1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market shows a high - level volatile market condition, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all experiencing high - level fluctuations [3]. - The implied volatility of financial options has decreased but remains at a relatively high level of fluctuation [3]. - For ETF options, it is suitable to construct a long - biased buyer strategy and a bull spread strategy for call options; for index options, it is appropriate to build a long - biased seller strategy, a bull spread strategy for call options, and an arbitrage strategy between synthetic long futures of options and short futures [3]. 3. Summary by Related Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,839.76, down 76.47 (-1.95%), with a trading volume of 873.2 billion yuan and an increase of 3.9 billion yuan [4]. - The Shenzhen Component Index closed at 12,688.94, down 397.47 (-3.04%), with a trading volume of 1,064.9 billion yuan and an increase of 3.1 billion yuan [4]. - The SSE 50 Index closed at 2,967.77, down 51.42 (-1.70%), with a trading volume of 148.7 billion yuan and a decrease of 3.3 billion yuan [4]. - The CSI 300 Index closed at 4,514.23, down 104.19 (-2.26%), with a trading volume of 559.1 billion yuan and a decrease of 1.5 billion yuan [4]. - The CSI 500 Index closed at 7,016.07, down 215.47 (-2.98%), with a trading volume of 348.1 billion yuan and a decrease of 11.7 billion yuan [4]. - The CSI 1000 Index closed at 7,185.48, down 216.36 (-2.92%), with a trading volume of 383.9 billion yuan and an increase of 9.6 billion yuan [4]. 3.2 Option - underlying ETF Market Overview - The SSE 50 ETF closed at 3.110, down 0.049 (-1.55%), with a trading volume of 10.476 million lots and an increase of 10.3911 million lots, and a trading value of 3.279 billion yuan and an increase of 0.6 billion yuan [5]. - The SSE 300 ETF closed at 4.624, down 0.097 (-2.05%), with a trading volume of 8.4006 million lots and an increase of 8.3193 million lots, and a trading value of 3.910 billion yuan and an increase of 0.074 billion yuan [5]. - Multiple other ETFs also have their respective closing prices, price changes, trading volume changes, and trading value changes [5]. 3.3 Option Factor - Volume and Open Interest PCR - Different option varieties have their own volume, volume changes, open interest, open interest changes, volume PCR, volume PCR changes, open interest PCR, and open interest PCR changes. For example, the SSE 50 ETF option has a volume of 1.7402 million contracts, an increase of 0.1487 million contracts, an open interest of 1.5636 million contracts, an increase of 0.0309 million contracts, a volume PCR of 1.07 with an increase of 0.12, and an open interest PCR of 0.76 with a decrease of 0.08 [6]. 3.4 Option Factor - Pressure and Support Points - For each option variety, the report provides the underlying closing price, at - the - money strike price, pressure point, pressure point deviation, support point, support point deviation, maximum open interest for calls, and maximum open interest for puts. For instance, the SSE 50 ETF has a closing price of 3.110, an at - the - money strike price of 3.10, a pressure point of 3.20 with a deviation of 0.00, and a support point of 3.10 with a deviation of 0.00 [8]. 3.5 Option Factor - Implied Volatility - Each option variety has its own at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and implied - historical volatility difference. For example, the SSE 50 ETF option has an at - the - money implied volatility of 17.38%, a weighted implied volatility of 18.90% with an increase of 0.84%, an annual average of 16.40%, a call implied volatility of 19.98%, a put implied volatility of 17.57%, a 20 - day historical volatility of 18.13%, and an implied - historical volatility difference of 0.76% [11]. 3.6 Strategy and Recommendations - The financial option sector is divided into large - cap blue - chip stocks, small - and medium - sized boards, and the ChiNext board. Different sub - sectors have different option strategies [13]. - For example, in the financial stock sector (SSE 50 ETF and SSE 50), the SSE 50 ETF shows a short - term bullish upward trend with support below and high - level large - amplitude fluctuations that gradually decline. The implied volatility of SSE 50 ETF options fluctuates above the average, and the open interest PCR indicates increasing upward pressure. Strategies include constructing a short - biased long combination strategy for volatility and a spot long covered call strategy [14].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On October 17, 2025, all stock indices fluctuated and declined, showing weakness throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1954.4 billion yuan, an increase of 570 million yuan from the previous day. Recently, overseas uncertainty risk factors have increased, and the risk - aversion sentiment has risen. Stocks with large previous gains face technical adjustment pressure due to profit - taking. From a macro perspective, the inflation and credit data in September were weak, strengthening the expectation of demand - stabilizing policies on the policy front, which provides medium - to - long - term support for the stock indices. A major policy meeting will be held next week, and the policy front is highly likely to stabilize demand and expectations. In general, the subsequent market trend depends on the rhythm change of the game between profit - taking sentiment and policy -利好 expectations. In the short term, the stock indices are expected to remain in a wide - range shock. Currently, the implied volatility of options remains relatively stable. Considering the medium - to - long - term upward trend of the stock indices, investors can continue to hold bull spreads or covered calls [3] 3. Summary by Relevant Catalogs 3.1 Option Indicators - **Index and ETF Performance**: On October 17, 2025, the 50ETF fell 1.55% to 3.110; the 300ETF (Shanghai Stock Exchange) fell 2.05% to 4.624; the 300ETF (Shenzhen Stock Exchange) fell 2.13% to 4.768; the CSI 300 Index fell 2.26% to 4514.23; the CSI 1000 Index fell 2.92% to 7185.48; the 500ETF (Shanghai Stock Exchange) fell 3.03% to 7.114; the 500ETF (Shenzhen Stock Exchange) fell 2.84% to 2.844; the ChiNext ETF fell 3.28% to 2.915; the Shenzhen 100ETF fell 2.92% to 3.393; the SSE 50 Index fell 1.70% to 2967.77; the STAR 50ETF fell 3.63% to 1.43; the E Fund STAR 50ETF fell 3.68% to 1.39 [5] - **Volume and Open Interest PCR**: The report provides the volume and open interest PCR data of various options on October 17, 2025, and their changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 107.36 (previous day: 94.91), and the open interest PCR was 80.26 (previous day: 84.60) [6] - **Implied Volatility and Historical Volatility**: The report lists the implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options. For instance, the implied volatility of at - the - money SSE 50ETF options in November 2025 was 14.46%, and the 30 - trading - day historical volatility of the underlying asset was 13.31% [7] 3.2 Relevant Charts - **SSE 50ETF Options**: It includes charts of the SSE 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][11][13][19] - **SSE 300ETF Options**: There are charts of the SSE 300ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22][24][26] - **SZSE 300ETF Options**: The charts cover the SZSE 300ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [32][34][36][38] - **CSI 300 Index Options**: Include charts of the CSI 300 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [45][47][49][51] - **CSI 1000 Index Options**: There are charts of the CSI 1000 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [58][62][64][66] - **SSE 500ETF Options**: The charts involve the SSE 500ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [73][75][77][79] - **SZSE 500ETF Options**: Include charts of the SZSE 500ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [86][89][91][92] - **ChiNext ETF Options**: There are charts of the ChiNext ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [99][101][103][105] - **Shenzhen 100ETF Options**: The charts cover the Shenzhen 100ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [112][114][116][118] - **SSE 50 Index Options**: Include charts of the SSE 50 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [125][127][129][131] - **STAR 50ETF Options**: There are charts of the STAR 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [138][140][141][147] - **E Fund STAR 50ETF Options**: The charts cover the E Fund STAR 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [148][150][151][154]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Today, the stock indices showed mixed trends. The SSE 50 and CSI 300 closed up, while the CSI 500 and CSI 1000 closed down. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1948.7 billion yuan, a decrease of 141.7 billion yuan from the previous day. The latest financial data for September indicates that the financing demand of the household sector remains weak, and the problem of insufficient effective domestic demand persists. Coupled with the ongoing impact of external tariff factors, there are strong expectations for policy measures to stabilize the macro - fundamentals in the future, which will provide long - term support for the stock indices. However, in the short term, there are still uncertainties and risks before November, and the significant increase in stock valuations has led to an increase in investors' willingness to take profits, resulting in short - term technical adjustment pressure. Overall, the subsequent market trend depends on the interaction between profit - taking sentiment and policy - driven positive expectations, and the stock indices are expected to remain volatile in the short term. Currently, the implied volatility of options remains relatively stable. Considering the long - term upward trend of the stock indices, investors can continue to hold bull spreads or covered calls [4]. 3. Summary of Each Section 3.1 Option Indicators - On October 16, 2025, the 50ETF rose 0.67% to close at 3.159; the 300ETF (SSE) rose 0.32% to close at 4.721; the 300ETF (SZSE) rose 0.21% to close at 4.872; the CSI 300 Index rose 0.26% to close at 4618.42; the CSI 1000 Index fell 1.09% to close at 7401.84; the 500ETF (SSE) fell 0.77% to close at 7.336; the 500ETF (SZSE) fell 0.88% to close at 2.927; the GEM ETF rose 0.37% to close at 3.014; the Shenzhen 100ETF rose 0.26% to close at 3.495; the SSE 50 Index rose 0.59% to close at 3019.20; the Science and Technology Innovation 50ETF fell 0.93% to close at 1.49; and the E Fund Science and Technology Innovation 50ETF fell 0.82% to close at 1.46 [6]. - The trading volume PCR and open interest PCR of various options are presented, showing changes compared to the previous trading day [7]. - The implied volatility of at - the - money options and the 30 - day historical volatility of the underlying assets for various options are provided [8][9]. 3.2 Related Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [10][11][12]. - **SSE 300ETF Options**: Include charts of the SSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [22][23][24]. - **SZSE 300ETF Options**: Include charts of the SZSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [35][36][37]. - **CSI 300 Index Options**: Include charts of the CSI 300 Index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [48][49][50]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 Index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [61][62][63]. - **SSE 500ETF Options**: Include charts of the SSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [75][76][77]. - **SZSE 500ETF Options**: Include charts of the SZSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [87][88][89]. - **GEM ETF Options**: Include charts of the GEM ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [100][101][102]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [113][114][115]. - **SSE 50 Index Options**: Include charts of the SSE 50 Index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [126][127][128]. - **Science and Technology Innovation 50ETF Options**: Include charts of the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [141][142][143]. - **E Fund Science and Technology Innovation 50ETF Options**: Include charts of the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [151][152][153].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Today, all stock indices oscillated and rebounded. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.0904 trillion yuan, a decrease of 506.2 billion yuan from the previous day. The volume - shrinking rebound of the stock market reflects that the overall market sentiment remains optimistic, with funds entering the market on dips after corrections, and the downside space for stock indices is limited. At the same time, it also shows that funds chasing higher near the previous high points remain relatively cautious [4]. - In the short term, the tariff war has resurfaced, and external uncertainties have increased before November. Coupled with the current relatively high valuation level, investors' willingness to take profits has risen, and there is short - term technical correction pressure. In the medium to long term, the problem of insufficient effective domestic demand still exists, and the disturbance of external tariff factors still remains. There are strong expectations for policy - makers to stabilize the macro - fundamentals, and the expectation of policy benefits forms strong support for the stock indices. The trend of net capital inflow into the A - share market remains unchanged, so the stock indices have strong medium - to - long - term support. Overall, under the game between profit - taking sentiment and policy support, the stock indices are expected to maintain wide - range oscillations in the short term [4]. - Currently, the implied volatility of options remains relatively stable. Considering the medium - to - long - term upward trend of the stock indices, investors can continue to hold bull spreads or covered calls [4]. Summary by Directory 1 Option Indicators - On October 15, 2025, the 50ETF rose 1.23% to close at 3.138; the 300ETF (Shanghai Stock Exchange) rose 1.31% to close at 4.706; the 300ETF (Shenzhen Stock Exchange) rose 1.48% to close at 4.862; the CSI 300 Index rose 1.48% to close at 4606.29; the CSI 1000 Index rose 1.50% to close at 7483.45; the 500ETF (Shanghai Stock Exchange) rose 1.43% to close at 7.393; the 500ETF (Shenzhen Stock Exchange) rose 1.27% to close at 2.953; the ChiNext ETF rose 2.35% to close at 3.003; the Shenzhen 100ETF rose 2.14% to close at 3.486; the SSE 50 Index rose 1.36% to close at 3001.35; the STAR 50ETF rose 1.35% to close at 1.50; the E Fund STAR 50ETF rose 1.10% to close at 1.47 [7]. - The trading volume PCR and position PCR of various ETF options and index options are provided, showing the changes compared with the previous trading day [8]. - The implied volatility of at - the - money options and the 30 - trading - day historical volatility of the underlying assets of various ETF options and index options are presented [9][10]. 2 Related Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [11][13][15]. - **Shanghai Stock Exchange 300ETF Options**: Include charts of the Shanghai Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [23][25][27]. - **Shenzhen Stock Exchange 300ETF Options**: Include charts of the Shenzhen Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [36][38][40]. - **CSI 300 Index Options**: Include charts of the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [50][52][54]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [63][66][68]. - **Shanghai Stock Exchange 500ETF Options**: Include charts of the Shanghai Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [77][79][81]. - **Shenzhen Stock Exchange 500ETF Options**: Include charts of the Shenzhen Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [90][92][94]. - **ChiNext ETF Options**: Include charts of the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [103][105][107]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [116][118][120]. - **SSE 50 Index Options**: Include charts of the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [129][131][133]. - **STAR 50ETF Options**: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [142][143][144]. - **E Fund STAR 50ETF Options**: Include charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [152][153][154].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The stock market shows a high - level volatile decline, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all experiencing such a trend [2]. - The implied volatility of financial options maintains a relatively high - level fluctuation [2]. - For ETF options, it is suitable to construct a long - biased buyer strategy and a bull spread strategy of call options; for index options, it is suitable to construct a long - biased seller strategy, a bull spread strategy of call options, and an arbitrage strategy between synthetic long futures of options and short futures [2]. 3. Summary by Related Catalogs 3.1 Stock Market and Option Market Overview - **Stock Market Indexes**: The Shanghai Composite Index closed at 3,865.23, down 0.62%; the Shenzhen Component Index closed at 12,895.11, down 2.54%; other indexes also showed different degrees of decline [3]. - **Option - based ETFs**: Various option - based ETFs such as the SSE 50 ETF, SSE 300 ETF, etc., showed price declines and changes in trading volume and turnover [4]. - **Option Factors - Volume and Position PCR**: Different option varieties have different volume and position PCR values and their changes, which can be used to analyze the strength of the option - based market and potential turning points [5][6]. - **Option Factors - Pressure and Support Points**: From the perspective of the maximum open interest of call and put options, the pressure and support points of different option - based assets are obtained [7][8]. - **Option Factors - Implied Volatility**: The implied volatility of different option varieties shows different levels and changes, which can be used to measure market expectations [9][10]. 3.2 Strategy and Recommendations - **Market Segmentation**: The financial option market is divided into large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks, with specific index and ETF representatives for each segment [11]. - **Option Strategies for Each Segment** - **Financial Stocks (SSE 50 ETF, SSE 50)**: The SSE 50 ETF shows a long - biased high - level volatile trend. Strategies include constructing a long - biased seller portfolio strategy and a spot long - covered call strategy [12]. - **Large - Cap Blue - Chip Stocks (SSE 300 ETF, SZSE 300 ETF, CSI 300)**: These show a long - biased upward trend with short - term support. Strategies include constructing a short - volatility strategy of selling call and put options and a spot long - covered call strategy [12]. - **Large - and Medium - Sized Stocks (SZSE 100 ETF)**: It shows a long - biased upward trend followed by a large decline. Strategies include constructing a bull spread strategy of call options, a short - volatility strategy, and a spot long - covered call strategy [13]. - **Small - and Medium - Cap Stocks (SSE 500 ETF, SZSE 500 ETF, CSI 1000)**: They show a long - biased upward trend followed by a large decline. Strategies include constructing a bull spread strategy of call options and a spot long - covered call strategy [13][14]. - **ChiNext Stocks (ChiNext ETF, Huaxia Science and Technology Innovation 50 ETF, E Fund Science and Technology Innovation 50 ETF)**: They show a long - term upward trend followed by a sharp decline. Strategies include constructing a short - volatility strategy and a spot long - covered call strategy [14]. 3.3 Option Charts - **SSE 50 ETF Option Charts**: Include price trend charts, volume and position charts, PCR charts, implied volatility charts, etc., which can visually show the market performance of SSE 50 ETF options [16][20][26][31]. - **SSE 300 ETF Option Charts**: Similar to the SSE 50 ETF, including price, volume, position, PCR, and implied volatility charts [33][34][40][43][47]. - **SSE 500 ETF Option Charts**: Provide information on price trends, volume, position, PCR, and implied volatility of SSE 500 ETF options [52][55][61][64]. - **ChiNext ETF Option Charts**: Show the price, volume, position, PCR, and implied volatility of ChiNext ETF options [70][75][78][82]. - **SZSE 100 ETF Option Charts**: Include price, volume, position, PCR, and implied volatility charts of SZSE 100 ETF options [90][93][98][102]. - **CSI 1000 Index Option Charts**: Provide information on price trends, volume, position, PCR, and implied volatility of CSI 1000 index options [110][116][118][126].

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - On October 14, 2025, all stock indices fluctuated downward, with significant declines in the CSI 1000 and CSI 500. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2596.6 billion yuan, an increase of 222.4 billion yuan from the previous day [3]. - Due to the resurgence of the tariff war and the approaching external uncertainties before November, combined with the current relatively high valuation level, investors' willingness to take profits has increased, leading to a correction in the stock indices [3]. - Trump's tariff threats have a short - term impact on the A - share market, with a weaker marginal effect than in early April this year, and the impact is relatively limited [3]. - There are still issues of insufficient effective domestic demand, and external tariff factors continue to cause disturbances. However, there are strong expectations for policy support to stabilize the macro - fundamentals, which provides strong support for the stock indices [3]. - The investment attribute of A - shares is valued by the policy, and there is a trend of social wealth flowing into the stock market. Continuous capital inflows will be a long - term driving force for the upward movement of the stock indices [3]. - In the short term, the stock indices are expected to fluctuate widely. Currently, the implied volatility of options remains at a low level. Considering the long - term upward trend of the stock indices, investors can continue to hold bull spreads or covered calls [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - On October 14, 2025, the 50ETF fell 0.03% to 3.100; the 300ETF (Shanghai Stock Exchange) fell 1.00% to 4.645; the 300ETF (Shenzhen Stock Exchange) fell 1.09% to 4.791; the CSI 300 Index fell 1.20% to 4539.06; the CSI 1000 Index fell 1.95% to 7373.15; the 500ETF (Shanghai Stock Exchange) fell 2.41% to 7.289; the 500ETF (Shenzhen Stock Exchange) fell 2.25% to 2.916; the GEM ETF fell 3.93% to 2.934; the Shenzhen 100ETF fell 2.54% to 3.413; the SSE 50 Index fell 0.21% to 2961.10; the STAR 50ETF fell 4.20% to 1.48; and the E Fund STAR 50ETF fell 4.10% to 1.45 [5]. - The trading volume PCR and open interest PCR of various options on October 14, 2025, and their changes compared with the previous trading day are provided in detail, including those of the SSE 50ETF options, SSE 300ETF options, etc [6]. - The implied volatility of at - the - money options in October or November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options are presented, such as the SSE 50ETF options with an implied volatility of 17.33% and a 30 - trading - day historical volatility of 15.11% [7]. 3.2 Relevant Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9]. - **SSE 300ETF Options**: Include charts of the SSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20]. - **SZSE 300ETF Options**: Include charts of the SZSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [32]. - **CSI 300 Index Options**: Include charts of the CSI 300 index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [44]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [57]. - **SSE 500ETF Options**: Include charts of the SSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [71]. - **SZSE 500ETF Options**: Include charts of the SZSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [84]. - **GEM ETF Options**: Include charts of the GEM ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [98]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [111]. - **SSE 50 Index Options**: Include charts of the SSE 50 index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [124]. - **STAR 50ETF Options**: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [138]. - **E Fund STAR 50ETF Options**: Include charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [145].

Report Industry Investment Rating - No relevant content provided. Core Viewpoints of the Report - The underlying index market remains in a bull market in Q4 2025, but there is a local overheating of leveraged funds in the short - term. The implied volatility of options is at a moderately low level, and there may be local volatility pulses in Q4 due to increased Sino - US relations uncertainty. In a bull market with a negative skew structure, shorting out - of - the - money put options after local volatility pulses is worth attention. As Sino - US relations uncertainty grows, index trends may shift from unilateral upward to range - bound, and investors with long futures positions are advised to sell out - of - the - money call options near the upper bound of the range for additional income [4][5][66]. Summary by Relevant Catalogs 2025 Pre - Q3 Financial Options Market Operation Option Market Activity Highly Differentiated - There are 12 listed financial options, with 5 on the SSE, 4 on the SZSE, and 3 on the CFFEX. From January 1 to September 25, 2025, the total trading volume was 1.353 billion contracts, with an average daily trading volume of 7.516 million contracts, a total turnover of 1.25744 trillion yuan, an average daily turnover of 6.986 billion yuan, and an average daily open interest of 8.706 million contracts. Compared with the same period in 2024, the average daily trading volume, turnover, and open interest increased by about 17%, 48%, and 47% respectively. In Q3 2025, the average daily turnover increased by 101.4% quarter - on - quarter. The turnover of small - and medium - cap index options and ChiNext options increased significantly, while that of large - cap index options changed little [10][11][12]. Market Prefers to Trade Growth - Oriented Index Options - In Q3 2025, the CSI 1000 index options had the highest market share at 33.29%, followed by the Southern CSI 500 ETF options at 18.05%, and the ChiNext ETF options at 12.85%. The market generally prefers growth - oriented index options with higher volatility [14]. The PCR of Open Interest Indicates Over - Enthusiasm among Put Option Sellers - In Q3 2025, the PCR of open interest of major financial options mostly followed the underlying index's fluctuations, showing an upward - trending oscillation. The PCR of IO and MO options reached extremely high levels above the 99th percentile, indicating an over - proportion of put option sellers and local market overheating [20]. Stock Index Options Market Volatility Option Implied Volatility Shows an Up - and - Down Trend - In Q3 2025, the implied volatility of options first rose and then fell. The average implied volatility of IO and MO options reached around the 90th and 87th percentiles in the past three years, respectively. During the upward movement of the underlying index, the implied volatility showed different patterns at different stages. Currently, the implied volatility has returned to a relatively low level in the past five - year period, and the room for further decline is limited [23][28][29]. The Proportion of Negative Skew Decreased Significantly in Q3 - The proportion of negative skew in Q3 decreased compared with Q2. The decrease was partly due to the end of the dividend period of index component stocks and the stagnation of small - cap stocks after late August, which reduced the hedging demand of public and private funds. The buying momentum of out - of - the - money call options weakened after reaching a high in late August, indicating market caution [33][35]. The Frequency of "Near - Low, Far - High" Implied Volatility Increases - Taking the CSI 300 and CSI 1000 index options as examples, the proportion of the "near - low, far - high" term structure of the CSI 1000 index options increased in Q3, indicating a relatively stable market trend and a lower frequency of short - term sharp fluctuations, suggesting a healthier and more sustainable market upward movement [38][40]. Q4 Volatility Outlook - In Q3 2025, the difference between the implied volatility and the 30 - day historical volatility of IO and MO options had a certain range of fluctuations, and the average difference showed that the environment for option sellers improved compared with Q2. Currently, the implied volatility of the CSI 300 and CSI 1000 index options has bottomed out and rebounded, with a moderately low premium level. There is a possibility of upward volatility pulses in Q4 [41][42][44]. Option Strategy Review and Recommendation Long - Term Excess Returns of IM Long Positions - As of October 10, 2025, long - term holding of the IM current - month contract has achieved a cumulative return of 44.5%, 11.2 percentage points higher than the CSI 1000 index. However, there was a significant retracement from mid - August to early September due to the stagnation of small - cap stocks and the convergence of futures discounts [45]. Returns of Put Option Sellers in the First Three Quarters - Back - testing shows that although put option sellers did not outperform the underlying index in Q3, the stability of the fund curve was better, and the average retracement was significantly reduced [48]. Quantitative Timing Strategy Based on Option Synthetic Underlying Premiums - The quantitative timing strategy based on ETF option synthetic underlying premiums has achieved an annualized return of 19.5% and a maximum retracement of 17.83% on the CSI 500 index futures since 2018. In the first three quarters of 2025, it achieved an absolute return of 21.41% with a maximum retracement of only 3.25% [54]. Classic Option Double - Selling Strategy - The double - selling strategy is most suitable for the relatively stable SSE 50 index options, with a cumulative return of 12.96% and a maximum retracement of less than 6% in the first three quarters of 2025. The IO option double - selling strategy has achieved positive returns but suffered a significant retracement during the unilateral market since July. The MO option double - selling strategy has the most unstable returns, with a cumulative return of - 2.52% and a relatively large maximum retracement [56][58]. Q4 2025 Outlook - In Q4 2025, the underlying index market is still in a bull market, but there is local overheating of leveraged funds in the short - term. The implied volatility of options is at a moderately low level, and there may be local volatility pulses. In a bull market with a negative skew structure, shorting out - of - the - money put options after local volatility pulses is worth attention. As Sino - US relations uncertainty grows, index trends may shift from unilateral upward to range - bound, and investors with long futures positions are advised to sell out - of - the - money call options near the upper bound of the range for additional income [66].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market showed a slight decline in the bullish trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks all experiencing this pattern [2]. - The implied volatility of financial options remained at a relatively high level [2]. - For ETF options, it is suitable to construct bullish buyer strategies and call option bull spread combination strategies; for index options, it is appropriate to build bullish seller strategies, call option bull spread combination strategies, and arbitrage strategies between synthetic long futures of options and short futures [2]. 3. Summary by Related Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,889.50, down 0.19% with a trading volume of 10,854 billion yuan, a decrease of 467 billion yuan [3]. - The Shenzhen Component Index closed at 13,231.47, down 0.93% with a trading volume of 12,693 billion yuan, a decrease of 1,142 billion yuan [3]. - The SSE 50 Index closed at 2,967.21, down 0.26% with a trading volume of 1,858 billion yuan, a decrease of 144 billion yuan [3]. - The CSI 300 Index closed at 4,593.98, down 0.50% with a trading volume of 7,140 billion yuan, a decrease of 787 billion yuan [3]. - The CSI 500 Index closed at 7,376.56, down 0.29% with a trading volume of 4,733 billion yuan, a decrease of 288 billion yuan [3]. - The CSI 1000 Index closed at 7,519.76, down 0.19% with a trading volume of 4,710 billion yuan, a decrease of 147 billion yuan [3]. 3.2 Option - underlying ETF Market Overview - The SSE 50 ETF closed at 3.101, down 0.35% with a trading volume of 537.71 million shares and a trading value of 16.58 billion yuan, a decrease of 12.56 billion yuan [4]. - The SSE 300 ETF closed at 4.692, down 0.57% with a trading volume of 965.84 million shares and a trading value of 45.00 billion yuan, a decrease of 10.82 billion yuan [4]. - The SSE 500 ETF closed at 7.469, down 0.48% with a trading volume of 386.54 million shares and a trading value of 28.63 billion yuan, an increase of 6.66 billion yuan [4]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.546, up 1.18% with a trading volume of 4,771.06 million shares and a trading value of 73.06 billion yuan, a decrease of 15.02 billion yuan [4]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.513, up 1.00% with a trading volume of 1,520.00 million shares and a trading value of 22.74 billion yuan, a decrease of 2.31 billion yuan [4]. - The Shenzhen 300 ETF closed at 4.844, down 0.47% with a trading volume of 240.51 million shares and a trading value of 11.56 billion yuan, a decrease of 1.90 billion yuan [4]. - The Shenzhen 500 ETF closed at 2.983, down 0.50% with a trading volume of 210.99 million shares and a trading value of 6.23 billion yuan, an increase of 2.00 billion yuan [4]. - The Shenzhen 100 ETF closed at 3.502, down 1.27% with a trading volume of 92.51 million shares and a trading value of 3.22 billion yuan, an increase of 1.17 billion yuan [4]. - The ChiNext ETF closed at 3.054, down 1.32% with a trading volume of 2,223.55 million shares and a trading value of 67.31 billion yuan, a decrease of 2.51 billion yuan [4]. 3.3 Option Factor - Volume and Position PCR - For SSE 50 ETF options, the trading volume PCR was 1.20 (up 0.35), and the position PCR was 0.69 (down 0.02) [5]. - For SSE 300 ETF options, the trading volume PCR was 1.31 (up 0.16), and the position PCR was 0.86 (down 0.05) [5]. - For SSE 500 ETF options, the trading volume PCR was 1.32 (up 0.25), and the position PCR was 1.25 (up 0.04) [5]. - For Huaxia Science and Technology Innovation 50 ETF options, the trading volume PCR was 1.13 (up 0.06), and the position PCR was 1.05 (up 0.02) [5]. - For E Fund Science and Technology Innovation 50 ETF options, the trading volume PCR was 1.11 (up 0.32), and the position PCR was 0.85 (down 0.01) [5]. - For Shenzhen 300 ETF options, the trading volume PCR was 1.32 (up 0.28), and the position PCR was 0.76 (up 0.04) [5]. - For Shenzhen 500 ETF options, the trading volume PCR was 1.40 (up 0.50), and the position PCR was 0.88 (down 0.02) [5]. - For Shenzhen 100 ETF options, the trading volume PCR was 1.81 (down 0.33), and the position PCR was 1.21 (up 0.04) [5]. - For ChiNext ETF options, the trading volume PCR was 1.20 (up 0.14), and the position PCR was 0.98 (down 0.07) [5]. - For SSE 50 index options, the trading volume PCR was 0.70 (up 0.16), and the position PCR was 0.72 (unchanged) [5]. - For CSI 300 index options, the trading volume PCR was 0.91 (up 0.19), and the position PCR was 0.88 (down 0.01) [5]. - For CSI 1000 index options, the trading volume PCR was 1.07 (up 0.11), and the position PCR was 0.99 (unchanged) [5]. 3.4 Option Factor - Pressure and Support Points - The pressure point of SSE 50 ETF was 3.20, and the support point was 3.10 [7]. - The pressure point of SSE 300 ETF was 4.80, and the support point was 4.60 [7]. - The pressure point of SSE 500 ETF was 7.50, and the support point was 7.25 [7]. - The pressure point of Huaxia Science and Technology Innovation 50 ETF was 1.65, and the support point was 1.50 [7]. - The pressure point of E Fund Science and Technology Innovation 50 ETF was 1.60, and the support point was 1.50 [7]. - The pressure point of Shenzhen 300 ETF was 4.90, and the support point was 4.70 [7]. - The pressure point of Shenzhen 500 ETF was 3.00, and the support point was 2.90 [7]. - The pressure point of Shenzhen 100 ETF was 3.60, and the support point was 2.90 [7]. - The pressure point of ChiNext ETF was 3.20, and the support point was 3.10 [7]. - The pressure point of SSE 50 index was 3,000, and the support point was 2,900 [7]. - The pressure point of CSI 300 index was 4,700, and the support point was 4,500 [7]. - The pressure point of CSI 1000 index was 7,500, and the support point was 7,200 [7]. 3.5 Option Factor - Implied Volatility - The at - the - money implied volatility of SSE 50 ETF options was 17.41%, and the weighted implied volatility was 19.20% (up 1.53%) [9]. - The at - the - money implied volatility of SSE 300 ETF options was 18.34%, and the weighted implied volatility was 19.56% (up 2.28%) [9]. - The at - the - money implied volatility of SSE 500 ETF options was 21.51%, and the weighted implied volatility was 23.12% (up 2.68%) [9]. - The at - the - money implied volatility of Huaxia Science and Technology Innovation 50 ETF options was 44.86%, and the weighted implied volatility was 46.89% (up 2.80%) [9]. - The at - the - money implied volatility of E Fund Science and Technology Innovation 50 ETF options was 44.29%, and the weighted implied volatility was 47.02% (up 2.20%) [9]. - The at - the - money implied volatility of Shenzhen 300 ETF options was 18.98%, and the weighted implied volatility was 21.31% (up 3.03%) [9]. - The at - the - money implied volatility of Shenzhen 500 ETF options was 22.10%, and the weighted implied volatility was 23.40% (up 1.31%) [9]. - The at - the - money implied volatility of Shenzhen 100 ETF options was 26.08%, and the weighted implied volatility was 32.51% (up 4.10%) [9]. - The at - the - money implied volatility of ChiNext ETF options was 38.06%, and the weighted implied volatility was 40.71% (up 3.51%) [9]. - The at - the - money implied volatility of SSE 50 index options was 16.59%, and the weighted implied volatility was 17.86% (up 0.92%) [9]. - The at - the - money implied volatility of CSI 300 index options was 17.91%, and the weighted implied volatility was 18.61% (up 1.96%) [9]. - The at - the - money implied volatility of CSI 1000 index options was 22.16%, and the weighted implied volatility was 23.99% (up 2.87%) [9]. 3.6 Strategy and Recommendations 3.6.1 Financial Stock Sector (SSE 50 ETF, SSE 50) - SSE 50 ETF showed a bullish trend with high - level fluctuations. The implied volatility remained above the average, and the position PCR indicated increasing upward pressure. The pressure point was 3.20, and the support point was 3.10. Recommended strategies included a seller - biased bullish combination strategy for volatility and a spot long - covered call strategy [12]. 3.6.2 Large - Cap Blue - Chip Stock Sector (CSI 300, SSE 300 ETF, Shenzhen 300 ETF) - SSE 300 ETF showed a bullish trend with support at the short - term bottom. The implied volatility remained above the average, and the position PCR indicated increasing upward pressure. The pressure point was 4.80, and the support point was 4.60. Recommended strategies included a short - volatility strategy of selling calls and puts and a spot long - covered call strategy [12]. 3.6.3 Large - and Medium - Sized Stock Sector (Shenzhen 100 ETF) - Shenzhen 100 ETF showed a bullish trend with a significant decline. The implied volatility was at a relatively high level, and the position PCR indicated a strong - oscillating market. The pressure point was 3.60, and the support point was 2.90. Recommended strategies included a call bull spread strategy for direction, a short - volatility strategy of selling calls and puts, and a spot long - covered call strategy [13]. 3.6.4 Small - and Medium - Sized Stock Sector (SSE 500 ETF, Shenzhen 500 ETF, CSI 1000) - SSE 500 ETF showed a short - term bullish trend with high - level fluctuations. The implied volatility remained at a relatively high level, and the position PCR indicated a bullish oscillation. The pressure point was 7.50, and the support point was 7.25. Recommended strategies included a call bull spread strategy for direction and a spot long - covered call strategy [13]. - CSI 1000 showed a bullish trend with high - level fluctuations. The implied volatility increased to a relatively high level, and the position PCR indicated an oscillating market. The pressure point was 7,500, and the support point was 7,200. Recommended strategies included a short - volatility strategy of selling calls and puts [14]. 3.6.5 ChiNext Sector (Huaxia Science and Technology Innovation 50 ETF, E Fund Science and Technology Innovation 50 ETF, ChiNext ETF) - ChiNext ETF showed a bullish trend with a rapid decline after breaking through. The implied volatility increased to a historical high and then declined significantly, and the position PCR indicated an oscillating market. The pressure point was 3.20, and the support point was 3.10. Recommended strategies included a short - volatility strategy and a spot long - covered call strategy [14].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The stock market shows a significant decline in the bullish trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks all experiencing such a market situation [3]. - The implied volatility of financial options maintains a relatively high - level fluctuation [3]. - For ETF options, it is suitable to construct a bullish buyer strategy and a bull spread strategy for call options; for index options, it is suitable to construct a bullish seller strategy, a bull spread strategy for call options, and an arbitrage strategy between synthetic long futures of options and short futures [3]. 3. Summary According to Related Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,897.03, down 36.94 points or 0.94%, with a trading volume of 113.21 billion yuan, a decrease of 84.8 billion yuan [4]. - The Shenzhen Component Index closed at 13,355.42, down 370.14 points or 2.70%, with a trading volume of 138.35 billion yuan, a decrease of 52.8 billion yuan [4]. - The Shanghai 50 Index closed at 2,974.85, down 45.74 points or 1.51%, with a trading volume of 20.02 billion yuan, a decrease of 31.7 billion yuan [4]. - The CSI 300 Index closed at 4,616.83, down 92.65 points or 1.97%, with a trading volume of 79.27 billion yuan, a decrease of 69.5 billion yuan [4]. - The CSI 500 Index closed at 7,398.22, down 150.70 points or 2.00%, with a trading volume of 50.21 billion yuan, a decrease of 33.6 billion yuan [4]. - The CSI 1000 Index closed at 7,533.82, down 114.23 points or 1.49%, with a trading volume of 48.57 billion yuan, a decrease of 44.8 billion yuan [4]. 3.2 ETF Market Overview - The Shanghai 50 ETF closed at 3.112, down 0.049 or 1.55%, with a trading volume of 9.3123 million shares, an increase of 9.2448 million shares, and a trading value of 2.914 billion yuan, an increase of 786 million yuan [5]. - The Shanghai 300 ETF closed at 4.719, down 0.097 or 2.01%, with a trading volume of 11.7464 million shares, an increase of 11.6567 million shares, and a trading value of 5.582 billion yuan, an increase of 1.273 billion yuan [5]. - Other ETFs also have their respective closing prices, price changes, trading volumes, and trading value changes [5]. 3.3 Option Factor - Volume and Position PCR - For different option varieties such as Shanghai 50 ETF, Shanghai 300 ETF, etc., their trading volume, volume change, open interest, open interest change, volume PCR, and position PCR are provided, along with their corresponding changes [6]. 3.4 Option Factor - Pressure and Support Points - For each option variety, the pressure points, support points, and their offsets are given, as well as the maximum open interest of call and put options [8]. 3.5 Option Factor - Implied Volatility - The implied volatility data of different option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and its change, annual average, call implied volatility, put implied volatility, HISV20, and the difference between implied and historical volatility [11]. 3.6 Strategy and Suggestions - The financial option sector is divided into large - cap blue - chip stocks, small and medium - sized boards, and ChiNext. Different sectors have corresponding representative option varieties [13]. - For each sector, partial varieties are selected to provide option strategies and suggestions, and each option variety has its own analysis of underlying market conditions, option factor research, and option strategy suggestions [13]. - For example, in the financial stock sector (Shanghai 50 ETF, Shanghai 50), the underlying market shows a bullish high - level volatile pattern with short - term support below. The implied volatility of options maintains a level above the mean, and the position PCR indicates increasing pressure above. Strategies include constructing a seller - biased bullish combination strategy and a spot long - covered call strategy [14].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On September 30, 2025, all stock indices fluctuated and rose. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 2197.2 billion yuan, an increase of 19.1 billion yuan from the previous day. The manufacturing PMI continued to recover in September, indicating strong resilience in the domestic macro - economy. Coupled with the expectation of policy benefits from the important meeting in October, market risk appetite continued to rise. However, in the short term, due to the significant increase in the stock valuation, especially when the index rebounded near the previous high, there was still a need for profit - taking by profitable funds. It was necessary to pay attention to the game between the subsequent profit - taking rhythm of funds and the fermentation of policy expectations. In general, since the index was approaching the previous high, the stock index was expected to fluctuate widely in the short term. Currently, the implied volatility of options has rebounded. Considering the long - term upward trend of the stock index, one could continue to hold bull spreads or ratio spreads [3] Group 3: Summary of Each Section 1 Option Indicators - On September 30, 2025, the 50ETF rose 0.55% to close at 3.126; the 300ETF (Shanghai Stock Exchange) rose 0.27% to close at 4.741; the 300ETF (Shenzhen Stock Exchange) rose 0.31% to close at 4.895; the CSI 300 Index rose 0.45% to close at 4640.69; the CSI 1000 Index rose 1.03% to close at 7574.96; the 500ETF (Shanghai Stock Exchange) rose 0.76% to close at 7.519; the 500ETF (Shenzhen Stock Exchange) rose 0.74% to close at 3.002; the ChiNext ETF rose 0.12% to close at 3.217; the Shenzhen 100ETF rose 0.19% to close at 3.615; the SSE 50 Index rose 0.53% to close at 2988.94; the STAR 50ETF rose 1.75% to close at 1.57; the E Fund STAR 50ETF rose 1.79% to close at 1.54 [5] - The report also provided the volume PCR and open - interest PCR data for various options on September 30, 2025, and compared them with the previous trading day [6] - The implied volatility of at - the - money options in October 2025 and the 30 - trading - day historical volatility of the underlying assets were presented for different options [7][8] 2 Related Charts - The report included charts related to the trends, option volatilities, volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatilities of different terms for various options such as the SSE 50ETF option, SSE 300ETF option, Shenzhen 300ETF option, CSI 300 Index option, CSI 1000 Index option, SSE 500ETF option, Shenzhen 500ETF option, ChiNext ETF option, Shenzhen 100ETF option, SSE 50 Index option, STAR 50ETF option, and E Fund STAR 50ETF option [9][21][33][45][56][70][83][96][109][122][135][142]