1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, option strategies and suggestions are provided for selected varieties. Option strategy reports are compiled for each option variety based on underlying market analysis, option factor research, and option strategy suggestions [9]. - Strategies focus on constructing option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Various energy - chemical futures contracts show different price movements, trading volumes, and open interest changes. For example, the latest price of crude oil (SC2509) is 516, up 10 with a 2.06% increase; the trading volume is 11.77 million lots, a decrease of 3.49 million lots, and the open interest is 3.78 million lots, a decrease of 0.22 million lots [4]. 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 crude oil is 0.54, an increase of 0.06, and the open - interest PCR is 0.50, a decrease of 0.03 [5]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of option underlyings are determined. For example, the pressure level of crude oil is 640, and the support level is 500 [6]. 3.4 Option Factors - Implied Volatility - Different option varieties have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of crude oil is 29.605%, and the weighted implied volatility is 34.92%, a decrease of 0.30% [7]. 3.5 Option Strategies and Suggestions 3.5.1 Energy - related Options - **Crude Oil**: The fundamental situation shows that the UAE port transfer increase implies Iran's return to global supply, while Russia's shipments remain tight. The market is short - term weak. Implied volatility fluctuates around the mean, and the open - interest PCR below 0.60 indicates increasing short - side strength. Strategies include constructing a neutral call + put option selling combination for volatility, and a long collar strategy for spot hedging [8]. - **LPG**: The fundamental situation is that the supply is abundant, and the market is short - term bearish. Implied volatility remains at a relatively high historical level, and the open - interest PCR below 0.60 indicates strong short - side strength. Strategies include constructing a bearish call + put option selling combination for volatility, and a long collar strategy for spot hedging [10]. 3.5.2 Alcohol - related Options - **Methanol**: The port and enterprise inventories are decreasing, and the market is weak with pressure. Implied volatility first rises to a high level and then falls, and the open - interest PCR below 0.80 indicates a weak - oscillating market. Strategies include constructing a neutral call + put option selling combination for volatility, and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The polyester load is rising, and the market is weakly bullish with pressure. Implied volatility fluctuates above the historical mean, and the open - interest PCR around 0.90 indicates an oscillating market. Strategies include constructing a volatility - selling strategy for time - value gain, and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: The inventory situation shows mixed trends, and the market is weak with short - side pressure. Implied volatility fluctuates around the historical mean, and the open - interest PCR below 0.80 indicates a weakening market. Strategies include a long collar strategy for spot hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: The social inventory is decreasing, and the market is in a low - level consolidation. Implied volatility rapidly rises to a high historical level, and the open - interest PCR below 0.60 indicates short - side strength. Strategies include constructing a neutral call + put option selling combination for volatility [12]. 3.5.5 Polyester - related Options - **PTA**: The inventory is increasing, and the market is weak with pressure. Implied volatility fluctuates at a relatively high mean level, and the open - interest PCR below 0.80 indicates a weakening market. Strategies include constructing a neutral call + put option selling combination for volatility [13]. 3.5.6 Alkali - related Options - **Caustic Soda**: The inventory is increasing, and the market is falling back with pressure. Implied volatility first rises rapidly and then drops significantly, remaining at a high level. The open - interest PCR below 0.80 indicates a weakening market. Strategies include a long collar strategy for spot hedging [14]. - **Soda Ash**: The inventory is at a high level and increasing, and the market is falling back with pressure. Implied volatility first rises rapidly and then drops significantly, remaining at a high level. The open - interest PCR below 0.60 indicates strong short - side pressure. Strategies include constructing a volatility - selling combination for volatility gain, and a long collar strategy for spot hedging [14]. 3.5.7 Urea Options - The port inventory is increasing slightly, and the enterprise inventory is decreasing with a slowing slope. The market oscillates under short - side pressure. Implied volatility fluctuates slightly below the historical mean, and the open - interest PCR below 0.80 indicates a weakening market. Strategies include constructing a neutral call + put option selling combination for volatility, and a long collar strategy for spot hedging [15].

金融期权策略早报概要： （1）股市短评：上证综指数、大盘蓝筹股、中小盘股和创业板股表现为偏多头震荡上行的市场行情。 金融期权 2025/07/29 金融期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 标的 | 标的合约 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 成交额 | 额变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万份) | | (亿元) | | | 上证50ETF | 510050.SH | 2.929 | 0.013 | 0.45 | 610.28 | 604.56 | 17.83 | 1.12 | | 上证300ETF | 510300.SH | 4.214 ...

1. Report Industry Investment Rating - No information provided in the document 2. Core Viewpoints of the Report - Oilseed and oil - related agricultural products show a strong - side oscillatory trend, while other agricultural products maintain an oscillatory pattern. Soft commodities like sugar rebound and cotton shows a bullish trend, and grains such as corn and starch are weakly and narrowly consolidating. It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] 3. Summary According to Relevant 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 (A2509) is 4,140, down 43 with a decline of 1.03%, and its trading volume is 18.43 million lots and open interest is 14.76 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes, which are used to describe the strength of the option - underlying market and the turning point of the market [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of option maximum open interest at strike prices, the pressure and support levels of different option - underlying products are determined. For instance, the pressure level of soybean No.1 is 4300 and the support level is 4100 [5] 3.4 Option Factors - Implied Volatility - Different option varieties have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, call and put implied volatility, and the difference between implied and historical volatility [6] 3.5 Option Strategies and Recommendations 3.5.1 Oilseed and Oil Options - **Soybean No.1 and No.2**: USDA's July report adjusted the supply - demand balance of soybeans. Soybean No.1 shows an oversold rebound pattern. 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 and Rapeseed Meal**: Analyze the purchase volume of soybean meal and its market trend. 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, Soybean Oil, and Rapeseed Oil**: Analyze the fundamentals and market trends of palm oil. It is recommended to construct a long - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [10] - **Peanuts**: Analyze the fundamentals and market trends of peanuts. It is recommended to construct a bear - spread strategy with put options and a long - collar strategy for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pigs**: Analyze the fundamentals and market trends of pigs. It is recommended to construct a short - biased short - call + short - put option combination strategy and a covered call strategy for spot hedging [11] - **Eggs**: Analyze the fundamentals and market trends of eggs. It is recommended to construct a bear - spread strategy with put options, a short - biased short - call + short - put option combination strategy [12] - **Apples**: Analyze the fundamentals and market trends of apples. It is recommended to construct a neutral short - call + short - put option combination strategy [12] - **Jujubes**: Analyze the fundamentals and market trends of jujubes. It is recommended to construct a short - biased short - strangle option combination strategy and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodity Options - **Sugar**: Analyze the fundamentals and market trends of sugar. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [13] - **Cotton**: Analyze the fundamentals and market trends of cotton. It is recommended to construct a bull - spread strategy with call options, a long - biased short - call + short - put option combination strategy, and a covered call strategy for spot hedging [14] 3.5.4 Grain Options - **Corn and Starch**: Analyze the fundamentals and market trends of corn. It is recommended to construct a bear - spread strategy with put options and a short - biased short - call + short - put option combination strategy [14]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals with a weak and volatile trend, construct a neutral volatility strategy for sellers [2]. - For the black series that has significantly declined after a continuous rise, it is suitable to construct a short - volatility portfolio strategy [2]. - For precious metals that have fluctuated at a high level and then declined, construct a spot hedging strategy [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interests of various metal futures are presented, such as copper (CU2509) at 79,010 with a 0.04% increase, and aluminum (AL2509) at 20,660 with a 0.05% increase [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 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure points and support points of various metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of different metal options, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility, are presented [6]. 3.5 Option Strategies and Recommendations - **Non - ferrous Metals** - **Copper**: Construct a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7]. - **Aluminum/Alumina**: Use a bull - spread strategy for call options, a short - call + put option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead**: Adopt a bull - spread strategy for call options, a short - call + put option combination strategy, and a spot collar strategy [9]. - **Nickel**: Construct a short - call + put option combination strategy with a short bias and a spot long - hedging strategy [10]. - **Tin**: Use a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Adopt a bull - spread strategy for call options, a short - call + put option combination strategy with a long bias, and a spot long - hedging strategy [11]. - **Precious Metals** - **Gold/Silver**: Construct a neutral short - volatility option seller portfolio strategy and a spot hedging strategy [12]. - **Black Series** - **Rebar**: Use a short - call + put option combination strategy and a spot long - covered call strategy [13]. - **Iron Ore**: Adopt a bull - spread strategy for call options, a short - call + put option combination strategy with a long bias, and a spot long - collar strategy [13]. - **Ferroalloys**: Use a bull - spread strategy for call options and a short - volatility strategy for manganese silicon; for industrial silicon/polysilicon, construct a short - call + put option combination strategy and a spot long - hedging strategy [14]. - **Glass**: Use a short - volatility strategy and a spot long - collar strategy [15]. 3.6 Option Charts - Price charts, option volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure - support point charts of various metals are provided, including copper, aluminum, alumina, zinc, lead, nickel, tin, gold, silver, and lithium carbonate [17][36][53]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are oscillating weakly [2]. - For the black series, build a short - volatility portfolio strategy after a significant drop following continuous rise [2]. - For precious metals, construct a spot hedging strategy as they are oscillating at a high level and have declined [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Copper (CU2509) is priced at 78,800, down 530 or 0.67% with a trading volume of 8.81 million lots and an open interest of 18.08 million lots [3]. - Aluminum (AL2509) is at 20,615, down 135 or 0.65% with a volume of 14.36 million lots and an open interest of 30.20 million lots [3]. - Multiple other metal futures are also presented with their latest prices, price changes, trading volumes, and open interest [3]. 3.2 Option Factors - Quantity and Position PCR - Copper's volume PCR is 0.64 (change: 0.25), and position PCR is 0.64 (change: - 0.04) [4]. - Aluminum's volume PCR is 0.59 (change: - 0.19), and position PCR is 0.78 (change: - 0.13) [4]. - Similar data for other metal options are provided [4]. 3.3 Option Factors - Pressure and Support Levels - Copper's pressure point is 82,000 and support point is 75,000 [5]. - Aluminum's pressure point is 21,000 and support point is 20,000 [5]. - Pressure and support levels for other metals are also given [5]. 3.4 Option Factors - Implied Volatility - Copper's at - the - money implied volatility is 12.15%, weighted implied volatility is 18.78% (change: 0.15) [6]. - Aluminum's at - the - money implied volatility is 12.57%, weighted implied volatility is 14.68% (change: - 0.17) [6]. - Implied volatility data for other metals are presented [6]. 3.5 Option Strategies and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Construct a short - volatility seller option portfolio and a spot long - hedging strategy [7]. - **Aluminum/Alumina**: Use a bull - spread strategy for call options, a short - volatility strategy, and a spot collar strategy [8][9]. - **Zinc/Lead**: Implement a bull - spread strategy for call options, a short - volatility strategy, and a spot collar strategy [9]. - **Nickel**: Build a short - volatility strategy with a bearish bias and a spot long - hedging strategy [10]. - **Tin**: Adopt a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Use a bull - spread strategy for call options, a short - volatility strategy with a bullish bias, and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Gold/Silver**: Construct a neutral short - volatility option seller portfolio and a spot hedging strategy [12]. 3.5.3 Black Series - **Rebar**: Build a short - volatility strategy with a neutral bias and a spot long - covered call strategy [13]. - **Iron Ore**: Use a bull - spread strategy for call options, a short - volatility strategy with a bullish bias, and a spot long - collar strategy [13]. - **Ferroalloys**: Implement a bull - spread strategy for call options and a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon**: Build a short - volatility strategy and a spot long - hedging strategy [14]. - **Glass**: Adopt a short - volatility strategy and a spot long - collar strategy [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural product sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall market shows that oil and fat - related agricultural products are in a strong - biased oscillatory state, oils and agricultural by - products maintain an oscillatory trend, soft commodity sugar rebounds and rises in an oscillatory manner, cotton shows a bullish upward trend, and grains such as corn and starch are in a weak and narrow - range consolidation state. [2][8] - Strategies suggest constructing option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The table presents the latest prices, price changes, trading volumes, and open interest changes of various agricultural product futures contracts. For example, the latest price of soybean No.1 (A2509) is 4,208, with a decline of 15 and a decline rate of 0.36%, trading volume of 10.13 million lots, and an increase in open interest of 0.29 million lots. [3] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators of volume and open interest for different option varieties are provided. For instance, the volume PCR of soybean No.1 is 0.53 with a change of 0.19, and the open interest PCR is 0.46 with a change of - 0.00. 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 Factors - Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed. For example, the pressure level of soybean No.1 is 4300 and the support level is 4100, which are determined from the strike prices of the maximum open interest of call and put options. [5] 3.4 Option Factors - Implied Volatility - The implied volatility data of different option varieties are given, including at - the - money implied volatility, weighted implied volatility, and its changes, average annual implied volatility, call and put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of soybean No.1 is 10.86%, and the weighted implied volatility is 13.59% with a change of 0.97%. [6] 3.5 Option Strategies and Suggestions 3.5.1 Oil and Oilseed Options - **Soybean No.1 and No.2**: - **Fundamentals**: USDA's July report maintains the soybean production in the 25/26 season at about 118 million tons, with an increase in crushing volume and a decrease in exports, resulting in an increase in inventory and the inventory - to - sales ratio. - **Market Analysis**: Soybean No.1 shows an oversold rebound pattern. - **Option Factors**: Implied volatility is at a relatively high level, open interest PCR is below 0.60, and the pressure and support levels are 4300 and 4100 respectively. - **Strategies**: Construct a neutral call + put option combination for volatility strategies; for spot hedging, build a long collar strategy. [7] - **Soybean Meal and Rapeseed Meal**: - **Fundamentals**: The purchase volume of soybean meal in different months is provided. - **Market Analysis**: Soybean meal shows a pattern of decline, consolidation, and then rebound. - **Option Factors**: Implied volatility is slightly above the historical average, open interest PCR is below 0.60, and the pressure and support levels are 3100 and 2900 respectively. - **Strategies**: Construct a neutral call + put option combination for volatility strategies; for spot hedging, build a long collar strategy. [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: - **Fundamentals**: Malaysian palm oil exports are expected to decline, and production is increasing. - **Market Analysis**: Palm oil shows a bullish upward trend. - **Option Factors**: Implied volatility of palm oil is decreasing to below the historical average, open interest PCR is above 1.00, and the pressure and support levels are 10000 and 8000 respectively. - **Strategies**: Construct a bull - biased call + put option combination for volatility strategies; for spot hedging, build a long collar strategy. [10] - **Peanuts**: - **Fundamentals**: The spot price of peanuts in the Northeast is stable, imports are decreasing, and the inventory is still high. - **Market Analysis**: Peanuts show a pattern of weak consolidation under bearish pressure. - **Option Factors**: Implied volatility is at a relatively low level, open interest PCR is below 0.60, and the pressure and support levels are 9000 and 8000 respectively. - **Strategies**: Construct a bearish spread strategy for directional trading; for spot hedging, hold a long position + buy put options + sell out - of - the - money call options. [11] 3.5.2 Agricultural By - product Options - **Hogs**: - **Fundamentals**: The spot price of hogs is falling, slaughter volume is high, and demand is average. - **Market Analysis**: Hogs show a pattern of small - scale upward movement under bearish pressure. - **Option Factors**: Implied volatility is rising to above the historical average, open interest PCR is below 0.50, and the pressure and support levels are 18000 and 13600 respectively. - **Strategies**: Construct a bear - biased call + put option combination for volatility strategies; for spot hedging, hold a long position + sell out - of - the - money call options. [11] - **Eggs**: - **Fundamentals**: Egg prices are rising and then stabilizing, affected by high - temperature weather. - **Market Analysis**: Eggs show a pattern of weak consolidation with upper pressure. - **Option Factors**: Implied volatility is at a high level, open interest PCR is below 0.60, and the pressure and support levels are 4000 and 3400 respectively. - **Strategies**: Construct a bearish spread strategy for directional trading; construct a bear - biased call + put option combination for volatility strategies. [12] - **Apples**: - **Fundamentals**: The estimated apple production is increasing, and the inventory in cold storage is decreasing. - **Market Analysis**: Apples show a pattern of weak bearishness gradually rebounding. - **Option Factors**: Implied volatility is slightly above the historical average, open interest PCR is below 0.60, and the pressure and support levels are 8900 and 7000 respectively. - **Strategies**: Construct a neutral call + put option combination for volatility strategies. [12] - **Jujubes**: - **Fundamentals**: The arrival volume and price of jujubes in the market are provided. - **Market Analysis**: Jujubes show a pattern of rebound, rise, and then decline. - **Option Factors**: Implied volatility is rising to above the historical average, open interest PCR is below 0.50, and the pressure and support levels are 11400 and 9000 respectively. - **Strategies**: Construct a bear - biased strangle option combination for volatility strategies; for spot hedging, hold a long position + sell out - of - the - money call options. [13] 3.5.3 Soft Commodity Options - **Sugar**: - **Fundamentals**: The number of ships waiting to load sugar in Brazilian ports and the quantity of sugar are provided. - **Market Analysis**: Sugar shows a pattern of oversold rebound. - **Option Factors**: Implied volatility is at a relatively low level, open interest PCR is around 0.60, and the pressure and support levels are 5900 and 5700 respectively. - **Strategies**: Construct a neutral call + put option combination for volatility strategies; for spot hedging, build a long collar strategy. [13] - **Cotton**: - **Fundamentals**: The growth conditions of American cotton are provided. - **Market Analysis**: Cotton shows a pattern of rebound and then consolidation. - **Option Factors**: Implied volatility is decreasing to a low level, open interest PCR is below 1.00, and the pressure and support levels are 15000 and 13000 respectively. - **Strategies**: Construct a bullish spread strategy for directional trading; construct a bull - biased call + put option combination for volatility strategies; for spot hedging, hold a long position + buy put options + sell out - of - the - money call options. [14] 3.5.4 Grain Options - **Corn and Starch**: - **Fundamentals**: The price and inventory conditions of corn in different regions are provided. - **Market Analysis**: Corn shows a pattern of bearish downward movement. - **Option Factors**: Implied volatility is at a relatively low level, open interest PCR is below 0.60, and the pressure and support levels are 2320 and 2300 respectively. - **Strategies**: Construct a bearish spread strategy for directional trading; construct a bear - biased call + put option combination for volatility strategies. [14]

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

| 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏强震荡，油脂类，农副产品维持震荡行情，软商品白糖反弹回升震 荡上行，棉花多头上涨，谷物类玉米和淀粉弱势窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 农产品期权 2025-07-25 农产品期权策略早报 2025-7-25 2 农产品期权研究 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | ...

Group 1: Report Summary - The report is a metal options strategy morning report dated July 24, 2025, covering有色金属, precious metals, and black metals [1][2] - The overall strategy suggestions are to construct a seller neutral volatility strategy for non - ferrous metals, a bull call spread strategy for black metals, and a spot hedging strategy for precious metals [2] Group 2: Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented, such as copper (CU2509) at 79,680 with a - 0.16% change, and aluminum (AL2509) at 20,750 with a - 0.46% change [3] Group 3: Option Factors - Volume and Open Interest PCR - Volume and open interest PCR data for different metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [4] Group 4: Option Factors - Pressure and Support Levels - Pressure and support levels for various metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5] Group 5: Option Factors - Implied Volatility - Implied volatility data for different metal options are given, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] Group 6: Option Strategies for Different Metals Non - Ferrous Metals - **Copper**: Suggest constructing a short - volatility seller option portfolio and a spot hedging strategy [7] - **Aluminum/Alumina**: Recommend a bull call spread strategy and a short - option combination strategy, as well as a spot collar strategy [9] - **Zinc/Lead**: Propose a bull call spread strategy, a short - option combination strategy, and a spot collar strategy [9] - **Nickel**: Suggest a short - option combination strategy with a short delta and a spot long - position hedging strategy [10] - **Tin**: Recommend a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: Propose a short - option combination strategy with a long delta and a spot long - position hedging strategy [11] Precious Metals - **Gold/Silver**: Suggest a short - volatility option seller combination strategy and a spot hedging strategy [12] Black Metals - **Rebar**: Recommend a bull call spread strategy, a short - option combination strategy, and a spot long - position covered call strategy [13] - **Iron Ore**: Propose a bull call spread strategy, a short - option combination strategy, and a spot long - position collar strategy [14] - **Ferroalloys**: Recommend a bull call spread strategy and a short - volatility strategy [15] - **Industrial Silicon/Polysilicon**: Propose a bull call spread strategy, a short - option combination strategy, and a spot long - position hedging strategy [15] - **Glass**: Recommend a bull call spread strategy, a short - volatility strategy, and a spot long - position collar strategy [16] Group 7: Metal Option Charts - Charts for various metal options are provided, including price trend charts, volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts [18][38][57]

农产品期权 2025-07-24 农产品期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏强震荡，油脂类，农副产品维持震荡行情，软商品白糖反弹回升震 荡上行，棉花多头上涨，谷物类玉米和淀粉弱势窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | ...