股指和大宗商品期货期权衍生品跟踪：股指期权VIX略微下行

中信建投证券股...2025-07-16

核心观点：中证1000、沪深300、中证500、沪银期货的成交比较活跃，中证1000指数、南方中证500ETF、华泰柏瑞沪深300ETF、原油、白糖的期权成交较为活跃。上证50和沪深300期货的基差率从较大负值向0轴收敛、风险偏好修复，中证500和中证1000的期货的基差率从较大负值修复后再次扩大，偏悲观。期权方面，上证50和沪深300看跌期权隐含波动率下降，看涨期权隐含波动率有所抬升，悲观情绪...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025071615393497a8236f&s=b><strong>中信建投证券股...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>核心观点：中证1000、沪深300、中证500、沪银期货的成交比较活跃，中证1000指数、南方中证500ETF、华泰柏瑞沪深300ETF、原油、白糖的期权成交较为活跃。上证50和沪深300期货的基差率从较大负值向0轴收敛、风险偏好修复，中证500和中证1000的期货的基差率从较大负值修复后再次扩大，偏悲观。期权方面，上证50和沪深300看跌期权隐含波动率下降，看涨期权隐含波动率有所抬升，悲观情绪...</p>\n\n<a 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VIX高位下降到历史中位水平，近期近期持仓量和成交量抬升，持仓量认购认沽比在历史中位水平震荡。白银：沪银期货，各合约的基差率呈现升水状态，成交量和持仓量上升、多空持仓比上升、库存抬升。沪银期权，看跌期权的隐含波动率高于看涨期权，历史波动率和VIX下降，近期持仓量抬升，成交量认购认沽比上升。铜：沪铜期货，各合约的基差率呈现贴水状态，成交量和持仓量抬升、库存下降。沪铜期权，看跌期权高于看涨期权的隐含波动率，历史波动率下降、VIX抬升，近期持仓量和成交量抬升，看涨期权隐含波动率高位回落。螺纹钢：螺纹钢期货，各期合约基差率呈现升水状态，近期持仓量和成交量上升，库存上升。螺纹钢期权，近月看涨期权的隐含波动率高于看跌期权，远月看跌期权的隐含波动率略高，历史波动率下降、VIX低位抬升，近期持仓量和成交量抬升，认购认沽比抬升。风险提示：期权模型的信号为期权市场行为人一致预期的提取再加工，模型基于期权市场的信息给出配置建议","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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