股指震荡上涨，维持牛市价差

Report Summary 1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints - Today, all stock indices fluctuated and rose. The total market turnover of the stock market was 1865 billion yuan, an increase of 116.3 billion yuan from the previous day's turnover. The positive policy expectations in 2026 are gradually fermenting, driving the market risk appetite to gradually recover. The willingness of medium - and long - term funds to allocate has increased, providing strong support for the stock indices. However, in the short term, the trading volume of the stock market is still at a relatively low level, indicating that there are still differences in investors' risk preferences, and most of them are waiting and watching. In the medium and long term, the positive policy expectations and the trend of capital inflow remain favorable, and the support for the stock indices is strong. In general, the stock indices will maintain a range - bound oscillation in the short term. [3] - In terms of options, the position - to - call ratio (PCR) and implied volatility are neutral. A bull spread or ratio spread can be used with a moderately bullish approach. [3] 3. Summary by Relevant Catalogs 3.1 Option Indicators - On December 22, 2025, the 50ETF rose 0.45% to close at 3.092; the 300ETF (SSE) rose 0.90% to close at 4.730; the 300ETF (SZSE) rose 0.84% to close at 4.806; the CSI 300 Index rose 0.95% to close at 4611.62; the CSI 1000 Index rose 1.07% to close at 7408.35; the 500ETF (SSE) rose 1.13% to close at 7.368; the 500ETF (SZSE) rose 1.11% to close at 2.908; the GEM ETF rose 2.19% to close at 3.175; the Shenzhen 100ETF rose 1.32% to close at 3.456; the SSE 50 Index rose 0.53% to close at 3020.23; the STAR 50ETF rose 1.81% to close at 1.41; the E Fund STAR 50ETF rose 1.87% to close at 1.36. [5] - The trading volume PCR and position PCR of various options on December 22, 2025, and their changes compared with the previous trading day are provided in detail. For example, the trading volume PCR of SSE 50ETF options was 79.25 (previous day: 83.33), and the position PCR was 102.25 (previous day: 100.52). [6] - The implied volatility of at - the - money options in January 2026 and the 30 - trading - day historical volatility of the underlying assets of various options are given. For instance, the implied volatility of at - the - money SSE 50ETF options in January 2026 was 12.41%, and the 30 - trading - day historical volatility of the underlying asset was 11.25%. [7] 3.2 Related Charts - SSE 50ETF Options: Include charts of SSE 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and implied volatility curves for different terms. [9][11][13][19] - SSE 300ETF Options: Include charts of SSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and implied volatility curves for different terms. [20][22][24][28] - SZSE 300ETF Options: Include charts of SZSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and implied volatility curves for different terms. [33][35][37][41] - CSI 300 Index Options: Include charts of CSI 300 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and implied volatility curves for different terms. [45][47][49][53] - CSI 1000 Index Options: Include charts of CSI 1000 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and implied volatility curves for different terms. [58][61][63][67] - SSE 500ETF Options: Include charts of SSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and implied volatility curves for different terms. [72][74][76][80] - SZSE 500ETF Options: Include charts of SZSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and implied volatility curves for different terms. [85][87][89][93] - GEM ETF Options: Include charts of GEM ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and implied volatility curves for different terms. [98][100][102][106] - Shenzhen 100ETF Options: Include charts of Shenzhen 100ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and implied volatility curves for different terms. [111][113][115][119] - SSE 50 Index Options: Include charts of SSE 50 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and implied volatility curves for different terms. [124][126][128][132] - STAR 50ETF Options: Include charts of STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and implied volatility curves for different terms. [137][139][140][143] - E Fund STAR 50ETF Options: Include charts of E Fund STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and implied volatility curves for different terms. [147][149][151]