| 标 的 | 平值期权隐 | 排 名 | 标的30天历 | 排 名 | 标的当日 | 排 名 | | --- | --- | --- | --- | --- | --- | --- | | | 含波动率 | | 史波动率 | | 真实波幅 | | | zc511 | 10.1% | 1 | 0.0% | 66 | 0.0% | 66 | | ps2511 | 2.9% | 2 | 1.4% | 14 | 4.2% | 5 | | 科创板50etf10月 | 2.8% | 3 | 2.4% | 2 | 6.5% | 2 | | 科创50etf10月 | 2.8% | 4 | 2.4% | 1 | 6.7% | 1 | | lc2511 | 2.6% | 5 | 1.4% | 17 | 1.8% | 35 | | 创业板etf10月 | 2.2% | 6 | 2.2% | 3 | 5.3% | 3 | | fg511 | 2.2% | 7 | 1.9% | 5 | 2.5% | 13 | | ag2511 | 2.2% | 8 | 1.5% | 11 | 4.7% | 4 | | sn2511 | 2.0% | ...

国投期货 韩泽文 期货从业号: F03108100 投资咨询号: Z0021517 9 天 日期 标的物价格 标的涨跌幅 当月IV 次月IV 2025/9/29 3.109 1.04% 18.66% 17.92% 2025/9/30 3.126 0.55% 18.25% 17.67% 2025/10/9 3.161 1.12% 15.19% 16.05% 【50ETF】 近1年 当月IV分位数 70.60% 67.30% 46.90% 近2年 当月IV分位数 当月合约距离到期还剩 80.70% 77.90% 57.40% 近1年 次月IV分位数 57.30% 56.10% 48.90% 近2年 次月IV分位数 73.30% 71.30% 62.90% 2025年10月9日 金融期权波动率 0% 10% 20% 30% ATM IV(M1) ATM IV(M2) ATM IV(Q1) ATM IV(Q2) ATM IV期限结构 今日 昨日 0% 20% 40% 60% 80% 2.00 2.50 3.00 3.50 2022/9/30 2023/3/6 2023/8/1 2023/12/27 2024/5/31 ...

以下文章来源于发鹏期权说 ，作者发鹏期权说 发鹏期权说 . 基于自己多年专注于期权的理论与实践，记录、分享、讨论、总结不限于ETF期权的期权交易经验与期权策略方法，以求与读者共同提高投资交易能力。 文 | 发鹏期权说 来源 | 发鹏期权说 编辑 | 杨兰 审核 | 浦电路交易员 双节长假归来，贵金属成为跨节海外交易中的最"焦点"。A50指数海外交易的不温不火，并未影响A股权益指数节后首日的气氛。截止笔者 撰写本文的午休时刻，主要指数都是大阳线，科创50指数高位再度暴涨超过5%，最弱的上证50指数涨幅也超过1 %。 不过今天期权市场发生了一件对期权新玩家来说很奇怪的"怪事"。即指数大涨之下，指数看涨期权表现却很差。比如科创50指数暴涨超过 5%的情况下，竟然看不到翻倍的看涨期权。比如沪深300指数涨幅接近2%，虚值期权却大跌。 | 2 | 510300 | 沪深300ETF | 4.823 0.082 | | 1.73% 4.754 | | 4.836 | 4.750 | 5.674Z | 27.18亿 | 99.35万 | 128.07万 | 82.84% | | --- | --- | --- | --- ...

投资咨询业务资格：证监许可【2012】669号 股指期货：市场窄幅震荡，局部交易事件 股指期权：延续防御思路 国债期货：债市曲线⾛平 股指期货方面，市场窄幅震荡，局部交易事件。周四沪指窄幅震荡， 量能持平于2.4万亿元，节前缺少主线，资金围绕局部热点博弈。周二集 中对冲后，资金逐步减仓平空，基差收敛回周初，但长假临近，市场缺少 进攻动力。指数整体维持震荡，传媒、通信、有色金属领涨，均受事件推 动，一是9月游戏版号集中发布，二是云栖大会阿里追加AI基建扩建计 划，三是印尼铜矿发生泥石流事故，引发铜长期供应短期的担忧。节前情 绪平淡的环境下，难扩散成交易主线。长假前后，可坚守成长风格，半仓 配置IM多单，等待10月中下旬的加仓契机。 股指期权方面，延续防御思路。昨日权益市场震荡为主，沪指微跌0. 01%。期权方面，市场成交额整体小幅回落，科创50ETF期权单日成交额下 降28.01%，前期较为活跃的交易情绪有所放缓。各个品种的持仓量PCR整 体走弱，上方卖看涨期权同时压制期权加权隐含波动率平均走弱2.22%。 但考虑到期权短期对冲需求，叠加节前一周双买策略进场交易，因此暂不 主推双卖波动率策略。期权策略方面，如有 ...

1. Report Industry Investment Rating - No information provided in the given documents 2. Report's Core View - No clear core view is presented in the provided documents. The reports mainly focus on presenting data related to various ETFs and indices, including price, volatility, and skew index over a certain period. 3. Summary by Related Catalogs 3.1 General Data (13 - day data) - For 50ETF, from Sep 23 - 25, 2025, the price increased from 3.054 to 3.087, with the highest daily increase of 0.59% on Sep 24. The monthly IV decreased from 21.49% to 17.69% [1]. - For Shanghai 300ETF, from Sep 23 - 25, 2025, the price rose from 4.622 to 4.695, with the highest daily increase of 0.89% on Sep 24. The monthly IV fluctuated between 16.03% and 19.72% [3]. - For Shenzhen 300ETF, from Sep 23 - 25, 2025, the price increased from 4.762 to 4.844, with the highest daily increase of 1.01% on Sep 24. The monthly IV changed from 17.19% to 19.19% [7]. - For Shanghai CSI 500ETF, from Sep 23 - 25, 2025, the price went up from 7.277 to 7.441, with the highest daily increase of 2.25% on Sep 25. The monthly IV increased from 16.69% to 26.03% [14]. - For Shenzhen CSI 500ETF, from Sep 23 - 25, 2025, the price first rose from 2.906 to 2.972 and then slightly dropped to 2.970. The monthly IV increased from 16.57% to 26.58% [22]. - For ChiNext ETF, from Sep 23 - 25, 2025, the price increased from 3.093 to 3.211, with the highest daily increase of 2.17% on Sep 24. The monthly IV changed from 30.72% to 41.46% [26]. - For Shenzhen 100ETF, from Sep 23 - 25, 2025, the price rose from 3.494 to 3.595, with the highest daily increase of 1.75% on Sep 24. The monthly IV fluctuated between 25.27% and 29.03% [33]. - For Science and Technology Innovation 50ETF, from Sep 23 - 25, 2025, the price increased from 1.475 to 1.548, with the highest daily increase of 3.73% on Sep 24. The monthly IV increased from 41.63% to 50.25% [41]. - For STAR 50ETF, from Sep 23 - 25, 2025, the price rose from 1.442 to 1.513, with the highest daily increase of 3.68% on Sep 24. The monthly IV increased from 41.58% to 49.81% [48]. - For 300 Index, from Sep 23 - 25, 2025, the price increased from 4519.778 to 4593.488, with the highest daily increase of 1.02% on Sep 24. The monthly IV decreased from 20.20% to 18.16% [55]. - For 1000 Index, from Sep 23 - 25, 2025, the price first rose from 7408.069 to 7534.222 and then dropped to 7506.512. The monthly IV fluctuated between 27.42% and 28.25% [63]. - For Shanghai - Shenzhen 50 Index, from Sep 23 - 25, 2025, the price increased from 2919.515 to 2952.735, with the highest daily increase of 0.68% on Sep 24. The monthly IV decreased from 19.89% to 19.08% [68]. 3.2 IV Quantile Data - For 50ETF, the monthly IV quantile in the past 1 - year was between 63.60% and 84.80%, and in the past 2 - year was between 74.80% and 91.00% [1]. - For Shanghai 300ETF, the monthly IV quantile in the past 1 - year was between 47.30% and 77.90%, and in the past 2 - year was between 60.30% and 83.20% [3]. - For Shenzhen 300ETF, the monthly IV quantile in the past 1 - year was between 55.50% and 72.20%, and in the past 2 - year was between 70.90% and 84.00% [7]. - For Shanghai CSI 500ETF, the monthly IV quantile in the past 1 - year was between 21.60% and 80.80%, and in the past 2 - year was between 26.10% and 86.90% [14]. - For Shenzhen CSI 500ETF, the monthly IV quantile in the past 1 - year was between 22.40% and 80.00%, and in the past 2 - year was between 26.70% and 86.50% [22]. - For ChiNext ETF, the monthly IV quantile in the past 1 - year was between 61.60% and 91.70%, and in the past 2 - year was between 78.90% and 94.80% [26]. - For Shenzhen 100ETF, the monthly IV quantile in the past 1 - year was between 70.60% and 86.50%, and in the past 2 - year was between 83.20% and 92.40% [33]. - For Science and Technology Innovation 50ETF, the monthly IV quantile in the past 1 - year was between 73.80% and 87.30%, and in the past 2 - year was between 88.90% and 94.40% [41]. - For STAR 50ETF, the monthly IV quantile in the past 1 - year was between 78.30% and 88.70%, and in the past 2 - year was between 86.90% and 94.60% [48]. - For 300 Index, the monthly IV quantile in the past 1 - year was between 53.40% and 80.50%, and in the past 2 - year was between 62.40% and 83.00% [55]. - For 1000 Index, the monthly IV quantile in the past 1 - year was between 56.70% and 79.90%, and in the past 2 - year was between 70.60% and 79.10% [63]. - For Shanghai - Shenzhen 50 Index, the monthly IV quantile in the past 1 - year was between 65.30% and 90.20%, and in the past 2 - year was between 59.10% and 95.00% [68]. 3.3 Skew Index Data - For 50ETF, the skew index on Sep 25, 2025, was 82.18, decreasing from 83.73 the previous day [2]. - For Shanghai 300ETF, the skew index on Sep 25, 2025, was 98.87, increasing from 94.55 the previous day [5]. - For Shenzhen 300ETF, the skew index on Sep 25, 2025, was 96.50, increasing from 95.51 the previous day [12]. - For Shanghai CSI 500ETF, the skew index on Sep 25, 2025, was 100.56, decreasing from 103.35 the previous day [17]. - For Shenzhen CSI 500ETF, the skew index on Sep 25, 2025, was 98.83, decreasing from 99.08 the previous day [25]. - For ChiNext ETF, the skew index on Sep 25, 2025, was 99.99, increasing from 95.76 the previous day [30]. - For Shenzhen 100ETF, the skew index on Sep 25, 2025, was 98.60, increasing from 96.56 the previous day [37]. - For Science and Technology Innovation 50ETF, the skew index on Sep 25, 2025, was 98.68, increasing from 88.91 the previous day [44]. - For STAR 50ETF, the skew index on Sep 25, 2025, was 94.06, increasing from 91.22 the previous day [51]. - For 300 Index, no skew index data is provided. - For 1000 Index, no skew index data is provided. - For Shanghai - Shenzhen 50 Index, no skew index data is provided.

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 provided content 3. Summary by Related Catalogs 3.1 50ETF - From September 18 - 22, 2025, the price fluctuated, with a -1.30% drop on the 18th, -0.10% on the 19th, and a 0.30% increase on the 22nd; the current month IV ranged from 17.80% - 19.45%, and the next month IV from 18.87% - 20.13% [1] - The current month IV quantiles in the past 1 - 2 years were 65.30% - 76.70%, and the next month IV quantiles were 66.20% - 86.00% [1] 3.2 Shanghai 300ETF - From September 18 - 22, 2025, the price rose gradually, with a -1.27% drop on the 18th, a 0.22% increase on the 19th, and a 0.33% increase on the 22nd; the current month IV ranged from 17.76% - 18.21%, and the next month IV from 19.55% - 20.47% [3] - The current month IV quantiles in the past 1 - 2 years were 62.40% - 74.80%, and the next month IV quantiles were 66.60% - 84.50% [3] 3.3 Shenzhen 300ETF - From September 18 - 22, 2025, the price increased steadily, with a -1.42% drop on the 18th, a 0.32% increase on the 19th, and a 0.36% increase on the 22nd; the current month IV ranged from 18.46% - 19.73%, and the next month IV from 20.50% - 21.64% [9] - The current month IV quantiles in the past 1 - 2 years were 63.20% - 82.60%, and the next month IV quantiles were 70.30% - 86.80% [9] 3.4 Shanghai CSI 500ETF - From September 18 - 22, 2025, the price had minor fluctuations, with a 0.14% increase on the 18th, a -1.30% drop on the 19th, and a 0.36% increase on the 22nd; the current month IV ranged from 22.20% - 24.13%, and the next month IV from 25.49% - 25.82% [13] - The current month IV quantiles in the past 1 - 2 years were 59.10% - 80.10%, and the next month IV quantiles were 76.70% - 87.50% [13] 3.5 Shenzhen CSI 500ETF - From September 18 - 22, 2025, the price increased slightly, with a -1.05% drop on the 18th, a -0.34% drop on the 19th, and a 0.69% increase on the 22nd; the current month IV ranged from 20.78% - 24.98%, and the next month IV from 25.90% - 48.50% [19] - The current month IV quantiles in the past 1 - 2 years were 65.70% - 86.20%, and the next month IV quantiles were 76.70% - 87.30% [19] 3.6 ChiNext ETF - From September 18 - 22, 2025, the price increased slightly, with a -1.67% drop on the 18th, a -0.16% drop on the 19th, and a 0.65% increase on the 22nd; the current month IV ranged from 34.48% - 38.92%, and the next month IV from 42.19% - 43.81% [23] - The current month IV quantiles in the past 1 - 2 years were 74.20% - 92.80%, and the next month IV quantiles were 90.70% - 96.40% [23] 3.7 Shenzhen 100ETF - From September 18 - 22, 2025, the price increased steadily, with a -1.00% drop on the 18th, a 0.38% increase on the 19th, and a 0.55% increase on the 22nd; the current month IV ranged from 23.77% - 25.70%, and the next month IV from 27.03% - 27.77% [32] - The current month IV quantiles in the past 1 - 2 years were 64.40% - 85.00%, and the next month IV quantiles were 77.60% - 90.60% [32] 3.8 Science and Technology Innovation 50ETF - From September 18 - 22, 2025, the price increased significantly, with a 0.69% increase on the 18th, a -1.31% drop on the 19th, and a 3.35% increase on the 22nd; the current month IV ranged from 45.63% - 50.03%, and the next month IV from 50.07% - 54.41% [39] - The current month IV quantiles in the past 1 - 2 years were 81.60% - 94.20%, and the next month IV quantiles were 87.70% - 96.60% [39] 3.9 STAR 50ETF - From September 18 - 22, 2025, the price increased significantly, with a 0.64% increase on the 18th, a -1.20% drop on the 19th, and a 3.51% increase on the 22nd; the current month IV ranged from 38.30% - 49.22%, and the next month IV from 48.55% - 52.77% [46] - The current month IV quantiles in the past 1 - 2 years were 83.60% - 95.50%, and the next month IV quantiles were 70.60% - 93.60% [46] 3.10 CSI 300 Index - From September 18 - 22, 2025, the price increased steadily, with a -1.16% drop on the 18th, a 0.08% increase on the 19th, and a 0.46% increase on the 22nd; the current month IV ranged from 17.81% - 21.19%, and the next month IV from 20.05% - 21.24% [52] - The current month IV quantiles in the past 1 - 2 years were 61.60% - 86.90%, and the next month IV quantiles were 64.40% - 85.00% [52] 3.11 CSI 1000 Index - From September 18 - 22, 2025, the price increased slightly, with a -1.04% drop on the 18th, a -0.51% drop on the 19th, and a 0.69% increase on the 22nd; the current month IV ranged from 19.76% - 28.60%, and the next month IV from 25.77% - 27.61% [60] - The current month IV quantiles in the past 1 - 2 years were 26.50% - 80.50%, and the next month IV quantiles were 56.70% - 85.00% [60] 3.12 SSE 50 Index - From September 18 - 22, 2025, the price increased slightly, with a -1.35% drop on the 18th, a -0.11% drop on the 19th, and a 0.43% increase on the 22nd; the current month IV ranged from 20.16% - 20.74%, and the next month IV from 57.39% - 80.72% [65] - The current month IV quantiles in the past 1 - 2 years were 74.20% - 99.50%, and the next month IV quantiles were 74.60% - 99.10% [65]

Report Information - Report Name: Pioneer Futures Options Daily Report - Date: September 19, 2025 [1] Option Underlying Volatility Ranking - The table shows the rankings of options underlying based on implied volatility, 30 - day historical volatility, and daily true volatility. For example, ps2511 ranks 1st in implied volatility with 2.8%, 3rd in 30 - day historical volatility with 2.7%, and 2nd in daily true volatility with 4.1% [3]. - Different types of volatility have different implications. Implied volatility reflects market expectations of future fluctuations, historical volatility shows past actual fluctuations, and daily true volatility reflects intraday fluctuations [5]. Directory Summary 1. Shanghai Stock Exchange Options 1.1 Shanghai 50ETF - **Basic Information**: The trading volume of the main options is 716,056 lots, the open interest is 1,102,732 lots, the volume ratio of call to put options is 1.48, and the weighted average implied volatility is 20.23% [18][20]. - **Volatility Trading**: Suggest selling options with curves or points above and buying those below, both for different months and the same month [22]. - **Risk - free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 27.0% at the settlement price and 3.21% at the counter - price [27][29]. 1.2 Huatai - Baoying CSI 300ETF - **Basic Information**: The trading volume of the main options is 825,706 lots, the open interest is 820,000 lots, the volume ratio of call to put options is 1.07, and the weighted average implied volatility is 18.79% [30][32]. - **Volatility Trading**: Similar to the Shanghai 50ETF, sell options with curves or points above and buy those below [34]. - **Risk - free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 38.2% at the settlement price and 9.20% at the counter - price [38][39]. 1.3 Southern CSI 500ETF - **Basic Information**: The trading volume of the main options is 1,397,764 lots, the open interest is 804,791 lots, the volume ratio of call to put options is 1.16, and the weighted average implied volatility is 24.57% [40][42]. - **Volatility Trading**: Follow the rule of selling options with curves or points above and buying those below [46]. - **Risk - free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 66.2% at the settlement price and 7.81% at the counter - price [49][51]. 1.4 Huaxia Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The trading volume of the main options is 1,352,162 lots, the open interest is 1,423,629 lots, the volume ratio of call to put options is 1.39, and the weighted average implied volatility is 45.76% [52][54]. - **Volatility Trading**: Adopt the strategy of selling options with curves or points above and buying those below [57]. - **Risk - free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 50.4% at the settlement price and 18.4% at the counter - price [61][62]. 1.5 E Fund Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The trading volume of the main options is 265,534 lots, the open interest is 407,239 lots, the volume ratio of call to put options is 1.62, and the weighted average implied volatility is 47.01% [63][65]. - **Volatility Trading**: Sell options with curves or points above and buy those below [67]. - **Risk - free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 82.0% at the settlement price and 19.7% at the counter - price [71][73]. 2. Shenzhen Stock Exchange Options 2.1 Harvest CSI 300ETF - **Basic Information**: The trading volume of the main options is 186,149 lots, the open interest is 221,074 lots, the volume ratio of call to put options is 1.39, and the weighted average implied volatility is 21.04% [74][77]. - **Volatility Trading**: Sell options with curves or points above and buy those below [79]. - **Risk - free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 26.2% at the settlement price and 3.92% at the counter - price [83][85]. 2.2 E Fund ChiNext ETF - **Basic Information**: The document provides detailed option prices at different strike prices, but specific overall trading volume, open interest, etc. are not further summarized here [86]. - **Volatility Trading**: There is no additional information provided in the given text. - **Risk - free Arbitrage**: There is no relevant information provided in the given text.

Report Information - Report Name: Pioneer Futures Options Daily Report - Date: September 17, 2025 1. Option Underlying Volatility Ranking - The report provides a ranking of option underlying volatility, including the implied volatility of at-the-money options, 30-day historical volatility, and the true range of the underlying on the day [3][4]. - The top-ranked underlying in terms of implied volatility of at-the-money options are the September contracts of Science and Technology Innovation Board 50 ETF and the September contract of Science and Technology Innovation 50 ETF, with values of 3.5% and 3.4% respectively [3]. - The top-ranked underlying in terms of 30-day historical volatility are also the September contracts of Science and Technology Innovation Board 50 ETF and the September contract of Science and Technology Innovation 50 ETF, with values of 3.4% and 3.3% respectively [3]. - The top-ranked underlying in terms of the true range of the underlying on the day are the September contract of Science and Technology Innovation 50 ETF and the September contract of Science and Technology Innovation 50 ETF, with values of 3.1% and 3.0% respectively [3]. 2. Exchange Options Analysis 2.1 Shanghai Stock Exchange Options 2.1.1 Shanghai 50ETF - **Basic Information**: The trading volume of the main options of Shanghai 50ETF on the day was 605,762 lots, the open interest was 1,273,240 lots, the volume ratio of call options to put options was 1.66, and the weighted average implied volatility was 23.84% [20]. - **Volatility Trading**: The report provides implied volatility curves for different strike prices and deltas of Shanghai 50ETF call options, and suggests selling options with higher implied volatility and buying options with lower implied volatility [23]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 18.8% when traded at the settlement price and 3.26% when traded at the counterparty price [27][29]. 2.1.2 Huatai-PineBridge CSI 300ETF - **Basic Information**: The trading volume of the main options of Huatai-PineBridge CSI 300ETF on the day was 771,046 lots, the open interest was 943,234 lots, the volume ratio of call options to put options was 1.57, and the weighted average implied volatility was 22.76% [32]. - **Volatility Trading**: Similar to Shanghai 50ETF, the report provides implied volatility curves and trading suggestions [37]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 9.34% when traded at the settlement price and 3.92% when traded at the counterparty price [39][41]. 2.1.3 Southern CSI 500ETF - **Basic Information**: The trading volume of the main options of Southern CSI 500ETF on the day was 1,513,052 lots, the open interest was 904,760 lots, the volume ratio of call options to put options was 1.37, and the weighted average implied volatility was 26.98% [44]. - **Volatility Trading**: The report provides implied volatility curves and trading suggestions [48]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 50.9% when traded at the settlement price and 12.5% when traded at the counterparty price [51][53]. 2.1.4 ChinaAMC Shanghai Science and Technology Innovation Board 50ETF - **Basic Information**: The trading volume of the main options of ChinaAMC Shanghai Science and Technology Innovation Board 50ETF on the day was 1,178,321 lots, the open interest was 1,635,232 lots, the volume ratio of call options to put options was 1.83, and the weighted average implied volatility was 55.29% [56]. - **Volatility Trading**: The report provides implied volatility curves and trading suggestions [59]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 25.6% when traded at the settlement price and 5.62% when traded at the counterparty price [63][64]. 2.1.5 E Fund Shanghai Science and Technology Innovation Board 50ETF - **Basic Information**: The trading volume of the main options of E Fund Shanghai Science and Technology Innovation Board 50ETF on the day was 268,348 lots, the open interest was 452,951 lots, the volume ratio of call options to put options was 1.93, and the weighted average implied volatility was 53.79% [67]. - **Volatility Trading**: The report provides implied volatility curves and trading suggestions [70]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 41.0% when traded at the settlement price and 12.3% when traded at the counterparty price [74][76]. 2.2 Shenzhen Stock Exchange Options 2.2.1 Harvest CSI 300ETF - **Basic Information**: The trading volume of the main options of Harvest CSI 300ETF on the day was 132,683 lots, the open interest was 226,327 lots, the volume ratio of call options to put options was 1.52, and the weighted average implied volatility was 24.19% [80]. - **Volatility Trading**: The report provides implied volatility curves and trading suggestions [82].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints No explicit core viewpoints are presented in the given content. The data mainly focuses on the price, volatility, and related indicators of various financial products such as ETFs and indices. 3. Summary by Product 50ETF - **Price and Volatility**: From September 9 - 11, 2025, the price increased from 3.059 to 3.122, with a maximum daily increase of 1.63%. The current month IV ranged from 15.16% - 16.24%, and the next month IV from 17.60% - 18.58% [1]. - **IV Quantiles**: The current month IV quantiles in the past 1 - 2 years were 48.90% - 67.40%, and the next month IV quantiles were 58.60% - 80.50% [1]. Shanghai 300ETF - **Price and Volatility**: From September 9 - 11, 2025, the price increased from 4.528 to 4.660, with a maximum daily increase of 2.69%. The current month IV ranged from 14.58% - 17.98%, and the next month IV from 18.37% - 20.32% [4]. - **IV Quantiles**: The current month IV quantiles in the past 1 - 2 years were 31.80% - 73.80%, and the next month IV quantiles were 59.90% - 84.70% [4]. Shenzhen 300ETF - **Price and Volatility**: From September 9 - 11, 2025, the price increased from 4.671 to 4.800, with a maximum daily increase of 2.56%. The current month IV ranged from 15.27% - 18.07%, and the next month IV from 18.76% - 20.31% [8]. - **IV Quantiles**: The current month IV quantiles in the past 1 - 2 years were 39.50% - 76.20%, and the next month IV quantiles were 60.50% - 84.00% [8]. Shanghai CSI 500ETF - **Price and Volatility**: From September 9 - 11, 2025, the price increased from 7.006 to 7.224, with a maximum daily increase of 3.11%. The current month IV ranged from 19.27% - 21.34%, and the next month IV from 22.92% - 24.33% [16]. - **IV Quantiles**: The current month IV quantiles in the past 1 - 2 years were 38.70% - 67.20%, and the next month IV quantiles were 59.90% - 81.60% [16]. Shenzhen CSI 500ETF - **Price and Volatility**: From September 9 - 11, 2025, the price increased from 2.800 to 2.891, with a maximum daily increase of 3.14%. The current month IV ranged from 19.63% - 21.80%, and the next month IV from 23.46% - 24.69% [22]. - **IV Quantiles**: The current month IV quantiles in the past 1 - 2 years were 42.00% - 70.30%, and the next month IV quantiles were 61.60% - 81.30% [22]. ChiNext ETF - **Price and Volatility**: From September 9 - 11, 2025, the price increased from 2.845 to 3.025, with a maximum daily increase of 5.22%. The current month IV on September 9 - 10 was 32.85% - 33.59%, and the next month IV was 35.81% - 35.99% [26]. - **IV Quantiles**: The current month IV quantiles in the past 1 - 2 years were 72.60% - 86.00%, and the next month IV quantiles were 82.20% - 91.10% [26]. Shenzhen 100ETF - **Price and Volatility**: From September 9 - 11, 2025, the price increased from 3.314 to 3.451, with a maximum daily increase of 3.82%. The current month IV ranged from 20.52% - 25.02%, and the next month IV from 24.00% - 26.67% [36]. - **IV Quantiles**: The current month IV quantiles in the past 1 - 2 years were 55.90% - 83.40%, and the next month IV quantiles were 66.20% - 88.30% [36]. Science and Technology Innovation 50ETF - **Price and Volatility**: From September 9 - 11, 2025, the price increased from 1.307 to 1.393, with a maximum daily increase of 5.45%. The current month IV ranged from 35.02% - 43.96%, and the next month IV from 39.70% - 45.48% [44]. - **IV Quantiles**: The current month IV quantiles in the past 1 - 2 years were 65.30% - 93.20%, and the next month IV quantiles were 77.60% - 90.30% [44]. Science and Technology Innovation Board 50ETF - **Price and Volatility**: From September 9 - 11, 2025, the price increased from 1.277 to 1.361, with a maximum daily increase of 5.50%. The current month IV ranged from 38.59% - 48.40%, and the next month IV from 40.15% - 47.41% [51]. - **IV Quantiles**: The current month IV quantiles in the past 1 - 2 years were 75.10% - 93.60%, and the next month IV quantiles were 73.40% - 91.30% [51]. 300 Index - **Price and Volatility**: From September 9 - 11, 2025, the price increased from 4436.258 to 4548.035. The current month IV ranged from 13.77% - 16.79%, and the next month IV from 18.80% - 20.23% [59]. - **IV Quantiles**: The current month IV quantiles in the past 1 - 2 years were 29.30% - 67.00%, and the next month IV quantiles were 59.10% - 80.30% [59]. 1000 Index - **Price and Volatility**: From September 9 - 11, 2025, the price increased from 7226.028 to 7399.885. The current month IV ranged from 20.56% - 22.39%, and the next month IV from 24.87% - 25.65% [61]. - **IV Quantiles**: The current month IV quantiles in the past 1 - 2 years were 31.00% - 50.50%, and the next month IV quantiles were 55.10% - 72.10% [61]. Shanghai Composite 50 Index - **Price and Volatility**: From September 9 - 11, 2025, the price increased from 2928.632 to 2983.083. The current month IV ranged from 14.52% - 16.95%, and the next month IV from 65.29% - 71.83% [75]. - **IV Quantiles**: The current month IV quantiles in the past 1 - 2 years were 30.60% - 66.60%, and the next month IV quantiles were 97.10% - 99.70% [75].

Core Insights - The article emphasizes the fundamental differences between options and futures trading, highlighting that options provide rights without obligations, while futures impose contractual obligations on both parties [1] Group 1: Key Differences Between Options and Futures - Futures trading is characterized by a "contractual obligation" where both parties must fulfill the agreement at a predetermined future date [1] - Options trading revolves around the "buying and selling of rights," where the buyer pays a premium for the right to buy or sell an asset at a specific price, with the option to exercise or abandon that right [1] Group 2: Key Strategies for Options Trading - Selecting the right contract is crucial, considering market expectations, time value, and volatility; contracts near the money typically have better liquidity and larger price fluctuations [2] - Position control is vital due to the high leverage in options trading; investors should avoid allocating excessive funds to a single option contract to mitigate potential losses [3] - Monitoring volatility is essential as it significantly impacts option prices; rising volatility generally increases option prices, while falling volatility tends to decrease them [5] - Utilizing combination strategies can help manage risk and enhance returns by constructing various trading strategies like bull spreads, bear spreads, straddles, and strangles [5] - Awareness of time value decay is important; as expiration approaches, the time value of options diminishes, necessitating timely exits to avoid excessive losses [5][6] - Implementing timely stop-loss and take-profit measures is critical for risk management; stopping losses promptly can prevent further declines, while taking profits can secure gains [5] Group 3: Importance of Expiration Dates - Time value is a unique concept in options, representing the portion of the premium exceeding intrinsic value, which diminishes as expiration nears [6] - For option buyers, time is an adversary; if the underlying asset's price does not move favorably, the premium will decrease due to time decay, leading to losses [7] - Conversely, for option sellers, time is an ally; as long as the asset price does not breach the strike price, sellers can benefit from time decay by retaining the premium [7][8]