政策利好预期升温，股指震荡上涨

Group 1: Report Basic Information - Report date: December 8, 2025 [2] - Report type: Financial options daily report [2] Group 2: Core Views - The stock indices oscillated and rebounded today. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.05 trillion yuan, an increase of 312.6 billion yuan from the previous day. The Politburo meeting released a strong signal of policy benefits in 2026, with expectations of increased fiscal spending and a moderately loose monetary policy, which is conducive to the valuation repair of risk assets. In the short term, the stock indices are expected to be oscillating and bullish. For options, considering the long - term upward trend of the stock indices, a bull spread or ratio spread strategy can be used with a moderately bullish view [3] Group 3: Option Indicators Index and ETF Performance - On December 8, 2025, the 50ETF rose 0.60% to 3.164; the 300ETF (Shanghai Stock Exchange) rose 0.72% to 4.732; the 300ETF (Shenzhen Stock Exchange) rose 0.80% to 4.809; the CSI 300 Index rose 0.81% to 4621.75; the CSI 1000 Index rose 1.10% to 7423.05; the 500ETF (Shanghai Stock Exchange) rose 0.86% to 7.278; the 500ETF (Shenzhen Stock Exchange) rose 0.81% to 2.867; the ChiNext ETF rose 2.65% to 3.171; the Shenzhen 100ETF rose 1.31% to 3.477; the SSE 50 Index rose 0.58% to 3019.36; the Science and Technology Innovation 50ETF rose 1.87% to 1.42; the E Fund Science and Technology Innovation 50ETF rose 1.85% to 1.38 [5] Volume and Open Interest PCR - The volume PCR and open interest PCR of various options changed compared to the previous trading day. For example, the volume PCR of the SSE 50ETF option was 78.66 (previous day: 83.46), and the open interest PCR was 107.67 (previous day: 106.61) [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. For example, the implied volatility of the at - the - money option of the SSE 50ETF option in December 2025 was 10.22%, and the 30 - day historical volatility of the underlying was 11.15% [7] Group 4: Related Charts SSE 50ETF Option - Charts include the SSE 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9] SSE 300ETF Option - Charts cover the SSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [19] Shenzhen 300ETF Option - Charts involve the Shenzhen 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [32] CSI 300 Index Option - Charts include the CSI 300 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [38] CSI 1000 Index Option - Charts cover the CSI 1000 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [51] SSE 500ETF Option - Charts involve the SSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [65] Shenzhen 500ETF Option - Charts include the Shenzhen 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [78] ChiNext ETF Option - Charts cover the ChiNext ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [89] Shenzhen 100ETF Option - Charts involve the Shenzhen 100ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [102] SSE 50 Index Option - Charts include the SSE 50 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [115] Science and Technology Innovation 50ETF Option - Charts cover the Science and Technology Innovation 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [128] E Fund Science and Technology Innovation 50ETF Option - Charts involve the E Fund Science and Technology Innovation 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [136]