在中共央行宣布大手笔刺激计划后，投资者加大对了中国市场反弹的预期，疯狂抢购美国交易平台上与之相关的看涨期权。亚洲股市随后大幅上涨，中国央行及金融官员表示将力挺房地产市场并提振整体经济。此消息使得市场热度蔓延至美国市场，追踪大型股和互联网公司的交易所交易基金（ETF）涨幅均超过了8%，阿里巴巴的存托凭证一度飙涨11%，拼多多更是跃升逾7%。
在期权市场上，iShares 中国大盘 ETF（代码Isshinao）的日交易量达到了二月以来的最高点。一份针对中国市场股市涨跌预测期权合约中，赌中国经济增长预期的交易较之前出现了巨大变动，看涨与看跌比率一度攀升至2015年来的峰值。在此之前，该比率为极度低位，从8月初的深折扣状态反转。
在当天最大的一笔交易上，投资者投入675万美元，购入了期权合约，在今年11月中期，可按每股33美元的价格购买最多1.5亿股股票，预测股市至少还将上涨约12%。此类看涨期权不仅涉及iShares 中国大盘 ETF、Xtrackers Harvest CSI 中国A 股ETF（代码Harvest）及PDD Holdings的存托凭证（代码PDD）等具体公司，也波及到了广泛的新兴市场基金。
其中，追踪MSCI新兴市场指数的iShares MSCI新兴市场ETF（代码IMx）的交易量激增至日常平均水平的四倍以上。投资者在该ETF中大量买入了50美元期权，这一价格相当于到12月到期时可以购买超过13百万股股票的权利，涨幅约为当前股价的11%。
这一现象表明，在全球经济不确定性增加的大背景下，对中国经济复苏预期的乐观情绪迅速提升，并反映在中国相关资产的价格上涨上。
新闻来源：www.bloomberg.com
原文地址：Options Traders Pile Into China Stock Rally Bets After Stimulus
新闻日期：2024-09-24
原文摘要：
Investors added to bets on a recovery in Chinese shares, snapping up bullish options on US-traded securities after the country’s central bank announced a massive stimulus package.Shares surged in Asia trading after the People’s Bank of China and other financial officials announced to bolster the real estate sector and the broader economy. Those gains carried over to the US market, with exchange-traded funds tracking large-cap and internet stocks both up more than 8%, while ’s American depositary receipts gained as much as 11% and rallied more than 7%.Read more: In the options market, call volumes on the $4.3 billion iShares China Large-Cap ETF (ticker ) surged to the highest since February. One-month contracts betting on a 10% rise versus a 10% decline jumped to the highest premium since 2015, after languishing at a deep discount in early August. In the biggest trade of the day, an investor spent $6.75 million on options allowing them to purchase 15 million shares at $33 by mid-November, betting on at least a further 12% rally.The buying — also seen in bullish options on Xtrackers Harvest CSI China A-Shares ETF (ticker ) and PDD Holdings ADRs, among others — spread to broader emerging-market funds. iShares MSCI Emerging Markets ETF (ticker ) call volume jumped to more than four times normal levels, led by investors buying $50 calls equivalent to more than 13 million shares expiring in December, about 11% above the current price.
