3000 Points On The Shanghai Index

After more than 3 years, the 3000 point integer pass of the market was finally broken yesterday (December 8th).

As the index rises day by day, another battlefield index is also a sword and a long battle. The total position of several contracts is increasing, and the corresponding short positions are also rising in the near future.

Behind the empty list, which is "unwilling to stop", is the determination of the holder to die or not?

The index is rushing.

It's also carnival.

Disk shows that yesterday's main contract IF1412 opened 10 points, a small callback immediately after the head up, the whole day amplitude 6.83%, or 5.26%, closing at 3327.2 points; spot Shanghai and Shenzhen 300 index's whole day amplitude is 6.25%, or 4.1%, to close at 3252.88 points, lower than the IF1412 contract closing point 74.32 points.

According to the post office data of CICC, 1 million 833 thousand and 500 hands were traded on the IF1412 contract yesterday. At the close, the positions were 162 thousand and 900 hands. In addition, the positions of 3 contracts IF1501, IF1503 and IF1506 were 35 thousand and 400 hand, 29 thousand and 800 hands and 13 thousand and 900 hands respectively, and four total 242 thousand and 100 hands, setting a new record in history.

In contrast, the total positions of the 4 contracts have been increasing every day in recent days, and the figures for the close of the 212 thousand and 300 contracts in December 1st are 212 thousand and 300.

As for seats, the two sides seemed to have some convergence yesterday. Taking the IF1412 contract as an example, the number of the top 20 seats was 107 thousand and 600, which was 1416 fewer than that of the previous trading day. Meanwhile, the total number of the top 20 seats in the empty side was 125 thousand and 200 hands, which was 2341 less than that in the previous exchange day.

Among them, the first two seats were reduced, and CITIC futures and Guotai Junan decreased 272 hands and 394 hands respectively. In the empty camp, the top 4 seats were doing the reduction action. CITIC futures, Haitong futures, GF futures and Guotai Junan reduced their 291 hands, 2071 hands, 130 hands and 1641 hands respectively.

However, although the number of seats in the IF1412 contract was more than 20, there was an increase in the total number of 4 contracts.

According to the statistics of reporters, IF1412 plus IF1501, IF1503 and IF1506, the data of the 3 contracts, the total number of seats in the first 20 seats is 167 thousand and 900 hands, and the total number of seats in the first 20 seats is 195 thousand and 400 hands. In December 2nd, the two figures were 140 thousand and 900 hands and 168 thousand and 400 hands, respectively.

So the problem is, in the market, many single holders can earn a lot of money, but the constantly increased empty holders are also "unwilling to stop". What is the reason for that?

A long-term tracking futures industry told the daily economic news reporter that the biggest role of stock index futures is hedging.

Therefore, many investors in the stock market have more stock index futures.

Taking into account the possibility of major news on the news side, in order to smooth and shake, investors who hold spot investors do not want to liquidate their positions, they can open the corresponding amount of empty stock in stock index futures before closing, which is equivalent to holding the position overnight and locking the risk. Until the second day is clear, they will continue to operate.

There are chips on both sides, which will be flexible in terms of contingency.

"People who make stock index futures seldom have unilateral circumstances," the source said.

In addition, according to a brokerage analyst in Shanghai, in addition, many people are making arbitrage.

From yesterday's disk, the Shanghai and Shenzhen 300 index closed 3252.88 points, while the IF1412 contract closed 3327.2 points, the difference between the 74.32 points, this is very huge space.

After the delivery, that is, 2 weeks later, the gap between the two should be smoothed out, so investors can do more ETF, shorting the stock index futures to carry out the current arbitrage, the closer the delivery time is, the larger the gap between the closing points, the more the current arbitrage is empty, so the continuous increase of the empty list is also reasonable.

From the current situation of abnormal liquidity, the possibility of arbitrage increase is more likely.

In the process of continuous arbitrage, the floating water between the spot and the spot will also gradually decrease. This week, it will slowly converge to forty or fifty points, and then converge to ten or twenty next week until delivery.

"This is also called stabilizing market volatility, which is a function of stock index futures.

"The analyst said.