股市成交缩量，股指震荡回调

1. Report Industry Investment Rating - There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - All stock indices oscillated and pulled back on the day, with the total trading volume of the Shanghai, Shenzhen, and Beijing stock markets reaching 2166.1 billion yuan, a decrease of 225.7 billion yuan from the previous day [3]. - Trump's recent announcement of a new round of high - tariffs on various imported products has led to an increase in market risk - aversion sentiment [3]. - As the valuation has risen significantly, especially when the index rebounded near the previous high, the profit - taking demand of profitable funds has increased. Additionally, with the approaching National Day holiday, investors' desire to secure profits has grown [3]. - In the medium - to - long term, the expectation of policy benefits and the long - term net inflow trend of funds constitute the medium - to - long - term driving force for the upward movement of stock indices [3]. - In the future, the focus will be on the game between the rhythm of profit - taking by funds and the fermentation of policy expectations. In general, due to the index approaching the previous high and the approaching holiday, the stock index is expected to fluctuate widely in the short term [3]. - Currently, the implied volatility of options has declined. Considering the medium - to - long - term upward trend of the stock index, investors can continue to hold bull spreads or ratio spreads [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On September 26, 2025, the 50ETF fell 0.32% to close at 3.077; the 300ETF (Shanghai Stock Exchange) fell 0.94% to close at 4.651; the 300ETF (Shenzhen Stock Exchange) fell 0.91% to close at 4.800; the CSI 300 Index fell 0.95% to close at 4550.05; the CSI 1000 Index fell 1.45% to close at 7397.59; the 500ETF (Shanghai Stock Exchange) fell 1.41% to close at 7.336; the 500ETF (Shenzhen Stock Exchange) fell 1.21% to close at 2.934; the ChiNext ETF fell 2.55% to close at 3.129; the Shenzhen 100ETF fell 1.84% to close at 3.529; the SSE 50 Index fell 0.40% to close at 2941.02; the Science and Technology Innovation 50ETF fell 1.55% to close at 1.52; and the E Fund Science and Technology Innovation 50ETF fell 1.32% to close at 1.49 [5]. - The trading volume PCR and open - interest PCR of various options changed compared to the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 91.14 (85.45 the previous day), and the open - interest PCR was 78.68 (77.23 the previous day) [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 were provided. For instance, the implied volatility of the at - the - money options of SSE 50ETF options in October 2025 was 14.64%, and the 30 - trading - day historical volatility of the underlying asset was 15.75% [7]. 3.2 Relevant Charts - SSE 50ETF Options: Charts include the SSE 50ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [9][11][13][17]. - SSE 300ETF Options: Charts cover the SSE 300ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [20][22][24][30]. - SZSE 300ETF Options: Charts involve the SZSE 300ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [33][34]. - CSI 300 Index Options: Charts include the CSI 300 index trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [36][38][40][42][46]. - CSI 1000 Index Options: Charts cover the CSI 1000 index trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [49][51][53][55][59]. - SSE 500ETF Options: Charts involve the SSE 500ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [62][64][65][71]. - SZSE 500ETF Options: Charts include the SZSE 500ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [75][79][80][82][87]. - ChiNext ETF Options: Charts cover the ChiNext ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [90][92][93][98]. - Shenzhen 100ETF Options: Charts involve the Shenzhen 100ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [103][105][107][113]. - SSE 50 Index Options: Charts include the SSE 50 index trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [116][118][120][126]. - Science and Technology Innovation 50ETF Options: Charts cover the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [129][131][133]. - E Fund Science and Technology Innovation 50ETF Options: Charts involve the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [137][139][141][147].