本报告为摩根大通全球市场策略团队发布的全球股指波动率图册，数据截至2026年10月16日。报告覆盖SPX、NDX、RTY、SX5E、UKX、DAX、SMI、NKY、HSCEI、HSI、KOSPI2、AS51、NIFTY、TWSE等全球主要股指，系统梳理隐含波动率、25 Delta偏斜、方差互换、远期波动率与年化Rolldown、期限结构、方差凸性、跨指数波动率及方差价差、隐含与已实现相关性、个股与指数波动率价差等指标，并按当前值及周变化的5年分位数排序给出最便宜与最贵指标。当期1个月ATM隐含波动率中，KOSPI2升至44.2（周升10.5个点，5年分位约94%），NKY 27.9、TWSE 24.4、NDX 21.5；HSCEI与HSI仅17.7和16.7，处于5年约4%和7%的低分位。KOSPI2与NKY的1个月偏斜显著走陡，显示亚洲市场下行保护需求抬升；
This Global Index Volatility Chartbook from J.P. Morgan's Global Markets Strategy team (data as of Oct 16, 2026) reviews volatility metrics across major global equity indices including SPX, NDX, RTY, SX5E, UKX, DAX, SMI, NKY, HSCEI, HSI, KOSPI2, AS51, NIFTY and TWSE. It covers implied volatility, 25-delta skew, variance swaps, forward volatility and annualized rolldown, term structure, variance convexity, cross-index volatility and variance spreads, implied versus realized correlation, and stock-versus-index volatility spreads, ranking the cheapest and richest indicators by 5-year percentile of both current value and weekly change. In 1M ATMF implied volatility, KOSPI2 jumped to 44.2 (+10.5 w/w, ~94th percentile), followed by NKY at 27.9, TWSE at 24.4 and NDX at 21.5, while HSCEI and HSI at 17.7 and 16.7 sit near the 4th and 7th percentiles. Skew steepened sharply in KOSPI2 and NKY, signaling higher demand for downside protection in Asia, and HSI/HSCEI term-structure spreads remain nea