国投期货 韩泽文 期货从业号: F03108100 投资咨询号: Z0021517 2 天 日期 标的物价格 标的涨跌幅 当月IV 次月IV 2025/11/20 3.156 -0.28% 13.32% 14.38% 2025/11/21 3.101 -1.74% 15.17% 15.50% 2025/11/24 3.094 -0.23% 12.79% 14.13% 2025年11月24日 24.50% 近1年 次月IV分位数 32.90% 50.20% 28.20% 近2年 次月IV分位数 39.10% 55.60% 34.80% 当月合约距离到期还剩 32.30% 57.40% 【50ETF】 近1年 当月IV分位数 28.90% 56.30% 22.40% 近2年 当月IV分位数 金融期权波动率 0% 20% 40% 60% 80% 2.00 2.50 3.00 3.50 2022/11/22 2023/4/20 2023/9/14 2024/2/20 2024/7/17 2024/12/13 2025/5/19 2025/10/15 50ETF价格、隐波近三年走势 左轴50ETF 当月IV 数据来源： ...

国投期货 韩泽文 期货从业号: F03108100 投资咨询号: Z0021517 6 天 日期 标的物价格 标的涨跌幅 当月IV 次月IV 2025/11/14 3.183 -1.18% 13.10% 14.83% 2025/11/17 3.159 -0.75% 13.46% 14.73% 2025/11/18 3.150 -0.28% 14.82% 15.39% 2025年11月18日 52.50% 近1年 次月IV分位数 38.30% 34.50% 47.20% 近2年 次月IV分位数 46.30% 43.50% 53.90% 当月合约距离到期还剩 29.40% 34.10% 【50ETF】 近1年 当月IV分位数 26.50% 29.70% 50.60% 近2年 当月IV分位数 金融期权波动率 0% 5% 10% 15% 20% ATM IV(M1) ATM IV(M2) ATM IV(Q1) ATM IV(Q2) ATM IV期限结构 今日 昨日 0% 20% 40% 60% 80% 2.00 2.50 3.00 3.50 2022/11/16 2023/4/14 2023/9/8 2024/2/6 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - From November 3rd to 7th, 2025, the Shanghai Composite Index rose with fluctuations during the week, while the Shenzhen Component Index opened slightly lower and fluctuated. The performance of different ETFs varied, with 50ETF and Huatai-PineBridge CSI 300ETF showing certain increases, and Southern CSI 500ETF having a small increase. In the options market, the average daily trading volume and total open interest of various ETF options increased. Volatility decreased, with short - term volatility significantly dropping, and the implied volatility curve structure slightly shifting to the right. The market risk preference declined. Considering the current situation, the probability of implied volatility strengthening in the future is relatively high, and a volatility strategy of selling high is recommended [2][3][4]. 3. Summary by Directory 3.1. Spot and Futures Market Review 3.1.1. Underlying Asset Market - From November 3rd to 7th, the Shanghai Composite Index rose 1.08% compared to the previous week, closing at 3997.56 with lower trading volume. The Shenzhen Component Index opened slightly lower, fluctuated during the week, and closed at 13404.06 with lower trading volume. 50ETF opened at 3.153 and closed at 3.186, rising 0.82% with a turnover of 11.564 billion. Huatai - PineBridge CSI 300ETF opened at 4.752 and closed at 4.795, rising 0.82% with a turnover of 19.074 billion. Southern CSI 500ETF opened at 7.427 and closed at 7.440, rising 0.05% with a turnover of 7.169 billion [8]. 3.1.2. Index Futures Market - From November 3rd to 7th, all IH contracts of stock index futures closed up. Contract IH2511 rose 0.76%. All IF contracts closed up, with contract IF2511 rising 0.57%. All IC contracts closed down, with contract IC2511 falling 0.30% [9]. 3.2. Options Market Review 3.2.1. Trading and Open Interest - From November 3rd to 7th, the average daily trading volume and total open interest of 50ETF options increased. The average daily trading volume was 864,446 contracts, an increase of 31,600 contracts compared to the previous week. The total open interest was 1,530,207 contracts, an increase of 69,092 contracts from the previous weekend. The total open interest PCR was 0.97, up 0.07 from the previous weekend. For Huatai - PineBridge CSI 300ETF options, the average daily trading volume was 1,031,324 contracts, an increase of 43,523 contracts compared to the previous week. The total open interest was 1,376,297 contracts, an increase of 116,890 contracts from the previous weekend. The total open interest PCR was 1.12, up 0.09 from the previous weekend. For Southern CSI 500ETF options, the average daily trading volume was 1,513,130 contracts, an increase of 90,928 contracts compared to the previous week. The total open interest was 1,361,584 contracts, an increase of 40,101 contracts from the previous weekend. The total open interest PCR was 1.26, basically unchanged from the previous weekend [13][16][21]. 3.2.2. Volatility - **Historical Volatility**: As of November 7th, the 5 - day historical rolling volatility of 50ETF dropped to 9.69%, around the 25th percentile of the five - year historical level. The 5 - day, 10 - day, 20 - day, and 40 - day historical volatilities were 9.69%, 10.60%, 11.57%, and 11.90% respectively. The 5 - day historical rolling volatility of Huatai - PineBridge CSI 300ETF dropped to 12.63%, around the 50th percentile of the five - year historical level, with corresponding historical volatilities of 12.63%, 15.12%, 15.91%, and 16.82%. The 5 - day historical rolling volatility of Southern CSI 500ETF dropped to 18.52%, around the 50th percentile of the five - year historical level, with corresponding historical volatilities of 18.52%, 19.76%, 22.32%, and 22.34% [25][29][31]. - **Implied Volatility**: On November 7th, for each options variety's 2025 - 11 and 2025 - 12 contracts, the implied volatility of at - the - money contracts declined, while the implied volatility of out - of - the - money contracts remained at a relatively high level. The implied volatility curve structure slightly shifted to the right. For the 500ETF, which had a relatively large decline, the valuation of put contracts was relatively high, indicating a decline in market risk preference [34]. - **Comparison of Historical and Implied Volatility Trends**: Short - term volatility significantly declined. The volatility of 50ETF dropped below 10%, and the weekly volatility of 300ETF and 500ETF dropped from the 75th percentile to the 50th percentile of the historical level. Monthly volatility also declined further, and the implied volatility mainly decreased during the week. Currently, the implied volatility level is still lower than the historical volatility, and it is believed that the probability of implied volatility strengthening in the future is relatively high [41]. 3.3. Investment Recommendations - In terms of strategies, the weekly market first fell and then rose. Small - cap growth stocks declined more, while large - cap stocks were relatively stable and performed slightly better than small - cap stocks. The open interest PCR level showed different trends according to the rise and fall of the underlying assets, and the current level is around the historical median. Considering the implied volatility, the overall level has decreased. On the implied volatility curve, the volatility of at - the - money contracts decreased, but the implied volatility of out - of - the - money contracts remained high, indicating a decline in market risk preference. Given that the current implied volatility level is lower than the historical volatility, if the market fluctuates significantly, the volatility level may suddenly rise. Therefore, a volatility strategy of selling high is still recommended [4][44].

Core Insights - The article discusses the evolution of investment strategies from a conservative arbitrage approach to a more aggressive equity holding strategy, emphasizing the importance of resilience during market downturns [1][2][3]. Group 1: Investment Strategy Evolution - Initially, the focus was on stable arbitrage, but exposure to market volatility led to a shift towards holding high equity positions [1][2]. - The experience of significant market drops taught the importance of managing risk and the psychological aspect of enduring losses [2][3]. Group 2: Market Resilience - The author highlights that true investment strength comes from the ability to withstand market fluctuations, with a clear understanding that no investment is entirely safe [3]. - The confidence in holding positions in 50ETF and convertible bonds stems from the belief in the long-term recovery of fundamentally strong assets [3]. Group 3: Market Behavior and Risk Management - The article emphasizes that market volatility is a natural occurrence, and investors must be prepared to handle substantial drawdowns to achieve greater returns [3]. - The narrative suggests that maintaining composure during downturns and strategically adding to positions can lead to eventual recovery and profit [2][3].

1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - No explicit core view is presented in the provided documents. 3. Summary by Related Catalogs 3.1 50ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the 50ETF price was 3.150, 3.19, and 3.186 respectively, with corresponding daily changes of -0.19%, 1.27%, and -0.13%. The corresponding monthly implied volatility (IV) was 14.25%, 12.80%, and 12.51%, and the next - month IV was 15.56%, 14.89%, and 14.78% [1]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 36.30% and 43.50% respectively, and the 1 - year and 2 - year next - month IV quantiles were 45.90% and 56.40% respectively [1]. - **Skew Index**: The skew index on November 7, 2025, was 102.82, compared to 97.67 the previous day [2]. 3.2 Shanghai 300ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Shanghai 300ETF price was 4.735, 4.805, and 4.795 respectively, with daily changes of 0.13%, 1.48%, and -0.21%. The monthly IV was 15.25%, 14.53%, and 14.37%, and the next - month IV was 16.91%, 16.18%, and 15.94% [3]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 37.50% and 48.60% respectively, and the 1 - year and 2 - year next - month IV quantiles were 52.30% and 63.80% respectively [3]. - **Skew Index**: The skew index on November 7, 2025, was 104.72 [5]. 3.3 Shenzhen 300ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Shenzhen 300ETF price was 4.881, 4.956, and 4.941 respectively, with daily changes of 0.00%, 1.54%, and -0.30%. The monthly IV was 15.63%, 14.78%, and 14.95%, and the next - month IV was 16.90%, 16.44%, and 16.41% [6]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 40.80% and 53.50% respectively, and the 1 - year and 2 - year next - month IV quantiles were 50.40% and 62.80% respectively [6]. - **Skew Index**: The skew index on November 7, 2025, was 104.41 [12]. 3.4 Shanghai CSI 500ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Shanghai CSI 500ETF price was 7.330, 7.451, and 7.440 respectively, with daily changes of -1.47%, 1.89%, and -0.15%. The monthly IV was 19.64%, 18.71%, and 18.55%, and the next - month IV was 21.04%, 20.07%, and 19.92% [14]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 44.80% and 50.90% respectively, and the 1 - year and 2 - year next - month IV quantiles were 56.10% and 64.20% respectively [14]. - **Skew Index**: The skew index on November 7, 2025, was 106.34 [17]. 3.5 Shenzhen CSI 500ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Shenzhen CSI 500ETF price was 2.930, 2.979, and 2.968 respectively, with daily changes of 0.21%, 1.67%, and -0.37%. The monthly IV was 20.46%, 18.68%, and 18.65%, and the next - month IV was 21.16%, 20.31%, and 20.12% [21]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 52.20% and 59.30% respectively, and the 1 - year and 2 - year next - month IV quantiles were 52.70% and 62.30% respectively [21]. - **Skew Index**: The skew index on November 7, 2025, was 104.65 [26]. 3.6 ChiNext ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the ChiNext ETF price was 3.142, 3.201, and 3.185 respectively, with daily changes of 0.96%, 1.88%, and -0.50%. The monthly IV was 31.34%, 29.04%, and 28.86%, and the next - month IV was 31.85%, 30.61%, and 30.16% [27]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 65.70% and 76.20% respectively, and the 1 - year and 2 - year next - month IV quantiles were 75.60% and 77.80% respectively [27]. - **Skew Index**: The skew index on November 7, 2025, was 102.10 [33]. 3.7 Shenzhen 100ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Shenzhen 100ETF price was 3.526, 3.590, and 3.567 respectively, with daily changes of 0.20%, 1.82%, and -0.64%. The monthly IV was 21.53%, 20.26%, and 20.37%, and the next - month IV was 22.04%, 21.33%, and 22.06% [38]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 57.50% and 67.60% respectively, and the 1 - year and 2 - year next - month IV quantiles were 54.00% and 68.40% respectively [38]. - **Skew Index**: The skew index on November 7, 2025, was 104.78 [41]. 3.8 Science and Technology Innovation 50ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Science and Technology Innovation 50ETF price was 1.460, 1.509, and 1.487 respectively, with daily changes of 0.34%, 3.36%, and -1.46%. The monthly IV was 34.35%, 32.60%, and 32.24%, and the next - month IV was 35.61%, 34.03%, and 33.27% [47]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 61.20% and 73.00% respectively, and the 1 - year and 2 - year next - month IV quantiles were 52.20% and 67.40% respectively [47]. - **Skew Index**: The skew index on November 7, 2025, was 96.47 [49]. 3.9 Star 50ETF - **Price and Volatility Data**: From November 5 - 7, 2025, the Star 50ETF price was 1.414, 1.462, and 1.442 respectively, with daily changes of 0.21%, 3.39%, and -1.37%. The monthly IV was 34.74%, 32.95%, and 32.12%, and the next - month IV was 34.81%, 34.12%, and 32.71% [52]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 57.50% and 70.10% respectively, and the 1 - year and 2 - year next - month IV quantiles were 66.10% and 75.60% respectively [52]. - **Skew Index**: The skew index on November 7, 2025, was 97.75 [55]. 3.10 300 Index - **Price and Volatility Data**: From November 5 - 7, 2025, the 300 Index price was 4627.257, 4693.403, and 4678.794 respectively, with daily changes of 0.19%, 1.43%, and -0.31%. The monthly IV was 14.89%, 13.87%, and 13.35%, and the next - month IV was 17.03%, 16.43%, and 16.42% [61]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 38.30% and 43.70% respectively, and the 1 - year and 2 - year next - month IV quantiles were 50.20% and 61.30% respectively [61]. - **Skew Index**: The skew index on November 7, 2025, was 107.07 [65]. 3.11 1000 Index - **Price and Volatility Data**: From November 5 - 7, 2025, the 1000 Index price was 7464.863, 7551.830, and 7541.878 respectively, with daily changes of 0.39%, 1.17%, and -0.13%. The monthly IV was 19.37%, 17.89%, and 17.98%, and the next - month IV was 21.34%, 19.98%, and 20.15% [66]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 25.70% and 24.70% respectively, and the 1 - year and 2 - year next - month IV quantiles were 31.40% and 29.00% respectively [66]. - **Skew Index**: The skew index on November 7, 2025, was 117.24 [70]. 3.12 SSE 50 Index - **Price and Volatility Data**: From November 5 - 7, 2025, the SSE 50 Index price was 3007.970, 3044.742, and 3038.346 respectively, with daily changes of -0.17%, 1.22%, and -0.21%. The monthly IV was 13.86%, 13.00%, and 13.21%, and the next - month IV was 56.53%, 61.58%, and 62.00% [71]. - **IV Quantiles**: The 1 - year and 2 - year monthly IV quantiles were 24.00% and 30.80% respectively, and the 1 - year and 2 - year next - month IV quantiles were 77.50% and 88.30% respectively [71]. - **Skew Index**: The skew index on November 7, 2025, was 101.00 [76].

Market Overview - The market has shown extreme volatility, with significant fluctuations leading to a rapid rise and fall in indices, recently surpassing the 4000-point mark again, with trading volume exceeding 200 billion [1][9] - This lack of continuity in market trends indicates a significant divergence between bullish and bearish sentiments, resulting in rapid capital movement across various sectors [3][12] Technical Analysis - Key resistance level identified at 4020, with support at 3950, indicating potential price action boundaries for the market [5][13] - The market's volatility has been negatively correlated, with a recent drop in volatility to 13.74, marking a 7.10% decrease and reaching a recent low [12] Investment Insights - The recent market rebound has led to substantial gains in indices such as the CSI 500 and ChiNext, with notable stocks like Cambrian Technology surpassing Kweichow Moutai in price [1][13] - The current market environment presents both opportunities and risks, particularly for inexperienced investors who may struggle to navigate the rapid changes [1][3]

Macro Insights - The U.S. federal government has entered its 35th day of a shutdown, matching the longest shutdown record in U.S. history, with no agreement reached between the Democratic and Republican parties on a temporary funding bill [2] - The State Council announced a nine-day holiday for the Spring Festival in 2026, leading to a significant increase in online travel bookings for both New Year's and Spring Festival periods, particularly for popular tourist destinations [2] Real Estate Market - Since 2019, the proportion of existing residential sales has increased from 10% to 33% at the beginning of this year, with over 30 provinces and cities in China implementing pilot programs for existing home sales [3] Financial Engineering - From October 27 to October 31, the Shanghai Composite Index closed at 3954.79, with increased trading volume compared to the previous week. The Shenzhen Component Index closed at 13378.21, also with increased trading volume [6] - The 50ETF saw a weekly decline of 1.00%, while the Southern CSI 500ETF increased by 0.91% during the same period [8] - The average daily trading volume of 50ETF options decreased, while total open interest increased, indicating a mixed sentiment in the options market [7] Investment Strategy - The market showed a divergence in performance among different ETFs, with the 50ETF underperforming and the 500ETF showing strength. The PCR indicators reflected this divergence, with a decrease in put option holdings for the weaker ETFs [8][9] - The overall market sentiment appears to be cautious, with expectations of continued volatility but stable implied volatility levels, suggesting a potential strategy of shorting on rallies [9]

Group 1: Volatility Index Explanation - The implied volatility index of financial options reflects the 30 - day implied volatility trend as of the previous trading day. The implied volatility index of commodity options is obtained by weighting the implied volatilities of the two - strike options above and below the at - the - money option of the main contract month, reflecting the implied volatility change trend of the main contract [2] - The difference between the implied volatility index and historical volatility: a larger difference indicates that the implied volatility is relatively higher than historical volatility, while a smaller difference means the opposite [2] Group 2: Volatility Data Visualization - There are charts showing the implied volatility (IV), historical volatility (HV), and their differences (IV - HV) for various financial and commodity options, including 300 - stock index, 50ETF, 1000 - stock index, 500ETF, and many commodity options such as silver, gold, soybean meal, corn, etc [3] Group 3: Quantile Ranking of Volatility - Implied volatility quantiles represent the current implied volatility level of a variety in history. A high quantile means the current implied volatility is high, and a low quantile means it is low [4] - There are rankings of implied volatility quantiles and historical volatility quantiles for different options, such as 300 - stock index with a quantile of 0.89, 50ETF with a quantile of 0.49, etc [4][5]

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core Viewpoints of the Report No clear core viewpoints are presented in the content. It mainly provides data on various ETFs and indices, including price, volatility, and related quantile information. 3. Summary by Different ETFs and Indices 3.1 50ETF - The underlying asset price increased from 3.148 on October 22, 2025, to 3.192 on October 24, 2025, with cumulative increases of 0.13%, 0.60%, and 0.79% respectively [1]. - The current month IV was 15.10% on October 22, 15.20% on October 23, and 15.01% on October 24; the next month IV was 16.64%, 16.68%, and 16.45% respectively [1]. - The 1 - year and 2 - year IV quantiles of the current and next months are presented [1]. 3.2 Shanghai 300ETF - The underlying asset price rose from 4.695 on October 22, 2025, to 4.770 on October 24, 2025, with cumulative increases of - 0.32%, 0.38%, and 1.21% respectively [3]. - The current month IV was 16.69% on October 22, 16.91% on October 23, and 16.03% on October 24; the next month IV was 18.05%, 17.95%, and 17.30% respectively [3]. - The 1 - year and 2 - year IV quantiles of the current and next months are provided [3]. 3.3 Shenzhen 300ETF - The underlying asset price increased from 4.844 on October 22, 2025, to 4.916 on October 24, 2025, with cumulative increases of - 0.29%, 0.23%, and 1.26% respectively [6]. - The current month IV was 17.22% on October 22, 17.05% on October 23, and 16.44% on October 24; the next month IV was 18.42%, 18.38%, and 17.76% respectively [6]. - The 1 - year and 2 - year IV quantiles of the current and next months are shown [6]. 3.4 Shanghai CSI 500ETF - The underlying asset price went from 7.224 on October 22, 2025, to 7.369 on October 24, 2025, with cumulative increases of 0.89%, - 0.43%, and 2.01% respectively [15]. - The current month IV was 21.02% on October 22, 21.46% on October 23, and 19.79% on October 24; the next month IV was 21.87%, 22.49%, and 21.25% respectively [15]. - The 1 - year and 2 - year IV quantiles of the current and next months are available [15]. 3.5 Shenzhen CSI 500ETF - The underlying asset price increased from 2.886 on October 22, 2025, to 2.940 on October 24, 2025, with cumulative increases of - 0.69%, 0.24%, and 1.62% respectively [22]. - The current month IV was 21.33% on October 22, 21.72% on October 23, and 20.76% on October 24; the next month IV was 22.15%, 22.53%, and 21.73% respectively [22]. - The 1 - year and 2 - year IV quantiles of the current and next months are given [22]. 3.6 GEM ETF - The underlying asset price rose from 3.039 on October 22, 2025, to 3.147 on October 24, 2025, with cumulative increases of - 0.75%, - 0.03%, and 3.59% respectively [28]. - The current month IV was 29.28% on October 22, 29.10% on October 23, and 28.54% on October 24; the next month IV was 30.07%, 30.00%, and 29.61% respectively [28]. - The 1 - year and 2 - year IV quantiles of the current and next months are presented [28]. 3.7 Shenzhen 100ETF - The underlying asset price increased from 3.493 on October 22, 2025, to 3.569 on October 24, 2025, with cumulative increases of - 0.54%, 0.14%, and 2.03% respectively [37]. - The current month IV was 23.33% on October 22, 23.50% on October 23, and 22.71% on October 24; the next month IV was 24.22%, 23.78%, and 23.80% respectively [37]. - The 1 - year and 2 - year IV quantiles of the current and next months are provided [37]. 3.8 Science and Technology Innovation 50ETF - The underlying asset price went from 1.476 on October 22, 2025, to 1.535 on October 24, 2025, with cumulative increases of - 0.07%, - 0.20%, and 4.21% respectively [46]. - The current month IV was 34.06% on October 22, 34.89% on October 23, and 32.68% on October 24; the next month IV was 35.20%, 35.20%, and 34.18% respectively [46]. - The 1 - year and 2 - year IV quantiles of the current and next months are shown [46]. 3.9 Science and Technology Innovation Board 50ETF - The underlying asset price increased from 1.429 on October 22, 2025, to 1.487 on October 24, 2025, with cumulative increases of - 0.07%, - 0.35%, and 4.42% respectively [51]. - The current month IV was 34.31% on October 22, 34.55% on October 23, and 33.01% on October 24; the next month IV was 34.37%, 34.55%, and 34.64% respectively [51]. - The 1 - year and 2 - year IV quantiles of the current and next months are given [51]. 3.10 300 Index - The underlying asset price rose from 4592.570 on October 22, 2025, to 4660.684 on October 24, 2025, with cumulative increases of - 0.33%, 0.30%, and 1.18% respectively [59]. - The current month IV was 17.00% on October 22, 17.30% on October 23, and 15.88% on October 24; the next month IV was 18.00%, 18.22%, and 17.55% respectively [59]. - The 1 - year and 2 - year IV quantiles of the current and next months are presented [59]. 3.11 1000 Index - The underlying asset price increased from 7312.210 on October 22, 2025, to 7419.235 on October 24, 2025, with cumulative increases of - 0.43%, - 0.06%, and 1.52% respectively [64]. - The current month IV was 22.42% on October 22, 21.95% on October 23, and 20.58% on October 24; the next month IV was 23.26%, 23.33%, and 22.38% respectively [64]. - The 1 - year and 2 - year IV quantiles of the current and next months are provided [64]. 3.12 Shanghai Composite 50 Index - The underlying asset price rose from 3010.095 on October 22, 2025, to 3045.816 on October 24, 2025, with cumulative increases of 0.09%, 0.56%, and 0.62% respectively [73]. - The current month IV was 14.88% on October 22, 15.86% on October 23, and 15.82% on October 24; the next month IV was 52.31%, 54.67%, and 57.72% respectively [73]. - The 1 - year and 2 - year IV quantiles of the current and next months are shown [73].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View No clear core view is presented in the provided reports. The documents mainly offer detailed data on various financial products, including price movements, implied volatility (IV), and skew indices. 3. Summary by Related Catalogs 3.1 General Information - Multiple financial products are covered, including 50ETF, various 300ETF (Shanghai, Shenzhen), various CSI 500ETF (Shanghai, Shenzhen),创业板ETF, 深证100ETF, 科创50ETF, 科创板50ETF, 300指数, 1000指数, and 上证50指数 [1][3][8][18][27][33][44][53][59][69][73][77] 3.2 Price and Volatility Data 3.2.1 50ETF - From Oct 16 - 20, 2025, the price ranged from 3.11 - 3.159, with a maximum increase of 0.67% and a maximum decrease of 1.55%. The monthly IV ranged from 14.20% - 17.52%, and the next - month IV from 15.90% - 16.91% [1] 3.2.2 Shanghai 300ETF - From Oct 16 - 20, 2025, the price ranged from 4.624 - 4.721, with a maximum increase of 0.35% and a maximum decrease of 2.05%. The monthly IV ranged from 17.12% - 20.10%, and the next - month IV from 17.49% - 18.81% [3] 3.2.3 Shenzhen 300ETF - From Oct 16 - 20, 2025, the price ranged from 4.768 - 4.872, with a maximum increase of 0.38% and a maximum decrease of 2.13%. The monthly IV ranged from 15.73% - 19.51%, and the next - month IV from 17.75% - 18.99% [8] 3.2.4 Shanghai CSI 500ETF - From Oct 16 - 20, 2025, the price ranged from 7.114 - 7.336, with a maximum increase of 0.64% and a maximum decrease of 3.77%. The monthly IV ranged from 22.63% - 24.66%, and the next - month IV from 22.62% - 23.23% [18] 3.2.5 Shenzhen CSI 500ETF - From Oct 16 - 20, 2025, the price ranged from 2.844 - 2.927, with a maximum increase of 0.56% and a maximum decrease of 2.84%. The monthly IV ranged from 22.99% - 26.35%, and the next - month IV from 22.78% - 23.71% [27] 3.2.6 创业板ETF - From Oct 16 - 20, 2025, the price ranged from 2.915 - 3.014, with a maximum increase of 1.92% and a maximum decrease of 3.28%. The monthly IV ranged from 30.26% - 35.56%, and the next - month IV from 30.49% - 34.02% [33] 3.2.7 Shenzhen 100ETF - From Oct 16 - 20, 2025, the price ranged from 3.393 - 3.495, with a maximum increase of 0.94% and a maximum decrease of 2.92%. The monthly IV ranged from 24.39% - 26.27%, and the next - month IV from 24.78% - 26.40% [44] 3.2.8 科创50ETF - From Oct 16 - 20, 2025, the price ranged from 1.433 - 1.487, with a maximum increase of 0.28% and a maximum decrease of 3.63%. The monthly IV ranged from 31.85% - 41.33%, and the next - month IV from 34.74% - 39.93% [53] 3.2.9 科创板50ETF - From Oct 16 - 20, 2025, the price ranged from 1.388 - 1.441, with a maximum increase of 0.36% and a maximum decrease of 3.68%. The monthly IV ranged from 33.05% - 42.72%, and the next - month IV from 36.91% - 39.33% [59] 3.2.10 300指数 - From Oct 15 - 17, 2025, the price ranged from 4514.235 - 4618.422, with a maximum increase of 1.48% and a maximum decrease of 2.26%. The monthly IV ranged from 14.69% - 18.96%, and the next - month IV from 17.27% - 20.44% [69] 3.2.11 1000指数 - From Oct 15 - 17, 2025, the price ranged from 7185.478 - 7483.449, with a maximum increase of 1.50% and a maximum decrease of 2.92%. The monthly IV ranged from 19.06% - 25.42%, and the next - month IV from 21.47% - 25.34% [73] 3.2.12 Shanghai 50指数 - From Oct 15 - 17, 2025, the price ranged from 2967.775 - 3019.197, with a maximum increase of 1.36% and a maximum decrease of 1.70%. The monthly IV ranged from 14.57% - 16.99%, and the next - month IV from 48.66% - 62.00% [77] 3.3 IV Quantile Data - IV quantiles for different products over the past 1 - 2 years are provided, such as for 50ETF, 300ETF, etc [1][3][8] 3.4 Skew Index Data - Skew indices for different products and different time points (today, yesterday, etc.) are presented, including calculation methods [2][7][15] 3.5 Other Data - Price, IV, and volume trends over the past 1 - 3 years are shown for various products, as well as IV term structures and intraday IV trends for different months [1][3][8]