CSI 1000 will push futures options, is it an opportunity or a risk?

[ CSI 1000 will push futures options, is it an opportunity or a risk?

On June 22, the China Financial Futures Exchange CSI 1000 stock index futures and stock index options contracts and related rules solicited opinions from the public, and financial innovation took another step forward. Every time something new comes out in the stock market, it always makes people look forward to it.

The CSI 1000 is the most representative of small-cap stocks among the mainstream indices. Among the sample stocks, the largest market value is more than 40 billion, the smallest is only 3 billion, and the median is less than 10 billion. For those who are used to large-cap stocks In other words, full of “novel”.

But overall, the market value of a stock is positively correlated with its texture, and we need to be aware of this. Among the three indices of CSI 300, CSI 500 and CSI 1000, the CSI 1000 has the worst profitability, the CSI 1000 has the slowest long-term profit growth, and the CSI 1000 has the worst performance since 2015. . Not surprisingly, two basic laws in the business world are: 1. Big companies are the winners that survive, and the ones that prove more ability; 2. Small companies have a lower a priori probability of winning and are less competitive.

Therefore, from an investment point of view, the CSI 1000 Index should be a long-term weak index.

But not necessarily from a trading point of view, it has the characteristics of high volatility, which makes its derivatives more interesting. The introduction of stock index futures and options has brought new weapons to trade masters. If you use them well, you should be able to make a lot of money. This is like a new game in the casino, all the gamblers are very excited, although most people cry after the game is over.

Leveragers may say, who said that futures options are speculative tools, aren’t A Duan and Laoba also good at playing options? True, but they were playing stock options. If you are bullish on a company, but the current price makes you unbearable, selling a put option on it is a good way to reduce the cost of buying. As for stock index futures and options, I have not yet thought of the application method in the practice of value investing, please give me more guidance.

@中泰投資管理@Today’s topic @雪ball fund $中台星元 Flexible allocation of mixed A (F006567)

The above content only represents personal opinions and does not serve as investment advice. Please be rational.

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