日度数据跟踪 2025 年 12 月 21 日 【商品期权日报 1222】商品期权成 交量 509 万张，PTA 期权 IV 上升 2.26% 重要事项：本报告版权归银河期货有限公司所有。未获得银河期货书面 授权，任何人不得对本报告进行任何形式的发布、复制。本报告的信息 均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证， 也不保证所包含的信息和建议不会发生任何变更。我们已力求报告内容 的客观、公正，但文中的观点、结论和建议仅供参考，报告中的信息或 意见并不构成交易建议，投资者据此做出的任何投资决策与本公司和作 者无关。 有关分析师承诺，见本报告最后部分。并请阅读报告最后一页的免责声 明。 分析师 谢怡伦 从业资格号：F03135587 投资咨询号：Z0021150 Tel：021-65789205 Email： xieyilun_qh@chinastock.com.cn 期 权 研 究 1 衍生品业务总部 | 一． | 行情速览 3 | | --- | --- | | 1.1. | 成交持仓量 3 | | 1.2. | 波动率 5 | | 二． | 品种研究 6 | | 2.1. | 豆粕期权 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Directory Option Trading Volume - On December 18, 2025, the trading volume of SSE 50 ETF options was 1.3697 million contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1.7561 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1.9057 million contracts; the trading volume of Shenzhen 100 ETF options was 0.0827 million contracts; the trading volume of ChiNext ETF options was 2.0896 million contracts; the trading volume of SSE 50 index options was 0.042 million contracts; the trading volume of CSI 300 index options was 0.2145 million contracts; the total trading volume of CSI 1000 options was 0.3346 million contracts [1] - The table shows the call, put, and total trading volumes of various index ETF options on the same day, such as the call trading volume of SSE 50 ETF options was 0.4096 million contracts, the put trading volume was 0.4954 million contracts, and the total trading volume was 0.905 million contracts [18] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.73, with a month - on - month change of - 0.04; the open interest PCR was reported at 1.03, with a month - on - month change of + 0.02. Similar data is provided for other types of options [2] - The table presents the turnover PCR, its month - on - month change, open interest PCR, and its month - on - month change for various index ETF options [31] Option VIX - The VIX of SSE 50 ETF options was reported at 13.63%, with a month - on - month change of - 0.25%; the VIX of CSI 300 ETF options (Shanghai market) was reported at 16.28%, with a month - on - month change of + 0.23%. Similar data is provided for other types of options [3] - The table shows the VIX and its month - on - month change value for various index ETF options [47]

Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. Core Viewpoint There is no clear core viewpoint presented in the provided content. Summary by Directory 1. Option Trading Volume - On December 17, 2025, the trading volume of SSE 50 ETF options was 1.3061 million contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1.6464 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1.9001 million contracts; the trading volume of Shenzhen 100 ETF options was 0.0808 million contracts; the trading volume of ChiNext ETF options was 2.9914 million contracts; the trading volume of SSE 50 index options was 0.0645 million contracts; the trading volume of CSI 300 index options was 0.1825 million contracts; and the total trading volume of CSI 1000 options was 0.4433 million contracts [1]. - The table also shows the call, put, and total trading volumes of various index ETF options on the same day, such as 0.7279 million call contracts and 0.6419 million put contracts for SSE 50 ETF options, with a total of 1.3697 million contracts [18]. 2. Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.77, with a month - on - month change of - 0.51; the open - interest PCR was reported at 1.00, with a month - on - month change of + 0.13. Similar data for other options are also provided, like the turnover PCR of CSI 300 ETF options (Shanghai market) was 0.96, with a month - on - month change of - 0.57, and the open - interest PCR was 1.10, with a month - on - month change of + 0.18 [2]. - The table details the turnover PCR, its month - on - month change, open - interest PCR, and its month - on - month change for various index ETF options [32]. 3. Option VIX - The VIX of SSE 50 ETF options was reported at 13.87%, with a month - on - month change of - 1.19%. For CSI 300 ETF options (Shanghai market), the VIX was 16.05%, with a month - on - month change of - 0.21%. Similar data for other options are presented, such as the VIX of ChiNext ETF options was 27.52%, with a month - on - month change of + 0.16% [3]. - The table shows the VIX and its month - on - month change values for various index ETF options [48].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint No information provided. 3. Summary by Directory Option Trading Volume - On December 16, 2025, the trading volume of SSE 50 ETF options was 852,200 contracts; CSI 300 ETF options (Shanghai market) was 975,800 contracts; CSI 500 ETF options (Shanghai market) was 1,128,400 contracts; Shenzhen 100 ETF options was 65,700 contracts; GEM ETF options was 2,781,200 contracts; SSE 50 index options was 58,600 contracts; CSI 300 index options was 119,700 contracts; and CSI 1000 options was 400,700 contracts [1]. - The table shows the call, put, and total trading volumes of various index ETF options on the same day, such as 559,000 call and 747,100 put contracts for SSE 50 ETF options, with a total of 1,306,100 contracts [19]. Option PCR - The PCR data of various options shows that the turnover PCR and its changes, as well as the position PCR and its changes, have different performances. For example, the turnover PCR of SSE 50 ETF options was 1.29, with a month - on - month change of +0.55; the position PCR was 0.87, with a month - on - month change of - 0.18 [2][34]. Option VIX - The VIX of various options and their month - on - month changes are presented. For instance, the VIX of SSE 50 ETF options was 15.06%, with a month - on - month change of +0.83%; the VIX of CSI 300 ETF options (Shanghai market) was 16.27%, with a month - on - month change of +0.66% [3][47].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report presents a daily overview of the stock index options market, including option trading volume, PCR (Put-Call Ratio), and VIX (Volatility Index) data for various stock index options on December 14, 2025. 3. Summary by Relevant Catalog Option Trading Volume - On December 14, 2025, the trading volume of Shanghai - 50 ETF options was 719,600 contracts; CSI 300 ETF options (Shanghai) was 955,400 contracts; CSI 500 ETF options (Shanghai) was 1,066,900 contracts; Shenzhen 100 ETF options was 65,900 contracts; GEM ETF options was 2,261,500 contracts; Shanghai - 50 stock index options was 34,600 contracts; CSI 300 stock index options was 109,300 contracts; and CSI 1000 options was 286,600 contracts [1]. - The detailed breakdown of call, put, and total trading volumes for each option type is also provided in Table 1, such as the total trading volume of Shanghai - 50 ETF options was 873,200 contracts (418,900 call and 454,300 put) [19]. Option PCR - The PCR data (including turnover PCR and open - interest PCR) and their环比 changes for different stock index options are presented. For example, the turnover PCR of Shanghai - 50 ETF options was 0.79 with a环比 change of - 0.03, and the open - interest PCR was 1.00 with a环比 change of + 0.07 [2][34]. Option VIX - The VIX data and their环比 changes for different stock index options are given. For instance, the VIX of Shanghai - 50 ETF options was 13.82% with a环比 change of - 0.54% [3][48].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The report presents an overview of the stock index options market on December 11, 2025, including option trading volume, PCR (Put - Call Ratio), and VIX (Volatility Index) for various stock index options [1][2][3]. 3. Summary by Directory I. Option Trading Volume - On December 11, 2025, the trading volumes of different stock index options were as follows: Shanghai - Shenzhen 300ETF option (Shanghai market) had 112.35 million contracts; CSI 500ETF option (Shanghai market) had 129.65 million contracts; Shenzhen 100ETF option had 8.14 million contracts; ChiNext ETF option had 215.97 million contracts; Shanghai - Shenzhen 300 stock index option had 11.79 million contracts; and CSI 1000 option had 24.00 million contracts [1]. - The table also shows the call, put, and total trading volumes for each option type. For example, the total trading volume of Shanghai - Shenzhen 300ETF option (Shanghai market) was 95.54 million contracts, with 46.74 million call contracts and 48.81 million put contracts [19]. II. Option PCR - The report provides the turnover PCR and position PCR for different stock index options, along with their环比 changes. For instance, the turnover PCR of Shanghai - Shenzhen 300ETF option (Shanghai market) was 0.92, with a环比 change of - 0.08, and the position PCR was 1.01, with a环比 change of - 0.09 [2][33]. III. Option VIX - The VIX values and their环比 changes for different stock index options are presented. For example, the VIX of Shanghai - Shenzhen 300ETF option (Shanghai market) was 16.04%, with a环比 change of + 0.36% [3][47].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents the trading data of various index options on December 10, 2025, including trading volume, PCR, and VIX [1][2][3] Summary by Directory Option Trading Volume - On December 10, 2025, the trading volume of Shanghai Stock Exchange 50 ETF options was 575,400 contracts; CSI 300 ETF options (Shanghai) was 804,600 contracts; CSI 500 ETF options (Shanghai) was 923,900 contracts; Shenzhen 100 ETF options was 59,700 contracts; ChiNext ETF options was 2,082,900 contracts; Shanghai Stock Exchange 50 index options was 35,500 contracts; CSI 300 index options was 97,400 contracts; and CSI 1000 options was 240,600 contracts [1] - The table shows the call, put, and total trading volumes of different index ETF options on the same day [20] Option PCR - The PCR data of various options on December 10, 2025, are presented, including the turnover PCR and position PCR and their环比 changes. For example, the turnover PCR of Shanghai Stock Exchange 50 ETF options was 0.85, with a 环比 change of +0.15; the position PCR was 0.98, with a 环比 change of -0.03 [2][34] Option VIX - The VIX data of various options on December 10, 2025, are presented, along with their 环比 changes. For instance, the VIX of Shanghai Stock Exchange 50 ETF options was 14.25%, with a 环比 change of +0.24% [3][49]

Industry Investment Rating There is no information about the industry investment rating in the provided content. Core Viewpoint There is no explicit core viewpoint presented in the given reports. Summary by Directory I. Option Trading Volume - On December 9, 2025, the trading volume of SSE 50 ETF options was 939,000 contracts; CSI 300 ETF options (Shanghai) was 1,093,300 contracts; CSI 500 ETF options (Shanghai) was 1,137,400 contracts; Shenzhen 100 ETF options was 102,500 contracts; ChiNext ETF options was 2,065,000 contracts; SSE 50 index options was 22,300 contracts; CSI 300 index options was 139,200 contracts; and CSI 1000 options was 178,800 contracts [1]. - The table shows the call, put, and total trading volumes of various index ETF options on the same day, such as 321,000 call and 254,400 put contracts for SSE 50 ETF options with a total of 575,400 contracts [19]. II. Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.70, with a month - on - month change of +0.17; the open interest PCR was 1.00, with a month - on - month change of - 0.07. Similar data are provided for other types of options [2][34]. III. Option VIX - The VIX of SSE 50 ETF options was reported at 14.01%, with a month - on - month change of - 0.23%. Other options also have their respective VIX values and month - on - month changes, like the CSI 300 ETF options (Shanghai) with a VIX of 15.32% and a month - on - month change of - 0.33% [3][47].

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Directory Option Trading Volume - On December 5, 2025, the trading volume of SSE 50 ETF options was 511,600 contracts; CSI 300 ETF options (Shanghai) was 720,100 contracts; CSI 500 ETF options (Shanghai) was 952,800 contracts; Shenzhen 100 ETF options was 94,300 contracts; ChiNext ETF options was 1,861,600 contracts; SSE 50 index options was 34,800 contracts; CSI 300 index options was 83,000 contracts; and CSI 1000 options was 271,200 contracts [1]. - The table shows the call, put, and total trading volumes of various index ETF options on a recent day. For example, SSE 50 ETF options had a call volume of 485,800 contracts, a put volume of 405,400 contracts, and a total volume of 891,200 contracts [18]. Option PCR - The turnover PCR and position PCR, along with their环比 changes, are provided for different options. For instance, SSE 50 ETF options had a turnover PCR of 0.68 (环比 change of -0.15) and a position PCR of 1.07 (环比 change of +0.09) [2][33]. Option VIX - The VIX and its环比 changes are presented for various options. For example, SSE 50 ETF options had a VIX of 13.69% (环比 change of -0.07%) [3][48].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Directory I. Option Trading Volume - On December 4, 2025, the trading volume of SSE 50 ETF options was 551,500 contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 754,800 contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1,061,000 contracts; the trading volume of Shenzhen 100 ETF options was 70,500 contracts; the trading volume of ChiNext ETF options was 1,604,300 contracts; the trading volume of SSE 50 index options was 20,000 contracts; the trading volume of CSI 300 index options was 89,800 contracts; the total trading volume of CSI 1000 options was 189,900 contracts [1] - The table shows the call volume, put volume, and total volume of various index ETF options on a recent day [18] II. Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.83, with a month - on - month change of - 0.20; the position PCR was reported at 0.98, with a month - on - month change of - 0.01. Similar data are provided for other options such as CSI 300 ETF options (Shanghai market), CSI 500 ETF options (Shanghai market), etc. [2][33] III. Option VIX - The VIX of SSE 50 ETF options was reported at 13.76%, with a month - on - month change of - 0.26%; the VIX of CSI 300 ETF options (Shanghai market) was reported at 15.33%, with a month - on - month change of - 0.12%. Similar data are provided for other options [3][47]