股票股指期权：下行降波，情绪回调，股指期权临近到期

Report Date - The report is dated September 18, 2025 [1] Core Viewpoint - The stock index options show a downward volatility trend, with sentiment回调, and the index options are approaching maturity [2] Market Data Summary Underlying Market Statistics - The Shanghai Composite 50 Index closed at 2912.83, down 39.95, with a trading volume of 74.86 billion hands and a change of 18.19 billion hands. The synthetic futures for the current month and next month were 2908.93 and 2912.20 respectively, with basis of -3.89 and -0.63 [3] - The CSI 300 Index closed at 4498.11, down 52.91, with a trading volume of 309.86 billion hands and a change of 74.14 billion hands. The synthetic futures for the current month and next month were 4484.13 and 4473.80 respectively, with basis of -13.98 and -24.31 [3] - The CSI 1000 Index closed at 7476.40, down 78.41, with a trading volume of 398.60 billion hands and a change of 96.89 billion hands. The synthetic futures for the current month and next month were 7449.93 and 7366.20 respectively, with basis of -26.47 and -110.20 [3] Option Market Statistics - The trading volume of Shanghai Composite 50 Index options was 118,589, an increase of 60,763, and the open interest was 103,897, a decrease of 1580. The VL-PCR was 56.08% and the OI-PCR was 60.46%. The maximum call and put open interests (near - month) were at strike prices of 3000 and 2900 respectively [3] - The trading volume of CSI 300 Index options was 304,276, an increase of 123,482, and the open interest was 238,898, a decrease of 4051. The VL-PCR was 67.07% and the OI-PCR was 81.48%. The maximum call and put open interests (near - month) were at strike prices of 4500 and 4550 respectively [3] - The trading volume of CSI 1000 Index options was 708,257, an increase of 271,637, and the open interest was 344,711, a decrease of 10,505. The VL-PCR was 84.96% and the OI-PCR was 110.83%. The maximum call and put open interests (near - month) were at strike prices of 7500 and 7000 respectively [3] Option Volatility Statistics - For near - month options, the ATM - IV of Shanghai Composite 50 Index options was 20.14%, down 1.81%, and the VIX was 21.88, down 0.199 [6] - The ATM - IV of CSI 300 Index options was 17.44%, down 2.84%, and the VIX was 21.55, down 1.142 [6] - The ATM - IV of CSI 1000 Index options was 19.87%, down 6.08%, and the VIX was 27.20, down 0.716 [6] Graphical Analysis - The report includes various graphs for different types of options, such as PCR graphs,主力合约偏度 graphs, volatility cone graphs, and volatility term structure graphs for Shanghai Composite 50 Index options, CSI 300 Index options, CSI 1000 Index options, and multiple ETF options [10][14][17]