聚酯期权早报-20260320

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - For all the options (EG, PF, PR, PX, TA), the recommended directional strategy is to construct a bull spread combination strategy of call options to obtain directional returns, and due to large geopolitical risks, strategies mainly based on sellers (such as single selling and double selling) are not recommended [7][18][29][40][51] 3. Summary by Relevant Catalogs 3.1 EG (Ethylene Glycol) - 标的期货市场数据: The closing price of the eg2605 contract yesterday was 5220 yuan, up 340 yuan or 6.96% from the previous day's close. The trading volume was 897,491 lots, an increase of 227,866 lots from the previous day, and the open interest was 333,482 lots, an increase of 6,327 lots from the previous day [6] - 期权因子 - 量仓PCR: The trading volume of EG call options was 71,609, with a change of 30,034; the open interest was 51,862, with a change of 4,251. The trading volume PCR was 0.65, with a change of 0.12; the open interest PCR was 1.07, with a change of -0.06. The trading volume of EG put options was 46,590, with a change of 24,734; the open interest was 55,677, with a change of 1,671 [4] - 期权因子 - 压力支撑: For EG options, the weighted implied volatility was 66.98%, with a change of 12.34%. The pressure level was 5,000, and the support level was 4,000 [5] - 行情解读与策略建议: The implied volatility of EG options fluctuated above the mean of 0.2164. The open interest PCR of EG options was reported at 1.0736, at the 89.80% level in the past year. The recommended directional strategy is to construct a bull spread combination strategy of call options, and due to large geopolitical risks, strategies mainly based on sellers are not recommended [6][7] 3.2 PF (Short Fiber) - 标的期货市场数据: The closing price of the PF606 contract yesterday was 8,358 yuan, up 82 yuan or 0.99% from the previous day's close. The trading volume was 176,822 lots, an increase of 16,329 lots from the previous day, and the open interest was 136,015 lots, an increase of 3,345 lots from the previous day [17] - 期权因子 - 量仓PCR: The trading volume of PF call options was 1,031, with a change of -73; the open interest was 11,865, with a change of 421. The trading volume PCR was 2.25, with a change of 1.24; the open interest PCR was 1.45, with a change of 0.02. The trading volume of PF put options was 2,322, with a change of 1,206; the open interest was 17,201, with a change of 801 [15] - 期权因子 - 压力支撑: For PF options, the weighted implied volatility was 46.04%, with a change of 1.32%. The pressure level was 8,400, and the support level was 6,100 [16] - 行情解读与策略建议: The implied volatility of PF options fluctuated above the mean of 0.2173. The open interest PCR of PF options was reported at 1.4497, at the 93.47% level in the past year. The recommended directional strategy is to construct a bull spread combination strategy of call options, and due to large geopolitical risks, strategies mainly based on sellers are not recommended [17][18] 3.3 PR (Bottle Chip) - 标的期货市场数据: The closing price of the PR605 contract yesterday was 8,628 yuan, down 152 yuan or 1.73% from the previous day's close. The trading volume was 163,254 lots, a decrease of 33,106 lots from the previous day, and the open interest was 49,224 lots, a decrease of 1,271 lots from the previous day [28] - 期权因子 - 量仓PCR: The trading volume of PR call options was 716, with a change of 187; the open interest was 3,651, with a change of 44. The trading volume PCR was 0.42, with a change of -0.32; the open interest PCR was 0.94. The trading volume of PR put options was 298, with a change of -93; the open interest was 3,419, with a change of 33 [26] - 期权因子 - 压力支撑: For PR options, the weighted implied volatility was 77.58%, with a change of 5.14%. The pressure level was 10,600, and the support level was 6,300 [27] - 行情解读与策略建议: The implied volatility of PR options fluctuated above the mean of 0.2235. The open interest PCR of PR options was reported at 0.9365, at the 33.88% level in the past year. The recommended directional strategy is to construct a bull spread combination strategy of call options, and due to large geopolitical risks, strategies mainly based on sellers are not recommended [28][29] 3.4 PX (Para - Xylene) - 标的期货市场数据: The closing price of the PX605 contract yesterday was 9,914 yuan, down 108 yuan or 1.07% from the previous day's close. The trading volume was 767,392 lots, an increase of 4,500 lots from the previous day, and the open interest was 212,237 lots, a decrease of 8,173 lots from the previous day [39] - 期权因子 - 量仓PCR: The trading volume of PX call options was 134,212, with a change of 17,795; the open interest was 64,752, with a change of 1,734. The trading volume PCR was 0.86, with a change of 0.05; the open interest PCR was 1.71, with a change of -0.03. The trading volume of PX put options was 115,979, with a change of 21,369; the open interest was 110,638, with a change of 1,209 [37] - 期权因子 - 压力支撑: For PX options, the weighted implied volatility was 87.75%, with a change of 8.63%. The pressure level was 12,200, and the support level was 6,100 [38] - 行情解读与策略建议: The implied volatility of PX options fluctuated above the mean of 0.2749. The open interest PCR of PX options was reported at 1.7086, at the 96.73% level in the past year. The recommended directional strategy is to construct a bull spread combination strategy of call options, and due to large geopolitical risks, strategies mainly based on sellers are not recommended [39][40] 3.5 TA (Purified Terephthalic Acid) - 标的期货市场数据: The closing price of the TA605 contract yesterday was 6,834 yuan, down 60 yuan or 0.87% from the previous day's close. The trading volume was 1,965,840 lots, an increase of 145,254 lots from the previous day, and the open interest was 1,116,050 lots, a decrease of 16,844 lots from the previous day [50] - 期权因子 - 量仓PCR: The trading volume of TA call options was 179,242, with a change of 2,315; the open interest was 170,144, with a change of 2,624. The trading volume PCR was 0.63, with a change of -0.15; the open interest PCR was 1.32, with a change of 0.01. The trading volume of TA put options was 113,216, with a change of -25,282; the open interest was 224,292, with a change of 4,504 [48] - 期权因子 - 压力支撑: For TA options, the weighted implied volatility was 70.48%, with a change of 6.21%. The pressure level was 8,500, and the support level was 5,000 [49] - 行情解读与策略建议: The implied volatility of TA options fluctuated above the mean of 0.2657. The open interest PCR of TA options was reported at 1.3182, at the 96.73% level in the past year. The recommended directional strategy is to construct a bull spread combination strategy of call options, and due to large geopolitical risks, strategies mainly based on sellers are not recommended [50][51]