期货研究报告 股指震荡小幅回调 金融期权 | 日报 2025 年 11 月 18 日 金融期权 专业研究·创造价值 核心观点 今日各股指均小幅回调，全天表现弱势。沪深京三市全天成交额 19460 亿元，较上日放量 156 亿元。短期内来看，11 月政策面增量信号减弱，地 缘因素引发避险情绪升温，随着股指接近前期高点，获利资金止盈意愿上 升，股指存在技术性整固的需求。不过整体来看目前股指处于政策利好预期 发酵节奏与获利资金止盈节奏相互博弈的短线震荡期。中长期来看，政策利 好预期与资金净流入股市趋势共同构成股指的强力支撑。总的来说，短线多 空博弈加剧，短期内股指区间震荡为主。 投资咨询业务资格：证监许可【2011】1778 号 邮箱：longaoming@bcqhgs.com 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 中的具体推荐意见或观点而直 接或间接接收到任何形式的报 酬。 专业研究·创造价值 1 / 16 请务必阅读文末免责条款 请务必阅读文末免责条款部分 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Today, all stock indices fluctuated and consolidated. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 1964.8 billion yuan, a decrease of 49.1 billion yuan compared to the previous day. In the short term, the fermentation rhythm of policy - favorable expectations and the profit - taking rhythm of funds are in a game, and the stock indices are in a volatile and repeated market. In the medium and long term, the policy - favorable expectations and the trend of capital inflow into the stock market together form strong support for the stock indices. Especially next year is the beginning of the "15th Five - Year Plan", and the policy - favorable expectations support the stock indices to rise in the medium and long term. However, the incremental policy signals have weakened in the short term. As the stock valuation has risen significantly, the willingness of profit - making funds to take profits has increased, and the stock indices technically need to consolidate. Overall, with multiple factors at play, the stock indices will mainly fluctuate within a range in the short term. Currently, the implied volatility of options is at a relatively low historical quantile level. Considering the medium - and long - term upward trend of the stock indices, the idea of maintaining a bull spread is recommended [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On November 12, 2025, the 50ETF rose 0.53% to close at 3.197; the 300ETF (Shanghai Stock Exchange) rose 0.04% to close at 4.765; the 300ETF (Shenzhen Stock Exchange) fell 0.06% to close at 4.912; the CSI 300 Index fell 0.13% to close at 4645.91; the CSI 1000 Index fell 0.72% to close at 7486.38; the 500ETF (Shanghai Stock Exchange) fell 0.51% to close at 7.356; the 500ETF (Shenzhen Stock Exchange) fell 0.54% to close at 2.937; the GEM ETF fell 0.16% to close at 3.108; the Shenzhen 100ETF rose 0.09% to close at 3.528; the SSE 50 Index rose 0.32% to close at 3044.30; the Science and Technology Innovation 50ETF fell 0.55% to close at 1.45; the E Fund Science and Technology Innovation 50ETF fell 0.50% to close at 1.41 [5]. - The trading volume PCR and position PCR of various options on November 12, 2025, and their changes compared to the previous trading day are provided in detail, including those of 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [6]. - The implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options are also provided, such as 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [7][8]. 3.2 Relevant Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [9]. - **Shanghai Stock Exchange 300ETF Options**: Include charts of the Shanghai Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [18]. - **Shenzhen Stock Exchange 300ETF Options**: Include charts of the Shenzhen Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [31]. - **CSI 300 Index Options**: Include charts of the CSI 300 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [43]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [56]. - **Shanghai Stock Exchange 500ETF Options**: Include charts of the Shanghai Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [70]. - **Shenzhen Stock Exchange 500ETF Options**: Include charts of the Shenzhen Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [83]. - **GEM ETF Options**: Include charts of the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [96]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [109]. - **SSE 50 Index Options**: Include charts of the SSE 50 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [122]. - **Science and Technology Innovation 50ETF Options**: Include charts of the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [135]. - **E Fund Science and Technology Innovation 50ETF Options**: Include charts of the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [144].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The stock market had a volume - increasing rebound, indicating a rise in market sentiment. However, the market is still in a stage of game between the fermentation rhythm of policy -利好 expectations and the profit - taking rhythm of funds. The Shanghai Composite Index is near the 4000 - point integer mark, and there is still a need for short - term shock consolidation of stock indices. [3] - In November, the incremental signals on the policy side weakened, and although external risk factors eased, uncertainties still remained, so the upward driving force of stock indices was limited. [3] - With the significant increase in the stock valuation, there is still a need for technical consolidation of stock indices. But the policy -利好 expectations strongly support the stock indices, and the downward space of stock indices is limited. In general, stock indices will mainly fluctuate within a range in the short term. [3] - Currently, the implied volatility of options is at a relatively low historical quantile level. Considering the long - term upward trend of stock indices, the idea of bull spreads or covered calls is maintained. [3] Summaries by Related Catalogs 1 Option Indicators - On November 6, 2025, 50ETF rose 1.27% to 3.190; 300ETF (Shanghai Stock Exchange) rose 1.48% to 4.805; 300ETF (Shenzhen Stock Exchange) rose 1.54% to 4.956; the CSI 300 Index rose 1.43% to 4693.40; the CSI 1000 Index rose 1.17% to 7551.83; 500ETF (Shanghai Stock Exchange) rose 1.65% to 7.451; 500ETF (Shenzhen Stock Exchange) rose 1.67% to 2.979; the GEM ETF rose 1.88% to 3.201; the Shenzhen 100ETF rose 1.82% to 3.590; the SSE 50 Index rose 1.22% to 3044.74; the STAR 50ETF rose 3.36% to 1.51; and the E Fund STAR 50ETF rose 3.39% to 1.46. [5] - The trading volume PCR and position PCR of various options on November 6, 2025, and their changes compared with the previous trading day are provided, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options. [6] - The implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are given, such as 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options. [7][8] 2 Related Charts - **SSE 50ETF Options**: Include charts of SSE 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [9][11][13][17] - **SSE 300ETF Options**: Include charts of SSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [20][22][24][30] - **SZSE 300ETF Options**: Include charts of SZSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [33][35][37][41] - **CSI 300 Index Options**: Include charts of CSI 300 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [45] - **CSI 1000 Index Options**: Include charts of CSI 1000 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [47] - **SSE 500ETF Options**: Include charts of SSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [61] - **SZSE 500ETF Options**: Include charts of SZSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [74] - **GEM ETF Options**: Include charts of GEM ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [87] - **Shenzhen 100ETF Options**: Include charts of Shenzhen 100ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [100] - **SSE 50 Index Options**: Include charts of SSE 50 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [113] - **STAR 50ETF Options**: Include charts of STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [127] - **E Fund STAR 50ETF Options**: Include charts of E Fund STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [136]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On November 5, 2025, the stock indices oscillated throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1894.3 billion yuan, a decrease of 44.1 billion yuan from the previous day. The current market logic is the game between the fermentation rhythm of policy - positive expectations and the profit - taking rhythm of funds. Both the upward and downward driving forces of the stock indices are insufficient. In November, the incremental signals from the policy side have weakened, and although external risk factors have eased, uncertainties still exist, limiting the upward driving force of the stock indices. As the stock valuation has significantly increased, investors' enthusiasm for chasing high prices is not strong, and the profit - taking intention of profitable funds has risen. The logic of valuation repair has gradually shifted to the logic of performance fundamentals, and there is still a need for short - term technical consolidation of the stock indices. In general, the stock indices will mainly oscillate within a range in the short term. - Currently, the implied volatility of options is at a relatively low historical quantile level. Considering the long - term upward trend of the stock indices, the idea of bull spreads or covered calls is maintained [4]. 3. Summary by Directory 3.1 Option Indicators - **Index Performance**: On November 5, 2025, the 50ETF fell 0.19% to close at 3.150; the 300ETF (Shanghai Stock Exchange) rose 0.13% to close at 4.735; the 300ETF (Shenzhen Stock Exchange) remained unchanged at 4.881; the CSI 300 Index rose 0.19% to close at 4627.26; the CSI 1000 Index rose 0.39% to close at 7464.86; the 500ETF (Shanghai Stock Exchange) rose 0.23% to close at 7.330; the 500ETF (Shenzhen Stock Exchange) rose 0.21% to close at 2.930; the ChiNext ETF rose 0.96% to close at 3.142; the Shenzhen 100ETF rose 0.20% to close at 3.526; the SSE 50 Index fell 0.17% to close at 3007.97; the Science and Technology Innovation 50ETF rose 0.34% to close at 1.46; and the E Fund Science and Technology Innovation 50ETF rose 0.21% to close at 1.41 [6]. - **Volume PCR and Open Interest PCR**: The report provides the volume PCR and open interest PCR data of various options on November 5, 2025, and their comparison with the previous trading day, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [7]. - **Implied Volatility and Historical Volatility**: The 2025 November at - the - money implied volatility and 30 - trading - day historical volatility of various options are presented, such as 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [8][9]. 3.2 Related Charts - **50ETF Options**: Charts include the 50ETF trend, 50ETF option volatility, 50ETF option volume PCR, 50ETF option open interest PCR, 50ETF option implied volatility curve, and 50ETF option all - term at - the - money implied volatility [10][11][12]. - **SSE 300ETF Options**: Charts cover the SSE 300ETF trend, SSE 300ETF option volatility, SSE 300ETF option volume PCR, SSE 300ETF option open interest PCR, SSE 300ETF option implied volatility curve, and SSE 300ETF option all - term at - the - money implied volatility [21][22][23]. - **SZSE 300ETF Options**: Charts involve the SZSE 300ETF trend, SZSE 300ETF option volatility, SZSE 300ETF option volume PCR, SZSE 300ETF option open interest PCR, SZSE 300ETF option implied volatility curve, and SZSE 300ETF option all - term at - the - money implied volatility [34][35][36]. - **CSI 300 Index Options**: Charts contain the CSI 300 index trend, CSI 300 index option volatility, CSI 300 index option volume PCR, CSI 300 index option open interest PCR, CSI 300 index option implied volatility curve, and CSI 300 index option all - term at - the - money implied volatility [46][47]. - **CSI 1000 Index Options**: Charts include the CSI 1000 index trend, CSI 1000 index option volatility, CSI 1000 index option volume PCR, CSI 1000 index option open interest PCR, CSI 1000 index option implied volatility curve, and CSI 1000 index option all - term at - the - money implied volatility [48][49][50]. - **SSE 500ETF Options**: Charts cover the SSE 500ETF trend, SSE 500ETF option volatility, SSE 500ETF option volume PCR, SSE 500ETF option open interest PCR, SSE 500ETF option implied volatility curve, and SSE 500ETF option all - term at - the - money implied volatility [61][62][63]. - **SZSE 500ETF Options**: Charts involve the SZSE 500ETF trend, SZSE 500ETF option volatility, SZSE 500ETF option volume PCR, SZSE 500ETF option open interest PCR, SZSE 500ETF option implied volatility curve, and SZSE 500ETF option all - term at - the - money implied volatility [74][75][76]. - **ChiNext ETF Options**: Charts include the ChiNext ETF trend, ChiNext ETF option volatility, ChiNext ETF option volume PCR, ChiNext ETF option open interest PCR, ChiNext ETF option implied volatility curve, and ChiNext ETF option all - term at - the - money implied volatility [87][88][89]. - **Shenzhen 100ETF Options**: Charts cover the Shenzhen 100ETF trend, Shenzhen 100ETF option volatility, Shenzhen 100ETF option volume PCR, Shenzhen 100ETF option open interest PCR, Shenzhen 100ETF option implied volatility curve, and Shenzhen 100ETF option all - term at - the - money implied volatility [100][101][102]. - **SSE 50 Index Options**: Charts involve the SSE 50 index trend, SSE 50 index option volatility, SSE 50 index option volume PCR, SSE 50 index option open interest PCR, SSE 50 index option implied volatility curve, and SSE 50 index option all - term at - the - money implied volatility [113][114][115]. - **Science and Technology Innovation 50ETF Options**: Charts include the Science and Technology Innovation 50ETF trend, Science and Technology Innovation 50ETF option volatility, Science and Technology Innovation 50ETF option volume PCR, Science and Technology Innovation 50ETF option open interest PCR, Science and Technology Innovation 50ETF option implied volatility curve, and Science and Technology Innovation 50ETF option all - term at - the - money implied volatility [126][127][128]. - **E Fund Science and Technology Innovation 50ETF Options**: Charts cover the E Fund Science and Technology Innovation 50ETF trend, E Fund Science and Technology Innovation 50ETF option volatility, E Fund Science and Technology Innovation 50ETF option volume PCR, E Fund Science and Technology Innovation 50ETF option open interest PCR, E Fund Science and Technology Innovation 50ETF option implied volatility curve, and E Fund Science and Technology Innovation 50ETF option all - term at - the - money implied volatility [137][138][139].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Short - term stock index to continue oscillating and consolidating. On November 4, 2025, stock indices oscillated downward throughout the day with the decline narrowing at the end of the session. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1938.4 billion yuan, a decrease of 194.5 billion yuan from the previous day. Due to the weakened expectation of incremental policies in November and the diminishing marginal impact of the easing of external risks, the upward driving force has weakened in the short - term. With the increase in stock valuation, the willingness of profit - taking funds to stop profit has risen, and there is still a need for short - term technical adjustment of the stock index. In general, the stock index will mainly oscillate and consolidate in the short - term under the game between the fermentation rhythm of policy -利好 expectations and the profit - taking rhythm of funds [3]. - Currently, the implied volatility of options is at a relatively low level. Considering the long - term upward trend of the stock index, maintain the idea of bull spreads or covered calls [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On November 4, 2025, 50ETF fell 0.16% to 3.156; 300ETF (Shanghai Stock Exchange) fell 0.71% to 4.729; 300ETF (Shenzhen Stock Exchange) fell 0.77% to 4.881; CSI 300 Index fell 0.75% to 4618.70; CSI 1000 Index fell 1.36% to 7435.73; 500ETF (Shanghai Stock Exchange) fell 1.69% to 7.313; 500ETF (Shenzhen Stock Exchange) fell 1.48% to 2.924; GEM ETF fell 2.02% to 3.112; Shenzhen 100ETF fell 1.46% to 3.519; SSE 50 Index fell 0.11% to 3012.97; STAR 50ETF fell 1.02% to 1.46; E Fund STAR 50ETF fell 0.98% to 1.41 [5]. - **Volume PCR and Position PCR**: The report provides the volume PCR and position PCR data of various options on November 4, 2025, and their changes compared with the previous trading day, including 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen), GEM ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. - **Implied Volatility and Historical Volatility**: The report presents the implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options, such as 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen), GEM ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. 3.2 Relevant Charts - **50ETF Options**: Include the trend chart of 50ETF, the volatility chart of 50ETF options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [9][10][11]. - **300ETF Options (Shanghai Stock Exchange)**: Include the trend chart of 300ETF (Shanghai), the volatility chart of 300ETF options (Shanghai), the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [20][21][22]. - **300ETF Options (Shenzhen Stock Exchange)**: Include the trend chart of 300ETF (Shenzhen), the volatility chart of 300ETF options (Shenzhen), the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [33][34][35]. - **CSI 300 Index Options**: Include the trend chart of the CSI 300 index, the volatility chart of CSI 300 index options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [47][48]. - **CSI 1000 Index Options**: Include the trend chart of the CSI 1000 index, the volatility chart of CSI 1000 index options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [49][50][51]. - **500ETF Options (Shanghai Stock Exchange)**: Include the trend chart of 500ETF (Shanghai), the volatility chart of 500ETF options (Shanghai), the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [62][63][64]. - **500ETF Options (Shenzhen Stock Exchange)**: Include the trend chart of 500ETF (Shenzhen), the volatility chart of 500ETF options (Shenzhen), the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [75][76][77]. - **GEM ETF Options**: Include the trend chart of GEM ETF, the volatility chart of GEM ETF options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [88][89][90]. - **Shenzhen 100ETF Options**: Include the trend chart of Shenzhen 100ETF, the volatility chart of Shenzhen 100ETF options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [101][102][103]. - **SSE 50 Index Options**: Include the trend chart of the SSE 50 index, the volatility chart of SSE 50 index options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [114][115][116]. - **STAR 50ETF Options**: Include the trend chart of STAR 50ETF, the volatility chart of STAR 50ETF options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [127][128][129]. - **E Fund STAR 50ETF Options**: Include the trend chart of E Fund STAR 50ETF, the volatility chart of E Fund STAR 50ETF options, the volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [138][139].

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - On October 27, 2025, all stock indices fluctuated and rose. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 2.3566 trillion yuan, an increase of 365 billion yuan compared to the previous day. With the conclusion of the China - US economic and trade consultations, external uncertainty risks eased, and investors' risk appetite recovered. The release of the communiqué of the Fourth Plenary Session of the 20th CPC Central Committee pointed out that the main goals during the 15th Five - Year Plan period include achieving significant results in high - quality development and greatly improving the level of scientific and technological self - reliance. Policy - driven positive expectations led to an increase in market risk appetite. However, as stock valuations rose, there was still a willingness among profit - taking funds to lock in profits. The future trend of the market depends on the game between the fermentation rhythm of policy - driven positive expectations and the profit - taking rhythm of funds. In general, the stock indices are expected to experience wide - range fluctuations in the short term. Currently, the implied volatility of options remains relatively stable. Considering the long - term upward trend of stock indices, the strategy of bull spread or covered call is maintained [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On October 27, 2025, the 50ETF rose 0.75% to close at 3.216; the 300ETF (Shanghai Stock Exchange) rose 1.17% to close at 4.826; the 300ETF (Shenzhen Stock Exchange) rose 1.24% to close at 4.977; the CSI 300 Index rose 1.19% to close at 4716.02; the CSI 1000 Index rose 1.03% to close at 7495.38; the 500ETF (Shanghai Stock Exchange) rose 1.48% to close at 7.478; the 500ETF (Shenzhen Stock Exchange) rose 1.53% to close at 2.985; the GEM ETF rose 1.97% to close at 3.209; the Shenzhen 100ETF rose 1.34% to close at 3.617; the SSE 50 Index rose 0.78% to close at 3069.53; the STAR 50ETF rose 1.50% to close at 1.56; and the E Fund STAR 50ETF rose 1.48% to close at 1.51 [5]. - The trading volume PCR and open interest PCR of various options on October 27, 2025, and their changes compared to the previous trading day are provided in detail, including those of 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 index options, CSI 1000 index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. - The implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are presented, such as the 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 index options, CSI 1000 index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. 3.2 Relevant Charts - For each type of option (e.g., 50ETF options, SSE 300ETF options, SZSE 300ETF options, etc.), multiple charts are provided, including the underlying asset's trend chart, option volatility chart, trading volume PCR chart, open interest PCR chart, implied volatility curve chart, and chart of at - the - money implied volatility for different tenors [9][21][33].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On October 24, 2025, all stock indices fluctuated and rose. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1991.6 billion yuan, an increase of 330.9 billion yuan from the previous day [3]. - The communiqué of the Fourth Plenary Session of the 20th CPC Central Committee announced that the main goals during the 15th Five - Year Plan period include significant achievements in high - quality development and a substantial increase in the level of scientific and technological self - reliance. The proportion of the science and technology innovation industry in China's future economy will increase, and corresponding policy support will be introduced. Against the backdrop of positive policy expectations, technology - related stocks rose significantly [3]. - The easing of external uncertainty risk factors brought about by China - US economic and trade consultations led to a recovery in investors' risk appetite, causing the stock indices to rebound from the bottom. However, the marginal increase in positive policy expectations will slow down with the release of the draft suggestions for the 15th Five - Year Plan. In the future, it is necessary to evaluate the game between the fermentation rhythm of positive policy expectations and the profit - taking rhythm of funds. In general, the stock indices are expected to fluctuate widely in the short term [3]. - Currently, the implied volatility of options remains relatively stable. Considering the long - term upward trend of stock indices, investors can continue to hold bull spreads or covered calls [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On October 24, 2025, the 50ETF rose 0.79% to close at 3.192; the 300ETF (Shanghai Stock Exchange) rose 1.21% to close at 4.770; the 300ETF (Shenzhen Stock Exchange) rose 1.26% to close at 4.916; the CSI 300 Index rose 1.18% to close at 4660.68; the CSI 1000 Index rose 1.52% to close at 7419.24; the 500ETF (Shanghai Stock Exchange) rose 1.66% to close at 7.369; the 500ETF (Shenzhen Stock Exchange) rose 1.62% to close at 2.940; the GEM ETF rose 3.59% to close at 3.147; the Shenzhen 100ETF rose 2.03% to close at 3.569; the SSE 50 Index rose 0.62% to close at 3045.82; the Science and Technology Innovation 50ETF rose 4.21% to close at 1.54; the E Fund Science and Technology Innovation 50ETF rose 4.42% to close at 1.49 [5]. - **Volume PCR and Position PCR**: The report provides the volume PCR and position PCR data of various options on October 24, 2025, and their changes compared with the previous trading day, including 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [6]. - **Implied Volatility and Historical Volatility**: The report presents the implied volatility of the at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options, such as 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [7][8]. 3.2 Relevant Charts - The report includes a series of charts for different types of options, such as the trend charts, volatility charts, volume PCR charts, implied volatility curve charts, and at - the - money implied volatility charts of different terms for 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [9][20][33][47][59][73][86][99][112][125][138][150].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - Today, all stock indices showed a trend of hitting bottom and rebounding. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 1660.7 billion yuan, a decrease of 29.7 billion yuan compared to the previous day. The shrinking trading volume in the stock market indicates that market sentiment is cautious. On the news front, China and the United States will hold economic and trade consultations in Malaysia from October 24th to 27th, which has reduced risk aversion and improved market sentiment. As the valuation of some stocks has increased significantly, the marginal expectation of incremental policy benefits at the end of the year has slowed down, and there is still a need for profit - taking in the capital market. In the short term, the changing rhythm of the game between the profit - taking intention of funds and the expectation of policy benefits will dominate the trend of stock indices within the year. In general, stock indices are expected to fluctuate widely in the short term [3]. - Currently, the implied volatility of options remains relatively stable. Considering that the stock indices are expected to rise in the medium and long term, investors can continue to hold bull spreads or covered calls [3]. Group 3: Summary of Related Catalogs 1 Option Indicators - On October 23, 2025, the 50ETF rose 0.60% to close at 3.167; the 300ETF (Shanghai Stock Exchange) rose 0.38% to close at 4.713; the 300ETF (Shenzhen Stock Exchange) rose 0.23% to close at 4.855; the CSI 300 Index rose 0.30% to close at 4606.34; the CSI 1000 Index fell 0.06% to close at 7308.10; the 500ETF (Shanghai Stock Exchange) rose 0.35% to close at 7.249; the 500ETF (Shenzhen Stock Exchange) rose 0.24% to close at 2.893; the GEM ETF fell 0.03% to close at 3.038; the Shenzhen 100ETF rose 0.14% to close at 3.498; the SSE 50 Index rose 0.56% to close at 3026.90; the STAR 50ETF fell 0.20% to close at 1.47; and the E Fund STAR 50ETF fell 0.35% to close at 1.42 [5]. - The trading volume PCR and position PCR of various options on October 23, 2025, and their changes compared to the previous trading day are provided in detail, including 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. - The implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options are presented, such as 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. 2 Related Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][10][11][13][16]. - **Shanghai Stock Exchange 300ETF Options**: Include charts of the Shanghai Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22][24][30]. - **Shenzhen Stock Exchange 300ETF Options**: Include charts of the Shenzhen Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [33][36][38][40]. - **CSI 300 Index Options**: Include charts of the CSI 300 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [41][43][45][51]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [54][56][58][64]. - **Shanghai Stock Exchange 500ETF Options**: Include charts of the Shanghai Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [67][69][70][76]. - **Shenzhen Stock Exchange 500ETF Options**: Include charts of the Shenzhen Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [80][84][85][91]. - **GEM ETF Options**: Include charts of the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [94][96][98][103]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [107][109][111][117]. - **SSE 50 Index Options**: Include charts of the SSE 50 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [120][122][124][130]. - **STAR 50ETF Options**: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [133][135][137][141]. - **E Fund STAR 50ETF Options**: Include charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [144][146][148][154].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On October 17, 2025, all stock indices fluctuated and declined, showing weakness throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1954.4 billion yuan, an increase of 570 million yuan from the previous day. Recently, overseas uncertainty risk factors have increased, and the risk - aversion sentiment has risen. Stocks with large previous gains face technical adjustment pressure due to profit - taking. From a macro perspective, the inflation and credit data in September were weak, strengthening the expectation of demand - stabilizing policies on the policy front, which provides medium - to - long - term support for the stock indices. A major policy meeting will be held next week, and the policy front is highly likely to stabilize demand and expectations. In general, the subsequent market trend depends on the rhythm change of the game between profit - taking sentiment and policy -利好 expectations. In the short term, the stock indices are expected to remain in a wide - range shock. Currently, the implied volatility of options remains relatively stable. Considering the medium - to - long - term upward trend of the stock indices, investors can continue to hold bull spreads or covered calls [3] 3. Summary by Relevant Catalogs 3.1 Option Indicators - **Index and ETF Performance**: On October 17, 2025, the 50ETF fell 1.55% to 3.110; the 300ETF (Shanghai Stock Exchange) fell 2.05% to 4.624; the 300ETF (Shenzhen Stock Exchange) fell 2.13% to 4.768; the CSI 300 Index fell 2.26% to 4514.23; the CSI 1000 Index fell 2.92% to 7185.48; the 500ETF (Shanghai Stock Exchange) fell 3.03% to 7.114; the 500ETF (Shenzhen Stock Exchange) fell 2.84% to 2.844; the ChiNext ETF fell 3.28% to 2.915; the Shenzhen 100ETF fell 2.92% to 3.393; the SSE 50 Index fell 1.70% to 2967.77; the STAR 50ETF fell 3.63% to 1.43; the E Fund STAR 50ETF fell 3.68% to 1.39 [5] - **Volume and Open Interest PCR**: The report provides the volume and open interest PCR data of various options on October 17, 2025, and their changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 107.36 (previous day: 94.91), and the open interest PCR was 80.26 (previous day: 84.60) [6] - **Implied Volatility and Historical Volatility**: The report lists the implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options. For instance, the implied volatility of at - the - money SSE 50ETF options in November 2025 was 14.46%, and the 30 - trading - day historical volatility of the underlying asset was 13.31% [7] 3.2 Relevant Charts - **SSE 50ETF Options**: It includes charts of the SSE 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][11][13][19] - **SSE 300ETF Options**: There are charts of the SSE 300ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22][24][26] - **SZSE 300ETF Options**: The charts cover the SZSE 300ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [32][34][36][38] - **CSI 300 Index Options**: Include charts of the CSI 300 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [45][47][49][51] - **CSI 1000 Index Options**: There are charts of the CSI 1000 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [58][62][64][66] - **SSE 500ETF Options**: The charts involve the SSE 500ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [73][75][77][79] - **SZSE 500ETF Options**: Include charts of the SZSE 500ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [86][89][91][92] - **ChiNext ETF Options**: There are charts of the ChiNext ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [99][101][103][105] - **Shenzhen 100ETF Options**: The charts cover the Shenzhen 100ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [112][114][116][118] - **SSE 50 Index Options**: Include charts of the SSE 50 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [125][127][129][131] - **STAR 50ETF Options**: There are charts of the STAR 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [138][140][141][147] - **E Fund STAR 50ETF Options**: The charts cover the E Fund STAR 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [148][150][151][154]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Today, all stock indices oscillated and rebounded. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.0904 trillion yuan, a decrease of 506.2 billion yuan from the previous day. The volume - shrinking rebound of the stock market reflects that the overall market sentiment remains optimistic, with funds entering the market on dips after corrections, and the downside space for stock indices is limited. At the same time, it also shows that funds chasing higher near the previous high points remain relatively cautious [4]. - In the short term, the tariff war has resurfaced, and external uncertainties have increased before November. Coupled with the current relatively high valuation level, investors' willingness to take profits has risen, and there is short - term technical correction pressure. In the medium to long term, the problem of insufficient effective domestic demand still exists, and the disturbance of external tariff factors still remains. There are strong expectations for policy - makers to stabilize the macro - fundamentals, and the expectation of policy benefits forms strong support for the stock indices. The trend of net capital inflow into the A - share market remains unchanged, so the stock indices have strong medium - to - long - term support. Overall, under the game between profit - taking sentiment and policy support, the stock indices are expected to maintain wide - range oscillations in the short term [4]. - Currently, the implied volatility of options remains relatively stable. Considering the medium - to - long - term upward trend of the stock indices, investors can continue to hold bull spreads or covered calls [4]. Summary by Directory 1 Option Indicators - On October 15, 2025, the 50ETF rose 1.23% to close at 3.138; the 300ETF (Shanghai Stock Exchange) rose 1.31% to close at 4.706; the 300ETF (Shenzhen Stock Exchange) rose 1.48% to close at 4.862; the CSI 300 Index rose 1.48% to close at 4606.29; the CSI 1000 Index rose 1.50% to close at 7483.45; the 500ETF (Shanghai Stock Exchange) rose 1.43% to close at 7.393; the 500ETF (Shenzhen Stock Exchange) rose 1.27% to close at 2.953; the ChiNext ETF rose 2.35% to close at 3.003; the Shenzhen 100ETF rose 2.14% to close at 3.486; the SSE 50 Index rose 1.36% to close at 3001.35; the STAR 50ETF rose 1.35% to close at 1.50; the E Fund STAR 50ETF rose 1.10% to close at 1.47 [7]. - The trading volume PCR and position PCR of various ETF options and index options are provided, showing the changes compared with the previous trading day [8]. - The implied volatility of at - the - money options and the 30 - trading - day historical volatility of the underlying assets of various ETF options and index options are presented [9][10]. 2 Related Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [11][13][15]. - **Shanghai Stock Exchange 300ETF Options**: Include charts of the Shanghai Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [23][25][27]. - **Shenzhen Stock Exchange 300ETF Options**: Include charts of the Shenzhen Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [36][38][40]. - **CSI 300 Index Options**: Include charts of the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [50][52][54]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [63][66][68]. - **Shanghai Stock Exchange 500ETF Options**: Include charts of the Shanghai Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [77][79][81]. - **Shenzhen Stock Exchange 500ETF Options**: Include charts of the Shenzhen Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [90][92][94]. - **ChiNext ETF Options**: Include charts of the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [103][105][107]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [116][118][120]. - **SSE 50 Index Options**: Include charts of the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [129][131][133]. - **STAR 50ETF Options**: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [142][143][144]. - **E Fund STAR 50ETF Options**: Include charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [152][153][154].