Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Option Trading Volume - On December 30, 2025, the trading volume of SSE 50 ETF options was 621,100 contracts; CSI 300 ETF options (Shanghai market) was 780,100 contracts; CSI 500 ETF options (Shanghai market) was 1,033,100 contracts; Shenzhen 100 ETF options was 44,300 contracts; ChiNext ETF options was 1,312,900 contracts; SSE 50 index options was 25,100 contracts; CSI 300 index options was 94,800 contracts; and CSI 1000 options was 211,400 contracts [1] - The table shows the call, put, and total trading volumes of various index ETF options on a recent day, such as the total trading volume of SSE 50 ETF options was 581,500 contracts [20] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.74, with a month - on - month change of +0.10; the position PCR was reported at 0.94, with a month - on - month change of - 0.07. Similar data for other options are also provided [2] - The table presents the turnover PCR, month - on - month change, position PCR, and month - on - month change of various index ETF options on a recent day [34] Option VIX - The VIX of SSE 50 ETF options was reported at 14.23%, with a month - on - month change of +0.34%. Similar data for other options are also provided [3] - The table shows the VIX and month - on - month change values of various index ETF options on a recent day [51]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report presents the daily market situation of stock index options on December 23, 2025, covering option trading volume, PCR, and VIX data of various stock index options [1][2][3] 3. Summary by Relevant Catalogs Option Trading Volume - On December 23, 2025, the trading volume of Shanghai - Shenzhen 300 ETF options (Shanghai market) was 101.88 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 135.54 million contracts; the trading volume of Shenzhen 100 ETF options was 7.06 million contracts; the trading volume of ChiNext ETF options was 206.89 million contracts; the trading volume of Shanghai - Shenzhen 300 stock index options was 7.07 million contracts; the total trading volume of CSI 1000 options was 15.72 million contracts [1] Option PCR - The turnover PCR of Shanghai 50 ETF options was reported at 0.52, with a month - on - month change of +0.05; the position PCR was reported at 1.02, with a month - on - month change of +0.05. Similar data were provided for other types of options [2] Option VIX - The VIX of Shanghai 50 ETF options was reported at 12.99%, with a month - on - month change of +0.27%. Similar data were also provided for other types of options [3]

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 Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report presents a daily overview of the stock index options market, including option trading volume, PCR, and VIX data for various types of options on December 8, 2025. 3. Summary by Directory I. Option Trading Volume - On December 8, 2025, the trading volumes of different options were as follows: 891,200 contracts for SSE 50 ETF options; 1,041,400 contracts for CSI 300 ETF options (Shanghai market); 1,329,500 contracts for CSI 500 ETF options (Shanghai market); 112,000 contracts for Shenzhen 100 ETF options; 2,467,700 contracts for GEM ETF options; 39,100 contracts for SSE 50 index options; 125,400 contracts for CSI 300 index options; and 254,900 contracts for CSI 1000 options. The detailed breakdown of call, put, and total trading volumes is also provided in Table 1 [1][19]. II. Option PCR - The PCR data shows the following values and changes on December 8, 2025: for SSE 50 ETF options, the turnover PCR was 0.52 (a -0.16 change), and the open - interest PCR was 1.08 (+0.01 change); for CSI 300 ETF options (Shanghai market), the turnover PCR was 0.50 (-0.25 change), and the open - interest PCR was 1.16 (+0.03 change); for CSI 500 ETF options (Shanghai market), the turnover PCR was 0.59 (-0.23 change), and the open - interest PCR was 1.25 (-0.03 change); for Shenzhen 100 ETF options, the turnover PCR was 0.75 (-0.38 change), and the open - interest PCR was 1.28 (-0.02 change); for GEM ETF options, the turnover PCR was 0.44 (-0.32 change), and the open - interest PCR was 1.55 (+0.15 change); for SSE 50 index options, the turnover PCR was 0.37 (-0.05 change), and the open - interest PCR was 0.74 (-0.01 change); for CSI 300 index options, the turnover PCR was 0.34 (-0.14 change), and the open - interest PCR was 0.80 (+0.02 change); for CSI 1000 index options, the turnover PCR was 0.51 (-0.21 change), and the open - interest PCR was 1.00 (+0.05 change) [2][35]. III. Option VIX - The VIX data on December 8, 2025, shows that for SSE 50 ETF options, the VIX was 14.24% (+0.55% change); for CSI 300 ETF options (Shanghai market), the VIX was 15.66% (+0.54% change); for CSI 500 ETF options (Shanghai market), the VIX was 19.51% (+0.28% change); for Shenzhen 100 ETF options, the VIX was 19.66% (+0.55% change); for GEM ETF options, the VIX was 26.77% (-0.32% change); for SSE 50 index options, the VIX was 14.95% (+0.49% change); for CSI 300 index options, the VIX was 16.52% (+0.85% change); for CSI 1000 index options, the VIX was 19.44% (+0.29% change) [3][49].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On December 2nd, the A - share market fluctuated and declined, with most theme stocks correcting and the market showing a lack of highlights. The Shanghai Composite Index fell 0.55% at the mid - day session to 3892.55 points, the Shenzhen Component Index dropped 0.77%, the ChiNext Index declined 0.88%, the North Securities 50 fell 0.29%, the Science and Technology Innovation 50 decreased 1.18%, the Wind All - A dropped 0.72%, the Wind A500 declined 0.69%, the CSI A500 fell 0.71%, and the half - day trading volume of A - shares was 1.06 trillion yuan [4] 3. Summary by Relevant Catalogs 3.1 Market Review - **Index Performance** - The closing price of the SSE 50 was 2978.4671, with a turnover of 791.66 billion yuan, a trading volume of 33.48 billion, and a decline of 0.51%. The closing price of the CSI 300 was 4554.3347, with a turnover of 3643.66 billion yuan, a trading volume of 148.49 billion, and a decline of 0.48%. The closing price of the CSI 1000 was 3202.19, with a decline of 1.00% [3] - **CFFEX Stock Index Options Trading Situation** - **SSE 50 Options**: The trading volume of call options was 6.72 million contracts, the trading volume of put options was 1.69 million contracts, the trading volume PCR was 0.25. The open interest of call options was 3.92 million contracts, the open interest of put options was 2.80 million contracts, and the open interest PCR was 0.72 [3] - **CSI 300 Options**: The trading volume of call options was 6.03 million contracts, the trading volume of put options was 17.49 million contracts, the trading volume PCR was 2.90. The open interest of call options was 7.61 million contracts, the open interest of put options was 10.13 million contracts, and the open interest PCR was 1.33 [3] - **CSI 1000 Options**: The trading volume of call options was 14.35 million contracts, the trading volume of put options was 6.74 million contracts, the trading volume PCR was 0.47. The open interest of call options was 15.87 million contracts, the open interest of put options was 15.08 million contracts, and the open interest PCR was 0.95 [3] 3.2 Volatility Analysis - **SSE 50 Volatility** - Historical volatility was analyzed using the historical volatility cone, with the current value presented. The volatility smile curve of the next - month at - the - money implied volatility was also provided [3][4] - **CSI 300 Volatility** - Similar to the SSE 50, historical volatility was analyzed with the historical volatility cone and the current value, and the volatility smile curve of the next - month at - the - money implied volatility was shown [3][4] - **CSI 1000 Volatility** - Historical volatility was analyzed through the historical volatility cone and the current value, and the volatility smile curve of the next - month at - the - money implied volatility was presented [3][4]

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Report's Core View The report provides a daily data analysis of stock index options, including the performance of major stock indices, trading volume and open interest of index options, and volatility analysis of different indices [3][4]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Stock Index Performance**: On November 12, the A - share market fluctuated throughout the day. The Shanghai Composite Index fell 0.07% to 4000.14 points, the Shenzhen Component Index fell 0.36%, the ChiNext Index fell 0.39%, the North - Securities 50 fell 0.43%, the STAR 50 fell 0.58%, the Wind All - A fell 0.38%, the Wind A500 fell 0.27%, and the CSI A500 fell 0.25%. The total trading volume of A - shares was 1.96 trillion yuan, compared with 2.01 trillion yuan the previous day [4]. - **Index Data**: The closing price of the SSE 50 was 1368.90, with a change of 57.52, a trading volume of 0.32 billion, and a turnover of 3044.3011 billion yuan; the closing price of the CSI 300 was 4645.9079, with a change of - 0.13, a trading volume of 7486.3766 billion, and a turnover of 209.46 billion yuan; the closing price of the CSI 1000 was 3904.82, with a change of 266.96 [3]. 3.2 CFFEX Stock Index Option Trading Situation - **Option Volume and Open Interest**: For the SSE 50, the trading volume of call options was 2.81 million, put options was 0.59 million, the total trading volume was 7.21 million, the open interest of call options was 3.11 million, put options was 0.76 million, and the total open interest was 4.46 million; for the CSI 300, the trading volume of call options was 12.11 million, put options was 0.69 million, the total trading volume was 21.45 million, the open interest of call options was 11.64 million, put options was 4.96 million, and the total open interest was 9.81 million; for the CSI 1000, the trading volume of call options was 0.89 million, put options was 32.55 million, the total trading volume was 31.56 million, the open interest of call options was 14.83 million, put options was 15.96 million, and the total open interest was 16.58 million [3]. - **PCR (Put - Call Ratio)**: The trading volume PCR of the SSE 50 was 1.65, the open interest PCR was 4.10; the trading volume PCR of the CSI 300 was 0.84, the open interest PCR was 16.73; the trading volume PCR of the CSI 1000 was 1.04 [3]. 3.3 Volatility Analysis - **SSE 50 Volatility**: Analyzed through historical volatility and the historical volatility cone, also presented the volatility smile curve and the implied volatility of at - the - money options for the next month [3][4]. - **CSI 300 Volatility**: Analyzed through historical volatility and the historical volatility cone, also presented the volatility smile curve and the implied volatility of at - the - money options for the next month [3][4]. - **CSI 1000 Volatility**: Analyzed through historical volatility and the historical volatility cone, also presented the volatility smile curve and the implied volatility of at - the - money options for the next month [3][4].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - On November 11, the A - share market showed weak consolidation with a slowdown in sector rotation. The Shanghai Composite Index fell 0.39% to 4002.76 points, the Shenzhen Component Index dropped 1.03%, the ChiNext Index declined 1.4%, the BeiStock 50 decreased 1.02%, the STAR 50 fell 1.42%, the Wind All - A dropped 0.51%, the Wind A500 declined 0.97%, and the CSI A500 decreased 0.84%. The full - day trading volume of A - shares was 2.01 trillion yuan, compared with 2.19 trillion yuan the previous day [5]. 3. Summary by Related Catalogs 3.1 Market Index Performance - **Index Closing Prices and Changes**: The closing price of the Shanghai Stock Exchange 50 was 3034.6329, down 0.63%, with a trading volume of 41.04 billion yuan and a trading volume of 4776.29 million. The CSI 300 closed at 4652.1655, down 0.91%, with a trading volume of 7540.791 billion yuan and a trading volume of 265.25 million. The CSI 1000 decreased by 0.30% with a trading volume of 4048.67 [3]. 3.2 CFFEX Stock Index Options Trading - **Option Trading Volume and Open Interest**: For the Shanghai Stock Exchange 50, the call option trading volume was 3.13 million, the put option trading volume was 0.73 million, the total trading volume was 3.49 million, the call option open interest was 2.11 million, the put option open interest was 0.66 million, and the total open interest was 7.42 million. For the CSI 300, the call option trading volume was 12.06 million, the put option trading volume was 7.43 million, the total trading volume was 21.23 million, the call option open interest was 4.63 million, and the put option open interest was 11.48 million. For the CSI 1000, the call option trading volume was 22.95 million, the put option trading volume was 12.34 million, the total trading volume was 32.04 million, the call option open interest was 15.31 million, and the put option open interest was 16.73 million [3]. 3.3 Volatility Analysis - **Historical Volatility and Volatility Smile Curves**: Historical volatility cones and volatility smile curves are provided for the Shanghai Stock Exchange 50, CSI 300, and CSI 1000. For example, the Shanghai Stock Exchange 50 historical volatility cone shows values such as the 10% - quantile, 30% - quantile, minimum, maximum, 90% - quantile, and the current value, and the next - month at - the - money implied volatility curve is also presented [3][4].

Report Summary 1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - On November 3rd, the A - share market recovered after hitting a low, with all three major indexes closing in the green. The ChiNext Index dropped 2% during the session. The Shanghai Composite Index rose 0.55% to 3976.52 points, the Shenzhen Component Index rose 0.19%, and the ChiNext Index rose 0.29%. The North Securities 50 Index fell 0.98%, the Sci - Tech Innovation 50 Index fell 1.04%, the Wind All - A Index rose 0.39%, the Wind 4500 Index rose 0.19%, and the CSI A500 Index rose 0.19%. The total trading volume of A - shares for the day was 2.13 trillion yuan, compared with 2.35 trillion yuan the previous day [5]. 3. Summary by Relevant Catalogs 3.1 Market Index Quotes - The Shanghai Stock Exchange 50 Index closed at 3016.3507, up 0.16%, with a trading volume of 1346.37 billion yuan and a trading volume of 54.90 billion [3]. - The CSI 300 Index closed at 4653.4028, up 0.27%, with a trading volume of 5576.03 billion yuan and a trading volume of 239.87 billion [3]. - The CSI 1000 Index closed at 7538.1178, up 0.42%, with a trading volume of 4324.23 billion yuan and a trading volume of 278.24 billion [3]. 3.2 CFFEX Stock Index Option Trading Situation | Index | Call Option Volume (10,000 contracts) | Put Option Volume (10,000 contracts) | Volume PCR | Call Option Open Interest (10,000 contracts) | Put Option Open Interest (10,000 contracts) | Open Interest PCR | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Shanghai Stock Exchange 50 | 3.57 | 2.22 | 0.61 | 2.98 | 1.97 | 0.66 | | CSI 300 | 7.15 | 5.25 | 0.73 | 11.03 | 8.64 | 0.78 | | CSI 1000 | 24.31 | 12.92 | 0.88 | 14.44 | 15.01 | 1.04 | [3] 3.3 Volatility Analysis - The report presents historical volatility cones and volatility smile curves for the Shanghai Stock Exchange 50, CSI 300, and CSI 1000 indexes, including historical volatility data for different periods such as 5 - day, 20 - day, 40 - day, 60 - day, and 120 - day, as well as the current value and percentile values [3][4].

Report Overview - The report is an index option data daily report by Guomao Futures Research Institute on October 31, 2025, focusing on the performance of Shanghai - Shenzhen stock index options [2][3] Index Market Performance Index Closing Price and Change - The Shanghai Composite 50 index closed at 1847.30, down 0.54%, with a turnover of 3046.6108 billion yuan and a trading volume of 65.74 billion [3] - The CSI 300 index closed at 7199.56, down 0.80%, with a turnover of 4709.911 billion yuan and a trading volume of 273.29 billion [3] - The CSI 1000 index closed at 4785.07, down 1.11%, with a turnover of 7485.0848 billion yuan and a trading volume of 297.39 billion [3] Overall A - Share Market - On October 30, the A - share market declined with heavy trading volume, and technology stocks adjusted across the board. The Shanghai Composite Index fell 0.73% to 3986.9 points, the Shenzhen Component Index fell 1.16%, the ChiNext Index fell 1.84%, the CSI 300 fell 0.8%, the Beijing Stock Exchange 50 fell 1.3%, the STAR 50 fell 1.87%, the Wind All - A fell 1.05%, the Wind A500 fell 0.82%, and the CSI A500 fell 0.88%. The total trading volume of A - shares was 2.46 trillion yuan, compared with 2.29 trillion yuan the previous day [5] CFFEX Index Option Trading Option Trading Volume - For the Shanghai Composite 50 index options, the trading volume of call options was 2.73 million contracts, and that of put options was 2.94 million contracts, with a trading volume PCR of 0.36. The open interest of call options was 3.96 million contracts, and that of put options was 4.00 million contracts, with an open - interest PCR of 1.07 [3] - For the CSI 300 index options, the trading volume of call options was 5.47 million contracts, and that of put options was 14.67 million contracts, with a trading volume PCR of 0.59. The open interest of call options was 8.49 million contracts, and that of put options was 9.11 million contracts, with an open - interest PCR of 0.93 [3] - For the CSI 1000 index options, the trading volume of call options was 28.72 million contracts, and that of put options was 28.34 million contracts, with a trading volume PCR of 0.89. The open interest of call options was 13.36 million contracts, and that of put options was 13.91 million contracts, with an open - interest PCR of 1.07 [3] Index Volatility Analysis Volatility Data - The report presents historical volatility cones and volatility smile curves for the Shanghai Composite 50, CSI 300, and CSI 1000 indexes, including historical volatility data for 5 - day, 20 - day, 40 - day, 60 - day, and 120 - day periods, as well as the current values and percentile values of historical volatility [3][4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report presents the daily data of stock index options, including the performance of major indices such as the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, as well as the trading volume, closing price, and turnover of index options [3][5] 3. Summary by Relevant Catalogs 3.1 Market Review - **Index Performance**: The Shanghai Composite Index rose 0.71% to 3950.31 points, with a weekly increase of 2.88%. The Shenzhen Component Index rose 2.02% with a weekly increase of 4.73%. The ChiNext Index rose 3.57% with a weekly increase of 8.05%. The CSI 300 rose 1.18% with a weekly increase of 3.24%. The Beijing Stock Exchange 50 rose 1.15% with a weekly increase of 2.74%. The STAR 50 rose 4.35% with a weekly increase of 7.27%. The Wind All A rose 1.27% with a weekly increase of 3.47%. The Wind A500 rose 1.31% with a weekly increase of 3.46%. The CSI A500 rose 1.38% with a weekly increase of 3.59% [5] - **Trading Volume**: A - shares had a full - day trading volume of 1.99 trillion yuan, compared with 1.66 trillion yuan the previous day [5] 3.2 CFFEX Stock Index Option Trading Situation - **Shanghai 50 Index Options**: The trading volume of call options was 3.67 million contracts, and put options was 3.73 million contracts. The open interest of call options was 2.51 million contracts, and put options was 6.25 million contracts. The trading volume PCR was 1.16, and the open interest PCR was 0.46 [3] - **CSI 300 Index Options**: The trading volume of call options was 10.20 million contracts, and put options was 6.52 million contracts. The open interest of call options was 8.83 million contracts, and put options was 7.06 million contracts. The trading volume PCR was 0.56, and the open interest PCR was 0.80 [3] - **CSI 1000 Index Options**: The trading volume of call options was 22.14 million contracts, and put options was 12.73 million contracts. The open interest of call options was 26.83 million contracts, and put options was 13.75 million contracts. The trading volume PCR was 0.74, and the open interest PCR was 0.95 [3] 3.3 Volatility Analysis - **Shanghai 50 Volatility**: Historical volatility and volatility smile curves are presented, including historical volatility cone data such as 10% and 30% quantile values, minimum, maximum, and current values [3][4] - **CSI 300 Volatility**: Similar to the Shanghai 50, historical volatility and volatility smile curves are shown, along with historical volatility cone data [3][4] - **CSI 1000 Volatility**: Historical volatility and volatility smile curves are provided, along with historical volatility cone data [3][4]