核心观点
　　股指期货：存量博弈格局，股指震荡回调
　　本周股指均延续高位回落走势。主要由于政策落地力度不及预期发酵，虽然15日央行超预期下调MLF利率，但是市场认为这是对7月疲弱的新增人民币信贷数据的反应，整体经济需求低迷和资本市场信心不足的情况难以根本扭转，市场情绪高位回落。海外维持高利率环境的预期升温压制外资风险偏好，本周北向资金继续连续净流出，且新发股票基金份额以及融资资金仍表现低迷，股市资金以存量博弈为主。短期内，政策托底预期仍明确，股指下方空间有限。但政策力度仍旧保持定力，股市增量资金有限，股指上行动能亦不足。短期内预计股指将以区间震荡为主。
　　ETF期权与股指期权：卖出虚值认沽期权策略
　　由于短期内预计股指以区间震荡为主，上下空间均有限。加上目前期权隐含波动率有所上升，可以构建卖出虚值认沽期权策略或者双卖策略。
　　

研究报告全文：投资咨询业务资格证监许可20111778号股指衍生品周报专业研究创造价值2023年8月20日股指衍生品股指上下空间有限以震荡行情对待核心观点股指期货存量博弈格局股指震荡回调姓名龙奥明本周股指均延续高位回落走势主要由于政策落地力度不及预宝城期货投资咨询部期发酵虽然15日央行超预期下调MLF利率但是市场认为这是对从业资格证号F30356327月疲弱的新增人民币信贷数据的反应整体经济需求低迷和资本市场信心不足的情况难以根本扭转市场情绪高位回落海外维持投资咨询证号Z0014648高利率环境的预期升温压制外资风险偏好本周北向资金继续连续净流出且新发股票基金份额以及融资资金仍表现低迷股市资金电话0571-87006873以存量博弈为主短期内政策托底预期仍明确股指下方空间有邮箱longaomingbcqhgscom限但政策力度仍旧保持定力股市增量资金有限股指上行动能亦不足短期内预计股指将以区间震荡为主ETF期权与股指期权卖出虚值认沽期权策略作者声明本人具有中国期货由于短期内预计股指以区间震荡为主上下空间均有限加上业协会授予的期货从业资格证目前期权隐含波动率有所上升可以构建卖出虚值认沽期权策略或书期货投资咨询资格证书者双卖策略本人承诺以勤勉的职业态度仅供参考不构成任何投资建议独立客观地出具本报告本报告清晰准确地反映了本人的研究观点本人不会因本报告中的具体推荐意见或观点而直接或间接接收到任何形式的报酬专业研究创造价值116请务必阅读文末免责条款部分请务必阅读文末免责条款股指衍生品周报正文目录1市场回顾511股指期货走势512期权价格走势613股指期货基差与月差92期权指标1121PCR指标1122隐含波动率133结论15专业研究创造价值216请务必阅读文末免责条款股指衍生品周报图表目录图1上证50指数价格走势5图2沪深300指数价格走势5图3中证500指数价格走势5图4中证1000指数价格走势5图5IH基差价格走势9图6IF基差价格走势9图7IC基差价格走势9图8IM基差价格走势9图9IH跨期价差走势9图10IF跨期价差走势9图11IC跨期价差走势10图12IM跨期价差走势10图13上证50ETF期权持仓量PCR11图14上交所300ETF期权持仓量PCR11图15深交所300ETF期权持仓量PCR11图16沪深300股指期权持仓量PCR11图17中证1000股指期权持仓量PCR12图18上交所500ETF期权持仓量PCR12图19深交所500ETF期权持仓量PCR12图20创业板ETF期权持仓量PCR12图21深证100ETF期权持仓量PCR12图22上证50股指期权持仓量PCR12图23上证50ETF期权波动率13图24上交所300ETF期权波动率13图25深交所300ETF期权波动率13图26沪深300股指期权波动率13图27中证1000股指期权波动率14专业研究创造价值316请务必阅读文末免责条款股指衍生品周报图28上交所500ETF期权波动率14图29深交所500ETF期权波动率14图30创业板ETF期权波动率14图31深证100ETF期权波动率14图32上证50股指期权波动率14表1现货指数价格变化情况5表2各期权标的资产价格变化情况6表3各期权品种主力合约周度涨跌幅6专业研究创造价值416请务必阅读文末免责条款股指衍生品周报1市场回顾11股指期货走势本周股指均延续高位回落走势主要由于政策落地力度不及预期发酵虽然15日央行超预期下调MLF利率但是市场认为这是对7月疲弱的新增人民币信贷数据的反应整体经济需求低迷和资本市场信心不足的情况难以根本扭转市场情绪高位回落海外维持高利率环境的预期升温压制外资风险偏好本周北向资金继续连续净流出且新发股票基金份额以及融资资金仍表现低迷股市资金以存量博弈为主短期内政策托底预期仍明确股指下方空间有限但政策力度仍旧保持定力股市增量资金有限股指上行动能亦不足短期内预计股指将以区间震荡为主表1现货指数价格变化情况简称代码收盘价日涨跌幅周涨跌幅上证50指数000016SH2507580-114-239沪深300指数000300SH3784004-123-258中证500指数000905SH5777797-164-229中证1000指数000852SH611711-209-297数据来源IFIND宝城期货金融研究所图1上证50指数价格走势图2沪深300指数价格走势3400005500003200003000005000002800004500002600002400004000002200003500002000003000002022-01-042022-01-272022-02-282022-03-232022-04-192022-05-172022-06-102022-07-052022-07-282022-08-222022-09-152022-10-172022-11-092022-12-022022-12-272023-01-202023-02-212023-03-162023-04-112023-05-092023-06-012023-06-282023-07-212023-08-152022-01-042022-01-272022-02-282022-03-232022-04-192022-05-172022-06-102022-07-052022-07-282022-08-222022-09-152022-10-172022-11-092022-12-022022-12-272023-01-202023-02-212023-03-162023-04-112023-05-092023-06-012023-06-282023-07-21上证50指数2023-08-15沪深300指数数据来源IFind宝城期货金融研究所数据来源IFind宝城期货金融研究所图3中证500指数价格走势图4中证1000指数价格走势专业研究创造价值516请务必阅读文末免责条款股指衍生品周报7500007500007000007000006500006500006000006000005500005500005000005000002022-07-222022-08-082022-08-232022-09-232022-10-172022-11-162022-12-012023-01-032023-01-182023-02-242023-03-132023-04-132023-04-282023-06-022023-06-192023-07-212023-08-072022-09-072022-11-012022-12-162023-02-092023-03-282023-05-182023-07-062022-01-042022-01-272022-02-282022-03-232022-04-192022-05-172022-06-102022-07-052022-07-282022-08-222022-09-152022-10-172022-11-092022-12-022022-12-272023-01-202023-02-212023-03-162023-04-112023-05-092023-06-012023-06-282023-07-212023-08-15中证500指数中证1000指数数据来源IFind宝城期货金融研究所数据来源IFind宝城期货金融研究所12期权价格走势本周50ETF周跌幅为235收于2580300ETF上交所周跌幅为248收于3852300ETF深交所周跌幅为256收于3923沪深300指数周跌幅为258收于378400中证1000指数周跌幅为297收于611711500ETF上交所周跌幅为210收于5888500ETF深交所周跌幅为223收于6008创业板ETF周跌幅为301收于2065深证100ETF周跌幅为333收于2760上证50指数周跌幅为239收于250758期权价格的变动主要受到标的变动方向的影响认购期权基本下跌认沽期权基本上涨表2各期权标的资产价格变化情况简称代码收盘价涨跌幅周涨跌幅50ETF510050OF2580-115-235300ETF上交所510300OF3852-128-248300ETF深交所159919OF3923-126-256沪深300指数000300SH378400-123-258中证1000指数000852SH611711-209-297500ETF上交所510500OF5888-155-210500ETF深交所159922OF6008-154-223创业板ETF159915OF2065-138-301深证100ETF159901OF2760-150-333上证50指数000016SH250758-114-239数据来源IFIND宝城期货金融研究所表3各期权品种主力合约周度涨跌幅专业研究创造价值616请务必阅读文末免责条款股指衍生品周报认购合约周涨跌幅510050OF认沽合约周涨跌幅当月合约次月合约当季合约次季合约行权价当月合约次月合约当季合约次季合约-2631-2257-1716-886240-50001046559283220-3383-2526-2069-16882451429925049313596-4309-2965-2072-17242502000844046673311-5713-3275-2232-180525513529797529832949-7115-4051-2382-208426012980654334952608-8240-4389-2612-211126510646527230682191-8728-4720-2771-22812707504437826612298-8837-4427-2921-23692755489332825581803-8478-4873-2985-25812804120323825411789认购合约周涨跌幅510300OF认沽合约周涨跌幅当月合约次月合约当季合约次季合约行权价当月合约次月合约当季合约次季合约-2194-2040-1566-980350-50002043596673509-3044-2531-1939-15473600001156365003601-4025-3068-2232-1847370120001122353233216-5865-3704-2423-179038012273936042573019-7827-4350-2746-205439015119729538522736-8758-4841-3061-217040010066585332692393-8981-5378-3341-23214106034441827462321-7692-5288-3637-23874204357335024271901-6875-5060-3930-26924302823271323441781认购合约周涨跌幅159919OF认沽合约周涨跌幅当月合约次月合约当季合约次季合约行权价当月合约次月合约当季合约次季合约NA-1841-1716NA350NA100006612NA-2414-2257-1844-1764360-50001184261653027-2871-2793-2170-122837040001216959583045-5023-3406-2679-1834380140001090956252925-6479-3868-2645-222339015000871145532783-8303-4432-2852-177840014203739729582588-8939-4819-3203-21364108555528228601945-8936-5158-3101-22304205234400423731655-8462-5344-3220-2299430342631272181NA认购合约周涨跌幅000300SH认沽合约周涨跌幅当月合约次月合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-06-012022-07-182022-08-092022-09-232022-10-242022-12-072022-12-292023-02-212023-03-152023-04-072023-05-042023-06-192023-07-132022-04-132022-06-242022-08-312022-11-152023-01-302023-05-262023-08-042022-01-042022-02-242022-03-182022-04-132022-06-012022-06-242022-07-182022-08-092022-09-232022-10-242022-11-152022-12-072023-01-302023-02-212023-03-152023-04-072023-05-262023-06-192023-07-132023-08-042022-01-262022-05-102022-08-312022-12-292023-05-04IH当月-IH次月IH当季-IH次季IF当月-IF次月IF当季-IF次季数据来源IFind宝城期货金融研究所数据来源IFind宝城期货金融研究所图11IC跨期价差走势图12IM跨期价差走势IC跨期价差IM跨期价差20000200001500015000100001000050005000000000-5000-5000-10000-100002022-07-222022-08-232022-09-232022-11-012022-12-012023-01-032023-02-092023-03-132023-04-132023-05-182023-06-192023-07-062023-07-212023-08-072022-08-082022-09-072022-10-172022-11-162022-12-162023-01-182023-02-242023-03-282023-04-282023-06-022022-01-042022-01-272022-02-282022-03-232022-04-192022-05-172022-06-102022-07-052022-07-282022-08-222022-09-152022-10-172022-11-092022-12-022022-12-272023-01-202023-02-212023-03-162023-04-112023-05-092023-06-012023-06-282023-07-212023-08-15IC当月-IC次月IC当季-IC次季IM当月-IM次月IM当季-IM次季数据来源IFind宝城期货金融研究所数据来源IFind宝城期货金融研究所专业研究创造价值1016请务必阅读文末免责条款股指衍生品周报2期权指标21PCR指标上证50ETF期权成交量PCR为7698上一交易日成交量PCR为8262持仓量PCR为5707上一交易日持仓量PCR为5730上交所3000ETF期权成交量PCR为9331上一交易日成交量PCR为9383持仓量PCR为7071上一交易日持仓量PCR为7166深交所300ETF期权成交量PCR为9032上一交易日成交量PCR为8258持仓量PCR为6150上一交易日持仓量PCR为6104沪深300指数期权成交量PCR为7231上一交易日成交量PCR为7475持仓量PCR为5755上一交易日持仓量PCR为5516中证1000指数期权成交量PCR为10310上一交易日成交量PCR为8877持仓量PCR为6382上一交易日持仓量PCR为5983上交所中证500ETF期权成交量PCR为10721上一交易日成交量PCR为9791持仓量PCR为8543上一交易日持仓量PCR为8689深交所中证500ETF期权成交量PCR为9932上一交易日成交量PCR为8833持仓量PCR为7149上一交易日持仓量PCR为7511创业板ETF期权成交量PCR为7335上一交易日成交量PCR为8503持仓量PCR为5029上一交易日持仓量PCR为5259深证100ETF期权成交量PCR为11034上一交易日成交量PCR为10613持仓量PCR为5352上一交易日持仓量PCR为5174上证50股指期权成交量PCR为6476上一交易日成交量PCR为6778持仓量PCR为4449上一交易日持仓量PCR为4274图13上证50ETF期权持仓量PCR图14上交所300ETF期权持仓量PCR50ETF期权300ETF期权上交所400000016000300000016000350000014000250000014000300000012000120002500000100002000000100002000000800015000008000150000060001000000600010000004000400050000020005000002000000000002022-01-042022-02-072022-03-042022-03-312022-04-292022-05-312022-06-282022-07-252022-08-192022-09-162022-10-202022-11-162022-12-132023-01-102023-02-132023-03-102023-04-072023-05-092023-06-052023-07-042023-07-312022-01-042022-02-072022-03-042022-03-312022-04-292022-05-312022-06-282022-07-252022-08-192022-09-162022-10-202022-11-162022-12-132023-01-102023-02-132023-03-102023-04-072023-05-092023-06-052023-07-042023-07-31日认购持仓量日认沽持仓量日持仓量PCR日认购持仓量日认沽持仓量日持仓量PCR数据来源IFind宝城期货金融研究所数据来源IFind宝城期货金融研究所图15深交所300ETF期权持仓量PCR图16沪深300股指期权持仓量PCR300ETF期权深交所沪深300股指期权500000160003000001400014000250000120004000001200020000010000300000100008000800015000020000060006000100000400010000040002000500002000000000002022-01-042022-01-282022-03-022022-03-282022-04-252022-05-242022-06-202022-07-142022-09-022022-09-292022-11-252022-12-212023-02-172023-03-152023-05-102023-06-052023-07-272022-08-092022-11-012023-01-172023-04-112023-07-032022-01-042022-01-282022-03-022022-03-282022-04-252022-05-242022-06-202022-07-142022-09-022022-09-292022-11-252022-12-212023-02-172023-03-152023-05-102023-06-052023-07-272022-08-092022-11-012023-01-172023-04-112023-07-03日认购持仓量日认沽持仓量日持仓量PCR日认购持仓量日认沽持仓量日持仓量PCR专业研究创造价值1116请务必阅读文末免责条款股指衍生品周报数据来源IFind宝城期货金融研究所数据来源IFind宝城期货金融研究所图17中证1000股指期权持仓量PCR图18上交所500ETF期权持仓量PCR中证1000股指期权500ETF期权上交所1400001400090000014000120000120008000001200070000010000010000600000100008000080005000008000600006000400000600030000040000400020000040002000020001000002000000000002022-09-192022-10-112022-10-262022-11-102022-11-252022-12-122022-12-272023-01-122023-02-032023-02-202023-03-072023-03-222023-04-072023-04-242023-05-122023-05-292023-06-132023-06-302023-07-172023-08-012023-08-162022-07-222022-08-102022-08-292022-09-162022-10-122022-10-312022-11-172022-12-062022-12-232023-01-122023-02-072023-02-242023-03-152023-04-032023-04-212023-05-152023-06-012023-06-202023-07-112023-07-282023-08-16日认购持仓量日认沽持仓量日持仓量PCR日认购持仓量日认沽持仓量日持仓量PCR数据来源IFind宝城期货金融研究所数据来源IFind宝城期货金融研究所图19深交所500ETF期权持仓量PCR图20创业板ETF期权持仓量PCR500ETF期权深交所创业板ETF期权25000020000160000020000140000020000015000120000015000150000100000010000800000100001000006000005000050004000005000200000000000002022-09-192022-10-112022-10-262022-11-102022-11-252022-12-122022-12-272023-01-122023-02-032023-02-202023-03-072023-03-222023-04-072023-04-242023-05-122023-05-292023-06-132023-06-302023-07-172023-08-012023-08-162022-09-192022-10-112022-10-262022-11-102022-11-252022-12-122022-12-272023-01-122023-02-032023-02-202023-03-072023-03-222023-04-072023-04-242023-05-122023-05-292023-06-132023-06-302023-07-172023-08-012023-08-16日认购持仓量日认沽持仓量日持仓量PCR日认购持仓量日认沽持仓量日持仓量PCR数据来源IFind宝城期货金融研究所数据来源IFind宝城期货金融研究所图21深证100ETF期权持仓量PCR图22上证50股指期权持仓量PCR深证100ETF期权上证50股指期权2500001200014000014000120000120002000001000010000080001000015000080000800060001000006000060004000400004000500002000200002000000000002022-12-192022-12-292023-01-112023-01-302023-02-092023-02-212023-03-032023-03-152023-03-272023-04-072023-04-192023-05-042023-05-162023-05-262023-06-072023-06-192023-07-032023-07-132023-07-252023-08-042023-08-162022-12-192022-12-292023-01-112023-01-302023-02-092023-02-212023-03-032023-03-152023-03-272023-04-072023-04-192023-05-042023-05-162023-05-262023-06-072023-06-192023-07-032023-07-132023-07-252023-08-042023-08-16日认购持仓量日认沽持仓量日持仓量PCR日认购持仓量日认沽持仓量日持仓量PCR数据来源IFind宝城期货金融研究所数据来源IFind宝城期货金融研究所专业研究创造价值1216请务必阅读文末免责条款股指衍生品周报22隐含波动率上证50ETF期权2023年09月平值期权隐含波动率为1836标的30交易日历史波动率为1655上交所300ETF期权2023年09月平值期权隐含波动率为1743标的30交易日历史波动率为1580深交所300ETF期权2023年09月平值期权隐含波动率为1766标的30交易日历史波动率为1588沪深300指数期权2023年09月平值期权隐含波动率为1807标的30交易日历史波动率为1584中证1000指数期权2023年09月平值期权隐含波动率为1593标的30交易日历史波动率为1395上交所中证500ETF期权2023年09月平值期权隐含波动率为1588标的30交易日历史波动率为1331深交所中证500ETF期权2023年09月平值期权隐含波动率为1598标的30交易日历史波动率为1330创业板ETF期权2023年09月平值期权隐含波动率为2100标的30交易日历史波动率为1663深证100ETF期权2023年09月平值期权隐含波动率为1883标的30交易日历史波动率为1717上证50股指期权2023年09月平值期权隐含波动率为1828标的30交易日历史波动率为1645近期期权的隐含波动率有所上升对卖方较为有利图23上证50ETF期权波动率图24上交所300ETF期权波动率50ETF期权300ETF期权上交所55005000500045004500400040003500350030003000250025002000200015001500100010002022-01-042022-01-262022-02-242022-03-182022-04-132022-05-102022-06-012022-06-242022-07-182022-08-092022-08-312022-09-232022-10-242022-11-152022-12-072022-12-292023-01-302023-02-212023-03-152023-04-072023-05-042023-05-262023-06-192023-07-132023-08-042022-01-042022-01-262022-04-132022-05-102022-06-012022-06-242022-08-312022-09-232022-10-242022-11-152022-12-292023-01-302023-02-212023-03-152023-04-072023-05-262023-06-192023-07-132023-08-042022-02-242022-03-182022-07-182022-08-092022-12-072023-05-04标的30日历史波动率平值期权隐含波动率标的30日历史波动率平值期权隐含波动率数据来源IFind宝城期货金融研究所数据来源IFind宝城期货金融研究所图25深交所300ETF期权波动率图26沪深300股指期权波动率300ETF期权深交所沪深300股指期权50004000450035004000350030003000250025002000200015001500100010002022-01-042022-02-242022-03-182022-04-132022-05-102022-06-012022-06-242022-07-182022-08-092022-09-232022-10-242022-11-152022-12-292023-01-302023-02-212023-04-072023-05-042023-05-262023-06-192023-07-132023-08-042022-01-262022-08-312022-12-072023-03-152022-01-042022-02-242022-03-182022-04-132022-05-102022-06-012022-06-242022-07-182022-08-092022-09-232022-10-242022-11-152022-12-292023-01-302023-02-212023-04-072023-05-042023-05-262023-06-192023-07-132023-08-042022-01-262022-08-312022-12-072023-03-15标的30日历史波动率平值期权隐含波动率标的30日历史波动率平值期权隐含波动率专业研究创造价值1316请务必阅读文末免责条款股指衍生品周报数据来源IFind宝城期货金融研究所数据来源IFind宝城期货金融研究所图27中证1000股指期权波动率图28上交所500ETF期权波动率中证1000股指期权500ETF期权上交所35002800260030002400220025002000180020001600140015001200100010008002022-08-082022-08-232022-09-072022-09-232022-10-172022-11-162022-12-012022-12-162023-01-032023-02-092023-02-242023-03-132023-03-282023-04-282023-05-182023-06-022023-06-192023-07-062023-08-072022-07-222022-11-012023-01-182023-04-132023-07-212022-09-192022-09-302022-10-202022-11-022022-11-152022-11-282022-12-092022-12-222023-01-052023-01-182023-02-072023-02-202023-03-032023-03-162023-03-292023-04-122023-04-252023-05-112023-05-242023-06-062023-06-192023-07-042023-07-172023-07-282023-08-10标的30日历史波动率平值期权隐含波动率标的30日历史波动率平值期权隐含波动率数据来源IFind宝城期货金融研究所数据来源IFind宝城期货金融研究所图29深交所500ETF期权波动率图30创业板ETF期权波动率500ETF期权深交所创业板ETF期权28003500260024003000220020002500180016002000140012001500100080010002022-09-192022-09-192022-09-302022-09-302022-10-202022-10-202022-11-022022-11-022022-11-152022-11-152022-11-282022-11-282022-12-092022-12-092022-12-222022-12-222023-01-052023-01-052023-01-182023-01-182023-02-072023-02-072023-02-202023-02-202023-03-032023-03-032023-03-162023-03-162023-03-292023-03-292023-04-122023-04-122023-04-252023-04-252023-05-112023-05-112023-05-242023-05-242023-06-062023-06-062023-06-192023-06-192023-07-042023-07-042023-07-172023-07-172023-07-282023-07-282023-08-102023-08-10标的30日历史波动率平值期权隐含波动率标的30日历史波动率平值期权隐含波动率数据来源IFind宝城期货金融研究所数据来源IFind宝城期货金融研究所图31深证100ETF期权波动率图32上证50股指期权波动率深证100ETF期权上证50股指期权2200240020002200180020001800160016001400140012001200100010002022-12-282023-01-092023-01-182023-02-032023-02-142023-02-232023-03-062023-03-152023-04-042023-04-142023-04-252023-05-182023-05-292023-06-072023-06-162023-07-102023-07-192023-07-282023-08-172022-12-192023-03-242023-05-092023-06-292023-08-082022-12-282023-01-092023-01-182023-02-032023-02-142023-02-232023-03-062023-03-152023-04-042023-04-142023-04-252023-05-182023-05-292023-06-072023-06-162023-07-102023-07-192023-07-282023-08-172022-12-192023-03-242023-05-092023-06-292023-08-08标的30日历史波动率平值期权隐含波动率标的30日历史波动率平值期权隐含波动率数据来源IFind宝城期货金融研究所数据来源IFind宝城期货金融研究所专业研究创造价值1416请务必阅读文末免责条款股指衍生品周报3结论股指期货存量博弈格局股指震荡回调本周股指均延续高位回落走势主要由于政策落地力度不及预期发酵虽然15日央行超预期下调MLF利率但是市场认为这是对7月疲弱的新增人民币信贷数据的反应整体经济需求低迷和资本市场信心不足的情况难以根本扭转市场情绪高位回落海外维持高利率环境的预期升温压制外资风险偏好本周北向资金继续连续净流出且新发股票基金份额以及融资资金仍表现低迷股市资金以存量博弈为主短期内政策托底预期仍明确股指下方空间有限但政策力度仍旧保持定力股市增量资金有限股指上行动能亦不足短期内预计股指将以区间震荡为主ETF期权与股指期权卖出虚值认沽期权策略由于短期内预计股指以区间震荡为主上下空间均有限加上目前期权隐含波动率有所上升可以构建卖出虚值认沽期权策略或者双卖策略仅供参考不构成任何投资建议专业研究创造价值1516请务必阅读文末免责条款股指衍生品周报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除非另有说明宝城期货有限责任公司以下简称宝城期货拥有本报告的版权未经宝城期货事先书面授权许可任何机构或个人不得更改或以任何方式发送传播或复印本报告的全部或部分内容本报告所载的全部内容只提供给客户做参考之用并不构成对客户的投资建议宝城期货认为本报告所载内容及观点客观公正但不担保其内容的准确性或完整性客户不应单纯依靠本报告而取代个人的独立判断本报告所载内容反映的是宝城期货在最初发表本报告日期当日的判断宝城期货可发出其它与本报告所载内容不一致或有不同结论的报告但宝城期货没有义务和责任去及时更新本报告涉及的内容并通知客户宝城期货不对因客户使用本报告而导致的损失负任何责任宝城期货建议客户独自进行投资判断本报告并不构成投资法律会计或税务建议或担保任何内容适合客户本报告不构成给予客户个人咨询建议宝城期货版权所有并保留一切权利专业研究创造价值1616请务必阅读文末免责条款