股市风险偏好回升，股指震荡上涨

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - On October 27, 2025, all stock indices fluctuated and rose. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 2.3566 trillion yuan, an increase of 365 billion yuan compared to the previous day. With the conclusion of the China - US economic and trade consultations, external uncertainty risks eased, and investors' risk appetite recovered. The release of the communiqué of the Fourth Plenary Session of the 20th CPC Central Committee pointed out that the main goals during the 15th Five - Year Plan period include achieving significant results in high - quality development and greatly improving the level of scientific and technological self - reliance. Policy - driven positive expectations led to an increase in market risk appetite. However, as stock valuations rose, there was still a willingness among profit - taking funds to lock in profits. The future trend of the market depends on the game between the fermentation rhythm of policy - driven positive expectations and the profit - taking rhythm of funds. In general, the stock indices are expected to experience wide - range fluctuations in the short term. Currently, the implied volatility of options remains relatively stable. Considering the long - term upward trend of stock indices, the strategy of bull spread or covered call is maintained [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On October 27, 2025, the 50ETF rose 0.75% to close at 3.216; the 300ETF (Shanghai Stock Exchange) rose 1.17% to close at 4.826; the 300ETF (Shenzhen Stock Exchange) rose 1.24% to close at 4.977; the CSI 300 Index rose 1.19% to close at 4716.02; the CSI 1000 Index rose 1.03% to close at 7495.38; the 500ETF (Shanghai Stock Exchange) rose 1.48% to close at 7.478; the 500ETF (Shenzhen Stock Exchange) rose 1.53% to close at 2.985; the GEM ETF rose 1.97% to close at 3.209; the Shenzhen 100ETF rose 1.34% to close at 3.617; the SSE 50 Index rose 0.78% to close at 3069.53; the STAR 50ETF rose 1.50% to close at 1.56; and the E Fund STAR 50ETF rose 1.48% to close at 1.51 [5]. - The trading volume PCR and open interest PCR of various options on October 27, 2025, and their changes compared to the previous trading day are provided in detail, including those of 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 index options, CSI 1000 index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. - The implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are presented, such as the 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 index options, CSI 1000 index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. 3.2 Relevant Charts - For each type of option (e.g., 50ETF options, SSE 300ETF options, SZSE 300ETF options, etc.), multiple charts are provided, including the underlying asset's trend chart, option volatility chart, trading volume PCR chart, open interest PCR chart, implied volatility curve chart, and chart of at - the - money implied volatility for different tenors [9][21][33].