股指冲高回落，坚持牛市价差

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Today, all stock indices reached high points and then declined, with the market oscillating throughout the day. The total market trading volume was 398.68 billion yuan, an increase of 28.8 billion yuan compared to the previous day. The regulators' policy intention to reduce leverage and control risks is clear. Coupled with the significant increase in the valuation of some stocks this year and the weak expectation of performance recovery, the market's risk appetite declined in the afternoon, leading to a high - level correction of the stock indices. However, considering the continuous expansion of trading volume, the market sentiment remains optimistic. The short - term correction will not change the strong trend of the stock indices, but the intraday volatility may intensify. With the continuous fermentation of positive policy expectations and the continuous net inflow of incremental funds into the stock market, the logic of the medium - to - long - term upward movement of the stock indices is relatively solid. It is expected that the stock indices will oscillate strongly in the short term. For options, a bull - spread strategy can be adopted due to the reliable medium - to - long - term upward logic of the stock indices [3] Summary by Relevant Catalogs 1 Option Indicators - On January 14, 2026, the 50ETF dropped 0.84% to close at 3.187; the 300ETF (Shanghai Stock Exchange) dropped 0.61% to close at 4.866; the 300ETF (Shenzhen Stock Exchange) dropped 0.54% to close at 4.945; the CSI 300 Index dropped 0.40% to close at 4741.93; the CSI 1000 Index rose 0.66% to close at 8257.17; the 500ETF (Shanghai Stock Exchange) rose 0.71% to close at 8.365; the 500ETF (Shenzhen Stock Exchange) rose 0.95% to close at 3.302; the ChiNext ETF rose 0.79% to close at 3.332; the Shenzhen 100ETF rose 0.11% to close at 3.516; the SSE 50 Index dropped 0.67% to close at 3112.07; the Science and Technology Innovation 50ETF rose 1.94% to close at 1.58; the E Fund Science and Technology Innovation 50ETF rose 2.07% to close at 1.53 [6] - The trading volume PCR and position PCR of various options changed compared to the previous trading day. For example, the trading volume PCR of the SSE 50ETF option was 76.63 (previous day: 56.98), and the position PCR was 92.61 (previous day: 97.67) [7] - The implied volatility of at - the - money options and the 30 - day historical volatility of the underlying assets of various options are provided. For instance, the implied volatility of the at - the - money option of the SSE 50ETF option in January 2026 was 15.73%, and the 30 - day historical volatility of the underlying asset was 11.84% [8] 2 Related Charts - SSE 50ETF Option: Charts include the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [10][12][14][16][18] - SSE 300ETF Option: Charts cover the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [21][23][28][32] - SZSE 300ETF Option: Charts involve the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [24][26][28][32] - CSI 300 Index Option: Charts include the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [36][38][41][47] - CSI 1000 Index Option: Charts cover the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [39][45][41][47] - SSE 500ETF Option: Charts involve the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [52][58][54][60] - SZSE 500ETF Option: Charts include the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [65][71][67][73] - ChiNext ETF Option: Charts cover the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [78][88][80][84] - Shenzhen 100ETF Option: Charts involve the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [89][95][91][97] - SSE 50 Index Option: Charts include the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [102][108][104][110] - Science and Technology Innovation 50ETF Option: Charts cover the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [115][124][117][121] - E Fund Science and Technology Innovation 50ETF Option: Charts involve the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [125][131][127][137]