股票股指期权：隐波低位震荡，可考虑备兑策略

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint Stock index options' implied volatility is oscillating at a low level, and the covered call strategy can be considered [1]. 3. Summary by Related Catalogs Market Data - Underlying Market Statistics: The closing prices of the Shanghai Composite 50 Index, CSI 300 Index, and CSI 1000 Index decreased by 15.21, 22.15, and 73.50 respectively. Trading volumes also declined, with the Shanghai Composite 50 Index dropping by 13.04 billion lots, the CSI 300 Index by 51.89 billion lots, and the CSI 1000 Index by 33.90 billion lots. Similar trends were observed in various ETFs [1]. - Option Market Statistics: Trading volumes of all options decreased, such as the Shanghai Composite 50 Index option volume dropping by 11,419, the CSI 300 Index option by 26,427, and the CSI 1000 Index option by 25,495. However, open interest generally increased, like the Shanghai Composite 50 Index option rising by 2,050, the CSI 300 Index option by 2,581, and the CSI 1000 Index option by 7,839 [1]. - Option Volatility Statistics: The near - month ATM - IV of most options showed small changes, with the Shanghai Composite 50 Index option increasing by 0.12%, the CSI 300 Index option by 0.17%, and the CSI 1000 Index option by 0.50%. The same - term HV mostly decreased, such as the Shanghai Composite 50 Index option dropping by 1.04%, the CSI 300 Index option by 1.15%, and the CSI 1000 Index option by 0.85% [4]. Option Types - Shanghai Composite 50 Index Option: The VL - PCR was 68.69%, and the OI - PCR was 71.54%. The C and P maximum positions in the near - month were both 3000 [1]. - CSI 300 Index Option: The VL - PCR was 72.12%, and the OI - PCR was 72.65%. The C and P maximum positions in the near - month were 4600 and 4500 respectively [1]. - CSI 1000 Index Option: The VL - PCR was 88.64%, and the OI - PCR was 95.04%. The C and P maximum positions in the near - month were 7400 and 7000 respectively [1]. - Shanghai Composite 50 ETF Option: The VL - PCR was 108.23%, and the OI - PCR was 99.36%. The C and P maximum positions in the near - month were 3.2 and 3.1 respectively [1]. - Huatai - Berry 300 ETF Option: The VL - PCR was 108.47%, and the OI - PCR was 110.28%. The C and P maximum positions in the near - month were 4.7 and 4.6 respectively [1]. - Southern 500 ETF Option: The VL - PCR was 116.29%, and the OI - PCR was 127.58%. The C and P maximum positions in the near - month were 7.25 and 6.75 respectively [1]. - Huaxia Science and Technology Innovation 50 ETF Option: The VL - PCR was 86.36%, and the OI - PCR was 103.67%. The C and P maximum positions in the near - month were 1.4 and 1.3 respectively [1]. - E Fund Science and Technology Innovation 50 ETF Option: The VL - PCR was 71.27%, and the OI - PCR was 92.44%. The C and P maximum positions in the near - month were 1.45 and 1.25 respectively [1]. - Harvest 300 ETF Option: The VL - PCR was 163.58%, and the OI - PCR was 105.82%. The C and P maximum positions in the near - month were 5 and 4.7 respectively [1]. - Harvest CSI 500 ETF Option: The VL - PCR was 163.96%, and the OI - PCR was 94.71%. The C and P maximum positions in the near - month were 3.2 and 2.85 respectively [1]. - Growth Enterprise Market ETF Option: The VL - PCR was 114.65%, and the OI - PCR was 134.02%. The C and P maximum positions in the near - month were 3.1 and 3 respectively [1]. - Shenzhen 100 ETF Option: The VL - PCR was 307.76%, and the OI - PCR was 138.52%. The C and P maximum positions in the near - month were 3.61 and 2.342 respectively [1].