期权收租：用持有股票赚取额外收益 Options Income: Earn Extra Yield from Stocks You Own

期权收租：用持有股票赚取额外收益

Options Income: Earn Extra Yield from Stocks You Own

期权并不只是投机工具。对于已经持有股票的投资者而言，期权可以成为一种稳健的收益增强手段——在不卖出正股的前提下，通过卖出期权赚取权利金，实现"持股收租"。本文介绍两个最适合普通投资者的基础期权策略：备兑看涨（Covered Call）与现金担保看跌（Cash-Secured Put）。

Options are not just tools for speculation. For investors who already hold stocks, options can serve as a sound means of enhancing returns — by selling options to collect premiums without selling the underlying shares, effectively achieving "income from your holdings." This article introduces two foundational options strategies most suitable for ordinary investors: the Covered Call and the Cash-Secured Put.

策略一：备兑看涨（Covered Call）——持股收租

Strategy One: Covered Call — Collecting Rent on Stocks You Own

备兑看涨的逻辑非常简单：持有正股的同时，卖出相应的看涨期权，收取权利金。

The logic of a covered call is very simple: while holding the underlying stock, sell a corresponding call option and collect the premium.

这个策略的本质，是将你认为短期内不会到达的股价区间"租"给市场，换取一笔现金收入。

The essence of this strategy is to "rent out" to the market the price range you believe the stock will not reach in the short term, in exchange for a cash income.

实战举例：以英伟达（NVDA）为例

Practical Example: Using NVIDIA (NVDA)

假设你持有100股NVDA，当前股价为$110。你认为未来30天内股价不太可能突破$130，于是你卖出一张30天后到期、行权价$130的看涨期权，收取权利金$300。

Assume you hold 100 shares of NVDA at a current price of $110. You believe the stock is unlikely to break above $130 within the next 30 days, so you sell one call option expiring in 30 days with a strike price of $130, collecting a premium of $300.

到期时有三种情形：

At expiration, there are three possible scenarios:

情形一：NVDA股价升至$125，未超过行权价$130。期权到期作废，$300权利金全部归你。正股每股盈利$15，总计盈利$1,500，加上权利金共赚$1,800。

Scenario One: NVDA rises to $125, not exceeding the $130 strike price. The option expires worthless and you keep the full $300 premium. The stock gains $15 per share for a total of $1,500; combined with the premium, total profit is $1,800.

情形二：NVDA股价升至$135，超过行权价$130。买方行权，你须以$130卖出100股。正股盈利上限为每股$20，总计$2,000，加上$300权利金共$2,300。$130以上的涨幅与你无关。这是备兑看涨策略的代价：你放弃了超出行权价之上的额外涨幅。

Scenario Two: NVDA rises to $135, exceeding the $130 strike price. The buyer exercises the option and you must sell 100 shares at $130. The maximum gain on the stock is $20 per share, totaling $2,000; plus the $300 premium equals $2,300. Any appreciation above $130 no longer belongs to you. This is the cost of the covered call strategy: you give up upside beyond the strike price.

情形三：NVDA股价跌至$105，每股亏损$5，正股亏损$500。但$300权利金抵消了部分损失，实际净亏损仅$200。你的盈亏平衡点从$110下移至$107，卖出期权降低了你的持仓成本。

Scenario Three: NVDA falls to $105, losing $5 per share for a total stock loss of $500. However, the $300 premium offsets part of the loss, resulting in a net loss of only $200. Your break-even point moves down from $110 to $107; selling the option has reduced your cost basis.

如何选择卖出哪张看涨期权？

How to Choose Which Call Option to Sell?

建议选择到期日较近（21至45天）、深度价外（行权价高于当前股价10至15%以上）的看涨期权。到期日近，时间价值消耗更快；深度价外，被行权的概率较低，有利于稳定收取权利金。

It is recommended to select call options with a nearer expiration date (21 to 45 days) and that are deeply out-of-the-money (strike price more than 10 to 15% above the current stock price). A nearer expiration means time value decays faster; deeply out-of-the-money means the probability of being exercised is lower, which favors consistent premium collection.

重要前提：备兑看涨策略要求你持有足够数量的正股（每张合约对应100股），且你需要接受在股价超过行权价时被迫卖出的可能性。因此，这个策略最适合用于你愿意在该价位获利了结的持仓。

Important prerequisite: the covered call strategy requires you to hold a sufficient number of shares of the underlying stock (100 shares per contract), and you must be prepared to accept the possibility of being forced to sell if the stock price exceeds the strike price. Therefore, this strategy is most suitable for positions where you would be willing to take profits at that price level.

策略二：现金担保看跌（Cash-Secured Put）——低位收购心仪股票

Strategy Two: Cash-Secured Put — Acquiring Your Favorite Stocks at a Lower Price

现金担保看跌的逻辑同样简单：在你愿意买入的目标价位之下，卖出相应的看跌期权，收取权利金。最坏的情形，是以你本来就接受的价格买入你本来就看好的股票。

The logic of a cash-secured put is equally simple: sell a put option at or below the price at which you are willing to buy the stock, and collect the premium. The worst-case outcome is that you buy a stock you already like at a price you already find acceptable.

实战举例：以英伟达（NVDA）为例

Practical Example: Using NVIDIA (NVDA)

假设NVDA当前股价为$110，你认为$95是一个理想的长线买入价位。你卖出一张30天后到期、行权价$95的看跌期权，收取权利金$250。同时你账户中预留$9,500现金，准备在必要时接货。

Assume NVDA's current price is $110 and you consider $95 to be an ideal long-term entry price. You sell one put option expiring in 30 days with a strike price of $95, collecting a premium of $250. At the same time, you reserve $9,500 in cash in your account, prepared to take delivery of the shares if necessary.

到期时同样有两种主要情形：

At expiration, there are two main possible scenarios:

情形一：NVDA股价维持在$95以上。买方不会行权，$250权利金全部归你，你无需买入任何股票。若市场持续震荡，你可以滚动操作，每月重复卖出看跌期权，持续积累权利金收入。

Scenario One: NVDA's stock price remains above $95. The buyer will not exercise the option, and you keep the full $250 premium without needing to purchase any shares. If the market continues to be range-bound, you can roll the position forward, repeatedly selling put options each month and continuously accumulating premium income.

情形二：NVDA股价跌至$90，低于行权价$95。买方行权，你须以$95买入100股，花费$9,500。但扣除已收$250权利金，实际成本仅$9,250，相当于每股实际买入成本$92.50，比当初设定的$95目标价更低。你以比预期更低的价格买入了你本来就看好的长线股票。

Scenario Two: NVDA's stock price falls to $90, below the $95 strike price. The buyer exercises the option and you must purchase 100 shares at $95, costing $9,500. However, after deducting the $250 premium already collected, the actual cost is only $9,250, equivalent to an actual per-share cost of $92.50 — even lower than the $95 target price you originally set. You have acquired the long-term stock you already believed in at a price better than expected.

重要前提：执行现金担保看跌策略，你的账户中必须预留足够的现金用于接货。这不是一个可以空手套白狼的策略——你需要真正具备买入100股的资金实力，并且对这只股票的长线基本面有充分信心，愿意在该价位长期持有。

Important prerequisite: to execute a cash-secured put strategy, you must have sufficient cash reserved in your account to take delivery of the shares. This is not a strategy where you can gain something for nothing — you need to genuinely have the financial capacity to buy 100 shares, and you must have sufficient conviction in the stock's long-term fundamentals and be willing to hold it at that price level for the long term.

两个策略的核心共同点

The Core Common Ground of Both Strategies

无论是备兑看涨还是现金担保看跌，它们的共同逻辑是：把时间站在自己这边。

Whether it is a covered call or a cash-secured put, the shared logic of both strategies is: put time on your side.

期权的时间价值会随着到期日临近而持续衰减，而作为期权的卖方，时间的流逝是对你有利的。每一天，你所卖出的期权都在自然减值，只要股价没有出现极端走势，你的权利金收入便可稳定落袋。

An option's time value continuously decays as the expiration date approaches, and as the seller of the option, the passage of time works in your favor. Every day, the option you have sold naturally loses value, and as long as the stock price does not experience extreme moves, your premium income can be steadily secured.

这两个策略结合起来，便构成了期权收租的完整框架：持股时卖出看涨期权增厚收益，持币等待时卖出看跌期权赚取权利金顺带低位布局。

These two strategies combined form the complete framework of options income: sell covered calls to enhance returns while holding shares, and sell cash-secured puts to earn premiums while holding cash and simultaneously positioning for a lower-cost entry.

风险提示

Risk Disclosure

备兑看涨策略的主要风险在于正股的大幅下跌，权利金仅能抵消有限的跌幅，无法完全保护下行风险。

The primary risk of the covered call strategy lies in a sharp decline in the underlying stock; the premium can only offset a limited portion of the decline and cannot fully protect against downside risk.

现金担保看跌策略的主要风险在于股价在行权后继续大幅下跌，你将持有一个账面亏损的仓位。因此这个策略只适用于你真正看好、愿意长期持有的标的。

The primary risk of the cash-secured put strategy lies in the stock price continuing to fall sharply after the option is exercised, leaving you holding a position with an unrealized loss. Therefore this strategy is only suitable for stocks you genuinely believe in and are willing to hold for the long term.

两个策略均不建议在高波动、基本面存疑的投机性标的上使用。在使用任何期权策略前，请确保你对相关风险有充分了解。

Neither strategy is recommended for use on highly volatile or fundamentally questionable speculative names. Before using any options strategy, please ensure you have a thorough understanding of the associated risks.

以上内容仅供参考，不构成投资建议。投资涉及风险，请自行判断。

The above content is for reference only and does not constitute investment advice. Investing involves risk; please exercise your own judgment.