Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The agricultural product options market shows diversified trends, with oilseeds and oils, agricultural by - products, soft commodities, and grains each having their own market characteristics. - It is recommended to construct option combination 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, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2601) is 4,129, up 37 with a 0.90% increase, and its trading volume is 12.84 million lots, a decrease of 3.11 million lots compared to the previous period [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open - interest PCR of various agricultural product options reflect the market sentiment and potential turning points. For instance, the volume PCR of soybean No.1 is 0.78, a decrease of 0.18, and the open - interest PCR is 1.05, an increase of 0.07 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the maximum open - interest of call and put options, the pressure and support levels of each agricultural product option are determined. For example, the pressure level of soybean No.1 is 4200, and the support level is 3900 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of each agricultural product option is at different levels and shows different trends. For example, the at - the - money implied volatility of soybean No.1 is 13.095%, and the weighted implied volatility is 13.55%, an increase of 0.94% [6]. 3.5 Option Strategies and Recommendations - **Oilseeds and Oils Options**: - **Soybean No.1**: Construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: Build a bearish spread combination strategy of put options and a short bearish call + put option combination strategy, as well as a long collar strategy for spot hedging [9]. - **Palm Oil**: Construct a short bearish call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Peanut**: Adopt a long collar strategy for spot hedging [10]. - **Agricultural By - product Options**: - **Pig**: Build a bearish spread combination strategy of put options, a short bearish call + put option combination strategy, and a long covered strategy [10]. - **Egg**: Build a bearish spread combination strategy of put options and a short bearish call + put option combination strategy [11]. - **Apple**: Construct a short bullish call + put option combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: Build a short bullish strangle option combination strategy and a long covered hedging strategy [12]. - **Soft Commodity Options**: - **Sugar**: Construct a short bearish call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: Build a short bearish call + put option combination strategy and a long covered strategy [13]. - **Grain Options**: - **Corn**: Construct a short bearish call + put option combination strategy [13].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - The stock market, including the Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks, shows a high-level volatile upward trend [2]. - The implied volatility of financial options has decreased but remains at a relatively high level [2]. - For ETF options, it is suitable to construct a bullish buyer strategy, such as a call option bull spread strategy. For index options, it is suitable to construct a bullish seller strategy, a call option bull spread strategy, and an arbitrage strategy between synthetic long options and short futures [2]. 3. Summary by Relevant Catalogs 3.1 Financial Market Index Overview - **Stock Indexes**: The Shanghai Composite Index closed at 3,996.94, up 1.18%; the Shenzhen Component Index closed at 13,489.40, up 1.51%; the SSE 50 Index closed at 3,069.53, up 0.78%; the CSI 300 Index closed at 4,716.02, up 1.19%; the CSI 500 Index closed at 7,379.39, up 1.67%; and the CSI 1000 Index closed at 7,495.38, up 1.03% [3]. 3.2 ETF Option Underlying Market Overview - **ETF Options**: The closing prices of major ETFs, such as SSE 50 ETF, SSE 300 ETF, and SSE 500 ETF, showed varying degrees of increase. The trading volume and turnover of some ETFs also changed significantly [4]. 3.3 Option Factor - Volume and Open Interest PCR - **PCR Indicators**: The volume and open interest PCR of different ETF options showed different trends, reflecting the market's expectations and sentiment towards the underlying assets [5]. 3.4 Option Factor - Pressure and Support Levels - **Pressure and Support**: The pressure and support levels of different option underlying assets are analyzed based on the strike prices of the maximum open interest of call and put options [7]. 3.5 Option Factor - Implied Volatility - **Implied Volatility**: The implied volatility of different option underlying assets shows different levels and trends, with some increasing and some decreasing [9]. 3.6 Strategy and Recommendations - **Market Segmentation**: The financial option market is divided into several segments, including large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks [11]. - **Option Strategies**: For each segment, specific option strategies are recommended, including directional strategies, volatility strategies, and spot long covered call strategies [12][13][14].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies focus on constructing option portfolios mainly as sellers and spot hedging or covered strategies to enhance returns [3][9] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Various energy and chemical futures contracts show different price movements, trading volumes, and open interest changes. For example, the latest price of crude oil (SC2512) is 465, down 4 with a decline of 0.75%, and its trading volume is 10.93 million lots with a decrease of 5.34 million lots [4] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators of different option varieties reflect the strength of the option underlying market and the turning point of the underlying market. For instance, the open interest PCR of crude oil options is 0.82, an increase of 0.08 [5] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of different option underlying are identified. For example, the pressure level of crude oil is 500 and the support level is 450 [6] 3.4 Option Factors - Implied Volatility - The implied volatility of different option varieties shows different levels and changes. For example, the weighted implied volatility of crude oil options is 32.00%, an increase of 0.33% [7] 3.5 Option Strategies and Recommendations 3.5.1 Energy Options - Crude Oil - Fundamental analysis shows that US refinery demand has stabilized and rebounded, and OPEC exports have increased. The option implied volatility has declined to near the average, and the open interest PCR indicates a weak market. Strategies include constructing a short - neutral call + put option combination strategy and a long collar strategy for spot hedging [8] 3.5.2 Energy Options - Liquefied Petroleum Gas (LPG) - The US market faces pressure from high production and inventory, and the Middle East exports are relatively stable. The option implied volatility has dropped significantly to below the average, and the open interest PCR indicates a weak market. Similar strategies to crude oil are recommended [10] 3.5.3 Alcohol Options - Methanol - Port and enterprise inventories show certain trends. The option implied volatility fluctuates around the historical average, and the open interest PCR indicates a weak and oscillating market. Strategies involve constructing a short - bearish call + put option combination strategy and a long collar strategy for spot hedging [10] 3.5.4 Alcohol Options - Ethylene Glycol - The load and inventory of ethylene glycol show specific changes. The option implied volatility fluctuates below the average, and the open interest PCR indicates strong bearish power. Strategies include constructing a bearish spread combination strategy of put options and a short - volatility strategy [11] 3.5.5 Polyolefin Options - Polypropylene - The inventory of polypropylene and polyethylene shows different trends. The option implied volatility has declined to near the average, and the open interest PCR indicates a weak market. A long collar strategy for spot hedging is recommended [11] 3.5.6 Rubber Options - The rubber market has a certain trading atmosphere, and the option implied volatility has decreased to below the average after a sharp increase. The open interest PCR is below 0.60. A short - bearish call + put option combination strategy is recommended [12] 3.5.7 Polyester Options - PTA - The PTA load and maintenance situation show specific characteristics. The option implied volatility fluctuates at a relatively high level, and the open interest PCR indicates an oscillating market. A short - bearish call + put option combination strategy is recommended [12] 3.5.8 Alkali Options - Caustic Soda - The caustic soda market has certain supply and demand characteristics. The option implied volatility is at a high level, and the open interest PCR indicates a weak and oscillating market. A bearish spread combination strategy and a long collar strategy for spot hedging are recommended [13] 3.5.9 Alkali Options - Soda Ash - The inventory of soda ash shows specific changes. The option implied volatility is at a relatively high historical level, and the open interest PCR indicates strong bearish pressure. A short - volatility combination strategy and a long collar strategy for spot hedging are recommended [13] 3.5.10 Urea Options - The enterprise and port inventories of urea show specific trends. The option implied volatility fluctuates around the historical average, and the open interest PCR indicates strong bearish pressure. A short - neutral call + put option combination strategy and a spot hedging strategy are recommended [14]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The stock market shows a high - level volatile market condition, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all experiencing high - level fluctuations [3]. - The implied volatility of financial options has declined but remains at a relatively high level of fluctuation [3]. - For ETF options, it is suitable to construct a bullish buyer strategy and a bull spread strategy for call options; for index options, it is appropriate to build a bullish seller strategy, a bull spread strategy for call options, and an arbitrage strategy by combining long synthetic futures with short futures [3]. 3. Summary According to Relevant Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,950.31, up 27.90 (0.71%), with a trading volume of 858.5 billion yuan, an increase of 139.6 billion yuan [4]. - The Shenzhen Component Index closed at 13,289.18, up 263.74 (2.02%), with a trading volume of 1,115.7 billion yuan, an increase of 190.7 billion yuan [4]. - Other major indices such as the SSE 50, CSI 300, CSI 500, and CSI 1000 also showed different degrees of increase and trading volume changes [4]. 3.2 Option - Underlying ETF Market Overview - The closing prices, price changes, trading volumes, and trading volume changes of various option - underlying ETFs, such as the SSE 50ETF, SSE 300ETF, and others, are presented. For example, the SSE 50ETF closed at 3.192, up 0.025 (0.79%), with a trading volume of 6.8106 million shares and a trading volume increase of 3.55 billion yuan [5]. 3.3 Option Factor - Volume and Position PCR - The volume and position PCR values and their changes of different option varieties, including the SSE 50ETF, SSE 300ETF, etc., are provided. For instance, the volume PCR of the SSE 50ETF is 0.72, down 0.11, and the position PCR is 0.98, down 0.01 [6]. 3.4 Option Factor - Pressure and Support Points - The pressure and support points of different option varieties are analyzed. For example, the pressure point of the SSE 50ETF is 3.20, and the support point is 3.10 [8]. 3.5 Option Factor - Implied Volatility - The implied volatility data of different option varieties, including the SSE 50ETF, SSE 300ETF, etc., are given. For example, the at - the - money implied volatility of the SSE 50ETF is 15.82%, and the weighted implied volatility is 15.97%, down 0.07% [11]. 3.6 Strategy and Suggestions - The financial option sector is divided into large - cap blue - chip stocks, small - and medium - sized boards, and the ChiNext board. Different option strategies are proposed for each sector [13]. - For each option variety, strategies are provided based on the analysis of the underlying market, option factor research, and specific suggestions. For example, for the SSE 50ETF, a seller - biased bullish combination strategy can be constructed to obtain time - value income [14].

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - For non - ferrous metals, construct a neutral volatility strategy for sellers 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 have dropped significantly after reaching a high level [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2512) is 87,660, with a price increase of 790 and a price change percentage of 0.91% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The PCR values of volume and open interest for different metal options are provided. For instance, the volume PCR of copper options is 0.38 with a change of 0.03, and the open interest PCR is 0.85 with a change of 0.06 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different metal options are given. For example, the pressure level of copper options is 90,000 and the support level is 82,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of different metal options are presented, including at - the - money implied volatility, weighted implied volatility, and its change, annual average, call implied volatility, put implied volatility, HISV20, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 21.24%, and the weighted implied volatility is 28.34% with a change of 5.41% [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: The inventory of the three major exchanges decreased by 0.4 million tons month - on - month. The market showed a bullish high - level consolidation. Implied volatility was above the historical average, and the open interest PCR was around 0.80. It is recommended to construct a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7]. - **Aluminum Options**: The inventory decreased. The market showed a bullish high - level oscillation. Implied volatility was at the historical average, and the open interest PCR was below 0.90. It is recommended to construct a short - neutral call + put option portfolio strategy and a spot collar strategy [9]. - **Zinc Options**: The market showed a weak oscillation. Implied volatility decreased to the historical average, and the open interest PCR was around 1.00. It is recommended to construct a short - neutral call + put option portfolio strategy and a spot collar strategy [9]. - **Nickel Options**: The global visible inventory increased. The market showed a wide - range oscillation with bearish pressure. Implied volatility was below the average, and the open interest PCR was below 0.60. It is recommended to construct a short - bearish call + put option portfolio strategy and a spot covered - call strategy [10]. - **Tin Options**: The supply of tin was tight. The market showed a short - term high - level oscillation and then an upward breakthrough. Implied volatility was below the historical average, and the open interest PCR was around 0.60. It is recommended to construct a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: The inventory decreased. The market showed a large - amplitude fluctuation and then an oscillation and recovery. Implied volatility was at a high level, and the open interest PCR was below 0.60. It is recommended to construct a short - bearish call + put option portfolio strategy and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Gold Options**: The US CPI data was lower than expected. The market showed a rapid decline after a bullish trend. Implied volatility was at a high level, and the open interest PCR was 1.00. It is recommended to construct a short - neutral volatility option seller portfolio strategy and a spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar Options**: The inventory decreased. The market showed a weak bearish trend. Implied volatility was below the historical average, and the open interest PCR was below 0.60. It is recommended to construct a short - bearish call + put option portfolio strategy and a spot long - covered - call strategy [13]. - **Iron Ore Options**: The inventory increased. The market showed a weak oscillation and decline. Implied volatility was around the historical average, and the open interest PCR was below 0.60. It is recommended to construct a short - bearish call + put option portfolio strategy and a spot long - collar strategy [13]. - **Ferroalloy Options (Manganese Silicon)**: The production decreased slightly, and the inventory increased. The market showed a weak bearish trend. Implied volatility was at the historical average, and the open interest PCR was around 0.70. It is recommended to construct a short - volatility strategy [14]. - **Industrial Silicon Options**: The production increased, and the inventory decreased slightly. The market showed a large - amplitude range - bound oscillation. Implied volatility was at a high level, and the open interest PCR was below 0.60. It is recommended to construct a short - volatility call + put option portfolio strategy and a spot hedging strategy [14]. - **Glass Options**: The production remained flat, and the inventory increased. The market showed a weak bearish trend. Implied volatility was at a high level, and the open interest PCR was below 0.60. It is recommended to construct a short - volatility call + put option portfolio strategy and a spot long - collar strategy [15].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - Oilseeds and oils - related agricultural products are in a weak and volatile state, while oils, agricultural by - products maintain a volatile market. Soft commodity sugar shows a slight fluctuation, cotton is in a weak consolidation, 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 by Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures have different price changes, trading volumes, and open - interest changes. For example, the latest price of soybean No.1 (A2601) is 4,098, down 12 (- 0.29%), with a trading volume of 143,100 lots (down 19,600 lots) and an open - interest of 257,700 lots (up 13,400 lots) [3] 3.2 Option Factors - Volume and Open - Interest PCR - PCR indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of soybean No.1 is 0.60 (down 0.15), and the open - interest PCR is 0.86 (up 0.10) [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open - interest of call and put options, the pressure and support levels of different option underlyings are determined. For example, the pressure level of soybean No.1 is 4,200 and the support level is 3,900 [5] 3.4 Option Factors - Implied Volatility - Implied volatility indicators of different option underlyings are provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of soybean No.1 is 12.125%, and the weighted implied volatility is 13.12% (down 1.33%) [6] 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: The fundamental situation of soybeans shows that the planting progress of new - crop Brazilian soybeans is fast, and the market has a weak and volatile trend. Option strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [7] - **Soybean Meal**: The daily average trading volume of soybean meal has decreased, and the market is in a weak trend. Option strategies include a bear spread strategy for call options, a short - biased call + put option selling combination strategy, and a long collar strategy for spot hedging [9] - **Palm Oil**: The production of palm oil has increased, and the market is in a high - level volatile state. Option strategies include a short - biased call + put option selling combination strategy and a long collar strategy for spot hedging [9] - **Peanut**: The trading volume of peanuts has increased, but the downstream consumption is still weak. Option strategies include a long collar strategy for spot hedging [10] 3.5.2 Agricultural By - product Options - **Pig**: The average price of pig slaughter has increased, but the market is still in a weak state. Option strategies include a bear spread strategy for call options, a short - biased call + put option selling combination strategy, and a covered call strategy for spot [10] - **Egg**: The number of newly - opened laying hens is expected to decrease, and the market is in a weak and bearish state. Option strategies include a bear spread strategy for call options and a short - biased call + put option selling combination strategy [11] - **Apple**: Affected by climate factors, the yield and high - quality fruit rate of apples have decreased, and the market is in a bullish state. Option strategies include a long - biased call + put option selling combination strategy and a long collar strategy for spot hedging [11] - **Jujube**: The ordering process in the main jujube - producing areas is fast, and the market is in a bullish state. Option strategies include a long - biased wide - straddle option selling combination strategy and a covered call strategy for spot hedging [12] 3.5.3 Soft Commodity Options - **Sugar**: The domestic sugar price is volatile, and the market is in a weak and bearish state. Option strategies include a short - biased call + put option selling combination strategy and a long collar strategy for spot hedging [12] - **Cotton**: The price of cotton has a slight change, and the market is in a short - term weak state. Option strategies include a short - biased call + put option selling combination strategy and a covered call strategy for spot [13] 3.5.4 Grain Options - **Corn**: The upstream and downstream of corn are in a game stage, and the market is in a weak and bearish state. Option strategies include a short - biased call + put option selling combination strategy [13]

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

Report Information - Report Title: Financial Options Strategy Morning Report [1] - Report Date: October 24, 2025 - Report Authors: Lu Pinxian, Huang Kehan [2] Industry Investment Rating - Not provided in the report Core Viewpoints - The stock market shows a high - level volatile market trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all experiencing high - level fluctuations [2]. - The implied volatility of financial options has declined but remains at a relatively high level of fluctuation [2]. - For ETF options, it is suitable to construct a long - biased buyer strategy and a bull spread strategy for call options; for index options, it is suitable to construct a long - biased seller strategy, a bull spread strategy for call options, and an arbitrage strategy between synthetic long futures of options and short futures [2]. Summary by Directory 1. Financial Market Index Overview - The Shanghai Composite Index closed at 3,922.41, up 8.65 points or 0.22%, with a trading volume of 718.9 billion yuan, a decrease of 22.6 billion yuan [3]. - The Shenzhen Component Index closed at 13,025.45, up 28.84 points or 0.22%, with a trading volume of 925 billion yuan, a decrease of 14 billion yuan [3]. - The Shanghai 50 Index closed at 3,026.90, up 16.81 points or 0.56%, with a trading volume of 121.2 billion yuan, a decrease of 26 billion yuan [3]. - The CSI 300 Index closed at 4,606.34, up 13.77 points or 0.30%, with a trading volume of 420.8 billion yuan, a decrease of 20.1 billion yuan [3]. - The CSI 500 Index closed at 7,142.95, up 14.48 points or 0.20%, with a trading volume of 286.3 billion yuan, an increase of 1 billion yuan [3]. - The CSI 1000 Index closed at 7,308.10, down 4.11 points or 0.06%, with a trading volume of 328.6 billion yuan, a decrease of 3.6 billion yuan [3]. 2. Option - underlying ETF Market Overview - The closing prices, price changes, trading volumes, and trading volume changes of multiple option - underlying ETFs such as SSE 50 ETF, SSE 300 ETF, etc. are presented [4]. 3. Option Factor - Volume and Position PCR - The volume and position PCR data of various option varieties, including SSE 50 ETF, SSE 300 ETF, etc., are provided, along with their changes [5]. 4. Option Factor - Pressure and Support Points - The pressure and support points of various option varieties, such as SSE 50 ETF, SSE 300 ETF, etc., are analyzed, including the corresponding strike prices and offsets [7]. 5. Option Factor - Implied Volatility - The implied volatility data of various option varieties, including at - the - money implied volatility, weighted implied volatility, etc., are presented, along with their changes [9]. 6. Strategy and Recommendations - The financial options sector is divided into large - cap blue - chip stocks, small - and medium - sized boards, and the ChiNext board, with specific sub - sectors and corresponding option varieties listed [11]. - For different sectors and option varieties, strategies and recommendations are provided, including directional strategies, volatility strategies, and spot long - covered call strategies [12][13][14]. 7. Option Charts - Charts of various option varieties, such as SSE 50 ETF options, SSE 300 ETF options, etc., are presented, including price trends, volume and position trends, PCR trends, implied volatility trends, etc. [15][35][54][71][92][110]

Group 1: Report Overview - The report is a metal options strategy morning report dated October 24, 2025 [1] - It provides an analysis of various metal options, including their market conditions, option factors, and strategy recommendations [2] Group 2: Market Conditions Futures Market - The report presents the latest prices, price changes, trading volumes, and open interests of various metal futures contracts [3] - For example, the price of copper futures (CU2512) is 86,730, up 1,150 (1.34%) compared to the previous trading day [3] Option Factors - The report analyzes option factors such as volume and open interest PCR, pressure and support levels, and implied volatility for various metal options [4][5][6] - For instance, the volume PCR of copper options is 0.35, and the open interest PCR is 0.79 [4] Group 3: Strategy Recommendations Overall Strategies - For non - ferrous metals, which are in a range - bound oscillation, a seller's neutral volatility strategy is recommended [2] - For black metals, which maintain high - amplitude fluctuations, a short - volatility combination strategy is suitable [2] - For precious metals, which have fallen sharply from high levels, a spot hedging strategy is proposed [2] Specific Metal Strategies - **Copper Options**: A short - volatility seller option combination strategy is recommended to gain time - value income, and a spot hedging strategy is also provided [7] - **Aluminum Options**: A strategy of selling a neutral combination of call and put options is suggested, along with a spot collar strategy [9] - **Other Metals**: Similar option strategies and spot hedging or备兑 strategies are recommended for zinc, nickel, tin, gold, silver, carbonate lithium, and various black metals [10][11][12][13][14][15] Group 4: Charts - The report includes price trend charts, option volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts for various metals [18][20][27][29][34]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Options strategies and suggestions are provided for selected varieties in each sector, and option strategy reports are prepared for each option variety based on underlying market analysis, option factor research, and option strategy suggestions [9]. - Overall, the report suggests constructing option combination 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 provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical futures, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. For example, the latest price of crude oil futures (SC2512) is 449, with a price increase of 7 and a price increase percentage of 1.65% [4]. 3.2 Option Factor - Volume and Open Interest PCR - It shows the trading volumes, volume changes, open interests, open interest changes, volume PCR (Put - Call Ratio), volume PCR changes, open interest PCR, and open interest PCR changes of various energy - chemical options. For instance, the volume PCR of crude oil options is 0.52, with a change of - 0.13, and the open interest PCR is 0.56, with a change of 0.01 [5]. 3.3 Option Factor - Pressure and Support Levels - The report presents the at - the - money strike prices, pressure points, pressure point offsets, support points, support point offsets, maximum call option open interests, and maximum put option open interests of various energy - chemical options. For example, the pressure point of crude oil options is 500, and the support point is 400 [6]. 3.4 Option Factor - Implied Volatility - It provides the at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and implied - historical volatility differences of various energy - chemical options. For example, the at - the - money implied volatility of crude oil options is 28.2, and the weighted implied volatility is 30.84, with a change of - 2.19 [7]. 3.5 Strategy and Suggestions 3.5.1 Energy - related Options (Crude Oil) - **Underlying Market Analysis**: OPEC maintains a principle - based production increase of 137,000 barrels per day. The U.S. shale oil production has slightly increased, and refineries are in a seasonal decline but are about to enter a small demand peak. The crack spread of refined oil has declined, and the monthly spread of crude oil is stronger than the single - price performance. Since July, crude oil has gradually weakened and then traded in a range, showing a weak market trend with upward pressure [8]. - **Option Factor Research**: The implied volatility of crude oil options has declined to near the average. The open interest PCR is around 0.60, indicating a recent weak crude oil market. The pressure point is 500, and the support point is 400 [8]. - **Option Strategy Suggestions**: No directional strategy is recommended. A volatility strategy of selling a relatively neutral combination of call and put options is proposed to obtain option time value and directional returns, with dynamic adjustment of positions to keep the delta neutral. A spot long - hedging strategy of constructing a long collar strategy is also suggested [8]. 3.5.2 Energy - related Options (LPG) - **Underlying Market Analysis**: In September, the estimated domestic LPG commercial volume was 1.6221 million tons, a month - on - month decrease of 5.65%. Since July, LPG has shown a market trend of over - sold rebound with upward pressure [10]. - **Option Factor Research**: The implied volatility of LPG options has significantly declined to below the average. The open interest PCR is around 0.70, indicating a recent weak LPG market. The pressure point is 4500, and the support point is 3600 [10]. - **Option Strategy Suggestions**: No directional strategy is recommended. A volatility strategy of selling a relatively neutral combination of call and put options is proposed, along with a spot long - hedging strategy of constructing a long collar strategy [10]. 3.5.3 Alcohol - related Options (Methanol) - **Underlying Market Analysis**: The port inventory is 1.4914 million tons, a month - on - month decrease of 51,800 tons. The enterprise inventory is 359,900 tons, a month - on - month increase of 20,500 tons. Since July, methanol has shown a weak market trend with upward pressure [10]. - **Option Factor Research**: The implied volatility of methanol options fluctuates around the historical average. The open interest PCR is below 0.80, indicating a recent weak and volatile methanol market. The pressure point is 2300, and the support point is 2250 [10]. - **Option Strategy Suggestions**: No directional strategy is recommended. A volatility strategy of selling a relatively bearish combination of call and put options is proposed, along with a spot long - hedging strategy of constructing a long collar strategy [10]. 3.5.4 Alcohol - related Options (Ethylene Glycol) - **Underlying Market Analysis**: The port inventory is 541,000 tons, a month - on - month increase of 34,000 tons. Since July, ethylene glycol has shown a weak market trend with upward pressure [11]. - **Option Factor Research**: The implied volatility of ethylene glycol options fluctuates below the average. The open interest PCR is around 0.70, indicating strong recent bearish forces. The pressure point is 4500, and the support point is 4050 [11]. - **Option Strategy Suggestions**: A directional strategy of constructing a bear - spread combination of put options is recommended. A volatility strategy of shorting volatility is proposed, along with a spot long - hedging strategy [11]. 3.5.5 Polyolefin - related Options (Polypropylene) - **Underlying Market Analysis**: The inventory of PP production enterprises, traders, and ports has decreased. Since July, polypropylene has shown a weak market trend with upward bearish pressure [11]. - **Option Factor Research**: The implied volatility of polypropylene options has declined to near the average. The open interest PCR is around 0.70, indicating a recent weak polypropylene market. The pressure point is 7300, and the support point is 6300 [11]. - **Option Strategy Suggestions**: No directional or volatility strategy is recommended. A spot long - hedging strategy of holding a long position in the underlying + buying an at - the - money put option + selling an out - of - the - money call option is proposed [11]. 3.5.6 Rubber - related Options (Rubber) - **Underlying Market Analysis**: The social inventory of natural rubber in China has decreased. Since July, rubber has shown a weak and volatile market trend with support below and pressure above [12]. - **Option Factor Research**: The implied volatility of rubber options has rapidly increased and then declined to near the average. The open interest PCR is below 0.60. The pressure point has significantly moved down to 17000, and the support point is 14000 [12]. - **Option Strategy Suggestions**: No directional strategy is recommended. A volatility strategy of selling a relatively bearish combination of call and put options is proposed. No spot hedging strategy is provided [12]. 3.5.7 Polyester - related Options (PTA) - **Underlying Market Analysis**: The overall social inventory of PTA (excluding credit warehouse receipts) has increased slightly. Since July, PTA has shown a weak and bearish market trend with upward pressure [12]. - **Option Factor Research**: The implied volatility of PTA options fluctuates at a relatively high level above the average. The open interest PCR is around 0.70, indicating a recent volatile PTA market. The pressure point is 4600, and the support point is 4300 [12]. - **Option Strategy Suggestions**: No directional strategy is recommended. A volatility strategy of selling a relatively bearish combination of call and put options is proposed. No spot hedging strategy is provided [12]. 3.5.8 Alkali - related Options (Caustic Soda) - **Underlying Market Analysis**: The average capacity utilization rate of caustic soda sample enterprises has decreased. Since July, caustic soda has shown a weak and bearish market trend with upward pressure [13]. - **Option Factor Research**: The implied volatility of caustic soda options fluctuates at a relatively high level. The open interest PCR is around 0.90, indicating a recent weak and volatile caustic soda market. The pressure point is 2600, and the support point is 2280 [13]. - **Option Strategy Suggestions**: A directional strategy of constructing a bear - spread combination is recommended. No volatility strategy is provided. A spot collar hedging strategy is proposed [13]. 3.5.9 Alkali - related Options (Soda Ash) - **Underlying Market Analysis**: The in - plant inventory of soda ash has increased. Since July, soda ash has shown a low - level and volatile market trend with 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 point is 1400, and the support point is 1100 [13]. - **Option Strategy Suggestions**: A volatility strategy of shorting the volatility combination is proposed. A spot long - hedging strategy of constructing a long collar strategy is also suggested [13]. 3.5.10 Other Options (Urea) - **Underlying Market Analysis**: The enterprise and port inventories of urea have increased. Since July, urea has shown a low - level and volatile market trend [14]. - **Option Factor Research**: The implied volatility of urea options fluctuates slightly around the historical average. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure point is 1800, and the support point is 1600 [14]. - **Option Strategy Suggestions**: A directional strategy of constructing a bear - spread combination of put options is recommended. A volatility strategy of selling a relatively bearish combination of call and put options is proposed, along with a spot hedging strategy [14].