股市成交逐渐放量，股指震荡上涨

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - On December 26, 2025, stock indices oscillated upwards with the total stock market turnover reaching 2160.3 billion yuan, an increase of 216.5 billion yuan from the previous day. The recent increase in trading volume and consecutive rise of stock indices indicate a continuous recovery of market risk appetite. As the new year approaches, positive policy expectations are gradually fermenting. With the appreciation of the RMB, a large amount of relatively high - interest time deposits will mature next year, and their "re - allocation" may bring a large influx of incremental funds into the stock market. The positive policy expectations and the net capital inflow trend together form the medium - and long - term support for stock indices. As the stock indices approach the previous high, short - term attention should be paid to whether they can break through the technical resistance of the previous high. In general, the bullish factors are continuously fermenting, and the stock indices are expected to be oscillating strongly in the short term. For options, since the current position PCR and implied volatility are both in the normal range, a bull spread or ratio spread strategy with a mild bullish view can be adopted [3] 3. Summary by Relevant Catalogs 3.1 Option Indicators - ETF and Index Performance: On December 26, 2025, the 50ETF rose 0.42% to 3.120; the 300ETF (Shanghai Stock Exchange) rose 0.38% to 4.784; the 300ETF (Shenzhen Stock Exchange) rose 0.41% to 4.860; the CSI 300 Index rose 0.32% to 4657.24; the CSI 1000 Index rose 0.35% to 7605.53; the 500ETF (Shanghai Stock Exchange) rose 0.61% to 7.580; the 500ETF (Shenzhen Stock Exchange) rose 0.57% to 2.991; the GEM ETF rose 0.12% to 3.226; the SZSE 100ETF rose 0.29% to 3.485; the SSE 50 Index rose 0.41% to 3045.40; the STAR 50ETF fell 0.21% to 1.42; the E Fund STAR 50ETF fell 0.15% to 1.37 [5] - Volume PCR and Position PCR: The volume PCR and position PCR of various options on December 26, 2025, showed different changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 87.56 (previous day: 112.71), and the position PCR was 97.69 (previous day: 96.89) [6] - Implied Volatility and Historical Volatility: The implied volatility and 30 - day historical volatility of 2026 January at - the - money options of various options were reported. For instance, the implied volatility of SSE 50ETF options was 11.49%, and the 30 - day historical volatility of the underlying was 10.75% [7] 3.2 Relevant Charts - SSE 50ETF Options: The report includes charts of the SSE 50ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [9][11][13] - SSE 300ETF Options: Charts of the SSE 300ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms are presented [21][23][25] - SZSE 300ETF Options: There are charts of the SZSE 300ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [34][36][38] - CSI 300 Index Options: The report provides charts of the CSI 300 index trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [46][48][49] - CSI 1000 Index Options: Charts of the CSI 1000 index trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms are included [54][57][59] - SSE 500ETF Options: The relevant charts cover the SSE 500ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [65][67][69] - SZSE 500ETF Options: There are charts of the SZSE 500ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [78][80][82] - GEM ETF Options: The report shows charts of the GEM ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [91][92][93] - SZSE 100ETF Options: Charts of the SZSE 100ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms are provided [104][106][108] - SSE 50 Index Options: The relevant charts include the SSE 50 index trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [116][118][120] - STAR 50ETF Options: There are charts of the STAR 50ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [129][131][132] - E Fund STAR 50ETF Options: The report presents charts of the E Fund STAR 50ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [137][139][141]