外部扰动影响有限，股指震荡整理

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On October 13, 2025, the stock indices opened lower, fluctuated throughout the day, and closed slightly down. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2374.2 billion yuan, a decrease of 159.9 billion yuan from the previous day [3]. - Trump's sudden tariff threat on Friday increased external uncertainty risk factors before November. Coupled with the significant increase in the stock index valuation level, investors' willingness to take profits and "cash out" has increased. However, the impact of Trump's tariff threat on the A - share market tends to be short - term, with a weaker marginal effect than in early April this year [3]. - There is still a problem of insufficient effective domestic demand from a macro - fundamental perspective, and external tariff factors still cause disturbances. There are strong expectations for policy - makers to stabilize the macro - fundamentals in the future, and the expectation of policy benefits provides strong support for the stock indices [3]. - The policy attaches importance to the investment attributes of the A - share market, and there is a trend of social wealth being allocated to the stock market. The continuous inflow of funds promotes the repair of the valuation of the stock indices [3]. - The subsequent trend of the stock indices mainly depends on the game between the fermentation rhythm of policy - benefit expectations and the profit - taking rhythm of profit - making funds. In the short term, the stock indices are expected to maintain a wide - range oscillation [3]. - Currently, the implied volatility of options remains at a low level. Considering that the stock indices are expected to rise in the medium and long term, investors can continue to hold bull spreads or covered calls [3]. 3. Summary of Each Section 3.1 Option Indicators - On October 13, 2025, the 50ETF fell 0.35% to 3.101; the 300ETF (Shanghai Stock Exchange) fell 0.57% to 4.692; the 300ETF (Shenzhen Stock Exchange) fell 0.47% to 4.844; the CSI 300 Index fell 0.50% to 4593.98; the CSI 1000 Index fell 0.19% to 7519.76; the 500ETF (Shanghai Stock Exchange) fell 0.48% to 7.469; the 500ETF (Shenzhen Stock Exchange) fell 0.50% to 2.983; the GEM ETF fell 1.32% to 3.054; the SZSE 100ETF fell 1.27% to 3.502; the SSE 50 Index fell 0.26% to 2967.21; the STAR 50ETF rose 1.18% to 1.55; the E Fund STAR 50ETF rose 1.00% to 1.51 [5]. - The trading volume PCR and position PCR of various ETF options and index options showed different changes compared with the previous trading day [6]. - The implied volatility and 30 - day historical volatility of the at - the - money options of various ETF options and index options were reported. For example, the implied volatility of the at - the - money options of the 50ETF option in October 2025 was 14.79%, and the 30 - day historical volatility of the underlying was 16.41% [7]. 3.2 Relevant Charts - The report includes various charts related to different ETF options and index options, such as the price trends, volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different terms of the 50ETF option, 300ETF option (Shanghai and Shenzhen Stock Exchanges), CSI 300 index option, CSI 1000 index option, 500ETF option (Shanghai and Shenzhen Stock Exchanges), GEM ETF option, SZSE 100ETF option, SSE 50 index option, STAR 50ETF option, and E Fund STAR 50ETF option [9][21][33][46][59][72][85][98][109][122][136][143].