市场情绪走弱，股指单边下跌

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - On February 2, 2026, all stock indices declined unilaterally. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2,606.6 billion yuan, a decrease of 255.8 billion yuan from the previous day [3]. - Due to the significant sell - off of commodities in the Asia - Pacific session, resource - cycle sectors such as metals, oil and gas, chemicals, coal, and steel tumbled, dragging down the index [3]. - The manufacturing PMI in January returned to the contraction range, showing "weak reality" pressure. Since the recent stock price rebound was mainly driven by valuation, the short - term upward drive for stock indices has weakened, and there is a need for shock consolidation [3]. - The sharp correction in the commodity market led to a weakening of market sentiment, which spread to the stock market. The willingness of funds to take profits and leave the market increased, resulting in a contraction in trading volume [3]. - In the long - term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market still form the main logical basis for the upward movement of stock indices. In general, stock indices will mainly experience shock consolidation in the short term [3]. - For options, since the long - term upward logic of stock indices is relatively solid, a bull spread strategy can be considered [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On February 2, 2026, the 50ETF fell 2.13% to 3.080; the 300ETF (Shanghai Stock Exchange) fell 2.36% to 4.600; the 300ETF (Shenzhen Stock Exchange) fell 2.20% to 4.804; the CSI 300 Index fell 2.13% to 4,605.98; the CSI 1000 Index fell 3.39% to 7,975.43; the 500ETF (Shanghai Stock Exchange) fell 4.63% to 8.049; the 500ETF (Shenzhen Stock Exchange) fell 3.73% to 3.225; the ChiNext ETF fell 2.49% to 3.252; the Shenzhen 100ETF fell 1.81% to 3.415; the SSE 50 Index fell 2.07% to 3,003.14; the Science and Technology Innovation 50ETF fell 3.78% to 1.53; and the E Fund Science and Technology Innovation 50ETF fell 3.71% to 1.48 [5]. - The trading volume PCR and position PCR of various options changed compared to the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 104.47 (previous day: 88.74), and the position PCR was 72.76 (previous day: 74.46) [6]. - 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 at - the - money options of SSE 50ETF options in February 2026 was 15.36%, and the 30 - day historical volatility of the underlying asset was 12.27% [7]. 3.2 Relevant Charts - Multiple charts are presented for different types of options, including the trend of the underlying assets, volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors for each option, such as SSE 50ETF options, SSE 300ETF options, etc. [9][18][21]