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].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report predicts that the stock index will mainly fluctuate and consolidate in the short term, with limited upward and downward space. However, the main logic for the medium - to - long - term upward movement of the stock index remains unchanged, supported by positive policy expectations and the continuous net inflow of incremental funds into the stock market [5] 3. Summary by Relevant Catalog 3.1 Variety View Reference - Financial Futures Stock Index Sector - For IH2603, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "weak", and the reference view is "oscillation consolidation". The core logic is that the optimistic sentiment has cooled down, and there is still a need for oscillation and consolidation [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is "weak", and the medium - term view is "oscillation", with a reference view of "oscillation consolidation" - Yesterday, the performance of each stock index was differentiated. IC and IM performed strongly, while IH and IF performed weakly. The total market turnover of the stock market was 2623.6 billion yuan, a decrease of 180.5 billion yuan from the previous day - With the policy signals from the regulatory authorities to reduce leverage and control risks, the optimistic sentiment in the stock market has cooled down, the trading volume has declined, and the stock index has entered an oscillation and consolidation market - The latest macro - economic indicators show that the macro - economy has strong resilience, but the problem of weak domestic demand still exists. The expectation of future macro - policy support is clear - The policy side is determined to support technological innovation and boost consumption, which constitutes a positive policy expectation for small and medium - cap technology growth stocks - In the short term, the inflow of margin trading funds has slowed down, and the driving effect of funds on the stock index has weakened, resulting in limited upward and downward space for the stock index in the short term [5]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Today, the performance of each stock index was differentiated. CSI 500 and CSI 1000 performed strongly, while SSE 50 and SSE 300 performed weakly. The total trading volume of the stock market was 262.36 billion yuan, a decrease of 18.05 billion yuan from the previous day. With the policy signals of the regulatory authorities to reduce leverage and control risks, the optimistic sentiment in the stock market has cooled down, and the trading volume of the stock market has declined. The stock index has entered a volatile consolidation market. [4] - From the latest macroeconomic indicators, the macroeconomy has strong resilience, but the problem of weak domestic demand still exists. The expectation of macro - policy support for demand in the future is relatively clear. On the other hand, the policy side has a strong determination to support technological innovation and boost consumption. A series of subsequent policies will form a positive policy expectation for small - and medium - cap technology - growth stocks. [4] - In the short term, the inflow of margin trading funds has slowed down, and the driving effect of funds on the stock index has weakened. The upside and downside space of the stock index is limited in the short term. However, the positive policy expectation and the trend of continuous net inflow of incremental funds into the stock market remain unchanged. The main logic for the medium - and long - term upward movement of the stock index remains unchanged. In general, it is expected that the stock index will mainly consolidate in the short term. [4] - In terms of options, since the medium - and long - term upward logic of the stock index is relatively solid, it can be treated with a bull spread strategy. [4] 3. Summary by Relevant Catalogs 3.1 Option Indicators - On January 21, 2026, 50ETF fell 0.16% to close at 3.145; 300ETF (SSE) rose 0.13% to close at 4.730; 300ETF (SZSE) rose 0.02% to close at 4.924; SSE 300 Index rose 0.09% to close at 4723.07; CSI 1000 Index rose 0.79% to close at 8247.68; 500ETF (SSE) rose 1.30% to close at 8.432; 500ETF (SZSE) rose 1.18% to close at 3.348; GEM ETF rose 0.55% to close at 3.281; SZSE 100ETF rose 0.17% to close at 3.503; SSE 50 Index fell 0.11% to close at 3067.18; STAR 50ETF rose 3.59% to close at 1.62; E Fund STAR 50ETF rose 3.64% to close at 1.57. [6] - The trading volume PCR and position PCR of various options on January 21, 2026 and the previous trading day are provided, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, SSE 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, SZSE 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, SSE 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, SZSE 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options. [8][9] 3.2 Relevant Charts - For each type of option (such as 50ETF options, SSE 300ETF options, etc.), there are charts showing the underlying asset trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and term - at - the - money implied volatility. [10][21][24][37][46][60][73][86][99][112][125][135]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Today, all stock indices oscillated and consolidated. The total trading volume of the stock market was 2732.1 billion yuan, a decrease of 324.3 billion yuan from the previous day. The macro - economy has strong resilience, but there are still some concerns on the demand side, and policy support is still needed in the future. Since the stock market rally mainly comes from the increase in the valuation side under loose liquidity, the expectation of performance recovery is not strong from the macro - economic indicators. Therefore, after this significant rebound, the stock indices need to oscillate and consolidate. With the policy signals of de - leveraging and risk control from the regulatory authorities, the optimistic sentiment in the stock market has cooled down, the trading volume has declined, and the stock indices have entered an oscillating and consolidating market. However, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, and the main logic for the medium - and long - term upward trend of the stock indices remains unchanged. In general, it is expected that the stock indices will mainly oscillate and consolidate in the short term. For options, since the medium - and long - term upward logic of the stock indices is relatively solid, a bull spread strategy can be considered [4]. 3. Summary of Relevant Contents by Directory 3.1 Option Indicators - On January 19, 2026, 50ETF fell 0.22% to close at 3.153; 300ETF (SSE) rose 0.04% to close at 4.738; 300ETF (SZSE) rose 0.04% to close at 4.937; CSI 300 Index rose 0.05% to close at 4734.46; CSI 1000 Index rose 0.40% to close at 8265.65; 500ETF (SSE) rose 0.64% to close at 8.348; 500ETF (SZSE) rose 0.91% to close at 3.328; GEM ETF fell 0.84% to close at 3.318; Shenzhen 100ETF fell 0.20% to close at 3.531; SSE 50 Index fell 0.12% to close at 3075.94; STAR 50ETF fell 0.44% to close at 1.59; E Fund STAR 50ETF fell 0.39% to close at 1.54 [7]. - The trading volume PCR and position PCR of various options on January 19, 2026, and their changes compared with the previous trading day are presented in detail, such as the trading volume PCR of SSE 50ETF options was 117.51 (previous day: 80.46), and the position PCR was 82.14 (previous day: 79.59) [8]. - The implied volatility of at - the - money options and the 30 - day historical volatility of the underlying assets of various options in January or February 2026 are provided, for example, the implied volatility of at - the - money options of SSE 50ETF options in January 2026 was 13.19%, and the 30 - day historical volatility of the underlying asset was 11.94% [9]. 3.2 Relevant Charts - For SSE 50ETF options, there are charts showing the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [11][13][15][18][20]. - For SSE 300ETF options, relevant charts include the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [24][26]. - For SZSE 300ETF options, there are charts regarding the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [27][29]. - For CSI 300 index options, relevant charts cover the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [41]. - For CSI 1000 index options, there are charts showing the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [45]. - For SSE 500ETF options, relevant charts include the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [58]. - For SZSE 500ETF options, there are charts regarding the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [71]. - For GEM ETF options, relevant charts cover the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [84]. - For Shenzhen 100ETF options, there are charts showing the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [97]. - For SSE 50 index options, relevant charts include the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [110]. - For STAR 50ETF options, there are charts regarding the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [123]. - For E Fund STAR 50ETF options, relevant charts cover the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [133].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Today, all stock indices fluctuated and consolidated. The total market turnover was 30,547 billion yuan, an increase of 1,163 billion yuan compared to the previous day. The stock market turnover dropped to around 3 trillion, indicating a cooling of the optimistic sentiment in the stock market as the market absorbed the policy signals from the regulatory authorities to reduce leverage and control risks. Since the beginning of the year, the rise in the stock market has mainly come from the increase in the valuation side under the loose liquidity. From the perspective of macro - economic indicators, the expectation of performance recovery is not strong. The market divergence has led to intensified long - short games. Therefore, after this significant rebound, the stock indices need to fluctuate and consolidate, and the short - term volatility of the stock indices will intensify. 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 main logic for the medium - to - long - term upward movement of the stock indices remains unchanged. In general, it is expected that the stock indices will continue to fluctuate and consolidate in the short term. - For options, since the logic for the medium - to - long - term upward movement of the stock indices is relatively solid, a bull spread strategy can be considered [4]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - **Index Performance**: On January 16, 2026, the 50ETF fell 0.63% to close at 3.160; the 300ETF (SSE) fell 0.33% to close at 4.859; the 300ETF (SZSE) fell 0.26% to close at 4.935; the CSI 300 Index fell 0.41% to close at 4,731.87; the CSI 1000 Index fell 0.10% to close at 8,232.73; the 500ETF (SSE) rose 0.22% to close at 8.295; the 500ETF (SZSE) fell 0.03% to close at 3.298; the GEM ETF fell 0.18% to close at 3.346; the Shenzhen 100ETF fell 0.14% to close at 3.538; the SSE 50 Index fell 0.83% to close at 3,079.76; the STAR 50ETF rose 1.27% to close at 1.59; and the E Fund STAR 50ETF rose 1.31% to close at 1.54 [6]. - **Volume and Open Interest PCR**: The report provides the volume PCR and open interest PCR for various options, such as the 50ETF option, 300ETF option (SSE and SZSE), CSI 300 index option, CSI 1000 index option, etc., both for the current day and the previous trading day [7]. - **Implied Volatility and Historical Volatility**: The report presents the implied volatility of at - the - money options and the 30 - day historical volatility of the underlying assets for different options in January or February 2026, including the 50ETF option, 300ETF option (SSE and SZSE), CSI 300 index option, etc. [8][9] 3.2 Relevant Charts - The report includes a series of charts for different options, such as the SSE 50ETF option, SSE 300ETF option, SZSE 300ETF option, CSI 300 index option, etc. These charts show the trends, volatility, volume PCR, open interest PCR, implied volatility curves, and at - the - money implied volatility of different terms of the options [10][21][24].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - Today, each stock index hit the bottom and rebounded, showing a volatile consolidation throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.1329 trillion yuan, a decrease of 216.9 billion yuan from the previous day. The policy - favorable expectations brought by the "15th Five - Year Plan" are gradually fermenting, providing strong support for the stock index. However, as it enters November, the incremental expectations of domestic policies are decreasing, and the impact of the easing of external risks is diminishing at the margin. The upward driving force has weakened in the short term. As the valuation of stocks rises, the willingness of profitable funds to take profits has increased, and there is still a need for a short - term technical adjustment of the stock index. In general, under the game between the fermentation rhythm of policy - favorable expectations and the profit - taking rhythm of funds, the stock index will mainly fluctuate and consolidate in the short term. Currently, the implied volatility of options remains relatively stable. Considering the long - term upward trend of the stock index, it is advisable to maintain a bullish spread or covered - call strategy [4]. 3. Summary by Relevant Contents 3.1 Option Indicators - **Stock Index Performance**: On November 3, 2025, the 50ETF rose 0.03% to close at 3.161; the 300ETF (Shanghai Stock Exchange) rose 0.15% to close at 4.763; the 300ETF (Shenzhen Stock Exchange) rose 0.26% to close at 4.919; the CSI 300 Index rose 0.27% to close at 4653.40; the CSI 1000 Index rose 0.42% to close at 7538.12; the 500ETF (Shanghai Stock Exchange) rose 0.04% to close at 7.439; the 500ETF (Shenzhen Stock Exchange) fell 0.03% to close at 2.968; the GEM ETF rose 0.32% to close at 3.176; the Shenzhen 100ETF rose 0.14% to close at 3.571; the SSE 50 Index rose 0.16% to close at 3016.35; the STAR 50ETF fell 1.21% to close at 1.47; the E Fund STAR 50ETF fell 1.18% to close at 1.43 [6]. - **Volume 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 the SSE 50ETF option was 101.59 (previous day: 114.12), and the open interest PCR was 87.68 (previous day: 89.00) [7]. - **Implied Volatility**: The implied volatility of the 2025 November at - the - money options and the 30 - day historical volatility of the underlying assets of various options were also provided. For instance, the implied volatility of the SSE 50ETF option's 2025 November at - the - money option was 15.01%, and the 30 - day historical volatility of the underlying asset was 12.69% [8]. 3.2 Relevant Charts - The report includes a series of charts for different types of options, such as the SSE 50ETF option, SSE 300ETF option, etc. These charts show the trends of the underlying assets, option volatility, volume PCR, open interest PCR, implied volatility curves, and the at - the - money implied volatility of different tenors [10][20][33].