股指震荡小幅回调：金融期权

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - On November 18, 2025, all stock indices declined slightly, showing a weak performance throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1946 billion yuan, an increase of 15.6 billion yuan from the previous day. In the short term, the incremental policy signals in November weakened, and geopolitical factors triggered an increase in risk - aversion sentiment. As the stock indices approached previous highs, the willingness of profit - taking funds to stop profits increased, and there was a need for technical consolidation of the stock indices. Overall, the stock indices are currently in a short - term volatile period where the expectation of policy benefits and the profit - taking rhythm of funds are in a game. In the long term, the expectation of policy benefits and the trend of capital inflow into the stock market jointly form strong support for the stock indices. In general, the short - term long - short game has intensified, and the stock indices will mainly fluctuate within a range in the short term. Since the implied volatility of options is currently at a relatively low historical quantile level and considering the long - term upward trend of the stock indices, the idea of a bull spread is maintained [4]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On November 18, 2025, the 50ETF fell 0.28% to close at 3.150; the 300ETF (Shanghai Stock Exchange) fell 0.57% to close at 4.683; the 300ETF (Shenzhen Stock Exchange) fell 0.49% to close at 4.832; the CSI 300 Index fell 0.65% to close at 4568.19; the CSI 1000 Index fell 1.00% to close at 7448.10; the 500ETF (Shanghai Stock Exchange) fell 1.01% to close at 7.262; the 500ETF (Shenzhen Stock Exchange) fell 0.96% to close at 2.899; the GEM ETF fell 1.07% to close at 3.051; the Shenzhen 100ETF fell 0.59% to close at 3.380; the SSE 50 Index fell 0.30% to close at 3003.02; the STAR 50ETF rose 0.35% to close at 1.43; the E Fund STAR 50ETF rose 0.36% to close at 1.38 [6]. - The trading volume PCR and position PCR of various options on November 18, 2025, and their changes compared with the previous trading day are provided in detail, including 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [7]. - The implied volatility of at - the - money options and the 30 - trading - day historical volatility of the underlying assets of various options in November or December 2025 are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [8][9]. 3.2 Relevant Charts - For each type of option (such as 50ETF options, 300ETF options, etc.), multiple charts are provided, including the trend of the underlying asset, option volatility, trading volume PCR, position PCR, implied volatility curve, and the implied volatility of at - the - money options for different terms. These charts show the historical data from 2023 to 2025, providing a visual display of the changes in option - related indicators over time [10][21][34] etc.