金融期权：股指维持震荡整理

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The stock indexes fluctuated and consolidated today. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2992.3 billion yuan, a 70.8 - billion - yuan increase from the previous day. Currently, the stock market is in a consolidation phase, with a divergence in the capital market between chasing up and taking profits, leading to increased intraday volatility. In the short term, the upward drive of the stock index is weakening due to the regulatory authorities' clear intention to control risks and the fact that the recent stock price rebound is mainly driven by valuation. In the long term, positive policy expectations and the continuous inflow of incremental funds into the stock market are the main supporting forces for the upward movement of the stock index, and the risk appetite of the stock market remains positive. Overall, the stock index will mainly fluctuate and consolidate in the short term. For options, a bull - spread strategy can be considered due to the relatively reliable long - term upward trend of the stock index [4]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On January 28, 2026, the 50ETF rose 0.22% to close at 3.138; the 300ETF (Shanghai Stock Exchange) rose 0.32% to close at 4.725; the 300ETF (Shenzhen Stock Exchange) rose 0.43% to close at 4.931; the CSI 300 Index rose 0.26% to close at 4717.99; the CSI 1000 Index rose 0.21% to close at 8399.79; the 500ETF (Shanghai Stock Exchange) rose 0.84% to close at 8.691; the 500ETF (Shenzhen Stock Exchange) rose 0.58% to close at 3.452; the ChiNext ETF fell 0.60% to close at 3.307; the Shenzhen 100ETF fell 0.40% to close at 3.470; the SSE 50 Index rose 0.27% to close at 3060.56; the STAR 50ETF fell 0.30% to close at 1.64; the E Fund STAR 50ETF fell 0.25% to close at 1.58 [6]. - The trading volume PCR and open - interest PCR of various options showed different changes compared with the previous trading day. For example, the trading volume PCR of the 50ETF option was 86.52 (previous day: 76.09), and the open - interest PCR was 71.82 (previous day: 71.72) [7]. - The implied volatility of the at - the - money options in February 2026 and the 30 - trading - day historical volatility of the underlying assets of various options were also provided. For instance, the implied volatility of the at - the - money 50ETF option in February 2026 was 15.11%, and the 30 - trading - day historical volatility of the underlying asset was 11.57% [8]. 3.2 Related Charts - SSE 50ETF Option: Included charts of the SSE 50ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [10]. - Shanghai Stock Exchange 300ETF Option: Included charts of the Shanghai Stock Exchange 300ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [19]. - Shenzhen Stock Exchange 300ETF Option: Included charts of the Shenzhen Stock Exchange 300ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [22]. - CSI 300 Index Option: Included charts of the CSI 300 Index's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [36]. - CSI 1000 Index Option: Included charts of the CSI 1000 Index's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [39]. - Shanghai Stock Exchange 500ETF Option: Included charts of the Shanghai Stock Exchange 500ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [53]. - Shenzhen Stock Exchange 500ETF Option: Included charts of the Shenzhen Stock Exchange 500ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [66]. - ChiNext ETF Option: Included charts of the ChiNext ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [79]. - Shenzhen 100ETF Option: Included charts of the Shenzhen 100ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [91]. - SSE 50 Index Option: Included charts of the SSE 50 Index's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [104]. - STAR 50ETF Option: Included charts of the STAR 50ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [117]. - E Fund STAR 50ETF Option: Included charts of the E Fund STAR 50ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [128].