能源化工期权策略早报-20250911

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each options variety's strategy report includes an analysis of the underlying asset's market, research on options factors, and options strategy recommendations [8] Summary by Relevant Catalogs 1. Overview of Underlying Futures Markets - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy and chemical options' underlying futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, etc [3] 2. Options Factors - Volume and Open Interest PCR - The volume and open interest PCR values and their changes are provided for different options varieties, which are used to describe the strength of the underlying asset's market and potential turning points [4] 3. Options Factors - Pressure and Support Levels - The pressure and support levels of different options' underlying assets are determined from the strike prices with the largest open interest of call and put options [5] 4. Options Factors - Implied Volatility - The implied volatility data of different options varieties are presented, including at-the-money implied volatility, weighted implied volatility, and its changes, as well as the difference between implied and historical volatility [6] 5. Strategy and Suggestions for Each Option Variety Energy Options - Crude Oil: Fundamental factors include geopolitical uncertainties, long - term supply - demand imbalances, and negative macro - sentiment. The market shows a bearish trend with resistance. Options strategies include constructing a short - biased call + put options combination and a long collar strategy for spot hedging [7] - LPG: The domestic supply is ample, and demand is weak. The market is bearish. Options strategies involve constructing a short - biased call + put options combination and a long collar strategy for spot hedging [9] Alcohol Options - Methanol: The production volume has increased, and the market is bearish. Strategies include a bearish spread of put options, a short - biased call + put options combination, and a long collar strategy for spot hedging [9] - Ethylene Glycol: The inventory has decreased, and the market is bearish. Strategies include a short - volatility strategy and a long collar strategy for spot hedging [10] Polyolefin Options - For polypropylene, polyvinyl chloride, plastic, and styrene, strategies mainly focus on spot long - hedging by holding the underlying asset long, buying at - the - money put options, and selling out - of - the - money call options [10] Rubber Options - The market shows a gradually warming - up trend. Strategies include constructing a neutral call + put options combination to obtain time value and directional returns [11] Polyester Options - For PTA, the market is bearish. Strategies include constructing a short - biased call + put options combination to obtain time value [11] Alkali Options - Caustic Soda: The market is in a downward trend. Strategies include a long collar strategy for spot hedging [12] - Soda Ash: The supply is increasing, and the market is bearish. Strategies include a short - volatility combination and a long collar strategy for spot hedging [12] Urea Options - The market is in a weak and stagnant state. Strategies include constructing a short - biased call + put options combination and a long collar strategy for spot hedging [13] 6. Option Charts - Charts for various options, such as crude oil, LPG, methanol, etc., are provided, including price trends, trading volume, open interest, PCR, implied volatility, and historical volatility cone [15][35][55]