Futures are commodities due for delivery, which are characterized by final delivery at the agreed time. The previous transactions were all false estimates, and the contract will be paid in kind when it expires.
Stock index futures are futures contract transactions based on stock indexes. At present, the Shanghai and Shenzhen 300 stock index futures launched by A-shares, whose subject matter is the Shanghai and Shenzhen 300 index. It will be clearer if you look down.
How did the stock index futures contract come into being?
At present, there are mainly four trading contracts in Shanghai and Shenzhen 300, which are the current month, next month, next quarter and next quarter, corresponding to the current June. These four contracts expire on the third Friday of June, July, September and 65438+February respectively. Once the contract expires, it will be delisted and a new contract will be generated, with the total amount unchanged. For example, in April 10, these four contracts are contracts in April, May, June and September respectively. On the third Friday of April, the April contract was delisted, and the four contracts became contracts in May, June, September and 65438+February respectively. Of course, China has not launched stock index futures in April. The above is just an example to illustrate the method of contract generation.
How to make money through stock index futures?
Let me talk about the emergence of stock index futures positions:
The trading of stock index futures is between bulls and bears, and the contract is also produced by the interaction between bulls and bears. For example, it's June and the index is 2600 points. You expect the index to reach 2800 points at the end of July, and the current price of stock index futures is 2650 points. Then you hang multiple orders and buy 10 hand stock index futures at no more than 2650 points. At this time, if someone just hung up the empty order, if no one else entrusts you at this time, you will be brokers, holding empty orders of 1f007 with multiple orders and 10 with 10 respectively.
If your opponent also opens a new position, then you two have created a 20-position 1f007 stock index futures contract.
If your opponent used to have more than 20 lots and he closed his position with 10, you only completed the transfer of 10 lots and 1f007 lots, but did not create a new contract position of 1f007 stock index futures.
All stock index futures positions are made by both bulls and bears, and futures companies are only responsible for matching transactions and collecting management fees.
Next, how to make money from stock index futures.
Take your position as an example. You bought 10 lots at 2650. Since the current price is 300 yuan/point, you need to pay the futures company 2650 * 300 *10 = 7.95 million. Fortunately, there is a margin trading system. You don't have to give him that much, according to the recent contract 15. Then you clinch a deal, hold it, and both you and your opponent firmly hold it due. By the close of the third Friday in June, the market position is 2830, and you are a long position, so the futures company needs to sell your 10 lot at the actual closing price of the Shanghai and Shenzhen 300 Index at the time of delivery, and you need to get 2830*300* 10=849 cash from the futures company, regardless of the handling fee. Since the opening ratio is 85%, that is, 7950000 * 85% = 6757500, the futures company will eventually give you 8490000-65757500-1192500 in addition to the margin.
You earned this 540 thousand
Your yield is (54/119.25) *100% = 45.28%.
During the same period, the market rose (2830-2650)/2650=6.79%.
On the other hand, if your opponent holds 10 short position on the delivery date, the securities company will use his margin to buy your 10 short position. When he is short, he pays a margin of 1 192500 (just like you), and he adds a margin every day when the stock index closes up. By the delivery date, the final value of the deposit he paid was 28. When I was short, I got 7.95 million cash and put it in a futures company. By the delivery date, he needs to spend 2830 * 300 * 10 = 8.49 million repurchase10 contract. As a result, the futures company returned his deposit to him.
In other words, stock index futures is a gambling behavior regardless of transaction costs. What you earn in stock index futures must be lost by other stock index futures investors.
Of course, you don't have to hold a position until the delivery date, but you can always choose to buy a short position and close a long position, or buy a short position at any time. For the above example, you can buy 10 empty order to close your position at any time. Margin and profit are also settled daily, not simply on the delivery date as in the above example. If the balance of funds in your account is insufficient to pay the deposit after deducting the losses caused by price fluctuation, your position will be closed.
The above is only a simple explanation, for understanding only, and is not suitable for guiding operation.