期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 金融期权 | 日报 2026 年 1 月 8 日 金融期权 专业研究·创造价值 股指延续震荡盘整 核心观点 今日各股指均延续震荡盘整。沪深京三市成交额 28262 亿元，较上日缩 量 553 亿元。股指大幅上行之后，技术面上需要一定时间震荡整固。不过目 前股市成交金额仍然处于较高水平，融资资金买入额保持较高水平，说明目 前市场情绪仍相对乐观。政策面利好预期以及资金净流入趋势这两个主线 逻辑不变，由于股指已经突破前期的震荡区间上沿，后续股指大概率保持相 对强势。总的来说，预计短期内股指震荡偏强运行。 期权方面，目前持仓量 PCR 与隐含波动率均有所回升，可以牛市价差 的思路对待。 （仅供参考，不构成任何投资建议） 姓名：龙奥明 电话：0571-87006873 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 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态度， 独立、客观地出具本报告。本 报告清晰准确地反 ...

期货研究报告 今日各股指均震荡盘整。沪深京三市成交额 28815 亿元，较上日放量 493 亿元。政策面利好预期以及资金净流入趋势构成驱动股指上行的主要逻 辑。政策面，中央经济工作会议的政策逐渐进入落实阶段，政策利好预期持 续发酵。资金面，融资资金买入金额由假期前的 2200 亿元左右飙升至 3000 亿元左右，反应出杠杆资金的入市热情较高。股指已经突破前期震荡区间上 沿，由于政策面利好预期以及资金净流入趋势这两个主线逻辑不变，后续股 指大概率保持强势。总的来说，预计短期内股指震荡偏强运行。 投资咨询业务资格：证监许可【2011】1778 号 金融期权 | 日报 2026 年 1 月 7 日 金融期权 专业研究·创造价值 股市成交金额维持高位，股指震荡盘整 核心观点 期权方面，目前持仓量 PCR 与隐含波动率均有所回升，可以牛市价差 的思路对待。 （仅供参考，不构成任何投资建议） 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态度， 独立、客观地出具本报告。本 报告清晰准确地反映了本人的 研究观点。本人 ...

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Report's Core View No clear core view is presented in the given content. The report mainly provides data on various financial products such as ETFs and indices, including their prices, price changes, implied volatility (IV), and related quantile data. 3. Summary by Related Catalogs 3.1 50ETF - From December 10 - 12, 2025, the 50ETF price fluctuated, with a -0.32% decline on the 10th, -0.38% on the 11th, and a 0.45% increase on the 12th. The corresponding monthly IVs were 11.09%, 11.63%, and 11.04%, and the next - month IVs were 12.60%, 12.91%, and 12.44% [1]. - The skew index on December 12, 2025, was 94.15 [2]. 3.2 Shanghai 300ETF - Between December 10 - 12, 2025, the Shanghai 300ETF price changed, with a -0.13% decline on the 10th, -0.72% on the 11th, and a 0.56% increase on the 12th. The monthly IVs were 13.09%, 13.86%, and 12.70%, and the next - month IVs were 14.34%, 14.86%, and 14.32% [3]. - The skew index on December 12, 2025, was 101.55 [5]. 3.3 Shenzhen 300ETF - From December 10 - 12, 2025, the Shenzhen 300ETF price fluctuated, with a -0.17% decline on the 10th, -0.73% on the 11th, and a 0.55% increase on the 12th. The monthly IVs were 13.05%, 13.86%, and 13.14%, and the next - month IVs were 14.43%, 15.06%, and 14.27% [6]. 3.4 Shanghai CSI 500ETF - Between December 10 - 12, 2025, the Shanghai CSI 500ETF price changed, with a -0.21% decline on the 10th, -0.32% on the 11th, and a 0.30% increase on the 12th. The monthly IVs were 15.85%, 16.52%, and 15.67%, and the next - month IVs were 17.17%, 17.35%, and 16.95% [13]. - The skew index on December 12, 2025, was 104.79 [17]. 3.5 Shenzhen CSI 500ETF - From December 10 - 12, 2025, the Shenzhen CSI 500ETF price fluctuated, with a 0.56% increase on the 10th, -0.77% on the 11th, and a 1.20% increase on the 12th. The monthly IVs were 15.83%, 16.97%, and 15.48%, and the next - month IVs were 16.91%, 17.73%, and 12.60% [21]. - The skew index on December 12, 2025, was 111.18 [28]. 3.6 ChiNext ETF - Between December 10 - 12, 2025, the ChiNext ETF price changed, with a 0.13% increase on the 10th, -1.44% on the 11th, and a 0.89% increase on the 12th. The monthly IVs were 25.03%, 26.11%, and 23.78%, and the next - month IVs were 25.94%, 26.52%, and 26.13% [29]. - The skew index on December 12, 2025, was 112.31 [34]. 3.7 Shenzhen 100ETF - From December 10 - 12, 2025, the Shenzhen 100ETF price fluctuated, with a 0.23% increase on the 10th, -1.32% on the 11th, and a 0.58% increase on the 12th. The monthly IVs were 17.67%, 24.69%, and 18.19%, and the next - month IVs were 18.36%, 19.11%, and 18.79% [39]. - The skew index on December 12, 2025, was 106.03 [42]. 3.8 Science and Technology Innovation 50ETF - Between December 10 - 12, 2025, the Science and Technology Innovation 50ETF price changed, with a 0.07% increase on the 10th, -1.63% on the 11th, and a 1.87% increase on the 12th. The monthly IVs were 24.98%, 25.66%, and 24.11%, and the next - month IVs were 26.81%, 27.19%, and 26.69% [48]. - The skew index on December 12, 2025, was 103.82 [50]. 3.9 STAR 50ETF - From December 10 - 12, 2025, the STAR 50ETF price fluctuated, with a 0.00% change on the 10th, -1.53% on the 11th, and a 1.63% increase on the 12th. The monthly IVs were 25.16%, 26.48%, and 23.94%, and the next - month IVs were 27.10%, 27.43%, and 26.66% [54]. - The skew index on December 12, 2025, was 103.96 [60]. 3.10 300 Index - Between December 10 - 12, 2025, the 300 Index price changed, with a -0.14% decline on the 10th, -0.86% on the 11th, and a 0.63% increase on the 12th. The monthly IVs were 12.82%, 13.38%, and 11.78%, and the next - month IVs were 14.64%, 15.36%, and 14.46% [66]. - The skew index on December 12, 2025, was 100.59 [70]. 3.11 1000 Index - From December 10 - 12, 2025, the 1000 Index price fluctuated, with a 0.37% increase on the 10th, -1.30% on the 11th, and a 0.81% increase on the 12th. The monthly IVs were 16.04%, 17.06%, and 14.68%, and the next - month IVs were 17.36%, 18.03%, and 17.18% [71]. - The skew index on December 12, 2025, was 120.40 [76]. 3.12 SSE 50 Index - Between December 10 - 12, 2025, the SSE 50 Index price changed, with a -0.31% decline on the 10th, -0.39% on the 11th, and a 0.59% increase on the 12th. The monthly IVs were 11.52%, 12.19%, and 10.54%, and the next - month IVs were 53.96%, 53.93%, and 56.08% [78]. - The skew index on December 12, 2025, was 102.99 [84].

1. Report's Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Short - term stock index is mainly oscillating strongly. With the continuous fermentation of policy - favorable expectations in December, the trading volume of the stock market has increased, the margin trading volume and margin balance have rebounded, and the risk appetite of the stock market has recovered. The policy - favorable expectations will gradually become the main - line logic of the market, but short - term disturbances to the stock index caused by the transmission of the risk appetite of external AI assets and the changes in the trading sentiment of domestic funds should still be noted [3]. - For options, considering the medium - to - long - term upward trend of the stock index, a bull spread or ratio spread with a mild bullish view can be adopted [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On December 5, 2025, 50ETF rose 0.93% to 3.145; 300ETF (SSE) rose 0.88% to 4.698; 300ETF (SZSE) rose 0.87% to 4.844; CSI 300 Index rose 0.84% to 4584.54; CSI 1000 Index rose 1.29% to 7342.49; 500ETF (SSE) rose 1.28% to 7.216; 500ETF (SZSE) rose 1.30% to 2.882; GEM ETF rose 1.25% to 3.089; Shenzhen 100ETF rose 0.97% to 3.432; SSE 50 Index rose 0.93% to 3002.01; STAR 50ETF remained unchanged at 1.39; E Fund STAR 50ETF rose 0.15% to 1.35 [5]. - **Volume PCR and Open Interest PCR**: The volume PCR and open interest PCR of various options on December 5, 2025, showed different changes compared with the previous trading day, reflecting the changes in market trading sentiment and position structure [6]. - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - day historical volatility of the at - the - money options of various options in December 2025 are provided, which can help analyze the volatility expectations and historical volatility levels of the underlying assets [7][8]. 3.2 Relevant Charts - **SSE 50ETF Options**: Include the trend chart of SSE 50ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [9][10][11]. - **SSE 300ETF Options**: Include the trend chart of SSE 300ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [20][21][22]. - **SZSE 300ETF Options**: Include the trend chart of SZSE 300ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [33][34][35]. - **CSI 300 Index Options**: Include the trend chart of CSI 300 Index, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [37][38][39]. - **CSI 1000 Index Options**: Include the trend chart of CSI 1000 Index, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [50][51][52]. - **SSE 500ETF Options**: Include the trend chart of SSE 500ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [64][65][66]. - **SZSE 500ETF Options**: Include the trend chart of SZSE 500ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [77][78][79]. - **GEM ETF Options**: Include the trend chart of GEM ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [90][91][92]. - **Shenzhen 100ETF Options**: Include the trend chart of Shenzhen 100ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [103][104][105]. - **SSE 50 Index Options**: Include the trend chart of SSE 50 Index, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [116][117][118]. - **STAR 50ETF Options**: Include the trend chart of STAR 50ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [130][131][132]. - **E Fund STAR 50ETF Options**: Include the trend chart of E Fund STAR 50ETF, the volatility chart, the volume PCR chart, the open interest PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility of each term [140][141][142].

Report Industry Investment Rating No relevant content provided. Core View of the Report The report, taking CSI 1000 index options as an example, analyzes the suitability of option spread strategies in a market scenario where the market is expected to rise in the medium to long - term and fluctuate within a range in the short - term. It introduces various option spread strategies, including vertical spread, ratio spread, horizontal spread, diagonal spread, and butterfly spread, and studies their application scenarios through historical data backtesting [3][52]. Summary by Directory 1. Option Portfolio Strategy Construction Ideas - **Non - linear Profit and Loss Structure of Options**: Options have a non - linear profit and loss structure, which provides diverse strategy choices for investors. When constructing option portfolio strategies, multi - dimensional factors such as option position PCR, implied volatility, and the direction of the underlying index should be comprehensively considered [8]. - **Option Position PCR**: As of November 28, the position PCR of CSI 1000 index options was 97.48%, at the 84.9% quantile level since 2023. The decline in position PCR since mid - November indicates a weakening of market sentiment, and the market sentiment remains unclear as the position PCR has not risen above 100% [9]. - **Implied Volatility**: As of November 28, the at - the - money implied volatility of CSI 1000 index options was 17.32%, at the 33.7% quantile level since 2023. Since the implied volatility is at a low level, there is limited room for further decline. When constructing option portfolio strategies, investors should consider holding a positive vega risk exposure [11]. - **Index Fundamental Analysis**: Policy stability of macro - demand, policy support for technological innovation, and continuous inflow of funds into the stock market form the core logic for the medium - to - long - term upward movement of the index. However, due to the risk of the AI asset investment bubble overseas and the increase in the willingness of funds to take short - term profits, the index may fluctuate within a range in the short - term [15]. 2. Introduction to Option Spread Strategies - **Vertical Spread**: It can be divided into bull spread and bear spread. Bull spread is suitable for a moderately bullish market, and bear spread is suitable for a moderately bearish market. This strategy can reduce the cost of premiums and control potential large losses [26][27]. - **Ratio Spread**: It is an asymmetric spread strategy, including bullish ratio spread and bearish ratio spread. It is suitable for investors with specific expectations for market direction or volatility, with the core logic of using option premium income and time - value decay characteristics to pursue profits while controlling risks [30]. - **Horizontal Spread**: Also known as calendar spread, it takes advantage of the asymmetry of time - value decay. It is suitable for a market environment of "price consolidation + rising volatility" and is a time - arbitrage tool in a neutral market [35]. - **Diagonal Spread**: It combines the characteristics of vertical spread and horizontal spread, aiming to profit from the difference in time - value decay and price fluctuations. It can be constructed using call or put options and is suitable for investors with a clear directional judgment on the market but who also want to control risks [37]. - **Butterfly Spread**: A three - leg combination suitable for a range - bound market. It allows investors to lock in a price range and profit when the price of the underlying asset fluctuates within a narrow range, with strictly limited risks [39]. 3. Empirical Comparison of Option Spread Strategies - For the CSI 1000 index in the range of 7000 - 7600, different spread strategies can be selected to control the risk exposure of "bottom - fishing". Through backtesting, the overall performance ranking of strategies is ratio spread > butterfly spread > bull put spread > bull call spread > horizontal spread > diagonal spread, with the diagonal spread being the only losing strategy [45][47]. - The returns of vertical spread strategies are mainly affected by delta, while those of horizontal spread strategies are mainly affected by vega and theta. During the index's rebound, vertical spread strategies perform well, while during the index's decline, horizontal spread strategies may stop losses and repair, and the butterfly spread strategy maintains a relatively stable growth [50][51]. 4. Summary The report concludes that option spread strategies are suitable for a market scenario where the market is expected to rise in the medium to long - term and fluctuate within a range in the short - term. Different strategies have different profit and loss characteristics and application scenarios. For different Delta, theta, and vega scenarios, the optimal spread strategies also vary [52].

Core Points - The Shanghai Stock Exchange announced the expiration and exercise dates for five ETF options, which will expire on November 26, 2025 [1] - Investors are advised to closely monitor the trading and exercise of these options and prepare accordingly [1] Group 1: Options Details - The five ETF options include: 50ETF options (510050), 300ETF options (510300), 500ETF options (510500), Sci-Tech 50ETF options (588000), and Sci-Tech Board 50ETF options (588080) [1] - The last trading day, exercise day, and expiration day for these options are all set for November 26, 2025 [1] Group 2: Exercise Procedures - On the exercise day, holders of call options must prepare sufficient funds, while holders of put options must have the underlying assets ready [2] - The underlying assets transferred from margin accounts to securities accounts cannot be used for the same day's option exercise settlement [2] - The underlying assets obtained through exercising call options can be sold starting from the next trading day after the exercise settlement [2]

1. Report Information - Report Title: Pioneer Futures Options Daily Report - Report Date: November 21, 2025 [1] 2. Industry Investment Rating - Not provided in the report 3. Core Viewpoints - The report provides a comprehensive analysis of various options, including their implied volatility, historical volatility, and real - time volatility. It also offers trading suggestions for volatility trading and presents potential returns from risk - free arbitrage for different options [3][6][25] 4. Summary by Directory 4.1 Shanghai Stock Exchange Options 4.1.1 SSE 50 ETF - **Basic Information**: The trading volume of the main SSE 50 ETF options was 908,595 lots, the open interest was 701,421 lots, the trading volume ratio of call options to put options was 1.1, and the weighted average implied volatility was 18.16% [22] - **Volatility Trading**: Suggestions include selling options in months with higher implied volatility curves and buying those in lower - curve months; selling options with higher points on the curve and buying those with lower points in the same month [25] - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity was 46.1% at the settlement price and 12.2% at the counter - price [28][30] 4.1.2 Huatai - Berry SSE 300 ETF - **Basic Information**: The trading volume of the main 300ETF options was 1,203,063 lots, the open interest was 620,275 lots, the trading volume ratio of call options to put options was 0.97, and the weighted average implied volatility was 21.04% [33] - **Volatility Trading**: Similar trading suggestions as for SSE 50 ETF [37] - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity was 27.1% at the settlement price and 6.71% at the counter - price [40][41] 4.1.3 Southern CSI 500 ETF - **Basic Information**: The trading volume of the main 500ETF options was 1,702,591 lots, the open interest was 637,658 lots, the trading volume ratio of call options to put options was 0.83, and the weighted average implied volatility was 22.91% [44] - **Volatility Trading**: Similar trading suggestions as above [45] - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity was 43.5% at the settlement price and 8.53% at the counter - price [49][51] 4.1.4 Huaxia SSE STAR Market 50 ETF - **Basic Information**: The trading volume of the main STAR Market 50 ETF options was 1,306,790 lots, the open interest was 1,082,160 lots, the trading volume ratio of call options to put options was 1.09, and the weighted average implied volatility was 35.43% [53] - **Volatility Trading**: Similar trading suggestions as before [58] - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity was 70.3% at the settlement price and 4.82% at the counter - price [60][61] 4.1.5 E Fund SSE STAR Market 50 ETF - **Basic Information**: The trading volume of the main STAR Market 50 ETF options was 259,342 lots, the open interest was 279,151 lots, the trading volume ratio of call options to put options was 1.23, and the weighted average implied volatility was 36.91% [64] - **Volatility Trading**: Similar trading suggestions as other ETFs [67] - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity was 39.3% at the settlement price and 7.89% at the counter - price [71][73] 4.2 Shenzhen Stock Exchange Options 4.2.1 Harvest SSE 300 ETF - **Basic Information**: The trading volume of the main Shenzhen 300ETF options was 232,702 lots, the open interest was 169,070 lots, the trading volume ratio of call options to put options was 0.94, and the weighted average implied volatility was 25.18% [76] - **Volatility Trading**: Similar trading suggestions as other ETFs [81] - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity was 93.5% at the settlement price and 17.4% at the counter - price [84][86] 4.2.2 E Fund ChiNext ETF - **Basic Information**: The trading volume of the main ChiNext ETF options was 2,476,097 lots, the open interest was 1,141,324 lots, the trading volume ratio of call options to put options was 1.04, and the weighted average implied volatility was 34.8% [89] - **Volatility Trading**: Similar trading suggestions as other ETFs [93] - **Risk - Free Arbitrage**: Not fully presented in a clear form in the report 4.3 Options Volatility Ranking - The report ranks various options based on their at - the - money implied volatility, 30 - day historical volatility, and real - time volatility. For example, lc2601 ranked first in at - the - money implied volatility, 30 - day historical volatility, and real - time volatility [3]

Core Insights - The Shanghai Stock Exchange (SSE) held its annual International Investors Conference, focusing on the theme of "Value Leading, Open Empowerment" for the next five years [1] - SSE Chairman Qiu Yong outlined five key development areas for the SSE, emphasizing risk prevention, regulatory strength, and high-quality development [1] Market Performance - The total market capitalization of the stock market surpassed 60 trillion yuan, with a trading volume of 546 trillion yuan, representing growth of 40% and 96% respectively during the "14th Five-Year Plan" period [2] - The bond custody volume reached 19.1 trillion yuan, a 44% increase, making it the largest bond market among global exchanges [2] - The fund market's total market capitalization was 4.2 trillion yuan, with a trading volume of 133 trillion yuan, reflecting growth of 359% and 221% respectively [2] Quality Improvement Initiatives - During the "14th Five-Year Plan," SSE implemented reforms to enhance the quality of listed companies, with average annual revenue and net profit growth rates of 3.8% and 4.6% respectively [3] - The SSE has seen significant activity in mergers and acquisitions, with 1,061 asset restructuring disclosures and 114 major asset restructurings [3] - The total amount of dividends and buybacks exceeded 7.6 trillion yuan, accounting for over 70% of the total market dividends [3] International Capital Inflow - The A-share market has shown a stable upward trend, with international capital continuing to flow into the Chinese market, bolstered by improved investor confidence [4] - Global asset management firms expressed optimism about the long-term investment value of the Chinese market due to macroeconomic stability and policy optimization [5] Cross-Border Investment Opportunities - SSE has made progress in institutional openness, enhancing the Qualified Foreign Institutional Investor (QFII) system and improving transparency and predictability in the policy environment [5] - The SSE has deepened its mutual connectivity mechanisms, with significant trading volumes in cross-border products, including a cumulative transaction of 103 trillion yuan through the Shanghai-Hong Kong Stock Connect [5] - The SSE launched the China-Singapore Exchange's Asia 100 Index series during the conference, further promoting international collaboration [5] Future Development Directions - The "15th Five-Year Plan" emphasizes the need to steadily expand institutional openness, providing guidance for capital market cooperation [6] - SSE aims to create a more open and inclusive market ecosystem, offering diverse products and efficient services to global investors [6]

Core Insights - The Shanghai Stock Exchange (SSE) is hosting its seventh annual International Investor Conference on November 12, 2025, focusing on strategic signals for the next five years [1] - SSE Chairman Qiu Yong emphasized the importance of risk prevention, strong regulation, and promoting high-quality development as the main themes for the exchange's future [1] Group 1: Market Attractiveness - SSE's market scale has significantly expanded during the 14th Five-Year Plan period, with the STAR Market seeing substantial growth in both quantity and quality of listed companies [4][5] - The STAR Market has added 379 new companies, with 22 previously unprofitable firms achieving profitability post-listing, and a total market capitalization of approximately 10 trillion yuan [4] - The average annual compound growth rates for revenue and net profit of listed companies in the Shanghai market are 3.8% and 4.6%, respectively, indicating a solid foundation for high-quality economic development [5] Group 2: Strategic Focus Areas - SSE aims to enhance the issuance and listing processes, refinancing, and mergers and acquisitions to guide capital towards advanced technologies and future industries [6] - The exchange is committed to fostering a market ecosystem that encourages rational, value, and long-term investments, attracting more long-term capital [6] - SSE plans to improve corporate governance and information disclosure quality while promoting dividend repurchases [6] Group 3: International Capital Inflow - The A-share market has shown a stable upward trend, with international capital continuing to flow into China, bolstered by improved investor confidence [8] - Global asset management firms express optimism about the long-term investment value of the Chinese market, driven by macroeconomic stability and policy optimization [8] - SSE has made significant progress in cross-border investment mechanisms, with the Stock Connect program seeing a cumulative transaction volume of 103 trillion yuan, a 288% increase [8][9] Group 4: Product and Index Development - The SSE has developed over 3,500 new indices during the 14th Five-Year Plan, with the ETF product scale increasing from 0.9 trillion yuan to 4.1 trillion yuan, reflecting a 35% annual growth rate [7] - The exchange's cross-border index products have exceeded 320 billion yuan, enhancing its international influence [9] - The SSE has collaborated with the Singapore Exchange to launch the China Securities Index Singapore Exchange Asia 100 Index series, further promoting international cooperation [9]