风险偏好上升，股指震荡上涨

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - All stock indices fluctuated upwards today. The half - day trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1.8499 trillion yuan, an increase of 113.6 billion yuan compared to the previous day [3]. - In July, the month - on - month decline of PPI narrowed, and the supply - demand relationship in some industries improved, with prices showing positive changes. Policy support and positive expectations from anti - involution policies, along with the suspension of overseas uncertainty risks, jointly promoted the recovery of the stock market's risk appetite [3]. - Considering that some stocks have already achieved significant gains, there is a need for technical consolidation in the later market. In the short term, there is a possibility of consolidation and accumulation for stock indices, but in the long - term, the upward trend of stock indices remains unchanged. Currently, the stock market's risk appetite is rising, and it is expected that stock indices will fluctuate strongly in the short term [3]. - The current implied volatility of options is within 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 Related Catalogs 3.1 Option Indicators - On August 11, 2025, 50ETF rose 0.07% to close at 2.912; 300ETF (Shanghai Stock Exchange) rose 0.45% to close at 4.202; 300ETF (Shenzhen Stock Exchange) rose 0.56% to close at 4.339; the CSI 300 Index rose 0.43% to close at 4122.51; the CSI 1000 Index rose 1.55% to close at 6943.94; 500ETF (Shanghai Stock Exchange) rose 1.05% to close at 6.464; 500ETF (Shenzhen Stock Exchange) rose 1.06% to close at 2.583; the GEM ETF rose 1.95% to close at 2.357; the Shenzhen 100ETF rose 1.42% to close at 2.934; the SSE 50 Index rose 0.03% to close at 2789.90; the STAR 50ETF rose 0.64% to close at 1.10; and the E Fund STAR 50ETF rose 0.65% to close at 1.08 [5]. - The trading volume PCR and position PCR of various options changed compared to the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 88.43 (previous day: 92.32), and the position PCR was 94.14 (previous day: 95.22) [6]. - The implied volatility of at - the - money options and the 30 - day historical volatility of the underlying assets of various options are provided. For example, the implied volatility of at - the - money options of SSE 50ETF options in August 2025 was 11.66%, and the 30 - day historical volatility of the underlying asset was 8.08% [7]. 3.2 Related Charts - The report includes multiple charts related to different types of options, such as the trend, volatility, trading volume PCR, position PCR, implied volatility curve, and term - structure of at - the - money implied volatility of SSE 50ETF options, SSE 300ETF options, etc. For example, there are charts showing the trend of SSE 50ETF and the volatility of SSE 50ETF options [9][10].