股指全天震荡收涨

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On August 28, 2025, all stock indices showed an N-shaped trend and closed higher after oscillating throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 3.0009 trillion yuan, a decrease of 196.9 billion yuan from the previous day. Due to the significant gains of some stocks, the dynamic price-to-earnings ratios of all stock indices were at the 80% quantile level in the past five years, and the willingness of profit-taking funds to take profits increased. Therefore, the stock indices had a need for technical adjustment. However, the trading volume of the stock market remained at a high level, indicating that the overall market sentiment was still optimistic. The rebound momentum of the stock indices mainly came from the positive policy expectations and the loose liquidity in the capital market. The anti-involution policy and the consumption-promotion policy promoted the optimization of the supply-demand structure from both the supply and demand sides, promoted a moderate recovery of the price index, and promoted the repair of corporate profits. Recently, the market interest rate has declined, the liquidity has been loose, and the willingness of funds to allocate to the stock market has increased. The significant increase in the margin trading balance and the obvious year-on-year increase in non-bank deposits reflected the signs of funds entering the market. In general, the stock indices will mainly oscillate and consolidate in the short term and still rise in the medium and long term. Currently, the implied volatility of options continues to rise. Considering the long-term upward trend of the stock indices, investors can continue to hold bull spreads or ratio spreads to moderately bullish. [2] Summary According to Relevant Catalogs 1 Option Indicators - On August 28, 2025, the 50ETF rose 1.44% to close at 3.095; the 300ETF (Shanghai Stock Exchange) rose 1.88% to close at 4.559; the 300ETF (Shenzhen Stock Exchange) rose 1.95% to close at 4.708; the CSI 300 Index rose 1.77% to close at 4463.78; the CSI 1000 Index rose 1.51% to close at 7447.11; the 500ETF (Shanghai Stock Exchange) rose 2.17% to close at 7.104; the 500ETF (Shenzhen Stock Exchange) rose 2.23% to close at 2.838; the ChiNext ETF rose 4.08% to close at 2.806; the Shenzhen 100ETF rose 2.60% to close at 3.319; the SSE 50 Index rose 1.45% to close at 2960.73; the STAR 50ETF rose 7.18% to close at 1.43; the E Fund STAR 50ETF rose 7.51% to close at 1.40. [5] - The trading volume PCR and holding volume PCR of various options on August 28, 2025, and the comparison with the previous trading day are provided in detail. For example, the trading volume PCR of the SSE 50ETF option was 79.99, compared with 73.04 on the previous trading day; the holding volume PCR was 91.38, compared with 90.15 on the previous trading day. [6] - The implied volatility of the at-the-money options in September 2025 and the 30-day historical volatility of the underlying assets of various options are provided. For example, the implied volatility of the at-the-money options of the SSE 50ETF option in September 2025 was 22.21%, and the 30-day historical volatility of the underlying asset was 13.66%. [7][8] 2 Related Charts - Multiple charts are presented for different types of options, including the trend of the underlying asset, option volatility, trading volume PCR, holding volume PCR, implied volatility curve, and at-the-money implied volatility of different tenors. For example, for the SSE 50ETF option, there are charts such as the SSE 50ETF trend, SSE 50ETF option volatility, SSE 50ETF option trading volume PCR, etc. [9][10][11]