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 - 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 content provided. 2. Core Viewpoints of the Report - On February 3, 2026, all stock indices fluctuated and rose. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.5656 trillion yuan, a decrease of 41 billion yuan from the previous day. As gold and commodity prices stabilized, the resource cycle sector rebounded, and the risk appetite of the stock market recovered. This rebound was a technical correction of the previous over - decline caused by the weakening of risk appetite in the stock market due to the sharp correction in the commodity market. Currently, the trading volume in the stock market remains in a shrinking state, indicating that the upward driving force of the stock market is still weak. Due to the weakening of macro - economic indicators and the fact that the increase in this stock rebound is mainly contributed by the valuation side, the willingness of investors in the capital market to take profits has increased, and it is difficult for the capital side to form a consistent force in the short term. However, 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. In general, the risk appetite of the stock market is cautiously optimistic in the short term, and stock indices will mainly fluctuate and consolidate. For options, considering the relatively solid long - term upward logic of stock indices, a bull spread strategy can be adopted [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On February 3, 2026, the 50ETF rose 0.91% to close at 3.108; the 300ETF (Shanghai Stock Exchange) rose 1.39% to close at 4.664; the 300ETF (Shenzhen Stock Exchange) rose 1.25% to close at 4.864; the CSI 300 Index rose 1.18% to close at 4660.11; the CSI 1000 Index rose 2.93% to close at 8209.10; the 500ETF (Shanghai Stock Exchange) rose 3.94% to close at 8.366; the 500ETF (Shenzhen Stock Exchange) rose 3.07% to close at 3.324; the GEM ETF rose 1.88% to close at 3.313; the Shenzhen 100ETF rose 1.41% to close at 3.463; the SSE 50 Index rose 1.05% to close at 3034.58; the STAR 50ETF rose 1.31% to close at 1.55; the E Fund STAR 50ETF rose 1.22% to close at 1.50 [5]. - **Volume PCR and Open Interest PCR**: The report provides the volume PCR and open interest PCR of various options on February 3, 2026, and their values on the previous trading day. For example, the volume PCR of SSE 50ETF options was 98.31 (previous day: 104.47), and the open interest PCR was 68.38 (previous day: 67.34) [6]. - **Implied Volatility and Historical Volatility**: The report presents the implied volatility of at - the - money options in February 2026 and the 30 - trading - day historical volatility of the underlying assets for various options. For instance, the implied volatility of at - the - money SSE 50ETF options in February 2026 was 20.31%, and the 30 - trading - day historical volatility of the underlying asset was 13.81% [7]. 3.2 Related Charts The report includes a series of charts for different types of options, such as the SSE 50ETF options, SSE 300ETF options, etc. These charts show the trends, volatility, volume PCR, open interest PCR, implied volatility curves, and at - the - money implied volatility of different terms of the underlying assets of each option [9][18][21].

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 relevant information provided. 2. Core Viewpoints - On January 29, 2026, stock indices showed volatile differentiation. The SSE 50 Index led the gains, while the CSI 500 and CSI 1000 Indices rose first and then fell. The total trading volume of the Shanghai, Shenzhen, and Beijing stock exchanges was 325.94 billion yuan, an increase of 26.71 billion yuan from the previous day. In the short term, the driving force for the upward movement of stock indices has weakened, and there is a high demand for the CSI 500 and CSI 1000 Indices, which have had large previous gains, to consolidate through fluctuations. The defensive nature of the SSE 50 Index has attracted capital attention. In the medium to long term, 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. Overall, stock indices are likely to fluctuate and consolidate in the short term. For options, considering the relatively solid medium - to long - term upward logic of stock indices, a bull spread strategy can be adopted [4]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - **Index and ETF Performance**: On January 29, 2026, the 50ETF rose 1.85% to 3.196; the 300ETF (SSE) rose 0.91% to 4.768; the 300ETF (SZSE) rose 0.87% to 4.974; the CSI 300 Index rose 0.76% to 4753.87; the CSI 1000 Index fell 0.80% to 8332.21; the 500ETF (SSE) fell 1.15% to 8.591; the 500ETF (SZSE) fell 1.19% to 3.411; the ChiNext ETF fell 0.45% to 3.292; the Shenzhen 100ETF rose 0.17% to 3.476; the SSE 50 Index rose 1.65% to 3110.91; the STAR 50ETF fell 2.81% to 1.59; and the E Fund STAR 50ETF fell 2.72% to 1.54 [6]. - **Volume and Open Interest PCR**: The report provides the volume and open interest PCR data of various options, including the 50ETF option, SSE 300ETF option, SZSE 300ETF option, CSI 300 Index option, CSI 1000 Index option, SSE 500ETF option, SZSE 500ETF option, ChiNext ETF option, Shenzhen 100ETF option, SSE 50 Index option, STAR 50ETF option, and E Fund STAR 50ETF option, and compares them with the previous trading day [7]. - **Implied and Historical Volatility**: The report presents the 2026 February at - the - money implied volatility and 30 - trading - day historical volatility of various options, such as the 50ETF option, SSE 300ETF option, SZSE 300ETF option, CSI 300 Index option, CSI 1000 Index option, SSE 500ETF option, SZSE 500ETF option, ChiNext ETF option, Shenzhen 100ETF option, SSE 50 Index option, STAR 50ETF option, and E Fund STAR 50ETF option [8][9]. 3.2 Relevant Charts - **SSE 50ETF Option**: The report includes charts of the SSE 50ETF option, such as the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [10][11][12][13][14][15][16][17][18]. - **SSE 300ETF Option**: It contains charts of the SSE 300ETF option, including the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [19][20][21]. - **SZSE 300ETF Option**: The report provides charts of the SZSE 300ETF option, such as the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [22][23][25][27][29][31]. - **CSI 300 Index Option**: Charts of the CSI 300 Index option are presented, including the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [33][34][36][35]. - **CSI 1000 Index Option**: It includes charts of the CSI 1000 Index option, such as the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [37][38][40][42][44][46][48]. - **SSE 500ETF Option**: The report offers charts of the SSE 500ETF option, including the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [50][51][53][55][57][59][60]. - **SZSE 500ETF Option**: Charts of the SZSE 500ETF option are provided, such as the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [63][64][66][68][70][72][73]. - **ChiNext ETF Option**: The report contains charts of the ChiNext ETF option, including the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [76][77][79][81][83][84]. - **Shenzhen 100ETF Option**: It includes charts of the Shenzhen 100ETF option, such as the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [88][89][91][93][95][99]. - **SSE 50 Index Option**: The report provides charts of the SSE 50 Index option, including the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [101][102][104][106][108][112]. - **STAR 50ETF Option**: Charts of the STAR 50ETF option are presented, including the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [114][115][116][118][120][122]. - **E Fund STAR 50ETF Option**: The report offers charts of the E Fund STAR 50ETF option, including the trend chart, volatility chart, volume PCR chart, open interest PCR chart, implied volatility curve chart, and at - the - money implied volatility chart for different tenors [124][125].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Today, each stock index fluctuated and showed differentiation. The CSI 1000 and CSI 500 led the gains, while the SSE 50 and CSI 300 slightly declined. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 3.1181 trillion yuan, an increase of 401.7 billion yuan from the previous day [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 index. These two factors remain unchanged in the medium and long term, and the logic of the medium - and long - term upward movement of the stock index is relatively solid [4]. - In the short term, the policy support needs, the promotion of technological innovation, and the expectation of boosting consumption are relatively clear, which strongly support the stock index. Although the regulatory authorities have sent signals to control risks, the trading volume of the stock market remains at a relatively high level, indicating that market sentiment is still optimistic. In general, the stock index will mainly fluctuate and consolidate in the short term [4]. - Regarding options, since the medium - and long - term upward logic of the stock index is relatively solid, a bull spread strategy can be considered [4]. 3. Summary According to the Directory 3.1 Option Indicators - On January 23, 2026, the 50ETF fell 0.80% to close at 3.106; the 300ETF (SSE) fell 0.49% to close at 4.704; the 300ETF (SZSE) fell 0.57% to close at 4.898; the CSI 300 index fell 0.45% to close at 4702.50; the CSI 1000 index rose 1.94% to close at 8470.74; the 500ETF (SSE) rose 2.95% to close at 8.719; the 500ETF (SZSE) rose 2.94% to close at 3.466; the ChiNext ETF rose 0.66% to close at 3.337; the Shenzhen 100ETF fell 0.43% to close at 3.502; the SSE 50 index fell 0.69% to close at 3032.19; the STAR 50ETF rose 0.80% to close at 1.64; the E Fund STAR 50ETF rose 0.76% to close at 1.58 [6]. - The trading volume PCR and position PCR of various options on January 23, 2026, and their changes compared with the previous trading day are provided [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 presented [8][9]. 3.2 Relevant Charts 3.2.1 SSE 50ETF Options - 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 tenors [10][11][12]. 3.2.2 SSE 300ETF Options - 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 tenors [22][23]. 3.2.3 SZSE 300ETF Options - 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 tenors [25][26][27]. 3.2.4 CSI 300 Index Options - Charts contain 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 tenors [37][38][39]. 3.2.5 CSI 1000 Index Options - Charts include 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 tenors [40][41][42]. 3.2.6 SSE 500ETF Options - Charts cover the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [55][56][57]. 3.2.7 SZSE 500ETF Options - Charts involve the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [68][69][70]. 3.2.8 ChiNext ETF Options - Charts include the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [81][82][83]. 3.2.9 Shenzhen 100ETF Options - Charts cover the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [94][95][96]. 3.2.10 SSE 50 Index Options - Charts involve 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 tenors [107][108][109]. 3.2.11 STAR 50ETF Options - Charts include the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [120][121][122]. 3.2.12 E Fund STAR 50ETF Options - Charts cover the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and implied volatility of at - the - money options for different tenors [130][131][132].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Today, all stock indices reached high points and then declined, with the market oscillating throughout the day. The total market trading volume was 398.68 billion yuan, an increase of 28.8 billion yuan compared to the previous day. The regulators' policy intention to reduce leverage and control risks is clear. Coupled with the significant increase in the valuation of some stocks this year and the weak expectation of performance recovery, the market's risk appetite declined in the afternoon, leading to a high - level correction of the stock indices. However, considering the continuous expansion of trading volume, the market sentiment remains optimistic. The short - term correction will not change the strong trend of the stock indices, but the intraday volatility may intensify. With the continuous fermentation of positive policy expectations and the continuous net inflow of incremental funds into the stock market, the logic of the medium - to - long - term upward movement of the stock indices is relatively solid. It is expected that the stock indices will oscillate strongly in the short term. For options, a bull - spread strategy can be adopted due to the reliable medium - to - long - term upward logic of the stock indices [3] Summary by Relevant Catalogs 1 Option Indicators - On January 14, 2026, the 50ETF dropped 0.84% to close at 3.187; the 300ETF (Shanghai Stock Exchange) dropped 0.61% to close at 4.866; the 300ETF (Shenzhen Stock Exchange) dropped 0.54% to close at 4.945; the CSI 300 Index dropped 0.40% to close at 4741.93; the CSI 1000 Index rose 0.66% to close at 8257.17; the 500ETF (Shanghai Stock Exchange) rose 0.71% to close at 8.365; the 500ETF (Shenzhen Stock Exchange) rose 0.95% to close at 3.302; the ChiNext ETF rose 0.79% to close at 3.332; the Shenzhen 100ETF rose 0.11% to close at 3.516; the SSE 50 Index dropped 0.67% to close at 3112.07; the Science and Technology Innovation 50ETF rose 1.94% to close at 1.58; the E Fund Science and Technology Innovation 50ETF rose 2.07% to close at 1.53 [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 76.63 (previous day: 56.98), and the position PCR was 92.61 (previous day: 97.67) [7] - 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 the at - the - money option of the SSE 50ETF option in January 2026 was 15.73%, and the 30 - day historical volatility of the underlying asset was 11.84% [8] 2 Related Charts - **SSE 50ETF Option**: Charts include the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [10][12][14][16][18] - **SSE 300ETF Option**: Charts cover the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [21][23][28][32] - **SZSE 300ETF Option**: Charts involve the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [24][26][28][32] - **CSI 300 Index Option**: Charts include the CSI 300 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [36][38][41][47] - **CSI 1000 Index Option**: Charts cover the CSI 1000 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [39][45][41][47] - **SSE 500ETF Option**: Charts involve the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [52][58][54][60] - **SZSE 500ETF Option**: Charts include the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [65][71][67][73] - **ChiNext ETF Option**: Charts cover the ChiNext ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [78][88][80][84] - **Shenzhen 100ETF Option**: Charts involve the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [89][95][91][97] - **SSE 50 Index Option**: Charts include the SSE 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [102][108][104][110] - **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 at - the - money implied volatility of various tenors [115][124][117][121] - **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 at - the - money implied volatility of various tenors [125][131][127][137]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On January 13, 2026, the stock indices oscillated and declined, with CSI 1000 and CSI 500 leading the losses. The total market trading volume was 3698.7 billion yuan, an increase of 54.1 billion yuan from the previous day. The decline was due to the significant increase in the valuation of previously rising stocks and the increasing need for profit - taking by profitable funds. Since the beginning of 2026, the performance of large - and small - cap stocks has diverged, with small - cap stocks rising more, so CSI 1000 and CSI 500 led the decline in this correction. The continuous increase in trading volume indicates that market sentiment remains optimistic, and the short - term correction will not change the strong trend of the stock indices. With the continuous fermentation of positive policy expectations and the continuous net inflow of incremental funds, the medium - and long - term upward logic of the stock indices is relatively solid. It is expected that the stock indices will oscillate and strengthen in the short term. In the options market, the current position PCR and implied volatility have both increased, and a bull spread strategy can be considered [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On January 13, 2026, 50ETF fell 0.12% to 3.214; SSE 300ETF fell 0.35% to 4.896; SZSE 300ETF fell 0.40% to 4.972; CSI 300 Index fell 0.60% to 4761.03; CSI 1000 Index fell 1.84% to 8203.13; SSE 500ETF fell 1.31% to 8.306; SZSE 500ETF fell 1.77% to 3.271; GEM ETF fell 1.93% to 3.306; Shenzhen 100ETF fell 1.13% to 3.512; SSE 50 Index fell 0.34% to 3132.93; STAR 50ETF fell 2.82% to 1.55; E Fund STAR 50ETF fell 2.73% to 1.50 [5]. - **Volume PCR and Position PCR**: The volume PCR and position PCR of various options showed different changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 56.98 (previous day: 58.99), and the position PCR was 98.88 (previous day: 99.05) [6]. - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - day historical volatility of various options' at - the - money options were provided. For instance, the implied volatility of SSE 50ETF options' at - the - money options in January 2026 was 16.96%, and the 30 - day historical volatility of the underlying was 11.77% [7]. 3.2 Relevant Charts - **SSE 50ETF Options**: Included charts of SSE 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9]. - **SSE 300ETF Options**: Included charts of SSE 300ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20]. - **SZSE 300ETF Options**: Included charts of SZSE 300ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [23]. - **CSI 300 Index Options**: Included charts of CSI 300 index trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [35]. - **CSI 1000 Index Options**: Included charts of CSI 1000 index trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [42]. - **SSE 500ETF Options**: Included charts of SSE 500ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [55]. - **SZSE 500ETF Options**: Included charts of SZSE 500ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [68]. - **GEM ETF Options**: Included charts of GEM ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [81]. - **Shenzhen 100ETF Options**: Included charts of Shenzhen 100ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [92]. - **SSE 50 Index Options**: Included charts of SSE 50 index trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [105]. - **STAR 50ETF Options**: Included charts of STAR 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [118]. - **E Fund STAR 50ETF Options**: Included charts of E Fund STAR 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [128].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock indices continued to fluctuate and consolidate. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 282.62 billion yuan, a decrease of 5.53 billion yuan from the previous day. After a significant upward movement, the stock indices need time to consolidate technically. However, the trading volume in the stock market remains at a relatively high level, and the buying amount of margin trading funds also stays high, indicating that the market sentiment is still relatively optimistic. With the unchanged positive policy expectations and the trend of capital inflow, and the stock indices having broken through the upper limit of the previous consolidation range, the stock indices are likely to remain relatively strong in the future. In general, it is expected that the stock indices will fluctuate with a slight upward trend in the short term. For options, as the current position PCR and implied volatility have both increased, a bull spread strategy can be considered [4]. 3. Summary by Related Catalogs 3.1 Option Indicators - On January 8, 2026, the 50ETF fell 0.68% to close at 3.198; the 300ETF (Shanghai Stock Exchange) fell 0.78% to close at 4.863; the 300ETF (Shenzhen Stock Exchange) fell 0.66% to close at 4.944; the CSI 300 Index fell 0.82% to close at 4737.65; the CSI 1000 Index rose 0.82% to close at 7971.59; the 500ETF (Shanghai Stock Exchange) rose 0.31% to close at 8.024; the 500ETF (Shenzhen Stock Exchange) rose 0.29% to close at 3.166; the ChiNext ETF fell 0.72% to close at 3.287; the Shenzhen 100ETF fell 1.13% to close at 3.502; the SSE 50 Index fell 0.73% to close at 3122.06; the STAR 50ETF rose 0.72% to close at 1.53; and the E Fund STAR 50ETF rose 0.82% to close at 1.48 [6]. - The trading volume PCR and position PCR of various options on January 8, 2026, and their changes compared with the previous trading day are provided in detail in the report [7]. - The implied volatility of at - the - money options in January 2026 and the 30 - day historical volatility of the underlying assets for various options are also presented in the report [8][9]. 3.2 Related Charts - The report includes various charts related to different types of options, such as the trend charts, volatility charts, trading volume PCR charts, position PCR charts, implied volatility curve charts, and charts of at - the - money implied volatility for different tenors of options including the 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 index options, CSI 1000 index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [10][21][34] etc.

1. Report Industry Investment Rating - No relevant content found 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 28,815 billion yuan, an increase of 493 billion yuan from the previous day. Policy - positive expectations and the net inflow of funds are the main drivers for the upward movement of stock indices. The policies of the Central Economic Work Conference are gradually being implemented, and policy - positive expectations continue to ferment. The purchase amount of margin trading funds soared from about 220 billion yuan before the holiday to about 300 billion yuan, indicating high enthusiasm of leveraged funds to enter the market. The stock indices have broken through the upper limit of the previous oscillation range. Due to the unchanged main logics of policy - positive expectations and net fund inflow, the stock indices are likely to remain strong in the future. In general, it is expected that the stock indices will fluctuate strongly in the short term. For options, since the current position PCR and implied volatility have both rebounded, a bull - spread strategy can be considered [3] 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On January 7, 2026, the 50ETF fell 0.46% to 3.220; the 300ETF (Shanghai Stock Exchange) fell 0.37% to 4.901; the 300ETF (Shenzhen Stock Exchange) fell 0.38% to 4.977; the CSI 300 Index fell 0.29% to 4776.67; the CSI 1000 Index rose 0.53% to 7906.42; the 500ETF (Shanghai Stock Exchange) rose 0.48% to 7.999; the 500ETF (Shenzhen Stock Exchange) rose 0.51% to 3.157; the GEM ETF rose 0.24% to 3.311; the Shenzhen 100ETF fell 0.31% to 3.542; the SSE 50 Index fell 0.43% to 3145.12; the STAR 50ETF rose 1.00% to 1.52; the E Fund STAR 50ETF rose 0.96% to 1.47 [5] - The trading volume PCR and position PCR of various options showed different changes compared with the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 72.92 (previous trading day: 58.87), and the position PCR was 101.23 (previous trading day: 108.76) [6] - The implied volatility of at - the - money options in January 2026 and the 30 - trading - day historical volatility of the underlying assets were also presented. For instance, the implied volatility of at - the - money SSE 50ETF options in January 2026 was 15.59%, and the 30 - trading - day historical volatility of the underlying asset was 11.38% [7] 3.2 Relevant Charts - The report includes various charts for different types of options, such as the SSE 50ETF option, SSE 300ETF option, etc. These charts show the trends of the underlying assets, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different tenors [9][20][33]