Report Industry Investment Rating - No relevant content provided Core Viewpoints - The stock market had a volume - increasing rebound, indicating a rise in market sentiment. However, the market is still in a stage of game between the fermentation rhythm of policy -利好 expectations and the profit - taking rhythm of funds. The Shanghai Composite Index is near the 4000 - point integer mark, and there is still a need for short - term shock consolidation of stock indices. [3] - In November, the incremental signals on the policy side weakened, and although external risk factors eased, uncertainties still remained, so the upward driving force of stock indices was limited. [3] - With the significant increase in the stock valuation, there is still a need for technical consolidation of stock indices. But the policy -利好 expectations strongly support the stock indices, and the downward space of stock indices is limited. In general, stock indices will mainly fluctuate within a range in the short term. [3] - Currently, the implied volatility of options is at a relatively low historical quantile level. Considering the long - term upward trend of stock indices, the idea of bull spreads or covered calls is maintained. [3] Summaries by Related Catalogs 1 Option Indicators - On November 6, 2025, 50ETF rose 1.27% to 3.190; 300ETF (Shanghai Stock Exchange) rose 1.48% to 4.805; 300ETF (Shenzhen Stock Exchange) rose 1.54% to 4.956; the CSI 300 Index rose 1.43% to 4693.40; the CSI 1000 Index rose 1.17% to 7551.83; 500ETF (Shanghai Stock Exchange) rose 1.65% to 7.451; 500ETF (Shenzhen Stock Exchange) rose 1.67% to 2.979; the GEM ETF rose 1.88% to 3.201; the Shenzhen 100ETF rose 1.82% to 3.590; the SSE 50 Index rose 1.22% to 3044.74; the STAR 50ETF rose 3.36% to 1.51; and the E Fund STAR 50ETF rose 3.39% to 1.46. [5] - The trading volume PCR and position PCR of various options on November 6, 2025, and their changes compared with the previous trading day are provided, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options. [6] - The implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are given, such as 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options. [7][8] 2 Related Charts - **SSE 50ETF Options**: Include charts of SSE 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [9][11][13][17] - **SSE 300ETF Options**: Include charts of SSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [20][22][24][30] - **SZSE 300ETF Options**: Include charts of SZSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [33][35][37][41] - **CSI 300 Index Options**: Include charts of CSI 300 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [45] - **CSI 1000 Index Options**: Include charts of CSI 1000 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [47] - **SSE 500ETF Options**: Include charts of SSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [61] - **SZSE 500ETF Options**: Include charts of SZSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [74] - **GEM ETF Options**: Include charts of GEM ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [87] - **Shenzhen 100ETF Options**: Include charts of Shenzhen 100ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [100] - **SSE 50 Index Options**: Include charts of SSE 50 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [113] - **STAR 50ETF Options**: Include charts of STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [127] - **E Fund STAR 50ETF Options**: Include charts of E Fund STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [136]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On November 5, 2025, the stock indices oscillated throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1894.3 billion yuan, a decrease of 44.1 billion yuan from the previous day. The current market logic is the game between the fermentation rhythm of policy - positive expectations and the profit - taking rhythm of funds. Both the upward and downward driving forces of the stock indices are insufficient. In November, the incremental signals from the policy side have weakened, and although external risk factors have eased, uncertainties still exist, limiting the upward driving force of the stock indices. As the stock valuation has significantly increased, investors' enthusiasm for chasing high prices is not strong, and the profit - taking intention of profitable funds has risen. The logic of valuation repair has gradually shifted to the logic of performance fundamentals, and there is still a need for short - term technical consolidation of the stock indices. In general, the stock indices will mainly oscillate within a range in the short term. - Currently, the implied volatility of options is at a relatively low historical quantile level. Considering the long - term upward trend of the stock indices, the idea of bull spreads or covered calls is maintained [4]. 3. Summary by Directory 3.1 Option Indicators - **Index Performance**: On November 5, 2025, the 50ETF fell 0.19% to close at 3.150; the 300ETF (Shanghai Stock Exchange) rose 0.13% to close at 4.735; the 300ETF (Shenzhen Stock Exchange) remained unchanged at 4.881; the CSI 300 Index rose 0.19% to close at 4627.26; the CSI 1000 Index rose 0.39% to close at 7464.86; the 500ETF (Shanghai Stock Exchange) rose 0.23% to close at 7.330; the 500ETF (Shenzhen Stock Exchange) rose 0.21% to close at 2.930; the ChiNext ETF rose 0.96% to close at 3.142; the Shenzhen 100ETF rose 0.20% to close at 3.526; the SSE 50 Index fell 0.17% to close at 3007.97; the Science and Technology Innovation 50ETF rose 0.34% to close at 1.46; and the E Fund Science and Technology Innovation 50ETF rose 0.21% to close at 1.41 [6]. - **Volume PCR and Open Interest PCR**: The report provides the volume PCR and open interest PCR data of various options on November 5, 2025, and their comparison with the previous trading day, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [7]. - **Implied Volatility and Historical Volatility**: The 2025 November at - the - money implied volatility and 30 - trading - day historical volatility of various options are presented, such as 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [8][9]. 3.2 Related Charts - **50ETF Options**: Charts include the 50ETF trend, 50ETF option volatility, 50ETF option volume PCR, 50ETF option open interest PCR, 50ETF option implied volatility curve, and 50ETF option all - term at - the - money implied volatility [10][11][12]. - **SSE 300ETF Options**: Charts cover the SSE 300ETF trend, SSE 300ETF option volatility, SSE 300ETF option volume PCR, SSE 300ETF option open interest PCR, SSE 300ETF option implied volatility curve, and SSE 300ETF option all - term at - the - money implied volatility [21][22][23]. - **SZSE 300ETF Options**: Charts involve the SZSE 300ETF trend, SZSE 300ETF option volatility, SZSE 300ETF option volume PCR, SZSE 300ETF option open interest PCR, SZSE 300ETF option implied volatility curve, and SZSE 300ETF option all - term at - the - money implied volatility [34][35][36]. - **CSI 300 Index Options**: Charts contain the CSI 300 index trend, CSI 300 index option volatility, CSI 300 index option volume PCR, CSI 300 index option open interest PCR, CSI 300 index option implied volatility curve, and CSI 300 index option all - term at - the - money implied volatility [46][47]. - **CSI 1000 Index Options**: Charts include the CSI 1000 index trend, CSI 1000 index option volatility, CSI 1000 index option volume PCR, CSI 1000 index option open interest PCR, CSI 1000 index option implied volatility curve, and CSI 1000 index option all - term at - the - money implied volatility [48][49][50]. - **SSE 500ETF Options**: Charts cover the SSE 500ETF trend, SSE 500ETF option volatility, SSE 500ETF option volume PCR, SSE 500ETF option open interest PCR, SSE 500ETF option implied volatility curve, and SSE 500ETF option all - term at - the - money implied volatility [61][62][63]. - **SZSE 500ETF Options**: Charts involve the SZSE 500ETF trend, SZSE 500ETF option volatility, SZSE 500ETF option volume PCR, SZSE 500ETF option open interest PCR, SZSE 500ETF option implied volatility curve, and SZSE 500ETF option all - term at - the - money implied volatility [74][75][76]. - **ChiNext ETF Options**: Charts include the ChiNext ETF trend, ChiNext ETF option volatility, ChiNext ETF option volume PCR, ChiNext ETF option open interest PCR, ChiNext ETF option implied volatility curve, and ChiNext ETF option all - term at - the - money implied volatility [87][88][89]. - **Shenzhen 100ETF Options**: Charts cover the Shenzhen 100ETF trend, Shenzhen 100ETF option volatility, Shenzhen 100ETF option volume PCR, Shenzhen 100ETF option open interest PCR, Shenzhen 100ETF option implied volatility curve, and Shenzhen 100ETF option all - term at - the - money implied volatility [100][101][102]. - **SSE 50 Index Options**: Charts involve the SSE 50 index trend, SSE 50 index option volatility, SSE 50 index option volume PCR, SSE 50 index option open interest PCR, SSE 50 index option implied volatility curve, and SSE 50 index option all - term at - the - money implied volatility [113][114][115]. - **Science and Technology Innovation 50ETF Options**: Charts include the Science and Technology Innovation 50ETF trend, Science and Technology Innovation 50ETF option volatility, Science and Technology Innovation 50ETF option volume PCR, Science and Technology Innovation 50ETF option open interest PCR, Science and Technology Innovation 50ETF option implied volatility curve, and Science and Technology Innovation 50ETF option all - term at - the - money implied volatility [126][127][128]. - **E Fund Science and Technology Innovation 50ETF Options**: Charts cover the E Fund Science and Technology Innovation 50ETF trend, E Fund Science and Technology Innovation 50ETF option volatility, E Fund Science and Technology Innovation 50ETF option volume PCR, E Fund Science and Technology Innovation 50ETF option open interest PCR, E Fund Science and Technology Innovation 50ETF option implied volatility curve, and E Fund Science and Technology Innovation 50ETF option all - term at - the - money implied volatility [137][138][139].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - Today, all stock indices showed a trend of hitting bottom and rebounding. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 1660.7 billion yuan, a decrease of 29.7 billion yuan compared to the previous day. The shrinking trading volume in the stock market indicates that market sentiment is cautious. On the news front, China and the United States will hold economic and trade consultations in Malaysia from October 24th to 27th, which has reduced risk aversion and improved market sentiment. As the valuation of some stocks has increased significantly, the marginal expectation of incremental policy benefits at the end of the year has slowed down, and there is still a need for profit - taking in the capital market. In the short term, the changing rhythm of the game between the profit - taking intention of funds and the expectation of policy benefits will dominate the trend of stock indices within the year. In general, stock indices are expected to fluctuate widely in the short term [3]. - Currently, the implied volatility of options remains relatively stable. Considering that the stock indices are expected to rise in the medium and long term, investors can continue to hold bull spreads or covered calls [3]. Group 3: Summary of Related Catalogs 1 Option Indicators - On October 23, 2025, the 50ETF rose 0.60% to close at 3.167; the 300ETF (Shanghai Stock Exchange) rose 0.38% to close at 4.713; the 300ETF (Shenzhen Stock Exchange) rose 0.23% to close at 4.855; the CSI 300 Index rose 0.30% to close at 4606.34; the CSI 1000 Index fell 0.06% to close at 7308.10; the 500ETF (Shanghai Stock Exchange) rose 0.35% to close at 7.249; the 500ETF (Shenzhen Stock Exchange) rose 0.24% to close at 2.893; the GEM ETF fell 0.03% to close at 3.038; the Shenzhen 100ETF rose 0.14% to close at 3.498; the SSE 50 Index rose 0.56% to close at 3026.90; the STAR 50ETF fell 0.20% to close at 1.47; and the E Fund STAR 50ETF fell 0.35% to close at 1.42 [5]. - The trading volume PCR and position PCR of various options on October 23, 2025, and their changes compared to the previous trading day are provided in detail, including 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. - The implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options are presented, such as 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. 2 Related Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][10][11][13][16]. - **Shanghai Stock Exchange 300ETF Options**: Include charts of the Shanghai Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22][24][30]. - **Shenzhen Stock Exchange 300ETF Options**: Include charts of the Shenzhen Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [33][36][38][40]. - **CSI 300 Index Options**: Include charts of the CSI 300 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [41][43][45][51]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [54][56][58][64]. - **Shanghai Stock Exchange 500ETF Options**: Include charts of the Shanghai Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [67][69][70][76]. - **Shenzhen Stock Exchange 500ETF Options**: Include charts of the Shenzhen Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [80][84][85][91]. - **GEM ETF Options**: Include charts of the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [94][96][98][103]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [107][109][111][117]. - **SSE 50 Index Options**: Include charts of the SSE 50 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [120][122][124][130]. - **STAR 50ETF Options**: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [133][135][137][141]. - **E Fund STAR 50ETF Options**: Include charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [144][146][148][154].