I 2024325 20111290 Z0017101 20242521.1.2322 27.207.14-7.207.20 10CPI I 2024325 i 1. ..................................................... 1 2. ....................................................................... 4 2.1 ...................................... 4 2. ................ 4 2.2 ........................................................ 5 2.3 ................................................. 7 3. .................................. 8 I 2024325 ii 1.1.1:2024318322 ............................................ 1 1.1.1:2024322 ............................... 1 1.1.2: ................................... 2 1.1.3:2024322 ................................................................................................................................. 2 1.1.4:20242024 .................................................................................................... 3 2.2.1: ...................................................................................... 4 2.2.2:10 ............................................................... 4 2.2.3:% .................................................. 5 2.2.4:2024318322 .... 6 2.2.5: ......................................................... 6 2.2.6: .................................................................... 6 2.2.7: ......................................................... 7 3.1.1: .......................................... 8 3.1.2:USDCNHUSDCNY ................................................................ 9 3.1.3:NDFUSDCNH ........................................................................... 9 3.1.4:USDCNY25Delta% ............................ 9 I 2024325 1 1. 2024318322 1.1.1:2024318322 7.0975 7.1004 7.0942 7.1004 0.041% USDCNY 7.1965 7.2283 7.1982 7.2283 0.442% USDCNH 7.2042 7.2540 7.2028 7.2540 0.691% 149.1280 151.6616 149.1385 151.3635 1.499% 1.0888 1.0886 1.0816 1.0816 -0.663% 1.2740 1.2732 1.2602 1.2602 -1.081% 103.4412 104.4373 103.4111 104.4373 0.963% iFinD 20242521.1.2322 1.1.1:2024322 iFinD 99.00100.00101.00102.00103.00104.00105.00106.007.05007.10007.15007.20007.25007.30002024-01-012024-02-012024-03-01::USDCNY:USDCNH2024.1.2-2.2 2024.2.5-3.21 I 2024325 2 1.1.2: iF inD 20243229:307.207.237.247.257.273233:007.22927.27752023119:300.41%0.81% 1.1.3:2024322 USDCNHUSDCNY Bloomberg 202420242024 I 2024325 3 1.1.4:20242024 I 2024325 4 2. 2.1 1. 202425-321321 2.2.1: 2.2.2:10 iFinD iFinD 2. -2.50-2.00-1.50-1.00-0.500.002.002.503.003.504.004.505.005.502022-08-262023-08-2610-%::10%::10%2.202.302.402.502.602.702.802.903.002.803.303.804.304.805.302022-08-262023-08-26::10%::10% I 2024325 5 2.2.3:% iFinD 2.2 3233:007.22927.27759:300.41%0.81%104.007104.473 1. 3229:303233:000.81%0.45% 2. 32115:003223:007.207.21 -30.00-20.00-10.000.0010.0020.0030.0040.0050.0060.002018-092018-122019-032019-062019-092019-122020-032020-062020-092020-122021-032021-062021-092021-122022-032022-062022-092022-122023-032023-062023-092023-12::: I 2024325 6 2.2.4:2024318322 USDCNHUSDCNY Bloomberg 3. 8:3020243227.107.10042023Q4 4. 2024322 2.2.5: 2.2.6: Bloomberg Bloomberg 7.09007.09207.09407.09607.09807.10007.10207.1040-0.20-0.15-0.10-0.050.000.050.100.150.20243824392431024311243122431324314243152431624317243182431924320()()()()-0.16-0.14-0.12-0.10-0.08-0.06-0.04-0.020.007.057.107.157.207.257.307.35239132311132411324314(5)USDCNY (16:30)() I 2024325 7 2.3 32115:00322 1. 32116:30251.75%1.5%G10 2. 321Victoria SpartzBrad Sherman 2.2.7: I 2024325 8 3. 27.207.14-7.207.207.10-7.30 3.1.1: iFinD 6.15006.35006.55006.75006.95007.15007.35007.55007.75007.9500 I 2024325 9 3.1.2:USDCNHUSDCNY iFinD 3.1.3:NDFUSDCNH 3.1.4:USDCNY25Delta% iFinD iFinD -0.02-0.010.000.010.020.030.040.057.00007.05007.10007.15007.20007.25007.30007.35007.4000USDCNH-USDCNY(USDCNYUSDCNH-0.24-0.22-0.20-0.18-0.16-0.14-0.12-0.106.90006.95007.00007.05007.10007.15007.20007.25007.3000NDF(1Y)-USDCNHNDF(1Y)USDCNH-1.2000-1.0000-0.8000-0.6000-0.4000-0.20000.00000.20000.40000.60000.80001.00001D1W1M3M6M9M1Y I 2024325 / 136 310008 400 8888 910 www.nanhua.net 603093 APP