股市放量整理，股指震荡整理

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Today, all stock indices fluctuated and consolidated. The geopolitical risk caused by the sudden outbreak of the US-Iran conflict over the weekend led to a substantial impact on the passage of the Strait of Hormuz, causing significant increases in stocks related to oil and gas, shipping, military, and gold. The stock market trading volume exceeded 3 trillion, showing a pattern of volume increase and consolidation. However, the impact of geopolitical risks is mainly a short-term disturbance, and the stock market will ultimately return to its own fundamentals [3]. - The expectations of policy benefits and the trend of capital inflows form the main medium - to long - term logic for stock indices. The Two Sessions will be held this week. The macro - policy side has a strong demand for bottom - support and a firm determination to support technological innovation, which can effectively stabilize the macro - demand expectations, promote industrial transformation and upgrading, and is beneficial to improving the profit margins of listed companies [3]. - As the stock indices approach the previous high, if the actual implementation of policies fails to exceed market expectations, the willingness of funds to take profits will increase, which will restrict the upward space of stock indices. In general, stock indices will mainly fluctuate within a range in the short term [3]. - In terms of options, since the medium - to long - term upward logic of stock indices is relatively reliable, the bull spread strategy can be maintained [3]. Summary by Related Catalog 1. Related Charts a. Shanghai Stock Exchange 50ETF Options - Figures include the Shanghai Stock Exchange 50ETF trend, historical volatility, option position PCR, flat - value implied volatility, implied volatility curve, and flat - value implied volatility cone [5][8][10][11][13] b. Shanghai Stock Exchange 300ETF Options - Figures include the Shanghai Stock Exchange 300ETF trend, historical volatility, option position PCR, flat - value implied volatility, implied volatility curve, and flat - value implied volatility cone [14][16][18][19][24][25] c. Shenzhen Stock Exchange 300ETF Options - Figures include the Shenzhen Stock Exchange 300ETF trend, historical volatility, option position PCR, flat - value implied volatility, implied volatility curve, and flat - value implied volatility cone [26][28][29][32][34] d. CSI 300 Stock Index Options - Figures include the CSI 300 stock index trend, historical volatility, option position PCR, flat - value implied volatility, implied volatility curve, and flat - value implied volatility cone [36][38][39][42][45] e. CSI 1000 Stock Index Options - Figures include the CSI 1000 stock index trend, historical volatility, option position PCR, flat - value implied volatility, implied volatility curve, and flat - value implied volatility cone [47][48][50][51][54][56] f. Shanghai Stock Exchange 500ETF Options - Figures include the Shanghai Stock Exchange 500ETF trend, historical volatility, option position PCR, flat - value implied volatility, implied volatility curve, and flat - value implied volatility cone [60][61][62][67][68][69] g. Shenzhen Stock Exchange 500ETF Options - Figures include the Shenzhen Stock Exchange 500ETF trend, historical volatility, option position PCR, flat - value implied volatility, implied volatility curve, and flat - value implied volatility cone [70][74][75][76][78][80] h. Shanghai Stock Exchange 50 Stock Index Options - Figures include the Shanghai Stock Exchange 50 index trend, historical volatility, option position PCR, flat - value implied volatility, implied volatility curve, and flat - value implied volatility cone [81][85][89][91]