1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Futures: In the short term, the stock index will mainly experience wide - range fluctuations. Last week, all stock indices fluctuated and declined, with the CSI 500 and CSI 1000 experiencing relatively large declines. Overseas uncertainty risk factors have increased recently, and the risk - aversion sentiment has risen. Stocks with large previous gains face technical adjustment pressure due to profit - taking. Macroeconomically, the inflation and credit data in September were weak, strengthening the expectation of future policy - driven demand - stabilizing measures, which provides long - term support for the stock index. A major policy meeting will be held from October 20th to 23rd, with a high certainty of policy - driven demand and expectation stabilization. Overall, the subsequent market trend depends on the rhythm of the game between profit - taking sentiment and policy - driven positive expectations [3][81]. - ETF Options and Stock Index Options: Maintain a bull spread in the long term. The implied volatility of options has been relatively stable. Since the probability of the stock index rising in the long term is high, one can hold a bull spread or a ratio spread for a moderately bullish position [4][82]. 3. Summary by Directory 3.1 Market Review 3.1.1 Stock Index Trends - Last week, all stock indices fluctuated and declined, with the CSI 500 and CSI 1000 having relatively large declines. Overseas uncertainty risk factors have increased recently, and the risk - aversion sentiment has risen. Stocks with large previous gains face technical adjustment pressure due to profit - taking. Macroeconomically, the inflation and credit data in September were weak, strengthening the expectation of future policy - driven demand - stabilizing measures, which provides long - term support for the stock index. A major policy meeting will be held from October 20th to 23rd, with a high certainty of policy - driven demand and expectation stabilization. The subsequent market trend depends on the rhythm of the game between profit - taking sentiment and policy - driven positive expectations [9]. 3.1.2 Option Price Trends - This week, the 50ETF had a weekly decline of 1.90%, closing at 3.045; the 300ETF (Shanghai Stock Exchange) had a weekly decline of 0.37%, closing at 4.604; the 300ETF (Shenzhen Stock Exchange) had a weekly decline of 0.46%, closing at 4.747; the CSI 300 Index had a weekly decline of 0.44%, closing at 4501.92; the CSI 1000 Index had a weekly increase of 0.21%, closing at 7438.19; the 500ETF (Shanghai Stock Exchange) had a weekly increase of 0.26%, closing at 7.261; the 500ETF (Shenzhen Stock Exchange) had a weekly increase of 0.24%, closing at 2.903; the ChiNext ETF had a weekly increase of 2.24%, closing at 3.062; the Shenzhen 100ETF had a weekly increase of 1.85%, closing at 3.475; the SSE 50 Index had a weekly decline of 1.98%, closing at 2909.74; the STAR 50ETF had a weekly increase of 1.78%, closing at 1.43; the E Fund STAR 50ETF had a weekly increase of 1.90%, closing at 1.40 [17]. 3.1.3 Futures Basis and Monthly Spreads - The basis of the four stock index futures varieties: The basis of IF and IH is at a normal quantile level, while IM and IC show a significant backwardation in the far - month futures. The inter - period spreads of IC and IM futures have declined, indicating a decrease in the market's short - term risk preference for IC and IM [23]. 3.2 Option Indicators 3.2.1 PCR Indicators - The trading volume PCR of SSE 50ETF options was 113.82, and the previous trading day's volume PCR was 78.41; the open - interest PCR was 71.82, and the previous trading day's open - interest PCR was 70.73. The trading volume PCR of SSE 300ETF options was 153.61, and the previous trading day's volume PCR was 110.31; the open - interest PCR was 110.15, and the previous trading day's open - interest PCR was 106.38. The trading volume PCR of Shenzhen 300ETF options was 73.47, and the previous trading day's volume PCR was 72.84; the open - interest PCR was 98.99, and the previous trading day's open - interest PCR was 92.75. The trading volume PCR of CSI 300 Index options was 64.59, and the previous trading day's volume PCR was 67.07; the open - interest PCR was 74.10, and the previous trading day's open - interest PCR was 81.48. The trading volume PCR of CSI 1000 Index options was 85.53, and the previous trading day's volume PCR was 84.96; the open - interest PCR was 93.89, and the previous trading day's open - interest PCR was 110.83. The trading volume PCR of SSE CSI 500ETF options was 139.83, and the previous trading day's volume PCR was 102.40; the open - interest PCR was 133.60, and the previous trading day's open - interest PCR was 130.18. The trading volume PCR of Shenzhen CSI 500ETF options was 143.53, and the previous trading day's volume PCR was 94.41; the open - interest PCR was 83.96, and the previous trading day's open - interest PCR was 84.33. The trading volume PCR of ChiNext ETF options was 89.29, and the previous trading day's volume PCR was 86.21; the open - interest PCR was 134.79, and the previous trading day's open - interest PCR was 134.46. The trading volume PCR of Shenzhen 100ETF options was 410.60, and the previous trading day's volume PCR was 126.21; the open - interest PCR was 127.97, and the previous trading day's open - interest PCR was 121.02. The trading volume PCR of SSE 50 Index options was 67.73, and the previous trading day's volume PCR was 56.08; the open - interest PCR was 60.10, and the previous trading day's open - interest PCR was 60.46. The trading volume PCR of STAR 50ETF options was 118.88, and the previous trading day's volume PCR was 103.93; the open - interest PCR was 107.09, and the previous trading day's open - interest PCR was 107.32. The trading volume PCR of E Fund STAR 50ETF options was 83.92, and the previous trading day's volume PCR was 84.17; the open - interest PCR was 93.29, and the previous trading day's open - interest PCR was 91.94 [34]. 3.2.2 Implied Volatility - The implied volatility of the at - the - money options of SSE 50ETF options in October 2025 was 16.72%, and the 30 - trading - day historical volatility of the underlying was 15.73%. The implied volatility of the at - the - money options of SSE 300ETF options in October 2025 was 17.48%, and the 30 - trading - day historical volatility of the underlying was 17.28%. The implied volatility of the at - the - money options of Shenzhen 300ETF options in October 2025 was 18.41%, and the 30 - trading - day historical volatility of the underlying was 17.24%. The implied volatility of the at - the - money options of CSI 300 Index options in October 2025 was 17.88%, and the 30 - trading - day historical volatility of the underlying was 17.24%. The implied volatility of the at - the - money options of CSI 1000 Index options in October 2025 was 23.62%, and the 30 - trading - day historical volatility of the underlying was 22.03%. The implied volatility of the at - the - money options of SSE CSI 500ETF options in October 2025 was 22.44%, and the 30 - trading - day historical volatility of the underlying was 22.22%. The implied volatility of the at - the - money options of Shenzhen CSI 500ETF options in October 2025 was 22.75%, and the 30 - trading - day historical volatility of the underlying was 22.16%. The implied volatility of the at - the - money options of ChiNext ETF options in October 2025 was 37.73%, and the 30 - trading - day historical volatility of the underlying was 37.69%. The implied volatility of the at - the - money options of Shenzhen 100ETF options in October 2025 was 23.32%, and the 30 - trading - day historical volatility of the underlying was 24.08%. The implied volatility of the at - the - money options of SSE 50 Index options in October 2025 was 17.53%, and the 30 - trading - day historical volatility of the underlying was 15.77%. The implied volatility of the at - the - money options of STAR 50ETF options in October 2025 was 44.27%, and the 30 - trading - day historical volatility of the underlying was 44.44%. The implied volatility of the at - the - money options of E Fund STAR 50ETF options in October 2025 was 43.69%, and the 30 - trading - day historical volatility of the underlying was 44.55% [54]. 3.3 Conclusion - Futures: In the short term, the stock index will mainly experience wide - range fluctuations. Last week, all stock indices fluctuated and declined, with the CSI 500 and CSI 1000 experiencing relatively large declines. Overseas uncertainty risk factors have increased recently, and the risk - aversion sentiment has risen. Stocks with large previous gains face technical adjustment pressure due to profit - taking. Macroeconomically, the inflation and credit data in September were weak, strengthening the expectation of future policy - driven demand - stabilizing measures, which provides long - term support for the stock index. A major policy meeting will be held from October 20th to 23rd, with a high certainty of policy - driven demand and expectation stabilization. Overall, the subsequent market trend depends on the rhythm of the game between profit - taking sentiment and policy - driven positive expectations [81]. - ETF Options and Stock Index Options: Maintain a bull spread in the long term. The implied volatility of options has been relatively stable. Since the probability of the stock index rising in the long term is high, one can hold a bull spread or a ratio spread for a moderately bullish position [82].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The subsequent market trend depends on the rhythm change of the game between profit - taking sentiment and policy - positive expectations. In the short term, stock index futures are expected to remain in a wide - range shock [5]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is shock, the medium - term view is upward, the intraday view is shock - biased upward, and the overall view is wide - range shock. The core logic is the conflict between short - term capital profit - taking willingness and the fermentation of medium - and long - term policy - positive expectations [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is shock - biased upward, the medium - term view is upward, and the reference view is wide - range shock. The core logic is that yesterday, each stock index showed shock and differentiation. The Shanghai Composite 50 and CSI 300 closed up in shock, while the CSI 500 and CSI 1000 closed down in shock. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 194.87 billion yuan, a decrease of 14.17 billion yuan from the previous day. The newly released September financial data shows that the financing demand of the household sector is still weak, and the problem of insufficient effective domestic demand still exists. Coupled with the external tariff factor disturbance, the expectation of policy - side stabilizing the macro - fundamentals is strong, which forms the medium - and long - term support for the stock index. However, in the short term, there are still external uncertainty risks before November, and the stock valuation has increased significantly, so investors' willingness to take profits has risen, and there is short - term technical adjustment pressure [5].

Report Overview - The report is the stock index futures morning report of Baocheng Futures on October 15, 2025, focusing on the financial futures stock index sector [1] 1. Report Industry Investment Rating - No relevant content provided 2. Report's Core View - The short - term view on the stock index is wide - range oscillation, the medium - term view is upward, and the intraday view is oscillating stronger [1][5] - The core logic is the conflict between short - term profit - taking willingness of funds and the fermentation of medium - and long - term policy - favorable expectations [1] 3. Summary by Related Catalogs 3.1 Variety View Reference - For IH2512, the short - term trend is oscillation, the medium - term trend is upward, the intraday trend is oscillating stronger, and the overall view is wide - range oscillation. The core logic is the conflict between short - term profit - taking willingness of funds and the fermentation of medium - and long - term policy - favorable expectations [1] 3.2 Main Variety Price Market Driving Logic - The intraday view of IF, IH, IC, and IM is oscillating stronger, the medium - term view is upward, and the reference view is wide - range oscillation [5] - Yesterday, all stock indices oscillated and declined, with significant declines in IM and IC. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 259.66 billion yuan, an increase of 22.24 billion yuan from the previous day [5] - Due to the resurgence of the tariff war and high valuation levels, investors' willingness to take profits has increased, leading to an oscillating correction of the stock index. However, the impact of Trump's tariff threat on A - shares is short - term and relatively limited [5] - There are still problems of insufficient effective domestic demand and external tariff disturbances. There are strong expectations for policy to stabilize the macro - fundamentals, which provides strong support for the stock index [5] - The investment attribute of A - shares is valued by the policy, and the trend of social wealth allocation to the stock market is emerging. Continuous capital inflow is the medium - and long - term driving force for the upward movement of the stock index [5]

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - On October 14, 2025, all stock indices fluctuated downward, with significant declines in the CSI 1000 and CSI 500. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2596.6 billion yuan, an increase of 222.4 billion yuan from the previous day [3]. - Due to the resurgence of the tariff war and the approaching external uncertainties before November, combined with the current relatively high valuation level, investors' willingness to take profits has increased, leading to a correction in the stock indices [3]. - Trump's tariff threats have a short - term impact on the A - share market, with a weaker marginal effect than in early April this year, and the impact is relatively limited [3]. - There are still issues of insufficient effective domestic demand, and external tariff factors continue to cause disturbances. However, there are strong expectations for policy support to stabilize the macro - fundamentals, which provides strong support for the stock indices [3]. - The investment attribute of A - shares is valued by the policy, and there is a trend of social wealth flowing into the stock market. Continuous capital inflows will be a long - term driving force for the upward movement of the stock indices [3]. - In the short term, the stock indices are expected to fluctuate widely. Currently, the implied volatility of options remains at a low level. Considering the long - term upward trend of the stock indices, investors can continue to hold bull spreads or covered calls [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - On October 14, 2025, the 50ETF fell 0.03% to 3.100; the 300ETF (Shanghai Stock Exchange) fell 1.00% to 4.645; the 300ETF (Shenzhen Stock Exchange) fell 1.09% to 4.791; the CSI 300 Index fell 1.20% to 4539.06; the CSI 1000 Index fell 1.95% to 7373.15; the 500ETF (Shanghai Stock Exchange) fell 2.41% to 7.289; the 500ETF (Shenzhen Stock Exchange) fell 2.25% to 2.916; the GEM ETF fell 3.93% to 2.934; the Shenzhen 100ETF fell 2.54% to 3.413; the SSE 50 Index fell 0.21% to 2961.10; the STAR 50ETF fell 4.20% to 1.48; and the E Fund STAR 50ETF fell 4.10% to 1.45 [5]. - The trading volume PCR and open interest PCR of various options on October 14, 2025, and their changes compared with the previous trading day are provided in detail, including those of the SSE 50ETF options, SSE 300ETF options, etc [6]. - The implied volatility of at - the - money options in October or November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options are presented, such as the SSE 50ETF options with an implied volatility of 17.33% and a 30 - trading - day historical volatility of 15.11% [7]. 3.2 Relevant Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9]. - **SSE 300ETF Options**: Include charts of the SSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20]. - **SZSE 300ETF Options**: Include charts of the SZSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [32]. - **CSI 300 Index Options**: Include charts of the CSI 300 index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [44]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [57]. - **SSE 500ETF Options**: Include charts of the SSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [71]. - **SZSE 500ETF Options**: Include charts of the SZSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [84]. - **GEM ETF Options**: Include charts of the GEM ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [98]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [111]. - **SSE 50 Index Options**: Include charts of the SSE 50 index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [124]. - **STAR 50ETF Options**: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [138]. - **E Fund STAR 50ETF Options**: Include charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [145].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The short - term view of the stock index futures is wide - range oscillation, with short - term funds having a profit - taking intention, while the medium - and long - term view is upward due to policy - driven expectations and long - term capital inflow trends [1][5] 3. Summary According to Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the medium - term view is upward, the intraday view is weakly oscillating, and the overall reference view is wide - range oscillation. The core logic is the game between short - term profit - taking intention of funds and the fermentation of medium - and long - term policy - driven expectations [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is weakly oscillating, the medium - term view is upward, and the reference view is wide - range oscillation. Last Friday, all stock indices oscillated and corrected. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 216.61 billion yuan, a decrease of 22.57 billion yuan from the previous day. News of Trump's new high - tariff policy on imported products increased market risk - aversion sentiment. As the valuation rises and the index approaches the previous high, coupled with the approaching National Day holiday, profit - taking demand of investors increases. However, in the long run, policy - driven expectations and long - term capital inflow trends are the driving forces for the upward movement of the stock index. The future market mainly focuses on the game between profit - taking rhythm of funds and the fermentation of policy expectations [5]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The short - term view of the stock index is wide - range oscillation, the medium - term view is upward, and the intraday view is weakly oscillating. The core logic lies in the game between the short - term profit - taking intention of funds and the long - and medium - term fermentation of policy - favorable expectations [1][5] Group 3: Summary According to Related Contents 1. Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the medium - term view is upward, the intraday view is weakly oscillating, and the reference view is wide - range oscillation. The core logic is the game between short - term funds' profit - taking intention and the fermentation of long - and medium - term policy - favorable expectations [1] 2. Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, IM. The intraday view is weakly oscillating, the medium - term view is upward, and the reference view is wide - range oscillation. The core logic is that yesterday, each stock index oscillated widely and recovered after reaching the bottom. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 251.86 billion yuan, an increase of 37.6 billion yuan from the previous day. There is a certain divergence in market sentiment, focusing on the game between the profit - taking rhythm of funds and the fermentation of policy expectations. On one hand, there is still a demand for profit - taking of profitable funds; on the other hand, policy - favorable expectations and the net inflow trend of funds constitute the long - and medium - term driving force for the upward movement of the stock index. The fermentation of policy - favorable expectations depends on the October key meeting, and the increase in incremental funds can be seen from the fact that the margin trading balance has exceeded 2.4 trillion yuan and the year - on - year significant increase in new non - bank deposits in July and August. In general, the stock index is expected to oscillate widely in the short term [5]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The short - term view of the stock index is wide - range oscillation, the medium - term view is upward, and the intraday view is weakly oscillating. The core logic is that the profit - taking demand of profitable funds has increased, leading to a short - term technical adjustment of the stock index, but in the long - term, policy support and loose capital will drive the stock index up [1][5] Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2509, the short - term view is oscillation, the medium - term view is upward, the intraday view is weakly oscillating, and the overall view is wide - range oscillation. The core logic is that the long - and medium - term upward logic still exists, but the short - term profit - taking willingness of funds has increased [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, IM. The intraday view is weakly oscillating, the medium - term view is upward, and the reference view is wide - range oscillation. Yesterday, the stock indexes oscillated weakly and fell sharply. The full - day trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2581.9 billion yuan, an increase of 186.2 billion yuan from the previous day, and nearly 3000 stocks in the whole market fell. Some stocks have achieved large increases, so the profit - taking demand of profitable funds has risen, causing a short - term technical adjustment of the stock index, especially for the CSI 500 and CSI 1000 indexes. In the long - term, policy support and loose capital will drive the stock index up [5]