1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the trading data of various index options on March 31, 2026, including option trading volume, PCR, and VIX, to reflect the market conditions of index options [1][2][3] 3. Summary by Directory Option Trading Volume - On March 31, 2026, the trading volume of Shanghai Stock Exchange 50 ETF options was 807,400 contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 885,900 contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1,545,900 contracts; the trading volume of Shenzhen 100 ETF options was 47,400 contracts; the trading volume of ChiNext ETF options was 1,510,200 contracts; the trading volume of Shanghai Stock Exchange 50 index options was 29,700 contracts; the trading volume of CSI 300 index options was 84,000 contracts; the total trading volume of CSI 1000 options was 281,800 contracts [1] Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 1.07, with a month - on - month change of - 0.13; the position PCR was reported at 0.74, with a month - on - month change of + 0.01. Similar data are provided for other types of options [2] Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 17.80%, with a month - on - month change of - 0.36%. Similar data are provided for other types of options [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No relevant content provided 3. Summary by Directory Option Trading Volume - On March 30, 2026, the trading volume of SSE 50 ETF options was 706,900 contracts; CSI 300 ETF options (Shanghai) was 818,200 contracts; CSI 500 ETF options (Shanghai) was 1,445,700 contracts; Shenzhen 100 ETF options was 47,400 contracts; ChiNext ETF options was 1,229,500 contracts; SSE 50 index options was 27,900 contracts; CSI 300 index options was 77,000 contracts; and CSI 1000 options was 310,200 contracts [1] - The table shows the call, put, and total trading volumes of various index ETF options on the same day [21] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 1.19, with a month - on - month change of +0.00; the position PCR was 0.73, with a change of +0.00. Similar data for other options are also provided, including CSI 300 ETF options (Shanghai), CSI 500 ETF options (Shanghai), etc. [2][35] Option VIX - The VIX of SSE 50 ETF options was reported at 18.17%, with a month - on - month change of +0.71%. Similar VIX data and changes for other options such as CSI 300 ETF options (Shanghai), CSI 500 ETF options (Shanghai) are also presented [3][48]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report presents the trading data of various index options on March 27, 2026, including trading volume, PCR (Put - Call Ratio), and VIX (Volatility Index) [1][2][3] 3. Summary by Directory 3.1 Option Trading Volume - On March 27, 2026, the trading volume of SSE 50 ETF options was 1.1337 million contracts; CSI 300 ETF options (Shanghai market) was 0.8971 million contracts; CSI 500 ETF options (Shanghai market) was 1.4096 million contracts; Shenzhen 100 ETF options was 0.0499 million contracts; ChiNext ETF options was 1.2008 million contracts; SSE 50 index options was 0.0218 million contracts; CSI 300 index options was 0.0737 million contracts; and CSI 1000 options was 0.2949 million contracts [1] - The detailed breakdown of call, put, and total trading volumes for each option is as follows: SSE 50 ETF options had 0.3871 million call, 0.3198 million put, and 0.7069 million total contracts; CSI 300 ETF options (Shanghai market) had 0.4035 million call, 0.4147 million put, and 0.8182 million total contracts; CSI 500 ETF options (Shanghai market) had 0.7001 million call, 0.7456 million put, and 1.4457 million total contracts; Shenzhen 100 ETF options had 0.0187 million call, 0.0084 million put, and 0.0271 million total contracts; ChiNext ETF options had 0.5539 million call, 0.6469 million put, and 1.2008 million total contracts; SSE 50 index options had 0.0093 million call, 0.0126 million put, and 0.0218 million total contracts; CSI 300 index options had 0.0438 million call, 0.0332 million put, and 0.0770 million total contracts; CSI 1000 index options had 0.1722 million call, 0.1227 million put, and 0.2949 million total contracts [20] 3.2 Option PCR - The put - call ratio data shows that for SSE 50 ETF options, the trading volume PCR was 1.20 with a +0.08 change, and the open - interest PCR was 0.73 with a +0.03 change; for CSI 300 ETF options (Shanghai market), the trading volume PCR was 1.48 with a +0.14 change, and the open - interest PCR was 0.71 with a +0.01 change; for CSI 500 ETF options (Shanghai market), the trading volume PCR was 1.27 with a - 0.35 change, and the open - interest PCR was 0.94 with a - 0.01 change; for Shenzhen 100 ETF options, the trading volume PCR was 1.89 with a +0.01 change, and the open - interest PCR was 0.95 with a - 0.03 change; for ChiNext ETF options, the trading volume PCR was 1.16 with a +0.03 change, and the open - interest PCR was 1.08 with a +0.02 change; for SSE 50 index options, the trading volume PCR was 0.98 with a +0.03 change, and the open - interest PCR was 0.62 with a +0.00 change; for CSI 300 index options, the trading volume PCR was 1.05 with a +0.06 change, and the open - interest PCR was 0.66 with a +0.01 change; for CSI 1000 index options, the trading volume PCR was 1.10 with a - 0.27 change, and the open - interest PCR was 0.80 with a +0.02 change [2][34] 3.3 Option VIX - The VIX data indicates that for SSE 50 ETF options, the VIX was 17.46% with a - 0.68% change; for CSI 300 ETF options (Shanghai market), the VIX was 18.86% with a - 0.84% change; for CSI 500 ETF options (Shanghai market), the VIX was 28.16% with a - 1.61% change; for Shenzhen 100 ETF options, the VIX was 23.61% with a - 0.31% change; for ChiNext ETF options, the VIX was 26.67% with a - 0.65% change; for SSE 50 index options, the VIX was 18.76% with a - 0.58% change; for CSI 300 index options, the VIX was 19.24% with a - 0.52% change; for CSI 1000 index options, the VIX was 27.74% with a - 0.58% change [3][49]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents the trading data of various index options on March 26, 2026, including trading volume, PCR, and VIX, to reflect the market situation of index options [1][2][3] 3. Summary by Directory 3.1 Option Trading Volume - On March 26, 2026, the trading volume of Shanghai - 50 ETF options was 1.1311 million contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1.2119 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 2.0706 million contracts; the trading volume of Shenzhen 100 ETF options was 0.161 million contracts; the trading volume of GEM ETF options was 1.3401 million contracts; the trading volume of Shanghai - 50 index options was 0.0278 million contracts; the trading volume of CSI 300 index options was 0.0883 million contracts; the total trading volume of CSI 1000 options was 0.2438 million contracts [1] - The table shows the call, put, and total trading volumes of various index ETF options on the same day [20] 3.2 Option PCR - The turnover PCR of Shanghai - 50 ETF options was reported at 1.12, with a month - on - month change of - 0.05; the position PCR was reported at 0.70, with a month - on - month change of + 0.13. Similar data for other options are also provided, including CSI 300 ETF options (Shanghai market), CSI 500 ETF options (Shanghai market), Shenzhen 100 ETF options, GEM ETF options, Shanghai - 50 index options, CSI 300 index options, and CSI 1000 index options [2][33] 3.3 Option VIX - The VIX of Shanghai - 50 ETF options was reported at 18.14%, with a month - on - month change of + 0.88%; the VIX of CSI 300 ETF options (Shanghai market) was reported at 19.71%, with a month - on - month change of + 1.31%. Similar data for other options are also given, including CSI 500 ETF options (Shanghai market), Shenzhen 100 ETF options, GEM ETF options, Shanghai - 50 index options, CSI 300 index options, and CSI 1000 index options [3][47]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Directory Option Trading Volume - On March 25, 2026, the trading volume of SSE 50 ETF options was 1.5374 million contracts; CSI 300 ETF options (Shanghai) was 1.6237 million contracts; CSI 500 ETF options (Shanghai) was 2.5915 million contracts; Shenzhen 100 ETF options was 0.1447 million contracts; ChiNext ETF options was 1.8338 million contracts; SSE 50 index options was 0.0302 million contracts; CSI 300 index options was 0.1277 million contracts; and CSI 1000 options was 0.2859 million contracts [1] - The table shows the call, put, and total trading volumes of various index ETF options on a recent day [19] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 1.17, with a环比 change of -0.42; the position PCR was 0.57, with a环比 change of -0.02. Similar data is provided for other types of options [2] - The table presents the turnover PCR, its环比 change, position PCR, and its环比 change for various index ETF options on a recent day [34] Option VIX - The VIX of SSE 50 ETF options was reported at 17.25%, with a环比 change of -2.55%. Similar data is provided for other types of options [3] - The table shows the VIX and its环比 change for various index ETF options on a recent day [47]

1. Report Industry Investment Rating The report does not provide an overall investment rating for the options market. However, it offers rating criteria for different types of bonds: - **Interest - rate bonds**: Based on the net price change of interest - rate bonds within 3 months after the report date. Ratings include "Overweight" (interest risk decreases, net price has upward potential), "Neutral" (interest risk is stable, net price has minor fluctuations), and "Underweight" (interest risk increases, net price has downward potential) [93]. - **Credit bonds**: Based on the net price change of credit bonds within 3 months after the report date. Ratings include "Overweight" (credit risk decreases, net price has upward potential), "Neutral" (credit risk is stable, net price has minor fluctuations), and "Underweight" (credit risk increases, net price has downward potential) [94]. - **Convertible bonds**: Based on the price change of convertible bonds relative to the CSI Convertible Bond Index within 3 months after the report date. Ratings include "Overweight" (convertible bonds outperform the CSI Convertible Bond Index), "Neutral" (convertible bonds perform in line with the CSI Convertible Bond Index), and "Underweight" (convertible bonds underperform the CSI Convertible Bond Index) [95]. 2. Core View of the Report In a volatile market environment, options, with the natural advantage of separating rights and obligations, can provide opportunities to seek excess returns while controlling risks. Attention should be paid to the effect of expanding the investment boundary brought by options and related investment portfolios [1]. 3. Summary by Relevant Catalogs 3.1 Option Overview - **Option Definition and Key Elements**: An option contract is a standardized or non - standardized contract that allows the buyer the right to buy or sell an agreed underlying asset (including futures contracts) at a specific price in the future. Key elements include the underlying asset, right type, exercise price, and expiration date. Options are "right" certificates rather than "ownership" certificates, and the transaction is the transfer of rights and obligations, not the transfer of real - asset ownership [1][19]. - **Classification of Domestic Options**: Chinese options can be divided into on - exchange options and over - the - counter (OTC) options. OTC options are mostly non - standardized and are usually customized between institutional investors, and individual investors generally cannot participate. On - exchange options can be further divided into two categories: ETF options based on securities accounts with ETFs as underlying assets, mainly listed on the Shanghai and Shenzhen Stock Exchanges; and options based on futures accounts, including stock index options listed on the China Financial Futures Exchange and commodity options listed on various commodity exchanges [1][24]. - **Advantages and Disadvantages of Option Investment**: Advantages include the separation of rights and obligations, which can improve capital use efficiency; the separation of risk and return, which can prevent extreme price - fluctuation risks; and the ability to combine with basic products to enrich investment strategies. Disadvantages include the potential for the time value of options to be wasted, the influence of volatility on option value, and the requirement for both correct direction and timing in option investment [2][3] 3.2 Option Pricing and Greek Values - **BS Formula for Option Pricing**: The Black - Scholes (BS) model is the theoretical basis for pricing European options globally. In reality, since the volatility of the underlying asset in the future cannot be observed, the concept of implied volatility is introduced, which is a core factor affecting option prices [32][33]. - **Delta**: Measures the change in option price caused by a 1 - unit change in the price of the underlying asset. It reflects the linear sensitivity of the option price to the price of the underlying asset. It is mainly used to linearly reflect the impact of small - scale price changes of the underlying asset on the option price and can be used to construct investment portfolios to hedge risks [34][36]. - **Gamma**: The second - order partial derivative of the option price with respect to the price of the underlying asset. It measures the change in Delta caused by a 1 - unit change in the price of the underlying asset. It is mainly used to prevent extreme price - fluctuation risks [38][39]. - **Theta**: Measures the change in option price caused by a 1 - unit reduction in the remaining time. The time value of an option is constantly decreasing, so Theta is always negative. It represents the cost for the buyer and the income for the seller [41][42]. - **Vega**: Measures the relationship between a 1 - unit change in the volatility of the underlying asset and the change in option price. Vega is always positive, indicating a positive correlation between option price and volatility. Implied volatility can be used as a warning indicator of potential risks [43][50]. - **Rho**: Measures the change in option price caused by a 1 - unit change in the risk - free interest rate. In the ideal conditions defined by the BS formula, the Rho of a call option is positive, and that of a put option is negative. However, for commodity options, the situation may be different [55]. 3.3 Option Trading Strategy Analysis - **Single - Option Trading Strategy**: Buying a call/put option indicates a bullish/bearish view, while selling a call/put option indicates a non - bullish/non - bearish view. Buying options can control risks while building positions. Options may have a higher leverage ratio than futures, showing both safety and risk. For investment, options close to at - the - money should be selected; for speculation, relatively out - of - the - money options are preferred. Option investment is more suitable for short - term trading [7][68]. - **Multi - Option Portfolio Strategy**: By using two or more options to construct an investment portfolio, investors can qualitatively express bullish/bearish views and quantitatively describe the degree of bullishness/bearishness. For example, a bull call spread can express a moderately bullish view, and a bear put spread can express a moderately bearish view. For assets in a long - term sideways state, investors can construct volatility portfolios through double - opening (double - buying or double - selling) strategies. The timing of opening positions is the key to the profitability of double - opening strategies [74][86]. - **Option and Spot Portfolio Strategy**: Options can be combined with spot assets to control risk exposure and achieve conditional risk hedging. Buying spot and put options can form a protective put portfolio, and buying spot and selling call options can form a covered call portfolio. The choice of hedging ratio is crucial [87][90].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents the trading data of various stock index options on March 24, 2026, including trading volume, PCR, and VIX, to reflect the market conditions of the stock index option market [1][2][3] Summary by Directory Option Trading Volume - On March 24, 2026, the trading volume of Shanghai Stock Exchange 50 ETF options was 2.1836 million contracts; the trading volume of Shanghai and Shenzhen 300 ETF options (Shanghai market) was 2.2637 million contracts; the trading volume of China Securities 500 ETF options (Shanghai market) was 2.917 million contracts; the trading volume of Shenzhen 100 ETF options was 79,600 contracts; the trading volume of ChiNext ETF options was 2.6927 million contracts; the trading volume of Shanghai Stock Exchange 50 stock index options was 41,900 contracts; the trading volume of Shanghai and Shenzhen 300 stock index options was 180,500 contracts; the total trading volume of China Securities 1000 options was 371,600 contracts [1] Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 1.59, with a month - on - month change of - 0.61; the position PCR was reported at 0.59, with a month - on - month change of - 0.03. Similar data for other types of options are also provided, such as the turnover PCR of Shanghai and Shenzhen 300 ETF options (Shanghai market) was reported at 1.77, with a month - on - month change of - 0.40; the position PCR was reported at 0.67, with a month - on - month change of + 0.00 [2] Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 19.81%, with a month - on - month change of - 3.34%; the VIX of Shanghai and Shenzhen 300 ETF options (Shanghai market) was reported at 20.49%, with a month - on - month change of - 3.87%; the VIX of China Securities 500 ETF options (Shanghai market) was reported at 29.71%, with a month - on - month change of - 8.11%; the VIX of Shenzhen 100 ETF options was reported at 24.51%, with a month - on - month change of - 5.58%; the VIX of ChiNext ETF options was reported at 28.26%, with a month - on - month change of + 0.04%; the VIX of Shanghai Stock Exchange 50 stock index options was reported at 20.83%, with a month - on - month change of - 5.15%; the VIX of Shanghai and Shenzhen 300 stock index options was reported at 20.94%, with a month - on - month change of - 4.27%; the VIX of China Securities 1000 stock index options was reported at 29.15%, with a month - on - month change of - 3.87% [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents the trading data of stock index options on March 23, 2026, including option trading volume, PCR, and VIX [1][2][3] 3. Summary by Directory Option Trading Volume - On March 23, 2026, the trading volume of Shanghai Stock Exchange 50 ETF options was 1.149 million contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1.5266 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 2.4075 million contracts; the trading volume of Shenzhen 100 ETF options was 0.1389 million contracts; the trading volume of ChiNext ETF options was 2.7478 million contracts; the trading volume of Shanghai Stock Exchange 50 stock index options was 0.0656 million contracts; the trading volume of CSI 300 stock index options was 0.1605 million contracts; the total trading volume of CSI 1000 options was 0.4154 million contracts [1] - The table also shows the call, put, and total trading volumes of various options [21] Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 2.20, with a month - on - month change of +0.70; the position PCR was reported at 0.62, with a month - on - month change of - 0.05. Similar data for other options are also provided, such as the turnover PCR of CSI 300 ETF options (Shanghai market) was 2.18, with a month - on - month change of +1.11; the position PCR was 0.67, with a month - on - month change of - 0.09 [2][34] Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 23.14%, with a month - on - month change of +5.11%. Similar data for other options are also provided, such as the VIX of CSI 300 ETF options (Shanghai market) was 24.37%, with a month - on - month change of +4.95% [3][54]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report presents a daily overview of the stock index options market, including option trading volume, PCR (Put - Call Ratio), and VIX (Volatility Index) data for various stock index options on March 20, 2026. 3. Summary by Relevant Catalogs Option Trading Volume - On March 20, 2026, the trading volumes of different stock index options were as follows: Shanghai - Shenzhen 300 ETF options (Shanghai) had 138.67 million contracts; CSI 500 ETF options (Shanghai) had 238.88 million contracts; Shenzhen 100 ETF options had 10.64 million contracts; ChiNext ETF options had 288.96 million contracts; SSE 50 stock index options had 6.15 million contracts; Shanghai - Shenzhen 300 stock index options had 17.77 million contracts; and CSI 1000 options had 46.73 million contracts. The total trading volume of SSE 50 ETF options was 114.90 million contracts (with 68.63 million call contracts and 46.26 million put contracts) [1][19]. Option PCR - The PCR data of different stock index options showed various changes. For example, the SSE 50 ETF option's turnover PCR was reported at 1.50, with a + 0.12 change compared to the previous period, and the position PCR was 0.67, with a - 0.05 change. The Shanghai - Shenzhen 300 ETF option's turnover PCR was 1.07, with a - 0.21 change, and the position PCR was 0.76, with a + 0.01 change [2][34]. Option VIX - The VIX data of different stock index options also showed different trends. The SSE 50 ETF option's VIX was reported at 18.03%, with a + 0.77% change compared to the previous period. The Shanghai - Shenzhen 300 ETF option's VIX was 19.42%, with a + 0.94% change [3][47].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Option Trading Volume - On March 19, 2026, the trading volume of SSE 50 ETF options was 900,100 contracts, CSI 300 ETF options (Shanghai market) was 1,213,100 contracts, CSI 500 ETF options (Shanghai market) was 1,909,100 contracts, Shenzhen 100 ETF options was 79,400 contracts, ChiNext ETF options was 1,947,200 contracts, SSE 50 index options was 55,700 contracts, CSI 300 index options was 139,100 contracts, and CSI 1000 options was 468,400 contracts [1] - The table also shows the call, put, and total trading volumes of different index ETF options on the same day [21] Option PCR - The turnover PCR of SSE 50 ETF options was 1.38 (a +0.35 change from the previous period), and the open - interest PCR was 0.72 (a - 0.01 change). Similar data is provided for other types of options including CSI 300 ETF options, CSI 500 ETF options, etc [2][34] Option VIX - The VIX of SSE 50 ETF options was 17.26% (a +1.43% change from the previous period), and similar data for other types of options such as CSI 300 ETF options, CSI 500 ETF options are presented, showing the volatility index and their corresponding changes [3][47]