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期权交易

异价跨式组合(strangle)
指包含不同行使价但相同到期日的看涨期权和看跌期权的期权策略,在价格突破(升破或跌破)某一区间时可以获利,实际上这是一种对价格波动的赌注。
损益结构如下:

【Company Research】SANY International (631 HK) - Good crisis management to remove impact of power suspension; Solid coal mining equipment order intakes

SANYI held a conference call last Friday to update the latest development of 期权交易 power suspension: (1) The Company has already shifted more than half 期权交易 of the production process to nighttime which is free from power outage; (2) The switch to suppliers outside Liaoning will help secure component supplies; (3) The Company saw good order intakes of road headers and other coal mining machines. We believe SANYI demonstrates good crisis management to mitigate the impact and put the capacity utilization rate back to normal within a short period of time. We maintain our TP of HK$14.3 (based on 23x P/E, on the back of 23% earnings CAGR in 2021E-23E). Reiterate BUY.

What’s the latest situation ? SANYI suffered from an unscheduled power outage 期权交易 on 23 Sep in Liaoning production base. However, situation improved starting 24 Sep, as staggering power usage ( 期权交易 错峰用电 ) is applied while unscheduled outage will not happen again according to Liaoning government. SANYI has 期权交易 shifted more than half of the production process to the nighttime, for both Liaoning and Guangdong factories. In 期权交易 Changsha factory (mainly small-size port machinery), power consumption is not high, and the power supply is secured by the local government.

What will be the change in expense? The shift of production work to the night time will increase the labour cost but such increase will be offset by the lower power expense due to the lower tariff at night time. SANYI estimates the annual electricity expense to be ~RMB50mn.

Impact on the supply chain? SANYI has visited 76 suppliers for mining equipment 期权交易 components in Liaoning, among which 11 suppliers are affected by the power outage (in particular, the cast 期权交易 metals manufacturers) . In response to such situation, SANYI has helped some of the suppliers to install independent power generation sets. Besides, SANYI has expanded the procurement from 期权交易 the suppliers located in Dalian and 期权交易 the surrounding regions.

Strong order intakes. The monthly order of road header is ~60 sets this year, compared with ~40 sets last 期权交易 year. Besides, ~30% of the 期权交易 orders are for intelligent models. For the entire coal mining equipment segment, orders have already covered the capacity in 1Q22E. For port machinery, SANYI saw 60% YoY sales growth of large-size port machinery over the past couple of months.

Major risk factors: (期权交易 1) weakness in mining activities; (2) higher-than-expected expense to drive the 期权交易 introduction of new products; (3) unexpected power outage.

关于 11.5 亿美元 ETH 期权到期的预期


由于供应短缺提供所需的支持,这可能是支持以太坊价格在当前(1800美元)水平的关键。此外,DeFi 代币正在反弹至 2020 年的水平,ETH 在DeFi 中的 TVL 在 30 天内增长了 8% 以上。这是过去 90 天中相对较高的 TVL 增长。也是以太坊价格反弹的看涨迹象,当时LINK、UNI、COMP在不到24小时内就上涨了接近10%。市值和波动性增加的 DeFi 令牌是以太坊价格和交易量增加的原因之一。


即将到来的期权到期可能导致大幅回调,价格可能会跌破1600美元,11.5亿美元期权到期对现货交易所的直接影响可能是价格下跌,并为零售交易者打开买入机会,然后再触及之前的ATH。但是,一旦比特币开始横向交易(ETH和BTC在市场周期的这个阶段高度相关,超过80%)阿尔特币可能再次开始反弹,由 Defi 代币和 Eth 领导, 可能在接下来的几周内击中新的 Ath 。

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跨式期权组合(straddle)与异价跨式期权组合(strangle)
期权组合是指至少包含一份看涨期权(call)和一份看跌期权(put)的期权组合,组成部分可单独履行或交易。期权组合可以作为投资者按照对市场走势判断下注的工具,亦可当作降低期权费(premium)成本的手段。
跨式期权组合(straddle)与异价跨式期权组合(strangle)是两种常见的期权组合。本质同样是在“赌”一种看法,在交易一种观点。
跨式期权组合(straddle)
指一种包含相同的行权价和到期日的看涨期权和看跌期权的期权策略。这种策略通过在市场上涨时履行看涨期权,而在下跌时履行看跌期权,而使期权的购买者享受价格较大幅度波动的好处。风险是如果价格只小幅波动,价格的变化过小,无法抵偿购买两份期权的成本。
损益结构如下:

异价跨式组合(strangle) 期权交易
指包含不同行使价但相同到期日的看涨期权和看跌期权的期权策略,在价格突破(升破或跌破)某一区间时可以获利,实际上这是一种对价格波动的赌注。
损益结构如下:

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