1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Strategies are provided for selected metal options in each sector, including directional, volatility, and spot hedging strategies [8]. - For non - ferrous metals, copper shows a high - level consolidation trend, and a short - volatility seller option portfolio strategy is recommended; aluminum shows a long - biased high - level shock, and a bull - spread call option strategy and a short - option combination strategy are recommended; zinc shows a short - term long - biased shock, and similar strategies to aluminum are recommended; nickel shows a wide - range shock with short - side pressure, and a short - option combination strategy with a short delta is recommended; tin shows a short - term weak shock, and a short - volatility strategy is recommended; lithium carbonate shows a large - amplitude fluctuation, and a short - option combination strategy with a neutral delta is recommended [7][9][10][11]. - For precious metals, gold shows a short - term weak shock, and a short - volatility option seller combination strategy with a neutral delta is recommended; silver shows a long - biased shock, and a short - option combination strategy with a long delta is recommended [12]. - For black metals, rebar shows an upward shock with pressure, and a short - option combination strategy with a neutral delta and a covered call strategy are recommended; iron ore shows a long - biased shock, and a bull - spread call option strategy and a short - option combination strategy with a long delta are recommended; ferroalloys (manganese silicon and silicon iron) show a long - biased trend, and bull - spread call option strategies and short - volatility strategies are recommended; industrial silicon and polysilicon show a rebound and upward trend with large fluctuations, and short - volatility strategies are recommended; glass shows a rebound after a large decline, and a short - volatility strategy and a long - collar strategy are recommended [13][14][15]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2509) is 79,090, with a price increase of 110 and a trading volume of 6.54 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of copper is 0.63, and the open interest PCR is 0.72 [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of various metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of copper is 82,000, and the support level is 75,000 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility data of various metal options are provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper is 10.76% [6]. 3.5 Strategy and Recommendations - **Non - ferrous Metals**: - **Copper**: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7]. - **Aluminum/Alumina**: Use a bull - spread call option strategy, a short - option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead**: Adopt a bull - spread call option strategy, a short - option combination strategy, and a spot collar strategy [9]. - **Nickel**: Implement a short - option combination strategy with a short delta and a spot long - hedging strategy [10]. - **Tin**: Apply a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Use a short - option combination strategy with a neutral delta and a spot long - hedging strategy [11]. - **Precious Metals**: - **Gold**: Build a short - volatility option seller combination strategy with a neutral delta and a spot hedging strategy [12]. - **Silver**: Use a short - option combination strategy with a long delta and a spot collar strategy [12]. - **Black Metals**: - **Rebar**: Implement a short - option combination strategy with a neutral delta and a covered call strategy [13]. - **Iron Ore**: Adopt a bull - spread call option strategy, a short - option combination strategy with a long delta, and a spot collar strategy [13]. - **Ferroalloys**: Use bull - spread call option strategies and short - volatility strategies [14]. - **Industrial Silicon/Polysilicon**: Apply short - volatility strategies and spot hedging strategies [14]. - **Glass**: Implement a short - volatility strategy and a long - collar strategy [15].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies mainly involve constructing option combination strategies with sellers as the main body, as well as spot hedging or covered strategies to enhance returns [3][9] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, including crude oil, LPG, methanol, etc [4] 3.2 Option Factors - Volume and Open Interest PCR - It shows the trading volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various energy - chemical options, 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 - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of option underlyings are analyzed, such as the pressure and support levels of crude oil, LPG, etc [6] 3.4 Option Factors - Implied Volatility - It provides the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call implied volatility, put implied volatility, HISV20, and implied - historical volatility difference of various energy - chemical options [7] 3.5 Option Strategies and Recommendations 3.5.1 Energy - related Options - **Crude Oil**: Fundamentally, OPEC+ increases supply, and US supply follows the oil price rebound. The short - term market is weak. Option factors show that implied volatility fluctuates around the mean, and the short - term short - selling power increases. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **LPG**: Fundamentally, the futures price is weak, and the supply difference decreases. The demand side has potential risks. The short - term market is bearish. Option factors show that implied volatility fluctuates around the historical mean, and the short - selling power increases. Strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [10] 3.5.2 Alcohol - related Options - **Methanol**: Fundamentally, port inventory increases, and enterprise inventory is at a relatively low level. The market shows a weak rebound. Option factors show that implied volatility fluctuates below the historical mean, and the market is in a weak shock. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Fundamentally, port inventory decreases, and the downstream factory inventory days increase. The market shows a weak bearish shock. Option factors show that implied volatility fluctuates around the historical mean, and the market is weak. Strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11] 3.5.3 Polyolefin - related Options - **Polypropylene**: Fundamentally, trader inventory decreases, and port inventory increases. The market shows a weak trend with short - selling pressure. Option factors show that implied volatility fluctuates around the historical mean, and the market weakens. Strategies include a long collar strategy for spot hedging [11] 3.5.4 Rubber - related Options - **Rubber**: Fundamentally, the domestic synthetic rubber production increases. The market shows a low - level consolidation. Option factors show that implied volatility fluctuates around the mean, and the short - selling power increases. Strategies include constructing a neutral call + put option combination strategy [12] 3.5.5 Polyester - related Options - **PTA**: Fundamentally, the PTA load is high, and the short - term maintenance plan is less. The market shows a weak trend with pressure. Option factors show that implied volatility fluctuates around the mean, and the market weakens. Strategies include constructing a neutral call + put option combination strategy [13] 3.5.6 Alkali - related Options - **Caustic Soda**: Fundamentally, the capacity utilization rate of large - scale enterprises changes. The market shows a bullish trend. Option factors show that implied volatility fluctuates around the mean. Strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: Fundamentally, the inventory is at a historical high. The market shows a bullish trend. Option factors show that implied volatility fluctuates around the historical mean, and the market is in a weak shock. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [14] 3.5.7 Other Options - **Urea**: Fundamentally, port inventory increases, and domestic demand is weak. The market shows a shock under short - selling pressure. Option factors show that implied volatility fluctuates below the historical mean, and the market weakens. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [15]

Report Overview - Report Title: Financial Options Strategy Morning Report [1] - Date: July 1, 2025 - Analysts: Lu Pinxian, Huang Kehan [2] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The Shanghai Composite Index and large-cap blue-chip stocks are consolidating and fluctuating at high levels, while small and medium-cap stocks and ChiNext stocks are showing an upward trend [2]. - The implied volatility of financial options is fluctuating at a relatively high level [2]. - For ETF options, it is suitable to construct covered strategies, neutral double-selling strategies, and vertical spread combination strategies; for index options, it is suitable to construct neutral double-selling strategies and arbitrage strategies between synthetic futures long or short positions and futures short or long positions [2]. 3. Summary by Directory 3.1 Stock Market Review - The Shanghai Composite Index closed at 3,444.43, up 20.20 points or 0.59%, with a trading volume of 567.1 billion yuan, a decrease of 38.6 billion yuan [3]. - The Shenzhen Component Index closed at 10,465.12, up 86.57 points or 0.83%, with a trading volume of 919.7 billion yuan, a decrease of 15.6 billion yuan [3]. - The Shanghai 50 Index closed at 2,711.99, up 4.42 points or 0.16%, with a trading volume of 76.5 billion yuan, a decrease of 19.2 billion yuan [3]. - The CSI 300 Index closed at 3,936.08, up 14.32 points or 0.37%, with a trading volume of 288.8 billion yuan, a decrease of 54.6 billion yuan [3]. - The CSI 500 Index closed at 5,915.39, up 51.66 points or 0.88%, with a trading volume of 226.5 billion yuan, a decrease of 16.8 billion yuan [3]. - The CSI 1000 Index closed at 6,356.18, up 79.24 points or 1.26%, with a trading volume of 336.2 billion yuan, an increase of 5.8 billion yuan [3]. 3.2 ETF Option Market Overview - The closing prices of major ETFs such as SSE 50 ETF, SSE 300 ETF, and SSE 500 ETF showed varying degrees of increase [4]. - The trading volumes and trading amounts of most ETFs also showed certain changes [4]. 3.3 Option Factor - Volume and Position PCR - The volume and position PCR of different option varieties showed different trends, which can be used to describe the strength of the option underlying market and the turning point of the market [5][6]. 3.4 Option Factor - Pressure and Support Points - The pressure and support points of different option varieties can be seen from the strike prices of the maximum open interest of call and put options [7][8]. 3.5 Option Factor - Implied Volatility - The implied volatility of different option varieties showed different levels of fluctuation, and the weighted implied volatility was calculated using the trading volume weighted average of the current and next month's option contracts [9][10]. 3.6 Strategy and Recommendations - The financial option sector is divided into large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks. Different strategies are recommended for each sector [11]. - For example, for the financial stock sector (SSE 50 ETF, SSE 50), it is recommended to construct a bull spread combination strategy for directional trading, a neutral selling strategy for volatility trading, and a covered call strategy for spot trading [12].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different option strategies are recommended for selected varieties in each sector based on the analysis of the underlying market, option factor research, and risk - return characteristics [2][7]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - **Non - ferrous Metals**: Copper (CU2508) closed at 78,720 with a 0.36% increase, aluminum (AL2508) at 20,345 with a 0.25% increase, zinc (ZN2508) at 22,095 with a 0.59% increase, etc. [3]. - **Precious Metals**: Gold (AU2508) closed at 774.02 with a 0.52% increase, silver (AG2508) at 8,761 with a 1.29% increase [3]. - **Black Metals**: Rebar (RB2510) closed at 2,966 with a 0.13% decrease, iron ore (I2509) at 701.50 with a 0.07% increase [3]. 3.2 Option Factor - Volume and Open Interest PCR - Different metals show various trends in volume and open interest PCR. For example, copper's volume PCR is 0.65 with a - 0.22 change, and open interest PCR is 0.82 with a - 0.00 change [4]. 3.3 Option Factor - Pressure and Support Levels - For copper, the pressure level is 92,000 and the support level is 77,000; for aluminum, the pressure level is 20,600 and the support level is 20,000, etc. [5]. 3.4 Option Factor - Implied Volatility - Implied volatility varies among metals. For instance, copper's weighted implied volatility is 13.79% with a - 0.43 change, and aluminum's is 10.88% with a - 0.53 change [6]. 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Directional strategy - construct a bull spread with call options; volatility strategy - construct a short - volatility seller option portfolio; spot long - hedging strategy - hold spot long + buy put option + sell out - of - the - money call option [8]. - **Aluminum**: Directional strategy - use a bull spread with call options; volatility strategy - sell a combination of call and put options; spot long - hedging strategy - use a collar strategy [9]. - **Nickel**: Directional strategy - construct a bear spread with put options; volatility strategy - sell a combination of call and put options; spot long - hedging strategy - hold spot long + buy put option [10]. 3.5.2 Precious Metals - **Gold**: Volatility strategy - construct a short - volatility option seller portfolio; spot long - hedging strategy - hold spot long + buy put option + sell out - of - the - money call option [13]. 3.5.3 Black Metals - **Rebar**: Volatility strategy - sell a combination of call and put options; spot long - hedging strategy - hold spot long + sell call option [14]. - **Iron Ore**: Volatility strategy - sell a combination of call and put options; spot long - hedging strategy - use a collar strategy [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, a short - volatility strategy is recommended as they are in a bullish consolidation phase [2]. - For the black series, which are in a range - bound consolidation and oscillation, a bear spread combination strategy and a seller option combination strategy are suitable [2]. - For precious metals, with gold in high - level consolidation and silver breaking through and rising, a bull spread combination strategy and a spot hedging strategy are suggested [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various metal futures showed different price changes, trading volumes, and open interest changes. For example, copper (CU2508) had a price of 78,100 with a decline of 0.27%, and trading volume of 3.29 million lots [3]. 3.2 Option Factor - Volume and Open Interest PCR - Different metal options had different volume and open interest PCR values, 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 was 0.70 with a change of 0.09, and the open interest PCR was 0.91 with a change of 0.03 [4]. 3.3 Option Factor - Pressure and Support Levels - Each metal option had identified pressure and support levels. For example, the pressure level of copper was 80,000 and the support level was 77,000 [5]. 3.4 Option Factor - Implied Volatility - Different metal options had different implied volatility values, including at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of copper was 10.55% [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: - Fundamental analysis showed changes in inventory. The price was in a high - level range - bound oscillation. - Based on option factors, implied volatility was high, and the open interest PCR indicated pressure. - Recommended strategies included a bull spread combination strategy and a short - volatility seller option combination strategy, as well as a spot hedging strategy [8]. - **Aluminum/Alumina Options**: - Aluminum had inventory changes and price trends. - Option factors showed certain characteristics of implied volatility and open interest PCR. - Recommended strategies included a bull spread combination strategy, a short - option combination strategy for a bullish market, and a spot collar strategy [9]. - **Zinc/Lead Options**: - Zinc had changes in inventory and price trends. - Option factors showed high implied volatility and a certain open interest PCR level. - Recommended strategies included a short - option combination strategy for a bearish market and a spot collar strategy [9]. - **Nickel Options**: - Nickel had inventory changes and a weak price trend. - Option factors showed high implied volatility and a decreasing bullish force. - Recommended strategies included a bear spread combination strategy, a short - option combination strategy for a bearish market, and a spot hedging strategy [10]. - **Tin Options**: - Tin had inventory changes and a price trend of rebound after a decline. - Option factors showed high implied volatility and an open interest PCR around 1.00. - Recommended strategies included a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: - Lithium carbonate had production and inventory issues, and a weak price trend. - Option factors showed high implied volatility and a low open interest PCR. - Recommended strategies included a bear spread combination strategy, a short - option combination strategy for a bearish market, and a spot covered strategy [11]. 3.5.2 Precious Metals - **Gold/Silver Options**: - Gold was affected by geopolitical conflicts. The price was in a high - level consolidation with a decline. - Option factors showed rising implied volatility and a certain open interest PCR level. - Recommended strategies included a short - volatility option seller combination strategy for a bullish market and a spot hedging strategy [12]. 3.5.3 Black Series - **Rebar Options**: - Rebar had production and inventory changes, and a weak price trend. - Option factors showed low - level implied volatility and a high - level open interest PCR indicating bearish pressure. - Recommended strategies included a bear spread combination strategy, a short - option combination strategy for a bearish market, and a spot covered strategy [13]. - **Iron Ore Options**: - Iron ore had inventory changes and a price trend of oscillation. - Option factors showed low - level implied volatility and an open interest PCR around 1.00. - Recommended strategies included a short - option combination strategy for a neutral market and a spot collar strategy [13]. - **Ferroalloy Options**: - Manganese silicon had production and inventory changes, and a weak price trend with a rebound. - Option factors showed low - level implied volatility and a low open interest PCR. - Recommended strategies included a bear spread combination strategy and a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: - Industrial silicon had production and inventory changes, and a weak price trend. - Option factors showed rising implied volatility and a low open interest PCR. - Recommended strategies included a short - option combination strategy for a bearish market and a spot covered strategy [14]. - **Glass Options**: - Glass had supply and demand issues, and a weak price trend with a large - amplitude oscillation. - Option factors showed high - level implied volatility and a low open interest PCR. - Recommended strategies included a bear spread combination strategy, a short - volatility option combination strategy, and a spot collar strategy [15].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies mainly involve constructing option combination strategies focused on sellers and spot hedging or covered strategies to enhance returns [3][9]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various energy - chemical futures showed different price movements. For example, crude oil (SC2508) rose 3.52% to 564, and liquefied petroleum gas (PG2508) rose 1.15% to 4,469. Trading volumes and open interests also changed accordingly [4]. 3.2 Option Factors - Volume and Open Interest PCR - Option volume and open interest PCR values varied among different varieties. For instance, the open interest PCR of crude oil was 1.65 with a 0.18 change, indicating the strength of the market sentiment [5]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels were identified for each option variety. For example, the pressure level of crude oil was 610 and the support level was 450 [6]. 3.4 Option Factors - Implied Volatility - Implied volatility levels differed across different options. Crude oil's implied volatility was relatively high, with a weighted implied volatility of 51.85% and an increase of 8.52% [7]. 3.5 Option Strategies and Recommendations - **Energy - related Options (Crude Oil and LPG)**: - Fundamental analysis considered factors such as US economic data and geopolitical conflicts. - Option strategies included constructing bull spread combinations for directional gains, selling call + put option combinations for time - value and directional returns, and using long - collar strategies for spot hedging [8][10]. - **Alcohol - related Options (Methanol and Ethylene Glycol)**: - Fundamental analysis focused on inventory and production. - Similar option strategies were proposed as in energy - related options [10][11]. - **Polyolefin - related Options (Polypropylene, PVC, Plastic, and Styrene)**: - Fundamental analysis involved downstream开工 rates and inventory levels. - Directional strategies mainly included bull spread combinations, and some had no volatility strategies [11]. - **Rubber - related Options**: - Fundamental analysis considered overseas production, policies, and tire industry conditions. - Volatility strategies involved selling neutral call + put option combinations [12]. - **Polyester - related Options**: - Fundamental analysis was based on inventory and downstream demand. - Volatility strategies included selling neutral call + put option combinations [13]. - **Alkali - related Options (Caustic Soda and Soda Ash)**: - Fundamental analysis focused on production, capacity utilization, and inventory. - Directional strategies included bear spread combinations for caustic soda and soda ash, and volatility strategies involved selling bearish option combinations [14]. - **Urea Options**: - Fundamental analysis considered inventory and price trends. - Volatility strategies included selling neutral call + put option combinations [15].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The Shanghai Composite Index and large-cap blue-chip stocks are consolidating and fluctuating at high levels, while small and medium-cap stocks and ChiNext stocks are showing signs of oscillating recovery [2]. - The implied volatility of financial options is fluctuating at a relatively low historical level [2]. - For ETF options, it is suitable to construct covered call strategies, neutral double-selling strategies, and vertical spread combination strategies; for index options, it is suitable to construct neutral double-selling strategies and arbitrage strategies between synthetic long or short options and long or short futures [2]. 3. Summary Based on Related Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,388.81, up 1.40 points or 0.04%, with a trading volume of 441 billion yuan, a decrease of 17 billion yuan [3]. - The Shenzhen Component Index closed at 10,175.59, up 24.16 points or 0.24%, with a trading volume of 750.1 billion yuan, an increase of 9 billion yuan [3]. - The SSE 50 Index closed at 2,679.92, down 4.03 points or -0.15%, with a trading volume of 62.1 billion yuan, a decrease of 14 billion yuan [3]. - The CSI 300 Index closed at 3,874.97, up 4.59 points or 0.12%, with a trading volume of 230.6 billion yuan, an increase of 10.2 billion yuan [3]. - The CSI 500 Index closed at 5,745.87, down 5.04 points or -0.09%, with a trading volume of 154.5 billion yuan, a decrease of 56 billion yuan [3]. - The CSI 1000 Index closed at 6,135.39, down 6.08 points or -0.10%, with a trading volume of 256.5 billion yuan, a decrease of 44 billion yuan [3]. 3.2 Option Underlying ETF Market Overview - The SSE 50 ETF closed at 2.750, down 0.003 or -0.11%, with a trading volume of 4.2768 million lots, an increase of 4.2196 million lots, and a trading volume of 1.176 billion yuan, a decrease of 395 million yuan [4]. - The SSE 300 ETF closed at 3.904, up 0.003 or 0.08%, with a trading volume of 4.808 million lots, an increase of 4.7597 million lots, and a trading volume of 1.874 billion yuan, a decrease of 51 million yuan [4]. - The SSE 500 ETF closed at 5.776, down 0.009 or -0.16%, with a trading volume of 1.5013 million lots, an increase of 1.479 million lots, and a trading volume of 866 million yuan, a decrease of 427 million yuan [4]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.018, up 0.006 or 0.59%, with a trading volume of 21.4129 million lots, an increase of 21.1578 million lots, and a trading volume of 2.175 billion yuan, a decrease of 411 million yuan [4]. - The E Fund Science and Technology Innovation 50 ETF closed at 0.992, up 0.004 or 0.40%, with a trading volume of 425,150 lots, an increase of 419,150 lots, and a trading volume of 421 million yuan, a decrease of 173 million yuan [4]. - The Shenzhen 300 ETF closed at 4.030, up 0.006 or 0.15%, with a trading volume of 598,600 lots, an increase of 593,900 lots, and a trading volume of 241 million yuan, an increase of 53 million yuan [4]. - The Shenzhen 500 ETF closed at 2.311, down 0.001 or -0.04%, with a trading volume of 471,400 lots, an increase of 457,000 lots, and a trading volume of 109 million yuan, a decrease of 223 million yuan [4]. - The Shenzhen 100 ETF closed at 2.674, up 0.010 or 0.38%, with a trading volume of 222,100 lots, an increase of 219,600 lots, and a trading volume of 59 million yuan, a decrease of 6 million yuan [4]. - The ChiNext ETF closed at 2.034, up 0.006 or 0.30%, with a trading volume of 4.9311 million lots, an increase of 4.8886 million lots, and a trading volume of 1 billion yuan, an increase of 136 million yuan [4]. 3.3 Option Factor - Volume and Position PCR - For the SSE 50 ETF option, the trading volume was 890,100 contracts, an increase of 105,400 contracts; the open interest was 1.4762 million contracts, a decrease of 1,600 contracts; the trading volume PCR was 0.91, a decrease of 0.21; the open interest PCR was 0.90, a decrease of 0.01 [5]. - For the SSE 300 ETF option, the trading volume was 1.0424 million contracts, an increase of 368,800 contracts; the open interest was 1.214 million contracts, a decrease of 6,000 contracts; the trading volume PCR was 0.95, an increase of 0.08; the open interest PCR was 0.86, an increase of 0.01 [5]. - For the SSE 500 ETF option, the trading volume was 1.7361 million contracts, an increase of 469,900 contracts; the open interest was 1.3216 million contracts, an increase of 15,200 contracts; the trading volume PCR was 0.87, a decrease of 0.06; the open interest PCR was 1.05, a decrease of 0.06 [5]. - For the Huaxia Science and Technology Innovation 50 ETF option, the trading volume was 562,300 contracts, an increase of 108,500 contracts; the open interest was 1.6534 million contracts, a decrease of 2,200 contracts; the trading volume PCR was 1.03, an increase of 0.35; the open interest PCR was 0.67, an increase of 0.01 [5]. - For the E Fund Science and Technology Innovation 50 ETF option, the trading volume was 129,500 contracts, a decrease of 49,000 contracts; the open interest was 497,200 contracts, a decrease of 6,500 contracts; the trading volume PCR was 0.83, a decrease of 0.14; the open interest PCR was 0.70, an increase of 0.01 [5]. - For the Shenzhen 300 ETF option, the trading volume was 91,800 contracts, an increase of 4,700 contracts; the open interest was 244,100 contracts, an increase of 9,400 contracts; the trading volume PCR was 1.09, a decrease of 0.82; the open interest PCR was 1.02, an increase of 0.03 [5]. - For the Shenzhen 500 ETF option, the trading volume was 120,700 contracts, an increase of 38,500 contracts; the open interest was 327,500 contracts, an increase of 4,300 contracts; the trading volume PCR was 1.20, a decrease of 0.03; the open interest PCR was 1.06, unchanged [5]. - For the Shenzhen 100 ETF option, the trading volume was 56,000 contracts, an increase of 12,800 contracts; the open interest was 123,200 contracts, an increase of 1,700 contracts; the trading volume PCR was 1.14, a decrease of 0.02; the open interest PCR was 0.99, an increase of 0.03 [5]. - For the ChiNext ETF option, the trading volume was 818,800 contracts, an increase of 60,800 contracts; the open interest was 1.416 million contracts, a decrease of 2,200 contracts; the trading volume PCR was 1.01, a decrease of 0.01; the open interest PCR was 0.92, an increase of 0.03 [5]. - For the SSE 50 index option, the trading volume was 30,200 contracts, an increase of 7,300 contracts; the open interest was 74,500 contracts, an increase of 200 contracts; the trading volume PCR was 0.53, a decrease of 0.02; the open interest PCR was 0.60, an increase of 0.01 [5]. - For the CSI 300 index option, the trading volume was 76,800 contracts, an increase of 14,600 contracts; the open interest was 196,800 contracts, a decrease of 100 contracts; the trading volume PCR was 0.65, a decrease of 0.01; the open interest PCR was 0.69, an increase of 0.03 [5]. - For the CSI 1000 index option, the trading volume was 212,700 contracts, an increase of 23,000 contracts; the open interest was 289,700 contracts, an increase of 2,000 contracts; the trading volume PCR was 1.00, an increase of 0.07; the open interest PCR was 0.95, a decrease of 0.01 [5]. 3.4 Option Factor - Pressure and Support Levels - For the SSE 50 ETF option, the underlying closing price was 2.750, the at-the-money strike price was 2.75, the pressure level was 2.80, the support level was 2.75, the maximum call open interest was 115,632 contracts, and the maximum put open interest was 84,480 contracts [7]. - For the SSE 300 ETF option, the underlying closing price was 3.904, the at-the-money strike price was 3.90, the pressure level was 3.91, the support level was 3.81, the maximum call open interest was 94,197 contracts, and the maximum put open interest was 71,517 contracts [7]. - For the SSE 500 ETF option, the underlying closing price was 5.776, the at-the-money strike price was 5.75, the pressure level was 5.75, the support level was 5.50, the maximum call open interest was 111,552 contracts, and the maximum put open interest was 95,770 contracts [7]. - For the Huaxia Science and Technology Innovation 50 ETF option, the underlying closing price was 1.018, the at-the-money strike price was 1.00, the pressure level was 1.05, the support level was 1.00, the maximum call open interest was 165,118 contracts, and the maximum put open interest was 99,204 contracts [7]. - For the E Fund Science and Technology Innovation 50 ETF option, the underlying closing price was 0.992, the at-the-money strike price was 1.00, the pressure level was 1.05, the support level was 0.95, the maximum call open interest was 52,455 contracts, and the maximum put open interest was 27,069 contracts [7]. - For the Shenzhen 300 ETF option, the underlying closing price was 4.030, the at-the-money strike price was 4.00, the pressure level was 4.10, the support level was 4.00, the maximum call open interest was 15,998 contracts, and the maximum put open interest was 17,450 contracts [7]. - For the Shenzhen 500 ETF option, the underlying closing price was 2.311, the at-the-money strike price was 2.30, the pressure level was 2.30, the support level was 2.25, the maximum call open interest was 13,303 contracts, and the maximum put open interest was 19,503 contracts [7]. - For the Shenzhen 100 ETF option, the underlying closing price was 2.674, the at-the-money strike price was 2.65, the pressure level was 2.70, the support level was 2.65, the maximum call open interest was 10,793 contracts, and the maximum put open interest was 7,531 contracts [7]. - For the ChiNext ETF option, the underlying closing price was 2.034, the at-the-money strike price was 2.05, the pressure level was 2.05, the support level was 2.00, the maximum call open interest was 88,352 contracts, and the maximum put open interest was 108,969 contracts [7]. - For the SSE 50 index option, the underlying closing price was 2,679.92, the at-the-money strike price was 2,700, the pressure level was 2,700, the support level was 2,500, the maximum call open interest was 2,263 contracts, and the maximum put open interest was 985 contracts [7]. - For the CSI 300 index option, the underlying closing price was 3,874.97, the at-the-money strike price was 3,850, the pressure level was 3,900, the support level was 3,850, the maximum call open interest was 4,261 contracts, and the maximum put open interest was 2,796 contracts [7]. - For the CSI 1000 index option, the underlying closing price was 6,135.39, the at-the-money strike price was 6,100, the pressure level was 6,100, the support level was 5,800, the maximum call open interest was 4,426 contracts, and the maximum put open interest was 3,624 contracts [7]. 3.5 Option Factor - Implied Volatility - For the SSE 50 ETF option, the at-the-money implied volatility was 12.36%, the weighted implied volatility was 13.07%, an increase of 0.53%; the annual average was 9.09%; the call implied volatility was 13.12%, the put implied volatility was 13.01%; the 20-day historical volatility was 12.65%, and the difference between implied and historical volatility was 0.42% [9]. - For the SSE 300 ETF option, the at-the-money implied volatility was 12.69%, the weighted implied volatility was 14.10%, an increase of 0.66%; the annual average was 9.52%; the call implied volatility was 13.98%, the put implied volatility was 14.24%; the 20-day historical volatility was 13.20%, and the difference between implied and historical volatility was 0.90% [9]. - For the SSE 500 ETF option, the at-the-money implied volatility was 15.05%, the weighted implied volatility was 17.00%, an increase of 1.72%; the annual average was 12.02%; the call implied volatility was 17.01%, the put implied volatility was 16.98%; the 20-day historical volatility was 16.13%, and the difference between implied and historical volatility was 0.86% [9]. - For the Huaxia Science and Technology Innovation 50 ETF option, the at-the-money implied volatility was 19.75%, the weighted implied volatility was 24.12%, an increase of 0.18%; the annual

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - Corn futures prices declined slightly, with the futures main contract C2507 closing at 2359 yuan/ton. Corn option trading volume was 114,451 lots, open interest was 412,397 lots, and the trading volume PCR was 0.644. The option weighted implied volatility was 11.67%, and the 30 - day historical volatility was 7.70%. The option implied volatility increased significantly [3]. - Soybean meal futures prices fluctuated slightly, with the futures main contract M2509 closing at 3045 yuan/ton. Soybean meal option trading volume was 344,631 lots, open interest was 1,035,482 lots, and the trading volume PCR was 0.966. The option weighted implied volatility was 22.12%, and the 30 - day historical volatility was 10.81%. The option implied volatility increased sharply [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Data Statistics - For the corn main contract C2507, the closing price was 2359 yuan/ton, with a decline of 19 yuan and a decline rate of 0.80%. The trading volume was 409,117 lots, an increase of 19,798 lots, and the open interest was 637,414 lots, a decrease of 64,999 lots [5]. - For the soybean meal main contract M2509, the closing price was 3045 yuan/ton, with an increase of 4 yuan and an increase rate of 0.13%. The trading volume was 1,422,022 lots, an increase of 254,197 lots, and the open interest was 2,305,935 lots, a decrease of 12,086 lots [5]. 3.2 Option Market Data Statistics - For corn options, the trading volume was 114,451 lots, an increase of 13,129 lots. The trading volume PCR was 0.644, a decrease of 0.025. The open interest was 412,397 lots, a decrease of 195 lots, and the open interest PCR was 0.818, a decrease of 0.001 [9]. - For soybean meal options, the trading volume was 344,631 lots, an increase of 34,379 lots. The trading volume PCR was 0.966, an increase of 0.032. The open interest was 1,035,482 lots, an increase of 5,011 lots, and the open interest PCR was 0.711, a decrease of 0.012 [9]. 3.3 Option Volatility Situation - For corn options, the option weighted implied volatility was 11.67%, an increase of 1.73 percentage points with a change rate of 17.43%. The 30 - day historical volatility was 7.70%, and the 30 - day volatility quantile was 0.04 [18]. - For soybean meal options, the option weighted implied volatility was 22.12%, an increase of 4.83 percentage points with a change rate of 27.91%. The 30 - day historical volatility was 10.81%, and the 30 - day volatility quantile was 0.00 [18].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On June 16, 2025, the trading volume of commodity options reached 6.75 million contracts. The trading volume of some varieties was relatively large, such as styrene options with 1.24 million contracts, PTA options with 480,000 contracts, and silver options with 430,000 contracts. In terms of open interest, soybean meal options exceeded 1.03 million contracts, and soda ash options exceeded 760,000 contracts. In terms of trading volume PCR, some varieties deviated significantly, such as zinc options with a PCR of 1.59 and urea options with a PCR of 0.39, presenting trading opportunities but also requiring caution regarding liquidity risks [1][3]. - In the agricultural products sector, the IV of hog options increased by 8.74%, and the IV of corn starch decreased by 2.48%. In the energy and chemical sector, the IV of styrene options increased by 9.24%, and the IV of manganese silicon options decreased by 1.18%. In the metal sector, the IV of each variety fluctuated, with the IV of iron ore options decreasing by 5.33% [3]. Group 3: Summary by Directory 1. Market Quick View 1.1 Trading Volume and Open Interest - Provided detailed trading volume, open - interest, and other data for various option varieties, including soybean meal, corn, palm oil, etc. The trading volume and open - interest of different varieties showed significant differences, and the trading volume PCR and open - interest PCR also varied widely [6]. 1.2 Volatility - Presented the flat - strike IV, IV change (absolute value), historical volatility (30 - day, 60 - day, 90 - day), and implied - historical volatility difference for various option varieties. Different varieties had different trends in IV changes, such as an 8.74% increase in the IV of hog options and a 5.33% decrease in the IV of iron ore options [12]. 2. Variety Research - For each option variety (soybean meal options, rapeseed meal options, PTA options, etc.), it provided charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference [15][19][23].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different option strategies are proposed for various metal varieties based on their fundamentals, market trends, and option factors [2][8]. - For non - ferrous metals, strategies such as bull spreads, bear spreads, and short - volatility strategies are recommended according to the market conditions of each metal [7][9][10]. - For precious metals, strategies like short - volatility option seller combinations and spot hedging strategies are suggested [12]. - For black metals, strategies including bear spreads, short - volatility strategies, and spot hedging or covered call strategies are put forward [13][14][15]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2507) is 78,570, with a decline of 610 and a decrease rate of 0.77% [3]. 3.2 Option Factor - Volume and Open Interest PCR - It shows the volume and open interest PCR of different metal options, which are used to describe the strength of the option underlying market and the turning point of the market. For instance, the volume PCR of copper options is 0.56, with a change of 0.10, and the open interest PCR is 0.95, with a change of - 0.05 [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of each metal option are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure point of copper is 80,000, and the support point is 70,000 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility data of different metal options are presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper is 12.60, and the weighted implied volatility is 17.17, with a change of - 0.10 [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Directional strategy - construct a bull spread of call options; volatility strategy - construct a short - volatility option seller combination; spot long - hedging strategy - hold spot long + buy put options + sell out - of - the - money call options [7]. - **Aluminum/Alumina**: Directional strategy - none; volatility strategy - construct a short - neutral call + put option combination; spot long - hedging strategy - construct a spot collar strategy [9]. - **Zinc/Lead**: Directional strategy - none; volatility strategy - construct a short - bearish call + put option combination; spot long - hedging strategy - construct a spot collar strategy [9]. - **Nickel**: Directional strategy - none; volatility strategy - construct a short - bearish call + put option combination; spot long - hedging strategy - hold spot long + buy put options [10]. - **Tin**: Directional strategy - none; volatility strategy - construct a short - volatility strategy; spot long - hedging strategy - construct a spot collar strategy [10]. - **Lithium Carbonate**: Directional strategy - construct a bear spread of put options; volatility strategy - construct a short - bearish call + put option combination; spot long - covered call strategy - hold spot long + sell call options [11]. 3.5.2 Precious Metals - **Gold/Silver**: Directional strategy - none; volatility strategy - construct a short - bullish volatility option seller combination; spot hedging strategy - hold spot long + buy put options + sell out - of - the - money call options [12]. 3.5.3 Black Metals - **Rebar**: Directional strategy - construct a bear spread of put options; volatility strategy - construct a short - bearish call + put option combination; spot long - covered call strategy - hold spot long + sell at - the - money call options [13]. - **Iron Ore**: Directional strategy - none; volatility strategy - construct a short - neutral call + put option combination; spot long - hedging strategy - construct a long collar strategy [13]. - **Ferroalloys**: For manganese silicon, directional strategy - construct a bear spread of put options; volatility strategy - construct a short - volatility strategy; spot hedging strategy - none. For industrial silicon/polysilicon, directional strategy - none; volatility strategy - construct a short - neutral call + put option combination; spot covered call strategy - hold spot long + sell call options [14]. - **Glass**: Directional strategy - construct a bear spread of put options; volatility strategy - construct a short - volatility call + put option combination; spot long - hedging strategy - construct a long collar strategy [15].