2月衍生品月报（2026/2）：衍生品信号反转，股指升水、波动预期升温-20260210

• The report discusses the trading volume of major stock indices (CSI 300, SSE 50, CSI 500, and CSI 1000), showing a rebound in January 2026 after a decline since September 2025[12][18][11] - The basis ratio for next-month contracts of major indices is tracked, with SSE 50 and CSI 300 showing minimal discount, while CSI 500 and CSI 1000 still exhibit some discount levels[15][22][29] - The structure of stock index futures' premium and discount reflects market sentiment, where premium indicates bullish sentiment and discount suggests bearish sentiment or liquidity concerns[23][44][50] - The VIX index for major options markets increased in January 2026, indicating a rise in market volatility expectations[53][55][57] - The Put/Call Ratio (PCR) for 50ETF and 300ETF options declined in January 2026, signaling cautious market sentiment[59][61][65]