风险偏好回落，股指震荡回调

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - On February 5, 2026, all stock indices fluctuated and pulled back. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.1943 trillion yuan, a decrease of 309 billion yuan from the previous day. The sharp decline in silver led to a weakening of market risk appetite, making stock market funds more cautious and increasing the willingness of funds to take profits and leave the market. The trading volume of the stock market continued to shrink. 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. However, in the short - term, macroeconomic indicators have weakened, and the "weak reality" pressure has emerged. Coupled with the weakening of risk appetite caused by silver, the sentiment of the stock market has turned cautious in the short term. In the future, as the sentiment in the commodity market recovers, the risk appetite of the stock market will return to its own fundamental logic. Subsequently, attention should be paid to the implementation rhythm of policy benefits and the flow of funds. In general, the risk appetite of the stock market is cautious in the short term, and stock indices will mainly fluctuate and consolidate. For options, since the long - term upward logic of stock indices is relatively solid, a bull spread strategy can be considered [3]. Group 3: Summary by Related Catalogs 1 Option Indicators - On February 5, 2026, 50ETF fell 0.32% to close at 3.137; 300ETF (Shanghai Stock Exchange) fell 0.59% to close at 4.679; 300ETF (Shenzhen Stock Exchange) fell 0.49% to close at 4.877; CSI 300 Index fell 0.60% to close at 4670.42; CSI 1000 Index fell 1.69% to close at 8068.08; 500ETF (Shanghai Stock Exchange) fell 2.04% to close at 8.217; 500ETF (Shenzhen Stock Exchange) fell 1.92% to close at 3.267; GEM ETF fell 1.79% to close at 3.238; Shenzhen 100ETF fell 0.58% to close at 3.450; SSE 50 Index fell 0.33% to close at 3059.01; STAR 50ETF fell 1.50% to close at 1.51; E Fund STAR 50ETF fell 1.55% to close at 1.46 [5]. - The trading volume PCR and position PCR of various options on February 5, 2026, and their changes compared with the previous trading day are provided. For example, the trading volume PCR of SSE 50ETF options was 96.08 (previous trading day: 86.73), and the position PCR was 73.59 (previous trading day: 74.46) [6]. - 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 given. For instance, the implied volatility of at - the - money options of SSE 50ETF options in February 2026 was 13.47%, and the 30 - trading - day historical volatility of the underlying asset was 14.38% [7]. 2 Related Charts - SSE 50ETF Options: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][11][13][15][17]. - SSE 300ETF Options: Include charts of the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [19][21][20][20][21]. - SZSE 300ETF Options: Include charts of the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [22][24][26][30][28][31]. - CSI 300 Index Options: Include charts of the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [34][35][36][40][38][42]. - CSI 1000 Index Options: Include charts of the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [44][45][48][50][53][56]. - SSE 500ETF Options: Include charts of the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [58][64][60][66][62][68]. - SZSE 500ETF Options: Include charts of the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [71][77][73][79][75][82]. - GEM ETF Options: Include charts of the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [84][92][86][90][88][91]. - Shenzhen 100ETF Options: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [94][100][96][102][98][105]. - SSE 50 Index Options: Include charts of the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [107][113][109][115][111][118]. - STAR 50ETF Options: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [120][129][123][125][127][128]. - 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 at - the - money implied volatility of different tenors [130][133][131][131][132][132].