Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The stock market shows a market trend of long - position upward and high - level oscillation for the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks [3]. - The implied volatility of financial options gradually rises to a relatively high level around the mean [3]. - For ETF options, it is suitable to construct a long - biased buyer strategy and a bull spread combination strategy for call options; for index options, it is suitable to construct a long - biased seller strategy, a bull spread combination strategy for call options, and an arbitrage strategy between long synthetic futures and short futures [3]. 3. Summary by Directory Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,843.60, up 43.25 points or 1.14%, with a trading volume of 126.52 billion yuan, a decrease of 6.17 billion yuan [4]. - The Shenzhen Component Index closed at 12,571.37, up 276.30 points or 2.25%, with a trading volume of 170.56 billion yuan, a decrease of 13.31 billion yuan [4]. - Other important indices such as the SSE 50, CSI 300, CSI 500, and CSI 1000 also showed varying degrees of increase [4]. Option - underlying ETF Market Overview - The SSE 50 ETF closed at 3.095, up 0.044 or 1.44%, with a trading volume of 11.5137 million shares, an increase of 11.4144 million shares, and a trading volume of 3.525 billion yuan, an increase of 0.462 billion yuan [5]. - Other ETFs like the SSE 300 ETF, SSE 500 ETF, and others also have their own performance data [5]. Option Factor - Volume and Position PCR - For the SSE 50 ETF, the trading volume PCR is 0.80 (a change of 0.07), and the position PCR is 0.93 (a change of - 0.15) [6]. - Different option varieties have different volume and position PCR values and changes [6]. Option Factor - Pressure and Support Points - The SSE 50 ETF has a pressure point of 3.10 and a support point of 3.00 [8]. - Each option variety has corresponding pressure and support points [8]. Option Factor - Implied Volatility - The SSE 50 ETF has a at - the - money implied volatility of 22.83%, a weighted implied volatility of 23.56% (a change of 0.35%), and an annual average of 15.38% [11]. - Different option varieties have different implied volatility data [11]. Strategy and Suggestions - The financial option sector is divided into large - cap blue - chip stocks, small - and medium - sized boards, and the ChiNext board. Each board has corresponding option varieties [13]. - For different option varieties, strategies are provided from aspects of underlying market analysis, option factor research, and option strategy suggestions [13]. Specific Option Variety Strategies - **Financial Stocks Board (SSE 50 ETF, SSE 50)**: The SSE 50 ETF shows a long - position upward trend with support below. It is recommended to construct a bull spread combination strategy for call options and a short - biased long - position combination strategy [14]. - **Large - cap Blue - chip Stocks Board (SSE 300 ETF, Shenzhen 300 ETF, CSI 300)**: The SSE 300 ETF shows a short - term long - position upward trend. Strategies include constructing a bull spread combination strategy for call options and a short - volatility combination strategy [14]. - **Large - cap Stocks Board (Shenzhen 100 ETF)**: The Shenzhen 100 ETF shows a long - position upward trend. Suggested strategies include constructing a bull spread combination strategy for call options and a short - volatility combination strategy [15]. - **Small - and Medium - sized Boards (SSE 500 ETF, Shenzhen 500 ETF, CSI 1000)**: These varieties show short - term long - position upward trends. Strategies mainly include constructing bull spread combination strategies for call options [15][16]. - **ChiNext Board (ChiNext ETF, Huaxia Science and Technology Innovation 50 ETF, E Fund Science and Technology Innovation 50 ETF)**: These varieties show long - position upward trends. Strategies include constructing bull spread combination strategies for call options [16].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On August 28, 2025, all stock indices showed an N-shaped trend and closed higher after oscillating throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 3.0009 trillion yuan, a decrease of 196.9 billion yuan from the previous day. Due to the significant gains of some stocks, the dynamic price-to-earnings ratios of all stock indices were at the 80% quantile level in the past five years, and the willingness of profit-taking funds to take profits increased. Therefore, the stock indices had a need for technical adjustment. However, the trading volume of the stock market remained at a high level, indicating that the overall market sentiment was still optimistic. The rebound momentum of the stock indices mainly came from the positive policy expectations and the loose liquidity in the capital market. The anti-involution policy and the consumption-promotion policy promoted the optimization of the supply-demand structure from both the supply and demand sides, promoted a moderate recovery of the price index, and promoted the repair of corporate profits. Recently, the market interest rate has declined, the liquidity has been loose, and the willingness of funds to allocate to the stock market has increased. The significant increase in the margin trading balance and the obvious year-on-year increase in non-bank deposits reflected the signs of funds entering the market. In general, the stock indices will mainly oscillate and consolidate in the short term and still rise in the medium and long term. Currently, the implied volatility of options continues to rise. Considering the long-term upward trend of the stock indices, investors can continue to hold bull spreads or ratio spreads to moderately bullish. [2] Summary According to Relevant Catalogs 1 Option Indicators - On August 28, 2025, the 50ETF rose 1.44% to close at 3.095; the 300ETF (Shanghai Stock Exchange) rose 1.88% to close at 4.559; the 300ETF (Shenzhen Stock Exchange) rose 1.95% to close at 4.708; the CSI 300 Index rose 1.77% to close at 4463.78; the CSI 1000 Index rose 1.51% to close at 7447.11; the 500ETF (Shanghai Stock Exchange) rose 2.17% to close at 7.104; the 500ETF (Shenzhen Stock Exchange) rose 2.23% to close at 2.838; the ChiNext ETF rose 4.08% to close at 2.806; the Shenzhen 100ETF rose 2.60% to close at 3.319; the SSE 50 Index rose 1.45% to close at 2960.73; the STAR 50ETF rose 7.18% to close at 1.43; the E Fund STAR 50ETF rose 7.51% to close at 1.40. [5] - The trading volume PCR and holding volume PCR of various options on August 28, 2025, and the comparison with the previous trading day are provided in detail. For example, the trading volume PCR of the SSE 50ETF option was 79.99, compared with 73.04 on the previous trading day; the holding volume PCR was 91.38, compared with 90.15 on the previous trading day. [6] - The implied volatility of the at-the-money options in September 2025 and the 30-day historical volatility of the underlying assets of various options are provided. For example, the implied volatility of the at-the-money options of the SSE 50ETF option in September 2025 was 22.21%, and the 30-day historical volatility of the underlying asset was 13.66%. [7][8] 2 Related Charts - Multiple charts are presented for different types of options, including the trend of the underlying asset, option volatility, trading volume PCR, holding volume PCR, implied volatility curve, and at-the-money implied volatility of different tenors. For example, for the SSE 50ETF option, there are charts such as the SSE 50ETF trend, SSE 50ETF option volatility, SSE 50ETF option trading volume PCR, etc. [9][10][11]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market shows a market trend of long - position upward and high - level oscillation for the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks [3]. - The implied volatility of financial options gradually rises to a relatively high level around the mean [3]. - For ETF options, it is suitable to construct a long - biased buyer strategy and a bull spread strategy for call options; for index options, it is suitable to construct a long - biased seller strategy, a bull spread strategy for call options, and an arbitrage strategy between synthetic long futures of options and short futures [3]. 3. Summary by Related Catalogs Market Overview - **Financial Market Important Indexes**: The Shanghai Composite Index closed at 3,800.35, down 1.76%; the Shenzhen Component Index closed at 12,295.07, down 1.43%; other major indexes also showed varying degrees of decline [4]. - **Option - Underlying ETFs**: Most ETFs showed a downward trend, except for the Huaxia Science and Technology Innovation 50 ETF, which had a slight increase [5]. - **Option Factors - Volume and Position PCR**: Different option varieties have different volume and position PCR values and their changes, which reflect the strength of the option - underlying market and the turning point of the market [6]. - **Option Factors - Pressure and Support Points**: From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support points of each option - underlying are analyzed [8]. - **Option Factors - Implied Volatility**: The implied volatility of different option varieties shows different levels and changes, and the implied - historical volatility difference also varies [11]. Strategy and Recommendations - **Sector Classification**: The financial options sector is divided into large - cap blue - chip stocks, small - and medium - sized boards, and the ChiNext board, with specific option varieties in each sector [13]. - **Option Strategies for Each Sector** - **Financial Stocks (Shanghai 50, Shanghai 50ETF)**: The Shanghai 50ETF shows a long - position upward trend with support below. It is recommended to construct a bull spread strategy for call options, a long - biased seller strategy, and a covered call strategy [14]. - **Large - Cap Blue - Chip Stocks (Shanghai 300ETF, Shenzhen 300ETF, CSI 300)**: These varieties show a short - term long - position upward trend. It is recommended to construct a bull spread strategy for call options, a short - volatility strategy of selling call and put options, and a covered call strategy [14]. - **Large - and Medium - Sized Stocks (Shenzhen 100ETF)**: The Shenzhen 100ETF shows a long - position upward trend. It is recommended to construct a bull spread strategy for call options, a short - volatility strategy of selling call and put options, and a covered call strategy [15]. - **Small - and Medium - Sized Boards (Shanghai 500ETF, Shenzhen 500ETF, CSI 1000)**: These varieties show a short - term long - position upward trend. It is recommended to construct a bull spread strategy for call options and a covered call strategy for some varieties [15][16]. - **ChiNext Board (Huaxia Science and Technology Innovation 50ETF, E Fund Science and Technology Innovation 50ETF, ChiNext ETF)**: These varieties show a long - position upward trend. It is recommended to construct a bull spread strategy for call options and a covered call strategy [16].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - On August 26, 2025, the stock indices showed narrow - range fluctuations. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2709.8 billion yuan, a decrease of 467.1 billion yuan from the previous day. Due to the significant gains of some stocks, the willingness of profit - taking funds to close positions increased, and the stock indices needed technical adjustments. The previously high - flying sectors showed signs of capital rotation. The stock market sentiment remained relatively optimistic, supported by positive policy expectations, and the continuous inflow of funds promoted valuation repair. Anti - involution and consumption - promotion policies optimized the supply - demand structure, promoted a moderate recovery of the price index, repaired corporate profits, and drove a positive cycle. With the downward trend of market interest rates and loose liquidity, incremental funds from insurance, social security, margin trading, and private equity continued to flow into the stock market. In the short term, the stock market sentiment remained positive, and the stock indices were expected to fluctuate strongly. Given the continuous rise of implied volatility in options and the long - term upward trend of stock indices, it was advisable to hold bull spreads or ratio spreads for a mild long - position view [3] 3. Summary of Each Section 3.1 Option Indicators - On August 26, 2025, 50ETF fell 0.74% to 3.101; 300ETF (SSE) fell 0.53% to 4.541; 300ETF (SZSE) fell 0.57% to 4.685; the CSI 300 Index fell 0.37% to 4452.59; the CSI 1000 Index fell 0.02% to 7476.47; 500ETF (SSE) rose 0.16% to 7.048; 500ETF (SZSE) rose 0.04% to 2.814; the GEM ETF fell 0.77% to 2.716; the Shenzhen 100ETF fell 0.09% to 3.274; the SSE 50 Index fell 0.67% to 2969.78; the STAR 50ETF fell 1.47% to 1.34; E Fund STAR 50ETF fell 1.51% to 1.31 [6] - The PCR values of various options, including trading volume PCR and open interest PCR, changed compared with the previous trading day. For example, the trading volume PCR of 50ETF options was 70.85 (previous day: 59.17), and the open interest PCR was 114.88 (previous day: 119.83) [7] - The implied volatility of at - the - money options in September 2025 and the 30 - day historical volatility of the underlying assets for different options were provided. For instance, the implied volatility of at - the - money options of 50ETF options was 22.97%, and the 30 - day historical volatility of the underlying asset was 12.26% [8] 3.2 Relevant Charts - **SSE 50ETF Options**: Charts include the SSE 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [10][11][12][14][17][19] - **SSE 300ETF Options**: Charts involve the SSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [22][23][24][29][31][33] - **SZSE 300ETF Options**: Charts cover the SZSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [25][26][27][29][31][33] - **CSI 300 Index Options**: Charts include the CSI 300 index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [37][38][39][41][43][47] - **CSI 1000 Index Options**: Charts involve the CSI 1000 index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [50][51][52][54][58][60] - **SSE 500ETF Options**: Charts cover the SSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [63][64][65][67][71][73] - **SZSE 500ETF Options**: Charts include the SZSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [76][77][78][80][85][86] - **GEM ETF Options**: Charts involve the GEM ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [89][90][91][93][97][99] - **Shenzhen 100ETF Options**: Charts cover the Shenzhen 100ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [102][103][104][105][108][110] - **SSE 50 Index Options**: Charts include the SSE 50 index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [113][114][115][117][121][123] - **STAR 50ETF Options**: Charts involve the STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [126][127][128][132][135][136] - **E Fund STAR 50ETF Options**: Charts cover the E Fund STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [133][134][135][136][139][140]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The stock market shows a bullish upward trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks all rising [2]. - The implied volatility of financial options is gradually rising and fluctuating at a relatively high level compared to the mean [2]. - For ETF options, it is suitable to construct bullish buyer strategies and call option bull spread combination strategies; for index options, it is suitable to construct bullish seller strategies, call option bull spread combination strategies, and arbitrage strategies between synthetic long option futures and short futures [2]. 3. Summary by Directory 3.1 Financial Market Index Overview - Major indices such as the Shanghai Composite Index, Shenzhen Component Index, Shanghai 50, CSI 300, CSI 500, and CSI 1000 all showed gains, with the Shenzhen Component Index having the highest increase of 2.26% [3]. - The trading volume of these indices also increased, with the Shenzhen Component Index having an increase of 328.6 billion yuan in trading volume [3]. 3.2 ETF Market Overview - Most ETFs, including Shanghai 50ETF, Shanghai 300ETF, and ChiNext ETF, showed price increases, with the ChiNext ETF having the highest increase of 2.82% [4]. - The trading volume of most ETFs increased, but the trading volume of Shanghai 50ETF decreased by 1.53 billion yuan [4]. 3.3 Option Factor - Volume and Position PCR - The volume PCR and position PCR of different option varieties showed different trends, which can be used to judge the strength of the option underlying and the turning point of the market [5][6]. 3.4 Option Factor - Pressure and Support Points - The pressure and support points of different option varieties are obtained from the strike prices of the maximum open interest of call and put options, which can help analyze the price trend of the underlying [7]. 3.5 Option Factor - Implied Volatility - The implied volatility of different option varieties increased to varying degrees, with the implied volatility of E Fund Science and Technology Innovation 50ETF having the largest increase of 11.58 percentage points [8]. 3.6 Strategy and Suggestions - **Financial Stock Sector (Shanghai 50ETF, Shanghai 50)**: The Shanghai 50ETF shows a bullish upward trend. Suggested strategies include constructing call option bull spread combination strategies, bullish seller combination strategies, and spot long covered call strategies [11]. - **Large - Cap Blue - Chip Stock Sector (Shanghai 300ETF, Shenzhen 300ETF, CSI 300)**: These show a short - term bullish upward trend. Suggested strategies include call option bull spread combination strategies, short - volatility combination strategies, and spot long covered call strategies [11]. - **Large - and Medium - Sized Stock Sector (Shenzhen 100ETF)**: It shows a bullish upward trend. Suggested strategies include call option bull spread combination strategies, short - volatility combination strategies, and spot long covered call strategies [12]. - **Small - and Medium - Cap Stock Sector (Shanghai 500ETF, Shenzhen 500ETF, CSI 1000)**: They show a short - term bullish upward trend. Suggested strategies include call option bull spread combination strategies, short - volatility strategies for CSI 1000, and spot long covered call strategies [12][13]. - **ChiNext Sector (ChiNext ETF, Huaxia Science and Technology Innovation 50ETF, E Fund Science and Technology Innovation 50ETF)**: They show a bullish upward trend. Suggested strategies include call option bull spread combination strategies and spot long covered call strategies [13].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The stock market shows a bullish upward trend, with the Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks all performing well [3]. - The implied volatility of financial options has gradually risen to a relatively high level around the mean [3]. - For ETF options, it is suitable to construct bullish buyer strategies and call option bull spread combination strategies; for index options, it is suitable to construct bullish seller strategies, call option bull spread combination strategies, and arbitrage strategies between synthetic long options and short futures [3]. 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,825.76, up 54.66 points or 1.45%, with a trading volume of 109.51 billion yuan and an increase of 9.73 billion yuan [4]. - The Shenzhen Component Index closed at 12,166.06, up 246.30 points or 2.07%, with a trading volume of 145.16 billion yuan and an increase of 2.53 billion yuan [4]. - The SSE 50 Index closed at 2,928.61, up 66.44 points or 2.32%, with a trading volume of 18.06 billion yuan and an increase of 4.42 billion yuan [4]. - The CSI 300 Index closed at 4,378.00, up 89.93 points or 2.10%, with a trading volume of 67.59 billion yuan and an increase of 11.74 billion yuan [4]. - The CSI 500 Index closed at 6,822.85, up 118.68 points or 1.77%, with a trading volume of 44.67 billion yuan and an increase of 4.26 billion yuan [4]. - The CSI 1000 Index closed at 7,362.94, up 109.60 points or 1.51%, with a trading volume of 52.78 billion yuan and an increase of 1.13 billion yuan [4]. 3.2 Option Underlying ETF Market Overview - The SSE 50 ETF closed at 3.066, up 0.076 or 2.54%, with a trading volume of 12.6586 million shares and an increase of 12.5712 million shares, and a trading value of 3.839 billion yuan and an increase of 1.228 billion yuan [5]. - The SSE 300 ETF closed at 4.479, up 0.101 or 2.31%, with a trading volume of 13.6026 million shares and an increase of 13.5113 million shares, and a trading value of 6.031 billion yuan and an increase of 2.034 billion yuan [5]. - The SSE 500 ETF closed at 6.915, up 0.129 or 1.90%, with a trading volume of 8.4378 million shares and an increase of 8.4080 million shares, and a trading value of 5.803 billion yuan and an increase of 3.775 billion yuan [5]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.323, up 0.115 or 9.52%, with a trading volume of 94.1619 million shares and an increase of 93.7098 million shares, and a trading value of 11.986 billion yuan and an increase of 6.486 billion yuan [5]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.295, up 0.115 or 9.75%, with a trading volume of 26.3722 million shares and an increase of 26.2645 million shares, and a trading value of 3.282 billion yuan and an increase of 2.001 billion yuan [5]. - The Shenzhen 300 ETF closed at 4.619, up 0.104 or 2.30%, with a trading volume of 1.8071 million shares and an increase of 1.7849 million shares, and a trading value of 0.827 billion yuan and a decrease of 0.176 billion yuan [5]. - The Shenzhen 500 ETF closed at 2.762, up 0.050 or 1.84%, with a trading volume of 2.5524 million shares and an increase of 2.5422 million shares, and a trading value of 0.701 billion yuan and an increase of 0.0425 billion yuan [5]. - The Shenzhen 100 ETF closed at 3.208, up 0.084 or 2.69%, with a trading volume of 0.6911 million shares and an increase of 0.6850 million shares, and a trading value of 0.0218 billion yuan and an increase of 0.0028 billion yuan [5]. - The ChiNext ETF closed at 2.662, up 0.090 or 3.50%, with a trading volume of 21.6591 million shares and an increase of 21.4708 million shares, and a trading value of 5.682 billion yuan and an increase of 0.823 billion yuan [5]. 3.3 Option Factor - Volume and Open Interest PCR - The volume PCR of the SSE 50 ETF is 0.64, down 0.09, and the open interest PCR is 1.20, up 0.15 [6]. - The volume PCR of the SSE 300 ETF is 0.71, down 0.01, and the open interest PCR is 1.33, up 0.11 [6]. - The volume PCR of the SSE 500 ETF is 0.77, up 0.03, and the open interest PCR is 1.50, up 0.11 [6]. - The volume PCR of the Huaxia Science and Technology Innovation 50 ETF is 0.51, up 0.01, and the open interest PCR is 1.08, up 0.27 [6]. - The volume PCR of the E Fund Science and Technology Innovation 50 ETF is 0.55, up 0.12, and the open interest PCR is 1.04, up 0.18 [6]. - The volume PCR of the Shenzhen 300 ETF is 0.86, down 0.22, and the open interest PCR is 1.39, up 0.13 [6]. - The volume PCR of the Shenzhen 500 ETF is 0.69, down 0.15, and the open interest PCR is 1.13, up 0.05 [6]. - The volume PCR of the Shenzhen 100 ETF is 1.18, down 0.02, and the open interest PCR is 1.42, up 0.02 [6]. - The volume PCR of the ChiNext ETF is 0.68, unchanged, and the open interest PCR is 1.46, up 0.15 [6]. - The volume PCR of the SSE 50 index option is 0.32, up 0.01, and the open interest PCR is 0.58, up 0.01 [6]. - The volume PCR of the CSI 300 index option is 0.44, down 0.03, and the open interest PCR is 0.83, up 0.01 [6]. - The volume PCR of the CSI 1000 index option is 0.62, up 0.13, and the open interest PCR is 1.10, up 0.07 [6]. 3.4 Option Factor - Pressure and Support Levels - The pressure level of the SSE 50 ETF is 3.10, and the support level is 3.00 [8]. - The pressure level of the SSE 300 ETF is 4.50, and the support level is 4.40 [8]. - The pressure level of the SSE 500 ETF is 7.00, and the support level is 6.75 [8]. - The pressure level of the Huaxia Science and Technology Innovation 50 ETF is 1.30, and the support level is 1.05 [8]. - The pressure level of the E Fund Science and Technology Innovation 50 ETF is 1.30, and the support level is 1.20 [8]. - The pressure level of the Shenzhen 300 ETF is 4.60, and the support level is 4.30 [8]. - The pressure level of the Shenzhen 500 ETF is 2.80, and the support level is 2.70 [8]. - The pressure level of the Shenzhen 100 ETF is 3.30, and the support level is 2.95 [8]. - The pressure level of the ChiNext ETF is 2.60, and the support level is 2.55 [8]. - The pressure level of the SSE 50 index option is 3,200, and the support level is 2,750 [8]. - The pressure level of the CSI 300 index option is 4,700, and the support level is 4,250 [8]. - The pressure level of the CSI 1000 index option is 7,400, and the support level is 6,500 [8]. 3.5 Option Factor - Implied Volatility - The at-the-money implied volatility of the SSE 50 ETF is 21.26%, the weighted implied volatility is 22.12%, up 3.59%, and the historical volatility is 13.08%, with an implied - historical volatility difference of 9.03% [11]. - The at-the-money implied volatility of the SSE 300 ETF is 18.74%, the weighted implied volatility is 21.09%, up 2.59%, and the historical volatility is 13.90%, with an implied - historical volatility difference of 7.19% [11]. - The at-the-money implied volatility of the SSE 500 ETF is 22.91%, the weighted implied volatility is 23.67%, up 0.62%, and the historical volatility is 15.97%, with an implied - historical volatility difference of 7.70% [11]. - The at-the-money implied volatility of the Huaxia Science and Technology Innovation 50 ETF is 50.49%, the weighted implied volatility is 52.49%, up 17.96%, and the historical volatility is 21.96%, with an implied - historical volatility difference of 30.53% [11]. - The at-the-money implied volatility of the E Fund Science and Technology Innovation 50 ETF is 52.89%, the weighted implied volatility is 52.70%, up 17.95%, and the historical volatility is 23.03%, with an implied - historical volatility difference of 29.67% [11]. - The at-the-money implied volatility of the Shenzhen 300 ETF is 19.16%, the weighted implied volatility is 25.75%, up 2.58%, and the historical volatility is 14.64%, with an implied - historical volatility difference of 11.11% [11]. - The at-the-money implied volatility of the Shenzhen 500 ETF is 22.22%, the weighted implied volatility is 25.33%, up 0.75%, and the historical volatility is 16.02%, with an implied - historical volatility difference of 9.30% [11]. - The at-the-money implied volatility of the Shenzhen 100 ETF is 23.09%, the weighted implied volatility is 33.96%, up 3.77%, and the historical volatility is 18.19%, with an implied - historical volatility difference of 15.77% [11]. - The at-the-money implied volatility of the ChiNext ETF is 33.63%, the weighted implied volatility is 35.42%, up 1.35%, and the historical volatility is 21.44%, with an implied - historical volatility difference of 13.98% [11]. - The at-the-money implied volatility of the SSE 50 index option is 21.36%, the weighted implied volatility is 20.98%, up 1.46%, and the historical volatility is 14.41%, with an implied - historical volatility difference of 6.57% [11]. - The at-the-money implied volatility of the CSI 300 index option is 20.28%, the weighted implied volatility is 19.75%, up 0.39%, and the historical volatility is 13.93%, with an implied - historical volatility difference of 5.82% [11]. - The at-the-money implied volatility of the CSI 1000 index option is 26.94%, the weighted implied volatility is 27.24%, down 0.88%, and the historical volatility is 17.95%, with an implied - historical volatility difference of 9.29% [11]. 3.6 Strategy and Recommendations - **Financial Stocks Sector (SSE 50 ETF, SSE 50)**: The SSE 50 ETF has shown a bullish upward trend since July, with the implied volatility rising to above the mean, and the open interest PCR at 1.20 indicating a strong market. The pressure level is 3.10, and the support level is 3.00. Recommended strategies include constructing a call option bull spread combination strategy and a short - biased bullish combination strategy [14]. - **Large - and Medium - Cap Stocks Sector (Shenzhen 100 ETF)**: The Shenzhen 100 ETF has shown a bullish upward trend since late June, with the implied volatility rising to around the mean, and the open interest PCR above 1.00 indicating a strong market. The pressure level is 3.30, and the support level is 2.95. Recommended strategies include constructing a call option bull spread combination strategy and a short - volatility strategy [15]. - **Small - and Medium - Cap Stocks Sector (SSE 500 ETF, Shenzhen 500 ETF, CSI 1000)**: The SSE 500 ETF has shown a bullish upward trend since June, with the implied volatility rising slightly around the mean, and the open interest PCR above 1.00 indicating a bullish market. The pressure level of the SSE 500 ETF is 7.00, and the support level is 6.75. The CSI 1000 index has maintained a bullish upward trend for more than two months, with the implied volatility rising to a relatively high level, and the open interest PCR above 1.00 indicating a bullish market. Recommended strategies include constructing call option bull spread combination strategies and short - volatility strategies [15][16]. - **ChiNext Sector (ChiNext ETF, Huaxia Science and Technology Innovation 50 ETF, E Fund Science and Technology Innovation 50 ETF)**: The ChiNext ETF has shown a bullish upward trend for four months, with the implied volatility rising significantly above the mean, and the open interest PCR above 1.10 indicating a bullish market. The pressure level is 2.60, and the support level is 2.55. Recommended strategies include constructing call option bull spread combination strategies [16].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Views of the Report - The stock market shows a high - level slight oscillation, 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 gradually rises to fluctuate above the mean level [3]. - For ETF options, it is suitable to construct covered strategies, neutral double - selling strategies, and vertical spread combination strategies; for index options, it is suitable to construct neutral double - selling strategies and arbitrage strategies between synthetic long or short options and short or long futures [3]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,771.10, up 4.89 (0.13%), with a trading volume of 997.7 billion yuan and a volume change of - 19.8 billion yuan, and a PE of 16.16 [4]. - The Shenzhen Component Index closed at 11,919.76, down 6.98 (- 0.06%), with a trading volume of 1426.3 billion yuan and a volume change of 35.6 billion yuan, and a PE of 28.65 [4]. - The SSE 50 Index closed at 2,862.18, up 15.19 (0.53%), with a trading volume of 136.5 billion yuan and a volume change of - 3.2 billion yuan, and a PE of 11.71 [4]. - The CSI 300 Index closed at 4,288.07, up 16.67 (0.39%), with a trading volume of 558.5 billion yuan and a volume change of 19.7 billion yuan, and a PE of 13.73 [4]. - The CSI 500 Index closed at 6,704.17, down 23.90 (- 0.36%), with a trading volume of 404.1 billion yuan and a volume change of - 5.5 billion yuan, and a PE of 32.02 [4]. - The CSI 1000 Index closed at 7,253.34, down 52.12 (- 0.71%), with a trading volume of 516.5 billion yuan and a volume change of - 1 billion yuan, and a PE of 44.56 [4]. 3.2 Option - Based ETF Market Overview - The SSE 50 ETF closed at 2.990, up 0.015 (0.50%), with a trading volume of 8.7402 million shares and a volume change of 8.6399 million shares, and a trading value of 2.612 billion yuan and a value change of - 0.348 billion yuan [5]. - The SSE 300 ETF closed at 4.378, up 0.014 (0.32%), with a trading volume of 9.13 million shares and a volume change of 8.9922 million shares, and a trading value of 3.997 billion yuan and a value change of - 1.941 billion yuan [5]. - The SSE 500 ETF closed at 6.786, down 0.038 (- 0.56%), with a trading volume of 2.9833 million shares and a volume change of 2.9495 million shares, and a trading value of 2.028 billion yuan and a value change of - 0.252 billion yuan [5]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.208, unchanged (0.00%), with a trading volume of 45.2083 million shares and a volume change of 44.6828 million shares, and a trading value of 5.501 billion yuan and a value change of - 0.728 billion yuan [5]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.180, up 0.001 (0.08%), with a trading volume of 10.7717 million shares and a volume change of 10.6569 million shares, and a trading value of 1.281 billion yuan and a value change of - 0.049 billion yuan [5]. - The Shenzhen 300 ETF closed at 4.515, up 0.020 (0.44%), with a trading volume of 2.2215 million shares and a volume change of 2.1995 million shares, and a trading value of 1.003 billion yuan and a value change of 0.023 billion yuan [5]. - The Shenzhen 500 ETF closed at 2.712, down 0.016 (- 0.59%), with a trading volume of 1.0161 million shares and a volume change of 1.0035 million shares, and a trading value of 0.276 billion yuan and a value change of - 0.062 billion yuan [5]. - The Shenzhen 100 ETF closed at 3.124, up 0.003 (0.10%), with a trading volume of 0.6078 million shares and a volume change of 0.602 million shares, and a trading value of 0.019 billion yuan and a value change of 0.0012 billion yuan [5]. - The ChiNext ETF closed at 2.572, down 0.016 (- 0.62%), with a trading volume of 18.828 million shares and a volume change of 18.6221 million shares, and a trading value of 4.859 billion yuan and a value change of - 0.401 billion yuan [5]. 3.3 Option Factor - Volume and Position PCR - For the SSE 50 ETF, the trading volume was 1.4943 million contracts (down 0.215 million), the open interest was 1.7591 million contracts (down 0.0319 million), the trading volume PCR was 0.73 (down 0.17), and the open - interest PCR was 1.06 (up 0.05) [6]. - For the SSE 300 ETF, the trading volume was 1.5079 million contracts (down 0.3795 million), the open interest was 1.4525 million contracts (down 0.0081 million), the trading volume PCR was 0.72 (down 0.50), and the open - interest PCR was 1.22 (unchanged) [6]. - For the SSE 500 ETF, the trading volume was 2.1288 million contracts (down 0.3029 million), the open interest was 1.4928 million contracts (up 0.0402 million), the trading volume PCR was 0.74 (down 0.04), and the open - interest PCR was 1.38 (down 0.06) [6]. - For the Huaxia Science and Technology Innovation 50 ETF, the trading volume was 1.8815 million contracts (down 0.1721 million), the open interest was 1.9954 million contracts (down 0.0243 million), the trading volume PCR was 0.50 (down 0.03), and the open - interest PCR was 0.82 (up 0.01) [6]. - For the E Fund Science and Technology Innovation 50 ETF, the trading volume was 0.4171 million contracts (down 0.0977 million), the open interest was 0.6025 million contracts (up 0.0033 million), the trading volume PCR was 0.43 (down 0.39), and the open - interest PCR was 0.86 (up 0.03) [6]. - For the Shenzhen 300 ETF, the trading volume was 0.3459 million contracts (up 0.0533 million), the open interest was 0.3282 million contracts (up 0.0114 million), the trading volume PCR was 1.08 (up 0.09), and the open - interest PCR was 1.25 (up 0.06) [6]. - For the Shenzhen 500 ETF, the trading volume was 0.4278 million contracts (down 0.07 million), the open interest was 0.4312 million contracts (down 0.0051 million), the trading volume PCR was 0.83 (up 0.01), and the open - interest PCR was 1.08 (up 0.03) [6]. - For the Shenzhen 100 ETF, the trading volume was 0.1825 million contracts (up 0.0057 million), the open interest was 0.1755 million contracts (down 0.0007 million), the trading volume PCR was 1.20 (down 0.25), and the open - interest PCR was 1.40 (up 0.12) [6]. - For the ChiNext ETF, the trading volume was 2.4921 million contracts (down 0.1566 million), the open interest was 2.0992 million contracts (up 0.053 million), the trading volume PCR was 0.68 (down 0.07), and the open - interest PCR was 1.31 (down 0.04) [6]. - For the SSE 50 index options, the trading volume was 0.0529 million contracts (up 0.0047 million), the open interest was 0.0732 million contracts (up 0.0017 million), the trading volume PCR was 0.31 (down 0.05), and the open - interest PCR was 0.56 (up 0.02) [6]. - For the CSI 300 index options, the trading volume was 0.1119 million contracts (up 0.0028 million), the open interest was 0.1772 million contracts (up 0.0036 million), the trading volume PCR was 0.46 (down 0.08), and the open - interest PCR was 0.82 (up 0.03) [6]. - For the CSI 1000 index options, the trading volume was 0.3082 million contracts (up 0.033 million), the open interest was 0.2809 million contracts (up 0.0134 million), the trading volume PCR was 0.49 (down 0.14), and the open - interest PCR was 1.03 (unchanged) [6]. 3.4 Option Factor - Pressure and Support Points - For the SSE 50 ETF, the closing price was 2.990, the at - the - money strike price was 3.00, the pressure point was 3.10, the support point was 2.95, the maximum long position for calls was 123,462, and the maximum long position for puts was 93,725 [8]. - For the SSE 300 ETF, the closing price was 4.378, the at - the - money strike price was 4.40, the pressure point was 4.40, the support point was 4.30, the maximum long position for calls was 55,919, and the maximum long position for puts was 71,619 [8]. - For the SSE 500 ETF, the closing price was 6.786, the at - the - money strike price was 6.75, the pressure point was 7.00, the support point was 6.50, the maximum long position for calls was 82,012, and the maximum long position for puts was 107,604 [8]. - For the Huaxia Science and Technology Innovation 50 ETF, the closing price was 1.208, the at - the - money strike price was 1.20, the pressure point was 1.25, the support point was 1.15, the maximum long position for calls was 87,148, and the maximum long position for puts was 70,589 [8]. - For the E Fund Science and Technology Innovation 50 ETF, the closing price was 1.180, the at - the - money strike price was 1.20, the pressure point was 1.25, the support point was 1.15, the maximum long position for calls was 27,222, and the maximum long position for puts was 26,807 [8]. - For the Shenzhen 300 ETF, the closing price was 4.515, the at - the - money strike price was 4.50, the pressure point was 4.60, the support point was 4.30, the maximum long position for calls was 16,481, and the maximum long position for puts was 23,477 [8]. - For the Shenzhen 500 ETF, the closing price was 2.712, the at - the - money strike price was 2.70, the pressure point was 2.70, the support point was 2.55, the maximum long position for calls was 18,589, and the maximum long position for puts was 17,967 [8]. - For the Shenzhen 100 ETF, the closing price was 3.124, the at - the - money strike price was 3.10, the pressure point was 3.10, the support point was 3.00, the maximum long position for calls was 6,223, and the maximum long position for puts was 9,094 [8]. - For the ChiNext ETF, the closing price was 2.572, the at - the - money strike price was 2.55, the pressure point was 2.60, the support point was 2.50, the maximum long position for calls was 95,481, and the maximum long position for puts was 72,965 [8]. - For the SSE 50 index options, the closing price was 2,862.18, the at - the - money strike price was 2,850, the pressure point was 3,200, the support point was 2,700, the maximum long position for calls was 6,714, and the maximum long position for puts was 2,897 [8]. - For the CSI 300 index options, the closing price was 4,288.07, the at - the - money strike price was 4,300, the pressure point was 4,700, the support point was 4,250, the maximum long position for calls was 8,045, and the maximum long position for puts was 8,904 [8]. - For the CSI 1000 index options, the closing price was 7,253.34, the at - the - money strike price was 7,300, the pressure point was 7,400, the support point was 6,500, the maximum long position for calls was 10,159, and the maximum long position for puts was 7,419 [8]. 3.5 Option Factor - Implied Volatility - For the SSE 50 ETF options, the at - the - money implied volatility was 17.47%, the weighted implied volatility was 18.53% (up 0.71%), the annual average was 15.05%, the call implied volatility was 19.08%, the put implied volatility was 17.61%, the HISV20 was 13.26%, and the implied - historical volatility difference was 5.27% [11]. - For the SSE 300 ETF options, the at - the - money implied volatility was 17.79%, the weighted implied volatility was 18.50% (up 0.07%), the annual average was 15.69%, the call implied volatility was 18.52%, the put implied volatility was 18.47%, the HISV20 was 13.99%, and the implied - historical volatility difference was 4.51% [11]. - For the SSE 500 ETF options, the at - the - money implied volatility was 21.19%, the weighted implied volatility was 23.05% (down 0.36%), the annual average was 19.39%, the call implied volatility was 23.57%, the put implied volatility was 2

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - On August 21, 2025, all stock indices oscillated and consolidated. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.4603 trillion yuan, an increase of 11.9 billion yuan from the previous day. The trading volume in the stock market remained above 2 trillion yuan, indicating that investors' sentiment was still relatively positive. However, due to the significant gains in some stocks, there was a need for profit - taking among profitable funds, and technically, there was a need for consolidation. Currently, the positive expectations strongly supported the stock indices. Anti - involution policies and consumption - promotion policies promoted a moderate recovery of the price index from both supply and demand sides, facilitating the repair of corporate profits. The capital market was relatively loose, and incremental funds continuously flowed into the stock market, driving the repair of stock index valuations. In general, it was expected that the stock indices would oscillate with a bias towards strength in the short term. - The implied volatility of options had rebounded. Considering the long - term upward trend of stock indices, investors could continue to hold bull spreads or ratio spreads for a moderate bullish outlook [4] Summary by Related Catalogs 1 Option Indicators - On August 21, 2025, the 50ETF rose 0.50% to close at 2.990; the 300ETF (Shanghai Stock Exchange) rose 0.32% to close at 4.378; the 300ETF (Shenzhen Stock Exchange) rose 0.44% to close at 4.515; the CSI 300 Index rose 0.39% to close at 4288.07; the CSI 1000 Index fell 0.71% to close at 7253.34; the 500ETF (Shanghai Stock Exchange) fell 0.56% to close at 6.786; the 500ETF (Shenzhen Stock Exchange) fell 0.59% to close at 2.712; the ChiNext ETF fell 0.62% to close at 2.572; the Shenzhen 100ETF rose 0.10% to close at 3.124; the SSE 50 Index rose 0.53% to close at 2862.18; the Science and Technology Innovation 50ETF rose 0.00% to close at 1.21; and the E Fund Science and Technology Innovation 50ETF rose 0.08% to close at 1.18 [6] - The trading volume PCR and持仓量 PCR of various options on August 21, 2025, and their changes compared to the previous trading day were provided in detail, including those of 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [7] - The implied volatility of at - the - money options and the 30 - trading - day historical volatility of the underlying assets of various options were presented, such as the 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [8][9] 2 Related Charts - **Shanghai 50ETF Options**: Included charts of the Shanghai 50ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [10][11][12] - **Shanghai Stock Exchange 300ETF Options**: Included charts of the Shanghai Stock Exchange 300ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [21][22][23] - **Shenzhen Stock Exchange 300ETF Options**: Included charts of the Shenzhen Stock Exchange 300ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [34][35][36] - **CSI 300 Index Options**: Included charts of the CSI 300 index trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [47][48][49] - **CSI 1000 Index Options**: Included charts of the CSI 1000 index trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [60][61][62] - **Shanghai Stock Exchange 500ETF Options**: Included charts of the Shanghai Stock Exchange 500ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [74][75][76] - **Shenzhen Stock Exchange 500ETF Options**: Included charts of the Shenzhen Stock Exchange 500ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [87][88][89] - **ChiNext ETF Options**: Included charts of the ChiNext ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [102][103][104] - **Shenzhen 100ETF Options**: Included charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [115][116][117] - **Shanghai 50 Index Options**: Included charts of the Shanghai 50 index trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [128][129][130] - **Science and Technology Innovation 50ETF Options**: Included charts of the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [141][142][143] - **E Fund Science and Technology Innovation 50ETF Options**: Included charts of the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, implied volatility curve, and various - term at - the - money implied volatility [146][147][148]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks showed a market trend of slight fluctuations at high levels [3]. - The implied volatility of financial options gradually rose to fluctuate above the average level [3]. - For ETF options, it is suitable to construct covered strategies, neutral double-selling strategies, and vertical spread combination strategies; for stock index options, it is suitable to construct neutral double-selling strategies and arbitrage strategies between synthetic long or short options and long or short futures [3]. 3. Summaries Based on Relevant Catalogs 3.1 Stock Market Review - The Shanghai Composite Index closed at 3,766.21, up 38.92 points or 1.04%, with a trading volume of 101.75 billion yuan, a decrease of 43.4 billion yuan [4]. - The Shenzhen Component Index closed at 11,926.74, up 105.11 points or 0.89%, with a trading volume of 139.07 billion yuan, a decrease of 136.7 billion yuan [4]. - Other major indices also showed varying degrees of increases [4]. 3.2 Option Underlying ETF Market Overview - The closing prices, price changes, trading volumes, and trading volumes changes of various option underlying ETFs are presented, such as the Shanghai 50 ETF closing at 2.975, up 0.038 or 1.29%, with a trading volume of 10.0375 million shares, an increase of 9.9572 million shares [5]. 3.3 Option Factor - Volume and Position PCR - The volume and position PCR values and their changes of different option varieties are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market [6][7]. 3.4 Option Factor - Pressure and Support Points - The pressure and support points of different option varieties are analyzed from the perspective of the exercise prices with the largest open interest of call and put options [8][10]. 3.5 Option Factor - Implied Volatility - The implied volatility of different option varieties, including at-the-money implied volatility and weighted implied volatility, is presented, with explanations of their calculation methods [11][12]. 3.6 Strategy and Recommendations - The financial option sector is divided into large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks, and different option strategies are recommended for each sector [13]. - For example, for the Shanghai 50 ETF, a short-biased long combination strategy can be constructed to obtain time value income [14].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The stock market, including the Shanghai Composite Index, large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks, shows a high - level slight - oscillation market trend [3]. - The implied volatility of financial options gradually rises to fluctuate above the mean level [3]. - For ETF options, it is suitable to construct covered strategies, neutral double - selling strategies, and vertical spread combination strategies; for stock index options, it is suitable to construct neutral double - selling strategies and arbitrage strategies between synthetic long or short futures with options and long or short futures [3]. 3. Summary According to Relevant Catalogs 3.1 Stock Market and Option Overview - **Stock Market Indexes**: The Shanghai Composite Index closed at 3,727.29, down 0.02%; the Shenzhen Component Index closed at 11,821.63, down 0.12%; the Shanghai 50 Index closed at 2,812.42, down 0.93%; the CSI 300 Index closed at 4,223.37, down 0.38%; the CSI 500 Index closed at 6,655.31, down 0.19%; the CSI 1000 Index closed at 7,242.85, up 0.07% [4]. - **Option - based ETFs**: The closing prices of various option - based ETFs showed different changes, with trading volumes and turnovers also varying. For example, the Shanghai 50ETF closed at 2.937, down 1.14% [5]. - **Option Factors - Volume and Position PCR**: The volume and position PCR of different option varieties showed different trends. For instance, the volume PCR of the Shanghai 50ETF was 0.80, with a change of 0.16; the position PCR was 0.93, with a change of - 0.13 [6]. - **Option Factors - Pressure and Support Points**: Different option varieties have corresponding pressure and support points. For example, the pressure point of the Shanghai 50ETF is 3.10, and the support point is 2.90 [8]. - **Option Factors - Implied Volatility**: The implied volatility of different option varieties also varied. For example, the at - the - money implied volatility of the Shanghai 50ETF was 16.53%, and the weighted implied volatility was 18.70%, down 0.89% [11]. 3.2 Strategy and Suggestions for Different Sectors - **Financial Stocks Sector (Shanghai 50ETF, Shanghai 50)**: Since July, the Shanghai 50ETF has been in a high - level oscillation after a partial upward trend. It is recommended to construct a seller - biased long combination strategy for volatility and a covered strategy for spot [14]. - **Large - cap Blue - chip Stocks Sector (CSI 300, Shanghai 300ETF, Shenzhen 300ETF)**: The Shanghai 300ETF has shown a short - term upward trend. It is recommended to construct a short - volatility strategy of selling both calls and puts and a covered strategy for spot [15]. - **Large - and Medium - sized Stocks Sector (Shenzhen 100ETF)**: The Shenzhen 100ETF has shown a bullish trend. It is recommended to construct a bull call spread strategy for direction and a short - volatility strategy of selling both calls and puts, as well as a covered strategy for spot [16]. - **Small and Medium - cap Stocks Sector (Shanghai 500ETF, Shenzhen 500ETF, CSI 1000)**: These stocks have shown a short - term upward trend. For the Shanghai 500ETF and Shenzhen 500ETF, it is recommended to construct a bull call spread strategy for direction and a covered strategy for spot; for the CSI 1000, it is recommended to construct a short - volatility strategy [16][17]. - **ChiNext Sector (ChiNext ETF, Huaxia Science and Technology Innovation 50ETF, E Fund Science and Technology Innovation 50ETF)**: The ChiNext ETF has shown a long - term upward trend. It is recommended to construct a bull call option combination strategy for direction and a covered strategy for spot [17].