今日各股指均窄幅震荡整理,沪深两市超2900只个股上涨，全天成交额9214亿元，北向资金净买入18.54亿元。稳增长政策助力下1月PMI、企业部门新增信贷均显示出经济复苏的信号,但居民中长期贷款数据仍偏弱，表明房地产行业需求难以快速修复，经济现实与预期之间存在一定差距，浮盈资金兑现的意愿上升，由此近期股指震荡整理为主。海外货币政策预期也有所调整，美联储鹰派加息预期升温，叠加近期中美关系的不确定性风险上升，短线股指存在震荡整固的技术性需求。不过随着临近两会，政策预期或激活市场乐观情绪，考虑到经济复苏预期仍强，预计短期内股指以偏强震荡走势为主。
　　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，短线调整不改中长期向上趋势。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21日金融期权政策预期升温预计股指短线偏强震荡核心观点今日各股指均窄幅震荡整理沪深两市超2900只个股上涨全天成交额9214亿元北向资金净买入1854亿元稳增长政策助力下1月PMI企业部门新增信贷均显示出经济复苏的信号但居民中长期贷款数据仍偏弱表明房地产行业需求难以快速修复经济现实与预期之间存在一定差距浮盈资金兑现的意愿上升由此近期股指震荡整理为主海外货币政策预期也有所调整美联储鹰派加息预期升温叠加近期中美关系的不确定性风险上升短线股指存在震荡整固的技术性需求不过随着临近两会政策预期或激活宝城期货研究所市场乐观情绪考虑到经济复苏预期仍强预计短期内股指以偏强震荡走势为主投资咨询团队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短线调整不改中长期向上趋势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20日证监会发文称为进一步发挥私募基金多元化资产配置专业投资运作优势满足不动产领域合理融资需求近日证监会启动了不动产私募投资基金试点工作中共中央政治局2月21日召开会议会议指出要全面贯彻落实党中央决策部署坚持稳字当头稳中求进实施积极的财政政策和稳健的货币政策加强各类政策协调配合形成共促高质量发展合力要着力扩大国内需求加快建设现代化产业体系切实落实两个毫不动摇更大力度吸引和利用外资有效防范化解重大经济金融风险稳定粮食生产和推进乡村振兴推动发展方式绿色转型保障基本民生和发展社会事业努力完成今年经济社会发展目标任务要加强政府自身建设大兴调查研究之风2期权指标2023年02月21日50ETF涨050收于2812300ETF上交所涨012收于4139300ETF深交所涨021收于4213沪深300指数涨026收于414435中证1000指数涨045收于699048500ETF上交所涨058收于6395500ETF深交所涨073收于6518创业板ETF跌033收于2395上证50ETF期权成交量PCR为8950上一交易日成交量PCR为9804持仓量PCR为10444上一交易日持仓量PCR为9980上交所3000ETF期权成交量PCR为9571上一交易日成交量PCR为10135持仓量PCR为11094上一交易日持仓量PCR为10783深交所300ETF期权成交量PCR为10047上一交易日成交量PCR为10774持仓量PCR为10755上一交易日持仓量PCR为11201中金所沪深300指数期权成交量PCR为8282上一交易日成交量PCR为8934持仓量PCR为10342上一交易日持仓量PCR为10244中金所中证1000指数期权成交量PCR为8668上一交易日成交量PCR为9661持仓量PCR为8104上一交易日持仓量PCR为7936上交所中证500ETF期权成交量PCR为8719上一交易日成交量PCR为11446持仓量PCR为10803上一交易日持仓量PCR为10568深交所中证500ETF期权成交量PCR为7627上一交易日成交量PCR为10993持仓量PCR为9540上一交易日持仓量PCR为9741创业板ETF期权成交量PCR为10165上一交易日成交量PCR为9067持仓量PCR为7470上一交易日持仓量PCR为7561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1550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1482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1485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1486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1252上交所中证500ETF期权2023年03月平值期权隐含波动率为1338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标的30交易日历史波动率为1194深交所中证500ETF期权2023年03月平值期权隐含波动率为1585标的30交易日历史波动率为1196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19173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50004520001800450041600400014003512003500100030003800250060025400200020015002010002021-01-042021-02-012021-03-082021-04-062021-05-072021-06-042021-07-052021-08-022022-03-312022-05-052022-06-022022-07-012022-07-292022-08-262022-09-262022-10-312022-11-282022-12-262023-01-312021-08-302021-09-292021-11-032021-12-012021-12-292022-01-272022-03-032021-01-042021-01-292021-03-042021-03-312021-04-282021-08-182021-09-142021-10-202021-11-162021-12-132022-01-102022-02-112022-03-102022-04-082022-07-042022-07-292022-08-252022-09-222022-10-262022-11-222022-12-192023-01-162023-02-172021-05-282021-06-252021-07-222022-05-102022-06-07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7000000140004500000160006000000120004000000140003500000500000010000120003000000100004000000800025000002000000800030000006000600020000001500000400010000004000100000020005000002000000000002021-01-042021-03-122021-04-142021-05-192021-06-212021-08-202021-09-232021-11-012021-12-012022-03-112022-04-142022-05-192022-08-222022-09-222022-10-312023-02-082021-02-032021-07-212021-12-312022-02-092022-06-212022-07-212022-11-302022-12-302021-03-122021-04-142021-05-192021-07-212021-08-202021-09-232021-11-012021-12-312022-02-092022-03-112022-05-192022-06-212022-07-212022-08-222022-10-312022-11-302022-12-302023-02-082021-01-042021-02-032021-06-212021-12-012022-04-142022-09-22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62000500018004500551600140040005120035001000300045800250060044002000200150035010002021-01-042021-02-012021-03-082021-12-012021-12-292022-01-272022-03-032022-03-312022-05-052022-06-022022-07-012022-07-292022-08-262022-09-262022-10-312022-11-282022-12-262023-01-312021-01-042021-01-292021-03-042021-06-252021-07-222021-08-182021-09-142021-10-202021-11-162021-12-132022-01-102022-05-102022-06-072022-07-042022-07-292022-08-252022-09-222022-10-262022-11-222021-04-062021-05-072021-06-042021-07-052021-08-022021-08-302021-09-292021-11-032021-03-312021-04-282021-05-282022-02-112022-03-102022-04-082022-12-192023-01-162023-02-17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50000001400030000001600014000400000012000250000010000120002000000100003000000800015000008000200000060001000000600040001000000400020005000002000000000002021-01-042021-02-032021-03-122021-04-142021-06-212021-07-212021-08-202021-09-232021-12-012021-12-312022-02-092022-03-112022-05-192022-06-212022-07-212022-08-222022-10-312022-11-302022-12-302023-02-082021-05-192021-11-012022-04-142022-09-222021-01-042021-02-032021-03-122021-05-192021-06-212021-07-212021-08-202021-11-012021-12-012021-12-312022-03-112022-04-142022-05-192022-06-212022-08-222022-09-222022-10-312023-02-082021-04-142021-09-232022-02-092022-07-212022-11-302022-12-30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600040045003505500400030035002505000300020045001502500200040001005015003500010002021-01-042021-01-292021-03-042021-06-252021-07-222021-08-182021-09-142021-10-202021-11-162021-12-132022-01-102022-05-102022-06-072022-07-042022-07-292022-08-252022-09-222022-10-262022-11-222021-03-312021-04-282021-05-282022-02-112022-03-102022-04-082022-12-192023-01-162023-02-172021-02-012021-03-082021-04-062021-06-042021-07-052021-08-302021-09-292021-11-032021-12-292022-01-272022-03-312022-05-052022-06-022022-07-292022-08-262022-10-312022-11-282022-12-262021-01-042021-05-072021-08-022021-12-012022-03-032022-07-012022-09-262023-01-31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8000002000060000016000700000500000140006000001500012000500000400000100004000001000030000080003000002000006000200000500040001000001000002000000000002021-01-042021-02-032021-03-122021-04-142021-05-192021-08-202021-09-232021-11-012021-12-012021-12-312022-03-112022-04-142022-05-192022-06-212022-07-212022-10-312022-11-302022-12-302023-02-082021-06-212021-07-212022-02-092022-08-222022-09-222021-01-042021-02-032021-03-122021-04-142021-07-212021-08-202021-09-232021-11-012021-12-312022-02-092022-03-112022-04-142022-07-212022-08-222022-09-222022-10-312023-02-082021-05-192021-06-212021-12-012022-05-192022-06-212022-11-302022-12-30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6000003503500300550000300025050000020025004500001502000100400000150005035000000010002021-01-042021-01-292021-03-042021-06-252021-07-222021-08-182021-09-142021-10-202021-11-162021-12-132022-01-102022-05-102022-06-072022-07-042022-07-292022-08-252022-09-222022-10-262022-11-222021-03-312021-04-282021-05-282022-02-112022-03-102022-04-082022-12-192023-01-162023-02-172021-01-042021-05-132021-06-112021-07-132021-08-112021-12-162022-01-172022-02-222022-03-232022-04-252022-07-272022-08-252022-09-262022-11-012022-11-302021-02-022021-03-102021-04-092021-09-092021-10-192021-11-172022-05-272022-06-282022-12-292023-02-06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400000140003000001400035000012000250000120003000001000010000250000200000800080002000001500006000600015000010000010000040004000500002000500002000000000002021-01-042021-02-032021-03-122021-04-142021-07-212021-08-202021-09-232021-11-012021-12-312022-02-092022-03-112022-04-142022-07-212022-08-222022-09-222022-10-312023-02-082021-05-192021-06-212021-12-012022-05-192022-06-212022-11-302022-12-302021-01-042021-02-032021-03-122021-04-142021-05-192021-08-202021-09-232021-11-012021-12-012021-12-312022-03-112022-04-142022-05-192022-06-212022-07-212022-10-312022-11-302022-12-302023-02-082021-06-212021-07-212022-02-092022-08-222022-09-22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7500002503500700000200300065000015025006000001002000550000050150050000000010002022-07-222022-08-012022-08-172022-08-252022-09-022022-09-132022-09-292022-10-142022-11-012022-11-092022-11-252022-12-052022-12-132022-12-212023-01-092023-01-172023-02-092023-02-172022-08-092022-09-212022-10-242022-11-172022-12-292023-02-012022-07-222022-08-172022-08-252022-09-022022-09-132022-09-212022-09-292022-10-142022-10-242022-11-012022-12-052022-12-132022-12-212022-12-292023-01-092023-01-172023-02-012023-02-092022-08-012022-08-092022-11-092022-11-172022-11-252023-02-17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180000160009000014000160000140008000012000140000700001200010000120000100006000010000050000800080000800040000600060006000030000400040000400020000200002000100002000000000002022-08-012022-08-092022-08-252022-09-022022-09-212022-09-292022-10-242022-11-012022-11-172022-11-252022-12-132022-12-212023-01-092023-01-172023-02-092023-02-172022-07-222022-08-172022-09-132022-10-142022-11-092022-12-052022-12-292023-02-012022-08-092022-08-172022-08-252022-09-022022-09-132022-09-212022-09-292022-11-092022-11-172022-11-252022-12-052022-12-132022-12-212022-12-292023-02-012023-02-092023-02-172022-07-222022-08-012022-10-142022-10-242022-11-012023-01-092023-01-17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70066002800600640026005006200240022004006000200030058001800200560016001400100540012000520010002022-09-232022-09-292022-10-122022-10-182022-10-242022-10-282022-11-032022-11-252022-12-012022-12-072022-12-132022-12-192022-12-232022-12-292023-01-172023-01-302023-02-032023-02-092023-02-152023-02-212022-09-192022-11-092022-11-152022-11-212023-01-052023-01-112022-09-192022-10-102022-10-172022-10-242022-10-312022-11-072022-11-142022-11-212022-11-282022-12-052022-12-122022-12-192022-12-262023-01-032023-01-102023-01-172023-01-312023-02-072023-02-142023-02-212022-09-26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14000002000080000012000001400070000010000001500012000600000100008000005000001000080006000004000004000005000300000600020000020000040000000100000200000002022-09-192022-09-262022-10-172022-10-242022-10-312022-11-072022-11-212022-11-282022-12-052022-12-122023-01-032023-01-102023-01-172023-01-312023-02-142023-02-212022-10-102022-11-142022-12-192022-12-262023-02-072022-09-192022-09-262022-10-102022-10-172022-10-312022-11-072022-11-212022-11-282022-12-052022-12-122022-12-192022-12-262023-01-102023-01-172023-02-072023-02-142022-11-142023-01-032023-01-312023-02-21日认购成交量日认沽成交量日成交量PCR2022-10-24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2506600280064002600200240062002200150600020001005800180056001600501400540012000520010002022-09-192022-10-102022-10-172022-10-242022-10-312022-11-072022-11-142022-11-212022-11-282022-12-052022-12-122022-12-192022-12-262023-01-032023-01-102023-01-172023-01-312023-02-072023-02-142023-02-212022-09-262022-09-232022-09-292022-10-122022-10-182022-10-242022-10-282022-11-032022-11-252022-12-012022-12-072022-12-132022-12-192022-12-232022-12-292023-01-172023-01-302023-02-032023-02-092023-02-152023-02-212022-09-192022-11-092022-11-152022-11-212023-01-052023-01-11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300000200002500002000025000020000015000150002000001500001500001000010000100000100000500050005000050000000000002022-09-192022-09-262022-10-102022-10-172022-10-312022-11-072022-11-212022-11-282022-12-052022-12-122022-12-192022-12-262023-01-102023-01-172023-02-072023-02-142022-10-242022-11-142023-01-032023-01-312023-02-212022-09-192022-09-262022-10-102022-10-172022-10-312022-11-072022-11-212022-11-282022-12-052022-12-122022-12-192022-12-262023-01-102023-01-172023-02-072023-02-142022-10-242022-11-142023-01-032023-01-312023-02-21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120026003900250010003400800240023002900600220024004002100190020020000190014002022-09-232022-09-292022-10-122022-10-182022-10-242022-10-282022-11-032022-11-252022-12-012022-12-072022-12-132022-12-192022-12-232022-12-292023-01-172023-01-302023-02-032023-02-092023-02-152023-02-212022-09-192022-11-092022-11-152022-11-212023-01-052023-01-112022-09-192022-10-102022-10-172022-10-242022-10-312022-11-072022-11-142022-11-212022-11-282022-12-052022-12-122022-12-192022-12-262023-01-032023-01-102023-01-172023-01-312023-02-072023-02-142023-02-212022-09-26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1800000140008000002000016000001200070000014000001000060000015000120000050000010000008000400000100008000006000600000300000400000400020000050002000002000100000000000002022-09-192022-09-262022-10-102022-10-172022-10-312022-11-072022-11-212022-11-282022-12-052022-12-122022-12-192022-12-262023-01-102023-01-172023-02-072023-02-142022-10-242022-11-142023-01-032023-01-312023-02-212022-09-192022-09-262022-10-172022-10-242022-10-312022-11-072022-11-212022-11-282022-12-052022-12-122023-01-032023-01-102023-01-172023-01-312023-02-142023-02-212022-10-102022-11-142022-12-192022-12-262023-02-07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