Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot Rolled Coil: ★☆☆ [1] - Iron Ore: ★☆☆ [1] - Coke: ★☆☆ [1] - Coking Coal: ★☆☆ [1] - Ferrosilicon: ★☆★ [1] Core Views - The steel market is affected by factors such as weak terminal demand, policy expectations, and cost support, with the price rebounding but limited by demand [1] - The iron ore market is expected to be volatile and strong in the short - term, due to factors like supply and demand changes and policy expectations [2] - The coke and coking coal markets are likely to be prone to rising and difficult to fall, supported by downstream demand and cost expectations [3][5] - The silicon manganese and ferrosilicon markets are driven by steel, with overall good demand and attention to external trade frictions [6][7] Summaries by Related Categories Steel - Today's steel futures rebounded with fluctuations. Thread demand recovered this week but was still weak year - on - year, production increased, and inventory decreased. Hot - rolled coil demand rose, production was flat, and inventory decreased. Iron - water production remained high, but downstream acceptance was insufficient. With the decline in steel mill profits, the negative feedback expectation in the industrial chain continued to ferment. From September data, domestic demand was weak, and steel exports remained high. The market rebounded due to policy expectations and cost increases, but the weak demand limited the rebound space [1] Iron Ore - Today's iron ore futures were volatile and strong. Supply was strong globally, domestic arrivals declined from a high level, and port inventory continued to accumulate. Demand - side iron - water production was gradually falling from a high level, and the pressure to cut production would increase in the future. With expectations of policy benefits, the market sentiment improved. It is expected to be volatile and strong in the short - term [2] Coke - Coke prices rose during the day. The second round of price hikes in the coking industry started. Coking profits were average, and daily production decreased slightly. Coke inventory continued to decline slightly. Downstream buyers purchased on demand, and traders' purchasing willingness was average. Overall, carbon supply was abundant, and the high - level iron - water production supported the price. The price was likely to be prone to rising and difficult to fall [3] Coking Coal - Coking coal prices rose during the day. Due to political unrest in Mongolia, the stability of Mongolian coal imports was a concern. Coking coal mine production increased slightly, spot auction transactions improved, and prices rose. Terminal inventory increased, and total inventory rose slightly. The price was likely to be prone to rising and difficult to fall [5] Silicon Manganese - Silicon manganese prices rose with fluctuations during the day, driven by steel. Iron - water production remained high on the demand side. Weekly production declined slightly, inventory decreased slightly, and both futures and spot demand were good. Manganese ore prices increased slightly, and inventory decreased slightly [6] Ferrosilicon - Ferrosilicon prices rose with fluctuations during the day, driven by steel. Iron - water production remained high on the demand side. Export demand was about 30,000 tons, with a marginal impact. Magnesium production increased slightly, and overall demand was okay. Supply remained high, and inventory continued to decline [7]

Report Industry Investment Ratings - The operation ratings for various products are as follows: Thread steel, hot-rolled coil, iron ore, coke, coking coal, silicon manganese, and ferrosilicon are all rated ★☆☆, indicating a bullish/bearish bias with limited operability on the trading floor [1] Core Viewpoints - The steel market has rebounded after adjustment, but the rhythm remains volatile, influenced by factors such as Sino-US relations and domestic demand - stimulating policies [2] - The short - term trend of iron ore is expected to be a strong - side oscillation [3] - The prices of coke and coking coal are likely to be more prone to rising than falling [4][5] - The prices of silicon manganese and ferrosilicon are moving up in an oscillatory manner, and attention should be paid to external trade frictions [6][7] Summary by Related Catalogs Steel - The demand for thread steel has rebounded month - on - month but remains weak year - on - year, with production declining and inventory decreasing; the demand for hot - rolled coil has also increased, production has slightly decreased, and the inventory accumulation has slowed down [2] - Iron - making production has slightly decreased but remains high, and downstream carrying capacity is insufficient. The negative feedback expectation in the industrial chain persists [2] - In September, real estate investment continued to decline significantly, and the growth rates of infrastructure and manufacturing investment continued to fall. Domestic demand is weak, while steel exports remain high [2] Iron Ore - On the supply side, global shipments have increased month - on - month and are stronger than the same period last year, domestic arrivals have dropped from a high level, and port inventories have increased significantly [3] - On the demand side, iron - making production is gradually falling from a high level, and the pressure of production reduction in the future is increasing [3] - There are concerns about external trade frictions and negative feedback in the industrial chain, but there are also expectations for policy benefits [3] Coke - The second round of price increases for coking has started. Coking profits are average, and daily production has slightly decreased [4] - Coke inventories continue to decline slightly. Downstream purchases are on a small - scale and as needed, and traders' purchasing willingness is average [4] - Carbon element supply is abundant, and high - level iron - making production provides support. The support near the previous low is relatively solid [4] Coking Coal - The output of coking coal mines has slightly increased, spot auction transactions have improved, and transaction prices have mostly risen. Terminal inventories have increased [5] - Total coking coal inventories have slightly increased month - on - month, and production - end inventories have slightly decreased. Post - holiday production has not increased significantly [5] - Carbon element supply is abundant, and high - level iron - making production provides support. The support near the previous low is relatively solid [5] Silicon Manganese - Attention is paid to the tender pricing news of a large steel mill in the north. The current inquiry price is 5,800 yuan/ton, a 200 - yuan/ton decrease from the September transaction price [6] - Iron - making production remains high on the demand side. Weekly silicon manganese production has slightly decreased but remains at a high level, and inventories have slightly decreased [6] - Manganese ore shipping quotes have slightly increased month - on - month, and spot ores have been boosted by the trading floor. Manganese ore inventories have slightly decreased, and contradictions are not prominent [6] Ferrosilicon - Attention is paid to steel tender - related news. Iron - making production remains high on the demand side [7] - Export demand remains at around 30,000 tons, with a marginal impact. The production of magnesium metal has slightly increased month - on - month, and secondary demand has slightly increased marginally [7] - Ferrosilicon supply remains at a high level, and on - balance - sheet inventories are continuously decreasing [7]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The overall view of the stock index futures is wide - range fluctuation. In the short - term, it is expected to maintain wide - range fluctuation, with the intraday view being oscillating strongly, and the medium - term view being upward [1][5]. 3. Summary According to Relevant Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For the IH2512 variety, the short - term view is oscillation, the medium - term view is upward, the intraday view is oscillating strongly, and the reference view is wide - range fluctuation. The core logic is the game between the short - term capital's profit - taking willingness and the medium - and long - term policy favorable expectations [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is oscillating strongly, the medium - term view is upward, and the reference view is wide - range fluctuation. The core logic is that the stock indexes oscillated and rose yesterday. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 1892.7 billion yuan, an increase of 141.4 billion yuan from the previous day. The inflation and credit data in September were weak, with the problem of insufficient effective domestic demand still existing, strengthening the expectation of policies to stabilize demand and providing medium - and long - term support for the stock index. The 20th Fourth Plenary Session was held from Monday to Wednesday this week, increasing the expectation of policy benefits. Coupled with the marginal mitigation of overseas tariff risks, market sentiment improved. The subsequent market trend depends on the rhythm change of the game between profit - taking sentiment and policy favorable expectations [5].

Oil Market - International oil prices declined, with Brent crude falling by 0.65%. Since September, global oil inventory accumulation has accelerated, reaching a 1.5% increase in the fourth quarter. The mid-term outlook for the oil market remains under pressure due to ongoing US-China trade tensions, despite upward revisions in earnings forecasts by three major institutions for the next two years [2] - Geopolitical risks have eased following a ceasefire agreement in Gaza, leading to a reduction in oil market risk premiums. However, with oil prices nearing the lows seen during the trade war in April, the short-term downward momentum is weakening, suggesting a potential shift to a weak consolidation phase [2] Precious Metals - Precious metals rebounded, with market sentiment influenced by ongoing negotiations regarding US-China trade, the Russia-Ukraine conflict, and the US government shutdown. The long-term upward trend for gold and silver remains intact, but short-term volatility risks have increased, suggesting a cautious approach to positions [3] Base Metals - Copper prices experienced fluctuations, supported by easing tariffs under Trump's policies and the potential end of the US government shutdown. However, domestic supply and demand conditions are mixed, with copper inventories rising. The outlook suggests high copper prices may lead to continued volatility [4] - Aluminum prices remained stable, with consumption levels since August showing little change year-on-year. Inventory levels have been neutral, indicating limited fundamental drivers for price movements [5] - The aluminum alloy market is facing tight scrap supply and rising costs due to tax policy adjustments, although high inventory levels are present [6] - Alumina production capacity is at historical highs, with rising inventories and evident oversupply. The average cost in September was around 3000 yuan, nearing levels that could trigger production cuts [7] - Zinc inventories increased, confirming a supply surplus. Despite short-term export opportunities, actual shipments remain limited, and zinc prices are under pressure [8] Steel and Iron Ore - Steel prices are fluctuating, with rebar demand showing a significant month-on-month increase, although year-on-year figures remain weak. Production continues to decline, and inventory levels are decreasing [15] - Iron ore prices are experiencing weak fluctuations, with global shipments increasing compared to last year. Domestic demand is expected to decrease as the peak season ends, leading to potential production cuts [16] Other Commodities - The LPG market is experiencing narrow fluctuations, with a slight increase in supply. Chemical demand is rising, but overall demand remains subdued [23] - The urea market is facing a loose supply-demand balance, with prices under pressure due to high inventories and limited export policies [24] - The cotton market is seeing stable prices amid weak demand, with ongoing attention to US-China trade relations [42] - The sugar market is under pressure from high production levels in Brazil, India, and Thailand, leading to a cautious outlook for prices [43]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - **Coke**: As of the week ending October 17, the combined daily average coke production of coking plants and steel mills was 1.1123 million tons, a week-on-week decrease of 12,700 tons. The daily average pig iron output of 247 steel mills nationwide was 2.4095 million tons, a week-on-week decrease of 5,900 tons. The coke inventories of upstream and downstream industries decreased. The inventory of all independent coking plants was 572,900 tons, a week-on-week decrease of 65,500 tons, and the coke inventory of 247 steel mills was 6.3944 million tons, a week-on-week decrease of 113,800 tons. Overall, both supply and demand of coke decreased, with a more significant reduction on the supply side, and the overall industrial chain inventory decreased. The fundamentals are relatively neutral, and the upward driving force mainly comes from the supply support of coking coal at the cost end and the expected policy benefits [6][34]. - **Coking Coal**: As of the week ending October 17, the daily average output of clean coal from 523 coking coal mines nationwide was 779,000 tons, a month-on-month increase of 27,000 tons and a year-on-year increase of 6,000 tons. At the import end, the Ganqimaodu Port resumed operation on October 8, with the daily traffic volume returning to around 1,100 - 1,300 vehicles. At the demand end, the combined daily average coke production of sample coking plants and steel mills was 1.1123 million tons, a week-on-week decrease of 12,700 tons. In terms of inventory, downstream coking plants and steel mills actively purchased this week, and the coking coal inventory was transferred downstream. As of the week ending October 17, the coking coal inventory of all independent coking plants was 9.9737 million tons, a month-on-month increase of 383,100 tons, and the coal inventory of 247 steel mills was 7.8832 million tons, a month-on-month increase of 71,900 tons. Overall, the fundamentals of coking coal lack support, but recent weather and anti - involution impacts in the main production areas have caused disturbances, driving the main coking coal futures contract to maintain a relatively strong volatile operation [7][35]. 3. Summary by Relevant Catalogs 3.1 Industry News - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China began in Beijing on the morning of the 20th. General Secretary Xi Jinping delivered a work report on behalf of the Political Bureau of the Central Committee and explained the "Proposal of the Central Committee of the Communist Party of China on Formulating the 15th Five - Year Plan for National Economic and Social Development (Discussion Draft)" to the plenary session [9]. - On October 20, the price of coking coal in the Jinzhong market remained stable. The ex - factory price of medium - sulfur main coking clean coal with specifications A10.5, S1.3, V25, G80, CSR65, and petrographic 0.15 was 1,300 yuan/ton including tax in cash [10]. 3.2 Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Coke (Rizhao Port Quasi - First - Grade FOB) | 1,520 | 0.00% | 3.40% | - 10.06% | - 21.65% | | Coke (Qingdao Port Quasi - First - Grade Ex - Warehouse) | 1,460 | 1.39% | 0.00% | - 9.88% | - 20.65% | | Coking Coal (Ganqimaodu Port Mongolian Coal) | 1,260 | - 1.56% | - 1.56% | 6.78% | - 20.25% | | Coking Coal (Australian - Produced in Jingtang Port) | 1,540 | 1.32% | - 4.35% | 3.36% | - 16.76% | | Coking Coal (Shanxi - Produced in Jingtang Port) | 1,660 | 0.00% | - 2.92% | 8.50% | - 14.87% | [11] 3.3 Futures Market | Futures | Active Contract | Closing Price | Increase/Decrease | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | - | 1,710.0 | 1.63 | 1,738.0 | 1,685.0 | 26,668 | 6,177 | 40,175 | - 560 | | Coking Coal | - | 1,216.0 | 2.66 | 1,238.5 | 1,187.0 | 1,072,864 | 202,940 | 618,806 | 12,271 | [14] 3.4 Relevant Charts - **Coke Inventory**: Charts show the inventory of 230 independent coking plants, 247 steel mill coking plants, port coke total inventory, and total coke inventory over the years [15][16][17][18]. - **Coking Coal Inventory**: Charts show the mine - mouth coking coal inventory, port coking coal inventory, 247 sample steel mill coking coal inventory, and all independent coking plant coking coal inventory over the years [21][24][26][31]. - **Other Charts**: Charts show domestic steel mill production (including blast furnace operating rate and steel mill profitability), Shanghai terminal wire rod and screw steel procurement volume, coal washing plant production (including clean coal inventory and operating rate), and coking plant operating conditions (including coke production profit and coke oven capacity utilization rate) [28][29][32][33]. 3.5后市研判 - The analysis of coke and coking coal is the same as the core viewpoints, including production, demand, inventory, and overall situation analysis [34][35].

Group 1: Report's Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - The subsequent market trend depends on the rhythm change of the game between profit - taking sentiment and policy - positive expectations. In the short term, stock index futures are expected to maintain wide - range fluctuations. The short - term view of IH2512 is shock, the medium - term view is rising, and the intraday view is shock - biased upward, with a wide - range shock as the reference view. For IF, IH, IC, and IM, the intraday view is shock - biased upward, the medium - term view is rising, and the reference view is wide - range shock [1][4]. Group 3: Summary by Relevant Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Section - For IH2512, the short - term is shock, the medium - term is rising, the intraday is shock - biased upward, and the view reference is wide - range shock. The core logic is the conflict between the short - term capital's profit - taking willingness and the medium - and long - term policy positive expectations [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Section - Last Friday, each stock index fluctuated and declined, showing weakness throughout the day. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 195.44 billion yuan, an increase of 570 million yuan compared with the previous day. Recently, overseas uncertain risk factors have increased, the risk - aversion sentiment has risen, and stocks with large previous gains face technical adjustment pressure due to profit - taking. From a macro perspective, the inflation and credit data in September were weak, strengthening the expectation of future policy - driven demand - stabilizing policies, which provides medium - and long - term support for the stock index. A major policy meeting will be held this week, and it is highly certain that the policy will stabilize demand and expectations. Overall, the future market trend depends on the game between profit - taking sentiment and policy - positive expectations, and the stock index is expected to maintain wide - range fluctuations in the short term [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On October 17, 2025, all stock indices fluctuated and declined, showing weakness throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1954.4 billion yuan, an increase of 570 million yuan from the previous day. Recently, overseas uncertainty risk factors have increased, and the risk - aversion sentiment has risen. Stocks with large previous gains face technical adjustment pressure due to profit - taking. From a macro perspective, the inflation and credit data in September were weak, strengthening the expectation of demand - stabilizing policies on the policy front, which provides medium - to - long - term support for the stock indices. A major policy meeting will be held next week, and the policy front is highly likely to stabilize demand and expectations. In general, the subsequent market trend depends on the rhythm change of the game between profit - taking sentiment and policy -利好 expectations. In the short term, the stock indices are expected to remain in a wide - range shock. Currently, the implied volatility of options remains relatively stable. Considering the medium - to - long - term upward trend of the stock indices, investors can continue to hold bull spreads or covered calls [3] 3. Summary by Relevant Catalogs 3.1 Option Indicators - **Index and ETF Performance**: On October 17, 2025, the 50ETF fell 1.55% to 3.110; the 300ETF (Shanghai Stock Exchange) fell 2.05% to 4.624; the 300ETF (Shenzhen Stock Exchange) fell 2.13% to 4.768; the CSI 300 Index fell 2.26% to 4514.23; the CSI 1000 Index fell 2.92% to 7185.48; the 500ETF (Shanghai Stock Exchange) fell 3.03% to 7.114; the 500ETF (Shenzhen Stock Exchange) fell 2.84% to 2.844; the ChiNext ETF fell 3.28% to 2.915; the Shenzhen 100ETF fell 2.92% to 3.393; the SSE 50 Index fell 1.70% to 2967.77; the STAR 50ETF fell 3.63% to 1.43; the E Fund STAR 50ETF fell 3.68% to 1.39 [5] - **Volume and Open Interest PCR**: The report provides the volume and open interest PCR data of various options on October 17, 2025, and their changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 107.36 (previous day: 94.91), and the open interest PCR was 80.26 (previous day: 84.60) [6] - **Implied Volatility and Historical Volatility**: The report lists the implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options. For instance, the implied volatility of at - the - money SSE 50ETF options in November 2025 was 14.46%, and the 30 - trading - day historical volatility of the underlying asset was 13.31% [7] 3.2 Relevant Charts - **SSE 50ETF Options**: It includes charts of the SSE 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][11][13][19] - **SSE 300ETF Options**: There are charts of the SSE 300ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22][24][26] - **SZSE 300ETF Options**: The charts cover the SZSE 300ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [32][34][36][38] - **CSI 300 Index Options**: Include charts of the CSI 300 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [45][47][49][51] - **CSI 1000 Index Options**: There are charts of the CSI 1000 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [58][62][64][66] - **SSE 500ETF Options**: The charts involve the SSE 500ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [73][75][77][79] - **SZSE 500ETF Options**: Include charts of the SZSE 500ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [86][89][91][92] - **ChiNext ETF Options**: There are charts of the ChiNext ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [99][101][103][105] - **Shenzhen 100ETF Options**: The charts cover the Shenzhen 100ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [112][114][116][118] - **SSE 50 Index Options**: Include charts of the SSE 50 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [125][127][129][131] - **STAR 50ETF Options**: There are charts of the STAR 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [138][140][141][147] - **E Fund STAR 50ETF Options**: The charts cover the E Fund STAR 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [148][150][151][154]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The subsequent market trend depends on the rhythm change of the game between profit - taking sentiment and policy - positive expectations. In the short term, stock index futures are expected to remain in a wide - range shock [5]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is shock, the medium - term view is upward, the intraday view is shock - biased upward, and the overall view is wide - range shock. The core logic is the conflict between short - term capital profit - taking willingness and the fermentation of medium - and long - term policy - positive expectations [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is shock - biased upward, the medium - term view is upward, and the reference view is wide - range shock. The core logic is that yesterday, each stock index showed shock and differentiation. The Shanghai Composite 50 and CSI 300 closed up in shock, while the CSI 500 and CSI 1000 closed down in shock. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 194.87 billion yuan, a decrease of 14.17 billion yuan from the previous day. The newly released September financial data shows that the financing demand of the household sector is still weak, and the problem of insufficient effective domestic demand still exists. Coupled with the external tariff factor disturbance, the expectation of policy - side stabilizing the macro - fundamentals is strong, which forms the medium - and long - term support for the stock index. However, in the short term, there are still external uncertainty risks before November, and the stock valuation has increased significantly, so investors' willingness to take profits has risen, and there is short - term technical adjustment pressure [5].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Today, the stock indices showed mixed trends. The SSE 50 and CSI 300 closed up, while the CSI 500 and CSI 1000 closed down. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1948.7 billion yuan, a decrease of 141.7 billion yuan from the previous day. The latest financial data for September indicates that the financing demand of the household sector remains weak, and the problem of insufficient effective domestic demand persists. Coupled with the ongoing impact of external tariff factors, there are strong expectations for policy measures to stabilize the macro - fundamentals in the future, which will provide long - term support for the stock indices. However, in the short term, there are still uncertainties and risks before November, and the significant increase in stock valuations has led to an increase in investors' willingness to take profits, resulting in short - term technical adjustment pressure. Overall, the subsequent market trend depends on the interaction between profit - taking sentiment and policy - driven positive expectations, and the stock indices are expected to remain volatile in the short term. Currently, the implied volatility of options remains relatively stable. Considering the long - term upward trend of the stock indices, investors can continue to hold bull spreads or covered calls [4]. 3. Summary of Each Section 3.1 Option Indicators - On October 16, 2025, the 50ETF rose 0.67% to close at 3.159; the 300ETF (SSE) rose 0.32% to close at 4.721; the 300ETF (SZSE) rose 0.21% to close at 4.872; the CSI 300 Index rose 0.26% to close at 4618.42; the CSI 1000 Index fell 1.09% to close at 7401.84; the 500ETF (SSE) fell 0.77% to close at 7.336; the 500ETF (SZSE) fell 0.88% to close at 2.927; the GEM ETF rose 0.37% to close at 3.014; the Shenzhen 100ETF rose 0.26% to close at 3.495; the SSE 50 Index rose 0.59% to close at 3019.20; the Science and Technology Innovation 50ETF fell 0.93% to close at 1.49; and the E Fund Science and Technology Innovation 50ETF fell 0.82% to close at 1.46 [6]. - The trading volume PCR and open interest PCR of various options are presented, showing changes compared to the previous trading day [7]. - The implied volatility of at - the - money options and the 30 - day historical volatility of the underlying assets for various options are provided [8][9]. 3.2 Related Charts - **SSE 50ETF Options**: Include charts of 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]. - **SSE 300ETF Options**: Include charts of 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]. - **SZSE 300ETF Options**: Include charts of the SZSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [35][36][37]. - **CSI 300 Index Options**: Include charts of 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 [48][49][50]. - **CSI 1000 Index Options**: Include charts of 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 [61][62][63]. - **SSE 500ETF Options**: Include charts of the SSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [75][76][77]. - **SZSE 500ETF Options**: Include charts of the SZSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [87][88][89]. - **GEM ETF Options**: Include charts of the GEM ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [100][101][102]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [113][114][115]. - **SSE 50 Index Options**: Include charts of 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 [126][127][128]. - **Science and Technology Innovation 50ETF Options**: Include charts of 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 different tenors [141][142][143]. - **E Fund Science and Technology Innovation 50ETF Options**: Include charts of 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 different tenors [151][152][153].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The stock index is expected to maintain wide - range fluctuations in the short term due to the game between profit - taking sentiment and policy support. In the medium term, it is expected to rise as the inflow trend of funds into A - shares remains unchanged and policy support is strong [1][5]. 3. Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is "oscillation", the medium - term view is "rise", the intraday view is "oscillation with a slight upward bias", and the overall view is "wide - range oscillation". The core logic is the conflict between short - term profit - taking willingness of funds and the fermentation of long - and medium - term policy - favorable expectations [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is "oscillation with a slight upward bias", the medium - term view is "rise", and the reference view is "wide - range oscillation". Yesterday, all stock indexes oscillated and rebounded. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.0904 trillion yuan, a decrease of 506.2 billion yuan from the previous day. The market sentiment is generally optimistic, and there is capital entering the market on dips. However, there is also caution among funds chasing higher near the previous high. In the short term, there are external uncertainties and high valuation levels, leading to technical correction pressure. In the long - and medium - term, policy support is strong due to issues such as insufficient domestic demand and external tariff disturbances [5].