金融期权周报 I 2025/08/18—2025/08/22 隐波上升，情绪持续升温 本周摘要 路智名 从业资格证号：F03124116 金融期权方面，50ETF 期权本周日均成交量为 190.67 万 张，较前周上升 20.55%，其中认沽期权成交量低于认购期权， 认沽-认购成交比为 0.64，相对前周有所下降，低于历史均值水 平。上周认沽认购持仓比为 1.19，较前周上升，高于历史均值。 华泰柏瑞 300ETF 期权日均成交 186.24 万张，日均持仓量 151.78 万张；南方中证 500ETF 期权日均成交 238.46 万张，日 均持仓量 150.08 万张；华夏上证科创 50ETF 期权日均成交 217.47 万张，日均持仓量 208.11 万张；深证 100ETF 期权日均 成交 18.99 万张，日均持仓量 16.4 万张；创业板 ETF 期权日均 成交 290.74 万张，日均持仓量 192.49 万张；沪深 300 股指期权 日均成交 13.46 万手，日均持仓量 16.2 万手；中证 1000 股指期 权日均成交 31.7 万手，日均持仓 25.3 万手。 波动率方面，截止本周五收盘， ...

1. Report Summary 1.1 Financial Option Trading Volumes and Positions - This week, the average daily trading volume of 50ETF options was 966,000 contracts, a -2.11% decrease from the previous week. The put - call trading ratio was 1.15, higher than the historical average, and the put - call position ratio last week was 0.98, also above the historical average [2]. - Huatai - Berry 300ETF options had an average daily trading volume of 718,900 contracts and an average daily position of 1,192,100 contracts; Southern China CSI 500ETF options had an average daily trading volume of 1,066,700 contracts and an average daily position of 1,266,600 contracts; Huaxia Shanghai Science and Technology Innovation 50ETF options had an average daily trading volume of 470,300 contracts and an average daily position of 1,557,500 contracts; Shenzhen 100ETF options had an average daily trading volume of 49,800 contracts and an average daily position of 102,800 contracts; ChiNext ETF options had an average daily trading volume of 892,400 contracts and an average daily position of 1,317,300 contracts; CSI 300 index options had an average daily trading volume of 48,800 lots and an average daily position of 162,800 lots; CSI 1000 index options had an average daily trading volume of 139,300 lots and an average daily position of 246,000 lots [2]. 1.2 Volatility - As of the close on Friday, the implied volatility of CSI 300 index options was 13.26%, a 0.25% decrease from a week ago; the implied volatility of 50ETF options was 12.79%, a 1.13% decrease from a week ago; the implied volatility of CSI 1000 index options was 18.90%, a 2.71% decrease from a week ago. The South China 50ETF option volatility index was 14.66, the South China CSI 300 option volatility index was 15.74, and the South China CSI 1000 option volatility index was 21.32 [3].

Group 1: Trading Volume and Open Interest of Financial Options - The average daily trading volume of 50ETF options this week was 769,600 contracts, a -31.45% decrease from the previous week. The put - call trading ratio was 0.95, higher than the previous week and the historical average. The put - call open interest ratio last week was 0.92, also higher than the previous week and the historical average [2]. - The average daily trading volume of Huatai Berich 300ETF options was 734,200 contracts, and the average daily open interest was 1,169,100 contracts [2]. - The average daily trading volume of Southern China Securities 500ETF options was 1,023,300 contracts, and the average daily open interest was 1,100,800 contracts [2]. - The average daily trading volume of ChinaAMC SSE STAR 50ETF options was 579,500 contracts, and the average daily open interest was 1,654,100 contracts [2]. - The average daily trading volume of Shenzhen 100ETF options was 45,000 contracts, and the average daily open interest was 116,500 contracts [2]. - The average daily trading volume of ChiNext ETF options was 1,024,000 contracts, and the average daily open interest was 1,349,200 contracts [2]. - The average daily trading volume of CSI 300 index options was 53,900 lots, and the average daily open interest was 164,400 lots [2]. - The average daily trading volume of CSI 1000 index options was 162,300 lots, and the average daily open interest was 208,100 lots [2]. Group 2: Volatility of Options - As of the close on Friday, the implied volatility of CSI 300 index options was 15.80%, a 0.88% decrease from a week ago. The implied volatility of 50ETF options was 14.35%, a 0.49% decrease from a week ago. The implied volatility of CSI 1000 index options was 25.20%, a 0.34% decrease from a week ago [3]. - The Nanhua 50ETF option volatility index was 14.98, the Nanhua CSI 300 option volatility index was 18.26, and the Nanhua CSI 1000 option volatility index was 26.2 [3]. Group 3: Overall Market Situation - The financial market as a whole maintained a volatile pattern this week. The closing prices of the 5 trading days remained almost unchanged, and the intraday amplitude was relatively small. The trading volume hovered around 1 trillion. The implied volatility of options continued to decline. Currently, the implied volatility of SSE 50 and CSI 300 has fallen to a relatively low level in history, while that of CSI 1000 is at a medium - level in history [4].

Report Industry Investment Rating - No relevant content found. Core Viewpoints - The financial market was generally weak and volatile this week, with daily trading volume further shrinking to around 1.15 trillion compared to last week. Overall, the implied volatility of financial options changed little and continued to show a volatile trend. Currently, the implied volatility of financial options is relatively low, and selling options involves significant risks, so investors should participate in option - selling strategies with caution [3]. Summary by Relevant Catalogs Financial Option Trading Volume and Position - The average daily trading volume of 50ETF options this week was 833,800 contracts, a decrease of 18.36% from the previous week. The trading volume of put options was higher than that of call options, and the put - call trading ratio was 1, which increased compared to the previous week and was higher than the historical average. The put - call position ratio last week was 0.72, down from the previous week and lower than the historical average [2]. - The average daily trading volume of Huatai Bairui 300ETF options was 797,700 contracts, and the average daily position was 1,205,100 contracts; the average daily trading volume of Southern China Securities 500ETF options was 1,118,800 contracts, and the average daily position was 972,800 contracts; the average daily trading volume of Huaxia Shanghai Stock Exchange Science and Technology Innovation 50ETF options was 640,200 contracts, and the average daily position was 1,635,000 contracts; the average daily trading volume of Shenzhen 100ETF options was 46,100 contracts, and the average daily position was 83,600 contracts; the average daily trading volume of ChiNext ETF options was 956,800 contracts, and the average daily position was 1,190,200 contracts; the average daily trading volume of CSI 300 index options was 71,600 lots, and the average daily position was 198,200 lots; the average daily trading volume of CSI 1000 index options was 201,700 lots, and the average daily position was 225,800 lots [2]. Volatility - As of the close on Friday, the implied volatility of CSI 300 index options was 14.85%, an increase of 0.70% from a week ago. The implied volatility of 50ETF options was 14.17%, an increase of 0.65% from a week ago. The implied volatility of CSI 1000 index options was 22.98%, an increase of 1.10% from a week ago. The Nanhua 50ETF option volatility index was 14.69, the Nanhua CSI 300 option volatility index was 16.15, and the Nanhua CSI 1000 option volatility index was 22.4 [3].