1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock indices continued to fluctuate and consolidate. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 282.62 billion yuan, a decrease of 5.53 billion yuan from the previous day. After a significant upward movement, the stock indices need time to consolidate technically. However, the trading volume in the stock market remains at a relatively high level, and the buying amount of margin trading funds also stays high, indicating that the market sentiment is still relatively optimistic. With the unchanged positive policy expectations and the trend of capital inflow, and the stock indices having broken through the upper limit of the previous consolidation range, the stock indices are likely to remain relatively strong in the future. In general, it is expected that the stock indices will fluctuate with a slight upward trend in the short term. For options, as the current position PCR and implied volatility have both increased, a bull spread strategy can be considered [4]. 3. Summary by Related Catalogs 3.1 Option Indicators - On January 8, 2026, the 50ETF fell 0.68% to close at 3.198; the 300ETF (Shanghai Stock Exchange) fell 0.78% to close at 4.863; the 300ETF (Shenzhen Stock Exchange) fell 0.66% to close at 4.944; the CSI 300 Index fell 0.82% to close at 4737.65; the CSI 1000 Index rose 0.82% to close at 7971.59; the 500ETF (Shanghai Stock Exchange) rose 0.31% to close at 8.024; the 500ETF (Shenzhen Stock Exchange) rose 0.29% to close at 3.166; the ChiNext ETF fell 0.72% to close at 3.287; the Shenzhen 100ETF fell 1.13% to close at 3.502; the SSE 50 Index fell 0.73% to close at 3122.06; the STAR 50ETF rose 0.72% to close at 1.53; and the E Fund STAR 50ETF rose 0.82% to close at 1.48 [6]. - The trading volume PCR and position PCR of various options on January 8, 2026, and their changes compared with the previous trading day are provided in detail in the report [7]. - The implied volatility of at - the - money options in January 2026 and the 30 - day historical volatility of the underlying assets for various options are also presented in the report [8][9]. 3.2 Related Charts - The report includes various charts related to different types of options, such as the trend charts, volatility charts, trading volume PCR charts, position PCR charts, implied volatility curve charts, and charts of at - the - money implied volatility for different tenors of options including the 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, STAR 50ETF options, and E Fund STAR 50ETF options [10][21][34] etc.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Short - term stock index to continue oscillating and consolidating. On November 4, 2025, stock indices oscillated downward throughout the day with the decline narrowing at the end of the session. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1938.4 billion yuan, a decrease of 194.5 billion yuan from the previous day. Due to the weakened expectation of incremental policies in November and the diminishing marginal impact of the easing of external risks, the upward driving force has weakened in the short - term. With the increase in stock valuation, the willingness of profit - taking funds to stop profit has risen, and there is still a need for short - term technical adjustment of the stock index. In general, the stock index will mainly oscillate and consolidate in the short - term under the game between the fermentation rhythm of policy -利好 expectations and the profit - taking rhythm of funds [3]. - Currently, the implied volatility of options is at a relatively low level. Considering the long - term upward trend of the stock index, maintain the idea of bull spreads or covered calls [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On November 4, 2025, 50ETF fell 0.16% to 3.156; 300ETF (Shanghai Stock Exchange) fell 0.71% to 4.729; 300ETF (Shenzhen Stock Exchange) fell 0.77% to 4.881; CSI 300 Index fell 0.75% to 4618.70; CSI 1000 Index fell 1.36% to 7435.73; 500ETF (Shanghai Stock Exchange) fell 1.69% to 7.313; 500ETF (Shenzhen Stock Exchange) fell 1.48% to 2.924; GEM ETF fell 2.02% to 3.112; Shenzhen 100ETF fell 1.46% to 3.519; SSE 50 Index fell 0.11% to 3012.97; STAR 50ETF fell 1.02% to 1.46; E Fund STAR 50ETF fell 0.98% to 1.41 [5]. - **Volume PCR and Position PCR**: The report provides the volume PCR and position PCR data of various options on November 4, 2025, and their changes compared with the previous trading day, including 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen), GEM 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 report presents the implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options, such as 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen), GEM ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. 3.2 Relevant Charts - **50ETF Options**: Include the trend chart of 50ETF, the volatility chart of 50ETF options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [9][10][11]. - **300ETF Options (Shanghai Stock Exchange)**: Include the trend chart of 300ETF (Shanghai), the volatility chart of 300ETF options (Shanghai), the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [20][21][22]. - **300ETF Options (Shenzhen Stock Exchange)**: Include the trend chart of 300ETF (Shenzhen), the volatility chart of 300ETF options (Shenzhen), the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [33][34][35]. - **CSI 300 Index Options**: Include the trend chart of the CSI 300 index, the volatility chart of CSI 300 index options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [47][48]. - **CSI 1000 Index Options**: Include the trend chart of the CSI 1000 index, the volatility chart of CSI 1000 index options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [49][50][51]. - **500ETF Options (Shanghai Stock Exchange)**: Include the trend chart of 500ETF (Shanghai), the volatility chart of 500ETF options (Shanghai), the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [62][63][64]. - **500ETF Options (Shenzhen Stock Exchange)**: Include the trend chart of 500ETF (Shenzhen), the volatility chart of 500ETF options (Shenzhen), the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [75][76][77]. - **GEM ETF Options**: Include the trend chart of GEM ETF, the volatility chart of GEM ETF options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [88][89][90]. - **Shenzhen 100ETF Options**: Include the trend chart of Shenzhen 100ETF, the volatility chart of Shenzhen 100ETF options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [101][102][103]. - **SSE 50 Index Options**: Include the trend chart of the SSE 50 index, the volatility chart of SSE 50 index options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [114][115][116]. - **STAR 50ETF Options**: Include the trend chart of STAR 50ETF, the volatility chart of STAR 50ETF options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [127][128][129]. - **E Fund STAR 50ETF Options**: Include the trend chart of E Fund STAR 50ETF, the volatility chart of E Fund STAR 50ETF options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [138][139].