Group 1: Report Investment Rating - No information provided Group 2: Core Views - The stock market experiences sector rotation, with funds flowing from the technology sector to the chemical and consumer sectors, and the bond market shows a tendency of oscillating upward [2][3] - In the stock index futures market, it is recommended to transfer technology funds to the price - rising chain and continue the dumbbell - style allocation [3][7] - In the stock index options market, it is advisable to continue holding covered positions for additional income [3][8] - In the treasury bond futures market, the bond market is expected to oscillate upward [4][9] Group 3: Summary by Directory 1. Market Views Stock Index Futures - On Monday, the Shanghai Composite Index rebounded in a U - shape, with a rotation to low - lying sectors. High - beta sectors retreated, while value and defensive sectors rose. Due to the policy window period and recent volume contraction, it is recommended to transfer technology funds to the price - rising chain and continue the dumbbell - style allocation. The operation suggestion is to hold a long position in the Dividend ETF + IM. [3][7] - The basis points of IF, IH, IC, and IM for the current month are - 8.85, 0.94, - 41, and - 54.45 respectively, changing by - 3.06, 0.49, - 5.09, and - 5.98 points compared to the previous trading day. The inter - period spreads (current month - next month) are 14.2, 0.8, 67, and 87.8 points respectively, with a month - on - month change of 0.6, 0.2, 5.2, and 6.4 points. The positions of IF, IH, IC, and IM change by 10827, 5768, 8841, and - 1747 lots respectively. [7] Stock Index Options - The trading volume of each option variety rebounded slightly but remained at a low - liquidity level since October. The option sentiment index was weak, especially for technology - sector options. Option volatility varied, with the implied volatility of the Science and Technology Innovation 50 ETF option strengthening and that of the CSI 300 stock index option weakening. It is recommended to continue holding covered positions for additional income. [8] Treasury Bond Futures - Most treasury bond futures rose yesterday. The T, TF, TS, and TL main contracts changed by 0.01%, 0.02%, 0.00%, and 0.22% respectively. The central bank's large - scale net injection supported the bond market. In October, the CPI improved, and the core CPI increased significantly. The central bank restarted treasury bond trading, and the short - term factors driving bond yields down were lacking. The stock - bond seesaw effect may weaken, and the restart of treasury bond trading may boost bond market sentiment. The operation suggestions include a trend strategy of oscillating upward, a hedging strategy of paying attention to long - position substitution at high basis levels, a basis strategy of looking for positive spreads and basis widening, and a curve strategy of appropriately paying attention to curve steepening. [4][9] - The trading volumes of T, TF, TS, and TL for the current quarter are 58830, 49109, 24929, and 96097 lots respectively, with a one - day change of 3915, 4624, - 1360, and - 3686 lots. The positions are 231393, 138398, 67365, and 129150 lots respectively, with a one - day change of - 4216, - 4021, - 700, and 1495 lots. The inter - period spreads (current quarter - next quarter) are 0.225, 0.030, 0.052, and 0.250 yuan respectively, with a one - day change of - 0.025, - 0.010, 0, and 0.010 yuan. The cross - variety spreads and basis points also have corresponding changes. [8][9][10] 2. Economic Calendar - The economic data to be released this week includes China's October new RMB loans, social financing scale, M2 money supply annual rate, the US October CPI annual rate, China's October total retail sales of consumer goods annual rate, and China's October industrial added value above designated size annual rate. [12] 3. Important Information and News Tracking - The Asset Management Association of China is soliciting opinions on the "Guidelines for the Management of the Thematic Investment Style of Publicly Offered Securities Investment Funds" to standardize the style drift problem of thematic investment funds. [13] - The State Council General Office issued measures to promote private investment, including expanding access, removing obstacles, and strengthening support. [13] - Two departments issued a guidance on promoting new energy consumption and regulation, with goals set for 2030 and 2035. [13] - China successfully launched the 13th group of low - orbit satellite Internet satellites. [14] - The US Senate reached an agreement to end the federal government shutdown. [15] 4. Derivatives Market Monitoring - The report mentions data monitoring of stock index futures, stock index options, and treasury bond futures, but no specific data content is provided. [16][20][32]

Report Summary 1. Core View - The implied volatility of stock index options showed a positive correlation with the underlying asset price movement during intraday trading, indicating positive market sentiment [1]. 2. Market Data Statistics 2.1 Underlying Market Statistics | Underlying Asset | Closing Price | Change | Trading Volume (Billion Hands) | Volume Change (Billion Hands) | Current Month Synthetic Futures | Current Month Basis | Next Month Synthetic Futures | Next Month Basis | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 Index | 3053.86 | 15.51 | 49.08 | 1.41 | 3054.60 | 0.74 | 3054.27 | 0.41 | | CSI 300 Index | 4695.05 | 16.26 | 236.03 | 23.53 | 4688.60 | -6.45 | 4675.67 | -19.38 | | CSI 1000 Index | 7563.25 | 21.38 | 274.36 | 6.47 | 7511.93 | -51.32 | 7431.27 | -131.99 | | SSE 50 ETF | 3.201 | 0.015 | 4.41 | -0.04 | 3.204 | 0.003 | 3.206 | 0.005 | | Huatai-PineBridge CSI 300 ETF | 4.807 | 0.012 | 4.48 | -0.91 | 4.802 | -0.005 | 4.797 | -0.010 | | Southern CSI 500 ETF | 7.448 | 0.008 | 1.12 | 0.09 | 7.410 | -0.038 | 7.354 | -0.094 | | Huaxia Science and Technology Innovation 50 ETF | 1.478 | -0.009 | 22.92 | 2.19 | 1.479 | 0.001 | 1.470 | -0.008 | | E Fund Science and Technology Innovation 50 ETF | 1.432 | -0.010 | 5.61 | 0.85 | 1.431 | -0.001 | 1.421 | -0.011 | | Harvest CSI 300 ETF | 4.960 | 0.019 | 1.13 | -0.44 | 4.954 | -0.006 | 4.949 | -0.011 | | Harvest CSI 500 ETF | 2.973 | 0.005 | 0.68 | 0.07 | 2.960 | -0.013 | 2.938 | -0.035 | | ChiNext ETF | 3.158 | -0.027 | 11.75 | 2.04 | 3.156 | -0.002 | 3.141 | -0.017 | | Shenzhen 100 ETF | 3.575 | 0.008 | 0.60 | 0.21 | 3.568 | -0.007 | 3.564 | -0.011 | [1] 2.2 Option Market Statistics | Option | Trading Volume | Volume Change | Open Interest | Interest Change | VL-PCR | OI-PCR | C Max Open Interest (Near Month) | P Max Open Interest (Near Month) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 Index Option | 33963 | 9494 | 73329 | 403 | 59.08% | 74.46% | 3100 | 3000 | | CSI 300 Index Option | 109112 | 14975 | 205781 | 5180 | 68.30% | 87.09% | 4700 | 4700 | | CSI 1000 Index Option | 233883 | 2526 | 315748 | 2834 | 83.44% | 109.73% | 7500 | 7000 | | SSE 50 ETF Option | 741629 | 148266 | 1475197 | 11712 | 97.23% | 95.15% | 3.3 | 3.1 | | Huatai-PineBridge CSI 300 ETF Option | 900632 | 121115 | 1401327 | 25030 | 110.04% | 110.73% | 4.9 | 4.7 | | Southern CSI 500 ETF Option | 1301688 | 67218 | 1392667 | 31083 | 104.69% | 124.26% | 7.75 | 7.25 | | Huaxia Science and Technology Innovation 50 ETF Option | 1138276 | 188968 | 2341453 | 59764 | 91.20% | 89.41% | 1.55 | 1.4 | | E Fund Science and Technology Innovation 50 ETF Option | 251466 | 71244 | 621625 | 17479 | 91.39% | 85.61% | 1.5 | 1.35 | | Harvest CSI 300 ETF Option | 165255 | 63434 | 292892 | 29476 | 150.06% | 83.99% | 5.25 | 4.8 | | Harvest CSI 500 ETF Option | 235895 | 54540 | 430123 | 50900 | 135.97% | 78.46% | 3.1 | 2.75 | | ChiNext ETF Option | 1798245 | 231110 | 1924643 | 183049 | 103.74% | 110.30% | 3.3 | 3 | | Shenzhen 100 ETF Option | 79853 | 16533 | 131984 | 16081 | 280.25% | 123.69% | 3.7 | 3.4 | [1] 2.3 Option Volatility Statistics | Option | Near Month ATM-IV | IV Change | Same-Term HV | HV Change | Skew | Skew Change | VIX | VIX Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 Index Option | 12.63% | -0.20% | 10.54% | -0.02% | -3.84% | -0.91% | 17.70 | 0.723 | | CSI 300 Index Option | 13.57% | -0.11% | 14.76% | -0.07% | -3.34% | 3.55% | 19.12 | 0.807 | | CSI 1000 Index Option | 17.76% | -0.32% | 13.81% | -0.07% | -8.99% | 4.30% | 23.49 | 0.782 | | SSE 50 ETF Option | 12.82% | 0.19% | 10.44% | -0.12% | 0.61% | 3.81% | 17.14 | 0.914 | | Huatai-PineBridge CSI 300 ETF Option | 14.50% | 0.13% | 14.66% | -0.03% | -2.40% | -1.23% | 18.53 | 0.868 | | Southern CSI 500 ETF Option | 18.73% | -0.21% | 19.21% | 0.00% | -1.71% | 3.20% | 23.23 | 0.663 | | Huaxia Science and Technology Innovation 50 ETF Option | 31.34% | -0.88% | 33.65% | 0.12% | 4.57% | 1.55% | 37.15 | 0.777 | | E Fund Science and Technology Innovation 50 ETF Option | 31.69% | -0.39% | 34.05% | 0.13% | 7.37% | 4.94% | 36.13 | 1.226 | | Harvest CSI 300 ETF Option | 14.61% | -0.19% | 14.87% | 0.03% | -3.61% | 3.82% | 19.26 | 1.047 | | Harvest CSI 500 ETF Option | 19.09% | -0.20% | 18.92% | 0.00% | -2.60% | 3.33% | 23.23 | 0.943 | | ChiNext ETF Option | 28.48% | -0.52% | 30.45% | 0.48% | 1.28% | 3.72% | 33.12 | 0.333 | | Shenzhen 100 ETF Option | 19.95% | -0.46% | 21.10% | 0.00% | 1.23% | 5.06% | 24.48 | 0.760 | [4] 3. Charts - The report includes various charts for different index and ETF options, such as volatility trend charts, PCR charts, skew trend charts, volatility cone charts, and volatility term structure charts for SSE 50 Index Option, CSI 300 Index Option, CSI 1000 Index Option, SSE 50 ETF Option, Huatai-PineBridge CSI 300 ETF Option, Southern CSI 500 ETF Option, Huaxia Science and Technology Innovation 50 ETF Option, E Fund Science and Technology Innovation 50 ETF Option, Harvest CSI 300 ETF Option, Harvest CSI 500 ETF Option, ChiNext ETF Option, and Shenzhen 100 ETF Option [8][12][20]

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - From November 3rd to 7th, 2025, the Shanghai Composite Index rose with fluctuations during the week, while the Shenzhen Component Index opened slightly lower and fluctuated. The performance of different ETFs varied, with 50ETF and Huatai-PineBridge CSI 300ETF showing certain increases, and Southern CSI 500ETF having a small increase. In the options market, the average daily trading volume and total open interest of various ETF options increased. Volatility decreased, with short - term volatility significantly dropping, and the implied volatility curve structure slightly shifting to the right. The market risk preference declined. Considering the current situation, the probability of implied volatility strengthening in the future is relatively high, and a volatility strategy of selling high is recommended [2][3][4]. 3. Summary by Directory 3.1. Spot and Futures Market Review 3.1.1. Underlying Asset Market - From November 3rd to 7th, the Shanghai Composite Index rose 1.08% compared to the previous week, closing at 3997.56 with lower trading volume. The Shenzhen Component Index opened slightly lower, fluctuated during the week, and closed at 13404.06 with lower trading volume. 50ETF opened at 3.153 and closed at 3.186, rising 0.82% with a turnover of 11.564 billion. Huatai - PineBridge CSI 300ETF opened at 4.752 and closed at 4.795, rising 0.82% with a turnover of 19.074 billion. Southern CSI 500ETF opened at 7.427 and closed at 7.440, rising 0.05% with a turnover of 7.169 billion [8]. 3.1.2. Index Futures Market - From November 3rd to 7th, all IH contracts of stock index futures closed up. Contract IH2511 rose 0.76%. All IF contracts closed up, with contract IF2511 rising 0.57%. All IC contracts closed down, with contract IC2511 falling 0.30% [9]. 3.2. Options Market Review 3.2.1. Trading and Open Interest - From November 3rd to 7th, the average daily trading volume and total open interest of 50ETF options increased. The average daily trading volume was 864,446 contracts, an increase of 31,600 contracts compared to the previous week. The total open interest was 1,530,207 contracts, an increase of 69,092 contracts from the previous weekend. The total open interest PCR was 0.97, up 0.07 from the previous weekend. For Huatai - PineBridge CSI 300ETF options, the average daily trading volume was 1,031,324 contracts, an increase of 43,523 contracts compared to the previous week. The total open interest was 1,376,297 contracts, an increase of 116,890 contracts from the previous weekend. The total open interest PCR was 1.12, up 0.09 from the previous weekend. For Southern CSI 500ETF options, the average daily trading volume was 1,513,130 contracts, an increase of 90,928 contracts compared to the previous week. The total open interest was 1,361,584 contracts, an increase of 40,101 contracts from the previous weekend. The total open interest PCR was 1.26, basically unchanged from the previous weekend [13][16][21]. 3.2.2. Volatility - **Historical Volatility**: As of November 7th, the 5 - day historical rolling volatility of 50ETF dropped to 9.69%, around the 25th percentile of the five - year historical level. The 5 - day, 10 - day, 20 - day, and 40 - day historical volatilities were 9.69%, 10.60%, 11.57%, and 11.90% respectively. The 5 - day historical rolling volatility of Huatai - PineBridge CSI 300ETF dropped to 12.63%, around the 50th percentile of the five - year historical level, with corresponding historical volatilities of 12.63%, 15.12%, 15.91%, and 16.82%. The 5 - day historical rolling volatility of Southern CSI 500ETF dropped to 18.52%, around the 50th percentile of the five - year historical level, with corresponding historical volatilities of 18.52%, 19.76%, 22.32%, and 22.34% [25][29][31]. - **Implied Volatility**: On November 7th, for each options variety's 2025 - 11 and 2025 - 12 contracts, the implied volatility of at - the - money contracts declined, while the implied volatility of out - of - the - money contracts remained at a relatively high level. The implied volatility curve structure slightly shifted to the right. For the 500ETF, which had a relatively large decline, the valuation of put contracts was relatively high, indicating a decline in market risk preference [34]. - **Comparison of Historical and Implied Volatility Trends**: Short - term volatility significantly declined. The volatility of 50ETF dropped below 10%, and the weekly volatility of 300ETF and 500ETF dropped from the 75th percentile to the 50th percentile of the historical level. Monthly volatility also declined further, and the implied volatility mainly decreased during the week. Currently, the implied volatility level is still lower than the historical volatility, and it is believed that the probability of implied volatility strengthening in the future is relatively high [41]. 3.3. Investment Recommendations - In terms of strategies, the weekly market first fell and then rose. Small - cap growth stocks declined more, while large - cap stocks were relatively stable and performed slightly better than small - cap stocks. The open interest PCR level showed different trends according to the rise and fall of the underlying assets, and the current level is around the historical median. Considering the implied volatility, the overall level has decreased. On the implied volatility curve, the volatility of at - the - money contracts decreased, but the implied volatility of out - of - the - money contracts remained high, indicating a decline in market risk preference. Given that the current implied volatility level is lower than the historical volatility, if the market fluctuates significantly, the volatility level may suddenly rise. Therefore, a volatility strategy of selling high is still recommended [4][44].

Market Overview - The market has shown extreme volatility, with significant fluctuations leading to a rapid rise and fall in indices, recently surpassing the 4000-point mark again, with trading volume exceeding 200 billion [1][9] - This lack of continuity in market trends indicates a significant divergence between bullish and bearish sentiments, resulting in rapid capital movement across various sectors [3][12] Technical Analysis - Key resistance level identified at 4020, with support at 3950, indicating potential price action boundaries for the market [5][13] - The market's volatility has been negatively correlated, with a recent drop in volatility to 13.74, marking a 7.10% decrease and reaching a recent low [12] Investment Insights - The recent market rebound has led to substantial gains in indices such as the CSI 500 and ChiNext, with notable stocks like Cambrian Technology surpassing Kweichow Moutai in price [1][13] - The current market environment presents both opportunities and risks, particularly for inexperienced investors who may struggle to navigate the rapid changes [1][3]

Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core View Stock index options' implied volatility is stable, and investors can consider selling strangles [2]. 3. Summary Based on Relevant Contents Market Data Statistics - **Underlying Market**: The closing prices of major indexes and ETFs mostly declined. For example, the Shanghai Composite 50 Index closed at 3050.42, down 19.11 points; the CSI 300 Index closed at 4691.97, down 24.05 points [3]. - **Option Market**: The trading volume of most options decreased, while the open interest increased. For instance, the trading volume of SSE 50 Index Options was 33,391, down 6,263; the open interest was 64,084, up 1,381 [3]. - **Option Volatility**: The ATM - IV of most options showed different degrees of change. For example, the ATM - IV of SSE 50 Index Options (near - month) was 15.14%, down 0.33% [6]. Option - Specific Analysis - **SSE 50 Index Options**: Multiple charts are provided, including the volatility chart, PCR chart, and volatility cone chart, to show the option's volatility, contract ratio, and volatility range over different periods [10][11]. - **CSI 300 Index Options**: Similar to SSE 50 Index Options, multiple charts are used to analyze its volatility, contract ratio, and other features [14][16]. - **CSI 1000 Index Options**: The report presents charts to analyze its volatility, PCR, and volatility term structure [19][20][21]. - **ETF Options**: Options such as SSE 50 ETF Options, Huatai - Berry 300 ETF Options, and others are analyzed through various charts, including volatility, PCR, and volatility cone charts [23][24][30].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint of the Report The market is fluctuating weakly, implied volatility is rising. Consider timing to buy put options for protection [1]. 3. Summary by Relevant Catalogs 3.1 Option Market Trading Overview - The total daily average trading volume of all options is 13.5785 million lots, with a total open interest of 10.3924 million lots and a total turnover of 12.963624 billion yuan [1]. 3.2 Option Volatility - The ATM - IV, IV weekly change, 20HV, HV weekly change, Skew, Skew weekly change, VIX, and VIX change of various options are presented in Table 2. For example, the ATM - IV of SSE 50 Index Option is 17.54%, with an IV weekly change of 2.29% [3]. 3.3 Option Liquidity - There are multiple charts showing the changes in total trading volume, total open interest, total turnover, total trading market value, and total open - interest market value of financial options, as well as the trading volume and open - interest proportions of each option variety [4][6][7][8]. 3.4 Option Volatility Level - Last week, there was a divergence between at - the - money implied volatility and historical volatility for various options. The current at - the - money implied volatility and the correlation coefficient between the underlying asset and at - the - money implied volatility of each option are provided. For instance, for SSE 50 Index Option, the current at - the - money implied volatility is 17.54%, and the correlation coefficient is - 79.60% [9]. 3.5 Option Market Bull - Bear Sentiment - The Put - Call - Ratio (PCR) indicator of options can reflect market bull - bear sentiment. There are multiple charts showing the PCR trends and daily环比 incremental percentages of various options [35][36]. 3.6 Market Support and Resistance Level Information - The key support and resistance levels of various option underlying assets are provided. For example, the key support level of SSE 50 Index is 3000, and the resistance level is 3000; the key support level of CSI 1000 Index is 7300, and the resistance level is 7500 [50].

Report Date - The report is dated October 16, 2025 [1] Core Viewpoint - As stock index options approach expiration, the trading volume ratio of put options has decreased [2] Market Data Statistics Underlying Market Statistics - The closing price of the SSE 50 Index was 3019.20, up 17.85, with a trading volume of 6.341 billion hands, an increase of 0.03 billion hands. The synthetic futures for the current month and next month were 3020.40 and 3021.33 respectively, with basis points of 1.20 and 2.14 [3] - The CSI 300 Index closed at 4618.42, up 12.13, with a trading volume of 24.824 billion hands, a decrease of 3.654 billion hands. The synthetic futures for the current month and next month were 4616.07 and 4604.13 respectively, with basis points of -2.36 and -14.29 [3] - The CSI 1000 Index closed at 7401.84, down 81.61, with a trading volume of 23.464 billion hands, a decrease of 1.021 billion hands. The synthetic futures for the current month and next month were 7400.73 and 7295.07 respectively, with basis points of -1.10 and -106.77 [3] Options Market Statistics - The trading volume of SSE 50 Index options was 72,709, an increase of 17,701, with an open interest of 78,533, an increase of 858. The VL - PCR was 58.30%, and the OI - PCR was 82.83%. The maximum call and put open interests in the near - month were at strike prices of 3050 and 2900 respectively [3] - The trading volume of CSI 300 Index options was 203,367, an increase of 14,560, with an open interest of 200,887, a decrease of 259. The VL - PCR was 73.39%, and the OI - PCR was 97.07%. The maximum call and put open interests in the near - month were at strike prices of 4700 and 4500 respectively [3] - The trading volume of CSI 1000 Index options was 362,400, a decrease of 58,777, with an open interest of 302,815, an increase of 5121. The VL - PCR was 98.62%, and the OI - PCR was 96.70%. The maximum call and put open interests in the near - month were at strike prices of 7500 and 7200 respectively [3] Options Volatility Statistics Near - Month - The ATM - IV of SSE 50 Index options was 14.96%, an increase of 0.35%. The Skew was -3.35%, a decrease of 1.45%. The VIX was 18.74, an increase of 0.152 [6] - The ATM - IV of CSI 300 Index options was 14.54%, a decrease of 0.69%. The Skew was -3.65%, a decrease of 0.48%. The VIX was 20.00, a decrease of 0.103 [6] - The ATM - IV of CSI 1000 Index options was 19.27%, a decrease of 0.05%. The Skew was -4.18%, an increase of 2.21%. The VIX was 24.67, an increase of 0.708 [6] Next - Month - The ATM - IV of SSE 50 Index options was 16.42%, an increase of 0.36%. The Skew was -1.69%, an increase of 0.88% [6] - The ATM - IV of CSI 300 Index options was 17.61%, a decrease of 0.10%. The Skew was -4.64%, a decrease of 0.18% [6] - The ATM - IV of CSI 1000 Index options was 23.02%, an increase of 0.86%. The Skew was -7.62%, a decrease of 1.40% [6] Option Types Analysis SSE 50 Index Options - Multiple charts are provided, including the full - contract PCR chart, the main - contract skew chart, the volatility cone chart, and the volatility term - structure chart [10][12] CSI 300 Index Options - Similar to SSE 50 Index options, multiple charts are presented, such as the main - contract volatility chart, the full - contract PCR chart, and the volatility cone chart [14][16] CSI 1000 Index Options - Relevant charts include the main - contract volatility chart, the full - contract PCR chart, and the volatility term - structure chart [19][23][25] SSE 50ETF Options - Charts cover the main - contract volatility, full - contract PCR, and volatility cone [27][28][29] Huatai - Baorui 300ETF Options - There are main - contract volatility, full - contract PCR, and volatility term - structure charts [31][33][36] Southern CSI 500ETF Options - The analysis includes main - contract volatility, full - contract PCR, and volatility cone charts [41][42][45] Huaxia Science and Technology Innovation 50ETF Options - Charts involve main - contract volatility, full - contract PCR, and volatility term - structure [49][51][53] E Fund Science and Technology Innovation 50ETF Options - Main - contract volatility, full - contract PCR, and volatility cone charts are provided [56][60][61] Harvest 300ETF Options - Relevant charts are main - contract volatility, full - contract PCR, and volatility term - structure [63][65] Harvest CSI 500ETF Options - The analysis includes main - contract volatility, full - contract PCR, and volatility cone charts [67][68][69] ChiNext ETF Options - Charts cover main - contract volatility, full - contract PCR, and volatility term - structure [71][72][73] Shenzhen 100ETF Options - There are main - contract volatility, full - contract PCR, and volatility cone charts [75][77][78]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report No clear core view is presented in the given text. The report mainly provides detailed data on various financial products, including price, volatility, and related quantile information. 3. Summary by Product 3.1 50ETF - **Price and Volatility Data**: From Oct 13 - 15, 2025, the price fluctuated with a -0.35% decline on Oct 13, -0.03% on Oct 14, and a 1.23% increase on Oct 15. The current IV was 16.92%, 17.38%, and 16.01% respectively, and the next - month IV was 17.65%, 17.48%, and 16.36% [1]. - **IV Quantiles**: The 1 - year and 2 - year quantiles of current and next - month IV are provided, with current IV 1 - year quantiles at 60.40%, 63.20%, 54.20% and 2 - year quantiles at 70.70%, 72.80%, 64.80% [1]. 3.2 Shanghai 300ETF - **Price and Volatility Data**: From Oct 13 - 15, 2025, the price had a -0.57% decline on Oct 13, -1.00% on Oct 14, and a 1.31% increase on Oct 15. The current IV was 18.05%, 19.49%, and 16.89% respectively, and the next - month IV was 18.39%, 19.07%, and 17.46% [4]. - **IV Quantiles**: The 1 - year and 2 - year quantiles of current and next - month IV are given, such as 1 - year current IV quantiles at 53.00%, 64.80%, 53.50% [4]. 3.3 Shenzhen 300ETF - **Price and Volatility Data**: From Oct 13 - 15, 2025, the price dropped by -0.47% on Oct 13, -1.09% on Oct 14, and rose by 1.48% on Oct 15. The current IV was 19.05%, 19.67%, and 17.39% respectively, and the next - month IV was 18.74%, 19.37%, and 17.49% [8]. - **IV Quantiles**: The 1 - year and 2 - year quantiles of current and next - month IV are provided, like 1 - year current IV quantiles at 66.50%, 70.60%, 57.90% [8]. 3.4 Shanghai CSI 500ETF - **Price and Volatility Data**: From Oct 13 - 15, 2025, the price decreased by -2.35% on Oct 13, -2.88% on Oct 14, and -1.02% on Oct 15. The current IV was 20.93%, 22.86%, and 20.55% respectively, and the next - month IV was 21.72%, 22.50%, and 20.87% [17]. - **IV Quantiles**: The 1 - year and 2 - year quantiles of current and next - month IV are presented, for example, 1 - year current IV quantiles at 52.20%, 62.80%, 50.20% [17]. 3.5 Shenzhen CSI 500ETF - **Price and Volatility Data**: From Oct 13 - 15, 2025, the price fell by -0.50% on Oct 13, -2.25% on Oct 14, and rose by 1.27% on Oct 15. The current IV was 21.37%, 23.72%, and 20.26% respectively, and the next - month IV was 22.50%, 23.06%, and 21.36% [27]. - **IV Quantiles**: The 1 - year and 2 - year quantiles of current and next - month IV are given, such as 1 - year current IV quantiles at 55.10%, 65.30% [27]. 3.6 ChiNext ETF - **Price and Volatility Data**: From Oct 13 - 15, 2025, the price dropped by -1.32% on Oct 13, -3.93% on Oct 14, and rose by 2.35% on Oct 15. The current IV was 38.89%, 40.15%, and 35.12% respectively, and the next - month IV was 36.71%, 38.08%, and 34.84% [33]. - **IV Quantiles**: The 1 - year and 2 - year quantiles of current and next - month IV are provided, with 1 - year current IV quantiles at 85.70%, 87.70%, 74.60% [33]. 3.7 Shenzhen 100ETF - **Price and Volatility Data**: From Oct 13 - 15, 2025, the price decreased by -1.27% on Oct 13, -2.54% on Oct 14, and rose by 2.14% on Oct 15. The current IV was 25.76%, 27.59%, and 23.56% respectively, and the next - month IV was 26.30%, 26.40%, and 25.03% [43]. - **IV Quantiles**: The 1 - year and 2 - year quantiles of current and next - month IV are presented, for example, 1 - year current IV quantiles at 74.60%, 83.20%, 64.00% [43]. 3.8 Science and Technology Innovation 50ETF - **Price and Volatility Data**: From Oct 13 - 15, 2025, the price rose by 1.18% on Oct 13, dropped by -4.20% on Oct 14, and rose by 1.35% on Oct 15. The current IV was 47.39%, 46.66%, and 40.73% respectively, and the next - month IV was 42.65%, 43.07%, and 40.10% [52]. - **IV Quantiles**: The 1 - year and 2 - year quantiles of current and next - month IV are given, such as 1 - year current IV quantiles at 85.70%, 91.40%, 79.70% [52]. 3.9 STAR 50ETF - **Price and Volatility Data**: From Oct 13 - 15, 2025, the price rose by 1.00% on Oct 13, dropped by -4.10% on Oct 14, and rose by 1.10% on Oct 15. The current IV was 45.79%, 45.71%, and 41.44% respectively, and the next - month IV was 42.36%, 43.16%, and 40.76% [57]. - **IV Quantiles**: The 1 - year and 2 - year quantiles of current and next - month IV are provided, with 1 - year current IV quantiles at 82.80%, 89.90%, 81.80% [57]. 3.10 300 Index - **Price and Volatility Data**: From Oct 13 - 15, 2025, the price decreased by -0.50% on Oct 13, -1.20% on Oct 14, and rose by 1.48% on Oct 15. The current IV was 16.88%, 18.26%, and 15.19% respectively, and the next - month IV was 18.72%, 19.78%, and 17.40% [65]. - **IV Quantiles**: The 1 - year and 2 - year quantiles of current and next - month IV are presented, for example, 1 - year current IV quantiles at 56.30%, 64.40%, 38.30% [65]. 3.11 1000 Index - **Price and Volatility Data**: From Oct 13 - 15, 2025, the price dropped by -0.19% on Oct 13, -1.95% on Oct 14, and rose by 1.50% on Oct 15. The current IV was 21.41%, 22.86%, and 19.06% respectively, and the next - month IV was 22.57%, 22.55%, and 21.47% [69]. - **IV Quantiles**: The 1 - year and 2 - year quantiles of current and next - month IV are given, such as 1 - year current IV quantiles at 34.60%, 49.70%, 22.00% [69]. 3.12 SSE 50 Index - **Price and Volatility Data**: From Oct 13 - 15, 2025, the price decreased by -0.26% on Oct 13, -0.21% on Oct 14, and rose by 1.36% on Oct 15. The current IV was 15.76%, 17.52%, and 14.57% respectively, and the next - month IV was 53.26%, 53.17%, and 57.64% [73]. - **IV Quantiles**: The 1 - year and 2 - year quantiles of current and next - month IV are provided, with 1 - year current IV quantiles at 46.50%, 58.70% [73].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Stock index options are experiencing an upward trend with decreasing volatility, and the bearish sentiment is declining. A covered call strategy can be considered [2] 3. Summary by Relevant Catalogs 3.1 Option Market Data Statistics - **Underlying Market Statistics**: The closing prices of the Shanghai Composite 50 Index, CSI 300 Index, and other indices all rose, while the trading volumes decreased. For example, the Shanghai Composite 50 Index closed at 3001.35, up 40.25, with a trading volume of 63.38 billion hands, a decrease of 22.81 billion hands [3] - **Option Market Statistics**: The trading volumes of most options decreased, while the positions of some options increased. For example, the trading volume of Shanghai Composite 50 Index options was 55,008, a decrease of 13,785, and the position was 77,675, an increase of 183 [3] 3.2 Option Volatility Statistics - **Near - Month Options**: The implied volatility (ATM - IV) of most options decreased. For example, the ATM - IV of Shanghai Composite 50 Index options was 14.62%, a decrease of 2.70% [6] - **Next - Month Options**: The ATM - IV of most options also decreased. For example, the ATM - IV of Shanghai Composite 50 Index options was 16.06%, a decrease of 1.87% [6] 3.3 Option Indicator Data Statistics - **PCR and Skew**: The report provides the PCR (volume and position) and skew data of various options, which can be used to analyze market sentiment and risk [3][6] 3.4 Option Charts - **Volatility Charts**: Include the volatility trends of the main contracts of various options, such as the Shanghai Composite 50 Index option, CSI 300 Index option, etc., which can help investors understand the volatility changes of options [10][12][14] - **PCR Charts**: Show the volume and position PCR trends of all contracts of various options, reflecting the market's bullish and bearish sentiment [10][17][20] - **Volatility Cone and Term Structure Charts**: Present the volatility cone and term structure of various options, helping investors analyze the volatility characteristics and term structure of options [10][16][24]

Report Summary 1. Core View - The stock index options are experiencing a downward wave increase, indicating a rise in bearish sentiment [1] 2. Market Data Summary 2.1 Underlying Market Statistics - The closing prices of the Shanghai Composite 50 Index, CSI 300 Index, and CSI 1000 Index were 2961.10, 4539.06, and 7373.15 respectively, all showing declines. The trading volumes were 86.18 billion, 372.95 billion, and 304.41 billion hands respectively, with changes of 16.02 billion, 57.94 billion, and 16.01 billion hands [2] - For ETFs, the closing prices of Shanghai Composite 50 ETF, Huatai-PineBridge 300 ETF, and others also mostly declined, with varying trading volumes and changes [2] 2.2 Option Market Statistics - The trading volumes and open interests of various index options and ETF options showed different degrees of change. For example, the trading volume of Shanghai Composite 50 Index Option was 68,793, an increase of 4,243, and the open interest was 77,492, an increase of 248 [2] - The VL-PCR and OI-PCR of different options also varied, reflecting different market sentiment. For instance, the VL-PCR of Shanghai Composite 50 Index Option was 68.12%, and the OI-PCR was 72.11% [2] 2.3 Option Volatility Statistics - The ATM-IV, IV changes, same - term HV, and HV changes of different options were presented. For example, the near - month ATM - IV of Shanghai Composite 50 Index Option was 17.32%, with an IV change of 1.69%, and the same - term HV was 11.68%, with an HV change of - 8.47% [5] 3. Figures and Charts - There are multiple figures and charts for different index options and ETF options, including the full - contract PCR chart, the main - contract skewness chart, the volatility cone chart, and the volatility term structure chart, which visually display the market conditions of each option [9][14][18]