市场情绪修复，股指震荡反弹

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On February 3, 2026, all stock indices fluctuated and rose. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.5656 trillion yuan, a decrease of 41 billion yuan from the previous day. As gold and commodity prices stabilized, the resource cycle sector rebounded, and the risk appetite of the stock market recovered. This rebound was a technical correction of the previous over - decline caused by the weakening of risk appetite in the stock market due to the sharp correction in the commodity market. Currently, the trading volume in the stock market remains in a shrinking state, indicating that the upward driving force of the stock market is still weak. Due to the weakening of macro - economic indicators and the fact that the increase in this stock rebound is mainly contributed by the valuation side, the willingness of investors in the capital market to take profits has increased, and it is difficult for the capital side to form a consistent force in the short term. However, in the long - term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, and the logic of the long - term upward movement of stock indices is relatively solid. In general, the risk appetite of the stock market is cautiously optimistic in the short term, and stock indices will mainly fluctuate and consolidate. For options, considering the relatively solid long - term upward logic of stock indices, a bull spread strategy can be adopted [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - ETF and Index Performance: On February 3, 2026, the 50ETF rose 0.91% to close at 3.108; the 300ETF (Shanghai Stock Exchange) rose 1.39% to close at 4.664; the 300ETF (Shenzhen Stock Exchange) rose 1.25% to close at 4.864; the CSI 300 Index rose 1.18% to close at 4660.11; the CSI 1000 Index rose 2.93% to close at 8209.10; the 500ETF (Shanghai Stock Exchange) rose 3.94% to close at 8.366; the 500ETF (Shenzhen Stock Exchange) rose 3.07% to close at 3.324; the GEM ETF rose 1.88% to close at 3.313; the Shenzhen 100ETF rose 1.41% to close at 3.463; the SSE 50 Index rose 1.05% to close at 3034.58; the STAR 50ETF rose 1.31% to close at 1.55; the E Fund STAR 50ETF rose 1.22% to close at 1.50 [5]. - Volume PCR and Open Interest PCR: The report provides the volume PCR and open interest PCR of various options on February 3, 2026, and their values on the previous trading day. For example, the volume PCR of SSE 50ETF options was 98.31 (previous day: 104.47), and the open interest PCR was 68.38 (previous day: 67.34) [6]. - Implied Volatility and Historical Volatility: The report presents the implied volatility of at - the - money options in February 2026 and the 30 - trading - day historical volatility of the underlying assets for various options. For instance, the implied volatility of at - the - money SSE 50ETF options in February 2026 was 20.31%, and the 30 - trading - day historical volatility of the underlying asset was 13.81% [7]. 3.2 Related Charts The report includes a series of charts for different types of options, such as the SSE 50ETF options, SSE 300ETF options, etc. These charts show the trends, volatility, volume PCR, open interest PCR, implied volatility curves, and at - the - money implied volatility of different terms of the underlying assets of each option [9][18][21].