股市成交缩量，股指全面反弹

Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On September 24, 2025, all stock indices rose, with CSI 500 and CSI 1000 leading the gains. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 234.71 billion yuan, a decrease of 17.13 billion yuan from the previous day. The rebound was accompanied by a contraction in trading volume and a reduction in the positions of stock index futures, indicating that investors still have differences in their views on the future market [3]. - The main trading logic of the stock market currently comes from policy expectations and capital flows. In the future, it is necessary to focus on the game between the profit - taking rhythm of funds and the fermentation of policy expectations. As the valuation has significantly increased, especially when the index rebounds to near the previous high, the demand for profit - taking of profitable funds has increased. On the other hand, the expectation of policy benefits and the long - term net inflow trend of funds constitute the medium - and long - term driving force for the upward movement of stock indices. The fermentation of policy benefits is expected to await the convening of the important meeting in October. The fact that the margin trading balance has exceeded 2.4 trillion yuan and the year - on - year significant increase in new non - bank deposits in July and August indicate that the signs of residents' wealth allocation to the equity market have begun to appear [3]. - In the short term, the stock index is expected to fluctuate widely because the index is close to the previous high and the long holiday is approaching. Currently, the implied volatility of options has declined. Considering the medium - and long - term upward trend of the stock index, investors can continue to hold bull spreads or ratio spreads [3]. 3. Summary of Each Section 3.1 Option Indicators - On September 24, 2025, 50ETF rose 0.59% to close at 3.072; 300ETF (Shanghai Stock Exchange) rose 0.89% to close at 4.663; 300ETF (Shenzhen Stock Exchange) rose 1.01% to close at 4.810; CSI 300 Index rose 1.02% to close at 4566.07; CSI 1000 Index rose 1.70% to close at 7534.22; 500ETF (Shanghai Stock Exchange) rose 2.13% to close at 7.432; 500ETF (Shenzhen Stock Exchange) rose 2.27% to close at 2.972; GEM ETF rose 2.17% to close at 3.160; Shenzhen 100ETF rose 1.75% to close at 3.555; SSE 50 Index rose 0.68% to close at 2939.51; Science and Technology Innovation 50ETF rose 3.73% to close at 1.53; E Fund Science and Technology Innovation 50ETF rose 3.68% to close at 1.50 [5]. - The trading volume PCR and position PCR of various options changed compared with the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 76.34 (previous day: 83.34), and the position PCR was 78.32 (previous day: 71.27) [6]. - The implied volatility of the at - the - money options in October 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided. For instance, the implied volatility of the at - the - money options of SSE 50ETF options in October 2025 was 16.47%, and the 30 - trading - day historical volatility of the underlying asset was 15.70% [7]. 3.2 Related Charts - SSE 50ETF Options: Include charts such as the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [9][11][13][15][17]. - SSE 300ETF Options: Include charts such as the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [20][22][24][26][28][30]. - SZSE 300ETF Options: Include charts such as the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [33][35][37][39][41][43]. - CSI 300 Stock Index Options: Include charts such as the CSI 300 stock index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [45][47][49][51][53][55]. - CSI 1000 Stock Index Options: Include charts such as the CSI 1000 stock index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [58][60][62][64][66][68]. - SSE 500ETF Options: Include charts such as the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [71][73][75][77][79][81]. - SZSE 500ETF Options: Include charts such as the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [84][86][88][90][92][94]. - GEM ETF Options: Include charts such as the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [97][99][101][103][105][106]. - Shenzhen 100ETF Options: Include charts such as the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [110][112][114][116][118][120]. - SSE 50 Stock Index Options: Include charts such as the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [123][125][127][129][131][133]. - Science and Technology Innovation 50ETF Options: Include charts such as the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [136][138][140]. - E Fund Science and Technology Innovation 50ETF Options: Include charts such as the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [143][145][147][149][151][153].