1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The implied volatility of stock index options is declining, and stock index options are approaching maturity [2] 3. Summary by Related Catalogs 3.1 Option Market Data Statistics - **Underlying Market Statistics**: The closing prices of the Shanghai Composite 50 Index, CSI 300 Index, and CSI 1000 Index all declined. Trading volumes for most indexes and ETFs had significant changes. For example, the Shanghai Composite 50 Index had a trading volume of 54.04 billion shares, a change of 5.84 billion shares [3]. - **Option Market Statistics**: Trading volumes and open interests of various options also changed. For instance, the trading volume of Shanghai Composite 50 Index options was 55,319, with an increase of 7,001, and the open interest was 76,915, with an increase of 319 [3]. 3.2 Option Volatility Statistics - **Near - Month Options**: The implied volatility (ATM - IV) of most options changed. For example, the ATM - IV of Shanghai Composite 50 Index options was 13.95%, with an increase of 0.08%. The historical volatility (HV) of some options decreased, like the HV of Shanghai Composite 50 ETF options decreased by 3.15% to 7.96% [6]. - **Next - Month Options**: Similar to near - month options, the ATM - IV and HV of next - month options also had different changes. For example, the ATM - IV of Shanghai Composite 50 Index next - month options was 14.49%, with a decrease of 0.59% [6]. 3.3 Option Index Data Statistics - Not provided in the report 3.4 Option Charts - **Shanghai Composite 50 Index Options**: There are charts showing the PCR, skew, volatility cone, and volatility term structure of Shanghai Composite 50 Index options, which can help analyze the market sentiment and volatility characteristics of these options [10][12] - **CSI 300 Index Options**: Similar to Shanghai Composite 50 Index options, there are corresponding charts for CSI 300 Index options to analyze their market conditions [14][16] - **CSI 1000 Index Options**: The report provides charts for CSI 1000 Index options to assist in market analysis [18][21] - **ETF Options**: There are also various charts for different ETF options, such as Shanghai Composite 50 ETF options, Huatai - Peregrine 300 ETF options, etc., to analyze their market performance [24][26]

Report Date - The report was dated November 18, 2025 [1] Core Viewpoint - With the downward increase in volatility, investors can consider buying put options for protection [2] Market Data Statistics Underlying Market Statistics - The closing prices of the Shanghai Stock Exchange 50 Index, CSI 300 Index, and CSI 1000 Index were 3003.02, 4568.19, and 7448.10 respectively, showing declines of -9.05, -29.86, and -74.98. Their trading volumes were 43.59 billion, 177.71 billion, and 277.48 billion shares, with changes of -4.65 billion, -11.24 billion, and 16.32 billion shares [3] - The closing prices of various ETFs such as the Shanghai Stock Exchange 50 ETF, Huatai-PineBridge CSI 300 ETF, and Southern CSI 500 ETF also showed different degrees of decline or increase, along with corresponding trading volume changes [3] Options Market Statistics - The trading volumes and positions of various stock index options and ETF options showed different trends. For example, the trading volume of Shanghai Stock Exchange 50 Index Options decreased by 4854 to 45443, while the trading volume of CSI 1000 Index Options increased by 45561 to 323505 [3] - The VL - PCR and OI - PCR of different options also varied. For instance, the VL - PCR of Shanghai Stock Exchange 50 Index Options was 55.82%, and the OI - PCR was 68.64% [3] Options Volatility Statistics - The ATM - IV of various options showed an upward trend in most cases. For example, the ATM - IV of Shanghai Stock Exchange 50 Index Options (near - month) increased by 1.13% to 14.70%, and the ATM - IV of CSI 1000 Index Options (near - month) increased by 2.39% to 19.07% [6] - The changes in HV and Skew of different options were also different. For example, the 20 - day HV of Shanghai Stock Exchange 50 Index Options decreased by 11.14%, and the Skew increased by 0.65% [6] Option Charts - The report includes various charts for different options, such as the full - contract PCR chart, the main - contract skewness chart, the volatility cone chart, and the volatility term structure chart of Shanghai Stock Exchange 50 Index Options, CSI 300 Index Options, etc. These charts help analyze the market trends and characteristics of different options [10][14][18]

Report Summary 1. Core View - The implied volatility of stock index options showed a positive correlation with the underlying asset price movement during intraday trading, indicating positive market sentiment [1]. 2. Market Data Statistics 2.1 Underlying Market Statistics | Underlying Asset | Closing Price | Change | Trading Volume (Billion Hands) | Volume Change (Billion Hands) | Current Month Synthetic Futures | Current Month Basis | Next Month Synthetic Futures | Next Month Basis | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 Index | 3053.86 | 15.51 | 49.08 | 1.41 | 3054.60 | 0.74 | 3054.27 | 0.41 | | CSI 300 Index | 4695.05 | 16.26 | 236.03 | 23.53 | 4688.60 | -6.45 | 4675.67 | -19.38 | | CSI 1000 Index | 7563.25 | 21.38 | 274.36 | 6.47 | 7511.93 | -51.32 | 7431.27 | -131.99 | | SSE 50 ETF | 3.201 | 0.015 | 4.41 | -0.04 | 3.204 | 0.003 | 3.206 | 0.005 | | Huatai-PineBridge CSI 300 ETF | 4.807 | 0.012 | 4.48 | -0.91 | 4.802 | -0.005 | 4.797 | -0.010 | | Southern CSI 500 ETF | 7.448 | 0.008 | 1.12 | 0.09 | 7.410 | -0.038 | 7.354 | -0.094 | | Huaxia Science and Technology Innovation 50 ETF | 1.478 | -0.009 | 22.92 | 2.19 | 1.479 | 0.001 | 1.470 | -0.008 | | E Fund Science and Technology Innovation 50 ETF | 1.432 | -0.010 | 5.61 | 0.85 | 1.431 | -0.001 | 1.421 | -0.011 | | Harvest CSI 300 ETF | 4.960 | 0.019 | 1.13 | -0.44 | 4.954 | -0.006 | 4.949 | -0.011 | | Harvest CSI 500 ETF | 2.973 | 0.005 | 0.68 | 0.07 | 2.960 | -0.013 | 2.938 | -0.035 | | ChiNext ETF | 3.158 | -0.027 | 11.75 | 2.04 | 3.156 | -0.002 | 3.141 | -0.017 | | Shenzhen 100 ETF | 3.575 | 0.008 | 0.60 | 0.21 | 3.568 | -0.007 | 3.564 | -0.011 | [1] 2.2 Option Market Statistics | Option | Trading Volume | Volume Change | Open Interest | Interest Change | VL-PCR | OI-PCR | C Max Open Interest (Near Month) | P Max Open Interest (Near Month) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 Index Option | 33963 | 9494 | 73329 | 403 | 59.08% | 74.46% | 3100 | 3000 | | CSI 300 Index Option | 109112 | 14975 | 205781 | 5180 | 68.30% | 87.09% | 4700 | 4700 | | CSI 1000 Index Option | 233883 | 2526 | 315748 | 2834 | 83.44% | 109.73% | 7500 | 7000 | | SSE 50 ETF Option | 741629 | 148266 | 1475197 | 11712 | 97.23% | 95.15% | 3.3 | 3.1 | | Huatai-PineBridge CSI 300 ETF Option | 900632 | 121115 | 1401327 | 25030 | 110.04% | 110.73% | 4.9 | 4.7 | | Southern CSI 500 ETF Option | 1301688 | 67218 | 1392667 | 31083 | 104.69% | 124.26% | 7.75 | 7.25 | | Huaxia Science and Technology Innovation 50 ETF Option | 1138276 | 188968 | 2341453 | 59764 | 91.20% | 89.41% | 1.55 | 1.4 | | E Fund Science and Technology Innovation 50 ETF Option | 251466 | 71244 | 621625 | 17479 | 91.39% | 85.61% | 1.5 | 1.35 | | Harvest CSI 300 ETF Option | 165255 | 63434 | 292892 | 29476 | 150.06% | 83.99% | 5.25 | 4.8 | | Harvest CSI 500 ETF Option | 235895 | 54540 | 430123 | 50900 | 135.97% | 78.46% | 3.1 | 2.75 | | ChiNext ETF Option | 1798245 | 231110 | 1924643 | 183049 | 103.74% | 110.30% | 3.3 | 3 | | Shenzhen 100 ETF Option | 79853 | 16533 | 131984 | 16081 | 280.25% | 123.69% | 3.7 | 3.4 | [1] 2.3 Option Volatility Statistics | Option | Near Month ATM-IV | IV Change | Same-Term HV | HV Change | Skew | Skew Change | VIX | VIX Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 Index Option | 12.63% | -0.20% | 10.54% | -0.02% | -3.84% | -0.91% | 17.70 | 0.723 | | CSI 300 Index Option | 13.57% | -0.11% | 14.76% | -0.07% | -3.34% | 3.55% | 19.12 | 0.807 | | CSI 1000 Index Option | 17.76% | -0.32% | 13.81% | -0.07% | -8.99% | 4.30% | 23.49 | 0.782 | | SSE 50 ETF Option | 12.82% | 0.19% | 10.44% | -0.12% | 0.61% | 3.81% | 17.14 | 0.914 | | Huatai-PineBridge CSI 300 ETF Option | 14.50% | 0.13% | 14.66% | -0.03% | -2.40% | -1.23% | 18.53 | 0.868 | | Southern CSI 500 ETF Option | 18.73% | -0.21% | 19.21% | 0.00% | -1.71% | 3.20% | 23.23 | 0.663 | | Huaxia Science and Technology Innovation 50 ETF Option | 31.34% | -0.88% | 33.65% | 0.12% | 4.57% | 1.55% | 37.15 | 0.777 | | E Fund Science and Technology Innovation 50 ETF Option | 31.69% | -0.39% | 34.05% | 0.13% | 7.37% | 4.94% | 36.13 | 1.226 | | Harvest CSI 300 ETF Option | 14.61% | -0.19% | 14.87% | 0.03% | -3.61% | 3.82% | 19.26 | 1.047 | | Harvest CSI 500 ETF Option | 19.09% | -0.20% | 18.92% | 0.00% | -2.60% | 3.33% | 23.23 | 0.943 | | ChiNext ETF Option | 28.48% | -0.52% | 30.45% | 0.48% | 1.28% | 3.72% | 33.12 | 0.333 | | Shenzhen 100 ETF Option | 19.95% | -0.46% | 21.10% | 0.00% | 1.23% | 5.06% | 24.48 | 0.760 | [4] 3. Charts - The report includes various charts for different index and ETF options, such as volatility trend charts, PCR charts, skew trend charts, volatility cone charts, and volatility term structure charts for SSE 50 Index Option, CSI 300 Index Option, CSI 1000 Index Option, SSE 50 ETF Option, Huatai-PineBridge CSI 300 ETF Option, Southern CSI 500 ETF Option, Huaxia Science and Technology Innovation 50 ETF Option, E Fund Science and Technology Innovation 50 ETF Option, Harvest CSI 300 ETF Option, Harvest CSI 500 ETF Option, ChiNext ETF Option, and Shenzhen 100 ETF Option [8][12][20]

Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core View Stock index options' implied volatility is stable, and investors can consider selling strangles [2]. 3. Summary Based on Relevant Contents Market Data Statistics - **Underlying Market**: The closing prices of major indexes and ETFs mostly declined. For example, the Shanghai Composite 50 Index closed at 3050.42, down 19.11 points; the CSI 300 Index closed at 4691.97, down 24.05 points [3]. - **Option Market**: The trading volume of most options decreased, while the open interest increased. For instance, the trading volume of SSE 50 Index Options was 33,391, down 6,263; the open interest was 64,084, up 1,381 [3]. - **Option Volatility**: The ATM - IV of most options showed different degrees of change. For example, the ATM - IV of SSE 50 Index Options (near - month) was 15.14%, down 0.33% [6]. Option - Specific Analysis - **SSE 50 Index Options**: Multiple charts are provided, including the volatility chart, PCR chart, and volatility cone chart, to show the option's volatility, contract ratio, and volatility range over different periods [10][11]. - **CSI 300 Index Options**: Similar to SSE 50 Index Options, multiple charts are used to analyze its volatility, contract ratio, and other features [14][16]. - **CSI 1000 Index Options**: The report presents charts to analyze its volatility, PCR, and volatility term structure [19][20][21]. - **ETF Options**: Options such as SSE 50 ETF Options, Huatai - Berry 300 ETF Options, and others are analyzed through various charts, including volatility, PCR, and volatility cone charts [23][24][30].

Report Summary 1. Core View - The stock index options are experiencing a downward wave increase, indicating a rise in bearish sentiment [1] 2. Market Data Summary 2.1 Underlying Market Statistics - The closing prices of the Shanghai Composite 50 Index, CSI 300 Index, and CSI 1000 Index were 2961.10, 4539.06, and 7373.15 respectively, all showing declines. The trading volumes were 86.18 billion, 372.95 billion, and 304.41 billion hands respectively, with changes of 16.02 billion, 57.94 billion, and 16.01 billion hands [2] - For ETFs, the closing prices of Shanghai Composite 50 ETF, Huatai-PineBridge 300 ETF, and others also mostly declined, with varying trading volumes and changes [2] 2.2 Option Market Statistics - The trading volumes and open interests of various index options and ETF options showed different degrees of change. For example, the trading volume of Shanghai Composite 50 Index Option was 68,793, an increase of 4,243, and the open interest was 77,492, an increase of 248 [2] - The VL-PCR and OI-PCR of different options also varied, reflecting different market sentiment. For instance, the VL-PCR of Shanghai Composite 50 Index Option was 68.12%, and the OI-PCR was 72.11% [2] 2.3 Option Volatility Statistics - The ATM-IV, IV changes, same - term HV, and HV changes of different options were presented. For example, the near - month ATM - IV of Shanghai Composite 50 Index Option was 17.32%, with an IV change of 1.69%, and the same - term HV was 11.68%, with an HV change of - 8.47% [5] 3. Figures and Charts - There are multiple figures and charts for different index options and ETF options, including the full - contract PCR chart, the main - contract skewness chart, the volatility cone chart, and the volatility term structure chart, which visually display the market conditions of each option [9][14][18]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On October 13, 2025, the implied volatility of stock index options opened high and trended lower, with a rise in bearish sentiment. It is advisable to consider buying put options for protection [1] 3. Summary by Related Catalogs 3.1 Option Market Data Statistics - **Underlying Market Statistics**: The closing prices of the Shanghai Composite 50 Index, CSI 300 Index, and CSI 1000 Index decreased by 7.65, 22.86, and 14.06 respectively. The trading volumes of the Shanghai Composite 50 ETF, Huatai-PineBridge 300 ETF, and Southern 500 ETF were 5.38 billion, 9.66 billion, and 3.87 billion hands respectively [2] - **Option Market Statistics**: The trading volume and open interest of most options increased. For example, the trading volume of Shanghai Composite 50 Index options increased by 7,823 to 64,550, and the open interest increased by 775 to 77,244 [2] 3.2 Option Volatility Statistics - **Near - Month Options**: The ATM - IV of most options increased. For instance, the ATM - IV of Shanghai Composite 50 Index options increased by 0.38% to 15.63%, and the ATM - IV of CSI 1000 Index options increased by 1.87% to 21.65% [5] - **Next - Month Options**: The ATM - IV of most options also increased. For example, the ATM - IV of Shanghai Composite 50 Index options increased by 0.53% to 17.69%, and the ATM - IV of CSI 300 Index options increased by 1.28% to 19.04% [5] 3.3 Option Indicator Data Statistics - **PCR and Skew**: The VL - PCR and OI - PCR of most options showed different degrees of change, and the skew also changed. For example, the VL - PCR of Shanghai Composite 50 Index options was 70.39%, and the skew of near - month options decreased by 2.84% to - 0.20% [2][5] 3.4 Option Charts - **Volatility Charts**: For various options such as Shanghai Composite 50 Index options, CSI 300 Index options, and Shanghai Composite 50ETF options, there are charts showing the volatility trends of the main contracts, including ATM - IV and 20HV [9][11][13] - **PCR and Skew Charts**: There are also charts showing the PCR and skew trends of the main contracts and all contracts of various options [9][14][17] - **Volatility Cone and Term Structure Charts**: There are charts presenting the volatility cone and term structure of various options [9][15][18]

Report Date - The report is dated September 23, 2025 [1] Core View - Near - month implied volatility of stock index options declined, and ETF options are approaching maturity [2] Market Data Summary Underlying Market Statistics - The closing prices of the Shanghai Stock Exchange 50 Index, CSI 300 Index, and CSI 1000 Index were 2919.51, 4519.78, and 7408.07 respectively, with declines of 2.66, 2.83, and 81.41. Their trading volumes were 62.90 billion, 252.83 billion, and 313.26 billion hands, with increases of 15.92 billion, 56.37 billion, and 42.90 billion hands [3]. - Among ETFs, the closing prices of Shanghai Stock Exchange 50 ETF, Huatai - Ber瑞 300 ETF, and Southern 500 ETF were 3.054, 4.622, and 7.277 respectively. Their trading volumes were 11.09 billion, 10.55 billion, and 2.63 billion hands, with increases of 4.75 billion, 4.26 billion, and 0.27 billion hands [3]. Options Market Statistics - For stock index options, the trading volumes of Shanghai Stock Exchange 50 Index Options, CSI 300 Index Options, and CSI 1000 Index Options were 42,909, 144,639, and 356,629 respectively, with increases of 11,816, 59,101, and 158,745. Their open interests were 65,341, 160,079, and 256,191 respectively, with increases of 3,328, 8,935, and 20,421 [3]. - For ETF options, the trading volumes of Shanghai Stock Exchange 50 ETF Options, Huatai - Ber瑞 300 ETF Options, and Southern 500 ETF Options were 1,454,290, 1,773,324, and 2,672,050 respectively, with increases of 343,922, 777,161, and 1,053,272. Their open interests were 1,832,560, 1,481,812, and 1,365,560 respectively, with changes of - 18,141, 12,508, and 26,037 [3]. Options Volatility Statistics - In the near - month period, the ATM - IV of Shanghai Stock Exchange 50 Index Options, CSI 300 Index Options, and CSI 1000 Index Options were 20.02%, 20.21%, and 28.14% respectively, with declines of 0.46%, 0.70%, and 0.88% [6]. - For ETF options, the ATM - IV of Shanghai Stock Exchange 50 ETF Options, Huatai - Ber瑞 300 ETF Options, and Southern 500 ETF Options were 17.31%, 16.98%, and 17.05% respectively, with declines of 1.25%, 0.63%, and 3.42% [6]. Chart Analysis - The report provides various charts for different options, including full - contract PCR charts, main - contract skew trend charts, volatility cone charts, and volatility term structure charts for Shanghai Stock Exchange 50 Index Options, CSI 300 Index Options, CSI 1000 Index Options, and multiple ETF options [10][14][18]

Report Industry Investment Rating - Not provided in the content Core Viewpoint - In the stock index options market, there is a trend of volatility decline. When the index is at a high level, investors can consider constructing put options for protection [1] Summary by Related Catalogs Option Market Data Statistics - **Underlying Market Statistics**: The closing prices of the Shanghai Composite 50 Index, CSI 300 Index, and other underlying assets showed different changes. For example, the Shanghai Composite 50 Index closed at 2968.54, down 14.54 points; the CSI 300 Index closed at 4522.00, down 26.04 points; the CSI 1000 Index closed at 7422.88, up 23.00 points. The trading volumes of these underlying assets also had corresponding changes [1] - **Option Market Statistics**: The trading volumes and open interests of various option products changed. For example, the trading volume of Shanghai Composite 50 Index options was 57,617, down 5,024; the open interest was 93,475, up 266. The VL - PCR and OI - PCR of different options also showed different values [1] Option Volatility Statistics - **Near - month Options**: The ATM - IV of various options decreased to different extents. For example, the ATM - IV of Shanghai Composite 50 Index options was 15.99%, down 0.77%; the ATM - IV of CSI 300 Index options was 16.14%, down 1.05%. The HV and Skew of different options also had corresponding changes [4] - **Next - month Options**: Similar to the near - month options, the ATM - IV of next - month options also showed a downward trend in most cases. For example, the ATM - IV of Shanghai Composite 50 Index options was 19.56%, down 1.01%; the ATM - IV of CSI 300 Index options was 20.65%, down 0.24% [4] Option Index Data Statistics - For each type of option (such as Shanghai Composite 50 Index options, CSI 300 Index options, etc.), there are corresponding full - contract PCR charts, main - contract skewness trend charts, volatility cone charts, and volatility term structure charts, which visually display the relevant data changes of these options [8][12][17]

Report Industry Investment Rating - The report suggests considering a bull call spread strategy for stock index options as there is an upward volatility trend and increasing bullish sentiment [1]. Core Viewpoints - The upward volatility in stock index options indicates a rise in bullish sentiment, and a bull call spread strategy can be considered [1]. Summary According to Related Catalogs 1. Option Market Data Statistics - **Underlying Market Statistics**: The closing prices of various indices and ETFs showed increases, with significant trading volume changes. For example, the Shanghai - Shenzhen 300 Index closed at 4548.03, up 102.67, and its trading volume was 253.26 billion hands, an increase of 49.67 billion hands [2]. - **Option Market Statistics**: Trading volumes of most options increased significantly, while open interest decreased in some cases. The VL - PCR and OI - PCR values varied among different options, reflecting different market sentiment. For instance, the trading volume of CSI 1000 index options was 429644, an increase of 128507, and its OI - PCR was 108.41% [2]. 2. Option Volatility Statistics - **Near - Month Volatility**: ATM - IV and IV changes were positive for most options, indicating an increase in implied volatility. For example, the ATM - IV of Huaxia Kechuang 50 ETF options was 43.60%, with an IV change of 7.74% [5]. - **Next - Month Volatility**: Similar to the near - month situation, most options showed an increase in ATM - IV, but the change magnitudes were relatively smaller [5]. 3. Option Indicator Data Statistics (Graphs) - **Index Option Graphs**: For each type of index option (e.g., SSE 50 index option, CSI 300 index option, etc.), there are graphs showing the full - contract PCR, main - contract skewness, volatility cone, and volatility term structure, which help analyze the market situation and sentiment [9][13][17]. - **ETF Option Graphs**: Similar to index options, ETF options (e.g., SSE 50ETF option, Huatai - Baorui 300ETF option) also have corresponding graphs for analysis [20][22].

Report Summary 1. Market Conditions - On July 29, 2025, in the stock index option market, the intraday implied volatility showed a positive correlation with the underlying assets and increased, and the implied volatility premium expanded [1]. 2. Market Data 2.1 Underlying Market Statistics - **Indices**: The closing prices of the Shanghai - Shenzhen 300 Index, the CSI 1000 Index, and the Shanghai Composite 50 Index were 4152.02, 6773.88, and 2808.59 respectively, with increases of 16.20, 43.91, and 5.82. Their trading volumes were 230.81 billion, 259.26 billion, and 47.05 billion shares, with changes of 8.05 billion, 6.52 billion, and - 2.69 billion shares [1]. - **ETFs**: The closing prices of the Huatai - Bairui 300 ETF, the Southern 500 ETF, and the ChinaAMC Science - Innovation 50 ETF were 4.235, 6.431, and 1.125 respectively, with increases of 0.021, 0.040, and 0.015. Their trading volumes were 8.06 billion, 2.13 billion, and 37.52 billion shares, with changes of 2.03 billion, 0.11 billion, and - 0.73 billion shares [1]. 2.2 Option Market Statistics - **Trading Volume and Open Interest**: The trading volumes of the Shanghai - Shenzhen 300 Index Option, the CSI 1000 Index Option, and the Shanghai Composite 50 Index Option were 71146, 181506, and 26240 respectively, with changes of - 5069, 476, and - 5095. Their open interests were 191714, 253286, and 70462 respectively, with changes of 3662, 7762, and 1265 [1]. - **PCR Indicators**: The VL - PCR of the Shanghai - Shenzhen 300 Index Option, the CSI 1000 Index Option, and the Shanghai Composite 50 Index Option were 58.24%, 81.44%, and 44.26% respectively, and the OI - PCR were 72.66%, 96.82%, and 55.62% respectively [1]. 2.3 Option Volatility Statistics - **ATM - IV and HV**: For the Shanghai - Shenzhen 300 Index Option, the near - month ATM - IV was 15.72% with a change of - 0.07%, and the same - term HV was 6.49% with a change of - 0.04%. For the CSI 1000 Index Option, the near - month ATM - IV was 19.03% with a change of - 0.36%, and the same - term HV was 8.53% with a change of 0.04% [4]. - **Skew and VIX**: The skew of the Shanghai - Shenzhen 300 Index Option was 9.81% with a change of - 2.44%, and the VIX was 19.76 with a change of 0.059. The skew of the CSI 1000 Index Option was 1.81% with a change of - 1.18%, and the VIX was 23.21 with a change of - 0.002 [4]. 3. Option - Specific Charts - For each type of option (such as the Shanghai Composite 50 Index Option, the Shanghai - Shenzhen 300 Index Option, etc.), there are charts showing the full - contract PCR, the main - contract volatility, the main - contract skew, the volatility cone, and the volatility term structure [8][12][15].