Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints of the Report - The stock market shows a market trend where the Shanghai Composite Index, large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks decline after rising in the long - position direction, then rebound and rise, and finally fluctuate at a high level [3]. - The implied volatility of financial options gradually rises and fluctuates at a relatively high mean level [3]. - For ETF options, it is suitable to construct a long - biased buyer strategy and a bull spread combination strategy of call options; for index options, it is suitable to construct a long - biased seller strategy, a bull spread combination strategy of call options, and an arbitrage strategy of synthetic long futures with options and short futures [3]. 3. Summary by Related Contents 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,831.66, down 44.68 points or 1.15%, with a trading volume of 136.6 billion yuan and an increase of 35.93 billion yuan [4]. - The Shenzhen Component Index closed at 13,075.66, down 139.80 points or 1.06%, with a trading volume of 176.92 billion yuan and an increase of 39.91 billion yuan [4]. - Other important indices such as the SSE 50, CSI 300, CSI 500, and CSI 1000 also showed different degrees of decline [4]. 3.2 Option - related Data - **Option - based ETF Market**: Different ETFs have different closing prices, price changes, trading volumes, and trading volume changes. For example, the SSE 50ETF closed at 3.048, down 0.040 or 1.30%, with a trading volume of 13.0486 million shares and an increase of 12.9906 million shares [5]. - **Option Factor - Volume and Position PCR**: Different option varieties have different volume and position PCR values and their changes. For instance, the volume PCR of SSE 50ETF is 0.78, down 0.09, and the position PCR is 0.71, down 0.09 [6]. - **Option Factor - Pressure and Support Points**: Different option varieties have different pressure and support points. For example, the pressure point and support point of SSE 50ETF are both 3.10 [8]. - **Option Factor - Implied Volatility**: Different option varieties have different implied volatility values. For example, the at - the - money implied volatility of SSE 50ETF is 19.35%, and the weighted implied volatility is 22.64%, down 0.06% [10]. 3.3 Option Strategies by Sector - **Financial Stocks Sector (SSE 50ETF, SSE 50)**: The SSE 50ETF shows a long - position high - level shock trend. It is recommended to construct a short - biased long - position combination strategy for volatility and a spot long - position covered call strategy [13]. - **Large - cap Blue - chip Stocks Sector (SSE 300ETF, SZSE 300ETF, CSI 300)**: These ETFs show a long - position high - level large - fluctuation trend. It is recommended to construct a bull spread combination strategy of call options for direction, a short - volatility combination strategy of selling calls and puts for volatility, and a spot long - position covered call strategy [13]. - **Large - and Medium - sized Stocks Sector (SZSE 100ETF)**: The SZSE 100ETF shows a long - position upward trend. It is recommended to construct a bull spread combination strategy of call options for direction, a short - volatility combination strategy of selling calls and puts for volatility, and a spot long - position covered call strategy [14]. - **Small - cap Stocks Sector (SSE 500ETF, SZSE 500ETF, CSI 1000)**: These stocks show a short - term long - position high - level large - fluctuation trend. It is recommended to construct a bull spread combination strategy of call options for direction and a spot long - position covered call strategy for SSE 500ETF, and a short - volatility strategy for CSI 1000 [14][15]. - **ChiNext Sector (ChiNext ETF, Huaxia Science and Technology Innovation 50ETF, E Fund Science and Technology Innovation 50ETF)**: The ChiNext ETF shows a high - level shock trend. It is recommended to construct a bull call option combination strategy for direction, a short - volatility strategy for volatility, and a spot long - position covered call strategy [15].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The stock market showed a market trend where the Shanghai Composite Index, large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks declined and then rebounded in the long - position direction [3]. - The implied volatility of financial options gradually rose to a relatively high level around the mean and fluctuated [3]. - For ETF options, it is suitable to construct a long - biased buyer strategy and a bull spread strategy for call options; for index options, it is suitable to construct a long - biased seller strategy, a bull spread strategy for call options, and an arbitrage strategy between the synthetic long futures of options and short futures [3]. 3. Summary by Related Catalogs 3.1 Financial Market Important Indexes - The Shanghai Composite Index closed at 3,861.87, up 1.36 points or 0.04%, with a trading volume of 989.8 billion yuan and an increase of 3.6 billion yuan in trading volume [4]. - The Shenzhen Component Index closed at 13,063.97, up 58.20 points or 0.45%, with a trading volume of 1351.6 billion yuan and an increase of 60.4 billion yuan in trading volume [4]. - The Shanghai 50 Index closed at 2,947.82, down 14.79 points or 0.50%, with a trading volume of 155.4 billion yuan and an increase of 9.7 billion yuan in trading volume [4]. - The CSI 300 Index closed at 4,523.34, down 9.72 points or 0.21%, with a trading volume of 613.7 billion yuan and an increase of 0.4 billion yuan in trading volume [4]. - The CSI 500 Index closed at 7,190.99, up 53.63 points or 0.75%, with a trading volume of 435.2 billion yuan and a decrease of 6.6 billion yuan in trading volume [4]. - The CSI 1000 Index closed at 7,483.63, up 68.06 points or 0.92%, with a trading volume of 474.7 billion yuan and a decrease of 0.4 billion yuan in trading volume [4]. 3.2 Option - underlying ETF Market - The Shanghai 50 ETF closed at 3.082, down 0.015 or 0.48%, with a trading volume of 6.4505 million shares and an increase of 6.3962 million shares in trading volume, and a trading value of 1.991 billion yuan and an increase of 0.309 billion yuan in trading value [5]. - The Shanghai 300 ETF closed at 4.620, down 0.009 or 0.19%, with a trading volume of 7.889 million shares and an increase of 7.8169 million shares in trading volume, and a trading value of 3.643 billion yuan and an increase of 0.296 billion yuan in trading value [5]. - The Shanghai 500 ETF closed at 7.282, up 0.056 or 0.77%, with a trading volume of 2.3613 million shares and an increase of 2.3256 million shares in trading volume, and a trading value of 1.710 billion yuan and a decrease of 0.871 billion yuan in trading value [5]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.426, up 0.017 or 1.21%, with a trading volume of 38.816 million shares and an increase of 38.4442 million shares in trading volume, and a trading value of 5.543 billion yuan and an increase of 0.285 billion yuan in trading value [5]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.394, up 0.017 or 1.23%, with a trading volume of 9.3354 million shares and an increase of 9.2247 million shares in trading volume, and a trading value of 1.302 billion yuan and a decrease of 0.229 billion yuan in trading value [5]. - The Shenzhen 300 ETF closed at 4.765, down 0.011 or 0.23%, with a trading volume of 1.1149 million shares and an increase of 1.0993 million shares in trading volume, and a trading value of 0.531 billion yuan and a decrease of 0.214 billion yuan in trading value [5]. - The Shenzhen 500 ETF closed at 2.907, up 0.021 or 0.73%, with a trading volume of 0.7163 million shares and an increase of 0.703 million shares in trading volume, and a trading value of 0.207 billion yuan and a decrease of 0.180 billion yuan in trading value [5]. - The Shenzhen 100 ETF closed at 3.450, unchanged or 0.00%, with a trading volume of 0.6289 million shares and an increase of 0.6204 million shares in trading volume, and a trading value of 0.216 billion yuan and a decrease of 0.077 billion yuan in trading value [5]. - The ChiNext ETF closed at 3.059, up 0.022 or 0.72%, with a trading volume of 18.8863 million shares and an increase of 18.715 million shares in trading volume, and a trading value of 5.729 billion yuan and an increase of 0.501 billion yuan in trading value [5]. 3.3 Option Factors - Volume and Position PCR - For the Shanghai 50 ETF option, the trading volume was 965,600 contracts with an increase of 92,200 contracts, the open interest was 1.8221 million contracts with an increase of 42,600 contracts, the volume PCR was 0.98 with an increase of 0.15, and the position PCR was 0.78 with a decrease of 0.03 [6]. - For the Shanghai 300 ETF option, the trading volume was 1.2935 million contracts with an increase of 179,200 contracts, the open interest was 1.574 million contracts with an increase of 9,700 contracts, the volume PCR was 1.24 with an increase of 0.31, and the position PCR was 1.09 with a decrease of 0.06 [6]. - For the Shanghai 500 ETF option, the trading volume was 1.9246 million contracts with an increase of 561,500 contracts, the open interest was 1.4503 million contracts with an increase of 28,300 contracts, the volume PCR was 1.09 with an increase of 0.06, and the position PCR was 1.32 with an increase of 0.09 [6]. - For the Huaxia Science and Technology Innovation 50 ETF option, the trading volume was 1.981 million contracts with a decrease of 317,600 contracts, the open interest was 2.5498 million contracts with an increase of 62,300 contracts, the volume PCR was 0.82 with a decrease of 0.52, and the position PCR was 0.99 with an increase of 0.02 [6]. - For the E Fund Science and Technology Innovation 50 ETF option, the trading volume was 321,600 contracts with an increase of 15,000 contracts, the open interest was 705,400 contracts with an increase of 5,600 contracts, the volume PCR was 0.68 with an increase of 0.08, and the position PCR was 0.87 with an increase of 0.01 [6]. - For the Shenzhen 300 ETF option, the trading volume was 186,400 contracts with an increase of 14,800 contracts, the open interest was 352,200 contracts with an increase of 7,900 contracts, the volume PCR was 0.89 with an increase of 0.10, and the position PCR was 0.89 with a decrease of 0.05 [6]. - For the Shenzhen 500 ETF option, the trading volume was 382,600 contracts with an increase of 159,400 contracts, the open interest was 456,500 contracts with an increase of 18,500 contracts, the volume PCR was 1.48 with an increase of 0.60, and the position PCR was 0.86 with an increase of 0.04 [6]. - For the Shenzhen 100 ETF option, the trading volume was 88,000 contracts with a decrease of 26,500 contracts, the open interest was 172,500 contracts with an increase of 2,800 contracts, the volume PCR was 1.89 with an increase of 0.63, and the position PCR was 1.24 with an increase of 0.02 [6]. - For the ChiNext ETF option, the trading volume was 2.046 million contracts with an increase of 51,200 contracts, the open interest was 2.1135 million contracts with an increase of 23,300 contracts, the volume PCR was 0.90 with an increase of 0.18, and the position PCR was 1.40 with a decrease of 0.05 [6]. - For the Shanghai 50 index option, the trading volume was 46,100 contracts with an increase of 5,200 contracts, the open interest was 100,700 contracts with an increase of 3,500 contracts, the volume PCR was 0.57 with an increase of 0.06, and the position PCR was 0.61 with a decrease of 0.02 [6]. - For the CSI 300 index option, the trading volume was 149,900 contracts with an increase of 16,200 contracts, the open interest was 238,600 contracts with an increase of 5,000 contracts, the volume PCR was 0.64 with an increase of 0.09, and the position PCR was 0.80 with a decrease of 0.03 [6]. - For the CSI 1000 index option, the trading volume was 375,000 contracts with an increase of 124,600 contracts, the open interest was 353,800 contracts with a decrease of 2,400 contracts, the volume PCR was 0.81 with a decrease of 0.03, and the position PCR was 1.09 with an increase of 0.01 [6]. 3.4 Option Factors - Pressure and Support Points - For the Shanghai 50 ETF option, the underlying closing price was 3.082, the at - the - money strike price was 3.10, the pressure point was 3.20 with an offset of 0.00, the support point was 3.10 with an offset of 0.00, the maximum long position of call options was 193,065 contracts, and the maximum long position of put options was 105,469 contracts [8]. - For the Shanghai 300 ETF option, the underlying closing price was 4.620, the at - the - money strike price was 4.60, the pressure point was 4.70 with an offset of 0.10, the support point was 4.50 with an offset of 0.00, the maximum long position of call options was 97,631 contracts, and the maximum long position of put options was 73,098 contracts [8]. - For the Shanghai 500 ETF option, the underlying closing price was 7.282, the at - the - money strike price was 7.25, the pressure point was 7.25 with an offset of 0.00, the support point was 7.00 with an offset of 0.00, the maximum long position of call options was 121,540 contracts, and the maximum long position of put options was 125,895 contracts [8]. - For the Huaxia Science and Technology Innovation 50 ETF option, the underlying closing price was 1.426, the at - the - money strike price was 1.45, the pressure point was 1.65 with an offset of 0.25, the support point was 1.30 with an offset of 0.00, the maximum long position of call options was 144,839 contracts, and the maximum long position of put options was 100,357 contracts [8]. - For the E Fund Science and Technology Innovation 50 ETF option, the underlying closing price was 1.394, the at - the - money strike price was 1.40, the pressure point was 1.60 with an offset of 0.00, the support point was 1.30 with an offset of 0.00, the maximum long position of call options was 67,217 contracts, and the maximum long position of put options was 29,172 contracts [8]. - For the Shenzhen 300 ETF option, the underlying closing price was 4.765, the at - the - money strike price was 4.80, the pressure point was 4.80 with an offset of 0.00, the support point was 4.80 with an offset of 0.10, the maximum long position of call options was 27,722 contracts, and the maximum long position of put options was 12,341 contracts [8]. - For the Shenzhen 500 ETF option, the underlying closing price was 2.907, the at - the - money strike price was 2.90, the pressure point was 2.90 with an offset of 0.00, the support point was 2.85 with an offset of 0.00, the maximum long position of call options was 27,473 contracts, and the maximum long position of put options was 14,216 contracts [8]. - For the Shenzhen 100 ETF option, the underlying closing price was 3.450, the at - the - money strike price was 3.50, the pressure point was 3.50 with an offset of 0.00, the support point was 3.30 with an offset of 0.00, the maximum long position of call options was 9,075 contracts, and the maximum long position of put options was 11,337 contracts [8]. - For the ChiNext ETF option, the underlying closing price was 3.059, the at - the - money strike price was 3.10, the pressure point was 3.30 with an offset of 0.20, the support point was 2.85 with an offset of 0.00, the maximum long position of call options was 100,616 contracts, and the maximum long position of put options was 72,306 contracts [8]. - For the Shanghai 50 index option, the underlying closing price was 2,947.82, the at - the - money strike price was 2,950, the pressure point was 3,000 with an offset of 0, the support point was 2,950 with an offset of 50, the maximum long position of call options was 8,584 contracts, and the maximum long position of put options was 3,380 contracts [8]. - For the CSI 300 index option, the underlying closing price was 4,523.34, the at - the - money strike price was 4,500, the pressure point was 4,500 with an offset of - 100, the support point was 4,300 with an offset of 0, the maximum long position of call options was 8,756 contracts, and the maximum long position of put options was 5,696 contracts [8]. - For the CSI 1000 index option, the underlying closing price was 7,483.63, the at - the - money strike price was 7,500, the pressure point was 7,500 with an offset of 0, the support point was 7,000 with an offset of 0, the maximum long position of call options was 10,597 contracts, and the maximum long position of put options was 10,330 contracts [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks showed a market trend of gradually declining on the long side, then rebounding [3]. - The implied volatility of financial options gradually increased and fluctuated at a relatively high level [3]. - For ETF options, it is suitable to construct a long-biased buyer strategy and a bull spread strategy for call options; for index options, it is suitable to construct a long-biased seller strategy, a bull spread strategy for call options, and an arbitrage strategy between synthetic long futures with options and short futures [3]. 3. Summaries According to Related Catalogs 3.1 Financial Market Important Indexes - The Shanghai Composite Index closed at 3,870.60, down 4.71 points or 0.12%, with a trading volume of 109.38 billion yuan and an increase of 7.7 billion yuan [4]. - The Shenzhen Component Index closed at 12,924.13, down 55.76 points or 0.43%, with a trading volume of 142.71 billion yuan and an increase of 0.62 billion yuan [4]. - The SSE 50 Index closed at 2,968.54, down 14.54 points or 0.49%, with a trading volume of 17.75 billion yuan and a decrease of 1.1 billion yuan [4]. - The CSI 300 Index closed at 4,522.00, down 26.04 points or 0.57%, with a trading volume of 68.96 billion yuan and a decrease of 0.36 billion yuan [4]. - The CSI 500 Index closed at 7,147.75, up 25.04 points or 0.35%, with a trading volume of 49.94 billion yuan and an increase of 2.99 billion yuan [4]. - The CSI 1000 Index closed at 7,422.88, up 23.00 points or 0.31%, with a trading volume of 50.88 billion yuan and an increase of 2.26 billion yuan [4]. 3.2 Option - Based ETF Market - The SSE 50 ETF closed at 3.104, down 0.018 or 0.58%, with a trading volume of 6.9497 million shares and a decrease of 1.885 billion yuan in trading value [5]. - The SSE 300 ETF closed at 4.621, down 0.039 or 0.84%, with a trading volume of 9.1586 million shares and a decrease of 0.253 billion yuan in trading value [5]. - The SSE 500 ETF closed at 7.242, up 0.018 or 0.25%, with a trading volume of 2.5938 million shares and a decrease of 1.491 billion yuan in trading value [5]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.406, up 0.013 or 0.93%, with a trading volume of 44.5783 million shares and a decrease of 1.099 billion yuan in trading value [5]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.372, up 0.011 or 0.81%, with a trading volume of 13.8631 million shares and a decrease of 0.102 billion yuan in trading value [5]. - The Shenzhen 300 ETF closed at 4.769, down 0.031 or 0.65%, with a trading volume of 1.6193 million shares and a decrease of 0.167 billion yuan in trading value [5]. - The Shenzhen 500 ETF closed at 2.896, up 0.005 or 0.17%, with a trading volume of 1.0752 million shares and a decrease of 0.144 billion yuan in trading value [5]. - The Shenzhen 100 ETF closed at 3.412, down 0.039 or 1.13%, with a trading volume of 0.7269 million shares and a decrease of 0.127 billion yuan in trading value [5]. - The ChiNext ETF closed at 2.995, down 0.030 or 0.99%, with a trading volume of 21.2536 million shares and a decrease of 1.393 billion yuan in trading value [5]. 3.3 Option Factors - Volume and Position PCR - The volume and position PCR of various options showed different changes, which can be used to describe the strength of the option - underlying market and the turning point of the market [6][7]. 3.4 Option Factors - Pressure and Support Points - The pressure and support points of various options can be seen from the strike prices with the largest open interest of call and put options [8][10]. 3.5 Option Factors - Implied Volatility - The implied volatility of various options showed different levels and changes, which can be used to measure the market's expectation of future price fluctuations [11][12]. 3.6 Strategies and Recommendations - The financial options sector is divided into large - cap blue - chip stocks, small and medium - sized boards, and the ChiNext board [13]. - For each sector, some varieties are selected to provide option strategies and recommendations [13]. - For each option variety, the option strategy report is written according to the underlying market analysis, option factor research, and option strategy recommendations [13]. 3.7 Sector - Specific Analysis and Strategies - **Financial Stocks Sector (SSE 50 ETF, SSE 50)**: The SSE 50 ETF showed a long - term upward trend with support at the short - term bottom. The implied volatility of its options was above the average, and the position PCR indicated a volatile market. Strategies included constructing a short - biased long combination strategy and a spot long covered call strategy [14]. - **Large - Cap Blue - Chip Stocks Sector (SSE 300 ETF, Shenzhen 300 ETF, CSI 300)**: The SSE 300 ETF showed a long - term upward trend with large fluctuations at the high level. The implied volatility of its options was above the average, and the position PCR indicated a volatile and long - biased market. Strategies included constructing a bull spread strategy for call options, a short - volatility combination strategy, and a spot long covered call strategy [14]. - **Large - and Medium - Sized Stocks Sector (Shenzhen 100 ETF)**: The Shenzhen 100 ETF showed a long - term upward trend. The implied volatility of its options was above the average, and the position PCR indicated a strong and volatile market. Strategies included constructing a bull spread strategy for call options, a short - volatility combination strategy, and a spot long covered call strategy [15]. - **Small and Medium - Sized Stocks Sector (SSE 500 ETF, Shenzhen 500 ETF, CSI 1000)**: The SSE 500 ETF showed a short - term upward trend with large fluctuations at the high level. The implied volatility of its options was above the average, and the position PCR indicated a long - biased and volatile market. Strategies included constructing a bull spread strategy for call options and a spot long covered call strategy [15][16]. - **ChiNext Sector (ChiNext ETF, Huaxia Science and Technology Innovation 50 ETF, E Fund Science and Technology Innovation 50 ETF)**: The ChiNext ETF showed a long - term upward trend with high - level volatility. The implied volatility of its options increased to a relatively high level, and the position PCR indicated a long - term upward trend. Strategies included constructing a bull call option combination strategy, a short - volatility strategy, and a spot long covered call strategy [16].

Group 1: Report Overview - Report Title: Financial Options Strategy Morning Report [1] - Date: September 12, 2025 [1] - Research Team: Lu Pinxian (Investment Research Manager), Huang Kehan (Options Researcher) [2] Group 2: Market Conditions Stock Market Review - The Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks showed a market trend of rising, falling back, and then rebounding in the bullish direction [3]. Financial Market Indexes - The Shanghai Composite Index closed at 3,875.31, up 63.09 points or 1.65%, with a trading volume of 101.68 billion yuan, an increase of 19.57 billion yuan [4]. - The Shenzhen Component Index closed at 12,979.89, up 422.21 points or 3.36%, with a trading volume of 142.09 billion yuan, an increase of 26.39 billion yuan [4]. ETF Option Underlying Assets - The Shanghai 50ETF closed at 3.122, up 0.050 or 1.63%, with a trading volume of 13.086 million shares, an increase of 13.04 million shares, and a trading value of 4.051 billion yuan, an increase of 2.638 billion yuan [5]. - The Shanghai 300ETF closed at 4.660, up 0.122 or 2.69%, with a trading volume of 9.7834 million shares, an increase of 9.7226 million shares, and a trading value of 4.504 billion yuan, an increase of 1.742 billion yuan [5]. Group 3: Option Factors Volume and Open Interest PCR - The trading volume PCR of the Shanghai 50ETF option was 0.74, a decrease of 0.24, and the open interest PCR was 0.91, an increase of 0.05 [6]. - The trading volume PCR of the Shanghai 300ETF option was 0.94, a decrease of 0.06, and the open interest PCR was 1.29, an increase of 0.17 [6]. Pressure and Support Levels - The pressure level of the Shanghai 50ETF option was 3.20, and the support level was 3.10 [8]. - The pressure level of the Shanghai 300ETF option was 4.60, and the support level was 4.50 [8]. Implied Volatility - The at-the-money implied volatility of the Shanghai 50ETF option was 17.55%, and the weighted implied volatility was 18.91%, an increase of 1.94% [10]. - The at-the-money implied volatility of the Shanghai 300ETF option was 19.31%, and the weighted implied volatility was 19.29%, an increase of 3.15% [10]. Group 4: Strategy and Recommendations Overall Strategy - The financial options sector is divided into large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks [12]. - Select some varieties from each sector to provide option strategy recommendations [12]. Sector-Specific Strategies - **Financial Stocks Sector (Shanghai 50ETF, Shanghai 50)**: Build a short-selling combination strategy biased towards the long side to obtain time value income, and dynamically adjust the position delta to maintain a long position. Also, implement a spot long covered call strategy [13]. - **Large-Cap Blue-Chip Stocks Sector (Shanghai 300ETF, Shenzhen 300ETF, CSI 300)**: Build a bull call spread strategy to obtain directional income, a short volatility strategy to obtain time value income, and a spot long covered call strategy [13]. - **Large and Medium-Sized Stocks Sector (Shenzhen 100ETF)**: Build a bull call spread strategy, a short volatility strategy, and a spot long covered call strategy [14]. - **Small and Medium-Cap Stocks Sector (Shanghai 500ETF, Shenzhen 500ETF, CSI 1000)**: Build a bull call spread strategy and a spot long covered call strategy. For the CSI 1000, build a short volatility strategy [14][15]. - **ChiNext Sector (ChiNext ETF, Huaxia Science and Technology Innovation 50ETF, E Fund Science and Technology Innovation 50ETF)**: Build a bull call spread strategy, a short volatility strategy, and a spot long covered call strategy [15]. Group 5: Option Charts - The report includes price trend charts, trading volume and open interest charts, implied volatility charts, and PCR charts for various options such as the Shanghai 50ETF option, Shanghai 300ETF option, Shanghai 500ETF option, ChiNext ETF option, Shenzhen 100ETF option, and CSI 1000 index option [17][19][24][30][32][36][47][49][58][66][68][74][84][86][96][102][104][115]

Report Summary 1) Report Industry Investment Rating No information provided in the document. 2) Core Viewpoints of the Report - The Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks showed a market trend of gradually declining in the bullish direction, then rebounding [3]. - The implied volatility of financial options gradually increased to a relatively high level around the mean [3]. - For ETF options, it is suitable to construct a bullish buyer strategy and a bull spread combination strategy of call options; for index options, it is suitable to construct a bullish seller strategy, a bull spread combination strategy of call options, and an arbitrage strategy of synthetic long futures with options and short futures [3]. 3) Summaries Based on Relevant Catalogs Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,812.22, up 4.93 points or 0.13%, with a trading volume of 821.1 billion yuan, a decrease of 96.7 billion yuan [4]. - The Shenzhen Component Index closed at 12,557.68, up 47.08 points or 0.38%, with a trading volume of 1,157 billion yuan, a decrease of 43.7 billion yuan [4]. - Other important indexes such as the SSE 50, CSI 300, etc., also had corresponding closing prices, changes, and trading volumes [4]. Option - Underlying ETF Market Overview - The SSE 50 ETF closed at 3.072, up 0.013 or 0.42%, with a trading volume of 4.6036 million shares, a decrease of 1.196 billion yuan in trading value [5]. - Other ETFs like the SSE 300 ETF, Huaxia Science and Technology Innovation 50 ETF, etc., also had their respective market performance [5]. Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of various option varieties were presented, which can be used to describe the strength of the option - underlying market and the turning point of the market [6][7]. Option Factor - Pressure and Support Points - The pressure and support points of different option varieties were analyzed from the perspective of the strike prices with the largest open interest of call and put options [8][9]. Option Factor - Implied Volatility - The implied volatility of different option varieties, including at - the - money implied volatility and weighted implied volatility, was given, and the calculation methods were also explained [10][11]. Strategy and Recommendations - The financial option sector is divided into large - cap blue - chip stocks, small and medium - sized boards, and the ChiNext board. Each board has corresponding option strategies [12]. - **Financial Stock Board (SSE 50 ETF, SSE 50)**: The SSE 50 ETF showed a bullish trend with support below. It is recommended to construct a short - volatility combination strategy and a covered call strategy [13]. - **Large - Cap Blue - Chip Stock Board (SSE 300 ETF, Shenzhen 300 ETF, CSI 300)**: The SSE 300 ETF had a bullish trend with large fluctuations. Strategies include a bull spread of call options, a short - volatility strategy, and a covered call strategy [13]. - **Large - and Medium - Sized Stock Board (Shenzhen 100 ETF)**: The Shenzhen 100 ETF showed a bullish trend. Strategies involve a bull spread of call options, a short - volatility strategy, and a covered call strategy [14]. - **Small - and Medium - Sized Stock Board (SSE 500 ETF, Shenzhen 500 ETF, CSI 1000)**: The SSE 500 ETF and CSI 1000 had their own market trends, and corresponding directional and volatility strategies were recommended [14][15]. - **ChiNext Board (ChiNext ETF, Huaxia Science and Technology Innovation 50 ETF, E Fund Science and Technology Innovation 50 ETF)**: The ChiNext ETF showed a bullish trend with high - level fluctuations. Strategies include a bull spread of call options, a short - volatility strategy, and a covered call strategy [15].

Report Overview - Report Title: Financial Options Strategy Morning Report [1] - Report Date: September 8, 2025 - Analysts: Lu Pinxian, Huang Kehan [2] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The stock market shows a downward trend in the bullish direction, with the Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks all experiencing a decline [3]. - The implied volatility of financial options has gradually risen to a relatively high level of the mean [3]. - For ETF options, it is suitable to construct a bullish buyer strategy and a call option bull spread combination strategy; for index options, it is suitable to construct a bullish seller strategy, a call option bull spread combination strategy, and an arbitrage strategy between synthetic long futures and short futures [3]. 3. Summary by Directory 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,812.51, up 46.64 points or 1.24%, with a trading volume of 979.1 billion yuan, a decrease of 128.8 billion yuan [4]. - The Shenzhen Component Index closed at 12,590.56, up 471.86 points or 3.89%, with a trading volume of 1325.6 billion yuan, a decrease of 110.8 billion yuan [4]. - The Shanghai 50 Index closed at 2,942.22, up 31.75 points or 1.09%, with a trading volume of 160.9 billion yuan, a decrease of 47.2 billion yuan [4]. - The CSI 300 Index closed at 4,460.32, up 95.12 points or 2.18%, with a trading volume of 664.2 billion yuan, a decrease of 109 billion yuan [4]. - The CSI 500 Index closed at 6,913.95, up 215.51 points or 3.22%, with a trading volume of 432 billion yuan, a decrease of 40 billion yuan [4]. - The CSI 1000 Index closed at 7,245.67, up 204.51 points or 2.90%, with a trading volume of 458.8 billion yuan, a decrease of 29.8 billion yuan [4]. 3.2 Option Underlying ETF Market Overview - The Shanghai 50 ETF closed at 3.072, up 0.038 or 1.25%, with a trading volume of 6.4992 million shares, an increase of 6.3497 million shares, and a trading volume of 1.981 billion yuan, a decrease of 2.56 billion yuan [5]. - The Shanghai 300 ETF closed at 4.554, up 0.098 or 2.20%, with a trading volume of 10.6033 million shares, an increase of 10.4612 million shares, and a trading volume of 4.78 billion yuan, a decrease of 1.572 billion yuan [5]. - The Shanghai 500 ETF closed at 7.011, up 0.232 or 3.42%, with a trading volume of 3.0775 million shares, an increase of 3.0448 million shares, and a trading volume of 2.122 billion yuan, a decrease of 0.115 billion yuan [5]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.326, up 0.044 or 3.43%, with a trading volume of 49.3775 million shares, an increase of 48.7696 million shares, and a trading volume of 6.437 billion yuan, a decrease of 1.49 billion yuan [5]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.296, up 0.044 or 3.51%, with a trading volume of 18.547 million shares, an increase of 18.3133 million shares, and a trading volume of 2.358 billion yuan, a decrease of 0.608 billion yuan [5]. - The Shenzhen 300 ETF closed at 4.696, up 0.103 or 2.24%, with a trading volume of 1.3472 million shares, an increase of 1.3157 million shares, and a trading volume of 0.626 billion yuan, a decrease of 0.823 billion yuan [5]. - The Shenzhen 500 ETF closed at 2.800, up 0.090 or 3.32%, with a trading volume of 1.1505 million shares, an increase of 1.1345 million shares, and a trading volume of 0.317 billion yuan, a decrease of 0.121 billion yuan [5]. - The Shenzhen 100 ETF closed at 3.360, up 0.134 or 4.15%, with a trading volume of 0.7764 million shares, an increase of 0.7674 million shares, and a trading volume of 0.256 billion yuan, a decrease of 0.039 billion yuan [5]. - The ChiNext ETF closed at 2.944, up 0.193 or 7.02%, with a trading volume of 27.4208 million shares, an increase of 27.0703 million shares, and a trading volume of 7.802 billion yuan, a decrease of 2.054 billion yuan [5]. 3.3 Option Factor - Volume and Position PCR - The volume and position PCR of various option varieties are provided, which are used to describe the strength of the option underlying market and whether the underlying market has a turning point [6][7]. 3.4 Option Factor - Pressure and Support Points - The pressure and support points of various option varieties are analyzed from the exercise prices of the maximum open interest of call and put options [8][10]. 3.5 Option Factor - Implied Volatility - The implied volatility of various option varieties is provided, including the at-the-money implied volatility and the weighted implied volatility [11][12]. 3.6 Strategy and Recommendations - The financial option sector is divided into large-cap blue-chip stocks, small and medium-sized boards, and the ChiNext board. Different option strategies and recommendations are provided for each sector [13]. - For example, for the financial stock sector (Shanghai 50, Shanghai 50 ETF), a seller bullish combination strategy and a spot long covered call strategy are recommended [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Stock market review: The Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks showed a market trend of gradually declining on the long side [3]. - Financial options volatility analysis: The implied volatility of financial options gradually increased and fluctuated at a relatively high level [3]. - Financial options strategies and suggestions: For ETF options, it is suitable to construct a long-biased buyer strategy and a bull spread strategy for call options; for index options, it is suitable to construct a long-biased seller strategy, a bull spread strategy for call options, and an arbitrage strategy between synthetic long futures of options and short futures [3]. 3. Summary by Relevant Catalogs 3.1 Financial Market Index Overview - Major indices such as the Shanghai Composite Index, Shenzhen Component Index, SSE 50, CSI 300, CSI 500, and CSI 1000 all showed declines, with the CSI 1000 having the largest decline of -1.46%. The trading volume of each index also decreased to varying degrees [4]. 3.2 Option - Underlying ETF Market Overview - Most ETFs showed declines, with the ChinaAMC STAR 50 ETF and E Fund STAR 50 ETF having relatively large declines of -2.08% and -2.05% respectively. Only the ChiNext ETF showed an increase of 0.77% [5]. 3.3 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of most option varieties showed changes, which can be used to describe the strength of the option - underlying market and whether the underlying market has a turning point [6][7]. 3.4 Option Factors - Pressure and Support Points - The pressure and support points of each option variety can be observed from the strike prices with the largest open interest of call and put options [8][10]. 3.5 Option Factors - Implied Volatility - The implied volatility of each option variety fluctuated, and the weighted implied volatility was calculated using the volume - weighted average of the current and next - month option contracts [11][12]. 3.6 Strategies and Suggestions - The financial options sector is divided into large - cap blue - chip stocks, small and medium - sized boards, and the ChiNext board. For each sector, some varieties are selected to provide option strategies and suggestions, including directional strategies, volatility strategies, and spot long - covered strategies [13]. - **Financial stocks sector (SSE 50ETF, SSE 50)**: The SSE 50ETF showed a long - term upward trend followed by a high - level decline. It is recommended to construct a short - biased long combination strategy for volatility and a spot long - covered strategy [14]. - **Large - cap blue - chip stocks sector (SSE 300ETF, Shenzhen 300ETF, CSI 300)**: The SSE 300ETF showed a short - term long - term upward trend followed by a high - level consolidation. It is recommended to construct a bull spread strategy for call options, a short - volatility strategy, and a spot long - covered strategy [15]. - **Large - and medium - sized stocks sector (Shenzhen 100ETF)**: The Shenzhen 100ETF showed a long - term upward trend. It is recommended to construct a bull spread strategy for call options, a short - volatility strategy, and a spot long - covered strategy [16]. - **Small and medium - sized stocks sector (SSE 500ETF, Shenzhen 500ETF, CSI 1000)**: The SSE 500ETF and CSI 1000 showed short - term long - term upward trends followed by high - level declines. It is recommended to construct a bull spread strategy for call options, a short - volatility strategy (for CSI 1000), and a spot long - covered strategy [16][17]. - **ChiNext board (ChiNext ETF, ChinaAMC STAR 50ETF, E Fund STAR 50ETF)**: The ChiNext ETF showed a long - term upward trend followed by a sharp decline. It is recommended to construct a bull call option combination strategy and a spot long - covered strategy [17].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market shows a bullish upward and high - level oscillating market trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks all presenting such characteristics [3]. - The implied volatility of financial options gradually rises and fluctuates at a relatively high level above the mean [3]. - For ETF options, it is suitable to construct a bullish buyer strategy and a call option bull spread combination strategy; for stock index options, it is suitable to construct a bullish seller strategy, a call option bull spread combination strategy, and an arbitrage strategy of synthetic long futures and short futures [3]. 3. Summary by Relevant Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,857.93, up 0.37% with a trading volume of 122.17 billion yuan and a volume change of - 43.5 billion yuan [4]. - The Shenzhen Component Index closed at 12,696.15, up 0.99% with a trading volume of 157.66 billion yuan and a volume change of - 129 billion yuan [4]. - The Shanghai 50 Index closed at 2,976.47, up 0.53% with a trading volume of 22.65 billion yuan and a volume change of 31.3 billion yuan [4]. - The CSI 300 Index closed at 4,496.76, up 0.74% with a trading volume of 83.12 billion yuan and a volume change of 91.8 billion yuan [4]. - The CSI 500 Index closed at 7,043.94, up 0.47% with a trading volume of 52.3 billion yuan and a volume change of - 40.6 billion yuan [4]. - The CSI 1000 Index closed at 7,438.68, down 0.11% with a trading volume of 56.51 billion yuan and a volume change of - 66.7 billion yuan [4]. 3.2 Option - related ETF Market Overview - The closing prices, price changes, trading volumes, and trading volume changes of various option - related ETFs are presented, such as the Shanghai 50 ETF closing at 3.112, up 0.55% with a trading volume of 12.4274 million shares and a volume change of 12.3123 million shares [5]. 3.3 Option Factor - Volume and Position PCR - The volume, volume change, position, position change, volume PCR, and position PCR of different option varieties are provided, for example, the Shanghai 50 ETF option has a volume PCR of 0.66 (down 0.14) and a position PCR of 0.95 (up 0.02) [6]. 3.4 Option Factor - Pressure and Support Points - The pressure and support points of different option varieties are given, like the Shanghai 50 ETF has a pressure point of 3.20 and a support point of 3.00 [8]. 3.5 Option Factor - Implied Volatility - The implied volatility data of different option varieties are shown, including the at - the - money implied volatility, weighted implied volatility, and its change, etc. For instance, the Shanghai 50 ETF option has an at - the - money implied volatility of 22.48% and a weighted implied volatility of 23.72% (up 0.16%) [11]. 3.6 Strategy and Suggestions - The financial option sector is divided into large - cap blue - chip stocks, small and medium - sized boards, and the ChiNext board. Different sectors and corresponding option varieties are recommended for different strategies [13]. - For each sector, specific option strategies are proposed based on the analysis of the underlying market, option factor research, including directional strategies and volatility strategies. For example, in the financial stock sector, for the Shanghai 50 ETF, a call option bull spread combination strategy is recommended for directional trading [14].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market shows a market trend of long - position upward and high - level oscillation for the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks [3]. - The implied volatility of financial options gradually rises to a relatively high level around the mean [3]. - For ETF options, it is suitable to construct a long - biased buyer strategy and a bull spread strategy for call options; for index options, it is suitable to construct a long - biased seller strategy, a bull spread strategy for call options, and an arbitrage strategy between synthetic long futures of options and short futures [3]. 3. Summary by Related Catalogs Market Overview - **Financial Market Important Indexes**: The Shanghai Composite Index closed at 3,800.35, down 1.76%; the Shenzhen Component Index closed at 12,295.07, down 1.43%; other major indexes also showed varying degrees of decline [4]. - **Option - Underlying ETFs**: Most ETFs showed a downward trend, except for the Huaxia Science and Technology Innovation 50 ETF, which had a slight increase [5]. - **Option Factors - Volume and Position PCR**: Different option varieties have different volume and position PCR values and their changes, which reflect the strength of the option - underlying market and the turning point of the market [6]. - **Option Factors - Pressure and Support Points**: From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support points of each option - underlying are analyzed [8]. - **Option Factors - Implied Volatility**: The implied volatility of different option varieties shows different levels and changes, and the implied - historical volatility difference also varies [11]. Strategy and Recommendations - **Sector Classification**: The financial options sector is divided into large - cap blue - chip stocks, small - and medium - sized boards, and the ChiNext board, with specific option varieties in each sector [13]. - **Option Strategies for Each Sector** - **Financial Stocks (Shanghai 50, Shanghai 50ETF)**: The Shanghai 50ETF shows a long - position upward trend with support below. It is recommended to construct a bull spread strategy for call options, a long - biased seller strategy, and a covered call strategy [14]. - **Large - Cap Blue - Chip Stocks (Shanghai 300ETF, Shenzhen 300ETF, CSI 300)**: These varieties show a short - term long - position upward trend. It is recommended to construct a bull spread strategy for call options, a short - volatility strategy of selling call and put options, and a covered call strategy [14]. - **Large - and Medium - Sized Stocks (Shenzhen 100ETF)**: The Shenzhen 100ETF shows a long - position upward trend. It is recommended to construct a bull spread strategy for call options, a short - volatility strategy of selling call and put options, and a covered call strategy [15]. - **Small - and Medium - Sized Boards (Shanghai 500ETF, Shenzhen 500ETF, CSI 1000)**: These varieties show a short - term long - position upward trend. It is recommended to construct a bull spread strategy for call options and a covered call strategy for some varieties [15][16]. - **ChiNext Board (Huaxia Science and Technology Innovation 50ETF, E Fund Science and Technology Innovation 50ETF, ChiNext ETF)**: These varieties show a long - position upward trend. It is recommended to construct a bull spread strategy for call options and a covered call strategy [16].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Views of the Report - The stock market shows a high - level slight oscillation, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all in this state [3]. - The implied volatility of financial options gradually rises to fluctuate above the mean level [3]. - For ETF options, it is suitable to construct covered strategies, neutral double - selling strategies, and vertical spread combination strategies; for index options, it is suitable to construct neutral double - selling strategies and arbitrage strategies between synthetic long or short options and short or long futures [3]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,771.10, up 4.89 (0.13%), with a trading volume of 997.7 billion yuan and a volume change of - 19.8 billion yuan, and a PE of 16.16 [4]. - The Shenzhen Component Index closed at 11,919.76, down 6.98 (- 0.06%), with a trading volume of 1426.3 billion yuan and a volume change of 35.6 billion yuan, and a PE of 28.65 [4]. - The SSE 50 Index closed at 2,862.18, up 15.19 (0.53%), with a trading volume of 136.5 billion yuan and a volume change of - 3.2 billion yuan, and a PE of 11.71 [4]. - The CSI 300 Index closed at 4,288.07, up 16.67 (0.39%), with a trading volume of 558.5 billion yuan and a volume change of 19.7 billion yuan, and a PE of 13.73 [4]. - The CSI 500 Index closed at 6,704.17, down 23.90 (- 0.36%), with a trading volume of 404.1 billion yuan and a volume change of - 5.5 billion yuan, and a PE of 32.02 [4]. - The CSI 1000 Index closed at 7,253.34, down 52.12 (- 0.71%), with a trading volume of 516.5 billion yuan and a volume change of - 1 billion yuan, and a PE of 44.56 [4]. 3.2 Option - Based ETF Market Overview - The SSE 50 ETF closed at 2.990, up 0.015 (0.50%), with a trading volume of 8.7402 million shares and a volume change of 8.6399 million shares, and a trading value of 2.612 billion yuan and a value change of - 0.348 billion yuan [5]. - The SSE 300 ETF closed at 4.378, up 0.014 (0.32%), with a trading volume of 9.13 million shares and a volume change of 8.9922 million shares, and a trading value of 3.997 billion yuan and a value change of - 1.941 billion yuan [5]. - The SSE 500 ETF closed at 6.786, down 0.038 (- 0.56%), with a trading volume of 2.9833 million shares and a volume change of 2.9495 million shares, and a trading value of 2.028 billion yuan and a value change of - 0.252 billion yuan [5]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.208, unchanged (0.00%), with a trading volume of 45.2083 million shares and a volume change of 44.6828 million shares, and a trading value of 5.501 billion yuan and a value change of - 0.728 billion yuan [5]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.180, up 0.001 (0.08%), with a trading volume of 10.7717 million shares and a volume change of 10.6569 million shares, and a trading value of 1.281 billion yuan and a value change of - 0.049 billion yuan [5]. - The Shenzhen 300 ETF closed at 4.515, up 0.020 (0.44%), with a trading volume of 2.2215 million shares and a volume change of 2.1995 million shares, and a trading value of 1.003 billion yuan and a value change of 0.023 billion yuan [5]. - The Shenzhen 500 ETF closed at 2.712, down 0.016 (- 0.59%), with a trading volume of 1.0161 million shares and a volume change of 1.0035 million shares, and a trading value of 0.276 billion yuan and a value change of - 0.062 billion yuan [5]. - The Shenzhen 100 ETF closed at 3.124, up 0.003 (0.10%), with a trading volume of 0.6078 million shares and a volume change of 0.602 million shares, and a trading value of 0.019 billion yuan and a value change of 0.0012 billion yuan [5]. - The ChiNext ETF closed at 2.572, down 0.016 (- 0.62%), with a trading volume of 18.828 million shares and a volume change of 18.6221 million shares, and a trading value of 4.859 billion yuan and a value change of - 0.401 billion yuan [5]. 3.3 Option Factor - Volume and Position PCR - For the SSE 50 ETF, the trading volume was 1.4943 million contracts (down 0.215 million), the open interest was 1.7591 million contracts (down 0.0319 million), the trading volume PCR was 0.73 (down 0.17), and the open - interest PCR was 1.06 (up 0.05) [6]. - For the SSE 300 ETF, the trading volume was 1.5079 million contracts (down 0.3795 million), the open interest was 1.4525 million contracts (down 0.0081 million), the trading volume PCR was 0.72 (down 0.50), and the open - interest PCR was 1.22 (unchanged) [6]. - For the SSE 500 ETF, the trading volume was 2.1288 million contracts (down 0.3029 million), the open interest was 1.4928 million contracts (up 0.0402 million), the trading volume PCR was 0.74 (down 0.04), and the open - interest PCR was 1.38 (down 0.06) [6]. - For the Huaxia Science and Technology Innovation 50 ETF, the trading volume was 1.8815 million contracts (down 0.1721 million), the open interest was 1.9954 million contracts (down 0.0243 million), the trading volume PCR was 0.50 (down 0.03), and the open - interest PCR was 0.82 (up 0.01) [6]. - For the E Fund Science and Technology Innovation 50 ETF, the trading volume was 0.4171 million contracts (down 0.0977 million), the open interest was 0.6025 million contracts (up 0.0033 million), the trading volume PCR was 0.43 (down 0.39), and the open - interest PCR was 0.86 (up 0.03) [6]. - For the Shenzhen 300 ETF, the trading volume was 0.3459 million contracts (up 0.0533 million), the open interest was 0.3282 million contracts (up 0.0114 million), the trading volume PCR was 1.08 (up 0.09), and the open - interest PCR was 1.25 (up 0.06) [6]. - For the Shenzhen 500 ETF, the trading volume was 0.4278 million contracts (down 0.07 million), the open interest was 0.4312 million contracts (down 0.0051 million), the trading volume PCR was 0.83 (up 0.01), and the open - interest PCR was 1.08 (up 0.03) [6]. - For the Shenzhen 100 ETF, the trading volume was 0.1825 million contracts (up 0.0057 million), the open interest was 0.1755 million contracts (down 0.0007 million), the trading volume PCR was 1.20 (down 0.25), and the open - interest PCR was 1.40 (up 0.12) [6]. - For the ChiNext ETF, the trading volume was 2.4921 million contracts (down 0.1566 million), the open interest was 2.0992 million contracts (up 0.053 million), the trading volume PCR was 0.68 (down 0.07), and the open - interest PCR was 1.31 (down 0.04) [6]. - For the SSE 50 index options, the trading volume was 0.0529 million contracts (up 0.0047 million), the open interest was 0.0732 million contracts (up 0.0017 million), the trading volume PCR was 0.31 (down 0.05), and the open - interest PCR was 0.56 (up 0.02) [6]. - For the CSI 300 index options, the trading volume was 0.1119 million contracts (up 0.0028 million), the open interest was 0.1772 million contracts (up 0.0036 million), the trading volume PCR was 0.46 (down 0.08), and the open - interest PCR was 0.82 (up 0.03) [6]. - For the CSI 1000 index options, the trading volume was 0.3082 million contracts (up 0.033 million), the open interest was 0.2809 million contracts (up 0.0134 million), the trading volume PCR was 0.49 (down 0.14), and the open - interest PCR was 1.03 (unchanged) [6]. 3.4 Option Factor - Pressure and Support Points - For the SSE 50 ETF, the closing price was 2.990, the at - the - money strike price was 3.00, the pressure point was 3.10, the support point was 2.95, the maximum long position for calls was 123,462, and the maximum long position for puts was 93,725 [8]. - For the SSE 300 ETF, the closing price was 4.378, the at - the - money strike price was 4.40, the pressure point was 4.40, the support point was 4.30, the maximum long position for calls was 55,919, and the maximum long position for puts was 71,619 [8]. - For the SSE 500 ETF, the closing price was 6.786, the at - the - money strike price was 6.75, the pressure point was 7.00, the support point was 6.50, the maximum long position for calls was 82,012, and the maximum long position for puts was 107,604 [8]. - For the Huaxia Science and Technology Innovation 50 ETF, the closing price was 1.208, the at - the - money strike price was 1.20, the pressure point was 1.25, the support point was 1.15, the maximum long position for calls was 87,148, and the maximum long position for puts was 70,589 [8]. - For the E Fund Science and Technology Innovation 50 ETF, the closing price was 1.180, the at - the - money strike price was 1.20, the pressure point was 1.25, the support point was 1.15, the maximum long position for calls was 27,222, and the maximum long position for puts was 26,807 [8]. - For the Shenzhen 300 ETF, the closing price was 4.515, the at - the - money strike price was 4.50, the pressure point was 4.60, the support point was 4.30, the maximum long position for calls was 16,481, and the maximum long position for puts was 23,477 [8]. - For the Shenzhen 500 ETF, the closing price was 2.712, the at - the - money strike price was 2.70, the pressure point was 2.70, the support point was 2.55, the maximum long position for calls was 18,589, and the maximum long position for puts was 17,967 [8]. - For the Shenzhen 100 ETF, the closing price was 3.124, the at - the - money strike price was 3.10, the pressure point was 3.10, the support point was 3.00, the maximum long position for calls was 6,223, and the maximum long position for puts was 9,094 [8]. - For the ChiNext ETF, the closing price was 2.572, the at - the - money strike price was 2.55, the pressure point was 2.60, the support point was 2.50, the maximum long position for calls was 95,481, and the maximum long position for puts was 72,965 [8]. - For the SSE 50 index options, the closing price was 2,862.18, the at - the - money strike price was 2,850, the pressure point was 3,200, the support point was 2,700, the maximum long position for calls was 6,714, and the maximum long position for puts was 2,897 [8]. - For the CSI 300 index options, the closing price was 4,288.07, the at - the - money strike price was 4,300, the pressure point was 4,700, the support point was 4,250, the maximum long position for calls was 8,045, and the maximum long position for puts was 8,904 [8]. - For the CSI 1000 index options, the closing price was 7,253.34, the at - the - money strike price was 7,300, the pressure point was 7,400, the support point was 6,500, the maximum long position for calls was 10,159, and the maximum long position for puts was 7,419 [8]. 3.5 Option Factor - Implied Volatility - For the SSE 50 ETF options, the at - the - money implied volatility was 17.47%, the weighted implied volatility was 18.53% (up 0.71%), the annual average was 15.05%, the call implied volatility was 19.08%, the put implied volatility was 17.61%, the HISV20 was 13.26%, and the implied - historical volatility difference was 5.27% [11]. - For the SSE 300 ETF options, the at - the - money implied volatility was 17.79%, the weighted implied volatility was 18.50% (up 0.07%), the annual average was 15.69%, the call implied volatility was 18.52%, the put implied volatility was 18.47%, the HISV20 was 13.99%, and the implied - historical volatility difference was 4.51% [11]. - For the SSE 500 ETF options, the at - the - money implied volatility was 21.19%, the weighted implied volatility was 23.05% (down 0.36%), the annual average was 19.39%, the call implied volatility was 23.57%, the put implied volatility was 2