Levi Strauss & Co (NYSE:LEVI) stock is sharply lower today, down 10% at $22.07 at last glance. The shares are brushing off strong third-quarter results as the retailer's disappointing annual profit forecast weighs. Still, no fewer than three analysts lifted their price targets, including J.P. Morgan to $33 from $23, with the firm also maintaining its "overweight" rating. Today's drop has Levi Strauss stock moving away from its recent Oct. 3 three-year high of $24.82. Earlier as low as $21.11, the shares are ...

Athletic retailer Nike Inc (NYSE:NKE) posted a fiscal first-quarter earnings and revenue beat this morning. The company warned holiday season sales could be weaker than usual, though, and noted the impact of higher tariff costs. NKE is still up 3.2% to trade at $71.92 at last check.At least six analysts hiked their price targets after the results, the highest coming from J.P. Morgan Securities to $100 from $93. Analysts already lean bullish on NKE, with 19 of the 36 in coverage calling it a "buy" or better, ...

Group 1: Trade Strategy - The broken wing butterfly trade on Meta Platforms (META) has no risk on the upside, some income potential, and a healthy profit zone on the downside [1][2] - The trade involves placing an upper-strike put 20 points away from the middle put and a lower put 40 points away, resulting in a slight credit of around $290 [2][3] - The maximum loss for this trade is $1,710, while the maximum gain is $2,290, with an income potential of 16.95% if the stock stays above 720 [3] Group 2: Stock Performance and Ratings - Meta Platforms has a Composite Rating of 97 out of a best-possible 99, an Earnings Per Share Rating of 96, and a Relative Strength Rating of 78 according to Investor's Business Daily [5] - The stock is expected to report earnings in late October, which introduces earnings risk if the trade is held through that date [5] Group 3: Product Development and Market Position - Meta is advancing in the smart glasses market with its third-generation lineup, including stylish Ray-Ban and Oakley models featuring built-in cameras, audio capabilities, and AI integration [5] - Analysts forecast strong holiday sales for these smart glasses, predicting up to 10 million units sold by 2026, positioning Meta as a leader in the AR and AI-driven wearable space [5]

Shares of Costco Wholesale Corp (NASDAQ:COST) were last seen down 3.9% to trade at $906.42, after the retailer posted unfavorable same-store sales in its fourth quarter report. Helping to limit a steeper pullback, however, were the company's tariff-mitigation strategies and better-than-expected results, with earnings of $5.87 per share on revenue of $86.16 billion.Today's slide has COST trading at its lowest levels since April and on pace for its worst session since June. Costco's post-earnings track record ...

Group 1 - The S&P 500 index experiences approximately 20% higher historical price volatility in October compared to other months, according to Goldman Sachs [1][2] - The actual volatility of the S&P 500 index increased by 26% from August to October, indicating a trend of rising market fluctuations [1] - October is a critical period for investors and companies due to year-end performance evaluations, leading to increased trading volume and volatility [1] Group 2 - Goldman Sachs plans to purchase short-term options on days with significant events and avoid volatility products on non-event days to manage market fluctuations [2] - The upcoming earnings season is expected to be the period with the highest stock price volatility of the year, with over 450 significant events planned in the next four months that could impact global markets [2] - The list of significant events includes high-profile fashion shows and corporate activities, particularly in the healthcare sector, which are expected to create volatility opportunities [2]

Group 1: Report Overview - The report is an agricultural product daily report dated September 25, 2024, focusing on cotton and cotton yarn [2] Group 2: Market Information Futures Market - CF01 contract closed at 13,530 with a decrease of 25, trading volume of 246,394 hands (an increase of 67,330), and open interest of 525,141 (a decrease of 3,151) [3] - CY01 contract closed at 19,680 with a decrease of 30, trading volume of 656 hands (an increase of 229), and open interest of 771 (an increase of 305) [3] Spot Market - CCIndex3128B price was 15,083 yuan/ton, down 50 yuan; CY IndexC32S price was 20,615 yuan, unchanged [3] - Cot A price was 78.15 cents/pound, up 0.30 cents; FCY IndexC33S price was 21,464 yuan, up 22 yuan [3] Price Spreads - Cotton 1 - 5 month spread was -5, down 20;棉纱 1 - 5 month spread was -85, down 19,795 [3] - CY01 - CF01 spread was 6,150, down 5; 1% tariff内外棉价差 was 1,222, up 21 [3] Group 3: Market News and Views Cotton Market - In India, from September 18 - 24, 2025, the weekly rainfall in the main cotton - growing areas (93.6%) was 41.8mm, 8.7mm higher than normal and 15.7mm higher than last year [6] - In the US, the average temperature in the main cotton - growing areas (92.9% output share) was 79.07°F, 2.99°F higher than the same period last year; the average rainfall was 0.48 inches, 0.37 inches lower than last year [6] - This year, Xinjiang cotton output is expected to increase more than expected, while ginning mills' acquisition enthusiasm is average, and large - scale rush to buy is not expected. The expected acquisition price is around 6.2 - 6.3 yuan/kg [7] Trading Logic - As new cotton is gradually being acquired, the market focus is shifting to the new cotton opening price. With the large - scale listing of new cotton, there will be some selling hedging pressure on the futures market [7] - In September, the market's peak season has arrived, but the improvement in downstream demand is limited, so this year's peak season is expected to be average, and its boosting effect on the futures market is also limited [7] Trading Strategies - Unilateral: US cotton is expected to fluctuate mainly, and Zhengzhou cotton is expected to fluctuate slightly weakly. It is recommended to trade opportunistically [8] - Arbitrage: Wait and see [10] - Options: Wait and see [10] Cotton Yarn Industry - Last night, the main contract of Zhengzhou cotton fluctuated to 13,520 yuan/ton, a decrease of 35. Cotton yarn futures declined significantly. The pure cotton yarn market generally remained unchanged, and the peak - season trading was not as good as previous years [9] - The cotton - fabric market lacks stamina, with small orders maintained and large orders scarce. There is price competition, and the price difference between different weavers for regular varieties is about 0.2 - 0.3 yuan/meter [12] Group 4: Options Option Data - On September 25, 2025, for CF601C14000.CZC, the closing price was 111.00, a decrease of 27.0%, with an implied volatility of 11.7% [14] - For CF601P13600.CZC, the closing price was 297.00, an increase of 20.7%, with an implied volatility of 10.6% [14] Volatility and Strategy - Today, the 120 - day HV of cotton was 10.4409, with a slight decrease in volatility. The implied volatility of relevant options varied [14] - The PCR of the main contract of Zhengzhou cotton showed that both call and put trading volumes increased today. The option strategy is to wait and see [15][16]

大宗商品研究所 农产品研发报告 第一部分 市场信息 农产品日报 2024 年 09 月 23 日 研究员：刘倩楠 期货从业证号： F3013727 投资咨询证号： Z0014425 联系方式： :liuqiannan_qh@chinas tock.com.cn 棉花、棉纱日报 | 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 | 13540 | -70 | 241,105 | -94261 | 532,801 | 10524 | | CF05合约 | 13560 | -55 | 33,542 | -10592 | 100,783 | 6007 | | CF09合约 | 13725 | -80 | 49 | -59 | 226 | 37 | | CY01合约 | 19635 | -45 | 228 | 108 | 480 | 18 | | CY05合约 | 19730 | -415 | 3 | 3 | 5 | 0 | | CY09合约 | 19990 | 0 | ...

Core Viewpoint - ETF options are specialized financial instruments based on Exchange-Traded Funds (ETFs), allowing investors to buy or sell ETFs at predetermined prices in the future, providing opportunities for market volatility and risk hedging [1] Summary by Sections Opening Conditions for ETF Options - Investors must be at least 18 years old and possess full civil capacity, providing valid identification [2] - A minimum average asset of 500,000 RMB in the margin or securities account is required over the 20 trading days prior to application [2][7] - Investors need at least six months of account opening and trading experience, including a six-month A-share shareholder account and experience in margin trading or financial futures [2] - Basic knowledge of options trading is necessary, with a passing score of 80% or above on a recognized options knowledge test [2] Application Process for ETF Options - Investors should select a licensed broker or futures company for account opening [6] - After submitting the application, investors must complete a risk assessment test covering financial status, investment experience, and risk preference [7] - Signing of relevant agreements, including options trading agreements and risk disclosure documents, is required [7] - Investors must meet the asset threshold of 500,000 RMB for individuals or 1,000,000 RMB for institutions [8] Trading Strategies for ETF Options - Buy and hold strategy involves purchasing call options if expecting long-term price increases or put options for anticipated declines [9] - Covered call strategy allows investors holding ETFs to sell call options for additional income while capping potential gains [10] - Protective puts can be purchased to safeguard investments against market downturns, reducing potential losses [11] Important Considerations - Understanding contract specifications, including option types, underlying assets, contract units, strike prices, and expiration dates, is crucial before trading [12] - Choosing a regulated broker or futures company is essential to minimize risks [13] - Continuous learning and practical experience are necessary due to the complexity and high-risk nature of options trading [14]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Sugar**: International and domestic sugar markets face multiple bearish factors. International factors include a significant narrowing of the sugar production gap in Brazil's 2025/26 season, Indonesia's suspension of sugar imports, and India's approval of sugar exports. Domestic factors include high sugar imports in August, the transition between old and new seasons, and a slowdown in domestic sugar sales. The future trend of domestic sugar prices depends on the performance of the international raw sugar market [3]. - **Pulp**: Overseas broadleaf pulp is strong, driving up domestic broadleaf pulp prices, but the impact on softwood pulp is limited. The demand for pulp is supported by the peak season of finished paper, and the decline in China's pulp imports has alleviated supply pressure. However, the fundamentals lack obvious positive factors, and the upward potential of pulp prices is still uncertain [4]. - **Offset Paper**: The spot price of offset paper has remained stable recently, and the high basis provides some support for the futures price. However, the fundamentals are still weak, and the upward driving force is not clear. The price increase of wood pulp provides some cost support, but the upward space may be limited before the supply further decreases [6]. - **Cotton**: The international cotton market is under pressure from the steady listing of cotton in the Southern Hemisphere, the US tariff policy, and the progress of cotton harvesting in the US. However, the Fed's interest - rate cut expectation and India's extension of the import tariff exemption provide some support. The domestic cotton market is in a game between tight old - season supply and expected loose new - season supply, and the futures price may be weak [8]. - **Apples**: The futures price has fluctuated recently. The increase in the supply of early - maturing apples and the decline in prices have weakened the support for the futures price. The main logic of the apple market is the expected difference in the new season's harvest, and the futures price is expected to remain within a range [9]. - **Jujubes**: The jujube index has been weakly oscillating. The increase in warehouse receipts has increased the delivery pressure, but the inventory has been gradually depleted, and the spot price has rebounded seasonally. The futures price of the 2601 contract has fluctuated, and investors can consider corresponding trading strategies [12]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Fresh Fruit Futures**: For Apple 2601, adopt a range - trading strategy with a support range of 7700 - 7800 and a pressure range of 8400 - 8500. For Jujube 2601, take profit on long positions at high prices, with a support range of 11000 - 11500 and a pressure range of 11500 - 12000 [20]. - **Soft Commodity Futures**: For Sugar 2601, be cautiously bearish, with a support range of 5430 - 5450 and a pressure range of 5560 - 5580. For Pulp 2511, adopt a range - shorting strategy, with a support range of 4900 - 4950 and a pressure range of 5150 - 5200. For Offset Paper 2601, be bearish on rebounds, with a support range of 4100 - 4200 and a pressure range of 4350 - 4400. For Cotton 2601, adopt a range - trading strategy, with a support range of 13500 - 13600 and a pressure range of 14200 - 14300 [20]. 3.2 Second Part: Plate Weekly Market Review 3.2.1 Futures Market Review | Variety | Closing Price | Weekly Change | Weekly Change Rate (%) | | --- | --- | --- | --- | | Apple 2601 | 8329 | 33 | 0.40 | | Jujube 2601 | 11155 | 155 | 1.41 | | Sugar 2601 | 5540 | 17 | 0.31 | | Pulp 2511 | 4990 | - 72 | - 1.42 | | Offset Paper 2601 | 4224 | 8 | 0.19 | | Cotton 2601 | 13860 | - 140 | - 1.00 | [21] 3.2.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 3.75 | 0.00 | 0.20 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5830 | - 10 | - 560 | | Pulp (Shandong Yinxing) | 5650 | 0 | - 400 | | Cotton (yuan/ton) | 15283 | - 36 | 278 | [28] 3.3 Third Part: Plate Basis Situation No specific numerical analysis provided, only figures related to the basis of each variety are mentioned, including Apple 1 - month basis, Jujube main - contract basis, Sugar main - contract basis, Pulp main - contract basis, and Cotton 1 - month basis [37][40][41]. 3.4 Fourth Part: Inter - Month Spread Situation No specific numerical analysis provided, only figures related to the inter - month spreads of each variety are mentioned, such as Apple 10 - 1 spread, Apple 1 - 5 spread, Jujube 1/5 spread, Jujube 5/9 spread, Sugar 5 - 9 spread, Sugar 9 - 1 spread, Cotton 9 - 1 spread, and Cotton 1 - 5 spread [45][47][50]. 3.5 Fifth Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 8430 | - 231 | 2457 | | Sugar | 10364 | - 265 | - 3138 | | Pulp | 244641 | 0 | - 240079 | | Cotton | 4232 | - 206 | - 2706 | [51] 3.6 Sixth Part: Option - Related Data 3.6.1 Option Strategy Recommendation | Variety | Market Logic | Option Strategy | | --- | --- | --- | | Apple 2601 | The price of early - maturing apples has declined steadily, and the difference in acceptance value continues. The short - term futures price will continue to fluctuate within a range | Sell a wide - straddle combination strategy | | Jujube 2601 | New jujube production increase and concentrated listing | Sell deep - out - of - the - money call options | | Sugar 2601 | Both the domestic and international fundamentals are bearish, and the supply pressure has increased | Sell out - of - the - money call options | | Cotton 2601 | The market is in a long - short game, and the short - term futures price fluctuates and consolidates | Sell a wide - straddle combination strategy | | Pulp 2601 | Cost support, but the fundamental upward driving force is not strong | Sell a put option with a strike price of 4900 and a call option with a strike price of 5300 | [52] 3.6.2 Option Data of Each Variety - **Apple Option Data**: Figures related to apple option trading volume, open interest, put - call ratio, and historical volatility are provided [53]. - **Sugar Option Data**: Figures related to sugar option trading volume, open interest, put - call ratio, historical volatility, and implied volatility are provided [55]. - **Cotton Option Data**: Figures related to cotton option trading volume, open interest, put - call ratio, and historical volatility are provided [62]. 3.7 Seventh Part: Plate Futures Fundamental Situation 3.7.1 Apples - **Production Area Weather**: Figures related to the minimum temperature and precipitation in apple - producing areas such as Yantai, Shandong, and Xianyang, Shaanxi, are provided [64]. - **Export Situation**: Figures related to the monthly export volume of apples are provided [69]. - **Inventory Situation**: Figures related to China's weekly apple storage inventory, as well as the weekly storage inventory in Shandong and Shaanxi provinces, are provided [67]. 3.7.2 Jujubes Figures related to the weekly trading volume of jujubes in Henan and Hebei provinces, as well as the daily arrival volume of jujubes in the Guangdong Ruyifang market, are provided [70]. 3.7.3 Sugar Figures related to the national industrial sugar inventory, monthly sugar import volume, and the spot - futures difference of sugar are provided [72][74][76]. 3.7.4 Pulp Figures related to the inventory of pulp in four domestic ports, the global producer's wood pulp inventory days, the weekly production of various types of paper, the import volume of broadleaf and softwood pulp, and the market prices of various types of paper are provided [80][82][86]. 3.7.5 Offset Paper Figures related to the capacity utilization rate, weekly production, enterprise inventory, and apparent consumption of offset paper are provided [88]. 3.7.6 Cotton Figures related to the retail sales and inventory of clothing in the US, UK, and Japan, as well as China's cotton industrial and commercial inventory, monthly import volume, clothing retail sales, export volume, and the production and profit data of the textile industry are provided [90][91][98].

Core Points - Lennar Corp's shares have decreased by 2.5%, trading at $126.29, following a miss on third-quarter revenue expectations and a disappointing fourth-quarter forecast for home orders [1] - The company is facing challenges due to job market instability and inflated prices [1] Stock Performance - If the stock continues to decline, it will mark its seventh loss in the last nine sessions, currently trading at its lowest level since mid-August [2] - The stock has pulled away from its year-to-date peak of $144.24 on September 5, and currently has a 32.4% year-over-year deficit [2] - Analysts are predominantly bearish, with only four out of 19 brokerages recommending a "strong buy" while the rest suggest a "hold" [2] Options Activity - There has been significant options activity with 23,000 calls and 22,000 puts exchanged, which is 10 times the typical amount [3] - The most popular contract is the September 130 put, indicating new positions are being opened [3]