1. Report Industry Investment Rating - No relevant content provided 2. Report's Core View - Implied volatility is positively correlated and rising. It is advisable to consider a bull spread strategy with caution and take a long position [2] 3. Summary by Relevant Sections 3.1 Option Market Transaction Overview - The daily average total trading volume of options reached 9.5451 million lots, with a total turnover of 12.5736002 billion yuan. For specific options: - Shanghai 50 Index Option: Call trading volume was 41,200 lots, Put trading volume was 17,700 lots, and total turnover was 288.733 million yuan [2] - CSI 1000 Index Option: Call trading volume was 221,300 lots, Put trading volume was 158,100 lots, and total turnover was 4.8323127 billion yuan [2] - Shanghai and Shenzhen 300 Index Option: Call trading volume was 114,200 lots, Put trading volume was 57,500 lots, and total turnover was 1.1351234 billion yuan [2] - Other ETF options also had corresponding trading volumes and turnovers [2] 3.2 Option Volatility Statistics - For near - month options, the ATM - IV, IV weekly change, 20HV, HV weekly change, Skew, Skew weekly change, VIX, and VIX change of various options were presented. For example: - Shanghai 50 Index Option: ATM - IV was 14.71%, IV weekly change was 1.83%, 20HV was 12.63%, HV weekly change was 4.01% [4] - CSI 1000 Index Option: ATM - IV was 24.13%, IV weekly change was 5.29%, 20HV was 16.18%, HV weekly change was 1.92% [4] 3.3 Option Liquidity - Various charts showed the changes in total trading volume, total open interest, total turnover, total trading market value, and total open - interest market value of financial options, as well as the trading volume and open - interest proportions of each option variety [5][6][7][8][9] 3.4 Option Volatility Level - Comparing the at - the - money implied volatility (ATM - IV) and historical volatility of options, last week, the ATM - IV and historical volatility of most options showed signs of divergence or convergence. The current ATM - IV and the positive correlation between the ATM - IV and the underlying asset price were also presented. For example: - Shanghai 50 Index Option: The current ATM - IV was 14.71%, and the correlation coefficient between the underlying asset and the ATM - IV was 95.75% [10] - CSI 1000 Index Option: The current ATM - IV was 24.13%, and the correlation coefficient was 96.30% [12] 3.5 Option Market Bull - Bear Sentiment - The Put - Call - Ratio (PCR) indicator of options can reflect the market's bull - bear sentiment to some extent. The report presented the PCR trends and daily - on - daily incremental percentages of various options [39][40][41][42][43][44][46] 3.6 Market Support and Resistance Level Information - The trading volume and open interest at different strike prices of options can help reveal the support and resistance levels of the underlying asset. For example: - Shanghai 50 Index: Key support level was 3000, and resistance level was 3150 [46] - CSI 1000 Index: Key support level was 7700, and resistance level was 8000 [46] - Shanghai and Shenzhen 300 Index: Key support level was 4650, and resistance level was 4750 [46] - Other underlying assets also had corresponding support and resistance levels [46]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The implied volatility has risen, and the market has seen a significant increase [1] Summary by Relevant Catalogs Option Market Data - Financial Options - 50ETF options had an average daily trading volume of 771,000 contracts this week, a -0.47% decrease from the previous week. The put - call trading ratio was 0.88, higher than the historical average, and the put - call holding ratio last week was 1.01, also higher than the historical average [1] - Huatai - Baorui 300ETF options had an average daily trading volume of 952,900 contracts and an average daily open interest of 1,334,700 contracts [1] - Southern China CSI 500ETF options had an average daily trading volume of 1,366,300 contracts and an average daily open interest of 1,283,900 contracts [1] - Huaxia SSE STAR 50ETF options had an average daily trading volume of 1,210,800 contracts and an average daily open interest of 2,298,000 contracts [1] - Shenzhen 100ETF options had an average daily trading volume of 61,100 contracts and an average daily open interest of 117,100 contracts [1] - GEM ETF options had an average daily trading volume of 1,774,600 contracts and an average daily open interest of 1,807,500 contracts [1] - CSI 300 index options had an average daily trading volume of 91,900 lots and an average daily open interest of 197,700 lots [1] - CSI 1000 index options had an average daily trading volume of 226,500 lots and an average daily open interest of 332,900 lots [1] Option Market Data - Volatility - As of the close on Friday, the implied volatility of CSI 300 index options was 15.33%, a 0.23% increase from a week ago; the implied volatility of 50ETF options was 12.47%, a 0.14% decrease from a week ago; the implied volatility of CSI 1000 index options was 18.88%, a 1.47% increase from a week ago [2] - In commodity options, the implied volatility of crude oil options was 15.53%, a 0.12% increase from a week ago; the implied volatility of lithium carbonate options was 52.67%, an 11.30% increase from a week ago; the implied volatility of rebar options was 25.43%, a 3.86% increase from a week ago; the implied volatility of soda ash options was 24.79%, a 1.26% increase from a week ago; the implied volatility of gold options was 25.43%, a 3.86% increase from a week ago; the implied volatility of silver options was 57.34%, a 13.60% increase from a week ago; the implied volatility of palm oil options was 16.62%, a -0.17% decrease from a week ago; the implied volatility of soybean oil options was 10.43%, a -0.52% decrease from a week ago; the implied volatility of rapeseed oil options was 15.26%, a 0.33% increase from a week ago; the implied volatility of rubber options was 18.83%, a 2.62% increase from a week ago [2]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The market showed a narrow - range oscillation this week, with a significant increase in the implied volatility of metal options. In the financial options market, the trading volume of 50ETF options increased compared to the previous week, and the put - call trading ratio decreased, while the put - call holding ratio increased. Different types of options had various changes in trading volume, holding volume, and implied volatility [1][2]. 3. Summary by Category Financial Options - **Trading Volume and Holding Volume**: 50ETF options had an average daily trading volume of 1.0623 million contracts this week, a 37.14% increase from the previous week. The put - call trading ratio was 0.83, lower than the historical average, and the put - call holding ratio last week was 1.01, higher than the historical average. Other options such as Huatai - Baorui 300ETF options, Southern China CSI 500ETF options, etc., also had corresponding average daily trading and holding volumes [1]. - **Implied Volatility**: As of the close on Friday, the implied volatility of CSI 300 index options was 15.10%, a 1.06% increase from a week ago; the implied volatility of 50ETF options was 12.61%, a 1.09% increase; the implied volatility of CSI 1000 index options was 17.41%, a 0.16% decrease [2]. Commodity Options - **Implied Volatility**: As of the close on Friday, the implied volatility of crude oil options was 15.41%, a 0.53% decrease from a week ago; the implied volatility of lithium carbonate options was 41.37%, an 8.43% increase; the implied volatility of rebar options was 21.57%, a 2.26% increase; the implied volatility of soda ash options was 23.53%, a 1.01% increase; the implied volatility of gold options was 21.57%, a 2.26% increase; the implied volatility of silver options was 43.74%, a 6.02% increase; the implied volatility of palm oil options was 16.79%, a 0.34% increase; the implied volatility of soybean oil options was 10.95%, a 0.71% decrease; the implied volatility of rapeseed oil options was 14.93%, a 1.86% increase; the implied volatility of rubber options was 16.20%, a 0.85% increase [2].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The implied volatility of precious metals has increased, and the financial and commodity markets have shown narrow - range fluctuations [1] Summary by Related Catalogs Financial Options - **Trading Volume and Open Interest**: The average daily trading volume of 50ETF options was 596,400 contracts, a - 20.44% decline from the previous week. The put - call trading ratio was 0.83, lower than the historical average. The put - call open interest ratio was 1.07, higher than the historical average. Other ETF and index options also had corresponding trading volumes and open interests, such as the average daily trading volume of Huatai - Baorui 300ETF options being 754,000 contracts and the average daily open interest being 1,263,900 contracts [1] - **Implied Volatility**: As of the end of this Friday's trading, the implied volatility of CSI 300 index options was 13.36%, a 0.53% decline from a week ago; the implied volatility of 50ETF options was 10.97%, a 0.87% decline from a week ago; the implied volatility of CSI 1000 index options was 17.02%, a 0.73% decline from a week ago [2] Commodity Options - **Implied Volatility**: As of the end of this Friday's trading, the implied volatility of crude oil options was 16.91%, a - 0.18% decline from a week ago; the implied volatility of lithium carbonate options was 34.69%, a - 2.74% decline from a week ago; the implied volatility of rebar options was 20.43%, a 2.25% increase from a week ago; the implied volatility of silver options was 39.72%, an 8.53% increase from a week ago [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoint - With the continuous decline of implied volatility in stock index options, investors can consider the covered call strategy [1] Summary by Related Catalogs Market Data Statistics - **Underlying Market**: The closing prices of the Shanghai Stock Exchange 50 Index, CSI 300 Index, and CSI 1000 Index were 2993.68, 4576.49, and 7386.68 respectively, with increases of 24.06, 49.82, and 52.47. The trading volumes were 46.52 billion, 200.38 billion, and 234.41 billion shares respectively, with changes of 9.25 billion, 57.48 billion, and 33.73 billion shares. The synthetic futures prices and basis for the current and next months are also provided [1] - **Option Market**: The trading volumes of Shanghai Stock Exchange 50 Index Options, CSI 300 Index Options, and CSI 1000 Index Options were 28345, 86757, and 169033 respectively, with changes of 9677, 12980, and -4500. The open interests were 65173, 172339, and 301690 respectively, with changes of 2743, 723, and 4331. The VL - PCR and OI - PCR values are also presented [1] Volatility Statistics - **Near - Month**: The ATM - IV of Shanghai Stock Exchange 50 Index Options was 10.97%, with a change of - 1.04%. The same - term HV was 12.03%, with a change of 0.54%. Similar data for other options are also provided [4] - **Next - Month**: The ATM - IV of Shanghai Stock Exchange 50 Index Options was 12.58%, with a change of - 0.66%. The same - term HV was 11.82%, with a change of 0.10%. Similar data for other options are also given [4] Option Types - **Shanghai Stock Exchange 50 Index Options**: Figures for full - contract PCR, main - contract skewness, volatility cone, and volatility term structure are presented [7][8] - **CSI 300 Index Options**: Similar figures for full - contract PCR, main - contract skewness, volatility cone, and volatility term structure are provided [11][12] - **CSI 1000 Index Options**: Figures for relevant indicators are also shown [15][16] - **Shanghai Stock Exchange 50ETF Options**: Figures for full - contract PCR, main - contract skewness, volatility cone, and volatility term structure are included [24][25] - **Huatai Berui 300ETF Options**: Similar figures for relevant indicators are presented [28][29] - **Southern China Securities 500ETF Options**: Figures for relevant indicators are provided [35][36] - **Huaxia Science and Technology Innovation 50ETF Options**: Figures for relevant indicators are shown [43][44] - **E Fund Science and Technology Innovation 50ETF Options**: Figures for relevant indicators are presented [51][52] - **Harvest 300ETF Options**: Figures for relevant indicators are provided [62][63] - **Harvest China Securities 500ETF Options**: Figures for relevant indicators are shown [68][69] - **Growth Enterprise Market ETF Options**: Figures for relevant indicators are presented [72][73] - **Shenzhen Stock Exchange 100ETF Options**: Figures for relevant indicators are provided [76][77]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint of the Report The implied volatility of stock index options continues to decline, and investors can consider the covered call strategy [1]. 3. Summary According to Relevant Catalogs 3.1 Market Data Statistics - **Underlying Market Statistics**: The closing prices of various indices and ETFs showed increases, with trading volume changes varying. For example, the Shanghai Composite 50 Index closed at 2993.68, up 24.06 points, and its trading volume was 46.52 billion shares, an increase of 9.25 billion shares [1]. - **Options Market Statistics**: The trading volume and open interest of different options also changed. For instance, the trading volume of Shanghai Composite 50 Index Options was 28,345, an increase of 9,677, and the open interest was 65,173, an increase of 2,743 [1]. 3.2 Options Volatility Statistics - **Near - Month Options**: The ATM - IV of most options decreased, while the same - term HV showed different trends. For example, the ATM - IV of Shanghai Composite 50 Index Options was 10.97%, a decrease of 1.04%, and the same - term HV was 12.03%, an increase of 0.54% [4]. - **Next - Month Options**: Similar to the near - month options, the ATM - IV of most next - month options decreased, and the same - term HV also had various changes [4]. 3.3 Individual Option Analysis - **Shanghai Composite 50 Index Options**: The report presents multiple charts including the full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure [7][8]. - **CSI 300 Index Options**: Charts such as the full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are provided [11][12]. - **CSI 1000 Index Options**: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are shown in relevant charts [15][16]. - **Shanghai Composite 50ETF Options**: Multiple charts including the full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are presented [24][25]. - **Huatai - Peregrine 300ETF Options**: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are included in the analysis [28][29]. - **Southern CSI 500ETF Options**: Relevant charts show the full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure [33][34]. - **Huaxia Science and Technology Innovation 50ETF Options**: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are presented in the report [41][43]. - **E Fund Science and Technology Innovation 50ETF Options**: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are included in the analysis [47][48]. - **Harvest 300ETF Options**: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are shown in relevant charts [58][59]. - **Harvest CSI 500ETF Options**: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are presented [63][64]. - **Growth Enterprise Market ETF Options**: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are included in the analysis [67][68]. - **Shenzhen 100ETF Options**: The full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure are shown in relevant charts [72][73].

Report Summary - The report focuses on the option market from November 24 to November 28, 2025, covering financial and commodity options, with a decline in implied volatility and an overall rise in the financial and commodity markets [1]. Financial Options Trading Volume and Open Interest - 50ETF options had an average daily trading volume of 749,700 contracts, a -7.02% decrease from the previous week. The put - call trading volume ratio was 1.02, lower than the previous week but higher than the historical average. The put - call open interest ratio was 0.99, higher than the previous week and the historical average [1]. - Other ETF and index options also had corresponding average daily trading volumes and open interests, such as Huatai - Ba瑞 300ETF options with an average daily trading volume of 1,045,400 contracts and an average daily open interest of 1,325,000 contracts [1]. Implied Volatility - As of the end of Friday, the implied volatility of CSI 300 index options was 13.89%, a 2.10% decrease from a week ago; 50ETF options was 11.84%, a 2.43% decrease; and CSI 1000 index options was 17.75%, a 2.11% decrease [2]. Commodity Options Implied Volatility - As of the end of Friday, the implied volatility of most commodity options decreased, such as crude oil options (17.09%, -0.86% decrease), lithium carbonate options (37.43%, -6.50% decrease), etc. However, the implied volatility of palm oil, rapeseed oil, and rubber options increased [2].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report ETF options are approaching expiration, and the implied volatility of near - month contracts is rising [2]. 3. Summary by Related Catalogs 3.1 Market Data Statistics - **Underlying Market Statistics**: The closing prices of the Shanghai Composite 50 Index, CSI 300 Index, and CSI 1000 Index increased by 17.64, 42.36, and 93.54 respectively. The trading volumes of the Shanghai Composite 50 Index and CSI 300 Index decreased by 8.40 billion and 16.26 billion hands, while that of the CSI 1000 Index increased by 4.77 billion hands. For ETFs, the trading volume of some decreased, while others increased [3]. - **Option Market Statistics**: The trading volumes of some option contracts decreased, such as the Shanghai Composite 50 Index Option and Shanghai Composite 50 ETF Option, while others increased, like the CSI 1000 Index Option and Southern CSI 500 ETF Option. The open - interest also showed different trends of increase or decrease [3]. - **Option Volatility Statistics**: In the near - month contracts, the ATM - IV of most option contracts decreased, except for the Southern CSI 500 ETF Option and Huaxia Science and Technology Innovation 50 ETF Option which increased. The same - term HV of some contracts increased, and the Skew also had different changes [6]. 3.2 Option Index Data Statistics - **PCR and Maximum Positions**: The VL - PCR and OI - PCR of different option contracts varied. For example, the VL - PCR of the Shanghai Composite 50 Index Option was 54.85%, and the OI - PCR was 69.94%. The maximum positions of call and put options in the near - month contracts also differed for each option [3]. 3.3 Option Charts - For each type of option (e.g., Shanghai Composite 50 Index Option, CSI 300 Index Option), there are charts showing the full - contract PCR, the main - contract skewness trend, the volatility cone, and the volatility term structure, which visually present the historical and current option data [10][14][24]

Report Industry Investment Rating No relevant content provided. Core Viewpoint The market shows a trend of oscillating volatility decline, and it is advisable to consider selling out-of-the-money call options [1]. Summary by Related Catalogs 1. Market Data Statistics - **Underlying Market Statistics**: The closing prices of the Shanghai Stock Exchange 50 Index, CSI 300 Index, and some ETFs have changed, with trading volume showing varying degrees of decline. For example, the Shanghai Stock Exchange 50 Index closed at 2950.56, down 5.29 points, and its trading volume decreased by 9.59 billion hands [1]. - **Options Market Statistics**: The trading volume and open interest of various options have also changed. For instance, the trading volume of Shanghai Stock Exchange 50 Index Options decreased by 11,704, and the open interest increased by 2,676 [1]. 2. Options Volatility Statistics - **Near - Month Options**: The implied volatility (ATM - IV) of most options has declined. For example, the ATM - IV of Shanghai Stock Exchange 50 Index Options decreased by 1.28% [4]. - **Next - Month Options**: The ATM - IV of most options has also decreased. For example, the ATM - IV of Shanghai Stock Exchange 50 Index Options decreased by 0.29% [4]. 3. Specific Option Analysis - **Shanghai Stock Exchange 50 Index Options**: Analyzed through full - contract PCR, main - contract skewness, volatility cone, and volatility term structure charts [7][8]. - **CSI 300 Index Options**: Similar analysis methods are used, including full - contract PCR, main - contract skewness, volatility cone, and volatility term structure charts [11][12]. - **CSI 1000 Index Options**: Analyzed with relevant charts such as full - contract PCR, main - contract skewness, volatility cone, and volatility term structure [15][16]. - **ETF Options**: Options of various ETFs, such as Shanghai Stock Exchange 50ETF, Huatai - Ba瑞 300ETF, etc., are analyzed using similar methods [23][27].

Report Summary Report Industry Investment Rating No industry investment rating information is provided in the content. Core Viewpoint The market is in a state of volatile decline in volatility, and it is advisable to consider selling out-of-the-money call options [1]. Summary by Related Catalogs 1. Market Data Statistics - **Underlying Market**: The closing prices of the Shanghai Composite 50 Index, CSI 300 Index, and some ETFs showed different trends, with trading volumes mostly decreasing. For example, the Shanghai Composite 50 Index closed at 2950.56, down 5.29 points, and its trading volume was 50.80 billion hands, a decrease of 9.59 billion hands [1]. - **Options Market**: The trading volumes of various options mostly decreased, while the open interest showed different trends. For instance, the trading volume of Shanghai Composite 50 Index Options was 25,915, a decrease of 11,704, and the open interest was 56,615, an increase of 2,676 [1]. - **Options Volatility**: The implied volatility (IV) of most options decreased, and the historical volatility (HV) showed different trends. For example, the near - month ATM - IV of Shanghai Composite 50 Index Options was 14.38%, a decrease of 1.28%, and the 10 - day HV was 11.80%, a decrease of 0.11% [4]. 2. Option Analysis Charts - For each type of option (such as Shanghai Composite 50 Index Options, CSI 300 Index Options, etc.), there are charts showing full - contract PCR, main - contract skewness, volatility cones, and volatility term structures, which help analyze the market sentiment and volatility characteristics of each option [8][12][16].