1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core View of the Report - For stock index options, there is a downward increase in volatility. A bearish put spread strategy can be considered [2]. 3. Summary According to Related Catalogs 3.1 Option Market Data Statistics - **Underlying Market Statistics**: The closing prices of major indices and ETFs all declined. For example, the Shanghai Composite 50 Index closed at 3038.43, down 35.24 points; the CSI 300 Index closed at 4628.14, down 73.93 points. Trading volumes also decreased in most cases, such as the Shanghai Composite 50 Index with a trading volume of 48.80 billion hands, down 5.32 billion hands [3]. - **Option Market Statistics**: Trading volumes of most options decreased, while open interest showed different trends. For instance, the trading volume of Shanghai Composite 50 Index Options was 33,387, down 7,626, and the open interest was 71,949, up 126. The VL - PCR and OI - PCR also varied among different options [3]. 3.2 Option Volatility Statistics - **Near - Month Options**: The ATM - IV of most options increased, and the same - term HV also showed different changes. For example, the ATM - IV of Shanghai Composite 50 Index Options was 13.32%, up 0.17%, and the same - term HV was 13.55%, up 3.84% [6]. - **Next - Month Options**: The ATM - IV and HV of next - month options also had different trends. For example, the ATM - IV of Shanghai Composite 50 Index Options was 15.15%, up 0.18%, and the same - term HV was 12.09%, down 0.44% [6]. 3.3 Option Indicator Data Statistics (Graphs) - **Shanghai Composite 50 Index Options**: There are graphs showing the full - contract PCR, main - contract skewness, volatility cone, and volatility term structure [10]. - **CSI 300 Index Options**: Similar graphs are provided for CSI 300 Index Options, including full - contract PCR, main - contract skewness, volatility cone, and volatility term structure [14]. - **CSI 1000 Index Options**: Graphs for CSI 1000 Index Options cover full - contract PCR, main - contract skewness, volatility cone, and volatility term structure [18]. - **ETF Options**: Similar graph analyses are conducted for various ETF options, such as Shanghai Composite 50 ETF Options, Huatai - Baorui 300 ETF Options, etc. [27][32]

Report Industry Investment Rating - Not provided in the report. Core Viewpoint - The stock index options are experiencing a downward increase in volatility, and a bearish put spread strategy can be considered [2]. Summary by Related Catalogs 1. Option Market Data Statistics - **Underlying Market Statistics**: The closing prices of major indices and ETFs all declined, with the Shanghai - Shenzhen 300 Index dropping 73.93 points to 4628.14, the CSI 1000 Index falling 87.82 points to 7502.76, and the Shanghai 50 Index decreasing 35.24 points to 3038.43. Trading volumes also generally decreased, such as the Shanghai - Shenzhen 300 Index with a trading volume of 192.09 billion hands, a decrease of 15.27 billion hands [3]. - **Option Market Statistics**: The trading volumes of most option varieties decreased, while the open - interest of some increased. For example, the trading volume of Shanghai 50 Index options was 33387, a decrease of 7626, and the open - interest was 71949, an increase of 126. The VL - PCR and OI - PCR of different option varieties showed different characteristics, with the CSI 1000 Index options having an OI - PCR of 110.17% [3]. 2. Option Volatility Statistics - **Near - month Options**: The ATM - IV of most option varieties increased. For instance, the ATM - IV of Shanghai 50 Index options was 13.32%, an increase of 0.17%, and the ATM - IV of Shanghai - Shenzhen 300 Index options was 13.96%, an increase of 1.17%. The HV of most options also increased, and the skew generally decreased [6]. - **Next - month Options**: The changes in ATM - IV and HV of different option varieties were mixed. For example, the ATM - IV of Shanghai 50 Index options was 15.15%, an increase of 0.18%, while the ATM - IV of CSI 1000 Index options was 20.73%, a decrease of 0.01% [6]. 3. Option Charts for Different Varieties - **Index Options (Shanghai 50, Shanghai - Shenzhen 300, CSI 1000)**: There are charts showing the full - contract PCR, main - contract skewness, volatility cone, and volatility term structure. These charts can help analyze the market sentiment and volatility characteristics of different index options [10][14][23]. - **ETF Options (Shanghai 50ETF, Huatai - Baorui 300ETF, etc.)**: Similar to index options, there are also corresponding charts for each ETF option variety to show the PCR, skewness, volatility cone, and volatility term structure, which are used to analyze the market conditions of ETF options [27][31][40].