股票股指期权：下行升波，可考虑熊市看跌价差策略

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core View of the Report - For stock index options, there is a downward increase in volatility. A bearish put spread strategy can be considered [2]. 3. Summary According to Related Catalogs 3.1 Option Market Data Statistics - Underlying Market Statistics: The closing prices of major indices and ETFs all declined. For example, the Shanghai Composite 50 Index closed at 3038.43, down 35.24 points; the CSI 300 Index closed at 4628.14, down 73.93 points. Trading volumes also decreased in most cases, such as the Shanghai Composite 50 Index with a trading volume of 48.80 billion hands, down 5.32 billion hands [3]. - Option Market Statistics: Trading volumes of most options decreased, while open interest showed different trends. For instance, the trading volume of Shanghai Composite 50 Index Options was 33,387, down 7,626, and the open interest was 71,949, up 126. The VL - PCR and OI - PCR also varied among different options [3]. 3.2 Option Volatility Statistics - Near - Month Options: The ATM - IV of most options increased, and the same - term HV also showed different changes. For example, the ATM - IV of Shanghai Composite 50 Index Options was 13.32%, up 0.17%, and the same - term HV was 13.55%, up 3.84% [6]. - Next - Month Options: The ATM - IV and HV of next - month options also had different trends. For example, the ATM - IV of Shanghai Composite 50 Index Options was 15.15%, up 0.18%, and the same - term HV was 12.09%, down 0.44% [6]. 3.3 Option Indicator Data Statistics (Graphs) - Shanghai Composite 50 Index Options: There are graphs showing the full - contract PCR, main - contract skewness, volatility cone, and volatility term structure [10]. - CSI 300 Index Options: Similar graphs are provided for CSI 300 Index Options, including full - contract PCR, main - contract skewness, volatility cone, and volatility term structure [14]. - CSI 1000 Index Options: Graphs for CSI 1000 Index Options cover full - contract PCR, main - contract skewness, volatility cone, and volatility term structure [18]. - ETF Options: Similar graph analyses are conducted for various ETF options, such as Shanghai Composite 50 ETF Options, Huatai - Baorui 300 ETF Options, etc. [27][32]