股市成交继续放量，股指震荡回调

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On January 13, 2026, the stock indices oscillated and declined, with CSI 1000 and CSI 500 leading the losses. The total market trading volume was 3698.7 billion yuan, an increase of 54.1 billion yuan from the previous day. The decline was due to the significant increase in the valuation of previously rising stocks and the increasing need for profit - taking by profitable funds. Since the beginning of 2026, the performance of large - and small - cap stocks has diverged, with small - cap stocks rising more, so CSI 1000 and CSI 500 led the decline in this correction. The continuous increase in trading volume indicates that market sentiment remains optimistic, and the short - term correction will not change the strong trend of the stock indices. With the continuous fermentation of positive policy expectations and the continuous net inflow of incremental funds, the medium - and long - term upward logic of the stock indices is relatively solid. It is expected that the stock indices will oscillate and strengthen in the short term. In the options market, the current position PCR and implied volatility have both increased, and a bull spread strategy can be considered [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - ETF and Index Performance: On January 13, 2026, 50ETF fell 0.12% to 3.214; SSE 300ETF fell 0.35% to 4.896; SZSE 300ETF fell 0.40% to 4.972; CSI 300 Index fell 0.60% to 4761.03; CSI 1000 Index fell 1.84% to 8203.13; SSE 500ETF fell 1.31% to 8.306; SZSE 500ETF fell 1.77% to 3.271; GEM ETF fell 1.93% to 3.306; Shenzhen 100ETF fell 1.13% to 3.512; SSE 50 Index fell 0.34% to 3132.93; STAR 50ETF fell 2.82% to 1.55; E Fund STAR 50ETF fell 2.73% to 1.50 [5]. - Volume PCR and Position PCR: The volume PCR and position PCR of various options showed different changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 56.98 (previous day: 58.99), and the position PCR was 98.88 (previous day: 99.05) [6]. - Implied Volatility and Historical Volatility: The implied volatility and 30 - day historical volatility of various options' at - the - money options were provided. For instance, the implied volatility of SSE 50ETF options' at - the - money options in January 2026 was 16.96%, and the 30 - day historical volatility of the underlying was 11.77% [7]. 3.2 Relevant Charts - SSE 50ETF Options: Included charts of SSE 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9]. - SSE 300ETF Options: Included charts of SSE 300ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20]. - SZSE 300ETF Options: Included charts of SZSE 300ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [23]. - CSI 300 Index Options: Included charts of CSI 300 index trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [35]. - CSI 1000 Index Options: Included charts of CSI 1000 index trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [42]. - SSE 500ETF Options: Included charts of SSE 500ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [55]. - SZSE 500ETF Options: Included charts of SZSE 500ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [68]. - GEM ETF Options: Included charts of GEM ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [81]. - Shenzhen 100ETF Options: Included charts of Shenzhen 100ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [92]. - SSE 50 Index Options: Included charts of SSE 50 index trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [105]. - STAR 50ETF Options: Included charts of STAR 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [118]. - E Fund STAR 50ETF Options: Included charts of E Fund STAR 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [128].