国内股市：上周走升，期权策略多方向布局

Group 1 - The domestic stock market experienced a rebound last week, with the Shanghai Composite Index maintaining above 3600 points after a brief correction, driven by multiple factors [1] - Major broad-based indices all closed higher, with the CSI 1000 leading the gains at 2.51%, while other indices rose approximately 1% [1] - External factors included a significant downward revision of U.S. employment data, increasing the market's pricing for a September interest rate cut, and expectations of liquidity easing from the U.S. government, contributing to a strong stock market performance [1] Group 2 - The domestic market anticipates an extension of low tariffs between China and the U.S., which has improved risk appetite and driven indices higher [1] - July's CPI data showed a month-on-month increase of 0.4%, better than expected, leading the market to believe that anti-involution policies are effective and accelerating recovery, particularly boosting the consumer sector on Monday [1] - The domestic push for anti-involution and consumption promotion policies has resulted in optimistic market sentiment [1] Group 3 - In the options market, the market has stabilized, with a slight decrease in financial options implied volatility, currently at moderate levels [1] - The implied volatility for the CSI 50 and CSI 300 options is around 12%, while the CSI 1000 and ChiNext options range from 17% to 20% [1] - The options open interest PCR is at a moderately high level [1] Group 4 - Strategy-wise, with indices stabilizing and options implied volatility at moderate levels, it is advisable to hold low-valuation indices such as the CSI 300 and ChiNext [1] - For those with large positions or bullish options, purchasing near-month shallow out-of-the-money put options for hedging is recommended [1] - Long-term strategies include maintaining positions in the CSI 300 or ChiNext call options or selling near-month put options on the SSE 50 ETF to reduce costs, as the CSI 1000 futures still show a significant discount [1] Group 5 - Over a longer time frame, some broad-based indices are undervalued, and with effective stimulus policies, an approaching interest rate cut from the Federal Reserve, and a strong RMB exchange rate, the internal and external environment is improving, allowing for cautious optimism [1]