{"id":43630,"date":"2022-11-03T10:30:51","date_gmt":"2022-11-03T02:30:51","guid":{"rendered":"https:\/\/\/?p=43630"},"modified":"2023-12-21T16:46:29","modified_gmt":"2023-12-21T08:46:29","slug":"what-is-covered-call","status":"publish","type":"post","link":"https:\/\/\/what-is-covered-call\/","title":{"rendered":"\u63a9\u8b77\u6027\u8cb7\u6b0a\u662f\u4ec0\u9ebc\uff1f\u4e00\u6587\u770b\u61c2\u904b\u4f5c\u65b9\u5f0f\u53ca\u512a\u7f3a\u9ede"},"content":{"rendered":"<!-- \/367108978\/Rich01_PC_up_728x90 -->\n\t<div class='div-gpt-ad-css' id='div-gpt-ad-1564472272479-0' style='width: 728px; height: 90px;'>\n\t  <script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1564472272479-0'); });\n\t  <\/script>\n\t<\/div><p><img decoding=\"async\" class=\"alignnone size-full wp-image-43632\" src=/index.html"https:\/\/\/wp-content\/uploads\/20221031133428_70.jpg\" alt=\"\u63a9\u8b77\u6027\u8cb7\u6b0a\u662f\u4ec0\u9ebc\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20221031133428_70.jpg 1557w, https:\/\/\/wp-content\/uploads\/20221031133428_70-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u662f\u4e00\u7a2e\u4ea4\u6613\u7b56\u7565\uff0c\u5b83\u4e26\u4e0d\u662f\u55ae\u7d14\u7684\u9078\u64c7\u6b0a\u7b56\u7565\uff0c\u800c\u662f\u4e00\u7a2e\u5728\u65e2\u6709\u73fe\u8ca8\u6216\u8005\u671f\u8ca8\u9577\u7dda\u90e8\u4f4d\u4e0a\u52a0\u4e0a\u9078\u64c7\u6b0a\u90e8\u4f4d\u7684\u64cd\u4f5c\u65b9\u5f0f\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e3b\u8981\u5e38\u88ab\u57fa\u91d1\u7d93\u7406\u4eba\u6216\u67d0\u4e9b\u9577\u671f\u6295\u8cc7\u8005\u4f7f\u7528\uff0c\u5728\u8a8d\u70ba\u8fd1\u671f\u80a1\u50f9\u4e0d\u6703\u6709\u592a\u5927\u4e0a\u6f32\u6ce2\u52d5\u7684\u6642\u5019\uff0c\u85c9\u7531\u9078\u64c7\u6b0a\u90e8\u4f4d\u4f86\u63d0\u4f9b\u4e00\u4e9b\u984d\u5916\u5831\u916c\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u672c\u7bc7\u6587\u7ae0\uff0c\u5e02\u5834\u5148\u751f\u5c07\u7528\u7c21\u55ae\u6613\u61c2\u7684\u65b9\u5f0f\u4ecb\u7d39\u4ec0\u9ebc\u662f\u63a9\u8b77\u6027\u8cb7\u6b0a\uff0c\u4e26\u4e14\u63d0\u4f9b\u904b\u4f5c\u7684\u7bc4\u4f8b\u4ee5\u53ca\u544a\u8a34\u4f60\u5b83\u7684\u512a\u7f3a\u9ede\u662f\u4ec0\u9ebc\u3002<\/span><\/p>\n<p><!--more--><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_64 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">\u672c\u6587\u5e02\u5834\u5148\u751f\u6703\u544a\u8a34\u4f60\uff1a<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-66120aff8e114\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-66120aff8e114\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=/index.html"https:\/\/\/what-is-covered-call\/#%E6%8E%A9%E8%AD%B7%E6%80%A7%E8%B2%B7%E6%AC%8A%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\" title=\"\u63a9\u8b77\u6027\u8cb7\u6b0a\u662f\u4ec0\u9ebc\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u662f\u4ec0\u9ebc\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=/index.html"https:\/\/\/what-is-covered-call\/#%E6%8E%A9%E8%AD%B7%E6%80%A7%E8%B2%B7%E6%AC%8A%E9%81%8B%E4%BD%9C%E6%96%B9%E5%BC%8F%E5%8F%8A%E7%AF%84%E4%BE%8B\" title=\"\u63a9\u8b77\u6027\u8cb7\u6b0a\u904b\u4f5c\u65b9\u5f0f\u53ca\u7bc4\u4f8b\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u904b\u4f5c\u65b9\u5f0f\u53ca\u7bc4\u4f8b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=/index.html"https:\/\/\/what-is-covered-call\/#%E6%8E%A9%E8%AD%B7%E6%80%A7%E8%B2%B7%E6%AC%8A%E7%9A%84%E5%84%AA%E7%BC%BA%E9%BB%9E%E5%8F%8A%E9%A2%A8%E9%9A%AA\" title=\"\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u512a\u7f3a\u9ede\u53ca\u98a8\u96aa\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u512a\u7f3a\u9ede\u53ca\u98a8\u96aa<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=/index.html"https:\/\/\/what-is-covered-call\/#%E5%B8%82%E5%A0%B4%E5%85%88%E7%94%9F%E6%8F%90%E7%A4%BA%EF%BC%9A%E6%8E%A9%E8%AD%B7%E6%80%A7%E8%B2%B7%E6%AC%8A_vs_%E8%B3%A3%E5%87%BA%E8%B3%A3%E6%AC%8A_%E6%9C%89%E4%BB%80%E9%BA%BC%E5%B7%AE%E7%95%B0%EF%BC%9F\" title=\"\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u63a9\u8b77\u6027\u8cb7\u6b0a vs \u8ce3\u51fa\u8ce3\u6b0a \u6709\u4ec0\u9ebc\u5dee\u7570\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u63a9\u8b77\u6027\u8cb7\u6b0a vs \u8ce3\u51fa\u8ce3\u6b0a \u6709\u4ec0\u9ebc\u5dee\u7570\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=/index.html"https:\/\/\/what-is-covered-call\/#%E9%81%A9%E5%90%88%E5%9F%B7%E8%A1%8C%E6%8E%A9%E8%AD%B7%E6%80%A7%E8%B2%B7%E6%AC%8A%E7%9A%84%E6%A8%99%E7%9A%84%E6%9C%89%E5%93%AA%E4%BA%9B%EF%BC%9F\" title=\"\u9069\u5408\u57f7\u884c\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u6a19\u7684\u6709\u54ea\u4e9b\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u9069\u5408\u57f7\u884c\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u6a19\u7684\u6709\u54ea\u4e9b\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=/index.html"https:\/\/\/what-is-covered-call\/#%E6%8E%A9%E8%AD%B7%E6%80%A7%E8%B2%B7%E6%AC%8A%E9%81%A9%E5%90%88%E5%9C%A8%E4%BB%80%E9%BA%BC%E6%99%82%E6%A9%9F%E9%81%8B%E7%94%A8%EF%BC%9F\" title=\"\u63a9\u8b77\u6027\u8cb7\u6b0a\u9069\u5408\u5728\u4ec0\u9ebc\u6642\u6a5f\u904b\u7528\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u9069\u5408\u5728\u4ec0\u9ebc\u6642\u6a5f\u904b\u7528\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=/index.html"https:\/\/\/what-is-covered-call\/#%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86\" title=\"\u5feb\u901f\u91cd\u9ede\u6574\u7406\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5feb\u901f\u91cd\u9ede\u6574\u7406<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E6%8E%A9%E8%AD%B7%E6%80%A7%E8%B2%B7%E6%AC%8A%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u662f\u4ec0\u9ebc\uff1f<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a (\u82f1\u6587\uff1aCovered Call)\uff0c\u662f\u4e00\u7a2e\u6301\u6709\u73fe\u8ca8\u540c\u6642\u8ce3\u51fa\u8cb7\u6b0a(sell call\u6216short call)\u7684\u4ea4\u6613\u7b56\u7565\uff0c\u85c9\u7531\u6536\u53d6\u6b0a\u5229\u91d1(premium)\u589e\u52a0\u6536\u76ca\u3002<\/span><\/p>\n<p><b>\u63a9\u8b77\u6027\u8cb7\u6b0a\uff1d\u6301\u6709\u8cc7\u7522\u73fe\u8ca8(\u5982\u80a1\u7968\u6216ETF\u7b49)\uff0b\u8ce3\u51fa\u76f8\u540c\u6a19\u7684\u8cb7\u6b0a<\/b><\/p>\n<p><b>\u63a9\u8b77\u6027\u8cb7\u6b0a\u4f7f\u7528\u6642\u6a5f<\/b><span style=\"font-weight: 400;\">\uff1a\u63a9\u8b77\u6027\u8cb7\u6b0a\u662f\u4e00\u7a2e\u627f\u64d4\u5927\u6f32\u98a8\u96aa\u3001\u72a7\u7272\u5927\u6f32\u6642\u7684\u7372\u5229\u6f5b\u529b\uff0c\u4f86\u589e\u52a0\u6574\u9ad4\u6536\u76ca\u7684\u90e8\u4f4d\uff0c\u7576\u6295\u8cc7\u8005\u9577\u671f\u9810\u8a08\u9577\u671f\u6301\u6709\u4e00\u500b\u8cc7\u7522\uff0c\u4e26\u8a8d\u70ba\u77ed\u671f\u5167\u8a72\u80a1\u7968\u50f9\u683c\u4e0d\u6703\u5927\u6f32\uff0c\u53ea\u6703\u5c0f\u6f32\u6216\u662f\u5c0f\u8dcc\u7684\u6642\u5019\uff0c\u5c31\u53ef\u4ee5\u4f7f\u7528\u6b64\u7b56\u7565\uff0c\u85c9\u7531\u6b0a\u5229\u91d1\u4f86\u589e\u52a0\u6536\u5165\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5982\u679c\u5927\u6f32\u96d6\u7136\u4e5f\u6703\u8cfa\u9322\uff0c\u4f46\u548c\u539f\u672c\u6301\u6709\u73fe\u8ca8\u76f8\u6bd4\u6703\u5c11\u8cfa\u5f88\u591a\u3002\u5982\u679c\u5927\u8dcc\u5247\u548c\u539f\u672c\u6301\u6709\u73fe\u8ca8\u4e00\u6a23\u6709\u8667\u640d\uff0c\u4f46\u6703\u6e1b\u5c11\u4e00\u9ede\u640d\u5931\u3002<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u767d\u8a71\u7684\u8aaa\uff0c\u63a9\u8b77\u6027\u8cb7\u6b0a\u5c31\u662f\u72a7\u7272\u5927\u6f32\u7684\u7372\u5229\u6f5b\u80fd\uff0c\u63db\u53d6\u5230\u4e00\u90e8\u5206\u6b0a\u5229\u91d1\u6536\u5165\u3002\u85c9\u7531\u9019\u65b9\u5f0f\u4f86\u8abf\u6574\u4e00\u500b\u9577\u671f\u6301\u6709\u73fe\u8ca8\u90e8\u4f4d\u7684\u640d\u76ca\u3002<\/span><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E6%8E%A9%E8%AD%B7%E6%80%A7%E8%B2%B7%E6%AC%8A%E9%81%8B%E4%BD%9C%E6%96%B9%E5%BC%8F%E5%8F%8A%E7%AF%84%E4%BE%8B\"><\/span><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u904b\u4f5c\u65b9\u5f0f\u53ca\u7bc4\u4f8b<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-43634\" src=/index.html"https:\/\/\/wp-content\/uploads\/20221031134429_12.jpg\" alt=\"\u63a9\u8b77\u6027\u8cb7\u6b0a\u904b\u4f5c\u65b9\u5f0f\" width=\"1557\" height=\"815\" srcset=\"https:\/\/\/wp-content\/uploads\/20221031134429_12.jpg 1557w, https:\/\/\/wp-content\/uploads\/20221031134429_12-1536x804.jpg 1536w\" sizes=\"(max-width: 1557px) 100vw, 1557px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u904b\u4f5c\u65b9\u5f0f\u662f\uff0c\u5148\u6301\u6709\u4e00\u9805\u8cc7\u7522(\u5982\u80a1\u7968)\uff0c\u7136\u5f8c\u8ce3\u51fa\u8a72\u80a1\u7968\u7684\u8cb7\u6b0a(Call)\uff0c\u8a2d\u5b9a\u597d\u9078\u64c7\u6b0a\u5c65\u7d04\u50f9(strike price)\uff0c\u901a\u5e38\u662f\u5728\u50f9\u5e73\u6216\u7565\u70ba\u50f9\u5916\uff0c\u540c\u6642\u6536\u53d6\u6b0a\u5229\u91d1(premium)\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u9078\u64c7\u6b0a\u5408\u7d04\u5230\u671f\u6642\uff0c\u5982\u679c\u80a1\u7968\u50f9\u683c\u4e0a\u6f32\uff0c\u5927\u65bc\u5c65\u7d04\u50f9\uff0c\u8cb7\u65b9\u53ef\u4ee5\u884c\u4f7f\u8cb7\u6b0a\uff0c\u90a3\u9ebc\u8ce3\u65b9\u53ef\u4ee5\u5c07\u8ce3\u51fa\u80a1\u7968\u73fe\u8ca8\u7684\u6536\u76ca\u8ce0\u511f\u7d66\u8cb7\u65b9\uff0c\u56e0\u6b64\u4e0d\u6703\u7522\u751f\u8667\u640d\uff0c\u751a\u81f3\u6709\u6b0a\u5229\u91d1\u7684\u6536\u76ca\uff0c\u5728\u9019\u6a23\u7684\u60c5\u6cc1\u4e0b\u96d6\u7136\u7d50\u679c\u4f9d\u7136\u662f\u6709\u7372\u5229\uff0c\u4f46\u662f\u6703\u5c11\u8cfa\uff0c\u5c11\u8cfa\u591a\u5c11\u53d6\u6c7a\u65bc\u77ed\u6642\u9593\u5927\u6f32\u7684\u5e45\u5ea6\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u76f8\u53cd\u7684\uff0c\u5982\u679c\u5408\u7d04\u5230\u671f\u6642\uff0c\u80a1\u7968\u50f9\u683c\u4e0b\u8dcc\uff0c\u6bd4\u5c65\u7d04\u50f9\u4f4e\uff0c\u90a3\u9ebc\u8cb7\u65b9\u5c31\u4e0d\u6703\u884c\u4f7f\u8cb7\u6b0a\uff0c\u8ce3\u65b9\u8981\u627f\u53d7\u80a1\u7968\u73fe\u8ca8\u4e0b\u8dcc\u7684\u8667\u640d\uff0c\u56e0\u6b64\u8667\u640d\u662f\u7121\u9650\u7684\uff0c\u4f46\u662f\u53ef\u4ee5\u7528\u6b0a\u5229\u91d1\u4f86\u5f4c\u88dc\u90e8\u5206\u640d\u5931\u3002\u7c21\u55ae\u4f86\u8aaa\uff0c\u56e0\u70ba\u80fd\u6536\u5230\u4e00\u7b46\u6b0a\u5229\u91d1\uff0c\u6240\u4ee5\u4e0b\u8dcc\u8667\u640d\u91d1\u984d\u6703\u6e1b\u5c11\u4e00\u4e9b\u3002<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u64cd\u4f5c\u7bc4\u4f8b<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A\u5148\u751f\u4ee525\u7f8e\u5143\u6295\u8cc7\u4e86C\u516c\u53f8\u7684\u80a1\u7968\uff0c\u4ed6\u8a8d\u70ba\u8a72\u80a1\u7968\u77ed\u671f\u5167\u53ef\u80fd\u6703\u76f8\u5c0d\u6301\u5e73\uff0c\u6545\u4ee527\u7f8e\u5143\u7684\u5c65\u7d04\u50f9\u8ce3\u51fa\u8a72\u80a1\u7968\u7684\u8cb7\u6b0a\uff0c\u540c\u6642\u6536\u53d6\u6b0a\u5229\u91d11\u7f8e\u5143\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u80a1\u7968\u6210\u672c\u50f9\uff1a25\u7f8e\u5143<br \/>\n<\/span><span style=\"font-weight: 400;\">\u8cb7\u6b0a\u5c65\u7d04\u50f9\uff1a27\u7f8e\u5143<br \/>\n<\/span><span style=\"font-weight: 400;\">\u6b0a\u5229\u91d1\uff1a1\u7f8e\u5143<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5408\u7d04\u5230\u671f\u6642\u6703\u767c\u751f\u5e7e\u7a2e\u72c0\u6cc1\uff1a<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">C\u516c\u53f8\u80a1\u50f9\u5927\u65bc27\u7f8e\u5143\uff1a\u8cb7\u65b9\u6703\u884c\u4f7f\u8cb7\u6b0a\uff0c\u4ee527\u7f8e\u5143\u50f9\u683c\u8cb7\u5165\u8a72\u80a1\u7968\u3002A\u5148\u751f\u53ef\u4ee5\u8ce3\u6389\u80a1\u7968\u73fe\u8ca8\u4f86\u8ce0\u7d66\u8cb7\u65b9\uff0cA\u5148\u751f\u7e3d\u7372\u5229\u70ba\u80a1\u7968\u50f9\u5dee2\u7f8e\u5143\uff0b\u6b0a\u5229\u91d11\u7f8e\u5143\uff1d3\u7f8e\u5143\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">C\u516c\u53f8\u80a1\u50f9\u4ecb\u65bc25~27\u7f8e\u5143\uff1a\u8cb7\u65b9\u4e0d\u6703\u884c\u4f7f\u8cb7\u6b0a\uff0cA\u5148\u751f\u4e0d\u4f46\u8cfa\u5230\u80a1\u7968\u4e0a\u6f32\u7684\u50f9\u5dee\uff0c\u9084\u8cfa\u5230\u6b0a\u5229\u91d11\u7f8e\u5143\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">C\u516c\u53f8\u80a1\u50f9\u4f4e\u65bc25\u7f8e\u5143\uff1a\u8cb7\u65b9\u4e0d\u6703\u884c\u4f7f\u8cb7\u6b0a\uff0cA\u5148\u751f\u8981\u627f\u64d4\u80a1\u7968\u4e0b\u8dcc\u7684\u8667\u640d\uff0c\u4f46\u662f\u6b0a\u5229\u91d11\u7f8e\u5143\u53ef\u4ee5\u5f4c\u88dc\u90e8\u5206\u8667\u640d\u3002<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u4f7f\u7528\u63a9\u8b77\u6027\u8cb7\u6b0a\u6642\uff0c\u5982\u679c\u80a1\u7968\u4e0a\u6f32\u6216\u4e0b\u8dcc\uff0c\u640d\u76ca\u53ef\u5206\u70ba\u4ee5\u4e0b\u5e7e\u7a2e\u72c0\u6cc1\u3002<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 29.253112033195023%; text-align: center;\"><span style=\"font-weight: 400;\">\u80a1\u7968\u6f32\u8dcc\u72c0\u6cc1<\/span><\/td>\n<td style=\"width: 88.01064488734173%; text-align: center;\"><span style=\"font-weight: 400;\">\u640d\u76ca\u72c0\u6cc1<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 29.253112033195023%; text-align: center;\"><span style=\"font-weight: 400;\">\u5927\u6f32<\/span><\/td>\n<td style=\"width: 88.01064488734173%; text-align: center;\"><span style=\"font-weight: 400;\">\u640d\u5931\u6389\u5927\u6f32\u7684\u7372\u5229\uff0c\u5fae\u8584\u6b0a\u5229\u91d1\u7121\u6cd5\u5f4c\u88dc\u640d\u5931\u7684\u7372\u5229<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 29.253112033195023%; text-align: center;\"><span style=\"font-weight: 400;\">\u7de9\u6f32\u6216\u76e4\u6574<\/span><\/td>\n<td style=\"width: 88.01064488734173%; text-align: center;\"><span style=\"font-weight: 400;\">\u8cfa\u53d6\u6b0a\u5229\u91d1<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 29.253112033195023%; text-align: center;\"><span style=\"font-weight: 400;\">\u7de9\u8dcc<\/span><\/td>\n<td style=\"width: 88.01064488734173%; text-align: center;\"><span style=\"font-weight: 400;\">\u53ef\u4ee5\u7528\u6b0a\u5229\u91d1\u6536\u5165\u5f4c\u88dc\u640d\u5931<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 29.253112033195023%; text-align: center;\"><span style=\"font-weight: 400;\">\u5927\u8dcc<\/span><\/td>\n<td style=\"width: 88.01064488734173%; text-align: center;\"><span style=\"font-weight: 400;\">\u80a1\u7968\u7522\u751f\u5927\u984d\u8667\u640d\uff0c\u5fae\u8584\u6b0a\u5229\u91d1\u7121\u6cd5\u5f4c\u88dc\u8667\u640d<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 117.26375692053675%; text-align: right;\" colspan=\"2\"><span style=\"font-weight: 400;\">\u8cc7\u6599\u6574\u7406\uff1a<a href=/index.html"https:\/\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Mr. Market\u5e02\u5834\u5148\u751f<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u63a9\u8b77\u6027\u8cb7\u6b0a\u640d\u76ca\u5716\u89e3<\/b><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 133.9796815473283%; text-align: center;\" colspan=\"3\"><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a vs \u8cb7\u9032\u6301\u6709\u73fe\u8ca8 \u7684\u640d\u76ca\u5dee\u7570<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 31.42857142857143%; text-align: center;\"><\/td>\n<td style=\"width: 35.11143052512593%; text-align: center;\"><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a<\/span><\/td>\n<td style=\"width: 67.43967959363096%; text-align: center;\"><span style=\"font-weight: 400;\">\u8cb7\u9032\u6301\u6709\u73fe\u8ca8<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 31.42857142857143%; text-align: center;\"><span style=\"font-weight: 400;\">\u5927\u6f32<\/span><\/td>\n<td style=\"width: 35.11143052512593%; text-align: center;\"><span style=\"font-weight: 400;\">++<\/span><\/td>\n<td style=\"width: 67.43967959363096%; text-align: center;\"><span style=\"font-weight: 400;\">++++<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 31.42857142857143%; text-align: center;\"><span style=\"font-weight: 400;\">\u5c0f\u6f32<\/span><\/td>\n<td style=\"width: 35.11143052512593%; text-align: center;\"><span style=\"font-weight: 400;\">++<\/span><\/td>\n<td style=\"width: 67.43967959363096%; text-align: center;\"><span style=\"font-weight: 400;\">++<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 31.42857142857143%; text-align: center;\"><span style=\"font-weight: 400;\">\u76e4\u6574<\/span><\/td>\n<td style=\"width: 35.11143052512593%; text-align: center;\"><span style=\"font-weight: 400;\">+<\/span><\/td>\n<td style=\"width: 67.43967959363096%; text-align: center;\"><span style=\"font-weight: 400;\">0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 31.42857142857143%; text-align: center;\"><span style=\"font-weight: 400;\">\u5c0f\u8dcc<\/span><\/td>\n<td style=\"width: 35.11143052512593%; text-align: center;\"><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td style=\"width: 67.43967959363096%; text-align: center;\"><span style=\"font-weight: 400;\">&#8212;<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 31.42857142857143%; text-align: center;\"><span style=\"font-weight: 400;\">\u5927\u8dcc<\/span><\/td>\n<td style=\"width: 35.11143052512593%; text-align: center;\"><span style=\"font-weight: 400;\">&#8212;<\/span><\/td>\n<td style=\"width: 67.43967959363096%; text-align: center;\"><span style=\"font-weight: 400;\">&#8212;-<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 133.9796815473283%; text-align: right;\" colspan=\"3\"><span style=\"font-weight: 400;\">\u8cc7\u6599\u6574\u7406\uff1a<a href=/index.html"https:\/\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Mr. Market\u5e02\u5834\u5148\u751f<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u9019\u908a\u5e02\u5834\u5148\u751f\u8981\u63d0\u9192\u7684\u662f\uff0c\u63a9\u8b77\u6027\u8cb7\u6b0a\u5728\u5927\u6f32\u6642\u8868\u73fe\u6703\u843d\u5f8c\u55ae\u7d14\u8cb7\u9032\u6301\u6709\uff0c<br \/>\n\u5176\u4e2d\u5927\u6f32\u6307\u7684\u662f\u5728\u9078\u64c7\u6b0a\u5230\u671f\u5468\u671f\u5167\u7684\u77ed\u6642\u9593\u5167\u5927\u6f32\uff0c\u4e26\u4e0d\u662f\u53ea\u6709\u591a\u982d\u5e02\u5834\u624d\u6703\u51fa\u73fe\u5927\u6f32\uff0c\u7a7a\u982d\u5e02\u5834\u4e0b\u8dcc\u904e\u7a0b\u5982\u679c\u51fa\u73fe\u77ed\u6642\u9593\u5287\u70c8\u5411\u4e0a\u53cd\u5f48\uff0c\u6709\u6642\u4e5f\u6703\u5c0d\u63a9\u8b77\u6027\u8cb7\u6b0a\u9020\u6210\u50b7\u5bb3\u3002<\/p>\n<p><b>\u5982\u4f55\u9078\u64c7\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u8ce3\u51fa\u9078\u64c7\u6b0a\u5c65\u7d04\u50f9\u53ca\u5230\u671f\u65e5\uff1f<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>\u5c65\u7d04\u50f9<\/b><span style=\"font-weight: 400;\">\uff1a\u8ce3\u51fa\u591a\u50f9\u5916\u8cb7\u6b0a\uff0c\u53d6\u6c7a\u65bc\u6a19\u7684\u7279\u6027\u53ca\u5230\u671f\u65e5\uff0c\u4e26\u6c92\u6709\u7d55\u5c0d\u6a19\u6e96\u7b54\u6848\u3002<\/span><span style=\"font-weight: 400;\">\u4e00\u822c\u6703\u9078\u64c7\u8ce3\u51fa\u7565\u70ba<\/span><b>\u50f9\u5916<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u7684\u8cb7\u6b0a\uff0c\u80fd\u6536\u53d6\u6b0a\u5229\u91d1\u4e2d\u76f8\u5c0d\u8f03\u9ad8\u7684\u6642\u9593\u50f9\u503c\u3002<\/span><\/span><\/span>\u8ce3\u51fa<b>\u6df1\u5ea6\u50f9\u5916<\/b>\u7684\u8cb7\u6b0a\u4e5f\u662f\u4e00\u7a2e\u53ef\u884c\u7684\u65b9\u5f0f\uff0c\u96d6\u7136\u80fd\u63d0\u9ad8\u52dd\u7387\uff0c\u4f46\u6b0a\u5229\u91d1\u7684\u6642\u9593\u50f9\u503c\u76f8\u5c0d\u5c11\u3001\u6536\u76ca\u4f4e\u4f46\u98a8\u96aa\u4e0d\u4e00\u5b9a\u4f4e\u5f88\u591a\uff0c\u9047\u5230\u5feb\u901f\u5927\u6f32\u6642\u4f9d\u7136\u9700\u8981\u627f\u64d4\u985e\u4f3c\u7684\u98a8\u96aa\uff0c\u9019\u662f\u5b83\u6f5b\u5728\u7684\u554f\u984c\u3002<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>\u5230\u671f\u65e5<\/b><span style=\"font-weight: 400;\">\uff1a\u5230\u671f\u65e5\u8fd1\u7684\u597d\u8655\u662f\u6d41\u52d5\u6027\u4f73\u3001\u6642\u9593\u50f9\u503c\u905e\u6e1b\u5feb\u901f\uff0c\u7f3a\u9ede\u662f\u50f9\u683c\u654f\u611f\u5ea6\u9ad8\uff0c\u4e14\u9808\u983b\u7e41\u66f4\u63db\u65b0\u7684\u9078\u64c7\u6b0a\u90e8\u4f4d\u4f86\u7dad\u6301\u8ce3\u51fa\u8cb7\u6b0a\u3002<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n\u5230\u671f\u65e5\u8d8a\u9060\uff0c\u9577\u671f\u57f7\u884c\u63a9\u8b77\u6027\u8cb7\u6b0a\u7b56\u7565\u5c31\u8d8a\u4e0d\u9700\u8981\u983b\u7e41\u53bb\u983b\u7e41\u66f4\u63db\u9078\u64c7\u6b0a\u8ce3\u65b9\u90e8\u4f4d\uff0c\u50f9\u683c\u654f\u611f\u5ea6\u7a69\u5b9a\uff0c\u4f46\u7f3a\u9ede\u662f\u6d41\u52d5\u6027\u4f4e\uff0c\u9700\u8981\u6839\u64da\u6a19\u7684\u9078\u64c7\u6b0a\u7684\u6d41\u52d5\u6027\u5224\u65b7\u3002<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><br \/>\n\u9577\u671f\u57f7\u884c\u63a9\u8b77\u6027\u8cb7\u6b0a\u7b56\u7565\uff0c\u4e00\u822c\u6703\u9078\u64c7\u6709\u8f03\u9577\u4e00\u6bb5\u6642\u9593\u5230\u671f\u7684\u8ce3\u51fa\u8cb7\u6b0a\u90e8\u4f4d\uff0c\u6e1b\u5c11\u77ed\u671f\u6ce2\u52d5\u7684\u5287\u70c8\u5f71\u97ff\u53ca\u983b\u7e41\u5230\u671f\u7684\u63db\u7d04\u6210\u672c\u3002<\/span><\/span><\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>\u6ce2\u52d5\u7387<\/b><span style=\"font-weight: 400;\">\uff1a\u4e00\u822c\u4f86\u8aaa\uff0c\u63a9\u8b77\u6027\u8cb7\u6b0a\u7531\u65bc\u662f\u9577\u671f\u57f7\u884c\uff0c\u56e0\u6b64\u4e2d\u9593\u5fc5\u7136\u6703\u7d93\u6b77\u9ad8\u6ce2\u52d5\u7387\u53ca\u4f4e\u6ce2\u52d5\u7387\u6642\u671f\u3002\u4e00\u822c\u800c\u8a00\u6ce2\u52d5\u7387\u9ad8\u7684\u6642\u671f\uff0c\u672a\u4f86\u6ce2\u52d5\u7387\u50be\u5411\u4e0b\u964d\uff0c\u6709\u52a9\u65bc\u6536\u53d6\u66f4\u591a\u6b0a\u5229\u91d1\u3002<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n\u4f46\u6211\u5011\u5f88\u96e3\u53bb\u9810\u6e2c\u6ce2\u52d5\u7387\u662f\u5426\u4ecd\u6709\u66f4\u9ad8\u9ede\uff0c\u4f46\u7531\u65bc\u6ce2\u52d5\u7387\u5927\u5e45\u4e0a\u5347\u5927\u591a\u662f\u80a1\u5e02\u4e0b\u8dcc\u6642\u671f\uff0c\u50f9\u683c\u4e0b\u8dcc\u5c0d\u65bc\u63a9\u8b77\u6027\u8cb7\u6b0a\u672c\u8eab\u8ce3\u51fa\u8cb7\u6b0a\u7684\u9078\u64c7\u6b0a\u662f\u80fd\u4fdd\u6301\u76c8\u5229\u7684\uff0c\u73fe\u8ca8\u90e8\u4f4d\u96d6\u7136\u6703\u96a8\u4e0b\u8dcc\u6709\u5e33\u9762\u640d\u5931\uff0c\u4f46\u7531\u65bc\u539f\u672c\u5c31\u662f\u9577\u671f\u6301\u6709\u90e8\u4f4d\uff0c\u56e0\u6b64\u5e33\u9762\u640d\u76ca\u4e0d\u4e00\u5b9a\u9700\u8981\u8003\u616e\u9032\u4f86\u3002<\/span><\/li>\n<\/ul>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u5982\u4f55\u8a2d\u5b9a\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u9078\u64c7\u6b0a\u8981\u8ce3\u5e7e\u53e3\uff1f<\/strong><\/p>\n<p>\u9019\u7b97\u6bd4\u8f03\u5be6\u52d9\u64cd\u4f5c\u4e0a\u7684\u554f\u984c\u3002<\/p>\n<p>\u4e00\u822c\u4f86\u8aaa\uff0c\u63a9\u8b77\u6027\u8cb7\u6b0a\u5728short call\u9078\u64c7\u6b0a\u7684\u6642\u5019\uff0c\u6703\u8b93\u6574\u9ad4\u9078\u64c7\u6b0a\u66dd\u96aa\u5c0f\u65bc\u6216\u7b49\u65bc\u73fe\u8ca8\u7684\u66dd\u96aa\uff0c\u4e0d\u80fd\u5927\u65bc\u73fe\u8ca8\u7684\u898f\u6a21\u3002<\/p>\n<p>\u6bd4\u8f03\u5e38\u898b\u7684\u4f5c\u6cd5\u662f\u5169\u8005\u5e73\u8861\u3002\u6bd4\u65b9\u8aaa\u73fe\u8ca8\u662f300\u842c\u7684\u90e8\u4f4d\uff0c\u90a3\u9078\u64c7\u6b0a\u5c65\u7d04\u7684\u90e8\u4f4d\u4e5f\u8a2d\u5b9a\u5728300\u842c\u7684\u898f\u6a21\u3002<\/p>\n<p>\u4ee5\u53f0\u6307\u9078\u64c7\u6b0a\u70ba\u4f8b\uff0c1\u9ede\u662f50\u5143\uff0c\u4e00\u500b\u5c65\u7d04\u50f915000\u9ede\u7684call\uff0c\u5408\u7d04\u50f9\u503c\u898f\u6a21\u5176\u5be6\u662f75\u842c\u5143\uff0c<br \/>\n\u5982\u679c\u73fe\u8ca8\u662f300\u842c\u7684\u90e8\u4f4d\uff0c\u90a3\u6700\u591a\u5c31\u662f\u8ce3\u51fa4\u53e3\u9078\u64c7\u6b0ashort call\u3002<\/p>\n<p>\u9019\u7a2e\u8a2d\u5b9a\u5728\u9078\u64c7\u6b0adelta\u4e0a\u4e0d\u6703\u5b8c\u5168\u8ddf\u73fe\u8ca8\u76f8\u7b49\uff0c\u4f46\u8003\u91cf\u7684\u61c9\u8a72\u662f\u4ee5\u98a8\u96aa\u53ef\u63a7\u3001\u7b56\u7565\u80fd\u9577\u671f\u57f7\u884c\u70ba\u4e3b\uff0c\u800c\u4e0d\u662f\u60f3\u8457\u7372\u5229\u6700\u5927\u5316\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E6%8E%A9%E8%AD%B7%E6%80%A7%E8%B2%B7%E6%AC%8A%E7%9A%84%E5%84%AA%E7%BC%BA%E9%BB%9E%E5%8F%8A%E9%A2%A8%E9%9A%AA\"><\/span><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u512a\u7f3a\u9ede\u53ca\u98a8\u96aa<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u512a\u9ede\u5305\u542b\uff1a<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u80a1\u7968\u7de9\u6f32\u6216\u76e4\u6574\u6642\uff0c\u53ef\u4ee5\u8cfa\u53d6\u6b0a\u5229\u91d1\u6536\u5165<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u80a1\u7968\u5927\u6f32\u6642\u96d6\u7136\u5c11\u8cfa\uff0c\u4f46\u4e0d\u6703\u7522\u751f\u8667\u640d\uff0c\u4ecd\u4fdd\u6709\u5c0f\u5e45\u5ea6\u7684\u7372\u5229<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u80a1\u7968\u4e0b\u8dcc\u6642\uff0c\u7528\u6b0a\u5229\u91d1\u6536\u5165\u5f4c\u88dc\u90e8\u5206\u640d\u5931<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u5f9e\u6a5f\u7387\u4e0a\uff0c\u6709\u53ef\u80fd\u52dd\u904e\u8cb7\u9032\u6301\u6709\uff08\u6a5f\u7387\u52dd\u904e\u4e26\u4e0d\u7b49\u65bc<a href=/index.html"https:\/\/\/positive-negative-expected-value-thinking-2023\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u671f\u671b\u503c<\/a>\u52dd\u904e\uff0c\u6839\u64da\u6a19\u7684\u7279\u6027\u3001\u884c\u60c5\u800c\u5b9a\uff09<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u7f3a\u9ede\u53ca\u98a8\u96aa\u5305\u542b\uff1a<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u80a1\u7968\u77ed\u671f\u5167\u5927\u6f32\u6642\u932f\u5931\u6f32\u5e45\uff0c\u5c0e\u81f4\u7372\u5229\u7a7a\u9593\u6709\u4e0a\u9650\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u80a1\u7968\u5927\u8dcc\u6642\u96d6\u7136\u8667\u640d\u6703\u6e1b\u5c11\uff0c\u4f46\u4f9d\u7136\u6703\u8667\u640d<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u5982\u679c\u60f3\u9577\u671f\u57f7\u884c\u8a72\u7b56\u7565\uff0c\u9078\u64c7\u6b0a\u6703\u4e0d\u65b7\u5230\u671f\uff0c\u6301\u6709\u73fe\u8ca8\u540c\u6642\uff0c\u9700\u8981\u4e0d\u65b7\u8ce3\u51fa\u65b0\u7684\u8cb7\u6b0a\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u5982\u679c\u57f7\u884c\u7b56\u7565\u671f\u9593\u7d93\u5e38\u767c\u751f\u77ed\u671f\u5927\u6f32\uff0c\u6574\u9ad4\u5831\u916c\u4ecd\u53ef\u80fd\u8f38\u7d66\u55ae\u7d14\u8cb7\u9032\u6301\u6709\u3002<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"%E5%B8%82%E5%A0%B4%E5%85%88%E7%94%9F%E6%8F%90%E7%A4%BA%EF%BC%9A%E6%8E%A9%E8%AD%B7%E6%80%A7%E8%B2%B7%E6%AC%8A_vs_%E8%B3%A3%E5%87%BA%E8%B3%A3%E6%AC%8A_%E6%9C%89%E4%BB%80%E9%BA%BC%E5%B7%AE%E7%95%B0%EF%BC%9F\"><\/span><span style=\"font-weight: 400;\">\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u63a9\u8b77\u6027\u8cb7\u6b0a vs \u8ce3\u51fa\u8ce3\u6b0a \u6709\u4ec0\u9ebc\u5dee\u7570\uff1f<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>\u5982\u679c\u4f60\u89c0\u5bdf\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u640d\u76ca\u66f2\u7dda\u5716\uff0c\u6703\u767c\u73fe\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u640d\u76ca\u7279\u5fb5\uff0c\u5176\u5be6\u548c\u8ce3\u51fa\u8ce3\u6b0a(short put)\u4e00\u6a23\u3002<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\u8ce3\u51fa\u8ce3\u6b0a\u662f\u4e00\u7a2e\u53ea\u8981\u5e02\u5834\u4e0d\u5927\u8dcc\uff0c\u4fdd\u6301\u5728\u5c0f\u8dcc\u3001\u6301\u5e73\u3001\u5c0f\u6f32\u3001\u5927\u6f32\u90fd\u6703\u6709\u76c8\u5229\u7684\u7b56\u7565\uff0c<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4f46\u63a9\u8b77\u6027\u8cb7\u6b0a\u5247\u662f\u7528\u4e00\u500b\u73fe\u8ca8\u90e8\u4f4d\u52a0\u4e0a\u4e00\u500b\u9078\u64c7\u6b0a\u90e8\u4f4d(short call)\uff0c\u7d44\u5408\u51fa\u53e6\u4e00\u500b\u9078\u64c7\u6b0a\u7279\u5fb5(short put)\uff0c\u9019\u7a2e\u7d44\u5408\u5f8c\u7522\u751f\u8b8a\u5316\u662f\u9078\u64c7\u6b0a\u7684\u53e6\u4e00\u7a2e\u7279\u6027\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u90a3\u70ba\u4ec0\u9ebc\u4e0d\u4e7e\u8106\u7528\u9078\u64c7\u6b0ashort put\u5c31\u597d\uff1f<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u9084\u8981\u9019\u9ebc\u9ebb\u7169\u7528\u5169\u500b\u90e8\u4f4d\u7d44\u51fa\u53e6\u4e00\u500b\u9078\u64c7\u6b0a\u90e8\u4f4d\uff1f<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u7406\u7531\u5728\u65bc\uff0c\u8a31\u591a\u4f7f\u7528\u63a9\u8b77\u6027\u8cb7\u6b0a\u7b56\u7565\u7684\u4eba\uff0c\u73fe\u8ca8\u90e8\u4f4d\u901a\u5e38\u90fd\u662f\u539f\u672c\u5c31\u9577\u671f\u6301\u6709\u3001\u5373\u4f7f\u5e02\u5834\u6ce2\u52d5\u4e5f\u90fd\u4e0d\u6253\u7b97\u8ce3\u51fa\u7684\u3002\u4ed6\u5011\u5e0c\u671b\u5728\u9577\u671f\u6301\u6709\u73fe\u8ca8\u7684\u57fa\u790e\u4e0a\u984d\u5916\u589e\u52a0\u5831\u916c\uff0c\u800c\u4e0d\u662f\u55ae\u7d14\u85c9\u7531short put\u4f86\u589e\u52a0\u5831\u916c\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u56e0\u6b64\u63a9\u8b77\u6027\u8cb7\u6b0a\u5728short call\u5230\u671f\u5f8c\uff0c\u901a\u5e38\u6703\u6839\u64da\u72c0\u6cc1\uff0c\u8ffd\u52a0\u65b0\u7684short call\uff0c\u985e\u4f3c\u984d\u5916\u591a\u6536\u79df\u91d1\u7684\u6982\u5ff5\u3002\u7576\u7136\uff0c\u5982\u679c\u51fa\u73fe\u77ed\u671f\u5927\u6f32\uff0c\u90a3\u9078\u64c7\u6b0a\u90e8\u4f4d\u4e5f\u53ef\u80fd\u6703\u5e36\u4f86\u640d\u5931\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u55ae\u7d14\u4f7f\u7528short put\u96d6\u7136\u640d\u76ca\u66f2\u7dda\u8ddf\u63a9\u8b77\u6027\u8cb7\u6b0a\u985e\u4f3c\uff0c\u4f46\u5230\u671f<a href=/index.html"https:\/\/\/what-are-the-situations-of-closing-a-position\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5e73\u5009<\/a>\u5f8c\u5c31\u624b\u4e0a\u5c31\u6c92\u6709\u90e8\u4f4d\u4e86\uff0c\u4e26\u4e0d\u5b58\u5728\u9577\u671f\u6301\u6709\u7684\u60f3\u6cd5\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u6240\u4ee5\u96d6\u7136\u6211\u5011\u8ac7\u63a9\u8b77\u6027\u8cb7\u6b0a\uff0c\u770b\u4f3c\u540c\u6642\u5728\u8ac7 (\u73fe\u8ca8 + \u9078\u64c7\u6b0ashort call)\uff0c\u4f46\u5be6\u969b\u4e0a\u56e0\u70ba\u73fe\u8ca8\u90e8\u4f4d\u4e0d\u6703\u52d5\uff0c\u6240\u4ee5\u5176\u5be6\u95dc\u9375\u662f\u9078\u64c7\u6b0ashort call\u90e8\u5206\uff0c<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u4e5f\u53ef\u4ee5\u8aaa\u662f\u5728\u6709\u73fe\u8ca8\u90e8\u4f4d\u7684\u524d\u63d0\u4e0b\uff0c\u8a55\u4f30\u662f\u5426\u8981\u627f\u64d4 short call \u7684\u98a8\u96aa\u4f86\u589e\u52a0\u6536\u76ca\u3002<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u5c0f\u7d50\uff1a\u63a9\u8b77\u6027\u8cb7\u6b0a\u7b56\u7565\u662f\u73fe\u8ca8\u90e8\u4f4d\u9577\u671f\u6301\u6709\u7684\u524d\u63d0\u4e0b\uff0c\u627f\u64d4\u98a8\u96aa\u72a7\u7272\u5927\u6f32\u7684\u7372\u5229\u6f5b\u529b\u4f86\u589e\u52a0\u6536\u76ca\u7684\u4e00\u7a2e\u65b9\u5f0f\u3002<\/span><span style=\"font-weight: 400;\">\u4f46\u5982\u679c\u73fe\u8ca8\u90e8\u4f4d\u6c92\u6709\u6253\u7b97\u9577\u671f\u6301\u6709\u7684\u524d\u63d0\u4e0b\uff0c\u90a3\u63a9\u8b77\u6027\u8cb7\u6b0a\u5176\u5be6\u8ddf\u8ce3\u51fa\u8ce3\u6b0ashort put\u4e26\u6c92\u6709\u4e0d\u540c\u3002<\/span><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E9%81%A9%E5%90%88%E5%9F%B7%E8%A1%8C%E6%8E%A9%E8%AD%B7%E6%80%A7%E8%B2%B7%E6%AC%8A%E7%9A%84%E6%A8%99%E7%9A%84%E6%9C%89%E5%93%AA%E4%BA%9B%EF%BC%9F\"><\/span><span style=\"font-weight: 400;\">\u9069\u5408\u57f7\u884c\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u6a19\u7684\u6709\u54ea\u4e9b\uff1f<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u7531\u65bc\u4e0a\u8ff0\u63d0\u5230\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u7279\u6027\uff0c\u9069\u5408\u7528\u4f86\u64cd\u4f5c\u6b64\u7b56\u7565\u7684\u6a19\u7684\u7279\u6027\u70ba\uff1a<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u80a1\u50f9\u9577\u671f\u6301\u5e73\u6216\u5411\u4e0a\uff0c\u4e0d\u6703\u9577\u671f\u4e0b\u8dcc<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u80a1\u50f9\u6ce2\u52d5\u5ea6\u4f4e\uff0c\u4e0d\u5bb9\u6613\u51fa\u73fe\u77ed\u671f\u66b4\u6f32<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u7b26\u5408\u9019\u985e\u689d\u4ef6\u7684\u6a19\u7684\u985e\u578b\u5305\u62ec\uff1a<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u5168\u5e02\u5834\u578b\u7684ETF<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u5927\u578b\u50f9\u503c\u578b\u80a1\u7968<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u5927\u578b\u725b\u76ae\u80a1 (\u80a1\u50f9\u6f32\u8dcc\u5f88\u5c11\u7684\u516c\u53f8)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u7531\u65bc\u63a9\u8b77\u6027\u8cb7\u6b0a\u662f\u57fa\u65bc\u9577\u671f\u6301\u6709\u73fe\u8ca8\u90e8\u4f4d\u4e0a\u53bb\u5efa\u7acb\u9078\u64c7\u6b0a\u90e8\u4f4d\uff0c\u800c\u9078\u64c7\u6b0a\u90e8\u4f4d\u4e00\u6bb5\u6642\u9593\u5c31\u5230\u671f\uff0c\u5230\u671f\u5f8c\u5c31\u8981\u91cd\u65b0\u5efa\u7acb\u65b0\u7684\u9078\u64c7\u6b0ashort call\u90e8\u4f4d\uff0c\u6536\u53d6\u65b0\u7684\u6b0a\u5229\u91d1\u3002\u56e0\u6b64\u5b83\u901a\u5e38\u662f\u4e00\u500b\u9577\u671f\u6301\u7e8c\u57f7\u884c\u7684\u7b56\u7565\uff0c\u800c\u4e0d\u662f\u77ed\u671f\u7684\u7b56\u7565\u3002<\/span><\/p>\n<p>\u63db\u53e5\u8a71\u8aaa\uff0c\u9019\u7b56\u7565\u6700\u6015\u77ed\u671f\u5927\u6f32\uff0c\u800c\u5b83\u5fc5\u9808\u9577\u671f\u57f7\u884c\uff0c\u56e0\u6b64\u61c9\u8a72\u9078\u64c7\u6975\u5c11\u51fa\u73fe\u77ed\u671f\u5927\u6f32\u7684\u6a19\u7684\u985e\u578b\uff0c\u7de9\u6f32\u662f\u6700\u7406\u60f3\u7684\u60c5\u6cc1\u3002<\/p>\n<p><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u4e26\u4e0d\u9069\u5408\u7528\u5728\u6709\u53ef\u80fd\u77ed\u671f\u5927\u6f32\u7684\u6a19\u7684\u4e0a\uff0c\u4f8b\u5982\u904e\u65bc\u6d3b\u8e8d\u7684\u6210\u9577\u80a1\u3001\u4e2d\u5c0f\u578b\u80a1\uff0c\u90fd\u6703\u5c0e\u81f4short call\u7684\u98a8\u96aa\u5927\u5e45\u589e\u52a0\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u7576\u7136\uff0c\u5982\u679c\u662f\u539f\u672c\u6ce2\u52d5\u5c31\u5f88\u5c0f\u7684\u6a19\u7684\uff0c\u6b0a\u5229\u91d1\u7684\u6536\u76ca\u4e5f\u6703\u76f8\u5c0d\u4f4e\u4e00\u9ede\uff0c\u4f46\u7a69\u5b9a\u624d\u662f\u4e00\u500b\u7b56\u7565\u9577\u671f\u6210\u529f\u904b\u4f5c\u7684\u95dc\u9375\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u8981\u6ce8\u610f\u7684\u662f\uff0c\u5982\u679c\u73fe\u8ca8\u90e8\u4f4d\u9577\u671f\u4e0b\u8dcc\u8870\u9000\uff0c\u90a3\u5373\u4fbf\u904e\u7a0b\u4e2d\u5927\u91cfshort call\uff0c\u6240\u6536\u5165\u7684\u6b0a\u5229\u91d1\u4e5f\u4e0d\u4e00\u5b9a\u80fd\u5f4c\u88dc\u8667\u640d\uff0c\u56e0\u6b64\u6a19\u7684\u9577\u671f\u5411\u4e0a\u662f\u6700\u57fa\u672c\u7684\u689d\u4ef6\u3002<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E6%8E%A9%E8%AD%B7%E6%80%A7%E8%B2%B7%E6%AC%8A%E9%81%A9%E5%90%88%E5%9C%A8%E4%BB%80%E9%BA%BC%E6%99%82%E6%A9%9F%E9%81%8B%E7%94%A8%EF%BC%9F\"><\/span><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u9069\u5408\u5728\u4ec0\u9ebc\u6642\u6a5f\u904b\u7528\uff1f<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u5982\u679c\u63a9\u8b77\u6027\u8cb7\u6b0a\u9019\u500b\u4ea4\u6613\u7b56\u7565\u4e0a\u6f32\u7a7a\u9593\u6709\u9650\u4f46\u662f\u4e0b\u8dcc\u7a7a\u9593\u7121\u9650\u7684\u7b56\u7565\uff0c\u90a3\u9ebc\u70ba\u4ec0\u9ebc\u8a31\u591a\u5c08\u696d\u7d93\u7406\u4eba\u4ecd\u559c\u6b61\u904b\u7528\u5462\uff1f<\/span><\/p>\n<p>\u9996\u5148\uff0c\u6240\u8b02\u4e0a\u6f32\u7a7a\u9593\u6709\u9650\uff0c\u5176\u5be6\u53ea\u662f\u6307\u4e00\u6b21\u9078\u64c7\u6b0a\u5230\u671f\u7684\u60c5\u6cc1\uff0c<br \/>\n\u4f46\u5be6\u969b\u4e0a\uff0c\u5982\u679c\u60f3\u9577\u671f\u63d0\u4f9b\u73fe\u8ca8\u90e8\u4f4d\u4fdd\u8b77\uff0c\u7576short call\u9078\u64c7\u6b0a\u5230\u671f\u5f8c\uff0c\u7e7c\u7e8c\u57f7\u884c\u63a9\u8b77\u6027\u8cb7\u6b0a\uff0c\u5c31\u6703\u91cd\u65b0\u5efa\u7acb\u9078\u64c7\u6b0a\u90e8\u4f4d\uff0c\u4e5f\u56e0\u6b64\u6709\u4e86\u6536\u53d6\u65b0\u7684\u6b0a\u5229\u91d1\u53ef\u80fd\u3002<\/p>\n<p>\u56e0\u6b64\u5b83\u4e26\u4e0d\u662f\u50cf\u4e00\u822c\u9078\u64c7\u6b0a\u7b56\u7565\u5448\u73fe\u7684\u4e00\u500b\u77ed\u671f\u5230\u671f\u640d\u76ca\u7279\u6027\uff0c\u800c\u662f\u4e00\u500b\u66f4\u9577\u5468\u671f\u7684\u64cd\u4f5c\u7b56\u7565\u3002<\/p>\n<p><b>\u5176\u6b21\uff0c\u9019\u500b\u4ea4\u6613\u7b56\u7565\u9069\u5408\u90a3\u4e9b\u8a8d\u70ba\u6a19\u7684\u50f9\u683c\u5728\u77ed\u671f\u5167\u4e0d\u6703\u5927\u5e45\u6ce2\u52d5\u7684\u6295\u8cc7\u8005<\/b><span style=\"font-weight: 400;\">\uff0c\u6bd4\u5982\u90a3\u4e9b\u6253\u7b97\u9577\u671f\u6301\u6709\u80a1\u7968\uff0c\u4f46\u9810\u671f\u8fd1\u671f\u50f9\u683c\u4e0d\u6703\u6709\u660e\u986f\u4e0a\u6f32\u8005\uff0c\u5c31\u53ef\u4ee5\u591a\u6b64\u4f7f\u7528\u63a9\u8b77\u6027\u8cb7\u6b0a\u4f86\u589e\u52a0\u6b0a\u5229\u91d1\u6536\u5165\uff0c\u5c31\u597d\u50cf\u7528\u80a1\u7968\u4f86\u6536\u79df\u7684\u6982\u5ff5\u4e00\u6a23\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u7531\u65bc\u6574\u9ad4\u5e02\u5834\u96d6\u7136\u6709\u591a\u982d\u548c\u7a7a\u982d\u8da8\u52e2\uff0c\u4f46\u5728\u9019\u4e4b\u5916\uff0c\u6c92\u6709\u986f\u8457\u8da8\u52e2\u7684\u76e4\u6574\u4ecd\u662f\u4f54\u5927\u591a\u6578\u6642\u9593\uff0c\u9019\u90fd\u662f\u9078\u64c7\u6b0a\u8ce3\u65b9\u80fd\u7372\u5229\u7684\u6642\u6a5f\u3002<\/span><\/p>\n<p><strong>\u63a9\u8b77\u6027\u8cb7\u6b0a\u9069\u5408\u7684\u6642\u6a5f\u5305\u62ec\uff1a<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u5224\u65b7\u80a1\u50f9\u65bc\u9ad8\u6a94\uff0c\u4e0d\u5927\u53ef\u80fd\u5927\u6f32<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u5224\u65b7\u80a1\u50f9\u8655\u65bc\u76e4\u6574\uff0c\u4e0d\u5927\u5bb9\u6613\u5927\u6f32\u5927\u8dcc<\/span><\/li>\n<\/ul>\n<p>\u53ea\u8981\u8a8d\u70ba\u76e4\u52e2\u4e0d\u6703\u51fa\u73fe\u77ed\u671f\u5927\u6f32\uff0c\u63a9\u8b77\u6027\u8cb7\u6b0a\u589e\u52a0short call\u90e8\u4f4d\uff0c\u5c31\u53ef\u4ee5\u589e\u52a0\u6574\u9ad4\u5831\u916c\u3002<\/p>\n<p><b>\u4e00\u500b\u601d\u8003\u662f\uff1a\u5982\u679c\u63a5\u4e0b\u4f86\u80a1\u50f9\u53ef\u80fd\u4e0b\u8dcc\uff0c\u80fd\u7528\u63a9\u8b77\u6027\u8cb7\u6b0a\u55ce\uff1f<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\u7b54\u6848\u662f\u53ef\u4ee5\uff0c\u524d\u9762\u63d0\u5230\uff0c\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u524d\u63d0\u901a\u5e38\u662f\u5efa\u7acb\u5728\u73fe\u8ca8\u90e8\u4f4d\u539f\u672c\u5c31\u9810\u8a08\u9577\u671f\u6301\u6709\uff0c\u5728\u9019\u524d\u63d0\u4e0b\u8a55\u4f30\u662f\u5426\u8ffd\u52a0short call\u7684\u9078\u64c7\u6b0a\u4f86\u589e\u52a0\u6b0a\u5229\u91d1\u6536\u5165\u3002 \u800c\u9078\u64c7\u6b0ashort call\u662f\u4e00\u7a2e\u80a1\u50f9\u53ea\u8981\u4e0d\u5927\u6f32\u5c31\u53ef\u4ee5\u7372\u5229\u7684\u64cd\u4f5c\u3002\u5728\u9019\u524d\u63d0\u4e0b\uff0c\u4e0b\u8dcc\u6642\u671fshort call\u7684\u6b0a\u5229\u91d1\u53ef\u4ee5\u6e1b\u5c11\u8667\u640d\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u8981\u6ce8\u610f\u7684\u662f\uff0c\u56e0\u70bashort call\u9078\u64c7\u6b0a\u6703\u5230\u671f\uff0c\u5230\u671f\u5f8c\u53ef\u80fd\u6703\u5efa\u7acb\u65b0\u7684short call\u90e8\u4f4d\uff0c\u6709\u65b0\u7684\u5c65\u7d04\u50f9\uff0c\u56e0\u6b64\u5982\u679c\u4e0b\u8dcc\u904e\u7a0b\u51fa\u73fe\u5411\u4e0a\u5287\u70c8\u7684\u53cd\u5f48\uff0cshort call\u90e8\u4f4d\u4e5f\u53ef\u80fd\u51fa\u73fe\u640d\u5931\u3002\u9019\u662f\u4e00\u500b\u9577\u671f\u6301\u7e8c\u7684\u63a9\u8b77\u6027\u8cb7\u6b0a\u7b56\u7565\uff0c\u5728\u6efe\u52d5\u65b0\u7684short call\u90e8\u4f4d\u4e2d\u8981\u6ce8\u610f\u7684\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4f46\u4e00\u5207\u7684\u524d\u63d0\uff0c\u90fd\u662f\u5efa\u7acb\u5728\u73fe\u8ca8\u90e8\u4f4d\u4e0d\u6703\u56e0\u70ba\u4e0b\u8dcc\u800c\u8ce3\u51fa\u7684\u60c5\u6cc1\u4e0b\uff0c\u5982\u679c\u4e00\u4e0b\u8dcc\u4f60\u5c31\u628a\u6574\u500b\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u73fe\u8ca8\u53ca\u9078\u64c7\u6b0a\u90e8\u4f4d\u8ce3\u6389\uff0c\u90a3\u4e0b\u8dcc\u5f97\u5230\u7684\u7d50\u679c\u5c31\u662f\u8667\u640d\uff0c\u5982\u679c\u662f\u9019\u6a23\uff0c\u4f60\u4e26\u4e0d\u9069\u5408\u4f7f\u7528\u63a9\u8b77\u6027\u8cb7\u6b0a\u7b56\u7565\u3002<\/span><\/p>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u4f55\u6642\u61c9\u8a72\u7d50\u675f\u63a9\u8b77\u6027\u8cb7\u6b0a\u90e8\u4f4d\uff1f<\/strong><\/p>\n<p>\u9019\u662f\u4e00\u500b\u76f8\u5c0d\u56f0\u96e3\u7684\u554f\u984c\uff0c\u7406\u8ad6\u4e0a\u6700\u7406\u60f3\u7684\u60c5\u6cc1\u662f\u5728\u5224\u65b7\u672a\u4f86\u51fa\u73fe\u77ed\u671f\u5927\u6f32\u7684\u98a8\u96aa\uff0c\u4e26\u4e14\u5728\u9019\u4e4b\u524d\u5148\u51fa\u5834\uff0c\u4f46\u5be6\u52d9\u4e0a\u6211\u5011\u8981\u505a\u9019\u9810\u6e2c\u76f8\u7576\u56f0\u96e3\u3002<\/p>\n<p>\u6bd4\u8f03\u5bb9\u6613\u7684\u505a\u6cd5\uff0c\u9996\u5148\u662f\u9078\u64c7\u4e0d\u5bb9\u6613\u5927\u6f32\u5927\u8dcc\u7684\u6a19\u7684\u985e\u578b\uff0c\u4f8b\u5982\u6307\u6578ETF\uff0c\u5176\u6b21\u907f\u958b\u4e00\u4e9b\u5e02\u5834\u60c5\u7dd2\u4f4e\u6a94\u6642\u671f\uff0c\u56e0\u70ba\u5e02\u5834\u4f4e\u6a94\u6642\u666e\u904d\u4e0a\u4e0b\u9707\u76ea\u90fd\u5927\uff0c\u800c\u9019\u985e\u7b56\u7565\u6703\u5728\u5411\u4e0a\u9707\u76ea\u7684\u671f\u9593\u53d7\u5230\u50b7\u5bb3\u3002<\/p>\n<p>\u5982\u679c\u884c\u60c5\u51fa\u73fe\u5feb\u901f\u4e0a\u6f32\u7684\u53ef\u80fd\uff0c\u96d6\u7136\u63a9\u8b77\u6027\u8cb7\u6b0a\u90e8\u4f4d\u6574\u9ad4\u662f\u8cfa\u9322\u7684\uff0c\u4f46\u53ef\u80fd\u8b93\u63a9\u8b77\u6027\u8cb7\u6b0a\u5728\u77ed\u671f\u51fa\u73fe\u5831\u916c\u843d\u5f8c\u539f\u672c\u73fe\u8ca8\u7684\u60c5\u6cc1\uff0c<\/p>\n<p>\u63a9\u8b77\u6027\u8cb7\u6b0a\u7684\u984d\u5916\u7372\u5229\u4f86\u6e90\u662f\u4f86\u81ea\u6536\u53d6\u6b0a\u5229\u91d1\u7684\u6642\u9593\u50f9\u503c\uff0c\u56e0\u6b64\u9019\u985e\u7b56\u7565\u7684\u57f7\u884c\u90fd\u9700\u8981\u7b49\u5f85\u3001\u627f\u53d7\u6ce2\u52d5\uff0c<br \/>\n\u56e0\u6b64\u95dc\u9375\u5728\u65bc\u5224\u65b7\u672a\u4f86\u4e0a\u6f32\u7684\u6ce2\u52d5\u5927\u5c0f\uff0c\u5728\u5230\u671f\u524d\u662f\u5426\u53ef\u80fd\u5927\u5e45\u8d85\u904e\u5c65\u7d04\u50f9\u3002<\/p>\n<p>\u7531\u65bcshort call\u7684\u5c65\u7d04\u50f9\u4e00\u822c\u90fd\u8a2d\u5b9a\u5728\u7565\u70ba\u50f9\u5916\u7684\u4f4d\u7f6e\uff0c\u56e0\u6b64\u4e0d\u6703\u592a\u5bb9\u6613\u78b0\u5230\uff0c<br \/>\n\u4f46\u4e00\u500b\u9577\u671f\u57f7\u884c\u7684\u7b56\u7565\uff0c\u5fc5\u7136\u6703\u6642\u5e38\u78b0\u5230\u9019\u640d\u76ca\u908a\u7de3\u7684\u53ef\u80fd\uff0c\u5982\u679c\u5c0d\u50f9\u683c\u904e\u65bc\u654f\u611f\uff0c\u90a3\u9577\u671f\u57f7\u884c\u7b56\u7565\u53ef\u80fd\u6703\u904e\u65bc\u8ffd\u9ad8\u6bba\u4f4e\u3001\u96e3\u4ee5\u6709\u9577\u671f\u6b63\u671f\u671b\u503c\u7684\u5831\u916c\u3002<\/p>\n<p>\u9019\u7b56\u7565\u7684\u672c\u8cea\u662f\u627f\u53d7\u98a8\u96aa\uff0c\u5c31\u8ddf\u958b\u4fdd\u96aa\u516c\u53f8\u4e00\u6a23\uff0c<\/p>\n<p>\u5efa\u8b70\u662f\u53ea\u5728\u6709\u5927\u5e45\u8d85\u904e\u5c65\u7d04\u50f9\u53ef\u80fd\u6642\u624d\u9032\u884c\u8abf\u6574\u3002<\/p>\n<p>\u6216\u8005\u4e00\u958b\u59cb\u5c31\u5728\u66f4\u50f9\u5916\u9032\u884clong call (Buy call)\u4f86\u907f\u96aa\u6e1b\u5c11\u5927\u6f32\u6642\u7684\u640d\u5931\uff0c\u9019\u985e\u90e8\u4f4d\u9700\u63d0\u65e9\u4f48\u5c40\uff0c\u5426\u5247\u4ecd\u53ef\u80fd\u662f\u8ffd\u9ad8\u6bba\u4f4e\u3002<\/p>\n<p>\u7531\u65bc\u8ffd\u9ad8\u6bba\u4f4e\u5c0d\u9019\u985e\u7b56\u7565\u50b7\u5bb3\u5f88\u5927\uff0c\u5982\u679c\u6c92\u6709\u627f\u53d7\u6ce2\u52d5\u7684\u80fd\u529b\uff0c\u90a3\u5e02\u5834\u5148\u751f\u4e26\u4e0d\u5efa\u8b70\u4f60\u4f7f\u7528\u9019\u985e\u7b56\u7565\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86\"><\/span><span style=\"font-weight: 400;\">\u5feb\u901f\u91cd\u9ede\u6574\u7406<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u662f\u4e00\u7a2e\u6301\u6709\u73fe\u8ca8\u540c\u6642\u8ce3\u51fa\u8cb7\u6b0a\u7684\u4ea4\u6613\u7b56\u7565\uff0c\u85c9\u7531\u6536\u53d6\u6b0a\u5229\u91d1\u589e\u52a0\u6536\u76ca\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u5728\u80a1\u7968\u5927\u6f32\u7684\u6642\u5019\u7372\u5229\u6709\u9650\uff0c\u4f46\u5927\u8dcc\u6642\u8667\u640d\u7121\u9650\uff0c\u53ea\u6709\u5728\u7de9\u6f32\/\u7de9\u8dcc\/\u76e4\u6574\u6642\uff0c\u53ef\u4ee5\u8cfa\u53d6\u6b0a\u5229\u91d1\u6536\u5165\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u63a9\u8b77\u6027\u8cb7\u6b0a\u9069\u5408\u90a3\u4e9b\u8a8d\u70ba\u6a19\u7684\u50f9\u683c\u5728\u77ed\u671f\u5167\u4e0d\u6703\u5927\u5e45\u6ce2\u52d5\u7684\u6295\u8cc7\u8005\u3002<\/span><\/li>\n<\/ol>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u5f8c\u8a18\uff1a<\/strong><\/p>\n<p>\u65e9\u5e74\u6211\u807d\u5230\u63a9\u8b77\u6027\u8cb7\u6b0a\uff0c\u5927\u591a\u90fd\u662f\u4e00\u4e9b\u9577\u671f\u7684\u6295\u8cc7\u4eba\uff0c\u5728\u9577\u671f\u6295\u8cc7\u6307\u6578(\u7528ETF\u6216\u8005\u671f\u8ca8)\u4e4b\u9918\uff0c\u5728\u67d0\u4e9b\u6642\u6a5f\u642d\u914d\u9577\u671fshort call\u3002<\/p>\n<p>\u5728\u591a\u982d\u4e00\u6bb5\u6642\u9593\u5f8c\uff0c\u5f80\u4e0a\u6709\u5feb\u901f\u5927\u5e45\u4e0a\u6f32\u7684\u60c5\u6cc1\u5176\u5be6\u76f8\u5c0d\u5f88\u7a00\u5c11\uff0c\u9019\u7a2e\u6642\u5019\u9577\u671f\u6301\u6709\u90e8\u4f4d\u4e0d\u8003\u616e\u51fa\u5834\u7684\u60c5\u6cc1\u4e0b\uff0c\u5c0f\u90e8\u5206\u984d\u5916\u7684short call\u5c31\u662f\u4e00\u7a2e\u589e\u52a0\u5831\u916c\u7684\u9078\u9805\u3002<\/p>\n<p>\u7576\u7136\uff0c\u4efb\u4f55\u7b56\u7565\u90fd\u6c92\u6709\u7a69\u8cfa\u4e0d\u8ce0\u7684\uff0c\u4ee5\u524d\u6709\u5206\u4eab\u904e\u95dc\u65bc\u9078\u64c7\u6b0a\u90e8\u4f4d\u7684\u56de\u6e2c\u6587\u7ae0\uff0c\u55ae\u7d14\u770b\u9078\u64c7\u6b0a\u8ce3\u65b9\u7b56\u7565\u7684\u7279\u6027\u5c31\u662f\u9ad8\u52dd\u7387\u4f46\u5c0f\u8cfa\u5927\u8ce0\uff0c<\/p>\n<p>\u627f\u53d7\u98a8\u96aa\u662f\u9078\u64c7\u6b0a\u8ce3\u65b9\u7b56\u7565\u7684\u95dc\u9375\uff0c<\/p>\n<p>\u5c31\u5982\u540c\u958b\u4fdd\u96aa\u516c\u53f8\uff0c\u5fc5\u9808\u8981\u6709\u627f\u64d4\u98a8\u96aa\u7684\u80fd\u529b\uff0c\u800c\u4e0d\u662f\u9047\u5230\u5e7e\u6b21\u610f\u5916\u5c31\u4e0d\u505a\u4e86\u3002<\/p>\n<p>\u800c\u627f\u53d7\u610f\u5916\u7684\u80fd\u529b\u6e90\u81ea\u65bc\u4e00\u5b9a\u7a0b\u5ea6\u5206\u6563\u98a8\u96aa\uff0c\u53ca\u4e0d\u4f7f\u7528\u69d3\u687f\u3002<\/p>\n<p>\u7b97\u662f\u4f7f\u7528\u9019\u985e\u7b56\u7565\u7684\u57fa\u672c\u7279\u6027\u3002\u4e5f\u662f\u70ba\u4ec0\u9ebc\u9019\u985e\u7b56\u7565\u4e00\u822c\u662f\u4f7f\u7528\u5728\u5927\u76e4\u6307\u6578\u4e0a\uff0c\u5c11\u90e8\u5206\u7528\u5728\u5927\u578b\u80a1\u4e0a\u3002\u7562\u7adf\u5927\u578b\u80a1\u9047\u5230\u9023\u7e8c\u8df3\u7a7a\u4e0a\u6f32\u7684\u53ef\u80fd\u6027\uff0c\u6703\u6bd4\u5927\u76e4\u6307\u6578\u9ad8\u7684\u591a\u3002<\/p>\n<p>\u5c0d\u65bc\u63a9\u8b77\u6027\u8cb7\u6b0a\u7b56\u7565\u7684\u597d\u58de\uff0c\u6211\u8a8d\u70ba\u53d6\u6c7a\u65bc\u4f60\u5c0d\u672a\u4f86\u884c\u60c5\u7684\u5224\u65b7\uff0c\u53ca\u98a8\u96aa\u627f\u53d7\u80fd\u529b\uff0c<br \/>\n\u6709\u80fd\u529b\u5c0d\u672a\u4f86\u53ef\u80fd\u7684\u8d70\u52e2\u505a\u51fa\u4e00\u5b9a\u7a0b\u5ea6\u5224\u65b7\u4e14\u80fd\u627f\u53d7\u98a8\u96aa\u7684\u4eba\uff0c\u9019\u7b56\u7565\u7b97\u662f\u63d0\u4f9b\u4e00\u500b\u98a8\u96aa\u53ef\u63a7\u7684\u9078\u9805\uff0c\u56e0\u70ba\u5373\u4f7f\u767c\u751f\u8aa4\u5224\uff0c\u76e4\u52e2\u51fa\u73fe\u77ed\u671f\u5927\u6f32\uff0c\u5c0d\u6574\u9ad4\u640d\u76ca\u4f86\u8aaa\u4e5f\u53ea\u662f\u5c11\u8cfa (\u4f46\u5c11\u8cfa\u5c31\u662f\u8ce0\uff0c\u9019\u9ede\u4e0d\u8981\u5fd8\u8a18)\u3002<\/p>\n<p>\u4f46\u5982\u679c\u6c92\u6709\u80fd\u529b\u505a\u5224\u65b7\uff0c\u6216\u8005\u6c92\u6709\u80fd\u529b\u627f\u64d4\u9019\u7a2e\u98a8\u96aa\uff0c\u90a3\u5c31\u4e0d\u5efa\u8b70\u4f7f\u7528\u9019\u985e\u7b56\u7565\u3002<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">\u672c\u6587\u8b39\u505a\u6559\u5b78\u4f7f\u7528\uff0c\u4e0d\u4ee3\u8868\u4efb\u4f55\u6295\u8cc7\u5efa\u8b70\uff0c\u6295\u8cc7\u4eba\u9700\u4e86\u89e3\u4efb\u4f55\u6295\u8cc7\u7686\u6709\u5176\u98a8\u96aa<\/span><\/p>\n\u5c08\u6b04\u4f5c\u8005\uff1a\u725f\u5747\u4fde\u3000\u4e3b\u7de8\uff1a\u5e02\u5834\u5148\u751f\n<p><strong><span style=\"font-size: 20px;\">\u52a0\u5165\u5e02\u5834\u5148\u751fFB\u793e\u5718\uff0c\u5145\u5be6\u66f4\u591a\u7406\u8ca1\u597d\u77e5\u8b58<\/span><\/strong><\/p>\r\n<p>50\u6b72\u4e4b\u524d\u60f3\u9000\u4f11\u4e00\u5b9a\u8981\u61c2\u7406\u8ca1\uff0c<br \/>\u89e3\u6c7a\u6295\u8cc7\u7684\u7169\u60f1\uff01<\/p>\r\n<p><a href=/index.html"https:\/\/bit.ly\/2NTBOAv\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone size-full wp-image-7106\" src=/index.html"https:\/\/\/wp-content\/uploads\/20190824195036_69.gif\" alt=\"\" width=\"687\" height=\"243\" \/><\/a><\/p>\r\n<p>\u6700\u8fd1\u5e02\u5834\u5148\u751f\u958b\u4e86\u4e00\u5802\u7684\u300c<strong>\u7528\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41<\/strong>\u300d\u6559\u5b78\u8ab2\u7a0b\uff0c<br \/>\u9019\u5802\u8ab2\u7a0b\u6703\u5f9e\u57fa\u790e\u5165\u9580\u3001\u8cc7\u6599\u67e5\u8a62\u5230\u5be6\u969b\u64cd\u4f5c\uff0c<br \/>\u6559\u4f60\u5b78\u6703\u5efa\u7acb\u4e00\u500b\u7a69\u5b9a\u7684\u5168\u7403ETF\u6295\u8cc7\u7d44\u5408\uff0c\u76ee\u524d\u7d2f\u7a4d\u5df2\u7d93\u6709\u5c07\u8fd11100\u4f4d\u540c\u5b78\u4e0a\u8ab2\u3002<\/p>\r\n<p>\u7dda\u4e0a\u8ab2\u7a0b\u300b<a href=/index.html"http:\/\/bit.ly\/2FV3hPc\" target=\"_blank\" rel=\"noopener nofollow\" 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