股市成交放量，股指震荡上涨

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - On July 22, 2025, all stock indices fluctuated slightly upward. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets reached 1928.6 billion yuan, an increase of 201.5 billion yuan from the previous day. The current trading volume in the stock market is at a relatively high level, indicating that investors' risk appetite is relatively positive. The recent rebound of the stock indices is mainly driven by policy - positive expectations. Anti - involution policies are helpful to boost the profit margins of related industries such as photovoltaic, new energy vehicles, and resource - based cyclical stocks. The official start of the Yaxia Super Hydropower Project has boosted the risk appetite of investors in infrastructure stocks. However, since late June, some stocks have achieved significant increases, and there may be a rotation in the capital market in the future, which may slow down the upward momentum of the stock indices. It is necessary to pay attention to the policy statements of the Politburo meeting. In general, the stock indices will fluctuate strongly in the short term. Currently, the implied volatility of options has rebounded. Considering that the stock indices are more likely to rise in the medium and long term, investors can continue to hold bull spreads or ratio spreads for a mild bullish view [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On July 22, 2025, 50ETF rose 0.83% to close at 2.914; 300ETF (Shanghai Stock Exchange) rose 1.06% to close at 4.201; 300ETF (Shenzhen Stock Exchange) rose 0.84% to close at 4.326; the CSI 300 Index rose 0.82% to close at 4118.96; the CSI 1000 Index rose 0.38% to close at 6637.10; 500ETF (Shanghai Stock Exchange) rose 1.06% to close at 6.292; 500ETF (Shenzhen Stock Exchange) rose 1.13% to close at 2.515; the GEM ETF rose 0.62% to close at 2.289; the Shenzhen 100ETF rose 0.97% to close at 2.926; the SSE 50 Index rose 0.72% to close at 2792.18; the STAR 50ETF rose 0.75% to close at 1.07; and the E Fund STAR 50ETF rose 0.87% to close at 1.04 [5]. - The PCR values of trading volume and open interest of various options changed compared with the previous trading day. For example, the trading volume PCR of 50ETF options was 67.28 (61.48 the previous day), and the open - interest PCR was 120.32 (111.70 the previous day) [6]. - The implied volatility of at - the - money options in August 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided. For example, the implied volatility of at - the - money 50ETF options in August 2025 was 13.86%, and the 30 - trading - day historical volatility of the underlying asset was 8.25% [7]. 3.2 Relevant Charts - 50ETF Options: Include charts of 50ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [9][11][13][17]. - Shanghai Stock Exchange 300ETF Options: Include charts of 300ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [20]. - Shenzhen Stock Exchange 300ETF Options: Include charts of 300ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [23]. - CSI 300 Index Options: Include charts of CSI 300 index trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [37]. - CSI 1000 Index Options: Include charts of CSI 1000 index trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [49]. - Shanghai Stock Exchange 500ETF Options: Include charts of 500ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [64]. - Shenzhen Stock Exchange 500ETF Options: Include charts of 500ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [77]. - GEM ETF Options: Include charts of GEM ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [92]. - Shenzhen 100ETF Options: Include charts of Shenzhen 100ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [101]. - SSE 50 Index Options: Include charts of SSE 50 index trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [114]. - STAR 50ETF Options: Include charts of STAR 50ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [129]. - E Fund STAR 50ETF Options: Include charts of E Fund STAR 50ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [132].