Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint of the Report The market is fluctuating weakly, implied volatility is rising. Consider timing to buy put options for protection [1]. 3. Summary by Relevant Catalogs 3.1 Option Market Trading Overview - The total daily average trading volume of all options is 13.5785 million lots, with a total open interest of 10.3924 million lots and a total turnover of 12.963624 billion yuan [1]. 3.2 Option Volatility - The ATM - IV, IV weekly change, 20HV, HV weekly change, Skew, Skew weekly change, VIX, and VIX change of various options are presented in Table 2. For example, the ATM - IV of SSE 50 Index Option is 17.54%, with an IV weekly change of 2.29% [3]. 3.3 Option Liquidity - There are multiple charts showing the changes in total trading volume, total open interest, total turnover, total trading market value, and total open - interest market value of financial options, as well as the trading volume and open - interest proportions of each option variety [4][6][7][8]. 3.4 Option Volatility Level - Last week, there was a divergence between at - the - money implied volatility and historical volatility for various options. The current at - the - money implied volatility and the correlation coefficient between the underlying asset and at - the - money implied volatility of each option are provided. For instance, for SSE 50 Index Option, the current at - the - money implied volatility is 17.54%, and the correlation coefficient is - 79.60% [9]. 3.5 Option Market Bull - Bear Sentiment - The Put - Call - Ratio (PCR) indicator of options can reflect market bull - bear sentiment. There are multiple charts showing the PCR trends and daily环比 incremental percentages of various options [35][36]. 3.6 Market Support and Resistance Level Information - The key support and resistance levels of various option underlying assets are provided. For example, the key support level of SSE 50 Index is 3000, and the resistance level is 3000; the key support level of CSI 1000 Index is 7300, and the resistance level is 7500 [50].

Report Industry Investment Rating - Not provided in the report Core Viewpoint of the Report - During the callback and volatility decline, investors can consider buying put options for protection at low volatility levels [1] Summary by Directory 1. Option Market Trading Overview Review - The daily average trading data of various options, including call and put trading volume, total trading volume, call and put open interest, total open interest, and trading turnover, are presented. For example, the daily average call trading volume of Shanghai - Shenzhen 300 Index Options is 11.56 million lots, and the total trading turnover is 1.4862648 billion yuan [1] 2. Option Liquidity - Figures such as the changes in total trading volume, total open interest, total trading turnover, total trading market value, and total open - interest market value of financial options are provided, as well as the trading volume and open - interest proportions of each option variety [4][5][7][9] 3. Option Volatility Level - By comparing the at - the - money implied volatility (ATM - IV) and historical volatility (HV) of various options, it is found that last week, the ATM - IV and HV of options showed signs of convergence. For example, the current ATM - IV of Shanghai 50 Index Options is 17.60%. The correlation between the underlying asset and ATM - IV varies among different options. For instance, the correlation coefficient between the underlying asset of Shanghai 50 Index Options and ATM - IV last week was 52.46% [9][10] 4. Option Market Bull - Bear Sentiment - The Put - Call - Ratio (PCR) indicator of options can reflect the market's bull - bear sentiment to some extent. The report presents the PCR trends and daily -环比 incremental percentages of various options [38] 5. Market Support and Resistance Level Information - The trading volume and open interest at each strike price of options can help reveal the support and resistance levels of the underlying assets. For example, the key support level of the Shanghai 50 Index is 2850, and the resistance level is 3000 [53]