股指期权周报：权重股强与小盘股，日成交额不足万亿，创此波地量-20250421

1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - A - shares continued the pattern of strong heavy - weight stocks and weak small - cap stocks this week, with sluggish market trading. On April 18, the A - share trading volume was less than one trillion, hitting the lowest level since the "924" market last year [2]. - For index options, different strategies are recommended for different varieties. For index options, the trend strategy is mainly defensive or a long - 50 and short - 1000 spread, and the volatility strategy is to buy a wide - straddle after the volatility drops to bet on the increase in volatility [2]. 3. Summary According to the Table of Contents 3.1沪深300股指期权（IO） - The CSI 300 index fluctuated narrowly. The weekly line returned to the 120 - week moving average, and the three - color K - line indicator on the weekly line remained green. The daily three - color K - line indicator turned gray [2][10][13]. - The IF futures current - month contract's premium to the underlying asset decreased, and the premium of the next - month contract to the current - month contract increased [21][24]. - The trading volume of IO options shrank, and the position in April did not exceed that of last month. The trading volume PCR of options decreased, and the position PCR increased. The implied volatility first decreased and then increased, tending to be stable. The strike prices of the maximum positions of both call and put options decreased [2][29][32][35]. - The expiration settlement price of the April contract of CSI 300 index options was at a six - month low, and the exercise rate increased [37]. 3.2中证1000股指期权（MO） - The daily line of the CSI 1000 index first rose and then fell. The weekly line barely held the 850 - week moving average, and the three - color K - line indicators on both the daily and weekly lines remained green [2][41][43]. - The IM futures current - month contract's premium to the underlying asset decreased, and the premium of the next - month contract to the current - month contract also decreased [51][53]. - The trading volume of MO options shrank, but the position in April exceeded that of last month. The trading volume PCR of options decreased, and the position PCR increased. The implied volatility decreased. The range of strike prices of the maximum positions of call and put options narrowed [2][59][62][65]. - The expiration settlement price of the April contract of CSI 1000 index options was at a five - month low, and the exercise rate decreased [67]. 3.3上证50股指期权（HO） - The SSE 50 index returned to the 850 - day moving average. The weekly line had two consecutive positive candles, and the three - color K - line indicator on the weekly line turned gray. The daily three - color K - line indicator turned red [2][71][73]. - The IH futures current - month contract's premium to the underlying asset decreased, and the premium of the next - month contract to the current - month contract first expanded and then shrank [81][83]. - The trading volume of HO options increased, but the position in April did not exceed that of the previous six months. Both the trading volume PCR and the position PCR of options increased. The implied volatility stabilized. The strike prices of the maximum positions of both call and put options moved up [2][90][93]. - The expiration settlement price of the April contract of SSE 50 index options was at a two - month low, and the exercise rate increased [98].