今日各股指均窄幅震荡,午后小幅回调,全天收跌。消息面上,海外银行股风波继续发酵,海外市场对银行系统的稳定性存较强担忧，考虑到美联储3月货币政策仍未落地,短期内股市情绪难言乐观。因为这次危机的主要原因是2022年短时间内利率水平的快速抬升加重了银行期限结构的风险，而目前海外货币政策仍未转向，这意味着风险因素并未实质性消除,市场避险情绪易升难降。国内方面,稳增长政策下国内经济复苏的确定性较强,但考虑到地产与出口面临得压力，经济强复苏的预期大幅减弱，股市利多动能大大减弱。国内经济复苏预期降温，叠加近期海外风险因素上升以及中美地缘风险犹存，预计短期内股指以震荡整理为主。
　　目前期权隐含波动率仍位于合理区间范围。操作上，近期消息面扰动因素加大，但股指下方仍存较强支撑，可以卖出低执行价格的虚值认沽期权，布局“低吸”机会。
　　

研究报告全文：金融期权日报专业研究创造价值2023年3月20日金融期权风险因素升温市场情绪偏谨慎核心观点今日各股指均窄幅震荡午后小幅回调全天收跌消息面上海外银行股风波继续发酵海外市场对银行系统的稳定性存较强担忧考虑到美联储3月货币政策仍未落地短期内股市情绪难言乐观因为这次危机的主要原因是2022年短时间内利率水平的快速抬升加重了银行期限结构的风险而目前海外货币政策仍未转向这意味着风险因素并未实质性消除市场避险情绪易升难降国内方面稳增长政策下国内经济复苏的确定性较强但考虑到地产与出口面临得压力经济强复苏的预期大幅减弱股市利多动能大大减弱国宝城期货研究所内经济复苏预期降温叠加近期海外风险因素上升以及中美地缘风险犹存预计短期内股指以震荡整理为主投资咨询团队目前期权隐含波动率仍位于合理区间范围操作上近期消息面扰动因素加大但股指下方仍存较强支撑可以卖出低执行价格的虚值认沽期权布局低吸机会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114请务必阅读文末免责条款金融期权日报1新闻动态中国人民银行授权全国银行间同业拆借中心公布2023年3月20日贷款市场报价利率LPR为1年期LPR为3655年期以上LPR为43均与上期一致2期权指标2023年03月20日50ETF跌064收于2620300ETF上交所跌056收于3932300ETF深交所跌052收于4003沪深300指数跌050收于393908中证1000指数跌022收于672145500ETF上交所跌031收于6182500ETF深交所跌038收于6296创业板ETF跌009收于2226深证100ETF跌017收于2924上证50指数跌045收于261675上证50ETF期权成交量PCR为10718上一交易日成交量PCR为9081持仓量PCR为6763上一交易日持仓量PCR为7207上交所3000ETF期权成交量PCR为10832上一交易日成交量PCR为9059持仓量PCR为8793上一交易日持仓量PCR为8994深交所300ETF期权成交量PCR为11002上一交易日成交量PCR为11278持仓量PCR为10029上一交易日持仓量PCR为9538沪深300指数期权成交量PCR为8708上一交易日成交量PCR为8046持仓量PCR为9774上一交易日持仓量PCR为10162中证1000指数期权成交量PCR为9080上一交易日成交量PCR为9120持仓量PCR为9591上一交易日持仓量PCR为9500上交所中证500ETF期权成交量PCR为11571上一交易日成交量PCR为10875持仓量PCR为10648上一交易日持仓量PCR为10403深交所中证500ETF期权成交量PCR为14319上一交易日成交量PCR为11802持仓量PCR为9808上一交易日持仓量PCR为9709创业板ETF期权成交量PCR为7879上一交易日成交量PCR为7089持仓量PCR为5159上一交易日持仓量PCR为4891深证100ETF期权成交量PCR为12094上一交易日成交量PCR为13362持仓量PCR为7555上一交易日持仓量PCR为7421上证50股指期权成交量PCR为6306上一交易日成交量PCR为7629持仓量PCR为5488上一交易日持仓量PCR为5971上证50ETF期权2023年04月平值期权隐含波动率为1671标的30交易日历史波动率为1517上交所300ETF期权2023年04月平值期权隐含波动率为1565标的30交易日历史波动率为1479深交所300ETF期权2023年04月平值期权隐含波动率为1577标的30交易日历史波动率为1482沪深300指数期权2023年04月平值期权隐含波动率为1553标的30交易日历史波动率为1446中证1000指数期权2023年04月平值期权隐含波动率为1613标的30交易日历史波动率为1472上交所中证500ETF期权2023年04月平值期权隐含波动率为1579标的30交易日历史波动率为1317深交所中证500ETF期权2023年04月平值期权隐含波动率为1499标的30交易日历史波动率为1320创业板ETF期权2023年04月平值期权隐含波动率为2287标的30交易日历史波动率为1490深证100ETF期权2023年04月平值期权隐含波动率为1861标的30交易日历史波动率为1565上证50专业研究创造价值214请务必阅读文末免责条款金融期权日报股指期权2023年04月平值期权隐含波动率为1701标的30交易日历史波动率为1477专业研究创造价值314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50004520001800450041600400014003512003500100030003800250060025400200020015002010002021-02-012021-04-062021-06-042021-08-022021-08-302021-09-292021-11-032021-12-012021-12-292022-01-272022-03-032022-03-312022-05-052022-06-022022-07-012022-07-292022-08-262022-09-262022-10-312022-11-282022-12-262023-01-312023-02-282021-01-042021-03-082021-05-072021-07-052021-08-302021-09-292021-11-032021-12-012021-12-292022-01-272022-03-032022-03-312022-05-052022-06-022022-07-012022-07-292022-08-262022-09-262022-10-312022-11-282022-12-262023-01-312023-02-282021-01-042021-02-012021-03-082021-04-062021-05-072021-06-042021-07-052021-08-02标的成交量万手标的收盘价左轴标的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7000000140004500000160006000000120004000000140003500000500000010000120003000000100004000000800025000002000000800030000006000600020000001500000400010000004000100000020005000002000000000002021-01-042021-02-042021-03-162021-04-192021-05-252021-06-282022-03-302022-05-092022-06-102022-07-132022-08-152022-09-162022-10-262022-11-282022-12-292023-02-082023-03-132021-07-292021-08-312021-10-122021-11-122021-12-152022-01-182022-02-252021-01-042021-02-042021-03-162021-04-192021-05-252021-06-282021-07-292021-08-312021-10-122021-11-122021-12-152022-01-182022-02-252022-03-302022-05-092022-06-102022-07-132022-08-152022-09-162022-10-262022-11-282022-12-292023-02-082023-03-13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414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62000500018004500551600140040005120035001000300045800250060044002000200150035010002021-01-042021-02-012021-03-082021-04-062021-05-072021-06-042021-07-052021-08-022021-08-302021-09-292021-11-032021-12-292022-03-032022-05-052022-07-012022-08-262022-10-312022-12-262023-02-282021-04-062021-05-072021-06-042021-07-052021-08-022021-08-302021-09-292021-11-032021-12-012021-12-292022-01-272022-03-032022-03-312022-05-052022-06-022022-07-012022-07-292022-08-262022-09-262022-10-312022-11-282021-12-012022-01-272022-03-312022-06-022022-07-292022-09-262022-11-282023-01-312021-01-042021-02-012021-03-082022-12-262023-01-312023-02-28标的成交量万手标的收盘价左轴标的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50000001400030000001600014000400000012000250000010000120002000000100003000000800015000008000200000060001000000600040001000000400020005000002000000000002021-02-042021-03-162021-04-192021-05-252021-06-282021-07-292021-08-312021-10-122021-11-122021-12-152022-01-182022-02-252022-03-302022-05-092022-06-102023-02-082023-03-132021-01-042022-07-132022-08-152022-09-162022-10-262022-11-282022-12-292021-05-252021-06-282021-07-292021-08-312021-10-122021-11-122021-12-152022-01-182022-02-252022-03-302022-05-092022-06-102022-07-132022-08-152022-09-162022-10-262022-11-282022-12-292023-02-082023-03-132021-01-042021-02-042021-03-162021-04-19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514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600040045003505500400030035002505000300020045001502500200040001005015003500010002021-04-062021-05-072021-06-042021-07-052021-08-022021-08-302021-09-292021-11-032021-12-012021-12-292022-01-272022-03-032022-03-312022-05-052022-06-022022-07-012022-07-292022-08-262022-09-262022-10-312022-11-282021-01-042021-02-012021-03-082022-12-262023-01-312023-02-282021-01-042021-02-022021-03-102021-05-132021-07-132021-09-092021-11-172022-01-172022-03-232022-05-272022-07-272022-09-262022-11-012022-11-302022-12-292023-02-062023-03-072021-04-092021-06-112021-08-112021-10-192021-12-162022-02-222022-04-252022-06-282022-08-25标的成交量万手标的收盘价左轴标的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8000002000060000016000700000500000140006000001500012000500000400000100004000001000030000080003000002000006000200000500040001000001000002000000000002021-01-042021-02-042021-03-162021-04-192021-05-252021-07-292021-08-312021-11-122021-12-152022-01-182022-02-252022-03-302022-05-092022-07-132022-08-152022-10-262022-11-282022-12-292023-02-082023-03-132021-06-282021-10-122022-06-102022-09-162021-01-042021-03-162021-04-192021-06-282021-07-292021-10-122021-11-122022-01-182022-02-252022-03-302022-06-102022-07-132022-09-162022-10-262022-12-292023-02-082021-02-042021-05-252021-08-312021-12-152022-05-092022-08-152022-11-282023-03-13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614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股指期权沪深300股指期权6000003503500300550000300025050000020025004500001502000100400000150005035000000010002021-04-062021-05-072021-06-042021-07-052021-08-022021-08-302021-09-292021-11-032021-12-012021-12-292022-01-272022-03-032022-03-312022-05-052022-06-022022-07-012022-07-292022-08-262022-09-262022-10-312022-11-282021-01-042021-02-012021-03-082022-12-262023-01-312023-02-282021-01-042021-02-032021-03-122021-04-142021-11-012021-12-012021-12-312022-02-092022-03-112022-04-142022-05-192022-06-212022-07-212022-08-222022-09-222022-10-312021-05-192021-06-212021-07-212021-08-202021-09-232022-11-302022-12-302023-02-082023-03-10标的成交量亿手标的收盘价左轴标的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股指期权沪深300股指期权400000140003000001400035000012000250000120003000001000010000250000200000800080002000001500006000600015000010000010000040004000500002000500002000000000002021-01-042021-03-162021-04-192021-06-282021-07-292021-10-122021-11-122022-01-182022-02-252022-03-302022-06-102022-07-132022-09-162022-10-262022-12-292023-02-082021-02-042021-05-252021-08-312021-12-152022-05-092022-08-152022-11-282023-03-132021-01-042021-02-042021-03-162021-04-192021-05-252021-07-292021-08-312021-11-122021-12-152022-01-182022-02-252022-03-302022-05-092022-07-132022-08-152022-10-262022-11-282022-12-292023-02-082023-03-132021-06-282021-10-122022-06-102022-09-16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714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股指期权中证1000股指期权7500002503500700000200300065000015025006000001002000550000050150050000000010002022-07-222022-08-022022-08-112022-08-312022-09-092022-09-212022-09-302022-10-182022-11-072022-11-162022-11-252022-12-062022-12-262023-01-052023-01-162023-02-012023-02-102023-03-022023-03-132022-08-222022-10-272022-12-152023-02-212022-08-012022-08-092022-08-172022-08-252022-09-022022-09-292022-10-142022-10-242022-11-012022-11-092022-11-172022-12-132022-12-212022-12-292023-01-092023-01-172023-02-172023-02-272023-03-072023-03-152022-07-222022-09-132022-09-212022-11-252022-12-052023-02-012023-02-09标的成交量亿手标的收盘价左轴标的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股指期权中证1000股指期权180000160009000014000160000140008000012000140000700001200010000120000100006000010000050000800080000800040000600060006000030000400040000400020000200002000100002000000000002022-07-222022-08-112022-08-222022-08-312022-09-092022-09-302022-10-182022-10-272022-11-162022-11-252022-12-062022-12-262023-01-052023-01-162023-02-012023-02-212023-03-022023-03-132022-08-022022-09-212022-11-072022-12-152023-02-102022-07-222022-08-022022-08-222022-08-312022-09-092022-09-212022-10-182022-10-272022-11-072022-11-252022-12-062022-12-152023-01-162023-02-012023-02-102023-03-022023-03-132022-08-112022-09-302022-11-162022-12-262023-01-052023-02-21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814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66007002800640060026002400620050022006000400200018005800300160056002001400120054001001000520008002022-09-192022-10-172022-10-242022-10-312022-11-072022-11-142022-11-282022-12-052022-12-122022-12-192022-12-262023-01-172023-01-312023-02-072023-02-142023-03-072023-03-142022-09-262022-10-102022-11-212023-01-032023-01-102023-02-212023-02-282022-09-192022-09-262022-10-172022-10-312022-11-072022-11-212022-12-05202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