英文名称：Duration 中文名称：久期衡量债券价格对利率变化的敏感性的主要标准，亦可视为投资人收回其债券投资的资金所需时间的一个指标。久期等于利率变动一个单位所引起的价格变动，如市场利率变动1％，债券的价格变动2，则久期是2。 A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices. The duration number is a complicated calculation involving present value, yield, coupon, final maturity and call features. Fortunately for investors, this indicator is a standard data point provided in the presentation of comprehensive bond and bond mutual fund information. The bigger the duration number, the greater the interest-rate risk or reward for bond prices. It is a common misconception among non-professional investors that bonds and bond funds are risk free. They are not. Investors need to be aware of two main risks that can affect a bond's investment value: credit risk (default) and interest rate risk (rate fluctuations). The duration indicator addresses the latter issue.
做空 The selling of a security that the seller does not own, or any sale that is completed by the delivery of a security borrowed by the seller. Short sellers assume that they will be able to buy the stock at a lower amount than the price at which they sold short. Short Selling Selling short is the opposite of going long. That is, short sellers make money if the stock goes down in price. This is an advanced trading strategy with many unique risks and pitfalls. Novice investors are advised to avoid short sales.
信用利差期权（Credit spread option） 信用利差是用以向投资者补偿基础资产违约风险的、高于无风险利率的利差，其计算公式是：信用利差＝贷款或证券收益－相应的无风险证券的收益A financial derivative contract that transfers credit risk from one party to another. An initial premium is paid by the buyer in exchange for potential cash flows if a given credit spread changes from its current level. The buyer of a credit spread option will receive cash flows if the credit spread between two specific benchmarks widens or narrows. Credit spread options come in the form of both calls and puts, allowing both long and short credit positions. Credit spread options can be issued by holders of a specific company's debt to hedge against the risk of a negative credit event. The buyer of the credit spread option (call) assumes all or a portion of the risk of default, and will pay the option seller if the spread between the company's debt and a benchmark level (such as LIBOR) grows. Options and other derivatives based on credit spreads are vital tools for managing the risks associated with lower-rated bonds and debt.
Hold 持有 研究分析员建议持有一种证券，不买也不卖 An analyst's recommendation to neither buy nor sell a security. A company with a hold recommendation generally is expected to perform with the market or at the same pace as comparable companies. Also known as "neutral" or "market perform". Taobiz explains Hold Exact definitions vary by brokerage, but this rating is better than sell, but worse than buy. It means that if you own a security you still shouldn't sell, but you also should not buy the security if you don't own it already (or do not buy more of it if you do).
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