股市成交金额维持高位，股指震荡盘整

1. Report Industry Investment Rating - No relevant content found 2. Core Views of the Report - Today, all stock indices fluctuated and consolidated. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 28,815 billion yuan, an increase of 493 billion yuan from the previous day. Policy - positive expectations and the net inflow of funds are the main drivers for the upward movement of stock indices. The policies of the Central Economic Work Conference are gradually being implemented, and policy - positive expectations continue to ferment. The purchase amount of margin trading funds soared from about 220 billion yuan before the holiday to about 300 billion yuan, indicating high enthusiasm of leveraged funds to enter the market. The stock indices have broken through the upper limit of the previous oscillation range. Due to the unchanged main logics of policy - positive expectations and net fund inflow, the stock indices are likely to remain strong in the future. In general, it is expected that the stock indices will fluctuate strongly in the short term. For options, since the current position PCR and implied volatility have both rebounded, a bull - spread strategy can be considered [3] 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On January 7, 2026, the 50ETF fell 0.46% to 3.220; the 300ETF (Shanghai Stock Exchange) fell 0.37% to 4.901; the 300ETF (Shenzhen Stock Exchange) fell 0.38% to 4.977; the CSI 300 Index fell 0.29% to 4776.67; the CSI 1000 Index rose 0.53% to 7906.42; the 500ETF (Shanghai Stock Exchange) rose 0.48% to 7.999; the 500ETF (Shenzhen Stock Exchange) rose 0.51% to 3.157; the GEM ETF rose 0.24% to 3.311; the Shenzhen 100ETF fell 0.31% to 3.542; the SSE 50 Index fell 0.43% to 3145.12; the STAR 50ETF rose 1.00% to 1.52; the E Fund STAR 50ETF rose 0.96% to 1.47 [5] - The trading volume PCR and position PCR of various options showed different changes compared with the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 72.92 (previous trading day: 58.87), and the position PCR was 101.23 (previous trading day: 108.76) [6] - The implied volatility of at - the - money options in January 2026 and the 30 - trading - day historical volatility of the underlying assets were also presented. For instance, the implied volatility of at - the - money SSE 50ETF options in January 2026 was 15.59%, and the 30 - trading - day historical volatility of the underlying asset was 11.38% [7] 3.2 Relevant Charts - The report includes various charts for different types of options, such as the SSE 50ETF option, SSE 300ETF option, etc. These charts show the trends of the underlying assets, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [9][20][33]