多空因素并存，股指震荡整理

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Today, all stock indices fluctuated and consolidated. The stock market trading volume was 1138.9 billion yuan, a decrease of 123.5 billion yuan from the previous day. The current trading volume of the stock market is around 1 trillion yuan, indicating relatively stable market sentiment, but investors' willingness to chase higher is not strong [3]. - Recently, the marginal decline of overseas tariff uncertainty risk has boosted market sentiment, but Trump's statements may still fluctuate, so one should not be overly optimistic about overseas factors. Domestically, when the policy will be introduced depends on the performance of macro - economic indicators. The expectation of policy intensification can provide strong bottom support for the stock index, but the short - term upward momentum has also weakened [3]. - As the stock index rebounds to the gap position in early April, market investors will tend to wait and see, waiting for the settlement of external uncertainties and clear signals of domestic policy introduction. In general, with both long and short factors present, the stock index is expected to fluctuate within a range in the short term. In the options market, bull spreads or ratio spreads can be arranged [3]. Summary by Relevant Catalogs 1 Option Indicators - On April 24, 2025, the 50ETF rose 0.26% to close at 2.715; the 300ETF (SSE) remained unchanged at 3.882; the 300ETF (SZSE) fell 0.13% to close at 3.912; the CSI 300 Index fell 0.07% to close at 3784.36; the CSI 1000 Index fell 1.07% to close at 5920.48; the 500ETF (SSE) fell 0.41% to close at 5.605; the 500ETF (SZSE) fell 0.31% to close at 2.241; the ChiNext ETF fell 0.63% to close at 1.907; the Shenzhen 100ETF fell 0.35% to close at 2.596; the SSE 50 Index rose 0.25% to close at 2655.36; the Science and Technology Innovation 50ETF fell 1.03% to close at 1.05; the E Fund Science and Technology Innovation 50ETF fell 0.97% to close at 1.03 [5]. - The PCR values of various options' trading volume and open interest changed compared with the previous trading day. For example, the trading volume PCR of the 50ETF option was 101.56 (previous day: 82.27), and the open - interest PCR was 96.09 (previous day: 90.40) [6]. - The implied volatility of the May 2025 at - the - money options and the 30 - trading - day historical volatility of the underlying assets of various options were provided. For example, the implied volatility of the May 2025 at - the - money option of the 50ETF option was 13.44%, and the 30 - trading - day historical volatility of the underlying asset was 21.40% [7]. 2 Relevant Charts - SSE 50ETF Option: Included charts such as the SSE 50ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [9][10][11]. - SSE 300ETF Option: Included charts such as the SSE 300ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [20][21]. - SZSE 300ETF Option: Included charts such as the SZSE 300ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [23][24]. - CSI 300 Index Option: Included charts such as the CSI 300 index trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [26][27]. - CSI 1000 Index Option: Included charts such as the CSI 1000 index trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [38][39]. - SSE 500ETF Option: Included charts such as the SSE 500ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [51][52]. - SZSE 500ETF Option: Included charts such as the SZSE 500ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [63][64]. - ChiNext ETF Option: Included charts such as the ChiNext ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [76][77]. - Shenzhen 100ETF Option: Included charts such as the Shenzhen 100ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [87][88]. - SSE 50 Index Option: Included charts such as the SSE 50 index trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [100][101]. - Science and Technology Innovation 50ETF Option: Included charts such as the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [112][113]. - E Fund Science and Technology Innovation 50ETF Option: Included charts such as the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [117][118].