Answer the first question first: (Why not divide it by the current price of 3. 18 futures at 2700 points and close the futures later? )

The first requirement of hedging is to determine the number of futures contracts and ensure that the value changes of futures and spot positions are roughly the same. Because it is assumed that the price changes of the same number of futures are roughly the same, as long as the number of futures and spot is equal, it can be done.

In this question, the spot corresponding to stock index futures is the Shanghai and Shenzhen 300 Index. First of all, we have to calculate the quantity of goods, that is,10000000/(2300 * 300) =145 copies in the above article.