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股票股指期权：下行升波，可考虑买入看跌期权保护。
Guo Tai Jun An Qi Huo·2025-11-18 12:22

Report Date - The report was dated November 18, 2025 [1] Core Viewpoint - With the downward increase in volatility, investors can consider buying put options for protection [2] Market Data Statistics Underlying Market Statistics - The closing prices of the Shanghai Stock Exchange 50 Index, CSI 300 Index, and CSI 1000 Index were 3003.02, 4568.19, and 7448.10 respectively, showing declines of -9.05, -29.86, and -74.98. Their trading volumes were 43.59 billion, 177.71 billion, and 277.48 billion shares, with changes of -4.65 billion, -11.24 billion, and 16.32 billion shares [3] - The closing prices of various ETFs such as the Shanghai Stock Exchange 50 ETF, Huatai-PineBridge CSI 300 ETF, and Southern CSI 500 ETF also showed different degrees of decline or increase, along with corresponding trading volume changes [3] Options Market Statistics - The trading volumes and positions of various stock index options and ETF options showed different trends. For example, the trading volume of Shanghai Stock Exchange 50 Index Options decreased by 4854 to 45443, while the trading volume of CSI 1000 Index Options increased by 45561 to 323505 [3] - The VL - PCR and OI - PCR of different options also varied. For instance, the VL - PCR of Shanghai Stock Exchange 50 Index Options was 55.82%, and the OI - PCR was 68.64% [3] Options Volatility Statistics - The ATM - IV of various options showed an upward trend in most cases. For example, the ATM - IV of Shanghai Stock Exchange 50 Index Options (near - month) increased by 1.13% to 14.70%, and the ATM - IV of CSI 1000 Index Options (near - month) increased by 2.39% to 19.07% [6] - The changes in HV and Skew of different options were also different. For example, the 20 - day HV of Shanghai Stock Exchange 50 Index Options decreased by 11.14%, and the Skew increased by 0.65% [6] Option Charts - The report includes various charts for different options, such as the full - contract PCR chart, the main - contract skewness chart, the volatility cone chart, and the volatility term structure chart of Shanghai Stock Exchange 50 Index Options, CSI 300 Index Options, etc. These charts help analyze the market trends and characteristics of different options [10][14][18]