1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The agricultural product sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. Each sector has specific option strategies and suggestions based on the analysis of the underlying market, option factors, and option strategy recommendations [8]. - The overall market situation shows that oilseeds and oils are weakly volatile, oils are in a volatile range, agricultural by - products are volatile, soft commodity sugar has a slight fluctuation, cotton is weakly consolidating, and grains such as corn and starch are weakly and narrowly consolidating. The recommended strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2511) is 3,996 with a 0.18% increase, and its trading volume is 9.95 million lots with an increase of 1.45 million lots, and open interest is 20.61 million lots with an increase of 0.91 million lots [3]. 3.2 Option Factor - Quantity and Open Interest PCR - Different option varieties have different quantity and open interest PCR values and their changes, which can be used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the quantity PCR of soybean No.1 is 0.62 with a 0.18 change, and the open interest PCR is 0.41 with a 0.04 change [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 option underlyings are analyzed. For example, the pressure level of soybean No.1 is 4500 and the support level is 3900 [5]. 3.4 Option Factor - Implied Volatility - Different option varieties have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, and their changes compared with the annual average. For example, the weighted implied volatility of soybean No.1 is 13.87% with a 0.28% change, and the annual average is 14.30% [6]. 3.5 Option Strategies and Suggestions 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: In terms of fundamentals, the US soybean good - rate is 68%, and the Brazilian soybean CNF premium and import cost have corresponding changes. The market shows a weak - volatile pattern. Option strategies include constructing a neutral call + put option combination for selling, and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The domestic soybean crushing volume and operating rate have specific data. The market shows a pattern of weak consolidation and then a rebound. Option strategies include constructing a neutral call + put option combination for selling and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals show that the domestic oil inventory is sufficient. The palm oil market shows a bullish pattern with a pull - back. Option strategies include constructing a bullish spread combination for call options, a bullish - biased call + put option combination for selling, and a long collar strategy for spot hedging [10]. - **Peanuts**: The price of peanut kernels has decreased. The market shows a pattern of weak consolidation under bearish pressure. Option strategies include constructing a bearish spread combination for put options and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pigs**: The fundamentals show that the demand is average, and the slaughter volume is large. The market shows a pattern of weak consolidation under bearish pressure. Option strategies include constructing a bearish - biased call + put option combination for selling and a covered call strategy for spot [11]. - **Eggs**: The inventory of laying hens is higher than expected. The market shows a bearish pattern. Option strategies include constructing a bearish spread combination for put options, a bearish - biased call + put option combination for selling [12]. - **Apples**: The inventory of cold - stored apples is at a low level. The market shows a pattern of continuous recovery. Option strategies include constructing a neutral call + put option combination for selling [12]. - **Red Dates**: The inventory of red dates has decreased. The market shows a pattern of short - term pull - back. Option strategies include constructing a wide - straddle option combination for selling and a covered call strategy for spot hedging [13]. 3.5.3 Soft Commodity Options - **Sugar**: The domestic sugar price is volatile. The market shows a bearish pattern. Option strategies include constructing a bearish - biased call + put option combination for selling and a long collar strategy for spot hedging [13]. - **Cotton**: The opening rates of spinning and weaving factories and the commercial inventory of cotton have specific data. The market shows a short - term weak pattern. Option strategies include constructing a bullish - biased call + put option combination for selling and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn and Starch**: The import of corn is regularly auctioned, and the domestic corn price is falling. The market shows a bearish pattern. Option strategies include constructing a bearish spread combination for put options, a bearish - biased call + put option combination for selling [14].

Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated August 22, 2025 [2] - The energy and chemical options covered include energy (crude oil, LPG), polyolefins (polypropylene, PVC, plastic, styrene), polyesters (paraxylene, PTA, staple fiber, bottle chips), alkali chemicals (caustic soda, soda ash), and others (rubber) [3] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered call strategies to enhance returns [3] 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 [4] Group 3: Option Factor - Volume and Open Interest PCR - The report presents the volume and open interest PCR data of different option varieties, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5] Group 4: Option Factor - Pressure and Support Levels - The report shows the pressure and support levels of different option varieties, determined by the strike prices with the largest open interest of call and put options [6] Group 5: Option Factor - Implied Volatility - The report provides the implied volatility data of different option varieties, including at - the - money implied volatility and weighted implied volatility [7] Group 6: Strategy and Recommendations for Different Option Types Energy - related Options - **Crude Oil**: OPEC + will increase supply by 550,000 barrels per day in September, and Russia will cut production. The market shows short - term upward resistance. Implied volatility is around the mean, and the open interest PCR indicates a weak - oscillating market. Recommended strategies include selling a neutral call + put option combination and constructing a long collar strategy for spot hedging [8] - **LPG**: Supply is abundant, and demand has little change. The market is short - term bearish. Implied volatility has dropped to near the mean, and the open interest PCR indicates strong bearish power. Recommended strategies include selling a bearish call + put option combination and constructing a long collar strategy for spot hedging [10] Alcohol - related Options - **Methanol**: Port and enterprise inventories are rising, and the market is weak. Implied volatility is below the mean, and the open interest PCR indicates a weak - oscillating market. Recommended strategies include selling a bearish call + put option combination and constructing a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory is expected to accumulate, and the market is in a wide - range weak oscillation. Implied volatility is below the mean, and the open interest PCR indicates an oscillating market. Recommended strategies include shorting volatility and constructing a long collar strategy for spot hedging [11] Polyolefin - related Options - **Polypropylene**: PE and PP inventories show different trends. The market is weak. Implied volatility is below the mean, and the open interest PCR indicates a weakening market. Recommended strategies include a long collar strategy for spot hedging [11] Rubber - related Options - **Rubber**: Tire production shows different trends. The market is short - term weak. Implied volatility is near the mean, and the open interest PCR indicates a weak market. Recommended strategies include selling a neutral call + put option combination [12] Polyester - related Options - **PTA**: Social inventory is rising, and the market is in a weak consolidation. Implied volatility is above the mean, and the open interest PCR indicates a weakening market. Recommended strategies include selling a neutral call + put option combination [13] Alkali - related Options - **Caustic Soda**: Capacity utilization has changed, and the market is in a short - term upward trend. Implied volatility is high, and the open interest PCR indicates strong bullish power. Recommended strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: Factory and social inventories are rising, and the market is in a weak consolidation. Implied volatility is high, and the open interest PCR indicates strong bearish power. Recommended strategies include shorting volatility and constructing a long collar strategy for spot hedging [14] Other Options - **Urea**: Inventory is at a high level, and the market is in a low - level oscillation. Implied volatility is near the historical mean, and the open interest PCR indicates strong bearish power. Recommended strategies include selling a bearish call + put option combination and constructing a long collar strategy for spot hedging [15] Group 7: Option Charts - The report includes price charts, volume and open interest charts, open interest distribution charts, PCR charts, implied volatility charts, and historical volatility cone charts for various option varieties such as crude oil, LPG, methanol, etc. [17][35][54]

Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated August 21, 2025 [2] - It covers various energy and chemical option varieties, including energy, polyolefins, polyesters, alkali chemicals, and others [3] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered call strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of multiple energy and chemical futures contracts [4] Group 3: Option Factors - 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 option underlying market and the turning points of the underlying market [5] Group 4: Option Factors - Pressure and Support Levels - The pressure and support levels of option underlying assets are analyzed based on the strike prices with the largest open interest of call and put options [6] Group 5: Option Factors - 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 [7] Group 6: Option Strategies and Recommendations Energy Options - **Crude Oil**: The fundamental analysis shows that OPEC+ will increase supply in September, and Russia will cut production. The market is in a short - term recovery with resistance. Option strategies include constructing a neutral call + put option selling strategy and a long collar strategy for spot hedging [8] - **LPG**: The supply is abundant, and the market is short - term bearish. Option strategies include constructing a bearish call + put option selling strategy and a long collar strategy for spot hedging [10] Alcohol Options - **Methanol**: The port inventory is increasing, and the market is weak. Option strategies include constructing a bearish call + put option selling strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: The port inventory is expected to accumulate, and the market is in a weak and wide - range oscillation. Option strategies include constructing a volatility - selling strategy and a long collar strategy for spot hedging [11] Polyolefin Options - **Polypropylene**: The PE inventory is decreasing, while the PP inventory has different trends. The market is weak. Option strategies include a long collar strategy for spot hedging [11] Rubber Options - **Rubber**: The tire production has different trends in operating rates. The market is short - term weak. Option strategies include constructing a neutral call + put option selling strategy [12] Polyester Options - **PTA**: The inventory is increasing, and the market is in a weak consolidation. Option strategies include constructing a neutral call + put option selling strategy [13] Alkali Chemical Options - **Caustic Soda**: The production capacity utilization rate has changed, and the market is in a short - term bullish recovery. Option strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: The inventory is increasing, and the market is in an oscillatory state. Option strategies include constructing a volatility - selling strategy and a long collar strategy for spot hedging [14] Other Options - **Urea**: The inventory is at a high level, and the market is in a low - level oscillation. Option strategies include constructing a bearish call + put option selling strategy and a long collar strategy for spot hedging [15] Group 7: Option Charts - The report includes price charts, trading volume and open interest charts, PCR charts, implied volatility charts, and historical volatility cone charts of various option varieties such as crude oil, LPG, methanol, etc. [17][35][54]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints 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 slight fluctuations at high levels [3]. - The implied volatility of financial options gradually rose to fluctuate above the average level [3]. - For ETF options, it is suitable to construct covered strategies, neutral double-selling strategies, and vertical spread combination strategies; for stock index options, it is suitable to construct neutral double-selling strategies and arbitrage strategies between synthetic long or short options and long or short futures [3]. 3. Summaries Based on Relevant Catalogs 3.1 Stock Market Review - The Shanghai Composite Index closed at 3,766.21, up 38.92 points or 1.04%, with a trading volume of 101.75 billion yuan, a decrease of 43.4 billion yuan [4]. - The Shenzhen Component Index closed at 11,926.74, up 105.11 points or 0.89%, with a trading volume of 139.07 billion yuan, a decrease of 136.7 billion yuan [4]. - Other major indices also showed varying degrees of increases [4]. 3.2 Option Underlying ETF Market Overview - The closing prices, price changes, trading volumes, and trading volumes changes of various option underlying ETFs are presented, such as the Shanghai 50 ETF closing at 2.975, up 0.038 or 1.29%, with a trading volume of 10.0375 million shares, an increase of 9.9572 million shares [5]. 3.3 Option Factor - Volume and Position PCR - The volume and position PCR values and their changes of different option varieties are provided, which are 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 and Support Points - The pressure and support points of different option varieties are analyzed from the perspective of the exercise prices with the largest open interest of call and put options [8][10]. 3.5 Option Factor - Implied Volatility - The implied volatility of different option varieties, including at-the-money implied volatility and weighted implied volatility, is presented, with explanations of their calculation methods [11][12]. 3.6 Strategy and Recommendations - The financial option sector is divided into large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks, and different option strategies are recommended for each sector [13]. - For example, for the Shanghai 50 ETF, a short-biased long combination strategy can be constructed to obtain time value income [14].

Market Performance - The stock market experienced a significant upward trend on August 20, with the Shanghai Composite Index rising by 1.04%, the Shenzhen Component Index by 0.89%, the ChiNext Index by 0.23%, and the STAR Market 50 Index by 3.23% [1] - All four major indices closed in the green, with the Shanghai 50 Index increasing by 1.23%, the CSI 300 Index by 1.14%, the CSI 500 Index by 1.09%, and the CSI 1000 Index by 0.86% [1] Options Market Activity - The trading volume of various options increased overall, with specific figures showing that the 50ETF options had a trading volume of 1,709,339 contracts and a turnover of 612 million yuan [2] - The 300ETF options recorded a trading volume of 1,887,385 contracts with a turnover of 942 million yuan, while the 500ETF options had a trading volume of 2,431,663 contracts and a turnover of 2.282 billion yuan [2] - The ChiNext ETF options had a trading volume of 2,648,667 contracts and a turnover of 1.328 billion yuan, indicating robust market activity [2] Implied Volatility - The implied volatility for various options is currently elevated, with the 50ETF options at 0.1826 and the 300ETF options at 0.1902, reflecting a positive market sentiment [3] - The implied volatility for the ChiNext ETF options is at 0.3542, which is among the highest, indicating strong market expectations for future price movements [3] Market Outlook - The market sentiment is positive, with expectations for continued upward movement in the stock indices, suggesting that investors may consider buying on dips [4] - Investors holding stocks are advised to roll over out-of-the-money call options to enhance profits, while being cautious of potential risks as the main ETF options contracts are set to expire next Wednesday [4]

Group 1: General Information - The report focuses on energy and chemical options, including energy, polyolefins, polyesters, alkali chemicals, and others [3] - The recommended strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered call strategies to enhance returns [3] Group 2: Futures Market Overview - Provides the latest prices, price changes, trading volumes, and open interest of various energy and chemical futures contracts [4] Group 3: Option Factors - Volume and Open Interest PCR - Presents the volume and open interest PCR of different option varieties, which are used to describe the strength of the option underlying market and the turning point of the underlying market [5] Group 4: Option Factors - Pressure and Support Levels - Shows the pressure and support levels of different option varieties from the perspective of the strike prices with the largest open interest of call and put options [6] Group 5: Option Factors - Implied Volatility - Displays the implied volatility of different option varieties, including at-the-money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [7] Group 6: Option Strategies and Recommendations Energy Options (Crude Oil and LPG) - Analyzes the fundamentals and market trends of crude oil and LPG, and provides corresponding option strategies, such as constructing short-neutral or short-biased call + put option portfolio strategies and long collar strategies for spot hedging [8][10] Alcohol Options (Methanol and Ethylene Glycol) - Analyzes the fundamentals and market trends of methanol and ethylene glycol, and recommends constructing short-biased call + put option portfolio strategies or short volatility strategies, as well as long collar strategies for spot hedging [10][11] Polyolefin Options (Polypropylene, PVC, Plastic, and Styrene) - Analyzes the fundamentals and market trends of polyolefins, and provides corresponding option strategies, mainly long collar strategies for spot hedging [11] Rubber Options - Analyzes the fundamentals and market trends of rubber, and recommends constructing short-neutral call + put option portfolio strategies [12] Polyester Options (PX, PTA, Short Fiber, and Bottle Chip) - Analyzes the fundamentals and market trends of polyesters, and recommends constructing short-neutral call + put option portfolio strategies [13] Alkali Chemical Options (Caustic Soda and Soda Ash) - Analyzes the fundamentals and market trends of caustic soda and soda ash, and provides corresponding option strategies, such as spot collar hedging strategies and short volatility combination strategies [14] Urea Options - Analyzes the fundamentals and market trends of urea, and recommends constructing short-biased call + put option portfolio strategies and long collar strategies for spot hedging [15] Group 7: Option Charts - Includes price charts, volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts of various option varieties [17][38][59]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Corn futures prices have been declining continuously, and the implied volatility of corn options has decreased slightly [1][2]. - Soybean meal futures prices have risen slightly, and the implied volatility of soybean meal options has rebounded slightly [1][2]. Summary by Directory 1. Futures Market Data Statistics - The closing price of the corn futures main contract C2511 is 2170 yuan/ton, down 7 yuan with a decline of 0.32%. The trading volume is 353,719 lots, a decrease of 110,167 lots, and the open interest is 925,944 lots, an increase of 29,682 lots [3]. - The closing price of the soybean meal futures main contract M2601 is 3161 yuan/ton, up 6 yuan with an increase of 0.19%. The trading volume is 933,541 lots, a decrease of 123,884 lots, and the open interest is 2,107,908 lots, an increase of 44,097 lots [3]. 2. Options Market Data Statistics - The trading volume of corn options is 79,796 lots, a decrease of 55,899 lots. The trading volume PCR is 0.446, a decrease of 0.270. The open interest is 223,565 lots, an increase of 19,633 lots, and the open interest PCR is 0.412, a decrease of 0.014 [8]. - The trading volume of soybean meal options is 166,257 lots, a decrease of 410,770 lots. The trading volume PCR is 0.707, an increase of 0.129. The open interest is 585,071 lots, an increase of 23,372 lots, and the open interest PCR is 0.685, an increase of 0.024 [8]. 3. Options Volatility Situation - The weighted implied volatility of corn options is 11.77%, a decrease of 0.31 percentage points with a decline rate of 2.59%. The 30 - day historical volatility is 14.16%, and the 30 - day volatility quantile is 0.93 [18]. - The weighted implied volatility of soybean meal options is 15.54%, an increase of 0.71 percentage points with an increase rate of 4.78%. The 30 - day historical volatility is 12.83%, and the 30 - day volatility quantile is 0.08 [18].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The stock market shows a bullish upward trend, with the Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks all performing well [3]. - The implied volatility of financial options is gradually rising and fluctuating above the mean level [3]. - For ETF options, it is suitable to construct covered strategies, neutral double-selling strategies, and vertical spread combination strategies; for index options, it is suitable to construct neutral double-selling strategies and arbitrage strategies between synthetic long or short options and long or short futures [3]. 3. Summary by Related Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,696.77, up 30.33 points or 0.83%, with a trading volume of 960.6 billion yuan [4]. - The Shenzhen Component Index closed at 11,634.67, up 183.23 points or 1.60%, with a trading volume of 1,284 billion yuan [4]. - The SSE 50 Index closed at 2,832.88, up 3.41 points or 0.12%, with a trading volume of 142.2 billion yuan [4]. - The CSI 300 Index closed at 4,202.35, up 29.04 points or 0.70%, with a trading volume of 518.7 billion yuan [4]. - The CSI 500 Index closed at 6,568.57, up 138.72 points or 2.16%, with a trading volume of 381.4 billion yuan [4]. - The CSI 1000 Index closed at 7,117.50, up 141.01 points or 2.02%, with a trading volume of 492.5 billion yuan [4]. 3.2 Option Underlying ETF Market Overview - The SSE 50 ETF closed at 2.965, up 0.011 or 0.37%, with a trading volume of 13.5306 million shares and a trading value of 4.004 billion yuan [5]. - The SSE 300 ETF closed at 4.295, up 0.039 or 0.92%, with a trading volume of 10.7183 million shares and a trading value of 4.584 billion yuan [5]. - The SSE 500 ETF closed at 6.658, up 0.144 or 2.21%, with a trading volume of 2.2912 million shares and a trading value of 1.515 billion yuan [5]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.158, up 0.016 or 1.40%, with a trading volume of 37.0532 million shares and a trading value of 4.258 billion yuan [5]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.131, up 0.018 or 1.62%, with a trading volume of 11.3728 million shares and a trading value of 1.275 billion yuan [5]. - The Shenzhen 300 ETF closed at 4.432, up 0.040 or 0.91%, with a trading volume of 1.8033 million shares and a trading value of 797 million yuan [5]. - The Shenzhen 500 ETF closed at 2.663, up 0.062 or 2.38%, with a trading volume of 986,200 shares and a trading value of 261 million yuan [5]. - The Shenzhen 100 ETF closed at 3.035, up 0.043 or 1.44%, with a trading volume of 345,000 shares and a trading value of 104 million yuan [5]. - The ChiNext ETF closed at 2.509, up 0.063 or 2.58%, with a trading volume of 14.2712 million shares and a trading value of 3.546 billion yuan [5]. 3.3 Option Factor - Volume and Open Interest PCR - The volume PCR and open interest PCR of various options show different trends, which can be used to analyze the strength and turning points of the underlying asset market [6][7]. 3.4 Option Factor - Pressure and Support Points - The pressure and support points of various options are analyzed from the perspective of the strike prices with the largest open interest of call and put options [8][10]. 3.5 Option Factor - Implied Volatility - The implied volatility of various options is calculated, including at-the-money implied volatility and weighted implied volatility, to reflect the market's expectation of future volatility [11][12]. 3.6 Strategy and Recommendations - The financial option sector is divided into large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks, and different option strategies are recommended for each sector [13]. - For each sector, specific option strategies are recommended based on the analysis of the underlying asset market, option factor research, and option strategy suggestions [14][15][16][17].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report provides a comprehensive analysis of the metal options market, covering various metals such as non - ferrous metals, precious metals, and black metals. It analyzes the fundamentals, market trends, and option factors of each metal, and gives corresponding option strategies and suggestions [8] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, including copper, aluminum, zinc, etc [3] 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.2.2 Pressure and Support Levels - The pressure points, support points, maximum call option open interest, and maximum put option open interest of different metal options are provided, which are used to analyze the pressure and support levels of the underlying assets [5] 3.2.3 Implied Volatility - The implied volatility of different metal options is presented, including at - the - money implied volatility, weighted implied volatility, etc [6] 3.3 Strategy and Suggestions 3.3.1 Non - ferrous Metals - **Copper Options**: Build a short - volatility seller option portfolio strategy for volatility strategies and a spot hedging strategy for spot long - position hedging [7] - **Aluminum/Alumina Options**: Construct a neutral short - call + short - put option portfolio strategy for volatility strategies and a spot collar strategy for spot long - position hedging [9] - **Zinc/Lead Options**: Build a neutral short - call + short - put option portfolio strategy for volatility strategies and a spot collar strategy for spot long - position hedging [9] - **Nickel Options**: Construct a short - bearish call + short - put option portfolio strategy for volatility strategies and a spot long - position hedging strategy [10] - **Tin Options**: Build a short - volatility strategy for volatility strategies and a spot collar strategy for spot long - position hedging [10] - **Lithium Carbonate Options**: Construct a short - bullish call + short - put option portfolio strategy for volatility strategies and a spot long - position hedging strategy [11] 3.3.2 Precious Metals - **Gold/Silver Options**: Build a neutral short - volatility option seller portfolio strategy for volatility strategies and a spot hedging strategy for spot long - position hedging [12] 3.3.3 Black Metals - **Rebar Options**: Build a neutral short - call + short - put option portfolio strategy for volatility strategies and a spot covered - call strategy for spot long - position hedging [13] - **Iron Ore Options**: Build a neutral short - call + short - put option portfolio strategy for volatility strategies and a long - position collar strategy for spot long - position hedging [13] - **Ferroalloy Options**: Build a short - volatility strategy for volatility strategies and no spot hedging strategy [14] - **Industrial Silicon/Polysilicon Options**: Build a short - volatility short - call + short - put option portfolio strategy for volatility strategies and a spot long - position hedging strategy [14] - **Glass Options**: Build a short - volatility short - call + short - put option portfolio strategy for volatility strategies and a long - position collar strategy for spot long - position hedging [15]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past week, the trading volume of commodity options increased slightly, mainly due to the increment brought by the rising volatility of the agricultural products sector. Meanwhile, the trading volume of the non - ferrous and new energy sectors decreased along with the decline of implied volatility. The implied volatility of non - ferrous sector options is at a relatively low level recently, and buying options for price reversal trading can be considered [5]. - The options of contracts such as soybean meal, corn, starch, iron ore, liquefied gas, polypropylene, PVC, plastic, palm oil, soybean No.1, soybean No.2, soybean oil, styrene, ethylene glycol, eggs, live pigs, and log 509 are about to expire. Attention should be paid to the end - of - month risks when changing contracts [5]. 3. Summary According to the Table of Contents 3.1 Market Overview - The trading volume of commodity options increased slightly last week, mainly due to the increment from the agricultural products sector. The trading volume of non - ferrous and new energy sectors decreased, and their implied volatility also declined. The implied volatility of non - ferrous sector options is at a recent low [5]. - The options of certain contracts are about to expire, and attention should be paid to the end - of - month risks [5]. 3.2 Market Data 3.2.1 Market Overview - The trading volume of the overall market this week was 8,808,344.8, with a week - on - week increase of 0.17%. The open interest was 8,996,228, with a week - on - week decrease of 0.27%. Among them, the trading volume of the agricultural products sector increased by 2.45%, that of the energy and chemical sector increased by 0.17%, that of the black sector increased by 0.4%, and that of the precious metals sector increased by 1.26%. The trading volume of the non - ferrous and new energy sectors decreased by 1.82%. The open interest of the agricultural products sector decreased by 0.1%, that of the energy and chemical sector decreased by 0.55%, that of the black sector decreased by 0.19%, and that of the non - ferrous and new energy sectors increased by 0.41% [6]. 3.2.2 - 3.2.55 Various Option Market Data - For each type of option (such as corn, soybean meal, etc.), detailed data on trading volume, open interest, volume PCR, open interest PCR, at - the - money volatility, HV - 10 days, HV - 20 days, and Skew are provided, including data for this week, last week, and their changes [12 - 44]. 3.3 Chart Analysis No relevant content provided.