1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9]. - Select some varieties from each sector to provide options strategies and recommendations [9]. - Write options strategy reports for each options variety according to the analysis of the underlying market, research on options factors, and options strategy recommendations [9]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The futures prices of most energy and chemical products showed a downward trend. For example, the price of crude oil SC2512 dropped by 8 to 458, a decline of 1.78%; the price of synthetic rubber BR2512 dropped by 285 to 10,585, a decline of 2.62%. Only the price of rubber RU2601 increased by 10 to 15,395, an increase of 0.06% [4]. 3.2 Options Factor - Volume and Position PCR - The PCR indicators of different options varieties showed different trends. For example, the volume PCR of crude oil increased by 0.14 to 0.86, and the position PCR decreased by 0.01 to 0.81; the volume PCR of methanol increased by 0.26 to 0.84, and the position PCR decreased by 0.02 to 0.51 [5]. 3.3 Options Factor - Pressure and Support Levels - Different options varieties have different pressure and support levels. For example, the pressure level of crude oil is 590, and the support level is 440; the pressure level of methanol is 2300, and the support level is 2200 [6]. 3.4 Options Factor - Implied Volatility - The implied volatility of different options varieties also showed different trends. For example, the weighted implied volatility of crude oil decreased by 1.69 to 30.31; the weighted implied volatility of methanol increased by 1.00 to 19.46 [7]. 3.5 Strategy and Recommendations 3.5.1 Energy - Related Options: Crude Oil - Fundamental analysis: US refinery demand has stabilized and rebounded. During the recent oil price decline, shale oil production only decreased by 10,000 barrels per day. OPEC exports have increased, but most of them are absorbed by China, so there is no obvious visible inventory in the market. In Europe, the overall refined oil inventory is in a low - level destocking state, the crude oil inventory has increased, but the refinery demand is about to enter the peak season, and the diesel crack spread remains high [8]. - Market analysis: Since July, the crude oil market has gradually weakened and then consolidated in a range. In August, it first rose and then fell, showing a short - term weak shock. In September, it continued to be weak and bearish and then gradually rebounded. In October, it fell sharply and then stopped falling and rebounded [8]. - Options factor research: The implied volatility of crude oil options has decreased to near the average. The position PCR of options is reported at around 0.80, indicating that the crude oil market has been weak recently. From the perspective of options, the pressure level of the underlying is 590, and the support level is 440 [8]. - Strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - neutral call + put options combination strategy to obtain options time value and directional returns, and dynamically adjust the position to keep the position delta neutral. Spot long - hedging strategy: Construct a long collar strategy, hold a spot long position + buy a put option + sell an out - of - the - money call option [8]. 3.5.2 Energy - Related Options: Liquefied Petroleum Gas (LPG) - Fundamental analysis: The US is under great pressure due to high production and high inventory. Extreme weather in winter and the trend of Sino - US trade will affect its price and trade flow. At present, the total export volume from the Middle East is relatively stable, and OPEC+ policies and actual production increases will affect future exports [10]. - Market analysis: In July, LPG reached a high and then fell back, continuously declining and then weakly consolidating. Since August, it has accelerated its decline, moved downward bearishly, then rebounded and rose but was blocked and fell back. In September, it first fell and then rose, gradually warming up. Overall, it shows an oversold rebound market with pressure above [10]. - Options factor research: The implied volatility of LPG options has significantly decreased and returned to near the lower - than - average level. The position PCR of LPG options is reported at around 0.80, indicating that the LPG market has been weak recently. From the perspective of options, the pressure level of the underlying is 4550, and the support level is 4000 [10]. - Strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - neutral call + put options combination strategy to obtain options time value and directional returns, and dynamically adjust the position to keep the position delta neutral. Spot long - hedging strategy: Construct a long collar strategy, hold a spot long position + buy a put option + sell an out - of - the - money call option [10]. 3.5.3 Alcohol - Related Options: Methanol - Fundamental analysis: The port inventory is 1.5122 million tons, a month - on - month increase of 20,800 tons. The unloading is lower than expected, and the inventory accumulation speed has slowed down. The enterprise inventory is 360,400 tons, a month - on - month increase of 500 tons, and it is at a low level compared with the same period last year [10]. - Market analysis: In July, methanol reached a high and then fell back, continuously declining and then fluctuating greatly. Since August, it has gradually weakened and moved downward bearishly. In September, it consolidated at a low level and then rebounded. Since October, it has continued to be weak and bearish. Overall, it shows a weak market trend with pressure above [10]. - Options factor research: The implied volatility of methanol options fluctuates around the historical average level. The position PCR of methanol options is reported below 0.80, indicating that the methanol market has been in a weak and oscillating state recently. From the perspective of options, the pressure level of the underlying is 2300, and the support level is 2200 [10]. - Strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - bearish call + put options combination strategy to obtain options time value, and dynamically adjust the position to keep the position delta bearish. Spot long - hedging strategy: Construct a long collar strategy, hold a spot long position + buy a put option + sell an out - of - the - money call option. When the market rebounds to a high strike price, close the position in combination with spot sales [10]. 3.5.4 Alcohol - Related Options: Ethylene Glycol - Fundamental analysis: Last week, the EG load was 73.3%, a month - on - month decrease of 3.7%. Among them, the load of synthetic gas production was 82.2%, a month - on - month increase of 0.8%; the load of ethylene production was 68.2%, a month - on - month decrease of 6.3%. The port inventory is 579,000 tons, a month - on - month increase of 38,000 tons; the inventory days of downstream factories are 13.4 days, a month - on - month increase of 0.2 days. In the short term, the arrival volume last week was moderately low, the departure volume increased, and the port inventory is expected to slightly decrease. With the high domestic load and the increase in overseas arrivals, ethylene glycol has entered the inventory accumulation cycle [11]. - Market analysis: In July, ethylene glycol weakly consolidated and oscillated at a low level, gradually rose, and then fell rapidly. In August, it continued to weakly consolidate slightly. Since September, it has continued to be weak and bearish. Overall, it shows a weak market trend with pressure above [11]. - Options factor research: The implied volatility of ethylene glycol options fluctuates around the lower - than - average level. The position PCR of options is reported at around 0.70, indicating that the short - selling force of ethylene glycol has been relatively strong recently. From the perspective of options, the pressure level of the underlying is 4500, and the support level is 4050 [11]. - Strategy recommendations: Directional strategy: Construct a bearish spread combination strategy of put options to obtain directional returns. Volatility strategy: Construct a short - volatility strategy to obtain time value returns. Spot long - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [11]. 3.5.5 Polyolefin - Related Options: Polypropylene - Fundamental analysis: The inventory of PE production enterprises is 514,600 tons, a month - on - month decrease of 2.81%, and an increase of 2.02% compared with the same period last year; the inventory of PE traders is 50,000 tons, a month - on - month decrease of 0.70%. The inventory of PP production enterprises is 638,500 tons, a month - on - month decrease of 5.92%, and an increase of 12.69% compared with the same period last year; the inventory of PP traders is 220,000 tons, a month - on - month decrease of 7.80%; the PP port inventory is 66,800 tons, a month - on - month decrease of 1.62%. The overall inventory pressure of PP is higher than that of PE [11]. - Market analysis: Since July, the decline of polypropylene has narrowed, gradually stabilized, slightly oscillated and rebounded, and then rapidly declined. In August, it maintained a weak and slight fluctuation. In September, it continued to be weak and bearish. In October, it accelerated its decline and then oscillated at a low level. Overall, it shows a weak market trend with bearish pressure above [11]. - Options factor research: The implied volatility of polypropylene options has decreased to near the average level. The position PCR of options is reported at around 0.70, indicating that the polypropylene market has weakened recently. From the perspective of options, the pressure level of the underlying is 6900, and the support level is 6300 [11]. - Strategy recommendations: Directional strategy: None. Volatility strategy: None. Spot long - hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [11]. 3.5.6 Rubber - Related Options: Rubber - Fundamental analysis: The offer price of the imported rubber market has risen, traders have rotated stocks, and the factory's inventory - building sentiment has been weak. The futures market has maintained a relatively strong oscillating pattern, and the spot price of domestic natural rubber has followed the market up. The downstream procurement willingness has been relatively weak, mainly replenishing goods with appropriate rigid demand. The overall trading atmosphere in the market has been average, and the actual transaction performance has been light [12]. - Market analysis: Since July, the rubber market has continued to rise in the short term, reached a high, and then fell back. In August, it gradually warmed up and rose and then consolidated and oscillated in a range. Since September, it has maintained a weak and bearish trend. In October, it continued to be weak and consolidated at a low level. Overall, it shows a weak consolidation market trend with support below and pressure above [12]. - Options factor research: The implied volatility of rubber options has risen rapidly and then decreased to near the lower - than - average level. The position PCR of rubber options is reported below 0.60. From the perspective of options, the pressure level of the underlying has dropped significantly to 17,000, and the support level is 14,000 [12]. - Strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - bearish call + put options combination strategy to obtain options time value and directional returns, and dynamically adjust the position to keep the position delta bearish. Spot hedging strategy: None [12]. 3.5.7 Polyester - Related Options: PTA - Fundamental analysis: The PTA load is 78.8%, a month - on - month increase of 2.8%. In terms of equipment, the load of Yisheng Ningbo has slightly decreased, and the load of individual equipment has recovered. The maintenance volume of PTA in October has slightly decreased, and the overall load is low under low processing fees [12]. - Market analysis: In July, the PTA market continued to be weak and then rebounded and rose. In August, it fell back, slightly consolidated, and then rapidly rebounded, rose, and was blocked and fell back. In September, it continued to be weak and bearish. Overall, it shows a weak and bearish market trend with pressure above [12]. - Options factor research: The implied volatility of PTA options fluctuates at a relatively high level above the average. The position PCR of PTA options is reported at around 0.70, indicating that the PTA market has been in an oscillating state recently. From the perspective of options, the pressure level of the underlying is 4600, and the support level is 4300 [12]. - Strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - bearish call + put options combination strategy to obtain options time value, and dynamically adjust the position to keep the position delta bearish. Spot hedging strategy: None [12]. 3.5.8 Alkali - Related Options: Caustic Soda - Fundamental analysis: In the spot market, non - aluminum industries have no obvious inventory - building behavior, which is lower than expected, or they are waiting for the spot price to bottom out to stimulate speculative demand. Secondly, as the maintenance is restored, the spot support may weaken. The price of liquid chlorine has risen, weakening the cost support [13]. - Market analysis: In July, caustic soda first rose and then fell. In August, it quickly fell back, then gradually rebounded, moved upward bullishly in the short term, and then oscillated at a high level. Since September, it has continuously reported negative lines and gradually weakened. In October, it accelerated its decline. Overall, it shows a weak and bearish market trend with pressure above recently [13]. - Options factor research: The implied volatility of caustic soda options fluctuates at a relatively high level. The position PCR of caustic soda options is reported below 0.80, indicating that the caustic soda market has been in a weak and oscillating state recently. From the perspective of options, the pressure level of the underlying is 2600, and the support level is 2240 [13]. - Strategy recommendations: Directional strategy: Construct a bearish spread combination strategy to obtain directional returns. Volatility strategy: None. Spot collar hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [13]. 3.5.9 Alkali - Related Options: Soda Ash - Fundamental analysis: As of October 25, 2025, the in - factory inventory of soda ash is 1.7021 million tons, a month - on - month increase of 16,000 tons; the available inventory days are 14.11 days, a month - on - month increase of 0.01 days. The in - factory inventory of heavy soda ash is 93.45 yuan/ton, a month - on - month decrease of 0.62 yuan/ton; the in - factory inventory of light soda ash is 76.76 yuan/ton, a month - on - month increase of 0.78 yuan/ton [13]. - Market analysis: Since August, the soda ash market has continued to be weak and consolidated. In September, it fluctuated slightly at a low level and was weak. In October, it continued to be weak. Recently, it shows a low - level weak oscillating market trend with support below [13]. - Options factor research: The implied volatility of soda ash options fluctuates at a relatively high level in history. The position PCR of soda ash options is reported below 0.60, indicating that the bearish pressure is relatively strong. From the perspective of options, the pressure level of the underlying is 1300, and the support level is 1100 [13]. - Strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - volatility combination strategy to obtain volatility returns. Spot long - hedging strategy: Construct a long collar strategy, hold a spot long position + buy a put option + sell an out - of - the - money call option [13]. 3.5.10 Other Energy - Chemical Options: Urea - Fundamental analysis: The enterprise inventory is 1.6302 million tons, a month - on - month increase of 14,800 tons, and it is at a high level compared with the same period last year. The port inventory is 210,000 tons, a month - on - month decrease of 236,000 tons, and the goods are accelerating to leave the port [14]. - Market analysis: In July, the urea market oscillated widely in a range under the bearish pressure line and then rose rapidly. In August, it continued to fluctuate widely in a range. In September, it gradually weakened. In October, it oscillated weakly at a low level. Overall, it shows a low - level oscillating and weak market trend [14]. - Options factor research: The implied volatility of urea options fluctuates slightly around the historical average level

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies focus on constructing option portfolios mainly as sellers and spot hedging or covered strategies to enhance returns [3][9] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Various energy and chemical futures contracts show different price movements, trading volumes, and open interest changes. For example, the latest price of crude oil (SC2512) is 465, down 4 with a decline of 0.75%, and its trading volume is 10.93 million lots with a decrease of 5.34 million lots [4] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators of different option varieties reflect the strength of the option underlying market and the turning point of the underlying market. For instance, the open interest PCR of crude oil options is 0.82, an increase of 0.08 [5] 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 different option underlying are identified. For example, the pressure level of crude oil is 500 and the support level is 450 [6] 3.4 Option Factors - Implied Volatility - The implied volatility of different option varieties shows different levels and changes. For example, the weighted implied volatility of crude oil options is 32.00%, an increase of 0.33% [7] 3.5 Option Strategies and Recommendations 3.5.1 Energy Options - Crude Oil - Fundamental analysis shows that US refinery demand has stabilized and rebounded, and OPEC exports have increased. The option implied volatility has declined to near the average, and the open interest PCR indicates a weak market. Strategies include constructing a short - neutral call + put option combination strategy and a long collar strategy for spot hedging [8] 3.5.2 Energy Options - Liquefied Petroleum Gas (LPG) - The US market faces pressure from high production and inventory, and the Middle East exports are relatively stable. The option implied volatility has dropped significantly to below the average, and the open interest PCR indicates a weak market. Similar strategies to crude oil are recommended [10] 3.5.3 Alcohol Options - Methanol - Port and enterprise inventories show certain trends. The option implied volatility fluctuates around the historical average, and the open interest PCR indicates a weak and oscillating market. Strategies involve constructing a short - bearish call + put option combination strategy and a long collar strategy for spot hedging [10] 3.5.4 Alcohol Options - Ethylene Glycol - The load and inventory of ethylene glycol show specific changes. The option implied volatility fluctuates below the average, and the open interest PCR indicates strong bearish power. Strategies include constructing a bearish spread combination strategy of put options and a short - volatility strategy [11] 3.5.5 Polyolefin Options - Polypropylene - The inventory of polypropylene and polyethylene shows different trends. The option implied volatility has declined to near the average, and the open interest PCR indicates a weak market. A long collar strategy for spot hedging is recommended [11] 3.5.6 Rubber Options - The rubber market has a certain trading atmosphere, and the option implied volatility has decreased to below the average after a sharp increase. The open interest PCR is below 0.60. A short - bearish call + put option combination strategy is recommended [12] 3.5.7 Polyester Options - PTA - The PTA load and maintenance situation show specific characteristics. The option implied volatility fluctuates at a relatively high level, and the open interest PCR indicates an oscillating market. A short - bearish call + put option combination strategy is recommended [12] 3.5.8 Alkali Options - Caustic Soda - The caustic soda market has certain supply and demand characteristics. The option implied volatility is at a high level, and the open interest PCR indicates a weak and oscillating market. A bearish spread combination strategy and a long collar strategy for spot hedging are recommended [13] 3.5.9 Alkali Options - Soda Ash - The inventory of soda ash shows specific changes. The option implied volatility is at a relatively high historical level, and the open interest PCR indicates strong bearish pressure. A short - volatility combination strategy and a long collar strategy for spot hedging are recommended [13] 3.5.10 Urea Options - The enterprise and port inventories of urea show specific trends. The option implied volatility fluctuates around the historical average, and the open interest PCR indicates strong bearish pressure. A short - neutral call + put option combination strategy and a spot hedging strategy are recommended [14]

Group 1: Report Overview - The report is a metal options strategy morning report dated October 24, 2025 [1] - It provides an analysis of various metal options, including their market conditions, option factors, and strategy recommendations [2] Group 2: Market Conditions Futures Market - The report presents the latest prices, price changes, trading volumes, and open interests of various metal futures contracts [3] - For example, the price of copper futures (CU2512) is 86,730, up 1,150 (1.34%) compared to the previous trading day [3] Option Factors - The report analyzes option factors such as volume and open interest PCR, pressure and support levels, and implied volatility for various metal options [4][5][6] - For instance, the volume PCR of copper options is 0.35, and the open interest PCR is 0.79 [4] Group 3: Strategy Recommendations Overall Strategies - For non - ferrous metals, which are in a range - bound oscillation, a seller's neutral volatility strategy is recommended [2] - For black metals, which maintain high - amplitude fluctuations, a short - volatility combination strategy is suitable [2] - For precious metals, which have fallen sharply from high levels, a spot hedging strategy is proposed [2] Specific Metal Strategies - **Copper Options**: A short - volatility seller option combination strategy is recommended to gain time - value income, and a spot hedging strategy is also provided [7] - **Aluminum Options**: A strategy of selling a neutral combination of call and put options is suggested, along with a spot collar strategy [9] - **Other Metals**: Similar option strategies and spot hedging or备兑 strategies are recommended for zinc, nickel, tin, gold, silver, carbonate lithium, and various black metals [10][11][12][13][14][15] Group 4: Charts - The report includes price trend charts, option volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts for various metals [18][20][27][29][34]

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9] - Options strategies and suggestions are provided for selected varieties in each sector [9] - The option strategy report for each option variety is compiled according to the underlying market analysis, option factor research, and option strategy suggestions [9] 3. Summary by Relevant Content 3.1 Underlying Futures Market Overview - Various option varieties' underlying contracts' latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes are presented, such as crude oil (SC2512) with a latest price of 470, a price increase of 16, and a price change rate of 3.48% [4] 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR for different option varieties are given, along with their changes, which are used to describe the strength of the option underlying market and the turning point of the underlying market [5] 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels for different option varieties are analyzed from the perspective of the strike prices with the largest open interests of call and put options [6] 3.4 Option Factors - Implied Volatility - Implied volatility data for different option varieties are provided, including at - the - money implied volatility, weighted implied volatility, and its changes, etc. [7] 3.5 Option Strategies and Suggestions 3.5.1 Energy - related Options - **Crude Oil**: Fundamentals involve OPEC's production increase and US shale oil production. The market has shown different trends from July to October. Option factors indicate a decline in implied volatility, a weak market according to open interest PCR, and specific pressure and support levels. Strategies include a volatility strategy of selling a neutral call + put option combination and a spot long - hedging strategy of constructing a long collar [8] - **Liquefied Petroleum Gas (LPG)**: Fundamentals show a decrease in domestic LPG production in September. The market has experienced ups and downs. Option factors suggest a decline in implied volatility, a weak market, and specific pressure and support levels. Strategies include a volatility strategy of selling a neutral call + put option combination and a spot long - hedging strategy of constructing a long collar [10] 3.5.2 Alcohol - related Options - **Methanol**: Fundamentals involve port and enterprise inventories. The market has been weak. Option factors indicate that implied volatility fluctuates around the historical average, a weak - oscillating market, and specific pressure and support levels. Strategies include a volatility strategy of selling a bearish call + put option combination and a spot long - hedging strategy of constructing a long collar [10] - **Ethylene Glycol**: Fundamentals show inventory changes. The market has been weak. Option factors suggest that implied volatility fluctuates below the average, strong bearish power, and specific pressure and support levels. Strategies include a directional strategy of constructing a bearish spread of put options, a volatility strategy of shorting volatility, and a spot long - hedging strategy [11] 3.5.3 Polyolefin - related Options - **Polypropylene**: Fundamentals involve inventory changes. The market has been weak. Option factors indicate a decline in implied volatility to around the average, a weak market, and specific pressure and support levels. Strategies include a spot long - hedging strategy of holding a spot long position, buying an at - the - money put option, and selling an out - of - the - money call option [11] 3.5.4 Rubber - related Options - **Rubber**: Fundamentals show inventory changes. The market has been in a weak consolidation. Option factors suggest that implied volatility has decreased to around the average, a relatively strong bullish market according to open interest PCR, and specific pressure and support levels. Strategies include a volatility strategy of selling a bearish call + put option combination [12] 3.5.5 Polyester - related Options - **PTA**: Fundamentals show inventory accumulation. The market has been weak. Option factors indicate that implied volatility fluctuates at a relatively high level, an oscillating market, and specific pressure and support levels. Strategies include a volatility strategy of selling a bearish call + put option combination [12] 3.5.6 Alkali - related Options - **Caustic Soda**: Fundamentals show a decline in production capacity utilization. The market has been weak. Option factors suggest high - level volatility of implied volatility, a weak - oscillating market, and specific pressure and support levels. Strategies include a directional strategy of constructing a bearish spread and a spot collar - hedging strategy [13] - **Soda Ash**: Fundamentals show an increase in factory inventory. The market has been in a low - level weak oscillation. Option factors indicate that implied volatility fluctuates at a relatively high historical level, strong bearish pressure, and specific pressure and support levels. Strategies include a volatility strategy of shorting volatility and a spot long - hedging strategy of constructing a long collar [13] 3.5.7 Other Options - **Urea**: Fundamentals show an increase in enterprise and port inventories. The market has been in a low - level weak oscillation. Option factors suggest that implied volatility fluctuates around the historical average, strong bearish pressure, and specific pressure and support levels. Strategies include a directional strategy of constructing a bearish spread of put options, a volatility strategy of selling a bearish call + put option combination, and a spot long - hedging strategy [14] 3.6 Option Charts - Charts for various option varieties, such as crude oil, LPG, methanol, etc., are provided, including price trends, trading volume and open interest, open interest PCR, implied volatility, historical volatility cones, and pressure and support levels [15][36][54]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The metals sector is divided into non - ferrous metals, precious metals, and black metals. Different trading strategies are recommended for each type of metal based on their market conditions and option factors [2]. - For non - ferrous metals in a range - bound situation, a seller's neutral volatility strategy can be constructed; for black metals with large - amplitude fluctuations, a short - volatility portfolio strategy is suitable; for precious metals with upward trends, a spot hedging strategy can be built [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interests of various metal futures contracts. For example, the latest price of copper (CU2511) is 84,890, down 820 or 0.96% [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 points. For instance, the open interest PCR of copper is 0.78, with a change of 0.07 [4]. - **Pressure and Support Levels**: Determined from the strike prices with the largest open interests of call and put options. The pressure point of copper is 92,000, and the support point is 80,000 [5]. - **Implied Volatility**: It includes at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. The weighted implied volatility of copper is 25.28%, with a change of 0.34% [6]. 3.3 Option Strategies for Different Metals - **Non - Ferrous Metals** - **Copper**: A short - volatility seller's option portfolio strategy is recommended to gain time - value income. The pressure level is 92,000, and the support level is 80,000 [7]. - **Aluminum/Alumina**: A short - neutral call + put option combination strategy is suggested to obtain option time - value and directional income. Aluminum's pressure level is 21,400, and the support level is 20,400 [9]. - **Zinc/Lead**: Similar to aluminum, a short - neutral option combination strategy is recommended. Zinc's pressure level is 22,600, and the support level is 21,800 [9]. - **Nickel**: A short - bearish call + put option combination strategy is proposed. The pressure level is 130,000, and the support level is 120,000 [10]. - **Tin**: A short - volatility strategy is recommended. The pressure level is 320,000, and the support level is 270,000 [10]. - **Lithium Carbonate**: A short - bearish option combination strategy is suggested. The pressure level is 100,000, and the support level is 64,000 [11]. - **Precious Metals** - **Gold/Silver**: For gold, a bull - spread call option combination strategy and a short - volatility option seller's combination strategy are recommended. The pressure level of gold is 968, and the support level is 800 [12]. - **Black Metals** - **Rebar**: A short - bearish option combination strategy is recommended. The pressure level is 3,500, and the support level is 3,000 [13]. - **Iron Ore**: A short - neutral option combination strategy is suggested. The pressure level is 850, and the support level is 750 [13]. - **Ferroalloys**: For manganese silicon, a short - volatility strategy is recommended. The pressure level is 5,900, and the support level is 5,600 [14]. - **Industrial Silicon/Polysilicon**: A short - volatility call + put option combination strategy is proposed. The pressure level of industrial silicon is 13,800, and the support level is 9,000 [14]. - **Glass**: A short - volatility option combination strategy is recommended. The pressure level is 1,380, and the support level is 1,100 [15].

Group 1: Report Overview - Report Title: Energy and Chemical Options Strategy Morning Report [1] - Date: October 14, 2025 - Research Scope: Energy (crude oil, LPG), polyolefins (polypropylene, PVC, plastic, styrene), polyester (PX, PTA, short - fiber, bottle - chip), alkali chemicals (caustic soda, soda ash), others (rubber) [2] - Strategy Suggestion: Build option portfolio strategies mainly as sellers, and spot hedging or covered strategies to enhance returns [2] Group 2: Market Conditions of Underlying Futures - Crude oil (SC2512): Latest price 454, up 0 (0.02%), trading volume 6.51 million lots (+ 3.49 million), open interest 3.11 million lots (+ 0.33 million) [3] - LPG (PG2511): Latest price 4,121, up 52 (1.28%), trading volume 5.24 million lots (- 0.56 million), open interest 5.86 million lots (- 0.44 million) [3] - Methanol (MA2512): Latest price 2,319, up 0 (0.00%), trading volume 4.95 million lots (+ 1.18 million), open interest 4.02 million lots (+ 0.22 million) [3] - And other varieties with detailed price, change, volume, and open - interest data provided [3] Group 3: Option Factors - Volume and Open - Interest PCR - Crude oil: Volume PCR 1.11 (+ 0.41), Open - interest PCR 0.56 (- 0.03) [4] - LPG: Volume PCR 0.52 (- 0.13), Open - interest PCR 0.48 (- 0.07) [4] - Methanol: Volume PCR 0.68 (+ 0.01), Open - interest PCR 0.65 (+ 0.06) [4] - And other varieties with corresponding PCR data [4] Group 4: Option Factors - Pressure and Support Levels - Crude oil: Pressure point 570, support point 440 [5] - LPG: Pressure point 4,700, support point 4,050 [5] - Methanol: Pressure point 2,300, support point 2,250 [5] - And other varieties with their respective pressure and support levels [5] Group 5: Option Factors - Implied Volatility - Crude oil: At - the - money implied volatility 27.545%, weighted implied volatility 35.73% (+ 3.29%), historical average 37.02% [6] - LPG: At - the - money implied volatility 16.82%, weighted implied volatility 22.03% (+ 1.86%), historical average 24.00% [6] - Methanol: At - the - money implied volatility 17.03%, weighted implied volatility 19.61% (+ 3.13%), historical average 21.83% [6] - And other varieties with implied volatility data [6] Group 6: Option Strategies for Different Varieties Crude Oil - Fundamental: OPEC+ started a new round of production increase of 1.65 million barrels per day in October, market worries about long - term supply surplus, and the production increase cycle will continue until next year. The situation in the Middle East has eased [7] - Market Analysis: Since July, it has been weak, with a downward trend in October [7] - Option Factors: Implied volatility fluctuates above the average; Open - interest PCR below 0.60 indicates a weak market; Pressure point 570, support point 440 [7] - Strategies: Directional strategy: None; Volatility strategy: Sell a neutral call + put option combination; Spot long - hedging strategy: Build a long collar strategy [7] LPG - Fundamental: PDH device maintenance is stable, but profit is declining. It is expected that the capacity utilization rate will decline after entering the peak season [9] - Market Analysis: After a decline in July, it has shown an oversold rebound with pressure [9] - Option Factors: Implied volatility drops to near the average; Open - interest PCR below 0.60 indicates a weak market; Pressure point 4,700, support point 4,050 [9] - Strategies: Directional strategy: None; Volatility strategy: Sell a neutral call + put option combination; Spot long - hedging strategy: Build a long collar strategy [9] Other Varieties - Similar analysis and strategy suggestions are provided for methanol, ethylene glycol, polypropylene, rubber, polyester products, caustic soda, soda ash, and urea [9][10][11][12][13][14] Group 7: Charts - Charts for each variety include price trends, trading volume and open - interest, PCR, implied volatility, historical volatility cones, and pressure and support levels [15][36][56][75][94][113][133][152][170][188]

Group 1: Report Overview - Report title: Metal Options Strategy Morning Report [1] - Date: September 30, 2025 [1] Group 2: Core Views - For non - ferrous metals in range - bound oscillations, construct a neutral volatility strategy for option sellers [2] - For the black metals sector with large - amplitude fluctuations, build a short - volatility portfolio strategy [2] - For precious metals with upward breakouts, construct a spot hedging strategy [2] Group 3: Futures Market Overview - For copper (CU2511), the latest price is 83,680, up 1,610 or 1.96%, with a trading volume of 13.85 million lots (down 3.62 million) and open interest of 21.38 million lots (down 1.53 million) [3] - For aluminum (AL2511), the latest price is 20,770, up 65 or 0.31%, trading volume 13.29 million lots (up 1.77 million), and open interest 20.39 million lots (down 0.89 million) [3] - Similar data are provided for other metals including zinc, lead, nickel, etc. [3] Group 4: Option Factor - Volume and Open Interest PCR - For copper options, the volume PCR is 0.27 (up 0.01), and the open - interest PCR is 0.73 (up 0.02) [4] - For aluminum options, the volume PCR is 0.63 (up 0.01), and the open - interest PCR is 0.90 (up 0.05) [4] - Other metals' PCR data are also presented [4] Group 5: Option Factor - Pressure and Support Levels - For copper options, the pressure point is 92,000, and the support point is 82,000 [5] - For aluminum options, the pressure point is 20,800, and the support point is 19,900 [5] - Pressure and support levels for other metals are also given [5] Group 6: Option Factor - Implied Volatility - For copper options, the at - the - money implied volatility is 20.75%, the weighted implied volatility is 27.04% (down 0.59%), and the difference between implied and historical volatility is 6.29% [6] - For aluminum options, the at - the - money implied volatility is 12.19%, the weighted implied volatility is 14.40% (up 0.16%), and the difference is 1.63% [6] - Implied volatility data for other metals are also provided [6] Group 7: Option Strategies for Non - Ferrous Metals Copper Options - Fundamental analysis: Total inventories in three major exchanges decreased by 0.6 million tons. SHFE inventories decreased by 0.7 to 9.9 million tons, LME inventories decreased by 0.3 to 14.4 million tons, and COMEX inventories increased by 0.4 to 29.1 million tons [7] - Market analysis: Shanghai copper showed a bullish high - level consolidation trend [7] - Option factor analysis: Implied volatility is above the historical average, open - interest PCR is around 0.70, pressure point is 92,000, and support point is 80,000 [7] - Strategy suggestions: Construct a bull - spread strategy for call options and a short - volatility option seller portfolio strategy, and a spot long - hedging strategy [7] Other Non - Ferrous Metals - Strategies for aluminum, zinc, lead, nickel, tin, and lithium carbonate options are also provided, including fundamental analysis, market analysis, option factor analysis, and strategy suggestions [9][10][11] Group 8: Option Strategies for Precious Metals Gold Options - Fundamental analysis: Holdings of major gold ETFs increased by 3.79% this month, and total open interest of Shanghai gold and COMEX gold increased [12] - Market analysis: Shanghai gold continued its bullish trend, reaching a new high [12] - Option factor analysis: Implied volatility is around the historical average, open - interest PCR is below 0.80, pressure point is 888, and support point is 800 [12] - Strategy suggestions: Construct a bull - spread strategy for call options, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] Silver Options - Strategies for silver options are also provided, including fundamental analysis, market analysis, option factor analysis, and strategy suggestions [12] Group 9: Option Strategies for Black Metals Steel and Iron Ore Options - Strategies for rebar, iron ore, ferroalloys, industrial silicon, polysilicon, and glass options are provided, including fundamental analysis, market analysis, option factor analysis, and strategy suggestions [13][14][15]

Group 1: General Information - The report is a metal options strategy morning report dated September 29, 2025 [1] - The research team includes Lu Pinxian, Huang Kehan, and Li Renjun [2] - The metal - related sectors are divided into non - ferrous metals, precious metals, and black metals. Options strategies and suggestions are provided for selected varieties in each sector [8] Group 2: Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, such as copper (CU2511 closed at 81,890 with a - 0.79% change), aluminum (AL2511 at 20,660 with a - 0.55% change), etc. [3] Group 3: Option Factors 3.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are presented, which are used to describe the strength of the underlying asset's market and potential turning points. For example, the volume PCR of copper is 0.26 with a - 0.02 change, and the open interest PCR is 0.70 with a 0.01 change [4] 3.2 Pressure and Support Levels - The pressure points, support points, and the corresponding offsets of various metal options are given. For instance, the pressure point of copper is 92,000 with an 8,000 offset, and the support point is 80,000 with a 2,000 offset [5] 3.3 Implied Volatility - The report shows the at - the - money implied volatility, weighted implied volatility, changes in weighted implied volatility, annual average implied volatility, call and put implied volatilities, and the difference between implied and historical volatilities for each metal option. For example, the at - the - money implied volatility of copper is 20.97%, and the weighted implied volatility is 27.63% with a 1.87 change [6] Group 4: Strategy Recommendations 4.1 Non - Ferrous Metals - **Copper**: Build a bull spread strategy for directional gain, a short - volatility option seller strategy for time - value gain, and a spot hedging strategy [7] - **Aluminum/Alumina**: For aluminum, build a short - neutral call + put option combination strategy and a spot collar strategy; for alumina, similar strategies are recommended [9] - **Zinc/Lead**: Build a short - neutral call + put option combination strategy and a spot collar strategy for zinc; similar strategies for lead [9] - **Nickel**: Build a short - bearish call + put option combination strategy and a spot covered - call strategy [10] - **Tin**: Build a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: Build a short - bearish call + put option combination strategy and a spot hedging strategy [11] 4.2 Precious Metals - **Gold/Silver**: For gold, build a bull spread strategy for directional gain, a short - volatility option seller strategy with a positive delta, and a spot hedging strategy; for silver, similar strategies are recommended [12] 4.3 Black Metals - **Rebar**: Build a short - bearish call + put option combination strategy and a spot covered - call strategy [13] - **Iron Ore**: Build a short - neutral call + put option combination strategy and a spot collar strategy [13] - **Ferroalloys**: For manganese silicon, build a short - volatility strategy; for industrial silicon/polysilicon, build a short - volatility option seller strategy and a spot hedging strategy; for glass, build a short - volatility strategy and a spot collar strategy [13][14][15]

1. Report Industry Investment Rating - No information provided in the document 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are in a range - bound oscillation [2] - For black metals, build a short - volatility portfolio strategy due to their large - amplitude fluctuations [2] - For precious metals, create a spot hedging strategy as they are rising and breaking through [2] 3. Summary by Related Catalogs 3.1 Market Overview of Underlying Futures - Copper (CU2511): Latest price 80,100, down 20 (-0.02%), volume 6.34 million lots, open interest 17.70 million lots [3] - Aluminum (AL2511): Latest price 20,715, down 55 (-0.26%), volume 11.87 million lots, open interest 23.61 million lots [3] - Zinc (ZN2511): Latest price 22,035, up 40 (0.18%), volume 14.05 million lots, open interest 13.04 million lots [3] - And other metal futures with their respective prices, changes, volumes, and open interests [3] 3.2 Option Factors - Volume and Open Interest PCR - Different metal options have their own volume PCR, volume change, open interest PCR, and open interest change, 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 - Each metal option has its pressure point, pressure point offset, support point, support point offset, maximum call open interest, and maximum put open interest, indicating the pressure and support levels of the underlying [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different metal options includes at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility [6] 3.5 Strategies and Recommendations for Different Metals 3.5.1 Non - ferrous Metals - Copper: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - Aluminum/Alumina: Construct a short - neutral call + put option combination strategy and a spot collar strategy [9] - Zinc/Lead: Build a short - neutral call + put option combination strategy and a spot collar strategy [9] - Nickel: Create a short - bearish call + put option combination strategy and a spot covered call strategy [10] - Tin: Implement a short - volatility strategy and a spot collar strategy [10] - Lithium Carbonate: Build a short - bearish call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - Gold/Silver: Construct a bullish call spread strategy, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] 3.5.3 Black Metals - Rebar: Build a short - bearish call + put option combination strategy and a spot covered call strategy [13] - Iron Ore: Construct a short - neutral call + put option combination strategy and a long - collar strategy [13] - Ferroalloys: Implement a short - volatility strategy [14] - Industrial Silicon/Polysilicon: Build a short - volatility call + put option combination strategy and a spot hedging strategy [14] - Glass: Implement a short - volatility call + put option combination strategy [15]

1. Report Industry Investment Rating - Not available in the provided content 2. Core Viewpoints - Energy chemical options cover various categories including energy, polyolefins, polyesters, alkali chemicals, and others [3]. - The strategy suggests constructing option - combination strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1. Futures Market Overview - Different energy - chemical option underlying futures have different price, trading volume, and open - interest changes. For example, crude oil (SC2511) closed at 484, down 8 (-1.55%), with a trading volume of 10.89 million lots and an open interest of 3.38 million lots [4]. 3.2. Option Factors - Volume and Open - Interest PCR - PCR indicators for different options vary. For instance, the volume PCR of crude oil options is 0.94, down 0.07, and the open - interest PCR is 1.03, down 0.13 [5]. 3.3. Option Factors - Pressure and Support Levels - Each option has its pressure and support levels. For example, the pressure level of crude oil options is 570, and the support level is 480 [6]. 3.4. Option Factors - Implied Volatility - Implied volatility of different options shows different trends. For example, the flat - strike implied volatility of crude oil options is 30.21%, and the weighted implied volatility is 32.98%, up 0.27% [7]. 3.5. Strategy and Recommendations 3.5.1. Energy - Class Options (Crude Oil) - Fundamental analysis: OPEC may discuss early release of 1.6 million barrels per day of production cuts, and Russia has its own production - cut plan [8]. - Market analysis: Crude oil has been in a weak and range - bound pattern since July, with short - term weakness in August and September [8]. - Option factor research: Implied volatility fluctuates around the mean, open - interest PCR is above 1.00, indicating a range - bound market, and the pressure and support levels are 570 and 480 respectively [8]. - Strategy recommendations: Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [8]. 3.5.2. Energy - Class Options (LPG) - Fundamental analysis: PDH device maintenance is stable, but profit decline may lead to a decrease in capacity utilization [10]. - Market analysis: LPG has shown an oversold rebound pattern with pressure above [10]. - Option factor research: Implied volatility has dropped significantly to around the mean, open - interest PCR is around 0.80, indicating a range - bound market, and the pressure and support levels are 4800 and 4700 respectively [10]. - Strategy recommendations: Directional strategy: None; Volatility strategy: Construct a neutral - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [10]. 3.5.3. Alcohol - Class Options (Methanol) - Fundamental analysis: Port inventory has reached a new high, and enterprise inventory and orders have changed [10]. - Market analysis: Methanol has shown a weak pattern with pressure above [10]. - Option factor research: Implied volatility has declined and fluctuates below the mean, open - interest PCR is around 0.80, indicating a weak - range - bound market, and the pressure and support levels are 2400 and 2250 respectively [10]. - Strategy recommendations: Directional strategy: Construct a bear - spread strategy with put options; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [10]. 3.5.4. Alcohol - Class Options (Ethylene Glycol) - Fundamental analysis: Port inventory is expected to be in a low - level shock and then enter a stock - building cycle [11]. - Market analysis: Ethylene glycol has shown a weak pattern with pressure above [11]. - Option factor research: Implied volatility fluctuates below the mean, open - interest PCR is around 0.60, indicating strong short - side power, and the pressure and support levels are 4500 and 4250 respectively [11]. - Strategy recommendations: Directional strategy: Construct a bear - spread strategy with put options; Volatility strategy: Construct a short - volatility strategy; Spot long - hedging strategy: Hold spot long + buy put options + sell out - of - the - money call options [11]. 3.5.5. Polyolefin - Class Options - Fundamental analysis: Polyolefin inventory has different changes in production enterprises, traders, and ports, with PP having higher inventory pressure than PE [12]. - Market analysis: Polypropylene has shown a weak pattern with pressure above [12]. - Option factor research: Implied volatility has declined to below the mean, open - interest PCR is around 0.80, indicating a weak trend, and the pressure and support levels are 7400 and 6700 respectively [12]. - Strategy recommendations: Directional strategy: None; Volatility strategy: None; Spot long - hedging strategy: Hold spot long + buy at - the - money put options + sell out - of - the - money call options [12]. 3.5.6. Rubber Options - Fundamental analysis: Affected by the rubber - tapping season in Southeast Asia and increased overseas supply expectations, the global rubber futures market has declined [13]. - Market analysis: Rubber has shown a weak - range - bound pattern with support below and pressure above [13]. - Option factor research: Implied volatility has risen sharply and then dropped to around the mean, open - interest PCR is below 0.60, and the pressure and support levels are 17000 and 15750 respectively [13]. - Strategy recommendations: Directional strategy: None; Volatility strategy: Construct a neutral - biased call + put option combination strategy; Spot hedging strategy: None [13]. 3.5.7. Polyester - Class Options - Fundamental analysis: PTA inventory has increased slightly, but it is expected to maintain a de - stocking pattern due to high downstream load and more maintenance in September [14]. - Market analysis: PTA has shown a weak - bearish pattern with pressure above [14]. - Option factor research: Implied volatility fluctuates at a relatively high level, open - interest PCR is around 0.70, indicating a range - bound market, and the pressure and support levels are 5000 and 4400 respectively [14]. - Strategy recommendations: Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot hedging strategy: None [14]. 3.5.8. Alkali - Class Options (Caustic Soda) - Fundamental analysis: Caustic soda factory inventory has increased [15]. - Market analysis: Caustic soda has shown a downward - trending pattern with pressure above [15]. - Option factor research: Implied volatility fluctuates at a high level, open - interest PCR is below 0.90, indicating a weak - range - bound market, and the pressure and support levels are 3000 and 2440 respectively [15]. - Strategy recommendations: Directional strategy: None; Volatility strategy: None; Spot collar hedging strategy: Hold spot long + buy put options + sell out - of - the - money call options [15]. 3.5.9. Alkali - Class Options (Soda Ash) - Fundamental analysis: Soda ash factory inventory has decreased [15]. - Market analysis: Soda ash has shown a low - level range - bound pattern with support below [15]. - Option factor research: Implied volatility fluctuates at a relatively high historical level, open - interest PCR is below 0.60, indicating strong short - side pressure, and the pressure and support levels are 1300 and 1200 respectively [15]. - Strategy recommendations: Directional strategy: Not specified; Volatility strategy: Construct a short - volatility combination strategy; Spot long - hedging strategy: Construct a long collar strategy [15]. 3.5.10. Urea Options - Fundamental analysis: Urea enterprise inventory has increased, and domestic demand is still weak [16]. - Market analysis: Urea has shown a low - level weak - range - bound pattern [16]. - Option factor research: Implied volatility fluctuates around the historical mean, open - interest PCR is below 0.60, indicating strong short - side pressure, and the pressure and support levels are 1800 and 1620 respectively [16]. - Strategy recommendations: Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot hedging strategy: Hold spot long + buy at - the - money put options + sell out - of - the - money call options [16].