政策预期升温，股指单边反弹

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - Today, all stock indices rebounded unilaterally. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 2.4646 trillion yuan, an increase of 460.6 billion yuan compared to the previous day. Since early September, due to the significant increase in the prices of some individual stocks and a notable rise in the valuation, some investors' willingness to chase the market has weakened, and the profit - taking of profitable funds has led to a technical adjustment of the stock indices. However, the positive policy expectations and the continuous inflow of funds into the stock market still provide long - term support for the stock indices. The Minister of Finance pointed out that "in the next step, more efforts will be made to strengthen the domestic cycle, and more proactive and effective macro - policies will be implemented in a timely manner." Combined with the weak inflation data in August, it means that policies to boost the demand side will continue to be introduced, and the expectation of policy benefits is rising. On the other hand, incremental funds continue to flow into the stock market. The balance of margin trading has exceeded 2.3 trillion yuan and remains at a high level. The significant increase in non - bank deposits in July indicates that the trend of residents' maturing time deposits shifting to equity market allocation is gradually taking shape. The increasing expectation of the Fed's interest rate cut is conducive to driving the flow of the US dollar to emerging economies. Therefore, the trend of net inflow of incremental funds into the A - share market remains unchanged, which is expected to promote the repair of the stock market valuation. However, attention should still be paid to the intensity of profit - taking at the current position, and the subsequent market trend depends on the game between profit - taking and the fermentation of policy expectations. In general, the stock indices are expected to fluctuate widely in the short term [3]. - Currently, the implied volatility of options is within the normal range. Considering the long - term upward trend of the stock indices, investors can continue to hold bull spreads or ratio spreads [4]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On September 11, 2025, the 50ETF rose 1.63% to close at 3.122; the 300ETF (Shanghai Stock Exchange) rose 2.69% to close at 4.660; the 300ETF (Shenzhen Stock Exchange) rose 2.56% to close at 4.800; the CSI 300 Index rose 2.31% to close at 4548.03; the CSI 1000 Index rose 2.35% to close at 7399.89; the 500ETF (Shanghai Stock Exchange) rose 3.16% to close at 7.224; the 500ETF (Shenzhen Stock Exchange) rose 3.14% to close at 2.891; the ChiNext ETF rose 5.22% to close at 3.025; the Shenzhen 100ETF rose 3.82% to close at 3.451; the SSE 50 Index rose 1.48% to close at 2983.08; the Science and Technology Innovation 50ETF rose 5.45% to close at 1.39; the E Fund Science and Technology Innovation 50ETF rose 5.50% to close at 1.36 [6]. - The trading volume PCR and position PCR of various options changed compared with the previous trading day. For example, the trading volume PCR of the SSE 50ETF option was 74.33, and the previous trading day was 98.65; the position PCR was 90.71, and the previous trading day was 83.10 [7]. - The implied volatility of at - the - money options in September 2025 and the 30 - day historical volatility of the underlying for various options are provided. For example, the implied volatility of at - the - money options of the SSE 50ETF option in September 2025 was 15.17%, and the 30 - day historical volatility of the underlying was 15.60% [8]. 3.2 Relevant Charts - The report includes a series of charts for different options, such as the SSE 50ETF option, SSE 300ETF option, etc. These charts show the trends, volatilities, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatilities of the underlying assets of the options [10][20][33].