今日各股指均窄幅震荡整理。沪深两市全天成交额9140亿元，北向资金净买入6亿元，超2200只个股上涨。在海外货币预期扰动下近期北向资金流入有所放缓，但节后股市融资余额逐步上升，反映出杠杆资金对股市的看好情绪，特别是对中小盘股票的资金面支撑作用较为明显。最新公布的1月份社融与信贷数据显示，1月份政策端发力显著，实体部门获得较大的金融支持，社融增速触底回升，企业中长期贷款表现亮眼，不过居民部门新增贷款表现偏弱，或对市场的经济复苏预期构成一定抑制。随着两会临近，对政策面的利好预期将逐渐升温，政策端利好预期将不断发酵，稳增长政策背景下股票盈利修复预期仍强烈,加上目前股指估值水平较低，预计短期震荡整固后股指中长期仍向上。
　　近期期权隐含波动率震荡回落至较低的分位数水平，说明市场情绪并不恐慌。上证50与沪深300相关的期权品种的持仓量PCR也明显回落至正常分位数水平，说明相应标的资产的市场情绪回归理性。操作上，可以择机布局牛市价差策略或者比例价差策略做多。
　　

研究报告全文：金融期权日报专业研究创造价值2023年2月14日金融期权稳增长政策预期下股指中长期向上核心观点今日各股指均窄幅震荡整理沪深两市全天成交额9140亿元北向资金净买入6亿元超2200只个股上涨在海外货币预期扰动下近期北向资金流入有所放缓但节后股市融资余额逐步上升反映出杠杆资金对股市的看好情绪特别是对中小盘股票的资金面支撑作用较为明显最新公布的1月份社融与信贷数据显示1月份政策端发力显著实体部门获得较大的金融支持社融增速触底回升企业中长期贷款表现亮眼不过居民部门新增贷款表现偏弱或对市场的经济复苏预期构成一定抑制随着两会临近对政策宝城期货研究所面的利好预期将逐渐升温政策端利好预期将不断发酵稳增长政策背景下股票盈利修复预期仍强烈加上目前股指估值水平较低预计短期震荡整固后投资咨询团队股指中长期仍向上近期期权隐含波动率震荡回落至较低的分位数水平说明市场情绪并不恐慌上证50与沪深300相关的期权品种的持仓量PCR也明显回落至正常分位数水平说明相应标的资产的市场情绪回归理性操作上可以择机布局牛市价差策略或者比例价差策略做多仅供参考不构成任何投资建议专业研究创造价值请务必阅读文末免责条款部分111请务必阅读文末免责条款金融期权日报1新闻动态2月14日央行进行910亿元7天期逆回购操作中标利率为200与此前持平因有3930亿元7天期逆回购到期当日实现净回笼3020亿元深圳银保监局继续推动金融要素向制造业倾斜投放增加信用贷首贷投放力度2期权指标2023年02月14日50ETF涨040收于2786300ETF上交所涨022收于4144300ETF深交所涨017收于4216沪深300指数涨004收于414529中证1000指数涨013收于706145500ETF上交所涨027收于6411500ETF深交所涨029收于6526创业板ETF跌020收于2490上证50ETF期权成交量PCR为10132上一交易日成交量PCR为10016持仓量PCR为9046上一交易日持仓量PCR为8942上交所3000ETF期权成交量PCR为8425上一交易日成交量PCR为8940持仓量PCR为9774上一交易日持仓量PCR为9879深交所300ETF期权成交量PCR为9180上一交易日成交量PCR为10169持仓量PCR为9712上一交易日持仓量PCR为10052中金所沪深300指数期权成交量PCR为8353上一交易日成交量PCR为8335持仓量PCR为9777上一交易日持仓量PCR为9642中金所中证1000指数期权成交量PCR为8914上一交易日成交量PCR为10747持仓量PCR为9315上一交易日持仓量PCR为9690上交所中证500ETF期权成交量PCR为10955上一交易日成交量PCR为10247持仓量PCR为10549上一交易日持仓量PCR为10528深交所中证500ETF期权成交量PCR为10023上一交易日成交量PCR为10599持仓量PCR为8268上一交易日持仓量PCR为8368创业板ETF期权成交量PCR为9229上一交易日成交量PCR为8406持仓量PCR为8937上一交易日持仓量PCR为9074上证50ETF期权2023年02月平值期权隐含波动率为1822标的30交易日历史波动率为1323上交所300ETF期权2023年02月平值期权隐含波动率为1682标的30交易日历史波动率为1251深交所300ETF期权2023年02月平值期权隐含波动率为1697标的30交易日历史波动率为1254中金所沪深300指数期权2023年03月平值期权隐含波动率为1619标的30交易日历史波动率为1249中金所中证1000指数期权2023年03月平值期权隐含波动率为1687标的30交易日历史波动率为1173上交所中证500ETF期权2023年02月平值期权隐含波动率为1523标的30交易日历史波动率为963深交所中证500ETF期权2023年02月平值期权隐含波动率为1590标的30交易日历史波动率为964创业板ETF期权2023年02月平值期权隐含波动率为2095标的30交易日历史波动率为1667专业研究创造价值211请务必阅读文末免责条款金融期权日报3相关图表上证50ETF期权图1上证50ETF走势图2上证50ETF期权波动率50ETF期权50ETF期权50004520001800450041600400014003512003500100030003800250060025400200020015002010002021-01-042021-01-292021-03-042021-03-312021-04-282021-08-182021-09-142021-10-202021-11-162021-12-132022-01-102022-02-112022-03-102022-04-082022-05-102022-08-252022-09-222022-10-262022-11-222022-12-192023-01-162021-05-282021-06-252021-07-222022-06-072022-07-042022-07-292021-01-042021-03-042021-04-282021-05-282021-06-252021-07-222021-08-182021-09-142021-11-162022-01-102022-02-112022-03-102022-04-082022-05-102022-06-072022-07-292022-09-222022-10-262022-11-222022-12-192023-01-162021-01-292021-03-312021-10-202021-12-132022-07-042022-08-25标的成交量万手标的收盘价标的30日历史波动率平值期权隐含波动率数据来源iFinD宝城期货研究所数据来源iFinD宝城期货研究所图3上证50ETF期权成交量PCR图4上证50ETF持仓量PCR50ETF期权50ETF期权7000000140004500000160006000000120004000000140003500000500000010000120003000000100004000000800025000002000000800030000006000600020000001500000400010000004000100000020005000002000000000002021-02-032021-04-142021-05-192021-07-212021-08-202021-09-232021-11-012021-12-312022-02-092022-03-112022-04-142022-06-212022-07-212022-09-222022-11-302022-12-302021-01-042021-03-122021-06-212021-12-012022-05-192022-08-222022-10-312023-02-082021-02-032021-03-122021-05-192021-06-212021-07-212021-08-202021-11-012021-12-012022-02-092022-03-112022-04-142022-05-192022-07-212022-08-222022-10-312022-11-302023-02-082021-01-042021-04-142021-09-232021-12-312022-06-212022-09-222022-12-30日认购成交量日认沽成交量日成交量PCR日认购持仓量日认沽持仓量日持仓量PCR数据来源iFinD宝城期货研究所数据来源iFinD宝城期货研究所专业研究创造价值311请务必阅读文末免责条款金融期权日报上交所300ETF期权图5上交所300ETF走势图6上交所300ETF期权波动率300ETF期权上交所300ETF期权上交所62000500018004500551600140040005120035001000300045800250060044002000200150035010002021-01-042021-01-292021-03-042021-03-312021-04-282021-05-282021-06-252021-11-162021-12-132022-01-102022-02-112022-03-102022-04-082022-05-102022-06-072022-07-042022-11-222022-12-192023-01-162021-01-042021-03-042021-03-312021-04-282021-05-282021-07-222021-09-142021-11-162021-12-132022-01-102022-02-112022-04-082022-06-072022-07-042022-07-292022-08-252022-10-262022-12-192021-07-222021-08-182021-09-142021-10-202022-07-292022-08-252022-09-222022-10-262021-01-292021-06-252021-08-182021-10-202022-03-102022-05-102022-09-222022-11-222023-01-16标的成交量万手标的收盘价标的30日历史波动率平值期权隐含波动率数据来源iFinD宝城期货研究所数据来源iFinD宝城期货研究所图7上交所300ETF期权成交量PCR图8上交所300ETF持仓量PCR300ETF期权上交所300ETF期权上交所50000001400030000001600014000400000012000250000010000120002000000100003000000800015000008000200000060001000000600040001000000400020005000002000000000002021-01-042021-03-122021-04-142021-05-192021-06-212021-08-202021-09-232021-11-012021-12-012022-02-092022-03-112022-05-192022-07-212022-08-222022-10-312022-11-302022-12-302023-02-082021-02-032021-07-212021-12-312022-04-142022-06-212022-09-222021-01-042021-03-122021-04-142021-06-212021-07-212021-08-202021-09-232021-12-012021-12-312022-03-112022-04-142022-06-212022-07-212022-08-222022-09-222022-11-302022-12-302021-02-032021-05-192021-11-012022-02-092022-05-192022-10-312023-02-08日认购成交量日认沽成交量日成交量PCR日认购持仓量日认沽持仓量日持仓量PCR数据来源iFinD宝城期货研究所数据来源iFinD宝城期货研究所专业研究创造价值411请务必阅读文末免责条款金融期权日报深交所300ETF期权图9深交所300ETF走势图10深交所300ETF期权波动率300ETF期权深交所300ETF期权深交所600040045003505500400030035002505000300020045001502500200040001005015003500010002021-01-042021-03-042021-03-312021-04-282021-05-282021-07-222021-09-142021-11-162021-12-132022-01-102022-02-112022-04-082022-06-072022-07-042022-07-292022-08-252022-10-262022-12-192021-01-292021-06-252021-08-182021-10-202022-03-102022-05-102022-09-222022-11-222023-01-162021-01-042021-02-012021-03-082021-04-062021-05-072021-08-022021-08-302021-09-292021-11-032022-01-272022-03-032022-03-312022-05-052022-06-022022-08-262022-09-262022-10-312022-11-282021-06-042021-07-052021-12-012021-12-292022-07-012022-07-292022-12-262023-01-31标的成交量万手标的收盘价标的30日历史波动率平值期权隐含波动率数据来源iFinD宝城期货研究所数据来源iFinD宝城期货研究所图11深交所300ETF期权成交量PCR图12深交所300ETF持仓量PCR300ETF期权深交所300ETF期权深交所8000002000060000016000700000500000140006000001500012000500000400000100004000001000030000080003000002000006000200000500040001000001000002000000000002021-02-032021-03-122021-05-192021-06-212021-07-212021-08-202021-11-012021-12-012022-02-092022-03-112022-04-142022-05-192022-07-212022-08-222022-10-312022-11-302022-12-302023-02-082021-01-042021-04-142021-09-232021-12-312022-06-212022-09-222021-01-042021-02-032021-03-122021-05-192021-06-212021-08-202021-09-232021-12-012021-12-312022-03-112022-04-142022-06-212022-08-222022-09-222022-11-302022-12-302021-04-142021-07-212021-11-012022-02-092022-05-192022-07-212022-10-312023-02-08日认购成交量日认沽成交量日成交量PCR日认购持仓量日认沽持仓量日持仓量PCR数据来源iFinD宝城期货研究所数据来源iFinD宝城期货研究所专业研究创造价值511请务必阅读文末免责条款金融期权日报沪深300股指期权图13沪深300股指走势图14沪深300股指期权波动率沪深300指数期权沪深300指数期权6000003503500300550000300025050000020025004500001502000100400000150005035000000010002021-01-042021-03-042021-03-312021-04-282021-05-282021-07-222021-09-142021-11-162021-12-132022-01-102022-02-112022-04-082022-06-072022-07-042022-07-292022-08-252022-10-262022-12-192021-01-292021-06-252021-08-182021-10-202022-03-102022-05-102022-09-222022-11-222023-01-162021-01-042021-02-022021-04-092021-05-132021-07-132021-08-112021-10-192021-11-172022-01-172022-02-222022-04-252022-05-272022-07-272022-08-252022-11-012022-11-302022-12-292023-02-062021-03-102021-06-112021-09-092021-12-162022-03-232022-06-282022-09-26标的成交量亿手标的收盘价标的30日历史波动率平值期权隐含波动率数据来源iFinD宝城期货研究所数据来源iFinD宝城期货研究所图15沪深300股指期权成交量PCR图16沪深300股指持仓量PCR沪深300指数期权沪深300指数期权400000140003000001400035000012000250000120003000001000010000250000200000800080002000001500006000600015000010000010000040004000500002000500002000000000002021-01-042021-02-032021-03-122021-05-192021-06-212021-08-202021-09-232021-12-012021-12-312022-03-112022-04-142022-06-212022-08-222022-09-222022-11-302022-12-302021-04-142021-07-212021-11-012022-02-092022-05-192022-07-212022-10-312023-02-082021-02-032021-03-122021-05-192021-06-212021-07-212021-08-202021-11-012021-12-012022-02-092022-03-112022-04-142022-05-192022-07-212022-08-222022-10-312022-11-302022-12-302023-02-082021-01-042021-04-142021-09-232021-12-312022-06-212022-09-22日认购成交量日认沽成交量日成交量PCR日认购持仓量日认沽持仓量日持仓量PCR数据来源iFinD宝城期货研究所数据来源iFinD宝城期货研究所专业研究创造价值611请务必阅读文末免责条款金融期权日报中证1000股指期权图17中证1000股指走势图18中证1000股指期权波动率中证1000指数期权中证1000指数期权7500002503500700000200300065000015025006000001002000550000050150050000000010002022-07-222022-08-012022-08-092022-08-172022-08-252022-09-022022-09-132022-09-212022-09-292022-10-142022-10-242022-11-012022-11-092022-11-172023-01-092023-01-172023-02-012023-02-092022-11-252022-12-052022-12-132022-12-212022-12-292022-07-222022-07-292022-08-052022-08-122022-08-192022-08-262022-09-092022-09-192022-10-102022-10-172022-10-312022-11-072022-11-142022-11-212022-11-282022-12-052022-12-192022-12-262023-01-102023-01-172023-02-072023-02-142022-09-022022-09-262022-10-242022-12-122023-01-032023-01-31标的成交量亿手标的收盘价标的30日历史波动率平值期权隐含波动率数据来源iFinD宝城期货研究所数据来源iFinD宝城期货研究所图19中证1000股指期权成交量PCR图20中证1000股指持仓量PCR中证1000指数期权中证1000指数期权180000160009000014000160000140008000012000140000700001200010000120000100006000010000050000800080000800040000600060006000030000400040000400020000200002000100002000000000002022-07-222022-08-012022-08-172022-08-252022-09-022022-09-292022-10-142022-10-242022-11-092022-11-172022-11-252022-12-052022-12-212022-12-292023-01-092023-01-172023-02-092022-08-092022-09-132022-09-212022-11-012022-12-132023-02-012022-07-222022-08-012022-08-172022-08-252022-09-132022-09-212022-09-292022-10-242022-11-012022-11-092022-11-252022-12-052022-12-212022-12-292023-01-092023-02-012023-02-092022-08-092022-09-022022-10-142022-11-172022-12-132023-01-17日认购成交量日认沽成交量日成交量PCR日认购持仓量日认沽持仓量日持仓量PCR数据来源iFinD宝城期货研究所数据来源iFinD宝城期货研究所专业研究创造价值711请务必阅读文末免责条款金融期权日报上交所500ETF期权图21上交所500ETF走势图22上交所500ETF期权波动率500ETF期权上交所500ETF期权上交所70066002800600640026005006200240022004006000200030058001800200560016001400100540012000520010002022-09-192022-10-122022-10-182022-10-242022-10-282022-11-032022-11-152022-11-212022-11-252022-12-012022-12-072022-12-232022-12-292023-01-052023-01-112023-02-032023-02-092022-09-232022-09-292022-11-092022-12-132022-12-192023-01-172023-01-302022-09-192022-09-292022-10-122022-10-242022-11-032022-11-092022-11-212022-12-012022-12-072022-12-192022-12-232022-12-292023-01-052023-01-172023-01-302023-02-032023-02-092022-09-232022-10-182022-10-282022-11-152022-11-252022-12-132023-01-11标的成交量万手标的收盘价标的30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