股指震荡整固需求仍存
Bao Cheng Qi Huo·2026-01-26 11:25
  1. Report Industry Investment Rating No information provided in the content. 2. Core Views - Today, the performance of each stock index was differentiated. The CSI 1000 and CSI 500 indices, which had a large increase last Friday, pulled back from their highs, while the SSE 50 and CSI 300 indices continued to fluctuate and consolidate. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 3280.6 billion yuan, an increase of 162.5 billion yuan from the previous day, indicating that the market sentiment remained optimistic. In the medium to long term, 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 stock indices. However, in the short term, the regulatory authorities' expectation to control risks is relatively clear, and the "chasing high" sentiment is suppressed. The increase in this round of stock rebound is mainly contributed by the valuation side. As the capital side shows differences between chasing up and taking profits, the short - term shock and consolidation needs of stock indices are constantly reflected. Since the current stock market style favors small and medium - cap stocks, the fluctuations of the CSI 1000 and CSI 500 indices have intensified, and attention should be paid to the short - term repeated fluctuation risks. In general, the stock indices will mainly fluctuate and consolidate in the short term. [4] - Regarding options, since the medium - to long - term upward logic of stock indices is relatively solid, a bull spread strategy can be adopted. [4] 3. Summary by Relevant Catalogs 3.1 Option Indicators - On January 26, 2026, the 50ETF rose 0.74% to close at 3.129; the 300ETF (SSE) rose 0.17% to close at 4.712; the 300ETF (SZSE) rose 0.31% to close at 4.913; the CSI 300 index rose 0.10% to close at 4706.96; the CSI 1000 index fell 1.24% to close at 8365.43; the 500ETF (SSE) fell 1.78% to close at 8.564; the 500ETF (SZSE) fell 1.64% to close at 3.409; the ChiNext ETF fell 0.96% to close at 3.305; the Shenzhen 100ETF fell 0.51% to close at 3.484; the SSE 50 index rose 0.57% to close at 3049.59; the STAR 50ETF fell 1.22% to close at 1.62; the E Fund STAR 50ETF fell 1.20% to close at 1.56. [6] - The trading volume PCR and position PCR of various options on January 26, 2026, and their changes compared with the previous trading day are as follows: - 50ETF options: trading volume PCR was 76.23 (previous day: 97.54), position PCR was 75.94 (previous day: 66.75). [7] - SSE 300ETF options: trading volume PCR was 87.01 (previous day: 103.34), position PCR was 91.07 (previous day: 86.20). [7] - SZSE 300ETF options: trading volume PCR was 162.92 (previous day: 118.26), position PCR was 75.84 (previous day: 67.18). [7] - CSI 300 index options: trading volume PCR was 42.22 (previous day: 52.95), position PCR was 67.75 (previous day: 66.45). [7] - CSI 1000 index options: trading volume PCR was 75.69 (previous day: 64.10), position PCR was 102.44 (previous day: 103.60). [7] - SSE 500ETF options: trading volume PCR was 92.86 (previous day: 81.01), position PCR was 135.43 (previous day: 150.13). [7] - SZSE 500ETF options: trading volume PCR was 136.55 (previous day: 162.14), position PCR was 114.67 (previous day: 119.22). [7] - ChiNext ETF options: trading volume PCR was 97.63 (previous day: 81.20), position PCR was 105.99 (previous day: 110.10). [7] - Shenzhen 100ETF options: trading volume PCR was 129.86 (previous day: 140.12), position PCR was 132.46 (previous day: 124.47). [7] - SSE 50 index options: trading volume PCR was 39.97 (previous day: 60.12), position PCR was 58.57 (previous day: 58.64). [7] - STAR 50ETF options: trading volume PCR was 78.62 (previous day: 64.35), position PCR was 100.18 (previous day: 101.93). [7] - E Fund STAR 50ETF options: trading volume PCR was 67.78 (previous day: 87.05), position PCR was 95.29 (previous day: 97.48). [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 as follows: - 50ETF options: implied volatility was 15.24%, historical volatility was 11.65%. [8] - SSE 300ETF options: implied volatility was 15.27%, historical volatility was 11.92%. [8] - SZSE 300ETF options: implied volatility was 15.49%, historical volatility was 11.94%. [8] - CSI 300 index options: implied volatility was 15.59%, historical volatility was 11.62%. [8] - CSI 1000 index options: implied volatility was 21.73%, historical volatility was 17.72%. [8] - SSE 500ETF options: implied volatility was 28.95%, historical volatility was 17.72%. [8] - SZSE 500ETF options: implied volatility was 23.90%, historical volatility was 17.65%. [8] - ChiNext ETF options: implied volatility was 24.17%, historical volatility was 22.40%. [8] - Shenzhen 100ETF options: implied volatility was 19.28%, historical volatility was 16.10%. [8] - SSE 50 index options: implied volatility was 16.15%, historical volatility was 11.67%. [8] - STAR 50ETF options: implied volatility was 32.84%, historical volatility was 27.10%. [9] - E Fund STAR 50ETF options: implied volatility was 33.02%, historical volatility was 27.08%. [9] 3.2 Relevant Charts - SSE 50ETF options: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [10][11][12] - SSE 300ETF options: Include charts of the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [21][22] - SZSE 300ETF options: Include charts of the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [24][25] - CSI 300 index options: Include charts of the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [36][37] - CSI 1000 index options: Include charts of the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [45][46] - SSE 500ETF options: Include charts of the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [59][60] - SZSE 500ETF options: Include charts of the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [72][73] - ChiNext ETF options: Include charts of the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [85][86] - Shenzhen 100ETF options: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [96][97] - SSE 50 index options: Include charts of the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [109][110] - STAR 50ETF options: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [122][123] - E Fund STAR 50ETF options: Include charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [132][133]
股指震荡整固需求仍存 - Reportify