风险偏好走低，股指震荡回调

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On November 21, 2025, all stock indices declined significantly, showing weakness throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1.9836 trillion yuan, an increase of 261 billion yuan from the previous day. The main reasons for this correction were the weakening marginal drive of domestic policy incentives and the risk transmission from overseas stock markets. After entering November, the incremental policy signals weakened, and there was little need for further policy tightening this year, leading to a short - term decline in the policy expectations driving the stock market up. Overseas, the statements of Fed officials were inconsistent, and the expectation of interest rate cuts was uncertain. Coupled with the bubble risk in AI assets where investment and returns were difficult to match, US stock AI assets led by NVIDIA significantly corrected, putting pressure on domestic technology stocks under risk transmission. In general, with the weakening of positive drives and the increasing of negative factors, the profit - taking sentiment in the stock market rose, triggering a short - term correction of the stock indices. Attention should be paid to the risk of over - decline caused by the concentrated release of market pessimism. In the medium and long term, the positive policy expectations and the trend of continuous capital inflow remained unchanged. After short - term shock consolidation, the stock indices were not pessimistic in the long term. In general, the short - term market game intensified, and the stock indices mainly fluctuated within a range in the short term. For options, considering the medium - and long - term upward trend of the stock indices, a bull spread strategy could be adopted after a significant correction of the stock indices [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On November 21, 2025, the 50ETF fell 1.74% to close at 3.101; the 300ETF (Shanghai Stock Exchange) fell 2.40% to close at 4.564; the 300ETF (Shenzhen Stock Exchange) fell 2.34% to close at 4.713; the CSI 300 Index fell 2.44% to close at 4453.61; the CSI 1000 Index fell 3.72% to close at 7067.70; the 500ETF (Shanghai Stock Exchange) fell 3.46% to close at 6.922; the 500ETF (Shenzhen Stock Exchange) fell 3.42% to close at 2.767; the GEM ETF fell 4.03% to close at 2.904; the Shenzhen 100ETF fell 2.71% to close at 3.272; the SSE 50 Index fell 1.74% to close at 2955.85; the STAR 50ETF fell 3.22% to close at 1.35; the E Fund STAR 50ETF fell 3.25% to close at 1.31 [5]. - The trading volume PCR and position PCR of various options changed compared with the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 102.19 (previous trading day: 93.94), and the position PCR was 78.37 (previous trading day: 87.28) [6]. - The implied volatility of at - the - money options in December 2025 and the 30 - trading - day historical volatility of the underlying assets of various options were provided. For example, the implied volatility of at - the - money SSE 50ETF options in December 2025 was 12.63%, and the 30 - trading - day historical volatility of the underlying asset was 12.66% [7]. 3.2 Related Charts - SSE 50ETF Options: Charts included the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][11][13][17]. - SSE 300ETF Options: Charts covered the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22][24][30]. - SZSE 300ETF Options: Charts involved the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [33][35][37][41]. - CSI 300 Index Options: Charts included the CSI 300 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [45][47][49][55]. - CSI 1000 Index Options: Charts covered the CSI 1000 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [58][61][63][69]. - SSE 500ETF Options: Charts involved the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [72][74][76][82]. - SZSE 500ETF Options: Charts included the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [85][89][93][96]. - GEM ETF Options: Charts covered the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [99][101][103][108]. - Shenzhen 100ETF Options: Charts involved the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [109][110][112][118]. - SSE 50 Index Options: Charts included the SSE 50 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [121][124][126][133]. - STAR 50ETF Options: Charts covered the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [136][138][140][144]. - E Fund STAR 50ETF Options: Charts involved the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [147][149].