市场情绪偏谨慎，股指震荡回调

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On June 19, 2025, stock indices oscillated and declined. The probability of the US getting involved in the Middle East has increased, raising the risk of an escalation of the Middle - East geopolitical crisis, which has suppressed the risk appetite of the stock market. Domestically, although consumption data showed resilience under national subsidy policies, weak credit and inflation data indicated insufficient endogenous growth momentum in domestic demand, leading to an increased expectation of policy support. However, the profit expectation of stocks has not been repaired yet, and the support for stock indices mainly comes from loose capital and risk appetite. New incremental policies are needed for stock indices to continue rising. There are still uncertainties externally, such as the evolution of the tariff war after the suspension period ends in early July and the development of the Middle - East geopolitical crisis. In the short term, market risk appetite tends to be defensive, and stock indices will mainly oscillate within a range, waiting for new driving forces. Since the implied volatility of options is at a relatively low historical quantile level and the support for stock indices is strong, bull spreads or ratio spreads long - position portfolios can be arranged [3] Summary by Relevant Catalogs 1 Option Indicators - On June 19, 2025, 50ETF fell 0.62% to 2.733; 300ETF (SSE) fell 0.79% to 3.873; 300ETF (SZSE) fell 0.87% to 3.995; CSI 300 Index fell 0.82% to 3843.09; CSI 1000 Index fell 1.42% to 6048.22; 500ETF (SSE) fell 1.00% to 5.718; 500ETF (SZSE) fell 1.13% to 2.285; ChiNext ETF fell 1.43% to 2.005; Shenzhen 100ETF fell 1.08% to 2.645; SSE 50 Index fell 0.54% to 2665.52; STAR 50ETF fell 0.59% to 1.01; E Fund STAR 50ETF fell 0.40% to 0.99 [5] - The trading volume PCR and position PCR of various options changed compared with the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 103.41 (previous day: 91.03), and the position PCR was 87.00 (previous day: 90.00) [6] - The implied volatility of at - the - money options in June 2025 or July 2025 and the 30 - trading - day historical volatility of underlying assets were provided for different options. For instance, the implied volatility of at - the - money SSE 50ETF options in June 2025 was 11.64%, and the 30 - trading - day historical volatility of the underlying asset was 8.44% [7] 2 Related Charts - SSE 50ETF Options: Included charts of SSE 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [9][11][13] - SSE 300ETF Options: Included charts of SSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [20][22][23] - SZSE 300ETF Options: Included charts of SZSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [23][25][27] - CSI 300 Index Options: Included charts of CSI 300 Index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [35][37][39] - CSI 1000 Index Options: Included charts of CSI 1000 Index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [48][50][52] - SSE 500ETF Options: Included charts of SSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [62][64][66] - SZSE 500ETF Options: Included charts of SZSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [76][78][80] - ChiNext ETF Options: Included charts of ChiNext ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [89][91][93] - Shenzhen 100ETF Options: Included charts of Shenzhen 100ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [102][104][106] - SSE 50 Index Options: Included charts of SSE 50 Index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [115][117][119] - STAR 50ETF Options: Included charts of STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [128][130][132] - E Fund STAR 50ETF Options: Included charts of E Fund STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [131][133][136]