1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The stock indexes fluctuated and consolidated today. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2992.3 billion yuan, a 70.8 - billion - yuan increase from the previous day. Currently, the stock market is in a consolidation phase, with a divergence in the capital market between chasing up and taking profits, leading to increased intraday volatility. In the short term, the upward drive of the stock index is weakening due to the regulatory authorities' clear intention to control risks and the fact that the recent stock price rebound is mainly driven by valuation. In the long term, positive policy expectations and the continuous inflow of incremental funds into the stock market are the main supporting forces for the upward movement of the stock index, and the risk appetite of the stock market remains positive. Overall, the stock index will mainly fluctuate and consolidate in the short term. For options, a bull - spread strategy can be considered due to the relatively reliable long - term upward trend of the stock index [4]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On January 28, 2026, the 50ETF rose 0.22% to close at 3.138; the 300ETF (Shanghai Stock Exchange) rose 0.32% to close at 4.725; the 300ETF (Shenzhen Stock Exchange) rose 0.43% to close at 4.931; the CSI 300 Index rose 0.26% to close at 4717.99; the CSI 1000 Index rose 0.21% to close at 8399.79; the 500ETF (Shanghai Stock Exchange) rose 0.84% to close at 8.691; the 500ETF (Shenzhen Stock Exchange) rose 0.58% to close at 3.452; the ChiNext ETF fell 0.60% to close at 3.307; the Shenzhen 100ETF fell 0.40% to close at 3.470; the SSE 50 Index rose 0.27% to close at 3060.56; the STAR 50ETF fell 0.30% to close at 1.64; the E Fund STAR 50ETF fell 0.25% to close at 1.58 [6]. - The trading volume PCR and open - interest PCR of various options showed different changes compared with the previous trading day. For example, the trading volume PCR of the 50ETF option was 86.52 (previous day: 76.09), and the open - interest PCR was 71.82 (previous day: 71.72) [7]. - The implied volatility of the at - the - money options in February 2026 and the 30 - trading - day historical volatility of the underlying assets of various options were also provided. For instance, the implied volatility of the at - the - money 50ETF option in February 2026 was 15.11%, and the 30 - trading - day historical volatility of the underlying asset was 11.57% [8]. 3.2 Related Charts - **SSE 50ETF Option**: Included charts of the SSE 50ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [10]. - **Shanghai Stock Exchange 300ETF Option**: Included charts of the Shanghai Stock Exchange 300ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [19]. - **Shenzhen Stock Exchange 300ETF Option**: Included charts of the Shenzhen Stock Exchange 300ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [22]. - **CSI 300 Index Option**: Included charts of the CSI 300 Index's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [36]. - **CSI 1000 Index Option**: Included charts of the CSI 1000 Index's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [39]. - **Shanghai Stock Exchange 500ETF Option**: Included charts of the Shanghai Stock Exchange 500ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [53]. - **Shenzhen Stock Exchange 500ETF Option**: Included charts of the Shenzhen Stock Exchange 500ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [66]. - **ChiNext ETF Option**: Included charts of the ChiNext ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [79]. - **Shenzhen 100ETF Option**: Included charts of the Shenzhen 100ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [91]. - **SSE 50 Index Option**: Included charts of the SSE 50 Index's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [104]. - **STAR 50ETF Option**: Included charts of the STAR 50ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [117]. - **E Fund STAR 50ETF Option**: Included charts of the E Fund STAR 50ETF's trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [128].

1. Report Industry Investment Rating - No information provided in the report 2. Core Views of the Report - Today, all stock indices fluctuated within a narrow range. The total trading volume of the stock market was 271.64 billion yuan, an increase of 9.28 billion yuan from the previous day. Currently, the trading volume of the stock market has fallen below 3 trillion yuan, indicating a cooling of market sentiment, and the policy signals from the regulatory authorities to reduce leverage and control risks have been received by the market [4]. - The positive policy expectations and the continuous net inflow of incremental funds into the stock market are the main supporting forces for the upward movement of the stock indices. These two factors remain unchanged in the medium and long term, and the logic for the medium - and long - term upward movement of the stock indices is relatively solid. In the short term, the policy expectations of supporting the bottom, supporting technological innovation, and boosting consumption are relatively clear, providing strong support for the stock indices. However, the inflow of margin trading funds has slowed down recently, and the upward driving force of funds on the stock indices is insufficient. Overall, it is expected that the stock indices will fluctuate and consolidate in the short term [4]. - Since the logic for the medium - and long - term upward movement of the stock indices is relatively solid, the bull spread strategy can be considered for options [4]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - On January 22, 2026, the 50ETF fell 0.45% to 3.131; the 300ETF (SSE) fell 0.06% to 4.727; the 300ETF (SZSE) rose 0.04% to 4.926; the CSI 300 Index rose 0.01% to 4723.71; the CSI 1000 Index rose 0.75% to 8309.35; the 500ETF (SSE) rose 0.44% to 8.469; the 500ETF (SZSE) rose 0.57% to 3.367; the ChiNext ETF rose 1.04% to 3.315; the Shenzhen 100ETF rose 0.40% to 3.517; the SSE 50 Index fell 0.46% to 3053.13; the STAR 50ETF rose 0.37% to 1.62; the E Fund STAR 50ETF rose 0.38% to 1.57 [6]. - The trading volume PCR and position PCR of various options on January 22, 2026, 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, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [7]. - The implied volatility of at - the - money options and the 30 - trading - day historical volatility of the underlying assets of various options in January or February 2026 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, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [8][9]. 3.2 Relevant Charts - **SSE 50ETF Options**: Include the SSE 50ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [10][11][12]. - **SSE 300ETF Options**: Include the SSE 300ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [21][22]. - **SZSE 300ETF Options**: Include the SZSE 300ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [24][25]. - **CSI 300 Index Options**: Include the CSI 300 index trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [36][37]. - **CSI 1000 Index Options**: Include the CSI 1000 index trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [41][42]. - **SSE 500ETF Options**: Include the SSE 500ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [55][56]. - **SZSE 500ETF Options**: Include the SZSE 500ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [68][69]. - **ChiNext ETF Options**: Include the ChiNext ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [80][81]. - **Shenzhen 100ETF Options**: Include the Shenzhen 100ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [91][92]. - **SSE 50 Index Options**: Include the SSE 50 index trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [104][105]. - **STAR 50ETF Options**: Include the STAR 50ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [117][118]. - **E Fund STAR 50ETF Options**: Include the E Fund STAR 50ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [127][128].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On November 25, 2025, all stock indices oscillated and rebounded. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1826.2 billion yuan, an increase of 85.8 billion yuan from the previous day [3]. - Due to the low necessity for further policy tightening this year, the incremental policy signals have weakened recently. Investor profit - taking intentions have risen, and both the margin trading volume and margin balance have declined, indicating a decrease in market trading sentiment. In the short term, the stock indices need technical consolidation [3]. - However, there are still expectations of policy benefits from the Central Economic Work Conference in December. The expectations of policy benefits and the trend of continuous capital inflow have not changed. In the long - term, the outlook for the stock indices is not pessimistic. After a significant short - term correction, there is strong support below. Overall, the stock indices will mainly oscillate within a range in the short term [3]. - For options, considering the long - term upward trend of the stock indices, a bull spread strategy can be adopted after a significant correction of the stock indices [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On November 25, 2025, the 50ETF rose 0.52% to close at 3.110; the 300ETF (Shanghai Stock Exchange) rose 0.88% to close at 4.597; the 300ETF (Shenzhen Stock Exchange) rose 0.64% to close at 4.740; the CSI 300 Index rose 0.95% to close at 4490.40; the CSI 1000 Index rose 1.31% to close at 7249.95; the 500ETF (Shanghai Stock Exchange) rose 1.21% to close at 7.054; the 500ETF (Shenzhen Stock Exchange) rose 1.18% to close at 2.820; the ChiNext ETF rose 1.82% to close at 2.961; the Shenzhen 100ETF rose 1.35% to close at 3.313; the SSE 50 Index rose 0.60% to close at 2968.20; the Science and Technology Innovation 50ETF rose 0.66% to close at 1.37; and the E Fund Science and Technology Innovation 50ETF rose 0.61% to close at 1.33 [5]. - **Volume and Open Interest PCR**: The volume and open interest PCR values of various options changed compared to the previous trading day. For example, the 50ETF option volume PCR was 88.17 (previous day: 101.94), and the open interest PCR was 80.45 (previous day: 73.66) [6]. - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - day historical volatility of the at - the - money options of various options in December 2025 are provided. For instance, the implied volatility of the 50ETF option at - the - money option in December 2025 was 14.86%, and the 30 - day historical volatility of the underlying was 12.91% [7]. 3.2 Relevant Charts - **Option - related Charts**: The report includes a series of charts related to different options, such as the price trends, volatility, volume PCR, open interest PCR, implied volatility curves, and at - the - money implied volatility of different terms for options like the 50ETF option, 300ETF option (Shanghai and Shenzhen Stock Exchanges), CSI 300 index option, CSI 1000 index option, 500ETF option (Shanghai and Shenzhen Stock Exchanges), ChiNext ETF option, Shenzhen 100ETF option, SSE 50 index option, Science and Technology Innovation 50ETF option, and E Fund Science and Technology Innovation 50ETF option [9][20][33] etc.