1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseed and oil - related agricultural products are in a weak and volatile state, while fats, agricultural by - products maintain a volatile market. Soft commodities like sugar have a slight fluctuation, cotton is in a weak consolidation, and grains such as corn and starch are in a weak and narrow - range consolidation. It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price movements. For example, the latest price of soybean No.1 (A2601) is 4,148, down 29 (- 0.69%); palm oil (P2601) is 8,846, up 158 (1.82%). There are also differences in trading volume and open interest changes among different varieties [3] 3.2 Option Factor - Quantity and Position PCR - The PCR indicators of different agricultural product options vary. For instance, the trading volume PCR of soybean No.1 is 0.33 (down 0.08), and the open interest PCR is 1.08 (unchanged). These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of different agricultural product options are determined. For example, the pressure level of soybean No.1 is 4200 and the support level is 4050 [5] 3.4 Option Factor - 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 is 11.745, and the weighted implied volatility is 13.39 (up 0.31). The implied - historical volatility difference is - 0.39 [6] 3.5 Strategies and Recommendations for Different Options 3.5.1 Oilseed and Oil Options - **Soybean No.1**: Fundamentally, the CNF premium of Brazilian soybeans in February 2026 has a slight weekly decline, and the planting progress is slow. The option implied volatility is below the historical average, and the open interest PCR is below 0.70. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [7] - **Soybean Meal**: The daily average trading volume and delivery volume of soybean meal in mainstream oil mills have changed. The option implied volatility is below the historical average, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9] - **Palm Oil**: The spot basis of oils has a slight increase, and the total inventory is decreasing. The option implied volatility is below the historical average, and the open interest PCR is above 1.00. It is recommended to construct a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9] - **Peanut**: The price of peanut oil is stable. The option implied volatility is at a relatively high historical level, and the open interest PCR is below 0.60. It is recommended to use a long - collar strategy for spot hedging [10] 3.5.2 Agricultural By - product Options - **Pig**: The spot price of pigs has decreased. The option implied volatility is above the historical average, and the open interest PCR is below 0.50. It is recommended to construct a short - biased short - call + short - put option combination strategy and a covered call strategy for spot [10] - **Egg**: The inventory of laying hens has changed. The option implied volatility is at a relatively high level, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy [11] - **Apple**: The apple storage is less than the same period in previous years. The option implied volatility is above the historical average, and the open interest PCR is above 0.90. It is recommended to construct a long - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [11] - **Jujube**: The acquisition price of jujube has changed. The option implied volatility has rapidly risen above the historical average, and the open interest PCR is below 0.50. It is recommended to construct a short - biased short - strangle option combination strategy and a covered call strategy for spot hedging [12] 3.5.3 Soft Commodity Options - **Sugar**: The sugar production in the central - southern region of Brazil has increased, and India has allowed sugar exports. The option implied volatility is at a relatively low historical level, and the open interest PCR is around 0.60. It is recommended to construct a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [12] - **Cotton**: The progress of cotton picking, delivery, and processing has changed. The option implied volatility is at a relatively low level, and the open interest PCR is below 1.00. It is recommended to construct a short - biased short - call + short - put option combination strategy and a covered call strategy for spot [13] 3.5.4 Grain Options - **Corn**: The average price of corn has increased. The option implied volatility is at a relatively low historical level, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy [13]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For non - ferrous metals, a seller neutral volatility strategy can be constructed as they are trending upwards; for black metals, a short - volatility portfolio strategy is suitable due to their large - amplitude fluctuations; for precious metals, a bull spread portfolio strategy can be built as they are rebounding [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2601) is 85,930, with a price increase of 10 and a trading volume of 7.33 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR 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 underlying market respectively. For instance, the volume PCR of copper options is 0.90, with a change of - 0.06 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and the maximum open interest of call and put options for each metal option are given. For example, the pressure point of copper options is 90,000, and the support point is 84,000 [5] 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, and other implied volatility indicators of each metal option are presented, along with their changes and the differences between implied and historical volatilities. For example, the at - the - money implied volatility of copper options is 13.36% [6] 3.5 Strategy and Recommendations Non - ferrous Metals - Copper: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy, and the underlying shows a high - level consolidation and rebound trend [7] - Aluminum: Construct a bull spread portfolio strategy, a sell - biased long call + put option combination strategy, and a spot collar strategy, and the underlying shows a bullish high - level consolidation trend [9] - Zinc: Build a sell - neutral call + put option combination strategy and a spot collar strategy, and the underlying shows a warming - up trend with resistance [9] - Nickel: Construct a sell - bearish call + put option combination strategy and a spot covered strategy, and the underlying shows a bearish consolidation trend [10] - Tin: Build a short - volatility strategy and a spot collar strategy, and the underlying shows a short - term high - level consolidation trend [10] - Lithium Carbonate: Construct a bull spread portfolio strategy, a sell - bullish call + put option combination strategy, and a spot long - hedging strategy, and the underlying shows a recent bullish trend [11] Precious Metals - Gold: Build a neutral short - volatility option seller portfolio strategy and a spot hedging strategy, and the underlying shows a bullish trend with high - level consolidation [12] Black Metals - Rebar: Build a sell - bearish call + put option combination strategy and a spot covered strategy, and the underlying shows a bearish trend with resistance [13] - Iron Ore: Build a sell - bearish call + put option combination strategy and a spot long - collar strategy, and the underlying shows a bearish consolidation trend [13] - Ferroalloys (Manganese Silicon and Industrial Silicon): Build short - volatility strategies and corresponding spot hedging strategies, and the underlying shows a bearish trend with resistance [14] - Glass: Build a bear spread portfolio strategy, a short - volatility sell call + put option combination strategy, and a spot long - collar strategy, and the underlying shows a bearish trend with resistance [15]

Group 1: Report Overview - Report date: November 18, 2025 [1] - Report type: Metal options strategy morning report - Research team members: Lu Pinxian, Huang Kehan, Li Renjun [2] Group 2: Investment Ratings - No investment ratings are provided in the report Group 3: Core Views - Construct a seller neutral volatility strategy for non - ferrous metals as they tend to move upwards [2] - Build a short - volatility portfolio strategy for the black series due to their large - amplitude fluctuations [2] - Create a bull spread portfolio strategy for precious metals as they rebound and rise [2] Group 4: Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, such as copper (CU2512), aluminum (AL2512), etc. [3] Group 5: Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of different metal options are analyzed, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Group 6: Option Factor - Pressure and Support Levels - The pressure and support levels of different metal options are determined from the strike prices of the maximum open interest of call and put options [5] Group 7: Option Factor - Implied Volatility - The implied volatility data of different metal options, including at - the - money implied volatility, weighted implied volatility, etc., are provided [6] Group 8: Option Strategies and Recommendations Non - Ferrous Metals - **Copper**: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - **Aluminum**: Construct a call option bull spread strategy, a short - volatility option combination strategy, and a spot collar strategy [9] - **Zinc**: Build a short - volatility option combination strategy and a spot collar strategy [9] - **Nickel**: Construct a short - volatility option combination strategy with a short position and a spot covered - call strategy [10] - **Tin**: Build a short - volatility strategy and a spot collar strategy [10] - **Lithium carbonate**: Construct a call option bull spread strategy, a short - volatility option combination strategy with a long position, and a spot long - hedging strategy [11] Precious Metals - **Gold**: Build a short - volatility option seller combination strategy and a spot hedging strategy [12] Black Series - **Rebar**: Build a short - volatility option combination strategy with a short position and a spot long - covered - call strategy [13] - **Iron ore**: Build a short - volatility option combination strategy with a short position and a spot long - collar strategy [13] - **Ferroalloys**: Build a short - volatility strategy for manganese silicon [14] - **Industrial silicon**: Build a short - volatility option combination strategy and a spot hedging strategy [14] - **Glass**: Build a short - volatility option combination strategy and a spot long - collar strategy [15] Group 9: Option Charts - Option charts of various metals, including price trends, volume and open interest distributions, PCR trends, implied volatility trends, historical volatility cones, etc., are presented [16][38][56]

1. Report Industry Investment Rating - No relevant content 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 combination strategies mainly as sellers and spot hedging or covered strategies to enhance returns [2][8] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil SC2601 is 462, with a price increase of 1 and a price change rate of 0.24% [3] 3.2 Option Factors - Volume and Open Interest PCR - The report provides the volume and open interest PCR data of various energy - chemical options, which are used to describe the strength of the option underlying market and whether the underlying market has a turning point. For example, the open interest PCR of crude oil options is 0.80, indicating a relatively weak recent crude oil market [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the exercise prices with the largest open interest of call and put options, the report determines the pressure and support levels of various energy - chemical option underlying assets. For example, the pressure level of crude oil is 540 and the support level is 460 [5] 3.4 Option Factors - Implied Volatility - The report shows the implied volatility data of various energy - chemical options, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of crude oil options is 24.12%, and the weighted implied volatility is 26.46% with a change of - 0.17% [6] 3.5 Strategy and Recommendations 3.5.1 Energy - related Options - **Crude Oil**: - **Fundamentals**: US crude oil inventories showed different trends, with an overall increase in total, strategic, and commercial inventories, and a decrease in Cushing area inventories. - **Market Analysis**: The price showed a complex trend of rise and fall from August to November. - **Option Factors**: Implied volatility fluctuated above the average, open interest PCR was below 0.80, indicating a weak market, and the pressure and support levels were 540 and 460 respectively. - **Strategies**: Construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7] - **LPG**: - **Fundamentals**: The LPG market was relatively strong, with a rebound in the external market and a marginal tightening of the domestic fundamental situation. - **Market Analysis**: The price showed a trend of decline, rebound, and then consolidation from August to November. - **Option Factors**: Implied volatility dropped significantly to below the average, open interest PCR was around 0.80, indicating a weak market, and the pressure and support levels were 4500 and 4250 respectively. - **Strategies**: Construct a neutral - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] 3.5.2 Alcohol - related Options - **Methanol**: - **Fundamentals**: Supply was expected to increase, and inventory might accumulate slightly. - **Market Analysis**: The price showed a weak downward trend from August to November. - **Option Factors**: Implied volatility fluctuated around the historical average, open interest PCR was below 0.80, indicating a weak and volatile market, and the pressure and support levels were 2500 and 2000 respectively. - **Strategies**: Construct a bear spread strategy for direction, a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] - **Ethylene Glycol**: - **Fundamentals**: Production increased slightly, and port inventory increased significantly. - **Market Analysis**: The price showed a weak downward trend from August to November. - **Option Factors**: Implied volatility fluctuated below the average, open interest PCR was around 0.70, indicating strong short - side power, and the pressure and support levels were 4500 and 4050 respectively. - **Strategies**: Construct a bear spread strategy for direction, a short - volatility strategy for volatility, and a long collar strategy for spot hedging [10] 3.5.3 Polyolefin - related Options - **Polypropylene**: - **Fundamentals**: Production increased, and capacity utilization rose. - **Market Analysis**: The price showed a weak downward trend from August to November. - **Option Factors**: Implied volatility dropped to around the average, open interest PCR was around 0.70, indicating a weak market, and the pressure and support levels were 7000 and 6300 respectively. - **Strategies**: Construct a bear spread strategy for direction, and a long collar strategy for spot hedging [10] 3.5.4 Rubber - related Options - **Rubber**: - **Fundamentals**: Tire production capacity utilization showed different trends, and inventory turnover days changed. - **Market Analysis**: The price showed a weak consolidation trend from August to November. - **Option Factors**: Implied volatility rose sharply and then dropped to below the average, open interest PCR was below 0.60, and the pressure and support levels were 16000 and 15000 respectively. - **Strategies**: Construct a short - biased call + put option combination strategy for volatility [11] 3.5.5 Polyester - related Options - **PTA**: - **Fundamentals**: Some PTA plants had production adjustments, and the operating rate changed. - **Market Analysis**: The price showed a trend of decline, rebound, and then consolidation from August to November. - **Option Factors**: Implied volatility fluctuated above the average, open interest PCR was around 0.70, indicating a volatile market, and the pressure and support levels were 4700 and 4300 respectively. - **Strategies**: Construct a neutral - biased call + put option combination strategy for volatility [11] 3.5.6 Alkali - related Options - **Caustic Soda**: - **Fundamentals**: The average capacity utilization rate of caustic soda plants decreased slightly, with different trends in different regions. - **Market Analysis**: The price showed a weak downward trend from August to November. - **Option Factors**: Implied volatility was at a relatively high level, open interest PCR was below 0.80, indicating a weak and volatile market, and the pressure and support levels were 3000 and 2200 respectively. - **Strategies**: Construct a bear spread strategy for direction, and a long collar strategy for spot hedging [12] - **Soda Ash**: - **Fundamentals**: The inventory of soda ash manufacturers increased year - on - year. - **Market Analysis**: The price showed a weak consolidation trend from August to November. - **Option Factors**: Implied volatility was at a relatively high historical level, open interest PCR was below 0.60, indicating strong short - side pressure, and the pressure and support levels were 1860 and 1100 respectively. - **Strategies**: Construct a bear spread strategy for direction, a short - volatility combination strategy for volatility, and a long collar strategy for spot hedging [12] 3.5.7 Other Options - **Urea**: - **Fundamentals**: Enterprise inventory decreased, and port inventory increased. - **Market Analysis**: The price showed a trend of wide - range fluctuation, decline, and then rebound from August to November. - **Option Factors**: Implied volatility fluctuated slightly around the historical average, open interest PCR was below 0.60, indicating strong short - side pressure, and the pressure and support levels were 1800 and 1600 respectively. - **Strategies**: Construct a neutral - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [13]

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The agricultural products options market shows a complex situation, with different product sectors presenting diverse trends. Oilseeds and oils, as well as agricultural by - products, are in a weak and volatile state, while soft commodities like sugar are slightly volatile, and cotton is in a weak consolidation phase. Grains such as corn and starch are in a narrow - range weak consolidation. The overall strategy is to construct option portfolio strategies mainly for sellers and spot hedging or covered strategies to enhance returns [2]. Summary According to Related Catalogs 1. Futures Market Overview - Multiple agricultural product futures show different price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2601) is 4,202 with a 0.36% increase, trading volume of 15.07 million lots (a decrease of 10.20 million lots), and open interest of 27.88 million lots (a decrease of 0.87 million lots). The price of soybean No.2 (B2601) is 3,781 with a 0.48% increase, trading volume of 14.61 million lots (an increase of 2.14 million lots), and open interest of 14.53 million lots (a decrease of 1.06 million lots) [3]. 2. Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes. For instance, the volume PCR of soybean No.1 is 0.41 (an increase of 0.06), and the open interest PCR is 1.08 (an increase of 0.01). The volume PCR of soybean No.2 is 0.78 (an increase of 0.30), and the open interest PCR is 0.82 (a decrease of 0.13) [4]. 3. Option Factors - Pressure and Support Levels - From the perspective of option factors, different option varieties have corresponding pressure and support levels. For example, the pressure level of soybean No.1 is 4,200, and the support level is 4,050. The pressure level of soybean No.2 is 3,800, and the support level is 3,650 [5]. 4. Option Factors - Implied Volatility - Different option varieties have different implied volatility values and their changes. For example, the at - the - money implied volatility of soybean No.1 is 11.68%, the weighted implied volatility is 13.08% (a decrease of 1.01%), and the historical average is 13.01%. The at - the - money implied volatility of soybean No.2 is 12.56%, the weighted implied volatility is 13.95% (a decrease of 2.69%), and the historical average is 14.91% [6]. 5. Strategy and Recommendations 5.1 Oilseeds and Oils Options - **Soybean No.1**: Fundamentally, the CNF premium of Brazilian soybeans in February 2026 decreased slightly week - on - week, the import cost increased, and the planting progress was slow. The option implied volatility is below the historical average, the open interest PCR is below 0.70, and the pressure and support levels are 4,200 and 3,900 respectively. The recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: Fundamentally, the average daily trading volume and提货 volume increased, the basis decreased, and the inventory decreased week - on - week but increased year - on - year. The option implied volatility is below the historical average, the open interest PCR is below 0.60, and the pressure and support levels are 2,950 and 2,800 respectively. The recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil**: Fundamentally, the spot basis of oils increased slightly, and the total inventory continued to decline. The option implied volatility is below the historical average, the open interest PCR is above 1.00, and the pressure and support levels are 9,500 and 9,000 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Peanut**: Fundamentally, the price of peanut oil remained stable, and the price of peanuts was affected by factors such as farmers' reluctance to sell. The option implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, and the pressure and support levels are 8,000 and 7,700 respectively. The recommended strategy is a long collar strategy for spot hedging [10]. 5.2 Agricultural By - products Options - **Pig**: Fundamentally, the spot price of pigs decreased, the second - fattening volume decreased significantly, and the slaughter volume did not improve significantly. The option implied volatility is above the historical average, the open interest PCR is below 0.50, and the pressure and support levels are 14,000 and 11,000 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [10]. - **Egg**: Fundamentally, the inventory of laying hens in October decreased slightly month - on - month and increased year - on - year, and the estimated inventory in November increased slightly. The option implied volatility is at a relatively high level, the open interest PCR is below 0.60, and the pressure and support levels are 4,000 and 2,800 respectively. The recommended strategy is to construct a neutral short call + put option combination strategy [11]. - **Apple**: Fundamentally, the apple storage is coming to an end, the inventory is lower than in previous years, and the price in cold storage may be higher. The option implied volatility is above the historical average, the open interest PCR is above 0.90, and the pressure and support levels are 10,000 and 8,000 respectively. The recommended strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: Fundamentally, the acquisition price in different regions of jujubes has changed, and the acquisition progress has accelerated. The option implied volatility has risen rapidly to above the historical average, the open interest PCR is below 0.50, and the pressure and support levels are 12,600 and 10,000 respectively. The recommended strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [12]. 5.3 Soft Commodities Options - **Sugar**: Fundamentally, the sugar production in the central - southern region of Brazil increased in the second half of October, and India allowed 1.5 million tons of sugar exports. The option implied volatility is at a relatively low historical level, the open interest PCR is around 0.60, and the pressure and support levels are 5,700 and 5,400 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: Fundamentally, the picking, delivery, and processing progress of new cotton is relatively fast, and the sales rate is 18.3%. The option implied volatility is at a relatively low level, the open interest PCR is below 1.00, and the pressure and support levels are 13,600 and 13,000 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [13]. 5.4 Grains Options - **Corn**: Fundamentally, the average price of corn in the country increased. The option implied volatility is at a relatively low historical level, the open interest PCR is below 0.60, and the pressure and support levels are 2,200 and 2,000 respectively. The recommended strategy is to construct a neutral short call + put option combination strategy [13].

1. Report Industry Investment Rating - Not available in the provided content 2. Core Viewpoints of the Report - Oilseeds and oils - related agricultural products are in a weak and volatile state; oils, agricultural by - products maintain a volatile market; soft commodity sugar shows a slight fluctuation, cotton is weakly consolidating, and grains such as corn and starch are in a weak and narrow - range consolidation. It is recommended to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] 3. Summary According to Relevant 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 agricultural product futures such as soybeans, soybean meal, palm oil, etc. are provided. For example, the latest price of soybean No.1 (A2601) is 4,196, with a price increase of 14 and a price change percentage of 0.33%; the trading volume is 252,700 lots, and the volume increases by 164,200 lots; the open interest is 287,500 lots, and the open interest increases by 41,500 lots [3] 3.2 Option Factors - Volume and Open - Interest PCR - The volume, volume change, open interest, open - interest change, volume PCR, volume PCR change, open - interest PCR, and open - interest PCR change of various agricultural product options are presented. For instance, the volume of soybean No.1 options is 139,420, the volume change is 111,699; the open interest is 93,750, the open - interest change is 6,070; the volume PCR is 0.35, with a change of - 0.10; the open - interest PCR is 1.07, with a change of - 0.12 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure points, pressure - point offsets, support points, support - point offsets, maximum call - option holdings, and maximum put - option holdings of various agricultural product options are given. For example, the pressure point of soybean No.1 options is 4,200 with an offset of 0, and the support point is 4,050 with an offset of 0 [5] 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied - volatility change, annual average implied volatility, call - option implied volatility, put - option implied volatility, 20 - day historical volatility, and the difference between implied and historical volatilities of various agricultural product options are shown. For example, the at - the - money implied volatility of soybean No.1 options is 13.18%, the weighted implied volatility is 14.09%, with a change of 1.94% [6] 3.5 Strategy and Suggestions - **Soybean No.1 Options**: The fundamental situation of soybeans is analyzed, including the CNF premium of Brazilian soybeans, import costs, and planting progress. The option implied volatility is below the historical average. The option open - interest PCR is below 0.70, indicating a weak market. Pressure and support levels are 4200 and 3900 respectively. Directional strategy: None; Volatility strategy: Construct a neutral - biased short call + put option combination strategy; Spot long - hedging strategy: Construct a long - collar strategy [7] - **Soybean Meal Options**: The fundamental situation of soybean meal, such as trading volume,提货 volume, basis, and inventory, is analyzed. The option implied volatility is below the historical average. The option open - interest PCR is below 0.60, showing a weak market. Pressure and support levels are 2950 and 2800 respectively. Directional strategy: None; Volatility strategy: Construct a neutral - biased short call + put option combination strategy; Spot long - hedging strategy: Construct a long - collar strategy [9] - **Palm Oil Options**: The fundamental situation of oils, including spot basis and inventory, is analyzed. The option implied volatility is below the historical average. The option open - interest PCR is above 1.00, indicating some support below. Pressure and support levels are 9500 and 9000 respectively. Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long - collar strategy [9] - **Peanut Options**: The fundamental situation of peanuts, such as market price and supply - demand relationship, is analyzed. The option implied volatility is at a relatively high historical level. The option open - interest PCR is below 0.60, indicating a weak and volatile market. Pressure and support levels are 8000 and 7700 respectively. Directional strategy: None; Volatility strategy: None; Spot long - hedging strategy: Hold a long spot position + buy a put option + sell an out - of - the - money call option [10] - **Live Pig Options**: The fundamental situation of live pigs, such as spot price and market supply - demand, is analyzed. The option implied volatility is above the historical average. The option open - interest PCR is below 0.50, indicating a weak market. Pressure and support levels are 14000 and 11000 respectively. Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot long - covered strategy: Hold a long spot position + sell an out - of - the - money call option [10] - **Egg Options**: The fundamental situation of eggs, such as laying - hen inventory, is analyzed. The option implied volatility is at a relatively high level. The option open - interest PCR is below 0.60. Pressure and support levels are 4000 and 2800 respectively. Directional strategy: None; Volatility strategy: Construct a neutral - biased short call + put option combination strategy; Spot hedging strategy: None [11] - **Apple Options**: The fundamental situation of apples, such as inventory and price, is analyzed. The option implied volatility is above the historical average. The option open - interest PCR is above 0.90, indicating strong support below. Pressure and support levels are 10000 and 8000 respectively. Directional strategy: None; Volatility strategy: Construct a long - biased short call + put option combination strategy; Spot hedging strategy: Construct a long - collar strategy [11] - **Jujube Options**: The fundamental situation of jujubes, such as market price and acquisition progress, is analyzed. The option implied volatility rapidly rises above the historical average. The option open - interest PCR is below 0.50. Pressure and support levels are 12600 and 10000 respectively. Directional strategy: None; Volatility strategy: Construct a short - biased wide - straddle option combination strategy; Spot covered - hedging strategy: Hold a long spot position + sell an out - of - the - money call option [12] - **Sugar Options**: The fundamental situation of sugar, such as production in Brazil and India's export policy, is analyzed. The option implied volatility is at a relatively low historical level. The option open - interest PCR is around 0.60, indicating a range - bound market. Pressure and support levels are 5700 and 5400 respectively. Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long - collar strategy [12] - **Cotton Options**: The fundamental situation of cotton, such as picking, delivery, and processing progress, is analyzed. The option implied volatility is at a relatively low level. The option open - interest PCR is below 1.00, indicating a weak market. Pressure and support levels are 13600 and 13000 respectively. Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot covered strategy: Hold a long spot position + buy a put option + sell an out - of - the - money call option [13] - **Corn Options**: The fundamental situation of corn, such as price, is analyzed. The option implied volatility is at a relatively low historical level. The option open - interest PCR is below 0.60, indicating a weak market. Pressure and support levels are 2200 and 2000 respectively. Directional strategy: None; Volatility strategy: Construct a neutral - biased short call + put option combination strategy; Spot long - hedging strategy: None [13]

Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated November 17, 2025 [1] - It covers various energy and chemical options, including energy, polyolefins, polyesters, alkali chemicals, and others [2] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various option underlying futures contracts [3] Group 3: Option Factor - Volume and Open Interest PCR - The volume and open interest PCR data of different option varieties are presented, which are used to describe the strength of the underlying option market and the turning point of the underlying market [4] Group 4: Option Factor - Pressure and Support Levels - The pressure and support levels of different option underlying contracts are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5] Group 5: Option Factor - Implied Volatility - The implied volatility data of different option varieties are provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] Group 6: Option Strategy Analysis for Each Variety Energy - related Options Crude Oil - Fundamental analysis shows changes in US crude oil inventories; the market has a complex price trend from August to November [7] - Option factor research indicates that the implied volatility is above the average, the open interest PCR is below 0.80, the pressure level is 540, and the support level is 460 [7] - Recommended strategies include a volatility strategy of selling call + put option combinations and a spot long - hedging strategy of a long collar [7] Liquefied Petroleum Gas (LPG) - The LPG market is relatively strong; the price trend shows a pattern of decline, rebound, and consolidation [9] - Option factor research shows that the implied volatility has dropped to below the average, the open interest PCR is around 0.80, the pressure level is 4500, and the support level is 4250 [9] - Recommended strategies include a volatility strategy of selling neutral call + put option combinations and a spot long - hedging strategy of a long collar [9] Alcohol - related Options Methanol - Supply may increase, and the price trend is weak; the market is under pressure [9] - Option factor research shows that the implied volatility is around the historical average, the open interest PCR is below 0.80, the pressure level is 2500, and the support level is 2000 [9] - Recommended strategies include a directional strategy of a bear spread of put options, a volatility strategy of selling bearish call + put option combinations, and a spot long - hedging strategy of a long collar [9] Ethylene Glycol - Supply growth pressure exists; the price trend is weak [10] - Option factor research shows that the implied volatility is below the average, the open interest PCR is around 0.70, the pressure level is 4500, and the support level is 4050 [10] - Recommended strategies include a directional strategy of a bear spread of put options, a volatility strategy of shorting volatility, and a spot long - hedging strategy of buying put options and selling out - of - the - money call options [10] Polyolefin - related Options Polypropylene - Production has increased; the price trend is weak [10] - Option factor research shows that the implied volatility has dropped to around the average, the open interest PCR is around 0.70, the pressure level is 7000, and the support level is 6300 [10] - Recommended strategies include a directional strategy of a bear spread of put options and a spot long - hedging strategy of buying at - the - money put options and selling out - of - the - money call options [10] Rubber - related Options Rubber - Tire production capacity utilization and inventory turnover days show certain trends; the price trend is weak and consolidating [11] - Option factor research shows that the implied volatility has decreased to below the average, the open interest PCR is below 0.60, the pressure level is 16000, and the support level is 15000 [11] - Recommended strategies include a volatility strategy of selling bearish call + put option combinations [11] Polyester - related Options PTA - Device operation and load adjustment affect the market; the price trend shows a pattern of decline, rebound, and consolidation [11] - Option factor research shows that the implied volatility is above the average, the open interest PCR is around 0.70, the pressure level is 4700, and the support level is 4300 [11] - Recommended strategies include a volatility strategy of selling neutral call + put option combinations [11] Alkali - related Options Caustic Soda - Production capacity utilization varies by region; the price trend is weak and bearish [12] - Option factor research shows that the implied volatility is at a relatively high level, the open interest PCR is below 0.80, the pressure level is 3000, and the support level is 2200 [12] - Recommended strategies include a directional strategy of a bear spread and a spot long - hedging strategy of a long collar [12] Soda Ash - Inventory has increased year - on - year; the price trend is weak and consolidating [12] - Option factor research shows that the implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, the pressure level is 1860, and the support level is 1100 [12] - Recommended strategies include a directional strategy of a bear spread, a volatility strategy of shorting volatility, and a spot long - hedging strategy of a long collar [12] Other Options Urea - Enterprise inventory is decreasing, and port inventory is increasing; the price trend shows a pattern of low - level consolidation and rebound [13] - Option factor research shows that the implied volatility is around the historical average, the open interest PCR is below 0.60, the pressure level is 1800, and the support level is 1600 [13] - Recommended strategies include a volatility strategy of selling neutral call + put option combinations and a spot long - hedging strategy of buying at - the - money put options and selling out - of - the - money call options [13] Group 7: Option Charts - The report includes various option charts for different varieties, such as price trend charts, volume and open interest charts, open interest PCR and turnover PCR charts, implied volatility charts, and historical volatility cone charts [14][34][52]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different option strategies are recommended for selected varieties in each sector based on market analysis, option factor research, and specific investment goals [8]. - For non - ferrous metals, the overall market shows various trends such as upward, oscillatory, and downward. Option strategies are designed according to each metal's fundamentals, market trends, and option factors [7][9][10][11]. - Precious metals like gold and silver have their own market trends affected by factors such as government policies. Appropriate option strategies are proposed to deal with market fluctuations [12]. - Black metals, including steel products, iron ore, and alloys, also present different market conditions, and corresponding option strategies are provided [13][14][15]. 3. Summary by Related Catalogs 3.1 Market Overview of Underlying Futures - The latest prices, price changes, trading volumes, and open interest changes of various metal futures are presented. For example, copper (CU2512) is priced at 86,680, down 0.64%; aluminum (AL2512) is at 21,730, down 0.82%; and so on [3]. 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to analyze market trends and turning points. For instance, copper's volume PCR is 0.39 with a - 0.01 change, and open interest PCR is 0.79 with a - 0.02 change [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of each option variety are determined based on the strike prices of the maximum open interest of call and put options. For example, copper's pressure point is 90,000 and support point is 84,000 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility data, including at - the - money implied volatility, weighted implied volatility, and its changes, are provided for each option variety. For example, copper's at - the - money implied volatility is 14.86%, and weighted implied volatility is 18.88% with a 0.24 change [6]. 3.5 Option Strategies for Each Metal 3.5.1 Non - Ferrous Metals - **Copper**: Based on its fundamentals and market trends, a short - volatility option selling strategy and a spot long - hedging strategy are recommended. For example, construct a short - volatility option combination like S_CU2512P86000, S_CU2512P84000, S_CU2512C88000, S_CU2512C90000, and a spot long - hedging strategy with LONG_CU2512 + BUY_CU2512P84000 + SELL_CU2512C88000 [7]. - **Aluminum**: A bullish option bull - spread strategy, a short - option combination strategy, and a spot collar strategy are suggested. For example, use S_AL2512C21200, S_AL2512C21600 for the bull - spread strategy, and LONG_AL2512 + BUY_AL2512P21200 + SELL_AL2512C22000 for the spot collar strategy [9]. - **Zinc**: A short - option combination strategy with a neutral delta and a spot collar strategy are proposed. For example, construct S_ZN2512P22000, S_ZN2512P22200, S_ZN2512C22600, S_ZN2512C22800 for the short - option combination, and LONG_ZN2512 + BUY_ZN2512P22400 + SELL_ZN2512C22800 for the spot collar strategy [9]. - **Nickel**: A short - option combination strategy with a bearish delta and a spot covered - call strategy are recommended. For example, use S_NI2512P116000, S_NI2512P118000, S_NI2512C122000, S_NI2512C124000 for the short - option combination, and LONG_NI2512 + SELL_NI2512C122000 for the spot covered - call strategy [10]. - **Tin**: A short - volatility strategy and a spot collar strategy are suggested. For example, use S_SN2512P285000 and S_SN2512C300000 for the short - volatility strategy, and LONG_SN2512 + BUY_SN2512P290000 + SELL_SN2512C300000 for the spot collar strategy [10]. - **Lithium Carbonate**: A short - option combination strategy with a bullish delta and a spot long - hedging strategy are recommended. For example, construct S_LC2601P84000, S_LC2601P85000, S_LC2601C87000, S_LC2601C88000 for the short - option combination, and LONG_LC2601 + BUY_LC2601P86000 + SELL_LC2601C89000 for the spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Gold**: A short - volatility option selling strategy with a neutral delta and a spot hedging strategy are proposed. For example, use S_AU2512P944, S_AU2512P952, S_AU2512C968, S_AU2512C976 for the short - volatility option selling strategy, and LONG_AU2512 + BUY_AU2512P960 + SELL_AU2512C984 for the spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar**: A short - option combination strategy with a bearish delta and a spot covered - call strategy are recommended. For example, use S_RB2601P2950 and S_RB2601C3050 for the short - option combination, and LONG_RB2601 + SELL_RB2601C3100 for the spot covered - call strategy [13]. - **Iron Ore**: A short - option combination strategy with a neutral delta and a spot collar strategy are suggested. For example, construct S_I2601P750, S_I2601P760, S_I2601C760, S_I2601C770 for the short - option combination, and LONG_I2601 + BUY_I2601P760 + SELL_I2601C800 for the spot collar strategy [13]. - **Ferroalloys (Manganese Silicon and Silicon Iron)**: Short - volatility strategies are recommended for manganese silicon. For example, use S_SM2512P5700 and S_SM2512C5800 for the short - volatility strategy [14]. - **Industrial Silicon**: A short - option combination strategy with a neutral delta and a spot hedging strategy are proposed. For example, use S_SI2601P9100, S_SI2601P9200, S_SI2601C9200, S_SI2512C9300 for the short - option combination, and LONG_SI2601 + BUY_SI2601P9200 + SELL_SI2601C9600 for the spot hedging strategy [14]. - **Glass**: A short - volatility option selling strategy and a spot collar strategy are suggested. For example, use S_FG2601P1020 and S_FG2601C1060 for the short - volatility option selling strategy, and LONG_FG2601 + BUY_FG2601P1040 + SELL_FG2601C1100 for the spot collar strategy [15].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The energy and chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, option strategies and suggestions are provided for selected varieties. Each option variety's report includes analysis of the underlying asset's market, research on option factors, and option strategy recommendations [8]. 3. Summary by Relevant Contents 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interest, and open interest changes of various energy and chemical futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. For example, the latest price of crude oil (SC2601) is 455, with a price change of -3 and a change percentage of -0.61% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The report provides volume and open interest PCR data for different option varieties. The open interest PCR = put option open interest / call option open interest, which describes the strength of the option underlying asset's market; the volume PCR = put option trading volume / call option trading volume, which indicates whether the underlying asset's market is at a turning point [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each option variety are given, along with the corresponding strike prices, pressure point offsets, and support point offsets. For instance, the pressure point of crude oil (SC2601) is 540 with an offset of -50, and the support point is 460 with an offset of 0 [5]. 3.4 Option Factors - Implied Volatility - The report includes data on the at-the-money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call option implied volatility, put option implied volatility, historical 20-day volatility, and the difference between implied and historical volatility for each option variety [6]. 3.5 Strategy and Suggestions 3.5.1 Energy Options - **Crude Oil**: The fundamental situation shows that U.S. refinery demand has stabilized and rebounded, shale oil production has slightly increased, OPEC exports have increased, and European refinery demand is about to enter the peak season. The market has shown a complex price trend since August. Option factors indicate that the implied volatility is above the average, the open interest PCR is below 0.80, and the pressure and support levels are 540 and 460 respectively. Strategies include constructing a short call + put option combination for volatility, and a long collar strategy for spot hedging [7]. - **LPG**: The cost of crude oil is affected by supply and geopolitical issues. The LPG market has shown an oversold rebound and slight consolidation since August. Option factors show that the implied volatility has dropped to below the average, the open interest PCR is around 0.80, and the pressure and support levels are 4400 and 4200 respectively. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [9]. 3.5.2 Alcohol Options - **Methanol**: Port and enterprise inventories are at high levels and difficult to reduce significantly in the short term. The market has been weak since August. Option factors indicate that the implied volatility is around the historical average, the open interest PCR is below 0.80, and the pressure and support levels are 2500 and 2000 respectively. Strategies include constructing a bear spread with put options for direction, a short call + put option combination for volatility, and a long collar strategy for spot hedging [9]. - **Ethylene Glycol**: Port and downstream inventories are high, and domestic production and imports are expected to keep the port inventory in an accumulation cycle. The market has been weak. Option factors show that the implied volatility is below the average, the open interest PCR is around 0.70, and the pressure and support levels are 4500 and 4050 respectively. Strategies include constructing a bear spread with put options for direction, a short volatility strategy for volatility, and a long collar strategy for spot hedging [10]. 3.5.3 Polyolefin Options - **Polypropylene**: PE and PP inventories show different trends. The market has been weak. Option factors indicate that the implied volatility has dropped to around the average, the open interest PCR is around 0.70, and the pressure and support levels are 7000 and 6300 respectively. Strategies include constructing a bear spread with put options for direction, and a long collar strategy for spot hedging [10]. 3.5.4 Rubber Options - **Rubber**: Exchange rubber warehouse receipts are at a ten-year low, and there is an expectation of inventory accumulation. The market has been in a weak consolidation. Option factors show that the implied volatility has dropped to below the average after a sharp rise, the open interest PCR is below 0.60, and the pressure and support levels are 16000 and 14500 respectively. Strategies include constructing a short call + put option combination for volatility [11]. 3.5.5 Polyester Options - **PTA**: The overall social inventory of PTA is increasing, and new installations are expected to continue to increase inventory. The market has shown a rebound with pressure. Option factors indicate that the implied volatility is above the average, the open interest PCR is around 0.70, and the pressure and support levels are 4700 and 4300 respectively. Strategies include constructing a neutral short call + put option combination for volatility [11]. 3.5.6 Alkali Options - **Caustic Soda**: The capacity utilization rate of caustic soda enterprises has increased. The market has been weak. Option factors show that the implied volatility is at a relatively high level, the open interest PCR is below 0.80, and the pressure and support levels are 3000 and 2000 respectively. Strategies include constructing a bear spread for direction, and a long collar strategy for spot hedging [12]. - **Soda Ash**: The factory inventory of soda ash has increased. The market has been in a low-level weak consolidation. Option factors indicate that the implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, and the pressure and support levels are 1860 and 1100 respectively. Strategies include constructing a bear spread for direction, a short volatility combination for volatility, and a long collar strategy for spot hedging [12]. 3.5.7 Other Options - **Urea**: Enterprise inventory is at a high level, and port inventory is decreasing. The market has shown a low-level rebound. Option factors show that the implied volatility is around the historical average, the open interest PCR is below 0.60, and the pressure and support levels are 1800 and 1600 respectively. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [13].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks showed a market trend of high-level volatile upward movement [3]. - The implied volatility of financial options decreased but remained at a relatively high level of fluctuation [3]. - For ETF options, it is suitable to construct a bullish buyer strategy and a bull spread strategy for call options; for index options, it is suitable to construct a bullish seller strategy, a bull spread strategy for call options, and an arbitrage strategy between synthetic long futures with options and short futures [3]. 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 4,029.50, up 29.36 points or 0.73%, with a trading volume of 876.4 billion yuan, an increase of 35.9 billion yuan [4]. - The Shenzhen Component Index closed at 13,476.52, up 235.91 points or 1.78%, with a trading volume of 1,165.6 billion yuan, an increase of 61 billion yuan [4]. - The SSE 50 Index closed at 3,073.67, up 29.36 points or 0.96%, with a trading volume of 132.5 billion yuan, a decrease of 4.4 billion yuan [4]. - The CSI 300 Index closed at 4,702.07, up 56.17 points or 1.21%, with a trading volume of 510.1 billion yuan, an increase of 17.8 billion yuan [4]. - The CSI 500 Index closed at 7,355.29, up 112.04 points or 1.55%, with a trading volume of 339.6 billion yuan, an increase of 25.8 billion yuan [4]. - The CSI 1000 Index closed at 7,590.58, up 104.20 points or 1.39%, with a trading volume of 420.6 billion yuan, an increase of 30.1 billion yuan [4]. 3.2 Option Underlying ETF Market Overview - The SSE 50 ETF closed at 3.221, up 0.024 or 0.75%, with a trading volume of 5.0122 million shares, a decrease of 4.9569 million shares, and a trading amount of 1.609 billion yuan, a decrease of 0.16 billion yuan [5]. - The SSE 300 ETF closed at 4.812, up 0.047 or 0.99%, with a trading volume of 6.4596 million shares, an increase of 6.4072 million shares, and a trading amount of 3.096 billion yuan, an increase of 0.604 billion yuan [5]. - The SSE 500 ETF closed at 7.465, up 0.109 or 1.48%, with a trading volume of 1.8866 million shares, an increase of 1.8732 million shares, and a trading amount of 1.401 billion yuan, an increase of 0.415 billion yuan [5]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.469, up 0.020 or 1.38%, with a trading volume of 23.3899 million shares, an increase of 23.112 million shares, and a trading amount of 3.416 billion yuan, a decrease of 0.595 billion yuan [5]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.423, up 0.018 or 1.28%, with a trading volume of 6.6554 million shares, an increase of 6.5851 million shares, and a trading amount of 0.942 billion yuan, a decrease of 0.04 billion yuan [5]. - The Shenzhen 300 ETF closed at 4.964, up 0.052 or 1.06%, with a trading volume of 1.2066 million shares, an increase of 1.189 million shares, and a trading amount of 0.597 billion yuan, a decrease of 0.268 billion yuan [5]. - The Shenzhen 500 ETF closed at 2.982, up 0.045 or 1.53%, with a trading volume of 0.6084 million shares, an increase of 0.6023 million shares, and a trading amount of 0.018 billion yuan, an increase of 0.0004 billion yuan [5]. - The Shenzhen 100 ETF closed at 3.584, up 0.056 or 1.59%, with a trading volume of 0.7725 million shares, an increase of 0.7682 million shares, and a trading amount of 0.0274 billion yuan, an increase of 0.0125 billion yuan [5]. - The ChiNext ETF closed at 3.182, up 0.074 or 2.38%, with a trading volume of 16.0187 million shares, an increase of 15.9005 million shares, and a trading amount of 5.045 billion yuan, an increase of 1.397 billion yuan [5]. 3.3 Option Factor - Volume and Open Interest PCR - The volume PCR and open interest PCR of different option varieties showed different changes, which can be used to describe the strength of the option underlying market and the turning point of the underlying market [6][7]. 3.4 Option Factor - Pressure Points and Support Points - The pressure points and support points of different option varieties can be seen from the strike prices of the maximum open interest of call options and put options [8][10]. 3.5 Option Factor - Implied Volatility - The implied volatility of different option varieties showed different levels and changes, which can be used to measure the market's expectation of future price fluctuations [11][12]. 3.6 Strategy and Recommendations - The financial option sector is mainly divided into large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks. Different strategies are recommended for different sectors and option varieties [13]. - For example, for the SSE 50 ETF, it is recommended to construct a seller's bullish combination strategy and a spot long covered call strategy; for the SSE 300 ETF, it is recommended to construct a short volatility strategy and a spot long covered call strategy [14].