Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On December 12, 2025, all stock indices oscillated and rebounded. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.12 trillion yuan, an increase of 233.5 billion yuan from the previous day [3]. - The Central Economic Work Conference pointed out that in 2026, China will continue to implement a more proactive fiscal policy and a moderately loose monetary policy. The key tasks for next year are to focus on domestic demand and build a strong domestic market, and to adhere to innovation - driven development and cultivate new growth drivers. Policy benefits in expanding domestic demand and supporting technological innovation will continue and intensify, which will play a positive role in stabilizing total economic demand and promoting structural transformation and upgrading. The risk appetite of the stock market has recovered, driving the stock index to rebound [3]. - External risk factors have eased, and the domestic liquidity environment is relatively loose. In the short term, the risk appetite of the stock market is relatively positive and optimistic. Overall, the expectation of policy benefits is gradually fermenting, and the stock index will be mainly oscillating and strengthening in the short term [3]. - For options, considering the long - term upward trend of the stock index, a bull spread or ratio spread strategy with a moderately bullish view can be adopted [3]. Summary by Relevant Catalogs 1 Option Indicators - **ETF and Index Performance**: On December 12, 2025, 50ETF rose 0.45% to 3.134; 300ETF (Shanghai Stock Exchange) rose 0.56% to 4.694; 300ETF (Shenzhen Stock Exchange) rose 0.55% to 4.766; the CSI 300 Index rose 0.63% to 4580.95; the CSI 1000 Index rose 0.81% to 7370.94; 500ETF (Shanghai Stock Exchange) rose 1.17% to 7.285; 500ETF (Shenzhen Stock Exchange) rose 1.20% to 2.872; the ChiNext ETF rose 0.89% to 3.174; the Shenzhen 100ETF rose 0.58% to 3.449; the SSE 50 Index rose 0.59% to 2994.64; the STAR 50ETF rose 1.87% to 1.42; and the E Fund STAR 50ETF rose 1.63% to 1.37 [5]. - **Volume and Position PCR**: The report provides the volume PCR and position PCR of various options on December 12, 2025, and their values on the previous trading day, including 50ETF options, SSE 300ETF options, etc [6]. - **Implied Volatility and Historical Volatility**: The report presents the implied volatility of at - the - money options in December 2025 and the 30 - trading - day historical volatility of the underlying assets for various options, such as 50ETF options, SSE 300ETF options [7][8]. 2 Relevant Charts - **SSE 50ETF Options**: The report includes charts of the SSE 50ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][10][11]. - **SSE 300ETF Options**: There are charts of the SSE 300ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][21][22]. - **SZSE 300ETF Options**: Charts cover the SZSE 300ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [32][33][34]. - **CSI 300 Index Options**: The report shows charts of the CSI 300 index trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [44][45][46]. - **CSI 1000 Index Options**: There are charts of the CSI 1000 index trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [57][58][59]. - **SSE 500ETF Options**: Charts include the SSE 500ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [71][72][73]. - **SZSE 500ETF Options**: The report provides charts of the SZSE 500ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [84][85][86]. - **ChiNext ETF Options**: There are charts of the ChiNext ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [97][98][99]. - **Shenzhen 100ETF Options**: The report shows charts of the Shenzhen 100ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [110][111][112]. - **SSE 50 Index Options**: Charts cover the SSE 50 index trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [123][124][125]. - **STAR 50ETF Options**: There are charts of the STAR 50ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [136][137][138]. - **E Fund STAR 50ETF Options**: The report provides charts of the E Fund STAR 50ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [145][146][147].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The stock market shows a high - level volatile upward trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks all experiencing high - level fluctuations [2]. - The implied volatility of financial options has decreased but remains at a relatively high level [2]. - For ETF options, it is suitable to construct a partial long - side seller strategy and a bull spread strategy for call options. For index options, in addition to the above strategies, an arbitrage strategy between synthetic long futures with options and short futures can be considered [2]. 3. Summary by Related Catalogs Financial Market Index Overview - Key stock market indices such as the Shanghai Composite Index, Shenzhen Component Index, and others closed lower, with the Shanghai Composite Index closing at 3,873.32, down 0.70%, and the Shenzhen Component Index closing at 13,147.39, down 1.27% [3]. Option - related ETF Market Overview - ETFs such as the SSE 50 ETF, SSE 300 ETF, etc., also generally declined. For example, the SSE 50 ETF closed at 3.120, down 0.38% [4]. Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of different option varieties showed different trends. For example, the volume PCR of the SSE 50 ETF option was 1.08, with a change of 0.23, and the open interest PCR was 0.93, with a change of - 0.05 [5]. Option Factor - Pressure and Support Points - From the perspective of the maximum open interest of call and put options, the pressure and support points of option underlying assets were analyzed. For example, the pressure point of the SSE 50 ETF was 3.20, and the support point was 3.10 [7]. Option Factor - Implied Volatility - The implied volatility of different option varieties also showed different characteristics. For example, the at - the - money implied volatility of the SSE 50 ETF option was 12.36%, and the weighted implied volatility was 13.01%, with a change of 0.49% [10]. Strategy and Recommendations - The financial option sector is divided into large - cap blue - chip stocks, small and medium - sized boards, and ChiNext. Different strategies are recommended for each sector [12]. - For example, for the SSE 50 ETF in the financial stock sector, a partial neutral seller combination strategy can be constructed to obtain time - value income [13].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The stock market shows a high - level volatile upward trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all in this state [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 bullish - biased seller strategy and a call option bull spread combination strategy; for index options, in addition to the above two strategies, an arbitrage strategy of combining long synthetic futures and short futures can be used [3] 3. Summary by Relevant Catalogs 3.1 Stock Market and Option Market Overview - **Stock market indices**: The Shanghai Composite Index closed at 3,900.50, down 0.23%; the Shenzhen Component Index closed at 13,316.42, up 0.29%; other indices also had different performance in terms of closing price, change, and trading volume [4] - **ETF market**: Different ETFs such as SSE 50ETF, SSE 300ETF, etc., showed various trends in closing price, trading volume, and trading value [5] - **Option factor - volume and position PCR**: Different option varieties had different volume and position PCR values and their changes, which can be used to analyze the strength and turning points of the underlying assets [6] - **Option factor - pressure and support points**: Different option varieties had corresponding pressure and support points, which can be seen from the maximum open interest of call and put options [8] - **Option factor - implied volatility**: Different option varieties had different levels of implied volatility, including at - the - money implied volatility and weighted implied volatility, and their changes [11] 3.2 Strategy and Recommendations - **Market segmentation**: The financial option sector is divided into large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks, with specific indices and ETFs belonging to each segment [13] - **Option strategies for each segment** - **Financial stocks (SSE 50ETF)**: The underlying asset shows a volatile consolidation pattern. Implied volatility is at a relatively low level, and the position PCR indicates a sideways trend. Strategies include constructing a neutral - biased seller combination strategy and a spot long - covered call strategy [14] - **Large - cap blue - chip stocks (SSE 300ETF)**: It shows a rebound after over - decline. Implied volatility is at a relatively low level, and the position PCR indicates an upward - biased trend. Strategies include constructing a short - volatility option combination strategy and a spot long - covered call strategy [14] - **Small - and medium - cap stocks (SSE 500ETF)**: It shows a rebound and recovery pattern. Implied volatility is below the historical average, and the position PCR indicates a strong sideways trend. Strategies include constructing a short - volatility option combination strategy and a spot long - covered call strategy [15] - **Large - cap stocks (SZSE 100ETF)**: It shows a slightly upward trend in high - level volatility. Implied volatility is around the average, and the position PCR indicates a sideways - downward trend in the long - term. Strategies include constructing a short - volatility option combination strategy and a spot long - covered call strategy [15] - **ChiNext (ChiNext ETF)**: It shows a bullish rebound pattern. Implied volatility is at a high level, and the position PCR indicates a strengthening trend. Strategies include constructing a short - volatility strategy and a spot long - covered call strategy [16] - **Small - and medium - cap stocks (CSI 1000)**: It shows a pattern of rebound and consolidation after high - level decline. Implied volatility is below the average, and the position PCR indicates a weak sideways trend. Strategies include constructing a short - volatility option combination strategy with a short delta position [16] 3.3 Option Charts - Charts of different option varieties such as SSE 50ETF, SSE 300ETF, etc., are provided, including price trends, volume and position trends, implied volatility trends, and other information, which can help investors visually understand the market situation of each option [17][31][48]

Report Industry Investment Rating - Not specified in the provided content Core Viewpoints - Today, all stock indices fluctuated and consolidated. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 1.79 trillion yuan, a decrease of 126 billion yuan compared to the previous day. The policy side indicated that in 2026, a more proactive fiscal policy and a moderately loose monetary policy will continue to be implemented, sending out positive signals [4]. - The expectation of policy benefits is gradually fermenting, and market risk appetite is rising. However, it is still necessary to wait for more policy details to be introduced in the subsequent Central Economic Work Conference. In the short term, due to the strong resilience of macro - economic data and the fact that the Politburo meeting's statement on aggregate policies did not exceed expectations, the stock indices still need to fluctuate and consolidate in the short term and are currently within the fluctuation range [4]. - Overall, the expectation of policy benefits is gradually fermenting, and in the short term, the stock indices will mainly fluctuate strongly. For options, considering the long - term upward trend of the stock indices, a bull spread or ratio spread strategy with a mild bullish view can be adopted [4]. Summary by Relevant Catalogs 1 Option Indicators - **Stock Index Performance**: On December 10, 2025, the 50ETF fell 0.32% to close at 3.132; the 300ETF (Shanghai Stock Exchange) fell 0.13% to close at 4.702; the 300ETF (Shenzhen Stock Exchange) fell 0.17% to close at 4.775; the CSI 300 Index fell 0.14% to close at 4591.83; the CSI 1000 Index rose 0.37% to close at 7408.24; the 500ETF (Shanghai Stock Exchange) rose 0.54% to close at 7.263; the 500ETF (Shenzhen Stock Exchange) rose 0.56% to close at 2.860; the GEM ETF rose 0.13% to close at 3.192; the Shenzhen 100ETF rose 0.23% to close at 3.475; the SSE 50 Index fell 0.31% to close at 2988.64; the STAR 50ETF rose 0.07% to close at 1.42; the E Fund STAR 50ETF remained unchanged at 1.37 [6]. - **Volume PCR and Open Interest PCR**: The volume PCR and open interest PCR of various options changed compared to the previous trading day. For example, the volume PCR of SSE 50ETF options was 85.15 (previous day: 79.26), and the open interest PCR was 97.51 (previous day: 100.45) [7]. - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - day historical volatility of the 2025 December at - the - money options of various options were reported. For instance, the implied volatility of the SSE 50ETF options' 2025 December at - the - money options was 11.35%, and the 30 - day historical volatility of the underlying was 11.09% [8]. 2 Related Charts - **SSE 50ETF Options**: Charts include the SSE 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and each - term at - the - money implied volatility [10][11][12]. - **SSE 300ETF Options**: Charts cover the SSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and each - term at - the - money implied volatility [21][22][23]. - **SZSE 300ETF Options**: Charts involve the SZSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and each - term at - the - money implied volatility [33][34][35]. - **CSI 300 Index Options**: Charts include the CSI 300 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and each - term at - the - money implied volatility [36][37][38]. - **CSI 1000 Index Options**: Charts cover the CSI 1000 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and each - term at - the - money implied volatility [49][50][51]. - **SSE 500ETF Options**: Charts involve the SSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and each - term at - the - money implied volatility [62][63][64]. - **SZSE 500ETF Options**: Charts include the SZSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and each - term at - the - money implied volatility [75][76][77]. - **GEM ETF Options**: Charts cover the GEM ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and each - term at - the - money implied volatility [88][89][90]. - **Shenzhen 100ETF Options**: Charts involve the Shenzhen 100ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and each - term at - the - money implied volatility [101][102][103]. - **SSE 50 Index Options**: Charts include the SSE 50 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and each - term at - the - money implied volatility [115][116][117]. - **STAR 50ETF Options**: Charts cover the STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and each - term at - the - money implied volatility [128][129][130]. - **E Fund STAR 50ETF Options**: Charts involve the E Fund STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and each - term at - the - money implied volatility [135][136][137].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - The stock market shows a high - level volatile upward trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all in this state [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 partial - long seller strategy and a call option bull spread combination strategy; for stock index options, in addition to the above two strategies, an arbitrage strategy of combining long synthetic futures options with short futures can also be used [3]. 3. Summaries by Relevant Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,909.52, down 14.56 points or 0.37%, with a trading volume of 781.2 billion yuan, a decrease of 58.3 billion yuan [4]. - The Shenzhen Component Index closed at 13,277.36, down 52.63 points or 0.39%, with a trading volume of 1,122.8 billion yuan, a decrease of 74.4 billion yuan [4]. - Other major indices such as the SSE 50, CSI 300, CSI 500, and CSI 1000 also showed varying degrees of decline [4]. 3.2 Option - Based ETF Market Overview - The closing prices of various option - based ETFs such as the SSE 50ETF, SSE 300ETF, and SSE 500ETF showed different degrees of decline, with changes in trading volume and turnover [5]. 3.3 Option Factor - Volume and Position PCR - The volume and position PCR of different option varieties have different changes, which can be used to describe the strength of the option - underlying market and the turning point of the market [6][7]. 3.4 Option Factor - Pressure and Support Points - The pressure and support points of different option varieties can be seen from the strike prices of the maximum open interest of call and put options [8][10]. 3.5 Option Factor - Implied Volatility - The implied volatility of different option varieties shows different trends, including changes in at - the - money implied volatility, weighted implied volatility, etc. [11][12]. 3.6 Strategy and Recommendations - **Financial Stocks Sector (SSE 50ETF)**: The SSE 50ETF shows a volatile consolidation pattern. It is recommended to construct a seller - neutral combination strategy and a spot long - covered call strategy [14]. - **Large - Cap Blue - Chip Stocks Sector (SSE 300ETF)**: The SSE 300ETF shows an upward trend after a rebound from a decline. It is recommended to construct a short - volatility option combination strategy and a spot long - covered call strategy [14]. - **Small - and Medium - Cap Stocks Sector (SSE 500ETF)**: The SSE 500ETF shows a rebound pattern. It is recommended to construct a short - volatility option combination strategy and a spot long - covered call strategy [15]. - **Large - and Medium - Sized Stocks Sector (SZSE 100ETF)**: The SZSE 100ETF shows a slight upward trend in a high - level volatile state. It is recommended to construct a short - volatility option combination strategy and a spot long - covered call strategy [15]. - **ChiNext Sector (ChiNext ETF)**: The ChiNext ETF shows an upward trend after a rebound. It is recommended to construct a short - volatility strategy and a spot long - covered call strategy [16]. - **Small - and Medium - Cap Stocks Sector (CSI 1000)**: The CSI 1000 shows a pattern of decline followed by a rebound and consolidation. It is recommended to construct a short - volatility option combination strategy and dynamically adjust the position delta to keep it short [16]. 3.7 Option Charts - The report provides option charts for various varieties such as the SSE 50ETF, SSE 300ETF, SSE 500ETF, ChiNext ETF, SZSE 100ETF, and CSI 1000, including price trends, volume and position changes, PCR changes, implied volatility changes, etc. [17][33][49][68][84][100]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Today, all stock indices fluctuated and slightly declined. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 1.92 trillion yuan, a decrease of 134 billion yuan compared to the previous day. The Political Bureau meeting pointed out that in 2026, a more proactive fiscal policy and a moderately loose monetary policy will continue to be implemented. The expectation of policy benefits continues to ferment, driving up the market's risk appetite. However, near the end of the year, the power of capital to drive the market to break through is insufficient, and there is still a need for short - term shock consolidation. Currently, the stock indices remain within the previous shock range. Subsequently, as more policy details are introduced at the Central Economic Work Conference, the expectation of policy benefits will gradually become the main line of the market, and the capital inflow is expected to continue, driving the stock indices to have a spring market. In general, the expectation of policy benefits is gradually fermenting, and the stock indices will be mainly fluctuating strongly in the short term. [3] - Regarding options, considering the long - term upward trend of the stock indices, a bull spread or ratio spread with a moderately bullish approach can be adopted. [3] 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On December 9, 2025, the 50ETF fell 0.70% to close at 3.142; the 300ETF (Shanghai Stock Exchange) fell 0.51% to close at 4.708; the 300ETF (Shenzhen Stock Exchange) fell 0.54% to close at 4.783; the CSI 300 Index fell 0.51% to close at 4598.22; the CSI 1000 Index fell 0.57% to close at 7380.58; the 500ETF (Shanghai Stock Exchange) fell 0.74% to close at 7.224; the 500ETF (Shenzhen Stock Exchange) fell 0.80% to close at 2.844; the ChiNext ETF rose 0.54% to close at 3.188; the Shenzhen 100ETF fell 0.29% to close at 3.467; the SSE 50 Index fell 0.71% to close at 2997.96; the Science and Technology Innovation 50ETF fell 0.42% to close at 1.41; the E Fund Science and Technology Innovation 50ETF fell 0.36% to close at 1.37. [5] - The trading volume PCR and position PCR of various options on December 9, 2025, and their changes compared with the previous trading day are provided in detail, such as the trading volume PCR of SSE 50ETF options being 79.26 (previous day: 78.66), and the position PCR being 101.14 (previous day: 107.67). [6] - The implied volatility of at - the - money options in December 2025 and the 30 - trading - day historical volatility of the underlying assets for various options are presented, for example, the implied volatility of at - the - money options of SSE 50ETF options in December 2025 is 11.44%, and the 30 - trading - day historical volatility of the underlying asset is 11.04%. [7][8] 3.2 Relevant Charts - The report provides a series of charts for different types of options, including the trends, volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different terms for options such as SSE 50ETF options, SSE 300ETF options, etc. [9][20][33]

（1）股市短评：上证综指数、大盘蓝筹股、中小盘股和创业板股表现为高位震荡上行的市场行情。 （2）金融期权波动性分析：金融期权隐含波动率下降，但维持较高水平波动。 （3）金融期权策略与建议：对于ETF期权来说，适合构建偏多头的卖方策略，认购期权牛市价差组合策略；对于股 指期权来说，适合构建偏多头的卖方策略、认购期权牛市价差组合策略和期权合成期货多头与期货空头做套利策略 。 表1：金融市场重要指数概况 金融期权 2025-12-09 金融期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | 金融期权策略早报概要： | 重要指数 | 指数代码 | 收盘价 | 涨跌 | 涨跌幅 | 成交额 | 额变化 | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 金融期权 | 日报 2025 年 12 月 8 日 金融期权 专业研究·创造价值 政策利好预期升温，股指震荡上涨 核心观点 期权方面，考虑到股指中长线向上，可以牛市价差或者比例价差温和 看涨的思路对待。 （仅供参考，不构成任何投资建议） 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明：本人具有中国期货 业协会授予的期货从业资格证 书，期货投资咨询资格证书， 本人承诺以勤勉的职业态度， 独立、客观地出具本报告。本 报告清晰准确地反映了本人的 研究观点。本人不会因本报告 中的具体推荐意见或观点而直 接或间接接收到任何形式的报 酬。 今日各股指均震荡反弹。沪深京三市全天成交额 2.05 万亿元，较上日 成交额放量 3126 亿元。今日中央政治局召开会议，分析研究 2026 年经济工 作，释放出 2026 年政策面利好的强烈信号。会议指出，明年经济工作要坚 持稳中求进、提质增效，继续实施更加积极的财政政策和适度宽松的货币政 策，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，切 实提升宏观经济治 ...

金融期权 2025-12-08 金融期权策略早报概要： （1）股市短评：上证综指数、大盘蓝筹股、中小盘股和创业板股表现为高位震荡上行的市场行情。 （2）金融期权波动性分析：金融期权隐含波动率下降，但维持较高水平波动。 （3）金融期权策略与建议：对于ETF期权来说，适合构建偏多头的卖方策略，认购期权牛市价差组合策略；对于股 指期权来说，适合构建偏多头的卖方策略、认购期权牛市价差组合策略和期权合成期货多头与期货空头做套利策略 。 表1：金融市场重要指数概况 | 重要指数 | 指数代码 | 收盘价 | 涨跌 | 涨跌幅 | 成交额 | 额变化 | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (亿元) | （亿元） | | | 上证指数 | 000001.SH | 3,902.81 | 27.01 | 0.70 | 7,167 | 930 | 16.33 | | 深证成指 | 399001.SZ | 13,147.68 | 140.96 | 1.08 | 10,090 | 838 | 30.18 | | 上证50 | 0 ...

1. Report's Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Short - term stock index is mainly oscillating strongly. With the continuous fermentation of policy - favorable expectations in December, the trading volume of the stock market has increased, the margin trading volume and margin balance have rebounded, and the risk appetite of the stock market has recovered. The policy - favorable expectations will gradually become the main - line logic of the market, but short - term disturbances to the stock index caused by the transmission of the risk appetite of external AI assets and the changes in the trading sentiment of domestic funds should still be noted [3]. - For options, considering the medium - to - long - term upward trend of the stock index, a bull spread or ratio spread with a mild bullish view can be adopted [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On December 5, 2025, 50ETF rose 0.93% to 3.145; 300ETF (SSE) rose 0.88% to 4.698; 300ETF (SZSE) rose 0.87% to 4.844; CSI 300 Index rose 0.84% to 4584.54; CSI 1000 Index rose 1.29% to 7342.49; 500ETF (SSE) rose 1.28% to 7.216; 500ETF (SZSE) rose 1.30% to 2.882; GEM ETF rose 1.25% to 3.089; Shenzhen 100ETF rose 0.97% to 3.432; SSE 50 Index rose 0.93% to 3002.01; STAR 50ETF remained unchanged at 1.39; E Fund STAR 50ETF rose 0.15% to 1.35 [5]. - **Volume PCR and Open Interest PCR**: The volume PCR and open interest PCR of various options on December 5, 2025, showed different changes compared with the previous trading day, reflecting the changes in market trading sentiment and position structure [6]. - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - day historical volatility of the at - the - money options of various options in December 2025 are provided, which can help analyze the volatility expectations and historical volatility levels of the underlying assets [7][8]. 3.2 Relevant Charts - **SSE 50ETF Options**: Include the trend chart of SSE 50ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [9][10][11]. - **SSE 300ETF Options**: Include the trend chart of SSE 300ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [20][21][22]. - **SZSE 300ETF Options**: Include the trend chart of SZSE 300ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [33][34][35]. - **CSI 300 Index Options**: Include the trend chart of CSI 300 Index, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [37][38][39]. - **CSI 1000 Index Options**: Include the trend chart of CSI 1000 Index, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [50][51][52]. - **SSE 500ETF Options**: Include the trend chart of SSE 500ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [64][65][66]. - **SZSE 500ETF Options**: Include the trend chart of SZSE 500ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [77][78][79]. - **GEM ETF Options**: Include the trend chart of GEM ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [90][91][92]. - **Shenzhen 100ETF Options**: Include the trend chart of Shenzhen 100ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [103][104][105]. - **SSE 50 Index Options**: Include the trend chart of SSE 50 Index, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [116][117][118]. - **STAR 50ETF Options**: Include the trend chart of STAR 50ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [130][131][132]. - **E Fund STAR 50ETF Options**: Include the trend chart of E Fund STAR 50ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [140][141][142].