Group 1: Report Overview - The report is an Energy Chemical Options Strategy Morning Report dated August 7, 2025, covering energy, polyolefin, polyester, alkali chemical, and other energy chemical options [2][3] - 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 [3] Group 2: Underlying Futures Market Overview - Provides the latest price, price change, percentage change, trading volume, volume change, open interest, and open interest change of various option underlying futures contracts, including crude oil, LPG, methanol, etc [4] Group 3: Option Factors - Volume and Open Interest PCR - Presents the volume PCR and open interest PCR of various option varieties, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5] Group 4: Option Factors - Pressure and Support Levels - Shows the pressure points, support points, and the maximum open interest of call and put options of various option varieties, which are determined by the strike prices with the maximum open interest of call and put options [6] Group 5: Option Factors - Implied Volatility - Displays the at-the-money implied volatility, weighted implied volatility, and historical volatility of various option varieties, with the weighted implied volatility calculated using volume-weighted average [7] Group 6: Strategy and Recommendations for Different Option Types Energy Options - **Crude Oil**: The US crude oil inventories increased. The market showed a short-term upward resistance and downward trend. Implied volatility was near the average, and the open interest PCR indicated a sideways market. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **LPG**: Factory inventory decreased slightly, and port inventory was at a high level. The market was short-term bearish. Implied volatility was at a high level, and the open interest PCR indicated strong bearish power. Strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [10] Alcohol Options - **Methanol**: The inventory of sample production enterprises decreased, and the order backlog also decreased. The market was weak with resistance. Implied volatility was near the average, and the open interest PCR indicated a sideways and weak market. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: The overall operating rate remained stable, but production profit was under pressure. The market was in a wide-range sideways and weak pattern. Implied volatility was near the average, and the open interest PCR indicated a sideways market. Strategies include constructing a short volatility strategy and a long collar strategy for spot hedging [11] Polyolefin Options - **Polypropylene**: The number of maintenance production lines decreased in July, and the total output increased. The market was weak with resistance. Implied volatility was near the average, and the open interest PCR indicated a weakening market. Strategies include a long collar strategy for spot hedging [11] Rubber Options - **Rubber**: The opening area and output of Hainan natural rubber decreased in the first half of 2025. The market was bearish. Implied volatility decreased to near the average, and the open interest PCR indicated a bearish market. Strategies include constructing a neutral call + put option combination strategy [12] Polyester Options - **PTA**: The factory inventory continued to accumulate, and the processing fee was low. The market was bearish with resistance. Implied volatility was at a relatively high level, and the open interest PCR indicated a weakening market. Strategies include constructing a neutral call + put option combination strategy [13] Alkali Chemical Options - **Caustic Soda**: The average utilization rate of sample enterprises decreased slightly. The market was in a weak and sideways pattern. Implied volatility was at a high level, and the open interest PCR indicated a weak market. Strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: The factory inventory decreased, but the total inventory increased. The market was in a significant decline with resistance. Implied volatility was at a high level, and the open interest PCR indicated strong bearish pressure. Strategies include constructing a short volatility combination strategy and a long collar strategy for spot hedging [14] Other Energy Chemical Options - **Urea**: Supply decreased slightly, and demand was weak. The market was in a low-level sideways pattern. Implied volatility was near the average, and the open interest PCR indicated a weak market. Strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [15] Group 7: Option Charts - Provides various charts for different option types, including price trends, trading volume and open interest, open interest PCR, implied volatility, and historical volatility cones, to help analyze the market situation of each option variety [17][36][55]

金融期权 2025/08/06 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高位震荡的市场行情。 （2）金融期权波动性分析：金融期权隐含波动率逐渐下降至均值较低水平平波动。 （3）金融期权策略与建议：对于ETF期权来说，适合构建备兑策略和偏中性的双卖策略，垂直价差组合策略；对于 股指期权来说，适合构建偏中性的双卖策略和期权合成期货多头或空头与期货空头或多头做套利策略。 表1：金融市场重要指数概况 | 重要指数 | 指数代码 | 收盘价 | 涨跌 | 涨跌幅 | 成交额 | 额变化 | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural products options market shows diverse trends. Oilseeds and oils are in a strong - side oscillation, while other sectors like agricultural by - products, soft commodities, and grains present different market conditions. It is recommended to construct option portfolio strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures have various price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2509) is 4,113 with a decrease of 8 and a decline rate of 0.19%, and its trading volume is 6.52 million lots with a decrease of 4.61 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options are different, which can be used to analyze the strength of the underlying market and the turning point of the market. For instance, the volume PCR of soybean No.1 option is 0.61 with a change of 0.02, and the open interest PCR is 0.40 with a change of 0.01 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of option factors, the pressure and support levels of different agricultural product options are identified. For example, the pressure level of soybean No.1 option is 4200 and the support level is 4050 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options shows different characteristics. For example, the at - the - money implied volatility of soybean No.1 option is 8.89%, and the weighted implied volatility is 12.10% with a change of - 0.08% [6]. 3.5 Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans is analyzed, including the US soybean good rate and Brazilian soybean premiums. The option strategy suggestions include constructing a neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: Based on the fundamentals such as daily提货量 and basis, the option strategy suggestions include constructing a neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [8][9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Analyzing the fundamentals of oils, such as palm oil production and exports, the option strategy suggestions include constructing a long - biased call + put option combination strategy for volatility and a long collar strategy for spot hedging [10]. - **Peanuts**: Considering the peanut market fundamentals, the option strategy suggestions include constructing a bear spread strategy for directionality and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pigs**: Based on the fundamentals such as the average weight of pig slaughter and the cold storage rate, the option strategy suggestions include constructing a short - biased call + put option combination strategy for volatility and a covered call strategy for spot [11]. - **Eggs**: Analyzing the egg market fundamentals, the option strategy suggestions include constructing a bear spread strategy for directionality and a short - biased call + put option combination strategy for volatility [12]. - **Apples**: Considering the apple production forecast, the option strategy suggestions include constructing a neutral call + put option combination strategy for volatility [12]. - **Jujubes**: Based on the jujube inventory situation, the option strategy suggestions include constructing a short - biased strangle option combination strategy for volatility and a covered call strategy for spot hedging [13]. 3.5.3 Soft Commodity Options - **Sugar**: Analyzing the sugar market fundamentals, such as the number of vessels waiting to load sugar in Brazilian ports, the option strategy suggestions include constructing a neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [13]. - **Cotton**: Considering the cotton market fundamentals, such as the spinning mill and weaving mill operating rates, the option strategy suggestions include constructing a long - biased call + put option combination strategy for volatility and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn and Starch**: Based on the corn market fundamentals, such as the new corn listing period and weather conditions, the option strategy suggestions include constructing a bear spread strategy for directionality and a short - biased call + put option combination strategy for volatility [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report focuses on metal options, covering有色金属, precious metals, and black metals. It provides strategies and suggestions for different metal options based on market conditions, including directional strategies, volatility strategies, and spot hedging strategies [2][7][9]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, such as copper, aluminum, zinc, etc. For example, the latest price of copper (CU2509) is 78,070, down 410 (-0.52%) [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume and open interest PCR of different metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of copper options is 0.91, down 0.09, and the open interest PCR is 0.84, down 0.02 [4]. 3.2.2 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, the pressure level of copper options is 82,000, and the support level is 75,000 [5]. 3.2.3 Implied Volatility - The implied volatility of different metal options is presented, including the 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 copper options is 10.20%, and the weighted implied volatility is 15.28%, down 1.99% [6]. 3.3 Strategy and Suggestions 3.3.1 Non - ferrous Metals - **Copper Options**: Build a short - volatility seller option portfolio strategy and a spot hedging strategy [7]. - **Aluminum/Alumina Options**: Construct a neutral short - call + short - put option combination strategy and a spot collar strategy [9]. - **Zinc/Lead Options**: Build a neutral short - call + short - put option combination strategy and a spot collar strategy [9]. - **Nickel Options**: Construct a short - bearish call + short - put option combination strategy and a spot long - position hedging strategy [10]. - **Tin Options**: Implement a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: Build a neutral short - call + short - put option combination strategy and a spot long - position hedging strategy [11]. 3.3.2 Precious Metals - **Gold/Silver Options**: Construct a neutral short - volatility option seller portfolio strategy and a spot hedging strategy [12]. 3.3.3 Black Metals - **Rebar Options**: Build a neutral short - call + short - put option combination strategy and a spot long - position covered call strategy [13]. - **Iron Ore Options**: Implement a bull - spread strategy for call options, a short - bullish call + short - put option combination strategy, and a spot long - position collar strategy [13]. - **Ferroalloy Options**: Build a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Construct a short - volatility short - call + short - put option combination strategy and a spot hedging strategy [14]. - **Glass Options**: Build a short - volatility short - call + short - put option combination strategy and a spot long - position collar strategy [15].

金融期权 2025-08-05 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 | （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高位震荡的市场行情。 表2：期权标的ETF市场概况 | 标的 | 标的合约 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 成交额 | 额变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万份) | | (亿元) | | | 上证50ETF | 510050.SH | 2.890 | 0.014 | 0.49 | 479.90 | 471.66 | 13.83 | -9.91 | | 上证300ETF | 510300.SH | 4.152 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural products sector is mainly divided into beans, oils, agricultural by - products, soft commodities, grains, and others. The overall market shows different trends, with oilseeds and oils in a relatively strong and volatile state, oils and agricultural by - products in a volatile trend, soft commodity sugar slightly fluctuating, cotton's upward trend weakening, and grains such as corn and starch in a weak and narrow - range consolidation. It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2][8] 3. Summary According to Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures show various price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,133, up 7 with a 0.17% increase, trading volume of 11.13 million lots, and open interest of 11.04 million lots. While the price of eggs (JD2509) is 3,360, down 141 with a 4.03% decrease, trading volume of 30.84 million lots, and open interest of 23.20 million lots [3] 3.2 Option Factor - Volume and Open Interest PCR - Volume and open interest PCR are used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of soybean No.1 is 0.59, up 0.18, and the open interest PCR is 0.39, up 0.01, indicating the market situation of soybean No.1 [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the exercise prices with the largest open interest of call and put options, the pressure and support levels of the option underlying are analyzed. For instance, the pressure level of soybean No.1 is 4,300 and the support level is 4,050 [5] 3.4 Option Factor - Implied Volatility - Implied volatility includes at - the - money implied volatility and weighted implied volatility. For example, the at - the - money implied volatility of soybean No.1 is 8.715, and the weighted implied volatility is 12.19, down 1.39 [6] 3.5 Strategy and Recommendations 3.5.1 Oils and Oilseeds Options - **Soybean No.1 and No.2**: Based on the analysis of fundamentals such as the US soybean good rate and Brazilian soybean premiums, and considering option factors like implied volatility and open interest PCR, strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: Analyzing fundamentals such as daily提货量 and basis, and option factors, strategies involve constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Considering fundamentals like Malaysian palm oil production and exports, and option factors, strategies include constructing a long - biased short call + put option combination strategy and a long collar strategy for spot hedging [10] - **Peanuts**: Given the fundamentals of the peanut oil market and option factors, strategies include constructing a bear spread strategy for put options and a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pigs**: Based on fundamentals such as average slaughter weight and frozen product inventory rate, and option factors, strategies include constructing a short - biased short call + put option combination strategy and a covered call strategy for spot [11] - **Eggs**: Considering fundamentals like laying hen inventory and option factors, strategies include constructing a bear spread strategy for put options, a short - biased short call + put option combination strategy [12] - **Apples**: Analyzing fundamentals such as expected apple production and option factors, strategies include constructing a neutral short call + put option combination strategy [12] - **Red Dates**: Based on fundamentals like inventory and option factors, strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodity Options - **Sugar**: Considering fundamentals such as Brazilian sugar shipping and production forecasts, and option factors, strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13] - **Cotton**: Based on fundamentals like spinning and weaving factory operating rates and cotton inventory, and option factors, strategies include constructing a long - biased short call + put option combination strategy and a covered call strategy for spot [14] 3.5.4 Grain Options - **Corn and Starch**: Given fundamentals such as new corn listing and market sentiment, and option factors, strategies include constructing a bear spread strategy for put options and a short - biased short call + put option combination strategy [14]

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, and others. Strategies suggest constructing option portfolios mainly on the short - selling side, along with spot hedging or covered strategies to enhance returns [3][9]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The table shows the latest prices, price changes, trading volumes, and open interest of various energy - chemical futures contracts. For example, the latest price of crude oil (SC2509) is 510, down 7 with a decline of 1.28%, trading volume of 14.58 million lots, and open interest of 2.82 million lots [4]. 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators for volume and open interest of different energy - chemical options are presented. These indicators help describe the strength of the option underlying market and potential turning points. For instance, the volume PCR of crude oil options is 0.89 with a change of - 0.12, and the open - interest PCR is 0.75 with a change of - 0.10 [5]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different 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 is 640 and the support level is 480 [6]. 3.4 Option Factors - Implied Volatility - The implied volatility data of various energy - chemical options are provided, including at - the - money implied volatility and volume - weighted implied volatility. For example, the at - the - money implied volatility of crude oil options is 30.835, and the weighted implied volatility is 34.67 with a change of - 1.69 [7]. 3.5 Strategy and Recommendations 3.5.1 Energy - related Options - **Crude Oil**: The US crude oil inventories have increased. The market showed a short - term upward trend followed by a decline last week. Implied volatility is around the average. Directional strategy: None; Volatility strategy: Construct a short - neutral call + put option combination; Spot long - hedging strategy: Build a long - collar strategy [8]. - **LPG**: Factory and port inventories are at high levels. The market is short - oriented in the short term. Implied volatility is at a relatively high historical level. Similar to crude oil, it has corresponding strategies for volatility and spot long - hedging [10]. 3.5.2 Alcohol - related Options - **Methanol**: Production enterprise inventories and orders have decreased. The market is weak with pressure above. Implied volatility is around the average. Strategies include short - neutral option combinations and long - collar hedging [10]. - **Ethylene Glycol**: The overall operating rate is stable, but production profits are under pressure. The market shows a narrow - range volatile pattern. Strategies involve short - selling volatility and long - collar hedging [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: The number of maintenance production lines has decreased, and production has increased. The market is weak with upward pressure. Strategies include long - collar hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: The opening area and output in Hainan have decreased. The market is in a short - term downward trend. Strategies involve short - neutral option combinations [12]. 3.5.5 Polyester - related Options - **PTA**: Factory inventories are accumulating, and price rebound is restricted. The market shows a slight upward trend with pressure. Strategies include short - neutral option combinations [13]. 3.5.6 Alkali - related Options - **Caustic Soda**: The average utilization rate of production capacity has slightly decreased. The market is volatile with pressure. Strategies include long - collar hedging [14]. - **Soda Ash**: Inventories are at a high level. The market has experienced a significant decline after a rise. Strategies include short - selling volatility and long - collar hedging [14]. 3.5.7 Other Options - **Urea**: Supply is slightly decreasing, and demand is weak. The market is volatile under short - term pressure. Strategies include short - bearish option combinations and long - collar hedging [15].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For non - ferrous metals, construct a neutral volatility strategy for sellers when the market is oscillating; for black metals, build a short - volatility portfolio strategy after significant price fluctuations; for precious metals, construct a spot hedging strategy during high - level consolidation [2] 3. Summaries Based on Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts such as copper, aluminum, zinc, etc. are presented. For example, the latest price of copper (CU2509) is 78,370, with a price increase of 150 and a price change percentage of 0.19% [3] 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. The volume and open interest PCR values of various metal options, as well as their changes, are provided [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of option underlying assets are determined by the strike prices with the largest open interest of call and put options. The pressure and support levels of various metal options are presented, such as the pressure level of copper being 82,000 and the support level being 75,000 [5] 3.4 Option Factors - Implied Volatility - The implied volatility data of various metal options are provided, including at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, historical volatility, and the difference between implied and historical volatility [6] 3.5 Strategies and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: The inventory of the three major exchanges increased by 21,000 tons month - on - month. The market has been in a high - level consolidation pattern since June. Implied volatility fluctuates around the historical average, and the open interest PCR indicates pressure above. Strategies include constructing a short - volatility seller option portfolio and a spot long - hedging strategy [7] - **Aluminum/Alumina**: The domestic aluminum ingot inventory increased, and the market showed a pattern of rising and then falling. Implied volatility fluctuates around the historical average, and the open interest PCR indicates increasing pressure above. Strategies include constructing a neutral call + put option combination and a spot collar strategy [9] - **Zinc/Lead**: The zinc ore inventory continued to accumulate, and the zinc market showed a pattern of rising and then falling. The implied volatility of zinc options continued to rise above the historical average, and the open interest PCR indicates increasing pressure above. Strategies include constructing a neutral call + put option combination and a spot collar strategy [9] - **Nickel**: The nickel ore price was weak due to increased supply and weak demand. The market showed a wide - range oscillation pattern. The implied volatility of nickel options remained at a relatively high historical level, and the open interest PCR indicates increasing short - selling power. Strategies include constructing a short - biased call + put option combination and a spot long - hedging strategy [10] - **Tin**: The tin ingot inventory increased slightly, and the market showed a short - term weak oscillation pattern. The implied volatility of tin options remained at a relatively high historical level, and the open interest PCR indicates range - bound oscillation. Strategies include constructing a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: The inventory decreased, and the market showed a pattern of large fluctuations. The implied volatility of lithium carbonate options rose rapidly to a relatively high level, and the open interest PCR indicates continuous weakness. Strategies include constructing a neutral call + put option combination and a spot long - hedging strategy [11] 3.5.2 Precious Metals - **Gold/Silver**: The US economic data was resilient, and the gold market showed a short - term weak oscillation pattern. The implied volatility of gold options fluctuated around the historical average, and the open interest PCR indicates weakening. Strategies include constructing a neutral short - volatility seller option portfolio and a spot hedging strategy [12] 3.5.3 Black Metals - **Rebar**: The inventory increased slightly, and the market showed an upward oscillation pattern with pressure above. The implied volatility of rebar options fluctuated at a relatively high historical level, and the open interest PCR indicates strong short - selling pressure above. Strategies include constructing a neutral call + put option combination and a spot long - covered call strategy [13] - **Iron Ore**: The port inventory decreased, and the market showed a bullish oscillation pattern. The implied volatility of iron ore options fluctuated above the historical average, and the open interest PCR indicates a recent upward trend. Strategies include a bullish call spread strategy, constructing a long - biased call + put option combination, and a spot long - collar strategy [13] - **Ferroalloys**: The manganese silicon inventory decreased but remained at a high level, and the market showed a pattern of rising and then falling sharply. The implied volatility of manganese silicon options rose rapidly to a relatively high historical level, and the open interest PCR indicates a weak market under short - selling pressure. Strategies include constructing a short - volatility strategy [14] - **Industrial Silicon/Polysilicon**: The industrial silicon inventory remained at a high level, and the market showed a pattern of large fluctuations. The implied volatility of industrial silicon options gradually rose to a relatively high historical level, and the open interest PCR indicates a stable market. Strategies include constructing a short - volatility call + put option combination and a spot hedging strategy [14] - **Glass**: The factory inventory decreased, and the market showed a pattern of rising and then falling sharply. The implied volatility of glass options remained at a relatively high historical level, and the open interest PCR indicates an upward trend. Strategies include constructing a short - volatility call + put option combination and a spot long - collar strategy [15]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views of the Report - Last week, State Street issued broad - industry option strategy products, and other option strategy product lines also expanded. The performance of new and traditional energy in the US has diverged significantly this year, with new energy outperforming traditional energy. The Russell 2000 ETF had a significant outflow, while the overall inflow of broad - based ETFs was positive. The outflow of US domestic stock funds returned to over $10 billion in a single week, and the inflow of bond products was stable [1]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: State Street Issues Broad - Industry Option Strategy Products - Last week, there were 23 new US products. State Street issued option strategy products for its GICS broad - industry ETFs, which invest in existing broad - industry ETFs and sell corresponding call options to gain income, covering all 11 industries. The GraniteShares YieldBOOST product line expanded, with a new product linked to CoinBase, and the YieldMax single - stock Covered Call strategy product was linked to ROBLOX. BlackRock issued an infrastructure active ETF, First Trust issued a nuclear energy product, Dakota issued an active ETF, and PGIM issued 4 ETFs, including 3 corporate bond ETFs with different maturities and a S&P 500 downside protection product [1][6]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Significant Outflow from Russell 2000 ETF - Last week, equity ETFs had an inflow of nearly $10 billion, the inflow of digital currency ETFs slowed down, and commodity ETFs had a slight outflow. Among broad - based ETFs, the Russell 2000 ETF had an outflow of nearly $5 billion, while multiple YieldMax Covered Call products had the highest inflows, and traditional leveraged products had outflows. In the bond market, short - term bonds had inflows and long - term bonds had outflows [1][10][13]. 3.2.2 US ETF Performance: New Energy Significantly Outperforms Traditional Energy - This year, there has been a significant divergence in the performance of new and traditional energy in the US. Different from the high - inflation period of 2021 - 2022, the new energy sector has significantly outperformed the traditional energy sector. The VanEck nuclear energy ETF has risen by over 40%, and other managers also issued similar products last week [1][17]. 3.3 Recent US Ordinary Public Fund Fund Flows - In June 2025, the total amount of non - money public funds in the US was $22.69 trillion, an increase of $0.78 trillion compared to May 2025. The S&P 500 rose by 6.15% in June, and the scale of US domestic equity products increased by 4.26%, slightly lower than the stock increase. From July 16th to July 23rd, US domestic equity funds had a total outflow of approximately $13.5 billion, returning to over $10 billion, while the inflow of bond products was stable [1][19].

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. Strategies suggest constructing option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3][9]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices of various energy - chemical futures showed different trends. For example, crude oil (SC2509) was at 513, down 15 (-2.86%); liquefied petroleum gas (PG2509) was at 3,923, down 64 (-1.61%); methanol (MA2509) was at 2,383, down 20 (-0.83%) [4]. 3.2 Option Factor - Quantity and Position PCR - The PCR indicators of different option varieties varied. For instance, the volume PCR of crude oil was 1.01 with a change of 0.46, and the position PCR was 0.85 with a change of 0.01. These indicators are used to describe the strength of the option underlying market and the turning point of the market [5]. 3.3 Option Factor - Pressure and Support Levels - Each option variety has corresponding pressure and support levels. For example, the pressure level of crude oil was 640 and the support level was 500; the pressure level of liquefied petroleum gas was 5,200 and the support level was 3,800 [6]. 3.4 Option Factor - Implied Volatility - The implied volatility of different option varieties also differed. For example, the at - the - money implied volatility of crude oil was 33.445, and the weighted implied volatility was 36.36 with a change of - 1.17 [7]. 3.5 Strategy and Recommendations for Each Option Variety 3.5.1 Energy - related Options (Crude Oil, Liquefied Petroleum Gas) - **Crude Oil**: The US crude oil inventories increased. The market showed a short - term upward受阻and then downward trend. Implied volatility fluctuated around the mean. Recommended strategies included constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [8]. - **Liquefied Petroleum Gas**: Factory and port inventories were at high levels. The market was short - term bearish. Implied volatility was at a relatively high historical level. Recommended strategies included constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.5.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Production enterprise inventories and orders decreased. The market was weakly bullish with pressure. Implied volatility fluctuated around the mean. Recommended strategies included constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The overall operating rate was stable, but production profits were under pressure. The market was weakly bullish with pressure. Implied volatility fluctuated around the historical mean. Recommended strategies included constructing a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options (Polypropylene, Polyvinyl Chloride, Plastic, Styrene) - **Polypropylene**: The number of maintenance production lines decreased, and production increased. The market was weakly bearish. Implied volatility was around the historical mean. Recommended strategies included a long collar strategy for spot hedging [11]. 3.5.4 Rubber - related Options (Rubber, Synthetic Rubber) - **Rubber**: Hainan's natural rubber production decreased. The market was bearish. Implied volatility decreased to around the mean after a sharp increase. Recommended strategies included constructing a neutral short call + put option combination strategy [12]. 3.5.5 Polyester - related Options (Para - xylene, PTA, Short - fiber, Bottle - chip) - **PTA**: Factory inventories continued to accumulate, and prices were under pressure. The market was slightly bullish with pressure. Implied volatility was at a relatively high level. Recommended strategies included constructing a neutral short call + put option combination strategy [13]. 3.5.6 Alkali - related Options (Caustic Soda, Soda Ash, Urea) - **Caustic Soda**: The average utilization rate of production capacity decreased slightly. The market was weakly bullish with pressure. Implied volatility was at a relatively high level. Recommended strategies included a long collar strategy for spot hedging [14]. - **Soda Ash**: Inventories continued to accumulate at a high level. The market was bearish after a sharp decline. Implied volatility was at a relatively high level. Recommended strategies included constructing a short - volatility combination strategy and a long collar strategy for spot hedging [14]. - **Urea**: Supply decreased slightly, and demand was weak. The market was bearish with fluctuations. Implied volatility was below the historical mean. Recommended strategies included constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [15].