Report Overview - The report date is August 7, 2025, and it focuses on stock index options, suggesting that in a volatile and rising volatility environment with a change in implied volatility correlation, long - position investors can consider a protective put strategy [1] Market Data Statistics Underlying Market Statistics - The closing prices of the Shanghai Composite 50 Index, CSI 300 Index, and CSI 1000 Index are 2798.31, 4114.67, and 6862.15 respectively, with changes of 0.89, 1.18, and 0.84. Their trading volumes are 42.34 billion, 198.64 billion, and 261.39 billion hands respectively, with changes of 1.16 billion, 21.97 billion, and 3.26 billion hands [2] - For various ETFs, such as Shanghai Composite 50 ETF, Huatai - Berich 300 ETF, etc., their closing prices, price changes, trading volumes, and volume changes are also presented in detail [2] Option Market Statistics - The trading volumes and changes, open interests and changes, VL - PCR, OI - PCR, and the strike prices with the largest call and put open interests (near - month) are provided for different index options and ETF options, like Shanghai Composite 50 Index Option, CSI 300 Index Option, etc. For example, the trading volume of Shanghai Composite 50 Index Option is 32374, with a change of 3863 [2] Option Volatility Statistics - The ATM - IV, IV changes, same - term HV, HV changes, Skew, Skew changes, and VIX and its changes are reported for near - month and next - month options of different types. For instance, the near - month ATM - IV of Shanghai Composite 50 Index Option is 11.75%, with an IV change of 0.21% [5] Option Types Analysis Shanghai Composite 50 Index Option - Multiple charts show the full - contract PCR,主力 contract skewness trend, volatility cone, and volatility term structure, providing a comprehensive view of its market performance [8][9] CSI 300 Index Option - Similar to the Shanghai Composite 50 Index Option, there are charts for full - contract PCR,主力 contract skewness trend, volatility cone, and volatility term structure to analyze its characteristics [12][13] CSI 1000 Index Option - The report presents relevant charts for this option type, including主力 contract volatility, full - contract PCR,主力 contract skewness, volatility cone, and volatility term structure [15][16] Various ETF Options - For Shanghai Composite 50 ETF Option, Huatai - Berich 300 ETF Option, and other ETF options, their respective主力 contract volatility, full - contract PCR,主力 contract skewness, volatility cone, and volatility term structure are analyzed through charts [18][22]

Core Insights - The article discusses the development and application of options strategies, particularly focusing on risk management and income enhancement through options trading [1][9]. Options Hedging Strategies - In a volatile market, strategies that hedge against market beta risk while capturing alpha are increasingly common, utilizing derivatives like stock index futures for hedging [2]. - The introduction of options has led to more managers using them for risk management, as options provide economic compensation during losses, unlike futures [2][3]. - Protective put strategies allow investors to profit from market beta while limiting losses during downturns, although they incur time decay costs in sideways markets [3][5]. Performance Comparison - Backtesting over four years shows that protective put strategies exhibit greater volatility compared to futures hedging strategies, but can outperform during significant market upswings [5][6]. - The performance of different hedging strategies, including futures and options, indicates that the collar strategy (buying puts and selling calls) can provide a smoother return profile compared to outright futures [6][7]. Income Enhancement Strategies - Income enhancement strategies, such as covered call writing, involve holding long positions while selling call options to generate premium income [9][10]. - The covered call strategy is particularly effective in flat or slightly bullish markets, allowing investors to lock in selling prices while generating additional income [10][11]. - Data shows that professional investors increasingly focus on income enhancement strategies, which accounted for 57.8% of trading purposes in 2023 [13].