1. Long bets on the same price, that is, the premium of bullish and bearish options is the same, so we assume that it is C, and then the price fluctuation of the underlying asset is greater than 2c, and it will be profitable. That is to say, whether the price of the underlying asset (usually stock) rises or falls from the date you buy the option to the expiration date of the option, as long as the fluctuation range is greater than 2c, you can make a profit, and the greater the fluctuation, the greater the profit. If the fluctuation range is less than 2c, it is a loss. And if the stock price has not changed, the maximum loss is 2c.

(The figure is similar to the characters of an inverted triangle.)

I don't understand this either. Let's put it this way.

If the spot price X is less than 88 yuan, if the futures contract is closed, the profit and loss will be 89-X. If the option contract is abandoned, the option fee 3 yuan will be lost, so the total profit and loss will be 86-X. Because X is less than 88, the loss will be less than 2 yuan.

If the spot price X is greater than or equal to 88 yuan, the futures contract will be closed in the futures market with a return of 89-X. As for options, the call option will have a return of x-88, the option fee will be 3 yuan, and the total profit and loss will be -2 yuan.

So we can see that the biggest loss of choosing such a structural contract is 2 yuan, that is, the total cost is locked in 2 yuan. Therefore, it can be considered that the portfolio option premium is 2 yuan.

In short, futures contracts must be flat, and options should be executed or not executed according to the current market price.

3.

First, it is feasible. The fixed interest rate of Company A is higher than that of Company B 1%, and Company B is 0.5% more expensive than Company A in the floating interest rate market, so the average cost can be reduced through swap.

B, reduce the financing cost by 0.5%. From the perspective of Company A and Company B, Company A originally needed a floating interest rate with a cost of LIBOR+0.25%, while Company B needed a fixed interest rate with a cost of 10%. Now, through the swap, the cost of company A has become LIBOR+0.75%, and the cost of company B has become 9%. So the total cost is reduced by 0.5%.

C, the range is greater than or equal to 9.5% and less than or equal to 10%. Theoretically, we can take an equal sign. In fact, if we take the equal sign, it is just like borrowing money directly from the bank, and we should not take it.

It can be understood that the cost of borrowing a loan with floating interest rate from the bank is 0.5% higher than that of borrowing directly from the bank, so if he wants to get this part of the cost back from the bank, then the interest rate of the money he lent to B is at least 0.5% higher than that of the bank, which is the lower limit. If it is lower than this, A will borrow it directly from the bank. The upper limit is the cost for B to borrow a fixed interest rate directly from the bank, which is 10%. If it is higher than this, B will borrow it directly from the bank. It can be seen that the total cost they can save together is 0.5%, and their negotiations can only be within this range.