能源化工期权 2026-01-08 能源化工期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 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 | | --- | --- | --- | --- | --- | ...

能源化工期权 2025-12-19 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 | | --- | --- | --- | --- | --- | --- | --- | -- ...

Group 1: Report Summary - The report is an energy and chemical options strategy morning report dated November 27, 2025, covering various energy and chemical options including energy, polyolefins, polyesters, alkali chemicals, etc [2][3] - The overall strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of multiple underlying futures contracts such as crude oil, liquefied gas, methanol, etc [4] Group 3: Option Factor - Volume and Open Interest PCR - It presents the volume and open interest PCR data of different option varieties, which are used to describe the strength of the underlying option market and the turning point of the underlying market respectively [5] Group 4: Option Factor - Pressure and Support Levels - The pressure and support levels of each option variety are analyzed from the perspective of the strike prices with the largest open interest of call and put options [6] Group 5: Option Factor - Implied Volatility - The report shows the implied volatility data of various options, including at - the - money implied volatility, weighted implied volatility, and its changes, etc [7] Group 6: Strategy and Recommendations for Each Option Variety Crude Oil - Fundamental analysis: US refinery demand has stabilized and rebounded, shale oil production has little fluctuation, OPEC short - term supply is flat, and there are short - term export fluctuations in Libya [8] - Market analysis: The price showed a complex trend of rising and falling in different months [8] - Option factor research: Implied volatility is above the average, open interest PCR is below 0.8, pressure level is 540, and support level is 430 [8] - Strategy: Construct bear spread portfolio for directional strategy, sell call + put options for volatility strategy, and use long collar strategy for spot hedging [8] Liquefied Gas - Fundamental analysis: US propane inventory is high, and crude oil price is affected by supply and geopolitical issues [10] - Market analysis: The price has shown a trend of decline and rebound with pressure [10] - Option factor research: Implied volatility has dropped significantly, open interest PCR is around 0.8, pressure level is 4500, and support level is 4000 [10] - Strategy: Use a neutral call + put option selling strategy for volatility, and long collar strategy for spot hedging [10] Methanol - Fundamental analysis: Port and enterprise inventories are decreasing [10] - Market analysis: The price has been in a weak trend [10] - Option factor research: Implied volatility is around the historical average, open interest PCR is below 0.6, pressure level is 2300, and support level is 2000 [10] - Strategy: Construct bear spread portfolio for directional strategy, sell call + put options for volatility strategy, and use long collar strategy for spot hedging [10] Ethylene Glycol - Fundamental analysis: Port inventory is expected to increase at a slower pace, and the supply - demand balance is expected to improve [11] - Market analysis: The price has been in a weak trend [11] - Option factor research: Implied volatility is below the average, open interest PCR is below 0.7, pressure level is 4500, and support level is 3800 [11] - Strategy: Construct bear spread portfolio for directional strategy, sell options for volatility strategy, and use long + put + short call strategy for spot hedging [11] Polypropylene - Fundamental analysis: Polyolefin inventory pressure is large [11] - Market analysis: The price has been in a weak trend [11] - Option factor research: Implied volatility has dropped to around the average, open interest PCR is around 0.7, pressure level is 7000, and support level is 6300 [11] - Strategy: Construct bear spread portfolio for directional strategy, and use long + put + short call strategy for spot hedging [11] Rubber - Fundamental analysis: Tire factory operating rates are decreasing, and inventory is changing from explicit to implicit [12] - Market analysis: The price has been in a weak consolidation trend [12] - Option factor research: Implied volatility has decreased to below the average, open interest PCR is below 0.6, pressure level is 16000, and support level is 15000 [12] - Strategy: Use a bearish call + put option selling strategy for volatility [12] PTA - Fundamental analysis: PTA inventory has increased slightly, and it is expected to enter a de - stocking phase [12] - Market analysis: The price has shown a trend of rebound with pressure [12] - Option factor research: Implied volatility is above the average, open interest PCR is around 0.7, pressure level is 4700, and support level is 4300 [12] - Strategy: Use a neutral call + put option selling strategy for volatility [12] Caustic Soda - Fundamental analysis: The average utilization rate of caustic soda production capacity has increased [13] - Market analysis: The price has been in a weak bearish trend [13] - Option factor research: Implied volatility is at a relatively high level, open interest PCR is below 0.6, pressure level is 3000, and support level is 2200 [13] - Strategy: Construct bear spread portfolio for directional strategy, and use long collar strategy for spot hedging [13] Soda Ash - Fundamental analysis: Soda ash factory inventory has decreased [13] - Market analysis: The price has been in a low - level weak consolidation trend [13] - Option factor research: Implied volatility is at a relatively high historical level, open interest PCR is below 0.6, pressure level is 1860, and support level is 1100 [13] - Strategy: Construct bear spread portfolio for directional strategy, sell options for volatility strategy, and use long collar strategy for spot hedging [13] Urea - Fundamental analysis: Enterprise inventory has decreased, and port inventory is expected to increase [14] - Market analysis: The price has shown a trend of low - level consolidation and rebound [14] - Option factor research: Implied volatility is around the historical average, open interest PCR is below 0.6, pressure level is 1800, and support level is 1600 [14] - Strategy: Use a neutral call + put option selling strategy for volatility, and use long + put + short call strategy for spot hedging [14] Group 7: Charts for Each Option Variety - Each option variety has corresponding price charts, volume and open interest charts, open interest PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts [16][37][57]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Each sector selects some varieties for option strategy suggestions. Each option variety compiles an option strategy report according to the underlying market analysis, option factor research, and option strategy suggestions [9]. - The overall strategy is to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant 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 option underlying futures contracts, including crude oil, liquefied petroleum gas, methanol, etc. For example, the latest price of crude oil SC2601 is 446, with a decrease of 7 and a decline rate of 1.46%, trading volume of 14.15 million lots, an increase of 2.24 million lots, open interest of 4.20 million lots, and an increase of 0.29 million lots [4]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of various energy - chemical options are provided. For instance, the volume PCR of crude oil options is 0.87, with a change of - 0.03, and the open interest PCR is 0.78, with a change of - 0.00. These indicators are used to describe the strength of the option underlying market and whether the underlying market has a turning point [5]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various energy - chemical options are given. For example, the pressure point of crude oil options is 540, and the support point is 460. These levels are determined from the strike prices where the maximum open interest of call and put options is located [6]. 3.4 Option Factors - Implied Volatility - The implied volatility data of various energy - chemical options are presented, including at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 27.545, and the weighted implied volatility is 29.25, with a change of 2.31 [7]. 3.5 Option Strategies and Suggestions 3.5.1 Energy - Class Options: Crude Oil - **Underlying Market Analysis**: The demand of US refineries has stabilized and rebounded. Shale oil production has little fluctuation during the recent oil price decline. OPEC's short - term supply remains flat. Libya's short - term exports have declined but are expected to recover in the next two weeks. The restart of Kuwait's refinery in December weakens the support for low - sulfur fuel oil [8]. - **Option Factor Research**: The implied volatility of crude oil options fluctuates above the average. The open interest PCR is below 0.80, indicating a weak market. The pressure level is 540, and the support level is 460 [8]. - **Option Strategy Suggestions**: - Directional strategy: None. - Volatility strategy: Construct a short - biased call + put option combination strategy, such as S_SC2601P445, S_SC2601P450, S_SC2601C465, S_SC2601C470. - Spot long - hedging strategy: Construct a long collar strategy, e.g., LONG_SC2601 + BUY_SC2601P460 + SELL_SC2601C485 [8]. 3.5.2 Energy - Class Options: Liquefied Petroleum Gas - **Underlying Market Analysis**: US propane has started to draw down inventory, but it is still at a historical high. Crude oil, as the cost end, is affected by both supply - surplus pressure and geopolitical issues. LPG has shown a market trend of an oversold rebound with pressure above [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 0.80, indicating a weak market. The pressure level is 4500, and the support level is 4250 [10]. - **Option Strategy Suggestions**: - Directional strategy: None. - Volatility strategy: Construct a neutral - biased call + put option combination strategy, such as S_PG2601P4200 and S_PG2601C4350. - Spot long - hedging strategy: Construct a long collar strategy, e.g., LONG_PG2601 + BUY_PG2601P4250 + SELL_PG2601C4350 [10]. 3.5.3 Alcohol - Class Options: Methanol - **Underlying Market Analysis**: Port inventory is decreasing from a high level, and enterprise inventory is also decreasing. The market has shown a weak downward trend with pressure above [10]. - **Option Factor Research**: The implied volatility of methanol options fluctuates around the historical average. The open interest PCR is below 0.60, indicating a weak and volatile market. The pressure level is 2500, and the support level is 2000 [10]. - **Option Strategy Suggestions**: - Directional strategy: Construct a bearish spread strategy with put options, such as B_MA2601P2025 and S_MA2601P1950. - Volatility strategy: Construct a short - biased call + put option combination strategy, such as S_MA2601P2075 and S_MA2601C2000. - Spot long - hedging strategy: Construct a long collar strategy, e.g., LONG_MA2601 + BUY_MA2601P2025 + SELL_MA2601C2150 [10]. 3.5.4 Alcohol - Class Options: Ethylene Glycol - **Underlying Market Analysis**: Port inventory is expected to slow down in the accumulation rate. Domestic device unexpected maintenance has increased, and overseas arrivals in December are expected to decline. The market has shown a weak downward trend with pressure above [11]. - **Option Factor Research**: The implied volatility of ethylene glycol options fluctuates near the lower - than - average level. The open interest PCR is below 0.70, indicating strong bearish power. The pressure level is 4500, and the support level is 4000 [11]. - **Option Strategy Suggestions**: - Directional strategy: Construct a bearish spread strategy with put options, such as B_EG2601P3950 and S_EG2601P3800. - Volatility strategy: Construct a short - volatility strategy, such as S_EG2601P3850 and S_EG2601C4000. - Spot long - hedging strategy: LONG_EG2601 + BUY_EG2601P3900 + SELL_EG2601C4050 [11]. 3.5.5 Polyolefin - Class Options: Polypropylene - **Underlying Market Analysis**: The overall inventory pressure of polyolefins is large. The market of polypropylene has shown a weak downward trend with bearish pressure above [11]. - **Option Factor Research**: The implied volatility of polypropylene options has dropped to near the average level. The open interest PCR is around 0.70, indicating a weak market. The pressure level is 7000, and the support level is 6300 [11]. - **Option Strategy Suggestions**: - Directional strategy: Construct a bearish spread strategy with put options, such as B_PP2601P6500 and S_PP2601P6300. - Volatility strategy: None. - Spot long - hedging strategy: LONG_PP2601 + BUY_PP2601P6400 + SELL_PP2601C6600 [11]. 3.5.6 Rubber - Class Options: Rubber - **Underlying Market Analysis**: The operating rate of tire factories has declined. The market has shown a weak consolidation trend with support below and pressure above [12]. - **Option Factor Research**: The implied volatility of rubber options has decreased to near the lower - than - average level after a rapid increase. The open interest PCR is below 0.60. The pressure level has dropped significantly to 16000, and the support level is 15000 [12]. - **Option Strategy Suggestions**: - Directional strategy: None. - Volatility strategy: Construct a short - biased call + put option combination strategy, such as S_RU2601P14500, S_RU2601P14750, S_RU2601C15250, S_RU2601C15500. - Spot hedging strategy: None [12]. 3.5.7 Polyester - Class Options: PTA - **Underlying Market Analysis**: PTA inventory has increased slightly, but downstream load remains high, and the expected increase in maintenance in November is expected to lead to a phased inventory drawdown. The market has shown a rebound trend with pressure above [12]. - **Option Factor Research**: The implied volatility of PTA options fluctuates above the average level. The open interest PCR is around 0.70, indicating a volatile market. The pressure level is 4700, and the support level is 4300 [12]. - **Option Strategy Suggestions**: - Directional strategy: None. - Volatility strategy: Construct a neutral - biased call + put option combination strategy, such as S_TA2601P4600, S_TA2601P4650, S_TA2601C4750, S_TA2601C4700. - Spot hedging strategy: None [12]. 3.5.8 Alkali - Class Options: Caustic Soda - **Underlying Market Analysis**: The average utilization rate of caustic soda production capacity has increased in some regions and decreased in others. The market has shown a weak bearish trend with pressure above [13]. - **Option Factor Research**: The implied volatility of caustic soda options fluctuates at a relatively high level. The open interest PCR is below 0.60, indicating a weak market. The pressure level is 3000, and the support level is 2200 [13]. - **Option Strategy Suggestions**: - Directional strategy: Construct a bearish spread strategy, such as B_SH2601P2320 and S_SH2601P2200. - Volatility strategy: None. - Spot collar hedging strategy: LONG_SH2601 + BUY_SH2601P2280 + SELL_SH2601C2400 [13]. 3.5.9 Alkali - Class Options: Soda Ash - **Underlying Market Analysis**: Soda ash factory inventory has decreased. The market has shown a low - level weak consolidation trend with pressure above and support below [13]. - **Option Factor Research**: The implied volatility of soda ash options fluctuates at a relatively high historical level. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1860, and the support level is 1100 [13]. - **Option Strategy Suggestions**: - Directional strategy: Construct a bearish spread strategy, such as B_SA2601P1200 and S_SA2601P1120. - Volatility strategy: Construct a short - volatility combination strategy, such as S_SA2601P1160 and S_SA2601C1200. - Spot long - hedging strategy: Construct a long collar strategy, e.g., LONG_SA2601 + BUY_SA2601P1160 + SELL_SA26011C1240 [13]. 3.5.10 Other Options: Urea - **Underlying Market Analysis**: Enterprise inventory has decreased, and port inventory is expected to increase. The market has shown a low - level consolidation and gradual rebound trend [14]. - **Option Factor Research**: The implied volatility of urea options fluctuates slightly around the historical average level. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1800, and the support level is 1600 [14]. - **Option Strategy Suggestions**: - Directional strategy: None. - Volatility strategy: Construct a neutral - biased call + put option combination strategy, such as S_UR2601P1640 and S_UR2601C1680. - Spot hedging strategy: LONG_UR2601 + S_UR2601P1660 + SELL_UR2601C1720 [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The agricultural product options market shows different trends. Oilseeds and oils are in a weak and volatile state, while agricultural by - products and soft commodities like sugar are in a volatile or slightly volatile situation, and grains such as corn and starch are in a weak and narrow - range consolidation. - 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 According to Related Catalogs 3.1. Futures Market Overview - Various agricultural product futures show different price changes. For example, the latest price of soybean No.1 (A2601) is 4,118, down 7 with a decline rate of - 0.17%. The trading volume and open interest also have corresponding changes. [3] 3.2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options are presented. For instance, the volume PCR of soybean No.1 is 0.81 with a change of 0.26, and the open interest PCR is 1.19 with a change of 0.04. These indicators are used to describe the strength of the option underlying market and the turning point of the market. [4] 3.3. Option Factors - Pressure and Support Levels - The pressure and support levels of different agricultural product options are given. For example, the pressure level of soybean No.1 is 4,200 and the support level is 4,050. These levels are determined from the strike prices with the largest open interest of call and put options. [5] 3.4. Option Factors - Implied Volatility - The implied volatility of different agricultural product options is analyzed. For example, the at - the - money implied volatility of soybean No.1 is 11.7, the weighted implied volatility is 12.70 with a change of - 0.00, and the difference between implied and historical volatility is - 0.21. [6] 3.5. Option Strategies and Recommendations 3.5.1. Oilseeds and Oils Options - **Soybean No.1**: - Fundamental analysis shows that the CNF premium of Brazilian soybeans in January 2026 decreased week - on - week, while the import cost increased, and the crushing profit decreased. The planting progress of Brazilian soybeans slowed down, which has a slightly positive impact. - The option strategy includes constructing a neutral call + put option combination strategy to obtain time value and a long collar strategy for spot hedging. [7] - **Soybean Meal**: - The average daily trading volume and delivery volume of soybean meal decreased week - on - week, and the basis increased slightly. - Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging. [9] - **Palm Oil**: - The production and rainfall in Malaysia are favorable, and the inventory at the end of the year is expected to be at a relatively high historical level. - Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging. [9] - **Peanut**: - The peanut market is in a contradiction between the support of high - quality resources and the overall loose supply - demand situation. - The option strategy is to construct a long collar strategy for spot hedging. [10] 3.5.2. Agricultural By - products Options - **Pig**: - The production and inventory of pigs in the first three quarters of 2025 increased. - Option strategies include constructing a bear spread strategy for call options, a short - biased call + put option combination strategy, and a covered call strategy for spot. [10] - **Egg**: - The egg market has a pattern of high supply and weak demand. - Option strategies include constructing a neutral call + put option combination strategy. [11] - **Apple**: - The apple production decreased this year, and the cold - storage inventory is expected to be low. - Option strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging. [11] - **Jujube**: - The jujube market price is stable, and the supply is sufficient. - Option strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging. [12] 3.5.3. Soft Commodities Options - **Sugar**: - The weak external sugar market restricts the rebound of Zhengzhou sugar, but the expected decline in sugar production in southern Brazil may have a certain restrictive effect on the decline. - Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging. [12] - **Cotton**: - The new cotton supply is increasing, which exerts pressure on cotton prices. - Option strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot hedging. [13] 3.5.4. Grains Options - **Corn**: - The purchase price of corn by domestic processing enterprises decreased, and the market supply exceeded demand. - Option strategies include constructing a neutral call + put option combination strategy. [13]

1. Report Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - The agricultural products sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall performance shows that oilseeds and oils are weakly volatile, oils and agricultural by - products maintain a volatile market, soft commodity sugar has a slight fluctuation, cotton is weakly consolidating, and grains such as corn and starch are weakly and narrowly consolidating. The recommended strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant 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 agricultural product futures contracts, including soybeans, soybean meal, palm oil, etc. For example, the latest price of the A2601 soybean contract is 4,083, with a price change of - 9 and a change rate of - 0.22% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options are provided. Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the market respectively. For instance, the volume PCR of soybean option is 1.16, with a change of 0.34, and the open interest PCR is 1.14, with a change of 0 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each agricultural product option are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of soybean option is 4,200, and the support level is 4,050 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of different agricultural product options are presented, including at - the - money implied volatility, weighted implied volatility, and its change, annual average implied volatility, call and put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of soybean option is 11.535, and the weighted implied volatility is 12.26, with a change of - 0.46 [6]. 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean**: The soybean price is stable with a slight upward trend. The implied volatility of soybean option is below the historical average. The recommended strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: The domestic soybean weekly crushing volume has decreased. The implied volatility of soybean meal option is below the historical average. The recommended strategies include constructing a bearish call + put option selling combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil**: The production of Malaysian palm oil is expected to face pressure, and the export growth rate has narrowed. The implied volatility of palm oil option is below the historical average. The recommended strategies include constructing a bearish call + put option selling combination strategy and a long collar strategy for spot hedging [9]. - **Peanut**: The peanut oil price is stable. The implied volatility of peanut option is at a relatively high historical level. The recommended strategy is a long collar strategy for spot hedging [10]. 3.5.2 Agricultural By - product Options - **Pig**: The average price of pigs in some regions has increased slightly, but the market may face downward pressure in the future. The implied volatility of pig option is above the historical average. The recommended strategies include constructing a bearish put spread strategy, a bearish call + put option selling combination strategy, and a covered call strategy for spot [10]. - **Egg**: The inventory of laying hens has decreased. The implied volatility of egg option is at a relatively high level. The recommended strategies include constructing a bearish put spread strategy and a bearish call + put option selling combination strategy [11]. - **Apple**: The price of apple futures has increased due to poor fruit quality. The implied volatility of apple option is above the historical average. The recommended strategies include constructing a bullish call + put option selling combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: The physical inventory of jujube has increased. The implied volatility of jujube option has rapidly risen above the historical average. The recommended strategies include constructing a bearish wide - straddle option selling combination strategy and a covered call strategy for spot hedging [12]. 3.5.3 Soft Commodity Options - **Sugar**: The spot price of sugar in Guangxi has decreased, and the basis has weakened. The implied volatility of sugar option is at a relatively low historical level. The recommended strategies include constructing a bearish call + put option selling combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: The China Cotton Price Index has increased, and the basis is volatile. The implied volatility of cotton option is at a relatively low level. The recommended strategies include constructing a bearish call + put option selling combination strategy and a covered call strategy for spot hedging [13]. 3.5.4 Grain Options - **Corn**: The supply of corn in the origin is increasing, and the trading enthusiasm of traders is weakening. The implied volatility of corn option is at a relatively low historical level. The recommended strategy is a bearish call + put option selling combination strategy [13].

1. Report Industry Investment Rating There is no information provided in the document regarding the industry investment rating. 2. Core Viewpoints of the Report - The energy - chemical sector includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes target market analysis, option factor research, and option strategy suggestions [9]. - The overall strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Target Futures Market Overview - The document provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil (SC2512) is 465, with a price increase of 6 and a price change percentage of 1.28% [4]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various energy - chemical options are presented. These indicators are used to describe the strength of the option target market and the turning point of the target market. For example, the open interest PCR of crude oil options is 0.77, with a change of - 0.04 [5]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various energy - chemical options are given, which are determined by the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil options is 500 and the support level is 450 [6]. 3.4 Option Factors - Implied Volatility - The implied volatility of various energy - chemical options is provided, including at - the - money implied volatility, weighted implied volatility, changes in weighted implied volatility, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 28.075, and the weighted implied volatility is 29.38 with a change of - 0.93 [7]. 3.5 Option Strategies and Suggestions 3.5.1 Energy Options - **Crude Oil**: The fundamental situation shows that US refinery demand is picking up, shale oil production reduction is small, OPEC exports are increasing but mostly absorbed by China, and European refined product inventories are in a low - level destocking state. The market has shown a trend of decline, followed by consolidation, and then a rebound. Option strategies include constructing a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [8]. - **LPG**: The US market has high - production and high - inventory pressure, and extreme winter weather and Sino - US trade trends may affect prices. The market has experienced a decline, followed by a rebound and then a fall. Option strategies are similar to those of crude oil, including constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.5.2 Alcohol Options - **Methanol**: Port and enterprise inventories are at certain levels, and the market shows a weak upward - pressured trend. Option strategies include constructing a bearish call + put option combination strategy for volatility and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The load and inventory situation is complex, and the market is in a weak trend. Option strategies include constructing a bearish spread strategy for direction and a short - volatility strategy for volatility, along with a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin Options - **Polypropylene**: The inventory pressure of PP is higher than that of PE, and the market is in a weak trend. Option strategies include a long collar strategy for spot hedging [11]. 3.5.4 Rubber Options - **Rubber**: The import market price is rising, but downstream demand is weak. The market is in a weak consolidation state. Option strategies include constructing a bearish call + put option combination strategy for volatility [12]. 3.5.5 Polyester Options - **PTA**: The load is at a certain level, and the market is in a weak bearish trend. Option strategies include constructing a bearish call + put option combination strategy for volatility [12]. 3.5.6 Alkali Options - **Caustic Soda**: The spot market has issues such as lack of restocking and weakening cost support, and the market is in a weak bearish trend. Option strategies include constructing a bearish spread strategy for direction and a long collar strategy for spot hedging [13]. - **Soda Ash**: The inventory situation is given, and the market is in a low - level weak consolidation state. Option strategies include constructing a short - volatility combination strategy for volatility and a long collar strategy for spot hedging [13]. 3.5.7 Other Options - **Urea**: The enterprise inventory is at a high level, and the market is in a low - level weak consolidation state. Option strategies include constructing a neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [14].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each option variety's strategy report is compiled based on underlying market analysis, option factor research, and option strategy suggestions [9] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, percentage changes, trading volumes, volume changes, open interest, and open interest changes of various energy - chemical option underlying futures contracts, including crude oil, liquefied petroleum gas, methanol, etc [4] 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - The volume - to - open - interest PCR indicators (volume PCR and open interest PCR) of various energy - chemical options are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5] 3.2.2 Pressure and Support Levels - The pressure and support levels of various energy - chemical option underlying contracts are given, which are determined by the strike prices with the largest open interest of call and put options [6] 3.2.3 Implied Volatility - The implied volatility indicators of various energy - chemical options are provided, including at - the - money implied volatility, weighted implied volatility, changes in weighted implied volatility, annual average implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility [7] 3.3 Strategies and Suggestions 3.3.1 Energy - Type Options - **Crude Oil**: Fundamentally, OPEC may discuss early release of production cuts, and Russia has production cut plans. The market has been in a weak - to - range - bound state. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [8] - **Liquefied Petroleum Gas**: The PDH device maintenance situation is stable, and the market has shown an oversold - rebound pattern. Strategies involve constructing a neutral - biased call + put option combination strategy and a long collar strategy for spot hedging [10] 3.3.2 Alcohol - Type Options - **Methanol**: Port and enterprise inventories are at certain levels, and the market is weak. Strategies include constructing a bear spread combination strategy for put options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory is expected to be in a low - level shock and then a build - up cycle. The market is weak. Strategies involve constructing a bear spread combination strategy for put options, a short - volatility strategy, and a long collar strategy for spot hedging [11] 3.3.3 Polyolefin - Type Options - **Polypropylene**: PE and PP inventories have different trends, and the market is weak. Strategies include a long collar strategy for spot hedging [12] 3.3.4 Rubber - Type Options - **Rubber**: Affected by the Southeast Asian rubber - tapping season, the market is in a weak - consolidation state. Strategies include constructing a neutral - biased call + put option combination strategy [13] 3.3.5 Polyester - Type Options - **PTA**: Social inventory has a slight increase, and the market is weak. Strategies include constructing a short - biased call + put option combination strategy [14] 3.3.6 Alkali - Type Options - **Caustic Soda**: Factory inventories are increasing, and the market is in a downward - shock state. Strategies include a long collar strategy for spot hedging [15] - **Soda Ash**: Factory inventories are decreasing, and the market is in a low - level shock state. Strategies include constructing a short - volatility combination strategy and a long collar strategy for spot hedging [15] 3.3.7 Other Options - **Urea**: Enterprise inventory is high, and the market is in a low - level weak state. Strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [16] 3.4 Option Charts - The report provides price charts, volume - and - open - interest charts, volume - to - open - interest PCR charts, implied volatility charts, historical volatility cone charts, and pressure - and - support - level charts for various energy - chemical options such as crude oil, liquefied petroleum gas, methanol, etc [17][36][53]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - For non - ferrous metals, construct a seller's neutral volatility strategy as they are in a range - bound oscillation; for black metals, build a short - volatility portfolio strategy due to their large - amplitude fluctuations; for precious metals, create a spot hedging strategy as they are rising and breaking through [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2511) is 80,080, up 260 with a 0.33% increase, and its trading volume is 5.41 million lots with a decrease of 3.52 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options are given. For instance, the volume PCR of copper options is 0.65 with a change of 0.01, and the open interest PCR is 0.75 with a change of 0.04 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed. For example, the pressure level of copper options is 82,000 and the support level is 78,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different metal options is provided, including at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of copper options is 12.26%, and the weighted implied volatility is 15.27% with a change of - 1.54% [6]. 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy. The three - exchange copper inventory increased by 11,000 tons. The implied volatility of copper options fluctuates around the historical average, and the open interest PCR indicates some pressure above [7]. - **Aluminum**: Construct a short - neutral call + put option portfolio strategy and a spot collar strategy. The domestic aluminum ingot social inventory increased, and the LME inventory is at a low level. The market shows a long - biased upward and high - level oscillating trend [9]. - **Zinc/Lead**: Build a short - neutral call + put option portfolio strategy and a spot collar strategy. The zinc market shows an oscillating and falling trend after rising, and the implied volatility of zinc options continues to decline [9]. - **Nickel**: Construct a short - bearish call + put option portfolio strategy and a spot covered strategy. The domestic nickel ore port inventory increased, and the market shows a wide - range oscillating trend with bearish pressure above [10]. - **Tin**: Build a short - volatility strategy and a spot collar strategy. The tin production in Yunnan and Jiangxi is affected, and the market shows a short - term high - level oscillating trend with pressure above [10]. - **Lithium Carbonate**: Construct a short - bearish call + put option portfolio strategy and a spot long - hedging strategy. The lithium carbonate production increased, and the market shows a large - amplitude fluctuating and continuously falling trend [11]. 3.5.2 Precious Metals - **Gold/Silver**: Build a bullish option bull - spread combination strategy, a long - biased short - volatility option seller portfolio strategy, and a spot hedging strategy. The relationship between gold and silver prices is related to the overseas manufacturing PMI. The gold market shows a short - term oscillating and strongly breaking - through trend [12]. 3.5.3 Black Metals - **Rebar**: Construct a short - bearish call + put option portfolio strategy and a spot long - covered strategy. The rebar inventory decreased slightly, and the market shows a weak oscillating trend with pressure above [13]. - **Iron Ore**: Build a short - neutral call + put option portfolio strategy and a spot long - collar strategy. The iron ore inventory decreased, and the market shows a range - bound oscillating and rebounding trend [13]. - **Ferroalloys**: Build a short - volatility strategy for manganese silicon. The manganese silicon production decreased, and the market shows a weak and bearish trend [14]. - **Industrial Silicon/Polysilicon**: Construct a short - volatility call + put option portfolio strategy and a spot hedging strategy. The industrial silicon inventory remains high, and the market shows a large - amplitude range - bound oscillating trend [14]. - **Glass**: Build a short - volatility call + put option portfolio strategy and a spot long - collar strategy. The glass inventory decreased in some areas, and the market shows a weak trend with pressure above [15].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The energy - chemical sector includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, etc. Strategies mainly involve constructing option combination strategies dominated by sellers and spot hedging or covered strategies to enhance returns [3][9] 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various energy - chemical futures showed different price movements, trading volumes, and open interest changes. For example, crude oil (SC2511) was at 483, down 6 (-1.31%), with a trading volume of 2.92 million lots (down 0.40 million lots) and open interest of 2.26 million lots (up 0.09 million lots) [4] 3.2 Option Factors - Volume and Open Interest PCR - Different option varieties had different volume and open interest PCR values and their changes. For instance, the volume PCR of crude oil was 0.85 (up 0.18), and the open interest PCR was 0.85 (up 0.12) [5] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each option variety were analyzed. For example, the pressure level of crude oil was 570 and the support level was 415 [6] 3.4 Option Factors - Implied Volatility - The implied volatility of each option variety was presented, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of crude oil was 29.61%, and the weighted implied volatility was 33.95% (up 2.83%) [7] 3.5 Strategy and Recommendations for Each Option Variety 3.5.1 Energy - related Options: Crude Oil - **Fundamentals**: Geopolitical short - term disturbances, long - term supply - demand negatives, and concerns about employment and the economy. **Market analysis**: A bearish market with pressure. **Option factors**: Implied volatility around the mean, open interest PCR above 0.80, pressure level at 570 and support level at 415. **Strategies**: Construct a short - biased call + put option combination strategy and a long collar strategy for spot hedging [8] 3.5.2 Energy - related Options: Liquefied Petroleum Gas (LPG) - **Fundamentals**: Loose supply and low demand. **Market analysis**: A weak market with pressure. **Option factors**: Implied volatility near the mean, open interest PCR around 0.70. **Strategies**: Construct a short - biased call + put option combination strategy and a long collar strategy for spot hedging [10] 3.5.3 Alcohol - related Options: Methanol - **Fundamentals**: Increased production and capacity utilization. **Market analysis**: A weak market with pressure. **Option factors**: Implied volatility below the mean, open interest PCR around 0.90. **Strategies**: Construct a bear spread strategy for put options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [10] 3.5.4 Alcohol - related Options: Ethylene Glycol - **Fundamentals**: Decreased inventory. **Market analysis**: A weak market with pressure. **Option factors**: Implied volatility below the mean, open interest PCR below 0.60. **Strategies**: Construct a short - volatility strategy and a long collar strategy for spot hedging [11] 3.5.5 Polyolefin - related Options: Polypropylene - **Fundamentals**: Increased maintenance losses. **Market analysis**: A weak market with pressure. **Option factors**: Implied volatility below the mean, open interest PCR around 0.60. **Strategies**: A long collar strategy for spot hedging [11] 3.5.6 Rubber - related Options: Rubber - **Fundamentals**: Decreased tire production load. **Market analysis**: A gradually warming - up market with support and pressure. **Option factors**: Implied volatility near the mean, open interest PCR below 0.60. **Strategies**: Construct a neutral - biased call + put option combination strategy [12] 3.5.7 Polyester - related Options: PTA - **Fundamentals**: Stable supply - demand, low inventory and processing fees. **Market analysis**: A weak bearish market with pressure. **Option factors**: Implied volatility above the mean, open interest PCR around 0.70. **Strategies**: Construct a short - biased call + put option combination strategy [12] 3.5.8 Alkali - related Options: Caustic Soda - **Fundamentals**: Changes in production load. **Market analysis**: A market with pressure and downward fluctuations. **Option factors**: High - level implied volatility, open interest PCR around 1.00. **Strategies**: A long collar strategy for spot hedging [13] 3.5.9 Alkali - related Options: Soda Ash - **Fundamentals**: Increased production, weak price due to market supply. **Market analysis**: A low - level weak consolidation market with pressure. **Option factors**: High - level implied volatility, open interest PCR below 0.60. **Strategies**: Construct a short - volatility combination strategy and a long collar strategy for spot hedging [13] 3.5.10 Urea Options - **Fundamentals**: Weak supply - demand, slow new order transactions. **Market analysis**: A low - level weak consolidation market. **Option factors**: Implied volatility around the mean, open interest PCR below 0.60. **Strategies**: Construct a short - biased call + put option combination strategy and a long collar strategy for spot hedging [14]