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The Kechuang 50ETF option was listed on June 5. What does the ＂three questions and three answers＂ mean to investors？ The latest interpretation of head fund managers

　　Science and technology innovation board’s first derivative will be listed soon, which is also the first on-site option variety linked to the Science and Technology Innovation 50 Index in China. Its successful listing will achieve a breakthrough of zero ETF options in the Shanghai and science and technology innovation board markets.

　　The Shanghai Stock Exchange issued a notice on "Matters Related to the Listing and Trading of Kechuang 50ETF Options on Shanghai Stock Exchange" and decided to list and trade Kechuang 50ETF Options on June 5, 2023. It is understood that the Shanghai Stock Exchange will list the corresponding Huaxia Kechuang 50ETF option contract and Yifangda Kechuang 50ETF option contract according to different contract types, expiration months and exercise prices. The expiration months of the first listed option contracts are June, July, September and December 2023. According to the price setting of science and technology innovation board stock, the price parameter of Kechuang 50ETF option is adaptively adjusted to 20%.


　　As the first financial risk management tool listed in science and technology innovation board, Kechuang 50ETF option is highly concerned by investors. What is the significance of the launch of Kechuang 50ETF option, and what does this mean for investors?Director of quantitative investment department of Huaxia Fund and fund manager of Kechuang 50ETF(588000) were awarded.It is said to the financial sector that the launch of Kechuang 50ETF option undoubtedly provides an effective risk management tool for the market, which indicates that China’s stock option market has entered a new era of registration system and entered a "fast track" development stage. The specific positive impact can be observed from the following aspects:


　　First, improving the quality of science and technology innovation board market and the pricing efficiency of science and technology innovation board spot market will help to stabilize the fluctuation of science and technology innovation board spot market.


　　Secondly, it provides effective risk management tools for science and technology innovation board investors, helps them to manage spot risks more effectively, enriches investment strategies, enhances the attractiveness of science and technology innovation board, and thus attracts more long-term capital to flow into science and technology innovation board.


　　Third, provide effective risk hedging tools for market makers in science and technology innovation board, reduce the inventory risk of market makers, give full play to the functions of market makers in science and technology innovation board, and thus improve the liquidity of science and technology innovation board.


　　For investors, winning also suggests that it is also necessary to be cautious to participate in the trading of new options.


　　Take a brief look at the two upcoming listings.Kechuang 50ETF option contract varieties：


　　The target of Huaxia Kechuang 50ETF option contract is "Huaxia SSE science and technology innovation board 50-Component Trading Open Index Securities Investment Fund", the underlying securities are abbreviated as "Kechuang 50", the securities expansion is abbreviated as "Kechuang 50ETF", the securities code is "588000", and the fund manager is Huaxia Fund Management Co., Ltd.


　　The target of E Fund’s Kechuang 50ETF option contract is "E Fund SSE science and technology innovation board 50-Component Trading Open Index Securities Investment Fund", the underlying securities are abbreviated as "science and technology innovation board 50", the securities expansion is abbreviated as "Kechuang 50ETF E Fund", the securities code is "588080", and the fund manager is E Fund Management Co., Ltd.


　　ETF option is a complex derivative product with leverage effect, and science and technology innovation board also has certain investor suitability requirements. Individual investors should be rational when they participate in the trading of 50ETF options, enhance their awareness of risk prevention, establish a correct investment concept, and make independent investment decisions prudently according to their own judgments. The emergence of Kechuang 50ETF option represents a significant improvement of science and technology innovation board’s "Strong Kechuang" characteristics.


　　Since 2019, when the CSRC issued the "Implementation Opinions on Establishing science and technology innovation board and Pilot Registration System in Shanghai Stock Exchange", the introduction of science and technology innovation board and Registration System has become a major reform action to serve scientific and technological innovation enterprises, enhance market inclusiveness and strengthen market functions. The goal of science and technology innovation board is to provide services for scientific and technological innovation enterprises that are in line with the national strategy, break through key core technologies and enterprises with high market recognition. These enterprises mainly focus on the new generation of information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, biomedicine and other high-tech industries and strategic emerging industries. The existing three options of SSE 50ETF, CSI 300ETF and CSI 500ETF are mainly focused on the main board stocks, and the newly added Kechuang 50ETF option will better cover the science and technology innovation board market.


　　The data shows that since the establishment of science and technology innovation board in 2019, by the end of April 2023, there were 519 listed companies with a total market value of 6.65 trillion yuan, and the scientific and technological innovation attribute of the sector continued to strengthen. Of course, science and technology innovation board’s high risk and high volatility also make investors face huge investment risks. In this context, the launch of Kechuang 50ETF option undoubtedly provides an effective risk management tool for the market.


　　After the launch of Kechuang 50ETF option, the ETF option market will form a comprehensive coverage of risk characteristics such as blue chip, small and medium-sized market value and entrepreneurial innovation, and further improve the domestic on-site option product system. Investors can use ETF option tools to build refined risk management strategies such as index income enhancement and tail risk protection. Kechuang 50ETF option will fit different investors’ income expectations and risk preferences and match diversified wealth management needs. At the same time, investors also need to pay attention to the risk of option investment, which requires certain professional knowledge and risk management ability. Only in this way can investors make full use of Kechuang 50ETF options, achieve investment objectives and promote the sustainable development of science and technology innovation board.


　　According to Rong Rong, Kechuang 50ETF(588000) is the largest and most liquid index product tracking science and technology innovation board on the market at present, with the scale exceeding 65 billion yuan by the end of May. Since listing, the band features are obvious, which is in line with the characteristics of high flexibility and high fluctuation of scientific and technological innovation enterprises. It is more suitable for investors with certain investment experience to operate the band in the secondary market, and can also be used as a medium-and long-term fixed investment variety off-site.


　　Q&A


　　What is the Kechuang 50ETF option?


　　The Science and Technology Innovation 50ETF option of Shanghai Stock Exchange is a financial derivative launched by Shanghai Stock Exchange, which aims to provide options trading services for technological innovation 50ETF.


　　Kechuang 50ETF Index is a portfolio of listed companies in science and technology innovation board market, and the top 50 technological innovation companies listed in science and technology innovation board market in China constitute this portfolio. Kechuang 50ETF option is an option contract, which allows the holder to buy or sell shares of Kechuang 50ETF at a certain price on the option exercise date.


　　The trading unit of Kechuang 50ETF option is 100 shares, and the minimum change unit of option contract is 0.001 yuan. Option contract type: European option. European options can only be exercised on the expiration date, while American options can be exercised before or on the expiration date.


　　What are the top ten constituents of science and technology innovation board 50-component index?


　　SMIC, Jinshan Office, Zhongwei Company, Trina Solar, Lanqi Technology, Cambrian, Central Control Technology, Voice Holdings, China Resources Micro, and Western Superconductor. The proportion of the top ten is relatively average, and the main industries are manufacturing, information transmission, software and information technology services.


　　What are the advantages and disadvantages of Kechuang 50ETF option?


　　1. Don’t worry about selling your stocks too early or too late.


　　To provide insurance for the underlying assets held by investors, when they hold spot stocks, they have already made book profits, but they are not optimistic about the market outlook at first. When they want to avoid the risk of loss caused by falling stock prices, they can buy put options as insurance without worrying about selling their spot stocks too early or too late.


　　The royalties paid by investors are equivalent to the premiums paid. By the same token, when we are uncertain about the market trend, we can buy call (call) options first to avoid the risk of stepping on the air, which is equivalent to protecting the cash in hand.


　　2. Reduce the cost of stock purchase.


　　We can sell put (put) options with lower exercise price and lock in a lower purchase price for the stock (that is, the exercise price is equal to or close to the price of the stock we want to buy). If the stock price is above the exercise price at the expiration date, the option will generally not be exercised, and we can earn the royalties from selling the option. If the stock price is lower than the exercise price on the expiration date and the option is exercised, we can buy the specified stock at the exercise price originally locked, and the actual cost is reduced due to the income from royalties.


　　3. Options can effectively master risk control.


　　The nonlinear characteristics of option risk-return theoretically ensure that the income of buying options is infinite but the risk is relatively limited. Although the winning rate of the buyer who makes options is low, it is also an indisputable fact that each loss is limited to the option fee.


　　4. Options can increase the potential income.


　　When doing fund management, we usually set positions based on losses. If the unit risk is relatively large, our positions will be reduced accordingly, which will reduce our potential income space. If we use options to realize this strategy, because the maximum loss is limited to the option fee, the positions can be opened more fully accordingly, and the potential income will be larger.


　　Advantages of kechuang 50ETF option trading:


　　1. Unique profit and loss structure Compared with investment tools such as stocks and futures, options are different in their nonlinear profit and loss structure.


　　For the long position of futures, the loss of the position will increase by one yuan every time the price rises by one yuan and the price falls by one yuan. For short positions in futures, the opposite is true.


　　2. Shortcomings and risks of option trading: In option trading, the rights and obligations of buyers and sellers are different, which makes buyers and sellers face different risk situations.


　　For option traders, both the buyer and the seller are faced with the risk of adverse changes in royalties. This is the same as futures, that is, within the scope of royalties, if you buy low but sell high, you can make a profit by closing your position. On the contrary, it is a loss.

From online celebrity’s counterattack to actor, Fei Qiming did it.

Wenbailu

Editor Bailu

Recently, Qi Song, the "assassin in the workplace" in "20 Don’t Confuse 2", made frequent comments on the Internet, and was evaluated by the audience as "everyone’s Internet mouth replacement".

　

Qi Song (Fei Qiming) is smart, creative, romantic and gentle, and warms the person he likes like a little sun, with 100% healing power!

At work, he is an anti-anxiety and anti-involution person.

　

When the project encounters problems, Qi Song will not keep working overtime to put pressure on himself like ordinary people, but will open up new ideas for himself by entertainment.

When the project was completed, but the leader stepped in to grab the work, Qi Song dared to resist the angry leader.

　

In feelings, he is a walking generator.

　

Qi Song and Xiao Guo (Guanjin Bu) look at each other in the power-off office. It’s hard not to be moved by this atmosphere!

Although on the surface, they always quarrel and play like chickens in primary school, in fact, Qi Song has a crush on Jiang Xiaoguo (Guanjin Bu) since high school. When I was in college, I went abroad for further study. After becoming more independent and excellent, I returned to Xiaoguo to provide her with energy.

　

Xiaoguo introduced his name as "small" and "fruit" of fruit.

Qi Song said that it was the other mountains all appear dwarfs under the sky.’s "small" and fruitful "fruit".

This is the so-called "beauty is in the eye of the beholder" ~

　

Xiao Guo’s speech after drinking for a long time was recorded by a willing heart and sent to the company group for "public punishment". Qi Song will immediately use the expression pack to screen the screen to ease her embarrassment.

　

When two people encounter difficulties in a cooperative project, he always tries his best to solve them and become the most solid back of Xiaoguo.

I can not only fight with her, but also struggle with her. When I get along, I am a happy maker. At the critical moment, I am the best partner who is calm and reliable. Please give me a dozen of this kind of boyfriends!

　

Qi Song’s anti-involution and anti-anxiety "workplace assassin" is rare in domestic workplace dramas, and his debut experience as a player, Fei Qiming, is like an "assassin" and unique in the entertainment industry.

　

In 2017, several ten-second videos made Fei Qiming, who was still in college, become the first generation of online celebrity in Tik Tok, and created a unique school grass style with gold-rimmed glasses and boyish smile. However, in the booming era of short videos, Fei Qiming has set his sights on the entertainment industry.

In 2018, Fei Qiming began to "de-online celebrity" and participated in the popular variety "Happy Camp". His popularity on the Internet remained high, and his road to transformation officially began.

　

In the same year, he received an invitation to audition for the school play "I am waiting for you in the future" and partnered with Qian Sun, Xin Yunlai and other new generation actors. In the play, he plays Liu Dazhi, an optimistic boy, who not only won the recognition of Li Guangjie, an old opera player, for his courage of being a newborn calf, but also reversed the questioning voice before the broadcast because of his natural performance and true feelings. This is the first step in his transformation from online celebrity to an actor.

　

But because I devoted myself to filming and didn’t update Tik Tok for a long time, I lost a big wave of fans. For the gains and losses, Fei Qiming is very calm: "I hope I can sink and be seen when I look up."

　

However, the popularity of a drama series didn’t make him completely get rid of the label of Tik Tok online celebrity. What really made Fei Qiming break through was various popular variety shows.

　

From his debut in 2018 to the present, Fei Qiming has won a total of 8 variety shows. Among them, Iqiyi’s parent-child reality show "Super Kindergarten", RV travel reality show "Flower Road of Youth", Tencent’s video beauty program "Prince Lipstick", and now the popular variety "Fifty Kilometers of Peach Blossom House" and other variety shows have his figure.

　

Now, he not only proved his talent and hard work in performance again in "Twenty Don’t Confuse 2", but also a large wave of dramas to be broadcast filled the audience’s expectations.

　

For example, the sci-fi drama Orphan of Mars, adapted from the novel of the same name by science fiction writer Liu Yang, in which Fei Qiming plays the man Guhe.

Although his debut is only four years, and there are only a handful of film and television works, Fei Qiming, who was born in online celebrity, is full of love for acting. When talking about the career of actors, he said that "actors only have a starting point and no end point; The sense of crisis as an actor is everywhere. "

　

There are many people who want to lose weight, but very few people can really reinvent themselves. Fei Qiming is one of them. At the age of 17, Fei Qiming was a little fat man weighing nearly 200 Jin. However, in a few years, he turned into a sunny male god on the university campus. After entering the entertainment industry, he set up a special area at home to study scripts and feel the lives of different roles in order to hone his acting skills.

In line with the image of "little sun in the workplace" on the screen, he is also a versatile big boy in reality.

Not only is he proficient in playing and singing, but he also writes well. A little brother who is handsome and can sing and act ~

From the figure counterattack to the transformation actor, his dedication perfectly explains that down-to-earth talents can accumulate thick hair. I believe that Fei Qiming in the future will make constant progress and realize his dream of "becoming a good actor".

Officials were reported to have taken care of the female anchor and returned to work less than a week later.

　　Zhangjiajie Economic Development Zone.

　　Screenshot of the exposed video. Network screenshot

　　Department-level officials were reported to support female TV anchors, buy BMW cars for female anchors, and provide nearly 1 million yuan of funds to female anchors for their consumption every year. The video of the official and the female anchor being shot abnormally in the room was also exposed. Jin Zeyin, former deputy secretary-general of Zhangjiajie Municipal People’s Government and director of Zhangjiajie Economic Development Zone Management Committee, was reported.

　　On April 22nd, there was an exclusive media report that Jin Zeyin was reported to have adopted a female anchor. "Jin Zeyin’s dismissal was not notified. In less than a week, he went to the municipal government to go to work normally." Several veteran cadres in Zhangjiajie who did not want to be named questioned this.

　　The Propaganda Department of Zhangjiajie Municipal Committee responded that the official did not report it because the investigation by the Commission for Discipline Inspection was not over; Dismissal is because his life style has been confirmed; It is a resolution of the Standing Committee of the Municipal Party Committee to work in the municipal government office after his dismissal; Jin Zeyin was a general cadre in the municipal government, but he didn’t hold a post.

　　The reporter claimed to be the husband of the female anchor who was adopted.

　　On April 20th, an online post titled "Jin Zeyin in Zhangjiajie, Hunan Province has been corrupted and committed adultery with Lu Wei for a long time" attracted attention. The poster claimed to be the husband of Lu Mou, an employee of Zhangjiajie TV Station, and publicly reported that Jin Zeyin, an official in Zhangjiajie, had a style problem.

　　According to the above net post, since 2012, "Jin Zeyin has committed adultery with my wife Lu Mou (Zhangjiajie TV Station) and bought a luxury BMW car for her, providing her with nearly 1 million yuan for her consumption every year", and so on.

　　However, the poster who claimed to be Lu’s husband misspelled his wife’s surname "Lu" as "Lu".

　　The report net post distributed a video of 1 minute and 21 seconds, which presented three scenes: a middle-aged man walking around the room in pajamas; The process of a woman wearing pajamas and dressing; A man went out with a woman on his back. This edited video shows that men and women are in the same room.

　　On April 21, the relevant person in charge of the network information office in Zhangjiajie confirmed to The Paper that the Zhangjiajie Municipal Party Committee and the Municipal Government held a meeting on this report that morning, and the Municipal Commission for Discipline Inspection and the Municipal Public Security Bureau had intervened in the investigation on the authenticity of the report post. On the 25th of the same month, Jin Zeyin’s personal data disappeared from the official website of Zhangjiajie Economic Development Zone Management Committee.

　　The Paper survey found that Jin Zeyin and Lu had already crossed paths. Jin once served as deputy district head and propaganda minister in Wulingyuan District of Zhangjiajie City, while Lumou worked in Wulingyuan District TV Station. After Lumou applied to Zhangjiajie TV Station as the anchor of the news channel.

　　According to Jin Zeyin’s colleague, who did not want to be named, since the day after the media report (23rd), Jin Zeyin has never appeared in public in the company, and the door of his office has been closed.

　　According to the above-mentioned staff, on April 23rd, the relevant staff of Zhangjiajie City Commission for Discipline Inspection came to the Development Zone to announce that Jin Zeyin had been investigated by the Commission for Discipline Inspection. Subsequently, the organization department came to the Economic Development Zone to announce the resolution of dismissing Jin Zeyin. "At that time, it was only orally announced, and no written documents were seen."

　　Veteran cadres questioned that they went to work in the municipal government office after being exempted.

　　Three veteran cadres in Zhangjiajie questioned The Paper, saying that Jin Zeyin had been transferred to the Zhangjiajie municipal government office to work less than a week after he was dismissed from his post.

　　The veteran cadres said that they learned from relevant channels that the Zhangjiajie Public Security Bureau launched a "double investigation" on this matter after the incident: on the one hand, it checked the style of Jin Zeyin, on the other hand, it checked the video in the online report post to see if the shooting was legal.

　　According to a person familiar with the Zhangjiajie Public Security Bureau, after the report occurred, the relevant departments of Zhangjiajie launched a "double investigation" on the whistleblower and the reported person. So far, the "mysterious reporter" who posted the post has not surfaced.

　　The Paper learned from relevant channels that the whistleblower refused to show up for fear of retaliation. Before the online report, the whistleblower sent the detailed report materials to the relevant departments in Zhangjiajie, and only chose to report online when there was no response.

　　The reporter tried to get in touch with the reporter many times and was told by him through relevant channels that "it is not convenient to show up for the time being, and all evidence and complete videos will be made public when there is danger".

　　Official response Disciplinary Committee has filed a case.

　　The reporter learned from the Propaganda Department of Zhangjiajie Municipal Committee that Jin Zeyin is married and his wife works in the education system. After Jin Zeyin and Lumou were exposed, Lumou didn’t go back to the TV station to work.

　　On May 24, the relevant person in charge of the Propaganda Department of Zhangjiajie Municipal Committee provided reporters with several internal documents stamped with the official seal in response to the query of veteran cadres.

　　These documents confirmed that, after research by the Municipal Commission for Discipline Inspection, it was decided to put Jin Zeyin’s violation of discipline on file for review, and to remove him from the posts of Deputy Secretary-General of the Municipal People’s Government (concurrently) and Director of the Management Committee of Zhangjiajie Economic Development Zone (Zhangjiajie Science and Technology Industrial Park).

　　According to the minutes of the meeting of the Standing Committee of Zhangjiajie Municipal Committee on April 25th, Yang Guangrong, secretary of Zhangjiajie Municipal Committee, presided over a meeting of the Standing Committee of Zhangjiajie Municipal Committee to listen to the preliminary investigation and verification of Jin Zeyin’s life style by the Municipal Commission for Discipline Inspection and the Organization Department of the Municipal Committee.

　　The above-mentioned meeting held that the life style of leading cadres is by no means a trivial matter, nor a minor issue, but a major event related to the credibility and image of the party among the people … … Judging from the investigation and verification, there is a violation of discipline in Jin Zeyin … …

　　The Municipal Commission for Discipline Inspection filed a case review on its disciplinary problems and agreed to adjust Jin Zeyin to the work of the municipal government.

　　The minutes of the meeting also mentioned that Lu Mou, the relevant party, had reported the case to the public security department on the issue of monitoring and collecting evidence for suspected illegal intrusion into houses, and the municipal and district public security departments should file an investigation according to law and detect the case as soon as possible.

　　The relevant person in charge of the Propaganda Department of Zhangjiajie Municipal Committee explained that the current investigation of Jin Zeyin by the Commission for Discipline Inspection is not just a matter of life style, but the economic problems mentioned in the net posts are being investigated together; However, before the results of the investigation by the Commission for Discipline Inspection come out, Jin Zeyin is still a civil servant, so there is nothing wrong with adjusting his post.

　　"On the issue of dealing with Jin Zeyin, the Zhangjiajie Commission for Discipline Inspection, the Organization Department and the public security are all investigating and handling according to law, discipline and regulations." The relevant person in charge of the above-mentioned propaganda department said.