1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are in a state of oscillation; for black metals, build a short - volatility portfolio strategy due to their sharp decline after a continuous rise; for precious metals, create a spot hedging strategy as they are consolidating at a high level [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - Copper (CU2509): The latest price is 78,170, down 100 (-0.13%), with a trading volume of 8.09 million lots (down 2.81 million) and an open interest of 16.77 million lots (down 0.85 million) [3] - Aluminum (AL2509): The latest price is 20,480, up 5 (0.02%), with a trading volume of 12.76 million lots (down 1.77 million) and an open interest of 23.35 million lots (down 1.52 million) [3] - Other metals follow a similar pattern of price, trading volume, and open - interest changes 3.2 Option Factors - Volume and Open Interest PCR - Copper: Volume PCR is 1.49 (down 0.01), and open - interest PCR is 0.84 (down 0.03) [4] - Aluminum: Volume PCR is 1.06 (down 0.03), and open - interest PCR is 0.79 (down 0.04) [4] - Other metals also have corresponding volume and open - interest PCR values and changes 3.3 Option Factors - Pressure and Support Levels - Copper: The pressure level is 82,000, and the support level is 75,000 [5] - Aluminum: The pressure level is 21,000, and the support level is 20,000 [5] - Other metals have their own pressure and support levels 3.4 Option Factors - Implied Volatility - Copper: The at - the - money implied volatility is 10.98%, the weighted implied volatility is 16.89% (down 1.21%), and the difference between implied and historical volatility is - 4.57% [6] - Aluminum: The at - the - money implied volatility is 9.67%, the weighted implied volatility is 12.06% (down 0.41%), and the difference between implied and historical volatility is - 1.62% [6] - Other metals have different implied volatility characteristics 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - Copper: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - Aluminum: Construct a short - neutral call + put option combination strategy and a spot collar strategy [9] - Other non - ferrous metals also have corresponding strategies 3.5.2 Precious Metals - Gold/Silver: Build a neutral short - volatility option seller portfolio strategy and a spot hedging strategy [12] 3.5.3 Black Metals - Rebar: Construct a short - neutral call + put option combination strategy and a spot long - covered call strategy [13] - Iron ore: Use a bull spread strategy for call options, a short - long call + put option combination strategy, and a spot long - collar strategy [13] - Other black metals have their own strategies

1. Report Industry Investment Rating No information provided in the text. 2. Core Viewpoints of the Report - This week, the straddle statistical arbitrage strategy led the option strategies in the CSI 300 stock index options and SSE 50 ETF options, with weekly returns of 0.28% and 0.18% respectively. The strategy of selling the wide - straddle at the maximum position led the option strategies in the CSI 1000 stock index options, with a weekly return of 0.76% [1][6][11][16]. - From January 2024 to the present, the benchmark strategies in the CSI 300, SSE 50 ETF, and CSI 1000 stock index options markets performed best, with cumulative returns of 24.37%, 26.13%, and 30.9% respectively. Among the option strategies, the short - put strategy in the CSI 300 and SSE 50 ETF options, and the protective put strategy in the CSI 1000 stock index options had relatively good performance [6][11][16]. - The three option hedging strategies (covered call, protective put, and collar) can effectively reduce the maximum drawdown of the benchmark in all three markets [7][11][16]. - The three option volatility trading strategies (straddle statistical arbitrage, short - straddle, and selling the wide - straddle at the maximum position) can effectively reduce the strategy's drawdown due to the additional threshold limit in the clustering dimension of implied volatility [7][11][16]. - In the CSI 300 and SSE 50 ETF options, the short - straddle strategy is better than the strategy of selling the wide - straddle at the maximum position in terms of short - selling volatility; in the CSI 1000 stock index options, the short - straddle strategy has better returns [7][11][17]. - The bull call spread strategy has stronger returns than the benchmark in all three markets and can reduce the maximum drawdown because it can avoid tail risks [7][12][17]. 3. Summary by Relevant Catalogs 3.1 This Week's Market Review 3.1.1 CSI 300 Stock Index Option Strategy Review - Based on the CSI 300 index, futures, and options, eight common strategies were back - tested. This week, the straddle statistical arbitrage strategy led with a 0.28% return. From January 2024 to the present, the benchmark performed best with a 24.37% cumulative return, and the short - put strategy led among the option strategies with a 9.79% cumulative return [5][6][7]. 3.1.2 SSE 50 ETF Option Strategy Review - Based on the 50 ETF and its options, eight common strategies were back - tested. This week, the straddle statistical arbitrage strategy led with a 0.18% return. From January 2024 to the present, the benchmark performed best with a 26.13% cumulative return, and the short - put strategy led among the option strategies with a 19.44% cumulative return [8][11]. 3.1.3 CSI 1000 Stock Index Option Strategy Review - Based on the CSI 1000 index, futures, and options, eight common strategies were back - tested. This week, the strategy of selling the wide - straddle at the maximum position led with a 0.76% return. From January 2024 to the present, the benchmark performed best with a 30.9% cumulative return, and the protective put strategy had relatively good performance among the option strategies [13][16]. 3.2 Strategy Specific Descriptions 3.2.1 Covered Call Strategy - Purpose: To enhance returns, commonly used by overseas mutual funds. It can reduce holding costs and enhance stock - holding returns when the underlying asset is expected to rise slightly or not rise [18]. - Construction: For the SSE 50 ETF, buy 1 share of 50 ETF and sell 1 share of a 10% out - of - the - money standard call option. For the CSI 300 stock index futures, buy 1 contract and sell 3 contracts of a 4% out - of - the - money call option [18][21]. 3.2.2 Short - Put Strategy - Purpose: To obtain premium income when the market is stable or not expected to fall sharply [24]. - Construction: Sell at - the - money standard put options, with different settings for the SSE 50 ETF and CSI 300 stock index futures in terms of contract multiplier and fees [24][26]. 3.2.3 Protective Put Strategy - Purpose: To hedge risks when the market goes down while allowing investors to enjoy some upside returns [28]. - Construction: For the SSE 50 ETF, buy 1 share of 50 ETF and 1 share of a 10% out - of - the - money standard put option. For the CSI 300 stock index futures, buy 1 contract and 3 contracts of a 4% out - of - the - money put option [29][31]. 3.2.4 Collar Strategy - Purpose: A neutral strategy that combines the covered call and protective put strategies to provide tail - risk management while reducing hedging costs [34]. - Construction: For the SSE 50 ETF, hold 1 share of 50 ETF, buy 1 share of a 10% out - of - the - money put option, and sell 1 share of a 10% out - of - the - money call option. For the CSI 300 stock index futures, hold 1 contract, buy 3 contracts of a 4% out - of - the - money put option, and sell 3 contracts of a 4% out - of - the - money call option [34][37]. 3.2.5 Straddle Statistical Arbitrage Strategy - Purpose: To trade volatility by taking advantage of the mean - reversion relationship between implied volatility and historical volatility [40]. - Construction: Use a straddle strategy to go long or short on implied volatility. Make decisions based on the difference between implied volatility and historical volatility, and consider the clustering of implied volatility [41]. 3.2.6 Short - Straddle Strategy - Purpose: A strategy to short - sell volatility, aiming to profit from the decline in volatility [46]. - Construction: Sell at - the - money call and put options of the same month, adjust positions according to changes in the at - the - money level and the main contract, and consider the clustering of implied volatility [48][51]. 3.2.7 Strategy of Selling the Wide - Straddle at the Maximum Position - Purpose: To obtain time - value income by constructing a short - wide - straddle option portfolio based on the maximum position levels of call and put options [53]. - Construction: Sell standard call and put options at the maximum position levels, adjust positions according to changes in the maximum position levels and the main contract, and consider the clustering of implied volatility [55][57]. 3.2.8 Bull Call Spread Strategy - Purpose: A low - cost long - call strategy, suitable for when the underlying price is expected to rise moderately in the short term and implied volatility is low [60]. - Construction: Buy at - the - money call options and sell 10% (SSE 50 ETF) or 4% (CSI 300 stock index futures) out - of - the - money call options [61][63].

Group 1: Report Overview - Report Title: Metal Options Strategy Morning Report [1] - Date: August 1, 2025 - Research Team: Lu Pinxian, Huang Kehan, Li Renjun [2] Group 2: Market Overview - **Non - ferrous Metals**: Most non - ferrous metals showed a downward trend. For example, copper (CU2509) dropped 0.55% to 78,010, aluminum (AL2509) decreased 0.58% to 20,450, etc. [3] - **Precious Metals**: Gold (AU2510) rose 0.12% to 770.92, while silver (AG2510) fell 1.37% to 8,935 [3] - **Black Metals**: Some black metals like iron ore (I2509) rose 0.25% to 786.50, while others such as industrial silicon (SI2509) dropped 6.26% to 8,760 [3] Group 3: Option Factors Volume - Open Interest PCR - Different metals have different PCR values and changes, which can be used to analyze market sentiment and potential turning points. For example, copper's volume PCR is 1.51 with a change of 1.00, and its open - interest PCR is 0.87 with a change of 0.15 [4] Pressure and Support Levels - Each metal option has its own pressure and support levels. For instance, copper's pressure point is 82,000 and support point is 75,000 [5] Implied Volatility - Implied volatility varies among different metals. For example, aluminum's weighted implied volatility is 12.47% with a change of 0.35%, and its historical average is 12.78% [6] Group 4: Strategy and Recommendations Non - ferrous Metals - **Copper**: Build a short - volatility seller option portfolio strategy and a spot hedging strategy [7] - **Aluminum/Alumina**: Construct a selling call + put option combination strategy with a positive delta and a spot collar strategy [9] - **Zinc/Lead**: Build a selling neutral call + put option combination strategy with a neutral delta and a spot collar strategy [9] - **Nickel**: Construct a selling bearish call + put option combination strategy with a negative delta and a spot long - position hedging strategy [10] - **Tin**: Implement a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: Build a selling neutral call + put option combination strategy with a neutral delta and a spot long - position hedging strategy [11] Precious Metals - **Gold/Silver**: Construct a neutral short - volatility option seller portfolio strategy and a spot hedging strategy [12] Black Metals - **Rebar**: Build a selling neutral call + put option combination strategy with a neutral delta and a spot long - position covered call strategy [13] - **Iron Ore**: Use a bullish call spread strategy, a selling bullish call + put option combination strategy, and a spot long - position collar strategy [13] - **Ferroalloys**: Implement a short - volatility strategy for manganese silicon [14] - **Industrial Silicon/Polysilicon**: Build a short - volatility selling call + put option combination strategy with a neutral delta and a spot hedging strategy [14] - **Glass**: Construct a short - volatility selling call + put option combination strategy and a spot long - position collar strategy [15]

Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The agricultural product options market shows different trends. Oilseeds and oils are in a strong - oscillating state, while by - products, soft commodities, and grains have their own market trends. The report suggests constructing option combination strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. Summary by Related Catalogs 1. Market Overview of Underlying Futures - Different agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybeans (A2509) is 4,133, down 4 with a decline rate of 0.10%, the trading volume is 10.27 million lots, and the open interest is 12.22 million lots [3]. 2. Option Factors - Volume and Open Interest PCR - The PCR indicators of different agricultural product options vary. For instance, the volume PCR of soybean (A2509) is 0.55 with a change of 0.17, and the open interest PCR is 0.39 with no change [4]. 3. Option Factors - Pressure and Support Levels - Each option variety has its own pressure and support levels. For example, the pressure level of soybean (A2509) is 4,300, and the support level is 4,100 [5]. 4. Option Factors - Implied Volatility - The implied volatility of different agricultural product options also shows different characteristics. For example, the at - the - money implied volatility of soybean (A2509) is 9.31%, and the weighted implied volatility is 12.04% with a change of - 0.32% [6]. 5. Strategies and Recommendations 5.1 Oilseeds and Oils Options - **Soybeans (A2509, B2509)**: The US soybean supply - demand situation in the 25/26 period has changed. The market shows a small - range consolidation and oscillation pattern. It is recommended to construct option combination strategies such as selling neutral call + put options and long collar strategies for spot hedging [7]. - **Soybean Meal (M2509), Rapeseed Meal (RM2509)**: The market shows a pattern of weak consolidation and then a rebound. It is recommended to construct selling neutral call + put option combination strategies and long collar strategies for spot hedging [9]. - **Palm Oil (P2509), Soybean Oil (Y2509), Rapeseed Oil (OI2509)**: The palm oil market is affected by production and demand. It is recommended to construct selling long - biased call + put option combination strategies and long collar strategies for spot hedging [10]. - **Peanuts (PK2510)**: The market shows a pattern of weak consolidation under bearish pressure. It is recommended to construct a bearish spread strategy of put options and long collar strategies for spot hedging [11]. 5.2 By - product Options - **Pigs (LH2509)**: The spot price of pigs has declined, and the market shows a pattern of small - range consolidation under bearish pressure. It is recommended to construct selling short - biased call + put option combination strategies and covered strategies for spot hedging [11]. - **Eggs (JD2509)**: The egg price has risen and then stabilized. It is recommended to construct a bearish spread strategy of put options and selling short - biased call + put option combination strategies [12]. - **Apples (AP2510)**: The apple market shows a pattern of gradual rebound. It is recommended to construct selling neutral call + put option combination strategies [12]. - **Jujubes (CJ2601)**: The jujube market shows a pattern of rebound and then a decline. It is recommended to construct selling short - biased strangle option combination strategies and covered strategies for spot hedging [13]. 5.3 Soft Commodity Options - **Sugar (SR2509)**: The sugar market shows a pattern of rebound after a decline. It is recommended to construct selling neutral call + put option combination strategies and long collar strategies for spot hedging [13]. - **Cotton (CF2509)**: The cotton market shows a short - term weak pattern. It is recommended to construct selling long - biased call + put option combination strategies and covered strategies for spot hedging [14]. 5.4 Grain Options - **Corn (C2509), Starch (CS2509)**: The corn market shows a pattern of weak decline. It is recommended to construct a bearish spread strategy of put options and selling short - biased call + put option combination strategies [14].

Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] Core View of the Report - The lead market currently has a situation where regional supply is relatively tight due to maintenance in some areas of primary lead production, but overall terminal demand has not shown significant improvement, and the reminder of peak - season demand is not obvious. However, under the overall positive macro - sentiment, lead prices in the non - ferrous metals sector may not experience a larger decline and are expected to maintain a volatile pattern, with the price range estimated to be between 16,400 yuan/ton and 17,050 yuan/ton [3] Summary by Related Content Market News and Key Data - **Spot Market**: On July 30, 2025, the LME lead spot premium was - 31.80 dollars/ton. The SMM1 lead ingot spot price decreased by 25 yuan/ton to 16750 yuan/ton compared with the previous trading day. The lead spot premiums and prices in different regions also changed. The lead scrap price difference remained unchanged at 0 yuan/ton [1] - **Futures Market**: On July 30, 2025, the main contract of Shanghai lead opened at 16870 yuan/ton, closed at 16890 yuan/ton, down 10 yuan/ton from the previous trading day. The trading volume was 37318 lots, down 10660 lots from the previous day, and the holding volume was 66741 lots, up 2207 lots from the previous day. During the night session, the closing price was basically flat compared with the afternoon closing price [1] Supply and Demand and Inventory - **Supply and Demand**: The lead price fluctuated weakly, and downstream procurement was mainly for rigid needs. The transaction in the spot market remained relatively light. In different regions, the quotation premiums of lead suppliers varied, and some smelters had difficulties in high - premium transactions or stopped quoting due to inventory exhaustion [2] - **Inventory**: On July 30, 2025, the total SMM lead ingot inventory was 72,000 tons, an increase of 300 tons compared with the same period last week. As of July 30, the LME lead inventory was 276,375 tons, an increase of 6025 tons compared with the previous trading day [2] Strategy - **Price Strategy**: The lead price is expected to maintain a volatile pattern, with the price range estimated to be between 16,400 yuan/ton and 17,050 yuan/ton [3] - **Option Strategy**: Sell a wide - straddle option strategy [3]

Report Summary 1. Investment Rating The report does not provide an investment rating for the agricultural products options industry. 2. Core Viewpoints - The agricultural products options market shows different trends across various sectors. Oilseeds and oils are in a relatively strong and volatile state, while other sectors such as by - products, soft commodities, and grains have their own specific trends like range - bound trading or short - term weakness [2]. - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Various agricultural product futures show different price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2509) dropped by 0.63% to 4,126, with a trading volume of 11.89 million lots and a decrease of 1.99 million lots compared to the previous period, and an open interest of 12.87 million lots with a decrease of 0.47 million lots [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: Different option varieties have different volume and open interest PCR values and their changes, which can be used to analyze the strength and turning points of the underlying asset market. For example, the volume PCR of soybean No.1 is 0.38, a decrease of 0.16, and the open interest PCR is 0.39, a decrease of 0.01 [4]. - **Pressure and Support Levels**: From the perspective of the maximum open interest of call and put options, the pressure and support levels of the underlying assets are analyzed. For example, the pressure level of soybean No.1 is 4,300 and the support level is 4,100 [5]. - **Implied Volatility**: Each option variety has different implied volatility values, changes, and differences compared to historical volatility, which can be used to measure the market's expectation of future price fluctuations. For example, the weighted implied volatility of soybean No.1 is 12.36%, a decrease of 0.72% [6]. 3.3 Strategies and Recommendations - **Oilseeds and Oils Options** - **Soybean No.1 and No.2**: The USDA July report adjusted the supply - demand balance of soybeans. The market of soybean No.1 shows a pattern of small - range consolidation with pressure above. Recommended 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**: The purchase volume of soybean meal shows a certain pattern. The market of soybean meal shows a pattern of weak consolidation with support below followed by a rebound and then a decline. Recommended strategies are similar to those of soybean No.1 [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The palm oil market is affected by export and production factors, showing a pattern of long - position high - level consolidation. Recommended strategies include constructing a long - biased short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The peanut market is affected by factors such as supply and demand, showing a pattern of weak consolidation under bearish pressure. Recommended strategies include constructing a bearish spread strategy of put options and a long collar strategy for spot hedging [11]. - **By - product Options** - **Pigs**: The pig market is affected by factors such as supply and demand, showing a pattern of small - range consolidation under bearish pressure. Recommended strategies include constructing a short - biased short call + put option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The egg market is affected by factors such as weather and supply and demand, showing a pattern of weak consolidation with pressure above. Recommended strategies include constructing a bearish spread strategy of put options and a short - biased short call + put option combination strategy [12]. - **Apples**: The apple market is affected by factors such as production and inventory, showing a pattern of gradual rebound with pressure above. Recommended strategies include constructing a neutral short call + put option combination strategy [12]. - **Jujubes**: The jujube market shows a pattern of rebound and then decline with pressure above. Recommended strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [13]. - **Soft Commodity Options** - **Sugar**: The sugar market shows a pattern of rebound after a decline with support below. Recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton market shows a short - term weak pattern. Recommended strategies include constructing a long - biased short call + put option combination strategy and a covered call strategy for spot [14]. - **Grain Options** - **Corn and Starch**: The corn market shows a pattern of weak decline with pressure above. Recommended strategies include constructing a bearish spread strategy of put options and a short - biased short call + put option combination strategy [14].

Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - The metal sector is divided into non - ferrous metals, precious metals, and black metals. For each segment, specific metal options are analyzed, and corresponding strategies and suggestions are provided based on fundamental and market trend analysis, option factor research [8]. - For non - ferrous metals, different strategies are proposed according to the market conditions of each metal, such as constructing short - volatility seller option portfolios for copper and tin, and short - neutral or short - bullish/bearish call + put option combinations for other metals [7][10]. - For precious metals, a short - neutral volatility option seller portfolio is recommended for gold, and for black metals, different strategies like bullish option bull - spread combinations for iron ore and short - volatility strategies for other metals are suggested [12][13]. 3. Summary by Category 3.1 Market Overview of Underlying Futures - The report presents the latest prices, price changes, trading volumes, and open interests of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2509) is 78,700, with a decrease of 370 (- 0.47%), trading volume of 5.59 million lots, and open interest of 17.17 million lots [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: This factor is used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of copper is 0.51, with a change of - 0.12, and the open interest PCR is 0.72, with a change of - 0.01 [4]. - **Pressure and Support Levels**: Determined from the strike prices with the largest open interest of call and put options. For instance, the pressure point of copper is 82,000, and the support point is 75,000 [5]. - **Implied Volatility**: The report shows the at - the - money implied volatility, weighted implied volatility, and their changes for each metal option. For example, the at - the - money implied volatility of copper is 10.66%, and the weighted implied volatility is 15.99%, with a change of 0.43% [6]. 3.3 Strategies and Suggestions - **Non - ferrous Metals** - **Copper**: Based on the analysis of fundamentals and market trends, a short - volatility seller option portfolio is recommended, along with a spot long - hedging strategy [7]. - **Aluminum/Alumina**: A short - bullish call + put option combination is proposed, and a spot collar strategy is recommended for hedging [9]. - **Zinc/Lead**: A short - neutral call + put option combination is suggested, and a spot collar strategy is provided for hedging [9]. - **Nickel**: A short - bearish call + put option combination is recommended, and a spot long - hedging strategy is proposed [10]. - **Tin**: A short - volatility strategy is recommended, and a spot collar strategy is provided for hedging [10]. - **Lithium Carbonate**: A short - neutral call + put option combination is suggested, and a spot long - hedging strategy is proposed [11]. - **Precious Metals** - **Gold/Silver**: A short - neutral volatility option seller portfolio is recommended for gold, and corresponding strategies are also provided for silver based on market analysis [12]. - **Black Metals** - **Rebar**: A short - neutral call + put option combination is recommended, and a spot long - covered call strategy is proposed [13]. - **Iron Ore**: A bullish option bull - spread combination is recommended, along with a short - bullish call + put option combination and a spot long - collar strategy [13]. - **Ferroalloys**: A bullish option bull - spread combination and a short - volatility strategy are recommended for manganese silicon, and corresponding strategies are provided for industrial silicon and polysilicon [14]. - **Glass**: A short - volatility strategy is recommended, and a spot long - collar strategy is proposed [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, and others. Strategies mainly involve constructing option combination strategies dominated by sellers and spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Different energy - chemical option varieties have different performance in terms of latest price, price change, price change rate, trading volume, volume change, open interest, and open interest change. For example, the latest price of crude oil (SC2509) is 528, with a price increase of 13 and a change rate of 2.49% [4]. 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators are used to describe the strength of option underlying asset market conditions and turning points. For instance, the open interest PCR of crude oil is 0.56, with a change of 0.07 [5]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of option underlying assets can be observed from 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 500 [6]. 3.4 Option Factors - Implied Volatility - Implied volatility includes at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of crude oil is 30.8, and the weighted implied volatility is 34.57 with a change of - 0.35 [7]. 3.5 Option Strategies and Recommendations 3.5.1 Energy - related Options (Crude Oil, LPG) - **Crude Oil**: Fundamentally, UAE port transfers are rising, but Russian shipments are tight. The market is short - term bearish. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy [8]. - **LPG**: Fundamentally, the supply is abundant, and the demand is in the off - season. The market is short - term bearish. Option strategies include constructing a bearish call + put option combination strategy and a long collar strategy [10]. 3.5.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Fundamentally, port and enterprise inventories are decreasing. The market is weak with pressure. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy [10]. - **Ethylene Glycol**: Fundamentally, polyester load is rising. The market is weakly bullish with pressure. Option strategies include constructing a short - volatility strategy and a long collar strategy [11]. 3.5.3 Polyolefin - related Options (Polypropylene, PVC, etc.) - **Polypropylene**: Fundamentally, PE and PP inventories have different trends. The market is weakly bearish with pressure. Option strategies include a long collar strategy [11]. 3.5.4 Rubber - related Options (Rubber, Synthetic Rubber) - **Rubber**: Fundamentally, social inventories are decreasing. The market is in a low - level consolidation. Option strategies include constructing a neutral call + put option combination strategy [12]. 3.5.5 Polyester - related Options (PX, PTA, etc.) - **PTA**: Fundamentally, the overall social inventory is increasing. The market is weakly bearish with pressure. Option strategies include constructing a neutral call + put option combination strategy [13]. 3.5.6 Alkali - related Options (Caustic Soda, Soda Ash) - **Caustic Soda**: Fundamentally, factory inventories are increasing. The market is in a high - level shock with pressure. Option strategies include a long collar strategy [14]. - **Soda Ash**: Fundamentally, inventories are accumulating at a high level. The market is in a significant decline with pressure. Option strategies include constructing a short - volatility combination strategy and a long collar strategy [14]. 3.5.7 Urea Options - Fundamentally, port inventories are increasing slightly, and enterprise inventories are decreasing. The market is in a shock under bearish pressure. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy [15].

Group 1: Overall Market Summary - Agricultural product options strategy morning report date is July 30, 2025 [1] - Oilseeds and oils agricultural products are in a strong - side oscillatory trend, while oils, agricultural by - products maintain an oscillatory market, soft commodity sugar has a slight oscillation, cotton's bullish rise has declined, and grains such as corn and starch are in a weak and narrow - range consolidation [2] - The strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] Group 2: Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various agricultural product option underlying futures contracts are presented, including soybeans, soybean meal, palm oil, etc. [3] Group 3: Option Factor - Volume and Open Interest PCR - The volume PCR, volume change, open interest PCR, and open interest change of various agricultural product options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Group 4: Option Factor - Pressure and Support Levels - The pressure points, support points, and the maximum open interests of call and put options of various agricultural product options are given, which are determined from the exercise prices of the maximum open interests of call and put options [5] Group 5: Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call implied volatility, put implied volatility, HISV20, and the difference between implied and historical volatility of various agricultural product options are presented [6] Group 6: Strategy and Recommendations for Different Agricultural Product Options Oilseeds and Oils Options - **Soybeans (Soybean 1 and Soybean 2)**: USDA July report adjusts the supply - demand balance of US soybeans in the 25/26 season, soybean 1 shows an oversold rebound pattern. Option 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**: The purchase volume of soybean meal in different months is provided, and the market shows a pattern of weak consolidation and then oversold rebound. Option strategies include 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**: Palm oil's export and production data affect the market, showing a bullish trend. Option strategies include constructing a bullish short call + put option combination strategy and a long collar strategy for spot hedging [10] - **Peanuts**: The peanut market has a weak consolidation pattern under bearish pressure. Option strategies include constructing a bearish spread strategy of put options and a long collar strategy for spot hedging [11] Agricultural By - product Options - **Pigs**: The pig price shows a weak upward trend under bearish pressure. Option strategies include constructing a bearish short call + put option combination strategy and a covered call strategy for spot hedging [11] - **Eggs**: The egg price is in a weak consolidation pattern. Option strategies include constructing a bearish spread strategy of put options, a bearish short call + put option combination strategy [12] - **Apples**: The apple market shows a pattern of weak bearishness gradually rebounding. Option strategies include constructing a neutral short call + put option combination strategy [12] - **Red Dates**: The red date market has a pattern of rebound and then decline. Option strategies include constructing a bearish wide - straddle option combination strategy and a covered call strategy for spot hedging [13] Soft Commodity Options - **Sugar**: The sugar market shows an oversold rebound pattern. Option strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13] - **Cotton**: The cotton market shows a pattern of low - level rebound and then slight oscillation. Option strategies include constructing a bullish spread strategy of call options, a bullish short call + put option combination strategy, and a covered call strategy for spot hedging [14] Grain Options - **Corn and Starch**: The corn market shows a weak bearish pattern. Option strategies include constructing a bearish spread strategy of put options and a bearish short call + put option combination strategy [14] Group 7: Option Charts - Charts of various agricultural product options are presented, including price trend charts, volume and open interest charts, open interest - PCR charts, implied volatility charts, historical volatility cone charts, etc., for different agricultural products such as soybeans, soybean meal, palm oil, etc. [16][33][50]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Strategies are provided for selected metal options in each sector, including directional, volatility, and spot hedging strategies [8]. - For non - ferrous metals, copper shows a high - level consolidation trend, and a short - volatility seller option portfolio strategy is recommended; aluminum shows a long - biased high - level shock, and a bull - spread call option strategy and a short - option combination strategy are recommended; zinc shows a short - term long - biased shock, and similar strategies to aluminum are recommended; nickel shows a wide - range shock with short - side pressure, and a short - option combination strategy with a short delta is recommended; tin shows a short - term weak shock, and a short - volatility strategy is recommended; lithium carbonate shows a large - amplitude fluctuation, and a short - option combination strategy with a neutral delta is recommended [7][9][10][11]. - For precious metals, gold shows a short - term weak shock, and a short - volatility option seller combination strategy with a neutral delta is recommended; silver shows a long - biased shock, and a short - option combination strategy with a long delta is recommended [12]. - For black metals, rebar shows an upward shock with pressure, and a short - option combination strategy with a neutral delta and a covered call strategy are recommended; iron ore shows a long - biased shock, and a bull - spread call option strategy and a short - option combination strategy with a long delta are recommended; ferroalloys (manganese silicon and silicon iron) show a long - biased trend, and bull - spread call option strategies and short - volatility strategies are recommended; industrial silicon and polysilicon show a rebound and upward trend with large fluctuations, and short - volatility strategies are recommended; glass shows a rebound after a large decline, and a short - volatility strategy and a long - collar strategy are recommended [13][14][15]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2509) is 79,090, with a price increase of 110 and a trading volume of 6.54 million lots [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 market. For example, the volume PCR of copper is 0.63, and the open interest PCR is 0.72 [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of various 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 is 82,000, and the support level is 75,000 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility data of various metal options 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 copper is 10.76% [6]. 3.5 Strategy and Recommendations - **Non - ferrous Metals**: - **Copper**: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7]. - **Aluminum/Alumina**: Use a bull - spread call option strategy, a short - option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead**: Adopt a bull - spread call option strategy, a short - option combination strategy, and a spot collar strategy [9]. - **Nickel**: Implement a short - option combination strategy with a short delta and a spot long - hedging strategy [10]. - **Tin**: Apply a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Use a short - option combination strategy with a neutral delta and a spot long - hedging strategy [11]. - **Precious Metals**: - **Gold**: Build a short - volatility option seller combination strategy with a neutral delta and a spot hedging strategy [12]. - **Silver**: Use a short - option combination strategy with a long delta and a spot collar strategy [12]. - **Black Metals**: - **Rebar**: Implement a short - option combination strategy with a neutral delta and a covered call strategy [13]. - **Iron Ore**: Adopt a bull - spread call option strategy, a short - option combination strategy with a long delta, and a spot collar strategy [13]. - **Ferroalloys**: Use bull - spread call option strategies and short - volatility strategies [14]. - **Industrial Silicon/Polysilicon**: Apply short - volatility strategies and spot hedging strategies [14]. - **Glass**: Implement a short - volatility strategy and a long - collar strategy [15].