Report Industry Investment Rating - Not provided in the report Core Viewpoints - Futures: Short - term stock indices are expected to fluctuate widely. Last week, all stock indices fluctuated upwards. With the release of the communiqué of the Fourth Plenary Session of the 20th CPC Central Committee, the high - tech industry is expected to receive more policy support, leading to significant gains in technology - related stocks. Although the Sino - US economic and trade consultations did not reach a substantial agreement, external uncertainties have eased, and investors' risk appetite has recovered. However, the incremental policy benefits are expected to gradually weaken. Overall, short - term stock indices are expected to be characterized by wide - range fluctuations [3][9][83] - ETF and stock index options: Maintain a bullish spread with a mild bullish view. Recently, the implied volatility of options has been relatively stable. Since the probability of stock indices rising in the medium - to - long term is high, investors can hold bullish spreads or ratio spreads for a mild bullish position [4][84] Summary by Directory 1 Market Review 1.1 Stock Index Trends - Last week, all stock indices fluctuated upwards. Policy support for the high - tech industry led to significant gains in technology - related stocks. The Sino - US economic and trade consultations eased external uncertainties, and investors' risk appetite recovered. However, the incremental policy benefits are expected to weaken. Short - term stock indices are expected to fluctuate widely. The specific data of the four major indices are as follows: the Shanghai 50 Index closed at 3045.816, with a daily increase of 0.62% and a weekly increase of 2.63%; the CSI 300 Index closed at 4660.684, with a daily increase of 1.18% and a weekly increase of 3.24%; the CSI 500 Index closed at 7258.534, with a daily increase of 1.62% and a weekly increase of 3.46%; the CSI 1000 Index closed at 7419.24, with a daily increase of 1.52% and a weekly increase of 3.25% [9][14] 1.2 Option Price Trends - This week, the 50ETF rose 2.64% to close at 3.192; the 300ETF (SSE) rose 3.16% to close at 4.770; the 300ETF (SZSE) rose 3.10% to close at 4.916; the CSI 300 Index rose 3.24% to close at 4660.68; the CSI 1000 Index rose 3.25% to close at 7419.24; the 500ETF (SSE) rose 3.58% to close at 7.369; the 500ETF (SZSE) rose 3.38% to close at 2.940; the GEM ETF rose 7.96% to close at 3.147; the Shenzhen 100ETF rose 5.19% to close at 3.569; the Shanghai 50 Index rose 2.63% to close at 3045.82; the STAR 50ETF rose 7.12% to close at 1.54; the E Fund STAR 50ETF rose 7.13% to close at 1.49 [17] 1.3 Futures Basis and Monthly Spreads - The basis of the four stock index futures varieties: The basis of IF and IH is at a normal quantile level, while IM and IC show a significant premium in the far - month futures. The inter - period spreads of IC and IM futures have rebounded, indicating that the market's short - term risk preference for IC and IM has increased [23] 2 Option Indicators 2.1 PCR Indicators - The trading volume PCR and position PCR data of various options are provided, including the Shanghai 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 index options, CSI 1000 index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, Shanghai 50 stock index options, STAR 50ETF options, and E Fund STAR 50ETF options [37] 2.2 Implied Volatility - The implied volatility of the at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided, including the Shanghai 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 index options, CSI 1000 index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, Shanghai 50 stock index options, STAR 50ETF options, and E Fund STAR 50ETF options [56] 3 Conclusion - Futures: Short - term stock indices are expected to fluctuate widely [83] - ETF and stock index options: Maintain a bullish spread with a mild bullish view [84]

- The report introduces the **Cinda-VIX volatility index**, which reflects investors' expectations of future volatility in the options market. The index is structured to capture volatility across different time horizons, providing insights into market sentiment and risk expectations[62][61][64] - The methodology for constructing the Cinda-VIX index is based on overseas practices and adjusted to fit the characteristics of China's options market. The calculation is detailed in the research series "Exploring Market Sentiment Embedded in the Options Market"[62][61] - As of October 24, 2025, the 30-day Cinda-VIX values for major indices are: 19.23 for SSE 50, 19.32 for CSI 300, 27.76 for CSI 500, and 24.15 for CSI 1000[62][63][64] - The report also introduces the **Cinda-SKEW index**, which measures the skewness of implied volatility across different strike prices of options. This index helps investors understand market expectations regarding the distribution of future returns and potential tail risks[66][67][61] - The SKEW index is particularly useful for identifying market concerns about extreme negative events, often referred to as "black swan" risks. A SKEW value above 100 indicates heightened investor concern about significant downside risks[67][66] - As of October 24, 2025, the SKEW values for major indices are: 101.75 for SSE 50, 103.69 for CSI 300, 102.25 for CSI 500, and 102.63 for CSI 1000[67][68][66]

Report Summary Core View - There are both positive and negative factors in the bond market. Geopolitical risks and the escalation of the Sino-US trade war support the bond market, while the accelerated bond supply and the weak performance of long-term interest rate bonds pose challenges. Traders can focus on short-term trading opportunities for rebounds while controlling risks [2] Factors Analysis Positive Factors - High geopolitical risks increase market risk aversion, supporting the bond market [2] - The escalation of the Sino-US trade war drives down the spot bond interest rate, which is beneficial to futures prices [2] Negative Factors - The accelerated bond supply may put pressure on market liquidity [2] - Long-term interest rate bonds are relatively weak, with the 30-year Treasury bond futures falling [2] Data Analysis - **Yield to Maturity**: The report presents the yield to maturity data of 2Y, 5Y, 7Y, 10Y, and 30Y Treasury bonds from 2024/04 to 2025/08 [3] - **Funding Rate**: It shows the funding rate data including the weighted average rate of pledged repo by deposit-taking institutions for 1-day and 7-day, and the 7-day reverse repo rate from 2023/12 to 2025/06 [3] - **Term Spread**: The term spreads of 7Y - 2Y and 30Y - 7Y Treasury bonds are presented from 2024/04 to 2025/08 [4][5] - **Futures Position and Trading Volume**: The position data of 2-year, 5-year, 10-year, and 30-year Treasury bond futures from 2015/12 to 2023/12 and the trading volume data from 2024/04 to 2025/08 are shown [7][8] - **Basis and Spread**: The basis data of 2-year, 5-year, 10-year, and 30-year Treasury bond futures for the current quarter, as well as the inter - quarterly spreads of these futures and the cross - variety spreads of TS*4 - T and T*3 - TL are provided [9][11][12][16][17][18][19][20]

Core Viewpoint - The article discusses the ongoing tug-of-war in the gold market, highlighting the shifting roles of institutional and retail investors amidst significant price volatility and the upcoming U.S. inflation data as a critical factor influencing market direction [5][9][11]. Market Dynamics - The gold market is experiencing a significant shift, with institutions seemingly exiting and retail investors entering, although the roles of both groups are fluid and change with market conditions [5][6]. - On October 23, an analyst suggested a short position on gold at $4102 per ounce, with a stop-loss at $4108 and a target at $4060, indicating a strategy of small losses for larger gains [5]. - However, the market reacted differently, with gold prices rising and breaking through key resistance levels, prompting the analyst to switch to a long position at $4104 per ounce [6][7]. Price Movements - On the same day, gold prices exhibited extreme volatility, closing at $4138.42 per ounce, reflecting a 1.81% increase [7]. - The options market showed a buildup of put options below $4100 per ounce, while call options above this level were quickly cleared, indicating a market under pressure and poised for a breakout around $4155 per ounce [8]. Inflation Data Impact - The upcoming U.S. September CPI data is seen as a pivotal variable for the gold market, with expectations of an increase from 2.9% to 3.1% and core CPI remaining at 3.1% [11]. - Market expectations suggest a 96.7% probability of a 25 basis point rate cut by the Federal Reserve in October, which could be influenced by the CPI data [11]. Potential Scenarios - Three potential scenarios based on the CPI data are outlined: 1. If CPI increases ≤0.2%, expectations for rate cuts may rise, pushing gold to $4175 per ounce [12]. 2. If CPI increases ≥0.5%, rate cut expectations may diminish, leading gold to drop below $4095 per ounce [12]. 3. If CPI is around 0.3%, gold may oscillate between $4095 and $4145 per ounce, creating opportunities for options strategies [12]. Historical Context - The article draws parallels between the current gold market and past situations, such as early 2013, where conflicting factors led to unpredictable price movements [15]. - The upcoming CPI data is positioned as a potential catalyst for breaking the current market equilibrium, with implications for both gold and the U.S. dollar [15][16].

Report Industry Investment Rating - Not provided in the content Core View of the Report - The market shows signs of emotional repair. High - dividend sectors like coal, petrochemicals, and utilities lead the rise. The "technology + anti - involution" is expected to be the mid - term main line. In the short term, use a dumbbell structure for operation. For options, continue the covered call strategy, and for bonds, pay attention to policy signal releases [1][7] Summary by Relevant Catalogs Market Views Stock Index Futures - Yesterday's market showed a V - shaped trend with a significant afternoon rebound. The Wind All - A Index rose slightly by 0.14%. High - dividend sectors led the gains. Although the style was value - oriented, there were signs of emotional repair. The futures positions increased significantly, and the decline of hot topics like semiconductors narrowed in the afternoon. After the Fourth Plenary Session, "technology + anti - involution" is the mid - term main line. Use a dumbbell structure for operation. Suggest holding Red Chip ETF + IM [1][7] Stock Index Options - On Thursday, the trading volume of each option variety recovered compared to Wednesday but remained below 10 billion. The low trading volume on Wednesday implied a recent market trading idea of being inclined to fluctuate. The increase in trading volume on Thursday was due to the morning market decline and the increased hedging demand. The implied volatility of options increased by 0.84%. Currently, continue the covered call strategy [2][7] Treasury Bond Futures - Yesterday, treasury bond futures closed down across the board. The long - position holders may have strong motivation to leave the market, with the T main contract's position decreasing by 7491 lots. The central bank ended the continuous net injection and had a net withdrawal of 2.35 billion yuan, but the capital was still relatively loose. The bond market adjustment was affected by policies and the stock - bond seesaw. The Sino - US economic and trade consultations will be held from October 24th to 27th, and the Fourth Plenary Session's communiqué was released. In the short term, be cautious and pay attention to policy signals. In the medium term, the expectation of loose money may support the bond market [2][7][9] Economic Calendar - It shows the economic data of China and the US from October 20th, 2025, including China's LPR, urban fixed - asset investment, industrial added - value, retail sales, GDP, and the US's non - farm employment population change [10] Important Information and News Tracking - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20th to 23rd, 2025, and relevant reports and suggestions were passed. A Chinese shipbuilding company won a large foreign order for anti - rolling fins. The National People's Congress will continue to review the draft amendment to the Cybersecurity Law. Sino - US economic and trade consultations will be held from October 24th to 27th [11][12] Derivatives Market Monitoring - The content only lists the sub - items of stock index futures, stock index options, and treasury bond futures data, but no specific data is provided [13][17][29]

Group 1: Report Industry Investment Ratings - No information about the report industry investment ratings is provided in the content. Group 2: Report's Core Views - The stock index futures market showed a volume - shrinking adjustment with overall resilience. After two consecutive days of gains, the market took a rest on Wednesday. The Wind All - A Index slightly declined by 0.38%. Defensive sectors like oil and gas and banks led the rise, while military and agricultural products led the decline. The A - share trading volume dropped to 1.69 trillion yuan, and the total position of stock index futures decreased by over 30,000 lots. The market is in a state of limited upside and downside, and it is advisable to hold a dumbbell - shaped structure and then shift to a growth - oriented allocation structure when the situation changes [1][7]. - The stock index options market witnessed a simultaneous decline in volume and volatility. The trading volume of the options market was 7815 million yuan, a 20.39% decrease from the previous day. The market liquidity declined, especially for small - and medium - cap varieties. The implied volatility index decreased by 0.51% on average. It is recommended to use covered call strategies to increase returns and also consider holding short straddles [2][7]. - The treasury bond futures market should focus on policy signal releases. The bond market showed a volatile performance. The expectation of loose monetary policy continued to boost the bullish sentiment in the bond market, and the central bank continued to conduct net injections in the open market, with a net injection of 94.7 billion yuan on the day. In the fourth quarter, there is a possibility of the implementation of quantitative tools such as reserve requirement ratio cuts and interest rate cuts, but the timing may be late. In the short term, caution is still needed, and attention should be paid to policy signals after the Fourth Plenary Session [2][7][9]. Group 3: Summaries According to Relevant Catalogs Market Views - **Stock Index Futures**: The current situation is a volume - shrinking adjustment with overall resilience. The basis, spread, and total position of IF, IH, IC, and IM contracts have changed. The operation suggestion is to hold dividend ETF + IM [7]. - **Stock Index Options**: The volume and volatility have declined simultaneously, and covered call strategies can be used to deal with the situation. The trading volume of the options market decreased, the risk preference retracted, and the implied volatility continued to decline. The suggestions are covered call and short straddle strategies [7]. - **Treasury Bond Futures**: Attention should be paid to policy signal releases. The trading volume, position, spread, and basis of T, TF, TS, and TL contracts have changed. The central bank conducted 138.2 billion yuan of 7 - day reverse repurchases, with 43.5 billion yuan of reverse repurchases maturing. The operation suggestions include trend strategies (volatility), hedging strategies (pay attention to short - hedging at low basis levels), basis strategies (pay attention to basis widening), and curve strategies (the curve may remain steep) [7][9]. Economic Calendar - The economic data of China and the US for the week are presented, including China's October LPR, September fixed - asset investment, industrial added - value, social consumer goods retail sales, and the third - quarter GDP, as well as the US's September non - farm payrolls change [10]. Important Information and News Tracking - **Mergers and Acquisitions**: Shenzhen has launched an action plan for high - quality development of mergers and acquisitions from 2025 - 2027, aiming to improve the quality of listed companies, increase the total market value of listed companies, and promote the development of the mergers and acquisitions market [11]. - **Interest Rates**: In September 2025, the average interest rates of bank time deposits for different terms are provided, such as 0.944% for 3 - month deposits [11]. - **Huawei**: On October 22, Huawei released the HarmonyOS 6 special version, including the Harmony Galaxy Interconnection architecture with a transmission rate of 160MB/s, and enhanced functions such as "touch - to - share" [12]. - **US Government Shutdown**: The US government shutdown has entered the 22nd day, becoming the second - longest shutdown in history. The shutdown is likely to last until November [12]. Derivatives Market Monitoring - Information about the monitoring of stock index futures, stock index options, and treasury bond futures markets is mentioned, but specific data details are not provided in the given content [13][17][29].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market preference is rising. The stock index futures are led by technology stocks, the implied volatility of stock index options continues to decline, and the bond market of treasury bond futures strengthens due to the increasing expectation of loose monetary policy [1]. - Before the release of the 15th Five - Year Plan suggestions, a bullish view is maintained. Technology and anti - involution may become the consensus directions, and there may be opportunities in elastic sectors recently. After the release of the 15th Five - Year Plan suggestions, focus on tracking the market trading volume [8]. - The bond market is affected by the change in tariff war expectations and the increasing expectation of loose monetary policy. The stock - bond跷跷板 effect may weaken [2][9]. 3. Summary According to Relevant Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - The equity market continued its upward trend, with technology stocks leading for the second consecutive day. The Sci - Tec 50 and ChiNext Index both rose by around 3%. The market trading volume increased to around 1.9 trillion, and the number of daily limit stocks reached 90. It is recommended to focus on the dumbbell configuration. After the release of the 15th Five - Year Plan suggestions, track the market trading volume [8]. 3.1.2 Stock Index Options - The trading volume of each option variety increased slightly by 1.47%, maintaining a liquidity level below 10 billion. The implied volatility of each option variety decreased by an average of 1.61%. It is recommended to continue to hold the covered call strategy [9]. 3.1.3 Treasury Bond Futures - Treasury bond futures rose across the board. The T, TF, TS, and TL main contracts rose by 0.05%, 0.05%, 0.04%, and 0.16% respectively. The bond market was affected by the change in tariff war expectations and the increasing expectation of loose monetary policy. It is recommended to adopt different strategies for trends, hedging, basis, and yield curve [9][10]. 3.2 Economic Calendar - On October 20, 2025, China released a series of economic data, including the one - year and five - year loan prime rates (LPR), September's urban fixed - asset investment annual rate, industrial added value annual rate, total retail sales of consumer goods annual rate, and the third - quarter GDP annual rate. The US also released the forecast for the September non - farm payrolls change [11]. 3.3 Important Information and News Tracking - On October 20, the Ministry of Commerce held a policy interpretation round - table meeting for foreign - funded enterprises. The central bank will accelerate legislation in key and emerging fields. Guangdong Province issued an action plan for AI to empower the high - quality development of the manufacturing industry. Japanese central bank officials believe there is no need to raise the benchmark interest rate next week [12][13]. 3.4 Derivatives Market Monitoring - The report includes data on stock index futures, stock index options, and treasury bond futures, but specific data details are not fully presented in the provided content. Only the headings for data collection are given [14][18][30].

Core Insights - DraftKings has made a significant move into the prediction market by acquiring Railbird Technologies Inc., a federally regulated trading platform, in response to emerging competitive threats [1][3] - Following the announcement, DraftKings' stock price rose by 8.3% in after-hours trading, indicating positive investor sentiment towards the acquisition [1] - The acquisition positions DraftKings as one of the first sports betting companies to offer federally regulated event contracts, but it also introduces regulatory challenges as competition intensifies in the prediction market [2][3] Strategic Shift - The acquisition represents a strategic shift from a defensive to an offensive approach for DraftKings, allowing the company to counter competitors and expand its market reach into states where traditional sports betting is prohibited [4] - Analysts believe that this strategic announcement should reassure investors who have been concerned about the impact of the prediction market on DraftKings' stock price [4] New Business Ventures and Regulatory Challenges - DraftKings plans to launch "DraftKings Predictions" on its mobile app, enabling users to trade contracts related to financial, cultural, and entertainment outcomes [5] - The company has not yet decided whether to offer contracts related to sports events, reflecting potential regulatory resistance from state gaming regulators [5] Blurring Lines Between Finance and Gambling - The acquisition occurs at a time when the boundaries between Wall Street and the gambling industry are increasingly blurred, with financial competitors like CME Group exploring entry into the gambling market [6] - The competition highlights the significant commercial potential of prediction markets and the tension between federal and state regulatory authorities, which may reshape the landscape of gambling and financial derivatives [6]

Report Industry Investment Rating No relevant information provided. Core Views - The A-share market does not have a basis for continuous adjustment, and the trend is bullish. It is recommended to hold a dumbbell structure during the volatile period. The option side should focus on selling options to increase income, and the short-term bond market remains cautious [1][2][6][7]. Summary by Directory 1. Market Views a. Stock Index Futures - On Monday, the equity market opened higher and then fluctuated. The easing of trade frictions boosted market sentiment, but there are still variables. The trading volume remained low, with a full-day turnover of 1.75 trillion yuan, and the futures market showed a trend of reducing positions. Defensive stocks led the rise, indicating a conservative sentiment among funds. In the future, the impact of trade events on A-shares will decrease. It is recommended to hold a dumbbell structure, allocating dividend + IM long positions [1][6]. b. Stock Index Options - The overall market turnover of each option variety decreased by 25.57%, and the liquidity fell below 10 billion again. The implied volatility of options decreased by an average of 1.65%, and the sentiment indicator did not form a unilateral trend, indicating a slow - fluctuating market. It is recommended to focus on selling options to increase income [1][6][7]. c. Treasury Bond Futures - Treasury bond futures closed down across the board. The decline was due to the possible weakening of the tariff war expectation and the strong performance of the stock market. The economic data in September and the third quarter were in line with expectations, having limited impact on the bond market. In the short term, the bond market may be greatly affected by policy factors and should remain cautious. It is recommended to adopt a trend strategy of being cautiously volatile, pay attention to short - hedging at low basis levels, basis widening, and the curve may remain steep [2][7][9]. 2. Economic Calendar - On October 20, 2025, China announced a series of economic data, including the unchanged LPR rates, a decline in the year - to - date growth rate of urban fixed - asset investment in September, an increase in the year - on - year growth rate of industrial added value above designated size in September, and the unchanged year - on - year growth rate of social consumer goods retail总额. The GDP growth rate in the third quarter was 4.8% [10]. 3. Important Information and News Tracking - The Dalian Commodity Exchange will expand the scope of tradable varieties for qualified overseas investors from the night session on October 28, 2025. The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held on the 20th. China's economy grew by 5.2% in the first three quarters, faster than the same period last year. IBM and Groq established a strategic partnership [11][12]. 4. Derivatives Market Monitoring No specific data summaries provided in the given text.

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Futures: In the short term, the stock index will mainly experience wide - range fluctuations. Last week, all stock indices fluctuated and declined, with the CSI 500 and CSI 1000 experiencing relatively large declines. Overseas uncertainty risk factors have increased recently, and the risk - aversion sentiment has risen. Stocks with large previous gains face technical adjustment pressure due to profit - taking. Macroeconomically, the inflation and credit data in September were weak, strengthening the expectation of future policy - driven demand - stabilizing measures, which provides long - term support for the stock index. A major policy meeting will be held from October 20th to 23rd, with a high certainty of policy - driven demand and expectation stabilization. Overall, the subsequent market trend depends on the rhythm of the game between profit - taking sentiment and policy - driven positive expectations [3][81]. - ETF Options and Stock Index Options: Maintain a bull spread in the long term. The implied volatility of options has been relatively stable. Since the probability of the stock index rising in the long term is high, one can hold a bull spread or a ratio spread for a moderately bullish position [4][82]. 3. Summary by Directory 3.1 Market Review 3.1.1 Stock Index Trends - Last week, all stock indices fluctuated and declined, with the CSI 500 and CSI 1000 having relatively large declines. Overseas uncertainty risk factors have increased recently, and the risk - aversion sentiment has risen. Stocks with large previous gains face technical adjustment pressure due to profit - taking. Macroeconomically, the inflation and credit data in September were weak, strengthening the expectation of future policy - driven demand - stabilizing measures, which provides long - term support for the stock index. A major policy meeting will be held from October 20th to 23rd, with a high certainty of policy - driven demand and expectation stabilization. The subsequent market trend depends on the rhythm of the game between profit - taking sentiment and policy - driven positive expectations [9]. 3.1.2 Option Price Trends - This week, the 50ETF had a weekly decline of 1.90%, closing at 3.045; the 300ETF (Shanghai Stock Exchange) had a weekly decline of 0.37%, closing at 4.604; the 300ETF (Shenzhen Stock Exchange) had a weekly decline of 0.46%, closing at 4.747; the CSI 300 Index had a weekly decline of 0.44%, closing at 4501.92; the CSI 1000 Index had a weekly increase of 0.21%, closing at 7438.19; the 500ETF (Shanghai Stock Exchange) had a weekly increase of 0.26%, closing at 7.261; the 500ETF (Shenzhen Stock Exchange) had a weekly increase of 0.24%, closing at 2.903; the ChiNext ETF had a weekly increase of 2.24%, closing at 3.062; the Shenzhen 100ETF had a weekly increase of 1.85%, closing at 3.475; the SSE 50 Index had a weekly decline of 1.98%, closing at 2909.74; the STAR 50ETF had a weekly increase of 1.78%, closing at 1.43; the E Fund STAR 50ETF had a weekly increase of 1.90%, closing at 1.40 [17]. 3.1.3 Futures Basis and Monthly Spreads - The basis of the four stock index futures varieties: The basis of IF and IH is at a normal quantile level, while IM and IC show a significant backwardation in the far - month futures. The inter - period spreads of IC and IM futures have declined, indicating a decrease in the market's short - term risk preference for IC and IM [23]. 3.2 Option Indicators 3.2.1 PCR Indicators - The trading volume PCR of SSE 50ETF options was 113.82, and the previous trading day's volume PCR was 78.41; the open - interest PCR was 71.82, and the previous trading day's open - interest PCR was 70.73. The trading volume PCR of SSE 300ETF options was 153.61, and the previous trading day's volume PCR was 110.31; the open - interest PCR was 110.15, and the previous trading day's open - interest PCR was 106.38. The trading volume PCR of Shenzhen 300ETF options was 73.47, and the previous trading day's volume PCR was 72.84; the open - interest PCR was 98.99, and the previous trading day's open - interest PCR was 92.75. The trading volume PCR of CSI 300 Index options was 64.59, and the previous trading day's volume PCR was 67.07; the open - interest PCR was 74.10, and the previous trading day's open - interest PCR was 81.48. The trading volume PCR of CSI 1000 Index options was 85.53, and the previous trading day's volume PCR was 84.96; the open - interest PCR was 93.89, and the previous trading day's open - interest PCR was 110.83. The trading volume PCR of SSE CSI 500ETF options was 139.83, and the previous trading day's volume PCR was 102.40; the open - interest PCR was 133.60, and the previous trading day's open - interest PCR was 130.18. The trading volume PCR of Shenzhen CSI 500ETF options was 143.53, and the previous trading day's volume PCR was 94.41; the open - interest PCR was 83.96, and the previous trading day's open - interest PCR was 84.33. The trading volume PCR of ChiNext ETF options was 89.29, and the previous trading day's volume PCR was 86.21; the open - interest PCR was 134.79, and the previous trading day's open - interest PCR was 134.46. The trading volume PCR of Shenzhen 100ETF options was 410.60, and the previous trading day's volume PCR was 126.21; the open - interest PCR was 127.97, and the previous trading day's open - interest PCR was 121.02. The trading volume PCR of SSE 50 Index options was 67.73, and the previous trading day's volume PCR was 56.08; the open - interest PCR was 60.10, and the previous trading day's open - interest PCR was 60.46. The trading volume PCR of STAR 50ETF options was 118.88, and the previous trading day's volume PCR was 103.93; the open - interest PCR was 107.09, and the previous trading day's open - interest PCR was 107.32. The trading volume PCR of E Fund STAR 50ETF options was 83.92, and the previous trading day's volume PCR was 84.17; the open - interest PCR was 93.29, and the previous trading day's open - interest PCR was 91.94 [34]. 3.2.2 Implied Volatility - The implied volatility of the at - the - money options of SSE 50ETF options in October 2025 was 16.72%, and the 30 - trading - day historical volatility of the underlying was 15.73%. The implied volatility of the at - the - money options of SSE 300ETF options in October 2025 was 17.48%, and the 30 - trading - day historical volatility of the underlying was 17.28%. The implied volatility of the at - the - money options of Shenzhen 300ETF options in October 2025 was 18.41%, and the 30 - trading - day historical volatility of the underlying was 17.24%. The implied volatility of the at - the - money options of CSI 300 Index options in October 2025 was 17.88%, and the 30 - trading - day historical volatility of the underlying was 17.24%. The implied volatility of the at - the - money options of CSI 1000 Index options in October 2025 was 23.62%, and the 30 - trading - day historical volatility of the underlying was 22.03%. The implied volatility of the at - the - money options of SSE CSI 500ETF options in October 2025 was 22.44%, and the 30 - trading - day historical volatility of the underlying was 22.22%. The implied volatility of the at - the - money options of Shenzhen CSI 500ETF options in October 2025 was 22.75%, and the 30 - trading - day historical volatility of the underlying was 22.16%. The implied volatility of the at - the - money options of ChiNext ETF options in October 2025 was 37.73%, and the 30 - trading - day historical volatility of the underlying was 37.69%. The implied volatility of the at - the - money options of Shenzhen 100ETF options in October 2025 was 23.32%, and the 30 - trading - day historical volatility of the underlying was 24.08%. The implied volatility of the at - the - money options of SSE 50 Index options in October 2025 was 17.53%, and the 30 - trading - day historical volatility of the underlying was 15.77%. The implied volatility of the at - the - money options of STAR 50ETF options in October 2025 was 44.27%, and the 30 - trading - day historical volatility of the underlying was 44.44%. The implied volatility of the at - the - money options of E Fund STAR 50ETF options in October 2025 was 43.69%, and the 30 - trading - day historical volatility of the underlying was 44.55% [54]. 3.3 Conclusion - Futures: In the short term, the stock index will mainly experience wide - range fluctuations. Last week, all stock indices fluctuated and declined, with the CSI 500 and CSI 1000 experiencing relatively large declines. Overseas uncertainty risk factors have increased recently, and the risk - aversion sentiment has risen. Stocks with large previous gains face technical adjustment pressure due to profit - taking. Macroeconomically, the inflation and credit data in September were weak, strengthening the expectation of future policy - driven demand - stabilizing measures, which provides long - term support for the stock index. A major policy meeting will be held from October 20th to 23rd, with a high certainty of policy - driven demand and expectation stabilization. Overall, the subsequent market trend depends on the rhythm of the game between profit - taking sentiment and policy - driven positive expectations [81]. - ETF Options and Stock Index Options: Maintain a bull spread in the long term. The implied volatility of options has been relatively stable. Since the probability of the stock index rising in the long term is high, one can hold a bull spread or a ratio spread for a moderately bullish position [82].