核心观点
　　今日各股指开盘涨跌不一，走势分化，其中上证50、沪深300全天单边强势上涨超2%，中证1000、创业板指在午后才开启反弹，涨幅明显落后。尽管早盘多头进攻并不迅猛，但节后持续回调杀跌后空头力量缺席，两会临近，稳增长政策预期升温，股指存在超跌反弹的技术性修复需求。价值蓝筹板块拉升带动市场氛围回暖，金融、基建、地产产业链等板块涨幅居前，近4000只个股上涨，两市全天成交额9500亿元，北向资金净买入60亿元。1月经济数据表现出经济复苏的态势,但居民中长期贷款数据仍偏弱，经济现实与预期之间存在一定差距，市场资金间产生一定分歧，叠加近期中美关系之间的风险事件扰动，短线股指存在震荡整固的技术性需求。预计短期内股指以震荡整理走势为主。
　　目前期权隐含波动率仍处于偏低的位置，说明目前市场情绪并不恐慌，意味着股指的中长期趋势仍未改变。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20日金融期权政策预期升温股指超跌反弹核心观点今日各股指开盘涨跌不一走势分化其中上证50沪深300全天单边强势上涨超2中证1000创业板指在午后才开启反弹涨幅明显落后尽管早盘多头进攻并不迅猛但节后持续回调杀跌后空头力量缺席两会临近稳增长政策预期升温股指存在超跌反弹的技术性修复需求价值蓝筹板块拉升带动市场氛围回暖金融基建地产产业链等板块涨幅居前近4000只个股上涨两市全天成交额9500亿元北向资金净买入60亿元1月经济数据表现出经济复苏的态势但居民中长期贷款数据仍偏弱经济现实与预期宝城期货研究所之间存在一定差距市场资金间产生一定分歧叠加近期中美关系之间的风险事件扰动短线股指存在震荡整固的技术性需求预计短期内股指以震荡投资咨询团队整理走势为主目前期权隐含波动率仍处于偏低的位置说明目前市场情绪并不恐慌意味着股指的中长期趋势仍未改变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新闻动态中国2月1年期贷款市场报价利率LPR报365上月为3655年期以上LPR报43上月为432期权指标2023年02月20日50ETF涨283收于2798300ETF上交所涨261收于4134300ETF深交所涨256收于4204沪深300指数涨245收于413349中证1000指数涨132收于695936500ETF上交所涨157收于6358500ETF深交所涨154收于6471创业板ETF涨105收于2403上证50ETF期权成交量PCR为9804上一交易日成交量PCR为11007持仓量PCR为9980上一交易日持仓量PCR为8416上交所3000ETF期权成交量PCR为10135上一交易日成交量PCR为11149持仓量PCR为10783上一交易日持仓量PCR为9240深交所300ETF期权成交量PCR为10774上一交易日成交量PCR为12266持仓量PCR为10913上一交易日持仓量PCR为9389中金所沪深300指数期权成交量PCR为8934上一交易日成交量PCR为9595持仓量PCR为10244上一交易日持仓量PCR为9720中金所中证1000指数期权成交量PCR为9661上一交易日成交量PCR为10145持仓量PCR为7936上一交易日持仓量PCR为7316上交所中证500ETF期权成交量PCR为11446上一交易日成交量PCR为13917持仓量PCR为10568上一交易日持仓量PCR为9537深交所中证500ETF期权成交量PCR为10993上一交易日成交量PCR为11535持仓量PCR为9522上一交易日持仓量PCR为8060创业板ETF期权成交量PCR为9067上一交易日成交量PCR为11528持仓量PCR为7837上一交易日持仓量PCR为7182上证50ETF期权2023年03月平值期权隐含波动率为1795标的30交易日历史波动率为1358上交所300ETF期权2023年03月平值期权隐含波动率为1729标的30交易日历史波动率为1329深交所300ETF期权2023年03月平值期权隐含波动率为1724标的30交易日历史波动率为1331中金所沪深300指数期权2023年03月平值期权隐含波动率为1680标的30交易日历史波动率为1487中金所中证1000指数期权2023年03月平值期权隐含波动率为1798标的30交易日历史波动率为1374上交所中证500ETF期权2023年03月平值期权隐含波动率为1338标的30交易日历史波动率为1113深交所中证500ETF期权2023年03月平值期权隐含波动率为1537标的30交易日历史波动率为1115创业板ETF期权2023年03月平值期权隐含波动率为2166标的30交易日历史波动率为18893相关图表上证50ETF期权专业研究创造价值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50004520001800450041600400014003512003500100030003800250060025400200020015002010002021-01-042021-02-012021-05-072021-06-042021-07-052021-08-022021-08-302021-09-292021-12-292022-01-272022-03-032022-03-312022-05-052022-06-022022-08-262022-09-262022-10-312022-11-282022-12-262021-03-082021-04-062021-11-032021-12-012022-07-012022-07-292023-01-312021-01-042021-01-292021-03-042021-04-282021-05-282021-06-252021-07-222021-09-142021-10-202021-11-162021-12-132022-03-102022-04-082022-05-102022-06-072022-07-292022-08-252022-09-222022-10-262022-12-192023-01-162023-02-172021-03-312021-08-182022-01-102022-02-112022-07-042022-11-22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7000000140004500000160006000000120004000000140003500000500000010000120003000000100004000000800025000002000000800030000006000600020000001500000400010000004000100000020005000002000000000002021-01-042021-06-212021-07-212021-08-202021-09-232021-11-012021-12-012021-12-312022-02-092022-03-112022-04-142022-09-222022-10-312022-11-302022-12-302023-02-082021-02-032021-03-122021-04-142021-05-192022-05-192022-06-212022-07-212022-08-222021-04-142021-05-192021-06-212021-07-212021-08-202021-09-232021-11-012021-12-012022-04-142022-05-192022-06-212022-07-212022-08-222022-09-222022-10-312022-11-302021-01-042021-02-032021-03-122021-12-312022-02-092022-03-112022-12-302023-02-08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62000500018004500551600140040005120035001000300045800250060044002000200150035010002021-01-042021-05-072021-06-042021-07-052021-08-022021-12-012021-12-292022-01-272022-03-032022-03-312022-07-012022-07-292022-08-262022-09-262022-10-312023-01-312021-01-042021-01-292021-03-312021-04-282021-05-282021-06-252021-09-142021-10-202021-11-162022-02-112022-03-102022-04-082022-07-042022-07-292022-08-252022-11-222022-12-192023-01-162023-02-172021-02-012021-03-082021-04-062021-08-302021-09-292021-11-032022-05-052022-06-022022-11-282022-12-262021-03-042021-07-222021-08-182021-12-132022-01-102022-05-102022-06-072022-09-222022-10-26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50000001400030000001600014000400000012000250000010000120002000000100003000000800015000008000200000060001000000600040001000000400020005000002000000000002021-01-042021-02-032021-03-122021-04-142021-05-192021-06-212021-07-212021-08-202021-09-232022-03-112022-04-142022-05-192022-06-212022-07-212022-08-222022-09-222022-10-312022-11-302022-12-302021-11-012021-12-012021-12-312022-02-092023-02-082021-01-042021-02-032021-03-122021-04-142021-05-192021-06-212021-11-012021-12-012021-12-312022-02-092022-03-112022-04-142022-05-192022-06-212022-10-312022-11-302022-12-302023-02-082021-07-212021-08-202021-09-232022-07-212022-08-222022-09-22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600040045003505500400030035002505000300020045001502500200040001005015003500010002021-01-042021-01-292021-03-312021-04-282021-05-282021-06-252021-09-142021-10-202021-11-162022-02-112022-03-102022-04-082022-07-042022-07-292022-08-252022-11-222022-12-192023-01-162023-02-172021-03-042021-07-222021-08-182021-12-132022-01-102022-05-102022-06-072022-09-222022-10-262021-02-012021-03-082021-05-072021-07-052021-08-022021-09-292021-12-012021-12-292022-03-032022-05-052022-06-022022-07-292022-09-262022-10-312022-11-282022-12-262021-01-042021-04-062021-06-042021-08-302021-11-032022-01-272022-03-312022-07-012022-08-262023-01-31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8000002000060000016000700000500000140006000001500012000500000400000100004000001000030000080003000002000006000200000500040001000001000002000000000002021-01-042021-02-032021-03-122021-05-192021-06-212021-07-212021-09-232021-11-012021-12-012022-02-092022-03-112022-04-142022-06-212022-07-212022-08-222022-10-312022-11-302022-12-302021-04-142021-08-202021-12-312022-05-192022-09-222023-02-082021-01-042021-02-032021-03-122021-05-192021-06-212021-08-202021-09-232021-11-012021-12-312022-02-092022-03-112022-05-192022-06-212022-08-222022-09-222022-10-312022-12-302023-02-082021-04-142021-07-212021-12-012022-04-142022-07-212022-11-30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6000003503500300550000300025050000020025004500001502000100400000150005035000000010002021-01-042021-01-292021-03-312021-04-282021-05-282021-06-252021-09-142021-10-202021-11-162022-02-112022-03-102022-04-082022-07-042022-07-292022-08-252022-11-222022-12-192023-01-162023-02-172021-03-042021-07-222021-08-182021-12-132022-01-102022-05-102022-06-072022-09-222022-10-262021-01-042021-02-022021-03-102022-01-172022-02-222022-03-232022-04-252022-05-272022-06-282022-07-272022-08-252022-09-262022-11-012022-11-302022-12-292023-02-062021-04-092021-05-132021-06-112021-07-132021-08-112021-09-092021-10-192021-11-172021-12-16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400000140003000001400035000012000250000120003000001000010000250000200000800080002000001500006000600015000010000010000040004000500002000500002000000000002021-01-042021-02-032021-03-122021-05-192021-06-212021-08-202021-09-232021-11-012021-12-312022-02-092022-03-112022-05-192022-06-212022-08-222022-09-222022-10-312022-12-302023-02-082021-04-142021-07-212021-12-012022-04-142022-07-212022-11-302021-01-042021-02-032021-03-122021-05-192021-06-212021-07-212021-09-232021-11-012021-12-012022-02-092022-03-112022-04-142022-06-212022-07-212022-08-222022-10-312022-11-302022-12-302021-04-142021-08-202021-12-312022-05-192022-09-222023-02-08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7500002503500700000200300065000015025006000001002000550000050150050000000010002022-07-222022-08-012022-08-092022-08-252022-09-022022-09-132022-09-292022-10-142022-10-242022-11-012022-11-172022-11-252022-12-052022-12-292023-01-092023-01-172023-02-092023-02-172022-08-172022-09-212022-11-092022-12-132022-12-212023-02-012022-07-222022-08-052022-08-122022-08-192022-08-262022-09-092022-09-192022-09-262022-10-102022-10-242022-11-072022-11-142022-11-212022-11-282022-12-122022-12-192022-12-262023-01-032023-01-172023-02-072023-02-142022-07-292022-09-022022-10-172022-10-312022-12-052023-01-102023-01-31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180000160009000014000160000140008000012000140000700001200010000120000100006000010000050000800080000800040000600060006000030000400040000400020000200002000100002000000000002022-07-222022-08-012022-08-092022-08-172022-08-252022-09-022022-09-132022-09-212022-09-292022-10-142022-10-242022-11-012022-11-092022-11-172022-11-252022-12-052022-12-132022-12-212022-12-292023-01-092023-01-172023-02-012023-02-092023-02-172022-07-222022-08-012022-08-092022-08-172022-09-022022-09-132022-09-212022-09-292022-10-142022-11-012022-11-092022-11-172022-11-252022-12-052022-12-212022-12-292023-01-092023-01-172023-02-012022-08-252022-10-242022-12-132023-02-092023-02-17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70066002800600640026005006200240022004006000200030058001800200560016001400100540012000520010002022-09-192022-09-232022-09-292022-10-122022-10-182022-11-212022-11-252022-12-012022-12-072022-12-132022-12-192022-12-232022-12-292023-01-052023-01-112023-01-172023-01-302023-02-032023-02-092023-02-152022-10-242022-10-282022-11-032022-11-092022-11-152022-09-192022-09-232022-09-292022-10-122022-10-182022-10-242022-10-282022-11-032022-11-092022-11-212022-11-252022-12-072022-12-132022-12-232022-12-292023-01-112023-01-172023-02-032023-02-092022-11-152022-12-012022-12-192023-01-052023-01-302023-02-15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23上交所500ETF期权成交量PCR图24上交所500ETF持仓量PCR500ETF期权上交所500ETF期权上交所14000002000080000012000001400070000010000001500012000600000100008000005000001000080006000004000004000005000300000600020000020000040000000100000200000002022-09-262022-10-172022-10-242022-11-072022-11-142022-11-212022-11-282022-12-122022-12-192023-01-032023-01-172023-01-312023-02-142022-09-192022-10-102022-10-312022-12-052022-12-262023-01-102023-02-072022-09-192022-09-262022-10-102022-10-172022-10-242022-10-312022-11-072022-11-142023-02-142022-11-282022-12-052022-12-122022-12-192022-12-262023-01-032023-01-102023-01-172023-01-312023-02-07日认购成交量日认沽成交量日成交量PCR2022-11-21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811请务必阅读文末免责条款金融期权日报深交所500ETF期权图25深交所500ETF走势图26深交所500ETF期权波动率500ETF期权深交所500ETF期权深交所2506600280064002600200240062002200150600020001005800180056001600501400540012000520010002022-09-192022-09-232022-09-292022-10-122022-10-182022-10-242022-10-282022-11-032022-11-092022-11-212022-11-252022-12-072022-12-132022-12-232022-12-292023-01-112023-01-172023-02-032023-02-092022-11-152022-12-012022-12-192023-01-052023-01-302023-02-152022-09-192022-09-232022-09-292022-10-122022-10-182022-11-212022-11-252022-12-012022-12-072022-12-132022-12-192022-12-232022-12-292023-01-052023-01-112023-01-172023-01-302023-02-032023-02-092023-02-152022-10-242022-10-282022-11-032022-11-092022-11-15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27深交所500ETF期权成交量PCR图28深交所500ETF持仓量PCR500ETF期权深交所500ETF期权深交所300000200002500002000025000020000015000150002000001500001500001000010000100000100000500050005000050000000000002022-09-192022-09-262022-10-102022-10-172022-10-242022-10-312022-11-072022-11-142023-02-142022-11-212022-11-282022-12-052022-12-122022-12-192022-12-262023-01-032023-01-102023-01-172023-01-312023-02-072022-09-192022-09-262022-10-102022-10-172022-10-242022-10-312022-11-072022-11-142023-02-142022-11-212022-11-282022-12-052022-12-122022-12-192022-12-262023-01-032023-01-102023-01-172023-01-312023-02-07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911请务必阅读文末免责条款金融期权日报创业板ETF期权图29创业板ETF走势图30创业板ETF期权波动率创业板ETF期权创业板ETF期权120026003900250010003400800240023002900600220024004002100190020020000190014002022-09-192022-09-232022-09-292022-10-122022-10-182022-11-212022-11-252022-12-012022-12-072022-12-132022-12-192022-12-232022-12-292023-01-052023-01-112023-01-172023-01-302023-02-032023-02-092023-02-152022-10-242022-10-282022-11-032022-11-092022-11-152022-09-192022-09-232022-09-292022-10-122022-10-182022-10-242022-10-282022-11-032022-11-092022-11-212022-11-252022-12-072022-12-132022-12-232022-12-292023-01-112023-01-172023-02-032023-02-092022-11-152022-12-012022-12-192023-01-052023-01-302023-02-15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31创业板ETF期权成交量PCR图32创业板ETF持仓量PCR创业板ETF期权创业板ETF期权1800000140008000002000016000001200070000014000001000060000015000120000050000010000008000400000100008000006000600000300000400000400020000050002000002000100000000000002022-09-192022-09-262022-10-102022-10-172022-10-242022-10-312022-11-072022-11-142023-02-142022-11-212022-11-282022-12-052022-12-122022-12-192022-12-262023-01-032023-01-102023-01-172023-01-312023-02-072022-09-262022-10-172022-10-242022-11-072022-11-142022-11-212022-11-282022-12-122022-12-192023-01-032023-01-172023-01-312023-02-142022-09-192022-10-102022-10-312022-12-052022-12-262023-01-102023-02-07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1011请务必阅读文末免责条款金融期权日报投资咨询团队简介获取每日期货策略推送服务国家走向世界诚信至上合规经营知行合一专业敬业严谨管理开拓进取扫码关注宝城期货官方微信期货咨询尽在掌握免责条款客户不应视本报告为作出投资决策的唯一因素本报告中所指的投资及服务可能不适合个别客户不构成客户私人咨询建议本公司未确保本报告充分考虑到个别客户特殊的投资目标财务状况或需要本公司建议客户应考虑本报告的任何意见或建议是否符合其特定状况以及若有必要咨询独立投资顾问在任何情况下本报告中的信息或所表述的意见并不构成对任何人的投资建议在任何情况下本公司不对任何人因使用本报告中的任何内容所引致的任何损失负任何责任若本报告的接收人非本公司的客户应在基于本报告作出任何投资决定或就本报告要求任何解释前咨询独立投资顾问专业研究创造价值1111请务必阅读文末免责条款