期权周报-20251215

Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, most option underlying prices showed a downward trend, with glass in the energy and chemical sector having the largest decline at -6.78%. Meanwhile, silver in the precious metals sector maintained a high increase, with its price rising by 10.89% this week [11]. - In terms of trading volume, the agricultural product sector attracted more attention this week, with the daily average trading volume of live pigs having the largest month - on - month increase at +119.17%. The daily average trading volume of rebar in the black sector and p - xylene in the energy and chemical sector also increased significantly, by +78.18% and +60.22% respectively. However, the daily average trading volume of silver in the precious metals sector decreased significantly, by -27.92% [11]. - Regarding the 20 - day HV, tin and iron ore had the largest increases, rising by +5.28% and +5.12% respectively compared to last week. The 20 - day HV of crude oil in the energy and chemical sector and apples in the agricultural product sector decreased significantly, by -4.03% and -3.36% respectively [11]. - This week, the IV of option underlyings showed significant differentiation. Except for cotton and soybean meal in the agricultural product sector, the IV of other underlyings decreased. Among them, the main at - the - money IV of corn and sugar decreased significantly, by 16.46% and 13.85% respectively. In the energy and chemical sector, the main at - the - money IV of most underlyings increased significantly, especially PVC, which increased by 60.78% [18]. 3. Summaries According to the Table of Contents 3.1 Option Underlying Weekly Trading Volume Overview - Indexes: The Shanghai - Shenzhen 300 Index decreased by -0.08%, with its daily average trading volume increasing by 8.29% month - on - month; the Shanghai 50 Index decreased by -0.25%, with its daily average trading volume increasing by 13.55% month - on - month; the CSI 1000 Index increased by 0.39%, with its daily average trading volume increasing by 9.66% month - on - month [9]. - Precious metals: Gold increased by 1.40%, with its daily average trading volume decreasing by -14.63% month - on - month; silver increased by 10.89%, with its daily average trading volume decreasing by -27.92% month - on - month [9]. - Agricultural products: Most agricultural product prices decreased, but the trading volume of some products increased significantly. For example, the daily average trading volume of live pigs increased by 119.17% month - on - month [9][11]. - Black metals: Iron ore decreased by -1.14%, with its daily average trading volume increasing by 46.48% month - on - month; rebar decreased by -3.29%, with its daily average trading volume increasing by 78.18% month - on - month [9]. - Non - ferrous metals: Copper increased by 2.75%, with its daily average trading volume decreasing by -5.14% month - on - month; tin increased by 4.70%, with its daily average trading volume increasing by 1.95% month - on - month [9]. - Energy and chemicals: Most products in this sector showed a downward trend in price. For example, PVC decreased by -5.23%, but its daily average trading volume increased by 1.79% month - on - month [9][10]. - Special commodities: Polysilicon increased by 4.53%, with its daily average trading volume decreasing by -14.26% month - on - month; lithium carbonate increased by 4.85%, with its daily average trading volume increasing by 17.27% month - on - month [10]. 3.2 Option Contract Weekly Trading Volume and Open Interest Overview - Index options: The daily average trading volume of Shanghai 50 Index options increased by 25.69% month - on - month, and the open interest increased by 3.64% month - on - month [13]. - Precious metal options: The daily average trading volume of gold options increased by 18.30% month - on - month, and the open interest increased by 13.27% month - on - month [13]. - Agricultural product options: The daily average trading volume of soybean meal options increased by 95.86% month - on - month, and the open interest increased by 1.01% month - on - month [13][14]. - Black metal options: The daily average trading volume of iron ore options increased by 58.56% month - on - month, and the open interest increased by 3.53% month - on - month [13]. - Non - ferrous metal options: The daily average trading volume of copper options increased by 9.98% month - on - month, and the open interest increased by 14.47% month - on - month [13]. - Energy and chemical options: The daily average trading volume of ethylene glycol options increased by 123.37% month - on - month, and the open interest increased by 40.69% month - on - month [14]. - Special commodity options: The daily average trading volume of polysilicon options decreased by 72.09% month - on - month, and the open interest decreased by 56.52% month - on - month [14]. 3.3 Option Main At - the - Money IV Overview - Indexes: The main at - the - money IV of the Shanghai 50 Index was 14.44%, with a month - on - month decrease of -0.10% [16]. - Precious metals: The main at - the - money IV of silver was 42.55%, with a month - on - month increase of 10.40% [16]. - Agricultural products: The main at - the - money IV of cotton was 9.38%, with a month - on - month increase of 19.95% [16]. - Black metals: The main at - the - money IV of iron ore was 17.54%, with a month - on - month increase of 4.84% [16]. - Non - ferrous metals: The main at - the - money IV of tin was 30.38%, with a month - on - month increase of 10.07% [16]. - Energy and chemicals: The main at - the - money IV of PVC was 22.38%, with a month - on - month increase of 60.78% [17]. - Special commodities: The main at - the - money IV of lithium carbonate was 35.39%, with a month - on - month increase of 8.69% [17]. 3.4 Key Data of Main Varieties - Indexes: The latest closing price of the Shanghai 50 Index was 2994.64, the total option trading volume reached 124990240 billion yuan, the trading volume PCR was 0.62, and the open interest PCR was 0.72 [22]. - Precious metals: The latest closing price of gold was 970.66, the total option trading volume reached 1107046300 billion yuan, the trading volume PCR was 0.32, and the open interest PCR was 0.55 [30]. - Agricultural products: The latest closing price of cotton was 13835, the total option trading volume reached 43451500 billion yuan, the trading volume PCR was 1.21, and the open interest PCR was 0.74 [34]. - Black metals: The latest closing price of iron ore was 760.5, the total option trading volume reached 77061000 billion yuan, the trading volume PCR was 1.74, and the open interest PCR was 1.73 [63]. - Non - ferrous metals: The latest closing price of copper was 94080, the total option trading volume reached 1397668300 billion yuan, the trading volume PCR was 0.38, and the open interest PCR was 0.89 [67]. - Energy and chemicals: The latest closing price of crude oil was 437.6, the total option trading volume reached 254110600 billion yuan, the trading volume PCR was 0.9, and the open interest PCR was 0.6 [81]. - Special commodities: The latest closing price of polysilicon was 57190, the total option trading volume reached 643362100 billion yuan, the trading volume PCR was 0.55, and the open interest PCR was 1.11 [113].