Report Date - The report is dated June 25, 2025 [1] Investment Recommendation - The report suggests that stock index options are experiencing an upward volatility trend, with increasing bullish sentiment, and recommends considering a bull call spread strategy [2] Core Viewpoints - The market shows an upward trend in stock index options, with increasing trading volume and changes in various indicators such as volatility and PCR [2][3] Market Data Summary Underlying Market Statistics - The closing prices of major indices like the Shanghai Composite 50 Index, CSI 300 Index, and CSI 1000 Index have increased, along with corresponding changes in trading volume and basis [3] Option Market Statistics - Trading volumes and open interests of various options have changed, and indicators such as VL - PCR and OI - PCR show different levels of bullish or bearish sentiment [3] Option Volatility Statistics - ATM - IV, IV changes, HV, and Skew of different options have fluctuated, indicating changes in market expectations and risks [6] Option - Specific Analysis Shanghai Composite 50 Index Options - Analyzed through charts of PCR, skew, volatility cone, and volatility term structure, showing changes in market sentiment and volatility characteristics [9][10] CSI 300 Index Options - Similar to the Shanghai Composite 50 Index Options, with its own unique data and trends in PCR, skew, and volatility [13][14] CSI 1000 Index Options - Exhibits distinct features in trading volume, open interest, and volatility compared to other index options [16][17] ETF Options - Options on various ETFs such as Shanghai Composite 50 ETF, Huatai - Berry 300 ETF, and Southern 500 ETF are analyzed in terms of PCR, skew, and volatility [20][21][24]

Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core View Stock index options are experiencing upward price movements and decreasing volatility, and a covered call strategy can be considered [1]. 3. Summary of Each Section 3.1 Option Market Data Statistics - **Underlying Market Statistics**: The closing prices of the Shanghai Composite 50 Index, CSI 300 Index, and CSI 1000 Index were 2,690.89, 3,858.70, and 6,089.58 respectively, with increases of 7.83, 22.46, and 105.12. The trading volumes were 27.47 billion, 108.47 billion, and 189.38 billion shares respectively, with increases of 2.30 billion, 19.44 billion, and 30.27 billion shares [2]. - **Option Market Statistics**: The trading volumes of the Shanghai Composite 50 Index option, CSI 300 Index option, and CSI 1000 Index option were 22,188, 56,966, and 196,848 respectively, with increases of 11,072, 18,064, and 86,458. The open interests were 61,281, 165,536, and 251,432 respectively, with increases of 2,243, 1,733, and 3,916 [2]. 3.2 Option Indicator Data Statistics - **Option Volatility Statistics (Near - term)**: The ATM - IV of the Shanghai Composite 50 Index option was 13.35%, with a change of 0.02%; the CSI 300 Index option was 13.23%, with a change of - 0.18%; the CSI 1000 Index option was 19.25%, with a change of - 1.89% [5]. - **Option Volatility Statistics (Next - term)**: The ATM - IV of the Shanghai Composite 50 Index option was 13.96%, with a change of 0.23%; the CSI 300 Index option was 13.86%, with a change of - 0.62%; the CSI 1000 Index option was 20.19%, with a change of - 1.39% [5]. 3.3 Option Charts - **Stock Index Options**: There are various charts for Shanghai Composite 50 Index options, CSI 300 Index options, and CSI 1000 Index options, including PCR charts, skew charts, volatility cone charts, and volatility term structure charts [9][13][21]. - **ETF Options**: There are also corresponding charts for multiple ETF options such as Shanghai Composite 50ETF options, Huatai - Berich 300ETF options, etc., including PCR charts, skew charts, volatility cone charts, and volatility term structure charts [24][29][34].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Related Catalogs Option Market Data Statistics - **Underlying Market Statistics**: The closing prices, price changes, trading volumes, and other data of various indexes and ETFs are presented, including the Shanghai Composite 50 Index, CSI 300 Index, and others. For example, the Shanghai Composite 50 Index closed at 2728.43, up 11.80, with a trading volume of 31.43 billion lots [1]. - **Option Market Statistics**: The trading volumes, changes, open interests, and other data of various index options and ETF options are provided. For instance, the trading volume of Shanghai Composite 50 Index options was 20,579, a decrease of 3,760, and the open interest was 54,113, an increase of 1,521 [1]. Option Indicator Data Statistics - **Option Volatility Statistics (Near - Month)**: Data such as ATM - IV, IV changes, same - term HV, HV changes, Skew, Skew changes, and VIX are given for different options. For example, the ATM - IV of Shanghai Composite 50 Index options was 13.21%, with an IV change of 0.31% [4]. - **Option Volatility Statistics (Next - Month)**: Similar data for the next - month options are presented, including ATM - IV, IV changes, same - term HV, HV changes, Skew, and Skew changes [4]. Option Charts - **Index Option Charts**: For each index option (e.g., Shanghai Composite 50 Index options, CSI 300 Index options, and CSI 1000 Index options), there are charts showing the full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure [6][10][15]. - **ETF Option Charts**: For each ETF option (e.g., Shanghai Composite 50 ETF options, Huatai - Baorui 300 ETF options), there are charts presenting the main - contract volatility trend, the full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure [22][24][26].