CSI 1,000 stock index futures and options are about to be transferred to the full moon to obviously pass the enthusiasm of the transaction to heating up and heat up

Reporter Wang Ning

The 1,000 -stock index futures and options of CSI are about to usher in the full moon. Many analysts told the Securities Daily that from the recent perspective of the CSI 1,000 stock index futures and options operation, the enthusiasm of the transaction is gradually heating up; In terms of quantity, some institutional investors transfer from 300 stock index futures to the 1,000 -stock index futures of CSI. At the same time, the 1,000 -stock index options of CSI, as the only option tool for hedging risks in the Shanghai and Shenzhen cities, are also worth looking forward to in the future.

"Dual quantity" shows a growth trend

Since the listing and options of 1,000 stock indexes and options on July 22, market participants have participated in high enthusiasm. Analysts said that since their listing operations, the passion for traffic has gradually heated up, which is visible from the performance of "dual volume" (transaction volume and position).

Li Yansen, chief macro analyst at Founder's mid -term futures, told a reporter from the Securities Daily that during the period of the 1,000 -stock index futures of CSI, the position showed a continuous growth trend. From the position of about 30,000 hands in the early stage of listing, it has risen to nearly 70,000 hands; The daily turnover increased from 30,000 hands to 60,000 hands. "The continuous rise in the position of the position is basically in line with expectations, but the current stock market value ratio of CSI 1,000 futures is only 0.75%, which is significantly lower than the market value ratio of the Shanghai and Shenzhen 300 futures. There is still much room for improvement in positions. "

Feng Shizhen, an option analyst of Founder's mid -term futures, told reporters that the 1,000 options of CSI 1,000 are similar to futures, and the volume and positions of the holding are also growing. The transaction volume rose from the initial 23,000 hands to the current 50,000 hands; the position of the position rose from the initial less than 10,000 hands to about 50,000 hands, and the overall operation was in line with expectations. However, compared with other mature varieties, the proportion of the 1,000 options of CSI is still low, and there is sufficient room for improvement in the future.

The holding structure is the main criterion for measuring the maturity of the variety. Sun Feng, headquarters of Galaxy Futures Financial Market, told reporters that from the perspective of positions, the average position of the 1,000 -stock index futures of China C Securities is the only stock index futures variety in the recent increase in positions. At the same time, the proportion of transaction volume to holding volume has continued to decline, and it is currently falling to 0.6%. This shows the orderly participation of investors and has regarded the variety as a medium- and long -term tool for hedging.

The first delivery of the 1,000 -stock index futures of CSI has also been stably completed. The larger stickers in the early days of the contract listed in the month of the contract continued to converge with the approach of the delivery day. The period is now closely linked, and investors look more rationally looking at the performance of the 1,000 -stock index futures function of CSI.

Gao Cong, a researcher at the FICC group of Huatai Futures, said to reporters that recently, the transaction volume and position of the 1,000 futures of CSI have been adjusted, which may be caused by the pressure level based on the fundamental and large market indexes, but the overall operation situation is in line with expectations.

The proportion of the institution's position is increasingly obvious

Because the CSI 1000 Index represents 1,000 small and medium -sized plates, the introduction of 1,000 stock index futures and options of CSI has also attracted active participation in various institutional investors. From the perspective of many analysts, the characteristics of institutional investors who are currently participating in 1,000 futures and options participating in the China Stock Exchange are becoming more and more obvious. At the same time, the signs of the movement of some institutional investors are also prominent.

"The enthusiasm for investors to participate in the CSI 1,000 futures and options is significantly enhanced, and the participants are mainly institutional investors." Gao Cong said that the scale of market funds has increased rapidly, and it is expected to rise from 3 billion yuan in the early stage of listing to more than 30 billion yuan. Essence

"From the perspective of participants' structure, the most obvious feature is that more and more institutional investors in China Securities 1000 futures, while other stock index futures holding the positions of the stock index futures show a continuous decline." Li Yansen said, but at the same time, Shanghai and Shenzhen 300 and Shanghai Stock Exchange The total holdings of the 50 futures contract remain stable, which indicates that some institutional investors who used to use the CSI 500 Futures 1000 Index or the 1,000 sample stocks of the CSI are being used to transfer its futures dialogue from the CSI 500 futures to the CSI to the CSI. 1000 contracts for each futures. In addition, the CSI 1,000 index trend is also significantly stronger than the other three major indexes. Obviously, the corresponding contract has further activated the enthusiasm for investment indexes, which has increased significantly the number and scale of the spot -to -schistor.

The reporter learned from the relevant persons of CICC that since the listing, the average daily transaction of 1,000 stock index futures of China C Securities was 39,000 hands, the average daily positions were 54,000 hands, and the average daily transaction value was 55.7 billion yuan, accounting for 13.5%of the stock index futures market, respectively, respectively, respectively, respectively, respectively, respectively, respectively, respectively, and 13.5%of the stock index futures market. 8.2%and 16%, the average daily transaction holding ratio is 0.73, the current transaction ratio is 0.24; the average daily transaction of the 1,000 -stock indexes of the CSI, 32,000 hands daily, and a daily average equal turnover of 360 million yuan, respectively, respectively, respectively, respectively, respectively, respectively, respectively, respectively, respectively, respectively, respectively. The stock index option market is 27.9%, 14.1%, and 36.7%. The average daily transaction holding ratio is 1.3, and the current transaction ratio is 0.12.

At the same time, on August 19th, the number of China Stock Exchange's 1,000 -stock index futures and options was 66,000 hands and 26,000 hands, respectively, from the 30,000 hands on the first day of the listing, and the increase of 08,000 hands were 117.5%and 231.2%, respectively, showing a steady increase in growth. trend.

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