重磅会议召开，股指窄幅震荡整理

Report Summary 1. Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - On July 30, 2025, the stock indexes fluctuated narrowly. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 187.1 billion yuan, an increase of 4.17 billion yuan from the previous day [3]. - A Politburo meeting was held today, emphasizing the implementation of existing policies, including a more proactive fiscal policy and a moderately loose monetary policy, with a focus on boosting consumption and supporting technological innovation. The meeting also pointed out the need to enhance the attractiveness and inclusiveness of the domestic capital market and consolidate the stable and positive momentum of the capital market, indicating that policies to stabilize stock market expectations will continue [3]. - The incremental positive effects of the Politburo meeting are limited. Since late June, some stocks have achieved significant gains, and some profit - taking funds have a need to take profits. Therefore, the driving force for the short - term upward movement of the stock index will weaken. New incremental positive policy effects are expected to await the policy guidance of the Fourth Plenary Session of the 20th CPC Central Committee in October [3]. - Currently, the trading volume of the stock market is at a relatively high percentile level, and market risk appetite has recovered. It is expected that the stock index will mainly fluctuate strongly in the short term [3]. - The implied volatility of options has rebounded. Considering that the stock index continues its upward trend, investors can continue to hold bull spreads or ratio spreads to take a mild long - position [3]. 3. Summary by Sections 3.1 Option Indicators - ETF and Index Performance: On July 30, 2025, the 50ETF rose 0.31% to 2.943; the 300ETF (SSE) fell 0.07% to 4.232; the 300ETF (SZSE) fell 0.02% to 4.366; the CSI 300 Index fell 0.02% to 4151.24; the CSI 1000 Index fell 0.82% to 6718.48; the 500ETF (SSE) fell 0.65% to 6.389; the 500ETF (SZSE) fell 0.62% to 2.553; the ChiNext ETF fell 1.59% to 2.345; the Shenzhen 100ETF fell 0.84% to 2.943; the SSE 50 Index rose 0.38% to 2819.35; the STAR 50ETF fell 1.16% to 1.11; the E Fund STAR 50ETF fell 1.09% to 1.09 [5]. - Volume and Position PCR: The volume PCR and position PCR of various options changed compared to the previous trading day. For example, the volume PCR of SSE 50ETF options was 85.10 (previous day: 92.74), and the position PCR was 104.29 (previous day: 100.17) [6]. - Implied Volatility and Historical Volatility: The implied volatility and 30 - trading - day historical volatility of various options in August 2025 are provided. For instance, the implied volatility of SSE 50ETF options' at - the - money options in August 2025 was 15.75%, and the 30 - trading - day historical volatility of the underlying was 8.12% [7]. 3.2 Related Charts The report provides a series of charts for different types of options, including the trend of the underlying, volatility, volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility of options such as SSE 50ETF options, SSE 300ETF options, SZSE 300ETF options, etc. These charts show the historical data from 2023 to 2025, helping investors analyze the performance and trends of different options [9][20][23].