标普500指数一个月期“25 Delta看跌期权隐含波动率/平值期权隐含波动率”比值降至约1.15，接近一年多低位。它反映的是，普通下跌保护相对变便宜，同时资金正在转向追逐上涨。Cboe也确认，近期投资者减持对冲并买入上行期权，多个期限的skew降至一年低位。 但这不等于投资者完全放弃防守：针对极端下跌的深度虚值看跌期权仍处过去五年约66%分位。更准确的结论是，市场正在减少对普通回调的防范，却保留尾部风险保护。 这种结构可以继续推动行情，但一旦宏观消息或龙头股打断上涨，较少的近端对冲也可能放大临时补仓需求，使波动突然上升。

U.S. President Trump said New York City must immediately stop levying a second-home tax.

The Ministry of Finance said its national reallocation-and-sharing platform for administrative and public institutions, launched January 2025, has cut fiscal outlays by about RMB 1.59 bln at original asset value. By end-June 2026 the platform had logged 710,000 asset-transfer and demand records and completed reallocation of roughly 90,000 items of equipment and furniture. The ministry noted shared large research instruments have supported technology innovation.