股指继续窄幅震荡整理

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The stock indices continued to fluctuate within a narrow range. The total trading volume of the stock market was 1405.1 billion yuan, a decrease of 91.4 billion yuan from the previous day. The main support for the stock indices comes from the expectation of favorable policies in the future. Due to the instability of domestic demand and the weak performance of credit and inflation data, the policy side needs to introduce policies to support economic demand. The market is concerned about the policy guidance of the Politburo meeting in July. Since the stock indices have risen significantly since late June, the short - term upward momentum has weakened, and the recent decline in trading volume indicates that the market's enthusiasm for chasing up has cooled down. In general, the short - term driving force of the market has weakened, and the stock indices are expected to fluctuate within a range. - Currently, the implied volatility of options has rebounded. In the medium and long term, the stock indices are more likely to rise, and bull spreads or ratio spreads long - position portfolios can be arranged [4]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On July 2, 2025, the 50ETF rose 0.21% to close at 2.816; the 300ETF (Shanghai Stock Exchange) rose 0.10% to close at 3.992; the 300ETF (Shenzhen Stock Exchange) rose 0.02% to close at 4.117; the CSI 300 Index rose 0.02% to close at 3943.68; the CSI 1000 Index fell 1.01% to close at 6309.48; the 500ETF (Shanghai Stock Exchange) fell 0.59% to close at 5.947; the 500ETF (Shenzhen Stock Exchange) fell 0.54% to close at 2.377; the ChiNext ETF fell 1.03% to close at 2.104; the Shenzhen 100ETF fell 0.33% to close at 2.722; the SSE 50 Index rose 0.18% to close at 2722.55; the STAR 50ETF fell 1.24% to close at 1.04; the E Fund STAR 50ETF fell 1.18% to close at 1.01 [6]. - The trading volume PCR and position PCR of various options on July 2, 2025, and their changes compared with the previous trading day are provided in detail, including 50ETF options, SSE 300ETF options, etc. [7]. - The implied volatility of at - the - money options in July 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided, such as the implied volatility of 50ETF options at - the - money options in July 2025 is 11.88%, and the 30 - trading - day historical volatility of the underlying asset is 8.36% [8][9]. 3.2 Relevant Charts - SSE 50ETF Options: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [10][11][12]. - SSE 300ETF Options: Include charts of the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [22][23]. - SZSE 300ETF Options: Include charts of the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [25][26]. - CSI 300 Index Options: Include charts of the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [39][40]. - CSI 1000 Index Options: Include charts of the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [52][53]. - SSE 500ETF Options: Include charts of the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [66][67]. - SZSE 500ETF Options: Include charts of the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [79][80]. - ChiNext ETF Options: Include charts of the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [91][92]. - Shenzhen 100ETF Options: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [104][105]. - SSE 50 Index Options: Include charts of the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [117][118]. - STAR 50ETF Options: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [131][132]. - E Fund STAR 50ETF Options: Include charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [134][135].