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股指震荡整理
Bao Cheng Qi Huo· 2025-08-21 10:21
投资咨询业务资格:证监许可【2011】1778 号 金融期权 | 日报 2025 年 8 月 21 日 金融期权 专业研究·创造价值 股指震荡整理 核心观点 今日各股指均震荡整理。沪深京三市全天成交额 24603 亿元,较上日 放量 119 亿元。目前股市成交金额仍然大于 2 万亿元,说明投资者情绪仍偏 向积极乐观,不过由于部分股票已实现较大涨幅,获利资金存在止盈需求, 技术上存在整固的需求。不过目前利好预期对股指的支撑作用较强,反内卷 政策、促消费政策分别从供需两方面推动价格指数温和回升,促进企业利润 修复。资金面偏宽松,增量资金持续流入股市推动股指估值修复。总的来说, 预计股指短期内震荡偏强运行。 目前期权隐含波动率有所回升,考虑到股指中长线向上,可以继续持 有牛市价差或比例价差温和看多。 (仅供参考,不构成任何投资建议) 姓名:龙奥明 宝城期货投资咨询部 从业资格证号:F3035632 投资咨询证号:Z0014648 电话:0571-87006873 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 ...
股市风险偏好上升,股指震荡上涨
Bao Cheng Qi Huo· 2025-08-15 11:32
Report Industry Investment Rating - No relevant content provided Core Views - On August 15, 2025, stock indices showed an oscillating upward trend, with significant gains in CSI 500 and CSI 1000. The stock market trading volume has remained above 2 trillion yuan for multiple days, indicating optimistic market sentiment and a continuous rise in investors' risk appetite [3]. - Policy - side positive expectations strongly support the stock indices. Anti - involution and consumption - promotion policies are conducive to a moderate recovery of the price index, the repair of listed companies' profit margins, and the positive cycle of the "residents' consumption - corporate profits - employees' salaries" chain, leading to an increase in the expectation of a better macro - economic outlook [3]. - The balance of margin trading funds has exceeded 2 trillion yuan, indicating strong confidence of leveraged investors in the market. The continuous entry of patient capital such as social security and insurance funds has also promoted the continuous recovery of long - term confidence in the stock market [3]. - In the short term, there are strong positive expectations on the domestic policy side, and external risk factors have temporarily eased. The risk appetite in the stock market continues to recover, and the stock indices will be mainly oscillating upward in the short term [3]. - Currently, the implied volatility of options has rebounded. Considering the long - term upward trend of the stock indices, investors can continue to hold bull spreads or ratio spreads for a moderate bullish view [3]. Summary by Related Catalogs 1 Option Indicators - **ETF and Index Performance**: On August 15, 2025, 50ETF rose 0.37% to 2.965; 300ETF (SSE) rose 0.92% to 4.295; 300ETF (SZSE) rose 0.91% to 4.432; CSI 300 Index rose 0.70% to 4202.35; CSI 1000 Index rose 2.02% to 7117.50; 500ETF (SSE) rose 2.21% to 6.658; 500ETF (SZSE) rose 2.38% to 2.663; GEM ETF rose 2.58% to 2.509; Shenzhen 100ETF rose 1.44% to 3.035; SSE 50 Index rose 0.12% to 2832.88; Science and Technology Innovation 50ETF rose 1.40% to 1.16; E Fund Science and Technology Innovation 50ETF rose 1.62% to 1.13 [5]. - **Volume PCR and Open Interest PCR**: Various option products have different volume PCR and open interest PCR values, and most of them have changed compared with the previous trading day [6]. - **Implied Volatility and Historical Volatility**: Different option products have different implied volatilities of at - the - money options in different months and 30 - trading - day historical volatilities of the underlying assets [7][8]. 2 Related Charts - **SSE 50ETF Options**: Include the trend of SSE 50ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [9][10][11]. - **SSE 300ETF Options**: Include the trend of SSE 300ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [20][21][22]. - **SZSE 300ETF Options**: Include the trend of SZSE 300ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [33][34][35]. - **CSI 300 Index Options**: Include the trend of CSI 300 Index, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [46][47][48]. - **CSI 1000 Index Options**: Include the trend of CSI 1000 Index, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [59][60][61]. - **SSE 500ETF Options**: Include the trend of SSE 500ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [70][71][72]. - **SZSE 500ETF Options**: Include the trend of SZSE 500ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [83][84][85]. - **GEM ETF Options**: Include the trend of GEM ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [94][95][96]. - **Shenzhen 100ETF Options**: Include the trend of Shenzhen 100ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [107][108][109]. - **SSE 50 Index Options**: Include the trend of SSE 50 Index, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [120][121][122]. - **Science and Technology Innovation 50ETF Options**: Include the trend of Science and Technology Innovation 50ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [133][134][135]. - **E Fund Science and Technology Innovation 50ETF Options**: Include the trend of E Fund Science and Technology Innovation 50ETF, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of each term [136][137][138].
股市成交缩量,股指窄幅震荡
Bao Cheng Qi Huo· 2025-08-08 11:19
Industry Investment Rating - No investment rating information provided in the report Core Viewpoints - Today, all stock indices fluctuated within a narrow range. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1736.3 billion yuan, a decrease of 116.2 billion yuan from the previous day. The economic indicators in the first half of the year showed strong resilience, and the expectation of short - term policy intensification has weakened, but the expectation of policy support still exists. Policy support and the expectation of anti - involution policy benefits have promoted the recovery of the stock market's risk appetite, combined with the suspension of overseas uncertainty risks, jointly driving the recovery of the stock market's risk appetite. Considering that some stocks have achieved significant gains, there is a need for technical consolidation in the market outlook. With the approaching deadline of the Sino - US tariff suspension period, there is a possibility of consolidation and accumulation of momentum for stock indices in the short term. However, in the long term, the upward trend of stock indices remains unchanged. Currently, the risk appetite of the stock market is relatively positive, and it is expected that stock indices will maintain a volatile and slightly stronger trend in the short term. Since the implied volatility of options is currently in the normal range and stock indices are expected to rise in the medium and long term, investors can continue to hold bull spreads or ratio spreads for a moderate bullish view [3] Summary by Directory 1 Option Indicators - **ETF and Index Performance**: On August 8, 2025, 50ETF fell 0.38% to 2.910; 300ETF (Shanghai Stock Exchange) fell 0.24% to 4.183; 300ETF (Shenzhen Stock Exchange) fell 0.25% to 4.315; CSI 300 Index fell 0.24% to 4104.97; CSI 1000 Index fell 0.35% to 6838.13; 500ETF (Shanghai Stock Exchange) fell 0.17% to 6.397; 500ETF (Shenzhen Stock Exchange) fell 0.16% to 2.556; ChiNext ETF fell 0.34% to 2.312; Shenzhen 100ETF fell 0.24% to 2.893; SSE 50 Index fell 0.33% to 2789.17; STAR 50ETF fell 1.44% to 1.10; E Fund STAR 50ETF fell 1.38% to 1.07 [5] - **Volume PCR and Open Interest PCR**: The volume PCR and open interest PCR data of various options on August 8, 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, ChiNext 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 implied volatility of at - the - money options in August 2025 and the 30 - day historical volatility of the underlying assets 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, STAR 50ETF options, and E Fund STAR 50ETF options [7][8] 2 Related Charts - **50ETF Options**: Include charts of 50ETF trends, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different terms [9][10][11] - **SSE 300ETF Options**: Include charts of SSE 300ETF trends, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different terms [20][21] - **SZSE 300ETF Options**: Include charts of SZSE 300ETF trends, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different terms [23][24] - **CSI 300 Index Options**: Include charts of CSI 300 index trends, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different terms [36][37] - **CSI 1000 Index Options**: Include charts of CSI 1000 index trends, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different terms [49][50] - **SSE 500ETF Options**: Include charts of SSE 500ETF trends, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different terms [62][63] - **SZSE 500ETF Options**: Include charts of SZSE 500ETF trends, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different terms [75][76] - **ChiNext ETF Options**: Include charts of ChiNext ETF trends, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different terms [90][91] - **Shenzhen 100ETF Options**: Include charts of Shenzhen 100ETF trends, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different terms [101][102] - **SSE 50 Index Options**: Include charts of SSE 50 index trends, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different terms [114][115] - **STAR 50ETF Options**: Include charts of STAR 50ETF trends, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different terms [128][129] - **E Fund STAR 50ETF Options**: Include charts of E Fund STAR 50ETF trends, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different terms [131][132]
股市风险偏好较强,股指震荡上涨
Bao Cheng Qi Huo· 2025-08-04 10:16
Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The stock market has a relatively strong risk appetite, and stock indices are oscillating upwards. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets is 1518.2 billion yuan, a decrease of 101.7 billion yuan from the previous day. The trading volume remains above 1.5 trillion yuan, indicating a high - level risk appetite among stock market investors [3]. - The economy showed strong resilience in the second quarter, reducing the short - term expectation of policy intensification. The subsequent incremental positive factors need to wait until October, so the positive policy drive has weakened recently [3]. - Since late June, some stocks have achieved significant gains, and some profit - taking funds have a need to lock in profits. Therefore, the stock indices have a short - term need for technical consolidation. However, external risk factors are easing, domestic economic data shows resilience, the stock market risk appetite is at a high level, and there are few negative factors. In the short term, the stock indices are more likely to rise than fall. Overall, the stock indices are upward - trending in the long - term and will mainly oscillate within a range in the short - term [3]. - The implied volatility of options is currently in the normal range. Considering the long - term upward trend of stock indices, investors can continue to hold bull spreads or ratio spreads for a mild bullish view [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On August 4, 2025, 50ETF rose 0.49% to 2.890; 300ETF (Shanghai Stock Exchange) rose 0.46% to 4.152; 300ETF (Shenzhen Stock Exchange) rose 0.38% to 4.279; the CSI 300 Index rose 0.39% to 4070.70; the CSI 1000 Index rose 1.04% to 6739.69; 500ETF (Shanghai Stock Exchange) rose 0.76% to 6.335; 500ETF (Shenzhen Stock Exchange) rose 1.08% to 2.537; the GEM ETF rose 0.43% to 2.313; the Shenzhen 100ETF rose 0.31% to 2.886; the SSE 50 Index rose 0.55% to 2769.39; the STAR 50ETF rose 1.19% to 1.10; and the E Fund STAR 50ETF rose 1.22% to 1.08 [5]. - **Volume and Open Interest PCR**: Different ETF and index options have different volume and open interest PCR values, and most of them have changed compared to the previous trading day. For example, the volume PCR of SSE 50ETF options was 106.66 (previous day: 109.66), and the open interest PCR was 89.70 (previous day: 84.31) [6]. - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - day historical volatility of different options are also presented. For instance, the implied volatility of SSE 50ETF options' August 2025 at - the - money options was 13.67%, and the 30 - day historical volatility of the underlying was 9.69% [7]. 3.2 Relevant Charts - The report provides a series of charts for different types of options, including the trend of the underlying, option volatility, volume PCR, open interest PCR, implied volatility curves, and the implied volatility of at - the - money options for different terms. For example, for SSE 50ETF options, there are charts showing the SSE 50ETF trend, option volatility, volume PCR, etc. [9][10][11]
股市成交缩量,股指震荡整理
Bao Cheng Qi Huo· 2025-08-01 10:39
1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - Today, all stock indices fluctuated and consolidated. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1619.9 billion yuan, a decrease of 342 billion yuan from the previous day. Due to the significant gains of some stocks since late June, some profit - taking funds have a need to lock in profits, so the stock indices have a short - term need for technical consolidation. The recent decline in the trading volume of the stock market indicates a decline in investors' risk appetite. Since incremental policy benefits may need to wait until the Fourth Plenary Session of the 20th CPC Central Committee in October, the driving force of policy benefits has weakened marginally in the short term. In general, the stock indices are expected to fluctuate within a range in the short term. Currently, the implied volatility of options has rebounded. Considering the long - term upward trend of the stock indices, investors can continue to hold bull spreads or ratio spreads for a mild bullish view [3] 3. Summary by Relevant Catalogs 3.1 Option Indicators - On August 1, 2025, the 50ETF fell 0.79% to 2.876; the 300ETF (Shanghai Stock Exchange) fell 0.53% to 4.133; the 300ETF (Shenzhen Stock Exchange) fell 0.49% to 4.263; the CSI 300 Index fell 0.51% to 4054.93; the CSI 1000 Index rose 0.14% to 6670.47; the 500ETF (Shanghai Stock Exchange) fell 0.16% to 6.287; the 500ETF (Shenzhen Stock Exchange) fell 0.28% to 2.510; the GEM ETF rose 0.09% to 2.303; the Shenzhen 100ETF fell 0.24% to 2.877; the SSE 50 Index fell 0.79% to 2754.13; the STAR 50ETF fell 0.91% to 1.09; the E Fund STAR 50ETF fell 0.93% to 1.06 [5] - The trading volume PCR and position PCR of various options changed compared with the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 109.66 (previous day: 92.57), and the position PCR was 86.82 (previous day: 87.58) [6] - The implied volatility of at - the - money options in August 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided. For instance, the implied volatility of at - the - money SSE 50ETF options in August 2025 was 14.49%, and the 30 - trading - day historical volatility of the underlying asset was 9.33% [7] 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 at - the - money implied volatility of each term [9][11][13] - **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 each term [19][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 each term [22][24] - **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 each term [35][37] - **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 each term [48][51] - **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 each term [62][64] - **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 each term [75][78] - **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 each term [89][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 each term [102][104] - **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 each term [115][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 each term [129][131] - **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 each term [133][136]
重磅会议召开,股指窄幅震荡整理
Bao Cheng Qi Huo· 2025-07-30 10:20
Report Summary 1. Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - On July 30, 2025, the stock indexes fluctuated narrowly. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 187.1 billion yuan, an increase of 4.17 billion yuan from the previous day [3]. - A Politburo meeting was held today, emphasizing the implementation of existing policies, including a more proactive fiscal policy and a moderately loose monetary policy, with a focus on boosting consumption and supporting technological innovation. The meeting also pointed out the need to enhance the attractiveness and inclusiveness of the domestic capital market and consolidate the stable and positive momentum of the capital market, indicating that policies to stabilize stock market expectations will continue [3]. - The incremental positive effects of the Politburo meeting are limited. Since late June, some stocks have achieved significant gains, and some profit - taking funds have a need to take profits. Therefore, the driving force for the short - term upward movement of the stock index will weaken. New incremental positive policy effects are expected to await the policy guidance of the Fourth Plenary Session of the 20th CPC Central Committee in October [3]. - Currently, the trading volume of the stock market is at a relatively high percentile level, and market risk appetite has recovered. It is expected that the stock index will mainly fluctuate strongly in the short term [3]. - The implied volatility of options has rebounded. Considering that the stock index continues its upward trend, investors can continue to hold bull spreads or ratio spreads to take a mild long - position [3]. 3. Summary by Sections 3.1 Option Indicators - **ETF and Index Performance**: On July 30, 2025, the 50ETF rose 0.31% to 2.943; the 300ETF (SSE) fell 0.07% to 4.232; the 300ETF (SZSE) fell 0.02% to 4.366; the CSI 300 Index fell 0.02% to 4151.24; the CSI 1000 Index fell 0.82% to 6718.48; the 500ETF (SSE) fell 0.65% to 6.389; the 500ETF (SZSE) fell 0.62% to 2.553; the ChiNext ETF fell 1.59% to 2.345; the Shenzhen 100ETF fell 0.84% to 2.943; the SSE 50 Index rose 0.38% to 2819.35; the STAR 50ETF fell 1.16% to 1.11; the E Fund STAR 50ETF fell 1.09% to 1.09 [5]. - **Volume and Position PCR**: The volume PCR and position PCR of various options changed compared to the previous trading day. For example, the volume PCR of SSE 50ETF options was 85.10 (previous day: 92.74), and the position PCR was 104.29 (previous day: 100.17) [6]. - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - trading - day historical volatility of various options in August 2025 are provided. For instance, the implied volatility of SSE 50ETF options' at - the - money options in August 2025 was 15.75%, and the 30 - trading - day historical volatility of the underlying was 8.12% [7]. 3.2 Related Charts The report provides a series of charts for different types of options, including the trend of the underlying, volatility, volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility of options such as SSE 50ETF options, SSE 300ETF options, SZSE 300ETF options, etc. These charts show the historical data from 2023 to 2025, helping investors analyze the performance and trends of different options [9][20][23].
股指震荡整固
Bao Cheng Qi Huo· 2025-07-25 10:25
1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Today, the stock indices fluctuated within a narrow range. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 181.55 billion yuan, a decrease of 5.84 billion yuan from the previous day. Since late June, some stocks have had significant gains, leading to profit - taking needs. The stock indices need a short - term consolidation phase. The recent rebound of the stock indices is mainly driven by policy expectations, and the market sentiment is generally optimistic. Domestic policies have boosted the price and profit recovery expectations of related industries, and the official start of the Yarlung Zangbo River hydropower project has increased the expectation of policy support. Currently, the trading volume of the stock market is at a high level, indicating that investors' risk appetite is high. In general, the stock indices will be volatile and slightly stronger in the short term. [4] - The implied volatility of options has rebounded. Considering the upward trend of the stock indices, investors can continue to hold bull spreads or ratio spreads for a mild bullish view. [4] 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On July 25, 2025, the 50ETF fell 0.58% to 2.916; the 300ETF (Shanghai Stock Exchange) fell 0.52% to 4.203; the 300ETF (Shenzhen Stock Exchange) fell 0.50% to 4.338; the CSI 300 Index fell 0.53% to 4127.16; the CSI 1000 Index rose 0.08% to 6706.61; the 500ETF (Shanghai Stock Exchange) rose 0.03% to 6.365; the 500ETF (Shenzhen Stock Exchange) fell 0.08% to 2.543; the GEM ETF fell 0.30% to 2.318; the Shenzhen 100ETF fell 0.48% to 2.932; the SSE 50 Index fell 0.60% to 2795.51; the Science and Technology Innovation 50ETF rose 2.12% to 1.11; the E Fund Science and Technology Innovation 50ETF rose 2.08% to 1.08. [6] - The trading volume PCR and position PCR of various options changed compared to the previous trading day. For example, the trading volume PCR of the SSE 50ETF option was 83.28 (89.38 the previous day), and the position PCR was 97.93 (108.57 the previous day). [7] - The implied volatility of the at - the - money options in August 2025 and the 30 - trading - day historical volatility of the underlying assets of various options were provided. For example, the implied volatility of the at - the - money options of the SSE 50ETF option was 15.45%, and the 30 - trading - day historical volatility of the underlying asset was 8.12%. [8] 3.2 Relevant Charts - **SSE 50ETF Option**: Charts include the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [10][12][14] - **SSE 300ETF Option**: Charts cover the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [21] - **SZSE 300ETF Option**: Charts involve the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [24] - **CSI 300 Index Option**: Charts include the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [37] - **CSI 1000 Index Option**: Charts cover the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [50] - **SSE 500ETF Option**: Charts involve the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [63] - **SZSE 500ETF Option**: Charts include the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [76] - **GEM ETF Option**: Charts cover the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [90] - **Shenzhen 100ETF Option**: Charts involve the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [103] - **SSE 50 Index Option**: Charts include the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [116] - **Science and Technology Innovation 50ETF Option**: Charts cover the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [129] - **E Fund Science and Technology Innovation 50ETF Option**: Charts involve the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different terms. [132]
市场情绪偏乐观,股指震荡上涨
Bao Cheng Qi Huo· 2025-07-23 10:29
Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - All stock indices rose slightly throughout the day. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1.8984 trillion yuan, a decrease of 30.3 billion yuan from the previous day. The recent rebound of stock indices is mainly driven by policy利好 expectations. If the policy support decreases, the upward momentum of stock indices may slow down. Currently, the trading volume is at a relatively high level, indicating that investors have a positive and optimistic risk preference. The anti - involution policy expectations and the super hydropower project have driven up the valuations of related industries, and the overall market sentiment is optimistic, with an upward trend in stock indices. In the short term, stock indices will fluctuate strongly. - The implied volatility of options has rebounded. Considering the upward trend of stock indices, investors can continue to hold bull spreads or ratio spreads for a mild long - term view [3]. 3. Summary by Related Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On July 23, 2025, the 50ETF rose 0.24% to 2.921; the 300ETF (Shanghai Stock Exchange) fell 0.05% to 4.199; the 300ETF (Shenzhen Stock Exchange) rose 0.12% to 4.331; the CSI 300 Index rose 0.02% to 4119.77; the CSI 1000 Index fell 0.45% to 6607.22; the 500ETF (Shanghai Stock Exchange) fell 0.35% to 6.270; the 500ETF (Shenzhen Stock Exchange) fell 0.32% to 2.507; the GEM ETF fell 0.09% to 2.287; the Shenzhen 100ETF fell 0.17% to 2.921; the SSE 50 Index rose 0.32% to 2801.20; the Science and Technology Innovation 50ETF rose 0.47% to 1.07; the E Fund Science and Technology Innovation 50ETF rose 0.38% to 1.05 [5]. - **Volume PCR and Open Interest PCR**: The volume PCR and open interest PCR of various options showed different changes compared with the previous trading day. For example, the volume PCR of the 50ETF option was 58.98 (previous day: 67.28), and the open interest PCR was 131.48 (previous day: 120.32) [6]. - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - day historical volatility of 2025 August at - the - money options of various options were provided. For instance, the implied volatility of the 50ETF option was 13.82%, and the 30 - day historical volatility was 8.22% [7]. 3.2 Related Charts - **SSE 50ETF Option**: Included charts such as the SSE 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [9]. - **SSE 300ETF Option**: Included charts of the SSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [20]. - **SZSE 300ETF Option**: Included charts of the SZSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [23]. - **CSI 300 Index Option**: Included charts of the CSI 300 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [37]. - **CSI 1000 Index Option**: Included charts of the CSI 1000 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [50]. - **SSE 500ETF Option**: Included charts of the SSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [63]. - **SZSE 500ETF Option**: Included charts of the SZSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [75]. - **GEM ETF Option**: Included charts of the GEM ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [87]. - **Shenzhen 100ETF Option**: Included charts of the Shenzhen 100ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [100]. - **SSE 50 Index Option**: Included charts of the SSE 50 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [113]. - **Science and Technology Innovation 50ETF Option**: Included charts of the Science and Technology Innovation 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [127]. - **E Fund Science and Technology Innovation 50ETF Option**: Included charts of the E Fund Science and Technology Innovation 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and various - term at - the - money implied volatility [130].
股市成交放量,股指震荡上涨
Bao Cheng Qi Huo· 2025-07-22 12:04
1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - On July 22, 2025, all stock indices fluctuated slightly upward. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets reached 1928.6 billion yuan, an increase of 201.5 billion yuan from the previous day. The current trading volume in the stock market is at a relatively high level, indicating that investors' risk appetite is relatively positive. The recent rebound of the stock indices is mainly driven by policy - positive expectations. Anti - involution policies are helpful to boost the profit margins of related industries such as photovoltaic, new energy vehicles, and resource - based cyclical stocks. The official start of the Yaxia Super Hydropower Project has boosted the risk appetite of investors in infrastructure stocks. However, since late June, some stocks have achieved significant increases, and there may be a rotation in the capital market in the future, which may slow down the upward momentum of the stock indices. It is necessary to pay attention to the policy statements of the Politburo meeting. In general, the stock indices will fluctuate strongly in the short term. Currently, the implied volatility of options has rebounded. Considering that the stock indices are more likely to rise in the medium and long term, investors can continue to hold bull spreads or ratio spreads for a mild bullish view [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On July 22, 2025, 50ETF rose 0.83% to close at 2.914; 300ETF (Shanghai Stock Exchange) rose 1.06% to close at 4.201; 300ETF (Shenzhen Stock Exchange) rose 0.84% to close at 4.326; the CSI 300 Index rose 0.82% to close at 4118.96; the CSI 1000 Index rose 0.38% to close at 6637.10; 500ETF (Shanghai Stock Exchange) rose 1.06% to close at 6.292; 500ETF (Shenzhen Stock Exchange) rose 1.13% to close at 2.515; the GEM ETF rose 0.62% to close at 2.289; the Shenzhen 100ETF rose 0.97% to close at 2.926; the SSE 50 Index rose 0.72% to close at 2792.18; the STAR 50ETF rose 0.75% to close at 1.07; and the E Fund STAR 50ETF rose 0.87% to close at 1.04 [5]. - The PCR values of trading volume and open interest of various options changed compared with the previous trading day. For example, the trading volume PCR of 50ETF options was 67.28 (61.48 the previous day), and the open - interest PCR was 120.32 (111.70 the previous day) [6]. - The implied volatility of at - the - money options in August 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided. For example, the implied volatility of at - the - money 50ETF options in August 2025 was 13.86%, and the 30 - trading - day historical volatility of the underlying asset was 8.25% [7]. 3.2 Relevant Charts - **50ETF Options**: Include charts of 50ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [9][11][13][17]. - **Shanghai Stock Exchange 300ETF Options**: Include charts of 300ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [20]. - **Shenzhen Stock Exchange 300ETF Options**: Include charts of 300ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [23]. - **CSI 300 Index Options**: Include charts of CSI 300 index trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [37]. - **CSI 1000 Index Options**: Include charts of CSI 1000 index trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [49]. - **Shanghai Stock Exchange 500ETF Options**: Include charts of 500ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [64]. - **Shenzhen Stock Exchange 500ETF Options**: Include charts of 500ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [77]. - **GEM ETF Options**: Include charts of GEM ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [92]. - **Shenzhen 100ETF Options**: Include charts of Shenzhen 100ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [101]. - **SSE 50 Index Options**: Include charts of SSE 50 index trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [114]. - **STAR 50ETF Options**: Include charts of STAR 50ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [129]. - **E Fund STAR 50ETF Options**: Include charts of E Fund STAR 50ETF trends, option volatility, trading volume PCR, open - interest PCR, implied volatility curves, and at - the - money implied volatility of various tenors [132].
股指继续窄幅震荡整理
Bao Cheng Qi Huo· 2025-07-02 12:48
1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The stock indices continued to fluctuate within a narrow range. The total trading volume of the stock market was 1405.1 billion yuan, a decrease of 91.4 billion yuan from the previous day. The main support for the stock indices comes from the expectation of favorable policies in the future. Due to the instability of domestic demand and the weak performance of credit and inflation data, the policy side needs to introduce policies to support economic demand. The market is concerned about the policy guidance of the Politburo meeting in July. Since the stock indices have risen significantly since late June, the short - term upward momentum has weakened, and the recent decline in trading volume indicates that the market's enthusiasm for chasing up has cooled down. In general, the short - term driving force of the market has weakened, and the stock indices are expected to fluctuate within a range. - Currently, the implied volatility of options has rebounded. In the medium and long term, the stock indices are more likely to rise, and bull spreads or ratio spreads long - position portfolios can be arranged [4]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On July 2, 2025, the 50ETF rose 0.21% to close at 2.816; the 300ETF (Shanghai Stock Exchange) rose 0.10% to close at 3.992; the 300ETF (Shenzhen Stock Exchange) rose 0.02% to close at 4.117; the CSI 300 Index rose 0.02% to close at 3943.68; the CSI 1000 Index fell 1.01% to close at 6309.48; the 500ETF (Shanghai Stock Exchange) fell 0.59% to close at 5.947; the 500ETF (Shenzhen Stock Exchange) fell 0.54% to close at 2.377; the ChiNext ETF fell 1.03% to close at 2.104; the Shenzhen 100ETF fell 0.33% to close at 2.722; the SSE 50 Index rose 0.18% to close at 2722.55; the STAR 50ETF fell 1.24% to close at 1.04; the E Fund STAR 50ETF fell 1.18% to close at 1.01 [6]. - The trading volume PCR and position PCR of various options on July 2, 2025, and their changes compared with the previous trading day are provided in detail, including 50ETF options, SSE 300ETF options, etc. [7]. - The implied volatility of at - the - money options in July 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided, such as the implied volatility of 50ETF options at - the - money options in July 2025 is 11.88%, and the 30 - trading - day historical volatility of the underlying asset is 8.36% [8][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 at - the - money implied volatility of each term [10][11][12]. - **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 each term [22][23]. - **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 each term [25][26]. - **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 each term [39][40]. - **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 each term [52][53]. - **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 each term [66][67]. - **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 each term [79][80]. - **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 each term [91][92]. - **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 each term [104][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 each term [117][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 each term [131][132]. - **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 each term [134][135].