1. Report Industry Investment Rating - No information provided in the given content 2. Report Core Viewpoints - No clear core viewpoints are presented in the provided text. The content mainly consists of data on various financial products such as ETFs and indices, including their prices, price changes, implied volatility (IV), IV quantiles, skew indices, and related historical trends. 3. Summary by Related Catalogs 3.1 50ETF - **15 - day Data**: From 2026/1/5 to 2026/1/7, the 50ETF price increased from 3.174 to 3.220 with corresponding daily price increases of 2.22%, 1.92%, and - 0.46%. The monthly IV increased from 12.81% to 15.24%, and the next - month IV from 14.41% to 16.87% [1] - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles are 16.30%, 64.80%, 60.00% and 21.40%, 60.70%, 56.60% respectively. The 1 - year and 2 - year next - month IV quantiles are 42.60%, 76.70%, 76.30% and 41.80%, 68.70%, 67.80% respectively [1] - **Skew Index**: The skew index for the main contract month is 85.71 today, compared to 79.41 yesterday, 94.80 two days ago, 101.59 three days ago, and 92.86 four days ago [2] 3.2 Shanghai 300ETF - **15 - day Data**: From 2025/12/31 to 2026/1/7, the Shanghai 300ETF price changed from 4.753 to 4.977, with corresponding daily price changes of - 0.42%, 1.91%, 1.55%, and - 0.38%. The monthly IV increased from 13.69% to 15.90%, and the next - month IV from 15.44% to 17.35% [3] - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles are 28.10%, 46.90% and 29.00%, 47.00% respectively. The 1 - year and 2 - year next - month IV quantiles are 45.90% and 47.70%, 67.00%, 62.50% respectively [3] - **Skew Index**: The skew index for the main contract month is 92.17 today, compared to 88.31 yesterday, 98.98 two days ago, 103.24 three days ago, and 97.70 four days ago [5] 3.3 Shenzhen 300ETF - **15 - day Data**: From 2026/1/5 to 2026/1/7, the Shenzhen 300ETF price changed from 4.921 to 4.977, with corresponding daily price changes of 1.95%, 1.52%, and - 0.38%. The monthly IV increased from 13.82% to 15.90%, and the next - month IV from 15.40% to 17.35% [6] - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles are 22.40%, 44.80%, 55.50% and 26.30%, 47.40%, 54.60% respectively. The 1 - year and 2 - year next - month IV quantiles are 46.70%, 59.80%, 69.40% and 45.80%, 58.20%, 64.30% respectively [6] - **Skew Index**: The skew index for the main contract month is 92.95 today, compared to 84.27 yesterday, 96.64 two days ago, 97.26 three days ago, and 97.01 four days ago [11] 3.4 Shanghai CSI 500ETF - **15 - day Data**: From 2026/1/5 to 2026/1/7, the Shanghai CSI 500ETF price increased from 7.792 to 7.999, with corresponding daily price increases of 2.78%, 4.92%, and 2.66%. The monthly IV increased from 18.07% to 21.09%, and the next - month IV from 19.10% to 21.53% [13] - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles are 40.00%, 69.70%, 74.60% and 29.80%, 58.00%, 62.70% respectively. The 1 - year and 2 - year next - month IV quantiles are 46.40%, 72.90%, 74.20% and 41.40%, 64.90%, 66.30% respectively [13] - **Skew Index**: The skew index for the main contract month is 95.76 today, compared to 91.41 yesterday, 97.43 two days ago, 103.65 three days ago, and 99.36 four days ago [16] 3.5 Shenzhen CSI 500ETF - **15 - day Data**: From 2026/1/5 to 2026/1/7, the Shenzhen CSI 500ETF price increased from 3.075 to 3.157, with corresponding daily price increases of 2.74%, 2.15%, and 0.51%. The monthly IV increased from 18.47% to 21.22%, and the next - month IV from 19.61% to 22.17% [20] - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles are 42.00%, 68.50% and 33.90%, 60.30%, 74.60%, 63.50% respectively. The 1 - year and 2 - year next - month IV quantiles are 49.70%, 72.10%, 74.60%, 68.00% and 45.00%, 65.70% respectively [20] - **Skew Index**: The skew index for the main contract month is 103.24 today, compared to 96.54 yesterday, 89.04 two days ago, 86.53 three days ago, and 94.69 four days ago [25] 3.6 ChiNext ETF - **15 - day Data**: From 2026/1/5 to 2026/1/7, the ChiNext ETF price increased from 3.281 to 3.311, with corresponding daily price increases of 2.98%, 0.67%, and 0.24%. The monthly IV increased from 24.55% to 26.32%, and the next - month IV from 26.88% to 28.42% [26] - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles are 43.60%, 59.50%, 59.10% and 48.00%, 60.70%, 60.30% respectively. The 1 - year and 2 - year next - month IV quantiles are 57.80%, 65.80%, 69.10% and 64.90%, 68.40%, 63.00% respectively [26] - **Skew Index**: The skew index for the main contract month is 92.31 today, compared to 90.34 yesterday, 96.58 two days ago, 95.66 three days ago, and 95.52 four days ago [32] 3.7 Shenzhen 100ETF - **15 - day Data**: From 2026/1/5 to 2026/1/7, the Shenzhen 100ETF price changed from 3.515 to 3.542, with corresponding daily price changes of 1.83%, 1.08%, and - 0.31%. The monthly IV increased from 17.73% to 19.45%, and the next - month IV from 19.06% to 21.47% [36] - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles are 31.80%, 49.70%, 57.50% and 34.10%, 50.50%, 55.20% respectively. The 1 - year and 2 - year next - month IV quantiles are 44.70%, 56.50%, 67.00% and 48.40%, 56.60%, 65.70% respectively [36] - **Skew Index**: The skew index for the main contract month is 92.01 today, compared to 92.19 yesterday, 97.30 two days ago, 101.19 three days ago, and 101.65 four days ago [39] 3.8 Science and Technology Innovation 50ETF - **15 - day Data**: From 2026/1/5 to 2026/1/7, the Science and Technology Innovation 50ETF price increased from 1.479 to 1.520, with corresponding daily price increases of 4.38%, 1.76%, and 1.00%. The monthly IV increased from 27.09% to 28.95%, and the next - month IV from 29.59% to 32.00% [45] - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles are 44.40%, 49.20%, 52.70%, 60.60% and 55.50%, 59.50%, 64.50%, 69.30% respectively. The 1 - year and 2 - year next - month IV quantiles are 52.60%, 55.60%, 63.70%, 68.00% [45] - **Skew Index**: The skew index for the main contract month is 84.76 today, compared to 81.12 yesterday, 91.56 two days ago, 96.21 three days ago, and 97.41 four days ago [47] 3.9 STAR 50ETF - **15 - day Data**: From 2026/1/5 to 2026/1/7, the STAR 50ETF price increased from 1.430 to 1.471, with corresponding daily price increases of 4.23%, 1.89%, and 0.96%. The monthly IV increased from 27.66% to 30.50%, and the next - month IV from 29.05% to 33.31% [50] - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles are 47.70%, 51.70%, 51.00%, 59.10% and 62.80%, 65.00%, 64.90%, 70.10% respectively. The 1 - year and 2 - year next - month IV quantiles are 57.50%, 60.10%, 70.00%, 73.50% [50] - **Skew Index**: The skew index for the main contract month is 90.94 today, compared to 86.62 yesterday, 97.19 two days ago, 96.99 three days ago, and 96.38 four days ago [57] 3.10 300 Index - **7 - day Data**: From 2026/1/5 to 2026/1/7, the 300 Index price changed from 4717.746 to 4776.666, with corresponding daily price changes of 1.90%, 1.55%, and - 0.29%. The monthly IV increased from 13.52% to 15.34%, and the next - month IV from 15.84% to 17.73% [63] - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles are 31.40%, 63.60%, 57.50% and 25.90%, 56.40% respectively. The 1 - year and 2 - year next - month IV quantiles are 45.30%, 66.10%, 73.00% and 46.60%, 61.70%, 51.30%, 65.60% respectively [63] - **Skew Index**: The skew index for the main contract month is 103.84 today, compared to 89.05 yesterday, 73.68 two days ago, 97.40 three days ago, and 105.72 four days ago [67] 3.11 1000 Index - **7 - day Data**: From 2026/1/5 to 2026/1/7, the 1000 Index price increased from 7753.880 to 7906.420, with corresponding daily price increases of 2.09%, 1.43%, and 0.53%. The monthly IV increased from 19.14% to 20.60%, and the next - month IV from 21.08% to 21.92% [68] - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles are 36.30%, 54.60%, 52.60% and 21.20%, 34.90%, 31.00% respectively. The 1 - year and 2 - year next - month IV quantiles are 44.80%, 63.20%, 55.10% and 26.50%, 46.80%, 35.50% respectively [68] - **Skew Index**: The skew index for the main contract month is 98.78 today, compared to 90.94 yesterday, 95.62 two days ago, 111.32 three days ago, and 102.69 four days ago [72] 3.12 Shanghai Composite 50 Index - **7 - day Data**: From 2026/1/5 to 2026/1/7, the Shanghai Composite 50 Index price changed from 3099.746 to 3145.120, with corresponding daily price changes of 2.26%, 1.90%, and - 0.43%. The monthly IV increased from 12.42% to 15.54%, and the next - month IV from 56.52% to 68.21% [76] - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles are 19.10%, 84.40% and 15.90%, 74.40%, 56.60% respectively. The 1 - year and 2 - year next - month IV quantiles are 69.30%, 68.50%, 64.40% and 84.20%, 83.40%, 97.10%, 98.50% respectively [76] - **Skew Index**: The skew index for the main contract month is

Report Industry Investment Rating No relevant information provided. Report's Core View No relevant information provided. Summary of Each ETF and Index 50ETF - Price and volatility data from December 25 - 29, 2025, with price ranging from 3.107 to 3.12, and daily price changes from -0.35% to 0.42%. The current IV of the month was between 11.93% and 12.86%, and the IV of the next month was between 13.04% and 13.99% [1]. - The skew index of the main contract month was 100.03 today [2]. Shanghai 300ETF - Price and volatility data from December 24 - 26, 2025, with price ranging from 4.757 to 4.784, and daily price changes from 0.19% to 0.57%. The current IV of the month was between 13.79% and 14.42%, and the IV of the next month was between 15.16% and 16.22% [3]. - The skew index of the main contract month was 101.35 today [5]. Shenzhen 300ETF - Price and volatility data from December 25 - 29, 2025, with price ranging from 4.838 to 4.860, and daily price changes from -0.45% to 0.41%. The current IV of the month was between 14.10% and 14.73%, and the IV of the next month was between 15.17% and 16.07% [6]. - The skew index of the main contract month was 107.43 four days ago, and 98.39 today [10]. Shanghai CSI 500ETF - Price and volatility data from December 25 - 29, 2025, with price ranging from 7.534 to 7.580, and daily price changes from 0.19% to 2.17%. The current IV of the month was between 17.60% and 18.88%, and the IV of the next month was between 18.05% and 19.38% [12]. - The skew index of the main contract month was 101.22 today [15]. Shenzhen CSI 500ETF - Price and volatility data from December 25 - 29, 2025, with price ranging from 2.974 to 2.991, and daily price changes from -0.40% to 0.81%. The current IV of the month was between 17.37% and 18.81%, and the IV of the next month was between 17.74% and 19.77% [19]. - The skew index of the main contract month was 100.96 today [24]. ChiNext ETF - Price and volatility data from December 25 - 29, 2025, with price ranging from 3.205 to 3.226, and daily price changes from -0.65% to 0.31%. The current IV of the month was between 24.85% and 26.03%, and the IV of the next month was between 25.92% and 27.20% [25]. - The skew index of the main contract month was 95.68 today [31]. Shenzhen 100ETF - Price and volatility data from December 25 - 29, 2025, with price ranging from 3.470 to 3.485, and daily price changes from -0.43% to 0.29%. The current IV of the month was between 18.09% and 19.01%, and the IV of the next month was between 20.09% and 20.49% [35]. - The skew index of the main contract month was 101.71 today [38]. Science and Technology Innovation 50ETF - Price and volatility data from December 25 - 29, 2025, with price ranging from 1.417 to 1.422, and daily price changes from -0.21% to -0.07%. The current IV of the month was between 25.30% and 26.36%, and the IV of the next month was between 26.23% and 28.23% [44]. - The skew index of the main contract month was 95.11 today [46]. STAR 50ETF - Price and volatility data from December 25 - 29, 2025, with price ranging from 1.373 to 1.376, and daily price changes from -0.15% to -0.07%. The current IV of the month was between 25.91% and 27.29%, and the IV of the next month was between 27.43% and 29.24% [51]. - The skew index of the main contract month was 95.32 today [57]. 300 Index - Price and volatility data from December 25 - 29, 2025, with price ranging from 4639.372 to 4657.240, and daily price changes from -0.38% to 0.32%. The current IV of the month was between 14.67% and 14.88%, and the IV of the next month was between 15.82% and 16.84% [63]. - The skew index of the main contract month was 108.62 today [67]. 1000 Index - Price and volatility data from December 25 - 29, 2025, with price ranging from 7579.379 to 7605.530, and daily price changes from -0.15% to 0.97%. The current IV of the month was between 18.31% and 19.31%, and the IV of the next month was between 19.06% and 20.56% [68]. - The skew index of the main contract month was 104.72 today [73]. SSE 50 Index - Price and volatility data from December 25 - 29, 2025, with price ranging from 3032.841 to 3045.404, and daily price changes from -0.35% to 0.41%. The current IV of the month was between 12.89% and 13.50%, and the IV of the next month was between 59.33% and 62.95% [78]. - The skew index of the main contract month was 97.89 today [84].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report The report presents the price, price change, implied volatility (IV) data, and related quantile information of various ETFs and indexes over a 7 - day period from December 11 - 15, 2025, along with historical data on price, IV, skew index, and other aspects, aiming to help investors understand the market conditions and volatility characteristics of these financial products [1][3][6]. 3. Summary by Related Catalogs 3.1 50ETF - **7 - day data**: From December 11 - 15, 2025, the price fluctuated, with a - 0.38% drop on the 11th, a 0.45% increase on the 12th, and a - 0.03% drop on the 15th. The monthly IV decreased from 11.63% on the 11th to 11.04% on the 12th and then rose to 11.49% on the 15th [1]. - **IV quantiles**: The near - 1 - year monthly IV quantiles were 9.70%, 4.00%, 7.70%, and the near - 2 - year monthly IV quantiles were 8.50%, 3.60%, 7.30% [1]. - **Skew index**: The skew index on December 15, 2025, was 98.60 [2]. 3.2 Shanghai 300ETF - **7 - day data**: From December 11 - 15, 2025, the price decreased by 0.72% on the 11th, increased by 0.56% on the 12th, and decreased by 0.58% on the 15th. The monthly IV decreased from 13.86% on the 11th to 12.70% on the 12th and then rose to 13.17% on the 15th [3]. - **IV quantiles**: The near - 1 - year monthly IV quantiles were 28.50%, 9.70%, and the near - 2 - year monthly IV quantiles were 31.20%, 11.00% [3]. - **Skew index**: The skew index on December 15, 2025, was 105.37 [5]. 3.3 Shenzhen 300ETF - **7 - day data**: From December 11 - 15, 2025, the price decreased by 0.73% on the 11th, increased by 0.55% on the 12th, and decreased by 0.52% on the 15th. The monthly IV decreased from 13.86% on the 11th to 13.14% on the 12th and then rose to 13.66% on the 15th [6]. - **IV quantiles**: The near - 1 - year monthly IV quantiles were 20.40%, 12.20%, 16.70%, and the near - 2 - year monthly IV quantiles were 25.50%, 14.10%, 21.40% [6]. - **Skew index**: The skew index on December 15, 2025, was 107.33 [11]. 3.4 Shanghai CSI 500ETF - **7 - day data**: From December 11 - 15, 2025, the price decreased by 0.32% on the 11th, increased by 0.30% on the 12th, and increased by 0.49% on the 15th. The monthly IV decreased from 16.52% on the 11th to 15.67% on the 12th and then rose to 15.78% on the 15th [13]. - **IV quantiles**: The near - 1 - year monthly IV quantiles were 23.20%, 15.50%, 17.50%, and the near - 2 - year monthly IV quantiles were 17.30%, 11.80%, 12.60% [13]. - **Skew index**: The skew index on December 15, 2025, was 110.66 [16]. 3.5 Shenzhen CSI 500ETF - **7 - day data**: From December 11 - 15, 2025, the price decreased by 0.77% on the 11th, increased by 1.20% on the 12th, and decreased by 0.70% on the 15th. The monthly IV decreased from 16.97% on the 11th to 15.48% on the 12th and then rose to 15.55% on the 15th [20]. - **IV quantiles**: The near - 1 - year monthly IV quantiles were 25.70%, 12.60%, and the near - 2 - year monthly IV quantiles were 19.80%, 9.20%, 13.80%, 9.60% [20]. - **Skew index**: The skew index on December 15, 2025, was 105.56 [25]. 3.6 ChiNext ETF - **7 - day data**: From December 11 - 15, 2025, the price decreased by 1.44% on the 11th, increased by 0.89% on the 12th, and decreased by 1.70% on the 15th. The monthly IV decreased from 26.11% on the 11th to 23.78% on the 12th and then rose to 24.94% on the 15th [26]. - **IV quantiles**: The near - 1 - year monthly IV quantiles were 53.10%, 49.70%, and the near - 2 - year monthly IV quantiles were 60.20%, 51.40%, 61.00% [26]. - **Skew index**: The skew index on December 15, 2025, was 112.91 [30]. 3.7 Shenzhen 100ETF - **7 - day data**: From December 11 - 15, 2025, the price decreased by 1.32% on the 11th, increased by 0.58% on the 12th, and decreased by 1.22% on the 15th. The monthly IV decreased from 24.69% on the 11th to 18.19% on the 12th and then to 17.82% on the 15th [34]. - **IV quantiles**: The near - 1 - year monthly IV quantiles were 83.60%, 33.80%, 31.80%, and the near - 2 - year monthly IV quantiles were 79.30%, 38.80%, 35.30% [34]. - **Skew index**: The skew index on December 15, 2025, was 108.31 [37]. 3.8 Science and Technology Innovation 50ETF - **7 - day data**: From December 11 - 15, 2025, the price decreased by 1.63% on the 11th, increased by 1.87% on the 12th, and decreased by 2.05% on the 15th. The monthly IV decreased from 25.66% on the 11th to 24.11% on the 12th and then rose to 25.41% on the 15th [43]. - **IV quantiles**: The near - 1 - year monthly IV quantiles were 31.40%, 42.10%, 39.60%, 54.70%, and the near - 2 - year monthly IV quantiles were 23.60%, 29.40%, 36.70%, 52.40% [43]. - **Skew index**: The skew index on December 15, 2025, was 99.79 [45]. 3.9 STAR 50ETF - **7 - day data**: From December 11 - 15, 2025, the price decreased by 1.53% on the 11th, increased by 1.63% on the 12th, and decreased by 2.11% on the 15th. The monthly IV decreased from 26.48% on the 11th to 23.94% on the 12th and then rose to 26.69% on the 15th [48]. - **IV quantiles**: The near - 1 - year monthly IV quantiles were 26.10%, 30.20%, 33.30%, 49.80%, and the near - 2 - year monthly IV quantiles were 38.30%, 46.00%, 33.30%, 49.20% [48]. - **Skew index**: The skew index on December 15, 2025, was 100.71 [54]. 3.10 300 Index - **7 - day data**: From December 11 - 15, 2025, the price decreased by 0.86% on the 11th, increased by 0.63% on the 12th, and decreased by 0.63% on the 15th. The monthly IV decreased from 13.38% on the 11th to 11.78% on the 12th and then rose to 12.03% on the 15th [60]. - **IV quantiles**: The near - 1 - year monthly IV quantiles were 25.70%, 7.30%, 10.60%, and the near - 2 - year monthly IV quantiles were 22.60%, 5.10% [60]. - **Skew index**: The skew index on December 15, 2025, was 107.95 [65]. 3.11 1000 Index - **7 - day data**: From December 11 - 15, 2025, the price decreased by 1.30% on the 11th, increased by 0.81% on the 12th, and decreased by 0.84% on the 15th. The IV data was not available [66]. - **IV quantiles**: All IV quantile data was not available [66]. - **Skew index**: The skew index on December 15, 2025, was 125.24 [71]. 3.12 SSE 50 Index - **7 - day data**: From December 11 - 15, 2025, the price decreased by 0.39% on the 11th, increased by 0.59% on the 12th, and decreased by 0.25% on the 15th. The monthly IV decreased from 12.19% on the 11th to 10.54% on the 12th and then to 9.88% on the 15th [72]. - **IV quantiles**: The near - 1 - year monthly IV quantiles were 12.60%, 1.60%, and the near - 2 - year monthly IV quantiles were 11.20%, 1.00%, 0.20% [72]. - **Skew index**: The skew index on December 15, 2025, was 112.40 [78].

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Report's Core View No clear core view is presented in the given content. The report mainly provides data on various financial products such as ETFs and indices, including their prices, price changes, implied volatility (IV), and related quantile data. 3. Summary by Related Catalogs 3.1 50ETF - From December 10 - 12, 2025, the 50ETF price fluctuated, with a -0.32% decline on the 10th, -0.38% on the 11th, and a 0.45% increase on the 12th. The corresponding monthly IVs were 11.09%, 11.63%, and 11.04%, and the next - month IVs were 12.60%, 12.91%, and 12.44% [1]. - The skew index on December 12, 2025, was 94.15 [2]. 3.2 Shanghai 300ETF - Between December 10 - 12, 2025, the Shanghai 300ETF price changed, with a -0.13% decline on the 10th, -0.72% on the 11th, and a 0.56% increase on the 12th. The monthly IVs were 13.09%, 13.86%, and 12.70%, and the next - month IVs were 14.34%, 14.86%, and 14.32% [3]. - The skew index on December 12, 2025, was 101.55 [5]. 3.3 Shenzhen 300ETF - From December 10 - 12, 2025, the Shenzhen 300ETF price fluctuated, with a -0.17% decline on the 10th, -0.73% on the 11th, and a 0.55% increase on the 12th. The monthly IVs were 13.05%, 13.86%, and 13.14%, and the next - month IVs were 14.43%, 15.06%, and 14.27% [6]. 3.4 Shanghai CSI 500ETF - Between December 10 - 12, 2025, the Shanghai CSI 500ETF price changed, with a -0.21% decline on the 10th, -0.32% on the 11th, and a 0.30% increase on the 12th. The monthly IVs were 15.85%, 16.52%, and 15.67%, and the next - month IVs were 17.17%, 17.35%, and 16.95% [13]. - The skew index on December 12, 2025, was 104.79 [17]. 3.5 Shenzhen CSI 500ETF - From December 10 - 12, 2025, the Shenzhen CSI 500ETF price fluctuated, with a 0.56% increase on the 10th, -0.77% on the 11th, and a 1.20% increase on the 12th. The monthly IVs were 15.83%, 16.97%, and 15.48%, and the next - month IVs were 16.91%, 17.73%, and 12.60% [21]. - The skew index on December 12, 2025, was 111.18 [28]. 3.6 ChiNext ETF - Between December 10 - 12, 2025, the ChiNext ETF price changed, with a 0.13% increase on the 10th, -1.44% on the 11th, and a 0.89% increase on the 12th. The monthly IVs were 25.03%, 26.11%, and 23.78%, and the next - month IVs were 25.94%, 26.52%, and 26.13% [29]. - The skew index on December 12, 2025, was 112.31 [34]. 3.7 Shenzhen 100ETF - From December 10 - 12, 2025, the Shenzhen 100ETF price fluctuated, with a 0.23% increase on the 10th, -1.32% on the 11th, and a 0.58% increase on the 12th. The monthly IVs were 17.67%, 24.69%, and 18.19%, and the next - month IVs were 18.36%, 19.11%, and 18.79% [39]. - The skew index on December 12, 2025, was 106.03 [42]. 3.8 Science and Technology Innovation 50ETF - Between December 10 - 12, 2025, the Science and Technology Innovation 50ETF price changed, with a 0.07% increase on the 10th, -1.63% on the 11th, and a 1.87% increase on the 12th. The monthly IVs were 24.98%, 25.66%, and 24.11%, and the next - month IVs were 26.81%, 27.19%, and 26.69% [48]. - The skew index on December 12, 2025, was 103.82 [50]. 3.9 STAR 50ETF - From December 10 - 12, 2025, the STAR 50ETF price fluctuated, with a 0.00% change on the 10th, -1.53% on the 11th, and a 1.63% increase on the 12th. The monthly IVs were 25.16%, 26.48%, and 23.94%, and the next - month IVs were 27.10%, 27.43%, and 26.66% [54]. - The skew index on December 12, 2025, was 103.96 [60]. 3.10 300 Index - Between December 10 - 12, 2025, the 300 Index price changed, with a -0.14% decline on the 10th, -0.86% on the 11th, and a 0.63% increase on the 12th. The monthly IVs were 12.82%, 13.38%, and 11.78%, and the next - month IVs were 14.64%, 15.36%, and 14.46% [66]. - The skew index on December 12, 2025, was 100.59 [70]. 3.11 1000 Index - From December 10 - 12, 2025, the 1000 Index price fluctuated, with a 0.37% increase on the 10th, -1.30% on the 11th, and a 0.81% increase on the 12th. The monthly IVs were 16.04%, 17.06%, and 14.68%, and the next - month IVs were 17.36%, 18.03%, and 17.18% [71]. - The skew index on December 12, 2025, was 120.40 [76]. 3.12 SSE 50 Index - Between December 10 - 12, 2025, the SSE 50 Index price changed, with a -0.31% decline on the 10th, -0.39% on the 11th, and a 0.59% increase on the 12th. The monthly IVs were 11.52%, 12.19%, and 10.54%, and the next - month IVs were 53.96%, 53.93%, and 56.08% [78]. - The skew index on December 12, 2025, was 102.99 [84].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Catalogs 3.1 50ETF - From November 26 - 28, 2025, the 50ETF price changed from 3.114 to 3.113, with corresponding daily changes of 0.13%, -0.06%, and 0.03%. The current month IV decreased from 12.36% to 11.87% [1]. - The near - 1 - year and near - 2 - year current month IV quantiles on November 28 were 19.50% and 19.00% respectively [1]. 3.2 Shanghai 300ETF - From November 26 - 28, 2025, the Shanghai 300ETF price changed from 4.626 to 4.635, with daily changes of 0.63%, -0.09%, and 0.28%. The current month IV decreased from 14.02% to 13.63% [4]. - The near - 1 - year and near - 2 - year current month IV quantiles on November 28 were 25.30% and 31.60% respectively [4]. 3.3 Shenzhen 300ETF - From November 26 - 28, 2025, the Shenzhen 300ETF price changed from 4.778 to 4.783, with daily changes of 0.80%, -0.21%, and 0.31%. The current month IV decreased from 14.09% to 13.77% [7]. - The near - 1 - year and near - 2 - year current month IV quantiles on November 28 were 28.50% and 32.90% respectively [7]. 3.4 Shanghai CSI 500ETF - From November 26 - 28, 2025, the Shanghai CSI 500ETF price changed from 7.065 to 7.135, with daily changes of 1.36%, -0.06%, and 0.99%. The current month IV decreased from 17.97% to 17.29% [16]. - The near - 1 - year and near - 2 - year current month IV quantiles on November 28 were 29.70% and 29.40% respectively [16]. 3.5 Shenzhen CSI 500ETF - From November 26 - 28, 2025, the Shenzhen CSI 500ETF price changed from 2.825 to 2.846, with daily changes of 0.18%, -0.28%, and 1.03%. The current month IV decreased from 18.98% to 18.19% [27]. - The near - 1 - year and near - 2 - year current month IV quantiles on November 28 were 39.50% and 41.50% respectively [27]. 3.6 ChiNext ETF - From November 26 - 28, 2025, the ChiNext ETF price changed from 3.027 to 3.035, with daily changes of 2.23%, -0.50%, and 0.76%. The current month IV decreased from 26.05% to 25.49% [34]. - The near - 1 - year and near - 2 - year current month IV quantiles on November 28 were 50.60% and 60.30% respectively [34]. 3.7 Shenzhen 100ETF - From November 26 - 28, 2025, the Shenzhen 100ETF price changed from 3.370 to 3.370, with daily changes of 1.72%, -0.36%, and 0.36%. The current month IV decreased from 18.41% to 17.75% [43]. - The near - 1 - year and near - 2 - year current month IV quantiles on November 28 were 33.80% and 42.90% respectively [43]. 3.8 Science and Technology Innovation 50ETF - From November 26 - 28, 2025, the Science and Technology Innovation 50ETF price changed from 1.382 to 1.393, with daily changes of 0.95%, -0.22%, and 1.02%. The current month IV decreased from 26.80% to 26.29% [51]. - The near - 1 - year and near - 2 - year current month IV quantiles on November 28 were 35.10% and 35.50% respectively [51]. 3.9 Star 50ETF - From November 26 - 28, 2025, the Star 50ETF price changed from 1.340 to 1.350, with daily changes of 1.13%, -0.30%, and 1.05%. The current month IV decreased from 27.18% to 27.09% [56]. - The near - 1 - year and near - 2 - year current month IV quantiles on November 28 were 35.90% and 38.30% respectively [56]. 3.10 300 Index - From November 26 - 28, 2025, the 300 Index price changed from 4517.626 to 4526.662, with daily changes of 0.61%, -0.05%, and 0.25%. The current month IV decreased from 13.89% to 13.83% [65]. - The near - 1 - year and near - 2 - year current month IV quantiles on November 28 were 33.40% and 31.20% respectively [65]. 3.11 1000 Index - From November 26 - 28, 2025, the 1000 Index price changed from 7248.449 to 7334.210, with daily changes of -0.02%, 0.12%, and 1.06%. The current month IV decreased from 18.68% to 17.07% [70]. - The near - 1 - year and near - 2 - year current month IV quantiles on November 28 were 14.70% and 23.60% respectively [70]. 3.12 Shanghai 50 Index - From November 26 - November 28, 2025, the Shanghai 50 Index price changed from 2971.799 to 2969.617, with daily changes of 0.12%, 0.02%, and -0.09%. The current month IV decreased from 12.13% to 11.89% [75]. - The near - 1 - year and near - 2 - year current month IV quantiles on November 28 were 8.10% and 8.50% respectively [75].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - No clear core views are presented in the given content. The report mainly provides detailed data on the price, price change, implied volatility (IV), and IV quantiles of various ETFs and indices over specific periods, including 50ETF, Shanghai 300ETF, Shenzhen 300ETF, Shanghai CSI 500ETF, Shenzhen CSI 500ETF, ChiNext ETF, Shenzhen 100ETF, Science and Technology Innovation 50ETF, Science and Technology Innovation Board 50ETF, 300 Index, 1000 Index, and Shanghai 50 Index. 3. Summary by Related Catalogs 3.1 50ETF - **Price and Volatility Data**: From November 25 - 27, 2025, the 50ETF price was 3.110, 3.114, and 3.112 respectively, with corresponding price changes of 0.52%, 0.13%, and -0.06%. The current month IV was 11.24%, 12.36%, and 12.02%, and the next month IV was 12.76%, N/A, and 12.87%. The current month IV quantiles in the past 1 - 2 years were 2.80% - 3.40%, and the next month IV quantiles were 12.20% - 16.00% [1]. - **Skew Index**: The skew index of the main contract month on November 27, 2025, was 108.38 [7]. 3.2 Shanghai 300ETF - **Price and Volatility Data**: From November 25 - 27, 2025, the Shanghai 300ETF price was 4.597, 4.626, and 4.622 respectively, with corresponding price changes of 0.88%, 0.63%, and -0.09%. The current month IV was 14.87%, 14.02%, and 13.68%, and the next month IV was 14.47%, N/A, and 14.54%. The current month IV quantiles in the past 1 - 2 years were 22.40% - 44.10%, and the next month IV quantiles were 29.50% - 34.80% [8]. - **Skew Index**: The skew index of the main contract month on November 27, 2025, was 111.50 [10]. 3.3 Shenzhen 300ETF - **Price and Volatility Data**: From November 25 - 27, 2025, the Shenzhen 300ETF price was 4.740, 4.778, and 4.768 respectively, with corresponding price changes of 0.64%, 0.80%, and -0.21%. The current month IV was 16.50%, 14.09%, and 13.88%, and the next month IV was 14.91%, N/A, and 14.59%. The current month IV quantiles in the past 1 - 2 years were 26.50% - 63.80%, and the next month IV quantiles were 30.60% - 39.10% [11]. - **Skew Index**: The skew index of the main contract month on November 27, 2025, was 111.13 [17]. 3.4 Shanghai CSI 500ETF - **Price and Volatility Data**: From November 25 - 27, 2025, the Shanghai CSI 500ETF price was 7.054, 7.065, and 7.050 respectively, with corresponding price changes of 1.91%, 1.36%, and -0.06%. The current month IV was 20.90%, 17.97%, and 17.67%, and the next month IV was 18.55%, N/A, and 18.53%. The current month IV quantiles in the past 1 - 2 years were 27.80% - 61.70%, and the next month IV quantiles were 30.80% - 36.30% [20]. - **Skew Index**: The skew index of the main contract month on November 27, 2025, was 113.37 [25]. 3.5 Shenzhen CSI 500ETF - **Price and Volatility Data**: From November 25 - 27, 2025, the Shenzhen CSI 500ETF price was 2.820, 2.825, and 2.817 respectively, with corresponding price changes of 1.18%, 0.18%, and -0.28%. The current month IV was 20.52%, 18.98%, and 18.52%, and the next month IV was 19.26%, N/A, and 18.99%. The current month IV quantiles in the past 1 - 2 years were 33.40% - 59.50%, and the next month IV quantiles were 35.10% - 42.90% [29]. - **Skew Index**: The skew index of the main contract month on November 27, 2025, was 110.26 [35]. 3.6 ChiNext ETF - **Price and Volatility Data**: From November 25 - 27, 2025, the ChiNext ETF price was 2.961, 3.027, and 3.012 respectively, with corresponding price changes of 1.82%, 2.23%, and -0.50%. The current month IV was 26.96%, 26.05%, and 26.15%, and the next month IV was 26.08%, N/A, and 26.69%. The current month IV quantiles in the past 1 - 2 years were 50.60% - 63.10%, and the next month IV quantiles were 45.10% - 63.40% [36]. - **Skew Index**: The skew index of the main contract month on November 27, 2025, was 105.55 [42]. 3.7 Shenzhen 100ETF - **Price and Volatility Data**: From November 25 - 27, 2025, the Shenzhen 100ETF price was 3.313, 3.370, and 3.358 respectively, with corresponding price changes of 1.35%, 1.72%, and -0.36%. The current month IV was 23.34%, 18.41%, and 17.90%, and the next month IV was 19.17%, N/A, and 18.51%. The current month IV quantiles in the past 1 - 2 years were 29.70% - 74.80%, and the next month IV quantiles were 33.80% - 53.00% [46]. - **Skew Index**: The skew index of the main contract month on November 27, 2025, was 108.04 [49]. 3.8 Science and Technology Innovation 50ETF - **Price and Volatility Data**: From November 25 - 27, 2025, the Science and Technology Innovation 50ETF price was 1.369, 1.382, and 1.379 respectively, with corresponding price changes of 0.66%, 0.95%, and -0.22%. The current month IV was 34.51%, 26.80%, and 27.06%, and the next month IV was 27.59%, N/A, and 27.16%. The current month IV quantiles in the past 1 - 2 years were 34.20% - 73.00%, and the next month IV quantiles were 35.10% - 54.90% [55]. - **Skew Index**: The skew index of the main contract month on November 27, 2025, was 97.96 [57]. 3.9 Science and Technology Innovation Board 50ETF - **Price and Volatility Data**: From November 25 - 27, 2025, the Science and Technology Innovation Board 50ETF price was 1.325, 1.340, and 1.336 respectively, with corresponding price changes of 0.61%, 1.13%, and -0.30%. The current month IV was 28.18%, 27.18%, and 27.64%, and the next month IV was 28.36%, N/A, and 28.44%. The current month IV quantiles in the past 1 - 2 years were 35.90% - 58.30%, and the next month IV quantiles were 40.00% - 58.10% [60]. - **Skew Index**: The skew index of the main contract month on November 27, 2025, was 101.92 [64]. 3.10 300 Index - **Price and Volatility Data**: From November 25 - 27, 2025, the 300 Index price was 4490.405, 4517.626, and 4515.403 respectively, with corresponding price changes of 0.95%, 0.61%, and -0.05%. The current month IV was 14.92%, 13.89%, and 14.12%, and the next month IV was 15.81%, 15.02%, and 14.81%. The current month IV quantiles in the past 1 - 2 years were 33.40% - 43.70%, and the next month IV quantiles were 27.70% - 44.50% [70]. - **Skew Index**: The skew index of the main contract month on November 27, 2025, was 105.31 [74]. 3.11 1000 Index - **Price and Volatility Data**: From November 25 - 27, 2025, the 1000 Index price was 7249.947, 7248.449, and 7257.454 respectively, with corresponding price changes of 1.31%, -0.02%, and 0.12%. The current month IV was 19.12%, 18.68%, and 17.88%, and the next month IV was 19.92%, 19.30%, and 19.00%. The current month IV quantiles in the past 1 - 2 years were 17.30% - 26.50%, and the next month IV quantiles were 14.70% - 25.30% [75]. - **Skew Index**: The skew index of the main contract month on November 27, 2025, was 118.11 [80]. 3.12 Shanghai 50 Index - **Price and Volatility Data**: From November 25 - 27, 2025, the Shanghai 50 Index price was 2968.202, 2971.799, and 2972.265 respectively, with corresponding price changes of 0.60%, 0.12%, and 0.02%. The current month IV was 13.18%, 12.13%, and 12.25%, and the next month IV was 48.04%, 48.30%, and 47.22%. The current month IV quantiles in the past 1 - 2 years were 8.10% - 19.40%, and the next month IV quantiles were 40.80% - 68.00% [86]. - **Skew Index**: The skew index of the main contract month on November 27, 2025, was 109.32 [93].

1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - No clear core view is presented in the provided text. The report mainly offers data on various financial products' prices, price changes, implied volatilities (IV), and related quantile information over specific time - periods. 3. Summary by Related Catalogs 3.1 General Information - The report covers multiple financial products including 50ETF, various 300ETFs (Shanghai, Shenzhen), Shanghai and Shenzhen CSI 500ETFs, ChiNext ETF, Shenzhen 100ETF,科创50ETF,科创板50ETF, 300 Index, 1000 Index, and Shanghai 50 Index [1][6][9][17][26][33][43][52][57][69][74][82]. - The current month's contracts for most products are 2 days from expiration, while for 300 Index, 1000 Index, and Shanghai 50 Index, they are 19 days from expiration [1][6][9][17][26][33][43][52][57][69][74][82]. 3.2 Price and Price Change - For 50ETF, on 2025/11/24, the price was 3.094 with a - 0.23% change from the previous day [1]. - Shanghai 300ETF had a price of 4.557 on 2025/11/24 with a - 0.15% change [6]. - Shenzhen 300ETF's price was 4.710 on 2025/11/24 with a - 0.06% change [9]. - Shanghai CSI 500ETF's price was 6.970 on 2025/11/24 with a - 2.79% change [17]. - Shenzhen CSI 500ETF's price was 2.787 on 2025/11/24 with a 0.72% change [26]. - ChiNext ETF's price was 2.908 on 2025/11/24 with a 0.14% change [33]. - Shenzhen 100ETF's price was 3.269 on 2025/11/24 with a - 0.09% change [43]. - 科创50ETF's price was 1.360 on 2025/11/24 with a 0.67% change [52]. - 科创板50ETF's price was 1.317 on 2025/11/24 with a 0.69% change [57]. - 300 Index's price was 4448.048 on 2025/11/24 with a - 0.12% change [69]. - 1000 Index's price was 7156.409 on 2025/11/24 with a 1.26% change [74]. - Shanghai 50 Index's price was 2950.562 on 2025/11/24 with a - 0.18% change [82]. 3.3 Implied Volatility (IV) - 50ETF's 2025/11/24 IV: 12.79% (current month), 14.13% (next month) [1]. - Shanghai 300ETF's 2025/11/24 IV: 15.05% (current month), 15.91% (next month) [6]. - Shenzhen 300ETF's 2025/11/24 IV: 16.58% (current month), 16.34% (next month) [9]. - Shanghai CSI 500ETF's 2025/11/24 IV: 16.76% (current month), 20.41% (next month) [17]. - Shenzhen CSI 500ETF's 2025/11/24 IV: 18.28% (current month), 20.69% (next month) [26]. - ChiNext ETF's 2025/11/24 IV: 25.93% (current month), 27.54% (next month) [33]. - Shenzhen 100ETF's 2025/11/24 IV: 21.61% (current month), 19.15% (next month) [43]. - 科创50ETF's 2025/11/24 IV: 30.31% (current month), 29.20% (next month) [52]. - 科创板50ETF's 2025/11/24 IV: 27.58% (current month), 29.29% (next month) [57]. - 300 Index's 2025/11/24 IV: 16.77% (current month), 17.42% (next month) [69]. - 1000 Index's 2025/11/24 IV: 20.26% (current month), 21.12% (next month) [74]. - Shanghai 50 Index's 2025/11/24 IV: 14.76% (current month), 48.90% (next month) [82]. 3.4 IV Quantiles - For 50ETF, the current - month IV quantiles in the past 1 - year and 2 - year are provided, such as 28.90% and 22.40% in the past 1 - year [1]. - Similar IV quantile data for other products like Shanghai 300ETF, Shenzhen 300ETF, etc., are also presented [6][9]. 3.5 Skew Index - The skew index for each product's main contract month is given, for example, 105.84 for 50ETF on the current day [5]. - Other products like Shanghai 300ETF, Shenzhen 300ETF also have their respective skew index data [8][14]. 3.6 Other Information - There are also data on the term structure of IV, intraday trends of at - the - money (ATM) IV for different months, option smile curves, price and position - volume PCR trends, and implied volatility and trading volume trends for each product [3][4][5].

1. Report Industry Investment Rating No information provided in the content. 2. Report's Core View No clear core view is presented in the given content. It mainly provides historical data on various financial products, including ETFs and indices, such as price, daily change, implied volatility (IV), and IV quantiles. 3. Summary by Product 3.1 50ETF - From November 14 - 18, 2025, the price decreased from 3.183 to 3.150, with corresponding daily changes of -1.18%, -0.75%, and -0.28% [1]. - The current month's IV increased from 13.10% to 14.82%, and the next month's IV changed from 14.83% to 15.39% [1]. - The skew index on November 18, 2025, was 100.02 [2]. 3.2 Shanghai 300ETF - From November 14 - 18, 2025, the price decreased from 4.741 to 4.683, with daily changes of -1.48%, -0.65%, and -0.57% [3]. - The current month's IV changed from 15.40% to 16.15%, and the next month's IV changed from 16.58% to 16.86% [3]. - The skew index on November 18, 2025, was 108.77 [5]. 3.3 Shenzhen 300ETF - From November 14 - 18, 2025, the price decreased from 4.887 to 4.832, with daily changes of -1.55%, -0.63%, and -0.49% [6]. - The current month's IV increased from 15.26% to 17.03%, and the next month's IV increased from 16.63% to 17.39% [6]. - The skew index on November 18, 2025, was 110.08 [12]. 3.4 Shanghai CSI 500ETF - From November 14 - 18, 2025, the price decreased from 7.338 to 7.262, with daily changes of -0.24%, -1.73%, and -1.04% [15]. - The current month's IV changed from 19.01% to 19.60%, and the next month's IV changed from 20.04% to 19.82% [15]. - The skew index on November 18, 2025, was 104.88 [21]. 3.5 Shenzhen CSI 500ETF - From November 14 - 18, 2025, the price decreased from 2.930 to 2.899, with daily changes of -1.74%, -0.10%, and -0.96% [25]. - The current month's IV increased from 19.73% to 20.53%, and the next month's IV changed from 20.56% to 20.07% [25]. - The skew index on November 18, 2025, was 109.14 [29]. 3.6 ChiNext ETF - From November 14 - 18, 2025, the price decreased from 3.093 to 3.051, with daily changes of -2.80%, -0.29%, and -1.07% [30]. - The current month's IV changed from 29.76% to 29.37%, and the next month's IV changed from 29.60% to 28.92% [30]. - The skew index on November 18, 2025, was 101.69 [37]. 3.7 Shenzhen 100ETF - From November 14 - 18, 2025, the price decreased from 3.423 to 3.380, with daily changes of -2.04%, -0.68%, and -0.59% [42]. - The current month's IV changed from 23.07% to 21.33%, and the next month's IV changed from 22.13% to 21.03% [42]. - The skew index on November 18, 2025, was 103.33 [45]. 3.8 Science and Technology Innovation 50 ETF - From November 14 - 18, 2025, the price first decreased and then increased, from 1.431 to 1.427, with daily changes of -2.59%, -0.63%, and 0.35% [51]. - The current month's IV changed from 33.04% to 32.45%, and the next month's IV changed from 32.14% to 32.07% [51]. - The skew index on November 18, 2025, was 98.81 [53]. 3.9 STAR 50 ETF - From November 14 - 18, 2025, the price first decreased and then increased, from 1.387 to 1.383, with daily changes of -2.53%, -0.65%, and 0.36% [56]. - The current month's IV changed from 32.74% to 32.19%, and the next month's IV changed from 32.78% to 31.74% [56]. - The skew index on November 18, 2025, was 101.84 [62]. 3.10 300 Index - From November 14 - 18, 2025, the price decreased from 4628.140 to 4568.193, with daily changes of -1.57%, -0.65%, and -0.65% [68]. - The current month's IV changed from 14.19% to 15.67%, and the next month's IV changed from 16.75% to 17.18% [68]. - The skew index on November 18, 2025, was 111.43 [72]. 3.11 1000 Index - From November 14 - 18, 2025, the price first increased and then decreased, from 7502.757 to 7448.101, with daily changes of -1.16%, 0.27%, and -1.00% [73]. - The current month's IV increased from 17.46% to 19.75%, and the next month's IV changed from 19.71% to 19.61% [73]. - The skew index on November 18, 2025, was 114.04 [77]. 3.12 SSE 50 Index - From November 14 - 18, 2025, the price decreased from 3038.426 to 3003.018, with daily changes of -1.15%, -0.87%, and -0.30% [81]. - The current month's IV changed from 13.94% to 14.63%, and the next month's IV changed from 65.79% to 62.90% [81]. - The skew index on November 18, 2025, was 104.65 [84].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. The report mainly provides detailed data on various financial products such as ETFs and indices, including price, volatility, and skew index information. 3. Summary by Related Catalogs 3.1 50ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.27% increase on the 6th, a 0.13% decrease on the 7th, and a 0.47% increase on the 10th. The current month IV ranged from 12.51% - 12.80%, and the next - month IV from 14.78% - 14.89% [1]. - The near - 1 - year current month IV quantile was 21.60% - 22.00%, and the near - 2 - year quantile was 20.00% - 22.00%. The near - 1 - year next - month IV quantile was 35.40% - 40.00%, and the near - 2 - year quantile was 45.40% - 48.60% [1]. - The skew index today was 92.65, compared to 102.82 yesterday [2]. 3.2 Shanghai 300ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.48% increase on the 6th, a 0.21% decrease on the 7th, and a 0.25% increase on the 10th. The current month IV ranged from 14.37% - 14.53%, and the next - month IV from 15.94% - 16.28% [3]. - The near - 1 - year current month IV quantile was 28.90% - 30.20%, and the near - 2 - year quantile was 37.80% - 39.60%. The near - 1 - year next - month IV quantile was 46.80%, and the near - 2 - year quantile was 53.90% - 57.70% [3]. - The skew index today was 102.05, compared to 104.72 yesterday [5]. 3.3 Shenzhen 300ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.54% increase on the 6th, a 0.30% decrease on the 7th, and a 0.38% increase on the 10th. The current month IV ranged from 14.58% - 14.95%, and the next - month IV from 16.41% - 16.74% [6]. - The near - 1 - year current month IV quantile was 31.40% - 34.20%, and the near - 2 - year quantile was 40.80% - 46.00%. The near - 1 - year next - month IV quantile was 47.40% - 50.40%, and the near - 2 - year quantile was 59.40% - 61.90% [6]. - The skew index today was 99.49, compared to 104.41 yesterday [12]. 3.4 Shanghai CSI 500ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.89% increase on the 6th, a 1.50% increase on the 7th, and a 0.04% decrease on the 10th. The current month IV ranged from 18.55% - 18.71%, and the next - month IV from 19.92% - 20.13% [16]. - The near - 1 - year current month IV quantile was 34.20% - 35.50%, and the near - 2 - year quantile was 38.40% - 40.20%. The near - 1 - year next - month IV quantile was 46.80% - 57.00%, and the near - 2 - year quantile was 48.10% - 56.20% [16]. - The skew index today was 102.88, compared to 106.34 yesterday [21]. 3.5 Shenzhen CSI 500ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.67% increase on the 6th, a 0.37% decrease on the 7th, and a 0.17% increase on the 10th. The current month IV ranged from 18.65% - 18.98%, and the next - month IV from 20.12% - 20.31% [26]. - The near - 1 - year current month IV quantile was 34.20%, and the near - 2 - year quantile was 39.80% - 40.40%. The near - 1 - year next - month IV quantile was 45.10% - 56.60%, and the near - 2 - year quantile was 54.30% - 56.40% [26]. - The skew index today was 102.13, compared to 106.11 yesterday [31]. 3.6 ChiNext ETF - From November 6 - 10, 2025, the price decreased, with a 1.88% increase on the 6th, a 0.50% decrease on the 7th, and a 0.85% decrease on the 10th. The current month IV ranged from 28.49% - 29.04%, and the next - month IV from 30.04% - 30.61% [32]. - The near - 1 - year current month IV quantile was 57.10% - 58.30%, and the near - 2 - year quantile was 69.30% - 71.50%. The near - 1 - year next - month IV quantile was 59.90% - 73.70%, and the near - 2 - year quantile was 73.70% - 75.60% [32]. - The skew index today was 98.35, compared to 102.10 yesterday [37]. 3.7 Shenzhen 100ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.82% increase on the 6th, a 0.64% decrease on the 7th, and a 0.22% increase on the 10th. The current month IV ranged from 19.96% - 20.37%, and the next - month IV from 21.33% - 22.33% [41]. - The near - 1 - year current month IV quantile was 49.70% - 51.80%, and the near - 2 - year quantile was 60.90% - 62.50%. The near - 1 - year next - month IV quantile was 52.30% - 56.50%, and the near - 2 - year quantile was 66.30% - 69.70% [41]. - The skew index today was 101.73, compared to 104.78 yesterday [44]. 3.8 Science and Technology Innovation 50ETF - From November 6 - 10, 2025, the price decreased, with a 3.36% increase on the 6th, a 1.46% decrease on the 7th, and a 0.61% decrease on the 10th. The current month IV ranged from 31.64% - 32.60%, and the next - month IV from 33.27% - 34.03% [50]. - The near - 1 - year current month IV quantile was 50.20% - 67.40%, and the near - 2 - year quantile was 59.00% - 73.90%. The near - 1 - year next - month IV quantile was 52.20% - 73.90%, and the near - 2 - year quantile was 59.90% - 74.80% [50]. - The skew index today was 93.39, compared to 96.47 yesterday [52]. 3.9 Star 50ETF - From November 6 - 10, 2025, the price decreased, with a 3.39% increase on the 6th, a 1.37% decrease on the 7th, and a 0.69% decrease on the 10th. The current month IV ranged from 31.37% - 32.95%, and the next - month IV from 32.71% - 34.12% [55]. - The near - 1 - year current month IV quantile was 53.80% - 70.10%, and the near - 2 - year quantile was 56.50% - 75.40%. The near - 1 - year next - month IV quantile was 50.60% - 73.30%, and the near - 2 - year quantile was 56.50% - 72.00% [55]. - The skew index today was 93.79, compared to 97.75 yesterday [58]. 3.10 300 Index - From November 6 - 10, 2025, the price fluctuated, with a 1.43% increase on the 6th, a 0.31% decrease on the 7th, and a 0.35% increase on the 10th. The current month IV ranged from 13.35% - 13.87%, and the next - month IV from 16.42% - 16.54% [63]. - The near - 1 - year current month IV quantile was 21.20% - 30.60%, and the near - 2 - year quantile was 21.40% - 31.00%. The near - 1 - year next - month IV quantile was 42.80% - 57.40%, and the near - 2 - year quantile was 54.80% - 57.40% [63]. - The skew index today was 104.41, compared to 105.33 yesterday [66]. 3.11 1000 Index - From November 6 - 10, 2025, the price fluctuated, with a 1.17% increase on the 6th, a 0.13% decrease on the 7th, and a 0.28% increase on the 10th. The current month IV ranged from 17.52% - 17.98%, and the next - month IV from 19.98% - 20.18% [67]. - The near - 1 - year current month IV quantile was 14.20% - 22.00%, and the near - 2 - year quantile was 16.30% - 19.40%. The near - 1 - year next - month IV quantile was 23.20% - 25.70%, and the near - 2 - year quantile was 19.20% - 25.70% [67]. - The skew index today was 113.60, compared to 117.24 yesterday [70]. 3.12 Shanghai 50 Index - From November 6 - 10, 2025, the price fluctuated, with a 1.22% increase on the 6th, a 0.21% decrease on the 7th, and a 0.51% increase on the 10th. The current month IV ranged from 12.91% - 13.21%, and the next - month IV from 49.93% - 62.00% [71]. - The near - 1 - year current month IV quantile was 15.10% - 20.20%, and the near - 2 - year quantile was 15.90% - 20.20%. The near - 1 - year next - month IV quantile was 91.00% - 91.40%, and the near - 2 - year quantile was 95.50% - 95.70% [71]. - The skew index today was 101.83, compared to 101.00 yesterday [76].

1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - No explicit core view is presented in the provided documents. 3. Summary by Related Catalogs 3.1 50ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the 50ETF price was 3.150, 3.19, and 3.186 respectively, with corresponding daily changes of -0.19%, 1.27%, and -0.13%. The corresponding monthly implied volatility (IV) was 14.25%, 12.80%, and 12.51%, and the next - month IV was 15.56%, 14.89%, and 14.78% [1]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 36.30% and 43.50% respectively, and the 1 - year and 2 - year next - month IV quantiles were 45.90% and 56.40% respectively [1]. - **Skew Index**: The skew index on November 7, 2025, was 102.82, compared to 97.67 the previous day [2]. 3.2 Shanghai 300ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Shanghai 300ETF price was 4.735, 4.805, and 4.795 respectively, with daily changes of 0.13%, 1.48%, and -0.21%. The monthly IV was 15.25%, 14.53%, and 14.37%, and the next - month IV was 16.91%, 16.18%, and 15.94% [3]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 37.50% and 48.60% respectively, and the 1 - year and 2 - year next - month IV quantiles were 52.30% and 63.80% respectively [3]. - **Skew Index**: The skew index on November 7, 2025, was 104.72 [5]. 3.3 Shenzhen 300ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Shenzhen 300ETF price was 4.881, 4.956, and 4.941 respectively, with daily changes of 0.00%, 1.54%, and -0.30%. The monthly IV was 15.63%, 14.78%, and 14.95%, and the next - month IV was 16.90%, 16.44%, and 16.41% [6]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 40.80% and 53.50% respectively, and the 1 - year and 2 - year next - month IV quantiles were 50.40% and 62.80% respectively [6]. - **Skew Index**: The skew index on November 7, 2025, was 104.41 [12]. 3.4 Shanghai CSI 500ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Shanghai CSI 500ETF price was 7.330, 7.451, and 7.440 respectively, with daily changes of -1.47%, 1.89%, and -0.15%. The monthly IV was 19.64%, 18.71%, and 18.55%, and the next - month IV was 21.04%, 20.07%, and 19.92% [14]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 44.80% and 50.90% respectively, and the 1 - year and 2 - year next - month IV quantiles were 56.10% and 64.20% respectively [14]. - **Skew Index**: The skew index on November 7, 2025, was 106.34 [17]. 3.5 Shenzhen CSI 500ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Shenzhen CSI 500ETF price was 2.930, 2.979, and 2.968 respectively, with daily changes of 0.21%, 1.67%, and -0.37%. The monthly IV was 20.46%, 18.68%, and 18.65%, and the next - month IV was 21.16%, 20.31%, and 20.12% [21]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 52.20% and 59.30% respectively, and the 1 - year and 2 - year next - month IV quantiles were 52.70% and 62.30% respectively [21]. - **Skew Index**: The skew index on November 7, 2025, was 104.65 [26]. 3.6 ChiNext ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the ChiNext ETF price was 3.142, 3.201, and 3.185 respectively, with daily changes of 0.96%, 1.88%, and -0.50%. The monthly IV was 31.34%, 29.04%, and 28.86%, and the next - month IV was 31.85%, 30.61%, and 30.16% [27]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 65.70% and 76.20% respectively, and the 1 - year and 2 - year next - month IV quantiles were 75.60% and 77.80% respectively [27]. - **Skew Index**: The skew index on November 7, 2025, was 102.10 [33]. 3.7 Shenzhen 100ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Shenzhen 100ETF price was 3.526, 3.590, and 3.567 respectively, with daily changes of 0.20%, 1.82%, and -0.64%. The monthly IV was 21.53%, 20.26%, and 20.37%, and the next - month IV was 22.04%, 21.33%, and 22.06% [38]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 57.50% and 67.60% respectively, and the 1 - year and 2 - year next - month IV quantiles were 54.00% and 68.40% respectively [38]. - **Skew Index**: The skew index on November 7, 2025, was 104.78 [41]. 3.8 Science and Technology Innovation 50ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Science and Technology Innovation 50ETF price was 1.460, 1.509, and 1.487 respectively, with daily changes of 0.34%, 3.36%, and -1.46%. The monthly IV was 34.35%, 32.60%, and 32.24%, and the next - month IV was 35.61%, 34.03%, and 33.27% [47]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 61.20% and 73.00% respectively, and the 1 - year and 2 - year next - month IV quantiles were 52.20% and 67.40% respectively [47]. - **Skew Index**: The skew index on November 7, 2025, was 96.47 [49]. 3.9 Star 50ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Star 50ETF price was 1.414, 1.462, and 1.442 respectively, with daily changes of 0.21%, 3.39%, and -1.37%. The monthly IV was 34.74%, 32.95%, and 32.12%, and the next - month IV was 34.81%, 34.12%, and 32.71% [52]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 57.50% and 70.10% respectively, and the 1 - year and 2 - year next - month IV quantiles were 66.10% and 75.60% respectively [52]. - **Skew Index**: The skew index on November 7, 2025, was 97.75 [55]. 3.10 300 Index - **Price and Volatility Data**: From November 5 - 7, 2025, the 300 Index price was 4627.257, 4693.403, and 4678.794 respectively, with daily changes of 0.19%, 1.43%, and -0.31%. The monthly IV was 14.89%, 13.87%, and 13.35%, and the next - month IV was 17.03%, 16.43%, and 16.42% [61]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 38.30% and 43.70% respectively, and the 1 - year and 2 - year next - month IV quantiles were 50.20% and 61.30% respectively [61]. - **Skew Index**: The skew index on November 7, 2025, was 107.07 [65]. 3.11 1000 Index - **Price and Volatility Data**: From November 5 - 7, 2025, the 1000 Index price was 7464.863, 7551.830, and 7541.878 respectively, with daily changes of 0.39%, 1.17%, and -0.13%. The monthly IV was 19.37%, 17.89%, and 17.98%, and the next - month IV was 21.34%, 19.98%, and 20.15% [66]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 25.70% and 24.70% respectively, and the 1 - year and 2 - year next - month IV quantiles were 31.40% and 29.00% respectively [66]. - **Skew Index**: The skew index on November 7, 2025, was 117.24 [70]. 3.12 SSE 50 Index - **Price and Volatility Data**: From November 5 - 7, 2025, the SSE 50 Index price was 3007.970, 3044.742, and 3038.346 respectively, with daily changes of -0.17%, 1.22%, and -0.21%. The monthly IV was 13.86%, 13.00%, and 13.21%, and the next - month IV was 56.53%, 61.58%, and 62.00% [71]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 24.00% and 30.80% respectively, and the 1 - year and 2 - year next - month IV quantiles were 77.50% and 88.30% respectively [71]. - **Skew Index**: The skew index on November 7, 2025, was 101.00 [76].