股指延续震荡整固

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On November 5, 2025, the stock indices oscillated throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1894.3 billion yuan, a decrease of 44.1 billion yuan from the previous day. The current market logic is the game between the fermentation rhythm of policy - positive expectations and the profit - taking rhythm of funds. Both the upward and downward driving forces of the stock indices are insufficient. In November, the incremental signals from the policy side have weakened, and although external risk factors have eased, uncertainties still exist, limiting the upward driving force of the stock indices. As the stock valuation has significantly increased, investors' enthusiasm for chasing high prices is not strong, and the profit - taking intention of profitable funds has risen. The logic of valuation repair has gradually shifted to the logic of performance fundamentals, and there is still a need for short - term technical consolidation of the stock indices. In general, the stock indices will mainly oscillate within a range in the short term. - Currently, the implied volatility of options is at a relatively low historical quantile level. Considering the long - term upward trend of the stock indices, the idea of bull spreads or covered calls is maintained [4]. 3. Summary by Directory 3.1 Option Indicators - Index Performance: On November 5, 2025, the 50ETF fell 0.19% to close at 3.150; the 300ETF (Shanghai Stock Exchange) rose 0.13% to close at 4.735; the 300ETF (Shenzhen Stock Exchange) remained unchanged at 4.881; the CSI 300 Index rose 0.19% to close at 4627.26; the CSI 1000 Index rose 0.39% to close at 7464.86; the 500ETF (Shanghai Stock Exchange) rose 0.23% to close at 7.330; the 500ETF (Shenzhen Stock Exchange) rose 0.21% to close at 2.930; the ChiNext ETF rose 0.96% to close at 3.142; the Shenzhen 100ETF rose 0.20% to close at 3.526; the SSE 50 Index fell 0.17% to close at 3007.97; the Science and Technology Innovation 50ETF rose 0.34% to close at 1.46; and the E Fund Science and Technology Innovation 50ETF rose 0.21% to close at 1.41 [6]. - Volume PCR and Open Interest PCR: The report provides the volume PCR and open interest PCR data of various options on November 5, 2025, and their comparison with the previous trading day, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [7]. - Implied Volatility and Historical Volatility: The 2025 November at - the - money implied volatility and 30 - trading - day historical volatility of various options are presented, such as 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [8][9]. 3.2 Related Charts - 50ETF Options: Charts include the 50ETF trend, 50ETF option volatility, 50ETF option volume PCR, 50ETF option open interest PCR, 50ETF option implied volatility curve, and 50ETF option all - term at - the - money implied volatility [10][11][12]. - SSE 300ETF Options: Charts cover the SSE 300ETF trend, SSE 300ETF option volatility, SSE 300ETF option volume PCR, SSE 300ETF option open interest PCR, SSE 300ETF option implied volatility curve, and SSE 300ETF option all - term at - the - money implied volatility [21][22][23]. - SZSE 300ETF Options: Charts involve the SZSE 300ETF trend, SZSE 300ETF option volatility, SZSE 300ETF option volume PCR, SZSE 300ETF option open interest PCR, SZSE 300ETF option implied volatility curve, and SZSE 300ETF option all - term at - the - money implied volatility [34][35][36]. - CSI 300 Index Options: Charts contain the CSI 300 index trend, CSI 300 index option volatility, CSI 300 index option volume PCR, CSI 300 index option open interest PCR, CSI 300 index option implied volatility curve, and CSI 300 index option all - term at - the - money implied volatility [46][47]. - CSI 1000 Index Options: Charts include the CSI 1000 index trend, CSI 1000 index option volatility, CSI 1000 index option volume PCR, CSI 1000 index option open interest PCR, CSI 1000 index option implied volatility curve, and CSI 1000 index option all - term at - the - money implied volatility [48][49][50]. - SSE 500ETF Options: Charts cover the SSE 500ETF trend, SSE 500ETF option volatility, SSE 500ETF option volume PCR, SSE 500ETF option open interest PCR, SSE 500ETF option implied volatility curve, and SSE 500ETF option all - term at - the - money implied volatility [61][62][63]. - SZSE 500ETF Options: Charts involve the SZSE 500ETF trend, SZSE 500ETF option volatility, SZSE 500ETF option volume PCR, SZSE 500ETF option open interest PCR, SZSE 500ETF option implied volatility curve, and SZSE 500ETF option all - term at - the - money implied volatility [74][75][76]. - ChiNext ETF Options: Charts include the ChiNext ETF trend, ChiNext ETF option volatility, ChiNext ETF option volume PCR, ChiNext ETF option open interest PCR, ChiNext ETF option implied volatility curve, and ChiNext ETF option all - term at - the - money implied volatility [87][88][89]. - Shenzhen 100ETF Options: Charts cover the Shenzhen 100ETF trend, Shenzhen 100ETF option volatility, Shenzhen 100ETF option volume PCR, Shenzhen 100ETF option open interest PCR, Shenzhen 100ETF option implied volatility curve, and Shenzhen 100ETF option all - term at - the - money implied volatility [100][101][102]. - SSE 50 Index Options: Charts involve the SSE 50 index trend, SSE 50 index option volatility, SSE 50 index option volume PCR, SSE 50 index option open interest PCR, SSE 50 index option implied volatility curve, and SSE 50 index option all - term at - the - money implied volatility [113][114][115]. - Science and Technology Innovation 50ETF Options: Charts include the Science and Technology Innovation 50ETF trend, Science and Technology Innovation 50ETF option volatility, Science and Technology Innovation 50ETF option volume PCR, Science and Technology Innovation 50ETF option open interest PCR, Science and Technology Innovation 50ETF option implied volatility curve, and Science and Technology Innovation 50ETF option all - term at - the - money implied volatility [126][127][128]. - E Fund Science and Technology Innovation 50ETF Options: Charts cover the E Fund Science and Technology Innovation 50ETF trend, E Fund Science and Technology Innovation 50ETF option volatility, E Fund Science and Technology Innovation 50ETF option volume PCR, E Fund Science and Technology Innovation 50ETF option open interest PCR, E Fund Science and Technology Innovation 50ETF option implied volatility curve, and E Fund Science and Technology Innovation 50ETF option all - term at - the - money implied volatility [137][138][139].