在中国股市结束为期一周的假期并将于当地周二重新开市前,中国大盘股ETF-iShares(FXI)在盘前交易中出现10.49%的大跌。这一剧烈波动背后折射出投资者对中国股市前景存在较大分歧。
根据消息,投资者对中国股市可能出现大幅波动的预期推高了相关ETF期权的交易量和隐含波动率,创下历史新高。由于预期分歧加剧,一些投资者出于对冲下跌风险的考虑,大举购买了保护性看跌期权。有投资者通过买入ASHR的看跌期权,防范该ETF出现约30%的下跌。
同时,不乏投资者看好中国股市上涨势头。在政府推出一系列经济刺激政策后,多空双方存在较大分歧。一方面,ETF看涨期权溢价被推高至近年来的最高水平;但另一方面,也有大单入场对冲可能的回调风险。在利好利空消息互现、市场存在较大震荡的情况下,FXI等中国相关资产出现了盘前大跌。
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