1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The stock market is recommended for a dumbbell - style allocation, while the bond market is expected to be in a weak and volatile state [2][3]. 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - **Market Conditions**: On Thursday, the Shanghai Composite Index continued to reach a 10 - year high, with the price - rising chain actively advancing. Power equipment, non - ferrous metals, and basic chemicals led the gains, driven by factors such as increased demand for lithium batteries from energy storage, policy support for new energy integration, and a rebound in international precious metal prices. The preferred allocation of the price - rising chain is gradually being realized, and the cost - effectiveness of value factor allocation has increased [3][7]. - **Data**: IF, IH, IC, IM's current - month basis points were - 8.47, - 1.07, - 19.89, - 24.58 respectively, with changes of - 7.57, - 3.56, - 0.64, 3.6 points compared to the previous trading day; their inter - period spreads (current - month - next - month) were 16.6, 3.8, 66.4, 87.6 points, with changes of - 0.4, - 0.2, - 2.4, - 0.8 points; and their positions changed by - 13919, - 1167, - 19353, - 20677 lots respectively [7]. - **Operation Suggestion**: Hold a combination of dividend ETF and IM long positions [7]. 3.1.2 Stock Index Options - **Market Conditions**: After the market recovered, the trading volume of each option variety showed a slight weakening trend. The weighted implied volatility of CSI 1000 index options decreased by 1.18%, and the position PCR of each variety strengthened, indicating a warming of market sentiment. However, from a weekly perspective, the varieties were weak first and then strong, still at a weekly high. Due to the recent rotation of market styles and the lack of a clear capital main line, it is recommended to continue to hold covered options to increase returns [3][7]. - **Operation Suggestion**: Continue to hold covered options [7][8]. 3.1.3 Treasury Bond Futures - **Market Conditions**: On the previous day, treasury bond futures fell across the board. The T, TF, TS, and TL main contracts changed by - 0.10%, - 0.08%, - 0.01%, and - 0.26% respectively. The bond market was weak, affected by the rebound of the A - share market and the rebound of commodity - related varieties. The overnight shibor rate was 1.3150%, down 10.00 basis points, indicating relatively abundant market liquidity. The central bank achieved a net injection of 9.72 billion yuan through 19 billion yuan of 7 - day reverse repurchase operations, which helped to stabilize market expectations. However, the bond market interest rate rose, and the decline of treasury bond futures may be mainly due to the improvement of market risk preference. Currently, after the treasury bond trading, the bond market has been in a volatile state, and the focus of market speculation is when and how the redemption new rules will be implemented [4][8]. - **Data**: Data on trading volume, inter - period spreads, cross - variety spreads, and basis points of T, TF, TS, and TL contracts are provided, along with their daily changes [8]. - **Operation Suggestion**: For trend strategies, expect a slightly stronger and volatile trend; for hedging strategies, pay attention to long - position substitution at high basis levels; for basis strategies, focus on positive arbitrage strategies and basis widening; for curve strategies, appropriately pay attention to curve steepening [9]. 3.2 Economic Calendar - Economic data such as China's new RMB loans, social financing scale, M2 money supply growth rate from January to October 2025 are presented, along with predicted and actual values. Data for China's October social consumer goods retail总额 annual rate and above - scale industrial added value annual rate are yet to be released [10]. 3.3 Important Information and News Tracking - The central bank announced that in the first 10 months, RMB loans increased by 1.497 trillion yuan, and the social financing scale increment accumulated to 3.09 trillion yuan, with a year - on - year increase of 383 billion yuan. M2, M1, and M0 data are also provided [11]. - The Financial Regulatory总局 will release a revised "Management Measures for Commercial Bank Merger and Acquisition Loans" to support corporate mergers, acquisitions, and transformations. It is also researching policies to promote the high - quality development of science and technology insurance [12]. - US President Trump signed a federal government temporary appropriation bill, ending a 43 - day government shutdown [12].

Core Viewpoint - The article discusses the recent performance of the MicroSectors 3x Long Gold ETF, highlighting its significant price drop and market activity, indicating potential investment opportunities or risks in the gold sector [2]. Group 1: Market Performance - The MicroSectors 3x Long Gold ETF has a net value of 161.0700, with a recent price drop of 19.2200, reflecting a decrease of 11.93% [2]. - The ETF's trading volume reached 2.37 billion, indicating active market participation despite the price decline [2]. - The pre-market price was noted at 126.9100, down by 14.9400 or 10.53% [2]. Group 2: Technical Indicators - The article mentions various moving averages, with MA5 at 158.9920, MA10 at 197.1030, and MA20 at 204.4775, suggesting a downward trend in the short term [5]. - Bollinger Bands are indicated with a mid-point of 4073.61, upper limit at 4303.54, and lower limit at 3843.69, which may provide insights into price volatility [5]. - The RSI (Relative Strength Index) values are reported at 74.10 and 63.66, indicating potential overbought conditions [5].

Report Industry Investment Ratings - Iron ore: Oscillatory adjustment [2] - Coking coal and coke: Oscillatory [2] - Rolled steel and rebar: Oscillatory [2] - Glass: Oscillatory [2] - Soda ash: Oscillatory [2] - CSI 50: Oscillatory [2] - CSI 300: Oscillatory [2] - CSI 500: Rebound [4] - CSI 1000: Rebound [4] - 2 - year Treasury bond: Oscillatory [4] - 5 - year Treasury bond: Oscillatory [4] - 10 - year Treasury bond: Upward [4] - Gold: Strong - biased oscillation [4] - Silver: Strong - biased oscillation [4] - Logs: Bottom - oscillatory [6] - Pulp: Bottom - rebound [6] - Offset paper: Oscillatory [6] - Soybean oil: Range - bound operation [6] - Palm oil: Range - bound operation [6] - Rapeseed oil: Range - bound operation [6] - Soybean meal: Oscillatory [6] - Rapeseed meal: Oscillatory [6] - Soybean No. 2: Oscillatory [7] - Soybean No. 1: Oscillatory [7] - Live pigs: Oscillatory and slightly stronger [7] - Rubber: Oscillatory [9] - PX: On - the - sidelines [9] - PTA: Oscillatory [9] - MEG: Wide - range oscillation [9] - PR: On - the - sidelines [9] - PF: On - the - sidelines [9] Core Viewpoints - The black industry is affected by macro and fundamental factors, with supply - demand imbalances in some products and price trends mainly oscillatory [2] - The financial market, including stock index futures, options, and bonds, shows different trends, with the overall market having short - term adjustments and a medium - term upward trend [4] - Precious metals are supported by factors such as central bank gold purchases, geopolitical risks, and inflation data, showing a strong - biased oscillatory trend [4] - Light industry products like logs and pulp have complex supply - demand situations, with prices showing bottom - oscillatory or bottom - rebound trends [6] - Oils and fats and oilseeds are affected by factors such as production, demand, and policies, with overall range - bound operations and oscillatory trends for some products [6][7] - Agricultural products like live pigs have complex supply - demand relationships, with prices showing oscillatory and slightly stronger or downward trends [7] - Soft commodities such as rubber and chemical products in the polyester industry are affected by factors such as weather, supply, and demand, with prices showing oscillatory or wide - range oscillatory trends [9] Summary by Category Black Industry - **Iron ore**: The total arrival volume at 47 ports in China decreased by 544,800 tons to 2.7693 million tons, a 16.44% drop. The iron water output continued to decline, and the port inventory increased. The supply - demand surplus pattern is difficult to reverse, and the short - term trend is mainly oscillatory [2] - **Coking coal and coke**: The Fed's interest - rate cut, improved Sino - US relations, and low coal inventory support the price. The core contradiction is the low profit of steel mills. The short - term trend is high - level oscillation [2] - **Rolled steel and rebar**: The macro - level good news has landed, and the price has returned to the fundamentals. The demand for steel is weak, and the price stop - falling depends on production reduction and policy implementation [2] - **Glass**: The news of coal - to - gas conversion in Shahe is fermenting, with 4 production lines to be cold - repaired. The demand is weak, and the inventory is increasing. The price trend depends on production - line cold - repair and policies [2] Financial Market - **Stock index futures/options**: The market shows short - term adjustments and a medium - term upward trend. It is recommended to hold long positions in stock indices [4] - **Treasury bonds**: The yield of the 10 - year Treasury bond is flat, and the central bank has carried out reverse - repurchase operations. It is recommended to hold long positions in Treasury bonds lightly [4] Precious Metals - **Gold and silver**: Affected by factors such as central bank gold purchases, geopolitical risks, and inflation data, the short - term trend is strong - biased oscillation [4] Light Industry - **Logs**: The port inventory is increasing, the demand is difficult to maintain, and the price is expected to oscillate at the bottom [6] - **Pulp**: The cost support is weakening, the demand is poor, and the price is expected to rebound from the bottom [6] - **Offset paper**: The supply pressure exists, the market expectation is cautious, and the price is expected to oscillate [6] Oils and Fats and Oilseeds - **Oils and fats**: The production of Malaysian palm oil is high, the export is strong, and the supply in China is abundant. The overall trend is range - bound operation [6] - **Oilseeds**: The impact of China's tariff policy on the US is short - term, and the supply of domestic soybean meal is increasing. The price trend is oscillatory [6][7] Agricultural Products - **Live pigs**: The average trading weight is slightly rising, the supply is expected to increase, and the demand support is limited. The weekly average price may decline [7] Soft Commodities and Polyester Industry - **Rubber**: The supply is affected by weather, the demand is improving, and the inventory is decreasing. The price is expected to oscillate widely [9] - **PX, PTA, MEG, PR, PF**: Affected by factors such as the end of the US government shutdown, oil prices, and supply - demand relationships, the price trends are oscillatory, wide - range oscillatory, or on - the - sidelines [9]

Group 1: Report Investment Rating - No information provided Group 2: Core Views - The stock market experiences sector rotation, with funds flowing from the technology sector to the chemical and consumer sectors, and the bond market shows a tendency of oscillating upward [2][3] - In the stock index futures market, it is recommended to transfer technology funds to the price - rising chain and continue the dumbbell - style allocation [3][7] - In the stock index options market, it is advisable to continue holding covered positions for additional income [3][8] - In the treasury bond futures market, the bond market is expected to oscillate upward [4][9] Group 3: Summary by Directory 1. Market Views Stock Index Futures - On Monday, the Shanghai Composite Index rebounded in a U - shape, with a rotation to low - lying sectors. High - beta sectors retreated, while value and defensive sectors rose. Due to the policy window period and recent volume contraction, it is recommended to transfer technology funds to the price - rising chain and continue the dumbbell - style allocation. The operation suggestion is to hold a long position in the Dividend ETF + IM. [3][7] - The basis points of IF, IH, IC, and IM for the current month are - 8.85, 0.94, - 41, and - 54.45 respectively, changing by - 3.06, 0.49, - 5.09, and - 5.98 points compared to the previous trading day. The inter - period spreads (current month - next month) are 14.2, 0.8, 67, and 87.8 points respectively, with a month - on - month change of 0.6, 0.2, 5.2, and 6.4 points. The positions of IF, IH, IC, and IM change by 10827, 5768, 8841, and - 1747 lots respectively. [7] Stock Index Options - The trading volume of each option variety rebounded slightly but remained at a low - liquidity level since October. The option sentiment index was weak, especially for technology - sector options. Option volatility varied, with the implied volatility of the Science and Technology Innovation 50 ETF option strengthening and that of the CSI 300 stock index option weakening. It is recommended to continue holding covered positions for additional income. [8] Treasury Bond Futures - Most treasury bond futures rose yesterday. The T, TF, TS, and TL main contracts changed by 0.01%, 0.02%, 0.00%, and 0.22% respectively. The central bank's large - scale net injection supported the bond market. In October, the CPI improved, and the core CPI increased significantly. The central bank restarted treasury bond trading, and the short - term factors driving bond yields down were lacking. The stock - bond seesaw effect may weaken, and the restart of treasury bond trading may boost bond market sentiment. The operation suggestions include a trend strategy of oscillating upward, a hedging strategy of paying attention to long - position substitution at high basis levels, a basis strategy of looking for positive spreads and basis widening, and a curve strategy of appropriately paying attention to curve steepening. [4][9] - The trading volumes of T, TF, TS, and TL for the current quarter are 58830, 49109, 24929, and 96097 lots respectively, with a one - day change of 3915, 4624, - 1360, and - 3686 lots. The positions are 231393, 138398, 67365, and 129150 lots respectively, with a one - day change of - 4216, - 4021, - 700, and 1495 lots. The inter - period spreads (current quarter - next quarter) are 0.225, 0.030, 0.052, and 0.250 yuan respectively, with a one - day change of - 0.025, - 0.010, 0, and 0.010 yuan. The cross - variety spreads and basis points also have corresponding changes. [8][9][10] 2. Economic Calendar - The economic data to be released this week includes China's October new RMB loans, social financing scale, M2 money supply annual rate, the US October CPI annual rate, China's October total retail sales of consumer goods annual rate, and China's October industrial added value above designated size annual rate. [12] 3. Important Information and News Tracking - The Asset Management Association of China is soliciting opinions on the "Guidelines for the Management of the Thematic Investment Style of Publicly Offered Securities Investment Funds" to standardize the style drift problem of thematic investment funds. [13] - The State Council General Office issued measures to promote private investment, including expanding access, removing obstacles, and strengthening support. [13] - Two departments issued a guidance on promoting new energy consumption and regulation, with goals set for 2030 and 2035. [13] - China successfully launched the 13th group of low - orbit satellite Internet satellites. [14] - The US Senate reached an agreement to end the federal government shutdown. [15] 4. Derivatives Market Monitoring - The report mentions data monitoring of stock index futures, stock index options, and treasury bond futures, but no specific data content is provided. [16][20][32]

Report Summary 1. Core View - The implied volatility of stock index options showed a positive correlation with the underlying asset price movement during intraday trading, indicating positive market sentiment [1]. 2. Market Data Statistics 2.1 Underlying Market Statistics | Underlying Asset | Closing Price | Change | Trading Volume (Billion Hands) | Volume Change (Billion Hands) | Current Month Synthetic Futures | Current Month Basis | Next Month Synthetic Futures | Next Month Basis | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 Index | 3053.86 | 15.51 | 49.08 | 1.41 | 3054.60 | 0.74 | 3054.27 | 0.41 | | CSI 300 Index | 4695.05 | 16.26 | 236.03 | 23.53 | 4688.60 | -6.45 | 4675.67 | -19.38 | | CSI 1000 Index | 7563.25 | 21.38 | 274.36 | 6.47 | 7511.93 | -51.32 | 7431.27 | -131.99 | | SSE 50 ETF | 3.201 | 0.015 | 4.41 | -0.04 | 3.204 | 0.003 | 3.206 | 0.005 | | Huatai-PineBridge CSI 300 ETF | 4.807 | 0.012 | 4.48 | -0.91 | 4.802 | -0.005 | 4.797 | -0.010 | | Southern CSI 500 ETF | 7.448 | 0.008 | 1.12 | 0.09 | 7.410 | -0.038 | 7.354 | -0.094 | | Huaxia Science and Technology Innovation 50 ETF | 1.478 | -0.009 | 22.92 | 2.19 | 1.479 | 0.001 | 1.470 | -0.008 | | E Fund Science and Technology Innovation 50 ETF | 1.432 | -0.010 | 5.61 | 0.85 | 1.431 | -0.001 | 1.421 | -0.011 | | Harvest CSI 300 ETF | 4.960 | 0.019 | 1.13 | -0.44 | 4.954 | -0.006 | 4.949 | -0.011 | | Harvest CSI 500 ETF | 2.973 | 0.005 | 0.68 | 0.07 | 2.960 | -0.013 | 2.938 | -0.035 | | ChiNext ETF | 3.158 | -0.027 | 11.75 | 2.04 | 3.156 | -0.002 | 3.141 | -0.017 | | Shenzhen 100 ETF | 3.575 | 0.008 | 0.60 | 0.21 | 3.568 | -0.007 | 3.564 | -0.011 | [1] 2.2 Option Market Statistics | Option | Trading Volume | Volume Change | Open Interest | Interest Change | VL-PCR | OI-PCR | C Max Open Interest (Near Month) | P Max Open Interest (Near Month) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 Index Option | 33963 | 9494 | 73329 | 403 | 59.08% | 74.46% | 3100 | 3000 | | CSI 300 Index Option | 109112 | 14975 | 205781 | 5180 | 68.30% | 87.09% | 4700 | 4700 | | CSI 1000 Index Option | 233883 | 2526 | 315748 | 2834 | 83.44% | 109.73% | 7500 | 7000 | | SSE 50 ETF Option | 741629 | 148266 | 1475197 | 11712 | 97.23% | 95.15% | 3.3 | 3.1 | | Huatai-PineBridge CSI 300 ETF Option | 900632 | 121115 | 1401327 | 25030 | 110.04% | 110.73% | 4.9 | 4.7 | | Southern CSI 500 ETF Option | 1301688 | 67218 | 1392667 | 31083 | 104.69% | 124.26% | 7.75 | 7.25 | | Huaxia Science and Technology Innovation 50 ETF Option | 1138276 | 188968 | 2341453 | 59764 | 91.20% | 89.41% | 1.55 | 1.4 | | E Fund Science and Technology Innovation 50 ETF Option | 251466 | 71244 | 621625 | 17479 | 91.39% | 85.61% | 1.5 | 1.35 | | Harvest CSI 300 ETF Option | 165255 | 63434 | 292892 | 29476 | 150.06% | 83.99% | 5.25 | 4.8 | | Harvest CSI 500 ETF Option | 235895 | 54540 | 430123 | 50900 | 135.97% | 78.46% | 3.1 | 2.75 | | ChiNext ETF Option | 1798245 | 231110 | 1924643 | 183049 | 103.74% | 110.30% | 3.3 | 3 | | Shenzhen 100 ETF Option | 79853 | 16533 | 131984 | 16081 | 280.25% | 123.69% | 3.7 | 3.4 | [1] 2.3 Option Volatility Statistics | Option | Near Month ATM-IV | IV Change | Same-Term HV | HV Change | Skew | Skew Change | VIX | VIX Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 Index Option | 12.63% | -0.20% | 10.54% | -0.02% | -3.84% | -0.91% | 17.70 | 0.723 | | CSI 300 Index Option | 13.57% | -0.11% | 14.76% | -0.07% | -3.34% | 3.55% | 19.12 | 0.807 | | CSI 1000 Index Option | 17.76% | -0.32% | 13.81% | -0.07% | -8.99% | 4.30% | 23.49 | 0.782 | | SSE 50 ETF Option | 12.82% | 0.19% | 10.44% | -0.12% | 0.61% | 3.81% | 17.14 | 0.914 | | Huatai-PineBridge CSI 300 ETF Option | 14.50% | 0.13% | 14.66% | -0.03% | -2.40% | -1.23% | 18.53 | 0.868 | | Southern CSI 500 ETF Option | 18.73% | -0.21% | 19.21% | 0.00% | -1.71% | 3.20% | 23.23 | 0.663 | | Huaxia Science and Technology Innovation 50 ETF Option | 31.34% | -0.88% | 33.65% | 0.12% | 4.57% | 1.55% | 37.15 | 0.777 | | E Fund Science and Technology Innovation 50 ETF Option | 31.69% | -0.39% | 34.05% | 0.13% | 7.37% | 4.94% | 36.13 | 1.226 | | Harvest CSI 300 ETF Option | 14.61% | -0.19% | 14.87% | 0.03% | -3.61% | 3.82% | 19.26 | 1.047 | | Harvest CSI 500 ETF Option | 19.09% | -0.20% | 18.92% | 0.00% | -2.60% | 3.33% | 23.23 | 0.943 | | ChiNext ETF Option | 28.48% | -0.52% | 30.45% | 0.48% | 1.28% | 3.72% | 33.12 | 0.333 | | Shenzhen 100 ETF Option | 19.95% | -0.46% | 21.10% | 0.00% | 1.23% | 5.06% | 24.48 | 0.760 | [4] 3. Charts - The report includes various charts for different index and ETF options, such as volatility trend charts, PCR charts, skew trend charts, volatility cone charts, and volatility term structure charts for SSE 50 Index Option, CSI 300 Index Option, CSI 1000 Index Option, SSE 50 ETF Option, Huatai-PineBridge CSI 300 ETF Option, Southern CSI 500 ETF Option, Huaxia Science and Technology Innovation 50 ETF Option, E Fund Science and Technology Innovation 50 ETF Option, Harvest CSI 300 ETF Option, Harvest CSI 500 ETF Option, ChiNext ETF Option, and Shenzhen 100 ETF Option [8][12][20]

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - Last week, the overall market showed a trend of falling first and then rising. Except for the CSI 500 Index, most major indices closed higher, with the SSE 50 Index leading the gains with a weekly increase of 0.89%. The power equipment and coal sectors performed well, with weekly increases of 4.98% and 4.52% respectively, while the computer sector was weak with a weekly decline of about 2.54%. The market focus was on the US dollar liquidity issue. After the Fed's interest - rate meeting, there were signs of marginal tightening of US dollar liquidity, putting pressure on US stocks. On Friday, news of the end of the US government shutdown improved market risk appetite, driving a rebound in US stocks and a decline in the US dollar. The impact of US dollar liquidity shocks on the domestic market was limited, and Chinese asset prices showed resilience. The short - term external disturbances had limited impact on the domestic market, and it is expected that the domestic market will mainly fluctuate at a high level in the medium term. Continue to monitor subsequent changes in US dollar liquidity and domestic policy signals [1]. - In the options market last week, the implied volatility (IV) of various financial options generally declined. The IV of the Sci - Tech Innovation 50 Index options (IV = 32%) and ChiNext Index options (IV = 28%) has been falling since September but remains at a relatively high level above the median of the past year. The IV of 50 and 300 options is currently in the range of 12% - 14%, and the IV of CSI 500 and CSI 1000 options is about 18%. The position PCR of most financial options is in the range of 75% - 110%, slightly higher than the previous week [2]. - The market may continue to show a relatively strong oscillating pattern, and the IV of most options varieties continues to decline. The impact of factors such as US dollar liquidity on domestic asset prices is limited. It is expected that the market may continue to oscillate strongly, and sectors such as power equipment will perform relatively strongly. The current domestic liquidity environment remains positive, and inflation data has stabilized and rebounded. One can continue to hold indices with relatively reasonable valuations, such as the SSE 300 and CSI A500. Since the current option IV has declined, one can also buy out - of - the - money call options with a long - term maturity on the corresponding indices. For the Sci - Tech Innovation 50 Index, which has experienced large fluctuations recently and still has a relatively high static valuation, if one holds the underlying asset, one can consider buying out - of - the - money put options or selling out - of - the - money call options to reduce exposure risk. If one has accumulated a large amount of spot gains, one can also consider taking profits on the spot and keeping a small amount of long - term call options to cope with the irrational rise of the market, such as the ChiNext Index. The CSI 1000 - 2603 stock index futures still have a high discount, and one can consider continuing to hold the covered call strategy of buying the index futures and selling out - of - the - money call options [3]. 3. Summaries According to Relevant Catalogs 3.1 Overview - The overall market last week showed a trend of falling first and then rising. Most major indices closed higher, with the SSE 50 Index leading the gains. The power equipment and coal sectors performed well, while the computer sector was weak. The market focused on US dollar liquidity. After the Fed's meeting, US dollar liquidity tightened marginally, affecting US stocks. The end of the US government shutdown improved market sentiment. The impact on the domestic market was limited, and the domestic market is expected to oscillate at a high level in the medium term [1]. 3.2 Options Market - The IV of various financial options generally declined last week. The IV of the Sci - Tech Innovation 50 Index and ChiNext Index options has been falling but remains high. The IV of 50 and 300 options is in the 12% - 14% range, and that of CSI 500 and CSI 1000 options is about 18%. The position PCR of most financial options is in the 75% - 110% range and slightly increased [2]. 3.3 Strategy Outlook - The market may continue to oscillate strongly, and the IV of most options varieties continues to decline. Hold indices with reasonable valuations and consider buying long - term out - of - the - money call options. For high - volatility indices, manage risk through option strategies. Consider the covered call strategy for CSI 1000 - 2603 stock index futures [3]. 3.4 Market Data of Each Index - Detailed data on the closing prices, price changes, IV, IV changes, historical quantiles, option trading volumes, and position PCR of various indices such as the SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext Index, Sci - Tech Innovation 50 Index, and Shenzhen 100 Index are provided [5]. - Data on the price, IV, and related quantiles of each index over different time periods (recently, in the past year, and in the past three years) are presented, along with the IV term structure, intraday IV trends, and option smile curves of each index [8][19][27][34][43][48][52][64][70][77][86][93].

Core Viewpoint - Wansheng Co., Ltd. plans to engage in financial derivatives investment with a maximum balance of up to 60 million USD (or equivalent foreign currency) at any point in 2026 [1] Group 1 - The company will utilize the specified limit for trading activities, including reinvestment of profits from these trades [1] - The maximum trading amount, including related profits, shall not exceed the aforementioned limit of 60 million USD (or equivalent foreign currency) at any given time [1] - The expected upper limit for margin and premiums used in derivatives trading will also not exceed 60 million USD (or equivalent foreign currency) at any point [1] Group 2 - The company will prioritize the use of bank credit for the required margin and collateral for trading activities [1]

Core Viewpoint - Wansheng Co., Ltd. plans to engage in financial derivatives investment with a maximum balance of up to 60 million USD (or equivalent foreign currency) at any point in 2026 [1] Summary by Categories - **Investment Plan** - The company intends to conduct financial derivatives investment activities [1] - The maximum balance for these activities will not exceed 60 million USD (or equivalent foreign currency) at any point during the specified period [1] - **Transaction Limits** - At any given time, the transaction amount, including the reinvestment of earnings from previous transactions, must not exceed the aforementioned limit [1] - The expected upper limit for the margin and premiums used in derivatives trading will also be capped at 60 million USD (or equivalent foreign currency) at any point [1] - **Funding Sources** - The company will prioritize the use of bank credit for the required margin and collateral [1]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Short - term, stock indices will maintain range - bound oscillations. Currently, the market is in a stage where the rhythm of policy - driven positive expectations and the rhythm of profit - taking by funds are in a tug - of - war. In the medium to long term, policy - driven positive expectations and the trend of net capital inflows into the stock market provide strong support for stock indices. However, in November, the incremental signals from the policy side have weakened, and although external risk factors have eased, uncertainties still remain, limiting the upward driving force of stock indices. With the significant increase in the valuation of stocks, the demand for profit - taking by profitable funds has risen, and there is still a need for technical consolidation of stock indices [3][9][84]. - The implied volatility of ETF options and stock index options is at a relatively low level. Considering that the stock indices are expected to rise in the medium to long term, it is advisable to maintain a mild bullish stance through bull spreads or ratio spreads [4][85]. 3. Summary According to the Directory 3.1 Market Review 3.1.1 Stock Index Trends Last week, all stock indices showed a trend of hitting bottom and then rebounding. The market is in a stage of game between the fermentation of policy - driven positive expectations and profit - taking by funds, with multiple long and short factors intertwined, leading to repeated oscillations of stock indices. In the medium to long term, policy - driven positive expectations and the trend of net capital inflows into the stock market provide strong support for stock indices. However, in November, the incremental signals from the policy side have weakened, and although external risk factors have eased, uncertainties still remain, limiting the upward driving force of stock indices. With the significant increase in the valuation of stocks, the demand for profit - taking by profitable funds has risen, and there is still a need for technical consolidation of stock indices [9]. 3.1.2 Option Price Trends This week, the 50ETF had a weekly increase of 0.82%, closing at 3.186; the 300ETF (Shanghai Stock Exchange) had a weekly increase of 0.82%, closing at 4.795; the 300ETF (Shenzhen Stock Exchange) had a weekly increase of 0.71%, closing at 4.941; the CSI 300 Index had a weekly increase of 0.82%, closing at 4678.79; the CSI 1000 Index had a weekly increase of 0.47%, closing at 7541.88; the 500ETF (Shanghai Stock Exchange) had a weekly increase of 0.05%, closing at 7.440; the 500ETF (Shenzhen Stock Exchange) had a weekly decrease of 0.03%, closing at 2.968; the GEM ETF had a weekly increase of 0.60%, closing at 3.185; the Shenzhen 100ETF had a weekly increase of 0.03%, closing at 3.567; the SSE 50 Index had a weekly increase of 0.89%, closing at 3038.35; the STAR 50ETF had a weekly decrease of 0.07%, closing at 1.49; the E Fund STAR 50ETF had a weekly increase of 0.00%, closing at 1.44 [16]. 3.1.3 Futures Basis and Monthly Spreads of Stock Index Futures 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 state of significant backwardation in the far - month futures. The inter - period spreads between the current quarter and the next quarter of IC and IM futures have rebounded, indicating that the market's short - term risk appetite for IC and IM has increased [22]. 3.2 Option Indicators 3.2.1 PCR Indicators The trading volume PCR of SSE 50ETF options was 121.96, and the previous trading day's trading volume PCR was 102.40; the open - interest PCR was 93.44, and the previous trading day's open - interest PCR was 94.38. Similar data for other ETF and index options are also provided in the report [36]. 3.2.2 Implied Volatility The implied volatility of at - the - money options of SSE 50ETF options in November 2025 was 12.35%, and the 30 - trading - day historical volatility of the underlying asset was 12.16%. Similar data for other ETF and index options are also provided in the report [56]. 3.3 Conclusion - Stock index futures: Short - term, stock indices will maintain range - bound oscillations. The current market situation and influencing factors are the same as described in the core viewpoints [84]. - ETF options and stock index options: The implied volatility is at a relatively low level. Considering the medium - to - long - term upward trend of stock indices, maintain a mild bullish stance through bull spreads or ratio spreads [85].

Core Viewpoint - The U.S. Commodity Futures Trading Commission (CFTC) is in discussions with licensed exchanges to launch leveraged cryptocurrency spot trading products, potentially available as soon as next month [1] Group 1 - The CFTC's acting chair, Caroline Pham, confirmed the discussions regarding the introduction of leveraged cryptocurrency products [1] - The exchanges involved in these discussions include CME, Cboe, ICE, and Coinbase Derivatives [1] - This initiative is based on existing provisions of the Commodity Exchange Act, which mandates that retail commodity trading involving leverage, margin, or financing arrangements must occur on regulated exchanges [1]