Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - Today, all stock indices fluctuated and declined. The uncertainty of the geopolitical situation in the Middle East is relatively high. There is still a possibility of an escalation of the situation, which could lead to a global energy crisis and severely impact the macro - economy. In this context, stock market investors' risk preference tends to be cautious, and the trading volume of the Shanghai and Shenzhen stock markets has been below 2 trillion yuan for many days, indicating weak trading willingness [3]. - In terms of domestic fundamentals, the export data from January to February exceeded expectations, and the data on social retail and industrial added value were also better than expected. Domestic policies may focus more on structural adjustment compared to last year, with fiscal efforts mainly for support, and the emphasis on promoting consumption and technological breakthroughs. Policy - side benefits form the medium - to - long - term logic for the upward movement of stock indices, and stock indices have strong support [3]. - Overall, it is expected that stock indices will mainly fluctuate and consolidate within a range in the short term. In the options market, the PCR of open interest has rebounded from a low level, and the at - the - money implied volatility of options has returned to stability, indicating that market sentiment has stabilized. Since there is still support for stock indices, a bull spread or covered call strategy can be used [3]. 3. Summary by Related Catalogs 3.1 Related Charts - **上证 50ETF Option**: The report presents charts of the 上证 50ETF's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [5][6]. - **上交所 300ETF Option**: Charts of the 上交所 300ETF's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone are shown [7][8]. - **深交所 300ETF Option**: There are charts of the 深交所 300ETF's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [15][16]. - **沪深 300 Stock Index Option**: The report includes charts of the 沪深 300 stock index's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [26][27]. - **中证 1000 Stock Index Option**: Charts of the 中证 1000 stock index's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone are provided [35][36]. - **上交所 500ETF Option**: There are charts of the 上交所 500ETF's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [46][47]. - **深交所 500ETF Option**: The report shows charts of the 深交所 500ETF's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [61][62]. - **上证 50 Stock Index Option**: Charts of the 上证 50 index's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone are presented [72][73].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - Short - term stock index is mainly in range - bound oscillation. Last week, the stock index showed a trend of bottoming out and rebounding. The outbreak of the US - Iran conflict led to a rapid increase in geopolitical risks, and the risk appetite of the stock market declined under pressure, causing the stock index to quickly correct. As the impact of the Middle East geopolitical crisis is gradually digested by the market, the stock index trend returns to its own fundamentals. With the convening of the Two Sessions, the policy support for aggregate demand and the expectation of supporting technological innovation are relatively clear, and the trend of continuous net inflow of incremental funds into the stock market remains unchanged, which constitutes the core logic for the medium - and long - term upward movement of the stock index. However, with the implementation of the policy benefits in the government work report of the Two Sessions, the approaching of the listed company earnings report disclosure season, and the uncertainty of the Middle East geopolitical risks, the stock index will mainly oscillate in a range in the short term [3][9][41] - For ETF options and stock index options, maintain a bull spread. Considering that the medium - and long - term upward logic of the stock index still exists, and the weakening of short - term upward momentum increases the difficulty of timing, one can adhere to the bull spread or ratio spread with a moderately bullish idea [4][42] 3. Summary by Directory 3.1 Market Review 3.1.1 Stock Index Trends - Last week, the stock index showed a trend of bottoming out and rebounding. The US - Iran conflict led to a rapid increase in geopolitical risks, and the stock index quickly corrected. As the impact of the Middle East geopolitical crisis is digested, the stock index returns to its fundamentals. The policy support during the Two Sessions and the continuous net inflow of funds are the core for the medium - and long - term upward movement of the stock index. In the short term, due to policy implementation, approaching earnings season, and geopolitical uncertainties, the stock index will oscillate in a range [9] 3.1.2 Futures Basis and Monthly Spread of Stock Index Futures - The basis of the four stock index futures varieties has rebounded, indicating a decline in market optimism. The inter - quarterly spread between the current quarter and the next quarter of stock index futures has also rebounded, suggesting that market optimism has weakened and the uncertainty risk of the far - month contracts has increased [19] 3.2 Option Indicators 3.2.1 PCR Index - The report provides multiple figures related to the PCR index of different ETF options and stock index options, including the PCR of 50ETF options, 300ETF options, and stock index options of CSI 1000, etc., but does not provide specific analysis of these data [27] 3.2.2 At - the - money Implied Volatility - The report presents the at - the - money implied volatility of various options, such as 50ETF options, 300ETF options, and stock index options, but no specific analysis of these data is given [34] 3.2.3 At - the - money Implied Volatility Cone - The report shows the at - the - money implied volatility cone of different options, including 50ETF options, 300ETF options, and stock index options, but no specific analysis of these data is provided [39] 3.3 Conclusion - The conclusion is consistent with the core viewpoints. Short - term stock index is in range - bound oscillation, and for ETF options and stock index options, a bull spread should be maintained [41][42]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The stock indices fluctuated and rose slightly today. A-share trading volume was 2.22 trillion yuan, down from 2.41 trillion yuan the previous day, indicating a contraction in trading volume. As the impact of the Middle East geopolitical crisis is gradually digested by the market, the stock index trend returns to its fundamental factors. The policy support for aggregate demand and technological innovation is clear, and the continuous net inflow of incremental funds into the stock market remains unchanged, which forms the core logic for the medium - to long - term upward movement of the stock index. However, with the implementation of policy benefits from the Two Sessions' government work report, the approaching of the listed companies' earnings report season, and the uncertainty of the Middle East geopolitical risks, the stock index will mainly fluctuate within a range in the short term. For options, since the medium - to long - term upward logic of the stock index still exists, a bull spread strategy can be considered [4]. Summary of Related Charts 1. Shanghai 50ETF Options - Figures include the Shanghai 50ETF trend, historical volatility, option持仓量 PCR, option flat - value implied volatility, option implied volatility curve, and option flat - value implied volatility cone [6][9][11][13][15] 2. SSE 300ETF Options - Figures include the SSE 300ETF trend, historical volatility, option持仓量 PCR, option flat - value implied volatility, option implied volatility curve, and option flat - value implied volatility cone [16][18][19][20][22][27] 3. Shenzhen 300ETF Options - Figures include the Shenzhen 300ETF trend, historical volatility, option持仓量 PCR, option flat - value implied volatility, option implied volatility curve, and option flat - value implied volatility cone [28][30][32][34][38][39] 4. CSI 300 Stock Index Options - Figures include the CSI 300 stock index trend, historical volatility, option持仓量 PCR, option flat - value implied volatility, option implied volatility curve, and option flat - value implied volatility cone [40][42][44][46][50][51] 5. CSI 1000 Stock Index Options - Figures include the CSI 1000 stock index trend, historical volatility, option持仓量 PCR, option flat - value implied volatility, option implied volatility curve, and option flat - value implied volatility cone [52][54][55][56][58][65] 6. SSE 500ETF Options - Figures include the SSE 500ETF trend, historical volatility, option持仓量 PCR, option flat - value implied volatility, option implied volatility curve, and option flat - value implied volatility cone [66][68][69][70][74][77] 7. Shenzhen 500ETF Options - Figures include the Shenzhen 500ETF trend, historical volatility, option持仓量 PCR, option flat - value implied volatility, option implied volatility curve, and option flat - value implied volatility cone [78][80][81][83][85][92] 8. Shanghai 50 Stock Index Options - Figures include the Shanghai 50 index trend, historical volatility, option持仓量 PCR, option flat - value implied volatility, option implied volatility curve, and option flat - value implied volatility cone [93][95][97][99][101][104]

1. Report Industry Investment Rating - Not provided 2. Core Views - Today, all stock indices fluctuated and rebounded. A-share trading volume was 2.41 trillion yuan throughout the day, compared with 2.39 trillion yuan the previous day [3]. - As the geopolitical risks in the Middle East emerged, the willingness of funds to take profits increased, causing the stock indices to decline from their highs. After the negative news was gradually digested by the market, the downward momentum of the stock indices significantly weakened [3]. - With the convening of the Two Sessions, the expectations of policy support for macro - demand and technological innovation have increased. The government work report of the Two Sessions pointed out that in 2026, a more proactive fiscal policy and a moderately loose monetary policy will continue to be implemented, and favorable policies will be deployed in areas such as expanding domestic demand and building a modern industrial system. There is strong policy support for the medium - to - long - term upward movement of the stock indices [3]. - In general, the stock indices will mainly fluctuate within a range in the short term [3]. - Today, the implied volatility of options declined. Since the logic of the medium - to - long - term upward movement of the stock indices still exists, the bull spread strategy can be maintained [3]. 3. Summary by Related Catalogs 3.1 Related Charts 3.1.1 Shanghai 50ETF Options - Figures include the Shanghai 50ETF trend, historical volatility, option持仓量 PCR, implied volatility curve, flat - value implied volatility, and flat - value implied volatility cone [5][6][7] 3.1.2 SSE 300ETF Options - Figures include the SSE 300ETF trend, historical volatility, option持仓量 PCR, implied volatility curve, flat - value implied volatility, and flat - value implied volatility cone [16][19][20] 3.1.3 Shenzhen 300ETF Options - Figures include the Shenzhen 300ETF trend, historical volatility, option持仓量 PCR, implied volatility curve, flat - value implied volatility, and flat - value implied volatility cone [28][30][32] 3.1.4 CSI 300 Stock Index Options - Figures include the CSI 300 stock index trend, historical volatility, option持仓量 PCR, implied volatility curve, flat - value implied volatility, and flat - value implied volatility cone [40][42][44] 3.1.5 CSI 1000 Stock Index Options - Figures include the CSI 1000 stock index trend, historical volatility, option持仓量 PCR, implied volatility curve, flat - value implied volatility, and flat - value implied volatility cone [52][55][56] 3.1.6 SSE 500ETF Options - Figures include the SSE 500ETF trend, historical volatility, option持仓量 PCR, implied volatility curve, flat - value implied volatility, and flat - value implied volatility cone [65][68][69] 3.1.7 Shenzhen 500ETF Options - Figures include the Shenzhen 500ETF trend, historical volatility, option持仓量 PCR, implied volatility curve, flat - value implied volatility, and flat - value implied volatility cone [78][82][84] 3.1.8 Shanghai 50 Stock Index Options - Figures include the Shanghai 50 index trend, historical volatility, option持仓量 PCR, implied volatility curve, flat - value implied volatility, and flat - value implied volatility cone [89][93][94]

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - Today, all stock indices fluctuated and declined. A-share trading volume throughout the day was 2.39 trillion yuan, compared with 3.16 trillion yuan the previous day. The overall stock market performance was sluggish, and trading volume significantly decreased [3]. - The continuous escalation of geopolitical conflicts has led investors to worry about the risk of macroeconomic slowdown. The willingness of funds to take profits has increased, driving the stock indices to retreat from high levels. On the one hand, the long - term nature of the conflict may affect global energy supply, leading to an increase in domestic manufacturing costs and a decrease in orders; on the other hand, high oil prices will drive up global inflation, frustrating the central bank's decision to cut interest rates and putting pressure on the valuation side of the equity market in terms of liquidity [3]. - The National Bureau of Statistics announced that the manufacturing PMI in February was 49.0%, a decrease of 0.3 percentage points from the previous month, below the boom - bust line, indicating that the problem of insufficient effective demand still exists [3]. - As the Two Sessions are approaching, the policy side has a strong determination to support macro - demand and technological innovation. The market should focus on the policy direction and intensity in the government work report of the Two Sessions [3]. - In general, the negative impact of recent Middle East geopolitical factors and the positive policy expectations of the Two Sessions are intertwined. In the short term, the stock indices will mainly fluctuate within a range [3]. - In terms of options, the implied volatility has rebounded recently. Since the logic of the medium - to - long - term upward movement of the stock indices still exists, the idea of a bull spread can be maintained [3]. 3. Summary of Related Charts 3.1上证50ETF期权 (SSE 50 ETF Options) - Figures include the SSE 50 ETF trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [5][7][8][10][12][14] 3.2上交所300ETF期权 (SSE 300 ETF Options) - Figures include the SSE 300 ETF trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [15][18][20][22][27][28] 3.3深交所300ETF期权 (SZSE 300 ETF Options) - Figures include the SZSE 300 ETF trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [29][31][33][35][41][39] 3.4沪深300股指期权 (CSI 300 Index Options) - Figures include the CSI 300 index trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [42][44][46][48][52][53] 3.5中证1000股指期权 (CSI 1000 Index Options) - Figures include the CSI 1000 index trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [54][57][60][63][58][64] 3.6上交所500ETF期权 (SSE 500 ETF Options) - Figures include the SSE 500 ETF trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [65][68][70][72][77][78] 3.7深交所500ETF期权 (SZSE 500 ETF Options) - Figures include the SZSE 500 ETF trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [79][83][85][88][84][89] 3.8上证50股指期权 (SSE 50 Index Options) - Figures include the SSE 50 index trend, historical volatility, option position PCR, implied volatility curve, at - the - money implied volatility, and at - the - money implied volatility cone [90][94][98][92][96][99]

Group 1: Report Overview - Report Date: February 13, 2026 [2] - Report Type: Financial Options Daily Report - Report Theme: Market sentiment weakens, stock indexes fluctuate and decline Group 2: Investment Rating - No investment rating information is provided in the report. Group 3: Core Views - Today, all stock indexes opened low and closed sharply lower. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 199.89 billion yuan, a decrease of 16.18 billion yuan from the previous day [3]. - Due to the approaching holiday, the demand for cash during the holiday is large, and the capital market has tightened. Coupled with concerns about the uncertainty of non - trading during the holiday, investors' willingness to leave the market temporarily has increased, resulting in a decline in trading volume [3]. - Today, silver prices dropped sharply, and overnight U.S. technology stocks corrected significantly, which led to a further weakening of market sentiment. Investors' risk appetite tends to be cautious and wait - and - see [3]. - However, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged. The core logic for the medium - to - long - term upward movement of stock indexes is still relatively solid [3]. - After the Spring Festival holiday, it will be close to the policy window period of the Two Sessions, and it is expected that positive policy expectations will increase [3]. - In general, stock indexes will mainly fluctuate within a range in the short term [3]. - For options, since the medium - to - long - term upward logic of stock indexes is relatively solid, a bull spread strategy can be maintained [3]. Group 4: Option Indicators Index and ETF Performance - On February 13, 2026, the 50ETF fell 1.49% to close at 3.114; the 300ETF (Shanghai Stock Exchange) fell 1.18% to close at 4.671; the 300ETF (Shenzhen Stock Exchange) fell 1.28% to close at 4.866; the CSI 300 Index fell 1.25% to close at 4660.41; the CSI 1000 Index fell 1.32% to close at 8204.83; the 500ETF (Shanghai Stock Exchange) fell 1.66% to close at 8.373; the 500ETF (Shenzhen Stock Exchange) fell 1.54% to close at 3.328; the ChiNext ETF fell 1.63% to close at 3.265; the Shenzhen 100ETF fell 1.12% to close at 3.443; the SSE 50 Index fell 1.47% to close at 3034.35; the STAR 50ETF fell 0.71% to close at 1.55; the E Fund STAR 50ETF fell 0.66% to close at 1.50 [5]. PCR Data - The trading volume PCR and position PCR data of various options on February 13, 2026, and the comparison with the previous trading day are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. Implied Volatility and Historical Volatility - The implied volatility of at - the - money options in February 2026 and the 30 - day historical volatility of the underlying assets of various options are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. Group 5: Related Charts - The report includes a series of charts related to various options, such as the trend, volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms of 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [9][20][24][38][44][58][71][84][97][110][123][134].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Today, all stock indices fluctuated within a narrow range. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2001.0 billion - 2037.0 billion yuan. Due to the approaching holiday, investors' trading willingness was relatively weak. The inflation data for January showed that CPI continued to grow year - on - year, and the year - on - year decline of PPI narrowed. The repair of inflation expectations promoted the repair of corporate profit expectations, and the macro expectations improved. In the long - term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remained unchanged, and the core logic for the long - term upward movement of stock indices was relatively solid. Overall, the risk appetite of the stock market was cautious before the holiday, and stock indices mainly fluctuated within a range. For options, the implied volatility of at - the - money options has rebounded recently. Given the relatively solid long - term upward logic of stock indices, the bull spread strategy is maintained [4]. 3. Summary of Each Section 3.1 Option Indicators - **Index Performance**: On February 11, 2026, the 50ETF remained unchanged at 3.105, the SSE 300ETF fell 0.21% to 4.920, the CSI 300 Index fell 0.22% to 4713.82, the CSI 1000 Index fell 0.13% to 8239.51, the SSE 500ETF rose 0.41% to 8.411, the SZSE 500ETF rose 0.24% to 3.338, the ChiNext ETF fell 1.15% to 3.273, the Shenzhen 100ETF fell 0.97% to 3.462, the SSE 50 Index rose 0.03% to 3088.46, the STAR 50ETF fell 1.10% to 1.53, and the E Fund STAR 50ETF fell 0.93% to 1.49 [6]. - **Volume and Open Interest PCR**: The volume and open interest PCR of various options showed different changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 114.09 (previous day: 100.99), and the open interest PCR was 78.18 (previous day: 79.57) [7]. - **Implied Volatility and Historical Volatility**: The implied volatility of at - the - money options and the 30 - day historical volatility of the underlying assets of various options were provided. For instance, the implied volatility of at - the - money SSE 50ETF options in February 2026 was 11.14%, and the 30 - day historical volatility of the underlying asset was 15.06% [8]. 3.2 Related Charts - **SSE 50ETF Options**: Included charts of the SSE 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [10][11][12]. - **SSE 300ETF Options**: Included charts of the SSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [21][22]. - **SZSE 300ETF Options**: Included charts of the SZSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [24][25]. - **CSI 300 Index Options**: Included charts of the CSI 300 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [37][38]. - **CSI 1000 Index Options**: Included charts of the CSI 1000 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [43][44]. - **SSE 500ETF Options**: Included charts of the SSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [58][59]. - **SZSE 500ETF Options**: Included charts of the SZSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [71][72]. - **ChiNext ETF Options**: Included charts of the ChiNext ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [83][84]. - **Shenzhen 100ETF Options**: Included charts of the Shenzhen 100ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [93][94]. - **SSE 50 Index Options**: Included charts of the SSE 50 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [106][107]. - **STAR 50ETF Options**: Included charts of the STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [119][120]. - **E Fund STAR 50ETF Options**: Included charts of the E Fund STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [127][128].

1. Report Industry Investment Rating - No information provided in the report 2. Core Views - Today, all stock indices fluctuated within a narrow range. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.1247 trillion yuan, a decrease of 145.4 billion yuan compared to the previous day. As silver stopped falling and rebounded, market sentiment improved, and the stock index's operation logic returned to its fundamental factors. However, due to the approaching holiday, the demand for cash during the holiday and concerns about uncertainties, the willingness of funds to trade was relatively weak, and the trading volume of the stock market remained around 2 trillion yuan. In the medium to long term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, and the core logic for the medium to long - term upward movement of the stock index is relatively solid. Overall, the risk appetite of the stock market before the holiday is cautious, and the stock index mainly fluctuates within a range [4]. - Regarding options, the implied volatility of at - the - money options has recently rebounded. Since the logic for the medium to long - term upward movement of the stock index is relatively solid, the bull spread strategy is maintained [4]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On February 10, 2026, the 50ETF rose 0.28% to close at 3.170; the 300ETF (Shanghai Stock Exchange) rose 0.13% to close at 4.733; the 300ETF (Shenzhen Stock Exchange) rose 0.06% to close at 4.931; the CSI 300 Index rose 0.11% to close at 4724.30; the CSI 1000 Index rose 0.20% to close at 8250.30; the 500ETF (Shanghai Stock Exchange) fell 0.21% to close at 8.377; the 500ETF (Shenzhen Stock Exchange) fell 0.24% to close at 3.330; the ChiNext ETF fell 0.30% to close at 3.311; the Shenzhen 100ETF rose 0.06% to close at 3.496; the SSE 50 Index rose 0.18% to close at 3087.41; the Science and Technology Innovation 50ETF rose 0.98% to close at 1.55; the E Fund Science and Technology Innovation 50ETF rose 0.94% to close at 1.50 [6]. - The trading volume PCR and position PCR of various options on February 10, 2026, and the previous trading day are provided, 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), 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]. - The implied volatility of at - the - money options in February 2026 and the 30 - day historical volatility of the underlying assets for various options are provided, 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), 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 - Multiple charts are provided for different types of options, including the trend, volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility of 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), 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 [10][19][22][35][43][56][69][82][92][105][118][126]

1. Report's Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Viewpoints of the Report - On February 9, 2026, all stock indices fluctuated and rose, with the trading volume of the Shanghai, Shenzhen, and Beijing stock markets reaching 2270.2 billion yuan, an increase of 106.7 billion yuan compared to the previous day [3]. - Market sentiment improved as silver stopped falling and rebounded, and the operation logic of stock indices returned to their fundamentals [3]. - The positive policy expectations and the continuous net - inflow of incremental funds into the stock market remain unchanged, which form the core logic for the medium - to - long - term upward movement of stock indices [3]. - In the short term, macroeconomic indicators have weakened, the pressure of "weak reality" has increased, and due to the approaching long holiday, the capital market has become more cautious, so the upward momentum of stock indices is expected to be insufficient [3]. - In general, the short - term risk of the stock market is cautiously optimistic, and stock indices will mainly fluctuate and consolidate within a range [3]. - For options, the implied volatility at the money has recently increased. Since the medium - to - long - term upward logic of stock indices is relatively solid, the bull spread strategy is maintained [3]. 3. Summary of Each Section 3.1 Option Indicators - On February 9, 2026, 50ETF rose 1.48% to close at 3.161; 300ETF (SSE) rose 1.68% to close at 4.727; 300ETF (SZSE) rose 1.61% to close at 4.928; CSI 300 Index rose 1.63% to close at 4719.06; CSI 1000 Index rose 2.26% to close at 8233.78; 500ETF (SSE) rose 2.22% to close at 8.395; 500ETF (SZSE) rose 2.20% to close at 3.338; ChiNext ETF rose 2.85% to close at 3.321; Shenzhen 100ETF rose 1.96% to close at 3.494; SSE 50 Index rose 1.45% to close at 3081.78; STAR 50ETF rose 2.40% to close at 1.54; E Fund STAR 50ETF rose 2.48% to close at 1.49 [6]. - The trading volume PCR and position PCR of various options changed compared to the previous trading day [7]. - The implied volatility at the money and the 30 - day historical volatility of the underlying assets of various options on February 2026 are provided [8][9]. 3.2 Related Charts - **SSE 50ETF Options**: The report includes charts on the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [10][11][12]. - **SSE 300ETF Options**: There are charts on the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [21][22]. - **SZSE 300ETF Options**: The charts cover the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [24][25]. - **CSI 300 Index Options**: The report presents charts on the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [28][29]. - **CSI 1000 Index Options**: There are charts on the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [37][38]. - **SSE 500ETF Options**: The charts include the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [51][52]. - **SZSE 500ETF Options**: The report provides charts on the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [63][64]. - **ChiNext ETF Options**: There are charts on the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [76][77]. - **Shenzhen 100ETF Options**: The charts include the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [86][87]. - **SSE 50 Index Options**: The report presents charts on the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [99][100]. - **STAR 50ETF Options**: There are charts on the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [112][113]. - **E Fund STAR 50ETF Options**: The charts cover the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility at the money for different tenors [121][122].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On February 6, 2026, the stock indices oscillated with slight declines, and the trading volume of the Shanghai, Shenzhen, and Beijing stock exchanges was 2.1635 trillion yuan, a decrease of 30.8 billion yuan from the previous day [3]. - The sharp fluctuations in silver disturbed market sentiment, increasing the willingness of funds to take profits and exit, leading to a continuous contraction in stock market trading volume [3]. - In the short - term, macroeconomic indicators have weakened, and the "weak reality" pressure has increased. Coupled with the decline in risk appetite caused by silver and the clear signal from regulators to control risks, the stock market sentiment is cautious [3]. - The sharp fluctuations in precious metals are short - term disturbances from external factors. The restoration of the stock market's risk appetite will ultimately return to its own fundamentals. The positive expectations of the policy side and the continuous net inflow of incremental funds into the stock market remain unchanged, which constitute the core logic for the medium - and long - term upward movement of the stock indices [3]. - In the short - term, the stock market risk is cautious, and the stock indices will mainly oscillate and consolidate [3]. - In the options market, the implied volatility at the money has recently rebounded. Since the medium - and long - term upward logic of the stock indices is relatively firm, the bull spread strategy is maintained [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - **Index and ETF Performance**: On February 6, 2026, the 50ETF fell 0.70% to 3.115; the 300ETF (Shanghai Stock Exchange) fell 0.64% to 4.649; the 300ETF (Shenzhen Stock Exchange) fell 0.55% to 4.850; the CSI 300 Index fell 0.57% to 4643.60; the CSI 1000 Index fell 0.20% to 8051.57; the 500ETF (Shanghai Stock Exchange) fell 0.05% to 8.213; the 500ETF (Shenzhen Stock Exchange) fell 0.03% to 3.266; the GEM ETF fell 0.28% to 3.229; the Shenzhen 100ETF fell 0.67% to 3.427; the SSE 50 Index fell 0.69% to 3037.86; the STAR 50ETF fell 0.60% to 1.50; the E Fund STAR 50ETF fell 0.75% to 1.45 [5]. - **Volume PCR and Open Interest PCR**: The volume PCR and open interest PCR of various options showed different changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 96.30 (previous day: 96.08), and the open interest PCR was 73.63 (previous day: 73.59) [6]. - **Implied Volatility and Historical Volatility**: The implied volatility at the money and the 30 - day historical volatility of the underlying assets of various options were provided. For example, the implied volatility at the money of SSE 50ETF options in February 2026 was 13.26%, and the 30 - day historical volatility of the underlying asset was 14.41% [7]. 3.2 Related Charts - **SSE 50ETF Options**: Charts include the SSE 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility at the money for different tenors [9][11][13][15][17]. - **SSE 300ETF Options**: Charts cover the SSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility at the money for different tenors [19]. - **SZSE 300ETF Options**: Charts involve the SZSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility at the money for different tenors [22]. - **CSI 300 Index Options**: Charts include the CSI 300 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility at the money for different tenors [25]. - **CSI 1000 Index Options**: Charts cover the CSI 1000 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility at the money for different tenors [34]. - **SSE 500ETF Options**: Charts involve the SSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility at the money for different tenors [47]. - **SZSE 500ETF Options**: Charts include the SZSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility at the money for different tenors [59]. - **GEM ETF Options**: Charts cover the GEM ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility at the money for different tenors [72]. - **Shenzhen 100ETF Options**: Charts involve the Shenzhen 100ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility at the money for different tenors [83]. - **SSE 50 Index Options**: Charts include the SSE 50 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility at the money for different tenors [96]. - **STAR 50ETF Options**: Charts cover the STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility at the money for different tenors [108]. - **E Fund STAR 50ETF Options**: Charts involve the E Fund STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility at the money for different tenors [118].