风险偏好较乐观，股指震荡上涨

Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - On August 20, 2025, all stock indices showed a volatile upward trend, with early - morning consolidation and afternoon unilateral upward movement. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.4484 trillion yuan, a decrease of 192.3 billion yuan from the previous day. The trading volume greater than 2 trillion yuan indicates that investors' sentiment remains positive. Policy support from anti - involution and consumption - promoting policies boosts price indices and corporate profits. The continuous inflow of margin trading funds, institutional long - term funds, and household wealth management funds into the stock market has a positive impact on index valuation repair. At the micro - level, the rapid development of the technology AI industry and the increasing demand for domestic substitution are beneficial to the CSI 500 and CSI 1000 indices. In the short term, the stock indices are expected to be volatile and relatively strong. With the current rise in implied volatility of options, considering the long - term upward trend of stock indices, investors can continue to hold bull spreads or ratio spreads for a moderate bullish view [3] 3. Summary of Each Section 3.1 Option Indicators - On August 20, 2025, the 50ETF rose 1.29% to 2.975; the 300ETF (Shanghai Stock Exchange) rose 1.37% to 4.364; the 300ETF (Shenzhen Stock Exchange) rose 1.06% to 4.495; the CSI 300 Index rose 1.14% to 4271.40; the CSI 1000 Index rose 0.86% to 7305.46; the 500ETF (Shanghai Stock Exchange) rose 1.35% to 6.824; the 500ETF (Shenzhen Stock Exchange) rose 1.56% to 2.728; the GEM ETF rose 0.50% to 2.588; the Shenzhen 100ETF rose 1.30% to 3.121; the SSE 50 Index rose 1.23% to 2846.99; the Science and Technology Innovation 50ETF rose 3.25% to 1.21; and the E Fund Science and Technology Innovation 50ETF rose 3.15% to 1.18 [5] - Various option volume PCR and position PCR values are presented, showing changes compared to the previous trading day [6] - Implied volatility and 30 - day historical volatility data for different options are provided, including 50ETF options, 300ETF options, CSI 1000 index options, etc. [7][8] 3.2 Related Charts - SSE 50ETF Options: Include charts of SSE 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [9][10][11] - Shanghai Stock Exchange 300ETF Options: Include charts of 300ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [20][21][22] - Shenzhen Stock Exchange 300ETF Options: Include charts of 300ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [31][32][33] - CSI 300 Index Options: Include charts of CSI 300 index trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [43][44][45] - CSI 1000 Index Options: Include charts of CSI 1000 index trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [56][57][58] - Shanghai Stock Exchange 500ETF Options: Include charts of 500ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [70][71][72] - Shenzhen Stock Exchange 500ETF Options: Include charts of 500ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [83][84][85] - GEM ETF Options: Include charts of GEM ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [96][97][98] - Shenzhen 100ETF Options: Include charts of Shenzhen 100ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [109][110][111] - SSE 50 Index Options: Include charts of SSE 50 index trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [122][123][124] - Science and Technology Innovation 50ETF Options: Include charts of Science and Technology Innovation 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [133][134][135] - E Fund Science and Technology Innovation 50ETF Options: Include charts of E Fund Science and Technology Innovation 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [136][137][138]