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Wayne CW是投行为了跟母股做对冲而发出的。比方说,今天投行买进A股然后TP6块,但股票有风险所以它就推出cw给投资者,然后ex value放6块。如果A股到了6块,投行就赚母股赔cw,反之如果A股没有到6块,那cw就变成废纸之前投资者们买cw的资金就变成投行的盈利来补偿母股到不了6块的空缺。这就是对冲,现实中当然是比这个复杂很多的,只是给个cw的对冲概念而已。