Report Summary 1. Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - On July 30, 2025, the stock indexes fluctuated narrowly. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 187.1 billion yuan, an increase of 4.17 billion yuan from the previous day [3]. - A Politburo meeting was held today, emphasizing the implementation of existing policies, including a more proactive fiscal policy and a moderately loose monetary policy, with a focus on boosting consumption and supporting technological innovation. The meeting also pointed out the need to enhance the attractiveness and inclusiveness of the domestic capital market and consolidate the stable and positive momentum of the capital market, indicating that policies to stabilize stock market expectations will continue [3]. - The incremental positive effects of the Politburo meeting are limited. Since late June, some stocks have achieved significant gains, and some profit - taking funds have a need to take profits. Therefore, the driving force for the short - term upward movement of the stock index will weaken. New incremental positive policy effects are expected to await the policy guidance of the Fourth Plenary Session of the 20th CPC Central Committee in October [3]. - Currently, the trading volume of the stock market is at a relatively high percentile level, and market risk appetite has recovered. It is expected that the stock index will mainly fluctuate strongly in the short term [3]. - The implied volatility of options has rebounded. Considering that the stock index continues its upward trend, investors can continue to hold bull spreads or ratio spreads to take a mild long - position [3]. 3. Summary by Sections 3.1 Option Indicators - **ETF and Index Performance**: On July 30, 2025, the 50ETF rose 0.31% to 2.943; the 300ETF (SSE) fell 0.07% to 4.232; the 300ETF (SZSE) fell 0.02% to 4.366; the CSI 300 Index fell 0.02% to 4151.24; the CSI 1000 Index fell 0.82% to 6718.48; the 500ETF (SSE) fell 0.65% to 6.389; the 500ETF (SZSE) fell 0.62% to 2.553; the ChiNext ETF fell 1.59% to 2.345; the Shenzhen 100ETF fell 0.84% to 2.943; the SSE 50 Index rose 0.38% to 2819.35; the STAR 50ETF fell 1.16% to 1.11; the E Fund STAR 50ETF fell 1.09% to 1.09 [5]. - **Volume and Position PCR**: The volume PCR and position PCR of various options changed compared to the previous trading day. For example, the volume PCR of SSE 50ETF options was 85.10 (previous day: 92.74), and the position PCR was 104.29 (previous day: 100.17) [6]. - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - trading - day historical volatility of various options in August 2025 are provided. For instance, the implied volatility of SSE 50ETF options' at - the - money options in August 2025 was 15.75%, and the 30 - trading - day historical volatility of the underlying was 8.12% [7]. 3.2 Related Charts The report provides a series of charts for different types of options, including the trend of the underlying, volatility, volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility of options such as SSE 50ETF options, SSE 300ETF options, SZSE 300ETF options, etc. These charts show the historical data from 2023 to 2025, helping investors analyze the performance and trends of different options [9][20][23].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Today, all stock indices fluctuated and rose. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1829.3 billion yuan, an increase of 63.2 billion yuan from the previous day. The current market sentiment remains positive and optimistic, with the stock market trading volume at a relatively high percentile level, and investors' risk appetite continues to recover. However, from a technical perspective, since late June, some stocks have achieved significant gains, and some profit - taking funds may need to take profits, so the stock indices may need a period of consolidation. In general, the stock indices will fluctuate with a slight upward trend in the short term, and attention should be paid to the policy guidance of the Political Bureau meeting. Currently, the implied volatility of options has rebounded. Considering that the stock indices continue to trend upward, investors can continue to hold bull spreads or ratio spreads for a moderate bullish view [4] 3. Summary According to Related Catalogs 3.1 Option Indicators - On July 29, 2025, the 50ETF rose 0.17% to close at 2.934; the 300ETF (Shanghai Stock Exchange) rose 0.50% to close at 4.235; the 300ETF (Shenzhen Stock Exchange) rose 0.39% to close at 4.367; the CSI 300 Index rose 0.39% to close at 4152.02; the CSI 1000 Index rose 0.65% to close at 6773.88; the 500ETF (Shanghai Stock Exchange) rose 0.63% to close at 6.431; the 500ETF (Shenzhen Stock Exchange) rose 0.63% to close at 2.569; the ChiNext ETF rose 1.75% to close at 2.383; the Shenzhen 100ETF rose 0.78% to close at 2.968; the SSE 50 Index rose 0.21% to close at 2808.59; the STAR 50ETF rose 1.35% to close at 1.13; the E Fund STAR 50ETF rose 1.29% to close at 1.10 [6] - 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 92.74 (previous day: 97.75), and the position PCR was 103.12 (previous day: 97.48) [7] - The implied volatility of the at - the - money options in August 2025 and the 30 - trading - day historical volatility of the underlying assets were reported. For instance, the implied volatility of the at - the - money options of the 50ETF option in August 2025 was 15.93%, and the 30 - trading - day historical volatility of the underlying asset was 8.15% [8] 3.2 Related Charts - Multiple charts were presented, including the trends, volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different terms of various options such as the 50ETF option, 300ETF option (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index option, CSI 1000 Index option, 500ETF option (Shanghai and Shenzhen Stock Exchanges), ChiNext ETF option, Shenzhen 100ETF option, SSE 50 Index option, STAR 50ETF option, and E Fund STAR 50ETF option [10][20][23]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - All stock indices rose slightly throughout the day. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1.8984 trillion yuan, a decrease of 30.3 billion yuan from the previous day. The recent rebound of stock indices is mainly driven by policy利好 expectations. If the policy support decreases, the upward momentum of stock indices may slow down. Currently, the trading volume is at a relatively high level, indicating that investors have a positive and optimistic risk preference. The anti - involution policy expectations and the super hydropower project have driven up the valuations of related industries, and the overall market sentiment is optimistic, with an upward trend in stock indices. In the short term, stock indices will fluctuate strongly. - The implied volatility of options has rebounded. Considering the upward trend of stock indices, investors can continue to hold bull spreads or ratio spreads for a mild long - term view [3]. 3. Summary by Related Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On July 23, 2025, the 50ETF rose 0.24% to 2.921; the 300ETF (Shanghai Stock Exchange) fell 0.05% to 4.199; the 300ETF (Shenzhen Stock Exchange) rose 0.12% to 4.331; the CSI 300 Index rose 0.02% to 4119.77; the CSI 1000 Index fell 0.45% to 6607.22; the 500ETF (Shanghai Stock Exchange) fell 0.35% to 6.270; the 500ETF (Shenzhen Stock Exchange) fell 0.32% to 2.507; the GEM ETF fell 0.09% to 2.287; the Shenzhen 100ETF fell 0.17% to 2.921; the SSE 50 Index rose 0.32% to 2801.20; the Science and Technology Innovation 50ETF rose 0.47% to 1.07; the E Fund Science and Technology Innovation 50ETF rose 0.38% to 1.05 [5]. - **Volume PCR and Open Interest PCR**: The volume PCR and open interest PCR of various options showed different changes compared with the previous trading day. For example, the volume PCR of the 50ETF option was 58.98 (previous day: 67.28), and the open interest PCR was 131.48 (previous day: 120.32) [6]. - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - day historical volatility of 2025 August at - the - money options of various options were provided. For instance, the implied volatility of the 50ETF option was 13.82%, and the 30 - day historical volatility was 8.22% [7]. 3.2 Related Charts - **SSE 50ETF Option**: Included charts such as the SSE 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [9]. - **SSE 300ETF Option**: Included charts of the SSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [20]. - **SZSE 300ETF Option**: Included charts of the SZSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [23]. - **CSI 300 Index Option**: Included charts of the CSI 300 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [37]. - **CSI 1000 Index Option**: Included charts of the CSI 1000 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [50]. - **SSE 500ETF Option**: Included charts of the SSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [63]. - **SZSE 500ETF Option**: Included charts of the SZSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [75]. - **GEM ETF Option**: Included charts of the GEM ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [87]. - **Shenzhen 100ETF Option**: Included charts of the Shenzhen 100ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [100]. - **SSE 50 Index Option**: Included charts of the SSE 50 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [113]. - **Science and Technology Innovation 50ETF Option**: Included charts of the Science and Technology Innovation 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [127]. - **E Fund Science and Technology Innovation 50ETF Option**: Included charts of the E Fund Science and Technology Innovation 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [130].

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - On July 22, 2025, all stock indices fluctuated slightly upward. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets reached 1928.6 billion yuan, an increase of 201.5 billion yuan from the previous day. The current trading volume in the stock market is at a relatively high level, indicating that investors' risk appetite is relatively positive. The recent rebound of the stock indices is mainly driven by policy - positive expectations. Anti - involution policies are helpful to boost the profit margins of related industries such as photovoltaic, new energy vehicles, and resource - based cyclical stocks. The official start of the Yaxia Super Hydropower Project has boosted the risk appetite of investors in infrastructure stocks. However, since late June, some stocks have achieved significant increases, and there may be a rotation in the capital market in the future, which may slow down the upward momentum of the stock indices. It is necessary to pay attention to the policy statements of the Politburo meeting. In general, the stock indices will fluctuate strongly in the short term. Currently, the implied volatility of options has rebounded. Considering that the stock indices are more likely to rise in the medium and long term, investors can continue to hold bull spreads or ratio spreads for a mild bullish view [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On July 22, 2025, 50ETF rose 0.83% to close at 2.914; 300ETF (Shanghai Stock Exchange) rose 1.06% to close at 4.201; 300ETF (Shenzhen Stock Exchange) rose 0.84% to close at 4.326; the CSI 300 Index rose 0.82% to close at 4118.96; the CSI 1000 Index rose 0.38% to close at 6637.10; 500ETF (Shanghai Stock Exchange) rose 1.06% to close at 6.292; 500ETF (Shenzhen Stock Exchange) rose 1.13% to close at 2.515; the GEM ETF rose 0.62% to close at 2.289; the Shenzhen 100ETF rose 0.97% to close at 2.926; the SSE 50 Index rose 0.72% to close at 2792.18; the STAR 50ETF rose 0.75% to close at 1.07; and the E Fund STAR 50ETF rose 0.87% to close at 1.04 [5]. - The PCR values of trading volume and open interest of various options changed compared with the previous trading day. For example, the trading volume PCR of 50ETF options was 67.28 (61.48 the previous day), and the open - interest PCR was 120.32 (111.70 the previous day) [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 example, the implied volatility of at - the - money 50ETF options in August 2025 was 13.86%, and the 30 - trading - day historical volatility of the underlying asset was 8.25% [7]. 3.2 Relevant Charts - **50ETF Options**: Include charts of 50ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [9][11][13][17]. - **Shanghai Stock Exchange 300ETF Options**: Include charts of 300ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [20]. - **Shenzhen Stock Exchange 300ETF Options**: Include charts of 300ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [23]. - **CSI 300 Index Options**: Include charts of CSI 300 index trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [37]. - **CSI 1000 Index Options**: Include charts of CSI 1000 index trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [49]. - **Shanghai Stock Exchange 500ETF Options**: Include charts of 500ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [64]. - **Shenzhen Stock Exchange 500ETF Options**: Include charts of 500ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [77]. - **GEM ETF Options**: Include charts of GEM ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [92]. - **Shenzhen 100ETF Options**: Include charts of Shenzhen 100ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [101]. - **SSE 50 Index Options**: Include charts of SSE 50 index trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [114]. - **STAR 50ETF Options**: Include charts of STAR 50ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [129]. - **E Fund STAR 50ETF Options**: Include charts of E Fund STAR 50ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [132].