Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - On August 21, 2025, all stock indices oscillated and consolidated. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.4603 trillion yuan, an increase of 11.9 billion yuan from the previous day. The trading volume in the stock market remained above 2 trillion yuan, indicating that investors' sentiment was still relatively positive. However, due to the significant gains in some stocks, there was a need for profit - taking among profitable funds, and technically, there was a need for consolidation. Currently, the positive expectations strongly supported the stock indices. Anti - involution policies and consumption - promotion policies promoted a moderate recovery of the price index from both supply and demand sides, facilitating the repair of corporate profits. The capital market was relatively loose, and incremental funds continuously flowed into the stock market, driving the repair of stock index valuations. In general, it was expected that the stock indices would oscillate with a bias towards strength in the short term. - The implied volatility of options had rebounded. Considering the long - term upward trend of stock indices, investors could continue to hold bull spreads or ratio spreads for a moderate bullish outlook [4] Summary by Related Catalogs 1 Option Indicators - On August 21, 2025, the 50ETF rose 0.50% to close at 2.990; the 300ETF (Shanghai Stock Exchange) rose 0.32% to close at 4.378; the 300ETF (Shenzhen Stock Exchange) rose 0.44% to close at 4.515; the CSI 300 Index rose 0.39% to close at 4288.07; the CSI 1000 Index fell 0.71% to close at 7253.34; the 500ETF (Shanghai Stock Exchange) fell 0.56% to close at 6.786; the 500ETF (Shenzhen Stock Exchange) fell 0.59% to close at 2.712; the ChiNext ETF fell 0.62% to close at 2.572; the Shenzhen 100ETF rose 0.10% to close at 3.124; the SSE 50 Index rose 0.53% to close at 2862.18; the Science and Technology Innovation 50ETF rose 0.00% to close at 1.21; and the E Fund Science and Technology Innovation 50ETF rose 0.08% to close at 1.18 [6] - The trading volume PCR and持仓量 PCR of various options on August 21, 2025, and their changes compared to the previous trading day were provided in detail, including those of 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), 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 and the 30 - trading - day historical volatility of the underlying assets of various options were presented, such as the 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), 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] 2 Related Charts - Shanghai 50ETF Options: Included charts of the Shanghai 50ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [10][11][12] - Shanghai Stock Exchange 300ETF Options: Included charts of the Shanghai Stock Exchange 300ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [21][22][23] - Shenzhen Stock Exchange 300ETF Options: Included charts of the Shenzhen Stock Exchange 300ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [34][35][36] - CSI 300 Index Options: Included charts of the CSI 300 index trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [47][48][49] - CSI 1000 Index Options: Included charts of the CSI 1000 index trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [60][61][62] - Shanghai Stock Exchange 500ETF Options: Included charts of the Shanghai Stock Exchange 500ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [74][75][76] - Shenzhen Stock Exchange 500ETF Options: Included charts of the Shenzhen Stock Exchange 500ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [87][88][89] - ChiNext ETF Options: Included charts of the ChiNext ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [102][103][104] - Shenzhen 100ETF Options: Included charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [115][116][117] - Shanghai 50 Index Options: Included charts of the Shanghai 50 index trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [128][129][130] - Science and Technology Innovation 50ETF Options: Included charts of the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [141][142][143] - E Fund Science and Technology Innovation 50ETF Options: Included charts of the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [146][147][148]
股指震荡整理
Bao Cheng Qi Huo·2025-08-21 10:21