市场情绪偏乐观，股指震荡上涨

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - All stock indices rose slightly throughout the day. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1.8984 trillion yuan, a decrease of 30.3 billion yuan from the previous day. The recent rebound of stock indices is mainly driven by policy利好 expectations. If the policy support decreases, the upward momentum of stock indices may slow down. Currently, the trading volume is at a relatively high level, indicating that investors have a positive and optimistic risk preference. The anti - involution policy expectations and the super hydropower project have driven up the valuations of related industries, and the overall market sentiment is optimistic, with an upward trend in stock indices. In the short term, stock indices will fluctuate strongly. - The implied volatility of options has rebounded. Considering the upward trend of stock indices, investors can continue to hold bull spreads or ratio spreads for a mild long - term view [3]. 3. Summary by Related Catalogs 3.1 Option Indicators - ETF and Index Performance: On July 23, 2025, the 50ETF rose 0.24% to 2.921; the 300ETF (Shanghai Stock Exchange) fell 0.05% to 4.199; the 300ETF (Shenzhen Stock Exchange) rose 0.12% to 4.331; the CSI 300 Index rose 0.02% to 4119.77; the CSI 1000 Index fell 0.45% to 6607.22; the 500ETF (Shanghai Stock Exchange) fell 0.35% to 6.270; the 500ETF (Shenzhen Stock Exchange) fell 0.32% to 2.507; the GEM ETF fell 0.09% to 2.287; the Shenzhen 100ETF fell 0.17% to 2.921; the SSE 50 Index rose 0.32% to 2801.20; the Science and Technology Innovation 50ETF rose 0.47% to 1.07; the E Fund Science and Technology Innovation 50ETF rose 0.38% to 1.05 [5]. - Volume PCR and Open Interest PCR: The volume PCR and open interest PCR of various options showed different changes compared with the previous trading day. For example, the volume PCR of the 50ETF option was 58.98 (previous day: 67.28), and the open interest PCR was 131.48 (previous day: 120.32) [6]. - Implied Volatility and Historical Volatility: The implied volatility and 30 - day historical volatility of 2025 August at - the - money options of various options were provided. For instance, the implied volatility of the 50ETF option was 13.82%, and the 30 - day historical volatility was 8.22% [7]. 3.2 Related Charts - SSE 50ETF Option: Included charts such as the SSE 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [9]. - SSE 300ETF Option: Included charts of the SSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [20]. - SZSE 300ETF Option: Included charts of the SZSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [23]. - CSI 300 Index Option: Included charts of the CSI 300 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [37]. - CSI 1000 Index Option: Included charts of the CSI 1000 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [50]. - SSE 500ETF Option: Included charts of the SSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [63]. - SZSE 500ETF Option: Included charts of the SZSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [75]. - GEM ETF Option: Included charts of the GEM ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [87]. - Shenzhen 100ETF Option: Included charts of the Shenzhen 100ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [100]. - SSE 50 Index Option: Included charts of the SSE 50 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [113]. - Science and Technology Innovation 50ETF Option: Included charts of the Science and Technology Innovation 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [127]. - E Fund Science and Technology Innovation 50ETF Option: Included charts of the E Fund Science and Technology Innovation 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [130].