Report Summary Investment Rating The report does not provide an investment rating for the industry. Core View The core view of the report is that for stock index options, as the volatility decreases during the downward trend, long - position investors can consider selling call options for hedging [1]. Summary by Category 1. Market Data Statistics - **Underlying Market Statistics**: The closing prices of most indexes and ETFs decreased, with varying degrees of decline in trading volume. For example, the Shanghai - Shenzhen 300 Index closed at 4459.83, down 30.62 points, and its trading volume was 254.32 billion hands, a decrease of 49.61 billion hands [2]. - **Option Market Statistics**: There were different changes in option trading volume, open interest, VL - PCR, OI - PCR, and maximum positions for calls and puts. For instance, the trading volume of Shanghai - Shenzhen 300 index options was 181,996, a decrease of 8,859, and the open interest was 226,889, an increase of 3,849 [2]. - **Option Volatility Statistics**: ATM - IV of most options decreased, while the changes in HV were diverse. For example, the ATM - IV of Shanghai - Shenzhen 300 index options (near - month) was 18.23%, a decrease of 1.74% [5]. 2. Option Charts - **Shanghai 50 Index Options**: Include charts of full - contract PCR, main - contract skewness, volatility cone, and volatility term structure [9]. - **Shanghai - Shenzhen 300 Index Options**: Include similar charts as Shanghai 50 index options, such as full - contract PCR, main - contract skewness, etc. [13]. - **CSI 1000 Index Options**: Include relevant charts like main - contract volatility, full - contract PCR, etc. [16]. - **ETF Options**: For various ETF options such as Shanghai 50ETF, Huatai - Baorui 300ETF, etc., there are also corresponding charts of main - contract volatility, full - contract PCR, and other indicators [21].

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Option Trading Volume - On September 2, 2025, the trading volume of SSE 50 ETF options was 958,300 contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1,071,600 contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1,355,700 contracts; the trading volume of Shenzhen 100 ETF options was 178,100 contracts; the trading volume of ChiNext ETF options was 2,877,900 contracts; the trading volume of SSE 50 index options was 64,500 contracts; the trading volume of CSI 300 index options was 133,600 contracts; and the total trading volume of CSI 1000 options was 389,200 contracts [1] - The call trading volume, put trading volume, and total trading volume of different index ETF options on a recent day are presented in a table, including details for SSE 50 ETF options, CSI 300 ETF options (Shanghai market), etc [19] Option PCR - The turnover PCR and position PCR, along with their环比 changes, are reported for various options such as SSE 50 ETF options, CSI 300 ETF options (Shanghai market), etc. For example, the turnover PCR of SSE 50 ETF options is reported at 0.47 with a环比 change of +0.04, and the position PCR is 0.94 with a环比 change of +0.00 [2] Option VIX - The VIX and its环比 changes are provided for different options. For instance, the VIX of SSE 50 ETF options is 22.66% with a环比 change of -0.09%, and the VIX of CSI 300 ETF options (Shanghai market) is 21.83% with a环比 change of -0.01% [3]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report provides 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 September 1, 2025. 3. Summary by Directory I. Option Trading Volume - On September 1, 2025, the trading volume of Shanghai Stock Exchange 50 ETF options was 1630800 contracts; the trading volume of Shanghai - listed CSI 300 ETF options was 1754800 contracts; the trading volume of Shanghai - listed CSI 500 ETF options was 1980300 contracts; the trading volume of Shenzhen 100 ETF options was 146800 contracts; the trading volume of ChiNext ETF options was 2018000 contracts; the trading volume of Shanghai Stock Exchange 50 stock index options was 41700 contracts; the trading volume of CSI 300 stock index options was 208000 contracts; and the total trading volume of CSI 1000 options was 264200 contracts [1]. - The detailed breakdown of call, put, and total trading volumes for each option type is presented in Table 1 [20]. II. Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 0.42, with a month - on - month change of +0.04; the position PCR was reported at 0.94, with a month - on - month change of - 0.04. Similar data for other options are also provided, showing different changes in turnover PCR and position PCR [2]. - The detailed PCR data for each option type, including turnover PCR, month - on - month change, position PCR, and month - on - month change, are presented in Table 2 [31]. III. Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 22.75%, with a month - on - month change of - 1.57%; the VIX of Shanghai - listed CSI 300 ETF options was reported at 21.85%, with a month - on - month change of - 1.67%. Similar data for other options are also provided, with most showing a decline in VIX except for ChiNext ETF options which had a slight increase [3]. - The detailed VIX data for each option type, including VIX and month - on - month change, are presented in Table 3 [45].

Report Industry Investment Rating No relevant content provided. Core Viewpoints No relevant content provided. Summary by Directory Option Trading Volume - On August 29, 2025, the trading volume of SSE 50 ETF options was 1592,500 contracts; CSI 300 ETF options (Shanghai) was 1,772,800 contracts; CSI 500 ETF options (Shanghai) was 2,381,200 contracts; Shenzhen 100 ETF options was 134,200 contracts; ChiNext ETF options was 2,746,900 contracts; SSE 50 index options was 73,400 contracts; CSI 300 index options was 203,300 contracts; and CSI 1000 options was 330,600 contracts [1]. - The detailed breakdown of call, put, and total trading volumes for various index ETF options on a recent day is as follows: SSE 50 ETF options had call volume of 980,500 contracts, put volume of 650,300 contracts, and total volume of 1,630,800 contracts; CSI 300 ETF options (Shanghai) had call volume of 968,900 contracts, put volume of 785,800 contracts, and total volume of 1,754,800 contracts; CSI 500 ETF options (Shanghai) had call volume of 1,005,800 contracts, put volume of 974,500 contracts, and total volume of 1,980,300 contracts; Shenzhen 100 ETF options had call volume of 84,400 contracts, put volume of 62,400 contracts, and total volume of 146,800 contracts; ChiNext ETF options had call volume of 1,681,500 contracts, put volume of 1,065,300 contracts, and total volume of 2,746,900 contracts; SSE 50 index options had call volume of 19,700 contracts, put volume of 63,300 contracts, and total volume of 73,400 contracts; CSI 300 index options had call volume of 139,000 contracts, put volume of 69,000 contracts, and total volume of 208,000 contracts; and CSI 1000 index options had call volume of 187,100 contracts, put volume of 143,500 contracts, and total volume of 330,600 contracts [19]. Option PCR - The turnover PCR and position PCR, along with their环比 changes, for different options are as follows: SSE 50 ETF options had a turnover PCR of 0.38 (环比 change -0.19) and a position PCR of 0.98 (环比 change +0.05); CSI 300 ETF options (Shanghai) had a turnover PCR of 0.35 (环比 change -0.15) and a position PCR of 1.26 (环比 change +0.05); CSI 500 ETF options (Shanghai) had a turnover PCR of 0.53 (环比 change -0.14) and a position PCR of 1.31 (环比 change +0.03); Shenzhen 100 ETF options had a turnover PCR of 0.35 (环比 change -0.01) and a position PCR of 1.12 (环比 change +0.07); ChiNext ETF options had a turnover PCR of 0.30 (环比 change -0.16) and a position PCR of 1.35 (环比 change +0.07); SSE 50 index options had a turnover PCR of 0.18 (环比 change -0.05) and a position PCR of 0.64 (环比 change +0.04); CSI 300 index options had a turnover PCR of 0.24 (环比 change -0.14) and a position PCR of 0.85 (环比 change +0.06); and CSI 1000 index options had a turnover PCR of 0.54 (环比 change -0.19) and a position PCR of 1.12 (环比 change +0.02) [2][29]. Option VIX - The VIX and its环比 changes for different options are as follows: SSE 50 ETF options had a VIX of 24.32% (环比 change +0.11%); CSI 300 ETF options (Shanghai) had a VIX of 23.52% (环比 change -0.43%); CSI 500 ETF options (Shanghai) had a VIX of 27.95% (环比 change -0.32%); Shenzhen 100 ETF options had a VIX of 30.68% (环比 change +0.89%); ChiNext ETF options had a VIX of 37.23% (环比 change -0.16%); SSE 50 index options had a VIX of 23.71% (环比 change -0.83%); CSI 300 index options had a VIX of 24.16% (环比 change -0.53%); and CSI 1000 index options had a VIX of 28.06% (环比 change -0.25%) [3][43].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The report presents the daily market overview of stock index options on August 27, 2025, including option trading volume, PCR (Put - Call Ratio), and VIX (Volatility Index) data for various types of stock index options. 3. Summary by Directory I. Option Trading Volume - On August 27, 2025, the trading volumes of different stock index options were as follows: 1614,600 contracts for SSE 50 ETF options, 1431,300 contracts for CSI 300 ETF options (Shanghai market), 2314,700 contracts for CSI 500 ETF options (Shanghai market), 177,400 contracts for Shenzhen 100 ETF options, 3148,900 contracts for ChiNext ETF options, 75,400 contracts for SSE 50 stock index options, 137,400 contracts for CSI 300 stock index options, and 367,400 contracts for CSI 1000 options [1]. - The detailed call, put, and total trading volumes of stock index ETF options are shown in Table 1. For example, the total trading volume of SSE 50 ETF options was 1843,300 contracts, with 1065,200 call contracts and 778,100 put contracts [19]. II. Option PCR - The PCR data of different stock index options are presented. For instance, the turnover PCR of SSE 50 ETF options was 0.48, with a month - on - month change of +0.08, and the position PCR was 1.09, with a month - on - month change of - 0.07. The turnover PCR of CSI 300 ETF options (Shanghai market) was 0.39, with a month - on - month change of +0.10, and the position PCR was 1.29, with a month - on - month change of +0.00 [2][32]. III. Option VIX - The VIX data of different stock index options are provided. For example, the VIX of SSE 50 ETF options was 23.78%, with a month - on - month change of - 1.60%. The VIX of CSI 300 ETF options (Shanghai market) was 23.21%, with a month - on - month change of - 1.31% [3][47].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint No core viewpoint explicitly stated in the provided content. 3. Summary by Directory Option Trading Volume - On August 26, 2025, the trading volume of SSE 50 ETF options was 2.3155 million contracts; CSI 300 ETF options (Shanghai) was 2.2435 million contracts; CSI 500 ETF options (Shanghai) was 2.7379 million contracts; Shenzhen 100 ETF options was 0.2355 million contracts; ChiNext ETF options was 2.451 million contracts; SSE 50 index options was 0.056 million contracts; CSI 300 index options was 0.2242 million contracts; and CSI 1000 options was 0.2598 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 total trading volume of SSE 50 ETF options was 1.6146 million contracts, with 0.945 million call contracts and 0.6696 million put contracts [20]. Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.39, with a month - on - month change of +0.07; the open interest PCR was 1.15, with a month - on - month change of - 0.01. 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 different index ETF options, e.g., for CSI 500 ETF options (Shanghai), the turnover PCR was 0.39 (+0.05) and the open interest PCR was 1.53 (+0.08) [28]. Option VIX - The VIX of SSE 50 ETF options was reported at 25.39%, with a month - on - month change of - 1.58%; the VIX of CSI 300 ETF options (Shanghai) was 24.52%, with a month - on - month change of +0.19%. Similar data is available for other options [3]. - The table shows the VIX and its month - on - month change for various index ETF options, such as the VIX of Shenzhen 100 ETF options was 30.28% (+0.92%) [41].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View 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 August 25, 2025. 3. Summary by Section Option Trading Volume - On August 25, 2025, the trading volumes of different stock index options were as follows: Shanghai Stock Exchange 50 ETF option volume was 217.09 million contracts; CSI 300 ETF option (Shanghai market) volume was 194.47 million contracts; CSI 500 ETF option (Shanghai market) volume was 247.96 million contracts; Shenzhen 100 ETF option volume was 17.55 million contracts; ChiNext ETF option volume was 387.11 million contracts; Shanghai Stock Exchange 50 stock index option volume was 9.12 million contracts; CSI 300 stock index option volume was 15.14 million contracts; and CSI 1000 option total volume was 35.80 million contracts [1]. - The detailed breakdown of call, put, and total trading volumes for each option type is also provided in Table 1 [19]. Option PCR - The report shows the put - call ratio (PCR) of trading volume and open interest for different stock index options. For example, the Shanghai Stock Exchange 50 ETF option trading volume PCR was 0.32 with a 0.00 change from the previous day, and the open - interest PCR was 1.16 with a - 0.04 change [2]. - The PCR data for other options such as CSI 300 ETF option, CSI 500 ETF option, etc., are also presented in Table 2, including their respective changes from the previous day [28]. Option VIX - The VIX data for different stock index options are reported. For instance, the Shanghai Stock Exchange 50 ETF option VIX was 26.97% with a + 4.83% change from the previous day; the CSI 300 ETF option (Shanghai market) VIX was 24.33% with a + 3.89% change [3]. - The VIX data for other options and their changes are detailed in Table 3 [42].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoint The report presents an overview of the stock index options market on August 22, 2025, including option trading volume, PCR (Put-Call Ratio), and VIX (Volatility Index), offering data for various types of stock index options [1][2][3]. 3. Summary by Directory Option Trading Volume - On August 22, 2025, the trading volume of Shanghai Stock Exchange 50 ETF options was 1.4943 million contracts; that of Shanghai Stock Exchange 300 ETF options was 1.5079 million contracts; that of Shanghai Stock Exchange 500 ETF options was 2.1288 million contracts; that of Shenzhen 100 ETF options was 0.1825 million contracts; that of ChiNext ETF options was 3.2767 million contracts; that of Shanghai Stock Exchange 50 stock index options was 0.0685 million contracts; that of Shanghai Stock Exchange 300 stock index options was 0.1119 million contracts; and that of China Securities 1000 options was 0.2898 million contracts [1]. - The table shows the call, put, and total trading volumes of various stock index ETF options on the same day [19]. Option PCR - The trading volume PCR of Shanghai Stock Exchange 50 ETF options was reported at 0.32, with a month-on-month change of -0.09; the position PCR was reported at 1.20, with a month-on-month change of +0.14. Similar data for other options are also provided, including Shanghai Stock Exchange 300 ETF options, Shanghai Stock Exchange 500 ETF options, Shenzhen 100 ETF options, ChiNext ETF options, Shanghai Stock Exchange 50 stock index options, Shanghai Stock Exchange 300 stock index options, and China Securities 1000 stock index options [2]. - The table details the trading volume PCR, month-on-month change, position PCR, and month-on-month change of various stock index ETF options [35]. Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 22.14%, with a month-on-month change of +1.26%; the VIX of Shanghai Stock Exchange 300 ETF options was reported at 20.44%, with a month-on-month change of +0.55%. Similar data for other options are also provided, including Shanghai Stock Exchange 500 ETF options, Shenzhen 100 ETF options, ChiNext ETF options, Shanghai Stock Exchange 50 stock index options, Shanghai Stock Exchange 300 stock index options, and China Securities 1000 stock index options [3]. - The table shows the VIX and month-on-month change values of various stock index ETF options [48].

Report Industry Investment Rating - None provided Core Viewpoint - None provided Summary by Directory 1. Option Trading Volume - On August 20, 2025, the trading volume of SSE 50 ETF options was 1.7557 million contracts; that of CSI 300 ETF options (Shanghai market) was 1.563 million contracts; that of CSI 500 ETF options (Shanghai market) was 2.0703 million contracts; that of Shenzhen 100 ETF options was 0.2175 million contracts; that of ChiNext ETF options was 2.6487 million contracts; that of SSE 50 index options was 0.0458 million contracts; that of CSI 300 index options was 0.0998 million contracts; and that of CSI 1000 options was 0.2751 million contracts [1] - The table shows the call, put, and total trading volumes of various index ETF options on the same day, such as 0.8999 million call and 0.8094 million put contracts for SSE 50 ETF options, with a total of 1.7093 million contracts [20] 2. Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.69, with a month - on - month change of +0.10; the open - interest PCR was 1.04, with a month - on - month change of +0.07. Similar data are provided for other types of options [2] - The table presents the turnover PCR, month - on - month change, open - interest PCR, and month - on - month change of various index ETF options [36] 3. Option VIX - The VIX of SSE 50 ETF options was reported at 20.94%, with a month - on - month change of +0.73%. Similar data for other options are also included [3] - The table shows the VIX and month - on - month change values of various index ETF options [49]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Option Trading Volume - On August 19, 2025, the trading volume of SSE 50 ETF options was 2.0212 million contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 2.0951 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 2.5965 million contracts; the trading volume of Shenzhen 100 ETF options was 0.2026 million contracts; the trading volume of ChiNext ETF options was 2.547 million contracts; the trading volume of SSE 50 index options was 0.0458 million contracts; the trading volume of CSI 300 index options was 0.1544 million contracts; and the total trading volume of CSI 1000 options was 0.2682 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 0.9748 million contracts, the put trading volume was 0.7808 million contracts, and the total trading volume was 1.7557 million contracts [20] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.59, with a month - on - month change of +0.19; the open interest PCR was reported at 0.96, with a month - on - month change of - 0.11. Similar data are 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 [35] Option VIX - The VIX of SSE 50 ETF options was reported at 20.20%, with a month - on - month change of - 1.44%; the VIX of CSI 300 ETF options (Shanghai market) was reported at 19.91%, with a month - on - month change of - 1.59%. Similar data are provided for other types of options [3] - The table shows the VIX and its month - on - month change value for various index ETF options [48]