1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Today, each stock index fluctuated and rose, with CSI 1000 and CSI 500 leading the gains. The total market turnover of the stock market was 192.18 billion yuan, an increase of 2.46 billion yuan from the previous day. In the medium - to - long term, the positive policy expectations and the trend of capital inflows together form the medium - to - long - term support for the stock index. Currently, positive policy expectations are gradually fermenting. With the appreciation of the RMB, a large number of relatively high - interest time deposits will mature next year, and their "reallocation" may bring a large amount of incremental funds into the stock market. In the short term, the liquidity of the capital market is tightening near the end of the year, policy incremental signals are not yet clear, and the stock index is approaching its previous high, which may cause short - term disturbances. In general, the stock index will maintain a range - bound oscillation in the short term. For options, the current position PCR and implied volatility are both within the normal range, and a bull spread or ratio spread with a mild bullish view can be adopted [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On December 25, 2025, 50ETF rose 0.26% to close at 3.107; 300ETF (SSE) rose 0.19% to close at 4.766; 300ETF (SZSE) rose 0.17% to close at 4.840; the CSI 300 Index rose 0.18% to close at 4642.54; the CSI 1000 Index rose 0.97% to close at 7579.38; 500ETF (SSE) rose 0.86% to close at 7.534; 500ETF (SZSE) rose 0.81% to close at 2.974; the GEM ETF rose 0.31% to close at 3.222; the Shenzhen 100ETF fell 0.09% to close at 3.475; the SSE 50 Index rose 0.25% to close at 3032.84; the STAR 50ETF fell 0.07% to close at 1.42; the E Fund STAR 50ETF fell 0.15% to close at 1.38 [5]. - The trading volume PCR and position PCR of various options on December 25, 2025, and their changes compared with the previous trading day are provided in detail, 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 January 2026 and the 30 - trading - day historical volatility of the underlying assets of various options are provided, 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]. 3.2 Related Charts - **SSE 50ETF Options**: Include the trend chart of SSE 50ETF, the volatility chart of SSE 50ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [9][11][13][15][19]. - **SSE 300ETF Options**: Include the trend chart of SSE 300ETF, the volatility chart of SSE 300ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [21][23][25][27][29][31]. - **SZSE 300ETF Options**: Include the trend chart of SZSE 300ETF, the volatility chart of SZSE 300ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [34][36][38][40][42][45]. - **CSI 300 Index Options**: Include the trend chart of the CSI 300 index, the volatility chart of CSI 300 index options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [46][48][50][52][54][56]. - **CSI 1000 Index Options**: Include the trend chart of the CSI 1000 index, the volatility chart of CSI 1000 index options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [59][62][63][64][66][68]. - **SSE 500ETF Options**: Include the trend chart of SSE 500ETF, the volatility chart of SSE 500ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [73][75][77][79][81][83]. - **SZSE 500ETF Options**: Include the trend chart of SZSE 500ETF, the volatility chart of SZSE 500ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [86][88][90][92][94][95]. - **GEM ETF Options**: Include the trend chart of GEM ETF, the volatility chart of GEM ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [99][101][103][105][106][109]. - **Shenzhen 100ETF Options**: Include the trend chart of Shenzhen 100ETF, the volatility chart of Shenzhen 100ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [111][113][115][117][119][121]. - **SSE 50 Index Options**: Include the trend chart of the SSE 50 index, the volatility chart of SSE 50 index options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [124][126][128][130][132][134]. - **STAR 50ETF Options**: Include the trend chart of STAR 50ETF, the volatility chart of STAR 50ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [137][138][139][140][142][144]. - **E Fund STAR 50ETF Options**: Include the trend chart of E Fund STAR 50ETF, the volatility chart of E Fund STAR 50ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [145][146][148][149].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On August 28, 2025, all stock indices showed an N-shaped trend and closed higher after oscillating throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 3.0009 trillion yuan, a decrease of 196.9 billion yuan from the previous day. Due to the significant gains of some stocks, the dynamic price-to-earnings ratios of all stock indices were at the 80% quantile level in the past five years, and the willingness of profit-taking funds to take profits increased. Therefore, the stock indices had a need for technical adjustment. However, the trading volume of the stock market remained at a high level, indicating that the overall market sentiment was still optimistic. The rebound momentum of the stock indices mainly came from the positive policy expectations and the loose liquidity in the capital market. The anti-involution policy and the consumption-promotion policy promoted the optimization of the supply-demand structure from both the supply and demand sides, promoted a moderate recovery of the price index, and promoted the repair of corporate profits. Recently, the market interest rate has declined, the liquidity has been loose, and the willingness of funds to allocate to the stock market has increased. The significant increase in the margin trading balance and the obvious year-on-year increase in non-bank deposits reflected the signs of funds entering the market. In general, the stock indices will mainly oscillate and consolidate in the short term and still rise in the medium and long term. Currently, the implied volatility of options continues to rise. Considering the long-term upward trend of the stock indices, investors can continue to hold bull spreads or ratio spreads to moderately bullish. [2] Summary According to Relevant Catalogs 1 Option Indicators - On August 28, 2025, the 50ETF rose 1.44% to close at 3.095; the 300ETF (Shanghai Stock Exchange) rose 1.88% to close at 4.559; the 300ETF (Shenzhen Stock Exchange) rose 1.95% to close at 4.708; the CSI 300 Index rose 1.77% to close at 4463.78; the CSI 1000 Index rose 1.51% to close at 7447.11; the 500ETF (Shanghai Stock Exchange) rose 2.17% to close at 7.104; the 500ETF (Shenzhen Stock Exchange) rose 2.23% to close at 2.838; the ChiNext ETF rose 4.08% to close at 2.806; the Shenzhen 100ETF rose 2.60% to close at 3.319; the SSE 50 Index rose 1.45% to close at 2960.73; the STAR 50ETF rose 7.18% to close at 1.43; the E Fund STAR 50ETF rose 7.51% to close at 1.40. [5] - The trading volume PCR and holding volume PCR of various options on August 28, 2025, and the comparison with the previous trading day are provided in detail. For example, the trading volume PCR of the SSE 50ETF option was 79.99, compared with 73.04 on the previous trading day; the holding volume PCR was 91.38, compared with 90.15 on the previous trading day. [6] - The implied volatility of the at-the-money options in September 2025 and the 30-day historical volatility of the underlying assets of various options are provided. For example, the implied volatility of the at-the-money options of the SSE 50ETF option in September 2025 was 22.21%, and the 30-day historical volatility of the underlying asset was 13.66%. [7][8] 2 Related Charts - Multiple charts are presented for different types of options, including the trend of the underlying asset, option volatility, trading volume PCR, holding volume PCR, implied volatility curve, and at-the-money implied volatility of different tenors. For example, for the SSE 50ETF option, there are charts such as the SSE 50ETF trend, SSE 50ETF option volatility, SSE 50ETF option trading volume PCR, etc. [9][10][11]