短期内股指区间震荡为主

1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - Short - term stock index will mainly fluctuate within a range. Today, all stock indices rose and then fell, with all - day volatile consolidation. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1797.2 billion yuan, a decrease of 29 billion yuan from the previous day. Since November, the incremental policy signals have weakened, the driving force for the upward movement of the stock index has decreased, and the willingness of funds to liquidate and temporarily leave the market has increased. Recently, both the margin trading purchase amount and margin trading balance have declined, indicating that market sentiment has declined compared with before. However, the positive policy expectations and continuous capital inflows have not changed in the medium and long term, and the support force below the stock index has emerged after a short - term correction. Overall, with the interweaving of long and short factors in the short term, the market's main line is still unclear, and the stock index will mainly fluctuate within a range in the short term. [3] - Regarding options, considering the medium - and long - term upward trend of the stock index, a bull spread strategy can be adopted after a significant correction of the stock index. [3] 3. Summary by Relevant Catalogs 3.1 Option Indicators - On November 26, 2025, the 50ETF rose 0.13% to close at 3.114; the 300ETF (Shanghai Stock Exchange) rose 0.63% to close at 4.626; the 300ETF (Shenzhen Stock Exchange) rose 0.80% to close at 4.778; the CSI 300 Index rose 0.61% to close at 4517.63; the CSI 1000 Index fell 0.02% to close at 7248.45; the 500ETF (Shanghai Stock Exchange) rose 0.16% to close at 7.065; the 500ETF (Shenzhen Stock Exchange) rose 0.18% to close at 2.825; the GEM ETF rose 2.23% to close at 3.027; the Shenzhen 100ETF rose 1.72% to close at 3.370; the SSE 50 Index rose 0.12% to close at 2971.80; the STAR 50ETF rose 0.95% to close at 1.38; the E Fund STAR 50ETF rose 1.13% to close at 1.34. [5] - The trading volume PCR and position PCR of various options on November 26, 2025, and their changes compared with the previous trading day are provided in detail, including those of 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. [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 are presented, such as 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, etc. [7][8] 3.2 Relevant Charts - For each type of option (e.g., 50ETF options, 300ETF options in Shanghai and Shenzhen, etc.), multiple charts are provided, including the underlying asset's trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and chart of at - the - money implied volatility of each term. [9][20][33]