巧用PTA期权助力企业降本增效

Group 1: Core Views - The article discusses three option strategies: selling call options, fixed payout cumulative purchase options, and bull spread options, each with its advantages and disadvantages [1][13]. Group 2: Selling Call Options Strategy - Selling call options allows the seller to receive premiums, suitable for scenarios where the underlying asset's price is expected to remain stable or decline [2][4]. - The maximum profit from selling call options is the premium received, with a relatively high win rate if the price does not exceed the strike price at expiration [2][4]. - During the implementation period, PTA futures prices fluctuated between 5600 and 5800 yuan/ton, with clients receiving a subsidy of 70 yuan/ton, enhancing inventory returns [5]. Group 3: Fixed Payout Cumulative Purchase Options Strategy - Fixed payout cumulative purchase options are designed to provide flexibility and stability in returns, allowing for customized products based on the needs of different enterprises [6][7]. - This strategy is beneficial for PTA trading companies, enabling them to lock in procurement prices and achieve cost savings when market prices are above target levels [7][8]. - The total returns from cumulative purchase options are accumulated from each observation day, allowing enterprises to smooth costs and enhance profits [11]. Group 4: Bull Spread Options Strategy - The bull spread options strategy is employed when a moderate market increase is anticipated, characterized by limited risk and low initial costs [13][16]. - This strategy involves buying a lower strike call option and selling a higher strike call option, with the premium from the sold option offsetting the cost of the bought option [13][15]. - The maximum loss is limited to the net premium paid, while the maximum profit is the difference between the strike prices minus the net premium [15][16].