滚动交割是什么意思？

What Does "Rolling Delivery" Mean?

中文：

滚动交割是指在期货交易中，合约到期时，持有该合约的投资者可以选择不进行实物交割，而是将合约平仓，并将持仓转移到下一个到期月份相近的合约上。这样，投资者就可以继续持有该合约，而不必担心合约到期必须实物交割的问题。滚动交割制度为投资者提供了更大的灵活性，使他们能够在不同的时间点和市场条件下，灵活地管理自己的投资组合和风险。

滚动交割的优势在于，它允许投资者根据市场情况灵活调整自己的投资策略。当市场走势不明朗或预期有不利变化时，投资者可以选择将持仓转移到下一个合约，以避免实物交割的风险。此外，滚动交割还有助于减少投资者的资金压力，因为投资者不需要在短时间内筹集大量的资金来进行实物交割。

然而，滚动交割也存在一定的风险。首先，投资者需要密切关注市场动态，以便及时做出正确的决策。其次，滚动交割可能导致交易成本的增加，因为投资者需要不断地将持仓转移到不同的合约上。

英文：

Rolling delivery refers to a mechanism in futures trading where, upon the expiration of a contract, investors holding that contract can choose not to proceed with physical delivery but instead close out the contract and transfer their position to a similar contract with a later expiration date. This allows investors to continue holding the contract without worrying about the need for physical delivery upon expiration. The rolling delivery system provides investors with greater flexibility, enabling them to manage their portfolios and risks flexibly at different time points and market conditions.

The advantage of rolling delivery is that it allows investors to adjust their investment strategies flexibly based on market conditions. When market trends are uncertain or expected to change unfavorablely, investors can choose to transfer their positions to the next contract to avoid the risk of physical delivery. Additionally, rolling delivery helps reduce investors' financial pressure as they do not need to raise significant funds for physical delivery within a short time.

However, rolling delivery also carries certain risks. Firstly, investors need to closely monitor market dynamics to make timely and correct decisions. Secondly, rolling delivery may lead to increased transaction costs as investors need to constantly transfer their positions to different contracts.

总的来说，滚动交割为投资者提供了更大的灵活性和便利性，但同时也需要投资者具备敏锐的市场洞察力和风险管理能力。在使用滚动交割策略时，投资者应充分了解市场规则和风险，并制定合理的投资策略和风险管理计划。

In conclusion, rolling delivery offers investors greater flexibility and convenience but also requires them to possess sharp market insight and risk management capabilities. When using a rolling delivery strategy, investors should fully understand market rules and risks and develop reasonable investment strategies and risk management plans.