大宗商品高波动下的场外期权发展现状及实战经验分享| CFAC期货市场创新论坛
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大宗商品高波动下的场外期权发展现状及实战经验分享| CFAC期货市场创新论坛
大宗商品高波动下的场外期权发展现状及实战经验分享|&CFAC期货市场创新论坛
日 23:00:38
本文为2016年中国期货市场研究与创新发展论坛的会议纪要专题系列之一，主题为“场外期权市场发展现状及展望”。主讲嘉宾为凯丰投资高级金融工程师林更雄，研投菌整理林先生主题发言如下，并附上主讲完整视频，时间约为22分钟。本次活动由中国期货分析师俱乐部（CFAC）主办，大连商品交易所支持，上海中期期货承办，凯丰投资、对冲研投协办。对冲研投团队将在接下来三天中继续整理推出《期货资管业务应对与发展》、《期货+保险业务发展现状及其前景展望》和《商品指数发展对期货市场的影响》这三大主题的主讲和圆桌论坛完整纪要，敬请期待。#可能是国内最走心的一次场外期权专题分享#主讲嘉宾 | 林更雄 凯丰投资高级金融工程师 会议时间：日整理编辑 | 对冲研投团队 转载请联系后台授权特别鸣谢：凯丰投资（微信ID：kfinvestment）# 林更雄主题演讲高清无码视频（时长：22 min，建议流量下观看）#&br&&p&&p style='min-height: 1 color: rgb(62, 62, 62); text-align: line-height: 1.5 margin: 0em 1 background-color: rgb(255, 255, 255);'&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&br&&/p&&p style='text-align: margin: 0em 1 line-height: 1.5'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&林更雄：大家好，我是凯丰投资的林更雄，主要负责凯丰的场外期权的业务。今天我给大家分享场外期权市场的发展与未来的展望，立足于私募公司，因为我们凯丰是一个私募公司，我们的观点未必能够覆盖整个行业不同机构对这个事情的看法，但是我们也希望能抛砖引玉，大家多多交流。&/span&&/p&&p&&br&&/p&&p style='text-align: margin: 0em 1 line-height: 1.5'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&我的PPT分三部分：&/span&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&br&&/p&&p&&br&&/p&§ion data-role='outer' label='Powered ' style='line-height: 25.6 white-space: color: rgb(62, 62, 62); font-family: 微软雅黑; text-align: background-color: rgb(255, 255, 255);'&§ion style='padding-top: 4 padding-right: 10 padding-bottom: 4 border-top-width: 2 border-top-style: border-bottom-width: 2 border-bottom-style: display: inline-'&§ion style='margin-top: -8 display: inline- float: width: 60 background-color: rgb(254, 254, 254);'&§ion data-width='100%' style='display: width: 60 color: border-color: rgb(72, 192, 163);'&§ion style='display: table- line-height: 1'&&span style='font-size: 14'&&strong&&span style='font-size: 32'&&em class='' data-original-title='' title=''&1&/em&&/span&&/strong&&/span&&/section&&/section&&/section&&span style='font-size: 14'&&strong&做市商的现状&/strong&&/span&&/section&&p&&br&&/p&&/section&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&凯丰投资于2015年底推出场外期权业务，公司做场外业务立足于服务实体产业，就是我们的产业客户，他们有规避市场剧烈波动的需求，我们公司也希望借此机会服务好产业客户。到2016年上半年为止，凯丰在场外期权的成交量在15万吨，名义金额是10亿左右，主要交易的品种是L和PP，M、PTA和螺纹钢也会有一点，但是主要的交易品种还是L和PP两个。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&我们对现在场外市场的做市商的现状是这样认为的，因为&strong&场外市场现在仍处于培育阶段&/strong&，大部分机构要么是在国外招做场外业务的团队回来，要么找一些金融工程的硕士或者博士人回来组建团队，所以投资比较大，大家也比较重视这一块。因为上半年的市场波动比较剧烈，而且客户对场外期权的认识也处在慢慢接受的过程中，他们对场外期权的认识非常初级，所以&strong&业务你说要把它作为主要盈利，暂时是达不到的&/strong&，我们现在更多的是公司机构之间都是大力的支持这个业务，但是主要是以培养自己的团队，培育市场为主，并不以盈利作为他们的主要目的。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&刚开始推出场外期权的时候大家的报价比较混乱，有些报的比较高，有些报的比较低，条款也不透明。现在随着竞争的加剧，各个品种上的主要做市商的报价已经趋于相近，因为如果相差特别远的话，客户也容易接触到各家机构的报价，如果你报得太离谱，也不愿意跟你做。在个别品种上L和PP，他们的***价差现在已经到了较低的水平，有些机构已经到了0.04的水平，已经是非常低的水平了。但像农产品和黑色这些品种，上半年的波动就远远超过历年来的最高值，这对做市商来说，是很难对冲的。这些品种的***价差目前还是比较大，特别是在国内对冲工具比较缺乏的情况下。L和PP上半年波动相对较小，所以***价差经过一段竞争现在已经降到比较低的水平。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&大部分机构都在开展个性化产品的设计，场外业务大部分是个性化的设计，例如我们接触到一些贸易商，他们对场外期权不了解，但是他们对保价非常有兴趣，因为他们的下游客户对保价非常有兴趣，他们愿意和我们合作，&strong&他们希望我们为他们设计一些保价的产品，把期权嵌入这种销售合同中，达到保价的作用，这种产品在一些基差贸易做得比较多的品种上是很有吸引力的。&/strong&&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&另外我们&strong&做市商也会给产业客户制定避险方案&/strong&，他们会跟我们做市商深入了解，甚至会把他们的销售计划跟库存情况跟我们透露，我们会反过来通过对期权领域的了解，给他们设计符合他们需求的避险方案。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&一些像跨期价差、跨品种价差、亚式期权已经开始有做市商在做，跨期价差，跨品种价差，这两个产品推出来，现在的成交量也不会特别多，这些合约更加适合于一些私募机构，因为他们对跨期价差和跨品种的价差套利有兴趣，亚式期权推出主要是为了降低成本，特别是现在期货+保险，如果希望长期锁定均价的风险，亚式期权能够达到这个目的，它会比普通的欧式期权或美式期权的价格降低很多，亚式期权在未来的发展，特别是在期货+保险业务上发展前景可能会更大。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&虚值期权成交量目前相对比较小，个人感觉现在做市商对场外期权推广更多的是跟期货作为类比，期货本来就是一个对冲工具，不能说我用期权来完全替代你期货的功能，这是不合理的。本来期货的存在的一个作用就是规避风险，我们期权也是有作用，但是我不是说完全用期权去做了你期货的事情。我更认为&strong&期权其实是作为一个产业客户作为公司的保险，更应该引导客户去买一些虚值的期权，客户并不需要这个期权一定要生效，生效可能是他们更加不希望发生的事情，因为这个虚值的期权是作为他们企业生死存亡的一个保险&/strong&。我们应该更多的引导客户去做一些虚值期权的交易。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&strong&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&做市商现在面临的很大问题就是对冲难度增加&/span&&/strong&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&，上半年在黑色跟农产品上就体现得特别明显，他们的波动都远远高于历史波动水平。特别是年初卖了三个月的农产品或者黑色之类的远期的场外期权端亏损可能是比较难受，他们大部分裸了很多Gamma的风险，另外还有Vega的风险，特别是波动剧烈上涨时，国内也没有很好的对冲工具。国内上半年主要是资金因素，股市比较低迷，大部分投资资金都涌入到期货市场。&/span&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&&br&&/span&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&供给侧改革的政策因素对我们大宗商品的影响是非常大的，还有美联储加息的进程。另外还有日内程序化交易，仔细看的话，很多商品你在日内程序化交易的足迹非常之明显，有时可能有些品种日内已经跌了很多，到了尾盘你会看见很有规律的慢慢平仓，然后上去，对做市商来说对冲起来是难度也就增加了。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&strong&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&缺乏对冲工具明显，现在大部分情况我们是作为一个场外期权的卖方，客户主动卖期权给我们的频率是相对较小。&/span&&/strong&&strong&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&长期作为期权的卖方，会累计很多的Gamma风险，Vega风险等，很多时候即使Delta的风险也不一定能很好对冲。&/span&&/strong&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&像端午节过后豆粕一开盘就涨了3%，尾盘大概涨5%，如果你不用美豆去对冲的话，基本上无法规避这个风险，我们只能开盘就已经认亏，如果你当时已经卖了一些期权给客户的话。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&做市商在场外期权的风控，一般包括控制卖出名义本金的金额，VAR的方法，情景分析的方法，，限制希腊字母风险暴露的方法等。普遍的情况是每个做市商对自己的风险有个衡量，会控制卖出的名义本金金额，Delta、Gamma、Vega的裸露控制在一定的范围，如果超过规定的范围，就会转给同业，其实这等同于做市商在做风险共担的事情，特别是在场内市场还没发展起来的情况。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&期权销售中间成本较高，特别是对私募机构参与场外期权业务影响较大，这是我们切实感受到的。有些期货公司对保证金收取比较高，对于我们私募公司的做市商来说，资金利用的效率太低。当然也有像南华这样的期货公司，对我们的授信较高，资金利用率相对高一些。但有些期货公司收取客户的权利金不是在成交时就打给我们，还要收取我们较高的履约保证的保证金。这样对我的资金成本来说是非常高的，而且特别是在场外业务现在还处于萌芽培育阶段的时候，可能盈利就不会特别好，或者说盈亏平衡，但是你还要资金成本那么高，对于我们的负担是挺大的。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&客户不一定能在他们所知道的最优的价格上成交，因为我们有遇到这种情况，客户看到我们的报价想跟我们做了，我们说行，麻烦你到期货风险子公司开户，发现那个期货风险子公司后来反馈说他不能以我们的价格成交，因为那个公司已经跟这个客户有过合作，不能以凯丰给的报价去成交，只能以这个期货公司的报价，但是这个期货公司的报价相对贵一些，所以客户就给我们反馈，很奇怪，因为他能看到比较优的报价，结果他们还是不能以那个报价成交，最终这种销售中间的成本导致客户的流失。这是我对场外做市商现状的看法。&/span&&/p&&p&&br&&/p&§ion data-role='outer' label='Powered ' style='line-height: 25.6 white-space: color: rgb(62, 62, 62); font-family: 微软雅黑; text-align: background-color: rgb(255, 255, 255);'&&p style='text-align: margin: 0em 1'&&br&&/p&§ion style='padding-top: 4 padding-right: 10 padding-bottom: 4 border-top-width: 2 border-top-style: border-bottom-width: 2 border-bottom-style: display: inline-'&§ion style='margin-top: -8 display: inline- float: width: 60 background-color: rgb(254, 254, 254);'&§ion data-width='100%' style='display: width: 60 color: border-color: rgb(72, 192, 163);'&§ion style='display: table- line-height: 1'&&span style='font-size: 14'&&strong&&span style='font-size: 32'&&em class='' data-original-title='' title=''&2&/em&&/span&&/strong&&/span&&/section&&/section&&/section&&span style='font-size: 14'&&strong&客户现状&/strong&&/span&&/section&&p&&br&&/p&&/section&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&客户的认知程度较低，他们可能对期权的基本因素、基本策略没有概念，更难以接受期权。部分期货行业可能连期货套保都不做，更别提做期权了。普遍抱着别人做我就跟着做，别人不做我也不做的态度。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&产业客户对一对一的场外业务的履约保障有一点担忧，特别是对我们私募公司，对期货公司可能还好。我们每次都要给他们解释说，我们是会通过期货风险子公司去做，我们会一直缴纳保证金，你们是相对安全的，他们对这块还是有一点疑虑的。如果我们交易做多了的话，相对好一点，刚开始接触的时候会对这一块有疑虑。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&客户难以区分各家报价，他们有时会对报价很难区分哪个是比较优，因为每家的报价到期日可能不一样，节假日算不算进去大家也没有约定，提解是否返还时间价值，以及***价差等都可能不一样，这种情况下客户需要花费大量的时间去比较哪家的报价比较优，很可能错过你交易的时机，这个单子可能就做不了了。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&客户现在对期权的价格比较敏感，特别是上半年的情况，上半年的情况对场外业务有好有坏，好的地方是终于客户理解到市场的波动可能会很剧烈，坏的地方就是波动上去了，我们做市商的隐含波动率得调上去，价格可能贵了，客户可能又不愿意成交了，&strong&客户普遍抱着做场外期权的心态是这样的，他们觉得我现在已有的利润我愿意分一部分给你去做场外期权，但是如果你要我大部分的利润，利润可能覆盖不了你的期权成本，他是不愿意做的&/strong&，像螺纹，如果期货升水的时候，他们做期现套利的话，好好的，也没必要做什么场外期权。因为他会觉得期现套利的话还得三个月去修复这个期现价差，做场外期权的话，买入平值看跌一个月的权利金可能就占了期现价差的很大一部分，更别提是需要买三个月的期权。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&另外一种选择期权组合降低期权费用。跟他们了解下来，他们对期权确实是不太了解，但也觉得这个新事物未来发展前景是挺大，大家也开始携手慢慢研究做这个事情。他们希望我们了解这块的人可以提供专业的建议给他们，例如有好几家贸易商对保价合同比较感兴趣，希望将期权隐含到销售合同中，达到为下游客户保价的效果。还有就是套保方案、补货方案等，例如一些贸易商在高位卖了货想在低位补货，他们会咨询我们在什么时候做比较好，因为我们毕竟是投资为主的私募公司，对行情会有一定的预判，他们愿意和我们开展场外期权的业务，但前提是希望我们能提供专业的意见给他们做为指导。&br&&/span&&/p&&p&&br&&/p&§ion data-role='outer' label='Powered ' style='line-height: 25.6 white-space: color: rgb(62, 62, 62); font-family: 微软雅黑; text-align: background-color: rgb(255, 255, 255);'&§ion style='padding-top: 4 padding-right: 10 padding-bottom: 4 border-top-width: 2 border-top-style: border-bottom-width: 2 border-bottom-style: display: inline-'&§ion style='margin-top: -8 display: inline- float: width: 60 background-color: rgb(254, 254, 254);'&§ion data-width='100%' style='display: width: 60 color: border-color: rgb(72, 192, 163);'&§ion style='display: table- line-height: 1'&&span style='font-size: 14'&&strong&&span style='font-size: 32'&&em class='' data-original-title='' title=''&3&/em&&/span&&/strong&&/span&&/section&&/section&&/section&&span style='font-size: 14'&&strong&展望&/strong&&/span&&/section&&p&&br&&/p&&/section&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&做市商分工，每个做市商在不同品种上会有不同的优势，例如这个品种上这个做市商配备的研究实力比较强，这个做市商的现货资源比较强大，最后可能形成每个品种上形成了若干个主要的做市商，做市商之间交换头寸的频率会增大，例如我在L和PP上比较有优势，我可能会把接到的豆粕的单转到豆粕上有优势的做市商那去，而他们也会反过来将一些L和PP的头寸给我们。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&服务比价格更重要，价格竞争下去是难以持续的，客户不会在意你两三块钱，十块钱可能也不会在意，但是你得给我提供好的服务，就给他具体的价位怎么操作，怎么设计合同，怎么设计产品。&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&产业客户加深对期权的认识，我相信期权的交易肯定会更加活跃，客户肯定不止做买方了，还想做卖方增加收益，期权契入销售合同的模式也会更普遍。像交易所很快会推出场内期权，&strong&其实场外期权现在做的是未来场内的业务，以后场内期权出来了，它的透明性会对一些做普通期权的客户更有吸引力，所以我们场外市场更多的会往奇异类、个性化的产品走，当然场内市场肯定也会成为场外市场很好的对冲工具。&/strong&&/span&&/p&&p&&br&&/p&&p style='text-align: line-height: 1.5 margin: 0em 1'&&span style='color: rgb(63, 63, 63); font-size: 15 line-height: 32 text-align: white-space: pre- background-color: rgb(255, 255, 255);'&这是我对场外市场的现状和发展的分享，谢谢大家。&/span&&/p&&p style='margin: 0em 1 text-align: line-height: 1.5'&&strong&&span style='font-family: 宋体;font-size: 14px'&&br&&/span&&/strong&&/p&&p style='margin: 0em 1 text-align: line-height: 1.5'&&strong&&span style='font-family: 宋体;font-size: 14px'&&br&&/span&&/strong&&/p&&p style='margin: 0em 1 text-align: line-height: 1.5'&&br&&/p&&p style='margin: 0em 1 max-width: 100%; min-height: 1 color: rgb(62, 62, 62); line-height: 1.75 text-align: box-sizing: border-box ! word-wrap: break-word ! background-color: rgb(255, 255, 255);'&&span style='max-width: 100%; font-size: 15 color: rgb(136, 136, 136); box-sizing: border-box ! word-wrap: break-word !'&－ END －&/span&&span style='max-width: 100%; color: rgb(63, 63, 63); font-size: 15 line-height: 1.75 box-sizing: border-box ! word-wrap: break-word !'& &/span&&/p&&p style='line-height: 25.6'&&br&&/p&&p&&br&&/p&§ion style='line-height: 25.6 white-space: max-width: 100%; box-sizing: border- color: rgb(62, 62, 62); word-wrap: break-word ! background-color: rgb(255, 255, 255);'&§ion class='' powered-by='xiumi.us' style='max-width: 100%; box-sizing: border- word-wrap: break-word !'&§ion class='' style='margin-top: 10 margin-bottom: 10 max-width: 100%; box-sizing: border- text-align: word-wrap: break-word !'&§ion class='' style='padding-right: 1 padding-left: 1 max-width: 100%; box-sizing: border- display: inline- word-wrap: break-word !'&&span class='' style='padding: 0.3em 0.5 max-width: 100%; box-sizing: border- display: inline- border-radius: 0.5 font-size: 14.08 color: rgb(255, 255, 255); word-wrap: break-word ! background-color: rgb(61, 74, 82);'&§ion style='max-width: 100%; box-sizing: border- word-wrap: break-word !'& 对冲研投知识库，&span style='max-width: 100%; color: rgb(255, 251, 0); box-sizing: border-box ! word-wrap: break-word !'&&strong style='max-width: 100%; box-sizing: border-box ! word-wrap: break-word !'&点击&/strong&&/span&直接查看&span style='max-width: 100%; font-size: 14.08 line-height: 22.528 color: rgb(248, 148, 39); box-sizing: border-box ! word-wrap: break-word !'&&strong style='max-width: 100%; box-sizing: border-box ! word-wrap: break-word !'& &/strong&&/span&&/section&&/span& &/section&§ion class='' style='margin-top: -1 padding: 20px 10px 10 max-width: 100%; box-sizing: border- border: 1px solid rgb(192, 200, 209); word-wrap: break-word ! background-color: rgb(239, 239, 239);'&§ion class='' powered-by='xiumi.us' style='max-width: 100%; box-sizing: border- word-wrap: break-word !'&§ion class='' style='max-width: 100%; box-sizing: border- word-wrap: break-word !'&§ion class='' style='max-width: 100%; box-sizing: border- font-size: 14 word-wrap: break-word !'&§ion style='max-width: 100%; box-sizing: border- word-wrap: break-word !'&&br style='max-width: 100%; box-sizing: border- word-wrap: break-word !'&&/section&&p style='max-width: 100%; box-sizing: border- min-height: 1 line-height: 1.75 text-align: word-wrap: break-word !'&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&【基本功】&/span&&a target='_blank' data-href='wscn' href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=29e24e03dd445f4a5f4358c6eaf54f98&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=29e24e03dd445f4a5f4358c6eaf54f98&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&&span style='max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&大宗商品投研方法论&/span&&/a&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 color: rgb(0, 128, 255); box-sizing: border-box ! word-wrap: break-word !'& | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=47d6fcecf554a#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=47d6fcecf554a#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; box-sizing: border-box ! word-wrap: break-word !'&期货投研框架思考&/a& | &/span&&a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=a6efce5ab6dc86a352dcb&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=a6efce5ab6dc86a352dcb&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&&span style='max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&独立思考&/span&&/a&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 color: rgb(0, 128, 255); box-sizing: border-box ! word-wrap: break-word !'& | &/span&&a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=5e1fdca4ca033cfe7f7b26&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=5e1fdca4ca033cfe7f7b26&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&&span style='max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&股市投研基本功&/span&&/a&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: box-sizing: border-box ! word-wrap: break-word !'& &/span&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 color: rgb(0, 128, 255); box-sizing: border-box ! word-wrap: break-word !'&| &/span&&a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=7f821f7b7d26f41db9ca98c&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=7f821f7b7d26f41db9ca98c&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&&span style='max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&宏观经济入门&/span&&/a&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 color: rgb(0, 128, 255); box-sizing: border-box ! word-wrap: break-word !'& | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=2&sn=6264692dbce94bd3d2a7eec&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=2&sn=6264692dbce94bd3d2a7eec&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; box-sizing: border-box ! word-wrap: break-word !'&量化交易入门&/a& | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=3&sn=d12b3a1c204a901df5f49c8ef394ddaf&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=3&sn=d12b3a1c204a901df5f49c8ef394ddaf&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; box-sizing: border-box ! word-wrap: break-word !'&豆粕期权&/a&基础 | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=4&sn=a65bf8fd271a3b61276c1&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=4&sn=a65bf8fd271a3b61276c1&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; box-sizing: border-box ! word-wrap: break-word !'&场外期权基础&/a& | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=4&sn=209c8c66fa2f1e82a0794&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=4&sn=209c8c66fa2f1e82a0794&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; box-sizing: border-box ! word-wrap: break-word !'&波动率期限结构&/a&研究 | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=3&sn=4e5ba3fb92d4d48b046d2a3b&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=3&sn=4e5ba3fb92d4d48b046d2a3b&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; box-sizing: border-box ! word-wrap: break-word !'&对冲基金商业模式&/a&&/span&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: color: rgb(0, 128, 255); font-size: 12 box-sizing: border-box ! word-wrap: break-word !'& | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=3&sn=e57b9e3c2feed8e&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=3&sn=e57b9e3c2feed8e&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&印度&/a&经济 | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=3&sn=2b673f9d0b6a96db4c384a3e453fe845&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=3&sn=2b673f9d0b6a96db4c384a3e453fe845&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&房价&/a&研究&/span&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 color: rgb(0, 128, 255); box-sizing: border-box ! word-wrap: break-word !'&| &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=6&sn=2fad189bff60&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=6&sn=2fad189bff60&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; box-sizing: border-box ! word-wrap: break-word !'&新三板估值方法&/a& | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=2&sn=b53dac9348feedf7269680&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=2&sn=b53dac9348feedf7269680&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; box-sizing: border-box ! word-wrap: break-word !'&美元投资手册&/a& | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=5&sn=3bc29f5c5bdfaf3ae746d68e&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=5&sn=3bc29f5c5bdfaf3ae746d68e&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; box-sizing: border-box ! word-wrap: break-word !'&如何调研上市公司&/a& | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=23c1b62f7f5fb5540bef452a357d402f&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=23c1b62f7f5fb5540bef452a357d402f&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; box-sizing: border-box ! word-wrap: break-word !'&K线图是什么&/a&&/span&&/p&&p style='max-width: 100%; box-sizing: border- min-height: 1 line-height: 1.75 text-align: word-wrap: break-word !'&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&【品种投研】&/span&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 color: rgb(0, 128, 255); box-sizing: border-box ! word-wrap: break-word !'&9月&/span&&a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=c5dc9a9eb&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=c5dc9a9eb&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&&span style='max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&钢厂调研&/span&&/a&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 color: rgb(0, 128, 255); box-sizing: border-box ! word-wrap: break-word !'& | &/span&&a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=b2d8d9464e12&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=b2d8d9464e12&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&&span style='max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&煤炭&/span&&/a&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 color: rgb(0, 128, 255); box-sizing: border-box ! word-wrap: break-word !'& | &/span&&a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=2&sn=449b05c85eaca05d78e5&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=2&sn=449b05c85eaca05d78e5&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&&span style='max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&9月USDA报告&/span&&/a&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 color: rgb(0, 128, 255); 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max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&&span style='max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&镍&/span&&/a&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: box-sizing: border-box ! word-wrap: break-word ! background-color: rgb(255, 255, 255);'& &/span&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 color: rgb(0, 128, 255); box-sizing: border-box ! word-wrap: break-word !'&| &/span&&a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=8d41dfa279eedb1e84e6282ab0dbd158&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=8d41dfa279eedb1e84e6282ab0dbd158&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&&span style='max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&原油&/span&&/a&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 color: rgb(0, 128, 255); box-sizing: border-box ! word-wrap: break-word !'& | 天胶 | 白银 | &/span&&a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=233bebf95ecc1f3a0ddb63&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=233bebf95ecc1f3a0ddb63&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&&span style='max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&煤焦钢大会&/span&&/a&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 color: rgb(0, 128, 255); box-sizing: border-box ! word-wrap: break-word !'& | &/span&&a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=2a46e86770ddba7c2fa8ca0befcb300b&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=2a46e86770ddba7c2fa8ca0befcb300b&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&&span style='max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&棉花调研&/span&&/a&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: box-sizing: border-box ! word-wrap: break-word ! background-color: rgb(255, 255, 255);'& &/span&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 color: rgb(0, 128, 255); box-sizing: border-box ! word-wrap: break-word !'&| &/span&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: color: rgb(0, 128, 255); font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&&a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=5c91ce336deac&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=5c91ce336deac&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&炼焦利润&/a& | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=2&sn=6a514c4d54ce73f9404512&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=2&sn=6a514c4d54ce73f9404512&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; box-sizing: border-box ! word-wrap: break-word !'&人民币贬值传导逻辑&/a& | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=2f255abe2bed4a5bf42b42&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=2f255abe2bed4a5bf42b42&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; box-sizing: border-box ! word-wrap: break-word !'&农产品价格运行规律&/a&-兴业证券 | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=4&sn=b9c18df6c19e217f55f50b4b73787b4f#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=4&sn=b9c18df6c19e217f55f50b4b73787b4f#wechat_redirect' style='color: rgb(0, 128, 255); 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line-height: 25.6 text-align: font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&【量化&交易策略】&a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=3&sn=fbbaa5c00e6e620cba9bac6&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=3&sn=fbbaa5c00e6e620cba9bac6&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&量化交易策略概览&/a&&span style='max-width: 100%; color: rgb(0, 128, 255); line-height: 25.6'& | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=ef19aeda28dd&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=ef19aeda28dd&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&Alpha策略构建基础&/a&&/span&&/span&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 color: rgb(0, 128, 255); box-sizing: border-box ! word-wrap: break-word !'& | &/span&&a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=7bcd62cbed0bd27aa38959&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=7bcd62cbed0bd27aa38959&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&&span style='max-width: 100%; line-height: 25.6 box-sizing: border-box ! word-wrap: break-word !'&事件驱动策略&/span&&/a&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: font-size: 12 color: rgb(0, 128, 255); box-sizing: border-box ! word-wrap: break-word !'& | &a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=4&sn=2ce8e32a1b805f7faf9f&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=4&sn=2ce8e32a1b805f7faf9f&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); max-width: 100%; box-sizing: border-box ! word-wrap: break-word !'&相对价值策略&/a& |&/span&&a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=e894baefcd8b9fcef0a098f4e960ab88&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=e894baefcd8b9fcef0a098f4e960ab88&scene=21#wechat_redirect' style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: box-sizing: border-box ! word-wrap: break-word !'&&span style='max-width: 100%; line-height: 25.6 font-size: 12 color: rgb(0, 128, 255); box-sizing: border-box ! word-wrap: break-word !'&大类资产交易 | 高频交易&/span& | &/a&&span style='max-width: 100%; font-family: 微软雅黑; line-height: 25.6 text-align: color: rgb(0, 128, 255); font-size: 12 box-sizing: border-box ! word-wrap: break-word !'&&a href='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=64aab473c6b2fb712ce6e528d8800c80&scene=21#wechat_redirect' target='_blank' data_ue_src='http://mp./s?__biz=MjM5MjU2ODM2NA==&mid=&idx=1&sn=64aab473c6b2fb712ce6e528d8800c80&scene=21#wechat_redirect' style='color: rgb(0, 128, 255); 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