1. Report's Industry Investment Rating - Not provided in the report 2. Report's Core View - The report provides a daily overview of the stock index options market, including option trading volume, PCR, and VIX data for various stock index options on December 25, 2025 [1][2][3] 3. Summary by Relevant Catalog Option Trading Volume - On December 25, 2025, the trading volume of Shanghai - 50 ETF options was 880,800 contracts; CSI 300 ETF options (Shanghai) was 1,015,900 contracts; CSI 500 ETF options (Shanghai) was 1,176,500 contracts; Shenzhen 100 ETF options was 88,300 contracts; GEM ETF options was 1,763,900 contracts; Shanghai - 50 stock index options was 18,800 contracts; CSI 300 stock index options was 94,600 contracts; and CSI 1000 options was 239,600 contracts [1] Option PCR - Shanghai - 50 ETF options: The trading volume PCR was 0.74, with a month - on - month change of +0.19; the open interest PCR was 0.99, with a month - on - month change of - 0.02 [2] - CSI 300 ETF options (Shanghai): The trading volume PCR was 0.55, with a month - on - month change of - 0.06; the open interest PCR was 0.93, with a month - on - month change of - 0.18 [2] - CSI 500 ETF options (Shanghai): The trading volume PCR was 0.54, with a month - on - month change of +0.04; the open interest PCR was 1.10, with a month - on - month change of - 0.22 [2] - Shenzhen 100 ETF options: The trading volume PCR was 0.62, with a month - on - month change of +0.10; the open interest PCR was 1.43, with a month - on - month change of +0.03 [2] - GEM ETF options: The trading volume PCR was 0.73, with a month - on - month change of +0.16; the open interest PCR was 1.11, with a month - on - month change of - 0.39 [2] - Shanghai - 50 stock index options: The trading volume PCR was 0.47, with a month - on - month change of - 0.03; the open interest PCR was 0.66, with a month - on - month change of +0.01 [2] - CSI 300 stock index options: The trading volume PCR was 0.41, with a month - on - month change of - 0.08; the open interest PCR was 0.69, with a month - on - month change of +0.01 [2] - CSI 1000 stock index options: The trading volume PCR was 0.44, with a month - on - month change of - 0.08; the open interest PCR was 0.99, with a month - on - month change of +0.00 [2] Option VIX - Shanghai - 50 ETF options: The VIX was 13.41%, with a month - on - month change of - 0.22% [3] - CSI 300 ETF options (Shanghai): The VIX was 15.20%, with a month - on - month change of - 0.37% [3] - CSI 500 ETF options (Shanghai): The VIX was 19.32%, with a month - on - month change of - 0.26% [3] - Shenzhen 100 ETF options: The VIX was 19.46%, with a month - on - month change of - 0.74% [3] - GEM ETF options: The VIX was 25.06%, with a month - on - month change of +0.16% [3] - Shanghai - 50 stock index options: The VIX was 14.43%, with a month - on - month change of - 0.43% [3] - CSI 300 stock index options: The VIX was 15.94%, with a month - on - month change of - 0.36% [3] - CSI 1000 stock index options: The VIX was 19.09%, with a month - on - month change of - 0.40% [3]

为深入贯彻国家乡村振兴战略，积极响应证监会结对帮扶倡议，申银万国期货精准对接内蒙古科尔沁右 翼中旗(简称科右中旗)，以文化赋能为抓手、公益帮扶为支撑，夯实当地发展基础，为科右中旗乡村振 兴注入长效动力。 近日，申银万国期货向科右中旗成功捐赠5万元，用于精准帮扶，作为科尔沁文化的重要发祥地，科右 中旗拥有深厚的民族文化底蕴。今年以来，申银万国期货聚焦当地文化发展需求，助力科右中旗打造乡 村文化活动室。捐赠精准契合了科右中旗传承弘扬蒙古族刺绣、乌力格尔等非遗文化的需求，极大激发 了当地群众传承民族传统文化的热情。目前，所有捐赠物品已全部到位并投入使用。 申银万国期货将围绕科右中旗发展实际，统筹推进金融帮扶、文化帮扶、公益帮扶及前期落地的生态帮 扶项目，从多个维度激活乡村内生发展动力。 ...

立足期货及衍生品专业优势，根据会宁县当地牛养殖等农业产业特色，充分发挥自身的专业优势，风险 管理子公司申万智富今年开展猪、牛、羊饲料(玉米+豆粕)"保险+期货"项目。通过"保险+期货"的实 施，让当地农户面对市场波动时，有了更强的抗风险能力，稳定了农户的收入，助力当地政府巩固脱贫 攻坚成果，发展地方特色农业产业。 甘肃会宁县是申银万国期货公司重点结对帮扶地区。公司积极响应党中央推进乡村振兴号召，充分履行 国有金融企业政治责任和社会责任，发挥期货及衍生品市场服务实体经济、服务三农作用，以点带面、 多措并举，建立了"产业帮扶+驻村帮扶+教育帮扶+公益帮扶+消费帮扶"的五位一体帮扶模式，助力会 宁县发展。 2025年8月，公司办公室/党群工作部党支部和会宁县太平店镇12个村1个社区共计13个基层党支部签订 了党组织结对共建协议。同时，公司选派一名同志赴会宁县太平店镇大山川村开展驻村帮扶，深入田间 地头、走进农户家中，切实了解当地生产生活需求，找准帮扶工作发力点。公司在当地投入10.4万元,用 于产业振兴购买化肥、种子、地膜和农用机具项目的落实，帮助当地老百姓增产创收。公司积极开展捐 资助学、爱心公益，捐赠会宁县太平 ...

南华期货今年以来股价涨60.68%，近5个交易日跌1.35%，近20日跌0.78%，近60日跌7.32%。 今年以来南华期货已经12次登上龙虎榜，最近一次登上龙虎榜为7月14日，当日龙虎榜净买入-1.18亿 元；买入总计1.47亿元 ，占总成交额比11.65%；卖出总计2.65亿元 ，占总成交额比21.07%。 资料显示，南华期货股份有限公司位于浙江省杭州市上城区横店大厦301室、401室、501室、701室、 901室、1001室、1101室、1201室,香港告士打道181-185号中怡商业大厦17楼，成立日期1996年5月28 日，上市日期2019年8月30日，公司主营业务涉及期货经纪业务、财富管理业务、风险管理业务、境外 金融服务业务及期货投资咨询业务等。主营业务收入构成为：风险管理业务50.19%，境外金融服务业 务29.70%，期货经纪业务17.32%，财富管理业务2.51%，其他业务0.28%。 12月26日，南华期货盘中下跌2.01%，截至14:09，报19.00元/股，成交1.11亿元，换手率0.94%，总市值 136.37亿元。 资金流向方面，主力资金净流出1649.67万元，特大单买入0. ...

Core Viewpoint - Cotton futures have shown a strong upward trend, with prices increasing for five consecutive weeks, reaching a high of 14,550.00 yuan/ton, marking a 2.36% rise and the highest level since October of the previous year [1] Group 1: Market Conditions - As of December 24, the imported cotton cost within the quota (1% tariff) was 12,863 yuan/ton, which is 2,408 yuan/ton lower than the domestic standard-grade cotton price. The cost of imported cotton with sliding scale tax was 13,892 yuan/ton, 1,379 yuan/ton lower than domestic prices [2] - The U.S. cotton export sales totaled 319,649 bales for the week ending December 11, with 304,689 bales for the 2025/26 season and 14,960 bales for the 2026/27 season. This marked the highest net sales since November 6, significantly exceeding the previous week's 153,606 bales [2] Group 2: Industry Insights - There is an expectation of reduced cotton planting area in Xinjiang, potentially decreasing by 5-7 million mu, which is over 10%. This reduction is anticipated to lead to a corresponding decrease in production, supporting future contract prices [4] - Despite a good harvest of domestic cotton this year, the sales progress of cotton from ginning factories in both southern and northern Xinjiang is reported to be rapid, with commercial inventories not significantly exceeding last year's levels [4] - The overall sentiment in the commodity market is optimistic, contributing to the steady rise in cotton futures and spot prices. However, the continuous increase in cotton prices is negatively impacting the profits of downstream yarn manufacturers, and an increase in cotton yarn imports suggests that supply remains ample [4]

12月26日，国内期市贵金属板块全线飘红。其中，钯期货主力合约开盘报560.00元/克，今日盘中高位 震荡运行；截至午间收盘，钯主力最高触及576.60元，下方探低528.00元，涨幅达2.42%。 目前来看，钯行情呈现震荡上行走势，盘面表现偏强。对于钯后市行情将如何运行，相关机构观点汇总 如下： 华闻期货分析称，美元弱势运行，铂钯本身基本面变动不大，从后续供需来看，铂供应缺口更明显，基 本面要强于钯，在国内相关交易政策的调整背景下，部分资金获利离场，钯价大幅下挫，而铂相对坚 挺，日内逆势翻红，短期继续关注资金情绪的变化，预计铂钯或继续大幅波动，警惕资金异动风险。 华联期货指出，由于汽车需求在钯金需求占绝对地位，由于中国新能源汽车渗透率激增，钯金需求增量 受到压制，短期难于看到好转，因此钯金的基本面支撑有限，走势受铂金联动及宏观环境影响。并且 2026年美联储仍在降息周期，利好贵稀金属，并且钯的价格也较低。操作上建议，钯金PD2606多单持 有，设好止盈。 银河期货表示，钯金总体需求增长较为有限，基本面给与驱动力量尚不足，未来或将更多受益于宏观环 境，与铂金价格走势出现联动。 ...

在数字经济浪潮奔涌、金融安全日益重要的今天，数据已成为期货市场的核心资产与关键生产要素。如 何在充分释放数据价值的同时，牢牢守住安全底线？近日，海证期货有限公司完成的《期货公司核心交 易数据合规应用研究》课题，为这一行业共性难题提供了系统性、可落地的"海证方案"，不仅彰显了其 主动拥抱监管、深耕合规文化的决心，更为全行业数据安全治理树立了新标杆。 合规不是束缚发展的'紧箍咒'，而是保障高质量发展的'压舱石'。海证期货希望通过这项研究，将被动 合规转化为主动治理，充分发挥期货公司行业文化"守正创新"，并将合规要求内化为公司的文化基因和 核心竞争力。 长期以来，期货行业在数据合规管理上面临"标准粗、措施泛、落地难"的痛点。现行指引多以"数据 类"为单位进行分级，颗粒度较粗，导致防护策略"一刀切"，既可能过度防护影响业务效率，又可能防 护不足埋下风险隐患。针对这一症结，海证期货课题组以《数据安全法》《个人信息保护法》及金融行 业标准为基石，创新性地将研究视角下沉至字段级，对CTP系统412个核心交易字段逐一"精准画像"。 该课题的价值不仅在于其技术深度，更在于其深厚的行业情怀。通过调研43家证券期货机构，课题组精 ...

针对这一瓶颈，海证期货精准施策，将5万元帮扶资金专项用于苹果产业关键环节提升，包括果园基础 设施修缮、节水灌溉设备更新、有机肥施用补贴及标准化管理培训等。资金由安沟镇政府专户管理、专 款专用，并接受全程监督，确保每一分钱都用在刀刃上。 在陕北黄土高原的腹地，延安市延长县安沟镇杨道塬村的千亩果园正迎来新一轮管护季。近日，海证期 货有限公司投入5万元专项资金，定向支持该村苹果产业提质增效项目，通过改善生产条件、强化技术 支撑、拓展市场渠道，助力革命老区将"金果子"真正变成"致富果"。 延长县是全国优质苹果主产区之一，素有"中国苹果之乡"美誉。杨道塬村依托光照充足、昼夜温差大等 自然优势，苹果种植已成为村民主要收入来源。然而，部分果园存在树龄老化、水肥管理粗放、品牌影 响力不足等问题，制约了产业向高产、优质、高效升级。 此次帮扶不止于"输血"，更注重"造血"。依托《结对帮扶框架协议》，海证期货同步推进多维支持：组 织员工及股东单位采购延长苹果，打通消费帮扶渠道；开展金融知识普及等。 如今，在延河之畔的梯田上，苹果树迎风摇曳，枝头孕育着丰收的希望。海证期货以务实之举，让现代 金融服务扎根红色热土，用一颗颗红彤彤的苹果 ...

Core Viewpoint - In the new stage of high-quality development in the financial industry, customer complaints serve as both a "warning signal" for risks and a "guiding compass" for service improvement [1] Group 1: Training and Implementation - The company organized a special training for 2025 on complaint handling, covering all employees to integrate the "people-centered" development philosophy into the entire service process [1] - The training was based on the company's revised "Customer Complaint Management Measures," detailing the entire chain of operations from complaint acceptance to feedback and archiving [2] - The company established a principle of "smooth channels, proper handling, timely feedback, and implementation of improvements," requiring complaints to be acknowledged within 3 days and resolved within 20 trading days [1] Group 2: Case Studies and Insights - The training analyzed multiple industry case studies, highlighting risk points and compliance issues in service details, such as the sufficiency of forced liquidation notifications and trading software failures [2] - Employees recognized that professionalism stems from respecting rules, and service begins with empathy for customers, emphasizing the importance of proactive communication [2] - The company views complaint handling not merely as "firefighting," but as a process of "integrating education into service," aiming to resolve immediate issues while enhancing financial literacy among investors [2] Group 3: Cultural Commitment - This special training is part of the company's commitment to the industry culture of "compliance, integrity, professionalism, and stability" [2] - The company aims to build a service team that is knowledgeable, communicative, empathetic, and responsible, ensuring the "customer-centered" service philosophy is genuinely internalized and practiced [2]

针对这一痛点，海证期货将5万元帮扶资金精准投向生产最薄弱环节：用于钻探深水井解决灌溉难题， 更换维修淋水系统、棚膜、管架及遮阳网，全面提升基地抗灾能力和标准化水平。 如今，在王湾村的山坳里，香菇产业正焕发新生机。一口深井、一卷新膜、一张保单，看似微小，却共 同织就了一张坚实的"防护网"。海证期货以专业与务实，让现代金融服务跨越地域，真正扎根中部山 区，助力大别山下的"菌香"飘向更广阔的市场。 在大别山腹地的河南省桐柏县毛集镇王湾村，一座座香菇大棚依山而建，菌棒整齐排列，朵朵香菇破袋 而出，散发出浓郁的山野清香。近日，海证期货有限公司投入5万元专项资金，精准支持该村香菇种植 基地基础设施提升，让"小香菇"真正成为乡村振兴的"大产业"。 桐柏县是全国知名的香菇主产区，气候湿润、林木资源丰富，发展食用菌产业具有天然优势。王湾村香 菇基地已初具规模，但受限于灌溉水源不足、棚体老化、遮阳系统破损等问题，夏季高温期菌棒易受 损，产量和品质不稳定。 ...