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宝城期货动力煤早报-20251202
Bao Cheng Qi Huo· 2025-12-02 01:22
Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The short - term, medium - term, and intraday views on thermal coal spot are all "oscillation". The downstream's wait - and - see sentiment is increasing, and port coal prices continue to decline. In December, the supply and demand of thermal coal are expected to be balanced overall, with output falling year - on - year, stable imports, and seasonally stronger demand. The price of 5500K coal is expected to oscillate strongly above 800 yuan, supported by the downstream terminal's restocking demand during the peak season [1][4] Group 3: Summary by Related Catalogs Variety View Reference - Time cycle definitions: short - term is within one week, medium - term is from two weeks to one month. For thermal coal spot, short - term, medium - term, and intraday views are "oscillation", with the core logic being that downstream wait - and - see sentiment is increasing and port coal prices continue to decline [1] Main Variety Price Quotes Driving Logic - Commodity Futures Black Sector - For thermal coal spot, the intraday and medium - term reference view is "oscillation". In late November, as the restocking demand of terminal enterprises was fulfilled, domestic coal prices started to stabilize and decline. On the supply side, the production bases in November and December 2024 were relatively high, and the weekly production data of Mysteel's thermal coal in the first two weeks of November did not improve significantly compared with October. It is expected that the year - end thermal coal production will maintain a negative growth pattern. On the demand side, as December approaches, the southern regions of China will gradually enter the peak winter heating season, driving up the coal consumption of coastal power plants, which is expected to support coal prices. Overall, in December, the supply and demand of thermal coal are expected to be balanced, with output falling year - on - year, stable imports, and seasonally stronger demand [4]
宝城期货煤焦早报(2025年12月2日)-20251202
Bao Cheng Qi Huo· 2025-12-02 01:22
Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The overall view for both coking coal and coke is a trading range approach. For coking coal, the short - term view is volatile, the medium - term view is volatile, and the intraday view is upward. For coke, the short - term view is volatile, the medium - term view is volatile, and the intraday view is slightly bullish [1]. 3. Summary by Related Catalogs Coking Coal (JM) - **Price Movement**: Coking coal futures have been in a correction since November but rebounded at the lower edge of the previous trading range. The subsequent focus is on coal mine production [5]. - **Driving Logic**: The demand side of coking coal has no obvious differences, and the supply side is the core factor driving the market. The National Development and Reform Commission's emphasis on energy supply during the heating season has reduced the market's expectation of new anti - involution measures in the coal industry. The coking coal production has not been affected by the central safety production inspection, and the import volume has accelerated, weakening the supply - side logic. However, due to the December Politburo economic meeting and the expected year - end coal mine production cut, there is resistance to further decline [5]. Coke (J) - **Production and Inventory**: As of the week ending November 28, the total daily output of coke from all - sample coking plants and steel mills was 110.08 million tons, a week - on - week increase of 1.19 million tons. The daily hot metal output of 247 steel mills was 234.68 million tons, a week - on - week decrease of 1.6 million tons, and the steel mill profitability rate continued to decline by 2.6 percentage points to 35.06%. The overall coke inventory increased this week, with inventories accumulating in independent coking plants and steel mills, and the total industrial chain inventory reached 884.68 million tons, a week - on - week increase of 4.05 million tons [6]. - **Driving Logic**: In December, there is still uncertainty on the coking coal supply side, so there is resistance to further decline in coke futures. The main contract rebounded at the lower edge of the trading range, and the subsequent focus is on the actual production of coal mines [6].
宝城期货贵金属有色早报(2025年12月2日)-20251202
Bao Cheng Qi Huo· 2025-12-02 01:17
Report Summary 1. Report Industry Investment Ratings There is no information about the report industry investment ratings in the provided content. 2. Report Core Views - Regarding gold, the short - term view is "偏强", the medium - term view is "震荡", the intraday view is "震荡偏强", and the recommended view is "观望". The core logic is that the Fed's interest - rate cut expectation is rising, and the situation in Russia - Ukraine is tending to ease. However, the short - term gold price is relatively weak compared to silver, and the market risk preference is warming up, which is not conducive to the rise of the gold price [1][3]. - Regarding copper, the short - term view is "震荡", the medium - term view is "强势", the intraday view is "强势", and the recommended view is "长线看强". The core logic is that the Fed's interest - rate cut expectation is rising, the US dollar index is weakening, and the copper market has a good fundamental situation and high capital attention. Also, there is a supply contraction expectation in the copper industry [1][4]. 3. Summary by Related Catalogs Gold (AU) - **Price Performance**: Yesterday, the gold price rose first and then fell. The main contract price of Shanghai gold futures stood above the 960 mark, and the New York gold price stood above the $4250 mark [3]. - **Driving Factors**: Since late November, the upward momentum of the gold price has mainly come from the continuous increase in the Fed's interest - rate cut expectation and the decline of the US dollar index. The current market expectation of a Fed interest - rate cut in December is close to 90%, and the US dollar index once fell to the 99 mark last night. The short - term gold price is relatively weak compared to silver, which reflects the warming up of market risk preference [3]. - **Technical Analysis**: Technically, pay attention to the high - level pressure of Shanghai gold in mid - November [3]. Copper (CU) - **Price Performance**: Since last week, the copper price has been rising continuously. On Monday this week, Shanghai copper maintained a strong operation, and the night - session price once approached the 90,000 mark [4]. - **Driving Factors**: The rise of the copper price is mainly due to the increase in the Fed's interest - rate cut expectation and the weakening of the US dollar index. The market expectation of a Fed interest - rate cut in December has risen from 70% at the beginning of last week to nearly 90%. The copper market has a good fundamental situation and high capital attention. There has been a continuous fermentation of the overseas mine - end contraction expectation since late September, and the domestic industry supply contraction expectation has also increased. China has taken measures to manage copper smelting capacity and stopped about 2 million tons of illegal production capacity [4]. - **Technical Analysis**: Currently, both LME copper and Shanghai copper have stood above the high level at the end of October, which is also the historical high in the past 5 years. The short - term open interest of Shanghai copper has increased from 510,000 contracts to 580,000 contracts, with obvious increase in positions and upward movement, and the possibility of the copper price breaking through is relatively large [4].
宝城期货螺纹钢早报(2025年12月2日)-20251202
Bao Cheng Qi Huo· 2025-12-02 01:16
Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The short - term, medium - term, and intraday views on rebar 2605 are all "shock - biased strong", with the core logic being the fermentation of optimistic sentiment and the stable shock of steel prices [2] - Due to the approaching major conference, optimistic expectations are fermenting, and the ferrous metals are rising collectively. The supply and demand pattern of rebar is weakly stable, with supply slightly contracting but the sustainability of short - process steel mill production cuts in doubt. Demand is also weakly stable, with high - frequency indicators stabilizing at a low level in recent years, and is expected to decline seasonally. Under the dual - weak supply - demand situation, the steel price is supported by market sentiment, and it will run with a strong - bias shock in the short term [3] Group 3: Summary by Relevant Catalog Variety Viewpoint Reference - For rebar 2605, the short - term view is "shock", the medium - term view is "shock", and the intraday view is "shock - biased strong". The overall view reference is "shock - biased strong", and the core logic is the fermentation of optimistic sentiment and the stable shock of steel prices [2] Market Driving Logic - With a major conference approaching, optimistic expectations are fermenting, leading to a collective rise in ferrous metals. The supply and demand of rebar is weakly stable, with supply slightly contracting but the sustainability of short - process steel mill production cuts uncertain. Demand is also weakly stable, with high - frequency indicators stabilizing at a low level in recent years and expected to decline seasonally. Market sentiment supports the steel price, and it will run with a strong - bias shock in the short term, and attention should be paid to the demand situation [3]
宝城期货甲醇早报-20251202
Bao Cheng Qi Huo· 2025-12-02 01:16
期货研究报告 晨会纪要 投资咨询业务资格:证监许可【2011】1778 宝城期货甲醇早报-2025-12-02 品种晨会纪要 时间周期说明:短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 甲醇 2601 | 震荡 | 震荡 | 偏强 | 偏强运行 | 供需预期改善,甲醇震荡偏强 | 备注: 主要品种价格行情驱动逻辑—商品期货能源化工板块 甲醇(MA) 日内观点:偏强 中期观点:震荡 参考观点:偏强运行 1.有夜盘的品种以夜盘收盘价为起始价格,无夜盘的品种以昨日收盘价为起始价格,当日日盘收盘 价为终点价格,计算涨跌幅度。 2.跌幅大于 1%为弱势,跌幅 0~1%为偏弱,涨幅 0~1%为偏强,涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点,短期和中期不做区分。 期货研究报告 晨会纪要 投资咨询业务资格:证监许可【2011】1778 仅供参考,不构成任何投资建议 核心逻辑:近期国内甲醇期货供需预期改善,驱动甲醇期价反弹主要有四方面原因:其一,伊朗限 气政策落地。11 月 ...
宝城期货国债期货早报(2025年12月2日)-20251202
Bao Cheng Qi Huo· 2025-12-02 01:15
1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The short - term trend of Treasury bond futures is mainly oscillatory consolidation. The short - term expectation of interest rate cuts has declined, while the medium - to - long - term expectation of a loose monetary policy still exists. The macro data shows certain resilience but is still weak, indicating insufficient effective domestic demand. Future monetary policy is expected to be loose, which gives Treasury bond futures strong resilience. However, the difficulty of achieving the annual growth target is low, so there is not much need for a comprehensive interest rate cut in the short term, and the upward momentum of Treasury bond futures is insufficient [1][5] 3. Summary by Relevant Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For the TL2603 variety, the short - term view is oscillatory, the medium - term view is oscillatory, and the intraday view is weak. The reference view is oscillatory consolidation, with the core logic being that the short - term expectation of interest rate cuts has declined, while the medium - to - long - term expectation of a loose policy still exists [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For varieties TL, T, TF, and TS, the intraday view is weak, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. The core logic is that Treasury bond futures oscillated and consolidated yesterday. The November manufacturing PMI released by the statistics bureau was 49.2%, an improvement from last month's 49.0% but still below the boom - bust line. The macro data shows strong resilience but is still weak, indicating insufficient effective domestic demand. Future monetary policy is expected to be loose, which gives Treasury bond futures strong resilience. The difficulty of achieving the annual growth target is low, so there is not much need for a comprehensive interest rate cut in the short term, and the upward momentum of Treasury bond futures is insufficient [5]
宝城期货豆类油脂早报-20251202
Bao Cheng Qi Huo· 2025-12-02 01:15
投资咨询业务资格:证监许可【2011】1778 号 期货研究报告 宝城期货豆类油脂早报(2025 年 12 月 2 日) 品种观点参考 备注: 1.有夜盘的品种以夜盘收盘价为起始价格,无夜盘的品种以昨日收盘价为起始价格,当日日盘收盘 价为终点价格,计算涨跌幅度。 2.跌幅大于 1%为弱势,跌幅 0~1%为震荡偏弱,涨幅 0~1%为震荡偏强,涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点,短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种:豆粕(M) 日内观点:震荡偏弱 中期观点:震荡 参考观点:震荡偏弱 核心逻辑:美豆期价受中国采购量预期分歧的影响徘徊不前,1200 万吨的美豆采购目标期限是否会 延期至春节前成为市场关注的焦点,叠加南美干旱影响暂时有限,市场情绪整体降温。12 月进口大 豆到港减量支撑油厂挺价,但终端受高库存制约追涨乏力,供需博弈下盘面维持震荡反复。短期需关 注中国实际采购节奏及南美天气变数,豆粕期价震荡偏弱运行。 期货研究报告 品种:棕榈油(P) 日内观点:震荡偏强 中期观点:震荡 参考观点:震荡偏强 核心逻辑:棕油窄幅盘整资金离场。BMD 毛棕油出口疲软 ...
宝城期货股指期货早报(2025年12月2日)-20251202
Bao Cheng Qi Huo· 2025-12-02 01:15
Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The overall view for the financial futures stock index sector is that the short - term trend of stock indices is expected to be oscillating and slightly stronger, with a mid - term view of oscillation and an overall reference view of range - bound oscillation [1][5]. - The core logic is that although the 11 - month manufacturing PMI is still below the boom - bust line, indicating insufficient effective domestic demand, the expectation of policy benefits is strong, especially looking forward to the incremental policy benefits from the December Central Economic Work Conference. Overseas, the expectation of the Fed's interest rate cut has risen, the risk of the AI asset investment bubble has decreased, and market risk - aversion sentiment has cooled. The support for stock indices is strong due to the unchanged expectation of policy benefits and the trend of long - term funds entering the market [5]. 3. Summary by Relevant Categories 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the mid - term view is oscillation, the intraday view is slightly stronger, and the overall view is range - bound oscillation. The core logic is the fermentation of policy benefit expectations versus the rising willingness of funds to take profits [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view for IF, IH, IC, and IM is slightly stronger, the mid - term view is oscillation, and the reference view is range - bound oscillation. The core logic is that the stock indices rebounded oscillatingly yesterday. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1889.4 billion yuan, an increase of 291.7 billion yuan from the previous day. The manufacturing PMI in November was 49.2%, up 0.2 percentage points from the previous month but still below the boom - bust line, indicating insufficient effective domestic demand. The expectation of policy benefits is strong, and the support for stock indices is strong [5].
橡胶甲醇原油:偏多氛围主导能化震荡企稳
Bao Cheng Qi Huo· 2025-12-01 12:10
Report Industry Investment Rating - Not provided in the report Core Viewpoints - **Rubber**: On Monday, the Shanghai rubber futures contract 2601 showed a trend of shrinking volume, reducing positions, fluctuating weakly, and closing slightly lower. The intraday price center shifted slightly down to around 15,250 yuan/ton, closing down 1.07% at 15,250 yuan/ton. The 1 - 5 month spread discount narrowed to 10 yuan/ton. Currently, the domestic rubber market is dominated by supply - demand fundamentals, and rubber prices fluctuate within a range [6]. - **Methanol**: On Monday, the domestic methanol futures contract 2601 showed a trend of increasing volume, reducing positions, fluctuating steadily, and closing slightly higher. The price reached a maximum of 2,142 yuan/ton and a minimum of 2,103 yuan/ton, closing up 0.47% at 2,136 yuan/ton. The 1 - 5 month spread discount widened to 96 yuan/ton. As the methanol supply - demand outlook improves, the methanol futures price is expected to have a valuation repair market [7]. - **Crude Oil**: On Monday, the domestic crude oil futures contract 2601 showed a trend of increasing volume, reducing positions, fluctuating steadily, and closing slightly higher. The price reached a maximum of 458.4 yuan/barrel and a minimum of 449.5 yuan/barrel, closing up 1.06% at 455.7 yuan/barrel. The supply surplus competes with the seasonal demand recovery, and combined with the weakening of macro - sentiment, the Russia - Ukraine conflict may end, and the geopolitical premium of crude oil weakens [7]. Summary by Directory 1. Industry Dynamics - **Rubber** - As of November 23, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 468,900 tons, an increase of 16,300 tons or 3.60% from the previous period. The bonded area inventory was 71,900 tons, an increase of 7.97%; the general trade inventory was 397,000 tons, an increase of 2.84%. The inbound rate of the sample bonded warehouses of Qingdao natural rubber increased by 8.20 percentage points, and the outbound rate decreased by 0.20 percentage points; the inbound rate of general trade warehouses increased by 1.03 percentage points, and the outbound rate decreased by 0.63 percentage points [9]. - As of the week of November 21, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 69.36%, a decrease of 3.63 percentage points month - on - month and 10.40 percentage points year - on - year. The capacity utilization rate of all - steel tire sample enterprises was 62.04%, a decrease of 2.25 percentage points month - on - month and an increase of 1.56 percentage points year - on - year. The capacity utilization rate of tire sample enterprises decreased this week. Some sample enterprises of all - steel tires and semi - steel tires had maintenance during the cycle, dragging down the capacity utilization rate. The main reasons for maintenance were insufficient overall orders and slow shipment, and some sample enterprises had equipment transformation, affecting the overall production capacity release. It is expected that in the next cycle, as the production scheduling of maintenance enterprises gradually recovers, the capacity utilization rate of tire sample enterprises will show a restorative increase. However, the overall demand growth space is limited, and enterprises will continue to control production, which will limit the increase in capacity utilization rate [9]. - In October 2025, China's automobile production and sales reached 3.359 million and 3.322 million respectively, a month - on - month increase of 2.5% and 3%, and a year - on - year increase of 12.1% and 8.8%. From January to October 2025, the cumulative automobile production and sales reached 27.692 million and 27.687 million respectively, a year - on - year increase of 13.2% and 12.4%. The automobile market continued to develop well, and the monthly production and sales reached a record high for the same period [10]. - In October 2025, China's heavy - truck market sold about 93,000 vehicles, a year - on - year increase of about 40%. This is the seventh consecutive month of year - on - year positive growth since April this year. From January to October 2025, the cumulative sales reached 916,000 vehicles. It is certain that the annual sales will exceed one million, and it may even reach 1.1 million [10]. - **Methanol** - As of the week of November 21, 2025, the average domestic methanol operating rate was maintained at 83.77%, a slight week - on - week decrease of 0.17%, a month - on - month increase of 1.06%, and a slight increase of 4.08% compared with the same period last year. The average weekly methanol output in China reached 2.0142 million tons, a week - on - week increase of 38,100 tons, a month - on - month increase of 70,700 tons, and a significant increase of 134,000 tons compared with 1.8802 million tons in the same period last year [11]. - As of the week of November 21, 2025, the domestic formaldehyde operating rate was maintained at 31.28%, a slight week - on - week increase of 0.05%. The dimethyl ether operating rate was maintained at 5.31%, a slight week - on - week decrease of 0.96%. The acetic acid operating rate was maintained at 66.53%, a week - on - week increase of 2.89%. The MTBE operating rate was maintained at 58.91%, a week - on - week increase of 0.01%. As of the week of November 21, 2025, the average operating load of domestic coal (methanol) to olefin plants was 82.67%, a slight week - on - week increase of 0.85 percentage points and a month - on - month decrease of 3.78%. As of November 21, 2025, the futures market profit of domestic methanol to olefins was 316 yuan/ton, a slight week - on - week recovery of 7 yuan/ton and a significant month - on - month rebound of 537 yuan/ton [11]. - As of the week of November 21, 2025, the methanol inventory in ports in East and South China was maintained at 1.2439 million tons, a week - on - week decrease of 35,100 tons, a month - on - month decrease of 25,900 tons, and a significant increase of 184,600 tons compared with the same period last year. As of the week of November 27, 2025, the total inland methanol inventory in China reached 373,700 tons, a week - on - week increase of 15,000 tons, a month - on - month increase of 13,300 tons, and a slight increase of 4,500 tons compared with 369,200 tons in the same period last year [12]. - **Crude Oil** - As of the week of November 21, 2025, the number of active oil drilling platforms in the United States was 419, a week - on - week increase of 2 and a decrease of 60 compared with the same period last year. As of the week of November 21, 2025, the daily average crude oil production in the United States was 13.814 million barrels, a week - on - week decrease of 20,000 barrels per day and a significant year - on - year increase of 321,000 barrels per day, at a historical high [12]. - As of the week of November 21, 2025, the U.S. commercial crude oil inventory (excluding strategic petroleum reserves) reached 426.9 million barrels, a significant week - on - week increase of 2.774 million barrels and a significant decrease of 1.519 million barrels compared with the same period last year. The crude oil inventory in Cushing, Oklahoma, USA reached 21.753 million barrels, a week - on - week decrease of 68,000 barrels; the U.S. strategic petroleum reserve (SPR) inventory reached 411 million barrels, a week - on - week increase of 498,000 barrels. The U.S. refinery operating rate was maintained at 92.3%, a week - on - week increase of 2.3 percentage points, a month - on - month recovery of 5.7 percentage points, and a year - on - year increase of 1.8 percentage points [13]. - As of October 14, 2025, the average non - commercial net long positions in WTI crude oil were maintained at 60,991 contracts, a significant week - on - week decrease of 13,318 contracts and a significant decrease of 36,857 contracts or 37.67% compared with the average in September of 97,848 contracts. On the other hand, as of November 25, 2025, the average net long positions of Brent crude oil futures funds were maintained at 125,587 contracts, a significant week - on - week decrease of 52,240 contracts and a significant increase of 6,176 contracts or 5.17% compared with the average in October of 119,411 contracts [13]. 2. Spot Price Table | Variety | Spot Price | Change | Futures Main Contract | Change | Basis | Change | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Rubber | 15,000 yuan/ton | - 160 yuan/ton | 15,250 yuan/ton | + 200 yuan/ton | - 250 yuan/ton | + 160 yuan/ton | | Methanol | 2,125 yuan/ton | - 1 yuan/ton | 2,136 yuan/ton | + 5 yuan/ton | - 11 yuan/ton | + 1 yuan/ton | | Crude Oil | 419.3 yuan/barrel | + 1.8 yuan/barrel | 455.7 yuan/barrel | - 0.1 yuan/barrel | - 36.5 yuan/barrel | - 2.0 yuan/barrel | [14] 3. Related Charts - **Rubber**: Rubber basis, rubber 1 - 5 month spread, Shanghai Futures Exchange rubber futures inventory, Qingdao bonded area rubber inventory, all - steel tire operating rate trend, semi - steel tire operating rate trend [15][17][19][23][25][27] - **Methanol**: Methanol basis, methanol 1 - 5 month spread, methanol domestic port inventory, methanol inland social inventory, methanol to olefin operating rate change, coal - to - methanol cost accounting [28][30][31][33][35][37] - **Crude Oil**: Crude oil basis, Shanghai Futures Exchange crude oil futures inventory, U.S. crude oil commercial inventory, U.S. refinery operating rate, WTI crude oil net position holding change, Brent crude oil net position holding change [41][43][45][47][49][52]
股指延续震荡反弹
Bao Cheng Qi Huo· 2025-12-01 11:05
Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - On December 1, 2025, the stock indices oscillated and rebounded. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1889.4 billion yuan, an increase of 291.7 billion yuan from the previous day. The manufacturing PMI in November was 49.2%, up 0.2 percentage points from the previous month but still below the boom - bust line, indicating insufficient effective domestic demand and strong expectations for policy support. The central economic work conference in December is expected to bring incremental policy benefits. Overseas, the expectation of the Fed's interest rate cut has increased, and the risk of AI asset investment bubble has cooled, reducing market risk - aversion sentiment. In general, the expectations of policy benefits and the trend of long - term capital inflows remain unchanged, providing strong support for the stock indices. It is expected that the stock indices will oscillate strongly in the short term [4]. - For options, considering the medium - to long - term upward trend of the stock indices, a bull spread or ratio spread strategy with a mild bullish view can be adopted [4]. Group 3: Summary of "1 Option Indicators" - On December 1, 2025, 50ETF rose 0.77% to 3.137; 300ETF (Shanghai Stock Exchange) rose 1.12% to 4.687; 300ETF (Shenzhen Stock Exchange) rose 1.05% to 4.833; the CSI 300 Index rose 1.10% to 4576.49; the CSI 1000 Index rose 0.72% to 7386.68; 500ETF (Shanghai Stock Exchange) rose 0.94% to 7.202; 500ETF (Shenzhen Stock Exchange) rose 0.98% to 2.874; the ChiNext ETF rose 1.25% to 3.073; the Shenzhen 100ETF rose 1.42% to 3.418; the SSE 50 Index rose 0.81% to 2993.68; the STAR 50ETF rose 0.79% to 1.40; the E Fund STAR 50ETF rose 0.74% to 1.36 [6]. - The PCR values of various options' trading volume and open interest on December 1, 2025, and their changes compared with the previous trading day are presented in detail, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [7]. - The implied volatility of at - the - money options in December 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided, such as 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [8][9]. Group 4: Summary of "2 Related Charts" - **SSE 50ETF Options**: Charts include the SSE 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [10][12][14][16][18]. - **SSE 300ETF Options**: Charts cover the SSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22][24][26][30]. - **SZSE 300ETF Options**: Charts involve the SZSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [33][35][37]. - **CSI 300 Index Options**: Charts include the CSI 300 Index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [38][40][42][44][48]. - **CSI 1000 Index Options**: Charts cover the CSI 1000 Index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [51][54][56][58][60][62]. - **SSE 500ETF Options**: Charts involve the SSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [65][67][69][71][73][76]. - **SZSE 500ETF Options**: Charts include the SZSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [77][79][81][83][85][87]. - **ChiNext ETF Options**: Charts cover the ChiNext ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [90][92][94][96][98][100]. - **Shenzhen 100ETF Options**: Charts involve the Shenzhen 100ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [101][103][105][107][109][111]. - **SSE 50 Index Options**: Charts include the SSE 50 Index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [114][116][118][120][122][124]. - **STAR 50ETF Options**: Charts cover the STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [127][129][130][134]. - **E Fund STAR 50ETF Options**: Charts involve the E Fund STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [135][137].