Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - This week, the implied volatility of financial options decreased overall compared to last Friday, and the market declined significantly on Friday. The CSI 1000 fell 1.98%, the SSE 50 fell 1.58%, and the CSI 300 fell 1.52%. However, the overall implied volatility of the options market on Friday decreased slightly compared to Thursday, without a price - volatility divergence, indicating that the bearish sentiment of options market funds towards the subsequent market has decreased [2]. - The overall market trading volume continued to decline this week, from 1.55 trillion at the close last Friday to 1.26 trillion at the close this Friday. With the continuous shrinkage of market volume and the continuous decline of option implied volatility, the possibility of continued market oscillation in the future has increased [4]. 3. Summary by Related Content Option Trading Volume and Position - The average daily trading volume of 50ETF options this week was 1.0213 million contracts, a decrease of 20.51% compared to the previous week. The trading volume of put options was lower than that of call options, and the put - call trading ratio was 0.93, which increased compared to the previous week and was higher than the historical average. The put - call position ratio last week was 0.77, which increased compared to the previous week and was lower than the historical average [3]. - The average daily trading volume of Huatai - Berry 300ETF options was 0.9117 million contracts, and the average daily position was 1.3478 million contracts; the average daily trading volume of Southern CSI 500ETF options was 1.2967 million contracts, and the average daily position was 1.1029 million contracts; the average daily trading volume of Huaxia SSE STAR 50ETF options was 0.8897 million contracts, and the average daily position was 1.9668 million contracts; the average daily trading volume of Shenzhen 100ETF options was 0.0449 million contracts, and the average daily position was 0.1095 million contracts; the average daily trading volume of GEM ETF options was 1.0431 million contracts, and the average daily position was 1.3465 million contracts; the average daily trading volume of CSI 300 index options was 0.0668 million lots, and the average daily position was 0.1733 million lots; the average daily trading volume of CSI 1000 index options was 0.1741 million lots, and the average daily position was 0.1875 million lots [3]. Volatility - As of the close this Friday, the implied volatility of CSI 300 index options was 14.15%, a decrease of 0.37% compared to a week ago. The implied volatility of 50ETF options was 13.52%, a decrease of 1.03% compared to a week ago. The implied volatility of CSI 1000 index options was 21.88%, a decrease of 0.74% compared to a week ago. The Nanhua 50ETF option volatility index was 14.26, the Nanhua CSI 300 option volatility index was 15.03, and the Nanhua CSI 1000 option volatility index was 21.87 [4].
金融期权（周报）：隐波下降，市场交投萎靡-2025-03-31
Nan Hua Qi Huo·2025-03-31 05:03