【中原化工】 秋季肥支撑有限，关注印标动态 ——尿素周报2025.09.29 中原期货研究咨询部 作者：申文 执业证书编号：F03117458 投资咨询编号：Z0022654 shenwen_qh@ccnew.com 0371-58620081 01 周度观点汇总 3 1.1 尿素周度观点——秋季肥支撑有限，关注印标动态 品种 主要逻辑 策略建议 风险提示 尿素 1. 供应：日产显著回升； 2. 需求：秋季肥支撑有限，关注印标动态； 3. 库存：上游尿素企业延续累库状态； 4. 成本与利润：煤炭价格维持偏强运行，尿素利润环比下降； 5. 基差与价差：1-5价差小幅收窄，01基差变化有限。 6. 整体逻辑： 本周国内尿素现货市场价格弱势运行，九月下旬多家尿素企业检修装置存复产预期，尿素 日产预计将在九月下旬回升至高位水平。需求端，随着秋季肥生产进入尾声，复合肥企业开工 环比逐步下降，成品库存小幅去化，但同比仍处于偏高水平，下游需求支撑整体表现偏弱。短 期来看，供应压力回升及需求弱势影响下，尿素库存呈现持续累积状态，而印标及出口预期扰 动仍存，期价或延续震荡偏弱运行，后续需重点关注印标动态、宏观影响及出口变化情况 ...

白糖市场供应压力主导，需求转弱加剧震荡 --白糖周报2025年9月22-26日 作 者：杨江涛 执业证书编号：F03117249 交易咨询编号：Z0022644 联 系 方 式：0371-58620082 本周观点 | 品种 | 逻辑驱动 【现货市场】柳州现货价周跌1.2%至5760元/吨，基差收窄23.58%至282元/吨，反 映现货情绪偏弱。 | 策略及风险提示 预计未来1-2周 白糖期价将维持 | | --- | --- | --- | | 白糖 | 【期货市场】主力合约周度震荡收于5478元/吨，持仓量环比下降5.07%至42.7万 手，波动率收窄。 【供应方面】巴西8月下半月产量大增，新榨季预期增产5.7%至4210万吨，国内进 口糖浆持续增量。 【需求方面】传统消费旺季临近尾声，现货成交清淡，柳州报价周内下调10-50元 /吨。 | 5450-5550元区 间弱势震荡，建 议关注区间突破 信号。 风险提示：巴西 新榨季产量超预 | | | 【进口出口】1-8月糖浆进口同比减少71.67万吨，但配额外利润环比下降17.35% | 期增长5.7%加剧 | | | 至381元/吨。 | | | | 【成 ...

中原期货研究咨询部 作者：申文 执业证书编号：F03117458 投资咨询编号：Z0022654 shenwen_qh@ccnew.com 0371-58620081 纯碱玻璃周报——2025.09.29 2.1 行情回顾-现货价格 1000 1500 2000 2500 3000 3500 4000 4500 重碱市场价（元/吨） 华北 华东 华南 华中 西南 -400 -200 0 200 400 600 800 重碱与轻碱价差（元/吨） 华北地区 华中地区 01 周度观点汇总 3 1.1 纯碱周度观点——供应压力回升，关注宏观影响 品种 主要逻辑 策略建议 风险提示 纯碱 1.供应 装置开工率89.12%（环比+3.59%），氨碱法89.87%（环比+1%），联碱法82.15%（+6.62%)； 周产量77.69万吨（环比+3.12万吨），轻碱产量34.68万吨（+1.88万吨），重碱产量43.01万吨 （+1.24万吨）。 2.需求 纯碱表需88.10万吨（+9.34万吨），轻碱表需36.72万吨（+2.57万吨），重碱表需51.38万吨 （+6.77万吨）。 3.库存 纯碱企业库存165.15万吨（ ...

合金供需双弱 节前波动趋窄 ——铁合金周报20250929 研 究 咨 询 部 ：彭博涵 联 系 方 式 ：0371-58630083 电 子 邮 箱 ：pengbh_qh@ccnew.com 执 业证书 编 号 ：F3076814 投资咨询 编 号 ：Z0016415 01 硅铁 本期观点 | 品种 | 主要逻辑 | 策略建议 | 风险点 | | --- | --- | --- | --- | | | 供应：产量止降回升。 需求：五大材节前产量增加，带动钢需回升。 库存：厂库降幅放缓。 | | | | | 成本：兰炭铁皮小幅上涨。 | | 反内卷政 | | | 基差：盘面小幅贴水。 | 宽幅震荡， | 策、中美 | | 硅铁 | | 高抛低吸 | 贸易谈判 | | | 总结：长假临近，上周双硅跟随黑色系震荡偏弱运行。供应端双硅表现分化，硅 | | 等政策不 | | | 铁开工率止降产量回升，锰硅产量下降主要受内蒙宁夏开工回落影响。硅铁厂库 | | 确定性 | | | 连续回落但降幅放缓，锰硅再度大幅累库。9月以来合金基本面供需变化不大，行 | | | | | 情缺乏预期和资金青睐，短期维持宽度震荡观点，节前 ...

价格偏弱运行，关注节后变化 ——烧碱周报2025.09.29 作者： 刘培洋 联系方式：0371-58620083 电子邮箱：liupy_qh@ccnew.com 执业证书编号：F0290318 交易咨询编号：Z0011155 本期观点 | 品种 | 主要逻辑 | 策略建议 | 风险提示 | | --- | --- | --- | --- | | | 1、宏观：市场继续交易美联储降息路径，关注美国最新的非农数据 | | 1、国内外宏 | | | 变化。 | 烧碱2601合约 | 观政策及经 | | | 2、供需面：本周正值国庆小长假，市场出货维持前期订单，企业或 | 上方参考压力 | 济数据变化； | | 烧碱 | 稍有承压，预计华东区域液碱价格暂稳为主。山东市场由于国庆长 | 位2700元/吨 | 2、企业装置 | | | 假临近，目前省内液碱需求端暂无明显利好，小长假省内碱厂库存 | 一线，下方支 | 检修情况； | | | 预计增加可能性较大，不排除近期继续降价可能。 | 撑位2400元/ | 3、下游需求 | | | 3、整体逻辑：山东地区现货走势偏弱，需求端表现不及预期，盘面 | 吨一线。 | 变化 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Based on the current warm macro - atmosphere, relatively low - valued steel prices, high iron - water production, and the short - term difficulty in forming obvious negative feedback pressure, steel prices are expected to fluctuate but have obvious support and a small rebound space [3]. - The supply of Australian and Brazilian iron ore has a phased increase, and the arrival volume is relatively lagging and shows a short - term decline. The demand for iron ore is supported by high - level iron - water production. Iron ore is expected to be firm in the short term, but the room for further upward movement is relatively limited [4]. - The supply of coking coal and coke has recovered, and there is no obvious inventory pressure. With the high - level iron - water production and the pre - holiday inventory replenishment expectation, as well as the approaching Fed rate - cut window, coking coal and coke are expected to have obvious low - level support and phased rebound momentum [5]. 3. Summary According to the Directory 3.1 Market Review - Last week, the inventory accumulation of the five major steel products slowed down slightly. The production and demand of rebar decreased, and the increase in total inventory narrowed, but the social inventory still increased significantly, indicating limited improvement in terminal demand and cautious market transactions. The supply and demand of hot - rolled coils increased, and the inventory decreased, with an improved fundamental situation. During the domestic policy vacuum period, steel prices showed a low - level weak adjustment [9]. 3.2 Steel Supply and Demand Analysis - **Production**: The national weekly rebar production was 211.93 million tons (down 3.09% month - on - month and up 12.78% year - on - year), and the hot - rolled coil production was 325.14 million tons (up 3.47% month - on - month and up 7.60% year - on - year). Rebar production decreased, while hot - rolled coil production increased [16][18]. - **Profit**: Rebar profit was - 14 yuan/ton (down 133% week - on - week and down 141 yuan/ton year - on - year), and hot - rolled coil profit was + 46 yuan/ton (up 35.29% week - on - week and up 173 yuan/ton year - on - year) [32]. - **Demand**: Rebar apparent consumption was 198.07 million tons (down 1.98% month - on - month and down 10.94% year - on - year), and hot - rolled coil apparent consumption was 326.16 million tons (up 6.81% month - on - month and up 3.23% year - on - year) [37]. - **Inventory**: Rebar total inventory was 653.86 million tons (up 2.17% month - on - month and up 32.46% year - on - year), and hot - rolled coil total inventory was 373.32 million tons (down 0.27% month - on - month and down 13.43% year - on - year) [41][46]. - **Downstream**: In the real estate market, the transaction volume of commercial housing and land continued to shrink month - on - month. In August 2025, China's automobile production and sales increased both month - on - month and year - on - year [49][52]. 3.3 Iron Ore Supply and Demand Analysis - **Supply**: The iron ore price index was 105.59 (up 1.22% month - on - month and up 14.85% year - on - year). The shipment from 19 ports in Australia and Brazil was 2850.8 million tons (up 25.75% month - on - month and down 1.78% year - on - year), and the arrival volume at 45 ports was 2362.3 million tons (down 3.50% month - on - month and up 9.60% year - on - year) [59]. - **Demand**: The daily iron - water production was 240.55 million tons (up 11.71 million tons month - on - month and up 17.17 million tons year - on - year), and the port clearance volume at 45 ports was 317.78 million tons (down 0.27% month - on - month and up 4.97% year - on - year) [64]. - **Inventory**: The iron ore inventory at 45 ports was 13849.47 million tons (up 0.17% month - on - month and down 9.55% year - on - year), and the imported iron ore inventory of 247 steel enterprises was 8993.05 million tons (up 0.59% month - on - month and down 1.07% year - on - year) [70]. 3.4 Coking Coal and Coke Supply and Demand Analysis - **Supply**: The coking coal mine operating rate was 82.71% (up 9.14% month - on - month and down 8% year - on - year), and the daily Mongolian coal customs clearance volume was 18.44 million tons (down 1.23% month - on - month and up 75.35% year - on - year) [76]. - **Demand**: The daily iron - water production was 240.55 million tons (up 11.71 million tons month - on - month and up 17.17 million tons year - on - year) [85]. - **Inventory**: The coking coal inventory of independent coking plants was 751.75 million tons (down 3.70% month - on - month and up 7.58% year - on - year), and the coke inventory of independent coking plants was 43.91 million tons (up 7.86% month - on - month and up 0.99% year - on - year) [91][97]. - **Spot Price**: Coke started the second round of price cuts, intensifying the game between steel and coke enterprises [98]. 3.5 Spread Analysis - The basis of rebar contracted from a high level, and the 10 - 1 spread of hot - rolled coils widened. The 1 - 5 spread of coking coal and coke continued to contract, and the 1 - 5 spread of iron ore contracted slightly [105][111].

Report Overview - The report is a strategy weekly report dated September 22, 2025, covering multiple investment varieties including options, stocks, and various commodities [1]. Industry Investment Rating - The report does not mention the industry investment rating. Core Views - For options, trend investors should focus on the strength - weakness arbitrage opportunities, and volatility investors should go long on volatility when the index rises and short on it when the index falls [2]. - For stocks, after continuous adjustment, there may be a repair expectation in the short - term, and the intensity of capital inflow is crucial. The index needs to break through the high point of 3899 with volume to turn strong [3]. - For aluminum, although the price is under pressure at high levels, there may still be upward momentum during the interest - rate cut cycle, and a逢 - low long strategy is recommended [3]. - For coking coal and coke, the high iron - water output supports the price in the short - term, but the upward space is limited [3]. - For other commodities, different varieties have different trends and investment suggestions based on their supply - demand fundamentals and market conditions [3][4]. Summary by Category Options - In the stock index options market, the trading volume of IO, MO, and HO options has increased, and the September positions have reached new highs. The implied volatility first rises and then falls, and the exercise prices of the maximum positions of call and put options have changed. The September contract expiration settlement prices of IO and HO have reached new highs, and the exercise rates of IO and MO have different trends [2]. Stocks - A - share trading volume exceeded 2.3 trillion on September 19, with the ChiNext Index having 7 consecutive weekly positive lines. The US stocks reached new highs due to factors such as the strengthening of the Fed's interest - rate cut expectation and good corporate earnings data. Energy metal and other sectors rose, while education and other sectors showed abnormal movements [3]. Commodities - **Aluminum**: The Fed cut interest rates by 25 basis points in September. The supply of the aluminum market has increased slightly, and the demand has recovered. The inventory pressure has been relieved, and the price may still have upward momentum [3]. - **Coking Coal and Coke**: The daily output of raw coal and clean coal has increased slightly, and the inventory has decreased. The market is concerned about production cuts due to the Inner Mongolia over - production inspection. The trading atmosphere has improved, and the prices of coking coal and coke are expected to be firm in the short - term, but the upward space is limited [3]. - **Urea**: The daily output of the urea industry has increased, and the downstream demand is weak. The inventory is accumulating, and the price may continue to fluctuate weakly [4]. - **Steel (Rebar and Hot - Rolled Coil)**: The rebar inventory has decreased, and the supply - demand structure has improved. The hot - rolled coil inventory has increased slightly. The steel price is expected to be firm in the short - term and fluctuate upward [4]. - **Eggs**: The spot egg price has reached the peak and then declined. The supply pressure is increasing, and the futures price may continue to be weak [4]. - **Pigs**: The spot price of pigs has continued to decline, hitting a new low this year. The supply is abundant, and the demand is weak. The price of the main 11 - contract may continue to decline [4].

Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core View - Macro aspect: The number of non - farm payrolls in the US in August increased by 22,000, significantly lower than market expectations, and the unemployment rate reached 4.3%, the highest since October 2021. Market expectations for three Fed rate cuts within the year have risen [4]. - Supply - demand aspect: There are still maintenance expectations in the East China region, and enterprise inventories are at a low level, so the liquid caustic soda price in this region is expected to rise steadily. In the Shandong market, the possibility of a short - term increase in low - concentration caustic soda is small, and the price of 50% caustic soda is expected to remain firm in the short term due to order support [4]. - Overall logic: Recently, some enterprises have faced difficulties in destocking, and the weekly inventory has increased month - on - month, putting pressure on caustic soda prices. However, the cost support below is strong, and there are still certain expectations for peak - season demand. Attention should be paid to the opportunity to go long on the caustic soda 2601 contract at low prices. The upper reference pressure level is 2,800 yuan/ton, and the lower support level is 2,500 yuan/ton [4]. 3. Summary by Catalog 3.1 Market Review - Spot market: The price of caustic soda in Shandong remained stable. The price of 32% ion - membrane caustic soda and 50% ion - membrane caustic soda in Shandong, the price of 98% flake caustic soda in the Northwest, and other products did not change compared with the previous period. The price of alumina in Shandong decreased by 50 yuan/ton, a decrease of 1.58%, and the price of battery - grade lithium hydroxide in China decreased by 400 yuan/ton, a decrease of 0.55% [9][18]. - Futures market: Relevant data on caustic soda futures prices, positions, and their comparison with other related products such as soda ash, alumina, and PVC are presented through charts, but no specific text analysis is provided [15]. 3.2 Market Analysis - Supply side: - Production and capacity utilization: In the week of 20250829 - 0904, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 84.2%, a month - on - month increase of 1.8%. The loads in the Northwest, North China, and Central China increased, while the load in East China decreased. It is expected that the caustic soda capacity utilization rate will be around 83.8% and the weekly output will be around 825,000 tons [22]. - Enterprise maintenance: Multiple enterprises in different regions have maintenance plans, which will have an impact on production capacity [23]. - Downstream demand: - Alumina: The domestic alumina price continued to decline slightly, and the market trading atmosphere was weak. The short - term price is expected to remain stable and weak, with a price range of 3,000 - 3,200 yuan/ton [28]. - Viscose staple fiber: The capacity utilization rate of the viscose staple fiber industry in the week of 20250829 - 20250904 was 87.10%, a month - on - month increase of 1.08% [28]. - Inventory: As of 20250904, the factory inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above in the country was 387,800 tons (wet tons), a month - on - month increase of 2.17% and a year - on - year increase of 35.17%. The inventory ratios in different regions showed different trends [31]. - Liquid chlorine: As of September 4, 2025, the price of liquid chlorine in Shandong decreased, with a weekly average price of - 326 yuan/ton, a month - on - month decrease of 15%. As of September 5, 2025, the PVC capacity utilization rate in China was 77.13%, a month - on - month increase of 1.11%, and it is expected to reach 80.95% this week [34]. - Chlor - alkali cost and profit: In the week of 20250829 - 20250904, the average weekly profit of Shandong chlor - alkali enterprises was 325 yuan/ton, a month - on - month decrease of 1.52%. The theoretical production cost of caustic soda remained stable, the price of caustic soda increased, and the weekly average price of liquid chlorine decreased significantly, resulting in an overall decline in chlor - alkali profits [35].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - On Friday, the market stopped falling and rebounded. In the afternoon, long - position funds became active. The three major indices showed a pattern of a bullish candlestick covering a bearish one, but the Science and Technology Innovation Board failed to recover the previous day's losses. The new energy sectors led the counter - attack, and the computing power concepts like optical modules also rebounded. From the index trend, the bullish candlestick covering a bearish one indicates that the market's bullish momentum still exists, and this adjustment period may be shorter than expected. However, sector rotation may occur, and whether the previous leading sectors can lead again is worth tracking [2]. - The four major indices collectively reached new highs, but the CSI 300 fell 0.81% for the week, the SSE 50 fell 1.15%, the CSI 500 fell 1.85%, and the CSI 1000 fell 2.59%. The average daily trading volume of the four major indices decreased compared to the previous week [2]. - The cumulative balance of margin trading purchases decreased by 16.619 billion yuan compared to the previous week, and the enthusiasm for margin trading continued to decline. The movement of large - scale funds can reflect their attitude towards stabilizing the market. If there is a net inflow in the future, it means the market trend is still intact. The continuous and significant decline of margin trading balance may be a signal that the adjustment is entering the right - hand side [2]. - Facing the callback, investors are advised not to be disturbed by short - term emotions. They should calmly consider which directions to choose after the decline. The "15th Five - Year Plan" draft proposal may be released at the end of October, and September is expected to be a "golden window" to capture industrial policy trends [2]. Summary by Directory 01 Market Review - **Weekly Market Review**: The Shanghai Composite Index fell 1.18% (-45.41 points), the SSE 50 fell 1.15% (-34.26 points), the CSI 300 fell 0.81% (-36.43 points), the STAR 50 fell 5.42% (-72.76 points), the CSI 500 fell 1.85% (-129.99 points), the Shenzhen Component Index fell 0.83% (-105.59 points), the ChiNext Index rose 2.35% (68.06 points), and the CSI 1000 fell 2.59% (-193.01 points). The trading volume of most indices decreased compared to the previous week [8]. - **Domestic Data (I)**: The valuation levels of the four major indices are presented, including PE and percentile data [9][10]. - **Domestic Data (II)**: Volatility increased, and the basis strengthened. Data on the basis and the volatility of the four major stock index options are provided [12][14]. - **Foreign Data**: The European and American markets showed stable trends, and the volatility was at a low level. Data on the volatility of the Dow Jones Industrial Average, FTSE 100, CAC 40, DAX, and Nikkei 225 are presented [17]. 02 Macro Analysis - **Domestic Macro (I)**: Various domestic macro - economic data are presented, including the cumulative year - on - year profit of state - owned industrial enterprises, the year - on - year growth rate of industrial added value, the year - on - year growth rate of total retail sales of consumer goods, the year - on - year growth rate of GDP at constant prices, the cumulative year - on - year growth rate of fixed - asset investment in manufacturing, and the cumulative year - on - year growth rate of real estate development investment in construction projects [23][24][25]. - **Domestic Macro (III)**: The PMI index of the manufacturing industry and the price index stabilized. Data on CPI (including food, non - food, and overall) and PMI (including manufacturing, non - manufacturing, and service industry) are provided [34][35][39]. - **Domestic High - Frequency Data (I)**: High - frequency domestic data such as rebar inventory, excavator sales volume, and crude steel output are presented [43][45][47]. - **Domestic High - Frequency Data (II)**: Data on real - estate - related high - frequency indicators are provided, including the cumulative year - on - year growth rate of housing construction area, new housing starts, real - estate development funds, and the sales area of commercial housing, as well as the weekly land transaction area of first - tier, second - tier, and third - tier cities [49][50][51]. - **Foreign Macro (1)**: Foreign macro - economic data are presented, including the initial value of new non - farm payrolls in the United States, inflation data in the eurozone and the United States, unemployment rate in the United States, and PMI data in the United States and the eurozone [57][58][60]. 03 Market Sentiment - **Funding Aspect**: The short - and long - term funding costs remained stable. Data on open - market operations (net money injection) and SHIBOR rates are provided [66][67]. - **Sentiment Aspect**: Domestic investors showed active buying interest. Data on the net buying amount of northbound funds, margin trading balance, public fund net value, share, and quantity, as well as the trading volume and turnover of the two markets are presented [70][71][73]. - **Important Market Information This Week**: - There are three market liquidity characteristics at home and abroad. ETF fund flows are significantly differentiated, the market may enter the last round of intensive subscription and redemption of active public funds, and overseas high - debt capital interest rates coexist with the central bank's passive interest - rate cut pressure, which reduces the pressure on Chinese manufacturing in global competition and increases the attractiveness of RMB assets [75]. - Next week, a series of important data such as Sino - US CPI will be released intensively. The US non - farm annual data may be significantly revised downward. The ECB will announce its interest - rate decision. The pricing of the iPhone 17 is highly concerned. The deadline for the submission of the written application for early elections in the Japanese Liberal Democratic Party is approaching, and the French government will hold a confidence vote on the budget issue [76].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - This week, the A - share market rose and then fell, with daily trading volume remaining above 2 trillion. The CSI 300 Index, CSI 1000 Index, and SSE 50 Index all had their own trends, and the corresponding index futures and options also showed various changes. For index options, it is recommended to go long on volatility when the underlying index rises and short on volatility when it falls, and pay attention to the strength - based arbitrage opportunities among the underlying indexes [2]. 3. Summary According to the Directory 3.1 CSI 300 Index Options (IO) - The CSI 300 Index rose and then fell, standing above the 5 - day moving average again, with the daily three - color K - line indicator remaining red; the weekly line closed in the negative, and the Wednesday three - color K - line indicator remained red [10][13]. - The IF futures' current - month contract became at a discount to the underlying, and the basis of the next - month contract at a discount to the current - month contract first widened and then narrowed [21][24]. - The IO option trading volume increased, and the open interest rebounded, exceeding the maximum value of the previous five months. The option trading volume PCR first rose and then fell, and the option open interest PCR decreased. The implied volatility first rose and then fell, and the strike price ranges of the maximum open interest of call and put options remained unchanged [27][30][33]. - The call and put options' maximum open - interest strike prices of the CSI 300 index options' 2509 contract are 4500 and 4250 respectively, and the option pain point is 4300 [15]. 3.2 CSI 1000 Index Options (MO) - The CSI 1000 Index's daily line closed below the 20 - day moving average, and the daily three - color K - line indicator turned green; the weekly line closed in the negative, found support at the 5 - week moving average, and the Wednesday three - color K - line indicator remained red [40][43]. - The IM futures' current - month contract's basis at a discount to the underlying narrowed, and the basis of the next - month contract at a discount to the current - month contract also narrowed [51][54]. - The MO option trading volume increased, and the open interest reached a record high since listing. The option trading volume PCR first rose and then fell, and the option open interest PCR dropped below 1. The implied volatility first rose and then fell, and the strike price ranges of the maximum open interest of call and put options narrowed [57][60][63]. - The call and put options' maximum open - interest strike prices of the CSI 1000 index options' 2509 contract are 7500 and 6800 respectively, and the option pain point is 7100 [45]. 3.3 SSE 50 Index Options (HO) - The SSE 50 Index's daily line rose and then fell, found support at the 20 - day moving average, and the daily three - color K - line indicator turned gray; the weekly line closed in the negative, and the Wednesday three - color K - line indicator remained red [71][74]. - The IH futures' current - month contract's basis at a discount to the underlying first widened and then narrowed, and the next - month contract became at a premium to the current - month contract [82][85]. - The HO option trading volume increased, and the open interest rebounded to reach the highest level this year. The option trading volume PCR first rose and then fell, and the option open interest PCR first rose and then fell. The implied volatility first rose and then fell, and the strike price ranges of the maximum open interest of call and put options narrowed [88][90][93]. - The call and put options' maximum open - interest strike prices of the SSE 50 index options' 2509 contract are 3000 and 2850 respectively, and the option pain point is 2900 [76].