政策预期升温，股指震荡上涨

Group 1: Report Overview - Report Date: September 29, 2025 [2] - Report Type: Financial Options Daily Report Group 2: Core Views - Today, all stock indices fluctuated and rose. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 2.1781 trillion yuan, an increase of 12 billion yuan from the previous day [3]. - The Politburo of the CPC Central Committee held a meeting on September 29 to study major issues in formulating the 15th Five - Year Plan for National Economic and Social Development. The expectation of policy benefits continued to ferment. The market focused on short - term stable demand policies and medium - to - long - term strategic industrial layout [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. In the short term, due to the significant increase in the stock valuation, especially when the index rebounded near the previous high, the profit - taking demand of profitable funds increased. Considering the uncertainty during the National Day holiday, the upward momentum of the stock index before the holiday was relatively limited [3]. - In the future, the key factor is the game between the profit - taking rhythm of funds and the fermentation of policy expectations. In general, due to the index approaching the previous high and the approaching of the long 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]. Group 3: Option Indicators Index and ETF Performance - On September 29, 2025, the 50ETF rose 1.04% to close at 3.109; the 300ETF (Shanghai Stock Exchange) rose 1.66% to close at 4.728; the 300ETF (Shenzhen Stock Exchange) rose 1.67% to close at 4.880; the CSI 300 Index rose 1.54% to close at 4620.05; the CSI 1000 Index rose 1.36% to close at 7497.83; the 500ETF (Shanghai Stock Exchange) rose 1.72% to close at 7.462; the 500ETF (Shenzhen Stock Exchange) rose 1.57% to close at 2.980; the ChiNext ETF rose 2.68% to close at 3.213; the SZSE 100ETF rose 2.24% to close at 3.608; the SSE 50 Index rose 1.09% to close at 2973.04; the STAR 50ETF rose 1.25% to close at 1.54; the E Fund STAR 50ETF rose 1.14% to close at 1.51 [5]. Volume PCR and Open Interest PCR - The volume PCR and open interest PCR data of various options on September 29, 2025, and the previous trading day are provided, including data for 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, SZSE 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. Implied Volatility and Historical Volatility - The implied volatility of the at - the - money options in October 2025 and the 30 - trading - day historical volatility of the underlying assets for various options are presented, such as the 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, SZSE 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. Group 4: Related Charts 50ETF Options - Charts include the 50ETF trend, 50ETF option volatility, 50ETF option volume PCR, 50ETF option open interest PCR, 50ETF option implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied implied 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