短期内股指延续区间震荡

Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - Short - term stock index will continue to fluctuate within a range. Today, all stock indices rebounded slightly in a volatile manner. The full - day trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1561.7 billion yuan, a decrease of 121.9 billion yuan from the previous day. Currently, the stock index is still in a shock - consolidation phase, lacking a market mainline and with a decline in capital trading enthusiasm. On one hand, there is a short - term lack of a mainline of policy benefits, and as the year - end approaches, the capital trading enthusiasm has declined, and the willingness of funds to liquidate and temporarily leave the market is relatively strong, limiting the short - term upward space of the stock index. On the other hand, the expectation of future policy - side benefits and the trend of long - term funds entering the market remain unchanged, providing strong support for the stock index. Moreover, the expectation of policy benefits from the Central Economic Work Conference is gradually fermenting, and investors' risk appetite is not pessimistic. In terms of options, considering the medium - to - long - term upward trend of the stock index, a bullish spread or ratio spread strategy with a mild bullish view can be adopted [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - ETF Index Performance: On December 4, 2025, the 50ETF rose 0.26% to 3.116; the 300ETF (Shanghai Stock Exchange) rose 0.26% to 4.657; the 300ETF (Shenzhen Stock Exchange) rose 0.19% to 4.802; the CSI 300 Index rose 0.34% to 4546.57; the CSI 1000 Index rose 0.01% to 7248.66; the 500ETF (Shanghai Stock Exchange) rose 0.31% to 7.125; the 500ETF (Shenzhen Stock Exchange) rose 0.35% to 2.845; the GEM ETF rose 1.06% to 3.051; the Shenzhen 100ETF rose 0.53% to 3.399; the SSE 50 Index rose 0.38% to 2974.34; the STAR 50ETF rose 1.38% to 1.39; and the E Fund STAR 50ETF rose 1.20% to 1.35 [5]. - Volume PCR and Open Interest PCR: The volume PCR and open interest PCR of various options showed different changes compared to the previous trading day. For example, the 50ETF option volume PCR was 93.00 (previous day: 124.75), and the open interest PCR was 98.14 (previous day: 96.82) [6]. - Implied Volatility and Historical Volatility: The implied volatility and 30 - trading - day historical volatility of 2025 - December at - the - money options of various options were provided, such as the 50ETF option's implied volatility of 10.98% and historical volatility of 11.12% [7]. 3.2 Related Charts - SSE 50ETF Options: The report includes charts of the SSE 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [9][11][13][15][17]. - SSE 300ETF Options: There are charts of the SSE 300ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [20][22][24][26][32]. - SZSE 300ETF Options: Charts of the SZSE 300ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors are presented [33]. - CSI 300 Index Options: The report contains charts of the CSI 300 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [36][40][42][46]. - CSI 1000 Index Options: There are charts of the CSI 1000 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [49]. - SSE 500ETF Options: Charts of the SSE 500ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors are included [63]. - SZSE 500ETF Options: The report shows charts of the SZSE 500ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [76]. - GEM ETF Options: There are charts of the GEM ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [89]. - Shenzhen 100ETF Options: The report includes charts of the Shenzhen 100ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [102]. - SSE 50 Index Options: Charts of the SSE 50 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors are presented [115]. - STAR 50ETF Options: There are charts of the STAR 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [128]. - E Fund STAR 50ETF Options: The report shows charts of the E Fund STAR 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [135].