[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio812d951c":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio812d951c","美股指数和ETF空头升至10年最高，标普前100大成分股近25%出现看涨期权偏度倒挂","\u002Fdoc\u002Fdcio812d951c","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">当市场所有人都在担心美股会不会跌的时候，高盛主经纪商和交易台正在发出一个截然不同的警告——真正的风险，可能是空头被迫回补引发的逼空行情。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">高盛主经纪商（\u003C\u002Fspan>Prime Brokerage\u003Cspan style=\"font-family: DengXian;\">）和\u003C\u002Fspan>Delta One\u003Cspan style=\"font-family: DengXian;\">交易台的最新数据显示，当前市场最大的潜在驱动力并非基本面，而是极端的仓位结构：美国宏观产品（指数和\u003C\u002Fspan>ETF\u003Cspan style=\"font-family: DengXian;\">）的空头头寸已飙升至\u003C\u002Fspan>10\u003Cspan style=\"font-family: DengXian;\">年来的最高水平，而标普前\u003C\u002Fspan>100\u003Cspan style=\"font-family: DengXian;\">大成分股中近\u003C\u002Fspan>25%\u003Cspan style=\"font-family: DengXian;\">出现了看涨期权偏度倒挂（类似\u003C\u002Fspan>2021\u003Cspan style=\"font-family: DengXian;\">年散户逼空潮的特征）。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">标普\u003C\u002Fspan>500\u003Cspan style=\"font-family: DengXian;\">指数\u003C\u002Fspan> (SPX)\u003Cspan style=\"font-family: DengXian;\">上周上涨\u003C\u002Fspan>0.9%\u003Cspan style=\"font-family: DengXian;\">，实现连续第\u003C\u002Fspan>8\u003Cspan style=\"font-family: DengXian;\">周收涨。尽管市场面临英伟达\u003C\u002Fspan> (NVDA)\u003Cspan style=\"font-family: DengXian;\">亮眼财报公布后的惯性抛售、疲软的经济数据（创下历史新低的密歇根大学消费者信心指数），但美股依然展现出极强的向上动能。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">除此之外，高盛交易台的数据还揭示了水面之下更惊人的结构性张力：数本月早些时候，单日\u003C\u002Fspan>SPX\u003Cspan style=\"font-family: DengXian;\">看涨期权成交名义规模高达\u003C\u002Fspan>2.6\u003Cspan style=\"font-family: DengXian;\">万亿美元，约占指数市值的\u003C\u002Fspan>4%\u003Cspan style=\"font-family: DengXian;\">；对冲基金美股多空总杠杆出现\u003C\u002Fspan>3\u003Cspan style=\"font-family: DengXian;\">年多以来最大单周增幅，科技股净敞口（占美股主经纪商账簿比例）双双升至\u003C\u002Fspan>5\u003Cspan style=\"font-family: DengXian;\">年来最高，处于第\u003C\u002Fspan>100\u003Cspan style=\"font-family: DengXian;\">百分位；消费必需品板块遭遇\u003C\u002Fspan>5\u003Cspan style=\"font-family: DengXian;\">年多来最大规模净卖出，而消费可选品则在连续\u003C\u002Fspan>10\u003Cspan style=\"font-family: DengXian;\">周中\u003C\u002Fspan>9\u003Cspan style=\"font-family: DengXian;\">周遭卖出后，出现逾两个月来最快净买入。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">高盛交易台认为，当前市场的核心矛盾不是基本面好坏，而是空头仓位过度积累后，一旦触发回补，将形成自我强化的上涨螺旋。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large; color: #0000ff;\">\u003Cspan style=\"font-family: DengXian;\">对冲基金动向：总杠杆率创\u003C\u002Fspan>3\u003Cspan style=\"font-family: DengXian;\">年新高，科技与消费板块现极端分化\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large; color: #000000;\">\u003Cspan style=\"font-family: DengXian;\">高盛主经纪商数据显示，上周美国股市整体呈现温和净买入，单只股票的多头买入超过了空头卖出（比例为\u003C\u002Fspan>1.2\u003Cspan style=\"font-family: DengXian;\">比\u003C\u002Fspan>1\u003Cspan style=\"font-family: DengXian;\">）。值得注意的是，美国多空策略的总杠杆率出现了\u003C\u002Fspan>3\u003Cspan style=\"font-family: DengXian;\">年多来的最大单周增幅，所有行业的总交易活动均有所增加。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large; color: #000000;\">\u003Cspan style=\"font-family: DengXian;\">科技股重获追捧：尽管过去一个月对冲基金持续抛售美国信息科技股，但上周他们突然转向，以\u003C\u002Fspan>3\u003Cspan style=\"font-family: DengXian;\">月中旬以来最快的速度净买入该板块。信息科技板块的总敞口和净敞口（占美国主经纪商账簿总额的百分比）双双创下\u003C\u002Fspan>5\u003Cspan style=\"font-family: DengXian;\">年来的新高，处于历史第\u003C\u002Fspan>100\u003Cspan style=\"font-family: DengXian;\">个百分位。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">消费板块剧烈分化：可选消费品在过去\u003C\u002Fspan>10\u003Cspan style=\"font-family: DengXian;\">周中有\u003C\u002Fspan>9\u003Cspan style=\"font-family: DengXian;\">周遭到抛售，但上周对冲基金以两个多月来最快的速度净买入该板块（完全由多头买入驱动）。相反，日常消费品成为上周遭遇净卖出最多的板块，基金经理进行了激进的做空，创下\u003C\u002Fspan>5\u003Cspan style=\"font-family: DengXian;\">年多来最大的净卖出纪录。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">ETF\u003Cspan style=\"font-family: DengXian;\">空头回补：\u003C\u002Fspan>\u003Cspan style=\"font-family: DengXian;\">宏观产品（指数和\u003C\u002Fspan>ETF\u003Cspan style=\"font-family: DengXian;\">）获得微幅净买入。由于担心个股逼空，投资者此前倾向于做空\u003C\u002Fspan>ETF\u003Cspan style=\"font-family: DengXian;\">，但上周美国上市的\u003C\u002Fspan>ETF\u003Cspan style=\"font-family: DengXian;\">空头头寸三周来首次下降了\u003C\u002Fspan>4%\u003Cspan style=\"font-family: DengXian;\">，主要由大盘股和科技\u003C\u002Fspan>ETF\u003Cspan style=\"font-family: DengXian;\">的空头回补所带动。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large; color: #0000ff;\">\u003Cspan style=\"font-family: DengXian;\">宏观与资金流向：指数级“逼空”风险真实存在，宏观空头创\u003C\u002Fspan>10\u003Cspan style=\"font-family: DengXian;\">年新高\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large; color: #000000;\">\u003Cspan style=\"font-family: DengXian;\">高盛\u003C\u002Fspan>Delta One\u003Cspan style=\"font-family: DengXian;\">交易台指出，尽管面临中东地缘政治头条新闻、动量因子的剧烈波动以及好坏参半的消费数据，标普指数依然在长周末前走高。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large; color: #000000;\">\u003Cspan style=\"font-family: DengXian;\">消费端喜忧参半：零售多头标的如罗斯百货\u003C\u002Fspan> (ROST)\u003Cspan style=\"font-family: DengXian;\">和亚玛芬体育\u003C\u002Fspan> (AS)\u003Cspan style=\"font-family: DengXian;\">表现良好，但沃尔玛\u003C\u002Fspan> (WMT)\u003Cspan style=\"font-family: DengXian;\">和塔吉特（\u003C\u002Fspan>TGT\u003Cspan style=\"font-family: DengXian;\">）等风向标企业的数据虽不差，却低于市场较高预期。沃尔玛在财报日大跌\u003C\u002Fspan>7%\u003Cspan style=\"font-family: DengXian;\">，创下\u003C\u002Fspan>3\u003Cspan style=\"font-family: DengXian;\">年来最大单日跌幅，引发了对消费者疲软的担忧。此外，受高油价和高利率影响，\u003C\u002Fspan>5\u003Cspan style=\"font-family: DengXian;\">月密歇根大学消费者信心指数终值创下历史新低。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">资金流向趋于理性：资产管理公司和对冲基金最终成为温和的净买入者。虽然资金仍在稳步流入半导体\u003C\u002Fspan>\u002FAI\u003Cspan style=\"font-family: DengXian;\">领域，但\u003C\u002Fspan>4\u003Cspan style=\"font-family: DengXian;\">月初那种“狂热”的买入现象已大幅减弱。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">高盛\u003C\u002Fspan>Delta One\u003Cspan style=\"font-family: DengXian;\">交易台认为，指数级别的逼空风险是真实存在的。高盛账簿上美国宏观产品（指数\u003C\u002Fspan>+ETF\u003Cspan style=\"font-family: DengXian;\">）的空头敞口已经升至伊朗停火前的水平之上，创下\u003C\u002Fspan>10\u003Cspan style=\"font-family: DengXian;\">年来的新高。高盛将其归因于投资者对宏观因素（伊朗\u003C\u002Fspan>\u002F\u003Cspan style=\"font-family: DengXian;\">利率\u003C\u002Fspan>\u002F\u003Cspan style=\"font-family: DengXian;\">石油）感到紧张，但又不敢使用单只股票空头作为对冲工具。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large; color: #0000ff;\">\u003Cspan style=\"font-family: DengXian;\">衍生品市场：看涨期权交易狂热，偏度倒挂重现\u003C\u002Fspan>2021\u003Cspan style=\"font-family: DengXian;\">年特征\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large; color: #000000;\">\u003Cspan style=\"font-family: DengXian;\">根据 \u003Cstrong>美股大数据 StockWe.com\u003C\u002Fstrong> 衍生品市场的上行期权狂热是当前市场的主题。本月早些时候，标普\u003C\u002Fspan>500\u003Cspan style=\"font-family: DengXian;\">指数（\u003C\u002Fspan>SPX\u003Cspan style=\"font-family: DengXian;\">）看涨期权在单个交易日内创下了\u003C\u002Fspan>2.6\u003Cspan style=\"font-family: DengXian;\">万亿美元（约占指数市值的\u003C\u002Fspan>4%\u003Cspan style=\"font-family: DengXian;\">）的名义交易量。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large; color: #000000;\">\u003Cspan style=\"font-family: DengXian;\">更突显全市场逼空风险的是，根据芝加哥期权交易所\u003C\u002Fspan> (CBOE)\u003Cspan style=\"font-family: DengXian;\">的最新数据：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">标普前\u003C\u002Fspan>100\u003Cspan style=\"font-family: DengXian;\">大成分股中，有近\u003C\u002Fspan>25%\u003Cspan style=\"font-family: DengXian;\">的股票出现了看涨期权偏度倒挂（\u003C\u002Fspan>Inverted call skew\u003Cspan style=\"font-family: DengXian;\">）——这一现象与\u003C\u002Fspan>2021\u003Cspan style=\"font-family: DengXian;\">年“散户抱团股（\u003C\u002Fspan>Meme\u003Cspan style=\"font-family: DengXian;\">）”逼空潮时的偏度特征完全一致。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">目前，看涨期权看多仓位最高的市场区域，正是市场情绪最为狂热的地方。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FS\u002FSPX\u002FSPX.jpg","2026-05-25T21:45:32","2026.05.25","2026\u002F05\u002F25",59859,[22],"SPX","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" rel=\"noopener noreferrer\">\u003Cimg style=\"display:block;margin-left:auto;margin-right:auto;\" src=\"https:\u002F\u002Fstockwewebfiles.blob.core.windows.net\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" target=\"_blank\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"edit":87,"editVideo":88,"courseContent":89,"more":90,"buyNow":91,"subscribeNow":92,"encoding":93,"paidContent":94},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]