股市风险偏好上升，股指震荡上涨

Report Industry Investment Rating - No relevant content provided Core Views - On August 15, 2025, stock indices showed an oscillating upward trend, with significant gains in CSI 500 and CSI 1000. The stock market trading volume has remained above 2 trillion yuan for multiple days, indicating optimistic market sentiment and a continuous rise in investors' risk appetite [3]. - Policy - side positive expectations strongly support the stock indices. Anti - involution and consumption - promotion policies are conducive to a moderate recovery of the price index, the repair of listed companies' profit margins, and the positive cycle of the "residents' consumption - corporate profits - employees' salaries" chain, leading to an increase in the expectation of a better macro - economic outlook [3]. - The balance of margin trading funds has exceeded 2 trillion yuan, indicating strong confidence of leveraged investors in the market. The continuous entry of patient capital such as social security and insurance funds has also promoted the continuous recovery of long - term confidence in the stock market [3]. - In the short term, there are strong positive expectations on the domestic policy side, and external risk factors have temporarily eased. The risk appetite in the stock market continues to recover, and the stock indices will be mainly oscillating upward in the short term [3]. - 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 moderate bullish view [3]. Summary by Related Catalogs 1 Option Indicators - ETF and Index Performance: On August 15, 2025, 50ETF rose 0.37% to 2.965; 300ETF (SSE) rose 0.92% to 4.295; 300ETF (SZSE) rose 0.91% to 4.432; CSI 300 Index rose 0.70% to 4202.35; CSI 1000 Index rose 2.02% to 7117.50; 500ETF (SSE) rose 2.21% to 6.658; 500ETF (SZSE) rose 2.38% to 2.663; GEM ETF rose 2.58% to 2.509; Shenzhen 100ETF rose 1.44% to 3.035; SSE 50 Index rose 0.12% to 2832.88; Science and Technology Innovation 50ETF rose 1.40% to 1.16; E Fund Science and Technology Innovation 50ETF rose 1.62% to 1.13 [5]. - Volume PCR and Open Interest PCR: Various option products have different volume PCR and open interest PCR values, and most of them have changed compared with the previous trading day [6]. - Implied Volatility and Historical Volatility: Different option products have different implied volatilities of at - the - money options in different months and 30 - trading - day historical volatilities of the underlying assets [7][8]. 2 Related Charts - SSE 50ETF Options: Include the trend of SSE 50ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [9][10][11]. - SSE 300ETF Options: Include the trend of SSE 300ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [20][21][22]. - SZSE 300ETF Options: Include the trend of SZSE 300ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [33][34][35]. - CSI 300 Index Options: Include the trend of CSI 300 Index, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [46][47][48]. - CSI 1000 Index Options: Include the trend of CSI 1000 Index, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [59][60][61]. - SSE 500ETF Options: Include the trend of SSE 500ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [70][71][72]. - SZSE 500ETF Options: Include the trend of SZSE 500ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [83][84][85]. - GEM ETF Options: Include the trend of GEM ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [94][95][96]. - Shenzhen 100ETF Options: Include the trend of Shenzhen 100ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [107][108][109]. - SSE 50 Index Options: Include the trend of SSE 50 Index, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [120][121][122]. - Science and Technology Innovation 50ETF Options: Include the trend of Science and Technology Innovation 50ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [133][134][135]. - E Fund Science and Technology Innovation 50ETF Options: Include the trend of E Fund Science and Technology Innovation 50ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [136][137][138].