Report Overview - The report date is August 7, 2025, and it focuses on stock index options, suggesting that in a volatile and rising volatility environment with a change in implied volatility correlation, long - position investors can consider a protective put strategy [1] Market Data Statistics Underlying Market Statistics - The closing prices of the Shanghai Composite 50 Index, CSI 300 Index, and CSI 1000 Index are 2798.31, 4114.67, and 6862.15 respectively, with changes of 0.89, 1.18, and 0.84. Their trading volumes are 42.34 billion, 198.64 billion, and 261.39 billion hands respectively, with changes of 1.16 billion, 21.97 billion, and 3.26 billion hands [2] - For various ETFs, such as Shanghai Composite 50 ETF, Huatai - Berich 300 ETF, etc., their closing prices, price changes, trading volumes, and volume changes are also presented in detail [2] Option Market Statistics - The trading volumes and changes, open interests and changes, VL - PCR, OI - PCR, and the strike prices with the largest call and put open interests (near - month) are provided for different index options and ETF options, like Shanghai Composite 50 Index Option, CSI 300 Index Option, etc. For example, the trading volume of Shanghai Composite 50 Index Option is 32374, with a change of 3863 [2] Option Volatility Statistics - The ATM - IV, IV changes, same - term HV, HV changes, Skew, Skew changes, and VIX and its changes are reported for near - month and next - month options of different types. For instance, the near - month ATM - IV of Shanghai Composite 50 Index Option is 11.75%, with an IV change of 0.21% [5] Option Types Analysis Shanghai Composite 50 Index Option - Multiple charts show the full - contract PCR,主力 contract skewness trend, volatility cone, and volatility term structure, providing a comprehensive view of its market performance [8][9] CSI 300 Index Option - Similar to the Shanghai Composite 50 Index Option, there are charts for full - contract PCR,主力 contract skewness trend, volatility cone, and volatility term structure to analyze its characteristics [12][13] CSI 1000 Index Option - The report presents relevant charts for this option type, including主力 contract volatility, full - contract PCR,主力 contract skewness, volatility cone, and volatility term structure [15][16] Various ETF Options - For Shanghai Composite 50 ETF Option, Huatai - Berich 300 ETF Option, and other ETF options, their respective主力 contract volatility, full - contract PCR,主力 contract skewness, volatility cone, and volatility term structure are analyzed through charts [18][22]

1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - Not provided in the report. 3. Summary by Related Categories Gold (AU) - On August 7, 2025, the closing price of SHFE gold main contract was 785.02 yuan/gram, with a change of 1.34 yuan compared to the previous trading day [1]. - The closing price of COMEX gold main contract was 3431.80 US dollars/ounce, down 3.20 US dollars from the previous day [1]. - The spot price of London gold was -1.93 US dollars/ounce, and the spot price of SGE gold was 779.52 yuan/gram, down 1.44 yuan [1]. Silver (AG) - On August 7, 2025, the closing price of SHFE silver main contract was 9258 yuan/kilogram, up 76 yuan from the previous trading day [1]. - The closing price of COMEX silver main contract was 0.10 US dollars/ounce, and the spot price of London silver was 37.78 US dollars/ounce, up 0.43 US dollars [1]. - The spot price of SGE silver was 96 yuan/kilogram, and the domestic basis (AG(T+D) - main contract) was -11 yuan/gram [1]. Copper (CU, BC) - On August 7, 2025, the closing price of SHFE copper (CU) main contract was 78460 yuan/ton, up 180 yuan from the previous trading day [1]. - The closing price of international copper (BC) main contract was 69630 yuan/ton, up 160 yuan [1]. - The closing price of LME copper 3M (15:00) was 9701.50 US dollars/ton, up 34.00 US dollars [1]. Aluminum and Alumina (AL, AO) - On August 7, 2025, the closing price of SHFE aluminum (AL) main contract was 20750 yuan/ton, up 100 yuan from the previous trading day [1]. - The closing price of alumina (AO) main contract was 3211 yuan/ton, down 30 yuan [1]. - The closing price of LME aluminum 3M (15:00) was 2631.00 US dollars/ton, up 56.00 US dollars [1]. Zinc (ZN) - On August 7, 2025, the closing price of SHFE zinc (ZN) main contract was 22580 yuan/ton, up 200 yuan from the previous trading day [1]. - The LME zinc 0 - 3 spread was -20.97 US dollars/ton, and the domestic regional spot premiums varied in different areas [1]. - The SHFE zinc warehouse receipt inventory was 13822 tons, down 553 tons [1]. Lead (PB) - On August 7, 2025, the closing price of SHFE lead (PB) main contract was 16875 yuan/ton, up 20 yuan from the previous trading day [1]. - The refined lead spot import profit and loss was -524.20 yuan/ton, and the recycled lead smelting profit was 73.50 yuan/ton [1]. Nickel and Stainless Steel (NI, SS) - On August 7, 2025, the closing price of SHFE nickel (NI) main contract was 121850 yuan/ton, up 780 yuan from the previous trading day [1]. - The closing price of stainless steel (SS) main contract was 13000 yuan/ton, up 65 yuan [1]. - The LME nickel 3M closing price (15:00) was 15230 US dollars/ton [1]. Tin (SN) - On August 7, 2025, the closing price of SHFE tin (SN) main contract was 267940 yuan/ton, up 1000 yuan from the previous trading day [1]. - The LME tin 3M closing price (15:00) was 33565 US dollars/ton, up 180 US dollars [1]. - The SHFE tin warehouse receipt inventory was 7332 tons, down 26 tons [1].

本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货将偏强震荡：IF2509 阻力位 4122 和 4141 点，支撑位 4097 和 4087 点；IH2509 阻力位 2812 和 2820 点，支撑位 2795 和 2786 点；IC2509 阻力位 6250 和 6275 点，支撑位 6190 和 6160 点；IM2509 阻力位 6830 和 6885 点，支撑位 6760 和 6730 点。 2025 年 8 月 7 日 股指期货将偏强震荡 铜、铝、锌、氧化铝、工业硅、多晶 硅、碳酸锂期货将偏强震荡 焦煤期货将偏强宽幅震荡 原 油、铁矿石、玻璃、纯碱期货将偏弱震荡 陶金峰 期货投资 ...

2025 年 08 月 07 日 豆粕：隔夜美豆收跌，连粕调整震荡 豆一：单向拍卖开启，盘面震荡 吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 【基本面跟踪】 豆粕/豆一基本面数据 | | | 收盘价 （日盘） | 涨 跌 | 收盘价 （夜盘） 涨 跌 | | --- | --- | --- | --- | --- | | | （元/吨） DCE豆一2509 | 4118 | -3（-0.07%） | +6（+0.15%） 4124 | | 期 货 | DCE豆粕2509 （元/吨） | 3026 | -4（-0.13%） | 3013 -14（-0.46%） | | | CBOT大豆11 （美分/蒲） | 985.25 | -5.25（-0.53%） | | | | CBOT豆粕12 （美元/短吨） | 281.1 | -3.7（-1.30%） | n a | | | | | 豆粕 | （43%） | | | 山东 （元/吨） | 2950～3000， 较昨-10至持平； 60， 持平； 8-9月M2509+30/+60， M2601+10/+30/+60/+70， ...

短纤：下方空间有限，短期震荡市，多 PF 空 PR 瓶片：下方空间有限，短期震荡市，多 PF 空 PR 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin024367@gtjas.com 钱嘉寅（联系人） 从业资格号：F03124480 Qianjiayin028310@gtjas.com 期 货 研 究 2025 年 08 月 07 日 【基本面跟踪】 | | 短纤2508 | 昨日 6298 | 前日 6286 | 变化 12 | PF08-09 | 昨日 -52 | 前日 -36 | 变化 -16 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | PF | 短纤2509 | 6350 | 6322 | 28 | PF09-10 | -64 | -88 | 24 | | | 短纤2510 | 6414 | 6410 | ব | PF基差 | 150 | 1 63 | -13 | | | 短纤持仓量 | 275136 | 264681 | 10455 | 短纤华东现货价格 | 6. 500 | 6. 485 | 15 | | ...

期 货 研 究 2025 年 08 月 07 日 所 铝、氧化铝、铸造铝合金基本面数据更新 | T | T-1 | T-5 | T-22 | T-66 | 沪铝主力合约收盘价 | 20650 | 70 | 1005 | 90 | ટર્ટ | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪铝主力合约夜盘收盘价 | 20770 | ー | l | ー | l | LME铝3M收盘价 | 2622 | 57 | 14 | 24 | 237 | | | 沪铝主力合约成交量 | 92872 | -7124 | -32296 | -74965 | -55070 | 沪铝主力合约持仓量 | -1008 | -36426 | -47469 | 224937 | ୧813 | 电解 铝 | | LME铝3M成交量 | 25282 | 13080 | 10435 | 8764 | 14763 | LME注销仓单占比 | 3.04% | 0. 23% | -0. 06% | -0. 03% | -38. ...

所长 早读 国泰君安期货 2025-08-07 期 2025-08-07 所长 早读 今 日 发 现 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 关税大棒呼呼生风，项庄舞剑意在沛公 观点分享： 周三美股盘后，特朗普在白宫椭圆形办公室表示，"我们将对芯片和半导体产品征收非 常高的关税，但像苹果这样的公司，如果你是在美国建厂，或者已经明确承诺在美国建厂， 就不会被征税。""换句话说，我们将对芯片和半导体产品征收大约 100%的关税。但只要 你在美国建厂，就不会被征税。即使你现在还没开始大规模生产，只要你已经在建设阶段， 就不会被征税。"做上述表述时苹果公司首席执行官蒂姆·库克在场。稍早前据媒体报道，关 税压力下，苹果将再投 1000 亿美元布局美国制造，最新承诺将使苹果在美投资总额达到 6000 亿美元。另外，特朗普在一份行政令中表示："我认定印度政府目前正在直接或间接进 口俄罗斯联邦的石油，因此，并依据相关法律，进口到美国关税区的印度商品应额外征收 25% 的从价税。"根据该行政令，新关税将在 21 天后生效。这将使印度这一美国重要贸易伙伴的 总关税税率提高至 50%。 所 长 首 推 | 板块 ...

1. Report Industry Investment Rating - The investment rating for zinc is "Oscillating upward" [1] 2. Core View of the Report - The report presents a detailed analysis of the zinc market's fundamentals, including price, trading volume, open interest, premium/discount, inventory, and related product prices, as well as relevant news and trend strength [1][2] 3. Summary According to Related Catalogs 3.1 Fundamentals Tracking - **Prices**: The closing price of SHFE zinc main contract was 22,380 yuan/ton with 0.00% change, and LME zinc 3M electronic trading closed at 2,750 dollars/ton with -0.15% change [1] - **Trading Volume**: SHFE zinc main contract volume was 89,569 lots, an increase of 4,120 lots, while LME zinc volume was 7,339 lots, a decrease of 826 lots [1] - **Open Interest**: SHFE zinc main contract open interest was 94,254 lots, a decrease of 4,218 lots, and LME zinc open interest was 190,784 lots, an increase of 162 lots [1] - **Premium/Discount**: Shanghai 0 zinc premium/discount was -20 yuan/ton with no change, and LME CASH - 3M premium/discount was -13.16 dollars/ton, a decrease of 2.29 dollars/ton [1] - **Inventory**: SHFE zinc futures inventory was 14,375 tons, a decrease of 432 tons, and LME zinc inventory was 89,225 tons, a decrease of 3,050 tons [1] - **Related Product Prices**: The price of 1.0mm hot - dipped galvanized coil (tax - included) was 4,395 yuan/ton, an increase of 10 yuan/ton; Shanghai Zamak - 5 zinc alloy was 23,505 yuan/ton, an increase of 30 yuan/ton; Shanghai Zamak - 3 zinc alloy was 22,955 yuan/ton, an increase of 30 yuan/ton; zinc oxide ≥99.7% was 21,400 yuan/ton, an increase of 100 yuan/ton [1] 3.2 News - There are ongoing differences in the US - Japan trade agreement, and the US plans to impose an additional 15% tariff on the existing tariff base. Japan requests the US to correct the tariff implementation [2] 3.3 Trend Strength - The trend strength of zinc is 0, indicating a neutral outlook [2][3]

2025 年 08 月 07 日 铅：LME 库存减少，支撑价格 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪铅主力收盘价 | 16855 | 0.48% | 伦铅 3M 电子盘收 | 1975.5 | 0.61% | | （元/吨） | | | 盘（美元/吨） | | | | 沪铅主力成交量 | 48645 | 8512 | 伦铅成交量（手） | 6919 | -97 | | （手） | | | | | | | 沪铅主力持仓量 | 65019 | -7064 | 伦铅持仓量（手） | 150024 | 584 | | （手） | | | | | | | 上海 1# 铅升贴水 | -40 | 10 | LME CASH-3M 升 | -41.92 | -3.42 | | （元/吨） | | | 贴水（美元/吨） | | | | PB00-PB01（元/吨） | -60 | 0 | 进口升贴水 ...

商 品 研 究 2025 年 8 月 7 日 吴昊 投资咨询从业资格号：Z0018592 wuhao8@gtht.com 【基本面跟踪】 鸡蛋基本面数据 | | 合 约 | 收盘价 | 日涨跌 | （%） | 成交变动 | 持仓变动 | | --- | --- | --- | --- | --- | --- | --- | | 期 货 | 鸡蛋2509 | 3,378 | 0.99 | | -21,588 | -19,320 | | | 鸡蛋2601 | 3,624 | -0.11 | | -2,794 | -1,128 | | | | | 最新日 | | 前一日 | | | 价 差 | 鸡蛋9-10价差 | | 93 | | 78 | | | | 鸡蛋9-1价差 | | -246 | | -300 | | | | | | 最新日 | | 前一日 | | | | 辽宁现货价格 | | 2.90 | | 2.90 | | | | 河北现货价格 | | 2.62 | | 2.73 | | | 产业链数据 | 山西现货价格 | | 2.90 | | 2.90 | | | | 湖北现货价格 | | 3.09 | | ...