1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The stock indices continued to fluctuate within a narrow range. The total trading volume of the stock market was 1405.1 billion yuan, a decrease of 91.4 billion yuan from the previous day. The main support for the stock indices comes from the expectation of favorable policies in the future. Due to the instability of domestic demand and the weak performance of credit and inflation data, the policy side needs to introduce policies to support economic demand. The market is concerned about the policy guidance of the Politburo meeting in July. Since the stock indices have risen significantly since late June, the short - term upward momentum has weakened, and the recent decline in trading volume indicates that the market's enthusiasm for chasing up has cooled down. In general, the short - term driving force of the market has weakened, and the stock indices are expected to fluctuate within a range. - Currently, the implied volatility of options has rebounded. In the medium and long term, the stock indices are more likely to rise, and bull spreads or ratio spreads long - position portfolios can be arranged [4]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On July 2, 2025, the 50ETF rose 0.21% to close at 2.816; the 300ETF (Shanghai Stock Exchange) rose 0.10% to close at 3.992; the 300ETF (Shenzhen Stock Exchange) rose 0.02% to close at 4.117; the CSI 300 Index rose 0.02% to close at 3943.68; the CSI 1000 Index fell 1.01% to close at 6309.48; the 500ETF (Shanghai Stock Exchange) fell 0.59% to close at 5.947; the 500ETF (Shenzhen Stock Exchange) fell 0.54% to close at 2.377; the ChiNext ETF fell 1.03% to close at 2.104; the Shenzhen 100ETF fell 0.33% to close at 2.722; the SSE 50 Index rose 0.18% to close at 2722.55; the STAR 50ETF fell 1.24% to close at 1.04; the E Fund STAR 50ETF fell 1.18% to close at 1.01 [6]. - The trading volume PCR and position PCR of various options on July 2, 2025, and their changes compared with the previous trading day are provided in detail, including 50ETF options, SSE 300ETF options, etc. [7]. - The implied volatility of at - the - money options in July 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided, such as the implied volatility of 50ETF options at - the - money options in July 2025 is 11.88%, and the 30 - trading - day historical volatility of the underlying asset is 8.36% [8][9]. 3.2 Relevant Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [10][11][12]. - **SSE 300ETF Options**: Include charts of the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [22][23]. - **SZSE 300ETF Options**: Include charts of the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [25][26]. - **CSI 300 Index Options**: Include charts of the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [39][40]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [52][53]. - **SSE 500ETF Options**: Include charts of the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [66][67]. - **SZSE 500ETF Options**: Include charts of the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [79][80]. - **ChiNext ETF Options**: Include charts of the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [91][92]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [104][105]. - **SSE 50 Index Options**: Include charts of the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [117][118]. - **STAR 50ETF Options**: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [131][132]. - **E Fund STAR 50ETF Options**: Include charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of each term [134][135].

投资咨询业务资格：证监许可【2011】1778 号 金融期权 | 日报 2025 年 6 月 19 日 金融期权 专业研究·创造价值 市场情绪偏谨慎，股指震荡回调 核心观点 今日各股指均震荡回调。消息面，美国下场概率上升，中东地缘危机 升级的风险上升，避险情绪抑制股市风险偏好。国内宏观方面，虽然消费数 据在国补政策下表现韧性，但是信贷、通胀等数据表现偏弱表明内需的内生 性增长动能有所不足，未来仍需要更多托底需求的政策出台，政策利好预期 上升。不过目前股票盈利预期仍未修复，支撑股指的力量主要来自于宽松的 资金面以及风险偏好，股指继续上行需要新的增量政策出台。外部方面不确 定性仍存，7 月初关税战面临暂缓期结束之后如何演变的不确定性，中东地 缘危机如何演变也具有不确定性，短期内市场风险偏好偏向防御。总的来 说，短期内股指区间震荡为主，等待新的驱动力量。 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。 专业研 ...

核心观点 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 今日各股指均震荡回调。股市全市场成交额 11904 亿元，较上日缩量 1595 亿元。4 月社融信贷数据好坏参半，政府债发力明显，但是企业与居民 部门融资需求仍偏弱。股指持续上行的动能有所不足，短线存在冲高回落， 震荡反复的可能性。二季度外部关税战冲突有所缓和，近期中美贸易"抢单" 预计对外需有一定改善作用，内部政策面持续发力也能够起到较好的支撑 效果。目前企业盈利行业间分化明显，加速公募新规推动资金向大盘权重股 聚集，预计上证 50 与沪深 300 表现将强于中证 500 以及中证 1000。总的来 说，国内政策面托底经济以及稳定股市的预期较为明确，叠加外部风险因素 缓和，市场情绪偏向谨慎乐观，预计短期内股指震荡偏强运行。 目前期权隐含波动率处于正常区间范围，考虑到股指中长期趋势向 上，可以利用牛市价差组合布局中长线上行的行情。 （仅供参考，不构成任何投资建议） 投资咨询业务资格：证监许可【2011】1778 号 金融期权 | 日报 2025 年 5 月 15 日 金融期权 专业研究·创造价值 短线上股指存冲高回落的可能性 电话：0 ...