聚酯期权早报-20260401

Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For various polyester options (EG, PF, PR, PX, TA), the implied volatility of each option maintains above the average level, and the PCR of option positions is at different historical levels. It is recommended to construct a bull - spread combination strategy of call options for directional trading, and due to large geopolitical risks, strategies mainly based on selling (such as single selling and double selling) are not recommended [7][19][31][43][56] 3. Summary by Related Catalogs 3.1 EG (Ethylene Glycol) - Futures Market Data: The closing price of the eg2605 contract yesterday was 5218 yuan, down 195 yuan or 3.60% from the previous day. The trading volume was 1007750 lots, an increase of 234532 lots from the previous day, and the open interest was 274798 lots, a decrease of 21764 lots from the previous day [3][6] - Option Factor - Volume and Position PCR: The trading volume of call options was 90425 with a change of 15166, and the open interest was 57680 with a change of 2572. The trading volume of put options was 52591 with a change of 2618, and the open interest was 74361 with a change of - 882. The trading volume PCR was 0.58, down 0.08, and the open - interest PCR was 1.29, down 0.08 [4] - Option Factor - Pressure and Support: The pressure level of the EG option underlying was 5600, and the support level was 4000. The weighted implied volatility was 60.38%, down 3.45% [5] - Option Strategy Suggestions: Directional strategy: Construct a bull - spread combination strategy of call options to obtain directional returns. Volatility strategy: Due to large geopolitical risks, strategies mainly based on selling (such as single selling and double selling) are not recommended [7] 3.2 PF (Short Fiber) - Futures Market Data: The closing price of the PF606 contract yesterday was 8246 yuan, down 210 yuan or 2.48% from the previous day. The trading volume was 181011 lots, an increase of 5223 lots from the previous day, and the open interest was 126198 lots, a decrease of 6050 lots from the previous day [15][18] - Option Factor - Volume and Position PCR: The trading volume of call options was 102, and the open interest was 11783. The trading volume of put options was 596, down 140, and the open interest was 18176, down 77. The trading volume PCR was 5.84, down 1.52, and the open - interest PCR was 1.54, down 0.01 [16] - Option Factor - Pressure and Support: The pressure level of the PF option underlying was 8400, and the support level was 6100. The weighted implied volatility was 55.04%, down 3.53% [17] - Option Strategy Suggestions: Directional strategy: Construct a bull - spread combination strategy of call options to obtain directional returns, e.g., B PF2606C8000, S PF2606C8700. Volatility strategy: Due to large geopolitical risks, strategies mainly based on selling (such as single selling and double selling) are not recommended [19] 3.3 PR (Bottle Chip) - Futures Market Data: The closing price of the PR605 contract yesterday was 8190 yuan, down 212 yuan or 2.52% from the previous day. The trading volume was 71483 lots, an increase of 7435 lots from the previous day, and the open interest was 25436 lots, a decrease of 7104 lots from the previous day [27][30] - Option Factor - Volume and Position PCR: The trading volume of call options was 170, down 50, and the open interest was 3650. The trading volume of put options was 118, down 38, and the open interest was 3567, down 24. The trading volume PCR was 0.69, down 0.01, and the open - interest PCR was 0.98, down 0.01 [28] - Option Factor - Pressure and Support: The pressure level of the PR option underlying was 10600, and the support level was 6300. The weighted implied volatility was 65.67%, down 12.39% [29] - Option Strategy Suggestions: Directional strategy: Construct a bull - spread combination strategy of call options to obtain directional returns. Volatility strategy: Due to large geopolitical risks, strategies mainly based on selling (such as single selling and double selling) are not recommended [31] 3.4 PX (Para - Xylene) - Futures Market Data: The closing price of the PX605 contract yesterday was 9700 yuan, down 282 yuan or 2.82% from the previous day. The trading volume was 404063 lots, a decrease of 64463 lots from the previous day, and the open interest was 145076 lots, a decrease of 17053 lots from the previous day [39][42] - Option Factor - Volume and Position PCR: The trading volume of call options was 13893, an increase of 3001, and the open interest was 18284, an increase of 673. The trading volume of put options was 12587, an increase of 2222, and the open interest was 20061, an increase of 2197. The trading volume PCR was 0.91, down 0.05, and the open - interest PCR was 1.1, up 0.08 [40] - Option Factor - Pressure and Support: The pressure level of the PX option underlying was 10400, and the support level was 8000. The weighted implied volatility was 64.24%, down 5.95% [41] - Option Strategy Suggestions: Directional strategy: Construct a bull - spread combination strategy of call options to obtain directional returns, e.g., B PX2606C9700, S PX2606C10400. Volatility strategy: Due to large geopolitical risks, strategies mainly based on selling (such as single selling and double selling) are not recommended [43] 3.5 TA (Purified Terephthalic Acid) - Futures Market Data: The closing price of the TA605 contract yesterday was 6684 yuan, down 202 yuan or 2.93% from the previous day. The trading volume was 1245100 lots, an increase of 37090 lots from the previous day, and the open interest was 882497 lots, a decrease of 52576 lots from the previous day [52][55] - Option Factor - Volume and Position PCR: The trading volume of call options was 241710, down 51557, and the open interest was 220426, down 2477. The trading volume of put options was 245486, an increase of 25520, and the open interest was 273974, an increase of 9155. The trading volume PCR was 1.02, up 0.27, and the open - interest PCR was 1.24, up 0.05 [53] - Option Factor - Pressure and Support: The pressure level of the TA option underlying was 8500, and the support level was 5000. The weighted implied volatility was 62.83%, down 5.09% [54] - Option Strategy Suggestions: Directional strategy: Construct a bull - spread combination strategy of call options to obtain directional returns. Volatility strategy: Due to large geopolitical risks, strategies mainly based on selling (such as single selling and double selling) are not recommended [56]