Group 1 - The core viewpoint is that government bonds are a key tool for coordinating monetary and fiscal policies, and increasing the issuance of government bonds is essential under a more proactive fiscal policy [1] - The central bank should enhance open market operations involving government bonds to provide positive guidance to financial institutions and markets [1] - Government bond transactions reflect the central bank's active cooperation with fiscal policy and indicate the characteristics and focus of monetary policy adjustments [1] Group 2 - Government bond yields are determined by competitive behaviors among market participants, reflecting the supply and demand conditions in the bond market and influencing future trading decisions [2] - The active trading of government bonds and the yield curve significantly impact future bond issuance and the pricing trends in various financial markets, making government bonds a crucial tool for policy coordination [2] - It is recommended to improve the regulatory framework for government bond trading to mitigate risks, especially in the context of international financial risks affecting the domestic bond market [2]

1. Report Industry Investment Rating - The document does not mention the industry investment rating. 2. Core Viewpoints of the Report - All stock indices fluctuated and rose today, with the CSI 500 and CSI 1000 indices having relatively large increases. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 2348.4 billion yuan, a decrease of 233.5 billion yuan from the previous day. The anti - involution related sectors led the gains, indicating an increase in the market's expectation for anti - involution policies. The short - term technical adjustment of stock indices was caused by the rising profit - taking demand of profitable funds, but the medium - to - long - term upward logic of stock indices remained strong. In the medium to long term, the expectation of favorable policies and the loose capital situation provided strong support for stock indices. On the policy front, the Ministry of Finance and the central bank jointly promoted the coordination of fiscal and monetary policies today, and the expectation of policy support for the economy in the future was relatively clear. Anti - involution and consumption - promotion policies jointly promoted the macro - economic recovery from both supply and demand sides. In terms of capital, the liquidity was relatively loose. Against the background of the "asset shortage", the attractiveness of equity assets was strong, and incremental funds continued to flow in, which would drive the repair of stock valuations. In general, stock indices are expected to fluctuate widely in the short term. Attention should be paid to the profit - taking situation of previously profitable funds and the fermentation of favorable policy expectations. Currently, the implied volatility of options continues to rise. Considering the medium - to - long - term upward trend of stock indices, investors can continue to hold bull spreads or ratio spreads for a mild bullish view [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - On September 5, 2025, the 50ETF rose 1.25% to close at 3.072; the SSE 300ETF rose 2.20% to close at 4.554; the SZSE 300ETF rose 2.24% to close at 4.696; the CSI 300 index rose 2.18% to close at 4460.32; the CSI 1000 index rose 2.90% to close at 7245.67; the SSE 500ETF rose 3.42% to close at 7.011; the SZSE 500ETF rose 3.32% to close at 2.800; the GEM ETF rose 7.02% to close at 2.944; the Shenzhen 100ETF rose 4.15% to close at 3.360; the SSE 50 index rose 1.09% to close at 2942.22; the STAR 50ETF rose 3.43% to close at 1.33; and the E Fund STAR 50ETF rose 3.51% to close at 1.30 [5]. - The trading volume PCR and position PCR of various options changed compared with the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 79.88 (previous day: 94.23), and the position PCR was 85.34 (previous day: 78.53) [6]. - The implied volatility of at - the - money options in September 2025 and the 30 - trading - day historical volatility of the underlying assets of various options were reported. For instance, the implied volatility of at - the - money SSE 50ETF options in September 2025 was 19.37%, and the 30 - trading - day historical volatility of the underlying asset was 15.40% [7]. 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, SZSE 300ETF option, etc. These charts show the trends, volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different terms of the underlying assets of each option [9][21][34].