不同月份平值IV日内走势,ATM IV期限结构：50ETF价格、隐波近三年走势

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - No clear core viewpoints are presented in the report 3. Summary by Related Catalogs 3.1 50ETF - In the 7 - day period from 2025/11/13 to 2025/11/17, the price fluctuated, with a 0.75% increase on 11/13, a 1.18% decrease on 11/14, and a 0.75% decrease on 11/17. The current month IV ranged from 13.06% to 13.46%, and the next - month IV from 14.73% to 14.83% [1] - The current month IV quantiles of the past 1 - year and 2 - year are 25.30% - 29.70% and 28.80% - 34.10% respectively; the next - month IV quantiles of the past 1 - year and 2 - year are 34.50% - 38.30% and 43.50% - 46.30% respectively [1] - The skew index today is 96.24, compared to 105.59 yesterday, 103.57 two days ago, 100.65 three days ago, and 98.23 four days ago [2] 3.2 Shanghai 300ETF - From 2025/11/13 to 2025/11/17, the price decreased, with a 0.99% increase on 11/13, a 1.48% decrease on 11/14, and a 0.65% decrease on 11/17. The current month IV ranged from 14.14% to 15.40%, and the next - month IV from 16.23% to 16.58% [3] - The current month IV quantiles of the past 1 - year and 2 - year are 26.90% - 51.00% and 33.90% - 50.10% respectively; the next - month IV quantiles of the past 1 - year and 2 - year are 48.50% - 61.30% and 52.30% - 61.30% respectively [3] - The skew index today is 106.68, compared to 110.22 yesterday, 104.39 two days ago, 105.72 three days ago, and 107.65 four days ago [7] 3.3 Shenzhen 300ETF - During 2025/11/13 - 2025/11/17, the price decreased, with a 1.06% increase on 11/13, a 1.55% decrease on 11/14, and a 0.63% decrease on 11/17. The current month IV ranged from 14.39% to 15.34%, and the next - month IV from 16.39% to 16.66% [8] - The current month IV quantiles of the past 1 - year and 2 - year are 31.00% - 40.80% and 37.60% - 51.10% respectively; the next - month IV quantiles of the past 1 - year and 2 - year are 47.40% - 51.20% and 58.50% - 61.20% respectively [8] - The skew index today is 106.89, compared to 112.08 yesterday, 95.92 two days ago, 106.75 three days ago, and 103.98 four days ago [14] 3.4 Shanghai CSI 500ETF - From 2025/11/13 to 2025/11/17, the price decreased, with a 0.96% increase on 11/13, a 0.24% decrease on 11/14, and a 1.73% decrease on 11/17. The current month IV ranged from 18.22% to 19.01%, and the next - month IV from 19.38% to 20.06% [17] - The current month IV quantiles of the past 1 - year and 2 - year are 31.40% - 39.50% and 34.10% - 42.70% respectively; the next - month IV quantiles of the past 1 - year and 2 - year are 39.60% - 48.50% and 46.30% - 55.10% respectively [17] - The skew index today is 107.67, compared to 108.09 yesterday, 103.60 two days ago, 107.02 three days ago, and 113.37 four days ago [22] 3.5 Shenzhen CSI 500ETF - During 2025/11/13 - 2025/11/17, the price decreased, with a 1.53% increase on 11/13, a 1.74% decrease on 11/14, and a 0.10% decrease on 11/17. The current month IV ranged from 18.75% to 19.73%, and the next - month IV from 19.47% to 20.56% [29] - The current month IV quantiles of the past 1 - year and 2 - year are 35.90% - 46.50% and 38.30% - 50.70% respectively; the next - month IV quantiles of the past 1 - year and 2 - year are 38.80% - 50.60% and 56.80% - 57.70% respectively [29] - The skew index today is 105.76, compared to 106.91 yesterday, 109.75 two days ago, 113.02 three days ago, and 104.48 four days ago [33] 3.6 ChiNext ETF - From 2025/11/13 to 2025/11/17, the price decreased, with a 2.38% increase on 11/13, a 2.80% decrease on 11/14, and a 0.29% decrease on 11/17. The current month IV ranged from 28.32% to 29.76%, and the next - month IV from 28.38% to 29.60% [34] - The current month IV quantiles of the past 1 - year and 2 - year are 57.10% - 73.20% and 57.50% - 68.50% respectively; the next - month IV quantiles of the past 1 - year and 2 - year are 55.20% - 71.60% and 69.10% - 71.60% respectively [34] - The skew index today is 102.77, compared to 107.94 yesterday, 100.77 two days ago, 99.87 three days ago, and 99.69 four days ago [40] 3.7 Shenzhen 100ETF - During 2025/11/13 - 2025/11/17, the price decreased, with a 1.59% increase on 11/13, a 2.04% decrease on 11/14, and a 0.68% decrease on 11/17. The current month IV ranged from 20.31% to 23.07%, and the next - month IV from 20.90% to 22.13% [45] - The current month IV quantiles of the past 1 - year and 2 - year are 51.40% - 68.50% and 61.50% - 74.00% respectively; the next - month IV quantiles of the past 1 - year and 2 - year are 51.80% - 56.50% and 63.00% - 68.20% respectively [45] - The skew index today is 102.60, compared to 108.72 yesterday, 99.49 two days ago, 102.85 three days ago, and 102.44 four days ago [48] 3.8 Science and Technology Innovation 50ETF - From 2025/11/13 to 2025/11/17, the price decreased, with a 1.38% increase on 11/13, a 2.59% decrease on 11/14, and a 0.63% decrease on 11/17. The current month IV ranged from 31.04% to 33.04%, and the next - month IV from 31.17% to 33.06% [54] - The current month IV quantiles of the past 1 - year and 2 - year are 53.00% - 72.70% and 56.70% - 69.30% respectively; the next - month IV quantiles of the past 1 - year and 2 - year are 48.10% - 65.70% and 48.90% - 63.80% respectively [54] - The skew index today is 94.31, compared to 101.10 yesterday, 93.96 two days ago, 90.27 three days ago, and 92.86 four days ago [56] 3.9 STAR 50ETF - During 2025/11/13 - 2025/11/17, the price decreased, with a 1.28% increase on 11/13, a 2.53% decrease on 11/14, and a 0.65% decrease on 11/17. The current month IV ranged from 31.48% to 32.74%, and the next - month IV from 31.37% to 32.78% [59] - The current month IV quantiles of the past 1 - year and 2 - year are 51.00% - 71.40% and 51.40% - 67.60% respectively; the next - month IV quantiles of the past 1 - year and 2 - year are 53.40% - 70.40% and 55.60% - 65.40% respectively [59] - The skew index today is 91.56, compared to 99.61 yesterday, 92.53 two days ago, 90.13 three days ago, and 92.88 four days ago [65] 3.10 300 Index - From 2025/11/13 to 2025/11/17, the price decreased, with a 1.21% increase on 11/13, a 1.57% decrease on 11/14, and a 0.65% decrease on 11/17. The current month IV ranged from 12.74% to 14.19%, and the next - month IV from 16.43% to 16.75% [70] - The current month IV quantiles of the past 1 - year and 2 - year are 15.90% - 34.60% and 13.70% - 35.90% respectively; the next - month IV quantiles of the past 1 - year and 2 - year are 29.80% - 58.40% and 43.20% - 57.40% respectively [70] - The skew index today is 112.85, compared to 115.17 yesterday, 109.59 two days ago, 106.32 three days ago, and 111.43 four days ago [74] 3.11 1000 Index - During 2025/11/13 - 2025/11/17, the price increased slightly, with a 1.39% increase on 11/13, a 1.16% decrease on 11/14, and a 0.27% increase on 11/17. The current month IV ranged from 16.63% to 17.46%, and the next - month IV from 18.63% to 20.07% [75] - The current month IV quantiles of the past 1 - year and 2 - year are 8.90% - 14.60% and 10.60% - 15.70% respectively; the next - month IV quantiles of the past 1 - year and 2 - year are 14.60% - 24.40% and 15.30% - 20.80% respectively [75] - The skew index today is 118.18, compared to 118.11 yesterday, 114.04 two days ago, 116.64 three days ago, and 116.33 four days ago [80] 3.12 Shanghai 50 Index - From 2025/11/13 to 2025/11/17, the price decreased, with a 0.96% increase on 11/13, a 1.15% decrease on 11/14, and a 0.87% decrease on 11/17. The current month IV ranged from 13.34% to 13.94%, and the next - month IV from 53.60% to 65.79% [90] - The current month IV quantiles of the past 1 - year and 2 - year are 20.00% - 27.70% and 22.20% - 32.10% respectively; the next - month IV quantiles of the past 1 - year and 2 - year are 71.00% - 96.30% and 84.40% - 98.10% respectively [90] - The skew index today is 98.15, compared to 112.96 yesterday, 101.71 two days ago, 104.15 three days ago, and 106.71 four days ago [92]