China A-share market is about to launch a point in 300 yuan. If the market is 2200 now, it will cost 66000 in one hand. You can buy up or down. 10% deposit
Futures can be roughly divided into two categories, commodity futures and financial futures. The main varieties of commodity futures can be divided into three categories: agricultural futures, metal futures (including base metals and precious metals futures) and energy futures; The main varieties of financial futures can be divided into foreign exchange futures, interest rate futures (including medium and long-term bond futures and short-term interest rate futures) and stock index futures.
One of the main uses of stock index futures is to manage the risk of stock portfolio. The risk of stock can be divided into two categories. One is the unsystematic risk related to individual stock management, which can be dispersed by diversifying the portfolio. The other is the systemic risk related to macro factors, which cannot be eliminated by diversification, and is usually expressed by beta coefficient. For example, the beta value is equal to 1, indicating that the fluctuation of the stock or stock portfolio is the same as that of the broader market. For example, the beta value is equal to 1.2, indicating that the fluctuation of stocks or stock combinations is 20% greater than that of the broader market. For example, the beta value is equal to 0.8, indicating that the fluctuation of stocks or portfolios is 20% smaller than that of the broader market. By buying and selling stock index futures and adjusting the beta coefficient of stock portfolio, the systemic risk of portfolio can be reduced or even eliminated.
Another main use is that stock index futures can be used for arbitrage. The so-called arbitrage is to use the pricing deviation of stock index futures to buy the index components of stock index futures and sell them at the same time, or to short the index components of stock index futures and buy stock index futures at the same time, so as to obtain risk-free returns. Arbitrage mechanism can ensure that the price of stock index futures is within a reasonable range. Once deviated, arbitrageurs will enter the market to obtain risk-free income, thus pulling the price between them back to a reasonable range.
In addition, stock index futures can also be used as a leveraged investment tool. Due to the margin trading of stock index futures, as long as the direction is correct, it is possible to obtain high returns. For example, margin 10%, buy 1 CSI 300 index futures, as long as the stock index futures rise by 5%, you will earn 50%. Of course, if you judge the wrong direction and the futures index falls by 5% instead of rising, then investors will lose 50% of their principal.
Let's answer the question of margin financing and securities lending. Financing means borrowing money to buy securities. Securities companies lend money to customers to buy securities, and customers repay the principal and interest at maturity. Customers financing securities companies to buy securities are called "short selling".
Securities lending is to borrow securities to sell and then return them as securities. Securities companies lend securities to customers for sale, and customers return the same kind and quantity of securities at maturity and pay interest. Customers selling securities to securities companies are called "short selling".
At present, there are basically four popular financing and securities lending modes in the world: securities finance company mode, investor direct credit mode, securities company credit mode and registration and settlement company credit mode.