A futures index is a futures index. Stock index futures is a common futures index with the following characteristics: the subject matter of stock index futures is the corresponding stock index. So, what are the investment strategies of stock index futures? Today, Bian Xiao compiled some stock-related knowledge for everyone. Let's have a look!

Investment methods of stock index futures

First, the volume of transactions decreased, positions decreased and prices rose. This means that the long and short wait-and-see atmosphere is strong, reducing transactions, lightening positions and raising prices. It means that short sellers admit defeat and take the initiative to cover their positions (that is, buy hedging) to push up prices, which leads to price increases in the process of lightening their positions. However, the off-site bulls did not enter the market, and the short-term price went up, but it is likely to fall back soon.

Second, the volume of transactions increased, positions decreased and prices rose. This combination shows that the empty side has taken the initiative to close the position. If it appears at the bottom, it shows that the price has risen slightly, because the price has fallen to the bottom, and the empty side has a good mentality, while many parties are worried and will not pull up immediately. If it appears at the top, bears are eager to close their positions and chase the price level, while bulls only passively close their positions at high positions and do not actively suppress their forces, thus showing the characteristics of a sharp rise in prices. At this point, it shows that both short positions and long positions are in a large number of positions, and prices will fall.

Third, the volume of transactions increased, positions increased and prices fell. This means that both long and short positions add positions, but short positions take the initiative to add positions and sell at the price. The reason why sellers dare to chase is because they judge that there is still a lot of room for price decline. However, bulls are unwilling to admit defeat and passively add positions at low positions, and prices may fall in the short term. However, if this combination is oversold and seriously deviates from the average price in the short term, it will lead to short-term speculators and new multi-party intervention. In addition, some old empty cash will increase in price, and V-shaped reversal is more likely.

Investment strategy of stock index futures

The main market operation strategies of stock index futures can be divided into three basic types: hedging, arbitrage and speculation.

There are still some operational difficulties in practice, so it is often difficult to achieve real arbitrage when there is an inverse spread in the futures market. This method is mainly suitable for investors who have certain financial strength but require low risk, so that they can obtain relatively stable expected annualized income.

There are many types of arbitrage, such as intertemporal arbitrage (arbitrage between contracts in different months), cross-market arbitrage (arbitrage between different exchanges), cross-variety arbitrage (arbitrage between different trading varieties), spot arbitrage (arbitrage between futures and spot) and so on.

When there is a forward spread between futures and spot prices, investors can short stock index futures and buy a basket of stock spot portfolios at the same time. When the spread between them converges, they can close their positions and make profits. Similarly, investors can operate in the opposite direction when the spread is reversed, but considering that the short position of securities lending is

Quantitative investment strategy

1, quantitative stock selection. Quantitative stock selection is an act of judging whether a company is worth buying by quantitative methods. According to a certain method, if the company meets the conditions of this method, it will be put into the stock pool, and if it does not, it will be removed from the stock pool. There are many ways to quantify stock selection. Generally speaking, it can be divided into three categories: company valuation method, trend method and capital method.

2. Quantify the timing. The predictability of the stock market is closely related to the efficient market hypothesis. If the efficient market theory or efficient market hypothesis is established, the stock price fully reflects all relevant information, and the price changes follow a random walk, so it is meaningless to predict the stock price. Many studies have found that there is a nonlinear correlation in the index return of China stock market besides the classical linear correlation, thus denying the hypothesis of random walk, and pointing out that the fluctuation of stock price is not completely random, which seems to be random and chaotic, but behind its complex surface, there is a deterministic mechanism, so there is a predictable component.

3. Stock index futures arbitrage. Arbitrage of stock index futures refers to the behavior of taking advantage of the unreasonable price of stock index futures market, participating in the trading of stock index futures and stock spot market at the same time, or trading different (but similar) types of stock index contracts at the same time to earn the difference. The arbitrage of stock index futures is mainly divided into two types: spot arbitrage and intertemporal arbitrage. The research of stock index futures arbitrage mainly includes spot construction, arbitrage pricing, margin management, impact cost, component stock adjustment and so on.