1. Report Industry Investment Rating - Not mentioned in the content 2. Core Viewpoints of the Report - The stock market shows a high - level oscillatory and mostly upward trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all performing in this way [2] - The implied volatility of financial options fluctuates at a relatively low average level [2] - 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 option futures long or short positions and futures short or long positions [2] 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,473.13, up 0.02% with a trading volume of 476.2 billion yuan and a volume change of - 91 billion yuan [3] - The Shenzhen Component Index closed at 10,435.51, down 0.70% with a trading volume of 732.4 billion yuan and a volume change of - 128.9 billion yuan [3] - The SSE 50 Index closed at 2,731.53, down 0.33% with a trading volume of 56.7 billion yuan and a volume change of - 18.4 billion yuan [3] - The CSI 300 Index closed at 3,965.17, down 0.43% with a trading volume of 225.1 billion yuan and a volume change of - 65.4 billion yuan [3] - The CSI 500 Index closed at 5,900.41, down 0.19% with a trading volume of 165.8 billion yuan and a volume change of - 45.6 billion yuan [3] - The CSI 1000 Index closed at 6,327.14, up 0.24% with a trading volume of 264.8 billion yuan and a volume change of - 39.8 billion yuan [3] 3.2 Option Underlying ETF Market Overview - The SSE 50 ETF closed at 2.828, down 0.28% with a trading volume of 2.882 million shares and a trading value of 815 million yuan and a value change of - 782 million yuan [4] - The SSE 300 ETF closed at 4.014, down 0.45% with a trading volume of 4.0225 million shares and a trading value of 1.615 billion yuan and a value change of - 2.626 billion yuan [4] - Other ETFs also have corresponding closing prices, price changes, trading volumes, and trading value changes [4] 3.3 Option Factor - Volume and Position PCR - For the SSE 50 ETF option, the trading volume was 683,800 contracts, with a volume change of - 982,900 contracts; the open interest was 1,345,000 contracts, with a position change of 80,200 contracts. The trading volume PCR was 1.02 with a change of 0.23, and the open interest PCR was 1.04 with a change of - 0.03 [5] - Other option varieties also have corresponding volume, position, and PCR data [5] 3.4 Option Factor - Pressure and Support Points - The pressure point of the SSE 50 ETF is 2.85, and the support point is 2.75 [7] - The pressure point of the SSE 300 ETF is 4.10, and the support point is 3.90 [7] - Other option varieties also have corresponding pressure and support points [7] 3.5 Option Factor - Implied Volatility - The at - the - money implied volatility of the SSE 50 ETF option is 12.22%, the weighted implied volatility is 12.67% with a change of - 0.23%, and the annual average is 15.92% [9] - Other option varieties also have corresponding implied volatility data [9] 3.6 Strategy and Suggestions 3.6.1 Financial Stock Sector (SSE 50 ETF, SSE 50) - The SSE 50 ETF has shown a short - term upward trend with support below. Its option implied volatility fluctuates below the average, and the open interest PCR is around 1.00, indicating a relatively strong oscillatory trend. Suggested strategies include constructing a bull spread combination strategy for call options, a neutral selling strategy for volatility, and a covered call strategy [12] 3.6.2 Large - Cap Blue - Chip Stock Sector (SSE 300 ETF, Shenzhen 300 ETF, CSI 300) - The SSE 300 ETF has shown a short - term upward trend. Its option implied volatility fluctuates below the average, and the open interest PCR is around 0.90, indicating an oscillatory trend with support below. Suggested strategies include a bull spread combination strategy for call options, a selling strategy for volatility, and a covered call strategy [12] 3.6.3 Medium - and Large - Cap Stock Sector (Shenzhen 100 ETF) - The Shenzhen 100 ETF has shown an oscillatory and mostly upward trend. Its option implied volatility fluctuates below the average, and the open interest PCR is above 1.00, indicating an oscillatory trend with stronger bullish power. Suggested strategies include a selling strategy for volatility and a covered call strategy [13] 3.6.4 Small - and Medium - Cap Stock Sector (SSE 500 ETF, Shenzhen 500 ETF, CSI 1000) - The SSE 500 ETF has shown an upward trend with support below. Its option implied volatility fluctuates slightly below the average, and the open interest PCR has gradually risen above 1.00, indicating a bullish oscillatory trend. Suggested strategies include a selling strategy for volatility and a covered call strategy [13] - The CSI 1000 index has shown a high - level oscillatory trend in an upward direction. Its option implied volatility fluctuates below the average, and the open interest PCR is around 1.00, indicating an oscillatory trend. Suggested strategies include a selling strategy for volatility [14] 3.6.5 ChiNext Sector (ChiNext ETF, Huaxia Science and Technology Innovation 50 ETF, E Fund Science and Technology Innovation 50 ETF) - The ChiNext ETF has shown a gentle upward trend with support below. Its option implied volatility fluctuates below the historical average, and the open interest PCR is 0.84, indicating an oscillatory trend. Suggested strategies include a selling strategy for volatility and a covered call strategy [14]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The agricultural products sector shows mixed trends, with oilseeds and oils weakening, some products like cotton rising moderately, and others like sugar remaining weak. Options strategies mainly focus on constructing seller - based option combinations and spot hedging or covered strategies to enhance returns [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price movements. For example, the latest price of soybean No.1 (A2509) is 4,073, down 18 (-0.44%); the latest price of palm oil (P2509) is 8,482, up 36 (0.43%) [3]. 3.2 Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes. For instance, the volume PCR of soybean No.1 is 0.61, with a change of 0.30; the open interest PCR is 0.50, with a change of 0.02 [4]. 3.3 Option Factors - Pressure and Support Levels - Each option variety has corresponding pressure and support levels. For example, the pressure point of soybean No.1 is 4,500 and the support point is 4,100 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility varies among different option varieties. For example, the at - the - money implied volatility of soybean No.1 is 9.85, and the weighted implied volatility is 11.68, with a change of - 0.38 [6]. 3.5 Option Strategies and Recommendations - **Oilseeds and Oils Options** - **Soybean No.1 and No.2**: Directional strategy is to build a bear spread of put options; volatility strategy is to sell a neutral call + put option combination; spot long - hedging strategy is to build a long collar strategy [7]. - **Soybean Meal and Rapeseed Meal**: Volatility strategy for soybean meal is to sell a bearish call + put option combination; spot long - hedging strategy is to build a long collar strategy [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Volatility strategy is to sell a neutral call + put option combination; spot long - hedging strategy is to build a long collar strategy [10]. - **Peanuts**: Directional strategy is to build a bear spread of put options; spot long - hedging strategy is to hold a spot long position + buy a put option + sell an out - of - the - money call option [11]. - **Agricultural By - product Options** - **Pigs**: Volatility strategy is to sell a neutral call + put option combination; spot long - covered strategy is to hold a spot long position + sell an out - of - the - money call option [11]. - **Eggs**: Directional strategy is to build a bear spread of put options; volatility strategy is to sell a bearish call + put option combination [12]. - **Apples**: Volatility strategy is to sell a neutral call + put option combination [12]. - **Red Dates**: Volatility strategy is to sell a bearish strangle option combination; spot long - covered hedging strategy is to hold a spot long position + sell an out - of - the - money call option [13]. - **Soft Commodity Options** - **Sugar**: Volatility strategy is to sell a neutral call + put option combination; spot long - hedging strategy is to build a long collar strategy [13]. - **Cotton**: Directional strategy is to build a bull spread of call options; volatility strategy is to sell a neutral call + put option combination; spot covered strategy is to hold a spot long position + sell an out - of - the - money call option [14]. - **Grain Options** - **Corn and Starch**: Volatility strategy is to sell a neutral call + put option combination [14].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The overall metal market shows different trends, with non - ferrous metals fluctuating and falling, black metals consolidating in a range, and precious metals such as gold consolidating at a high level and then weakly falling. Corresponding option strategies are proposed for different metal sectors [2]. - For non - ferrous metals, options strategies such as constructing bull spreads, selling volatility, and spot hedging are recommended according to the market conditions of each metal [8][9][10][11]. - For precious metals, strategies like constructing short - volatility option seller portfolios and spot hedging are suggested [12]. - For black metals, strategies such as selling option combinations and spot hedging or covering are put forward based on different metal products [13][14][15]. 3. Summary by Directory 3.1. Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts. For example, the price of copper futures (CU2508) is 79,390, down 120 (-0.15%); the price of aluminum futures (AL2508) is 20,490, down 10 (-0.05%) [3]. 3.2. Option Factors - **Volume and Open Interest PCR**: It is used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of copper options is 0.75, and the open interest PCR is 0.68 [4]. - **Pressure and Support Levels**: The pressure and support levels of each metal option underlying are analyzed. For example, the pressure level of copper is 92,000, and the support level is 78,000 [5]. - **Implied Volatility**: The implied volatility of each metal option is presented, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of copper options is 11.05%, and the weighted implied volatility is 16.41%, down 0.87 [6]. 3.3. Strategy and Recommendations - **Non - ferrous Metals** - **Copper**: Directional strategy: construct a bull spread of call options; volatility strategy: construct a short - volatility option seller portfolio; spot long - hedging strategy: hold spot long + buy put options + sell out - of - the - money call options [8]. - **Aluminum/Alumina**: Directional strategy: use a bull spread of 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: construct a 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 - covering strategy: hold spot long + sell call options [11]. - **Precious Metals** - **Gold/Silver**: Directional strategy: none; volatility strategy: construct a short - bullish short - volatility option seller portfolio; spot hedging strategy: hold spot long + buy put options + sell out - of - the - money call options [12]. - **Black Metals** - **Rebar**: Directional strategy: none; volatility strategy: construct a short - neutral call + put option portfolio; spot long - covering 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: construct a 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 covering 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].

General Information - Report Date: 2025-07-08 [23][38] - Analysts: Wang Yuwu, Feng Fan, Shi Cheng, Chen Sijie [38][39] Investment Rating - Absolute Price: Cautiously Bullish [3] - Option Strategy: Sell Put [4] Core View - The lead price is temporarily in a volatile pattern due to limited downstream purchasing enthusiasm. The domestic mine supply is relatively tight, and the smelters' willingness to purchase high-silver mines is low. The energy storage battery sector performs prominently, and the industry is optimistic about the second half of the year. Other battery sectors also see a gradual increase in the operating rate [1][3]. Market News and Key Data Spot Market - On July 7, 2025, the LME lead spot premium was -$24.63/ton. The SMM 1 lead ingot spot price decreased by 50 yuan/ton to 16,975 yuan/ton. The SMM Shanghai lead spot premium remained unchanged at -55 yuan/ton. The SMM Guangdong lead spot price decreased by 50 yuan/ton to 17,025 yuan/ton. The SMM Henan lead spot price decreased by 50 yuan/ton to 17,000 yuan/ton. The SMM Tianjin lead spot premium decreased by 75 yuan/ton to 17,050 yuan/ton. The lead concentrate waste price difference remained unchanged at -50 yuan/ton. The waste electric vehicle battery price remained unchanged at 10,300 yuan/ton. The waste white shell price remained unchanged at 10,175 yuan/ton. The waste black shell price remained unchanged at 10,525 yuan/ton [1]. Futures Market - On July 7, 2025, the main contract of Shanghai lead opened at 17,315 yuan/ton, closed at 17,210 yuan/ton, down 85 yuan/ton from the previous trading day. The trading volume was 29,406 lots, an increase of 5,076 lots from the previous trading day. The position was 51,045 lots, a decrease of 627 lots from the previous trading day. The intraday price fluctuated, with the highest point reaching 17,315 yuan/ton and the lowest point reaching 17,155 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,180 yuan/ton, closed at 17,110 yuan/ton, down 0.58% from the afternoon closing price [1]. Inventory - On July 7, 2025, the total SMM lead ingot inventory was 58,000 tons, an increase of 1,000 tons from the same period last week. As of November 28, the LME lead inventory was 259,975 tons, a decrease of 2,625 tons from the previous trading day [2]. Strategy Absolute Price Strategy - It is recommended to buy on dips for hedging [3]. Option Strategy - Sell put options [4]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The report provides strategies for different metal sectors. For non - ferrous metals, it suggests building bull spread combination strategies and short - volatility strategies; for the black series, neutral combination strategies for sellers' options are suitable; for precious metals, spot hedging strategies are recommended [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts. For example, the latest price of copper (CU2508) is 79,720, down 450 with a decline of 0.56%, and the trading volume is 10.06 million lots [3]. 3.2 Option Factor - Volume and Open Interest PCR - It shows the volume and open interest PCR of different metal options. For instance, the volume PCR of copper is 0.58 with a change of 0.20, and the open interest PCR is 0.69 with a change of 0.03 [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of different metal options are given. For example, the pressure point of copper is 82,000 and the support point is 77,000 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility data of different metal options are provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper is 12.49% [6]. 3.5 Strategy and Recommendations for Different Metals 3.5.1 Non - ferrous Metals - **Copper**: Build a bull spread combination strategy of call options and a short - volatility seller's option combination strategy. Also, construct a spot hedging strategy [7]. - **Aluminum/Alumina**: Use a bull spread combination strategy of call options, a short - option combination strategy of call and put options, and a spot collar strategy [9]. - **Zinc/Lead**: Build a bull spread combination strategy, a short - neutral call + put option combination strategy, and a spot collar strategy [9]. - **Nickel**: Construct a short - bearish call + put option combination strategy and a spot long - side hedging strategy [10]. - **Tin**: Use a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Build a short - neutral call + put option combination strategy and a spot covered call strategy [11]. 3.5.2 Precious Metals - **Gold/Silver**: Construct a short - bullish volatility seller's option combination strategy and a spot hedging strategy [12]. 3.5.3 Black Series - **Rebar**: Build a short - neutral call + put option combination strategy and a spot covered call strategy [13]. - **Iron Ore**: Use a short - bullish call + put option combination strategy and a spot long - side collar strategy [13]. - **Ferroalloys**: Build a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon**: Use a short - neutral call + put option combination strategy and a spot covered call strategy [14]. - **Glass**: Build a short - volatility strategy of call and put options and a spot long - side collar strategy [15].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9]. - For each sector, some varieties are selected to provide option strategies and suggestions [9]. - Option strategy reports for each option variety are compiled based on underlying market analysis, option factor research, and option strategy suggestions [9]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, including crude oil, LPG, methanol, etc [4]. 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market. The report provides these data for different option varieties [5]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of option underlying are determined from the strike prices with the largest open interests of call and put options. The report lists these levels for various option varieties [6]. 3.4 Option Factors - Implied Volatility - The report provides data on at - the - money implied volatility, weighted implied volatility, average annual implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility for different option varieties [7]. 3.5 Option Strategies and Suggestions 3.5.1 Energy - related Options - **Crude Oil**: Fundamentals show changes in US crude oil inventories, production, and the number of active rigs and fracturing fleets. The market is short - term bearish. Option factors indicate high historical implied volatility, increasing short - selling power, a pressure level of 660, and a support level of 450. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [8]. - **LPG**: Fundamentals are affected by geopolitical concerns and import cost changes. The market is short - term bearish. Option factors show relatively high implied volatility, increasing short - selling power, a pressure level of 5100, and a support level of 4000. Strategies are similar to those of crude oil [10]. 3.5.2 Alcohol - related Options - **Methanol**: Fundamentals involve port inventory and MTO device utilization. The market shows short - term narrow - range fluctuations. Option factors indicate relatively high implied volatility, a fluctuating market, a pressure level of 2950, and a support level of 2200. Strategies include constructing a neutral short call + put option combination and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: Fundamentals are related to market prices and supply - demand structure. The market shows weak bearish fluctuations. Option factors show implied volatility around the historical average, weakening market, a pressure level of 4350, and a support level of 4300. Strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: Fundamentals involve production volume changes. The market shows weak bearish fluctuations. Option factors show implied volatility around the historical average, weakening market, a pressure level of 7500, and a support level of 6800. Strategies include a long collar strategy for spot hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: Fundamentals involve exchange inventories. The market shows low - level consolidation. Option factors show implied volatility around the average, increasing short - selling power, a pressure level of 21000, and a support level of 13000. Strategies include constructing a neutral short call + put option combination [12]. 3.5.5 Polyester - related Options - **PTA**: Fundamentals involve inventory changes. The market shows sharp fluctuations. Option factors indicate high historical implied volatility, weakening market, a pressure level of 5800, and a support level of 4500. Strategies include constructing a neutral short call + put option combination [13]. 3.5.6 Alkali - related Options - **Caustic Soda**: Fundamentals involve inventory and profit changes. The market shows short - term narrow - range fluctuations. Option factors show decreasing implied volatility, a weak market, a pressure level of 2400, and a support level of 2200. Strategies include constructing a bear - spread put option combination and a covered call strategy for spot hedging [14]. - **Soda Ash**: Fundamentals involve supply - demand and market sentiment. The market shows weak bearish low - level consolidation. Option factors show implied volatility around the historical average, a weak and fluctuating market, a pressure level of 1220, and a support level of 1120. Strategies include constructing a bear - spread put option combination, a short - bearish call + put option combination, and a long collar strategy for spot hedging [14]. 3.5.7 Other Options - **Urea**: Fundamentals involve supply - demand differences and inventory changes. The market shows bearish fluctuations. Option factors show implied volatility below the historical average, a weakening market, a pressure level of 1900, and a support level of 1700. Strategies include constructing a neutral short call + put option combination and a long collar strategy for spot hedging [15].

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 high - level oscillation with a slight upward bias [3]. - The implied volatility of financial options fluctuated at a relatively high 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 by combining synthetic long or short options with short or long futures [3]. 3. Summary by Relevant Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,472.32, up 11.17 points or 0.32%, with a trading volume of 567.2 billion yuan and an increase of 67 billion yuan in trading volume [4]. - The Shenzhen Component Index closed at 10,508.76, down 25.82 points or 0.25%, with a trading volume of 861.3 billion yuan and an increase of 51.8 billion yuan in trading volume [4]. - The SSE 50 Index closed at 2,740.44, up 15.90 points or 0.58%, with a trading volume of 75.1 billion yuan and an increase of 15.2 billion yuan in trading volume [4]. - The CSI 300 Index closed at 3,982.20, up 14.14 points or 0.36%, with a trading volume of 290.5 billion yuan and an increase of 20.9 billion yuan in trading volume [4]. - The CSI 500 Index closed at 5,911.44, down 11.22 points or 0.19%, with a trading volume of 211.4 billion yuan and an increase of 36.7 billion yuan in trading volume [4]. - The CSI 1000 Index closed at 6,312.20, down 30.44 points or 0.48%, with a trading volume of 304.7 billion yuan and an increase of 34.2 billion yuan in trading volume [4]. 3.2 Option - underlying ETF Market Overview - The SSE 50 ETF closed at 2.836, up 0.016 or 0.57%, with a trading volume of 5.6312 million shares and an increase of 5.6086 million shares in trading volume, and a trading value of 1.597 billion yuan and an increase of 0.96 billion yuan in trading value [5]. - The SSE 300 ETF closed at 4.032, up 0.017 or 0.42%, with a trading volume of 10.5256 million shares and an increase of 10.457 million shares in trading volume, and a trading value of 4.241 billion yuan and an increase of 1.492 billion yuan in trading value [5]. - The SSE 500 ETF closed at 5.963, down 0.008 or 0.13%, with a trading volume of 1.6262 million shares and an increase of 1.6142 million shares in trading volume, and a trading value of 0.971 billion yuan and an increase of 0.258 billion yuan in trading value [5]. - Other ETFs also have corresponding closing prices, trading volume changes, and trading value changes [5]. 3.3 Option Factor - Volume and Position PCR - For the SSE 50 ETF option, the trading volume was 1.6667 million contracts, an increase of 0.9589 million contracts; the position was 1.2648 million contracts, an increase of 0.037 million contracts; the trading volume PCR was 0.79, a decrease of 0.23; the position PCR was 1.07, an increase of 0.10 [6]. - For other option varieties, there are also corresponding volume, position, and PCR data and their changes [6]. 3.4 Option Factor - Pressure and Support Points - The SSE 50 ETF has a pressure point of 2.85 and a support point of 2.75 [8]. - Other option - underlying assets also have corresponding pressure and support points [8]. 3.5 Option Factor - Implied Volatility - The at - the - money implied volatility of the SSE 50 ETF option was 12.22%, the weighted implied volatility was 12.90%, an increase of 0.41%, the annual average was 16.03%, the call implied volatility was 13.08%, the put implied volatility was 12.66%, the HISV20 was 12.22%, and the implied - historical volatility difference was 0.68 [11]. - Other option varieties also have corresponding implied volatility data [11]. 3.6 Strategy and Recommendations - The financial options sector is divided into large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks. Different sectors have different representative option varieties [13]. - For each sector, option strategies and recommendations are provided for selected varieties. For example, for the financial stock sector (SSE 50 ETF and SSE 50), directional strategies include constructing a bull spread combination strategy of call options; volatility strategies include constructing a neutral seller strategy; and there are also spot long - covered strategies [14]. - Similar strategies and recommendations are given for other sectors such as large - and medium - cap stocks, small - cap stocks, and ChiNext stocks [15][16].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural products sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The sector shows different trends, with oilseeds and oils weakening, oils and agricultural by - products fluctuating, soft commodity sugar remaining weak, cotton rising moderately, and grains like corn and starch having a weak and narrow - range consolidation. The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The table shows the latest prices, price changes, trading volumes, and open interest of various agricultural product futures contracts, including soybeans, soybean meal, palm oil, etc. For example, the latest price of A2509 (soybean No.1) is 4,103, with a decrease of 30 and a decline rate of 0.73% [3] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators of different option varieties are presented, including volume PCR 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 instance, the volume PCR of soybean No.1 is 0.31, and the open - interest PCR is 0.48 [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest 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 4,500, and the support level is 4,100 [5] 3.4 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. For example, the at - the - money implied volatility of soybean No.1 is 9.65%, and the weighted implied volatility is 12.06% [6] 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamentals of US soybeans are neutral. The soybean No.1 market has a weak trend. Options' implied volatility is at a relatively high level, and the open - interest PCR indicates a weak market. Strategies include constructing a short neutral call + put option combination and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: Soybean meal trading volume has increased, and the market has a weak downward trend. Options' implied volatility is slightly above the historical average, and the open - interest PCR is around 0.80. Strategies include constructing a short neutral call + put option combination and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of palm oil are affected by production, exports, and inventory. The palm oil market has a bullish - then - bearish trend. Options' implied volatility is decreasing, and the open - interest PCR indicates intense long - short competition. Strategies include constructing a short neutral call + put option combination and a long collar strategy for spot hedging [10] - **Peanuts**: The peanut market price is stable, and the market has a weak and volatile trend. Options' implied volatility is at a low level, and the open - interest PCR indicates a weak market. The recommended strategy is a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - products Options - **Pigs**: The supply of pigs is tight at the beginning of the month, and the demand is decreasing. The pig market has a bullish - then - bearish trend. Options' implied volatility is at a relatively high level, and the open - interest PCR indicates a weak market. Strategies include constructing a short neutral call + put option combination and a covered call strategy for spot [11] - **Eggs**: The egg inventory is expanding, and the market has a weak downward trend. Options' implied volatility is at a high level, and the open - interest PCR is below 0.60. Strategies include constructing a short bearish call + put option combination [12] - **Apples**: The apple inventory is decreasing, and the market has a weak and bullish - rebound trend. Options' implied volatility is below the historical average, and the open - interest PCR is below 0.60. Strategies include constructing a short neutral call + put option combination [12] - **Jujubes**: The jujube inventory is slightly decreasing, and the market has a bullish - then - bearish trend. Options' implied volatility is decreasing, and the open - interest PCR is below 0.50. Strategies include constructing a short bearish strangle option combination and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodities Options - **Sugar**: The sugar market has a weak and then - rebounding trend. Options' implied volatility is at a low level, and the open - interest PCR indicates a range - bound market. Strategies include constructing a short neutral call + put option combination and a long collar strategy for spot hedging [13] - **Cotton**: The cotton market has a low - level rebound trend. Options' implied volatility is decreasing, and the open - interest PCR indicates that the long - side strength is increasing. Strategies include constructing a bull call spread strategy, a short neutral call + put option combination, and a covered call strategy for spot [14] 3.5.4 Grains Options - **Corn and Starch**: The corn market has a weak and bearish trend. Options' implied volatility is at a low level, and the open - interest PCR indicates a range - bound market. Strategies include constructing a short neutral call + put option combination [14]

Report Title - Option Strategy Weekly Report 0703: Significant Gains in Lithium Carbonate Call Options and Good Performance of Crude Oil Option Collar Strategy [1] Core Viewpoints - In the past week, lithium carbonate had a large increase, and the return on buying call options was significant, with a yield of 4.05%. Industrial silicon, iron ore and other varieties also gained significantly from buying call options. Among them, due to the increase in volatility of industrial silicon options, buying straddle/strangle options also resulted in significant profits. For some varieties with large declines, the collar strategy had a good hedging effect. For example, LPG declined by 1.06%, and the yield of its collar strategy was -0.22% [3] Strategy Performance Overview Strategy Yield Table 1 - This table shows the weekly yields of various commodity option strategies, including call options, put options, straddle options, strangle options, bull spreads, bear spreads, etc., for different varieties such as soybean meal, corn, palm oil, etc. [5] Strategy Yield Table 2 - This table presents the weekly yields of other commodity option strategies, including call ratio spreads, put ratio spreads, covered strategies, insurance strategies, collar strategies, synthetic futures, etc., for different varieties [6] Strategy Analysis Call Options - The report provides a distribution chart of the yields of buying call options for mainstream varieties, with a note that the strike price for buying call options is selected as one - step out - of - the - money. It also shows the price trends and net values of mainstream varieties in the past month [7][8][10] Put Options - A distribution chart of the yields of buying put options for mainstream varieties is given, with the strike price for buying put options selected as one - step out - of - the - money. The price trends and net values of mainstream varieties in the past month are also presented [11][14][13] Straddle Options - A distribution chart of the yields of buying straddle options for mainstream varieties is shown, with the strike price for buying straddle options selected as at - the - money. The price trends and net values of mainstream varieties in the past month are provided [15][19][16] Strangle Options - A distribution chart of the yields of buying strangle options for mainstream varieties is presented, with the strike price for buying strangle options selected as one - step out - of - the - money. The price trends and net values of mainstream varieties in the past month are shown [20][23][21] Bull Spreads - A distribution chart of the yields of buying bull spreads for mainstream varieties is provided. The strategy involves buying one - step in - the - money call options and selling one - step out - of - the - money call options. The price trends and net values of mainstream varieties in the past month are given [25][28][26] Bear Spreads - A distribution chart of the yields of buying bear spreads for mainstream varieties is shown. The strategy involves buying one - step in - the - money put options and selling one - step out - of - the - money put options. The price trends and net values of mainstream varieties in the past month are presented [29][32][34] Call Ratio Spreads - A distribution chart of the yields of buying call ratio spreads for mainstream varieties is provided. The strategy involves buying 1 contract of one - step in - the - money call options and selling 1 contract of one - step out - of - the - money call options. The price trends and net values of mainstream varieties in the past month are given [35][37][39] Put Ratio Spreads - A distribution chart of the yields of buying put ratio spreads for mainstream varieties is presented. The strategy involves buying 1 contract of one - step in - the - money put options and selling 2 contracts of one - step out - of - the - money put options. The price trends and net values of mainstream varieties in the past month are shown [40][41][42] Covered Strategies - A distribution chart of the yields of covered strategies for mainstream varieties is provided. The strategy is constructed by holding a long position in the underlying asset and selling one - step out - of - the - money call options. The price trends and net values of mainstream varieties in the past month are given [43][45][46] Insurance Strategies - A distribution chart of the yields of insurance strategies for mainstream varieties is shown. The strategy is constructed by holding a long position in the underlying asset and buying one - step out - of - the - money put options. The price trends and net values of mainstream varieties in the past month are presented [47][48][49] Collar Strategies - A distribution chart of the yields of collar strategies for mainstream varieties is provided. The strategy is constructed by holding a long position in the underlying asset, selling one - step out - of - the - money call options, and buying one - step out - of - the - money put options. The price trends and net values of mainstream varieties in the past month are given [50][52][53] Synthetic Futures - A distribution chart of the yields of synthetic futures for mainstream varieties is presented. The strategy is constructed by holding a long position in the underlying asset, selling one - step out - of - the - money call options, and buying one - step in - the - money put options with the same strike price. The price trends and net values of mainstream varieties in the past month are shown [55][58][56]

Report Industry Investment Rating No relevant content provided. Report's Core View - The report provides a comprehensive analysis of the metal options market, including the market situation of various metal futures, option factors, and corresponding option strategies and suggestions for different metal sectors such as non - ferrous metals, precious metals, and black metals [2][7]. Summary by Related Catalogs 1. Market Overview of Underlying Futures - The latest prices, price changes, trading volumes, and open interest changes of multiple metal futures such as copper, aluminum, and zinc are presented. For example, the latest price of copper (CU2508) is 80,540, with a decline of 220 and a decrease rate of 0.27% [3]. 2. Option Factors 2.1 Volume - Open Interest PCR - The volume PCR and open - interest PCR of various metal options are given, which 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 copper options is 0.38, with a change of 0.02, and the open - interest PCR is 0.66, with a change of 0.04 [4]. 2.2 Pressure and Support Levels - The pressure points, support points, and the maximum open interest of call and put options of different metal options are analyzed. For example, the pressure point of copper options is 82,000, and the support point is 77,000 [5]. 2.3 Implied Volatility - The implied volatility data of various metal options, including at - the - money implied volatility, weighted implied volatility, and its changes, are provided. For example, the at - the - money implied volatility of copper options is 13.53, and the weighted implied volatility is 18.71, with a change of - 0.83 [6]. 3. Strategies and Suggestions 3.1 Non - Ferrous Metals - **Copper Options**: Directional strategy is to construct a bull spread combination strategy of call options; volatility strategy is to construct a short - volatility seller option combination strategy; and a spot hedging strategy is also provided [8]. - **Aluminum/Alumina Options**: Directional strategy is a bull spread combination strategy of call options; volatility strategy is to construct a short call + put option combination strategy; and a spot collar strategy is provided [9]. - **Zinc/Lead Options**: Directional strategy is to construct a bull spread combination strategy; volatility strategy is to construct a short neutral call + put option combination strategy; and a spot collar strategy is provided [9]. - **Nickel Options**: Volatility strategy is to construct a short bearish call + put option combination strategy; and a spot long - position hedging strategy is provided [10]. - **Tin Options**: Volatility strategy is a short - volatility strategy; and a spot collar strategy is provided [10]. - **Lithium Carbonate Options**: Volatility strategy is to construct a short neutral call + put option combination strategy; and a spot covered - call strategy is provided [11]. 3.2 Precious Metals - **Gold/Silver Options**: Volatility strategy is to construct a short - volatility option seller combination strategy with a long - bias; and a spot hedging strategy is provided [12]. 3.3 Black Metals - **Rebar Options**: Volatility strategy is to construct a short neutral call + put option combination strategy; and a spot covered - call strategy is provided [13]. - **Iron Ore Options**: Volatility strategy is to construct a short neutral call + put option combination strategy; and a spot long - collar strategy is provided [13]. - **Ferroalloy Options**: Volatility strategy is a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Volatility strategy is to construct a short neutral call + put option combination strategy; and a spot covered - call strategy is provided [14]. - **Glass Options**: Volatility strategy is to construct a short - volatility call + put option combination strategy; and a spot long - collar strategy is provided [15].