股市风险偏好持续回升

Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On October 29, 2025, all stock indices fluctuated and rose. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 2.2907 trillion yuan, an increase of 125.4 billion yuan compared to the previous day. The stock market rebounded with increased volume, and the Shanghai Composite Index broke through 4000 points, indicating a rapid rise in the risk appetite of stock market investors [4]. - Due to the policy emphasis on significantly improving the level of scientific and technological self - reliance during the "15th Five - Year Plan" period, and the mention of 4 emerging industries and 6 future industries in the suggestions of the "15th Five - Year Plan", the policy利好 expectations for the technology industry are fermenting. In addition, with the conclusion of the China - US economic and trade talks and the news of the China - US presidential meeting, the external uncertainty risk factors are gradually easing. The internal policy利好 expectations and the easing of external risk factors jointly drive the continuous upward movement of the stock market risk appetite [4]. - However, there are fewer incremental policies in November, and there is still a possibility of a technical correction in the stock indices. In general, the future trend of the market mainly depends on the game between the fermentation rhythm of policy利好 expectations and the profit - taking rhythm of funds. In the short term, the stock indices will mainly fluctuate widely [4]. - Currently, the implied volatility of options remains relatively stable. Considering the long - term upward trend of the stock indices, the strategy of bull spread or covered call is maintained [4]. 3. Summary by Related Catalogs 3.1 Option Indicators - On October 29, 2025, the 50ETF rose 0.44% to close at 3.210; the 300ETF (Shanghai Stock Exchange) rose 1.25% to close at 4.862; the 300ETF (Shenzhen Stock Exchange) rose 1.17% to close at 5.013; the CSI 300 Index rose 1.19% to close at 4747.84; the CSI 1000 Index rose 1.20% to close at 7569.12; the 500ETF (Shanghai Stock Exchange) rose 2.06% to close at 7.594; the 500ETF (Shenzhen Stock Exchange) rose 2.05% to close at 3.031; the GEM ETF rose 2.96% to close at 3.300; the Shenzhen 100ETF rose 2.00% to close at 3.677; the SSE 50 Index rose 0.41% to close at 3063.02; the STAR 50ETF rose 1.29% to close at 1.57; the E Fund STAR 50ETF rose 1.27% to close at 1.52 [6]. - The trading volume PCR and position PCR of various options on October 29, 2025, and their changes compared to the previous trading day are provided in detail, for example, the trading volume PCR of the SSE 50ETF option was 93.07 (previous trading day: 93.02), and the position PCR was 97.12 (previous trading day: 97.23) [7]. - The implied volatility of the at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided, such as the implied volatility of the at - the - money options of the SSE 50ETF option in November 2025 was 14.78%, and the 30 - trading - day historical volatility of the underlying asset was 12.75% [8]. 3.2 Related Charts - SSE 50ETF Option: Charts include the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [10][12][14][19]. - SSE 300ETF Option: Charts cover the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [22][24][26][32]. - SZSE 300ETF Option: Charts involve the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [35]. - CSI 300 Index Option: Charts include the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [38]. - CSI 1000 Index Option: Charts cover the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [40]. - SSE 500ETF Option: Charts involve the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [54]. - SZSE 500ETF Option: Charts include the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [69]. - GEM ETF Option: Charts cover the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [83]. - Shenzhen 100ETF Option: Charts involve the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [96]. - SSE 50 Index Option: Charts include the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [109]. - STAR 50ETF Option: Charts cover the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [122]. - E Fund STAR 50ETF Option: Charts involve the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [133].