风险偏好有所降温，股指震荡整理

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - Today, the stock indices fluctuated and consolidated. The total market turnover was 291.13 billion yuan, a decrease of 107.54 billion yuan from the previous day. The significant reduction in trading volume indicates that investors have recognized the regulatory authorities' policy intention to reduce leverage and control risks, and their risk appetite has cooled. Some stocks have seen a significant increase in valuation this year while the performance recovery is not strong, so there is a need for profit - taking funds to "switch from high - to - low", resulting in a consolidation market. In the long run, the continuous fermentation of positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged. The logic of the medium - to - long - term upward movement of the stock indices is relatively solid, but there is uncertainty in the short - term rhythm, and the intraday volatility of the stock market will increase. It is expected that the stock indices will fluctuate strongly in the short term. In terms of options, since the medium - to - long - term upward logic of the stock indices is relatively solid, a bull - spread strategy can be adopted [3]. Group 3: Summary According to Relevant Catalogs 1. Option Indicators - On January 15, 2026, the 50ETF fell 0.22% to close at 3.180; the 300ETF (Shanghai Stock Exchange) rose 0.18% to close at 4.875; the 300ETF (Shenzhen Stock Exchange) rose 0.06% to close at 4.948; the CSI 300 Index rose 0.20% to close at 4751.43; the CSI 1000 Index fell 0.20% to close at 8240.78; the 500ETF (Shanghai Stock Exchange) fell 0.31% to close at 8.339; the 500ETF (Shenzhen Stock Exchange) fell 0.09% to close at 3.299; the ChiNext ETF rose 0.60% to close at 3.352; the Shenzhen 100ETF rose 0.77% to close at 3.543; the SSE 50 Index fell 0.21% to close at 3105.58; the STAR 50ETF fell 0.38% to close at 1.57; the E Fund STAR 50ETF fell 0.52% to close at 1.52 [5]. - The trading volume PCR and position - holding volume PCR of various options on January 15, 2026, and their changes compared with the previous trading day are provided in detail, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 index options, CSI 1000 index options, SSE 500ETF options, SZSE 500ETF options, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. - The implied volatility of at - the - money options and the 30 - trading - day historical volatility of the underlying assets for various options in January or February 2026 are provided, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 index options, CSI 1000 index options, SSE 500ETF options, SZSE 500ETF options, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. 2. Related Charts - For each type of option (e.g., SSE 50ETF options, SSE 300ETF options, SZSE 300ETF options, etc.), there are corresponding charts showing the underlying asset's trend, option volatility, trading volume PCR, position - holding volume PCR, implied volatility curve, and each - term at - the - money implied volatility [9][20][23] etc.