Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - On February 5, 2026, all stock indices fluctuated and pulled back. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.1943 trillion yuan, a decrease of 309 billion yuan from the previous day. The sharp decline in silver led to a weakening of market risk appetite, making stock market funds more cautious and increasing the willingness of funds to take profits and leave the market. The trading volume of the stock market continued to shrink. In the long - term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, and the logic of the long - term upward movement of stock indices is relatively solid. However, in the short - term, macroeconomic indicators have weakened, and the "weak reality" pressure has emerged. Coupled with the weakening of risk appetite caused by silver, the sentiment of the stock market has turned cautious in the short term. In the future, as the sentiment in the commodity market recovers, the risk appetite of the stock market will return to its own fundamental logic. Subsequently, attention should be paid to the implementation rhythm of policy benefits and the flow of funds. In general, the risk appetite of the stock market is cautious in the short term, and stock indices will mainly fluctuate and consolidate. For options, since the long - term upward logic of stock indices is relatively solid, a bull spread strategy can be considered [3]. Group 3: Summary by Related Catalogs 1 Option Indicators - On February 5, 2026, 50ETF fell 0.32% to close at 3.137; 300ETF (Shanghai Stock Exchange) fell 0.59% to close at 4.679; 300ETF (Shenzhen Stock Exchange) fell 0.49% to close at 4.877; CSI 300 Index fell 0.60% to close at 4670.42; CSI 1000 Index fell 1.69% to close at 8068.08; 500ETF (Shanghai Stock Exchange) fell 2.04% to close at 8.217; 500ETF (Shenzhen Stock Exchange) fell 1.92% to close at 3.267; GEM ETF fell 1.79% to close at 3.238; Shenzhen 100ETF fell 0.58% to close at 3.450; SSE 50 Index fell 0.33% to close at 3059.01; STAR 50ETF fell 1.50% to close at 1.51; E Fund STAR 50ETF fell 1.55% to close at 1.46 [5]. - The trading volume PCR and position PCR of various options on February 5, 2026, and their changes compared with the previous trading day are provided. For example, the trading volume PCR of SSE 50ETF options was 96.08 (previous trading day: 86.73), and the position PCR was 73.59 (previous trading day: 74.46) [6]. - The implied volatility of at - the - money options in February 2026 and the 30 - trading - day historical volatility of the underlying assets of various options are given. For instance, the implied volatility of at - the - money options of SSE 50ETF options in February 2026 was 13.47%, and the 30 - trading - day historical volatility of the underlying asset was 14.38% [7]. 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][11][13][15][17]. - **SSE 300ETF Options**: Include charts of the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [19][21][20][20][21]. - **SZSE 300ETF Options**: Include charts of the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [22][24][26][30][28][31]. - **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 [34][35][36][40][38][42]. - **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 [44][45][48][50][53][56]. - **SSE 500ETF Options**: Include charts of the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [58][64][60][66][62][68]. - **SZSE 500ETF Options**: Include charts of the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [71][77][73][79][75][82]. - **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 [84][92][86][90][88][91]. - **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 [94][100][96][102][98][105]. - **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 [107][113][109][115][111][118]. - **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 [120][129][123][125][127][128]. - **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 [130][133][131][131][132][132].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - On February 2, 2026, all stock indices declined unilaterally. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2,606.6 billion yuan, a decrease of 255.8 billion yuan from the previous day [3]. - Due to the significant sell - off of commodities in the Asia - Pacific session, resource - cycle sectors such as metals, oil and gas, chemicals, coal, and steel tumbled, dragging down the index [3]. - The manufacturing PMI in January returned to the contraction range, showing "weak reality" pressure. Since the recent stock price rebound was mainly driven by valuation, the short - term upward drive for stock indices has weakened, and there is a need for shock consolidation [3]. - The sharp correction in the commodity market led to a weakening of market sentiment, which spread to the stock market. The willingness of funds to take profits and leave the market increased, resulting in a contraction in trading volume [3]. - In the long - term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market still form the main logical basis for the upward movement of stock indices. In general, stock indices will mainly experience shock consolidation in the short term [3]. - For options, since the long - term upward logic of stock indices is relatively solid, a bull spread strategy can be considered [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On February 2, 2026, the 50ETF fell 2.13% to 3.080; the 300ETF (Shanghai Stock Exchange) fell 2.36% to 4.600; the 300ETF (Shenzhen Stock Exchange) fell 2.20% to 4.804; the CSI 300 Index fell 2.13% to 4,605.98; the CSI 1000 Index fell 3.39% to 7,975.43; the 500ETF (Shanghai Stock Exchange) fell 4.63% to 8.049; the 500ETF (Shenzhen Stock Exchange) fell 3.73% to 3.225; the ChiNext ETF fell 2.49% to 3.252; the Shenzhen 100ETF fell 1.81% to 3.415; the SSE 50 Index fell 2.07% to 3,003.14; the Science and Technology Innovation 50ETF fell 3.78% to 1.53; and the E Fund Science and Technology Innovation 50ETF fell 3.71% to 1.48 [5]. - The trading volume PCR and position PCR of various options changed compared to the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 104.47 (previous day: 88.74), and the position PCR was 72.76 (previous day: 74.46) [6]. - The implied volatility of at - the - money options and the 30 - day historical volatility of the underlying assets of various options are provided. For instance, the implied volatility of at - the - money options of SSE 50ETF options in February 2026 was 15.36%, and the 30 - day historical volatility of the underlying asset was 12.27% [7]. 3.2 Relevant Charts - Multiple charts are presented for different types of options, including the trend of the underlying assets, volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors for each option, such as SSE 50ETF options, SSE 300ETF options, etc. [9][18][21]

1. Report Industry Investment Rating No information provided in the content. 2. Core Views - Today, the performance of each stock index was differentiated. The CSI 1000 and CSI 500 indices, which had a large increase last Friday, pulled back from their highs, while the SSE 50 and CSI 300 indices continued to fluctuate and consolidate. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 3280.6 billion yuan, an increase of 162.5 billion yuan from the previous day, indicating that the market sentiment remained optimistic. In the medium to long term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market are the main supporting forces for the upward movement of stock indices. However, in the short term, the regulatory authorities' expectation to control risks is relatively clear, and the "chasing high" sentiment is suppressed. The increase in this round of stock rebound is mainly contributed by the valuation side. As the capital side shows differences between chasing up and taking profits, the short - term shock and consolidation needs of stock indices are constantly reflected. Since the current stock market style favors small and medium - cap stocks, the fluctuations of the CSI 1000 and CSI 500 indices have intensified, and attention should be paid to the short - term repeated fluctuation risks. In general, the stock indices will mainly fluctuate and consolidate in the short term. [4] - Regarding options, since the medium - to long - term upward logic of stock indices is relatively solid, a bull spread strategy can be adopted. [4] 3. Summary by Relevant Catalogs 3.1 Option Indicators - On January 26, 2026, the 50ETF rose 0.74% to close at 3.129; the 300ETF (SSE) rose 0.17% to close at 4.712; the 300ETF (SZSE) rose 0.31% to close at 4.913; the CSI 300 index rose 0.10% to close at 4706.96; the CSI 1000 index fell 1.24% to close at 8365.43; the 500ETF (SSE) fell 1.78% to close at 8.564; the 500ETF (SZSE) fell 1.64% to close at 3.409; the ChiNext ETF fell 0.96% to close at 3.305; the Shenzhen 100ETF fell 0.51% to close at 3.484; the SSE 50 index rose 0.57% to close at 3049.59; the STAR 50ETF fell 1.22% to close at 1.62; the E Fund STAR 50ETF fell 1.20% to close at 1.56. [6] - The trading volume PCR and position PCR of various options on January 26, 2026, and their changes compared with the previous trading day are as follows: - 50ETF options: trading volume PCR was 76.23 (previous day: 97.54), position PCR was 75.94 (previous day: 66.75). [7] - SSE 300ETF options: trading volume PCR was 87.01 (previous day: 103.34), position PCR was 91.07 (previous day: 86.20). [7] - SZSE 300ETF options: trading volume PCR was 162.92 (previous day: 118.26), position PCR was 75.84 (previous day: 67.18). [7] - CSI 300 index options: trading volume PCR was 42.22 (previous day: 52.95), position PCR was 67.75 (previous day: 66.45). [7] - CSI 1000 index options: trading volume PCR was 75.69 (previous day: 64.10), position PCR was 102.44 (previous day: 103.60). [7] - SSE 500ETF options: trading volume PCR was 92.86 (previous day: 81.01), position PCR was 135.43 (previous day: 150.13). [7] - SZSE 500ETF options: trading volume PCR was 136.55 (previous day: 162.14), position PCR was 114.67 (previous day: 119.22). [7] - ChiNext ETF options: trading volume PCR was 97.63 (previous day: 81.20), position PCR was 105.99 (previous day: 110.10). [7] - Shenzhen 100ETF options: trading volume PCR was 129.86 (previous day: 140.12), position PCR was 132.46 (previous day: 124.47). [7] - SSE 50 index options: trading volume PCR was 39.97 (previous day: 60.12), position PCR was 58.57 (previous day: 58.64). [7] - STAR 50ETF options: trading volume PCR was 78.62 (previous day: 64.35), position PCR was 100.18 (previous day: 101.93). [7] - E Fund STAR 50ETF options: trading volume PCR was 67.78 (previous day: 87.05), position PCR was 95.29 (previous day: 97.48). [7] - The implied volatility of at - the - money options in February 2026 and the 30 - trading - day historical volatility of the underlying assets of various options are as follows: - 50ETF options: implied volatility was 15.24%, historical volatility was 11.65%. [8] - SSE 300ETF options: implied volatility was 15.27%, historical volatility was 11.92%. [8] - SZSE 300ETF options: implied volatility was 15.49%, historical volatility was 11.94%. [8] - CSI 300 index options: implied volatility was 15.59%, historical volatility was 11.62%. [8] - CSI 1000 index options: implied volatility was 21.73%, historical volatility was 17.72%. [8] - SSE 500ETF options: implied volatility was 28.95%, historical volatility was 17.72%. [8] - SZSE 500ETF options: implied volatility was 23.90%, historical volatility was 17.65%. [8] - ChiNext ETF options: implied volatility was 24.17%, historical volatility was 22.40%. [8] - Shenzhen 100ETF options: implied volatility was 19.28%, historical volatility was 16.10%. [8] - SSE 50 index options: implied volatility was 16.15%, historical volatility was 11.67%. [8] - STAR 50ETF options: implied volatility was 32.84%, historical volatility was 27.10%. [9] - E Fund STAR 50ETF options: implied volatility was 33.02%, historical volatility was 27.08%. [9] 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. [10][11][12] - **SSE 300ETF options**: Include charts of the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [21][22] - **SZSE 300ETF options**: Include charts of the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [24][25] - **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. [36][37] - **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. [45][46] - **SSE 500ETF options**: Include charts of the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [59][60] - **SZSE 500ETF options**: Include charts of the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [72][73] - **ChiNext ETF options**: Include charts of the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [85][86] - **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. [96][97] - **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. [109][110] - **STAR 50ETF options**: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility. [122][123] - **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 each - term at - the - money implied volatility. [132][133]

1. Report Industry Investment Rating - No information provided in the report 2. Core Views of the Report - Today, all stock indices fluctuated within a narrow range. The total trading volume of the stock market was 271.64 billion yuan, an increase of 9.28 billion yuan from the previous day. Currently, the trading volume of the stock market has fallen below 3 trillion yuan, indicating a cooling of market sentiment, and the policy signals from the regulatory authorities to reduce leverage and control risks have been received by the market [4]. - The positive policy expectations and the continuous net inflow of incremental funds into the stock market are the main supporting forces for the upward movement of the stock indices. These two factors remain unchanged in the medium and long term, and the logic for the medium - and long - term upward movement of the stock indices is relatively solid. In the short term, the policy expectations of supporting the bottom, supporting technological innovation, and boosting consumption are relatively clear, providing strong support for the stock indices. However, the inflow of margin trading funds has slowed down recently, and the upward driving force of funds on the stock indices is insufficient. Overall, it is expected that the stock indices will fluctuate and consolidate in the short term [4]. - Since the logic for the medium - and long - term upward movement of the stock indices is relatively solid, the bull spread strategy can be considered for options [4]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - On January 22, 2026, the 50ETF fell 0.45% to 3.131; the 300ETF (SSE) fell 0.06% to 4.727; the 300ETF (SZSE) rose 0.04% to 4.926; the CSI 300 Index rose 0.01% to 4723.71; the CSI 1000 Index rose 0.75% to 8309.35; the 500ETF (SSE) rose 0.44% to 8.469; the 500ETF (SZSE) rose 0.57% to 3.367; the ChiNext ETF rose 1.04% to 3.315; the Shenzhen 100ETF rose 0.40% to 3.517; the SSE 50 Index fell 0.46% to 3053.13; the STAR 50ETF rose 0.37% to 1.62; the E Fund STAR 50ETF rose 0.38% to 1.57 [6]. - The trading volume PCR and position PCR of various options on January 22, 2026, and their changes compared with the previous trading day are provided in detail, 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, STAR 50ETF options, and E Fund STAR 50ETF options [7]. - The implied volatility of at - the - money options and the 30 - trading - day historical volatility of the underlying assets of various options in January or February 2026 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, ChiNext ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [8][9]. 3.2 Relevant Charts - **SSE 50ETF Options**: Include the SSE 50ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [10][11][12]. - **SSE 300ETF Options**: Include the SSE 300ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [21][22]. - **SZSE 300ETF Options**: Include the SZSE 300ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [24][25]. - **CSI 300 Index Options**: Include the CSI 300 index trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [36][37]. - **CSI 1000 Index Options**: Include the CSI 1000 index trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [41][42]. - **SSE 500ETF Options**: Include the SSE 500ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [55][56]. - **SZSE 500ETF Options**: Include the SZSE 500ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [68][69]. - **ChiNext ETF Options**: Include the ChiNext ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [80][81]. - **Shenzhen 100ETF Options**: Include the Shenzhen 100ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [91][92]. - **SSE 50 Index Options**: Include the SSE 50 index trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [104][105]. - **STAR 50ETF Options**: Include the STAR 50ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [117][118]. - **E Fund STAR 50ETF Options**: Include the E Fund STAR 50ETF trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and each - term at - the - money implied volatility chart [127][128].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Today, all stock indices oscillated and consolidated. The total trading volume of the stock market was 2732.1 billion yuan, a decrease of 324.3 billion yuan from the previous day. The macro - economy has strong resilience, but there are still some concerns on the demand side, and policy support is still needed in the future. Since the stock market rally mainly comes from the increase in the valuation side under loose liquidity, the expectation of performance recovery is not strong from the macro - economic indicators. Therefore, after this significant rebound, the stock indices need to oscillate and consolidate. With the policy signals of de - leveraging and risk control from the regulatory authorities, the optimistic sentiment in the stock market has cooled down, the trading volume has declined, and the stock indices have entered an oscillating and consolidating market. However, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged, and the main logic for the medium - and long - term upward trend of the stock indices remains unchanged. In general, it is expected that the stock indices will mainly oscillate and consolidate in the short term. For options, since the medium - and long - term upward logic of the stock indices is relatively solid, a bull spread strategy can be considered [4]. 3. Summary of Relevant Contents by Directory 3.1 Option Indicators - On January 19, 2026, 50ETF fell 0.22% to close at 3.153; 300ETF (SSE) rose 0.04% to close at 4.738; 300ETF (SZSE) rose 0.04% to close at 4.937; CSI 300 Index rose 0.05% to close at 4734.46; CSI 1000 Index rose 0.40% to close at 8265.65; 500ETF (SSE) rose 0.64% to close at 8.348; 500ETF (SZSE) rose 0.91% to close at 3.328; GEM ETF fell 0.84% to close at 3.318; Shenzhen 100ETF fell 0.20% to close at 3.531; SSE 50 Index fell 0.12% to close at 3075.94; STAR 50ETF fell 0.44% to close at 1.59; E Fund STAR 50ETF fell 0.39% to close at 1.54 [7]. - The trading volume PCR and position PCR of various options on January 19, 2026, and their changes compared with the previous trading day are presented in detail, such as the trading volume PCR of SSE 50ETF options was 117.51 (previous day: 80.46), and the position PCR was 82.14 (previous day: 79.59) [8]. - The implied volatility of at - the - money options and the 30 - day historical volatility of the underlying assets of various options in January or February 2026 are provided, for example, the implied volatility of at - the - money options of SSE 50ETF options in January 2026 was 13.19%, and the 30 - day historical volatility of the underlying asset was 11.94% [9]. 3.2 Relevant Charts - For SSE 50ETF options, there are charts showing the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [11][13][15][18][20]. - For SSE 300ETF options, relevant charts include the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [24][26]. - For SZSE 300ETF options, there are charts regarding the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [27][29]. - For CSI 300 index options, relevant charts cover the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [41]. - For CSI 1000 index options, there are charts showing the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [45]. - For SSE 500ETF options, relevant charts include the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [58]. - For SZSE 500ETF options, there are charts regarding the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [71]. - For GEM ETF options, relevant charts cover the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [84]. - For Shenzhen 100ETF options, there are charts showing the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [97]. - For SSE 50 index options, relevant charts include the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [110]. - For STAR 50ETF options, there are charts regarding the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [123]. - For E Fund STAR 50ETF options, relevant charts cover the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms [133].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - On December 26, 2025, stock indices oscillated upwards with the total stock market turnover reaching 2160.3 billion yuan, an increase of 216.5 billion yuan from the previous day. The recent increase in trading volume and consecutive rise of stock indices indicate a continuous recovery of market risk appetite. As the new year approaches, positive policy expectations are gradually fermenting. With the appreciation of the RMB, a large amount of relatively high - interest time deposits will mature next year, and their "re - allocation" may bring a large influx of incremental funds into the stock market. The positive policy expectations and the net capital inflow trend together form the medium - and long - term support for stock indices. As the stock indices approach the previous high, short - term attention should be paid to whether they can break through the technical resistance of the previous high. In general, the bullish factors are continuously fermenting, and the stock indices are expected to be oscillating strongly in the short term. For options, since the current position PCR and implied volatility are both in the normal range, a bull spread or ratio spread strategy with a mild bullish view can be adopted [3] 3. Summary by Relevant Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On December 26, 2025, the 50ETF rose 0.42% to 3.120; the 300ETF (Shanghai Stock Exchange) rose 0.38% to 4.784; the 300ETF (Shenzhen Stock Exchange) rose 0.41% to 4.860; the CSI 300 Index rose 0.32% to 4657.24; the CSI 1000 Index rose 0.35% to 7605.53; the 500ETF (Shanghai Stock Exchange) rose 0.61% to 7.580; the 500ETF (Shenzhen Stock Exchange) rose 0.57% to 2.991; the GEM ETF rose 0.12% to 3.226; the SZSE 100ETF rose 0.29% to 3.485; the SSE 50 Index rose 0.41% to 3045.40; the STAR 50ETF fell 0.21% to 1.42; the E Fund STAR 50ETF fell 0.15% to 1.37 [5] - **Volume PCR and Position PCR**: The volume PCR and position PCR of various options on December 26, 2025, showed different changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 87.56 (previous day: 112.71), and the position PCR was 97.69 (previous day: 96.89) [6] - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - day historical volatility of 2026 January at - the - money options of various options were reported. For instance, the implied volatility of SSE 50ETF options was 11.49%, and the 30 - day historical volatility of the underlying was 10.75% [7] 3.2 Relevant Charts - **SSE 50ETF Options**: The report includes charts of the SSE 50ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [9][11][13] - **SSE 300ETF Options**: Charts of the SSE 300ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms are presented [21][23][25] - **SZSE 300ETF Options**: There are charts of the SZSE 300ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [34][36][38] - **CSI 300 Index Options**: The report provides charts of the CSI 300 index trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [46][48][49] - **CSI 1000 Index Options**: Charts of the CSI 1000 index trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms are included [54][57][59] - **SSE 500ETF Options**: The relevant charts cover the SSE 500ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [65][67][69] - **SZSE 500ETF Options**: There are charts of the SZSE 500ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [78][80][82] - **GEM ETF Options**: The report shows charts of the GEM ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [91][92][93] - **SZSE 100ETF Options**: Charts of the SZSE 100ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms are provided [104][106][108] - **SSE 50 Index Options**: The relevant charts include the SSE 50 index trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [116][118][120] - **STAR 50ETF Options**: There are charts of the STAR 50ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [129][131][132] - **E Fund STAR 50ETF Options**: The report presents charts of the E Fund STAR 50ETF trend, option volatility, volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms [137][139][141]

Group 1: Report Basic Information - Report date: December 8, 2025 [2] - Report type: Financial options daily report [2] Group 2: Core Views - The stock indices oscillated and rebounded today. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.05 trillion yuan, an increase of 312.6 billion yuan from the previous day. The Politburo meeting released a strong signal of policy benefits in 2026, with expectations of increased fiscal spending and a moderately loose monetary policy, which is conducive to the valuation repair of risk assets. In the short term, the stock indices are expected to be oscillating and bullish. For options, considering the long - term upward trend of the stock indices, a bull spread or ratio spread strategy can be used with a moderately bullish view [3] Group 3: Option Indicators Index and ETF Performance - On December 8, 2025, the 50ETF rose 0.60% to 3.164; the 300ETF (Shanghai Stock Exchange) rose 0.72% to 4.732; the 300ETF (Shenzhen Stock Exchange) rose 0.80% to 4.809; the CSI 300 Index rose 0.81% to 4621.75; the CSI 1000 Index rose 1.10% to 7423.05; the 500ETF (Shanghai Stock Exchange) rose 0.86% to 7.278; the 500ETF (Shenzhen Stock Exchange) rose 0.81% to 2.867; the ChiNext ETF rose 2.65% to 3.171; the Shenzhen 100ETF rose 1.31% to 3.477; the SSE 50 Index rose 0.58% to 3019.36; the Science and Technology Innovation 50ETF rose 1.87% to 1.42; the E Fund Science and Technology Innovation 50ETF rose 1.85% to 1.38 [5] Volume and Open Interest PCR - The volume PCR and open interest PCR of various options changed compared to the previous trading day. For example, the volume PCR of the SSE 50ETF option was 78.66 (previous day: 83.46), and the open interest PCR was 107.67 (previous day: 106.61) [6] Implied Volatility and Historical Volatility - The implied volatility and 30 - day historical volatility of the at - the - money options of various options in December 2025 are provided. For example, the implied volatility of the at - the - money option of the SSE 50ETF option in December 2025 was 10.22%, and the 30 - day historical volatility of the underlying was 11.15% [7] Group 4: Related Charts SSE 50ETF Option - Charts include the SSE 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9] SSE 300ETF Option - Charts cover the SSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [19] Shenzhen 300ETF Option - Charts involve the Shenzhen 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [32] CSI 300 Index Option - Charts include the CSI 300 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [38] CSI 1000 Index Option - Charts cover the CSI 1000 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [51] SSE 500ETF Option - Charts involve the SSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [65] Shenzhen 500ETF Option - Charts include the Shenzhen 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [78] ChiNext ETF Option - Charts cover the ChiNext ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [89] Shenzhen 100ETF Option - Charts involve the Shenzhen 100ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [102] SSE 50 Index Option - Charts include the SSE 50 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [115] Science and Technology Innovation 50ETF Option - Charts cover the Science and Technology Innovation 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [128] E Fund Science and Technology Innovation 50ETF Option - Charts involve the E Fund Science and Technology Innovation 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [136]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - On December 1, 2025, the stock indices oscillated and rebounded. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1889.4 billion yuan, an increase of 291.7 billion yuan from the previous day. The manufacturing PMI in November was 49.2%, up 0.2 percentage points from the previous month but still below the boom - bust line, indicating insufficient effective domestic demand and strong expectations for policy support. The central economic work conference in December is expected to bring incremental policy benefits. Overseas, the expectation of the Fed's interest rate cut has increased, and the risk of AI asset investment bubble has cooled, reducing market risk - aversion sentiment. In general, the expectations of policy benefits and the trend of long - term capital inflows remain unchanged, providing strong support for the stock indices. It is expected that the stock indices will oscillate strongly in the short term [4]. - For options, considering the medium - to long - term upward trend of the stock indices, a bull spread or ratio spread strategy with a mild bullish view can be adopted [4]. Group 3: Summary of "1 Option Indicators" - On December 1, 2025, 50ETF rose 0.77% to 3.137; 300ETF (Shanghai Stock Exchange) rose 1.12% to 4.687; 300ETF (Shenzhen Stock Exchange) rose 1.05% to 4.833; the CSI 300 Index rose 1.10% to 4576.49; the CSI 1000 Index rose 0.72% to 7386.68; 500ETF (Shanghai Stock Exchange) rose 0.94% to 7.202; 500ETF (Shenzhen Stock Exchange) rose 0.98% to 2.874; the ChiNext ETF rose 1.25% to 3.073; the Shenzhen 100ETF rose 1.42% to 3.418; the SSE 50 Index rose 0.81% to 2993.68; the STAR 50ETF rose 0.79% to 1.40; the E Fund STAR 50ETF rose 0.74% to 1.36 [6]. - The PCR values of various options' trading volume and open interest on December 1, 2025, and their changes compared with the previous trading day are presented in detail, 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, STAR 50ETF options, and E Fund STAR 50ETF options [7]. - The implied volatility of at - the - money options in December 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided, 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, STAR 50ETF options, and E Fund STAR 50ETF options [8][9]. Group 4: Summary of "2 Related Charts" - **SSE 50ETF Options**: Charts include the SSE 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [10][12][14][16][18]. - **SSE 300ETF Options**: Charts cover the SSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22][24][26][30]. - **SZSE 300ETF Options**: Charts involve the SZSE 300ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [33][35][37]. - **CSI 300 Index Options**: Charts include the CSI 300 Index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [38][40][42][44][48]. - **CSI 1000 Index Options**: Charts cover the CSI 1000 Index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [51][54][56][58][60][62]. - **SSE 500ETF Options**: Charts involve the SSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [65][67][69][71][73][76]. - **SZSE 500ETF Options**: Charts include the SZSE 500ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [77][79][81][83][85][87]. - **ChiNext ETF Options**: Charts cover the ChiNext ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [90][92][94][96][98][100]. - **Shenzhen 100ETF Options**: Charts involve the Shenzhen 100ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [101][103][105][107][109][111]. - **SSE 50 Index Options**: Charts include the SSE 50 Index trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [114][116][118][120][122][124]. - **STAR 50ETF Options**: Charts cover the STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [127][129][130][134]. - **E Fund STAR 50ETF Options**: Charts involve the E Fund STAR 50ETF trend, option volatility, trading volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [135][137].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On November 27, 2025, the stock indices fluctuated throughout the day and closed nearly flat. The total market turnover was 1.70 trillion yuan, a decrease of 93.5 billion yuan from the previous day. Due to weak incremental policy signals recently, the upward momentum of the stock indices has weakened. With the influence of the overseas Fed's interest - rate cut expectations and the risk of AI investment bubbles, the willingness of funds to take profits and leave temporarily has increased, and market sentiment has declined compared to before. - The profit growth of industrial enterprises above designated size from January to October 2025 was 1.9%, with a slowdown in growth rate. Considering the weakening of consumption and investment data in October, there are still strong expectations for policy benefits in the future, and the inflow trend of long - term funds remains unchanged, so the stock indices have strong support. - In general, with the coexistence of bullish and bearish factors, the current market main trend is unclear, and the stock indices will mainly fluctuate within a range in the short term. - Regarding options, considering the long - term upward trend of the stock indices, a bull spread strategy can be considered after a significant correction of the stock indices [4]. 3. Summary of Each Section 3.1 Option Indicators - On November 27, 2025, 50ETF fell 0.06% to 3.112; 300ETF (SSE) fell 0.09% to 4.622; 300ETF (SZSE) fell 0.21% to 4.768; the CSI 300 Index fell 0.05% to 4515.40; the CSI 1000 Index rose 0.12% to 7257.45; 500ETF (SSE) fell 0.21% to 7.050; 500ETF (SZSE) fell 0.28% to 2.817; the GEM ETF fell 0.50% to 3.012; the Shenzhen 100ETF fell 0.36% to 3.358; the SSE 50 Index rose 0.02% to 2972.27; the STAR 50ETF fell 0.22% to 1.38; and the E Fund STAR 50ETF fell 0.30% to 1.34 [6]. - The trading volume PCR and open - interest PCR of various options changed compared to the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 92.73 (previous day: 89.94), and the open - interest PCR was 100.17 (previous day: 100.08) [7]. - The implied volatility of at - the - money options in December 2025 and the 30 - trading - day historical volatility of the underlying assets of various options were reported. For instance, the implied volatility of at - the - money SSE 50ETF options in December 2025 was 12.49%, and the 30 - trading - day historical volatility of the underlying asset was 12.36% [8]. 3.2 Relevant Charts - **SSE 50ETF Options**: Included charts of the SSE 50ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [10]. - **SSE 300ETF Options**: Included charts of the SSE 300ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [21]. - **SZSE 300ETF Options**: Included charts of the SZSE 300ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [34]. - **CSI 300 Index Options**: Included charts of the CSI 300 Index trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [46]. - **CSI 1000 Index Options**: Included charts of the CSI 1000 Index trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [59]. - **SSE 500ETF Options**: Included charts of the SSE 500ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [73]. - **SZSE 500ETF Options**: Included charts of the SZSE 500ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [86]. - **GEM ETF Options**: Included charts of the GEM ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [98]. - **Shenzhen 100ETF Options**: Included charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [111]. - **SSE 50 Index Options**: Included charts of the SSE 50 Index trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [124]. - **STAR 50ETF Options**: Included charts of the STAR 50ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [137]. - **E Fund STAR 50ETF Options**: Included charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, open - interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [147].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - Short - term stock index will mainly fluctuate within a range. Today, all stock indices rose and then fell, with all - day volatile consolidation. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1797.2 billion yuan, a decrease of 29 billion yuan from the previous day. Since November, the incremental policy signals have weakened, the driving force for the upward movement of the stock index has decreased, and the willingness of funds to liquidate and temporarily leave the market has increased. Recently, both the margin trading purchase amount and margin trading balance have declined, indicating that market sentiment has declined compared with before. However, the positive policy expectations and continuous capital inflows have not changed in the medium and long term, and the support force below the stock index has emerged after a short - term correction. Overall, with the interweaving of long and short factors in the short term, the market's main line is still unclear, and the stock index will mainly fluctuate within a range in the short term. [3] - Regarding options, considering the medium - and long - term upward trend of the stock index, a bull spread strategy can be adopted after a significant correction of the stock index. [3] 3. Summary by Relevant Catalogs 3.1 Option Indicators - On November 26, 2025, the 50ETF rose 0.13% to close at 3.114; the 300ETF (Shanghai Stock Exchange) rose 0.63% to close at 4.626; the 300ETF (Shenzhen Stock Exchange) rose 0.80% to close at 4.778; the CSI 300 Index rose 0.61% to close at 4517.63; the CSI 1000 Index fell 0.02% to close at 7248.45; the 500ETF (Shanghai Stock Exchange) rose 0.16% to close at 7.065; the 500ETF (Shenzhen Stock Exchange) rose 0.18% to close at 2.825; the GEM ETF rose 2.23% to close at 3.027; the Shenzhen 100ETF rose 1.72% to close at 3.370; the SSE 50 Index rose 0.12% to close at 2971.80; the STAR 50ETF rose 0.95% to close at 1.38; the E Fund STAR 50ETF rose 1.13% to close at 1.34. [5] - The trading volume PCR and position PCR of various options on November 26, 2025, and their changes compared with 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, STAR 50ETF options, and E Fund STAR 50ETF options. [6] - The implied volatility of at - the - money options in December 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are presented, such as 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, etc. [7][8] 3.2 Relevant Charts - For each type of option (e.g., 50ETF options, 300ETF options in Shanghai and Shenzhen, etc.), multiple charts are provided, including the underlying asset's trend chart, option volatility chart, trading volume PCR chart, position PCR chart, implied volatility curve chart, and chart of at - the - money implied volatility of each term. [9][20][33]