股票股指期权：隐波持续回落，可考虑备兑策略。

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint of the Report The implied volatility of stock index options continues to decline, and investors can consider the covered call strategy [1]. 3. Summary According to Relevant Catalogs 3.1 Market Data Statistics - Underlying Market Statistics: The closing prices of various indices and ETFs showed increases, with trading volume changes varying. For example, the Shanghai Composite 50 Index closed at 2993.68, up 24.06 points, and its trading volume was 46.52 billion shares, an increase of 9.25 billion shares [1]. - Options Market Statistics: The trading volume and open interest of different options also changed. For instance, the trading volume of Shanghai Composite 50 Index Options was 28,345, an increase of 9,677, and the open interest was 65,173, an increase of 2,743 [1]. 3.2 Options Volatility Statistics - Near - Month Options: The ATM - IV of most options decreased, while the same - term HV showed different trends. For example, the ATM - IV of Shanghai Composite 50 Index Options was 10.97%, a decrease of 1.04%, and the same - term HV was 12.03%, an increase of 0.54% [4]. - Next - Month Options: Similar to the near - month options, the ATM - IV of most next - month options decreased, and the same - term HV also had various changes [4]. 3.3 Individual Option Analysis - Shanghai Composite 50 Index Options: The report presents multiple charts including the full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure [7][8]. - CSI 300 Index Options: Charts such as the full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are provided [11][12]. - CSI 1000 Index Options: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are shown in relevant charts [15][16]. - Shanghai Composite 50ETF Options: Multiple charts including the full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are presented [24][25]. - Huatai - Peregrine 300ETF Options: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are included in the analysis [28][29]. - Southern CSI 500ETF Options: Relevant charts show the full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure [33][34]. - Huaxia Science and Technology Innovation 50ETF Options: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are presented in the report [41][43]. - E Fund Science and Technology Innovation 50ETF Options: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are included in the analysis [47][48]. - Harvest 300ETF Options: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are shown in relevant charts [58][59]. - Harvest CSI 500ETF Options: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are presented [63][64]. - Growth Enterprise Market ETF Options: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are included in the analysis [67][68]. - Shenzhen 100ETF Options: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are shown in relevant charts [72][73].