股市成交缩量，股指震荡整理

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - Today, all stock indices fluctuated and consolidated. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1619.9 billion yuan, a decrease of 342 billion yuan from the previous day. Due to the significant gains of some stocks since late June, some profit - taking funds have a need to lock in profits, so the stock indices have a short - term need for technical consolidation. The recent decline in the trading volume of the stock market indicates a decline in investors' risk appetite. Since incremental policy benefits may need to wait until the Fourth Plenary Session of the 20th CPC Central Committee in October, the driving force of policy benefits has weakened marginally in the short term. In general, the stock indices are expected to fluctuate within a range in the short term. Currently, the implied volatility of options has rebounded. Considering the long - term upward trend of the stock indices, investors can continue to hold bull spreads or ratio spreads for a mild bullish view [3] 3. Summary by Relevant Catalogs 3.1 Option Indicators - On August 1, 2025, the 50ETF fell 0.79% to 2.876; the 300ETF (Shanghai Stock Exchange) fell 0.53% to 4.133; the 300ETF (Shenzhen Stock Exchange) fell 0.49% to 4.263; the CSI 300 Index fell 0.51% to 4054.93; the CSI 1000 Index rose 0.14% to 6670.47; the 500ETF (Shanghai Stock Exchange) fell 0.16% to 6.287; the 500ETF (Shenzhen Stock Exchange) fell 0.28% to 2.510; the GEM ETF rose 0.09% to 2.303; the Shenzhen 100ETF fell 0.24% to 2.877; the SSE 50 Index fell 0.79% to 2754.13; the STAR 50ETF fell 0.91% to 1.09; the E Fund STAR 50ETF fell 0.93% to 1.06 [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 109.66 (previous day: 92.57), and the position PCR was 86.82 (previous day: 87.58) [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 instance, the implied volatility of at - the - money SSE 50ETF options in August 2025 was 14.49%, and the 30 - trading - day historical volatility of the underlying asset was 9.33% [7] 3.2 Relevant Charts - SSE 50ETF Options: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [9][11][13] - SSE 300ETF Options: Include charts of the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [19][21] - SZSE 300ETF Options: Include charts of the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [22][24] - CSI 300 Index Options: Include charts of the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [35][37] - CSI 1000 Index Options: Include charts of the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [48][51] - SSE 500ETF Options: Include charts of the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [62][64] - SZSE 500ETF Options: Include charts of the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [75][78] - GEM ETF Options: Include charts of the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [89][91] - Shenzhen 100ETF Options: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [102][104] - SSE 50 Index Options: Include charts of the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [115][118] - STAR 50ETF Options: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [129][131] - E Fund STAR 50ETF Options: Include charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [133][136]