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

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].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints The report presents the price, price changes, implied volatility (IV), and IV quantiles of various ETFs and indices over a specific period, as well as related data such as skew indices, smile curves, and the relationship between price, IV, and trading volume. It aims to help investors understand the market trends and volatility characteristics of these financial products. 3. Summary by Related Catalogs 3.1 50ETF - **Price and IV Data**: From October 17 - 21, 2025, the 50ETF price changed from 3.110 to 3.144, with a 1.06% increase on October 21. The current month's IV decreased from 17.52% to 14.65%, and the next month's IV decreased from 16.91% to 14.79% [1]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 65.70% - 73.80%, and the next month's IV quantiles were 54.80% - 67.60% [1]. - **Skew Index**: The skew index on October 21 was 102.33 [2]. 3.2 Shanghai 300ETF - **Price and IV Data**: From October 17 - 21, 2025, the Shanghai 300ETF price changed from 4.624 to 4.710, with a 1.51% increase on October 21. The current month's IV decreased from 20.10% to 15.86%, and the next month's IV decreased from 18.81% to 16.36% [3]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 46.50% - 84.20%, and the next month's IV quantiles were 62.40% - 76.30% [3]. - **Skew Index**: The skew index on October 21 was 104.33 [7]. 3.3 Shenzhen 300ETF - **Price and IV Data**: From October 17 - 21, 2025, the Shenzhen 300ETF price changed from 4.768 to 4.858, with a 1.50% increase on October 21. The current month's IV decreased from 19.51% to 16.41%, and the next month's IV decreased from 18.99% to 16.80% [8]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 70.60% - 80.90%, and the next month's IV quantiles were 61.40% - 75.70% [8]. - **Skew Index**: The skew index on October 21 was 101.86 [15]. 3.4 Shanghai CSI 500ETF - **Price and IV Data**: From October 17 - 21, 2025, the Shanghai CSI 500ETF price changed from 7.114 to 7.280, with a 2.33% increase on October 21. The current month's IV decreased from 24.66% to 16.40%, and the next month's IV decreased from 23.23% to 20.98% [18]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 75.90% - 81.30%, and the next month's IV quantiles were 59.90% - 72.70% [18]. - **Skew Index**: The skew index on October 21 was 104.26 [21]. 3.5 Shenzhen CSI 500ETF - **Price and IV Data**: From October 17 - 21, 2025, the Shenzhen CSI 500ETF price changed from 2.844 to 2.906, with a 1.61% increase on October 21. The current month's IV decreased from 26.35% to 18.52%, and the next month's IV decreased from 23.71% to 21.13% [27]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 82.80% - 85.80%, and the next month's IV quantiles were 62.00% - 75.00% [27]. - **Skew Index**: The skew index on October 21 was 109.85 [32]. 3.6 ChiNext ETF - **Price and IV Data**: From October 17 - 21, 2025, the ChiNext ETF price changed from 2.915 to 3.062, with a 3.06% increase on October 21. The current month's IV decreased from 35.56% to 29.25%, and the next month's IV decreased from 33.60% to 29.32% [33]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 70.00% - 86.70%, and the next month's IV quantiles were 59.90% - 82.80% [33]. - **Skew Index**: The skew index on October 21 was 99.06 [38]. 3.7 Shenzhen 100ETF - **Price and IV Data**: From October 17 - 21, 2025, the Shenzhen 100ETF price changed from 3.393 to 3.512, with a 2.54% increase on October 21. The current month's IV decreased from 26.27% to 20.89%, and the next month's IV decreased from 26.40% to 23.11% [43]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 79.50% - 85.80%, and the next month's IV quantiles were 75.10% - 85.20% [43]. - **Skew Index**: The skew index on October 21 was 98.08 [46]. 3.8 Science and Technology Innovation 50ETF - **Price and IV Data**: From October 17 - 21, 2025, the Science and Technology Innovation 50ETF price changed from 1.433 to 1.477, with a 2.78% increase on October 21. The current month's IV increased from 41.33% to 37.58%, and the next month's IV decreased from 40.03% to 34.10% [52]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 73.40% - 85.20%, and the next month's IV quantiles were 59.90% - 80.50% [52]. - **Skew Index**: The skew index on October 21 was 92.62 [54]. 3.9 STAR 50ETF - **Price and IV Data**: From October 17 - 21, 2025, the STAR 50ETF price changed from 1.388 to 1.430, with a 2.66% increase on October 21. The current month's IV decreased from 42.72% to 32.04%, and the next month's IV decreased from 40.51% to 33.88% [58]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 57.10% - 87.90%, and the next month's IV quantiles were 53.00% - 86.80% [58]. - **Skew Index**: The skew index on October 21 was 92.43 [60]. 3.10 300 Index - **Price and IV Data**: From October 17 - 21, 2025, the 300 Index price changed from 4514.235 to 4607.872, with a 1.53% increase on October 21. The current month's IV decreased from 18.96% to 16.69%, and the next month's IV decreased from 20.44% to 18.28% [66]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 68.90% - 78.10%, and the next month's IV quantiles were 69.30% - 79.70% [66]. - **Skew Index**: The skew index on October 21 was 102.69 [68]. 3.11 1000 Index - **Price and IV Data**: From October 17 - 21, 2025, the 1000 Index price changed from 7185.478 to 7344.047, with a 1.45% increase on October 21. The current month's IV decreased from 25.42% to 22.48%, and the next month's IV decreased from 25.34% to 23.68% [69]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 61.60% - 68.90%, and the next month's IV quantiles were 55.50% - 66.60% [69]. - **Skew Index**: The skew index on October 21 was 111.40 [72]. 3.12 Shanghai Composite 50 Index - **Price and IV Data**: From October 17 - 21, 2025, the Shanghai Composite 50 Index price changed from 2967.775 to 3007.263, with a 1.09% increase on October 21. The current month's IV decreased from 16.99% to 15.08%, and the next month's IV increased from 48.66% to 51.17% [73]. - **IV Quantiles**: The current month's IV quantiles in the past 1 - 2 years were 57.10% - 66.20%, and the next month's IV quantiles were 53.00% - 80.50% [73]. - **Skew Index**: The skew index on October 21 was 102.34 [79].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report No clear core viewpoints are presented in the given text. The report mainly provides 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. Summaries by Related Catalogs 3.1 General Information - The report covers multiple financial products 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 [1][3][11][19][25][31][40][49][54][61][67][71] - The current month's contract expiration is 9 days away for most products, except for the 300 Index, 1000 Index, and Shanghai 50 Index, where it is 6 days away [1][3][11][19][25][31][40][49][54][61][67][71] 3.2 Price and Price Change Data - For each product, the report provides the price, price change percentage, current - month IV, and next - month IV for specific dates (2025/9/29, 2025/9/30, 2025/10/9) [1][3][11][19][25][31][40][49][54][61][67][71] 3.3 Implied Volatility (IV) Data - IV quantiles for the current month and next month over the past 1 and 2 years are provided for each product [1][3][11][19][25][31][40][49][54][61][67][71] - ATM IV term structures and intraday trends of different - month at - the - money IV are presented [1][3][11][19][25][31][40][49][54][61][67][71] 3.4 Skew Index Data - The skew index is calculated as the ratio of the implied volatility of a call option with a delta of 0.75 to that of a call option with a delta of 0.25. The skew index values for the current day, yesterday, two days ago, three days ago, and four days ago are provided for each product [2][7][18][22][30][37][43][51][56][66][70][76] 3.5 Other Data - Smile curves of the main - month options for each product are presented [2][5][18][21][30][36][42][50][55][66][70][75] - Price, IV, and volume trends over the past 1 and 3 years are provided for each product [1][3][11][19][25][31][40][49][54][61][67][71] - Price, IV, and open - interest PCR trends are also provided for each product [2][8][18][23][30][38][45][53][58][66][70][77]

1. Report Industry Investment Rating - No information provided in the given documents 2. Report's Core View - No clear core view is presented in the provided documents. The reports mainly focus on presenting data related to various ETFs and indices, including price, volatility, and skew index over a certain period. 3. Summary by Related Catalogs 3.1 General Data (13 - day data) - For 50ETF, from Sep 23 - 25, 2025, the price increased from 3.054 to 3.087, with the highest daily increase of 0.59% on Sep 24. The monthly IV decreased from 21.49% to 17.69% [1]. - For Shanghai 300ETF, from Sep 23 - 25, 2025, the price rose from 4.622 to 4.695, with the highest daily increase of 0.89% on Sep 24. The monthly IV fluctuated between 16.03% and 19.72% [3]. - For Shenzhen 300ETF, from Sep 23 - 25, 2025, the price increased from 4.762 to 4.844, with the highest daily increase of 1.01% on Sep 24. The monthly IV changed from 17.19% to 19.19% [7]. - For Shanghai CSI 500ETF, from Sep 23 - 25, 2025, the price went up from 7.277 to 7.441, with the highest daily increase of 2.25% on Sep 25. The monthly IV increased from 16.69% to 26.03% [14]. - For Shenzhen CSI 500ETF, from Sep 23 - 25, 2025, the price first rose from 2.906 to 2.972 and then slightly dropped to 2.970. The monthly IV increased from 16.57% to 26.58% [22]. - For ChiNext ETF, from Sep 23 - 25, 2025, the price increased from 3.093 to 3.211, with the highest daily increase of 2.17% on Sep 24. The monthly IV changed from 30.72% to 41.46% [26]. - For Shenzhen 100ETF, from Sep 23 - 25, 2025, the price rose from 3.494 to 3.595, with the highest daily increase of 1.75% on Sep 24. The monthly IV fluctuated between 25.27% and 29.03% [33]. - For Science and Technology Innovation 50ETF, from Sep 23 - 25, 2025, the price increased from 1.475 to 1.548, with the highest daily increase of 3.73% on Sep 24. The monthly IV increased from 41.63% to 50.25% [41]. - For STAR 50ETF, from Sep 23 - 25, 2025, the price rose from 1.442 to 1.513, with the highest daily increase of 3.68% on Sep 24. The monthly IV increased from 41.58% to 49.81% [48]. - For 300 Index, from Sep 23 - 25, 2025, the price increased from 4519.778 to 4593.488, with the highest daily increase of 1.02% on Sep 24. The monthly IV decreased from 20.20% to 18.16% [55]. - For 1000 Index, from Sep 23 - 25, 2025, the price first rose from 7408.069 to 7534.222 and then dropped to 7506.512. The monthly IV fluctuated between 27.42% and 28.25% [63]. - For Shanghai - Shenzhen 50 Index, from Sep 23 - 25, 2025, the price increased from 2919.515 to 2952.735, with the highest daily increase of 0.68% on Sep 24. The monthly IV decreased from 19.89% to 19.08% [68]. 3.2 IV Quantile Data - For 50ETF, the monthly IV quantile in the past 1 - year was between 63.60% and 84.80%, and in the past 2 - year was between 74.80% and 91.00% [1]. - For Shanghai 300ETF, the monthly IV quantile in the past 1 - year was between 47.30% and 77.90%, and in the past 2 - year was between 60.30% and 83.20% [3]. - For Shenzhen 300ETF, the monthly IV quantile in the past 1 - year was between 55.50% and 72.20%, and in the past 2 - year was between 70.90% and 84.00% [7]. - For Shanghai CSI 500ETF, the monthly IV quantile in the past 1 - year was between 21.60% and 80.80%, and in the past 2 - year was between 26.10% and 86.90% [14]. - For Shenzhen CSI 500ETF, the monthly IV quantile in the past 1 - year was between 22.40% and 80.00%, and in the past 2 - year was between 26.70% and 86.50% [22]. - For ChiNext ETF, the monthly IV quantile in the past 1 - year was between 61.60% and 91.70%, and in the past 2 - year was between 78.90% and 94.80% [26]. - For Shenzhen 100ETF, the monthly IV quantile in the past 1 - year was between 70.60% and 86.50%, and in the past 2 - year was between 83.20% and 92.40% [33]. - For Science and Technology Innovation 50ETF, the monthly IV quantile in the past 1 - year was between 73.80% and 87.30%, and in the past 2 - year was between 88.90% and 94.40% [41]. - For STAR 50ETF, the monthly IV quantile in the past 1 - year was between 78.30% and 88.70%, and in the past 2 - year was between 86.90% and 94.60% [48]. - For 300 Index, the monthly IV quantile in the past 1 - year was between 53.40% and 80.50%, and in the past 2 - year was between 62.40% and 83.00% [55]. - For 1000 Index, the monthly IV quantile in the past 1 - year was between 56.70% and 79.90%, and in the past 2 - year was between 70.60% and 79.10% [63]. - For Shanghai - Shenzhen 50 Index, the monthly IV quantile in the past 1 - year was between 65.30% and 90.20%, and in the past 2 - year was between 59.10% and 95.00% [68]. 3.3 Skew Index Data - For 50ETF, the skew index on Sep 25, 2025, was 82.18, decreasing from 83.73 the previous day [2]. - For Shanghai 300ETF, the skew index on Sep 25, 2025, was 98.87, increasing from 94.55 the previous day [5]. - For Shenzhen 300ETF, the skew index on Sep 25, 2025, was 96.50, increasing from 95.51 the previous day [12]. - For Shanghai CSI 500ETF, the skew index on Sep 25, 2025, was 100.56, decreasing from 103.35 the previous day [17]. - For Shenzhen CSI 500ETF, the skew index on Sep 25, 2025, was 98.83, decreasing from 99.08 the previous day [25]. - For ChiNext ETF, the skew index on Sep 25, 2025, was 99.99, increasing from 95.76 the previous day [30]. - For Shenzhen 100ETF, the skew index on Sep 25, 2025, was 98.60, increasing from 96.56 the previous day [37]. - For Science and Technology Innovation 50ETF, the skew index on Sep 25, 2025, was 98.68, increasing from 88.91 the previous day [44]. - For STAR 50ETF, the skew index on Sep 25, 2025, was 94.06, increasing from 91.22 the previous day [51]. - For 300 Index, no skew index data is provided. - For 1000 Index, no skew index data is provided. - For Shanghai - Shenzhen 50 Index, no skew index data is provided.

1. Report Industry Investment Rating - Not provided in the content 2. Report Core Viewpoints - Not provided in the content 3. Summary by Related Catalogs 3.1 50ETF - From September 19 - 23, 2025, the price changed from 3.045 to 3.054, with a 0.30% increase on the 22nd and 0.00% on the 23rd; the monthly IV increased from 18.07% to 21.49%, and the next - month IV decreased from 18.96% to 18.43% [1] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 84.80% and the 2 - year reaching up to 91.00% [1] - The skew index of the main contract month on September 23 was 85.59 [2] 3.2 Shanghai 300ETF - From September 19 - 23, 2025, the price changed from 4.604 to 4.622, with a 0.33% increase on the 22nd and 0.06% on the 23rd; the monthly IV decreased from 18.21% to 16.03%, and the next - month IV decreased slightly from 19.78% to 19.51% [3] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 63.70% and the 2 - year reaching up to 75.20% [3] - The skew index of the main contract month on September 23 was 96.85 [5] 3.3 Shenzhen 300ETF - From September 19 - 23, 2025, the price changed from 4.747 to 4.762, with a 0.36% increase on the 22nd and - 0.04% on the 23rd; the monthly IV decreased from 19.54% to 17.19%, and the next - month IV decreased from 20.66% to 20.39% [9] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 68.50% and the 2 - year reaching up to 81.70% [9] - The skew index of the main contract month on September 23 was 94.82 [11] 3.4 Shanghai CSI 500ETF - From September 19 - 23, 2025, the price changed from 7.261 to 7.277, with a - 1.30% decrease on the 19th, 0.36% increase on the 22nd, and 0.22% on the 23rd; the monthly IV decreased from 24.13% to 16.69%, and the next - month IV increased from 25.49% to 25.99% [13] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 70.60% and the 2 - year reaching up to 80.10% [13] - The skew index of the main contract month on September 23 was 106.94 [16] 3.5 Shenzhen CSI 500ETF - From September 19 - 23, 2025, the price changed from 2.903 to 2.906, with a - 0.34% decrease on the 19th, 0.69% increase on the 22nd, and - 0.58% on the 23rd; the monthly IV decreased from 23.80% to 16.57%, and the next - month IV decreased from 26.02% to 25.31% [21] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 65.70% and the 2 - year reaching up to 77.00% [21] - The skew index of the main contract month on September 23 was 102.72 [24] 3.6 ChiNext ETF - From September 19 - 23, 2025, the price changed from 3.062 to 3.093, with a - 0.16% decrease on the 19th, 0.65% increase on the 22nd, and 0.36% on the 23rd; the monthly IV decreased from 37.86% to 30.72%, and the next - month IV decreased from 42.49% to 41.28% [25] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 91.50% and the 2 - year reaching up to 95.70% [25] - The skew index of the main contract month on September 23 was 97.74 [29] 3.7 Shenzhen 100ETF - From September 19 - 23, 2025, the price changed from 3.475 to 3.494, with a 0.38% increase on the 19th, 0.55% on the 22nd, and 0.00% on the 23rd; the monthly IV increased from 24.53% to 25.27%, and the next - month IV increased from 27.03% to 28.34% [35] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 70.60% and the 2 - year reaching up to 83.20% [35] - The skew index of the main contract month on September 23 was 96.93 [38] 3.8 Science and Technology Innovation 50ETF - From September 19 - 23, 2025, the price changed from 1.431 to 1.475, with a - 1.31% decrease on the 19th, 3.35% increase on the 22nd, and - 0.27% on the 23rd; the monthly IV decreased from 44.82% to 41.63%, and the next - month IV decreased from 49.19% to 48.22% [42] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 90.30% and the 2 - year reaching up to 94.20% [42] - The skew index of the main contract month on September 23 was 94.59 [45] 3.9 STAR 50ETF - From September 19 - 23, 2025, the price changed from 1.398 to 1.442, with a - 1.20% decrease on the 19th, 3.51% increase on the 22nd, and - 0.35% on the 23rd; the monthly IV decreased from 46.57% to 41.58%, and the next - month IV decreased from 50.41% to 47.52% [49] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 87.30% and the 2 - year reaching up to 94.20% [49] - The skew index of the main contract month on September 23 was 93.04 [52] 3.10 300 Index - From September 19 - 23, 2025, the price changed from 4501.920 to 4519.778, with a 0.08% increase on the 19th, 0.46% on the 22nd, and - 0.06% on the 23rd; the monthly IV decreased from 21.19% to 20.20%, and the next - month IV increased from 20.05% to 20.54% [56] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 83.00% and the 2 - year reaching up to 86.90% [56] - The skew index of the main contract month on September 23 was 95.20 [63] 3.11 1000 Index - From September 19 - 23, 2025, the price changed from 7438.189 to 7408.069, with a - 0.51% decrease on the 19th, 0.69% increase on the 22nd, and - 1.09% on the 23rd; the monthly IV decreased slightly from 27.67% to 27.93%, and the next - month IV increased from 25.77% to 26.92% [64] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 74.20% and the 2 - year reaching up to 80.50% [64] - The skew index of the main contract month on September 23 was 106.39 [67] 3.12 Shanghai 50 Index - From September 19 - 23, 2025, the price changed from 2909.744 to 2919.515, with a - 0.11% decrease on the 19th, 0.43% increase on the 22nd, and - 0.09% on the 23rd; the monthly IV decreased from 20.74% to 19.89%, and the next - month IV increased from 57.44% to 58.30% [68] - The monthly IV quantiles in the past 1 - year and 2 - year periods were relatively high, with the 1 - year monthly IV quantile reaching up to 83.60% and the 2 - year reaching up to 92.40% [68] - The skew index of the main contract month on September 23 was 92.99 [74]