{"id":39730,"date":"2020-08-11T08:51:20","date_gmt":"2020-08-11T08:51:20","guid":{"rendered":"https:\/\/www.zfx.com\/?post_type=academy&p=39730"},"modified":"2022-02-03T13:10:36","modified_gmt":"2022-02-03T13:10:36","slug":"%e5%b8%82%e5%a0%b4%e6%83%85%e7%b7%92%e6%8c%87%e6%95%b8-vix-%e6%81%90%e6%85%8c%e6%8c%87%e6%95%b8-ctfc%e6%8c%81%e5%80%89%e5%a0%b1%e5%91%8a","status":"publish","type":"academy","link":"https:\/\/www.zfx.com\/zh-hant\/academy\/%e5%b8%82%e5%a0%b4%e6%83%85%e7%b7%92%e6%8c%87%e6%95%b8-vix-%e6%81%90%e6%85%8c%e6%8c%87%e6%95%b8-ctfc%e6%8c%81%e5%80%89%e5%a0%b1%e5%91%8a\/","title":{"rendered":"\u5e02\u5834\u60c5\u7dd2\u6307\u6578 \u5982\u4f55\u5e6b\u52a9\u4f60\u5f9e\u4ea4\u6613\u4e2d\u7372\u5229\uff1f"},"content":{"rendered":"

\u5728\u5148\u524d\u7684\u6587\u7ae0\u4e2d\u6211\u5011\u63d0\u5230\uff0c\u5728\u5916\u532f\u4ea4\u6613\u4e2d\u6709\u91dd\u5c0d\u5e7e\u7a2e\u9762\u5411\u7684\u5206\u6790\uff0c\u6211\u5011\u4ecb\u7d39\u904e\u91dd\u5c0d\u65b0\u805e\u6d88\u606f\u3001\u7d93\u6fdf\u6578\u64da\u7684\u57fa\u672c\u9762\u5206\u6790\uff0c\u4e5f\u8b1b\u904e\u91dd\u5c0d\u50f9\u683c\u8d70\u52e2\u3001\u5716\u8868\u5f62\u614b\u7684\u6280\u8853\u5206\u6790\uff0c\u800c\u4eca\u5929\u6211\u5011\u8981\u4ecb\u7d39\u7684\u5247\u662f\u91dd\u5c0d\u5fc3\u7406\u5c64\u9762\u7684\u5e02\u5834\u60c5\u7dd2\u5206\u6790\uff0c\u4ee5\u53ca\u5e38\u898b\u7684 \u5e02\u5834\u60c5\u7dd2\u6307\u6578 \u5728\u65e5\u5e38\u4ea4\u6613\u4e2d\u7684\u61c9\u7528\u3002<\/p>\n

\u5e02\u5834\u60c5\u7dd2 \u662f\u4ec0\u9ebc\uff1f<\/strong><\/span><\/h3>\n

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\"\u5e38\u898b\u7684\u591a\u7a7a\u5009\u4f4d\u6bd4\u4f8b\u5716\"
\n\u5716\u4e00\uff1a\u5e38\u898b\u7684\u591a\u7a7a\u5009\u4f4d\u6bd4\u4f8b\u5716\u00a0 (\u4f86\u6e90: fxssi.com<\/a>)<\/em><\/p>\n

\u4e0a\u5716\u5c31\u662f\u6700\u5e38\u898b\u7684\u5916\u532f\u4ea4\u6613\u5546\u7684\u5009\u4f4d\u7d71\u8a08<\/strong>\uff0c\u9019\u7b97\u662f\u6700\u70ba\u521d\u7d1a\u7684\u5e02\u5834\u60c5\u7dd2\u6307\u6578\uff0c\u85c9\u7531\u591a\u7a7a\u5009\u4f4d\u7684\u5206\u4f48\uff0c\u4f86\u5224\u65b7\u76ee\u524d\u5e02\u5834\u6295\u8cc7\u8005\u7684\u4f48\u5c40\uff0c\u4e26\u63a8\u6e2c\u9032\u4e00\u6b65\u7684\u5e02\u5834\u8d70\u52e2\u3002\u4e0d\u904e\u4e00\u822c\u4f86\u8aaa\uff0c\u6bcf\u5bb6\u5916\u532f\u4ea4\u6613\u5546\u7684\u7d71\u8a08\u53ef\u80fd\u4e0d\u76e1\u6e96\u78ba\uff0c\u4ea6\u53ea\u5c6c\u65bc\u8a72\u4ea4\u6613\u5546\u7684\u6578\u64da\uff0c\u6240\u4ee5\u5efa\u8b70\u7576\u505a\u53c3\u8003\u5373\u53ef\u3002<\/p>\n

\u5e02\u5834\u60c5\u7dd2\u6307\u6578 \u80fd\u5e36\u4f86\u54ea\u4e9b\u512a\u52e2\uff1f<\/strong><\/span><\/h3>\n

\u7531\u5e02\u5834\u60c5\u7dd2\u63a8\u65b7\u672a\u4f86\u7684\u8da8\u52e2\uff0c\u7c21\u55ae\u76f4\u63a5\uff0c\u65b0\u624b\u4e5f\u80fd\u4e00\u770b\u4fbf\u660e\u767d\u3002\u7576\u8d8a\u591a\u6295\u8cc7\u8005\u53c3\u8207\u5e02\u5834\uff0c\u4f5c\u51fa\u8d8a\u591a\u76f8\u4f3c\u7684\u884c\u70ba\u6642\uff0c\u7531\u5e02\u5834\u60c5\u7dd2\u5f15\u767c\u51fa\u4f86\u7684\u529b\u91cf\u5c31\u8d8a\u5927\uff0c\u5c31\u8d8a\u5bb9\u6613\u5f62\u6210\u591a\u982d\u6216\u7a7a\u982d\u8da8\u52e2\u3002<\/p>\n

\u56e0\u6b64\u5982\u679c\u80fd\u5920\u5728\u5916\u532f\u4ea4\u6613\u4e0a\u5584\u7528\u5e02\u5834\u60c5\u7dd2\u6307\u6578\uff0c\u901a\u5e38\u53ef\u4ee5\u907f\u514d\u7a81\u4f86\u7684\u8da8\u52e2\u53cd\u8f49\uff0c\u6295\u8cc7\u8005\u81ea\u7136\u5c31\u4e0d\u6703\u51fa\u73fe\u8ffd\u6f32\u6bba\u8dcc\u7684\u64cd\u4f5c\u3002\u82e5\u662f\u6bd4\u8f03\u9032\u968e\u7684\u4ea4\u6613\u8005\uff0c\u66f4\u662f\u53ef\u4ee5\u5229\u7528\u5831\u544a\u4e2d\u7d30\u7bc0\uff0c\u6bd4\u5982\u8aaaCTFC\u4e2d\u7684\u5009\u4f4d\u8b8a\u5316\uff0c\u505a\u51fa\u5353\u8d8a\u7684\u4ea4\u6613\u6c7a\u7b56\u4e26\u638c\u63e1\u5148\u6a5f\u3002<\/p>\n

\u54ea\u4e9b\u662f\u5e38\u898b\u7684 \u5e02\u5834\u60c5\u7dd2\u6307\u6578 \uff1f<\/strong><\/span><\/h3>\n

\u7c21\u55ae\u8aaa\u5b8c\u4e86\u5e02\u5834\u60c5\u7dd2\u4ee5\u53ca\u53ef\u4ee5\u5728\u4ea4\u6613\u4e0a\u5e36\u4f86\u7684\u512a\u52e2\u5f8c\uff0c\u63a5\u4e0b\u4f86\u6211\u5011\u7a0d\u5fae\u6df1\u5165\u4e00\u9ede\u4ecb\u7d39\u5169\u9805\u6700\u5e38\u898b\uff0c\u4e14\u5177\u6709\u516c\u4fe1\u529b\u7684\u5e02\u5834\u60c5\u7dd2\u6307\u6578\uff1aVIX\u6050\u614c\u6307\u6578 <\/strong>\u53ca CTFC\u6bcf\u9031\u5009\u4f4d\u5831\u544a<\/strong>\u3002<\/p>\n

VIX\u6307\u6578\u8207CTFC\u5009\u4f4d\u5831\u544a\u7684\u76ee\u6a19\u96d6\u7136\u90fd\u662f\u5728\u9810\u5224\u8da8\u52e2\u662f\u5426\u6301\u7e8c\u6216\u51fa\u73fe\u8f49\u6298\uff0c\u4f46\u4ed6\u5011\u7684\u7814\u7a76\u4e3b\u9ad4\u537b\u662f\u4e0d\u540c\u7684\u3002VIX\u7814\u7a76\u6295\u8cc7\u8005\u5c0d\u5e02\u6cc1\u6ce2\u52d5\u6642\u7684\u53cd\u61c9\uff0cCTFC\u5831\u544a\u5247\u662f\u7814\u7a76\u6295\u8cc7\u8005\u5be6\u969b\u7684\u4ea4\u6613\u884c\u70ba\u3002<\/p>\n

1 \/ VIX \u6050\u614c\u6307\u6578<\/span><\/strong><\/h4>\n

VIX \u96d6\u7136\u4fd7\u7a31\u300c\u6050\u614c\u6307\u6578\u300d\uff0c\u4f46\u5be6\u969b\u4e0a\u5b83\u4e26\u4e0d\u4ee3\u8868\u7576VIX\u8d70\u9ad8\u6642\uff0c\u80a1\u5e02\u5c31\u4e00\u5b9a\u6703\u4e0b\u8dcc\uff0c\u800c\u662f\u4ee3\u8868\u6ce2\u52d5\u7387\u7684\u589e\u52a0\uff0c\u4e5f\u5c31\u662f\u8aaa\u4e00\u65e6VIX\u5347\u9ad8\uff0c\u90a3\u9ebc\u80a1\u5e02\u51fa\u73fe\u5927\u5e45\u6ce2\u52d5\u7684\u6a5f\u7387\u5c31\u6703\u589e\u52a0\u3002\u53cd\u4e4bVIX\u5f98\u5f8a\u5728\u4f4e\u503c\uff0c\u4ee3\u8868\u8fd1\u671f\u7684\u6ce2\u52d5\u6027\u53ef\u80fd\u76f8\u5c0d\u8f03\u5c0f\u3002\u800cVIX\u4f5c\u70ba\u5c0d\u80a1\u5e02\u7684\u53c3\u8003\uff0c\u5176\u5c0d\u7167\u7684\u6a21\u578b\u5c31\u662f\u6a19\u666e500\u6307\u6578\uff0c\u56e0\u6b64\u6295\u8cc7\u4ea4\u6613\u8005\u53ef\u4ee5\u5229\u7528VIX\u7684\u8d70\u52e2\uff0c\u4f86\u4f5c\u70ba\u80a1\u5e02\u6f32\u8dcc\u5e45\u7684\u53c3\u8003\uff0c\u4e26\u5f9e\u5927\u5e45\u6ce2\u52d5\u7684\u6a5f\u6703\u4e2d\uff0c\u5617\u8a66\u589e\u5927\u76c8\u5229\u53ef\u80fd\u3002<\/p>\n

VIX \u4ea6\u53ef\u61c9\u7528\u65bc\u5916\u532f\u53ca\u8cb4\u91d1\u5c6c\u4ea4\u6613\uff0c\u7576VIX\u5347\u9ad8\u6642\uff0c\u91d1\u50f9\u8207\u7f8e\u91d1\u5347\u503c\u7684\u6a5f\u7387\u4ea6\u6703\u8b8a\u5927\u3002<\/p>\n

\"\u4e00\u5f35\u542b\u6709<\/p>\n

\u5f9e\u4e0a\u5716\u4e2d\u53ef\u4ee5\u767c\u73fe\uff0cVIX \u6307\u6578\u57282\u6708\u5f8c\u5feb\u901f\u4e0a\u6f32\uff0c\u6697\u793a\u80a1\u5e02\u6216\u51fa\u73fe\u5927\u5e45\u5ea6\u7684\u50f9\u683c\u8b8a\u5316\uff0c\u800c\u5f80\u53f3\u5c0d\u7167\u6a19\u666e500\u7684\u8b8a\u5316\u72c0\u6cc1\uff0c\u51fa\u73fe\u4e86\u5feb\u901f\u7684\u91cd\u632b\uff0c\u53cd\u6620\u4e86\u7576 VIX \u6025\u5347\u5f8c\uff0c\u90a3\u9ebc\u80a1\u5e02\u6ce2\u52d5\u7684\u7bc4\u570d\u8207\u5f37\u5ea6\u5c31\u8d8a\u5927\u3002\u800c\u5728\u5f8c\u7e8c VIX \u7de9\u6162\u4e0b\u8dcc\u7684\u904e\u7a0b\u4e2d\uff0c\u6697\u793a\u4e86\u80a1\u5e02\u6216\u8da8\u5411\u5b9a\uff0c\u96a8\u5f8c\u4ea6\u958b\u59cb\u5411\u4e0a\u53cd\u5f48\u3002\u56e0\u6b64\u82e5\u80fd\u638c\u63e1 VIX \u7684\u8b8a\u5316\uff0c\u6295\u8cc7\u8005\u4fbf\u53ef\u7cbe\u6e96\u5730\u9810\u6e2c\u5230\u80a1\u5e02\u5f8c\u7e8c\u5927\u6f32\u5927\u8dcc\u7684\u60c5\u6cc1\u3002<\/p>\n

2 \/ CTFC \u6bcf\u9031\u5009\u4f4d\u5831\u544a<\/strong><\/span><\/h4>\n

CTFC \u7684\u5168\u540d\u662fCommodity Futures Trading Commission (\u7f8e\u570b\u5546\u54c1\u671f\u8ca8\u4ea4\u6613\u59d4\u54e1\u6703)\u3002 CTFC \u7684\u6bcf\u9031\u5009\u4f4d\u5831\u544a\u662f\u7531\u5b98\u65b9\u8a8d\u8b49\uff0c\u56e0\u6b64\u516c\u4fe1\u529b\u5341\u5206\u9ad8\uff0c\u800c\u5728\u9019\u4efd\u5831\u544a\u4e2d\uff0c\u6240\u7d71\u8a08\u5009\u4f4d\u7684\u5c0d\u8c61\u5305\u542b\u4ee5\u4e0b\u4e09\u7a2e\uff1a<\/p>\n

    \n
  1. \u975e\u5546\u696d\u4ea4\u6613\u8005\uff1a\u6295\u8cc7\u57fa\u91d1\u3001\u5c0d\u6c96\u57fa\u91d1\u3001\u79c1\u52df\u57fa\u91d1\u7b49\u4ee5\u6295\u6a5f\u6027\u8cea\u70ba\u4e3b\u7684\u6a5f\u69cb\u3002<\/li>\n
  2. \u5546\u696d\u4ea4\u6613\u8005\uff1a\u516c\u53f8\u884c\u865f\u3001\u57fa\u672c\u7b49\u4ee5\u907f\u96aa\u4ea4\u6613\u70ba\u76ee\u7684\u7684\u4ea4\u6613\u8005<\/li>\n
  3. \u5c0f\u984d\u4ea4\u6613\u8005<\/li>\n<\/ol>\n

    \u800c CTFC \u5831\u544a\u5728\u61c9\u7528\u4e0a\uff0c\u5c31\u662f\u5229\u7528\u975e\u5546\u696d\u4ea4\u6613\u8005\u5009\u4f4d\u7684\u8b8a\u5316<\/strong>\uff0c\u4f86\u5f62\u6210\u53c3\u8003\u6027\u7684\u4ea4\u6613\u8cc7\u8a0a\uff0c\u9032\u800c\u8f14\u52a9\u6295\u8cc7\u8005\u5c0d\u8d70\u52e2\u4f5c\u51fa\u7814\u5224\u3002\u800c\u6700\u4e3b\u8981\u53c3\u8003\u7684\u9805\u76ee\uff0c\u4fbf\u662f\u300c\u6295\u6a5f\u6027\u6de8\u982d\u5bf8<\/strong> (Speculative Net Positions)\u300d\u7684\u8b8a\u5316\u3002<\/p>\n

    \"\"<\/p>\n

    \u4ee5\u4e0a\u5716\u7684\u5831\u544a\u4e2d\u6211\u5011\u53ef\u4ee5\u5f97\u77e5\uff0c\u7ba1\u7406\u57fa\u91d1\u7684\u9ec3\u91d1\u591a\u982d\u5009\u4f4d\u589e\u52a08612\u624b(\u53e3)\uff0c\u7a7a\u55ae\u589e\u52a07085\u624b\uff0c\u76f8\u6e1b\u4e4b\u4e0b\u5f97\u5230\u6de8\u591a\u982d\u982d\u5bf81527\u624b\uff0c\u4ee3\u8868\u8cb7\u591a\u7684\u5009\u4f4d\u9ad8\u65bc\u505a\u7a7a\u7684\u5009\u4f4d\uff0c\u9019\u5c31\u6697\u793a\u8457\u9019\u4e9b\u57fa\u91d1\u6a5f\u69cb\u672a\u4f86\u4ecd\u662f\u770b\u6f32\u91d1\u50f9\uff0c\u90a3\u9ebc\u6295\u8cc7\u4eba\u4fbf\u53ef\u4ee5\u5408\u7406\u9810\u6e2c\u672a\u4f86\u91d1\u50f9\u4e0a\u6f32\u7684\u6982\u7387\u6703\u8f03\u9ad8\uff0c\u56e0\u6b64\u9806\u8457\u8da8\u52e2\u505a\u591a\uff0c\u5c31\u6703\u662f\u6bd4\u8f03\u597d\u7684\u6c7a\u7b56\u3002<\/p>\n

    \u2014\u2014<\/p>\n

    \u98a8\u96aa\u63d0\u793a<\/strong>:<\/strong>\u4ee5\u4e0a\u5167\u5bb9\u50c5\u4f9b\u53c3\u8003\uff0c\u4e0d\u4ee3\u8868<\/strong>ZFX<\/strong>\u7acb\u5834\uff0c<\/strong>ZFX<\/strong>\u4e0d\u627f\u64d4\u6839\u64da\u672c\u6587\u6240\u9032\u884c\u4efb\u4f55\u8cb7\u8ce3\u64cd\u4f5c\u800c\u5c0e\u81f4\u7684\u4efb\u4f55\u5f62\u5f0f\u640d\u5931\u3002\u8acb\u5805\u5b9a\u81ea\u5df1\u7684\u601d\u8def\uff0c\u505a\u597d\u76f8\u61c9\u98a8\u96aa\u63a7\u5236\u3002<\/strong><\/p>\n

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