首尔崩盘，指数却纹丝不动——期权简报

关键论点

• Kospi下跌6.12%及半导体疲软属于板块重新定价，而非整体市场波动，标普500指数收平于7,807.24点。
• 半导体期权以一年低位相对波动率进入抛售，十四只成分股均低于其一年区间中点。
• VIX期限结构维持正价差（VIX3M/VIX为1.18），VIX1D因日历清淡下跌14.70%至7.72，VIX9D因CPI预期上升3.73%至11.68。
• 指数看跌期权买盘主导资金流，而半导体个股仓位缓慢且以对冲为主，市场信心偏低。

对应原文证据

1. The Philadelphia semiconductor index fell 2.7%, Micron about 4% and the memory-focused index 4.32%, while the broad index finished unchanged because money moved into other large caps rather than out of equities.
2. VIX 15.21, 20-day realised volatility 9.46% and stable, the index 1.35% above its 50-day average.
3. Semiconductor protection accumulated slowly through multi-month downside strikes in the sector funds rather than through near-dated buying, while the largest single-name put of the session was sold to open in Nvidia.