Summary of Conference Call Notes Industry Overview - The discussion primarily revolves around the apple industry, focusing on the current market conditions, inventory levels, and future projections for apple production and pricing. Key Points and Arguments 1. **Current Market Conditions**: The apple futures market is currently lacking a clear trend, with the market in a transitional phase between old and new apple inventories. The focus is on the impact of new apple production and quality on future pricing for the 2025-2026 season [1][2][4]. 2. **Inventory Levels**: The inventory levels for apples are not considered high compared to historical data. Although there is a noticeable decrease in inventory from the previous year, the overall inventory levels over the past seven years have not shown significant changes [2][4]. 3. **Impact of Seasonal Fruits**: The introduction of seasonal fruits, such as lychee and watermelon, has significantly impacted apple consumption and pricing. This seasonal competition is expected to slow down the inventory depletion rate [3][9]. 4. **Price Support from Inventory**: The current inventory levels provide some support for apple prices, despite a gradual slowdown in inventory depletion. The market is not expected to see drastic price movements due to these factors [4][5]. 5. **Trade Dynamics**: Traders are not in a hurry to sell their inventory as the current levels are manageable. They are looking for better sales margins and are cautious about pricing strategies [10][11]. 6. **Weather Impact on Production**: Adverse weather conditions, such as storms and hail, can significantly affect apple production, particularly during critical growth phases. Recent weather events have raised concerns about potential localized production decreases [6][8]. 7. **Future Price Projections**: The expected price range for apples is projected to be between 7600 to 8000, with current market prices reflecting this range. The market is advised to adopt cautious trading strategies, including options trading to mitigate risks [12][13]. Other Important Insights - The discussion highlights the importance of monitoring weather conditions and their potential impact on apple production and pricing. - There is a suggestion for traders to consider flexible options strategies to navigate the current market volatility and potential extreme scenarios [13]. - The overall sentiment in the market is one of caution, with traders advised to remain vigilant regarding both inventory levels and external market influences [12][14].

Core Viewpoint - The article discusses the rapid development of options strategy private equity funds in China's capital market, highlighting their evolution from simple directional trading to a diversified approach that includes arbitrage, volatility trading, and hedging strategies. The integration of AI and big data technologies is emphasized as a transformative factor in strategy development and execution [2]. Group 1: Performance of Options Strategy Private Equity Funds - In the first half of 2025, 93 options strategy private equity products reported an average return of 2.80% and an excess return of 4.99% [2]. - The article categorizes funds based on their size: over 2 billion, 500 million to 2 billion, and under 500 million, providing a ranking of top-performing funds in each category [2]. Group 2: Funds Over 2 Billion - The top nine funds in the over 2 billion category include He Yi Investment, Zheng Ying Asset, and Yi Cun Investment, with He Yi Investment's product leading the ranking [3][4]. - The performance data is sourced from private fund managers and custodians, with a focus on the highest-yielding products from each company [4]. Group 3: Notable Funds and Managers - He Yi Investment's "He Yi Shaping Zhe No. 2" achieved significant absolute and excess returns, showcasing both offensive and defensive capabilities, with a cumulative return exceeding ***% since inception [7]. - Zheng Ying Asset's "Zheng Ying Quan Zhi No. 1" has also performed well, with a cumulative return close to ***% since its establishment in July 2017, demonstrating strong drawdown control [8]. Group 4: Funds Between 500 Million and 2 Billion - The leading funds in this category include Guang Yi Wang Da Private Fund, Ping Shi Asset, and Ning Bo Ze Tian, with Guang Yi Wang Da's "Shi Mai Wen Jin Liu Hao" ranking first [9][12]. - This fund has shown impressive performance with a cumulative return of ***% since its inception in November 2019, and its net value has rapidly increased over the past two years [12][13]. Group 5: Funds Under 500 Million - The top three funds in the under 500 million category are Ru Jiang Investment's "Ru Jiang Pin Zhi No. 1," Zhao Qian Investment's "Zhao Qian Investment - Lu Jin No. 2," and Qing An Investment's "Qing An Qi Xuan No. 1," all achieving absolute returns exceeding ***% [14][17]. - "Ru Jiang Pin Zhi No. 1" has demonstrated excellent long-term performance, with a three-year return of ***% and a three-year annualized return of ***% [17].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The agricultural product options market shows different trends. Oilseeds and oils have weakened, while some agricultural and sideline products are in a volatile state. Soft commodities like sugar continue to be weak, cotton is rising moderately, and grains such as corn and starch are in a narrow - range weak 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 - Information on the latest price, price change, price change rate, trading volume, volume change, open interest, and open interest change of various agricultural product futures is presented, including soybeans, soybean meal, palm oil, etc. [3] 3.2 Option Factors 3.2.1 Volume - Open Interest PCR - Details of the trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different option varieties are provided [4]. 3.2.2 Pressure and Support Levels - The pressure points, pressure point offsets, support points, support point offsets, maximum call option open interest, and maximum put option open interest of each option variety are listed [5]. 3.2.3 Implied Volatility - Data on the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call option implied volatility, put option implied volatility, historical volatility, and implied - historical volatility difference of various option varieties are given [6]. 3.3 Strategies and Recommendations for Different Option Types 3.3.1 Oilseeds and Oils Options - **Soybeans (Bean 1 and Bean 2)**: Based on the USDA July report, the inventory - to - sales ratio of US soybeans in the 25/26 season has increased. Bean 1 has shown a weakening trend recently. Directional strategies suggest constructing a bear spread of put options; volatility strategies recommend selling a neutral combination of call and put options; and spot long - hedging strategies propose a long collar strategy [7]. - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal show that domestic trading has slightly improved but remains weak. The market has shown a weak rebound and then a decline. For soybean meal, volatility strategies suggest selling a bearish combination of call and put options, and spot long - hedging strategies use a long collar strategy [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The MPOB June report indicates that Malaysian palm oil exports are lower than expected. Palm oil has shown a bullish trend. Volatility strategies recommend selling a bullish combination of call and put options, and spot long - hedging strategies use a long collar strategy [10]. - **Peanuts**: The fundamentals show that peanut prices are weak, and the downstream consumption is also weak. Directional strategies suggest constructing a bear spread of put options, and spot long - hedging strategies use a long collar strategy [11]. 3.3.2 Agricultural and Sideline Products Options - **Pigs**: The domestic pig price has stabilized after a decline. The market has shown a rebound and then a slight consolidation. Volatility strategies recommend selling a neutral combination of call and put options, and spot long - covered strategies suggest holding a long position in the spot and selling out - of - the - money call options [11]. - **Eggs**: The inventory of laying hens is increasing. The market has shown a weak downward trend. Directional strategies suggest constructing a bear spread of put options, and volatility strategies recommend selling a bearish combination of call and put options [12]. - **Apples**: The inventory of apples in cold storage is at a low level in recent years. The market has shown a weak rebound. Volatility strategies recommend selling a neutral combination of call and put options [12]. - **Jujubes**: The inventory of jujubes has decreased slightly, but the consumption is in the off - season. Volatility strategies recommend selling a bearish wide - straddle option combination, and spot covered - hedging strategies suggest holding a long position in the spot and selling out - of - the - money call options [13]. 3.3.3 Soft Commodities Options - **Sugar**: Brazilian sugar exports have increased. The market has shown a rebound after a decline. Volatility strategies recommend selling a neutral combination of call and put options, and spot long - hedging strategies use a long collar strategy [13]. - **Cotton**: The operating rates of spinning and weaving factories have declined, and the commercial inventory of cotton has decreased. The market has shown a rebound. Directional strategies suggest constructing a bull spread of call options, and volatility strategies recommend selling a neutral combination of call and put options, and spot covered strategies suggest holding a long position in the spot and selling out - of - the - money call options [14]. 3.3.4 Grains Options - **Corn and Starch**: The corn market is bearish due to the impact of imported corn auctions. The market has shown a downward trend. Directional strategies suggest constructing a bear spread of put options, and volatility strategies recommend selling a bearish combination of call and put options [14]. 3.4 Charts - Charts of various option varieties, including price trends, trading volume and open interest, open interest PCR, implied volatility, historical volatility cones, and pressure and support levels, are provided for different option types such as soybean options, soybean meal options, etc. [17][37][55]

Group 1: Report Summary - The report is an energy and chemical options strategy morning report, covering energy (crude oil, LPG), polyolefins (PP, PVC, plastic, styrene), polyesters (PX, PTA, short - fiber, bottle chips), alkali chemicals (caustic soda, soda ash), and other energy - chemical products like rubber [2] - 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] Group 2: Underlying Futures Market Overview - Information on the latest price, price change, price change rate, trading volume, volume change, open interest, and open interest change of various option underlying futures contracts is provided, such as crude oil (SC2509), LPG (PG2509), etc [3] Group 3: Option Factor - Volume and Open Interest PCR - The volume PCR and open interest PCR of different option varieties are presented, along with their changes, which are used to describe the strength of the option underlying market and whether the underlying market has a turning point [4] Group 4: Option Factor - Pressure and Support Levels - The pressure points, support points, and their offsets of different option underlying 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 at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of various options are provided [6] Group 6: Strategy and Recommendations for Different Option Varieties Energy - related Options - **Crude Oil Options** - Fundamental analysis shows that OPEC + increased oil supply in July, and US shale oil production has recovered. The market has shown short - term weakness recently. - Option factor research indicates that the implied volatility is near the average, the open interest PCR is below 0.8, the pressure level is 660, and the support level is 500. - Strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7] - **LPG Options** - Fundamentally, global supply differences are decreasing, and the demand side has uncertainties. The market shows short - term bearishness. - Option factors show that the implied volatility is near the average, the open interest PCR is below 0.6, the pressure level is 5100, and the support level is 4000. - Strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] Alcohol - related Options - **Methanol Options** - Fundamentally, domestic methanol production is expected to increase after maintenance, and port inventory is rising. The market shows short - term narrow - range fluctuations. - Option factors show that the implied volatility is below the average, the open interest PCR is around 0.8, the pressure level is 2950, and the support level is 2200. - Strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] - **Ethylene Glycol Options** - Fundamentally, port inventory is rising, and the destocking process will slow down. The market shows weak and bearish fluctuations with upper pressure. - Option factors show that the implied volatility is near the average, the open interest PCR is around 0.7, the pressure level is 4350, and the support level is 4300. - Strategies include constructing a short - volatility strategy for volatility, and a long collar strategy for spot hedging [10] Polyolefin - related Options - **Polypropylene Options** - Fundamentally, PP trader inventory is increasing, and port inventory is decreasing. The market shows a weak trend with upper bearish pressure. - Option factors show that the implied volatility is near the average, the open interest PCR is below 0.8, the pressure level is 7500, and the support level is 6800. - Strategies include a long collar strategy for spot hedging [10] Rubber - related Options - **Rubber Options** - Fundamentally, the natural rubber market price has rebounded, but downstream demand has no obvious change. The market shows low - level consolidation. - Option factors show that the implied volatility is near the average, the open interest PCR is below 0.6, the pressure level is 15000, and the support level is 13000. - Strategies include constructing a short - neutral call + put option combination strategy for volatility [11] Polyester - related Options - **PTA Options** - Fundamentally, the PTA maintenance season is over, and the load is high. The market shows a weak trend with upper pressure. - Option factors show that the implied volatility is near the average, the open interest PCR is below 0.8, the pressure level is 5000, and the support level is 3800. - Strategies include constructing a short - neutral call + put option combination strategy for volatility [11] Alkali - related Options - **Caustic Soda Options** - Fundamentally, the average utilization rate of caustic soda production capacity has slightly decreased. The market shows a short - term bullish trend. - Option factors show that the implied volatility is near the average, the open interest PCR is around 0.8, the pressure level is 3400, and the support level is 2200. - Strategies include a long collar strategy for spot hedging [12] - **Soda Ash Options** - Fundamentally, the total inventory of soda ash manufacturers is increasing, and enterprise shipments are slowing down. The market shows a weak and bearish trend with low - level consolidation. - Option factors show that the implied volatility is near the average, the open interest PCR is below 0.5, the pressure level is 2080, and the support level is 1100. - Strategies include constructing a bear - spread strategy for direction, a short - bearish call + put option combination strategy for volatility, and a long collar strategy for spot hedging [12] Urea Options - Fundamentally, the supply - demand difference has decreased, and the enterprise inventory has declined. The market shows fluctuations under bearish pressure. - Option factors show that the implied volatility is below the average, the open interest PCR is below 0.8, the pressure level is 1900, and the support level is 1700. - Strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [13]

1. Report Summary - The report provides a morning briefing on metal option strategies, covering various metal options including non - ferrous metals, precious metals, and black metals. It includes market overviews, option factor analyses, and strategy recommendations for each metal option [2]. 2. Core Views - For non - ferrous metals, which are in a state of shock and decline, a seller's neutral volatility strategy is recommended; black metals are in a range - bound consolidation phase, suitable for constructing a seller's option neutral combination strategy; precious metals like gold are in a high - level consolidation with a weak decline, suggesting a spot hedging strategy [2]. 3. Specific Summaries by Category 3.1 Market Overview of Underlying Futures - The report details the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts such as copper, aluminum, zinc, etc. For example, the latest price of copper (CU2508) is 78,020, with a decline of 270 and a decline rate of 0.34% [3]. 3.2 Option Factor Analysis 3.2.1 Volume and Open Interest PCR - The volume and open interest PCR of each metal option are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the open interest PCR of copper options is 0.60, with a change of - 0.01 [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of each metal option are analyzed from the perspective of the exercise prices with the largest open interest of call and put options. For example, the pressure level of copper is 82,000, and the support level is 78,000 [5]. 3.2.3 Implied Volatility - The report shows the at - the - money implied volatility, weighted implied volatility, and its changes, annual average, call and put implied volatilities, historical volatility, and the difference between implied and historical volatilities of each metal option. For example, the weighted implied volatility of copper is 17.19%, with a change of - 0.35% [6]. 3.3 Strategy Recommendations 3.3.1 Non - Ferrous Metals - **Copper Options**: Based on fundamental and market analysis, the strategy includes constructing a short - volatility seller's option combination strategy and a spot long - position hedging strategy [8]. - **Aluminum/Alumina Options**: Recommendations are a call option bull spread strategy, a short - position call + put option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead Options**: A short - neutral call + put option combination strategy and a spot collar strategy are suggested [9]. - **Nickel Options**: A short - bearish call + put option combination strategy and a spot long - position hedging strategy are recommended [10]. - **Tin Options**: A short - volatility strategy and a spot collar strategy are proposed [10]. - **Lithium Carbonate Options**: A short - bullish call + put option combination strategy and a spot long - position covered call strategy are recommended [11]. 3.3.2 Precious Metals - **Gold/Silver Options**: A short - bullish short - volatility option seller's combination strategy and a spot hedging strategy are suggested [12]. 3.3.3 Black Metals - **Rebar Options**: A short - neutral call + put option combination strategy and a spot long - position covered call strategy are recommended [13]. - **Iron Ore Options**: A short - bullish call + put option combination strategy and a spot long - position collar strategy are suggested [13]. - **Ferroalloy Options**: A short - volatility strategy for manganese silicon options is proposed, and for industrial silicon/polysilicon options, a call option bull spread strategy, a short - bullish call + put option combination strategy, and a spot hedging strategy are recommended [14]. - **Glass Options**: A short - volatility short - call + put option combination strategy and a spot long - position collar strategy are recommended [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The stock market shows a high - level volatile and mostly upward trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks performing in this way [3]. - The implied volatility of financial options fluctuates at a relatively low average 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 Indexes - The Shanghai Composite Index closed at 3,519.65, up 9.47 points or 0.27%, with a trading volume of 623.1 billion yuan, a decrease of 130.4 billion yuan [4]. - The Shenzhen Component Index closed at 10,684.52, down 11.58 points or 0.11%, with a trading volume of 835.6 billion yuan, a decrease of 122.9 billion yuan [4]. - The SSE 50 Index closed at 2,757.81, up 1.04 points or 0.04%, with a trading volume of 90 billion yuan, a decrease of 54.6 billion yuan [4]. - The CSI 300 Index closed at 4,017.67, up 2.86 points or 0.07%, with a trading volume of 321.4 billion yuan, a decrease of 122.4 billion yuan [4]. - The CSI 500 Index closed at 6,020.86, down 6.22 points or 0.10%, with a trading volume of 226.3 billion yuan, a decrease of 37.2 billion yuan [4]. - The CSI 1000 Index closed at 6,462.31, up 1.21 points or 0.02%, with a trading volume of 302.6 billion yuan, a decrease of 49.4 billion yuan [4]. 3.2 Option - related ETF Market - The SSE 50 ETF closed at 2.869, down 0.002 or 0.07%, with a trading volume of 5.2179 million lots, an increase of 5.0928 million lots, and a trading value of 1.5 billion yuan, a decrease of 2.111 billion yuan [5]. - The SSE 300 ETF closed at 4.078, down 0.001 or 0.02%, with a trading volume of 8.2055 million lots, an increase of 8.079 million lots, and a trading value of 3.351 billion yuan, a decrease of 1.833 billion yuan [5]. - Other ETFs also have their respective closing prices, trading volume changes, and trading value changes [5]. 3.3 Option Factors - Volume and Position PCR - For the SSE 50 ETF option, the trading volume was 1.0046 million contracts, a decrease of 1.8004 million contracts; the open interest was 1.5603 million contracts, a decrease of 0.1256 million contracts; the trading volume PCR was 0.86, an increase of 0.11; the open - interest PCR was 1.17, a decrease of 0.02 [6]. - Other option varieties also have corresponding volume, position, and PCR data [6]. 3.4 Option Factors - Pressure and Support Points - For the SSE 50 ETF, the pressure point is 2.90 and the support point is 2.80 [8]. - Other option - related products also have their respective pressure and support points [8]. 3.5 Option Factors - Implied Volatility - The SSE 50 ETF option has a flat - value implied volatility of 13.70%, a weighted implied volatility of 15.15%, a decrease of 0.31%, an annual average of 15.75%, a call implied volatility of 15.59%, a put implied volatility of 14.53%, a 20 - day historical volatility of 12.37%, and an implied - historical volatility difference of 2.79% [11]. - Other option varieties also have their implied volatility data [11]. 3.6 Strategy and Recommendations 3.6.1 Financial Stock Sector (SSE 50 ETF, SSE 50) - The SSE 50 ETF has shown a short - term upward trend with support since July after a small - range consolidation in June. The implied volatility of its options fluctuates below the average, the open - interest PCR is above 1.10, indicating a strong - side shock. The pressure point is 2.90 and the support point is 2.80. Directional strategy: construct a bull - spread combination of call options; volatility strategy: construct a neutral selling strategy; spot long - covered strategy: hold SSE 50 ETF and sell call options [14]. 3.6.2 Large - cap Blue - chip Stock Sector (SSE 300 ETF, Shenzhen 300 ETF, CSI 300) - The SSE 300 ETF has shown an upward trend since July after a narrow - range consolidation in June. The implied volatility of its options fluctuates below the average, the open - interest PCR is around 1.00, indicating a bullish market with support. The pressure point is 4.10 and the support point is 4.00. Directional strategy: construct a bull - spread combination of call options; volatility strategy: construct a selling strategy of call and put options; spot long - covered strategy: hold SSE 300 ETF and sell call options [14]. 3.6.3 Other Sectors - Each sector, including the large - cap stock sector, small - and medium - cap stock sector, and ChiNext sector, has its own market trends, option - factor characteristics, and corresponding option strategies [15][16].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For non - ferrous metals, which are in a state of shock and decline, it is recommended to construct a seller's neutral volatility strategy [2] - For the black series, which are in a state of range consolidation and shock, it is suitable to construct a seller's option neutral combination strategy [2] - For precious metals, specifically gold, which is in a state of high - level consolidation and weak decline, it is recommended to construct a spot hedging strategy [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - Copper (CU2508): The latest price is 78,320, down 210 (-0.27%), with a trading volume of 8.17 million lots (down 1.76 million lots) and an open interest of 17.87 million lots (down 0.24 million lots) [3] - Aluminum (AL2508): The latest price is 20,645, down 70 (-0.34%), with a trading volume of 12.02 million lots (down 1.87 million lots) and an open interest of 25.51 million lots (down 0.05 million lots) [3] - Zinc (ZN2508): The latest price is 22,215, down 185 (-0.83%), with a trading volume of 12.94 million lots (down 1.71 million lots) and an open interest of 10.76 million lots (down 0.50 million lots) [3] - Other metals follow a similar pattern of price, trading volume, and open - interest changes [3] 3.2 Option Factors - Volume and Open Interest PCR - For copper options, the volume PCR is 0.42 (down 0.11), and the open - interest PCR is 0.60 (up 0.01) [4] - For aluminum options, the volume PCR is 0.71 (down 0.11), and the open - interest PCR is 0.92 (up 0.03) [4] - Different metals show various trends in volume and open - interest PCR [4] 3.3 Option Factors - Pressure and Support Levels - Copper: The pressure level is 82,000, and the support level is 78,000 [5] - Aluminum: The pressure level is 20,600, and the support level is 20,000 [5] - Other metals also have corresponding pressure and support levels [5] 3.4 Option Factors - Implied Volatility - Copper: The at - the - money implied volatility is 11.81%, the weighted implied volatility is 17.54% (down 0.23%), and the implied - historical volatility difference is - 3.44% [6] - Aluminum: The at - the - money implied volatility is 9.15%, the weighted implied volatility is 12.14% (up 0.27%), and the implied - historical volatility difference is - 1.54% [6] - Each metal has its own implied volatility characteristics [6] 3.5 Strategy and Recommendations for Different Metals 3.5.1 Non - ferrous Metals - **Copper**: Directional strategy: None; Volatility strategy: Construct a short - volatility seller's option portfolio; Spot long - hedging strategy: Hold spot long + buy put options + sell out - of - the - money call options [8] - **Aluminum/Alumina**: Directional strategy: Bull spread strategy for call options; Volatility strategy: Construct a short call + put option portfolio; Spot long - hedging strategy: Construct a spot collar strategy [9] - **Zinc/Lead**: Directional strategy: None; Volatility strategy: Construct a short neutral call + put option portfolio; Spot long - hedging strategy: Construct a spot collar strategy [9] - **Nickel**: Directional strategy: None; Volatility strategy: Construct a short bearish call + put option portfolio; Spot long - hedging strategy: Hold spot long + buy put options [10] - **Tin**: Directional strategy: None; Volatility strategy: Short - volatility strategy; Spot long - hedging strategy: Construct a spot collar strategy [10] - **Lithium Carbonate**: Directional strategy: None; Volatility strategy: Construct a short neutral call + put option portfolio; Spot long - hedging strategy: Hold spot long + sell call options [11] 3.5.2 Precious Metals - **Gold/Silver**: Directional strategy: None; Volatility strategy: Construct a long - biased short - volatility option seller's portfolio; Spot hedging strategy: Hold spot long + buy put options + sell out - of - the - money call options [12] 3.5.3 Black Series - **Rebar**: Directional strategy: None; Volatility strategy: Construct a short neutral call + put option portfolio; Spot long - hedging strategy: Hold spot long + sell call options [13] - **Iron Ore**: Directional strategy: None; Volatility strategy: Construct a short bullish call + put option portfolio; Spot long - hedging strategy: Construct a long collar strategy [13] - **Ferroalloys**: Directional strategy: None; Volatility strategy: Short - volatility strategy; Spot hedging strategy: None for manganese silicon [14] - **Industrial Silicon/Polysilicon**: Directional strategy: None; Volatility strategy: Construct a short neutral call + put option portfolio; Spot long - hedging strategy: Hold spot long + sell call options [14] - **Glass**: Directional strategy: None; Volatility strategy: Construct a short - volatility call + put option portfolio; Spot long - hedging strategy: Construct a long collar strategy [15]

Group 1: Report Overview - The report is an Energy and Chemical Options Strategy Morning Report, covering energy, polyolefin, polyester, alkali chemical, and other energy and chemical options [2][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 energy and chemical option underlying futures contracts [4] Group 3: Option Factors - Quantity and Position PCR - The report presents the trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various energy and chemical options [6] - The PCR indicators are used to describe the strength of the option underlying market and whether the underlying market has a turning point [6] Group 4: Option Factors - Pressure and Support Levels - The report shows the at-the-money strike price, pressure point, pressure point deviation, support point, support point deviation, maximum call position, and maximum put position of various energy and chemical options [7] - The pressure and support points are determined by the strike prices with the maximum call and put option open interests [7] Group 5: Option Factors - Implied Volatility - The report lists the at-the-money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call implied volatility, put implied volatility, historical 20-day volatility, and implied - historical volatility difference of various energy and chemical options [8] - The at-the-money implied volatility is the arithmetic average of the call and put at-the-money option implied volatilities, and the weighted implied volatility uses volume - weighted averaging [8] Group 6: Strategy and Recommendations for Each Option Type Energy Options (Crude Oil and LPG) - **Crude Oil**: OPEC+ increased supply, and the US supply rebounded. The short - term market is weak. Implied volatility is around the mean, and the position PCR indicates increasing short - side strength. Recommended strategies include selling neutral call + put option combinations and constructing long collar strategies for spot hedging [9] - **LPG**: Supply divergence is decreasing, and demand has uncertainties. The short - term market is bearish. Implied volatility is around the historical mean, and the position PCR indicates increasing short - side strength. Recommended strategies are similar to those for crude oil [11] Alcohol Options (Methanol and Ethylene Glycol) - **Methanol**: Domestic开工率 is expected to rise, and inventory is increasing. The short - term market is in a narrow - range oscillation. Implied volatility is below the historical mean, and the position PCR indicates a weak - oscillating market. Recommended strategies include selling neutral call + put option combinations and long collar strategies for spot hedging [10][11] - **Ethylene Glycol**: Port inventory is increasing, and the short - term market is weakly bearish with pressure. Implied volatility is around the historical mean, and the position PCR indicates a weak market. Recommended strategies include shorting volatility and long collar strategies for spot hedging [12] Polyolefin Options (PP, PVC, L, and EB) - **PP**: Inventory shows mixed trends, and the short - term market is weakly bearish with overhead pressure. Implied volatility is around the historical mean, and the position PCR indicates a weakening market. Recommended strategies include long collar strategies for spot hedging [12] - **PVC**: The short - term market situation is analyzed, and recommended strategies are to be determined based on market conditions [116] - **L**: The short - term market situation is analyzed, and recommended strategies are to be determined based on market conditions [134] - **EB**: The short - term market situation is analyzed, and recommended strategies are to be determined based on market conditions [155] Rubber Options (Natural Rubber and Synthetic Rubber) - **Natural Rubber**: The market price rebounded, but downstream demand is weak. The short - term market is in a low - level consolidation. Implied volatility is around the mean, and the position PCR indicates short - side strength. Recommended strategies include selling neutral call + put option combinations [13] - **Synthetic Rubber**: The short - term market situation is analyzed, and recommended strategies are to be determined based on market conditions [192] Polyester Options (PX, PTA, PF, and PR) - **PTA**: The load is increasing, and the short - term market is weakly bearish with overhead pressure. Implied volatility is around the mean, and the position PCR indicates a weakening market. Recommended strategies include selling neutral call + put option combinations [13] - **PX**: The short - term market situation is analyzed, and recommended strategies are to be determined based on market conditions [9] - **PF**: The short - term market situation is analyzed, and recommended strategies are to be determined based on market conditions [9] - **PR**: The short - term market situation is analyzed, and recommended strategies are to be determined based on market conditions [9] Alkali Chemical Options (Caustic Soda and Soda Ash) - **Caustic Soda**: The capacity utilization rate shows mixed trends, and the short - term market is bullish. Implied volatility is around the mean, and the position PCR is around 0.8. Recommended strategies include long collar strategies for spot hedging [14] - **Soda Ash**: Inventory is increasing, and the short - term market is in a bullish low - level consolidation. Implied volatility is around the historical mean, and the position PCR indicates a weak - oscillating market. Recommended strategies include bearish spread strategies for calls, selling bearish call + put option combinations, and long collar strategies for spot hedging [14] Urea Options - The supply - demand difference decreased, and the short - term market is oscillating under bearish pressure. Implied volatility is below the historical mean, and the position PCR is below 0.8. Recommended strategies include selling neutral call + put option combinations and long collar strategies for spot hedging [15] Group 7: Option Charts - The report provides price charts, trading volume and open interest charts, position PCR and trading volume PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support point charts for various energy and chemical options [17][37][57][76][97][116][134][155][175][192]

Report Summary 1. Investment Rating The document does not provide an investment rating for the industry. 2. Core Viewpoint The overall trend of agricultural products shows that oilseeds and oils have weakened, while oils, agricultural by - products are in a volatile market. Soft commodity sugar continues to be weak, cotton rises moderately, and grains such as corn and starch are in a weak and narrow - range consolidation. 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 Category 3.1 Futures Market Overview - Different agricultural product futures have different price trends, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,110, up 12 (0.29%), with a trading volume of 13.66 million lots and an open interest of 19.98 million lots [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of soybean No.1 is 0.40, with a change of 0.03, and the open interest PCR is 0.49, with a change of 0.01 [4]. - **Pressure and Support Levels**: Determined from the strike prices of the maximum open interest of call and put options. For example, the pressure level of soybean No.1 is 4,500, and the support level is 4,100 [5]. - **Implied Volatility**: The weighted implied volatility of different agricultural products shows different trends. For example, the weighted implied volatility of soybean No.1 is 11.61%, with a change of 0.26% [6]. 3.3 Option Strategies for Different Products 3.3.1 Oilseeds and Oils - **Soybean No.1 and No.2**: The USDA July report adjusted the supply - demand balance of US soybeans. The option strategies include constructing a bearish option bear - spread combination, selling a neutral call + put option combination, and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The domestic soybean meal market has a weak recovery, and the option strategies include selling a bearish call + put option combination and a long collar strategy for spot hedging [8][9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The Malaysian palm oil market has changes in export and inventory. The option strategies include selling a bullish call + put option combination and a long collar strategy for spot hedging [10]. - **Peanut**: The peanut market has a weak downward trend. The option strategies include constructing a bearish option bear - spread combination and a long collar strategy for spot hedging [11]. 3.3.2 Agricultural By - products - **Pig**: The pig price has a recovery trend. The option strategies include selling a neutral call + put option combination and a covered call strategy for spot [11]. - **Egg**: The egg market is in a weak downward trend. The option strategies include constructing a bearish option bear - spread combination, selling a bearish call + put option combination [12]. - **Apple**: The apple market has a weak rebound. The option strategy is to sell a neutral call + put option combination [12]. - **Jujube**: The jujube market has a rebound and then a decline. The option strategies include selling a bearish wide - straddle option combination and a covered call strategy for spot hedging [13]. 3.3.3 Soft Commodities - **Sugar**: The sugar market has a super - bearish rebound. The option strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton market has a moderate upward trend. The option strategies include constructing a bullish option bull - spread combination, selling a neutral call + put option combination, and a covered call strategy for spot [14]. 3.3.4 Grains - **Corn and Starch**: The corn market is in a weak downward trend. The option strategies include constructing a bearish option bear - spread combination, selling a bearish call + put option combination [14].

Group 1: Report Summary - The report provides a strategy morning report for metal options on July 11, 2025, covering有色金属, precious metals, and black metals [1][2]. - It includes an overview of the underlying futures market, analysis of option factors, and specific option strategies and recommendations for each metal variety [3][4][7]. Group 2: Underlying Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, such as copper, aluminum, zinc, etc. [3] Group 3: Option Factor Analysis - Option factor analysis includes volume - open interest PCR, pressure and support levels, and implied volatility for different metal options [4][5][6]. - Volume PCR and open - interest PCR are used to describe the strength and potential turning points of the underlying asset's market [4]. - Pressure and support levels are determined from the strike prices with the largest open interest of call and put options [5]. - Implied volatility is calculated as the arithmetic average of call and put at - the - money options and volume - weighted average [6]. Group 4: Option Strategies and Recommendations Non - Ferrous Metals - **Copper Options**: Directional strategy is to construct a bull call spread; volatility strategy is to construct a short - volatility option seller portfolio; spot hedging strategy is to hold spot long + buy put + sell out - of - the - money call [8]. - **Aluminum/Alumina Options**: Directional strategy is a bull call spread; volatility strategy is to sell a bullish call + put option combination; spot hedging strategy is a collar strategy [9]. - **Zinc/Pb Options**: Volatility strategy is to sell a neutral call + put option combination; spot hedging strategy is a collar strategy [9]. - **Nickel Options**: Volatility strategy is to sell a bearish call + put option combination; spot risk - hedging strategy is to hold spot long + buy put [10]. - **Tin Options**: Volatility strategy is a short - volatility strategy; spot hedging strategy is a collar strategy [10]. - **Lithium Carbonate Options**: Volatility strategy is to sell a neutral call + put option combination; spot covered strategy is to hold spot long + sell call [11]. Precious Metals - **Gold/Silver Options**: Volatility strategy is to construct a bullish short - volatility option seller portfolio; spot hedging strategy is to hold spot long + buy put + sell out - of - the - money call [12]. Black Metals - **Rebar Options**: Directional strategy is a bull call spread; volatility strategy is to sell a neutral call + put option combination; spot covered strategy is to hold spot long + sell call [13]. - **Iron Ore Options**: Directional strategy is a bull call spread; volatility strategy is to sell a bullish call + put option combination; spot hedging strategy is a collar strategy [13]. - **Ferroalloy Options**: Volatility strategy is a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Directional strategy is a bull call spread; volatility strategy is to sell a bullish call + put option combination; spot covered strategy is to hold spot long + sell call [14]. - **Glass Options**: Volatility strategy is to sell a call + put option combination to short volatility; spot hedging strategy is a collar strategy [15].