农产品期权研究 农产品期权 2025-11-25 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 | 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， 棉花弱势盘整，谷物类玉米和淀粉弱势窄幅盘整。 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 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ...

金属期权 2025-11-25 金属期权策略早报 | 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 | 金属期权策略早报概要：（1）有色金属偏多上行，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属反弹回暖上升，构建牛市价差组合策略。 | 表1：标的期货市场概况 | | --- | | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） ...

能源化工期权 2025-11-25 能源化工期权策略早报 | 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 | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 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 | 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 | | --- | --- | --- | --- | --- | --- | --- | -- ...

金属期权 2025-11-24 金属期权策略早报 | 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 | 金属期权策略早报概要：（1）有色金属偏多上行，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属反弹回暖上升，构建牛市价差组合策略。 | 表1：标的期货市场概况 | | --- | | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9]. - Strategies mainly involve constructing option portfolio strategies dominated by sellers and spot hedging or covered strategies to enhance returns [3]. - Each option variety's strategy report is compiled based on the analysis of the underlying market, option factor research, and option strategy suggestions [9]. 3. Summary by Related Catalogs 3.1 Overview of Underlying Futures Markets - 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 option underlying contracts, including crude oil, liquefied petroleum gas (LPG), methanol, etc. [4]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various energy - chemical options are provided. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [5]. 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and their offsets, as well as the maximum call and put open interests of various energy - chemical options, are presented, which help to analyze the pressure and support levels of the underlying assets [6]. 3.4 Option Factors - Implied Volatility - The report shows the at - the - money implied volatility, weighted implied volatility, its change, annual average, call and put implied volatilities, historical 20 - day volatility, and the difference between implied and historical volatilities of various energy - chemical options [7]. 3.5 Strategy and Suggestions for Each Option Variety 3.5.1 Energy - related Options: Crude Oil - **Underlying Market Analysis**: US crude oil inventories have different changes. The crude oil market has shown a complex price trend from August to November [8]. - **Option Factor Research**: The implied volatility of crude oil options fluctuates above the average. The open interest PCR is below 0.8, indicating a weak market. The pressure level is 540 and the support level is 460 [8]. - **Option Strategy Suggestions**: Build a short - biased call + put option combination strategy for volatility. For spot hedging, construct a long collar strategy [8]. 3.5.2 Energy - related Options: LPG - **Underlying Market Analysis**: The LPG market is relatively strong, with a rebound in the external market. The domestic fundamentals are tightening marginally. The market has shown a complex price trend since August [10]. - **Option Factor Research**: The implied volatility of LPG options has dropped significantly to near the lower - than - average level. The open interest PCR is around 0.8, indicating a weak market. The pressure level is 4500 and the support level is 4250 [10]. - **Option Strategy Suggestions**: Build a neutral - biased call + put option combination strategy for volatility. For spot hedging, construct a long collar strategy [10]. 3.5.3 Alcohol - related Options: Methanol - **Underlying Market Analysis**: The supply may increase, and the inventory is expected to rise slightly. The market has shown a weak - biased trend since August [10]. - **Option Factor Research**: The implied volatility of methanol options fluctuates around the historical average. The open interest PCR is below 0.8, indicating a weak - oscillating market. The pressure level is 2500 and the support level is 2000 [10]. - **Option Strategy Suggestions**: Build a bear spread strategy for direction. Build a short - biased call + put option combination strategy for volatility. For spot hedging, construct a long collar strategy [10]. 3.5.4 Alcohol - related Options: Ethylene Glycol - **Underlying Market Analysis**: The weekly production has a slight increase, and the port inventory has increased significantly. The market has shown a weak - biased trend since August [11]. - **Option Factor Research**: The implied volatility of ethylene glycol options fluctuates near the lower - than - average level. The open interest PCR is around 0.7, indicating strong short - side power. The pressure level is 4500 and the support level is 4000 [11]. - **Option Strategy Suggestions**: Build a bear spread strategy for direction. Build a short - volatility strategy for volatility. For spot hedging, hold a long position + buy a put option + sell an out - of - the - money call option [11]. 3.5.5 Polyolefin - related Options: Polypropylene - **Underlying Market Analysis**: The production has increased, and the capacity utilization rate has risen. The market has shown a weak - biased trend since August [11]. - **Option Factor Research**: The implied volatility of polypropylene options has dropped to near the average level. The open interest PCR is around 0.7, indicating a weak market. The pressure level is 7000 and the support level is 6300 [11]. - **Option Strategy Suggestions**: Build a bear spread strategy for direction. For spot hedging, hold a long position + buy an at - the - money put option + sell an out - of - the - money call option [11]. 3.5.6 Rubber - related Options: Rubber - **Underlying Market Analysis**: The tire production capacity utilization rate and inventory turnover days have different changes. The market has shown a weak - oscillating trend since August [12]. - **Option Factor Research**: The implied volatility of rubber options has dropped to near the lower - than - average level after a rapid increase. The open interest PCR is below 0.6. The pressure level is 16000 and the support level is 15000 [12]. - **Option Strategy Suggestions**: Build a short - biased call + put option combination strategy for volatility [12]. 3.5.7 Polyester - related Options: PTA - **Underlying Market Analysis**: The PTA load has been adjusted, and the market has shown a rebound - with - pressure trend since August [12]. - **Option Factor Research**: The implied volatility of PTA options fluctuates at a higher - than - average level. The open interest PCR is around 0.7, indicating an oscillating market. The pressure level is 4700 and the support level is 4300 [12]. - **Option Strategy Suggestions**: Build a neutral - biased call + put option combination strategy for volatility [12]. 3.5.8 Alkali - related Options: Caustic Soda - **Underlying Market Analysis**: The capacity utilization rate has decreased slightly, and the market has shown a weak - short - side trend since August [13]. - **Option Factor Research**: The implied volatility of caustic soda options fluctuates at a relatively high level. The open interest PCR is below 0.8, indicating a weak - oscillating market. The pressure level is 3000 and the support level is 2200 [13]. - **Option Strategy Suggestions**: Build a bear spread strategy for direction. For spot hedging, hold a long position + buy a put option + sell an out - of - the - money call option [13]. 3.5.9 Alkali - related Options: Soda Ash - **Underlying Market Analysis**: The inventory has increased year - on - year, and the market has shown a low - level weak - oscillating trend since August [13]. - **Option Factor Research**: The implied volatility of soda ash options fluctuates at a relatively high historical level. The open interest PCR is below 0.6, indicating strong short - side pressure. The pressure level is 1860 and the support level is 1100 [13]. - **Option Strategy Suggestions**: Build a bear spread strategy for direction. Build a short - volatility combination strategy for volatility. For spot hedging, construct a long collar strategy [13]. 3.5.10 Other Options: Urea - **Underlying Market Analysis**: The enterprise inventory has decreased, and the port inventory has increased. The market has shown a low - level oscillating and gradually rebounding trend since August [14]. - **Option Factor Research**: The implied volatility of urea options fluctuates slightly around the historical average. The open interest PCR is below 0.6, indicating strong short - side pressure. The pressure level is 1800 and the support level is 1600 [14]. - **Option Strategy Suggestions**: Build a neutral - biased call + put option combination strategy for volatility. For spot hedging, hold a long position + buy an at - the - money put option + sell an out - of - the - money call option [14].

Report Summary 1. Investment Rating The report does not mention any investment ratings for the industry. 2. Core Viewpoints - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different trading strategies are recommended for each metal category based on their market trends and option factors [2][8]. - For non - ferrous metals, a neutral volatility seller strategy is suggested for copper; a bull spread strategy for aluminum; a neutral - biased volatility selling strategy for zinc; a bear - biased volatility selling strategy for nickel; a volatility - shorting strategy for tin; and a bull spread and bull - biased volatility selling strategy for lithium carbonate [7][9][10][11]. - For precious metals, a neutral volatility - shorting strategy is recommended for gold [12]. - For black metals, a bear - biased volatility selling strategy is recommended for rebar and iron ore; a volatility - shorting strategy for ferrosilicon and industrial silicon; a bear spread strategy for glass [13][14][15]. 3. Summary by Related Catalogs 3.1. Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, such as copper (CU2601), aluminum (AL2601), and zinc (ZN2601) [3]. 3.2. Option Factors - **Volume and Open Interest PCR**: It shows the volume and open interest PCR of different metal options, which can be used to analyze the strength and turning points of the underlying market [4]. - **Pressure and Support Levels**: The pressure and support levels of various metal options are determined by the strike prices with the largest open interest of call and put options [5]. - **Implied Volatility**: The implied volatility data of different metal options are presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6]. 3.3. Option Strategies for Each Metal - **Non - ferrous Metals** - **Copper**: Based on the analysis of fundamentals, market trends, and option factors, a volatility - shorting seller option portfolio strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum**: A bull spread strategy, a long - biased volatility selling strategy, and a spot collar strategy are suggested [9]. - **Zinc**: A neutral - biased volatility selling strategy and a spot collar strategy are recommended [9]. - **Nickel**: A bear - biased volatility selling strategy and a spot covered - call strategy are proposed [10]. - **Tin**: A volatility - shorting strategy and a spot collar strategy are recommended [10]. - **Lithium Carbonate**: A bull spread strategy, a bull - biased volatility selling strategy, and a spot long - hedging strategy are suggested [11]. - **Precious Metals** - **Gold**: A neutral volatility - shorting option seller portfolio strategy and a spot hedging strategy are recommended [12]. - **Black Metals** - **Rebar**: A bear - biased volatility selling strategy and a spot covered - call strategy are proposed [13]. - **Iron Ore**: A bear - biased volatility selling strategy and a spot collar strategy are recommended [13]. - **Ferrosilicon**: A volatility - shorting strategy is suggested [14]. - **Industrial Silicon**: A volatility - shorting selling call and put option portfolio strategy and a spot hedging strategy are recommended [14]. - **Glass**: A bear spread strategy, a volatility - shorting strategy, and a spot collar strategy are proposed [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseeds and oils are in a weak and volatile state, while other sectors like by - products, soft commodities, and grains also have their own market trends. For example, soft commodity sugar has a slight fluctuation, and cotton is in a weak consolidation state [2]. - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures have different price changes. For example, the latest price of soybean No.1 (A2601) is 4,108, down 2 with a decline of 0.05%; the latest price of soybean meal (M2601) is 3,017, up 4 with an increase of 0.13% [3]. 3.2 Option Factors - Volume and Open Interest PCR - Volume and open interest PCR of different options vary. For example, the volume PCR of soybean No.1 is 0.72 with a change of 0.24, and the open interest PCR is 1.12 with a change of - 0.05 [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of different options are different. For example, the pressure point of soybean No.1 is 4,200 and the support point is 4,050 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility of different options shows different characteristics. For example, the at - the - money implied volatility of soybean No.1 is 11.38, and the weighted implied volatility is 12.73 with a change of - 0.10 [6]. 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: Fundamentally, Brazilian soybean planting progress is slow, and the market has shown a rebound after a decline. Option - wise, implied volatility is below the historical average, and the open interest PCR indicates a weak market. Strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: Fundamentally, trading volume,提货量, and inventory have changed. The market has shown a rebound after a decline. Option - wise, implied volatility is below the historical average, and the open interest PCR indicates a weak market. Strategies are similar to those of soybean No.1 [9]. - **Palm Oil**: Fundamentally, the spot basis of oils has risen slightly, and inventory is decreasing. The market is in a low - level consolidation state. Option - wise, implied volatility is below the historical average, and the open interest PCR indicates support at the bottom. Strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Peanut**: Fundamentally, the price is affected by factors such as farmers' reluctance to sell. The market is in a weak and downward state. Option - wise, implied volatility is at a relatively high historical level, and the open interest PCR indicates a weak and volatile market. The strategy is to hold a long spot + buy a put option + sell an out - of - the - money call option [10]. 3.5.2 By - product Options - **Pig**: Fundamentally, the spot price has declined, and the market is in a weak state. Option - wise, implied volatility is above the historical average, and the open interest PCR indicates a weak market. Strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [10]. - **Egg**: Fundamentally, the laying hen inventory has changed. The market has shown a rebound after a decline. Option - wise, implied volatility is at a relatively high level, and the open interest PCR indicates a weak market. Strategies include constructing a neutral short call + put option combination strategy [11]. - **Apple**: Fundamentally, the supply has decreased in quality and quantity, and the price has increased. The market is in a high - level consolidation state. Option - wise, implied volatility is above the historical average, and the open interest PCR indicates strong support at the bottom. Strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: Fundamentally, the purchase price in the production area has changed. The market is in a weak and downward state. Option - wise, implied volatility has risen rapidly above the historical average, and the open interest PCR indicates a weak market. Strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [12]. 3.5.3 Soft Commodity Options - **Sugar**: Fundamentally, sugar production and exports in Brazil and India have changed. The market is in a weak and downward state. Option - wise, implied volatility is at a relatively low historical level, and the open interest PCR indicates a range - bound market. Strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: Fundamentally, the progress of cotton picking, delivery, processing, and sales has changed. The market is in a short - term weak state. Option - wise, implied volatility is at a relatively low level, and the open interest PCR indicates a weak market. Strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [13]. 3.5.4 Grain Options - **Corn**: Fundamentally, the average price of corn has increased. The market is in a weak rebound state. Option - wise, implied volatility is at a relatively low historical level, and the open interest PCR indicates a weak market. Strategies include constructing a neutral short call + put option combination strategy [13].

金属期权 2025-11-20 金属期权策略早报 | 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 | 金属期权策略早报概要：（1）有色金属偏多上行，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属反弹回暖上升，构建牛市价差组合策略。 | 表1：标的期货市场概况 | | --- | | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） ...

Group 1: Report Overview - The report is an early morning strategy report on energy and chemical options dated November 20, 2025 [1] - It covers various energy and chemical option types, including energy (crude oil, LPG), polyolefins (PP, PVC, etc.), polyesters (PX, PTA, etc.), alkali chemicals (caustic soda, soda ash), and others (rubber) [2] - The recommended strategy is to construct option portfolio strategies mainly as sellers and spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest of multiple underlying futures contracts, such as crude oil (SC2601), LPG (PG2601), and methanol (MA2601) [3] Group 3: Option Factors - Volume and Open Interest PCR - It presents the volume and open interest PCR of different option varieties, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Group 4: Option Factors - Pressure and Support Levels - The pressure and support levels of option underlyings are analyzed from the strike prices with the largest open interest of call and put options [5] Group 5: Option Factors - Implied Volatility - The report shows the implied volatility data of various options, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] Group 6: Strategy and Recommendations Crude Oil Options - Fundamental analysis shows that US crude oil inventories have different changes, with an increase in total, strategic, and commercial inventories and a decrease in Cushing inventories [7] - The price trend has been volatile, with different trends in each month from August to November [7] - Option factor research indicates that the implied volatility is above the average, the open interest PCR is below 0.80, and the pressure and support levels are 540 and 460 respectively [7] - Recommended strategies include a volatility strategy of selling a bearish call + put option combination and a spot long - hedging strategy of constructing a long collar [7] LPG Options - The LPG market is firm, with supply tightening recently. The price trend has also been volatile from August to November [9] - Option factors show that the implied volatility has dropped to below the average, the open interest PCR is around 0.80, and the pressure and support levels are 4500 and 4250 [9] - Recommended strategies include a volatility strategy of selling a neutral call + put option combination and a spot long - hedging strategy of constructing a long collar [9] Methanol Options - The supply of methanol may increase, and the price has shown a weak trend since August [9] - Option factors indicate that the implied volatility is around the historical average, the open interest PCR is below 0.80, and the pressure and support levels are 2500 and 2000 [9] - Recommended strategies include a directional strategy of constructing a bearish put spread, a volatility strategy of selling a bearish call + put option combination, and a spot long - hedging strategy of constructing a long collar [9] Ethylene Glycol Options - The supply of ethylene glycol has increased, and the price has been weak. Option factors show that the implied volatility is below the average, the open interest PCR is around 0.70, and the pressure and support levels are 4500 and 4050 [10] - Recommended strategies include a directional strategy of constructing a bearish put spread, a volatility strategy of shorting volatility, and a spot long - hedging strategy [10] Polypropylene Options - The production of polypropylene has increased, and the price has been weak. Option factors show that the implied volatility has dropped to around the average, the open interest PCR is around 0.70, and the pressure and support levels are 7000 and 6300 [10] - Recommended strategies include a directional strategy of constructing a bearish put spread and a spot long - hedging strategy [10] Rubber Options - The tire production capacity utilization rate has different changes, and the rubber price has been in a weak consolidation. Option factors show that the implied volatility has dropped to below the average, the open interest PCR is below 0.60, and the pressure and support levels are 16000 and 15000 [11] - Recommended strategies include a volatility strategy of selling a bearish call + put option combination [11] PTA Options - The PTA load has been adjusted, and the price has shown a rebound with pressure. Option factors show that the implied volatility is above the average, the open interest PCR is around 0.70, and the pressure and support levels are 4700 and 4300 [11] - Recommended strategies include a volatility strategy of selling a neutral call + put option combination [11] Caustic Soda Options - The production capacity utilization rate of caustic soda has changed regionally, and the price has been weak. Option factors show that the implied volatility is at a high level, the open interest PCR is below 0.80, and the pressure and support levels are 3000 and 2200 [12] - Recommended strategies include a directional strategy of constructing a bearish spread and a spot long - hedging strategy of constructing a long collar [12] Soda Ash Options - The inventory of soda ash has increased year - on - year, and the price has been in a low - level weak consolidation. Option factors show that the implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, and the pressure and support levels are 1860 and 1100 [12] - Recommended strategies include a directional strategy of constructing a bearish spread, a volatility strategy of shorting volatility, and a spot long - hedging strategy of constructing a long collar [12] Urea Options - The enterprise inventory of urea has decreased, and the price has shown a rebound from low - level consolidation. Option factors show that the implied volatility is around the historical average, the open interest PCR is below 0.60, and the pressure and support levels are 1800 and 1600 [13] - Recommended strategies include a volatility strategy of selling a neutral call + put option combination and a spot long - hedging strategy [13] Group 7: Option Charts - The report includes various option charts for different underlying assets, such as price trend charts, trading volume and open interest charts, open interest PCR and trading volume PCR charts, and implied volatility charts for crude oil, LPG, methanol, etc. [14][35][55]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural product options market shows a mixed trend, with oilseeds and oils showing a weak and volatile pattern, while agricultural by - products and soft commodities like sugar and cotton maintain a volatile or weak - consolidation trend [2]. - For investment strategies, it is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Multiple agricultural product futures show price changes. For example, the price of soybean No.1 (A2601) is 4,128, down 23 (-0.55%); soybean No.2 (B2601) is 3,742, down 15 (-0.40%); etc. [3]. 3.2 Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open - interest PCR values. For instance, the volume PCR of soybean No.1 is 0.48, and the open - interest PCR is 1.16 [4]. 3.3 Option Factors - Pressure and Support Levels - Each option variety has corresponding pressure and support levels. For example, the pressure point of soybean No.1 is 4,200, and the support point is 4,050 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility varies among different option varieties. For example, the implied volatility of soybean No.1 is 11.405 (at - the - money implied volatility) [6]. 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: The fundamentals show that Brazilian soybean planting progress is slow, and the market has formed a pattern of oversold rebound. Option - related factors indicate that the implied volatility is below the historical average, and the open - interest PCR is below 0.70. Strategies include constructing a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [7]. - **Soybean Meal**: The fundamentals show changes in trading volume, delivery volume, basis, and inventory. The market shows a pattern of oversold rebound. Option - related factors indicate that the implied volatility is below the historical average, and the open - interest PCR is below 0.60. Strategies include constructing a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9]. - **Palm Oil**: The fundamentals show that the spot basis of oils has increased slightly, and the total inventory is decreasing. The market shows a pattern of low - level consolidation. Option - related factors indicate that the implied volatility is below the historical average, and the open - interest PCR is above 1.00. Strategies include constructing a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9]. - **Peanuts**: The fundamentals show that the price of peanut oil is stable, and the peanut market is affected by factors such as farmers' reluctance to sell. The market shows a pattern of weak consolidation under bearish pressure. Option - related factors indicate that the implied volatility is at a relatively high historical level, and the open - interest PCR is below 0.60. Strategies include a long - collar strategy for spot hedging [10]. 3.5.2 Agricultural By - products Options - **Pigs**: The fundamentals show that the spot price of pigs has decreased, and the market shows a pattern of weak bearish decline. Option - related factors indicate that the implied volatility is above the historical average, and the open - interest PCR is below 0.50. Strategies include constructing a short - biased short - call + short - put option combination strategy and a long - covered strategy [10]. - **Eggs**: The fundamentals show changes in the inventory of laying hens. The market shows a pattern of rebound and slight consolidation under pressure. Option - related factors indicate that the implied volatility is at a relatively high level, and the open - interest PCR is below 0.60. Strategies include constructing a neutral short - call + short - put option combination strategy [11]. - **Apples**: The fundamentals show that the apple storage is nearing completion, and the inventory is lower than in previous years. The market shows a pattern of continuous rebound and high - level consolidation under pressure. Option - related factors indicate that the implied volatility is above the historical average, and the open - interest PCR is above 0.90. Strategies include constructing a long - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [11]. - **Jujubes**: The fundamentals show that the purchase price of jujubes in different regions has changed, and the market shows a pattern of weak bearish decline. Option - related factors indicate that the implied volatility has risen rapidly to above the historical average, and the open - interest PCR is below 0.50. Strategies include constructing a short - biased short - strangle option combination strategy and a long - covered hedging strategy [12]. 3.5.3 Soft Commodities Options - **Sugar**: The fundamentals show an increase in sugar production in Brazil's central - southern region and India's sugar export policy. The market shows a pattern of weak bearish decline. Option - related factors indicate that the implied volatility is at a relatively low historical level, and the open - interest PCR is around 0.60. Strategies include constructing a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [12]. - **Cotton**: The fundamentals show the progress of cotton picking, delivery, processing, and sales. The market shows a short - term weak pattern. Option - related factors indicate that the implied volatility is at a relatively low level, and the open - interest PCR is below 1.00. Strategies include constructing a short - biased short - call + short - put option combination strategy and a long - covered strategy [13]. 3.5.4 Grains Options - **Corn**: The fundamentals show an increase in the national average price of corn. The market shows a pattern of weak rebound under pressure. Option - related factors indicate that the implied volatility is at a relatively low historical level, and the open - interest PCR is below 0.60. Strategies include constructing a neutral short - call + short - put option combination strategy [13].