Strategic view
On Tuesday, the stock indexes of the two cities of A-Shares fluctuated and consolidated. As of the close, the Shanghai index fell 0.53%, the Shenzhen Component Index rose or fell 0.50%, the gem index fell 0.05%, the Shanghai and Shenzhen 300 fell 0.67%, the Shanghai 50 fell 0.46%, and the China Securities 500 fell 0.39%. The number of gainers in the two cities was 2470, higher than the average value of 2285 last week and higher than 2258 in the previous trading day. The limit was 105, higher than the average value of 93 last week and 86 the previous trading day. The net purchase of northbound funds was RMB 6.026 billion, the average value of last week was RMB 3.023 billion, and the net purchase of the previous trading day was RMB 5.366 billion. The turnover of the two cities was 1142.6 billion yuan, breaking trillion yuan for the 37th consecutive trading day. A-Shares were slightly adjusted, and northbound funds continued to maintain net buying, but the buying scale was reduced. From the perspective of the market, the Shanghai stock index has adjusted for two consecutive trading days, but we think it belongs to the strong consolidation below the 3700 level, in order to repeatedly digest the short-term pressure. The recovery of social finance data in November means that the market has entered the stage of stabilizing credit. The continuous inflow of funds going north and the trillion transaction scale for 37 consecutive trading days. The combination of loose micro liquidity of A-Shares and macro stabilizing credit will not end the trend of a shares. For investors, seize the opportunity of adjustment and low absorption.
Stock index futures trading strategy point of view: futures turn into premium, short-term capital short kinetic energy is insufficient
(1) On December 14, the positions of if, IH and IC contracts were 199400, 107900 and 263200 respectively, with a day-on-day increase of – 4.96%, – 3.47% and – 0.43%;
(2) On December 14, the difference between the contract and spot prices of if, IH and IC in the current month was 9.7 points, 6.3 points and 8.07 points, 12.91 points, 5.37 points and 26.5 points higher than the previous trading day. Operation suggestions: ih2112 sell high and absorb low, support 3340 points and resistance 3390 points
Option trading strategy
Viewpoint: the implied volatility decreased slightly, and the index maintained a strong shock trend
(1) On December 14, the PCR (positions) of 50ETF option, Huatai 300etf option, harvest 300etf option and 300 stock index option were 0.97, 1.17, 1.14 and 0.91 respectively. The PCR values of 50ETF and 300etf options decreased slightly.
(2) On December 14, the implied volatility of 300etf option and 50ETF option were 14.9% and 16% respectively, and the implied volatility of 300etf option and 50ETF option decreased slightly.
Operation suggestion: radical strategy: none at present; Steady strategy: investors can buy 50ETF to buy 3400 in January and sell 50ETF to buy 3500 in January at the same time. The maximum profit of a single portfolio strategy is 739 yuan and the maximum loss is 261 yuan; Hedging strategy: None
Risk statement
1. Rapid cooling of market transactions; 2 short term panic continued to spread risk factors.
