制造业PMI走弱，股指震荡下跌

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - On July 31, 2025, all stock indices fluctuated and declined. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 196.18 billion yuan, an increase of 9.09 billion yuan from the previous day [3]. - The manufacturing PMI in July was 49.3, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity and the continued existence of insufficient effective domestic demand [3]. - Considering that the Politburo meeting in July mainly emphasized the implementation of existing policies, incremental policies may need to wait for the Fourth Plenary Session of the 20th CPC Central Committee in October. In the short term, the driving force of policy -利好 expectations will gradually weaken [3]. - Since late June, some stocks have achieved significant gains, and some profit - taking funds have a need to take profits. Therefore, the stock indices have a short - term need for technical consolidation [3]. - Given that the trading volume of the stock market is still at a high level, the downward space of the stock indices is expected to be limited. It is expected that the stock indices will mainly fluctuate within a range in the short term [3]. - Currently, the implied volatility of options has rebounded. Considering that the stock indices are upward in the medium and long term, investors can continue to hold bull spreads or ratio spreads for a mild long - position view [3]. 3. Summaries According to Relevant Catalogs 3.1 Option Indicators - On July 31, 2025, 50ETF fell 1.50% to 2.899; 300ETF (Shanghai Stock Exchange) fell 1.82% to 4.155; 300ETF (Shenzhen Stock Exchange) fell 1.88% to 4.284; the CSI 300 Index fell 1.82% to 4075.59; the CSI 1000 Index fell 0.85% to 6661.19; 500ETF (Shanghai Stock Exchange) fell 1.44% to 6.297; 500ETF (Shenzhen Stock Exchange) fell 1.41% to 2.517; the ChiNext ETF fell 1.88% to 2.301; the Shenzhen 100ETF fell 2.00% to 2.884; the SSE 50 Index fell 1.54% to 2775.99; the STAR 50ETF fell 0.99% to 1.10; and E Fund STAR 50ETF fell 1.01% to 1.07 [5]. - The trading volume PCR and position PCR of various options changed compared with the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 92.57 (the previous trading day was 85.10), and the position PCR was 89.67 (the previous trading day was 100.85) [6]. - 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 are provided. For example, the implied volatility of the at - the - money options of SSE 50ETF options in August 2025 was 14.87%, and the 30 - trading - day historical volatility of the underlying asset was 8.07% [7]. 3.2 Relevant Charts - SSE 50ETF Options: Include charts of SSE 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [9][11][13]. - SSE 300ETF Options: Include charts of SSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [18][19]. - SZSE 300ETF Options: Include charts of SZSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [21][22]. - CSI 300 Index Options: Include charts of CSI 300 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [33][34]. - CSI 1000 Index Options: Include charts of CSI 1000 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [46][47]. - SSE 500ETF Options: Include charts of SSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [57][58]. - SZSE 500ETF Options: Include charts of SZSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [70][71]. - ChiNext ETF Options: Include charts of ChiNext ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [82][83]. - Shenzhen 100ETF Options: Include charts of Shenzhen 100ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [95][96]. - SSE 50 Index Options: Include charts of SSE 50 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [108][109]. - STAR 50ETF Options: Include charts of STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [122][123]. - E Fund STAR 50ETF Options: Include charts of E Fund STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [125][126].