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]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - For all the analyzed options (上证50ETF, 上证300ETF, 创业板ETF, 中证1000股指), the recommended option strategy is to build a combination strategy of selling call + put options to obtain option time - value income and dynamically adjust positions [8][17][28][38] 3. Summary by Related Catalogs 3.1 Financial Market Overview - **Important Indexes**: The Shanghai Composite Index closed at 3891.86, down 31.43 (-0.80%) with a trading volume of 891.945 billion yuan and an increase of 52.123 billion yuan; the Shanghai 50 Index closed at 2826.12, down 7.08 (-0.25%) with a trading volume of 121.235 billion yuan and an increase of 17.92 billion yuan; the CSI 300 Index closed at 4450.05, down 41.90 (-0.93%) with a trading volume of 484.558 billion yuan and an increase of 39.929 billion yuan; the CSI 1000 Index closed at 7619.85, down 148.08 (-1.91%) with a trading volume of 404.652 billion yuan and a decrease of 7.322 billion yuan; the CSI 500 Index closed at 7617.33, down 136.40 (-1.76%) with a trading volume of 376.502 billion yuan and an increase of 15.06 billion yuan; the Shenzhen Component Index closed at 13478.06, down 248.14 (-1.81%) with a trading volume of 531.382 billion yuan and an increase of 3.201 billion yuan [3] - **Option - Underlying ETFs**: For example, the Shenzhen 100ETF closed at 3.398, down 0.046 (-1.34%) with a trading volume of 74.99 million shares and an increase of 30.51 million shares, and a trading amount of 257 million yuan and an increase of 105 million yuan; the ChiNext ETF closed at 3.182, down 0.082 (-2.51%) with a trading volume of 1379.48 million shares and an increase of 391 million shares, and a trading amount of 4.435 billion yuan and an increase of 1.224 billion yuan [4] 3.2 Shanghai 50ETF (510050.SH) - **Option Factors - Volume and Position PCR**: The trading volume of the call option was 451311, a decrease of 6410; the trading volume of the put option was 385688, an increase of 35992; the position of the call option was 751907, an increase of 22639; the position of the put option was 542943, an increase of 14316; the trading - volume PCR was 0.85, an increase of 0.09; the position PCR was 0.72 [5] - **Option Factors - Pressure and Support**: The weighted implied volatility was 17.38%, a decrease of 0.51%, and the annual average implied volatility was 17.70% [6] - **Market Data and Strategy Suggestions**: The closing price of 510050 yesterday was 2.9 yuan, down 0 yuan (-10.33%) from the previous day, with a trading volume of 60168, an increase of 5642; the implied volatility of the 510050 (Shanghai 50ETF option) fluctuated above the average of 0.1770; the position PCR of the 510050 option was reported at 0.7221, at the 13.88% level in the past year; the pressure level of the option underlying was 3, and the support level was 2.9; the recommended option strategy was to build a combination strategy of selling call + put options [8] 3.3 Shanghai 300ETF (510300.SH) - **Option Factors - Volume and Position PCR**: The trading volume of the call option was 458711, a decrease of 18695; the trading volume of the put option was 436724, an increase of 28224; the position of the call option was 714199, an increase of 26796; the position of the put option was 467096, an increase of 527; the trading - volume PCR was 0.95, an increase of 0.1; the position PCR was 0.65, a decrease of 0.02 [15] - **Option Factors - Pressure and Support**: The weighted implied volatility was 19.23%, a decrease of 0.60%, and the annual average implied volatility was 18.31% [16] - **Market Data and Strategy Suggestions**: The closing price of 510300 yesterday was 4.46 yuan, down 0.04 yuan (-82.22%) from the previous day, with a trading volume of 53056, a decrease of 1342; the implied volatility of the 510300 (Shanghai 300ETF option) fluctuated above the average of 0.1831; the position PCR of the 510300 option was reported at 0.654, at the 2.04% level in the past year; the pressure level of the option underlying was 4.6, and the support level was 4.5; the recommended option strategy was to build a combination strategy of selling call + put options [17] 3.4 ChiNext ETF (159915.SZ) - **Option Factors - Volume and Position PCR**: The trading volume of the call option was 730823, an increase of 172072; the trading volume of the put option was 779378, an increase of 108624; the position of the call option was 637485, an increase of 65574; the position of the put option was 608777, an increase of 40420; the trading - volume PCR was 1.07, a decrease of 0.13; the position PCR was 0.95, a decrease of 0.04 [25] - **Option Factors - Pressure and Support**: The weighted implied volatility was 30.74%, an increase of 1.88%, and the annual average implied volatility was 31.47% [26] - **Market Data and Strategy Suggestions**: The closing price of 159915 yesterday was 3.18 yuan, down 0.08 yuan (-251.23%) from the previous day, with a trading volume of 137947, an increase of 39099; the implied volatility of the 159915 (ChiNext ETF option) fluctuated above the average of 0.3147; the position PCR of the 159915 option was reported at 0.955, at the 30.61% level in the past year; the pressure level of the option underlying was 3.3, and the support level was 3.2; the recommended option strategy was to build a combination strategy of selling call + put options [28] 3.5 CSI 1000 Index (MO) - **Option Factors - Volume and Position PCR**: The trading volume of the call option was 161726, a decrease of 19410; the trading volume of the put option was 120121, a decrease of 8900; the position of the call option was 185344, an increase of 7144; the position of the put option was 145305, an increase of 4770; the trading - volume PCR was 0.74, an increase of 0.03; the position PCR was 0.78 [35] - **Option Factors - Pressure and Support**: The weighted implied volatility was 28.58%, an increase of 0.93%, and the annual average implied volatility was 23.88% [36] - **Market Data and Strategy Suggestions**: The closing price of 000852 yesterday was 7619.85 yuan, down 148.08 yuan (-190.62%) from the previous day, with a trading volume of 404652134124, a decrease of 7321747175; the implied volatility of the MO (CSI 1000 index option) fluctuated above the average of 0.2388; the position PCR of the MO option was reported at 0.784, at the 11.84% level in the past year; the pressure level of the option underlying was 8000, and the support level was 7000; the recommended option strategy was to build a combination strategy of selling call + put options [37][38]

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]