股指期权日报 | 2026-03-03 股指期权日报 股指期权市场概况 期权成交量 2026-03-02，上证50ETF期权成交量为42.15万张；沪深300ETF期权（沪市）成交量为68.77万张； 中证500ETF期权（沪市）成交量为116.00万张；深证100ETF期权成交量为22.75万张； 创业板ETF期权成交量为130.10万张；上证50股指期权成交量为3.76万张； 沪深300股指期权成交量为6.87万张；中证1000期权总成交量为27.41万张。 期权PCR 上证50ETF期权成交额PCR报0.97，环比变动为+0.18；持仓量PCR报0.83，环比变动为+0.02； 沪深300ETF期权（沪市）成交额PCR报0.98，环比变动为+0.19；持仓量PCR报0.87，环比变动为+0.06； 中证500ETF期权（沪市）成交额PCR报0.78，环比变动为+0.15；持仓量PCR报1.35，环比变动为+0.00 ； 深圳100ETF期权成交额PCR报1.07 ，环比变动为+0.07；持仓量PCR报1.46；环比变动为-0.14； 创业板ETF期权成交额PCR报1.12，环比变动为+0.32 ；持仓量 ...

股指期权日报 | 2026-03-02 股指期权日报 股指期权市场概况 期权成交量 2026-02-27，上证50ETF期权成交量为64.65万张；沪深300ETF期权（沪市）成交量为69.24万张； 中证500ETF期权（沪市）成交量为83.40万张；深证100ETF期权成交量为6.55万张； 创业板ETF期权成交量为101.56万张；上证50股指期权成交量为1.86万张； 沪深300股指期权成交量为7.01万张；中证1000期权总成交量为22.20万张。 期权PCR 上证50ETF期权成交额PCR报0.79，环比变动为-0.08；持仓量PCR报0.80，环比变动为+0.00； 沪深300ETF期权（沪市）成交额PCR报0.79，环比变动为+0.01；持仓量PCR报0.82，环比变动为+0.02； 中证500ETF期权（沪市）成交额PCR报0.63，环比变动为+0.04；持仓量PCR报1.36，环比变动为+0.09 ； 深圳100ETF期权成交额PCR报1.00 ，环比变动为-0.05；持仓量PCR报1.60；环比变动为-0.23； 创业板ETF期权成交额PCR报0.80，环比变动为+0.06 ；持仓量PC ...

股指期权日报 | 2026-02-24 股指期权日报 股指期权市场概况 期权成交量 2026-02-13，上证50ETF期权成交量为48.34万张；沪深300ETF期权（沪市）成交量为52.94万张； 中证500ETF期权（沪市）成交量为108.98万张；深证100ETF期权成交量为6.69万张； 创业板ETF期权成交量为131.87万张；上证50股指期权成交量为5.27万张； 沪深300股指期权成交量为7.18万张；中证1000期权总成交量为29.21万张。 期权PCR 上证50ETF期权成交额PCR报1.00，环比变动为+0.43；持仓量PCR报0.74，环比变动为-0.02； 沪深300ETF期权（沪市）成交额PCR报1.10，环比变动为+0.32；持仓量PCR报0.81，环比变动为-0.04； 中证500ETF期权（沪市）成交额PCR报0.82，环比变动为+0.31；持仓量PCR报1.18，环比变动为-0.06 ； 深圳100ETF期权成交额PCR报1.18 ，环比变动为-0.30；持仓量PCR报1.44；环比变动为+0.15； 创业板ETF期权成交额PCR报0.91，环比变动为+0.21 ；持仓量P ...

Group 1: Report Overview - Report Date: February 13, 2026 [2] - Report Type: Financial Options Daily Report - Report Theme: Market sentiment weakens, stock indexes fluctuate and decline Group 2: Investment Rating - No investment rating information is provided in the report. Group 3: Core Views - Today, all stock indexes opened low and closed sharply lower. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 199.89 billion yuan, a decrease of 16.18 billion yuan from the previous day [3]. - Due to the approaching holiday, the demand for cash during the holiday is large, and the capital market has tightened. Coupled with concerns about the uncertainty of non - trading during the holiday, investors' willingness to leave the market temporarily has increased, resulting in a decline in trading volume [3]. - Today, silver prices dropped sharply, and overnight U.S. technology stocks corrected significantly, which led to a further weakening of market sentiment. Investors' risk appetite tends to be cautious and wait - and - see [3]. - However, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged. The core logic for the medium - to - long - term upward movement of stock indexes is still relatively solid [3]. - After the Spring Festival holiday, it will be close to the policy window period of the Two Sessions, and it is expected that positive policy expectations will increase [3]. - In general, stock indexes will mainly fluctuate within a range in the short term [3]. - For options, since the medium - to - long - term upward logic of stock indexes is relatively solid, a bull spread strategy can be maintained [3]. Group 4: Option Indicators Index and ETF Performance - On February 13, 2026, the 50ETF fell 1.49% to close at 3.114; the 300ETF (Shanghai Stock Exchange) fell 1.18% to close at 4.671; the 300ETF (Shenzhen Stock Exchange) fell 1.28% to close at 4.866; the CSI 300 Index fell 1.25% to close at 4660.41; the CSI 1000 Index fell 1.32% to close at 8204.83; the 500ETF (Shanghai Stock Exchange) fell 1.66% to close at 8.373; the 500ETF (Shenzhen Stock Exchange) fell 1.54% to close at 3.328; the ChiNext ETF fell 1.63% to close at 3.265; the Shenzhen 100ETF fell 1.12% to close at 3.443; the SSE 50 Index fell 1.47% to close at 3034.35; the STAR 50ETF fell 0.71% to close at 1.55; the E Fund STAR 50ETF fell 0.66% to close at 1.50 [5]. PCR Data - The trading volume PCR and position PCR data of various options on February 13, 2026, and the comparison with the previous trading day are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), 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 February 2026 and the 30 - day historical volatility of the underlying assets of various options are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. Group 5: Related Charts - The report includes a series of charts related to various options, such as the trend, volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms of 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [9][20][24][38][44][58][71][84][97][110][123][134].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report presents the trading data of various index options on February 12, 2026, including trading volume, PCR, and VIX, to reflect the market situation of index options [1][2][3] 3. Summary by Relevant Catalog Option Trading Volume - On February 12, 2026, the trading volume of Shanghai - Shenzhen 300 ETF options (Shanghai) was 626,200 contracts; the trading volume of CSI 500 ETF options (Shanghai) was 946,600 contracts; the trading volume of Shenzhen 100 ETF options was 49,100 contracts; the trading volume of ChiNext ETF options was 1,275,800 contracts; the trading volume of Shanghai - Shenzhen 300 index options was 61,400 contracts; the total trading volume of CSI 1000 options was 252,600 contracts [1] - The trading volume of Shanghai 50 ETF options was 483,400 contracts (253,100 call contracts and 230,300 put contracts); the trading volume of Shanghai - Shenzhen 300 ETF options (Shanghai) was 529,400 contracts (262,500 call contracts and 267,000 put contracts); the trading volume of CSI 500 ETF options (Shanghai) was 1,089,800 contracts (589,500 call contracts and 500,200 put contracts); the trading volume of Shenzhen 100 ETF options was 66,900 contracts (51,000 call contracts and 15,900 put contracts); the trading volume of ChiNext ETF options was 1,275,800 contracts (539,000 call contracts and 736,800 put contracts); the trading volume of Shanghai 50 index options was 22,100 contracts (8,700 call contracts and 13,400 put contracts); the trading volume of Shanghai - Shenzhen 300 index options was 71,800 contracts (33,500 call contracts and 23,700 put contracts); the trading volume of CSI 1000 index options was 252,600 contracts (141,500 call contracts and 111,100 put contracts) [20] Option PCR - The turnover PCR of Shanghai 50 ETF options was 0.57, with a month - on - month change of - 0.15; the position PCR was 0.76, with a month - on - month change of - 0.06; the turnover PCR of Shanghai - Shenzhen 300 ETF options (Shanghai) was 0.78, with a month - on - month change of - 0.26; the position PCR was 0.84, with a month - on - month change of - 0.04; the turnover PCR of CSI 500 ETF options (Shanghai) was 0.52, with a month - on - month change of - 0.18; the position PCR was 1.24, with a month - on - month change of + 0.04; the turnover PCR of Shenzhen 100 ETF options was 1.48, with a month - on - month change of + 0.19; the position PCR was 1.28, with a month - on - month change of + 0.10; the turnover PCR of ChiNext ETF options was 0.70, with a month - on - month change of - 0.16; the position PCR was 1.15, with a month - on - month change of + 0.12; the turnover PCR of Shanghai 50 index options was 0.49, with a month - on - month change of + 0.13; the position PCR was 0.64, with a month - on - month change of - 0.01; the turnover PCR of Shanghai - Shenzhen 300 index options was 0.40, with a month - on - month change of - 0.03; the position PCR was 0.63, with a month - on - month change of - 0.01; the turnover PCR of CSI 1000 index options was 0.50, with a month - on - month change of - 0.07; the position PCR was 0.96, with a month - on - month change of + 0.03 [2][36] Option VIX - The VIX of Shanghai 50 ETF options was 16.60%, with a month - on - month change of + 0.11%; the VIX of Shanghai - Shenzhen 300 ETF options (Shanghai) was 17.13%, with a month - on - month change of + 0.34%; the VIX of CSI 500 ETF options (Shanghai) was 25.33%, with a month - on - month change of + 0.55%; the VIX of Shenzhen 100 ETF options was 20.33%, with a month - on - month change of - 0.11%; the VIX of ChiNext ETF options was 26.20%, with a month - on - month change of + 0.34%; the VIX of Shanghai 50 index options was 17.15%, with a month - on - month change of + 0.01%; the VIX of Shanghai - Shenzhen 300 index options was 17.89%, with a month - on - month change of + 0.12%; the VIX of CSI 1000 index options was 25.64%, with a month - on - month change of - 0.58% [3][48]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Directory Option Trading Volume - On February 11, 2026, the trading volume of SSE 50 ETF options was 524,000 contracts; CSI 300 ETF options (Shanghai) was 744,400 contracts; CSI 500 ETF options (Shanghai) was 1,114,900 contracts; Shenzhen 100 ETF options was 42,900 contracts; ChiNext ETF options was 1,030,100 contracts; SSE 50 index options was 20,400 contracts; CSI 300 index options was 67,000 contracts; and CSI 1000 options was 201,000 contracts [1] - The detailed breakdown of call, put, and total trading volumes for each option type on the same day is as follows: SSE 50 ETF options (call: 265,400, put: 302,800, total: 568,300); CSI 300 ETF options (Shanghai) (call: 255,700, put: 370,500, total: 626,200); CSI 500 ETF options (Shanghai) (call: 465,700, put: 480,900, total: 946,600); Shenzhen 100 ETF options (call: 33,900, put: 15,200, total: 49,100); ChiNext ETF options (call: 466,700, put: 563,500, total: 1,030,100); SSE 50 index options (call: 7,500, put: 12,900, total: 20,400); CSI 300 index options (call: 28,100, put: 21,500, total: 61,400); CSI 1000 index options (call: 108,300, put: 92,800, total: 201,000) [21] Option PCR - The turnover PCR and position PCR, along with their环比 changes, for different options are as follows: SSE 50 ETF options (turnover PCR: 0.72, 环比 change: +0.06; position PCR: 0.82, 环比 change: -0.01); CSI 300 ETF options (Shanghai) (turnover PCR: 1.05, 环比 change: +0.17; position PCR: 0.88, 环比 change: +0.00); CSI 500 ETF options (Shanghai) (turnover PCR: 0.69, 环比 change: -0.24; position PCR: 1.20, 环比 change: +0.01); Shenzhen 100 ETF options (turnover PCR: 1.29, 环比 change: +0.24; position PCR: 1.18, 环比 change: +0.00); ChiNext ETF options (turnover PCR: 0.86, 环比 change: +0.26; position PCR: 1.04, 环比 change: -0.04); SSE 50 index options (turnover PCR: 0.36, 环比 change: -0.14; position PCR: 0.65, 环比 change: +0.01); CSI 300 index options (turnover PCR: 0.42, 环比 change: -0.07; position PCR: 0.65, 环比 change: -0.01); CSI 1000 index options (turnover PCR: 0.56, 环比 change: -0.04; position PCR: 0.93, 环比 change: +0.01) [2][34] Option VIX - The VIX and its环比 changes for different options are as follows: SSE 50 ETF options (VIX: 16.49%, 环比 change: +0.24%); CSI 300 ETF options (Shanghai) (VIX: 16.80%, 环比 change: +0.20%); CSI 500 ETF options (Shanghai) (VIX: 24.78%, 环比 change: +0.23%); Shenzhen 100 ETF options (VIX: 20.45%, 环比 change: +0.03%); ChiNext ETF options (VIX: 25.86%, 环比 change: -0.10%); SSE 50 index options (VIX: 17.14%, 环比 change: -0.18%); CSI 300 index options (VIX: 17.77%, 环比 change: -0.18%); CSI 1000 index options (VIX: 26.22%, 环比 change: +0.55%) [3][49]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Today, all stock indices fluctuated within a narrow range. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2001.0 billion - 2037.0 billion yuan. Due to the approaching holiday, investors' trading willingness was relatively weak. The inflation data for January showed that CPI continued to grow year - on - year, and the year - on - year decline of PPI narrowed. The repair of inflation expectations promoted the repair of corporate profit expectations, and the macro expectations improved. In the long - term, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remained unchanged, and the core logic for the long - term upward movement of stock indices was relatively solid. Overall, the risk appetite of the stock market was cautious before the holiday, and stock indices mainly fluctuated within a range. For options, the implied volatility of at - the - money options has rebounded recently. Given the relatively solid long - term upward logic of stock indices, the bull spread strategy is maintained [4]. 3. Summary of Each Section 3.1 Option Indicators - **Index Performance**: On February 11, 2026, the 50ETF remained unchanged at 3.105, the SSE 300ETF fell 0.21% to 4.920, the CSI 300 Index fell 0.22% to 4713.82, the CSI 1000 Index fell 0.13% to 8239.51, the SSE 500ETF rose 0.41% to 8.411, the SZSE 500ETF rose 0.24% to 3.338, the ChiNext ETF fell 1.15% to 3.273, the Shenzhen 100ETF fell 0.97% to 3.462, the SSE 50 Index rose 0.03% to 3088.46, the STAR 50ETF fell 1.10% to 1.53, and the E Fund STAR 50ETF fell 0.93% to 1.49 [6]. - **Volume and Open Interest PCR**: The volume and open interest PCR of various options showed different changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 114.09 (previous day: 100.99), and the open interest PCR was 78.18 (previous day: 79.57) [7]. - **Implied Volatility and Historical Volatility**: The implied volatility of at - the - money options and the 30 - day historical volatility of the underlying assets of various options were provided. For instance, the implied volatility of at - the - money SSE 50ETF options in February 2026 was 11.14%, and the 30 - day historical volatility of the underlying asset was 15.06% [8]. 3.2 Related Charts - **SSE 50ETF Options**: Included charts of the SSE 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [10][11][12]. - **SSE 300ETF Options**: Included charts of the SSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [21][22]. - **SZSE 300ETF Options**: Included charts of the SZSE 300ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [24][25]. - **CSI 300 Index Options**: Included charts of the CSI 300 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [37][38]. - **CSI 1000 Index Options**: Included charts of the CSI 1000 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [43][44]. - **SSE 500ETF Options**: Included charts of the SSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [58][59]. - **SZSE 500ETF Options**: Included charts of the SZSE 500ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [71][72]. - **ChiNext ETF Options**: Included charts of the ChiNext ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [83][84]. - **Shenzhen 100ETF Options**: Included charts of the Shenzhen 100ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [93][94]. - **SSE 50 Index Options**: Included charts of the SSE 50 index trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [106][107]. - **STAR 50ETF Options**: Included charts of the STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [119][120]. - **E Fund STAR 50ETF Options**: Included charts of the E Fund STAR 50ETF trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [127][128].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report presents the trading data of various index options in the market on February 10, 2026, including trading volume, PCR (Put - Call Ratio), and VIX (Volatility Index), to help investors understand the market situation [1] 3. Summary by Directory 3.1 Option Trading Volume - On February 10, 2026, the trading volumes of different index options were as follows: Shanghai - Shenzhen 300 ETF options (Shanghai) had 879,800 contracts; CSI 500 ETF options (Shanghai) had 1,262,400 contracts; Shenzhen 100 ETF options had 65,700 contracts; ChiNext ETF options had 969,400 contracts; SSE 50 index options had 24,500 contracts; Shanghai - Shenzhen 300 index options had 85,000 contracts; and CSI 1000 options had 217,900 contracts. The trading volume of SSE 50 ETF options was 823,600 contracts [1] - The table also shows the call, put, and total trading volumes of each option, such as the total trading volume of SSE 50 ETF options was 524,000 contracts, with 260,700 call contracts and 263,300 put contracts [20] 3.2 Option PCR - The PCR data of different options on February 10, 2026, are as follows: The turnover PCR of SSE 50 ETF options was reported at 0.66, with a month - on - month change of +0.02; the position PCR was reported at 0.82, with a month - on - month change of +0.05. Similar data are provided for other options [2][36] 3.3 Option VIX - The VIX data and their month - on - month changes of various options on February 10, 2026, are presented. For example, the VIX of SSE 50 ETF options was reported at 16.26%, with a month - on - month change of - 0.80%. Similar data are provided for other options [3][51]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The report presents the trading data of various index - option products on February 6, 2026, including trading volume, PCR, and VIX, and their respective changes compared to the previous period [1][2][3] 3. Summary by Directory 3.1 Option Trading Volume - On February 6, 2026, the trading volume of SSE 50 ETF options was 799,200 contracts; CSI 300 ETF options (Shanghai) was 1,025,300 contracts; CSI 500 ETF options (Shanghai) was 2,190,000 contracts; Shenzhen 100 ETF options was 38,900 contracts; ChiNext ETF options was 1,594,900 contracts; SSE 50 index options was 35,000 contracts; CSI 300 index options was 98,300 contracts; and CSI 1000 options was 334,300 contracts [1] 3.2 Option PCR - SSE 50 ETF options: The trading - volume PCR was 0.95, with a month - on - month increase of 0.18; the open - interest PCR was 0.74, with a month - on - month decrease of 0.02 - CSI 300 ETF options (Shanghai): The trading - volume PCR was 1.04, with a month - on - month increase of 0.07; the open - interest PCR was 0.80, with a month - on - month decrease of 0.01 - CSI 500 ETF options (Shanghai): The trading - volume PCR was 1.06, with a month - on - month decrease of 0.36; the open - interest PCR was 1.14, with a month - on - month increase of 0.03 - Shenzhen 100 ETF options: The trading - volume PCR was 1.43, with a month - on - month increase of 0.36; the open - interest PCR was 1.16, with a month - on - month decrease of 0.07 - ChiNext ETF options: The trading - volume PCR was 1.08, with a month - on - month decrease of 0.06; the open - interest PCR was 1.01, with a month - on - month increase of 0.03 - SSE 50 index options: The trading - volume PCR was 0.58, with a month - on - month increase of 0.09; the open - interest PCR was 0.60, with a month - on - month decrease of 0.01 - CSI 300 index options: The trading - volume PCR was 0.72, with a month - on - month increase of 0.02; the open - interest PCR was 0.63, with a month - on - month increase of 0.00 - CSI 1000 index options: The trading - volume PCR was 0.83, with a month - on - month decrease of 0.13; the open - interest PCR was 0.84, with a month - on - month increase of 0.02 [2] 3.3 Option VIX - SSE 50 ETF options: The VIX was 17.53%, with a month - on - month increase of 0.26% - CSI 300 ETF options (Shanghai): The VIX was 18.09%, with a month - on - month increase of 0.17% - CSI 500 ETF options (Shanghai): The VIX was 27.61%, with a month - on - month increase of 0.64% - Shenzhen 100 ETF options: The VIX was 22.37%, with a month - on - month increase of 0.20% - ChiNext ETF options: The VIX was 27.75%, with a month - on - month decrease of 0.06% - SSE 50 index options: The VIX was 18.43%, with a month - on - month increase of 0.08% - CSI 300 index options: The VIX was 19.24%, with a month - on - month increase of 0.17% - CSI 1000 index options: The VIX was 27.86%, with a month - on - month increase of 0.72% [3]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The report presents the trading data of various index options on February 5, 2026, including trading volume, PCR, and VIX, offering a detailed overview of the index option market [1][2][3] Summaries by Directory Option Trading Volume - On February 5, 2026, the trading volume of Shanghai Stock Exchange 50 ETF options was 834,900 contracts; CSI 300 ETF options (Shanghai) was 977,000 contracts; CSI 500 ETF options (Shanghai) was 1,836,800 contracts; Shenzhen 100 ETF options was 74,300 contracts; ChiNext ETF options was 1,568,600 contracts; Shanghai Stock Exchange 50 index options was 37,300 contracts; CSI 300 index options was 103,000 contracts; and CSI 1000 options was 313,100 contracts [1] Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 0.76, with a month - on - month change of +0.03; the position PCR was 0.76, with a month - on - month change of - 0.02. Similar data for other options are also provided, showing different changes in turnover PCR and position PCR [2] Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 17.26%, with a month - on - month change of +0.01%. The VIX of other options also had corresponding changes, such as CSI 500 ETF options (Shanghai) at 26.96% with a +1.39% change [3]