金融期权 2025-07-25 金融期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | 金融期权策略早报概要： （1）股市短评：上证综指数、大盘蓝筹股、中小盘股和创业板股表现为偏多头震荡上行的市场行情。 表3：期权因子—量仓PCR | 期权品种 | 成交量 | 量变化 | 持仓量 | 仓变化 | 成交量 | 量PCR | 持仓量 | 仓PCR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | （万张) | | （万张） | | PCR | 变化 | PCR | 变化 | | 上证50ETF | 98.71 | -106.85 | 105.03 | -41.25 | 0.89 | 0.30 | 1.09 | -0.23 | | 上证30 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies mainly involve constructing option combination strategies dominated by sellers, along with spot hedging or covered strategies to enhance returns [3][9] Summary by Relevant Catalogs 1. Futures Market Overview - Various energy - chemical futures showed different price movements, trading volumes, and open interest changes on July 26, 2025. For example, crude oil (SC2509) closed at 507 with a 0.56% increase, while liquefied gas (PG2509) closed at 4,037 with a 1.08% increase [4] 2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different energy - chemical options were presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of crude oil options was 0.55 with a 0.07 change, and the open interest PCR was 0.51 with a - 0.03 change [5] 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 different energy - chemical options were analyzed. For example, the pressure level of crude oil options was 640 and the support level was 500 [6] 4. Option Factors - Implied Volatility - The implied volatility of different energy - chemical options was 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 crude oil options was 28.965, and the weighted implied volatility was 33.64 with a 0.07 change [7] 5. Strategies and Recommendations Energy - related Options - **Crude Oil**: OPEC+ will increase oil supply in August, and the US supply rebounds with oil prices. The crude oil market showed a short - term weak trend. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **Liquefied Gas**: The LPG futures showed a weak trend. The demand side has potential negative feedback risks. Option strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [10] Alcohol - related Options - **Methanol**: Port inventory increased, and the market showed a weak rebound. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory decreased, and the market showed a weak and narrow - range oscillation. Option strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11] Polyolefin - related Options - **Polypropylene**: PP inventory showed different trends, and the market was weak. Option strategies include a long collar strategy for spot hedging [11] Rubber - related Options - **Rubber**: Domestic synthetic rubber production increased, and the market showed a low - level consolidation trend. Option strategies include constructing a neutral call + put option combination strategy [12] Polyester - related Options - **PTA**: PTA load remained stable, and the market was weak. Option strategies include constructing a neutral call + put option combination strategy [12] Alkali - related Options - **Caustic Soda**: The capacity utilization rate changed, and the market showed a bullish trend. Option strategies include a long collar strategy for spot hedging [13] - **Soda Ash**: Inventory was at a high level, and the market showed a bullish trend. Option strategies include constructing a bullish call spread strategy and a long collar strategy for spot hedging [13] Urea Options - Urea inventory showed different trends, and the market oscillated under bearish pressure. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [14]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The report provides strategies for different metal options, including constructing seller neutral volatility strategies for non - ferrous metals with a fluctuating and strengthening trend, building bullish option bull spread combinations for the rapidly rising black series, and creating spot hedging strategies for precious metals like gold which is in a high - level consolidation and bullish state [2] Group 3: Summary by Relevant Catalogs 1. Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures are presented, such as copper's latest price of 79,290 with a - 0.69% change, and lithium carbonate's price increase of 7.21% to 76,680 [3] 2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options are shown, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For example, copper's volume PCR is 0.38 with a 0.05 change, and open interest PCR is 0.68 with a 0.01 change [4] 3. Option Factors - Pressure and Support Levels - The pressure and support levels of different metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, copper's pressure point is 82,000 and support point is 75,000 [5] 4. Option Factors - Implied Volatility - The implied volatility of different metal options is provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, copper's at - the - money implied volatility is 12.96%, and the difference between implied and historical volatility is - 2.81 [6] 5. Strategies and Recommendations for Different Metals Non - Ferrous Metals - **Copper**: Based on fundamentals, market trends, and option factors, it is recommended to construct a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - **Aluminum/Alumina**: Strategies include a bullish option bull spread combination, a short - volatility option combination, and a spot collar strategy [9] - **Zinc/Lead**: Similar to aluminum, it involves a bullish option bull spread combination, a short - volatility option combination, and a spot collar strategy [9] - **Nickel**: A short - volatility option combination with a short delta and a spot long - hedging strategy are suggested [10] - **Tin**: A short - volatility strategy and a spot collar strategy are recommended [10] - **Lithium Carbonate**: A bullish option bull spread combination, a short - volatility option combination with a long delta, and a spot long - hedging strategy are proposed [11] Precious Metals - **Gold/Silver**: For gold, a short - volatility option seller portfolio strategy and a spot hedging strategy are recommended. For silver, based on its market conditions, corresponding option strategies are also provided [12] Black Series - **Rebar**: A bullish option bull spread combination, a short - volatility option combination with a long delta, and a spot long - covered call strategy are recommended [13] - **Iron Ore**: A bullish option bull spread combination, a short - volatility option combination with a long delta, and a spot long - collar strategy are suggested [14] - **Ferroalloys**: A bullish option bull spread combination and a short - volatility strategy are recommended for manganese silicon, and corresponding strategies are also provided for industrial silicon and polysilicon [15] - **Glass**: A bullish option bull spread combination, a short - volatility option combination, and a spot long - collar strategy are recommended [16] 6. Metal Option Charts - Charts for different metal options are provided, including price trends, option volume and open interest, option volume and open interest PCR, implied volatility, historical volatility cones, and pressure and support levels, which visually present the market conditions of various metal options [18][38][57]

| 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏强震荡，油脂类，农副产品维持震荡行情，软商品白糖反弹回升震 荡上行，棉花多头上涨，谷物类玉米和淀粉弱势窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 农产品期权 2025-07-25 农产品期权策略早报 2025-7-25 2 农产品期权研究 | 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 a metal options strategy morning report dated July 24, 2025, covering有色金属, precious metals, and black metals [1][2] - The overall strategy suggestions are to construct a seller neutral volatility strategy for non - ferrous metals, a bull call spread strategy for black metals, and a spot hedging strategy for precious metals [2] Group 2: Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented, such as copper (CU2509) at 79,680 with a - 0.16% change, and aluminum (AL2509) at 20,750 with a - 0.46% change [3] Group 3: Option Factors - Volume and Open Interest PCR - Volume and open interest PCR data for different metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [4] Group 4: Option Factors - Pressure and Support Levels - Pressure and support levels for various metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5] Group 5: Option Factors - Implied Volatility - Implied volatility data for different metal options are given, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] Group 6: Option Strategies for Different Metals Non - Ferrous Metals - **Copper**: Suggest constructing a short - volatility seller option portfolio and a spot hedging strategy [7] - **Aluminum/Alumina**: Recommend a bull call spread strategy and a short - option combination strategy, as well as a spot collar strategy [9] - **Zinc/Lead**: Propose a bull call spread strategy, a short - option combination strategy, and a spot collar strategy [9] - **Nickel**: Suggest a short - option combination strategy with a short delta and a spot long - position hedging strategy [10] - **Tin**: Recommend a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: Propose a short - option combination strategy with a long delta and a spot long - position hedging strategy [11] Precious Metals - **Gold/Silver**: Suggest a short - volatility option seller combination strategy and a spot hedging strategy [12] Black Metals - **Rebar**: Recommend a bull call spread strategy, a short - option combination strategy, and a spot long - position covered call strategy [13] - **Iron Ore**: Propose a bull call spread strategy, a short - option combination strategy, and a spot long - position collar strategy [14] - **Ferroalloys**: Recommend a bull call spread strategy and a short - volatility strategy [15] - **Industrial Silicon/Polysilicon**: Propose a bull call spread strategy, a short - option combination strategy, and a spot long - position hedging strategy [15] - **Glass**: Recommend a bull call spread strategy, a short - volatility strategy, and a spot long - position collar strategy [16] Group 7: Metal Option Charts - Charts for various metal options are provided, including price trend charts, volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts [18][38][57]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The report focuses on energy - chemical options, covering various categories such as energy, polyolefins, polyesters, and alkali chemicals. It analyzes the fundamentals, market trends, and option factors of different underlying assets and provides corresponding option strategies and suggestions [3][8][9]. - The overall strategy is to construct option portfolio strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [3]. 3. Summary by Category 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interests of 17 energy - chemical futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil (SC2509) is 506, with a price increase of 2 and a growth rate of 0.42% [4]. 3.2 Option Factors - **Volume - to - Open - Interest Ratio (PCR)**: It shows the volume and open - interest PCR of different option varieties. For instance, the volume PCR of crude oil is 0.48, with a change of - 0.05, and the open - interest PCR is 0.53, with a change of - 0.02 [5]. - **Pressure and Support Levels**: The report identifies the pressure and support levels of different option underlying assets. For example, the pressure level of crude oil is 640, and the support level is 500 [6]. - **Implied Volatility**: It provides the implied volatility data of different option varieties, 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 crude oil is 29.785%, and the weighted implied volatility is 33.57%, with a change of 0.94% [7]. 3.3 Strategies and Suggestions - **Energy - related Options (Crude Oil and LPG)**: - **Crude Oil**: OPEC+ will increase oil supply in August. The market shows a short - term weak trend. Option strategies include constructing a neutral short - call + short - put option combination strategy and a long - spot collar strategy [8]. - **LPG**: The market is short - term bearish. Strategies involve constructing a bearish short - call + short - put option combination strategy and a long - spot collar strategy [9]. - **Alcohol - related Options (Methanol and Ethylene Glycol)**: - **Methanol**: The market shows a weak rebound with resistance. Strategies include constructing a neutral short - call + short - put option combination strategy and a long - spot collar strategy [9]. - **Ethylene Glycol**: The market shows a weak and narrow - range volatile pattern. Strategies include constructing a short - volatility strategy and a long - spot collar strategy [11]. - **Polyolefin - related Options (Polypropylene, Polyvinyl Chloride, etc.)**: - **Polypropylene**: The market is weak with resistance. Strategies include a long - spot collar strategy using a long - spot position, a long - put option, and a short - call option [11]. - **Rubber - related Options**: - **Rubber**: The market shows a low - level consolidation pattern. Strategies include constructing a neutral short - call + short - put option combination strategy [12]. - **Polyester - related Options (P - Xylene, PTA, etc.)**: - **PTA**: The market is weak with resistance. Strategies include constructing a neutral short - call + short - put option combination strategy [13]. - **Alkali - related Options (Caustic Soda, Soda Ash, etc.)**: - **Caustic Soda**: The market shows a short - term bullish trend. Strategies include a long - spot collar strategy [14]. - **Soda Ash**: The market shows a bullish upward trend. Strategies include constructing a bull - spread call option combination strategy and a long - spot collar strategy [14]. - **Urea Options**: - The market shows a volatile pattern under bearish pressure. Strategies include constructing a neutral short - call + short - put option combination strategy and a long - spot collar strategy [15].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The energy - chemical sector includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, etc. For each sub - sector, the report analyzes the fundamentals, market trends, option factors, and provides corresponding option strategies and suggestions [3][9] - It is recommended 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, trading volumes, and open interest changes of various energy - chemical futures contracts such as crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2509) is 504, down 3 with a decline of 0.55%, and its trading volume is 14.38 million lots, a decrease of 0.66 million lots [4] 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - The volume - to - open - interest PCR data of different energy - chemical options are provided, including volume PCR and open - interest PCR and their changes. For instance, the volume PCR of crude oil options is 0.53, an increase of 0.04, and the open - interest PCR is 0.56, a decrease of 0.05 [5] 3.2.2 Pressure and Support Levels - The pressure and support levels of various option underlying assets are analyzed. For example, the pressure level of crude oil is 640 and the support level is 500 [6] 3.2.3 Implied Volatility - The implied volatility data of different energy - chemical options are presented, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of crude oil options is 28.55%, and the weighted implied volatility is 32.63%, an increase of 1.51% [7] 3.3 Strategies and Suggestions 3.3.1 Energy - related Options - **Crude Oil Options**: The OPEC + will increase oil supply by 550,000 barrels per day in August. The crude oil market is short - term weak. It is recommended to construct a neutral short - call + short - put option combination strategy and a long collar strategy for spot hedging [8] - **LPG Options**: The LPG futures are in a short - term bearish market. It is recommended to construct a bearish short - call + short - put option combination strategy and a long collar strategy for spot hedging [10] 3.3.2 Alcohol - related Options - **Methanol Options**: The methanol market shows a weak rebound. It is recommended to construct a neutral short - call + short - put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol Options**: The ethylene glycol market is in a narrow - range, weak - bullish oscillation. It is recommended to construct a short - volatility strategy and a long collar strategy for spot hedging [11] 3.3.3 Polyolefin - related Options - **Polypropylene Options**: The polypropylene market is weak. It is recommended to use a long collar strategy for spot hedging [11] 3.3.4 Rubber - related Options - **Rubber Options**: The rubber market shows a low - level consolidation. It is recommended to construct a neutral short - call + short - put option combination strategy [12] 3.3.5 Polyester - related Options - **PTA Options**: The PTA market is weak. It is recommended to construct a neutral short - call + short - put option combination strategy [13] 3.3.6 Alkali - related Options - **Caustic Soda Options**: The caustic soda market is bullish. It is recommended to use a long collar strategy for spot hedging [14] - **Soda Ash Options**: The soda ash market is bullish. It is recommended to construct a bull - spread call option strategy and a long collar strategy for spot hedging [14] 3.3.7 Urea Options - The urea market oscillates under bearish pressure. It is recommended to construct a neutral short - call + short - put option combination strategy and a long collar strategy for spot hedging [15]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The energy - chemical sector includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, etc. [9] - For each sub - sector, options strategies are formulated based on fundamental analysis, market trend analysis, and option factor research of underlying assets [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 Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various energy - chemical futures contracts are presented, such as the latest price of crude oil SC2509 is 509, down 6 with a decline of 1.20% [4] 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - The volume - to - open - interest PCR of various energy - chemical options is provided, which reflects the strength of the underlying asset's market and the turning point of the market trend. For example, the volume PCR of crude oil options is 0.49, with a change of - 0.00 [5] 3.2.2 Pressure and Support Levels - The pressure and support levels of various energy - chemical options 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 crude oil options is 640, and the support level is 500 [6] 3.2.3 Implied Volatility - The implied volatility of various energy - chemical options is presented, 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 crude oil options is 27, and the weighted implied volatility is 31.12 [7] 3.3 Strategies and Recommendations 3.3.1 Energy - related Options (Crude Oil, LPG) - **Crude Oil**: OPEC + increases supply, and the US supply rebounds with oil prices. The short - term market is weak. Implied volatility fluctuates around the average, and the short - selling power increases. Strategies include constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [8] - **LPG**: The futures price is weak, and the demand side has potential risks. The short - term market is bearish. Implied volatility fluctuates around the historical average, and the short - selling power increases. Strategies include constructing a bearish call + put option selling combination and a long collar strategy for spot hedging [10] 3.3.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Port inventory increases, and the market shows a weak rebound. Implied volatility is below the historical average, and the market is in a weak shock. Strategies include constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory decreases in the short term, and the market shows a narrow - range shock. Implied volatility fluctuates around the historical average, and the market is in a shock. Strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11] 3.3.3 Polyolefin - related Options (Polypropylene, PVC, Plastic, Styrene) - **Polypropylene**: The inventory of traders decreases, and the market is weak. Implied volatility fluctuates around the historical average, and the market weakens. Strategies include a long collar strategy for spot hedging [11] 3.3.4 Rubber - related Options - **Rubber**: The production of synthetic rubber and butadiene rubber increases. The market shows a low - level consolidation. Implied volatility fluctuates around the average, and the short - selling power increases. Strategies include constructing a neutral call + put option selling combination [12] 3.3.5 Polyester - related Options (PX, PTA, Short - fiber, Bottle - chip) - **PTA**: The load is stable, and the market is weak. Implied volatility fluctuates around the average, and the market weakens. Strategies include constructing a neutral call + put option selling combination [12] 3.3.6 Alkali - related Options (Caustic Soda, Soda Ash) - **Caustic Soda**: The average utilization rate of production capacity decreases slightly, and the market shows a short - term upward trend. Implied volatility fluctuates around the average. Strategies include a long collar strategy for spot hedging [13] - **Soda Ash**: The inventory is at a historical high, and the market shows a short - term upward trend. Implied volatility fluctuates around the historical average, and the market is in a weak shock. Strategies include constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [13] 3.3.7 Urea Options - The port inventory increases, and the market shows a shock under bearish pressure. Implied volatility fluctuates slightly below the historical average, and the market weakens. Strategies include constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [14]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - For non - ferrous metals, which are experiencing a fluctuating decline, it is recommended to construct a seller neutral volatility strategy [2]. - For the black - series, which are gradually consolidating in a range, a seller option neutral portfolio strategy is suitable [2]. - For precious metals, specifically gold, which is consolidating at a high level and showing a weak decline, a spot hedging strategy is proposed [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Copper (CU2509) is priced at 79,770, up 510 (0.64%) with a trading volume of 8.75 million lots (up 3.27 million) and an open interest of 15.69 million lots (up 1.52 million) [3]. - Aluminum (AL2509) is at 20,860, up 115 (0.55%), volume 22.07 million lots (up 9.16 million), open interest 31.69 million lots (up 3.43 million) [3]. - Zinc (ZN2509) is at 22,875, up 90 (0.39%), volume 25.14 million lots (up 10.03 million), open interest 13.33 million lots (up 1.73 million) [3]. - And so on for other metals including lead, nickel, tin, etc. 3.2 Option Factors - Volume and Open Interest PCR - For copper, the volume PCR is 0.30 (down 0.24), and the open interest PCR is 0.65 (up 0.05) [4]. - For aluminum, the volume PCR is 0.49 (down 0.21), and the open interest PCR is 0.89 (down 0.04) [4]. - Similar data is provided for other metals such as zinc, lead, etc. 3.3 Option Factors - Pressure and Support Levels - For copper, the pressure level is 82,000 and the support level is 78,000 [5]. - For aluminum, the pressure level is 20,600 and the support level is 20,000 [5]. - For other metals like zinc, lead, etc., their respective pressure and support levels are also given. 3.4 Option Factors - Implied Volatility - For copper, the at - the - money implied volatility is 13.25%, the weighted implied volatility is 17.34% (up 2.66%), and the difference between implied and historical volatility is - 1.57% [6]. - For aluminum, the at - the - money implied volatility is 11.32%, the weighted implied volatility is 14.28% (up 2.05%), and the difference between implied and historical volatility is 0.57% [6]. - Similar implied volatility data is presented for other metals. 3.5 Strategy and Recommendations for Different Metals 3.5.1 Non - ferrous Metals - **Copper Option**: Directional strategy: None; Volatility strategy: Construct a short - volatility seller option portfolio; Spot long - hedging strategy: Hold spot long + buy put option + sell out - of - the - money call option [8]. - **Aluminum/Alumina Option**: Directional strategy: Bull spread call option strategy; Volatility strategy: Sell a combination of call and put options with a long - biased position; Spot long - hedging strategy: Construct a spot collar strategy [9]. - **Zinc/Lead Option**: Directional strategy: Bull spread call option strategy; Volatility strategy: Sell a combination of call and put options with a long - biased position; Spot long - hedging strategy: Construct a spot collar strategy [9]. - **Nickel Option**: Directional strategy: None; Volatility strategy: Sell a combination of call and put options with a short - biased position; Spot long - hedging strategy: Hold spot long + buy put option [10]. - **Tin Option**: Directional strategy: None; Volatility strategy: Short - volatility strategy; Spot long - hedging strategy: Construct a spot collar strategy [10]. - **Carbonate Lithium Option**: Directional strategy: None; Volatility strategy: Sell a combination of call and put options with a long - biased position; Spot long - hedging strategy: Hold spot long + buy put option + sell call option [12]. 3.5.2 Precious Metals - **Gold/Silver Option**: Directional strategy: None; Volatility strategy: Construct a neutral short - volatility option seller portfolio; Spot long - hedging strategy: Hold spot long + buy put option + sell out - of - the - money call option [13]. 3.5.3 Black - series - **Rebar Option**: Directional strategy: Construct a bull spread call option strategy; Volatility strategy: Sell a combination of call and put options with a long - biased position; Spot long - hedging strategy: Hold spot long + sell call option [14]. - **Iron Ore Option**: Directional strategy: Bull spread call option strategy; Volatility strategy: Sell a combination of call and put options with a long - biased position; Spot long - hedging strategy: Construct a long collar strategy [14]. - **Ferroalloy Option**: Directional strategy: None; Volatility strategy: Short - volatility strategy; Spot long - hedging strategy: None [15]. - **Industrial Silicon/Polysilicon Option**: Directional strategy: Construct a bull spread call option strategy; Volatility strategy: Sell a combination of call and put options with a long - biased position; Spot long - hedging strategy: Hold spot long + buy put option + sell call option [15]. - **Glass Option**: Directional strategy: Bull spread call option strategy; Volatility strategy: Short - volatility strategy; Spot long - hedging strategy: Construct a long collar strategy [16].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, they are in a state of fluctuating decline, and a seller's neutral volatility strategy is recommended; for the black series, they are in a state of range consolidation, and a seller's option neutral combination strategy is suitable; for precious metals, gold is in a state of high - level consolidation and weak decline, and a spot hedging strategy is recommended [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - **Copper (CU2509)**: The latest price is 79,140, up 810 with a gain of 1.03%. The trading volume is 5.48 million lots, an increase of 1.91 million lots, and the open interest is 14.18 million lots, an increase of 0.38 million lots [3]. - **Aluminum (AL2509)**: The latest price is 20,770, up 265 with a gain of 1.29%. The trading volume is 12.90 million lots, an increase of 2.69 million lots, and the open interest is 28.27 million lots, an increase of 1.41 million lots [3]. - **Other metals**: Similar data are provided for zinc, lead, nickel, tin, alumina, gold, silver, lithium carbonate, industrial silicon, polysilicon, rebar, iron ore, manganese silicon, silicon iron, and glass [3]. 3.2 Option Factors - Volume and Open Interest PCR - **Copper**: The volume PCR is 0.53, down 0.01, and the open interest PCR is 0.61, down 0.02 [4]. - **Aluminum**: The volume PCR is 0.70, down 0.32, and the open interest PCR is 0.93, up 0.01 [4]. - **Other metals**: Volume and open interest PCR data are also provided for other metals [4]. 3.3 Option Factors - Pressure and Support Levels - **Copper**: The pressure point is 82,000, and the support point is 78,000 [5]. - **Aluminum**: The pressure point is 20,600, and the support point is 20,000 [5]. - **Other metals**: Pressure and support levels are provided for other metals [5]. 3.4 Option Factors - Implied Volatility - **Copper**: The at - the - money implied volatility is 10.53%, the weighted implied volatility is 14.68%, down 0.36% [6]. - **Aluminum**: The at - the - money implied volatility is 9.09%, the weighted implied volatility is 12.24%, up 0.92% [6]. - **Other metals**: Implied volatility data are provided for other metals [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Build a short - volatility seller's option combination strategy and a spot long - hedging strategy [8]. - **Aluminum/Alumina**: Use a bullish option bull spread strategy, a short - position call + put option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead**: Adopt a bullish option bull spread strategy, a short - position call + put option combination strategy, and a spot collar strategy [9]. - **Nickel**: Build a short - position call + put option combination strategy and a spot long - hedging strategy [10]. - **Tin**: Use a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Build a short - position call + put option combination strategy and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Gold/Silver**: Adopt a neutral short - volatility option seller's combination strategy and a spot hedging strategy [12]. 3.5.3 Black Series - **Rebar**: Use a bullish option bull spread strategy, a short - position call + put option combination strategy, and a spot long - covered call strategy [14]. - **Iron Ore**: Adopt a bullish option bull spread strategy, a short - position call + put option combination strategy, and a spot long - collar strategy [14]. - **Ferroalloys**: Build a short - volatility strategy for manganese silicon [15]. - **Industrial Silicon/Polysilicon**: Use a bullish option bull spread strategy, a short - position call + put option combination strategy, and a spot hedging strategy [15]. - **Glass**: Adopt a bullish option bull spread strategy, a short - volatility call + put option combination strategy, and a spot long - collar strategy [16].