Strategic view
On Monday, the A-share indexes opened higher and went higher. As of the close, the Shanghai index rose 0.40%, the Shenzhen Component Index rose 0.67%, the gem index rose 0.87%, the Shanghai and Shenzhen 300 rose 0.57%, the Shanghai 50 rose 0.37%, and the China Securities 500 rose 0.63%. The number of gainers in the two cities was 2257, higher than the average value of 2155 last week and higher than 2231 in the previous trading day. The limit was 86, higher than the average value of 84 last week and lower than 88 the previous trading day. Northbound funds were net purchases of 5.365 billion yuan, with an average value of 9.767 billion yuan last week and 9.148 billion yuan the previous trading day. The turnover of the two cities was 1271.8 billion yuan, breaking trillion yuan for the 37th consecutive trading day. A-Shares rose and fell, and northward capital inflows narrowed significantly. Our previous analysis believes that the upward shock of A-Shares is the main tone. After continuous breakthroughs, A-Shares may usher in a short rest, but the index shock and structural market opportunities still exist. At the same time, for investors, blue chips will usher in new allocation opportunities.
Stock index futures trading strategy
Viewpoint: the futures position has increased significantly and the willingness to hedge funds has increased
(1) On December 13, the positions of if, IH and IC contracts were 209800, 111800 and 264300 respectively, with a day-on-day increase of 4.92%, 4.17% and - 1%;
(2) On December 13, the difference between the contract and spot price of if, IH and IC in the current month was -3.2 points, 0.93 points and -18.43 points, which was -21.08 points, - 8.84 points and -33.78 points compared with the previous trading day. Operation suggestions: if2112 mainly sells at high prices, with a support level of 5120 points
Option trading strategy
Viewpoint: the PCR value remains high, and there may be a correction in the short-term index
(1) On December 13, the PCR (positions) of 50ETF option, Huatai 300etf option, harvest 300etf option and 300 stock index option were 1.03, 1.22, 1.2 and 0.95 respectively. The PCR values of 50ETF and 300etf options rebounded slightly.
(2) On December 13, the implied volatility of 300etf option and 50ETF option were 15.6% and 17.1% respectively, and the implied volatility of 300etf option and 50ETF option remained low.
Operation suggestion: radical strategy: none at present; Steady strategy: investors can buy 300etf and sell it for 5000 in January and 4900 in January at the same time. The maximum profit of a single portfolio strategy is 783 yuan and the maximum loss is 217 yuan; Hedging strategy: None
Risk statement
1. Rapid cooling of market transactions; 2 short term panic continued to spread risk factors.
