股指震荡整固

Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Today, the stock indices fluctuated within a narrow range. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 181.55 billion yuan, a decrease of 5.84 billion yuan from the previous day. Since late June, some stocks have had significant gains, leading to profit - taking needs. The stock indices need a short - term consolidation phase. The recent rebound of the stock indices is mainly driven by policy expectations, and the market sentiment is generally optimistic. Domestic policies have boosted the price and profit recovery expectations of related industries, and the official start of the Yarlung Zangbo River hydropower project has increased the expectation of policy support. Currently, the trading volume of the stock market is at a high level, indicating that investors' risk appetite is high. In general, the stock indices will be volatile and slightly stronger in the short term. [4] - The implied volatility of options has rebounded. Considering the upward trend of the stock indices, investors can continue to hold bull spreads or ratio spreads for a mild bullish view. [4] 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On July 25, 2025, the 50ETF fell 0.58% to 2.916; the 300ETF (Shanghai Stock Exchange) fell 0.52% to 4.203; the 300ETF (Shenzhen Stock Exchange) fell 0.50% to 4.338; the CSI 300 Index fell 0.53% to 4127.16; the CSI 1000 Index rose 0.08% to 6706.61; the 500ETF (Shanghai Stock Exchange) rose 0.03% to 6.365; the 500ETF (Shenzhen Stock Exchange) fell 0.08% to 2.543; the GEM ETF fell 0.30% to 2.318; the Shenzhen 100ETF fell 0.48% to 2.932; the SSE 50 Index fell 0.60% to 2795.51; the Science and Technology Innovation 50ETF rose 2.12% to 1.11; the E Fund Science and Technology Innovation 50ETF rose 2.08% to 1.08. [6] - The trading volume PCR and position PCR of various options changed compared to the previous trading day. For example, the trading volume PCR of the SSE 50ETF option was 83.28 (89.38 the previous day), and the position PCR was 97.93 (108.57 the previous day). [7] - The implied volatility of the at - the - money options in August 2025 and the 30 - trading - day historical volatility of the underlying assets of various options were provided. For example, the implied volatility of the at - the - money options of the SSE 50ETF option was 15.45%, and the 30 - trading - day historical volatility of the underlying asset was 8.12%. [8] 3.2 Relevant Charts - SSE 50ETF Option: Charts include the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [10][12][14] - SSE 300ETF Option: Charts cover the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [21] - SZSE 300ETF Option: Charts involve the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [24] - CSI 300 Index Option: Charts include the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [37] - CSI 1000 Index Option: Charts cover the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [50] - SSE 500ETF Option: Charts involve the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [63] - SZSE 500ETF Option: Charts include the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [76] - GEM ETF Option: Charts cover the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [90] - Shenzhen 100ETF Option: Charts involve the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [103] - SSE 50 Index Option: Charts include the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [116] - Science and Technology Innovation 50ETF Option: Charts cover the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [129] - E Fund Science and Technology Innovation 50ETF Option: Charts involve the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [132]