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 Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On November 21, 2025, all stock indices declined significantly, showing weakness throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1.9836 trillion yuan, an increase of 261 billion yuan from the previous day. The main reasons for this correction were the weakening marginal drive of domestic policy incentives and the risk transmission from overseas stock markets. After entering November, the incremental policy signals weakened, and there was little need for further policy tightening this year, leading to a short - term decline in the policy expectations driving the stock market up. Overseas, the statements of Fed officials were inconsistent, and the expectation of interest rate cuts was uncertain. Coupled with the bubble risk in AI assets where investment and returns were difficult to match, US stock AI assets led by NVIDIA significantly corrected, putting pressure on domestic technology stocks under risk transmission. In general, with the weakening of positive drives and the increasing of negative factors, the profit - taking sentiment in the stock market rose, triggering a short - term correction of the stock indices. Attention should be paid to the risk of over - decline caused by the concentrated release of market pessimism. In the medium and long term, the positive policy expectations and the trend of continuous capital inflow remained unchanged. After short - term shock consolidation, the stock indices were not pessimistic in the long term. In general, the short - term market game intensified, and the stock indices mainly fluctuated within a range in the short term. For options, considering the medium - and long - term upward trend of the stock indices, a bull spread strategy could be adopted after a significant correction of the stock indices [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On November 21, 2025, the 50ETF fell 1.74% to close at 3.101; the 300ETF (Shanghai Stock Exchange) fell 2.40% to close at 4.564; the 300ETF (Shenzhen Stock Exchange) fell 2.34% to close at 4.713; the CSI 300 Index fell 2.44% to close at 4453.61; the CSI 1000 Index fell 3.72% to close at 7067.70; the 500ETF (Shanghai Stock Exchange) fell 3.46% to close at 6.922; the 500ETF (Shenzhen Stock Exchange) fell 3.42% to close at 2.767; the GEM ETF fell 4.03% to close at 2.904; the Shenzhen 100ETF fell 2.71% to close at 3.272; the SSE 50 Index fell 1.74% to close at 2955.85; the STAR 50ETF fell 3.22% to close at 1.35; the E Fund STAR 50ETF fell 3.25% to close at 1.31 [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 102.19 (previous trading day: 93.94), and the position PCR was 78.37 (previous trading day: 87.28) [6]. - The implied volatility of at - the - money options in December 2025 and the 30 - trading - day historical volatility of the underlying assets of various options were provided. For example, the implied volatility of at - the - money SSE 50ETF options in December 2025 was 12.63%, and the 30 - trading - day historical volatility of the underlying asset was 12.66% [7]. 3.2 Related Charts - **SSE 50ETF Options**: Charts included the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][11][13][17]. - **SSE 300ETF Options**: Charts covered the SSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22][24][30]. - **SZSE 300ETF Options**: Charts involved the SZSE 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [33][35][37][41]. - **CSI 300 Index Options**: Charts included the CSI 300 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [45][47][49][55]. - **CSI 1000 Index Options**: Charts covered the CSI 1000 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [58][61][63][69]. - **SSE 500ETF Options**: Charts involved the SSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [72][74][76][82]. - **SZSE 500ETF Options**: Charts included the SZSE 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [85][89][93][96]. - **GEM ETF Options**: Charts covered the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [99][101][103][108]. - **Shenzhen 100ETF Options**: Charts involved the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [109][110][112][118]. - **SSE 50 Index Options**: Charts included the SSE 50 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [121][124][126][133]. - **STAR 50ETF Options**: Charts covered the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [136][138][140][144]. - **E Fund STAR 50ETF Options**: Charts involved the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [147][149].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - On November 18, 2025, all stock indices declined slightly, showing a weak performance throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1946 billion yuan, an increase of 15.6 billion yuan from the previous day. In the short term, the incremental policy signals in November weakened, and geopolitical factors triggered an increase in risk - aversion sentiment. As the stock indices approached previous highs, the willingness of profit - taking funds to stop profits increased, and there was a need for technical consolidation of the stock indices. Overall, the stock indices are currently in a short - term volatile period where the expectation of policy benefits and the profit - taking rhythm of funds are in a game. In the long term, the expectation of policy benefits and the trend of capital inflow into the stock market jointly form strong support for the stock indices. In general, the short - term long - short game has intensified, and the stock indices will mainly fluctuate within a range in the short term. Since the implied volatility of options is currently at a relatively low historical quantile level and considering the long - term upward trend of the stock indices, the idea of a bull spread is maintained [4]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On November 18, 2025, the 50ETF fell 0.28% to close at 3.150; the 300ETF (Shanghai Stock Exchange) fell 0.57% to close at 4.683; the 300ETF (Shenzhen Stock Exchange) fell 0.49% to close at 4.832; the CSI 300 Index fell 0.65% to close at 4568.19; the CSI 1000 Index fell 1.00% to close at 7448.10; the 500ETF (Shanghai Stock Exchange) fell 1.01% to close at 7.262; the 500ETF (Shenzhen Stock Exchange) fell 0.96% to close at 2.899; the GEM ETF fell 1.07% to close at 3.051; the Shenzhen 100ETF fell 0.59% to close at 3.380; the SSE 50 Index fell 0.30% to close at 3003.02; the STAR 50ETF rose 0.35% to close at 1.43; the E Fund STAR 50ETF rose 0.36% to close at 1.38 [6]. - The trading volume PCR and position PCR of various options on November 18, 2025, and their changes compared with the previous trading day are provided in detail, including 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [7]. - The implied volatility of at - the - money options and the 30 - trading - day historical volatility of the underlying assets of various options in November or December 2025 are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [8][9]. 3.2 Relevant Charts - For each type of option (such as 50ETF options, 300ETF options, etc.), multiple charts are provided, including the trend of the underlying asset, option volatility, trading volume PCR, position PCR, implied volatility curve, and the implied volatility of at - the - money options for different terms. These charts show the historical data from 2023 to 2025, providing a visual display of the changes in option - related indicators over time [10][21][34] etc.

1. Report Summary - Report Date: November 3, 2025 [1] - Report Name: Pioneer Futures Options Daily Report 2. Options Underlying Volatility Ranking - The report presents a ranking of options underlying based on three volatility metrics: implied volatility of at - the - money options, 30 - day historical volatility of the underlying, and the underlying's true range on the day. For example, ps2512 ranks first in implied volatility of at - the - money options with 3.1%, while rm601 ranks first in the underlying's true range on the day with 4.8% [3][4]. - The implied volatility of at - the - money options reflects the market's expectation of future fluctuations of the variety, the 30 - day historical volatility reflects the past actual market size, and the true range on the day reflects the intraday market size [5]. 3. Exchange - Specific Options Analysis 3.1 Shanghai Stock Exchange Options 3.1.1 Shanghai 50ETF - **Basic Information**: The trading volume of the main options of Shanghai 50ETF on the day is 632,460 lots, the open interest is 897,163 lots, the trading volume ratio of call options to put options is 1.45, and the weighted average implied volatility is 15.93% [19][21]. - **Volatility Trading**: Volatility trading suggestions include selling the month with the curve on top and buying the month with the curve below for different months, and selling the option with the point above the curve and buying the option with the point below the curve for the same month [26]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 4.67% when trading at the settlement price and 1.16% when trading at the counter - party price [28][30]. 3.1.2 Huatai - Berry SSE 300ETF - **Basic Information**: The trading volume of the main options of Huatai - Berry SSE 300ETF on the day is 670,871 lots, the open interest is 740,234 lots, the trading volume ratio of call options to put options is 1.23, and the weighted average implied volatility is 16.61% [31][33]. - **Volatility Trading**: Similar to Shanghai 50ETF, sell the month with the curve on top and buy the month with the curve below for different months, and sell the option with the point above the curve and buy the option with the point below the curve for the same month [37]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 4.45% when trading at the settlement price and 0.18% when trading at the counter - party price [40][42]. 3.1.3 Southern CSI 500ETF - **Basic Information**: The trading volume of the main options of Southern CSI 500ETF on the day is 1,244,691 lots, the open interest is 790,230 lots, the trading volume ratio of call options to put options is 0.9, and the weighted average implied volatility is 20.66% [43][45]. - **Volatility Trading**: Follow the same volatility trading suggestions as above [49]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 25.3% when trading at the settlement price and 5.60% when trading at the counter - party price [52][54]. 3.1.4 Huaxia SSE STAR 50ETF - **Basic Information**: The trading volume of the main options of Huaxia SSE STAR 50ETF on the day is 995,460 lots, the open interest is 1,173,825 lots, the trading volume ratio of call options to put options is 1.15, and the weighted average implied volatility is 37.4% [55][57]. - **Volatility Trading**: Adopt the same volatility trading strategies [62]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 12.3% when trading at the settlement price and 0.66% when trading at the counter - party price [64][66]. 3.1.5 E Fund SSE STAR 50ETF - **Basic Information**: The trading volume of the main options of E Fund SSE STAR 50ETF on the day is 194,205 lots, the open interest is 286,584 lots, the trading volume ratio of call options to put options is 1.34, and the weighted average implied volatility is 38.24% [67][68]. - **Volatility Trading**: Use the same volatility trading methods [72]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 14.6% when trading at the settlement price and 2.75% when trading at the counter - party price [76][78]. 3.2 Shenzhen Stock Exchange Options 3.2.1 Harvest SSE 300ETF - **Basic Information**: The trading volume of the main options of Harvest SSE 300ETF on the day is 126,768 lots, the open interest is 151,843 lots, the trading volume ratio of call options to put options is 0.96, and the weighted average implied volatility is 17.72% [79][81]. - **Volatility Trading**: Apply the same volatility trading suggestions [87]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 19.4% when trading at the settlement price and 1.52% when trading at the counter - party price [89][91].

Group 1: Report Summary - The report is the Pioneer Futures Options Daily Report dated October 29, 2025, presenting data on option implied volatility, historical volatility, and real - time volatility of various underlying assets, along with information on different exchanges' option products [1][3] Group 2: Option Volatility Ranking - The table shows the ranking of at - the - money option implied volatility, 30 - day historical volatility, and daily real - time volatility of multiple underlying assets. For example, ps2512 has the highest at - the - money option implied volatility of 2.6% and the highest daily real - time volatility of 3.4% [3] Group 3: Explanation of Volatility Indicators - At - the - money option implied volatility reflects the market's expectation of future price fluctuations of the underlying asset. Higher values suggest a greater likelihood of significant market movements. 30 - day historical volatility reflects the actual past price movements of the underlying asset. If it is lower than the implied volatility, the option price may be relatively high. The daily real - time volatility reflects the intraday price movements of the underlying asset [6] Group 4: Exchange - Specific Option Information 4.1 Shanghai Stock Exchange Options - **Shanghai 50ETF**: The trading volume of the main options is 405,811 lots, the open interest is 741,948 lots, the trading volume ratio of call options to put options is 1.57, and the weighted average implied volatility is 16.23%. Volatility trading and risk - free arbitrage strategies are provided, with the lowest annualized return of 6.48% for the optimal arbitrage portfolio at the settlement price and 0.87% at the counter - party price [20][22][28] - **Huatai - Baoying CSI 300ETF**: The trading volume of the main options is 555,860 lots, the open interest is 653,745 lots, the trading volume ratio of call options to put options is 1.36, and the weighted average implied volatility is 17.2%. The lowest annualized return of the optimal arbitrage portfolio is 3.89% at the settlement price and 1.00% at the counter - party price [30][33][41] - **Southern CSI 500ETF**: The trading volume of the main options is 1,125,835 lots, the open interest is 699,515 lots, the trading volume ratio of call options to put options is 1.21, and the weighted average implied volatility is 20.44%. The lowest annualized return of the optimal arbitrage portfolio is 33.9% at the settlement price and 7.21% at the counter - party price [44][46][52] - **Huaxia Shanghai Science and Technology Innovation Board 50ETF**: The trading volume of the main options is 844,973 lots, the open interest is 1,038,411 lots, the trading volume ratio of call options to put options is 1.78, and the weighted average implied volatility is 37.57%. The lowest annualized return of the optimal arbitrage portfolio is 17.6% at the settlement price and 3.96% at the counter - party price [55][57][63] - **E Fund Shanghai Science and Technology Innovation Board 50ETF**: The trading volume of the main options is 148,138 lots, the open interest is 252,084 lots, the trading volume ratio of call options to put options is 2.14, and the weighted average implied volatility is 37.4%. The lowest annualized return of the optimal arbitrage portfolio is 15.0% at the settlement price and 3.07% at the counter - party price [67][75] 4.2 Shenzhen Stock Exchange Options - **Harvest CSI 300ETF**: The trading volume of the main options is 70,155 lots, the open interest is 120,034 lots, the trading volume ratio of call options to put options is 1.86, and the weighted average implied volatility is 19.01%. The lowest annualized return of the optimal arbitrage portfolio is 12.1% at the settlement price and 0.23% at the counter - party price [78][80][88] - **E Fund ChiNext ETF**: The trading volume of the main options is 1,477,866 lots, the open interest is 953,760 lots, the trading volume ratio of call options to put options is 1.38, and the weighted average implied volatility is 35.11%. The lowest annualized return of the optimal arbitrage portfolio is 11.7% at the settlement price and 2.02% at the counter - party price [90][92][98]

Report Information - Report Title: Pioneer Futures Options Daily Report - Report Date: October 28, 2025 [1] Option Underlying Market Volatility Ranking - The report provides a ranking of option underlying market volatility, including implied volatility of at-the-money options, 30-day historical volatility, and daily true range for various underlying assets [3][4]. - For example, ps2512 has an implied volatility of 2.8%, ranking 1st; lc2512 has an implied volatility of 2.6%, ranking 2nd [3]. Directory Summary 1. Shanghai Stock Exchange Options 1.1 Shanghai 50ETF - **Basic Information**: The report 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 options is 629,174 lots, the open interest is 729,512 lots, the volume ratio of call to put options is 1.19, and the weighted average implied volatility is 16.04% [19][21]. - **Volatility Trading**: Volatility trading suggestions are provided, such as selling the month with the curve above and buying the month with the curve below for different months; selling options with points above the curve and buying options with points below the curve for the same month [22]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 2.72% when traded at the settlement price and 1.61% when traded at the counterparty price [26][28]. 1.2 Huatai-PineBridge CSI 300ETF - **Basic Information**: The T-type quotation table of Huatai-PineBridge CSI 300ETF options is presented. The trading volume of the main options is 650,165 lots, the open interest is 630,680 lots, the volume ratio of call to put options is 1.21, and the weighted average implied volatility is 17% [29][31]. - **Volatility Trading**: Similar volatility trading suggestions are given [38]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 2.87% when traded at the settlement price and 0.02% when traded at the counterparty price [39][41]. 1.3 Southern CSI 500ETF - **Basic Information**: The T-type quotation table of Southern CSI 500ETF options is provided. The trading volume of the main options is 1,059,387 lots, the open interest is 690,068 lots, the volume ratio of call to put options is 1.03, and the weighted average implied volatility is 20.53% [42][44]. - **Volatility Trading**: Volatility trading suggestions are similar to the above [48]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 34.5% when traded at the settlement price and 7.48% when traded at the counterparty price [51][53]. 1.4 Huaxia Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The T-type quotation table of Huaxia Shanghai Science and Technology Innovation 50ETF options is shown. The trading volume of the main options is 885,668 lots, the open interest is 987,813 lots, the volume ratio of call to put options is 1.63, and the weighted average implied volatility is 36.69% [54][55]. - **Volatility Trading**: Similar volatility trading suggestions are provided [61]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 8.84% when traded at the settlement price and 2.31% when traded at the counterparty price [63][65]. 1.5 E Fund Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The T-type quotation table of E Fund Shanghai Science and Technology Innovation 50ETF options is presented. The trading volume of the main options is 153,032 lots, the open interest is 248,888 lots, the volume ratio of call to put options is 1.81, and the weighted average implied volatility is 36.8% [66][68]. - **Volatility Trading**: Similar volatility trading suggestions are given [70]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 14.3% when traded at the settlement price and 2.51% when traded at the counterparty price [74][76]. 2. Shenzhen Stock Exchange Options 2.1 Harvest CSI 300ETF - **Basic Information**: The T-type quotation table of Harvest CSI 300ETF options is provided. The trading volume of the main options is 104,115 lots, the open interest is 122,101 lots, the volume ratio of call to put options is 1.62, and the weighted average implied volatility is 18.03% [77][79]. - **Volatility Trading**: Volatility trading suggestions are similar to the above [84].

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - On October 27, 2025, all stock indices fluctuated and rose. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 2.3566 trillion yuan, an increase of 365 billion yuan compared to the previous day. With the conclusion of the China - US economic and trade consultations, external uncertainty risks eased, and investors' risk appetite recovered. The release of the communiqué of the Fourth Plenary Session of the 20th CPC Central Committee pointed out that the main goals during the 15th Five - Year Plan period include achieving significant results in high - quality development and greatly improving the level of scientific and technological self - reliance. Policy - driven positive expectations led to an increase in market risk appetite. However, as stock valuations rose, there was still a willingness among profit - taking funds to lock in profits. The future trend of the market depends on the game between the fermentation rhythm of policy - driven positive expectations and the profit - taking rhythm of funds. In general, the stock indices are expected to experience wide - range fluctuations in the short term. Currently, the implied volatility of options remains relatively stable. Considering the long - term upward trend of stock indices, the strategy of bull spread or covered call is maintained [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On October 27, 2025, the 50ETF rose 0.75% to close at 3.216; the 300ETF (Shanghai Stock Exchange) rose 1.17% to close at 4.826; the 300ETF (Shenzhen Stock Exchange) rose 1.24% to close at 4.977; the CSI 300 Index rose 1.19% to close at 4716.02; the CSI 1000 Index rose 1.03% to close at 7495.38; the 500ETF (Shanghai Stock Exchange) rose 1.48% to close at 7.478; the 500ETF (Shenzhen Stock Exchange) rose 1.53% to close at 2.985; the GEM ETF rose 1.97% to close at 3.209; the Shenzhen 100ETF rose 1.34% to close at 3.617; the SSE 50 Index rose 0.78% to close at 3069.53; the STAR 50ETF rose 1.50% to close at 1.56; and the E Fund STAR 50ETF rose 1.48% to close at 1.51 [5]. - The trading volume PCR and open interest PCR of various options on October 27, 2025, and their changes compared to the previous trading day are provided in detail, including those of 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 index options, CSI 1000 index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. - The implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are presented, such as the 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 index options, CSI 1000 index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. 3.2 Relevant Charts - For each type of option (e.g., 50ETF options, SSE 300ETF options, SZSE 300ETF options, etc.), multiple charts are provided, including the underlying asset's trend chart, option volatility chart, trading volume PCR chart, open interest PCR chart, implied volatility curve chart, and chart of at - the - money implied volatility for different tenors [9][21][33].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - Today, all stock indices showed a trend of hitting bottom and rebounding. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 1660.7 billion yuan, a decrease of 29.7 billion yuan compared to the previous day. The shrinking trading volume in the stock market indicates that market sentiment is cautious. On the news front, China and the United States will hold economic and trade consultations in Malaysia from October 24th to 27th, which has reduced risk aversion and improved market sentiment. As the valuation of some stocks has increased significantly, the marginal expectation of incremental policy benefits at the end of the year has slowed down, and there is still a need for profit - taking in the capital market. In the short term, the changing rhythm of the game between the profit - taking intention of funds and the expectation of policy benefits will dominate the trend of stock indices within the year. In general, stock indices are expected to fluctuate widely in the short term [3]. - Currently, the implied volatility of options remains relatively stable. Considering that the stock indices are expected to rise in the medium and long term, investors can continue to hold bull spreads or covered calls [3]. Group 3: Summary of Related Catalogs 1 Option Indicators - On October 23, 2025, the 50ETF rose 0.60% to close at 3.167; the 300ETF (Shanghai Stock Exchange) rose 0.38% to close at 4.713; the 300ETF (Shenzhen Stock Exchange) rose 0.23% to close at 4.855; the CSI 300 Index rose 0.30% to close at 4606.34; the CSI 1000 Index fell 0.06% to close at 7308.10; the 500ETF (Shanghai Stock Exchange) rose 0.35% to close at 7.249; the 500ETF (Shenzhen Stock Exchange) rose 0.24% to close at 2.893; the GEM ETF fell 0.03% to close at 3.038; the Shenzhen 100ETF rose 0.14% to close at 3.498; the SSE 50 Index rose 0.56% to close at 3026.90; the STAR 50ETF fell 0.20% to close at 1.47; and the E Fund STAR 50ETF fell 0.35% to close at 1.42 [5]. - The trading volume PCR and position PCR of various options on October 23, 2025, and their changes compared to the previous trading day are provided in detail, including 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. - The implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options are presented, such as 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. 2 Related Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][10][11][13][16]. - **Shanghai Stock Exchange 300ETF Options**: Include charts of the Shanghai Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22][24][30]. - **Shenzhen Stock Exchange 300ETF Options**: Include charts of the Shenzhen Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [33][36][38][40]. - **CSI 300 Index Options**: Include charts of the CSI 300 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [41][43][45][51]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [54][56][58][64]. - **Shanghai Stock Exchange 500ETF Options**: Include charts of the Shanghai Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [67][69][70][76]. - **Shenzhen Stock Exchange 500ETF Options**: Include charts of the Shenzhen Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [80][84][85][91]. - **GEM ETF Options**: Include charts of the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [94][96][98][103]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [107][109][111][117]. - **SSE 50 Index Options**: Include charts of the SSE 50 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [120][122][124][130]. - **STAR 50ETF Options**: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [133][135][137][141]. - **E Fund STAR 50ETF Options**: Include charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [144][146][148][154].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On October 17, 2025, all stock indices fluctuated and declined, showing weakness throughout the day. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1954.4 billion yuan, an increase of 570 million yuan from the previous day. Recently, overseas uncertainty risk factors have increased, and the risk - aversion sentiment has risen. Stocks with large previous gains face technical adjustment pressure due to profit - taking. From a macro perspective, the inflation and credit data in September were weak, strengthening the expectation of demand - stabilizing policies on the policy front, which provides medium - to - long - term support for the stock indices. A major policy meeting will be held next week, and the policy front is highly likely to stabilize demand and expectations. In general, the subsequent market trend depends on the rhythm change of the game between profit - taking sentiment and policy -利好 expectations. In the short term, the stock indices are expected to remain in a wide - range shock. Currently, the implied volatility of options remains relatively stable. Considering the medium - to - long - term upward trend of the stock indices, investors can continue to hold bull spreads or covered calls [3] 3. Summary by Relevant Catalogs 3.1 Option Indicators - **Index and ETF Performance**: On October 17, 2025, the 50ETF fell 1.55% to 3.110; the 300ETF (Shanghai Stock Exchange) fell 2.05% to 4.624; the 300ETF (Shenzhen Stock Exchange) fell 2.13% to 4.768; the CSI 300 Index fell 2.26% to 4514.23; the CSI 1000 Index fell 2.92% to 7185.48; the 500ETF (Shanghai Stock Exchange) fell 3.03% to 7.114; the 500ETF (Shenzhen Stock Exchange) fell 2.84% to 2.844; the ChiNext ETF fell 3.28% to 2.915; the Shenzhen 100ETF fell 2.92% to 3.393; the SSE 50 Index fell 1.70% to 2967.77; the STAR 50ETF fell 3.63% to 1.43; the E Fund STAR 50ETF fell 3.68% to 1.39 [5] - **Volume and Open Interest PCR**: The report provides the volume and open interest PCR data of various options on October 17, 2025, and their changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 107.36 (previous day: 94.91), and the open interest PCR was 80.26 (previous day: 84.60) [6] - **Implied Volatility and Historical Volatility**: The report lists the implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options. For instance, the implied volatility of at - the - money SSE 50ETF options in November 2025 was 14.46%, and the 30 - trading - day historical volatility of the underlying asset was 13.31% [7] 3.2 Relevant Charts - **SSE 50ETF Options**: It includes charts of the SSE 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][11][13][19] - **SSE 300ETF Options**: There are charts of the SSE 300ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22][24][26] - **SZSE 300ETF Options**: The charts cover the SZSE 300ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [32][34][36][38] - **CSI 300 Index Options**: Include charts of the CSI 300 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [45][47][49][51] - **CSI 1000 Index Options**: There are charts of the CSI 1000 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [58][62][64][66] - **SSE 500ETF Options**: The charts involve the SSE 500ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [73][75][77][79] - **SZSE 500ETF Options**: Include charts of the SZSE 500ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [86][89][91][92] - **ChiNext ETF Options**: There are charts of the ChiNext ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [99][101][103][105] - **Shenzhen 100ETF Options**: The charts cover the Shenzhen 100ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [112][114][116][118] - **SSE 50 Index Options**: Include charts of the SSE 50 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [125][127][129][131] - **STAR 50ETF Options**: There are charts of the STAR 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [138][140][141][147] - **E Fund STAR 50ETF Options**: The charts cover the E Fund STAR 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of different tenors [148][150][151][154]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report presents the option market data of multiple underlying assets, including the ranking of option volatility, trading volume, and open interest of major options, as well as provides volatility trading suggestions and no - risk arbitrage analysis for various exchange - listed options [3][20][22]. 3. Summary by Directory 3.1 Option Volatility Ranking - The report lists the implied volatility, 30 - day historical volatility, and daily true range of multiple option underlying assets, along with their rankings [3]. - The zc511 has the highest implied volatility of 10.1%, ranking first; the 30 - day historical volatility of the科创50etf10月 is 2.4%, ranking first; and the daily true range of the科创50etf10月 is 6.7%, ranking first [3]. 3.2 Shanghai Stock Exchange Options 3.2.1 Shanghai 50ETF - **Basic Information**: The trading volume of the main options is 948,596 lots, the open interest is 996,227 lots, the trading volume ratio of call options to put options is 1.61, and the weighted average implied volatility is 17.82% [20]. - **Volatility Trading**: Suggestions are to sell options in months with higher curves and buy those in months with lower curves; for the same month, sell options with points above the curve and buy those below [22]. - **No - Risk Arbitrage**: The minimum annualized rate of return for the optimal arbitrage portfolio held to maturity is 12.2% at the settlement price and 1.30% at the counter - price [26][28]. 3.2.2 Huatai - Berry CSI 300ETF - **Basic Information**: The trading volume of the main options is 1,091,824 lots, the open interest is 785,510 lots, the trading volume ratio of call options to put options is 1.13, and the weighted average implied volatility is 17.04% [31]. - **Volatility Trading**: Similar to the Shanghai 50ETF, sell options in months with higher curves and buy those in months with lower curves; for the same month, sell options with points above the curve and buy those below [33]. - **No - Risk Arbitrage**: The minimum annualized rate of return for the optimal arbitrage portfolio held to maturity is 16.6% at the settlement price and 4.13% at the counter - price [37][39]. 3.2.3 Southern CSI 500ETF - **Basic Information**: The trading volume of the main options is 1,404,681 lots, the open interest is 662,200 lots, the trading volume ratio of call options to put options is 1.11, and the weighted average implied volatility is 20.21% [42]. - **Volatility Trading**: The same trading suggestions as above, sell high - curve options and buy low - curve options [44]. - **No - Risk Arbitrage**: The minimum annualized rate of return for the optimal arbitrage portfolio held to maturity is 26.0% at the settlement price and 5.55% at the counter - price [48][50]. 3.2.4 Huaxia Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The trading volume of the main options is 1,569,435 lots, the open interest is 1,118,938 lots, the trading volume ratio of call options to put options is 1.12, and the weighted average implied volatility is 44.48% [53]. - **Volatility Trading**: Sell options in months with higher curves and buy those in months with lower curves; for the same month, sell high - point options and buy low - point options [56]. - **No - Risk Arbitrage**: The minimum annualized rate of return for the optimal arbitrage portfolio held to maturity is 31.7% at the settlement price and 3.44% at the counter - price [60][62]. 3.2.5 E Fund Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The trading volume of the main options is 361,098 lots, the open interest is 320,378 lots, the trading volume ratio of call options to put options is 1.38, and the weighted average implied volatility is 45.36% [65]. - **Volatility Trading**: The same trading suggestions as other options, sell high - curve options and buy low - curve options [67]. - **No - Risk Arbitrage**: No relevant data provided.