股市风险偏好回升，股指全面反弹

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On June 25, 2025, all stock indices rose significantly unilaterally, with a sharp increase in the afternoon. The total market turnover of the stock market was 1639.4 billion yuan, an increase of 191.5 billion yuan from the previous day. The large - finance, military, and semiconductor sectors led the gains. Affected by the "stablecoin" news, the valuation expectations of securities brokers were rapidly boosted. The main support for the market currently comes from the expectation of favorable policies in the future. Due to the marginal weakening of credit and inflation indicators in May, the expectation of policy support has increased. In the short term, the stock index is expected to be volatile and bullish. The implied volatility of options is at a relatively low historical quantile level, and there is a high possibility of a medium - to - long - term upward trend in the stock index. Bull spread or ratio spread long - position portfolios can be established [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - ETF and Index Performance: On June 25, 2025, 50ETF rose 1.43% to 2.832; 300ETF (SSE) rose 1.65% to 4.001; 300ETF (SZSE) rose 1.65% to 4.126; the CSI 300 Index rose 1.44% to 3960.07; the CSI 1000 Index rose 1.32% to 6276.16; 500ETF (SSE) rose 1.88% to 5.913; 500ETF (SZSE) rose 1.77% to 2.361; the ChiNext ETF rose 3.18% to 2.109; the Shenzhen 100ETF rose 1.94% to 2.732; the SSE 50 Index rose 1.17% to 2747.73; the STAR 50ETF rose 1.85% to 1.05; and the E Fund STAR 50ETF rose 1.89% to 1.02 [5]. - Volume and Open Interest PCR: The volume PCR and open interest PCR of various options showed different changes compared to the previous trading day. For example, the volume PCR of SSE 50ETF options was 64.98 (previous day: 82.82), and the open interest PCR was 126.32 (previous day: 108.69) [6]. - Implied Volatility and Historical Volatility: The implied volatility and 30 - day historical volatility of the underlying assets of various options in July 2025 were provided. For instance, the implied volatility of the at - the - money options of SSE 50ETF options in July 2025 was 12.35%, and the 30 - day historical volatility of the underlying asset was 8.83% [7]. 3.2 Relevant Charts - SSE 50ETF Options: Charts include the SSE 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][11][13]. - SSE 300ETF Options: Charts cover the SSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22]. - SZSE 300ETF Options: Charts involve the SZSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [23][25]. - CSI 300 Index Options: Charts include the CSI 300 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [35][37]. - CSI 1000 Index Options: Charts cover the CSI 1000 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [48][55]. - SSE 500ETF Options: Charts involve the SSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [62][67]. - SZSE 500ETF Options: Charts include the SZSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [75][77]. - ChiNext ETF Options: Charts cover the ChiNext ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [88][94]. - Shenzhen 100ETF Options: Charts involve the Shenzhen 100ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [101][107]. - SSE 50 Index Options: Charts include the SSE 50 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [114][124]. - STAR 50ETF Options: Charts cover the STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [125][127]. - E Fund STAR 50ETF Options: Charts involve the E Fund STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [128][133].