股指延续震荡反弹

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - On December 1, 2025, the stock indices oscillated and rebounded. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1889.4 billion yuan, an increase of 291.7 billion yuan from the previous day. The manufacturing PMI in November was 49.2%, up 0.2 percentage points from the previous month but still below the boom - bust line, indicating insufficient effective domestic demand and strong expectations for policy support. The central economic work conference in December is expected to bring incremental policy benefits. Overseas, the expectation of the Fed's interest rate cut has increased, and the risk of AI asset investment bubble has cooled, reducing market risk - aversion sentiment. In general, the expectations of policy benefits and the trend of long - term capital inflows remain unchanged, providing strong support for the stock indices. It is expected that the stock indices will oscillate strongly in the short term [4]. - For options, considering the medium - to long - term upward trend of the stock indices, a bull spread or ratio spread strategy with a mild bullish view can be adopted [4]. Group 3: Summary of "1 Option Indicators" - On December 1, 2025, 50ETF rose 0.77% to 3.137; 300ETF (Shanghai Stock Exchange) rose 1.12% to 4.687; 300ETF (Shenzhen Stock Exchange) rose 1.05% to 4.833; the CSI 300 Index rose 1.10% to 4576.49; the CSI 1000 Index rose 0.72% to 7386.68; 500ETF (Shanghai Stock Exchange) rose 0.94% to 7.202; 500ETF (Shenzhen Stock Exchange) rose 0.98% to 2.874; the ChiNext ETF rose 1.25% to 3.073; the Shenzhen 100ETF rose 1.42% to 3.418; the SSE 50 Index rose 0.81% to 2993.68; the STAR 50ETF rose 0.79% to 1.40; the E Fund STAR 50ETF rose 0.74% to 1.36 [6]. - The PCR values of various options' trading volume and open interest on December 1, 2025, and their changes compared with the previous trading day are presented in detail, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, ChiNext 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 in December 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided, such as 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [8][9]. Group 4: Summary of "2 Related Charts" - SSE 50ETF Options: Charts include the SSE 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [10][12][14][16][18]. - SSE 300ETF Options: Charts cover the SSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22][24][26][30]. - SZSE 300ETF Options: Charts involve the SZSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [33][35][37]. - CSI 300 Index Options: Charts include the CSI 300 Index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [38][40][42][44][48]. - CSI 1000 Index Options: Charts cover the CSI 1000 Index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [51][54][56][58][60][62]. - SSE 500ETF Options: Charts involve the SSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [65][67][69][71][73][76]. - SZSE 500ETF Options: Charts include the SZSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [77][79][81][83][85][87]. - ChiNext ETF Options: Charts cover the ChiNext ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [90][92][94][96][98][100]. - Shenzhen 100ETF Options: Charts involve the Shenzhen 100ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [101][103][105][107][109][111]. - SSE 50 Index Options: Charts include the SSE 50 Index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [114][116][118][120][122][124]. - STAR 50ETF Options: Charts cover the STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [127][129][130][134]. - E Fund STAR 50ETF Options: Charts involve the E Fund STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [135][137].