期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 金融期权 | 日报 2026 年 3 月 5 日 金融期权 专业研究·创造价值 政策面利好落地，股指震荡反弹 核心观点 今日各股指均震荡反弹。A 股全天成交 2.41 万亿元，上日成交 2.39 万亿元。随着中东地缘风险爆发，资金获利了结意愿上升带动股指高位 回落，随着利空消息面被市场逐渐消化，股指继续下跌的动能明显减弱。 随着两会召开，政策面托底宏观需求以及扶持科技创新的预期升温，两 会政府工作报告指出 2026 年要继续实施更加积极的财政政策和适度宽 松的货币政策，在扩大内需、建设现代化产业体系等方面部署利好政策。 股指中长期向上的政策面支撑较强。总的来说，短期内股指以区间震荡 为主。 期权方面，今日期权隐含波动率有所回落，由于股指中长期上行的逻 辑依然存在，可以维持牛市价差的思路。 （仅供参考，不构成任何投资建议） 姓名：龙奥明 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 ...

股指期权日报 | 2026-03-05 股指期权日报 股指期权市场概况 期权成交量 2026-03-04，上证50ETF期权成交量为122.34万张；沪深300ETF期权（沪市）成交量为151.87万张； 中证500ETF期权（沪市）成交量为218.38万张；深证100ETF期权成交量为9.90万张； 创业板ETF期权成交量为167.68万张；上证50股指期权成交量为5.08万张； 沪深300股指期权成交量为17.27万张；中证1000期权总成交量为32.82万张。 期权PCR 上证50ETF期权成交额PCR报1.55，环比变动为+0.42；持仓量PCR报0.82，环比变动为+0.02； 沪深300ETF期权（沪市）成交额PCR报1.48，环比变动为+0.28；持仓量PCR报0.79，环比变动为+0.01； 中证500ETF期权（沪市）成交额PCR报1.70，环比变动为+0.02；持仓量PCR报1.22，环比变动为+0.07 ； 深圳100ETF期权成交额PCR报1.18 ，环比变动为-0.35；持仓量PCR报1.65；环比变动为+0.06； 创业板ETF期权成交额PCR报1.65，环比变动为+0.43 ；持 ...

股指期权日报 | 2026-03-04 股指期权日报 股指期权市场概况 上证50ETF期权VIX报16.77%，环比变动为+1.41%； 沪深300ETF期权（沪市）VIX报17.41%,环比变动为+2.05%； 中证500ETF期权（沪市）VIX报26.87%，环比变动为+3.44%； 深证100ETF期权VIX报21.29%，环比变动为+2.37%； 创业板ETF期权VIX报26.84%，环比变动为+0.32%； 上证50股指期权VIX报18.26%，环比变动为+1.99%； 沪深300股指期权VIX报18.40%，环比变动为+2.02%； 中证1000股指期权VIX报27.00%，环比变动为+2.93%。 2026年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 期权成交量 2026-03-03，上证50ETF期权成交量为90.08万张；沪深300ETF期权（沪市）成交量为117.43万张； 中证500ETF期权（沪市）成交量为151.19万张；深证100ETF期权成交量为4.61万张； 创业板ETF期权成交量为199.37万张；上证50股指期权成交量为5.89万张； 沪深300股指期权成 ...

股指期权日报 | 2026-03-03 股指期权日报 股指期权市场概况 期权成交量 2026-03-02，上证50ETF期权成交量为42.15万张；沪深300ETF期权（沪市）成交量为68.77万张； 中证500ETF期权（沪市）成交量为116.00万张；深证100ETF期权成交量为22.75万张； 创业板ETF期权成交量为130.10万张；上证50股指期权成交量为3.76万张； 沪深300股指期权成交量为6.87万张；中证1000期权总成交量为27.41万张。 期权PCR 上证50ETF期权成交额PCR报0.97，环比变动为+0.18；持仓量PCR报0.83，环比变动为+0.02； 沪深300ETF期权（沪市）成交额PCR报0.98，环比变动为+0.19；持仓量PCR报0.87，环比变动为+0.06； 中证500ETF期权（沪市）成交额PCR报0.78，环比变动为+0.15；持仓量PCR报1.35，环比变动为+0.00 ； 深圳100ETF期权成交额PCR报1.07 ，环比变动为+0.07；持仓量PCR报1.46；环比变动为-0.14； 创业板ETF期权成交额PCR报1.12，环比变动为+0.32 ；持仓量 ...

股指期权日报 | 2026-03-02 股指期权日报 股指期权市场概况 期权成交量 2026-02-27，上证50ETF期权成交量为64.65万张；沪深300ETF期权（沪市）成交量为69.24万张； 中证500ETF期权（沪市）成交量为83.40万张；深证100ETF期权成交量为6.55万张； 创业板ETF期权成交量为101.56万张；上证50股指期权成交量为1.86万张； 沪深300股指期权成交量为7.01万张；中证1000期权总成交量为22.20万张。 期权PCR 上证50ETF期权成交额PCR报0.79，环比变动为-0.08；持仓量PCR报0.80，环比变动为+0.00； 沪深300ETF期权（沪市）成交额PCR报0.79，环比变动为+0.01；持仓量PCR报0.82，环比变动为+0.02； 中证500ETF期权（沪市）成交额PCR报0.63，环比变动为+0.04；持仓量PCR报1.36，环比变动为+0.09 ； 深圳100ETF期权成交额PCR报1.00 ，环比变动为-0.05；持仓量PCR报1.60；环比变动为-0.23； 创业板ETF期权成交额PCR报0.80，环比变动为+0.06 ；持仓量PC ...

股指期权日报 | 2026-02-24 股指期权日报 股指期权市场概况 期权成交量 2026-02-13，上证50ETF期权成交量为48.34万张；沪深300ETF期权（沪市）成交量为52.94万张； 中证500ETF期权（沪市）成交量为108.98万张；深证100ETF期权成交量为6.69万张； 创业板ETF期权成交量为131.87万张；上证50股指期权成交量为5.27万张； 沪深300股指期权成交量为7.18万张；中证1000期权总成交量为29.21万张。 期权PCR 上证50ETF期权成交额PCR报1.00，环比变动为+0.43；持仓量PCR报0.74，环比变动为-0.02； 沪深300ETF期权（沪市）成交额PCR报1.10，环比变动为+0.32；持仓量PCR报0.81，环比变动为-0.04； 中证500ETF期权（沪市）成交额PCR报0.82，环比变动为+0.31；持仓量PCR报1.18，环比变动为-0.06 ； 深圳100ETF期权成交额PCR报1.18 ，环比变动为-0.30；持仓量PCR报1.44；环比变动为+0.15； 创业板ETF期权成交额PCR报0.91，环比变动为+0.21 ；持仓量P ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report presents the trading data of various index options on February 12, 2026, including trading volume, PCR, and VIX, to reflect the market situation of index options [1][2][3] 3. Summary by Relevant Catalog Option Trading Volume - On February 12, 2026, the trading volume of Shanghai - Shenzhen 300 ETF options (Shanghai) was 626,200 contracts; the trading volume of CSI 500 ETF options (Shanghai) was 946,600 contracts; the trading volume of Shenzhen 100 ETF options was 49,100 contracts; the trading volume of ChiNext ETF options was 1,275,800 contracts; the trading volume of Shanghai - Shenzhen 300 index options was 61,400 contracts; the total trading volume of CSI 1000 options was 252,600 contracts [1] - The trading volume of Shanghai 50 ETF options was 483,400 contracts (253,100 call contracts and 230,300 put contracts); the trading volume of Shanghai - Shenzhen 300 ETF options (Shanghai) was 529,400 contracts (262,500 call contracts and 267,000 put contracts); the trading volume of CSI 500 ETF options (Shanghai) was 1,089,800 contracts (589,500 call contracts and 500,200 put contracts); the trading volume of Shenzhen 100 ETF options was 66,900 contracts (51,000 call contracts and 15,900 put contracts); the trading volume of ChiNext ETF options was 1,275,800 contracts (539,000 call contracts and 736,800 put contracts); the trading volume of Shanghai 50 index options was 22,100 contracts (8,700 call contracts and 13,400 put contracts); the trading volume of Shanghai - Shenzhen 300 index options was 71,800 contracts (33,500 call contracts and 23,700 put contracts); the trading volume of CSI 1000 index options was 252,600 contracts (141,500 call contracts and 111,100 put contracts) [20] Option PCR - The turnover PCR of Shanghai 50 ETF options was 0.57, with a month - on - month change of - 0.15; the position PCR was 0.76, with a month - on - month change of - 0.06; the turnover PCR of Shanghai - Shenzhen 300 ETF options (Shanghai) was 0.78, with a month - on - month change of - 0.26; the position PCR was 0.84, with a month - on - month change of - 0.04; the turnover PCR of CSI 500 ETF options (Shanghai) was 0.52, with a month - on - month change of - 0.18; the position PCR was 1.24, with a month - on - month change of + 0.04; the turnover PCR of Shenzhen 100 ETF options was 1.48, with a month - on - month change of + 0.19; the position PCR was 1.28, with a month - on - month change of + 0.10; the turnover PCR of ChiNext ETF options was 0.70, with a month - on - month change of - 0.16; the position PCR was 1.15, with a month - on - month change of + 0.12; the turnover PCR of Shanghai 50 index options was 0.49, with a month - on - month change of + 0.13; the position PCR was 0.64, with a month - on - month change of - 0.01; the turnover PCR of Shanghai - Shenzhen 300 index options was 0.40, with a month - on - month change of - 0.03; the position PCR was 0.63, with a month - on - month change of - 0.01; the turnover PCR of CSI 1000 index options was 0.50, with a month - on - month change of - 0.07; the position PCR was 0.96, with a month - on - month change of + 0.03 [2][36] Option VIX - The VIX of Shanghai 50 ETF options was 16.60%, with a month - on - month change of + 0.11%; the VIX of Shanghai - Shenzhen 300 ETF options (Shanghai) was 17.13%, with a month - on - month change of + 0.34%; the VIX of CSI 500 ETF options (Shanghai) was 25.33%, with a month - on - month change of + 0.55%; the VIX of Shenzhen 100 ETF options was 20.33%, with a month - on - month change of - 0.11%; the VIX of ChiNext ETF options was 26.20%, with a month - on - month change of + 0.34%; the VIX of Shanghai 50 index options was 17.15%, with a month - on - month change of + 0.01%; the VIX of Shanghai - Shenzhen 300 index options was 17.89%, with a month - on - month change of + 0.12%; the VIX of CSI 1000 index options was 25.64%, with a month - on - month change of - 0.58% [3][48]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Directory Option Trading Volume - On February 11, 2026, the trading volume of SSE 50 ETF options was 524,000 contracts; CSI 300 ETF options (Shanghai) was 744,400 contracts; CSI 500 ETF options (Shanghai) was 1,114,900 contracts; Shenzhen 100 ETF options was 42,900 contracts; ChiNext ETF options was 1,030,100 contracts; SSE 50 index options was 20,400 contracts; CSI 300 index options was 67,000 contracts; and CSI 1000 options was 201,000 contracts [1] - The detailed breakdown of call, put, and total trading volumes for each option type on the same day is as follows: SSE 50 ETF options (call: 265,400, put: 302,800, total: 568,300); CSI 300 ETF options (Shanghai) (call: 255,700, put: 370,500, total: 626,200); CSI 500 ETF options (Shanghai) (call: 465,700, put: 480,900, total: 946,600); Shenzhen 100 ETF options (call: 33,900, put: 15,200, total: 49,100); ChiNext ETF options (call: 466,700, put: 563,500, total: 1,030,100); SSE 50 index options (call: 7,500, put: 12,900, total: 20,400); CSI 300 index options (call: 28,100, put: 21,500, total: 61,400); CSI 1000 index options (call: 108,300, put: 92,800, total: 201,000) [21] Option PCR - The turnover PCR and position PCR, along with their环比 changes, for different options are as follows: SSE 50 ETF options (turnover PCR: 0.72, 环比 change: +0.06; position PCR: 0.82, 环比 change: -0.01); CSI 300 ETF options (Shanghai) (turnover PCR: 1.05, 环比 change: +0.17; position PCR: 0.88, 环比 change: +0.00); CSI 500 ETF options (Shanghai) (turnover PCR: 0.69, 环比 change: -0.24; position PCR: 1.20, 环比 change: +0.01); Shenzhen 100 ETF options (turnover PCR: 1.29, 环比 change: +0.24; position PCR: 1.18, 环比 change: +0.00); ChiNext ETF options (turnover PCR: 0.86, 环比 change: +0.26; position PCR: 1.04, 环比 change: -0.04); SSE 50 index options (turnover PCR: 0.36, 环比 change: -0.14; position PCR: 0.65, 环比 change: +0.01); CSI 300 index options (turnover PCR: 0.42, 环比 change: -0.07; position PCR: 0.65, 环比 change: -0.01); CSI 1000 index options (turnover PCR: 0.56, 环比 change: -0.04; position PCR: 0.93, 环比 change: +0.01) [2][34] Option VIX - The VIX and its环比 changes for different options are as follows: SSE 50 ETF options (VIX: 16.49%, 环比 change: +0.24%); CSI 300 ETF options (Shanghai) (VIX: 16.80%, 环比 change: +0.20%); CSI 500 ETF options (Shanghai) (VIX: 24.78%, 环比 change: +0.23%); Shenzhen 100 ETF options (VIX: 20.45%, 环比 change: +0.03%); ChiNext ETF options (VIX: 25.86%, 环比 change: -0.10%); SSE 50 index options (VIX: 17.14%, 环比 change: -0.18%); CSI 300 index options (VIX: 17.77%, 环比 change: -0.18%); CSI 1000 index options (VIX: 26.22%, 环比 change: +0.55%) [3][49]

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 in the market on February 10, 2026, including trading volume, PCR (Put - Call Ratio), and VIX (Volatility Index), to help investors understand the market situation [1] 3. Summary by Directory 3.1 Option Trading Volume - On February 10, 2026, the trading volumes of different index options were as follows: Shanghai - Shenzhen 300 ETF options (Shanghai) had 879,800 contracts; CSI 500 ETF options (Shanghai) had 1,262,400 contracts; Shenzhen 100 ETF options had 65,700 contracts; ChiNext ETF options had 969,400 contracts; SSE 50 index options had 24,500 contracts; Shanghai - Shenzhen 300 index options had 85,000 contracts; and CSI 1000 options had 217,900 contracts. The trading volume of SSE 50 ETF options was 823,600 contracts [1] - The table also shows the call, put, and total trading volumes of each option, such as the total trading volume of SSE 50 ETF options was 524,000 contracts, with 260,700 call contracts and 263,300 put contracts [20] 3.2 Option PCR - The PCR data of different options on February 10, 2026, are as follows: The turnover PCR of SSE 50 ETF options was reported at 0.66, with a month - on - month change of +0.02; the position PCR was reported at 0.82, with a month - on - month change of +0.05. Similar data are provided for other options [2][36] 3.3 Option VIX - The VIX data and their month - on - month changes of various options on February 10, 2026, are presented. For example, the VIX of SSE 50 ETF options was reported at 16.26%, with a month - on - month change of - 0.80%. Similar data are provided for other options [3][51]

1. Report's Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The report presents the trading data of various index options on February 9, 2026, including trading volume, PCR (Put - Call Ratio), and VIX (Volatility Index), to reflect the market situation of index options [1][2][3] 3. Summary by Directory Option Trading Volume - On February 9, 2026, the trading volume of SSE 50 ETF options was 793,300 contracts; CSI 300 ETF options (Shanghai) was 1,024,800 contracts; CSI 500 ETF options (Shanghai) was 1,902,000 contracts; Shenzhen 100 ETF options was 46,200 contracts; ChiNext ETF options was 1,421,400 contracts; SSE 50 index options was 29,600 contracts; CSI 300 index options was 119,400 contracts; and CSI 1000 options was 266,900 contracts [1] - The table shows the trading volume details of call, put, and total contracts for each index option [20] Option PCR - The trading volume PCR and position PCR of various index options and their corresponding changes are as follows: for example, the trading volume PCR of SSE 50 ETF options was 0.64, with a change of - 0.30, and the position PCR was 0.77, with a change of + 0.04 [2] - The table provides a comprehensive list of the trading volume PCR, its change, position PCR, and its change for various index options [36] Option VIX - The VIX of various index options and their corresponding changes are presented. For instance, the VIX of SSE 50 ETF options was 17.05%, with a change of - 0.47% [3] - The table lists the VIX and its change for each index option [51]