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

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

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

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

格隆汇11月10日丨万盛股份(603010.SH)公布，公司拟开展金融衍生品投资业务，在2026年度任意时点 最高余额不超过6000万美元(或等值外币)，在上述额度范围内可滚动使用。期限内任一时点的交易金额 （含前述交易的收益进行再交易的相关金额）不得超过上述额度。预计衍生品业务所动用的交易保证金 和权利金上限（包括为交易而提供的担保物价值、预计占用的金融机构授信额度、为应急措施所预留的 保证金等，下同）在任何时点不超过6,000万美元(或等值外币)，优先使用银行授信。 ...

格隆汇11月10日丨万盛股份(603010.SH)公布，公司拟开展金融衍生品投资业务，在2026年度任意时点 最高余额不超过6000万美元(或等值外币)，在上述额度范围内可滚动使用。期限内任一时点的交易金额 （含前述交易的收益进行再交易的相关金额）不得超过上述额度。预计衍生品业务所动用的交易保证金 和权利金上限（包括为交易而提供的担保物价值、预计占用的金融机构授信额度、为应急措施所预留的 保证金等，下同）在任何时点不超过6,000万美元(或等值外币)，优先使用银行授信。 ...

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

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

- The report introduces the PCR (Put/Call Ratio) as a market sentiment indicator, which is used in a timing strategy for options trading. The strategy logic includes trend-following (PCR rising indicates positive sentiment) and counter-trend (low PCR suggests a potential sentiment reversal) approaches[5][73][65] - The PCR timing strategy is applied to the Shanghai Stock Exchange 50 Index and the CSI 300 Index. The strategy's performance is tracked, showing better results for the CSI 300 Index in 2025, with a year-to-date return of -2.66% and the latest signal being "no position" (signal 0)[5][83][79] - The performance metrics for the PCR strategy on the CSI 300 Index include an annualized volatility of 15.46%, a Sharpe ratio of 0, a Calmar ratio of 0.03, and a win rate of 50.25% for 2025. The overall performance from 2020 to 2025 shows an annualized return of 19.13%, a maximum drawdown of 23.42%, and a Sharpe ratio of 0.97[79][83][78] - For the Shanghai Stock Exchange 50 Index, the PCR strategy's performance metrics for 2025 include an annualized volatility of 13.35%, a Sharpe ratio of -0.04, a Calmar ratio of 0, and a win rate of 50.25%. The overall performance from 2017 to 2025 shows an annualized return of 14.20%, a maximum drawdown of 24.96%, and a Sharpe ratio of 0.76[80][83][78]

新华财经北京11月7日电 2025年第三季度，"互换通"业务继续保持稳健发展，清算规模实现同比、环比 双增长，产品体系进一步丰富，参与者范围持续扩大。 据新华财经获悉，最新数据显示，三季度"互换通"累计清算金额达1.41万亿元，较上季度增长22.6%， 较去年同期上升45.7%。自2023年5月上线以来，该业务累计清算规模已达8.58万亿元。截至季度末，参 与机构覆盖全球15个国家和地区的103家金融机构。 在风险防控方面，三季度尽管市场波动加剧，"互换通"依托中央对手清算（CCP）机制，实现了业务整 体平稳运行，风险资源占用持续处于安全区间。 在产品方面，"互换通"于当季推出以一年期贷款市场报价利率（LPR1Y）为标的的利率互换合约。该产 品旨在精准对接境外投资者在人民币贷款业务中的利率风险管理需求，使其能够更有效地管理资金成 本。上线初期，该合约已获得境内外机构的积极参与。 从交易结构来看，FR007品种仍占据主导地位，但投资者在期限选择上更趋多元，对中长期品种的配置 有所增加。做市商结构保持稳定，中资机构继续发挥主要作用，部分券商与外资机构的业务量亦呈现增 长。 （文章来源：新华财经） 制度层面，人民银 ...