Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - Today, all stock indices oscillated and rebounded. The disturbance of the geopolitical situation in the Middle East is the main factor affecting the short - term trend of the stock indices. There is a large difference in the information released by the US and Iran regarding the US - Iran peace talks, indicating great uncertainty in reaching an agreement. However, with Iran's opening of the Strait of Hormuz to cargo ships from some countries and Trump's postponement of military strikes by 10 days, the geopolitical risks in the Middle East have cooled down [3]. - In the context of high uncertainty in external risk factors, stock market investors' risk appetite tends to be cautious and wait - and - see. The trading volume of the Shanghai and Shenzhen stock markets has continued to shrink, with the trading volume being below 2 trillion for two consecutive trading days [3]. - From the perspective of the stock market's own fundamentals, the domestic policy is continuously favorable to the economic fundamentals. It supports the total economic demand on the one hand and structurally supports the expansion of domestic demand and technological innovation on the other. The macro - economy has strong resilience, with expectations of stock profit repair and reasonable and abundant liquidity in the capital market. There is still support for the stock indices in the medium and long term. Overall, it is expected that the stock indices will mainly oscillate within a range in the short term [3]. - In terms of options, the position PCR has rebounded from a low level, and the implied volatility of options has gradually declined, indicating an improvement in market sentiment. Since there is still support for the stock indices, a bull spread or covered call strategy can be used [3]. 3. Summary According to Relevant Catalogs 3.1. Option - related Charts - **上证 50ETF Option**: The report provides charts on the movement of the Shanghai 50ETF, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [5][6]. - **上交所 300ETF Option**: Charts include the movement of the Shanghai Stock Exchange 300ETF, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [7][8]. - **深交所 300ETF Option**: The report shows the movement of the Shenzhen Stock Exchange 300ETF, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [15][16]. - **沪深 300 股指期权**: Charts cover the movement of the CSI 300 stock index, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [26][27]. - **中证 1000 股指期权**: The report presents the movement of the China Securities 1000 stock index, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [35][36]. - **上交所 500ETF 期权**: Charts include the movement of the Shanghai Stock Exchange 500ETF, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [47][48]. - **深交所 500ETF 期权**: The report shows the movement of the Shenzhen Stock Exchange 500ETF, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [59][60]. - **上证 50 股指期权**: Charts cover the movement of the Shanghai 50 index, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [71][72].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - On December 1, 2025, the stock indices oscillated and rebounded. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1889.4 billion yuan, an increase of 291.7 billion yuan from the previous day. The manufacturing PMI in November was 49.2%, up 0.2 percentage points from the previous month but still below the boom - bust line, indicating insufficient effective domestic demand and strong expectations for policy support. The central economic work conference in December is expected to bring incremental policy benefits. Overseas, the expectation of the Fed's interest rate cut has increased, and the risk of AI asset investment bubble has cooled, reducing market risk - aversion sentiment. In general, the expectations of policy benefits and the trend of long - term capital inflows remain unchanged, providing strong support for the stock indices. It is expected that the stock indices will oscillate strongly in the short term [4]. - For options, considering the medium - to long - term upward trend of the stock indices, a bull spread or ratio spread strategy with a mild bullish view can be adopted [4]. Group 3: Summary of "1 Option Indicators" - On December 1, 2025, 50ETF rose 0.77% to 3.137; 300ETF (Shanghai Stock Exchange) rose 1.12% to 4.687; 300ETF (Shenzhen Stock Exchange) rose 1.05% to 4.833; the CSI 300 Index rose 1.10% to 4576.49; the CSI 1000 Index rose 0.72% to 7386.68; 500ETF (Shanghai Stock Exchange) rose 0.94% to 7.202; 500ETF (Shenzhen Stock Exchange) rose 0.98% to 2.874; the ChiNext ETF rose 1.25% to 3.073; the Shenzhen 100ETF rose 1.42% to 3.418; the SSE 50 Index rose 0.81% to 2993.68; the STAR 50ETF rose 0.79% to 1.40; the E Fund STAR 50ETF rose 0.74% to 1.36 [6]. - The PCR values of various options' trading volume and open interest on December 1, 2025, and their changes compared with the previous trading day are presented 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 in December 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided, such as 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]. Group 4: Summary of "2 Related Charts" - **SSE 50ETF Options**: Charts include the SSE 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [10][12][14][16][18]. - **SSE 300ETF Options**: Charts cover 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][22][24][26][30]. - **SZSE 300ETF Options**: Charts involve the SZSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [33][35][37]. - **CSI 300 Index Options**: Charts include 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 [38][40][42][44][48]. - **CSI 1000 Index Options**: Charts cover 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 [51][54][56][58][60][62]. - **SSE 500ETF Options**: Charts involve the SSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [65][67][69][71][73][76]. - **SZSE 500ETF Options**: Charts include the SZSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [77][79][81][83][85][87]. - **ChiNext ETF Options**: Charts cover the ChiNext ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [90][92][94][96][98][100]. - **Shenzhen 100ETF Options**: Charts involve the Shenzhen 100ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [101][103][105][107][109][111]. - **SSE 50 Index Options**: Charts include 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 [114][116][118][120][122][124]. - **STAR 50ETF Options**: Charts cover the STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [127][129][130][134]. - **E Fund STAR 50ETF Options**: Charts involve 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 [135][137].

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.