1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the trading data of various index options on March 31, 2026, including option trading volume, PCR, and VIX, to reflect the market conditions of index options [1][2][3] 3. Summary by Directory Option Trading Volume - On March 31, 2026, the trading volume of Shanghai Stock Exchange 50 ETF options was 807,400 contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 885,900 contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1,545,900 contracts; the trading volume of Shenzhen 100 ETF options was 47,400 contracts; the trading volume of ChiNext ETF options was 1,510,200 contracts; the trading volume of Shanghai Stock Exchange 50 index options was 29,700 contracts; the trading volume of CSI 300 index options was 84,000 contracts; the total trading volume of CSI 1000 options was 281,800 contracts [1] Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 1.07, with a month - on - month change of - 0.13; the position PCR was reported at 0.74, with a month - on - month change of + 0.01. Similar data are provided for other types of options [2] Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 17.80%, with a month - on - month change of - 0.36%. Similar data are provided for other types of options [3]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - Today, all stock indices fluctuated and declined. The uncertainty of the geopolitical situation in the Middle East is relatively high. There is still a possibility of an escalation of the situation, which could lead to a global energy crisis and severely impact the macro - economy. In this context, stock market investors' risk preference tends to be cautious, and the trading volume of the Shanghai and Shenzhen stock markets has been below 2 trillion yuan for many days, indicating weak trading willingness [3]. - In terms of domestic fundamentals, the export data from January to February exceeded expectations, and the data on social retail and industrial added value were also better than expected. Domestic policies may focus more on structural adjustment compared to last year, with fiscal efforts mainly for support, and the emphasis on promoting consumption and technological breakthroughs. Policy - side benefits form the medium - to - long - term logic for the upward movement of stock indices, and stock indices have strong support [3]. - Overall, it is expected that stock indices will mainly fluctuate and consolidate within a range in the short term. In the options market, the PCR of open interest has rebounded from a low level, and the at - the - money implied volatility of options has returned to stability, indicating that market sentiment has stabilized. Since there is still support for stock indices, a bull spread or covered call strategy can be used [3]. 3. Summary by Related Catalogs 3.1 Related Charts - **上证 50ETF Option**: The report presents charts of the 上证 50ETF's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [5][6]. - **上交所 300ETF Option**: Charts of the 上交所 300ETF's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone are shown [7][8]. - **深交所 300ETF Option**: There are charts of the 深交所 300ETF's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [15][16]. - **沪深 300 Stock Index Option**: The report includes charts of the 沪深 300 stock index's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [26][27]. - **中证 1000 Stock Index Option**: Charts of the 中证 1000 stock index's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone are provided [35][36]. - **上交所 500ETF Option**: There are charts of the 上交所 500ETF's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [46][47]. - **深交所 500ETF Option**: The report shows charts of the 深交所 500ETF's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [61][62]. - **上证 50 Stock Index Option**: Charts of the 上证 50 index's price trend, historical volatility, open - interest PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone are presented [72][73].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No relevant content provided 3. Summary by Directory Option Trading Volume - On March 30, 2026, the trading volume of SSE 50 ETF options was 706,900 contracts; CSI 300 ETF options (Shanghai) was 818,200 contracts; CSI 500 ETF options (Shanghai) was 1,445,700 contracts; Shenzhen 100 ETF options was 47,400 contracts; ChiNext ETF options was 1,229,500 contracts; SSE 50 index options was 27,900 contracts; CSI 300 index options was 77,000 contracts; and CSI 1000 options was 310,200 contracts [1] - The table shows the call, put, and total trading volumes of various index ETF options on the same day [21] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 1.19, with a month - on - month change of +0.00; the position PCR was 0.73, with a change of +0.00. Similar data for other options are also provided, including CSI 300 ETF options (Shanghai), CSI 500 ETF options (Shanghai), etc. [2][35] Option VIX - The VIX of SSE 50 ETF options was reported at 18.17%, with a month - on - month change of +0.71%. Similar VIX data and changes for other options such as CSI 300 ETF options (Shanghai), CSI 500 ETF options (Shanghai) are also presented [3][48]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report presents the trading data of various index options on March 27, 2026, including trading volume, PCR (Put - Call Ratio), and VIX (Volatility Index) [1][2][3] 3. Summary by Directory 3.1 Option Trading Volume - On March 27, 2026, the trading volume of SSE 50 ETF options was 1.1337 million contracts; CSI 300 ETF options (Shanghai market) was 0.8971 million contracts; CSI 500 ETF options (Shanghai market) was 1.4096 million contracts; Shenzhen 100 ETF options was 0.0499 million contracts; ChiNext ETF options was 1.2008 million contracts; SSE 50 index options was 0.0218 million contracts; CSI 300 index options was 0.0737 million contracts; and CSI 1000 options was 0.2949 million contracts [1] - The detailed breakdown of call, put, and total trading volumes for each option is as follows: SSE 50 ETF options had 0.3871 million call, 0.3198 million put, and 0.7069 million total contracts; CSI 300 ETF options (Shanghai market) had 0.4035 million call, 0.4147 million put, and 0.8182 million total contracts; CSI 500 ETF options (Shanghai market) had 0.7001 million call, 0.7456 million put, and 1.4457 million total contracts; Shenzhen 100 ETF options had 0.0187 million call, 0.0084 million put, and 0.0271 million total contracts; ChiNext ETF options had 0.5539 million call, 0.6469 million put, and 1.2008 million total contracts; SSE 50 index options had 0.0093 million call, 0.0126 million put, and 0.0218 million total contracts; CSI 300 index options had 0.0438 million call, 0.0332 million put, and 0.0770 million total contracts; CSI 1000 index options had 0.1722 million call, 0.1227 million put, and 0.2949 million total contracts [20] 3.2 Option PCR - The put - call ratio data shows that for SSE 50 ETF options, the trading volume PCR was 1.20 with a +0.08 change, and the open - interest PCR was 0.73 with a +0.03 change; for CSI 300 ETF options (Shanghai market), the trading volume PCR was 1.48 with a +0.14 change, and the open - interest PCR was 0.71 with a +0.01 change; for CSI 500 ETF options (Shanghai market), the trading volume PCR was 1.27 with a - 0.35 change, and the open - interest PCR was 0.94 with a - 0.01 change; for Shenzhen 100 ETF options, the trading volume PCR was 1.89 with a +0.01 change, and the open - interest PCR was 0.95 with a - 0.03 change; for ChiNext ETF options, the trading volume PCR was 1.16 with a +0.03 change, and the open - interest PCR was 1.08 with a +0.02 change; for SSE 50 index options, the trading volume PCR was 0.98 with a +0.03 change, and the open - interest PCR was 0.62 with a +0.00 change; for CSI 300 index options, the trading volume PCR was 1.05 with a +0.06 change, and the open - interest PCR was 0.66 with a +0.01 change; for CSI 1000 index options, the trading volume PCR was 1.10 with a - 0.27 change, and the open - interest PCR was 0.80 with a +0.02 change [2][34] 3.3 Option VIX - The VIX data indicates that for SSE 50 ETF options, the VIX was 17.46% with a - 0.68% change; for CSI 300 ETF options (Shanghai market), the VIX was 18.86% with a - 0.84% change; for CSI 500 ETF options (Shanghai market), the VIX was 28.16% with a - 1.61% change; for Shenzhen 100 ETF options, the VIX was 23.61% with a - 0.31% change; for ChiNext ETF options, the VIX was 26.67% with a - 0.65% change; for SSE 50 index options, the VIX was 18.76% with a - 0.58% change; for CSI 300 index options, the VIX was 19.24% with a - 0.52% change; for CSI 1000 index options, the VIX was 27.74% with a - 0.58% change [3][49]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - Today, all stock indices oscillated and rebounded. The disturbance of the geopolitical situation in the Middle East is the main factor affecting the short - term trend of the stock indices. There is a large difference in the information released by the US and Iran regarding the US - Iran peace talks, indicating great uncertainty in reaching an agreement. However, with Iran's opening of the Strait of Hormuz to cargo ships from some countries and Trump's postponement of military strikes by 10 days, the geopolitical risks in the Middle East have cooled down [3]. - In the context of high uncertainty in external risk factors, stock market investors' risk appetite tends to be cautious and wait - and - see. The trading volume of the Shanghai and Shenzhen stock markets has continued to shrink, with the trading volume being below 2 trillion for two consecutive trading days [3]. - From the perspective of the stock market's own fundamentals, the domestic policy is continuously favorable to the economic fundamentals. It supports the total economic demand on the one hand and structurally supports the expansion of domestic demand and technological innovation on the other. The macro - economy has strong resilience, with expectations of stock profit repair and reasonable and abundant liquidity in the capital market. There is still support for the stock indices in the medium and long term. Overall, it is expected that the stock indices will mainly oscillate within a range in the short term [3]. - In terms of options, the position PCR has rebounded from a low level, and the implied volatility of options has gradually declined, indicating an improvement in market sentiment. Since there is still support for the stock indices, a bull spread or covered call strategy can be used [3]. 3. Summary According to Relevant Catalogs 3.1. Option - related Charts - **上证 50ETF Option**: The report provides charts on the movement of the Shanghai 50ETF, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [5][6]. - **上交所 300ETF Option**: Charts include the movement of the Shanghai Stock Exchange 300ETF, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [7][8]. - **深交所 300ETF Option**: The report shows the movement of the Shenzhen Stock Exchange 300ETF, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [15][16]. - **沪深 300 股指期权**: Charts cover the movement of the CSI 300 stock index, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [26][27]. - **中证 1000 股指期权**: The report presents the movement of the China Securities 1000 stock index, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [35][36]. - **上交所 500ETF 期权**: Charts include the movement of the Shanghai Stock Exchange 500ETF, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [47][48]. - **深交所 500ETF 期权**: The report shows the movement of the Shenzhen Stock Exchange 500ETF, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [59][60]. - **上证 50 股指期权**: Charts cover the movement of the Shanghai 50 index, its historical volatility, option position PCR, at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [71][72].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents the trading data of various index options on March 26, 2026, including trading volume, PCR, and VIX, to reflect the market situation of index options [1][2][3] 3. Summary by Directory 3.1 Option Trading Volume - On March 26, 2026, the trading volume of Shanghai - 50 ETF options was 1.1311 million contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1.2119 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 2.0706 million contracts; the trading volume of Shenzhen 100 ETF options was 0.161 million contracts; the trading volume of GEM ETF options was 1.3401 million contracts; the trading volume of Shanghai - 50 index options was 0.0278 million contracts; the trading volume of CSI 300 index options was 0.0883 million contracts; the total trading volume of CSI 1000 options was 0.2438 million contracts [1] - The table shows the call, put, and total trading volumes of various index ETF options on the same day [20] 3.2 Option PCR - The turnover PCR of Shanghai - 50 ETF options was reported at 1.12, with a month - on - month change of - 0.05; the position PCR was reported at 0.70, with a month - on - month change of + 0.13. Similar data for other options are also provided, including CSI 300 ETF options (Shanghai market), CSI 500 ETF options (Shanghai market), Shenzhen 100 ETF options, GEM ETF options, Shanghai - 50 index options, CSI 300 index options, and CSI 1000 index options [2][33] 3.3 Option VIX - The VIX of Shanghai - 50 ETF options was reported at 18.14%, with a month - on - month change of + 0.88%; the VIX of CSI 300 ETF options (Shanghai market) was reported at 19.71%, with a month - on - month change of + 1.31%. Similar data for other options are also given, including CSI 500 ETF options (Shanghai market), Shenzhen 100 ETF options, GEM ETF options, Shanghai - 50 index options, CSI 300 index options, and CSI 1000 index options [3][47]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Today, all stock indices fluctuated and declined. The evolution path of the geopolitical situation in the Middle East remains the main factor affecting the short - term trend of stock indices. There are significant differences between Iran and the US in the negotiations, leading to high uncertainty in the future situation [3]. - Under high uncertainty, market sentiment tends to be cautious. The trading volume of the Shanghai and Shenzhen stock markets today was less than 2 trillion yuan, reflecting this situation [3]. - Before the geopolitical risks in the Middle East are settled, if the Strait of Hormuz cannot resume navigation, the global energy and key material supply chains face the risk of interruption, and the global macro - economy faces the risk of recession. The risk appetite of the stock market is expected to be at a low level [3]. - In the medium and long term, due to the continuous favorable domestic policies for the economic fundamentals, the macro - economy has strong resilience, which supports the total economic demand and expands domestic demand and technological innovation. There is still support for stock indices in the medium and long term [3]. - Considering the high uncertainty of the Middle East geopolitical situation and the lack of significant increase in stock market trading volume, market funds are still cautious. It is expected that stock indices will mainly fluctuate within a range in the short term [3]. - In the options market, the low position of the OI_PCR indicates that market sentiment remains cautious. Since there is still support for stock indices, a bull spread or covered call strategy can be used [3]. Summary by Relevant Catalogs 1. Related Charts a. Shanghai 50ETF Options - The charts show the Shanghai 50ETF's price, historical volatility, option position PCR, option at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [5][6] b. SSE 300ETF Options - The charts display the SSE 300ETF's price, historical volatility, option position PCR, option at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [7][9][11] c. SZSE 300ETF Options - The charts present the SZSE 300ETF's price, historical volatility, option position PCR, option at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [17][19][21] d. CSI 300 Stock Index Options - The charts show the CSI 300 stock index's price, historical volatility, option position PCR, option at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [28][29][30] e. CSI 1000 Stock Index Options - The charts display the CSI 1000 stock index's price, historical volatility, option position PCR, option at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [36][37][38] f. SSE 500ETF Options - The charts present the SSE 500ETF's price, historical volatility, option position PCR, option at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [45][46][47] g. SZSE 500ETF Options - The charts show the SZSE 500ETF's price, historical volatility, option position PCR, option at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [58][59][60] h. Shanghai 50 Stock Index Options - The charts display the Shanghai 50 index's price, historical volatility, option position PCR, option at - the - money implied volatility, implied volatility curve, and at - the - money implied volatility cone [71][72][73]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Directory Option Trading Volume - On March 25, 2026, the trading volume of SSE 50 ETF options was 1.5374 million contracts; CSI 300 ETF options (Shanghai) was 1.6237 million contracts; CSI 500 ETF options (Shanghai) was 2.5915 million contracts; Shenzhen 100 ETF options was 0.1447 million contracts; ChiNext ETF options was 1.8338 million contracts; SSE 50 index options was 0.0302 million contracts; CSI 300 index options was 0.1277 million contracts; and CSI 1000 options was 0.2859 million contracts [1] - The table shows the call, put, and total trading volumes of various index ETF options on a recent day [19] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 1.17, with a环比 change of -0.42; the position PCR was 0.57, with a环比 change of -0.02. Similar data is provided for other types of options [2] - The table presents the turnover PCR, its环比 change, position PCR, and its环比 change for various index ETF options on a recent day [34] Option VIX - The VIX of SSE 50 ETF options was reported at 17.25%, with a环比 change of -2.55%. Similar data is provided for other types of options [3] - The table shows the VIX and its环比 change for various index ETF options on a recent day [47]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents the trading data of various stock index options on March 24, 2026, including trading volume, PCR, and VIX, to reflect the market conditions of the stock index option market [1][2][3] Summary by Directory Option Trading Volume - On March 24, 2026, the trading volume of Shanghai Stock Exchange 50 ETF options was 2.1836 million contracts; the trading volume of Shanghai and Shenzhen 300 ETF options (Shanghai market) was 2.2637 million contracts; the trading volume of China Securities 500 ETF options (Shanghai market) was 2.917 million contracts; the trading volume of Shenzhen 100 ETF options was 79,600 contracts; the trading volume of ChiNext ETF options was 2.6927 million contracts; the trading volume of Shanghai Stock Exchange 50 stock index options was 41,900 contracts; the trading volume of Shanghai and Shenzhen 300 stock index options was 180,500 contracts; the total trading volume of China Securities 1000 options was 371,600 contracts [1] Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 1.59, with a month - on - month change of - 0.61; the position PCR was reported at 0.59, with a month - on - month change of - 0.03. Similar data for other types of options are also provided, such as the turnover PCR of Shanghai and Shenzhen 300 ETF options (Shanghai market) was reported at 1.77, with a month - on - month change of - 0.40; the position PCR was reported at 0.67, with a month - on - month change of + 0.00 [2] Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 19.81%, with a month - on - month change of - 3.34%; the VIX of Shanghai and Shenzhen 300 ETF options (Shanghai market) was reported at 20.49%, with a month - on - month change of - 3.87%; the VIX of China Securities 500 ETF options (Shanghai market) was reported at 29.71%, with a month - on - month change of - 8.11%; the VIX of Shenzhen 100 ETF options was reported at 24.51%, with a month - on - month change of - 5.58%; the VIX of ChiNext ETF options was reported at 28.26%, with a month - on - month change of + 0.04%; the VIX of Shanghai Stock Exchange 50 stock index options was reported at 20.83%, with a month - on - month change of - 5.15%; the VIX of Shanghai and Shenzhen 300 stock index options was reported at 20.94%, with a month - on - month change of - 4.27%; the VIX of China Securities 1000 stock index options was reported at 29.15%, with a month - on - month change of - 3.87% [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents the trading data of stock index options on March 23, 2026, including option trading volume, PCR, and VIX [1][2][3] 3. Summary by Directory Option Trading Volume - On March 23, 2026, the trading volume of Shanghai Stock Exchange 50 ETF options was 1.149 million contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1.5266 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 2.4075 million contracts; the trading volume of Shenzhen 100 ETF options was 0.1389 million contracts; the trading volume of ChiNext ETF options was 2.7478 million contracts; the trading volume of Shanghai Stock Exchange 50 stock index options was 0.0656 million contracts; the trading volume of CSI 300 stock index options was 0.1605 million contracts; the total trading volume of CSI 1000 options was 0.4154 million contracts [1] - The table also shows the call, put, and total trading volumes of various options [21] Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 2.20, with a month - on - month change of +0.70; the position PCR was reported at 0.62, with a month - on - month change of - 0.05. Similar data for other options are also provided, such as the turnover PCR of CSI 300 ETF options (Shanghai market) was 2.18, with a month - on - month change of +1.11; the position PCR was 0.67, with a month - on - month change of - 0.09 [2][34] Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 23.14%, with a month - on - month change of +5.11%. Similar data for other options are also provided, such as the VIX of CSI 300 ETF options (Shanghai market) was 24.37%, with a month - on - month change of +4.95% [3][54]