Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Today, all stock indices reached high points and then declined, with the market oscillating throughout the day. The total market trading volume was 398.68 billion yuan, an increase of 28.8 billion yuan compared to the previous day. The regulators' policy intention to reduce leverage and control risks is clear. Coupled with the significant increase in the valuation of some stocks this year and the weak expectation of performance recovery, the market's risk appetite declined in the afternoon, leading to a high - level correction of the stock indices. However, considering the continuous expansion of trading volume, the market sentiment remains optimistic. The short - term correction will not change the strong trend of the stock indices, but the intraday volatility may intensify. With the continuous fermentation of positive policy expectations and the continuous net inflow of incremental funds into the stock market, the logic of the medium - to - long - term upward movement of the stock indices is relatively solid. It is expected that the stock indices will oscillate strongly in the short term. For options, a bull - spread strategy can be adopted due to the reliable medium - to - long - term upward logic of the stock indices [3] Summary by Relevant Catalogs 1 Option Indicators - On January 14, 2026, the 50ETF dropped 0.84% to close at 3.187; the 300ETF (Shanghai Stock Exchange) dropped 0.61% to close at 4.866; the 300ETF (Shenzhen Stock Exchange) dropped 0.54% to close at 4.945; the CSI 300 Index dropped 0.40% to close at 4741.93; the CSI 1000 Index rose 0.66% to close at 8257.17; the 500ETF (Shanghai Stock Exchange) rose 0.71% to close at 8.365; the 500ETF (Shenzhen Stock Exchange) rose 0.95% to close at 3.302; the ChiNext ETF rose 0.79% to close at 3.332; the Shenzhen 100ETF rose 0.11% to close at 3.516; the SSE 50 Index dropped 0.67% to close at 3112.07; the Science and Technology Innovation 50ETF rose 1.94% to close at 1.58; the E Fund Science and Technology Innovation 50ETF rose 2.07% to close at 1.53 [6] - The trading volume PCR and position PCR of various options changed compared to the previous trading day. For example, the trading volume PCR of the SSE 50ETF option was 76.63 (previous day: 56.98), and the position PCR was 92.61 (previous day: 97.67) [7] - The implied volatility of at - the - money options and the 30 - day historical volatility of the underlying assets of various options are provided. For instance, the implied volatility of the at - the - money option of the SSE 50ETF option in January 2026 was 15.73%, and the 30 - day historical volatility of the underlying asset was 11.84% [8] 2 Related Charts - **SSE 50ETF Option**: Charts include the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [10][12][14][16][18] - **SSE 300ETF Option**: Charts cover the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [21][23][28][32] - **SZSE 300ETF Option**: Charts involve the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [24][26][28][32] - **CSI 300 Index Option**: Charts include the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [36][38][41][47] - **CSI 1000 Index Option**: Charts cover the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [39][45][41][47] - **SSE 500ETF Option**: Charts involve the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [52][58][54][60] - **SZSE 500ETF Option**: Charts include the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [65][71][67][73] - **ChiNext ETF Option**: Charts cover the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [78][88][80][84] - **Shenzhen 100ETF Option**: Charts involve the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [89][95][91][97] - **SSE 50 Index Option**: Charts include the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [102][108][104][110] - **Science and Technology Innovation 50ETF Option**: Charts cover the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [115][124][117][121] - **E Fund Science and Technology Innovation 50ETF Option**: Charts involve the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [125][131][127][137]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On January 13, 2026, the stock indices oscillated and declined, with CSI 1000 and CSI 500 leading the losses. The total market trading volume was 3698.7 billion yuan, an increase of 54.1 billion yuan from the previous day. The decline was due to the significant increase in the valuation of previously rising stocks and the increasing need for profit - taking by profitable funds. Since the beginning of 2026, the performance of large - and small - cap stocks has diverged, with small - cap stocks rising more, so CSI 1000 and CSI 500 led the decline in this correction. The continuous increase in trading volume indicates that market sentiment remains optimistic, and the short - term correction will not change the strong trend of the stock indices. With the continuous fermentation of positive policy expectations and the continuous net inflow of incremental funds, the medium - and long - term upward logic of the stock indices is relatively solid. It is expected that the stock indices will oscillate and strengthen in the short term. In the options market, the current position PCR and implied volatility have both increased, and a bull spread strategy can be considered [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On January 13, 2026, 50ETF fell 0.12% to 3.214; SSE 300ETF fell 0.35% to 4.896; SZSE 300ETF fell 0.40% to 4.972; CSI 300 Index fell 0.60% to 4761.03; CSI 1000 Index fell 1.84% to 8203.13; SSE 500ETF fell 1.31% to 8.306; SZSE 500ETF fell 1.77% to 3.271; GEM ETF fell 1.93% to 3.306; Shenzhen 100ETF fell 1.13% to 3.512; SSE 50 Index fell 0.34% to 3132.93; STAR 50ETF fell 2.82% to 1.55; E Fund STAR 50ETF fell 2.73% to 1.50 [5]. - **Volume PCR and Position PCR**: The volume PCR and position PCR of various options showed different changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 56.98 (previous day: 58.99), and the position PCR was 98.88 (previous day: 99.05) [6]. - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - day historical volatility of various options' at - the - money options were provided. For instance, the implied volatility of SSE 50ETF options' at - the - money options in January 2026 was 16.96%, and the 30 - day historical volatility of the underlying was 11.77% [7]. 3.2 Relevant Charts - **SSE 50ETF Options**: Included charts of SSE 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9]. - **SSE 300ETF Options**: Included charts of SSE 300ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20]. - **SZSE 300ETF Options**: Included charts of SZSE 300ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [23]. - **CSI 300 Index Options**: Included charts of CSI 300 index trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [35]. - **CSI 1000 Index Options**: Included charts of CSI 1000 index trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [42]. - **SSE 500ETF Options**: Included charts of SSE 500ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [55]. - **SZSE 500ETF Options**: Included charts of SZSE 500ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [68]. - **GEM ETF Options**: Included charts of GEM ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [81]. - **Shenzhen 100ETF Options**: Included charts of Shenzhen 100ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [92]. - **SSE 50 Index Options**: Included charts of SSE 50 index trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [105]. - **STAR 50ETF Options**: Included charts of STAR 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [118]. - **E Fund STAR 50ETF Options**: Included charts of E Fund STAR 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [128].