股市成交缩量，股指震荡分化

Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - Today, the stock indices showed mixed trends. The CSI 1000 and CSI 500 rose significantly, while the SSE 50 and CSI 300 fluctuated within a narrow range. The total stock market turnover was 1897.2 billion yuan, a decrease of 24.1 billion yuan from the previous day. The power equipment, commercial space, consumer electronics, and liquid - cooled server sectors led the gains, which was favorable for small - and medium - cap indices. The stock market is still in a sector rotation market, with the overall trading volume not significantly increasing. Active funds are concentrated in high - growth sectors, resulting in a structural differentiation of the indices. In the long - term, positive policy expectations and the inflow of funds form the long - term support for the indices. In the short - term, as the end of the year approaches, the liquidity of funds has tightened, and the incremental policy signals are not clear, so the short - term upward driving force of the stock indices is insufficient. Overall, the stock indices will maintain a range - bound trend in the short - term [3]. - Currently, both the PCR of open interest and the implied volatility are within the normal range. A bull spread or ratio spread strategy with a mild bullish view can be adopted for options trading [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On December 24, 2025, the 50ETF rose 0.03% to close at 3.099; the 300ETF (SSE) rose 0.36% to close at 4.757; the 300ETF (SZSE) rose 0.42% to close at 4.832; the CSI 300 Index rose 0.29% to close at 4634.06; the CSI 1000 Index rose 1.54% to close at 7506.38; the 500ETF (SSE) rose 1.30% to close at 7.470; the 500ETF (SZSE) rose 1.48% to close at 2.950; the ChiNext ETF rose 0.85% to close at 3.212; the Shenzhen 100ETF rose 0.29% to close at 3.478; the SSE 50 Index fell 0.08% to close at 3025.18; the STAR 50ETF rose 0.92% to close at 1.42; and the E Fund STAR 50ETF rose 0.95% to close at 1.38 [5]. - The PCR of trading volume and open interest for various options on December 24, 2025, and their changes compared with the previous trading day are presented in detail in the report, including the 50ETF option, SSE 300ETF option, SZSE 300ETF option, CSI 300 index option, CSI 1000 index option, SSE 500ETF option, SZSE 500ETF option, ChiNext ETF option, Shenzhen 100ETF option, SSE 50 index option, STAR 50ETF option, and E Fund STAR 50ETF option [6]. - The implied volatility of at - the - money options in January 2026 and the 30 - trading - day historical volatility of the underlying assets for various options are also provided, including the 50ETF option, SSE 300ETF option, SZSE 300ETF option, CSI 300 index option, CSI 1000 index option, SSE 500ETF option, SZSE 500ETF option, ChiNext ETF option, Shenzhen 100ETF option, SSE 50 index option, STAR 50ETF option, and E Fund STAR 50ETF option [7][8]. 3.2 Related Charts - The report presents a series of charts for different options, including the trend, volatility, PCR of trading volume, PCR of open interest, implied volatility curve, and each - term at - the - money implied volatility of the 50ETF option, SSE 300ETF option, SZSE 300ETF option, CSI 300 index option, CSI 1000 index option, SSE 500ETF option, SZSE 500ETF option, ChiNext ETF option, Shenzhen 100ETF option, SSE 50 index option, STAR 50ETF option, and E Fund STAR 50ETF option [9][22][35][49][62][75][88][101][113][126][140][151].