市场情绪走弱，股指震荡下跌

Group 1: Report Overview - Report Date: February 13, 2026 [2] - Report Type: Financial Options Daily Report - Report Theme: Market sentiment weakens, stock indexes fluctuate and decline Group 2: Investment Rating - No investment rating information is provided in the report. Group 3: Core Views - Today, all stock indexes opened low and closed sharply lower. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 199.89 billion yuan, a decrease of 16.18 billion yuan from the previous day [3]. - Due to the approaching holiday, the demand for cash during the holiday is large, and the capital market has tightened. Coupled with concerns about the uncertainty of non - trading during the holiday, investors' willingness to leave the market temporarily has increased, resulting in a decline in trading volume [3]. - Today, silver prices dropped sharply, and overnight U.S. technology stocks corrected significantly, which led to a further weakening of market sentiment. Investors' risk appetite tends to be cautious and wait - and - see [3]. - However, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged. The core logic for the medium - to - long - term upward movement of stock indexes is still relatively solid [3]. - After the Spring Festival holiday, it will be close to the policy window period of the Two Sessions, and it is expected that positive policy expectations will increase [3]. - In general, stock indexes will mainly fluctuate within a range in the short term [3]. - For options, since the medium - to - long - term upward logic of stock indexes is relatively solid, a bull spread strategy can be maintained [3]. Group 4: Option Indicators Index and ETF Performance - On February 13, 2026, the 50ETF fell 1.49% to close at 3.114; the 300ETF (Shanghai Stock Exchange) fell 1.18% to close at 4.671; the 300ETF (Shenzhen Stock Exchange) fell 1.28% to close at 4.866; the CSI 300 Index fell 1.25% to close at 4660.41; the CSI 1000 Index fell 1.32% to close at 8204.83; the 500ETF (Shanghai Stock Exchange) fell 1.66% to close at 8.373; the 500ETF (Shenzhen Stock Exchange) fell 1.54% to close at 3.328; the ChiNext ETF fell 1.63% to close at 3.265; the Shenzhen 100ETF fell 1.12% to close at 3.443; the SSE 50 Index fell 1.47% to close at 3034.35; the STAR 50ETF fell 0.71% to close at 1.55; the E Fund STAR 50ETF fell 0.66% to close at 1.50 [5]. PCR Data - The trading volume PCR and position PCR data of various options on February 13, 2026, and the comparison with the previous trading day are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. Implied Volatility and Historical Volatility - The implied volatility of at - the - money options in February 2026 and the 30 - day historical volatility of the underlying assets of various options are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. Group 5: Related Charts - The report includes a series of charts related to various options, such as the trend, volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms of 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [9][20][24][38][44][58][71][84][97][110][123][134].