风险偏好较为乐观，股指震荡上涨

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints - On August 6, 2025, all stock indices fluctuated and rose, with CSI 500 and CSI 1000 leading the gains. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1.7591 trillion yuan, an increase of 143.3 billion yuan from the previous day. Due to the easing of external risk factors and the resilience of domestic economic data, the bearish drive was weak, and the risk preference in the stock market was at a relatively high level. The trading volume in the stock market exceeded 1.5 trillion yuan, indicating that investors' risk preference was actively optimistic. The margin trading balance exceeded 2 trillion yuan, and margin trading funds continued to have net purchases, reflecting strong confidence of investors in the stock market. Although the expectation of short - term policy intensification has weakened, the expectation of policy support still exists. In general, the risk preference of stock market investors is actively optimistic in the short term, and the stock indices are expected to fluctuate strongly in the short term [3]. - The implied volatility of options is currently in the normal range. Considering the long - term upward trend of 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 6, 2025, 50ETF rose 0.21% to 2.918; SSE 300ETF rose 0.26% to 4.194; SZSE 300ETF rose 0.25% to 4.326; CSI 300 Index rose 0.24% to 4113.49; CSI 1000 Index rose 1.09% to 6861.31; SSE 500ETF rose 0.82% to 6.428; SZSE 500ETF rose 0.98% to 2.570; ChiNext ETF rose 0.69% to 2.336; Shenzhen 100ETF rose 0.24% to 2.907; SSE 50 Index rose 0.24% to 2797.42; Science and Technology Innovation 50ETF rose 0.36% to 1.11; E Fund Science and Technology Innovation 50ETF rose 0.46% to 1.09 [6]. - The trading volume PCR and position PCR of various options on August 6, 2025, and their changes compared with the previous day are provided in detail, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [7]. - 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, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [8][9]. 3.2 Relevant Charts - SSE 50ETF Options: Include charts of SSE 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility for different terms [10][11][13][14][17][19]. - SSE 300ETF Options: Include charts of SSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility for different terms [22][23][24]. - SZSE 300ETF Options: Include charts of SZSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility for different terms [25][26][27]. - CSI 300 Index Options: Include charts of CSI 300 Index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility for different terms [38][39][40]. - CSI 1000 Index Options: Include charts of CSI 1000 Index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility for different terms [51][52][54]. - SSE 500ETF Options: Include charts of SSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility for different terms [65][66][67]. - SZSE 500ETF Options: Include charts of SZSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility for different terms [78][79][81]. - ChiNext ETF Options: Include charts of ChiNext ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility for different terms [93][94][97]. - Shenzhen 100ETF Options: Include charts of Shenzhen 100ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility for different terms [105][106][107]. - SSE 50 Index Options: Include charts of SSE 50 Index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility for different terms [118][119][121]. - Science and Technology Innovation 50ETF Options: Include charts of Science and Technology Innovation 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility for different terms [132][133][134]. - E Fund Science and Technology Innovation 50ETF Options: Include charts of E Fund Science and Technology Innovation 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility for different terms [135][136][137].