多空因素交织，股指震荡整理

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The stock indices oscillated and consolidated on the day, with the total trading volume of the Shanghai, Shenzhen, and Beijing stock markets at 2020.2 billion yuan, a decrease of 55.7 billion yuan from the previous day [3]. - The market is in a stage where the expectation of policy benefits and the profit - taking rhythm of funds are in a game, with multiple and short factors intertwined, causing the stock indices to fluctuate repeatedly [3]. - In the medium - to - long term, the expectation of policy benefits and the trend of capital inflow into the stock market provide strong support for the stock indices. However, in November, the incremental signals from the policy side weakened, and although external risk factors eased, uncertainties still remained, limiting the upward driving force of the stock indices [3]. - As the stock valuation has significantly increased, the demand for profit - taking of profitable funds has risen, and there is still a need for technical consolidation of the stock indices. In general, the stock indices will mainly oscillate within a range in the short term [3]. - Currently, the implied volatility of options is at a relatively low historical quantile level. Considering the medium - to - long - term upward trend of the stock indices, the idea of a bull spread is maintained [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - ETF and Index Performance: On November 7, 2025, the 50ETF fell 0.13% to 3.186; the 300ETF (Shanghai Stock Exchange) fell 0.21% to 4.795; the 300ETF (Shenzhen Stock Exchange) fell 0.30% to 4.941; the CSI 300 Index fell 0.31% to 4678.79; the CSI 1000 Index fell 0.13% to 7541.88; the 500ETF (Shanghai Stock Exchange) fell 0.15% to 7.440; the 500ETF (Shenzhen Stock Exchange) fell 0.37% to 2.968; the ChiNext ETF fell 0.50% to 3.185; the Shenzhen 100ETF fell 0.64% to 3.567; the SSE 50 Index fell 0.21% to 3038.35; the Sci - Tech Innovation 50ETF fell 1.46% to 1.49; and the E Fund Sci - Tech Innovation 50ETF fell 1.37% to 1.44 [5]. - Volume PCR and Open Interest PCR: The volume PCR and open interest PCR of various options on November 7, 2025, and their changes compared with the previous trading day are provided in detail, such as the 50ETF option volume PCR being 121.96 (previous day: 102.40) and the open interest PCR being 93.44 (previous day: 94.38) [6]. - Implied Volatility and Historical Volatility: The implied volatility of the at - the - money options of various options in November 2025 and the 30 - trading - day historical volatility of the underlying assets are presented, for example, the implied volatility of the 50ETF option at - the - money options in November 2025 is 12.78%, and the 30 - trading - day historical volatility of the underlying is 12.91% [7]. 3.2 Relevant Charts - 50ETF Option Charts: Include the 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][11][13]. - 300ETF Option Charts (Shanghai Stock Exchange): Comprise the 300ETF (Shanghai Stock Exchange) trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22][24]. - 300ETF Option Charts (Shenzhen Stock Exchange): Contain the 300ETF (Shenzhen Stock Exchange) trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [33][35][37]. - CSI 300 Index Option Charts: Include the CSI 300 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [46][48][50]. - CSI 1000 Index Option Charts: Comprise the CSI 1000 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [59][62][64]. - 500ETF Option Charts (Shanghai Stock Exchange): Contain the 500ETF (Shanghai Stock Exchange) trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [73][75][77]. - 500ETF Option Charts (Shenzhen Stock Exchange): Include the 500ETF (Shenzhen Stock Exchange) trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [86][89][90]. - ChiNext ETF Option Charts: Comprise the ChiNext ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [96][99][100]. - Shenzhen 100ETF Option Charts: Contain the Shenzhen 100ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [109][112][113]. - SSE 50 Index Option Charts: Include the SSE 50 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [122][125][127]. - Sci - Tech Innovation 50ETF Option Charts: Comprise the Sci - Tech Innovation 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [136][138][139]. - E Fund Sci - Tech Innovation 50ETF Option Charts: Contain the E Fund Sci - Tech Innovation 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [146][148][149].