股指震荡分化：金融期权

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Today, each stock index fluctuated and showed differentiation. The CSI 1000 and CSI 500 led the gains, while the SSE 50 and CSI 300 slightly declined. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 3.1181 trillion yuan, an increase of 401.7 billion yuan from the previous day [4]. - The positive policy expectations and the continuous net - inflow of incremental funds into the stock market are the main supporting forces for the upward movement of the stock index. These two factors remain unchanged in the medium and long term, and the logic of the medium - and long - term upward movement of the stock index is relatively solid [4]. - In the short term, the policy support needs, the promotion of technological innovation, and the expectation of boosting consumption are relatively clear, which strongly support the stock index. Although the regulatory authorities have sent signals to control risks, the trading volume of the stock market remains at a relatively high level, indicating that market sentiment is still optimistic. In general, the stock index will mainly fluctuate and consolidate in the short term [4]. - Regarding options, since the medium - and long - term upward logic of the stock index is relatively solid, a bull spread strategy can be considered [4]. 3. Summary According to the Directory 3.1 Option Indicators - On January 23, 2026, the 50ETF fell 0.80% to close at 3.106; the 300ETF (SSE) fell 0.49% to close at 4.704; the 300ETF (SZSE) fell 0.57% to close at 4.898; the CSI 300 index fell 0.45% to close at 4702.50; the CSI 1000 index rose 1.94% to close at 8470.74; the 500ETF (SSE) rose 2.95% to close at 8.719; the 500ETF (SZSE) rose 2.94% to close at 3.466; the ChiNext ETF rose 0.66% to close at 3.337; the Shenzhen 100ETF fell 0.43% to close at 3.502; the SSE 50 index fell 0.69% to close at 3032.19; the STAR 50ETF rose 0.80% to close at 1.64; the E Fund STAR 50ETF rose 0.76% to close at 1.58 [6]. - The trading volume PCR and position PCR of various options on January 23, 2026, and their changes compared with the previous trading day are provided [7]. - The implied volatility of at - the - money options in February 2026 and the 30 - trading - day historical volatility of the underlying assets of various options are presented [8][9]. 3.2 Relevant Charts 3.2.1 SSE 50ETF Options - Charts include the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [10][11][12]. 3.2.2 SSE 300ETF Options - Charts cover the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [22][23]. 3.2.3 SZSE 300ETF Options - Charts involve the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [25][26][27]. 3.2.4 CSI 300 Index Options - Charts contain the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [37][38][39]. 3.2.5 CSI 1000 Index Options - Charts include the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [40][41][42]. 3.2.6 SSE 500ETF Options - Charts cover the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [55][56][57]. 3.2.7 SZSE 500ETF Options - Charts involve the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [68][69][70]. 3.2.8 ChiNext ETF Options - Charts include the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [81][82][83]. 3.2.9 Shenzhen 100ETF Options - Charts cover the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [94][95][96]. 3.2.10 SSE 50 Index Options - Charts involve the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [107][108][109]. 3.2.11 STAR 50ETF Options - Charts include the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [120][121][122]. 3.2.12 E Fund STAR 50ETF Options - Charts cover the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [130][131][132].