1. Report Industry Investment Rating - There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - All stock indices oscillated and pulled back on the day, with the total trading volume of the Shanghai, Shenzhen, and Beijing stock markets reaching 2166.1 billion yuan, a decrease of 225.7 billion yuan from the previous day [3]. - Trump's recent announcement of a new round of high - tariffs on various imported products has led to an increase in market risk - aversion sentiment [3]. - As the valuation has risen significantly, especially when the index rebounded near the previous high, the profit - taking demand of profitable funds has increased. Additionally, with the approaching National Day holiday, investors' desire to secure profits has grown [3]. - In the medium - to - long term, the expectation of policy benefits and the long - term net inflow trend of funds constitute the medium - to - long - term driving force for the upward movement of stock indices [3]. - In the future, the focus will be on the game between the rhythm of profit - taking by funds and the fermentation of policy expectations. In general, due to the index approaching the previous high and the approaching holiday, the stock index is expected to fluctuate widely in the short term [3]. - Currently, the implied volatility of options has declined. Considering the medium - to - long - term upward trend of the stock index, investors can continue to hold bull spreads or ratio spreads [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On September 26, 2025, the 50ETF fell 0.32% to close at 3.077; the 300ETF (Shanghai Stock Exchange) fell 0.94% to close at 4.651; the 300ETF (Shenzhen Stock Exchange) fell 0.91% to close at 4.800; the CSI 300 Index fell 0.95% to close at 4550.05; the CSI 1000 Index fell 1.45% to close at 7397.59; the 500ETF (Shanghai Stock Exchange) fell 1.41% to close at 7.336; the 500ETF (Shenzhen Stock Exchange) fell 1.21% to close at 2.934; the ChiNext ETF fell 2.55% to close at 3.129; the Shenzhen 100ETF fell 1.84% to close at 3.529; the SSE 50 Index fell 0.40% to close at 2941.02; the Science and Technology Innovation 50ETF fell 1.55% to close at 1.52; and the E Fund Science and Technology Innovation 50ETF fell 1.32% to close at 1.49 [5]. - The trading volume PCR and open - interest PCR of various options changed compared to the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 91.14 (85.45 the previous day), and the open - interest PCR was 78.68 (77.23 the previous day) [6]. - The implied volatility of the at - the - money options in October 2025 and the 30 - trading - day historical volatility of the underlying assets of various options were provided. For instance, the implied volatility of the at - the - money options of SSE 50ETF options in October 2025 was 14.64%, and the 30 - trading - day historical volatility of the underlying asset was 15.75% [7]. 3.2 Relevant Charts - **SSE 50ETF Options**: Charts include the SSE 50ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [9][11][13][17]. - **SSE 300ETF Options**: Charts cover the SSE 300ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [20][22][24][30]. - **SZSE 300ETF Options**: Charts involve the SZSE 300ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [33][34]. - **CSI 300 Index Options**: Charts include the CSI 300 index trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [36][38][40][42][46]. - **CSI 1000 Index Options**: Charts cover the CSI 1000 index trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [49][51][53][55][59]. - **SSE 500ETF Options**: Charts involve the SSE 500ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [62][64][65][71]. - **SZSE 500ETF Options**: Charts include the SZSE 500ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [75][79][80][82][87]. - **ChiNext ETF Options**: Charts cover the ChiNext ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [90][92][93][98]. - **Shenzhen 100ETF Options**: Charts involve the Shenzhen 100ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [103][105][107][113]. - **SSE 50 Index Options**: Charts include the SSE 50 index trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [116][118][120][126]. - **Science and Technology Innovation 50ETF Options**: Charts cover the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [129][131][133]. - **E Fund Science and Technology Innovation 50ETF Options**: Charts involve the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [137][139][141][147].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Today, all stock indices maintained a volatile consolidation trend. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 2.367 trillion yuan, an increase of 63.9 billion yuan compared to the previous day [4]. - The credit data in August showed weakness, the consumption growth rate slowed down, and the inflation data remained weak, indicating weak demand from the real - sector. There is a strong expectation for the introduction of policies to stabilize demand in the future, and the critical window period for policy introduction is expected to be in October [4]. - In terms of capital, incremental funds have been continuously flowing into the stock market. The non - bank deposits increased significantly in July and August, and the margin trading balance remained at a high level, indicating that the stock market has continuously attracted incremental funds. However, due to the significant increase in the valuations of some stocks in the early stage, there is still a willingness among profit - taking funds to take profits, which also leads to short - term technical adjustment pressure on the stock indices. In the future, focus on the game between the profit - taking rhythm of funds and the fermentation of policy expectations [4]. - In general, the stock indices are expected to experience wide - range fluctuations in the short term. Currently, the implied volatility of options is in the normal range. Considering the long - term upward trend of the stock indices, investors can continue to hold bull spreads or ratio spreads [4]. 3. Summary by Related Catalogs 3.1 Option Indicators - On September 16, 2025, the 50ETF fell 0.48% to close at 3.082; the 300ETF (Shanghai Stock Exchange) fell 0.19% to close at 4.620; the 300ETF (Shenzhen Stock Exchange) fell 0.23% to close at 4.765; the CSI 300 Index fell 0.21% to close at 4523.34; the CSI 1000 Index rose 0.92% to close at 7483.63; the 500ETF (Shanghai Stock Exchange) rose 0.77% to close at 7.282; the 500ETF (Shenzhen Stock Exchange) rose 0.73% to close at 2.907; the GEM ETF rose 0.72% to close at 3.059; the Shenzhen 100ETF remained unchanged at 3.450; the SSE 50 Index fell 0.50% to close at 2947.82; the STAR 50ETF rose 1.21% to close at 1.43; the E Fund STAR 50ETF rose 1.23% to close at 1.39 [7]. - The trading volume PCR and position PCR of various options on September 16, 2025, and their changes compared to the previous trading day are provided, including those of 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [8]. - The implied volatility of at - the - money options and the 30 - trading - day historical volatility of the underlying assets of various options in September or October 2025 are provided, including those of 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [9][10]. 3.2 Related Charts - For each type of option (such as 50ETF options, 300ETF options, etc.), relevant charts are provided, including the underlying asset's trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different terms [11][22][35][38][51][66][79][93][106][119][134][141].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Today, all stock indices fluctuated and consolidated. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 2777.6 billion yuan, a decrease of 52.5 billion yuan compared to the previous day. Currently, the trading volume of the stock market remains at a high level, indicating that the overall market sentiment is still relatively optimistic. In the short term, due to the significant increase in some stocks, there is a risk of technical adjustment caused by profit - taking of profitable funds, and there is a need for funds to rotate between high - and low - valued stocks. The main driving forces for this round of stock index rebound are the positive policy expectations and the loose liquidity in the capital market. Anti - involution policies and consumption - promotion policies promote the optimization of the supply - demand structure from both the supply and demand sides, leading to a moderate recovery of the price index and the repair of corporate profits. In terms of the capital market, the margin trading balance has risen rapidly, non - bank deposits have increased sharply, and long - term funds have continued to enter the market. The continuous inflow of incremental funds into the stock market has boosted the logic of stock valuation repair. Overall, the current market sentiment is generally positive, and the upward trend remains unchanged. However, there are some differences in the short - term market, and the stock index is expected to maintain a loose and volatile trend in the short term. - Currently, the implied volatility of options continues to rise. Considering the long - and medium - term upward trend of the stock index, investors can continue to hold bull spreads or ratio spreads for a moderate bullish view [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On September 1, 2025, the 50ETF rose 0.03% to close at 3.113; the 300ETF (Shanghai Stock Exchange) rose 0.33% to close at 4.616; the 300ETF (Shenzhen Stock Exchange) rose 0.34% to close at 4.762; the CSI 300 Index rose 0.60% to close at 4523.71; the CSI 1000 Index rose 0.84% to close at 7501.15; the 500ETF (Shanghai Stock Exchange) rose 0.91% to close at 7.206; the 500ETF (Shenzhen Stock Exchange) rose 0.59% to close at 2.875; the GEM ETF rose 2.16% to close at 2.927; the Shenzhen 100ETF rose 0.92% to close at 3.396; the SSE 50 Index rose 0.16% to close at 2981.20; the STAR 50ETF rose 1.35% to close at 1.43; the E Fund STAR 50ETF rose 1.23% to close at 1.40 [5]. - The trading volume PCR and position PCR of various options changed compared to the previous trading day. For example, the trading volume PCR of the 50ETF option was 79.83 (previous day: 66.32), and the position PCR was 94.29 (previous day: 95.41) [6]. - The implied volatility of at - the - money options in September 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided. For instance, the implied volatility of the at - the - money 50ETF option in September 2025 was 21.45%, and the 30 - trading - day historical volatility of the underlying asset was 13.99% [7]. 3.2 Relevant Charts - **50ETF Option**: The report includes charts of the 50ETF option, such as the 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and the at - the - money implied volatility of different tenors [9][11][13]. - **Shanghai Stock Exchange 300ETF Option**: There are charts showing the 300ETF (Shanghai Stock Exchange) option, including the 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and the at - the - money implied volatility of different tenors [21][23][25]. - **Shenzhen Stock Exchange 300ETF Option**: Charts for the 300ETF (Shenzhen Stock Exchange) option are presented, including the 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and the at - the - money implied volatility of different tenors [33][34]. - **CSI 300 Index Option**: Charts related to the CSI 300 index option are provided, including the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and the at - the - money implied volatility of different tenors [35][36]. - **CSI 1000 Index Option**: There are charts for the CSI 1000 index option, such as the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and the at - the - money implied volatility of different tenors [37][38]. - **Shanghai Stock Exchange 500ETF Option**: The report contains charts of the 500ETF (Shanghai Stock Exchange) option, including the 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and the at - the - money implied volatility of different tenors [51][53][55]. - **Shenzhen Stock Exchange 500ETF Option**: Charts for the 500ETF (Shenzhen Stock Exchange) option are shown, including the 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and the at - the - money implied volatility of different tenors [64][66][68]. - **GEM ETF Option**: There are charts of the GEM ETF option, including the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and the at - the - money implied volatility of different tenors [77][79][81]. - **Shenzhen 100ETF Option**: The report provides charts of the Shenzhen 100ETF option, including the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and the at - the - money implied volatility of different tenors [90][92][94]. - **SSE 50 Index Option**: Charts related to the SSE 50 index option are included, such as the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and the at - the - money implied volatility of different tenors [103][105][107]. - **STAR 50ETF Option**: There are charts of the STAR 50ETF option, including the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and the at - the - money implied volatility of different tenors [114][115][116]. - **E Fund STAR 50ETF Option**: The report presents charts of the E Fund STAR 50ETF option, including the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and the at - the - money implied volatility of different tenors [120][122][124].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - On August 26, 2025, the stock indices showed narrow - range fluctuations. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2709.8 billion yuan, a decrease of 467.1 billion yuan from the previous day. Due to the significant gains of some stocks, the willingness of profit - taking funds to close positions increased, and the stock indices needed technical adjustments. The previously high - flying sectors showed signs of capital rotation. The stock market sentiment remained relatively optimistic, supported by positive policy expectations, and the continuous inflow of funds promoted valuation repair. Anti - involution and consumption - promotion policies optimized the supply - demand structure, promoted a moderate recovery of the price index, repaired corporate profits, and drove a positive cycle. With the downward trend of market interest rates and loose liquidity, incremental funds from insurance, social security, margin trading, and private equity continued to flow into the stock market. In the short term, the stock market sentiment remained positive, and the stock indices were expected to fluctuate strongly. Given the continuous rise of implied volatility in options and the long - term upward trend of stock indices, it was advisable to hold bull spreads or ratio spreads for a mild long - position view [3] 3. Summary of Each Section 3.1 Option Indicators - On August 26, 2025, 50ETF fell 0.74% to 3.101; 300ETF (SSE) fell 0.53% to 4.541; 300ETF (SZSE) fell 0.57% to 4.685; the CSI 300 Index fell 0.37% to 4452.59; the CSI 1000 Index fell 0.02% to 7476.47; 500ETF (SSE) rose 0.16% to 7.048; 500ETF (SZSE) rose 0.04% to 2.814; the GEM ETF fell 0.77% to 2.716; the Shenzhen 100ETF fell 0.09% to 3.274; the SSE 50 Index fell 0.67% to 2969.78; the STAR 50ETF fell 1.47% to 1.34; E Fund STAR 50ETF fell 1.51% to 1.31 [6] - The PCR values of various options, including trading volume PCR and open interest PCR, changed compared with the previous trading day. For example, the trading volume PCR of 50ETF options was 70.85 (previous day: 59.17), and the open interest PCR was 114.88 (previous day: 119.83) [7] - The implied volatility of at - the - money options in September 2025 and the 30 - day historical volatility of the underlying assets for different options were provided. For instance, the implied volatility of at - the - money options of 50ETF options was 22.97%, and the 30 - day historical volatility of the underlying asset was 12.26% [8] 3.2 Relevant Charts - **SSE 50ETF Options**: Charts include the SSE 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [10][11][12][14][17][19] - **SSE 300ETF Options**: Charts involve the SSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [22][23][24][29][31][33] - **SZSE 300ETF Options**: Charts cover the SZSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [25][26][27][29][31][33] - **CSI 300 Index Options**: Charts include the CSI 300 index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [37][38][39][41][43][47] - **CSI 1000 Index Options**: Charts involve the CSI 1000 index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [50][51][52][54][58][60] - **SSE 500ETF Options**: Charts cover the SSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [63][64][65][67][71][73] - **SZSE 500ETF Options**: Charts include the SZSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [76][77][78][80][85][86] - **GEM ETF Options**: Charts involve the GEM ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [89][90][91][93][97][99] - **Shenzhen 100ETF Options**: Charts cover the Shenzhen 100ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [102][103][104][105][108][110] - **SSE 50 Index Options**: Charts include the SSE 50 index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [113][114][115][117][121][123] - **STAR 50ETF Options**: Charts involve the STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [126][127][128][132][135][136] - **E Fund STAR 50ETF Options**: Charts cover the E Fund STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [133][134][135][136][139][140]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - On August 21, 2025, all stock indices oscillated and consolidated. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.4603 trillion yuan, an increase of 11.9 billion yuan from the previous day. The trading volume in the stock market remained above 2 trillion yuan, indicating that investors' sentiment was still relatively positive. However, due to the significant gains in some stocks, there was a need for profit - taking among profitable funds, and technically, there was a need for consolidation. Currently, the positive expectations strongly supported the stock indices. Anti - involution policies and consumption - promotion policies promoted a moderate recovery of the price index from both supply and demand sides, facilitating the repair of corporate profits. The capital market was relatively loose, and incremental funds continuously flowed into the stock market, driving the repair of stock index valuations. In general, it was expected that the stock indices would oscillate with a bias towards strength in the short term. - The implied volatility of options had rebounded. Considering the long - term upward trend of stock indices, investors could continue to hold bull spreads or ratio spreads for a moderate bullish outlook [4] Summary by Related Catalogs 1 Option Indicators - On August 21, 2025, the 50ETF rose 0.50% to close at 2.990; the 300ETF (Shanghai Stock Exchange) rose 0.32% to close at 4.378; the 300ETF (Shenzhen Stock Exchange) rose 0.44% to close at 4.515; the CSI 300 Index rose 0.39% to close at 4288.07; the CSI 1000 Index fell 0.71% to close at 7253.34; the 500ETF (Shanghai Stock Exchange) fell 0.56% to close at 6.786; the 500ETF (Shenzhen Stock Exchange) fell 0.59% to close at 2.712; the ChiNext ETF fell 0.62% to close at 2.572; the Shenzhen 100ETF rose 0.10% to close at 3.124; the SSE 50 Index rose 0.53% to close at 2862.18; the Science and Technology Innovation 50ETF rose 0.00% to close at 1.21; and the E Fund Science and Technology Innovation 50ETF rose 0.08% to close at 1.18 [6] - The trading volume PCR and持仓量 PCR of various options on August 21, 2025, and their changes compared to the previous trading day were provided in detail, including those of 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [7] - The implied volatility of at - the - money options and the 30 - trading - day historical volatility of the underlying assets of various options were presented, such as the 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [8][9] 2 Related Charts - **Shanghai 50ETF Options**: Included charts of the Shanghai 50ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [10][11][12] - **Shanghai Stock Exchange 300ETF Options**: Included charts of the Shanghai Stock Exchange 300ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [21][22][23] - **Shenzhen Stock Exchange 300ETF Options**: Included charts of the Shenzhen Stock Exchange 300ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [34][35][36] - **CSI 300 Index Options**: Included charts of the CSI 300 index trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [47][48][49] - **CSI 1000 Index Options**: Included charts of the CSI 1000 index trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [60][61][62] - **Shanghai Stock Exchange 500ETF Options**: Included charts of the Shanghai Stock Exchange 500ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [74][75][76] - **Shenzhen Stock Exchange 500ETF Options**: Included charts of the Shenzhen Stock Exchange 500ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [87][88][89] - **ChiNext ETF Options**: Included charts of the ChiNext ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [102][103][104] - **Shenzhen 100ETF Options**: Included charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [115][116][117] - **Shanghai 50 Index Options**: Included charts of the Shanghai 50 index trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [128][129][130] - **Science and Technology Innovation 50ETF Options**: Included charts of the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [141][142][143] - **E Fund Science and Technology Innovation 50ETF Options**: Included charts of the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [146][147][148]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - Today, the stock index trends were volatile and differentiated. The Shanghai Stock Exchange 50 Index rose slightly after a rise and fall throughout the day, while the CSI 500 and CSI 1000 showed weak performance and closed slightly lower. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2,306.3 billion yuan, an increase of 131.1 billion yuan from the previous day. The high trading volume indicates an optimistic market sentiment. In the short term, due to the profit - taking demand of profitable funds after continuous rises, the stock index may experience short - term technical consolidation. However, the positive policy expectations strongly support the stock index. Anti - involution and consumption - promotion policies are conducive to promoting a moderate recovery of the price index, restoring the profit margins of listed companies, and promoting a positive cycle in the "residents' consumption - corporate profits - employee salaries" chain, leading to an increasing expectation of an improving macro - economic fundamentals. Overall, in the short term, the domestic policy expectations are positive, external risk factors are temporarily alleviated, the risk appetite of the stock market continues to recover, and the stock index will mainly show a volatile and upward trend. Currently, the implied volatility of options has rebounded. Considering the long - term upward trend of the stock index, investors can continue to hold bull spreads or ratio spreads to maintain a moderately bullish view [2] 3. Summary by Relevant Catalogs 3.1 Option Indicators - On August 14, 2025, the 50ETF rose 0.48% to 2.954; the 300ETF (Shanghai Stock Exchange) fell 0.16% to 4.256; the 300ETF (Shenzhen Stock Exchange) fell 0.16% to 4.392; the CSI 300 Index fell 0.08% to 4,173.31; the CSI 1000 Index fell 1.24% to 6,976.49; the 500ETF (Shanghai Stock Exchange) fell 1.03% to 6.514; the 500ETF (Shenzhen Stock Exchange) fell 1.14% to 2.601; the ChiNext ETF fell 1.09% to 2.446; the Shenzhen 100ETF fell 0.70% to 2.992; the Shanghai Stock Exchange 50 Index rose 0.59% to 2,829.47; the Science and Technology Innovation 50ETF rose 0.79% to 1.14; the E Fund Science and Technology Innovation 50ETF rose 0.54% to 1.11 [5] - The trading volume PCR and position PCR of various options changed compared to the previous trading day. For example, the trading volume PCR of the Shanghai Stock Exchange 50ETF option was 68.37 (previous day: 68.38), and the position PCR was 114.70 (previous day: 103.45) [6] - The implied volatility of at - the - money options and the 30 - day historical volatility of the underlying assets of various options were reported. For instance, the implied volatility of the at - the - money option of the Shanghai Stock Exchange 50ETF option in August 2025 was 13.41%, and the 30 - day historical volatility of the underlying asset was 8.18% [7] 3.2 Relevant Charts - **Shanghai Stock Exchange 50ETF Option**: Charts include the Shanghai Stock Exchange 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [9] - **Shanghai Stock Exchange 300ETF Option**: Charts cover the Shanghai Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [20] - **Shenzhen Stock Exchange 300ETF Option**: Charts involve the Shenzhen Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [33] - **CSI 300 Index Option**: Charts include the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [36] - **CSI 1000 Index Option**: Charts cover the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [49] - **Shanghai Stock Exchange 500ETF Option**: Charts involve the Shanghai Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [63] - **Shenzhen Stock Exchange 500ETF Option**: Charts include the Shenzhen Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [75] - **ChiNext ETF Option**: Charts cover the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [88] - **Shenzhen 100ETF Option**: Charts involve the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [99] - **Shanghai Stock Exchange 50 Index Option**: Charts include the Shanghai Stock Exchange 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [112] - **Science and Technology Innovation 50ETF Option**: Charts cover the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [126] - **E Fund Science and Technology Innovation 50ETF Option**: Charts involve the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [129]

Group 1 - The core viewpoint of the article indicates that the stock market is experiencing a trend of oscillating upward movement, with significant gains in the CSI 500 and CSI 1000 indices [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 21,752 billion yuan, an increase of 2,700 billion yuan compared to the previous day, reflecting a rising risk appetite among investors [1] - The People's Bank of China and the Ministry of Finance have jointly introduced two loan interest subsidy policies aimed at boosting consumption, which is expected to promote a positive cycle in the "household consumption - corporate profits - employee salaries" chain [1] Group 2 - The article notes that the continuous rise in the stock market may lead to profit-taking demands, suggesting the possibility of short-term technical consolidation [1] - Overall, the short-term domestic policy outlook is strong, external risk factors are easing, and the stock market's risk appetite is recovering, indicating a bullish trend for the indices in the near term [1] - The implied volatility of options is currently within a normal range, and given the medium to long-term upward trend of the indices, it is suggested to maintain a bullish outlook through bull spreads or ratio spreads [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - All stock indices fluctuated upwards today. The half - day trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1.8499 trillion yuan, an increase of 113.6 billion yuan compared to the previous day [3]. - In July, the month - on - month decline of PPI narrowed, and the supply - demand relationship in some industries improved, with prices showing positive changes. Policy support and positive expectations from anti - involution policies, along with the suspension of overseas uncertainty risks, jointly promoted the recovery of the stock market's risk appetite [3]. - Considering that some stocks have already achieved significant gains, there is a need for technical consolidation in the later market. In the short term, there is a possibility of consolidation and accumulation for stock indices, but in the long - term, the upward trend of stock indices remains unchanged. Currently, the stock market's risk appetite is rising, and it is expected that stock indices will fluctuate strongly in the short term [3]. - The current implied volatility of options is within the normal range. Considering the long - term upward trend of stock indices, investors can continue to hold bull spreads or ratio spreads for a mild bullish view [3]. 3. Summary by Related Catalogs 3.1 Option Indicators - On August 11, 2025, 50ETF rose 0.07% to close at 2.912; 300ETF (Shanghai Stock Exchange) rose 0.45% to close at 4.202; 300ETF (Shenzhen Stock Exchange) rose 0.56% to close at 4.339; the CSI 300 Index rose 0.43% to close at 4122.51; the CSI 1000 Index rose 1.55% to close at 6943.94; 500ETF (Shanghai Stock Exchange) rose 1.05% to close at 6.464; 500ETF (Shenzhen Stock Exchange) rose 1.06% to close at 2.583; the GEM ETF rose 1.95% to close at 2.357; the Shenzhen 100ETF rose 1.42% to close at 2.934; the SSE 50 Index rose 0.03% to close at 2789.90; the STAR 50ETF rose 0.64% to close at 1.10; and the E Fund STAR 50ETF rose 0.65% to close at 1.08 [5]. - The trading volume PCR and position PCR of various options changed compared to the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 88.43 (previous day: 92.32), and the position PCR was 94.14 (previous day: 95.22) [6]. - The implied volatility of at - the - money options and the 30 - 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 August 2025 was 11.66%, and the 30 - day historical volatility of the underlying asset was 8.08% [7]. 3.2 Related Charts - The report includes multiple charts related to different types of options, such as the trend, volatility, trading volume PCR, position PCR, implied volatility curve, and term - structure of at - the - money implied volatility of SSE 50ETF options, SSE 300ETF options, etc. For example, there are charts showing the trend of SSE 50ETF and the volatility of SSE 50ETF options [9][10].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - Today, all stock indices fluctuated and consolidated. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1619.9 billion yuan, a decrease of 342 billion yuan from the previous day. Due to the significant gains of some stocks since late June, some profit - taking funds have a need to lock in profits, so the stock indices have a short - term need for technical consolidation. The recent decline in the trading volume of the stock market indicates a decline in investors' risk appetite. Since incremental policy benefits may need to wait until the Fourth Plenary Session of the 20th CPC Central Committee in October, the driving force of policy benefits has weakened marginally in the short term. In general, the stock indices are expected to fluctuate within a range in the short term. Currently, the implied volatility of options has rebounded. Considering the long - term upward trend of the stock indices, investors can continue to hold bull spreads or ratio spreads for a mild bullish view [3] 3. Summary by Relevant Catalogs 3.1 Option Indicators - On August 1, 2025, the 50ETF fell 0.79% to 2.876; the 300ETF (Shanghai Stock Exchange) fell 0.53% to 4.133; the 300ETF (Shenzhen Stock Exchange) fell 0.49% to 4.263; the CSI 300 Index fell 0.51% to 4054.93; the CSI 1000 Index rose 0.14% to 6670.47; the 500ETF (Shanghai Stock Exchange) fell 0.16% to 6.287; the 500ETF (Shenzhen Stock Exchange) fell 0.28% to 2.510; the GEM ETF rose 0.09% to 2.303; the Shenzhen 100ETF fell 0.24% to 2.877; the SSE 50 Index fell 0.79% to 2754.13; the STAR 50ETF fell 0.91% to 1.09; the E Fund STAR 50ETF fell 0.93% to 1.06 [5] - The trading volume PCR and position PCR of various options changed compared with the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 109.66 (previous day: 92.57), and the position PCR was 86.82 (previous day: 87.58) [6] - The implied volatility of at - the - money options in August 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided. For instance, the implied volatility of at - the - money SSE 50ETF options in August 2025 was 14.49%, and the 30 - trading - day historical volatility of the underlying asset was 9.33% [7] 3.2 Relevant 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 each term [9][11][13] - **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 each term [19][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 each term [22][24] - **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 each term [35][37] - **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 each term [48][51] - **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 each term [62][64] - **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 each term [75][78] - **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 each term [89][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 each term [102][104] - **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 each term [115][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 each term [129][131] - **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 each term [133][136]

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - On July 31, 2025, all stock indices fluctuated and declined. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 196.18 billion yuan, an increase of 9.09 billion yuan from the previous day [3]. - The manufacturing PMI in July was 49.3, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity and the continued existence of insufficient effective domestic demand [3]. - Considering that the Politburo meeting in July mainly emphasized the implementation of existing policies, incremental policies may need to wait for the Fourth Plenary Session of the 20th CPC Central Committee in October. In the short term, the driving force of policy -利好 expectations will gradually weaken [3]. - Since late June, some stocks have achieved significant gains, and some profit - taking funds have a need to take profits. Therefore, the stock indices have a short - term need for technical consolidation [3]. - Given that the trading volume of the stock market is still at a high level, the downward space of the stock indices is expected to be limited. It is expected that the stock indices will mainly fluctuate within a range in the short term [3]. - Currently, the implied volatility of options has rebounded. Considering that the stock indices are upward in the medium and long term, investors can continue to hold bull spreads or ratio spreads for a mild long - position view [3]. 3. Summaries According to Relevant Catalogs 3.1 Option Indicators - On July 31, 2025, 50ETF fell 1.50% to 2.899; 300ETF (Shanghai Stock Exchange) fell 1.82% to 4.155; 300ETF (Shenzhen Stock Exchange) fell 1.88% to 4.284; the CSI 300 Index fell 1.82% to 4075.59; the CSI 1000 Index fell 0.85% to 6661.19; 500ETF (Shanghai Stock Exchange) fell 1.44% to 6.297; 500ETF (Shenzhen Stock Exchange) fell 1.41% to 2.517; the ChiNext ETF fell 1.88% to 2.301; the Shenzhen 100ETF fell 2.00% to 2.884; the SSE 50 Index fell 1.54% to 2775.99; the STAR 50ETF fell 0.99% to 1.10; and E Fund STAR 50ETF fell 1.01% to 1.07 [5]. - The trading volume PCR and position PCR of various options changed compared with the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 92.57 (the previous trading day was 85.10), and the position PCR was 89.67 (the previous trading day was 100.85) [6]. - The implied volatility of the at - the - money options in August 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided. For example, the implied volatility of the at - the - money options of SSE 50ETF options in August 2025 was 14.87%, and the 30 - trading - day historical volatility of the underlying asset was 8.07% [7]. 3.2 Relevant Charts - **SSE 50ETF Options**: Include charts of SSE 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [9][11][13]. - **SSE 300ETF Options**: Include charts of SSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [18][19]. - **SZSE 300ETF Options**: Include charts of SZSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [21][22]. - **CSI 300 Index Options**: Include charts of CSI 300 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [33][34]. - **CSI 1000 Index Options**: Include charts of CSI 1000 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [46][47]. - **SSE 500ETF Options**: Include charts of SSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [57][58]. - **SZSE 500ETF Options**: Include charts of SZSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [70][71]. - **ChiNext ETF Options**: Include charts of ChiNext ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [82][83]. - **Shenzhen 100ETF Options**: Include charts of Shenzhen 100ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [95][96]. - **SSE 50 Index Options**: Include charts of SSE 50 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [108][109]. - **STAR 50ETF Options**: Include charts of STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [122][123]. - **E Fund STAR 50ETF Options**: Include charts of E Fund STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [125][126].