日度数据跟踪 2025 年 12 月 21 日 【商品期权日报 1222】商品期权成 交量 509 万张，PTA 期权 IV 上升 2.26% 重要事项：本报告版权归银河期货有限公司所有。未获得银河期货书面 授权，任何人不得对本报告进行任何形式的发布、复制。本报告的信息 均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证， 也不保证所包含的信息和建议不会发生任何变更。我们已力求报告内容 的客观、公正，但文中的观点、结论和建议仅供参考，报告中的信息或 意见并不构成交易建议，投资者据此做出的任何投资决策与本公司和作 者无关。 有关分析师承诺，见本报告最后部分。并请阅读报告最后一页的免责声 明。 分析师 谢怡伦 从业资格号：F03135587 投资咨询号：Z0021150 Tel：021-65789205 Email： xieyilun_qh@chinastock.com.cn 期 权 研 究 1 衍生品业务总部 | 一． | 行情速览 3 | | --- | --- | | 1.1. | 成交持仓量 3 | | 1.2. | 波动率 5 | | 二． | 品种研究 6 | | 2.1. | 豆粕期权 ...

Group 1: Report Overview - Report Title: Metal Options Strategy Morning Report [1] - Date: December 18, 2025 - Report Summary: The report provides an analysis of the metal options market, including the performance of various metal futures, option factors, and trading strategies [2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - The有色金属 sector is expected to move upward, and a neutral volatility strategy for sellers is recommended [2] - The黑色系 sector is expected to maintain high volatility, and a short volatility strategy is recommended [2] - The贵金属 sector is expected to rebound, and a bull spread strategy is recommended [2] Group 4: Futures Market Overview - Copper (CU2601): The latest price is 92,680, up 380 (0.41%) from the previous day. The trading volume is 6.63 million lots, down 3.58 million lots, and the open interest is 13.65 million lots, down 0.93 million lots [3] - Aluminum (AL2601): The latest price is 21,985, up 145 (0.66%) from the previous day. The trading volume is 4.34 million lots, down 2.73 million lots, and the open interest is 12.40 million lots, down 0.85 million lots [3] - Zinc (ZN2601): The latest price is 23,045, up 135 (0.59%) from the previous day. The trading volume is 12.06 million lots, down 1.80 million lots, and the open interest is 5.92 million lots, down 1.40 million lots [3] - Lead (PB2601): The latest price is 16,825, up 55 (0.33%) from the previous day. The trading volume is 4.02 million lots, down 0.05 million lots, and the open interest is 2.69 million lots, down 0.28 million lots [3] - Nickel (NI2601): The latest price is 113,300, up 570 (0.51%) from the previous day. The trading volume is 13.96 million lots, down 1.77 million lots, and the open interest is 9.41 million lots, down 1.15 million lots [3] - Tin (SN2601): The latest price is 334,240, up 9,230 (2.84%) from the previous day. The trading volume is 16.68 million lots, down 5.58 million lots, and the open interest is 3.21 million lots, down 0.02 million lots [3] - Alumina (AO2601): The latest price is 2,573, up 23 (0.90%) from the previous day. The trading volume is 19.30 million lots, down 9.09 million lots, and the open interest is 18.04 million lots, down 1.05 million lots [3] - Gold (AU2602): The latest price is 982.48, up 5.18 (0.53%) from the previous day. The trading volume is 27.59 million lots, down 1.80 million lots, and the open interest is 19.71 million lots, up 0.09 million lots [3] - Silver (AG2602): The latest price is 15,594, up 589 (3.93%) from the previous day. The trading volume is 162.71 million lots, up 5.57 million lots, and the open interest is 38.90 million lots, up 2.49 million lots [3] - Lithium Carbonate (LC2602): The latest price is 106,900, up 7,560 (7.61%) from the previous day. The trading volume is 3.36 million lots, up 2.37 million lots, and the open interest is 3.36 million lots, down 0.06 million lots [3] - Industrial Silicon (SI2602): The latest price is 8,480, up 50 (0.59%) from the previous day. The trading volume is 4.29 million lots, up 1.59 million lots, and the open interest is 9.10 million lots, down 0.06 million lots [3] - Polysilicon (PS2602): The latest price is 62,175, up 2,490 (4.17%) from the previous day. The trading volume is 4.47 million lots, up 1.45 million lots, and the open interest is 3.58 million lots, down 0.19 million lots [3] - Rebar (RB2601): The latest price is 3,130, up 35 (1.13%) from the previous day. The trading volume is 6.27 million lots, down 1.26 million lots, and the open interest is 22.66 million lots, down 1.52 million lots [3] - Iron Ore (I2602): The latest price is 793.00, up 12.00 (1.54%) from the previous day. The trading volume is 0.55 million lots, down 0.03 million lots, and the open interest is 7.18 million lots, down 0.02 million lots [3] - Manganese Silicon (SM2602): The latest price is 5,744, up 2 (0.03%) from the previous day. The trading volume is 1.65 million lots, up 0.06 million lots, and the open interest is 2.96 million lots, down 0.09 million lots [3] - Silicon Iron (SF2602): The latest price is 5,428, up 50 (0.93%) from the previous day. The trading volume is 5.39 million lots, up 0.50 million lots, and the open interest is 3.79 million lots, up 0.22 million lots [3] - Glass (FG2602): The latest price is 1,013, up 17 (1.71%) from the previous day. The trading volume is 2.90 million lots, up 0.59 million lots, and the open interest is 4.11 million lots, up 0.05 million lots [3] Group 5: Option Factors Volume and Open Interest PCR - The PCR indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Pressure and Support Levels - The pressure and support levels are determined by the strike prices with the largest open interest of call and put options [5] Implied Volatility - The implied volatility reflects the market's expectation of the future volatility of the underlying asset [6] Group 6: Strategy Recommendations Copper Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [7] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value returns [7] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [7] Aluminum Options - Directional Strategy: None [9] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [9] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [9] Zinc Options - Directional Strategy: None [9] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [9] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [9] Nickel Options - Directional Strategy: None [10] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [10] - Spot Hedging Strategy: Construct a covered call strategy by holding a long position in the spot market and selling call options [10] Tin Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [10] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value returns [10] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [10] Lithium Carbonate Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [11] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [11] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [11] Silver Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [12] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [12] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [12] Rebar Options - Directional Strategy: None [13] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [13] - Spot Hedging Strategy: Construct a covered call strategy by holding a long position in the spot market and selling call options [13] Iron Ore Options - Directional Strategy: None [13] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [13] - Spot Hedging Strategy: Construct a long collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [13] Manganese Silicon Options - Directional Strategy: None [14] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value returns [14] - Spot Hedging Strategy: None [14] Industrial Silicon Options - Directional Strategy: Construct a bear spread strategy using put options to obtain directional returns [14] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [14] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [14] Glass Options - Directional Strategy: Construct a bear spread strategy using put options to obtain directional returns [15] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [15] - Spot Hedging Strategy: Construct a long collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [15]

农产品期权策略早报概要：油料油脂类农产品偏弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花偏强盘整，谷物类玉米和淀粉偏多窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 农产品期权 2025-12-12 农产品期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

金融期权 2025-12-05 金融期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | 金融期权策略早报概要： （1）股市短评：上证综指数、大盘蓝筹股、中小盘股和创业板股表现为高位震荡上行的市场行情。 （2）金融期权波动性分析：金融期权隐含波动率下降，但维持较高水平波动。 （3）金融期权策略与建议：对于ETF期权来说，适合构建偏多头的卖方策略，认购期权牛市价差组合策略；对于股 指期权来说，适合构建偏多头的卖方策略、认购期权牛市价差组合策略和期权合成期货多头与期货空头做套利策略 。 表1：金融市场重要指数概况 | 重要指数 | 指数代码 | 收盘价 | 涨跌 | 涨跌幅 | 成交额 | 额变化 | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

研究员：王玺圳、刘倩楠 期货从业证号： F03118729、F3013727 投资咨询证号： Z0022817、Z0014425 研究所 农产品研发报告 农产品日报 2024 年 12 月 01 日 | 期货盘面 | 收盘 | 涨跌幅 | 成交量(手) | 增减幅 | 空盘量 | 增减量 | | --- | --- | --- | --- | --- | --- | --- | | CF01合约 | 13765 | 40 | 200,316 | -66349 | 546,943 | 1675 | | CF05合约 | 13725 | 40 | 118,427 | -3732 | 370,519 | 22949 | | CF09合约 | 13860 | 70 | 4,067 | -1026 | 13,609 | 1112 | | CY01合约 | 20045 | -45 | 4978 | -8693 | 6543 | -1364 | | CY05合约 | 20040 | 60 | 60 | 55 | 46 | 6 | | CY09合约 | 20095 | -30 | 2 | -8 | 7 | 0 | | | | ...

（1）股市短评：上证综指数、大盘蓝筹股、中小盘股和创业板股表现为高位震荡上行的市场行情。 （2）金融期权波动性分析：金融期权隐含波动率下降，但维持较高水平波动。 （3）金融期权策略与建议：对于ETF期权来说，适合构建偏多头的买方策略，认购期权牛市价差组合策略；对于股 指期权来说，适合构建偏多头的卖方策略、认购期权牛市价差组合策略和期权合成期货多头与期货空头做套利策略 。 金融期权 2025-11-18 金融期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | 金融期权策略早报概要： 表1：金融市场重要指数概况 | 重要指数 | 指数代码 | 收盘价 | 涨跌 | 涨跌幅 | 成交额 | 额变化 | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Today, all stock indices fluctuated and consolidated. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 1964.8 billion yuan, a decrease of 49.1 billion yuan compared to the previous day. In the short term, the fermentation rhythm of policy - favorable expectations and the profit - taking rhythm of funds are in a game, and the stock indices are in a volatile and repeated market. In the medium and long term, the policy - favorable expectations and the trend of capital inflow into the stock market together form strong support for the stock indices. Especially next year is the beginning of the "15th Five - Year Plan", and the policy - favorable expectations support the stock indices to rise in the medium and long term. However, the incremental policy signals have weakened in the short term. As the stock valuation has risen significantly, the willingness of profit - making funds to take profits has increased, and the stock indices technically need to consolidate. Overall, with multiple factors at play, the stock indices will mainly fluctuate within a range in the short term. Currently, the implied volatility of options is at a relatively low historical quantile level. Considering the medium - and long - term upward trend of the stock indices, the idea of maintaining a bull spread is recommended [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On November 12, 2025, the 50ETF rose 0.53% to close at 3.197; the 300ETF (Shanghai Stock Exchange) rose 0.04% to close at 4.765; the 300ETF (Shenzhen Stock Exchange) fell 0.06% to close at 4.912; the CSI 300 Index fell 0.13% to close at 4645.91; the CSI 1000 Index fell 0.72% to close at 7486.38; the 500ETF (Shanghai Stock Exchange) fell 0.51% to close at 7.356; the 500ETF (Shenzhen Stock Exchange) fell 0.54% to close at 2.937; the GEM ETF fell 0.16% to close at 3.108; the Shenzhen 100ETF rose 0.09% to close at 3.528; the SSE 50 Index rose 0.32% to close at 3044.30; the Science and Technology Innovation 50ETF fell 0.55% to close at 1.45; the E Fund Science and Technology Innovation 50ETF fell 0.50% to close at 1.41 [5]. - The trading volume PCR and position PCR of various options on November 12, 2025, and their changes compared to the previous trading day are provided in detail, including those of 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [6]. - The implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options are also provided, such as 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [7][8]. 3.2 Relevant Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [9]. - **Shanghai Stock Exchange 300ETF Options**: Include charts of the Shanghai Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [18]. - **Shenzhen Stock Exchange 300ETF Options**: Include charts of the Shenzhen Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [31]. - **CSI 300 Index Options**: Include charts of the CSI 300 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [43]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [56]. - **Shanghai Stock Exchange 500ETF Options**: Include charts of the Shanghai Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [70]. - **Shenzhen Stock Exchange 500ETF Options**: Include charts of the Shenzhen Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [83]. - **GEM ETF Options**: Include charts of the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [96]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [109]. - **SSE 50 Index Options**: Include charts of the SSE 50 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [122]. - **Science and Technology Innovation 50ETF Options**: Include charts of the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [135]. - **E Fund Science and Technology Innovation 50ETF Options**: Include charts of the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [144].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (October 20 - October 24, 2025), the trading volume of the commodity options market declined slightly, with an average daily trading volume of 6.29 million lots and an average daily open interest of 8.95 million lots, showing a -8.93% and +3.79% change respectively compared to the previous period. It is recommended that investors focus on potential market opportunities in actively traded varieties [1][8]. - This week, most of the underlying futures of commodity options rose, with 45 varieties closing higher for the week. The energy sector had relatively high weekly gains, while precious metals such as silver and gold had relatively high weekly losses. Most sectors, except for agricultural products, saw an increase in the implied volatility of commodity options this week. It is advisable to be vigilant against unilateral risks and pay attention to opportunities for short - selling volatility or buying options with high cost - effectiveness based on different implied volatility levels [2][15]. 3. Summary by Directory 3.1 Commodity Option Market Activity - This week, the average daily trading volume of the commodity options market decreased by 8.93% compared to the previous period, and the average daily open interest increased by 3.79%. Actively traded varieties included silver, styrene, and glass. The trading volume of lead, double - gum paper, and aluminum alloy increased significantly, while that of polysilicon and industrial silicon decreased significantly. In terms of open interest, varieties with high average daily open interest were soybean meal, glass, and soda ash. The open interest of double - gum paper, lead, and short - fiber increased rapidly [1][8]. 3.2 Main Data Review of Commodity Options - **Underlying Price Movements**: 45 varieties of underlying futures of commodity options closed higher this week. The energy sector had high weekly gains, with fuel oil (+7.12%), crude oil (+6.87%), and asphalt (+5.23%) leading the way. Silver (-7.49%) and gold (-6.17%) had high weekly losses [2][15]. - **Market Volatility**: Except for agricultural products, most sectors saw an increase in the implied volatility of commodity options this week. 25 varieties had their current implied volatility above the 50th percentile of the past year. Varieties with implied volatility at a one - year high included crude oil, LPG, asphalt, and fuel oil; those at a one - year low included rapeseed oil, rapeseed meal, and sugar [2][15]. - **Option Market Sentiment**: Varieties such as rapeseed oil, soybean oil, sugar, and live pigs had a high volume PCR, indicating strong short - term bearish sentiment. Aluminum, alumina, nickel, tin, and copper had a low volume PCR, showing concentrated short - term bullish sentiment. Silver, ferrosilicon, manganese silicon, and rapeseed oil had a high open interest PCR, indicating a high level of accumulated bearish sentiment, while asphalt, corn, methanol, and alumina had a low open interest PCR, indicating accumulated bullish sentiment [2][15]. 3.3 Key Data Overview of Main Varieties - This chapter presents key data of main varieties, including trading volume, volatility, and option market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [20]. - **Energy**: Key data such as trading volume, volatility, and option market sentiment indicators of energy varieties like crude oil are presented, with relevant charts provided [21][23][25]. - **Chemicals**: - **PTA**: Key data and relevant charts of PTA are presented [28][29][35]. - **Caustic Soda**: Key data and relevant charts of caustic soda are presented [37][38][40]. - **Glass**: Key data and relevant charts of glass are presented [44][45][46]. - **Soda Ash**: Key data and relevant charts of soda ash are presented [50][51][52]. - **Precious Metals**: Key data and relevant charts of precious metals such as silver are presented [56][57][58]. - **Ferrous Metals**: - **Iron Ore**: Key data and relevant charts of iron ore are presented [62][63][66]. - **Manganese Silicon**: Key data and relevant charts of manganese silicon are presented [70][71][72]. - **Non - Ferrous Metals**: - **Copper**: Key data and relevant charts of copper are presented [77][78][83]. - **Aluminum**: Key data and relevant charts of aluminum are presented [85][86][89]. - **Agricultural Products**: - **Soybean Meal**: Key data and relevant charts of soybean meal are presented [93][95][96]. - **Palm Oil**: Key data and relevant charts of palm oil are presented [100][101][102]. - **Cotton**: Key data and relevant charts of cotton are presented [114][109][110].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (October 13 - October 17, 2025), the trading activity in the commodity options market declined slightly. The average daily trading volume was 6.55 million lots, and the average daily open interest was 8.33 million lots, with环比 changes of -4.94% and -3.47% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][6]. - Most underlying futures of commodity options fell this week, with precious metals and new - energy metals showing relatively high weekly gains, while some varieties like glass, crude oil, and fuel oil had significant weekly losses. The implied volatility of most commodity options increased this week. Different varieties have different implied volatility levels compared to the past year, presenting different trading opportunities. The options market sentiment varies among different varieties, with some showing strong short - term bearish sentiment and others showing concentrated short - term bullish sentiment [2][15][16]. 3. Summary According to Relevant Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume of the commodity options market this week was 6.55 million lots, and the average daily open interest was 8.33 million lots, with环比 changes of -4.94% and -3.47% respectively. Actively traded varieties included silver, polysilicon, and glass. Four varieties had a trading volume increase of over 100%, while some varieties like rapeseed oil, rapeseed meal, and ferrosilicon had significant trading volume declines. High - open - interest varieties were soybean meal, soda ash, and glass, and some varieties like p - xylene, LPG, and ethylene glycol had rapid open - interest growth [1][6]. 3.2 This Week's Main Data Review of Commodity Options 3.2.1 Underlying Price Movements - Most underlying futures of commodity options fell this week, with 44 varieties closing lower. Precious metals and new - energy metals had high weekly gains, such as gold (+10.90%), silver (+10.53%), polysilicon (+6.06%), and lithium carbonate (+3.95%); varieties with high weekly losses included glass (-9.28%), crude oil (-6.23%), and fuel oil (-5.54%) [2][15]. 3.2.2 Market Volatility - The implied volatility of most commodity options increased this week. Fourteen varieties' current implied volatility was above the 60th percentile of the past year. Varieties with high implied volatility included silver, gold, etc., and investors are advised to beware of unilateral risks and consider short - selling volatility opportunities; varieties with low implied volatility included nickel, pulp, etc., where buying options had a relatively high cost - performance [2][15]. 3.2.3 Options Market Sentiment - For some varieties like eggs, soybean meal, etc., the trading volume PCR is at a historical high, indicating strong short - term bearish sentiment. For varieties like gold, polysilicon, etc., the trading volume PCR is at a historical low, showing concentrated short - term bullish sentiment. For some varieties like silver, ferrosilicon, etc., the open - interest PCR is at a historical high, indicating a high level of accumulated bearish sentiment, while for varieties like urea, glass, etc., the open - interest PCR is at a historical low, indicating accumulated bullish sentiment [2][16]. 3.3 Key Data Overview of Main Varieties - This chapter presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [20]. 3.3.1 Energy - Key data of energy varieties such as crude oil, LPG, asphalt, fuel oil, and natural rubber are presented, including price changes, implied volatility, implied volatility环比 changes, historical percentile of implied volatility, open - interest PCR, trading volume PCR, and expiration time of near - month options [17]. 3.3.2 Chemicals - **PTA**: Key data and related charts of PTA are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][28][29]. - **Caustic Soda**: Key data and related charts of caustic soda are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][38][39]. - **Glass**: Key data and related charts of glass are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][45][46]. - **Soda Ash**: Key data and related charts of soda ash are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][53][54]. 3.3.3 Precious Metals - Key data and related charts of precious metals such as silver and gold are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][61][62]. 3.3.4 Ferrous Metals - **Iron Ore**: Key data and related charts of iron ore are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][69][70]. - **Silicomanganese**: Key data and related charts of silicomanganese are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][78][79]. 3.3.5 Non - Ferrous Metals - **Copper**: Key data and related charts of copper are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][86][87]. - **Aluminum**: Key data and related charts of aluminum are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][94][95]. 3.3.6 Agricultural Products - **Soybean Meal**: Key data and related charts of soybean meal are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][100][102]. - **Palm Oil**: Key data and related charts of palm oil are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][107][108]. - **Cotton**: Key data and related charts of cotton are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][115][116].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. A strategy of building option portfolios mainly as sellers and spot hedging or covered strategies is recommended to enhance returns [3][9]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical futures contracts, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2511) is 501, with a price increase of 8 and a price change rate of 1.56% [4]. 3.2 Option Factors - **Volume - to - Open - Interest PCR**: It shows the volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different option varieties. For instance, the volume PCR of crude oil options is 0.87, with no change, and the open interest PCR is 1.15, with a change of 0.03 [5]. - **Pressure and Support Levels**: From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of option underlying assets are analyzed. For example, the pressure level of crude oil is 570, and the support level is 480 [6]. - **Implied Volatility**: It includes the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of each option variety. For example, the at - the - money implied volatility of crude oil is 29.445, and the weighted implied volatility is 31.93, with a change of - 0.21 [7]. 3.3 Strategy and Recommendations - **Energy - related Options (Crude Oil)**: - **Fundamentals**: European ARA weekly data shows changes in gasoline, diesel, fuel oil, and naphtha inventories. - **Market Analysis**: Since July, crude oil has shown a bearish market with pressure above. - **Option Factor Research**: Implied volatility fluctuates around the average, and the open interest PCR is above 1.00, indicating a sideways market. The pressure level is 570, and the support level is 480. - **Strategies**: Directional strategy: None; Volatility strategy: Build a short - biased call + put option combination strategy; Spot long - hedging strategy: Build a long collar strategy [8]. - **LPG Options**: - **Fundamentals**: Factory inventory and port inventory have increased. - **Market Analysis**: It shows an oversold rebound market with pressure above. - **Option Factor Research**: Implied volatility has dropped significantly to around the average, and the open interest PCR is around 0.90, indicating a sideways market. The pressure level is 5300, and the support level is 4200. - **Strategies**: Directional strategy: None; Volatility strategy: Build a neutral - biased call + put option combination strategy; Spot long - hedging strategy: Build a long collar strategy [10]. - **Methanol Options**: - **Fundamentals**: High port inventory persists, but most negative factors have been priced in. Supply is sufficient, and demand is expected to improve marginally. - **Market Analysis**: It shows a weak - biased market with pressure above. - **Option Factor Research**: Implied volatility has decreased and fluctuates below the average. The open interest PCR is around 0.90, indicating a weak - sideways market. The pressure level is 2400, and the support level is 2250. - **Strategies**: Directional strategy: Build a put option bear spread strategy; Volatility strategy: Build a short - biased call + put option combination strategy; Spot long - hedging strategy: Build a long collar strategy [10]. - **Ethylene Glycol Options**: - **Fundamentals**: Terminal load remains flat, and port inventory has increased. - **Market Analysis**: It shows a weak - biased market with pressure above. - **Option Factor Research**: Implied volatility fluctuates below the average. The open interest PCR is around 0.60, indicating strong bearish power. The pressure level is 4500, and the support level is 4250. - **Strategies**: Directional strategy: Build a put option bear spread strategy; Volatility strategy: Build a short - volatility strategy; Spot long - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [11]. - **Polyolefin Options (Polypropylene, etc.)**: - **Fundamentals**: There are changes in production enterprise inventory, trader inventory, and port inventory, and the downstream average operating rate has increased. - **Market Analysis**: Polypropylene shows a weak - biased market with pressure above. - **Option Factor Research**: Implied volatility of polypropylene has decreased to below the average. The open interest PCR is around 0.70, indicating a weakening trend. The pressure level is 7400, and the support level is 6700. - **Strategies**: Directional strategy: None; Volatility strategy: None; Spot long - hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [11]. - **Rubber Options**: - **Fundamentals**: China's natural rubber social inventory has decreased. - **Market Analysis**: It shows a weak - sideways market with support below and pressure above. - **Option Factor Research**: Implied volatility has risen sharply and then dropped to around the average. The open interest PCR is below 0.60. The pressure level is 17000, and the support level is 15750. - **Strategies**: Directional strategy: None; Volatility strategy: Build a neutral - biased call + put option combination strategy; Spot hedging strategy: None [12]. - **Polyester Options (PTA, etc.)**: - **Fundamentals**: Downstream load has increased, and social inventory has decreased. - **Market Analysis**: PTA shows a weak - bearish market with pressure above. - **Option Factor Research**: Implied volatility of PTA fluctuates at a relatively high level. The open interest PCR is around 0.70, indicating a sideways market. The pressure level is 5000, and the support level is 4600. - **Strategies**: Directional strategy: None; Volatility strategy: Build a short - biased call + put option combination strategy; Spot hedging strategy: None [13]. - **Caustic Soda Options**: - **Fundamentals**: National liquid caustic soda factory inventory has decreased. - **Market Analysis**: It shows a downward - sideways market with pressure above. - **Option Factor Research**: Implied volatility is at a relatively high level. The open interest PCR is below 0.80, indicating a weak - sideways market. The pressure level is 3000, and the support level is 2400. - **Strategies**: Directional strategy: None; Volatility strategy: None; Spot collar hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [14]. - **Soda Ash Options**: - **Fundamentals**: Soda ash factory inventory and delivery warehouse inventory have changed. - **Market Analysis**: It shows a low - level upward market with support below. - **Option Factor Research**: Implied volatility is at a relatively high historical level. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1300, and the support level is 1200. - **Strategies**: Directional strategy: Not specified; Volatility strategy: Build a short - volatility combination strategy; Spot long - hedging strategy: Build a long collar strategy [14]. - **Urea Options**: - **Fundamentals**: China's urea enterprise total inventory has increased, but some enterprises' inventory has decreased due to export orders. - **Market Analysis**: It shows a low - level sideways and weak market. - **Option Factor Research**: Implied volatility fluctuates slightly around the historical average. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1800, and the support level is 1620. - **Strategies**: Directional strategy: None; Volatility strategy: Build a short - biased call + put option combination strategy; Spot hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [15].