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\u5168\u5e74\u6307\u5f15\u7dad\u6301\u4e0d\u8b8a\uff0c\u6536\u5165 507 \u5104\u81f3 517 \u5104\u7f8e\u5143\uff0c\u76f8\u7576\u65bc\u589e\u9577 12% \u81f3 14%\uff08\u6309 **\u5254\u9664\u532f\u7387\u5f71\u97ff currency-neutral\uff1b\u628a\u532f\u7387\u8b8a\u52d5\u5f71\u97ff\u6263\u9664** \u8a08\u5247\u70ba 11% \u81f3 13%\uff09\uff0c\u4e26\u9810\u8a08\u5ee3\u544a\u6536\u5165\u5728 2026 \u5e74\u5927\u7d04\u500d\u589e\u3002<\/p>\n<p>\u5c0d\u65bc\u770b\u6de1\u77ed\u671f\u8d70\u52e2\u7684\u6295\u8cc7\u8005\uff0c\u8cb7\u5165 5 \u6708\u6216 6 \u6708\u5230\u671f\u7684 **\u8a8d\u6cbd\u671f\u6b0a\uff08put options\uff1b\u62bc\u6ce8\u80a1\u50f9\u4e0b\u8dcc\u3001\u6216\u7528\u4f5c\u5c0d\u6c96\u7684\u5408\u7d04\uff09** \u6216\u8f03\u5408\u9069\u3002\u8a72\u7b56\u7565\u53ef\u5728\u80a1\u50f9\u672a\u4f86\u6578\u5468\u7e8c\u8dcc\u4e26\u8dcc\u7a7f 98 \u7f8e\u5143\u6642\u53d7\u60e0\u3002\u7b2c\u4e8c\u5b63\u7d93\u71df\u5229\u6f64\u7387\u9810\u6e2c\u7531\u53bb\u5e74\u540c\u671f 34.1% \u964d\u81f3 32.6%\uff0c\u69cb\u6210\u77ed\u671f\u770b\u6de1\u7684\u4e3b\u8981\u7406\u64da\u3002<\/p>\n<p>\u4e0d\u904e\uff0c**\u5f15\u4f38\u6ce2\u5e45\uff08implied volatility\uff1b\u671f\u6b0a\u50f9\u683c\u53cd\u6620\u7684\u5e02\u5834\u9810\u671f\u6ce2\u52d5\uff09** \u5df2\u6025\u5347\uff0c\u4ee4\u671f\u6b0a\u8b8a\u5f97\u6602\u8cb4\u3002\u904e\u5f80\u4ea6\u66fe\u51fa\u73fe\u540c\u985e\u60c5\u6cc1\uff1a\u56de\u9867 2022 \u5e74\u53ca 2024 \u5e74\u696d\u7e3e\u5f8c\u7684\u6025\u5347\u6025\u8dcc\uff0c\u5927\u5e45\u6ce2\u52d5\u5f80\u5f80\u4ee4\u671f\u6b0a **\u6b0a\u5229\u91d1\uff08premium\uff1b\u8cb7\u671f\u6b0a\u8981\u4ed8\u7684\u50f9\u683c\uff09** \u504f\u9ad8\uff0c\u5c0d\u8ce3\u65b9\u8f03\u6709\u5229\u3002\u5c0d\u8a8d\u70ba\u8dcc\u52e2\u6216\u88ab\u8a87\u5927\u7684\u6295\u8cc7\u8005\uff0c\u8ce3\u51fa **\u73fe\u91d1\u64d4\u4fdd\u8a8d\u6cbd\uff08cash-secured puts\uff1b\u8ce3\u51fa\u8a8d\u6cbd\u4e26\u9810\u7559\u8db3\u5920\u73fe\u91d1\uff0c\u82e5\u88ab\u884c\u4f7f\u5247\u6309\u884c\u4f7f\u50f9\u63a5\u8ca8\uff09**\u3001\u884c\u4f7f\u50f9\u5982 90 \u6216 95 \u7f8e\u5143\uff0c\u53ef\u80fd\u662f\u53ef\u884c\u7b56\u7565\u3002<\/p>\n<p>\u5168\u5e74\u6307\u5f15\u7dad\u6301\u4e0d\u8b8a\uff0c\u662f\u9006\u5411\u90e8\u7f72\u7684\u91cd\u8981\u4f9d\u64da\u3002\u7ba1\u7406\u5c64\u4ecd\u6709\u4fe1\u5fc3\u9054\u5230 12% \u81f3 14% \u7684\u6536\u5165\u589e\u9577\u76ee\u6a19\uff0c\u610f\u5473\u7b2c\u4e8c\u5b63\u5229\u6f64\u7387\u58d3\u529b\u53ef\u80fd\u5c6c\u77ed\u66ab\uff0c\u8207\u5167\u5bb9\u6210\u672c\u6709\u95dc\u3002\u7814\u7a76\u4ea6\u986f\u793a\uff0c\u6574\u9ad4\u5e02\u5834\u5728 **VIX\uff08\u6050\u614c\u6307\u6578\uff1b\u53cd\u6620\u6a19\u666e 500 \u6ce2\u52d5\u9810\u671f\uff09** \u7dad\u6301 18 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