短期内股指震荡偏强为主

Report's Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Short - term stock index is mainly oscillating strongly. With the continuous fermentation of policy - favorable expectations in December, the trading volume of the stock market has increased, the margin trading volume and margin balance have rebounded, and the risk appetite of the stock market has recovered. The policy - favorable expectations will gradually become the main - line logic of the market, but short - term disturbances to the stock index caused by the transmission of the risk appetite of external AI assets and the changes in the trading sentiment of domestic funds should still be noted [3]. - For options, considering the medium - to - long - term upward trend of the stock index, a bull spread or ratio spread with a mild bullish view can be adopted [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - ETF and Index Performance: On December 5, 2025, 50ETF rose 0.93% to 3.145; 300ETF (SSE) rose 0.88% to 4.698; 300ETF (SZSE) rose 0.87% to 4.844; CSI 300 Index rose 0.84% to 4584.54; CSI 1000 Index rose 1.29% to 7342.49; 500ETF (SSE) rose 1.28% to 7.216; 500ETF (SZSE) rose 1.30% to 2.882; GEM ETF rose 1.25% to 3.089; Shenzhen 100ETF rose 0.97% to 3.432; SSE 50 Index rose 0.93% to 3002.01; STAR 50ETF remained unchanged at 1.39; E Fund STAR 50ETF rose 0.15% to 1.35 [5]. - Volume PCR and Open Interest PCR: The volume PCR and open interest PCR of various options on December 5, 2025, showed different changes compared with the previous trading day, reflecting the changes in market trading sentiment and position structure [6]. - Implied Volatility and Historical Volatility: The implied volatility and 30 - day historical volatility of the at - the - money options of various options in December 2025 are provided, which can help analyze the volatility expectations and historical volatility levels of the underlying assets [7][8]. 3.2 Relevant Charts - SSE 50ETF Options: Include the trend chart of SSE 50ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [9][10][11]. - SSE 300ETF Options: Include the trend chart of SSE 300ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [20][21][22]. - SZSE 300ETF Options: Include the trend chart of SZSE 300ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [33][34][35]. - CSI 300 Index Options: Include the trend chart of CSI 300 Index, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [37][38][39]. - CSI 1000 Index Options: Include the trend chart of CSI 1000 Index, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [50][51][52]. - SSE 500ETF Options: Include the trend chart of SSE 500ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [64][65][66]. - SZSE 500ETF Options: Include the trend chart of SZSE 500ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [77][78][79]. - GEM ETF Options: Include the trend chart of GEM ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [90][91][92]. - Shenzhen 100ETF Options: Include the trend chart of Shenzhen 100ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [103][104][105]. - SSE 50 Index Options: Include the trend chart of SSE 50 Index, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [116][117][118]. - STAR 50ETF Options: Include the trend chart of STAR 50ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [130][131][132]. - E Fund STAR 50ETF Options: Include the trend chart of E Fund STAR 50ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [140][141][142].