假期前股指区间震荡为主：金融期权

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - Today, the trends of various stock indices have diverged. Among them, the CSI 500 and CSI 1000 have oscillated and slightly increased, while the SSE 50 and SSE 300 have oscillated and sorted within a narrow range. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets is 2.1608 trillion yuan, with an increase of 159.7 billion yuan compared to the previous day. In terms of industry sectors, the industry sectors related to AI infrastructure construction have led the gains. As the holiday approaches, considering the cash demand during the holiday and the uncertain risks during the holiday, investors' willingness to participate in stock market trading is relatively weak. In the long - term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, and the core logic for the long - term upward movement of the stock indices is relatively solid. Generally speaking, the risk preference of the stock market before the holiday is cautiously optimistic, and the stock indices will mainly oscillate and sort within a range. For options, the implied volatility of at - the - money options has rebounded recently. Since the long - term upward logic of the stock indices is relatively solid, the bull spread strategy is maintained [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On February 12, 2026, the 50ETF fell 0.28% to close at 3.161; the 300ETF (SSE) rose 0.08% to close at 4.727; the 300ETF (SZSE) rose 0.18% to close at 4.929; the SSE 300 Index rose 0.12% to close at 4719.58; the CSI 1000 Index rose 0.91% to close at 8314.83; the 500ETF (SSE) rose 1.22% to close at 8.514; the 500ETF (SZSE) rose 1.26% to close at 3.380; the ChiNext ETF rose 1.41% to close at 3.319; the Shenzhen 100ETF rose 0.58% to close at 3.482; the SSE 50 Index fell 0.28% to close at 3079.73; the STAR 50ETF rose 1.70% to close at 1.56; the E Fund STAR 50ETF rose 1.62% to close at 1.51 [5]. - The trading volume PCR and position PCR of various options have changed compared to the previous trading day. For example, the trading volume PCR of SSE 50ETF options is 90.97, and the previous trading day's trading volume PCR was 114.09; the position PCR is 75.88, and the previous trading day's position PCR was 78.18 [6]. - The implied volatility of at - the - money options and the 30 - trading - day historical volatility of the underlying assets of various options are provided. For example, the implied volatility of at - the - money options of SSE 50ETF options in February 2026 is 11.12%, and the 30 - trading - day historical volatility of the underlying asset is 15.00% [7]. 3.2 Related Charts - SSE 50ETF Options: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [9][11][13][16]. - SSE 300ETF Options: Include charts of the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [20][22][29][33]. - SZSE 300ETF Options: Include charts of the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [23][25][27][33]. - SSE 300 Index Options: Include charts of the SSE 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [37][39][43]. - CSI 1000 Index Options: Include charts of the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [46][48][50][56]. - SSE 500ETF Options: Include charts of the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [59][61][63][70]. - SZSE 500ETF Options: Include charts of the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [71][73][75][80]. - ChiNext ETF Options: Include charts of the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [84][86][88][91]. - Shenzhen 100ETF Options: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [95][97][99][105]. - SSE 50 Index Options: Include charts of the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [108][110][112][118]. - STAR 50ETF Options: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [121][123][124][126]. - 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 each - term at - the - money implied volatility [129][130][131].