1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Not provided in the given content 3. Summary by Related Catalogs 3.1 50ETF - **Price and Volatility Data**: From January 22 - 26, 2026, the price fluctuated with a -0.45% drop on the 22nd, -0.80% on the 23rd, and 0.74% increase on the 26th. The current month IV and next month IV also changed accordingly [1]. - **IV Quantiles**: The current month IV quantiles in the past 1 - year and 2 - year periods were relatively high, reaching up to 93.00% and 87.10% respectively [1]. - **Skew Index**: The skew index on January 26, 2026, was 79.16, showing a change compared to previous days [2]. 3.2 Shanghai 300ETF - **Price and Volatility Data**: From January 21 - 23, 2026, the price decreased by 0.06% on the 22nd and 0.49% on the 23rd. The current month IV and next month IV increased [3]. - **IV Quantiles**: The current month IV quantiles in the past 1 - year and 2 - year periods were in the range of 60.70% - 77.20% [3]. - **Skew Index**: The skew index on January 21, 2026, was 84.90, with changes in previous days [6]. 3.3 Shenzhen 300ETF - **Price and Volatility Data**: From January 22 - 26, 2026, the price decreased by 0.57% on the 23rd and then increased by 0.31% on the 26th. The current month IV and next month IV increased [7]. - **IV Quantiles**: The current month IV quantiles in the past 1 - year and 2 - year periods were in the range of 16.70% - 49.00% [7]. - **Skew Index**: The skew index on January 22, 2026, was 97.70, with changes in previous days [13]. 3.4 Shanghai CSI 500ETF - **Price and Volatility Data**: From January 22 - 26, 2026, the price increased by 1.74% on the 22nd, 3.40% on the 23rd, and 1.12% on the 26th. The current month IV and next month IV increased significantly [15]. - **IV Quantiles**: The current month IV quantiles in the past 1 - year and 2 - year periods were relatively high, reaching up to 92.20% and 82.00% respectively [15]. - **Skew Index**: The skew index on January 26, 2026, was 90.65, with changes in previous days [18]. 3.5 Shenzhen CSI 500ETF - **Price and Volatility Data**: From January 22 - 26, 2026, the price increased by 0.57% on the 22nd, 2.94% on the 23rd, and decreased by 1.64% on the 26th. The current month IV and next month IV changed accordingly [21]. - **IV Quantiles**: The current month IV quantiles in the past 1 - year and 2 - year periods were in the range of 41.90% - 90.20% [21]. - **Skew Index**: The skew index on January 22, 2026, was 95.54, with changes in previous days [25]. 3.6 GEM ETF - **Price and Volatility Data**: From January 22 - 26, 2026, the price increased by 1.04% on the 22nd, 0.66% on the 23rd, and decreased by 0.96% on the 26th. The current month IV and next month IV changed [26]. - **IV Quantiles**: The current month IV quantiles in the past 1 - year and 2 - year periods were in the range of 20.80% - 61.10% [26]. - **Skew Index**: The skew index on January 26, 2026, was 110.98, with changes in previous days [32]. 3.7 Shenzhen 100ETF - **Price and Volatility Data**: From January 22 - 26, 2026, the price decreased by 0.43% on the 23rd and 0.51% on the 26th. The current month IV and next month IV increased [36]. - **IV Quantiles**: The current month IV quantiles in the past 1 - year and 2 - year periods were in the range of 22.00% - 40.80% [36]. - **Skew Index**: The skew index on January 26, 2026, was 87.24, with changes in previous days [39]. 3.8 Science and Technology Innovation 50ETF - **Price and Volatility Data**: From January 22 - 26, 2026, the price increased by 0.37% on the 22nd, 0.80% on the 23rd, and decreased by 1.22% on the 26th. The current month IV and next month IV changed [45]. - **IV Quantiles**: The current month IV quantiles in the past 1 - year and 2 - year periods were in the range of 47.70% - 77.20% [45]. - **Skew Index**: The skew index on January 26, 2026, was 85.15, with changes in previous days [47]. 3.9 STAR 50ETF - **Price and Volatility Data**: From January 22 - 26, 2026, the price increased by 0.38% on the 22nd, 0.76% on the 23rd, and decreased by 1.20% on the 26th. The current month IV and next month IV changed [51]. - **IV Quantiles**: The current month IV quantiles in the past 1 - year and 2 - year periods were in the range of 54.10% - 83.10% [51]. - **Skew Index**: The skew index on January 26, 2026, was 83.96, with changes in previous days [57]. 3.10 300 Index - **Price and Volatility Data**: From January 22 - 26, 2026, the price decreased by 0.45% on the 23rd and then increased by 0.10% on the 26th. The current month IV and next month IV increased [63]. - **IV Quantiles**: The current month IV quantiles in the past 1 - year and 2 - year periods were in the range of 62.10% - 90.60% [63]. - **Skew Index**: The skew index on January 26, 2026, was 96.95, with changes in previous days [67]. 3.11 1000 Index - **Price and Volatility Data**: From January 22 - 26, 2026, the price increased by 0.75% on the 22nd, 1.94% on the 23rd, and decreased by 1.24% on the 26th. The current month IV and next month IV increased [68]. - **IV Quantiles**: The current month IV quantiles in the past 1 - year and 2 - year periods were in the range of 46.20% - 93.00% [68]. - **Skew Index**: The skew index on January 26, 2026, was 85.96, with changes in previous days [72]. 3.12 Shanghai 50 Index - **Price and Volatility Data**: From January 22 - 26, 2026, the price decreased by 0.46% on the 22nd, 0.69% on the 23rd, and then increased by 0.57% on the 26th. The current month IV and next month IV increased [73]. - **IV Quantiles**: The current month IV quantiles in the past 1 - year and 2 - year periods were in the range of 70.50% - 88.10% [73]. - **Skew Index**: The skew index on January 26, 2026, was 72.37, with changes in previous days [78].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Related Catalogs 1. 50ETF - From January 13 - 15, 2026, the price decreased from 3.214 to 3.180 with a cumulative decline of about 1.06%, and both the current - month IV and next - month IV decreased [1] - The next - month IV quantiles in the past 1 and 2 years were relatively high, at 86.40% and 77.30% respectively on January 15, 2026 [1] 2. Shanghai 300ETF - From January 12 - 15, 2026, the price fluctuated slightly, and the current - month IV and next - month IV generally decreased [3] - The next - month IV quantiles in the past 1 and 2 years were relatively high, and the current - month IV quantiles also showed certain characteristics [3] 3. Shenzhen 300ETF - From January 13 - 15, 2026, the price first decreased and then increased slightly, and the current - month IV and next - month IV decreased [7] - The next - month IV quantiles in the past 1 and 2 years were relatively high, and the current - month IV quantiles had different levels [7] 4. Shanghai CSI 500ETF - From January 13 - 15, 2026, the price fluctuated, and the current - month IV and next - month IV decreased [15] - The current - month and next - month IV quantiles in the past 1 and 2 years were relatively high [15] 5. Shenzhen CSI 500ETF - From January 13 - 15, 2026, the price fluctuated slightly, and the current - month IV and next - month IV decreased [22] - The current - month and next - month IV quantiles in the past 1 and 2 years were relatively high [22] 6. ChiNext ETF - From January 13 - 15, 2026, the price increased slightly, and the current - month IV and next - month IV decreased [28] - The current - month and next - month IV quantiles in the past 1 and 2 years showed certain levels [28] 7. Shenzhen 100ETF - From January 13 - 15, 2026, the price increased slightly, and the current - month IV and next - month IV decreased [38] - The current - month and next - month IV quantiles in the past 1 and 2 years were at different levels [38] 8. Science and Technology Innovation 50ETF - From January 13 - 15, 2026, the price fluctuated, and the current - month IV and next - month IV showed certain changes [47] - The current - month and next - month IV quantiles in the past 1 and 2 years were relatively high [47] 9. Science and Technology Innovation Board 50ETF - From January 13 - 15, 2026, the price decreased slightly, and the current - month IV and next - month IV decreased [53] - The current - month and next - month IV quantiles in the past 1 and 2 years were relatively high [53] 10. 300 Index - From January 13 - 15, 2026, the price first decreased and then increased slightly, and the current - month IV and next - month IV changed accordingly [65] - The current - month and next - month IV quantiles in the past 1 and 2 years were at different levels [65] 11. 1000 Index - From January 13 - 15, 2026, the price fluctuated, and the current - month IV and next - month IV showed certain trends [70] - The current - month and next - month IV quantiles in the past 1 and 2 years were at different levels [70] 12. Shanghai Composite 50 Index - From January 13 - 15, 2026, the price decreased slightly, and the current - month IV and next - month IV decreased [80] - The current - month and next - month IV quantiles in the past 1 and 2 years were at different levels [80]