Now the price of Shanghai and Shenzhen 300 is 37 10 (intraday price in May 10).
But now the contract price of Shanghai and Shenzhen 300 stock index futures in 65438+February has risen to about 5900. That is to say, if you short the stock index futures in 65438+February at 5900 points, the stock index futures contract in 65438+February will be settled at the closing price of the day after the third Friday of 65438+February. Suppose the closing price of the day (the third Friday of June, 65438+February) is 5500, then the first-hand profit and loss of the contract you sold in early May is calculated as: 1 lot *400 points *300 yuan/point = 120000.
Premise-suppose you buy 6.5438+0 million shares now, most of which are heavyweights of the Shanghai and Shenzhen 300 Index, which means that your stock will definitely rise when the market rises. And the ups and downs are similar. . . . . So now you can do it like this:
At present, the price of the Shanghai and Shenzhen 300 Index is 37 10 (the intraday price in May was 10), but the stock index futures price 12 has risen to 5900. Hey, hey, now we boldly hold shares and dance with Zhuang! With the short term index of 65438+February, the investment margin is about 1 60,000 yuan (assuming the calculation method is 5900*300 yuan/point * 10%), then you have effectively hedged the10,000,000 shares you bought, which can completely prevent the losses caused by the future stock market decline! ! ! ! ! ! !
Why can I? Suppose the stock market falls two months later, and the stock index falls faster and more in June 5438+February, and the profit of the stock index can almost far exceed the shrinkage loss caused by your stock.
Suppose that on the third Friday of 65438+February, the Shanghai and Shenzhen 300 Index rose to 5800 points, and the stock index was finally fixed at 5800 points, then your stock must have earned a lot, and the futures index also earned: (5900-5800)X300=30000 yuan.
If the Shanghai and Shenzhen 300 Index rises to 6000 points, then the stock return is roughly calculated as: (6000-37 10)/37 10 times 100000, and the result is = 617,000. Loss on stock index futures: (6000-5900)*300 yuan/point = 30,000. After hedging, the profit is still as high as 587 thousand! ! ! ! !
Because of the use of margin system, futures investment is better than the financing (commonly known as overdraft) in stock trading in previous years, which is 10 times financing! So if the operation is not good, the risk is great. For example, in the above case, just buying a stock index can hedge or arbitrage the spot of 654.38+0 million. The investment is only 6.5438+0.6 million. . . . . .