投资咨询业务资格：证监许可【2011】1778 号 金融期权 | 日报 2025 年 8 月 26 日 金融期权 专业研究·创造价值 股指短线存在震荡整理需求 核心观点 今日各股指窄幅震荡整理。沪深京三市全天成交额 27098 亿元，较上 日缩量 4671 亿元。由于部分股票已经实现较大涨幅，获利资金止盈意愿有 所上升，因此股指存在技术性调整的需求，此前涨幅较大的板块表现出资金 轮动的特征。目前股市情绪仍然处于较为乐观的状态，政策面利好预期构成 较强支撑，资金面持续入市推动估值修复。反内卷政策与促消费政策分别从 供应、需求两端推动供需结构优化，促进价格指数温和回升，促进企业利润 修复，推动"消费复苏-企业营收改善-员工薪资提升-居民消费信心上升" 的正向循环，宏观预期回暖。由于市场利率趋势下行，流动性偏宽松，保险、 社保、两融、私募等增量资金持续流入股市，推动估值修复行情。总的来说， 短期内股市情绪仍较为积极乐观，股指震荡偏强运行。 目前期权隐含波动率持续回升，考虑到股指中长线向上，可以继续持 有牛市价差或比例价差温和看多。 （仅供参考，不构成任何投资建议） 作者声明：本人具有中国期货 业协会授予的期货从业资 ...

a 先锋期货期权日报 2025-8-25 风险揭示 本报告中的信息或所表述的意见并不构成对任何人的投资建议。本报告所载 的资料、工具、意见及推测只提供给客户作参考之用。过去的表现并不代表未来 的表现，未来的回报也无法保证，投资者可能会损失本金。 在任何情况下，我们不对任何人因使用本报告中的任何内容所引致的任何损 失负任何责任，投资者需自行承担风险。此报告中所指的投资及服务可能不适合 阁下，我们建议阁下如有任何疑问应咨询独立投资顾问。 | 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 | | | 科创50etf8月 | 5.0% | 1 | 2.3% | 7 | 5.3% | 2 | | 科创板50etf8月 | 4.9% | 2 | 2.4% | 6 | 5.4% | 1 | | ps2510 | 3.7% | 3 | 3.5% | 2 | 3.4% | 7 | | lc2510 | 3.4% | 4 | 4.0% | ...

先锋期货期权日报 2025-8-22 风险揭示 本报告中的信息或所表述的意见并不构成对任何人的投资建议。本报告所载 的资料、工具、意见及推测只提供给客户作参考之用。过去的表现并不代表未来 的表现，未来的回报也无法保证，投资者可能会损失本金。 在任何情况下，我们不对任何人因使用本报告中的任何内容所引致的任何损 失负任何责任，投资者需自行承担风险。此报告中所指的投资及服务可能不适合 阁下，我们建议阁下如有任何疑问应咨询独立投资顾问。 | 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 | | | 科创50etf8月 | 3.8% | 1 | 2.2% | 9 | 8.8% | 2 | | ps2510 | 3.5% | 2 | 3.9% | 2 | 2.7% | 8 | | lc2510 | 3.1% | 3 | 4.6% | 1 | 6.1% | 3 | | 科创板50etf8月 | 3.0% | 4 | 2.3% | 8 ...

Market Performance - The stock market experienced a significant upward trend on August 20, with the Shanghai Composite Index rising by 1.04%, the Shenzhen Component Index by 0.89%, the ChiNext Index by 0.23%, and the STAR Market 50 Index by 3.23% [1] - All four major indices closed in the green, with the Shanghai 50 Index increasing by 1.23%, the CSI 300 Index by 1.14%, the CSI 500 Index by 1.09%, and the CSI 1000 Index by 0.86% [1] Options Market Activity - The trading volume of various options increased overall, with specific figures showing that the 50ETF options had a trading volume of 1,709,339 contracts and a turnover of 612 million yuan [2] - The 300ETF options recorded a trading volume of 1,887,385 contracts with a turnover of 942 million yuan, while the 500ETF options had a trading volume of 2,431,663 contracts and a turnover of 2.282 billion yuan [2] - The ChiNext ETF options had a trading volume of 2,648,667 contracts and a turnover of 1.328 billion yuan, indicating robust market activity [2] Implied Volatility - The implied volatility for various options is currently elevated, with the 50ETF options at 0.1826 and the 300ETF options at 0.1902, reflecting a positive market sentiment [3] - The implied volatility for the ChiNext ETF options is at 0.3542, which is among the highest, indicating strong market expectations for future price movements [3] Market Outlook - The market sentiment is positive, with expectations for continued upward movement in the stock indices, suggesting that investors may consider buying on dips [4] - Investors holding stocks are advised to roll over out-of-the-money call options to enhance profits, while being cautious of potential risks as the main ETF options contracts are set to expire next Wednesday [4]

Group 1: General Information - The report is the Pioneer Futures Options Daily Report dated August 15, 2025 [1] - It provides data on the implied volatility of at - the - money options, 30 - day historical volatility, and the true daily range of various option targets, along with rankings [3][5] - The volatility data are daily - based and can be directly compared. Higher implied volatility implies a greater likelihood of significant market movements, and differences between historical and implied volatility can indicate option price trends [6] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - The report presents detailed data on option targets' volatility and trading information, offering reference for different types of traders such as trend traders, option sellers, and intraday traders based on the volatility characteristics [6] - It also provides basic information, volatility trading suggestions, and risk - free arbitrage analysis for options on various ETFs and commodities across different exchanges Group 4: Summary by Directory 1. Shanghai Stock Exchange Options 1.1 Shanghai 50ETF - Basic Information: Presents the T - type quotation table of Shanghai 50ETF options, including call and put option prices at different strike prices. The trading volume of the main - contract options is 1,163,646 lots, the open interest is 969,586 lots, the call - to - put volume ratio is 1.77, and the weighted average implied volatility is 17.15% [19][21] - Volatility Trading: Suggests selling options with higher - positioned curves (either across different months or within the same month) and buying those with lower - positioned curves based on the implied volatility curves [23] - Risk - Free Arbitrage: The optimal arbitrage portfolio held to maturity yields a minimum annualized return of 14.6% at the settlement price and 3.74% at the counter - party price [27][29] 1.2 Huatai - Berry Shanghai - Shenzhen 300ETF - Basic Information: Displays the T - type quotation table of 300ETF options. The trading volume of the main - contract options is 1,027,221 lots, the open interest is 732,654 lots, the call - to - put volume ratio is 1.64, and the weighted average implied volatility is 18.61% [30][33] - Volatility Trading: Similar to the Shanghai 50ETF, it recommends selling high - curve options and buying low - curve options according to the implied volatility curves [37] - Risk - Free Arbitrage: The optimal arbitrage portfolio held to maturity has a minimum annualized return of 11.8% at the settlement price and 2.65% at the counter - party price [40][42] 1.3 Southern China Securities 500ETF - Basic Information: Shows the T - type quotation table of 500ETF options. The trading volume of the main - contract options is 1,691,096 lots, the open interest is 778,728 lots, the call - to - put volume ratio is 1.43, and the weighted average implied volatility is 20.63% [43][45] - Volatility Trading: Advises selling high - curve options and buying low - curve options based on the implied volatility curves [49] - Risk - Free Arbitrage: The optimal arbitrage portfolio held to maturity offers a minimum annualized return of 15.5% at the settlement price and 3.42% at the counter - party price [52][54] 1.4 Huaxia Shanghai Science and Technology Innovation 50ETF - Basic Information: Presents the T - type quotation table of Science and Technology Innovation 50ETF options. The trading volume of the main - contract options is 737,709 lots, the open interest is 923,760 lots, the call - to - put volume ratio is 2.39, and the weighted average implied volatility is 29.49% [55][57] - Volatility Trading: Suggests selling high - curve options and buying low - curve options according to the implied volatility curves [62] - Risk - Free Arbitrage: The optimal arbitrage portfolio held to maturity gives a minimum annualized return of 15.6% at the settlement price and 0.93% at the counter - party price [64][66] 1.5 E Fund Shanghai Science and Technology Innovation 50ETF - Basic Information: Displays the T - type quotation table of Science and Technology Innovation 50ETF options. The trading volume of the main - contract options is 182,129 lots, the open interest is 269,106 lots, the call - to - put volume ratio is 2.19, and the weighted average implied volatility is 30.56% [67][69] - Volatility Trading: Recommends selling high - curve options and buying low - curve options based on the implied volatility curves [71] - Risk - Free Arbitrage: The optimal arbitrage portfolio held to maturity yields a minimum annualized return of 15.6% at the settlement price and 1.90% at the counter - party price [75][77] 2. Shenzhen Stock Exchange Options 2.1 Harvest Shanghai - Shenzhen 300ETF - Basic Information: Presents the T - type quotation table of Shenzhen 300ETF options. The trading volume of the main - contract options is 232,529 lots, the open interest is 158,549 lots, the call - to - put volume ratio is 1.4, and the weighted average implied volatility is 22.03% [78][81] - Volatility Trading: Advises selling high - curve options and buying low - curve options according to the implied volatility curves [83] - Risk - Free Arbitrage: No specific risk - free arbitrage data are provided in the extracted content Other Exchanges' Options - The report also has a directory for options on the China Financial Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, Shanghai Futures Exchange, Shanghai International Energy Exchange, and Guangzhou Futures Exchange, but detailed data are not fully presented in the provided content for all of them. Only the directory structure and general analysis directions are given, including basic information, volatility trading, and risk - free arbitrage for each option type [8][9][10][11][12][13][14][15][16][17][18]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - Today, the stock index trends were volatile and differentiated. The Shanghai Stock Exchange 50 Index rose slightly after a rise and fall throughout the day, while the CSI 500 and CSI 1000 showed weak performance and closed slightly lower. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2,306.3 billion yuan, an increase of 131.1 billion yuan from the previous day. The high trading volume indicates an optimistic market sentiment. In the short term, due to the profit - taking demand of profitable funds after continuous rises, the stock index may experience short - term technical consolidation. However, the positive policy expectations strongly support the stock index. Anti - involution and consumption - promotion policies are conducive to promoting a moderate recovery of the price index, restoring the profit margins of listed companies, and promoting a positive cycle in the "residents' consumption - corporate profits - employee salaries" chain, leading to an increasing expectation of an improving macro - economic fundamentals. Overall, in the short term, the domestic policy expectations are positive, external risk factors are temporarily alleviated, the risk appetite of the stock market continues to recover, and the stock index will mainly show a volatile and upward trend. Currently, the implied volatility of options has rebounded. Considering the long - term upward trend of the stock index, investors can continue to hold bull spreads or ratio spreads to maintain a moderately bullish view [2] 3. Summary by Relevant Catalogs 3.1 Option Indicators - On August 14, 2025, the 50ETF rose 0.48% to 2.954; the 300ETF (Shanghai Stock Exchange) fell 0.16% to 4.256; the 300ETF (Shenzhen Stock Exchange) fell 0.16% to 4.392; the CSI 300 Index fell 0.08% to 4,173.31; the CSI 1000 Index fell 1.24% to 6,976.49; the 500ETF (Shanghai Stock Exchange) fell 1.03% to 6.514; the 500ETF (Shenzhen Stock Exchange) fell 1.14% to 2.601; the ChiNext ETF fell 1.09% to 2.446; the Shenzhen 100ETF fell 0.70% to 2.992; the Shanghai Stock Exchange 50 Index rose 0.59% to 2,829.47; the Science and Technology Innovation 50ETF rose 0.79% to 1.14; the E Fund Science and Technology Innovation 50ETF rose 0.54% to 1.11 [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 the Shanghai Stock Exchange 50ETF option was 68.37 (previous day: 68.38), and the position PCR was 114.70 (previous day: 103.45) [6] - The implied volatility of at - the - money options and the 30 - day historical volatility of the underlying assets of various options were reported. For instance, the implied volatility of the at - the - money option of the Shanghai Stock Exchange 50ETF option in August 2025 was 13.41%, and the 30 - day historical volatility of the underlying asset was 8.18% [7] 3.2 Relevant Charts - **Shanghai Stock Exchange 50ETF Option**: Charts include the Shanghai Stock Exchange 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [9] - **Shanghai Stock Exchange 300ETF Option**: Charts cover the Shanghai Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [20] - **Shenzhen Stock Exchange 300ETF Option**: Charts involve the Shenzhen Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [33] - **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] - **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 [49] - **Shanghai Stock Exchange 500ETF Option**: Charts involve the Shanghai Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [63] - **Shenzhen Stock Exchange 500ETF Option**: Charts include the Shenzhen Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [75] - **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 [88] - **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 [99] - **Shanghai Stock Exchange 50 Index Option**: Charts include the Shanghai Stock Exchange 50 index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of various tenors [112] - **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 [126] - **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 [129]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report presents the option daily report of Pioneer Futures on August 14, 2025, including the volatility data of various option targets and the basic information, volatility trading, and risk - free arbitrage analysis of options on multiple exchanges [3][19]. 3. Summary by Directory 3.1 Shanghai Stock Exchange Options - **1.1 Shanghai 50ETF** - **Basic Information**: The trading volume of the main - force options of Shanghai 50ETF is 1,504,832 lots, the position is 960,669 lots, the trading volume ratio of call options to put options is 1.87, and the weighted - average implied volatility is 15.46% [21]. - **Volatility Trading**: Suggestions are given based on the implied volatility curves of call options with different strike prices and different Deltas, such as selling the months or options above the curve and buying those below [24]. - **Risk - Free Arbitrage**: The minimum annualized rate of return of the optimal arbitrage portfolio held to maturity is 3.94% at the settlement price and 0.93% at the counter - price [27][29]. - **1.2 Huatai - Baorui CSI 300ETF** - **Basic Information**: The trading volume of the main - force options is 1,105,047 lots, the position is 727,031 lots, the trading volume ratio of call options to put options is 1.71, and the weighted - average implied volatility is 16.41% [33]. - **Volatility Trading**: Similar volatility trading suggestions are provided according to the implied volatility curves [36]. - **Risk - Free Arbitrage**: The minimum annualized rate of return of the optimal arbitrage portfolio held to maturity is 7.24% at the settlement price and 0.70% at the counter - price [40][42]. - **1.3 Southern CSI 500ETF** - **Basic Information**: The trading volume of the main - force options is 1,528,831 lots, the position is 776,258 lots, the trading volume ratio of call options to put options is 1.3, and the weighted - average implied volatility is 18.79% [45]. - **Volatility Trading**: Volatility trading suggestions are given based on the implied volatility curves [48]. - **Risk - Free Arbitrage**: The minimum annualized rate of return of the optimal arbitrage portfolio held to maturity is 26.7% at the settlement price and 7.73% at the counter - price [52][54]. - **1.4 Huaxia Shanghai - Science and Technology Innovation Board 50ETF** - **Basic Information**: The trading volume of the main - force options is 1,306,982 lots, the position is 893,513 lots, the trading volume ratio of call options to put options is 2.13, and the weighted - average implied volatility is 27.76% [57]. - **Volatility Trading**: Volatility trading suggestions are made according to the implied volatility curves [61]. - **Risk - Free Arbitrage**: The minimum annualized rate of return of the optimal arbitrage portfolio held to maturity is 26.0% at the settlement price and 1.75% at the counter - price [64][66]. - **1.5 E Fund Shanghai - Science and Technology Innovation Board 50ETF** - **Basic Information**: The trading volume of the main - force options is 319,275 lots, the position is 263,988 lots, the trading volume ratio of call options to put options is 2.42, and the weighted - average implied volatility is 29.98% [68]. - **Volatility Trading**: Volatility trading suggestions are provided based on the implied volatility curves [72]. - **Risk - Free Arbitrage**: The minimum annualized rate of return of the optimal arbitrage portfolio held to maturity is 17.5% at the settlement price and 1.12% at the counter - price [75][77]. 3.2 Shenzhen Stock Exchange Options - **2.1 Harvest CSI 300ETF** - **Basic Information**: The trading volume of the main - force options of Shenzhen 300ETF is 195,481 lots, the position is 151,071 lots, the trading volume ratio of call options to put options is 2.32, and the weighted - average implied volatility is 17.88% [81]. - **Volatility Trading**: Volatility trading suggestions are given according to the implied volatility curves [85].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - All stock indices fluctuated upwards today. The half - day trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1.8499 trillion yuan, an increase of 113.6 billion yuan compared to the previous day [3]. - In July, the month - on - month decline of PPI narrowed, and the supply - demand relationship in some industries improved, with prices showing positive changes. Policy support and positive expectations from anti - involution policies, along with the suspension of overseas uncertainty risks, jointly promoted the recovery of the stock market's risk appetite [3]. - Considering that some stocks have already achieved significant gains, there is a need for technical consolidation in the later market. In the short term, there is a possibility of consolidation and accumulation for stock indices, but in the long - term, the upward trend of stock indices remains unchanged. Currently, the stock market's risk appetite is rising, and it is expected that stock indices will fluctuate strongly in the short term [3]. - The current implied volatility of options is within the normal range. Considering the long - term upward trend of stock indices, investors can continue to hold bull spreads or ratio spreads for a mild bullish view [3]. 3. Summary by Related Catalogs 3.1 Option Indicators - On August 11, 2025, 50ETF rose 0.07% to close at 2.912; 300ETF (Shanghai Stock Exchange) rose 0.45% to close at 4.202; 300ETF (Shenzhen Stock Exchange) rose 0.56% to close at 4.339; the CSI 300 Index rose 0.43% to close at 4122.51; the CSI 1000 Index rose 1.55% to close at 6943.94; 500ETF (Shanghai Stock Exchange) rose 1.05% to close at 6.464; 500ETF (Shenzhen Stock Exchange) rose 1.06% to close at 2.583; the GEM ETF rose 1.95% to close at 2.357; the Shenzhen 100ETF rose 1.42% to close at 2.934; the SSE 50 Index rose 0.03% to close at 2789.90; the STAR 50ETF rose 0.64% to close at 1.10; and the E Fund STAR 50ETF rose 0.65% to close at 1.08 [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 88.43 (previous day: 92.32), and the position PCR was 94.14 (previous day: 95.22) [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 example, the implied volatility of at - the - money options of SSE 50ETF options in August 2025 was 11.66%, and the 30 - day historical volatility of the underlying asset was 8.08% [7]. 3.2 Related Charts - The report includes multiple charts related to different types of options, such as the trend, volatility, trading volume PCR, position PCR, implied volatility curve, and term - structure of at - the - money implied volatility of SSE 50ETF options, SSE 300ETF options, etc. For example, there are charts showing the trend of SSE 50ETF and the volatility of SSE 50ETF options [9][10].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - On July 31, 2025, all stock indices fluctuated and declined. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 196.18 billion yuan, an increase of 9.09 billion yuan from the previous day [3]. - The manufacturing PMI in July was 49.3, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity and the continued existence of insufficient effective domestic demand [3]. - Considering that the Politburo meeting in July mainly emphasized the implementation of existing policies, incremental policies may need to wait for the Fourth Plenary Session of the 20th CPC Central Committee in October. In the short term, the driving force of policy -利好 expectations will gradually weaken [3]. - Since late June, some stocks have achieved significant gains, and some profit - taking funds have a need to take profits. Therefore, the stock indices have a short - term need for technical consolidation [3]. - Given that the trading volume of the stock market is still at a high level, the downward space of the stock indices is expected to be limited. It is expected that the stock indices will mainly fluctuate within a range in the short term [3]. - Currently, the implied volatility of options has rebounded. Considering that the stock indices are upward in the medium and long term, investors can continue to hold bull spreads or ratio spreads for a mild long - position view [3]. 3. Summaries According to Relevant Catalogs 3.1 Option Indicators - On July 31, 2025, 50ETF fell 1.50% to 2.899; 300ETF (Shanghai Stock Exchange) fell 1.82% to 4.155; 300ETF (Shenzhen Stock Exchange) fell 1.88% to 4.284; the CSI 300 Index fell 1.82% to 4075.59; the CSI 1000 Index fell 0.85% to 6661.19; 500ETF (Shanghai Stock Exchange) fell 1.44% to 6.297; 500ETF (Shenzhen Stock Exchange) fell 1.41% to 2.517; the ChiNext ETF fell 1.88% to 2.301; the Shenzhen 100ETF fell 2.00% to 2.884; the SSE 50 Index fell 1.54% to 2775.99; the STAR 50ETF fell 0.99% to 1.10; and E Fund STAR 50ETF fell 1.01% to 1.07 [5]. - The trading volume PCR and position PCR of various options changed compared with the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 92.57 (the previous trading day was 85.10), and the position PCR was 89.67 (the previous trading day was 100.85) [6]. - The implied volatility of the at - the - money options in August 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are provided. For example, the implied volatility of the at - the - money options of SSE 50ETF options in August 2025 was 14.87%, and the 30 - trading - day historical volatility of the underlying asset was 8.07% [7]. 3.2 Relevant Charts - **SSE 50ETF Options**: Include charts of SSE 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [9][11][13]. - **SSE 300ETF Options**: Include charts of SSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [18][19]. - **SZSE 300ETF Options**: Include charts of SZSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [21][22]. - **CSI 300 Index Options**: Include charts of CSI 300 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [33][34]. - **CSI 1000 Index Options**: Include charts of CSI 1000 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [46][47]. - **SSE 500ETF Options**: Include charts of SSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [57][58]. - **SZSE 500ETF Options**: Include charts of SZSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [70][71]. - **ChiNext ETF Options**: Include charts of ChiNext ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [82][83]. - **Shenzhen 100ETF Options**: Include charts of Shenzhen 100ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [95][96]. - **SSE 50 Index Options**: Include charts of SSE 50 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [108][109]. - **STAR 50ETF Options**: Include charts of STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [122][123]. - **E Fund STAR 50ETF Options**: Include charts of E Fund STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatility [125][126].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Today, all stock indices fluctuated and rose. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1829.3 billion yuan, an increase of 63.2 billion yuan from the previous day. The current market sentiment remains positive and optimistic, with the stock market trading volume at a relatively high percentile level, and investors' risk appetite continues to recover. However, from a technical perspective, since late June, some stocks have achieved significant gains, and some profit - taking funds may need to take profits, so the stock indices may need a period of consolidation. In general, the stock indices will fluctuate with a slight upward trend in the short term, and attention should be paid to the policy guidance of the Political Bureau meeting. Currently, the implied volatility of options has rebounded. Considering that the stock indices continue to trend upward, investors can continue to hold bull spreads or ratio spreads for a moderate bullish view [4] 3. Summary According to Related Catalogs 3.1 Option Indicators - On July 29, 2025, the 50ETF rose 0.17% to close at 2.934; the 300ETF (Shanghai Stock Exchange) rose 0.50% to close at 4.235; the 300ETF (Shenzhen Stock Exchange) rose 0.39% to close at 4.367; the CSI 300 Index rose 0.39% to close at 4152.02; the CSI 1000 Index rose 0.65% to close at 6773.88; the 500ETF (Shanghai Stock Exchange) rose 0.63% to close at 6.431; the 500ETF (Shenzhen Stock Exchange) rose 0.63% to close at 2.569; the ChiNext ETF rose 1.75% to close at 2.383; the Shenzhen 100ETF rose 0.78% to close at 2.968; the SSE 50 Index rose 0.21% to close at 2808.59; the STAR 50ETF rose 1.35% to close at 1.13; the E Fund STAR 50ETF rose 1.29% to close at 1.10 [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 50ETF option was 92.74 (previous day: 97.75), and the position PCR was 103.12 (previous day: 97.48) [7] - The implied volatility of the at - the - money options in August 2025 and the 30 - trading - day historical volatility of the underlying assets were reported. For instance, the implied volatility of the at - the - money options of the 50ETF option in August 2025 was 15.93%, and the 30 - trading - day historical volatility of the underlying asset was 8.15% [8] 3.2 Related Charts - Multiple charts were presented, including the trends, volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different terms of various options such as the 50ETF option, 300ETF option (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index option, CSI 1000 Index option, 500ETF option (Shanghai and Shenzhen Stock Exchanges), ChiNext ETF option, Shenzhen 100ETF option, SSE 50 Index option, STAR 50ETF option, and E Fund STAR 50ETF option [10][20][23]