金属期权 2025-12-03 金属期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 金属期权策略早报概要：（1）有色金属偏多上行，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属反弹回暖上升，构建牛市价差组合策略。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | ...

Group 1: Report Overview - The report is an energy and chemical options strategy morning report, covering energy (crude oil, LPG), polyolefins (PP, PVC, plastic, styrene), polyesters (PX, PTA, short - fiber, bottle - chip), alkali chemicals (caustic soda, soda ash), and other energy - chemical products like rubber [2][3] - The recommended strategy is to construct an option portfolio strategy mainly based on sellers and spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various underlying futures contracts are presented. For example, the latest price of crude oil SC2601 is 450, with a price change of - 3 and a change rate of - 0.75% [4] Group 3: Option Factor - Volume and Open Interest PCR - The volume PCR and open interest PCR of different option varieties are provided, along with their changes. For instance, the volume PCR of crude oil is 0.47 with a change of - 0.09, and the open interest PCR is 0.69 with a change of - 0.05 [5] Group 4: Option Factor - Pressure and Support Levels - The pressure points, support points, and their offsets, as well as the maximum open interests of call and put options, are given for each option variety. For example, the pressure point of crude oil is 540 and the support point is 430 [6] Group 5: Option Factor - Implied Volatility - The implied volatility data of different option varieties are presented, including at - the - money implied volatility, weighted implied volatility and its change, annual average implied volatility, call and put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 26.915, and the weighted implied volatility is 29.07 with a change of 1.12 [7] Group 6: Strategy and Recommendations for Different Option Varieties Energy - related Options (Crude Oil) - Fundamental analysis: US refinery demand has stabilized and recovered. Shale oil production has slightly declined. OPEC's short - term supply is flat, and Russian exports are not blocked. Kuwait's refinery has resumed earlier than expected, weakening the support for low - sulfur fuel oil [8] - Market analysis: Crude oil prices showed a short - term weak and volatile trend in August, continued to be weak and bearish in September before gradually rebounding, fell sharply in October before rebounding, and showed a complex trend of shock, rebound, and then sharp decline in November [8] - Option factor research: The implied volatility of crude oil options fluctuates above the average level. The open interest PCR is below 0.80, indicating a weak market. The pressure point is 540 and the support point is 430 [8] - Strategy recommendations: Directional strategy - construct a bear spread portfolio of put options; Volatility strategy - construct a short - biased call + put option combination strategy; Spot long - hedging strategy - construct a long collar strategy [8] Energy - related Options (LPG) - Fundamental analysis: US propane inventory is starting to decline but remains at a high level. Crude oil prices are affected by supply surplus and geopolitical issues [10] - Market analysis: LPG prices showed a trend of rising and then falling in September, rebounding in October, and continued to rise in November, showing a pattern of rebound and consolidation after an oversold situation [10] - Option factor research: The implied volatility of LPG options has dropped significantly to near the lower - than - average level. The open interest PCR is around 0.80, indicating a weak market. The pressure point is 4500 and the support point is 4150 [10] - Strategy recommendations: Directional strategy - none; Volatility strategy - construct a long - biased call + put option combination strategy; Spot long - hedging strategy - construct a long collar strategy [10] Alcohol - related Options (Methanol) - Fundamental analysis: Port inventory has decreased, and enterprise inventory is at a relatively low level compared to the same period last year [10] - Market analysis: Methanol prices have been weak since August, showed a rebound after a low - level consolidation in September, and continued to be weak in October and November [10] - Option factor research: The implied volatility of methanol options fluctuates around the historical average level. The open interest PCR is below 0.60, indicating a weak and volatile market. The pressure point is 2300 and the support point is 2000 [10] - Strategy recommendations: Directional strategy - construct a bear spread portfolio of put options; Volatility strategy - construct a short - biased call + put option combination strategy; Spot long - hedging strategy - construct a long collar strategy [10] Other Options (Ethylene Glycol, Polypropylene, Rubber, PTA, Caustic Soda, Soda Ash, Urea) - Similar analysis frameworks are used for these options, including fundamental analysis, market trend analysis, option factor research, and corresponding strategy recommendations [11][12][13][14] Group 7: Charts - There are various charts for different option varieties, such as price trend charts, volume and open interest charts, open interest - PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support point charts [15][16][17]

1. Report Overview - The report is a metal options strategy morning report dated December 1, 2025, covering various metal options including non - ferrous metals, precious metals, and black metals [1][2]. 2. Industry Investment Rating - Not provided in the report. 3. Core Views - For non - ferrous metals, which are showing a bullish upward trend, a neutral volatility selling strategy is recommended [2]. - For black metals, which maintain large - amplitude fluctuations, a short - volatility combination strategy is suitable [2]. - For precious metals, which are rebounding and warming up, a bull spread combination strategy is suggested [2]. 4. Summary by Relevant Catalogs 4.1 Futures Market Overview - **Copper (CU2601)**: The latest price is 88,740, up 1,530 (1.75%) with a trading volume of 9.45 million lots (down 0.08 million lots) and an open interest of 21.83 million lots (up 0.76 million lots) [3]. - **Aluminum (AL2601)**: The latest price is 21,780, up 270 (1.26%) with a trading volume of 12.77 million lots (down 2.29 million lots) and an open interest of 26.07 million lots (up 0.35 million lots) [3]. - **Other Metals**: Similar data are provided for zinc, lead, nickel, tin, alumina, gold, silver, lithium carbonate, industrial silicon, polycrystalline silicon, rebar, iron ore, manganese silicon, ferrosilicon, and glass [3]. 4.2 Option Factors - Volume and Open Interest PCR - **Volume PCR**: It measures whether the underlying asset's market is at a turning point. For example, copper's volume PCR is 0.43 with no change [4]. - **Open Interest PCR**: It describes the strength of the underlying asset's market. For example, copper's open interest PCR is 0.83, up 0.02 [4]. 4.3 Option Factors - Pressure and Support Levels - **Copper**: The pressure point is 90,000 and the support point is 84,000 [5]. - **Aluminum**: The pressure point is 22,000 and the support point is 21,000 [5]. - Other metals also have corresponding pressure and support levels provided [5]. 4.4 Option Factors - Implied Volatility - **Copper**: The at - the - money implied volatility is 14.83%, and the weighted implied volatility is 16.35% (up 0.49%) [6]. - **Aluminum**: The at - the - money implied volatility is 9.11%, and the weighted implied volatility is 10.42% (up 0.09%) [6]. - Similar data are given for other metals [6]. 4.5 Strategy and Recommendations 4.5.1 Non - Ferrous Metals - **Copper**: Build a short - volatility selling option portfolio strategy and a spot long hedging strategy [7]. - **Aluminum**: Construct a bull call spread strategy, a selling call + put option combination strategy, and a spot collar strategy [9]. - Other non - ferrous metals like zinc, nickel, tin, and lithium carbonate also have corresponding strategies [9][10][11]. 4.5.2 Precious Metals - **Silver**: Build a bull call spread strategy, a short - volatility option selling combination strategy, and a spot hedging strategy [12]. 4.5.3 Black Metals - **Rebar**: Construct a short - volatility selling call + put option combination strategy and a spot long covered call strategy [13]. - **Iron Ore**: Build a short - volatility selling call + put option combination strategy and a long collar strategy [13]. - Other black metals such as manganese silicon, industrial silicon, and glass also have corresponding strategies [13][14][15].

金属期权 2025-11-25 金属期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 金属期权策略早报概要：（1）有色金属偏多上行，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属反弹回暖上升，构建牛市价差组合策略。 | 表1：标的期货市场概况 | | --- | | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） ...

能源化工期权 2025-11-25 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | -- ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For non - ferrous metals, a seller neutral volatility strategy can be constructed as they are trending upwards; for black metals, a short - volatility portfolio strategy is suitable due to their large - amplitude fluctuations; for precious metals, a bull spread portfolio strategy can be built as they are rebounding [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2601) is 85,930, with a price increase of 10 and a trading volume of 7.33 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of copper options is 0.90, with a change of - 0.06 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and the maximum open interest of call and put options for each metal option are given. For example, the pressure point of copper options is 90,000, and the support point is 84,000 [5] 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, and other implied volatility indicators of each metal option are presented, along with their changes and the differences between implied and historical volatilities. For example, the at - the - money implied volatility of copper options is 13.36% [6] 3.5 Strategy and Recommendations Non - ferrous Metals - Copper: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy, and the underlying shows a high - level consolidation and rebound trend [7] - Aluminum: Construct a bull spread portfolio strategy, a sell - biased long call + put option combination strategy, and a spot collar strategy, and the underlying shows a bullish high - level consolidation trend [9] - Zinc: Build a sell - neutral call + put option combination strategy and a spot collar strategy, and the underlying shows a warming - up trend with resistance [9] - Nickel: Construct a sell - bearish call + put option combination strategy and a spot covered strategy, and the underlying shows a bearish consolidation trend [10] - Tin: Build a short - volatility strategy and a spot collar strategy, and the underlying shows a short - term high - level consolidation trend [10] - Lithium Carbonate: Construct a bull spread portfolio strategy, a sell - bullish call + put option combination strategy, and a spot long - hedging strategy, and the underlying shows a recent bullish trend [11] Precious Metals - Gold: Build a neutral short - volatility option seller portfolio strategy and a spot hedging strategy, and the underlying shows a bullish trend with high - level consolidation [12] Black Metals - Rebar: Build a sell - bearish call + put option combination strategy and a spot covered strategy, and the underlying shows a bearish trend with resistance [13] - Iron Ore: Build a sell - bearish call + put option combination strategy and a spot long - collar strategy, and the underlying shows a bearish consolidation trend [13] - Ferroalloys (Manganese Silicon and Industrial Silicon): Build short - volatility strategies and corresponding spot hedging strategies, and the underlying shows a bearish trend with resistance [14] - Glass: Build a bear spread portfolio strategy, a short - volatility sell call + put option combination strategy, and a spot long - collar strategy, and the underlying shows a bearish trend with resistance [15]

Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated November 17, 2025 [1] - It covers various energy and chemical options, including energy, polyolefins, polyesters, alkali chemicals, and others [2] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various option underlying futures contracts [3] Group 3: Option Factor - Volume and Open Interest PCR - The volume and open interest PCR data of different option varieties are presented, which are used to describe the strength of the underlying option market and the turning point of the underlying market [4] Group 4: Option Factor - Pressure and Support Levels - The pressure and support levels of different option underlying contracts are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5] Group 5: Option Factor - Implied Volatility - The 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 [6] Group 6: Option Strategy Analysis for Each Variety Energy - related Options Crude Oil - Fundamental analysis shows changes in US crude oil inventories; the market has a complex price trend from August to November [7] - Option factor research indicates that the implied volatility is above the average, the open interest PCR is below 0.80, the pressure level is 540, and the support level is 460 [7] - Recommended strategies include a volatility strategy of selling call + put option combinations and a spot long - hedging strategy of a long collar [7] Liquefied Petroleum Gas (LPG) - The LPG market is relatively strong; the price trend shows a pattern of decline, rebound, and consolidation [9] - Option factor research shows that the implied volatility has dropped to below the average, the open interest PCR is around 0.80, the pressure level is 4500, and the support level is 4250 [9] - Recommended strategies include a volatility strategy of selling neutral call + put option combinations and a spot long - hedging strategy of a long collar [9] Alcohol - related Options Methanol - Supply may increase, and the price trend is weak; the market is under pressure [9] - Option factor research shows that the implied volatility is around the historical average, the open interest PCR is below 0.80, the pressure level is 2500, and the support level is 2000 [9] - Recommended strategies include a directional strategy of a bear spread of put options, a volatility strategy of selling bearish call + put option combinations, and a spot long - hedging strategy of a long collar [9] Ethylene Glycol - Supply growth pressure exists; the price trend is weak [10] - Option factor research shows that the implied volatility is below the average, the open interest PCR is around 0.70, the pressure level is 4500, and the support level is 4050 [10] - Recommended strategies include a directional strategy of a bear spread of put options, a volatility strategy of shorting volatility, and a spot long - hedging strategy of buying put options and selling out - of - the - money call options [10] Polyolefin - related Options Polypropylene - Production has increased; the price trend is weak [10] - Option factor research shows that the implied volatility has dropped to around the average, the open interest PCR is around 0.70, the pressure level is 7000, and the support level is 6300 [10] - Recommended strategies include a directional strategy of a bear spread of put options and a spot long - hedging strategy of buying at - the - money put options and selling out - of - the - money call options [10] Rubber - related Options Rubber - Tire production capacity utilization and inventory turnover days show certain trends; the price trend is weak and consolidating [11] - Option factor research shows that the implied volatility has decreased to below the average, the open interest PCR is below 0.60, the pressure level is 16000, and the support level is 15000 [11] - Recommended strategies include a volatility strategy of selling bearish call + put option combinations [11] Polyester - related Options PTA - Device operation and load adjustment affect the market; the price trend shows a pattern of decline, rebound, and consolidation [11] - Option factor research shows that the implied volatility is above the average, the open interest PCR is around 0.70, the pressure level is 4700, and the support level is 4300 [11] - Recommended strategies include a volatility strategy of selling neutral call + put option combinations [11] Alkali - related Options Caustic Soda - Production capacity utilization varies by region; the price trend is weak and bearish [12] - Option factor research shows that the implied volatility is at a relatively high level, the open interest PCR is below 0.80, the pressure level is 3000, and the support level is 2200 [12] - Recommended strategies include a directional strategy of a bear spread and a spot long - hedging strategy of a long collar [12] Soda Ash - Inventory has increased year - on - year; the price trend is weak and consolidating [12] - Option factor research shows that the implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, the pressure level is 1860, and the support level is 1100 [12] - Recommended strategies include a directional strategy of a bear spread, a volatility strategy of shorting volatility, and a spot long - hedging strategy of a long collar [12] Other Options Urea - Enterprise inventory is decreasing, and port inventory is increasing; the price trend shows a pattern of low - level consolidation and rebound [13] - Option factor research shows that the implied volatility is around the historical average, the open interest PCR is below 0.60, the pressure level is 1800, and the support level is 1600 [13] - Recommended strategies include a volatility strategy of selling neutral call + put option combinations and a spot long - hedging strategy of buying at - the - money put options and selling out - of - the - money call options [13] Group 7: Option Charts - The report includes various option charts for different varieties, such as price trend charts, volume and open interest charts, open interest PCR and turnover PCR charts, implied volatility charts, and historical volatility cone charts [14][34][52]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The energy and chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, option strategies and suggestions are provided for selected varieties. Each option variety's report includes analysis of the underlying asset's market, research on option factors, and option strategy recommendations [8]. 3. Summary by Relevant Contents 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interest, and open interest changes of various energy and chemical futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. For example, the latest price of crude oil (SC2601) is 455, with a price change of -3 and a change percentage of -0.61% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The report provides volume and open interest PCR data for different option varieties. The open interest PCR = put option open interest / call option open interest, which describes the strength of the option underlying asset's market; the volume PCR = put option trading volume / call option trading volume, which indicates whether the underlying asset's market is at a turning point [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each option variety are given, along with the corresponding strike prices, pressure point offsets, and support point offsets. For instance, the pressure point of crude oil (SC2601) is 540 with an offset of -50, and the support point is 460 with an offset of 0 [5]. 3.4 Option Factors - Implied Volatility - The report includes data on the at-the-money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call option implied volatility, put option implied volatility, historical 20-day volatility, and the difference between implied and historical volatility for each option variety [6]. 3.5 Strategy and Suggestions 3.5.1 Energy Options - **Crude Oil**: The fundamental situation shows that U.S. refinery demand has stabilized and rebounded, shale oil production has slightly increased, OPEC exports have increased, and European refinery demand is about to enter the peak season. The market has shown a complex price trend since August. Option factors indicate that the implied volatility is above the average, the open interest PCR is below 0.80, and the pressure and support levels are 540 and 460 respectively. Strategies include constructing a short call + put option combination for volatility, and a long collar strategy for spot hedging [7]. - **LPG**: The cost of crude oil is affected by supply and geopolitical issues. The LPG market has shown an oversold rebound and slight consolidation since August. Option factors show that the implied volatility has dropped to below the average, the open interest PCR is around 0.80, and the pressure and support levels are 4400 and 4200 respectively. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [9]. 3.5.2 Alcohol Options - **Methanol**: Port and enterprise inventories are at high levels and difficult to reduce significantly in the short term. The market has been weak since August. Option factors indicate that the implied volatility is around the historical average, the open interest PCR is below 0.80, and the pressure and support levels are 2500 and 2000 respectively. Strategies include constructing a bear spread with put options for direction, a short call + put option combination for volatility, and a long collar strategy for spot hedging [9]. - **Ethylene Glycol**: Port and downstream inventories are high, and domestic production and imports are expected to keep the port inventory in an accumulation cycle. The market has been weak. Option factors show that the implied volatility is below the average, the open interest PCR is around 0.70, and the pressure and support levels are 4500 and 4050 respectively. Strategies include constructing a bear spread with put options for direction, a short volatility strategy for volatility, and a long collar strategy for spot hedging [10]. 3.5.3 Polyolefin Options - **Polypropylene**: PE and PP inventories show different trends. The market has been weak. Option factors indicate that the implied volatility has dropped to around the average, the open interest PCR is around 0.70, and the pressure and support levels are 7000 and 6300 respectively. Strategies include constructing a bear spread with put options for direction, and a long collar strategy for spot hedging [10]. 3.5.4 Rubber Options - **Rubber**: Exchange rubber warehouse receipts are at a ten-year low, and there is an expectation of inventory accumulation. The market has been in a weak consolidation. Option factors show that the implied volatility has dropped to below the average after a sharp rise, the open interest PCR is below 0.60, and the pressure and support levels are 16000 and 14500 respectively. Strategies include constructing a short call + put option combination for volatility [11]. 3.5.5 Polyester Options - **PTA**: The overall social inventory of PTA is increasing, and new installations are expected to continue to increase inventory. The market has shown a rebound with pressure. Option factors indicate that the implied volatility is above the average, the open interest PCR is around 0.70, and the pressure and support levels are 4700 and 4300 respectively. Strategies include constructing a neutral short call + put option combination for volatility [11]. 3.5.6 Alkali Options - **Caustic Soda**: The capacity utilization rate of caustic soda enterprises has increased. The market has been weak. Option factors show that the implied volatility is at a relatively high level, the open interest PCR is below 0.80, and the pressure and support levels are 3000 and 2000 respectively. Strategies include constructing a bear spread for direction, and a long collar strategy for spot hedging [12]. - **Soda Ash**: The factory inventory of soda ash has increased. The market has been in a low-level weak consolidation. Option factors indicate that the implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, and the pressure and support levels are 1860 and 1100 respectively. Strategies include constructing a bear spread for direction, a short volatility combination for volatility, and a long collar strategy for spot hedging [12]. 3.5.7 Other Options - **Urea**: Enterprise inventory is at a high level, and port inventory is decreasing. The market has shown a low-level rebound. Option factors show that the implied volatility is around the historical average, the open interest PCR is below 0.60, and the pressure and support levels are 1800 and 1600 respectively. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [13].

Group 1: Report Summary - The report is an energy and chemical options strategy morning report, covering energy, polyolefins, polyesters, alkali chemicals, and other energy and chemical options [1][2] - The recommended strategy is to construct an option portfolio strategy mainly as a seller, as well as a spot hedging or covered strategy to enhance returns [2] Group 2: Underlying Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various option underlying futures contracts are provided [3] Group 3: Option Factor - Volume and Open Interest PCR - The trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various options are presented [4] Group 4: Option Factor - Pressure and Support Levels - The at - the - money strike price, pressure point, pressure point offset, support point, support point offset, maximum call option open interest, and maximum put option open interest of various options are given [5] Group 5: Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and implied - historical volatility difference of various options are reported [6] Group 6: Option Strategy Analysis - Energy Options Crude Oil - Fundamental analysis shows that U.S. refinery demand has stabilized and rebounded, shale oil production has slightly increased, OPEC exports have increased, European refinery demand is about to enter the peak season, and diesel crack spreads remain high [7] - The market trend shows a short - term weak oscillation in August, a weak and bearish trend followed by a rebound in September, a sharp decline followed by a rebound in October, and a continuous oscillation followed by a rebound in November [7] - Option factor research indicates that the implied volatility fluctuates around the average, the open interest PCR is below 0.80, the pressure level is 470, and the support level is 450 [7] - Recommended strategies include constructing a short - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - position hedging strategy [7] Liquefied Petroleum Gas (LPG) - Fundamental analysis shows that the cost - end crude oil is under pressure from oversupply and geopolitical issues, and OPEC maintains an increasing production state [9] - The market trend shows a rapid decline followed by a rebound and then a decline since August, a rise - fall - rise - fall pattern in September, a weak - strong - rebound - oscillation pattern in October, and a continuous slight oscillation in November [9] - Option factor research indicates that the implied volatility has dropped significantly to around the lower - than - average level, the open interest PCR is around 0.80, the pressure level is 4550, and the support level is 4200 [9] - Recommended strategies include constructing a neutral - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - position hedging strategy [9] Group 7: Option Strategy Analysis - Alcohol Options Methanol - Fundamental analysis shows that port inventory is 151.71 million tons, a month - on - month increase of 1.06 million tons, and enterprise inventory is 38.64 million tons, a month - on - month increase of 1.04 million tons [9] - The market trend shows a weakening and bearish trend since August, a low - level consolidation followed by a rebound in September, and a continuous weak and bearish trend since October [9] - Option factor research indicates that the implied volatility fluctuates around the historical average, the open interest PCR is below 0.80, the pressure level is 2500, and the support level is 2000 [9] - Recommended strategies include constructing a bear spread combination strategy of put options for the directional strategy, a short - biased call + put option combination strategy for the volatility strategy, and a long collar strategy for the spot long - position hedging strategy [9] Ethylene Glycol - Fundamental analysis shows that port inventory is 56.2 million tons, a year - on - year increase of 15.3 million tons, and downstream factory inventory days are 13.2 days, a year - on - year increase of 0.7 days. It is expected that port inventory will continue the accumulation cycle [10] - The market trend shows a slight weak consolidation in August, a continuous weak and bearish trend since September, and a continuous weak trend in November [10] - Option factor research indicates that the implied volatility fluctuates around the lower - than - average level, the open interest PCR is around 0.70, the pressure level is 4500, and the support level is 4050 [10] - Recommended strategies include constructing a bear spread combination strategy of put options for the directional strategy, a short - volatility strategy for the volatility strategy, and a long collar strategy for the spot long - position hedging strategy [10] Group 8: Option Strategy Analysis - Polyolefin Options Polypropylene - Fundamental analysis shows that PE and PP production enterprise inventories, trade inventories, and port inventories have different trends of accumulation or de - accumulation [10] - The market trend shows a weak and slight fluctuation in August, a continuous weak and bearish trend since September, and a continuous weak and bearish decline in November [10] - Option factor research indicates that the implied volatility has dropped to around the average level, the open interest PCR is around 0.70, the pressure level is 7000, and the support level is 6300 [10] - Recommended strategies include constructing a bear spread combination strategy of put options for the directional strategy and a long collar strategy for the spot long - position hedging strategy [10] Group 9: Option Strategy Analysis - Rubber Options Rubber - Fundamental analysis shows that exchange rubber warehouse receipts are at a ten - year low, and there is an expectation of inventory accumulation in the later stage [11] - The market trend shows a warming and rising followed by a range - bound oscillation in August, a continuous weak and bearish trend since September, and a low - level weak oscillation in November [11] - Option factor research indicates that the implied volatility has decreased to around the lower - than - average level after a rapid increase, the open interest PCR is below 0.60, the pressure level has dropped significantly to 16000, and the support level is 14500 [11] - Recommended strategies include constructing a short - biased call + put option combination strategy for the volatility strategy [11] Group 10: Option Strategy Analysis - Polyester Options PTA - Fundamental analysis shows that the overall social inventory of PTA (excluding credit warehouse receipts) is 225.1 million tons, a month - on - year increase of 11.4 million tons, and it is expected that inventory will continue to accumulate [11] - The market trend shows a decline followed by a small consolidation and then a rapid rebound and then a decline in August, a continuous weak and bearish trend since September, and a rebound and rise in November [11] - Option factor research indicates that the implied volatility fluctuates at a higher - than - average level, the open interest PCR is around 0.70, the pressure level is 4700, and the support level is 4300 [11] - Recommended strategies include constructing a neutral - biased call + put option combination strategy for the volatility strategy [11] Group 11: Option Strategy Analysis - Alkali Chemical Options Caustic Soda - Fundamental analysis shows that the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons or more is 84.8%, a week - on - week increase of 0.5% [12] - The market trend shows a rapid decline followed by a rebound and then a high - level oscillation in August, a continuous decline since September, an accelerated decline in October, and a low - level weak oscillation in November [12] - Option factor research indicates that the implied volatility fluctuates at a relatively high level, the open interest PCR is below 0.80, the pressure level is 3000, and the support level is 2000 [12] - Recommended strategies include constructing a bear spread combination strategy for the directional strategy and a long collar strategy for the spot long - position hedging strategy [12] Soda Ash - Fundamental analysis shows that as of November 7, 2025, the in - plant inventory of soda ash is 171.42 million tons, a month - on - month increase of 1.22 million tons [12] - The market trend shows a continuous weak consolidation since August, a low - level weak fluctuation in September, a continuous weak trend in October, and a decline - rise pattern in November [12] - Option factor research indicates that the implied volatility fluctuates at a relatively high historical level, the open interest PCR is below 0.60, the pressure level is 1860, and the support level is 1100 [12] - Recommended strategies include constructing a bear spread combination strategy for the directional strategy, a short - volatility combination strategy for the volatility strategy, and a long collar strategy for the spot long - position hedging strategy [12] Group 12: Option Strategy Analysis - Urea Options - Fundamental analysis shows that enterprise inventory is 157.81 million tons, a month - on - month increase of 2.38 million tons, and port inventory is 7.9 million tons, a month - on - month decrease of 3.1 million tons [13] - The market trend shows a wide - range and large - amplitude fluctuation in August, a continuous weakening in September, a low - level weak oscillation in October, and a rebound and rise in November [13] - Option factor research indicates that the implied volatility fluctuates slightly around the historical average, the open interest PCR is below 0.60, the pressure level is 1800, and the support level is 1600 [13] - Recommended strategies include constructing a neutral - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - position hedging strategy [13]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies are recommended for selected options in each sector [8]. - A seller - based options portfolio strategy and spot hedging or covered strategies are constructed to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Market Overview of Underlying Futures - Information on the latest price, price change, percentage change, trading volume, volume change, open interest, and open interest change of various energy - chemical option underlying futures is presented, including crude oil, LPG, methanol, etc [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various energy - chemical options are provided, which can be used to analyze the strength of the underlying option market and the turning point of the market [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure points, pressure point offsets, support points, support point offsets, maximum call option open interest, and maximum put option open interest of various energy - chemical options are given, which can help analyze the pressure and support levels of the underlying options [5]. 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, change in weighted implied volatility, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and difference between implied and historical volatility of various energy - chemical options are presented [6]. 3.5 Option Strategies and Recommendations 3.5.1 Crude Oil Options - Fundamental analysis shows that US refinery demand has stabilized and recovered, shale oil production has slightly increased, OPEC exports have increased, and European refinery demand is about to enter the peak season [7]. - The option implied volatility has decreased to near the average, the open interest PCR is below 0.80, indicating a weak market. The pressure level is 500 and the support level is 450 [7]. - Directional strategy: None. Volatility strategy: Construct a short - biased call + put option combination strategy. Spot long - hedging strategy: Construct a long collar strategy [7]. 3.5.2 LPG Options - The cost - end crude oil is under pressure from oversupply and geopolitical issues. LPG has shown a market trend of over - sold rebound and slight consolidation [9]. - The option implied volatility has dropped significantly to below the average, the open interest PCR is around 0.80, indicating a weak market. The pressure level is 4550 and the support level is 4200 [9]. - Directional strategy: None. Volatility strategy: Construct a neutral - biased call + put option combination strategy. Spot long - hedging strategy: Construct a long collar strategy [9]. 3.5.3 Methanol Options - Port and enterprise inventories are high and difficult to deplete significantly in the short term. Methanol has shown a weak downward trend [9]. - The option implied volatility fluctuates around the historical average, the open interest PCR is below 0.80, indicating a weak and volatile market. The pressure level is 2200 and the support level is 2050 [9]. - Directional strategy: Construct a bearish spread combination strategy of put options. Volatility strategy: Construct a short - biased call + put option combination strategy. Spot long - hedging strategy: Construct a long collar strategy [9]. 3.5.4 Ethylene Glycol Options - Port and downstream factory inventories are high, and the port inventory is expected to continue the accumulation cycle. Ethylene glycol has shown a weak market trend [10]. - The option implied volatility fluctuates below the average, the open interest PCR is around 0.70, indicating strong short - selling power. The pressure level is 4500 and the support level is 4050 [10]. - Directional strategy: Construct a bearish spread combination strategy of put options. Volatility strategy: Construct a short - volatility strategy. Spot long - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [10]. 3.5.5 Polypropylene Options - PE and PP inventories have different trends. Polypropylene has shown a weak downward trend [10]. - The option implied volatility has decreased to near the average, the open interest PCR is around 0.70, indicating a weak market. The pressure level is 7000 and the support level is 6300 [10]. - Directional strategy: Construct a bearish spread combination strategy of put options. 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 [10]. 3.5.6 Rubber Options - Exchange rubber warehouse receipts are at a ten - year low, and there is an expectation of inventory accumulation. Rubber has shown a weak consolidation trend [11]. - The option implied volatility has decreased to below the average after a sharp rise, the open interest PCR is below 0.60. The pressure level has dropped significantly to 16000 and the support level is 14500 [11]. - Directional strategy: None. Volatility strategy: Construct a short - biased call + put option combination strategy. Spot hedging strategy: None [11]. 3.5.7 PTA Options - PTA social inventory is accumulating, and although the polyester start - up will remain high, inventory accumulation is expected to continue. PTA has shown a rebound trend with pressure [11]. - The option implied volatility fluctuates at a relatively high level, the open interest PCR is around 0.70, indicating a volatile market. The pressure level is 4700 and the support level is 4300 [11]. - Directional strategy: None. Volatility strategy: Construct a neutral - biased call + put option combination strategy. Spot hedging strategy: None [11]. 3.5.8 Caustic Soda Options - The average utilization rate of caustic soda production capacity has increased. Caustic soda has shown a weak short - selling trend [12]. - The option implied volatility fluctuates at a relatively high level, the open interest PCR is below 0.80, indicating a weak and volatile market. The pressure level is 2600 and the support level is 2240 [12]. - Directional strategy: Construct a bearish spread combination strategy. Volatility strategy: None. Spot collar hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [12]. 3.5.9 Soda Ash Options - Soda ash factory inventory has increased. Soda ash has shown a low - level weak consolidation trend [1]. - The option implied volatility fluctuates at a relatively high historical level, the open interest PCR is below 0.60, indicating strong short - selling pressure. The pressure level is 1300 and the support level is 1100 [12]. - Directional strategy: Construct a bearish spread combination strategy. Volatility strategy: Construct a short - volatility combination strategy. Spot long - hedging strategy: Construct a long collar strategy [12]. 3.5.10 Urea Options - Enterprise inventory is at a high level, and port inventory has decreased. Urea has shown a low - level shock and rebound trend [13]. - The option implied volatility fluctuates around the historical average, the open interest PCR is below 0.60, indicating strong short - selling pressure. The pressure level is 1800 and the support level is 1600 [13]. - Directional strategy: None. Volatility strategy: Construct a neutral - biased call + put option combination strategy. Spot hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [13].