止盈意愿上升，股指震荡下跌

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - On September 3, 2025, all stock indices fluctuated and declined. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.3957 trillion yuan, a decrease of 516.7 billion yuan from the previous day. Due to the significant increase in some stocks, the profit - taking demand of profitable funds has risen, and the recent trading volume of the stock market has shrunk, indicating a certain divergence in market expectations, and the stock indices have entered a short - term technical adjustment. In the long - term, the expectation of policy benefits and the loose capital situation strongly support the stock indices, and the logic of the long - term upward movement of the stock indices remains strong. Anti - involution policies and consumption - promotion policies optimize the supply - demand structure from both the supply and demand sides, promote a moderate increase in the price index, and repair corporate profits. In terms of capital, the margin trading balance has risen rapidly, non - bank deposits have soared, and long - term funds have continued to enter the market. The continuous inflow of incremental funds in the stock market promotes the repair of stock valuations. In general, in the short term, the marginal effect of policy benefit expectations has weakened, and the profit - taking demand of profitable funds has increased. The stock indices are expected to fluctuate widely in the short 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 for a mild bullish view [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - ETF and Index Performance: On September 3, 2025, the 50ETF fell 1.31% to 3.087; the 300ETF (Shanghai Stock Exchange) fell 0.89% to 4.549; the 300ETF (Shenzhen Stock Exchange) fell 0.91% to 4.692; the CSI 300 Index fell 0.68% to 4459.83; the CSI 1000 Index fell 1.46% to 7206.88; the 500ETF (Shanghai Stock Exchange) fell 1.63% to 6.940; the 500ETF (Shenzhen Stock Exchange) fell 1.14% to 2.783; the GEM ETF rose 0.77% to 2.870; the Shenzhen 100ETF fell 0.57% to 3.310; the SSE 50 Index fell 1.07% to 2960.99; the STAR 50ETF fell 2.08% to 1.37; the E Fund STAR 50ETF fell 2.05% to 1.34 [5]. - Volume and Open Interest PCR: The volume PCR and open interest PCR of various options showed different changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 75.73 (previous day: 80.63), and the open interest PCR was 88.23 (previous day: 90.60) [6]. - Implied Volatility and Historical Volatility: The implied volatility and 30 - day historical volatility of various options in September 2025 were provided. For instance, the implied volatility of the at - the - money options of SSE 50ETF options in September 2025 was 19.94%, and the 30 - day historical volatility of the underlying was 13.93% [7]. 3.2 Relevant Charts - SSE 50ETF Options: Charts include the SSE 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][11][13]. - SSE 300ETF Options: Charts cover the SSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [21][23][25]. - SZSE 300ETF Options: Charts involve the SZSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [33][34]. - CSI 300 Index Options: Charts include the CSI 300 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [36][37]. - CSI 1000 Index Options: Charts cover the CSI 1000 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [38][41][43]. - SSE 500ETF Options: Charts include the SSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [52][54][56]. - SZSE 500ETF Options: Charts involve the SZSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [65][67][69]. - GEM ETF Options: Charts cover the GEM ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [77][79][81]. - Shenzhen 100ETF Options: Charts include the Shenzhen 100ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [90][92][94]. - SSE 50 Index Options: Charts cover the SSE 50 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [103][106][107]. - STAR 50ETF Options: Charts include the STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [117][118][119]. - E Fund STAR 50ETF Options: Charts involve the E Fund STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [124][125][126].