支撑力量较强，股指震荡反弹

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On November 25, 2025, all stock indices oscillated and rebounded. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1826.2 billion yuan, an increase of 85.8 billion yuan from the previous day [3]. - Due to the low necessity for further policy tightening this year, the incremental policy signals have weakened recently. Investor profit - taking intentions have risen, and both the margin trading volume and margin balance have declined, indicating a decrease in market trading sentiment. In the short term, the stock indices need technical consolidation [3]. - However, there are still expectations of policy benefits from the Central Economic Work Conference in December. The expectations of policy benefits and the trend of continuous capital inflow have not changed. In the long - term, the outlook for the stock indices is not pessimistic. After a significant short - term correction, there is strong support below. Overall, the stock indices will mainly oscillate within a range in the short term [3]. - For options, considering the long - term upward trend of the stock indices, a bull spread strategy can be adopted after a significant correction of the stock indices [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - ETF and Index Performance: On November 25, 2025, the 50ETF rose 0.52% to close at 3.110; the 300ETF (Shanghai Stock Exchange) rose 0.88% to close at 4.597; the 300ETF (Shenzhen Stock Exchange) rose 0.64% to close at 4.740; the CSI 300 Index rose 0.95% to close at 4490.40; the CSI 1000 Index rose 1.31% to close at 7249.95; the 500ETF (Shanghai Stock Exchange) rose 1.21% to close at 7.054; the 500ETF (Shenzhen Stock Exchange) rose 1.18% to close at 2.820; the ChiNext ETF rose 1.82% to close at 2.961; the Shenzhen 100ETF rose 1.35% to close at 3.313; the SSE 50 Index rose 0.60% to close at 2968.20; the Science and Technology Innovation 50ETF rose 0.66% to close at 1.37; and the E Fund Science and Technology Innovation 50ETF rose 0.61% to close at 1.33 [5]. - Volume and Open Interest PCR: The volume and open interest PCR values of various options changed compared to the previous trading day. For example, the 50ETF option volume PCR was 88.17 (previous day: 101.94), and the open interest PCR was 80.45 (previous day: 73.66) [6]. - Implied Volatility and Historical Volatility: The implied volatility and 30 - day historical volatility of the at - the - money options of various options in December 2025 are provided. For instance, the implied volatility of the 50ETF option at - the - money option in December 2025 was 14.86%, and the 30 - day historical volatility of the underlying was 12.91% [7]. 3.2 Relevant Charts - Option - related Charts: The report includes a series of charts related to different options, such as the price trends, volatility, volume PCR, open interest PCR, implied volatility curves, and at - the - money implied volatility of different terms for options like the 50ETF option, 300ETF option (Shanghai and Shenzhen Stock Exchanges), CSI 300 index option, CSI 1000 index option, 500ETF option (Shanghai and Shenzhen Stock Exchanges), ChiNext ETF option, Shenzhen 100ETF option, SSE 50 index option, Science and Technology Innovation 50ETF option, and E Fund Science and Technology Innovation 50ETF option [9][20][33] etc.