欑ó鏈熸瑠(qu谩n)琚ū鐐鸿櫅鍊兼湡娆�(qu谩n)(out-of-the-money)銆備篃鏈夊皣“out-of-the-money”璀綔“鍍瑰鏈熸瑠(qu谩n)”鐨�锛屽叐鑰呭苟鐒″樊鍒ャ€傜暥(d膩ng)鐪嬫疾鏈熸瑠(qu谩n)鐨勮娆�(qu谩n)鍍归仩楂樹簬鐣�(d膩ng)鏅傛鐨勭墿鐨勫競鍫村児鏍兼檪锛岃┎鏈熸瑠(qu谩n)绋辩偤娣辫櫅鍊兼湡娆�(qu谩n)(deep-out-of-the-money)銆傛瘮濡傦紝婊繁300鑲℃寚鐪嬫疾鏈熸瑠(qu谩n)鍚堢磩涓殑琛屾瑠(qu谩n)鍍圭偤2700榛�锛岃€岀洰鍓嶆滑娣�300鑲℃寚鐐�2550榛�銆傞’鐒�锛屾湡娆�(qu谩n)鐨勮卜鏂瑰鏋滃湪姝ゆ檪琛屼娇娆�(qu谩n)鍒╂槸涓嶅悎绠楃殑锛屽洜鐐哄鏋滆浣挎瑠(qu谩n)鍒�锛岃卜閫插児鐐�2700榛�锛岄倓涓嶅鐩存帴鍦ㄥ競鍫翠笂鎸夊競鍫村児璨烽€�锛屽彲浠ョ瘈(ji茅)鐪�2700-2550=150榛炪€傚洜鑰�锛屽湪姝ゆ檪鏈熸瑠(qu谩n)鐨勮卜鏂逛笉鏈冭浣挎瑠(qu谩n)鍒┿€�

鐣�(d膩ng)鐪嬭穼鏈熸瑠(qu谩n)鐨勮娆�(qu谩n)鍍逛綆浜庢鐨勭墿鐣�(d膩ng)鏅傜殑甯傚牬鍍规牸鏅�锛屾湡娆�(qu谩n)鐨勮卜鏂硅浣垮煼(zh铆)琛屾瑠(qu谩n)鏄笉鍒╃殑锛岄€欑ó鏈熸瑠(qu谩n)涔熸槸铏涘€兼湡娆�(qu谩n)銆傚悓妯�锛岀暥(d膩ng)鐪嬭穼鏈熸瑠(qu谩n)鐨勮娆�(qu谩n)鍍归仩楂樹簬鐣�(d膩ng)鏅傛鐨勭墿鍍规牸鏅�锛岃┎鏈熸瑠(qu谩n)绋辩偤娣辫櫅鍊兼湡娆�(qu谩n)銆傛瘮濡傦紝婊繁300鑲℃寚鐪嬭穼鏈熸瑠(qu谩n)鍚堢磩涓殑琛屾瑠(qu谩n)鍍圭偤2700榛�锛岃€岀洰鍓嶆滑娣�300鑲℃寚鐐�2800榛炪€傞’鐒�锛屾湡娆�(qu谩n)鐨勮卜鏂瑰鏋滃湪姝ゆ檪琛屼娇娆�(qu谩n)鍒╂槸涓嶅悎绠楃殑锛屽洜鐐哄鏋滆浣挎瑠(qu谩n)鍒╋紝璩ｅ嚭鍍规牸鐐�2700鍏冮粸锛岄倓涓嶅鐩存帴鍦ㄥ競鍫翠笂鎸夊競鍫村児璩ｅ嚭锛屽彲浠ュ璩�2800-2700=100榛�銆傚洜鑰岋紝鍦ㄦ鏅傛湡娆�(qu谩n)鐨勮卜鏂逛笉鏈冭浣挎瑠(qu谩n)鍒�銆�

3.骞冲€兼湡娆�(qu谩n)

鐒¤珫鐪嬫疾鏈熸瑠(qu谩n)閭勬槸鐪嬭穼鏈熸瑠(qu谩n)锛岀暥(d膩ng)鍩�(zh铆)琛屽児鏍肩瓑浜庢鐨勭墿鐣�(d膩ng)鏅傜殑甯傚牬鍍规牸鏅傦紝瑭叉湡娆�(qu谩n)灏辨槸骞冲€兼湡娆�(qu谩n)(at-the-money)锛屼篃鏈夊皣“at-the-money”璀偤鍏╁钩鏈熸瑠(qu谩n)鐨勩€�

涓婅堪鍚勭ó鎯呮硜锛屾绱嶅涓嬭〃鎵€绀恒€�

瀵﹀€兼湡娆�(qu谩n)銆佽櫅鍊兼湡娆�(qu谩n)鑸囧钩鍊兼湡娆�(qu谩n)

娉ㄦ剰锛氬鍊兼湡娆�(qu谩n)銆佽櫅鍊兼湡娆�(qu谩n)鍜屽钩鍊兼湡娆�(qu谩n)鐨勫懡鍚嶉兘鏄珯鍦ㄦ湡娆�(qu谩n)璨锋柟鐨勭珛鍫翠笂锛屾寜鐣�(d膩ng)鏅傝娆�(qu谩n)鏄惁灏嶈卜鏂规湁鍒╄€屽妰鍒嗙殑銆傚鏋滄煇鍊嬬湅婕叉湡娆�(qu谩n)铏曚簬瀵﹀€肩媭鎱�(t脿i)锛岃娆�(qu谩n)鍍瑰拰妯欑殑鐗╃浉鍚岀殑鐪嬭穼鏈熸瑠(qu谩n)涓€瀹氳檿浜庤櫅鍊肩媭鎱�(t脿i)锛屽弽涔嬩害鐒�銆�

2020骞存湡璨ㄥ緸妤�(y猫)璩囨牸鑰冭│鍫卞悕閬查伈娌掓湁纰哄畾锛屽鏋滆€冪敓鎿�(d膩n)蹇冮尟閬庡牨鍚�锛屽彲浠ユ坊鍔� 鍏嶈不闋�(y霉)绱勭煭淇℃彁閱�鏈嶅嫏(w霉)锛屽眴鏅傚畼鏂瑰叕甯冨悗鎴戝€戞渻鍙婃檪閫氱煡2020骞存湡璨ㄥ緸妤�(y猫)璩囨牸鍫卞悕鏅傞枔銆佽€冭│鏅傞枔锛岃珛鍙婃檪闋�(y霉)绱�銆�

浠ヤ笂鍏�(n猫i)瀹圭偤2020骞存湡璨ㄥ緸妤�(y猫)璩囨牸鑰冭│鐭ヨ瓨榛烇細瀵﹀€兼湡娆�(qu谩n)銆佽櫅鍊兼湡娆�(qu谩n)鍜屽钩鍊兼湡娆�(qu谩n)锛屽悓鏅傜挵(hu谩n)鐞冪恫(w菐ng)鏍″皬绶ㄩ倓鐐鸿€冪敓涓婂偝浜�2020骞存湡璨ㄥ緸妤�(y猫)璩囨牸鑰冭│鏁欐潗澶х侗銆佹ā鎿│椤岀瓑娴烽噺璩囨枡鍏嶈不閫侊紝榛炴搳涓嬫柟“鍏嶈不涓嬭級”鎸夐垥涓€閸典笅杓�銆�