1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseeds and oils are in a strong - side volatile trend, while other products like eggs, soft commodities, and grains have their own specific trends. It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product options have different price changes. For example, the latest price of soybean No.1 (A2511) is 4,080, down 7 with a decline rate of - 0.17%. The trading volume and open interest of each variety also vary [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open - interest PCR of different agricultural product options are different, which can be used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.3 Option Factors - Pressure and Support Levels - Each agricultural product option has its own pressure and support levels. For example, the pressure level of soybean No.1 is 4,300 and the support level is 4,050 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options shows different characteristics. For example, the implied volatility of soybean No.1 option maintains a relatively high level of historical average fluctuations [6] 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans shows changes in import costs and weather in the US. In terms of options, the implied volatility of soybean No.1 is high, and the open - interest PCR is below 0.6. Recommended strategies include selling neutral call + put option combinations and constructing long collar strategies for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal show changes in daily提货量, basis, and inventory. The implied volatility of soybean meal options is above the historical average, and the open - interest PCR is below 0.6. Recommended strategies are similar to those of soybean No.1 [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of palm oil show changes in production, inventory, and exports. Palm oil is in a bullish trend. The implied volatility of palm oil options is decreasing, and the open - interest PCR is above 1. Recommended strategies include constructing bullish call option spread combinations and selling bullish call + put option combinations [10] - **Peanut**: The peanut market has changes in trading volume, price, and oil mill operations. Peanut is in a weak - side volatile trend. Recommended strategies include constructing bearish put option spread combinations and long collar strategies for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pig**: The spot price of pigs has declined. Pig is in a weak - side volatile trend. The implied volatility of pig options is rising, and the open - interest PCR is below 0.5. Recommended strategies include selling bearish call + put option combinations and covered strategies for spot [11] - **Egg**: The spot price of eggs is weak. Eggs are in a bearish trend. Recommended strategies include constructing bearish put option spread combinations and selling bearish call + put option combinations [12] - **Apple**: The apple market shows changes in production and inventory. Apples are in a gradually warming - up trend. Recommended strategies include selling neutral call + put option combinations [12] - **Jujube**: The jujube market has a good de - stocking process. Jujubes are in a short - term bullish trend. Recommended strategies include constructing bullish call option spread combinations and selling bullish wide - straddle option combinations [13] 3.5.3 Soft Commodity Options - **Sugar**: The domestic sugar market has an increasing production and tightened import policies. Sugar is in a weak - side bearish trend. Recommended strategies include selling bearish call + put option combinations and long collar strategies for spot hedging [13] - **Cotton**: The cotton market has changes in import and shipment. Cotton is in a short - term weak trend. Recommended strategies include selling bullish call + put option combinations and covered strategies for spot [14] 3.5.4 Grain Options - **Corn and Starch**: The corn market has changes in auctions, inventory, and production costs. Corn is in a weak - side bearish trend. Recommended strategies include constructing bearish put option spread combinations and selling bearish call + put option combinations [14]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes analysis of the underlying market, research on option factors, and option strategy suggestions [9]. - It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. [4]. 3.2 Option Factors 3.2.1 Volume - to - 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 option varieties. Volume PCR is used to describe whether the underlying market has a turning point, and open interest PCR is used to describe the strength of the underlying option market [5]. 3.2.2 Pressure and Support Levels - The pressure points, pressure point offsets, support points, support point offsets, maximum call option positions, and maximum put option positions of various option varieties are provided. These are determined from the strike prices of the maximum call and put option positions [6]. 3.2.3 Implied Volatility - The report shows 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 the difference between implied and historical volatility for each option variety [7]. 3.3 Option Strategies and Suggestions 3.3.1 Energy - related Options - **Crude Oil**: The U.S. crude oil inventory decreased last week. The market showed a short - term upward rebound受阻 pattern with pressure above. The implied volatility of crude oil options fluctuates around the mean. The open interest PCR indicates a weak - oscillating market. Strategies include constructing a neutral call + put option selling portfolio, and a long collar strategy for spot hedging [8]. - **LPG**: Factory inventories decreased slightly, while port inventories are at a high level and oscillating. The market is short - term bearish. The implied volatility of LPG options is at a relatively high historical level. The open interest PCR indicates strong bearish power. Strategies include a bearish put option spread, a bearish call + put option selling portfolio, and a long collar strategy for spot hedging [10]. 3.3.2 Alcohol - related Options - **Methanol**: China's methanol production and capacity utilization are expected to increase, and import volumes are estimated. The market shows a weak pattern with pressure above. The implied volatility of methanol options is falling and fluctuating below the mean. The open interest PCR indicates a weak - oscillating market. Strategies include a bearish call + put option selling portfolio and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The inventory in East China's main ports decreased significantly. The market shows a weak and wide - range oscillating pattern with pressure above. The implied volatility of ethylene glycol options fluctuates around the lower - than - mean level. The open interest PCR indicates an oscillating market. Strategies include a volatility - selling strategy and a long collar strategy for spot hedging [11]. 3.3.3 Polyolefin - related Options - **Polypropylene**: The inventory of polyethylene and polypropylene production enterprises is expected to change. The market shows a weak pattern with bearish pressure above. The implied volatility of polypropylene options fluctuates around the historical mean. The open interest PCR indicates a weakening trend. Strategies include a long collar strategy for spot hedging [12]. 3.3.4 Rubber - related Options - **Rubber**: The import volume of natural and synthetic rubber in July increased. The market shows a short - term weak pattern with pressure above. The implied volatility of rubber options first rises sharply and then falls to around the mean. The open interest PCR indicates a weak market. Strategies include a neutral call + put option selling portfolio [13]. 3.3.5 Polyester - related Options - **PTA**: The industry inventory has decreased, but there is inventory accumulation in finished filament. The market shows a weak - oscillating pattern with pressure above. The implied volatility of PTA options fluctuates at a relatively high level above the mean. The open interest PCR indicates a weakening trend. Strategies include a neutral call + put option selling portfolio [14]. 3.3.6 Alkali - related Options - **Caustic Soda**: Enterprises have high production starts, but it is the off - season for demand, and export orders are few. The market shows a weak - oscillating pattern with pressure above. The implied volatility of caustic soda options first rises sharply and then falls but remains at a high level. The open interest PCR indicates strong bearish pressure. Strategies include a long collar strategy for spot hedging [15]. - **Soda Ash**: The total inventory of domestic soda ash manufacturers is high, and production has increased. The market shows a weak - bearish pattern. The implied volatility of soda ash options first rises sharply and then falls but remains at a high level. The open interest PCR indicates strong bearish pressure. Strategies include a volatility - selling portfolio and a long collar strategy for spot hedging [15]. 3.3.7 Other Options - **Urea**: The total inventory of urea enterprises has decreased. The market shows a low - level oscillating pattern. The implied volatility of urea options fluctuates slightly around the historical mean. The open interest PCR indicates strong bearish pressure. Strategies include a bearish call + put option selling portfolio and a long collar strategy for spot hedging [16].

Group 1: Report Summary - The report is an agricultural product options strategy morning report dated August 8, 2025 [1] - It provides an overview of the futures market, option factors, and offers strategies and suggestions for various agricultural product options [2] Group 2: Market Overview - Oilseed and oil options show a strong and volatile trend, while agricultural by - product options maintain a volatile market. Soft commodity sugar shows a slight fluctuation, and cotton's bullish rise has declined. Corn and starch in the grain category are in a weak and narrow - range consolidation [2] - Table 1 shows the latest prices, price changes, trading volumes, and open interest of various option underlying futures contracts [3] Group 3: Option Factors Volume and Open Interest PCR - Table 2 presents the volume and open - interest PCR of different option varieties, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Pressure and Support Levels - Table 3 shows the pressure points, support points, and the maximum open interest of call and put options for each option variety [5] Implied Volatility - Table 4 provides the implied volatility data of different option varieties, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] Group 4: Strategy and Suggestions Oilseed and Oil Options - For soybeans (including soybeans No.1 and No.2), the U.S. soybean good - rate has increased, and Brazilian soybean CNF premiums, import costs, and crushing margins have changed. The soybean market has shown a pattern of rebound, decline, and then slight consolidation. Options strategies include constructing a neutral call + put option combination for volatility, and a long collar strategy for spot hedging [7] - For soybean meal and rapeseed meal, the daily提货量 of soybean meal has increased, and the basis has changed. The market has shown a pattern of decline, rebound, and then weakening. Strategies include constructing a neutral call + put option combination for volatility and a long collar strategy for spot hedging [9] - For palm oil, soybean oil, and rapeseed oil, the production and export of palm oil have changed. The palm oil market has shown a bullish rise and high - level consolidation. Strategies include constructing a bullish call + put option combination for volatility and a long collar strategy for spot hedging [10] - For peanuts, the peanut oil market is in the off - season, and the market has shown a pattern of decline, rebound, and then weakening. Strategies include constructing a bearish spread of put options for direction and a long collar strategy for spot hedging [11] Agricultural By - product Options - For live pigs, the average slaughter weight and frozen product inventory rate have changed. The market has shown a pattern of decline, rebound, and then consolidation. Strategies include constructing a bearish call + put option combination for volatility and a long - spot + short - out - of - the - money call option strategy for spot hedging [11] - For eggs, the inventory of laying hens has increased. The market has shown a pattern of decline and weakening. Strategies include constructing a bearish spread of put options for direction, a bearish call + put option combination for volatility [12] - For apples, the expected apple production has increased. The market has shown a pattern of rise, decline, and then slight consolidation. Strategies include constructing a neutral call + put option combination for volatility [12] - For red dates, the inventory of red dates has decreased. The market has shown a pattern of rebound, rise, and then decline. Strategies include constructing a bearish wide - straddle option combination for volatility and a long - spot + short - out - of - the - money call option strategy for spot hedging [13] Soft Commodity Options - For sugar, the number of ships waiting to load sugar in Brazilian ports and the expected sugar production have changed. The market has shown a pattern of decline, rebound, and then rise. Strategies include constructing a neutral call + put option combination for volatility and a long collar strategy for spot hedging [13] - For cotton, the opening rates of spinning and weaving mills and cotton inventory have changed. The market has shown a pattern of rise, decline, and then weakening. Strategies include constructing a bullish call + put option combination for volatility and a long - spot + long - put + short - out - of - the - money call option strategy for spot hedging [14] Grain Options - For corn and starch, the new corn listing and market sentiment have affected the market. The corn market has shown a pattern of decline and consolidation. Strategies include constructing a bearish spread of put options for direction, a bearish call + put option combination for volatility [14]

1. Report Industry Investment Rating - No information available in the provided content 2. Core Viewpoints of the Report - The energy - chemical options market involves various sectors such as energy, polyolefins, polyesters, and alkali chemicals. It is recommended to construct option portfolio strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [3] - Each option variety is analyzed from aspects of underlying market conditions, option factor research, and option strategy suggestions 3. Summary According to Relevant Catalogs 3.1 Option Underlying Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of multiple energy - chemical option underlying futures are presented, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2509) is 497, down 7 with a decline rate of 1.43%, trading volume of 14.76 million lots, and open interest of 3.16 million lots [4] 3.2 Option Factor - Volume and Open Interest PCR - Volume and open interest PCR values and their changes of various option varieties are given. For example, the volume PCR of crude oil options is 0.72, down 0.17; the open interest PCR is 0.56, down 0.05 [5] 3.3 Option Factor - Pressure and Support Levels - Pressure and support levels of different option varieties are provided. For instance, the pressure level of crude oil is 550, and the support level is 500 [6] 3.4 Option Factor - Implied Volatility - Implied volatility data of various option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of crude oil options is 30.805%, and the weighted implied volatility is 34.99%, up 1.41% [7] 3.5 Strategy and Suggestions for Each Option Variety 3.5.1 Energy - related Options (Crude Oil, LPG) - **Crude Oil**: Fundamentals show an increase in US crude oil inventories. The market has been weakening and fluctuating. Implied volatility is near the average, and the open interest PCR indicates a weakening trend. It is recommended to construct a short - neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **LPG**: Factory and port inventories are high. The market shows a short - term bearish trend. Implied volatility is at a relatively high historical level, and the open interest PCR indicates strong bearish pressure. Similar to crude oil, a short - bearish call + put option combination strategy and a long collar strategy for spot hedging are recommended [10] 3.5.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Inventories of sample production enterprises have decreased. The market is under pressure and shows a weakening trend. Implied volatility is below the average, and the open interest PCR indicates a weakening trend. A short - neutral call + put option combination strategy and a long collar strategy for spot hedging are suggested [10] - **Ethylene Glycol**: The overall operating rate remains stable, but production profits are under pressure. The market shows a wide - range volatile trend. Implied volatility is below the average, and the open interest PCR indicates a sideways trend. A short - volatility strategy and a spot long - hedging strategy are recommended [11] 3.5.3 Polyolefin - related Options (Polypropylene, PVC, etc.) - **Polypropylene**: The number of maintenance production lines has decreased, and production has increased. The market is under bearish pressure. Implied volatility is near the historical average, and the open interest PCR indicates a weakening trend. A spot long - hedging strategy is recommended [11] 3.5.4 Rubber - related Options (Rubber, Synthetic Rubber) - **Rubber**: The opening area and output in Hainan have decreased. The market shows a bearish downward trend. Implied volatility is near the average after a sharp rise, and the open interest PCR indicates a bearish trend. A short - neutral call + put option combination strategy is recommended [12] 3.5.5 Polyester - related Options (PX, PTA, etc.) - **PTA**: Factory inventories are accumulating, and the market is under pressure. Implied volatility is above the average, and the open interest PCR indicates a weakening trend. A short - neutral call + put option combination strategy is recommended [13] 3.5.6 Alkali - related Options (Caustic Soda, Soda Ash) - **Caustic Soda**: The average utilization rate of production capacity has decreased slightly. The market shows a weakening and volatile trend. Implied volatility is at a relatively high level, and the open interest PCR indicates strong bearish pressure. A spot collar hedging strategy is recommended [14] - **Soda Ash**: Inventories are accumulating. The market shows a trend of rebounding after a sharp decline. Implied volatility is at a relatively high level, and the open interest PCR indicates strong bearish pressure. A short - volatility combination strategy and a long collar strategy for spot hedging are recommended [14] 3.5.7 Urea Options - The supply is slightly decreasing, and the demand is weak. The market shows a low - level volatile trend. Implied volatility is near the historical average, and the open interest PCR indicates strong bearish pressure. A short - bearish call + put option combination strategy and a spot hedging strategy are recommended [15] 3.6 Option Charts - Charts of various option varieties are provided, including price trend charts, trading volume and open interest charts, open interest distribution charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure - support level charts for each option variety such as crude oil, LPG, and methanol [17][37][57]

Group 1: Report Overview - The report is an early morning strategy report on energy and chemical options dated August 8, 2025 [2] - It covers various types of energy and chemical options, including energy (crude oil, LPG), polyolefins (PP, PVC, etc.), polyesters (PX, PTA, etc.), alkali chemicals (caustic soda, soda ash), and others (rubber) [3] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest of various underlying futures contracts, such as crude oil (SC2509), LPG (PG2509), and methanol (MA2509) [4] Group 3: Option Factors - 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 option underlying market and the turning point of the underlying market [5] Group 4: Option Factors - Pressure and Support Levels - The pressure and support levels of each option variety are analyzed from the perspective of the strike prices with the largest open interest of call and put options [6] Group 5: Option Factors - Implied Volatility - The implied volatility data of different option varieties are provided, including at-the-money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [7] Group 6: Strategy and Recommendations for Different Option Types Energy Options - **Crude Oil**: The fundamental analysis shows an increase in US crude oil inventories. The market has been weakening and fluctuating recently. Options strategies include constructing a neutral call + put option selling strategy and a long collar strategy for spot hedging [8] - **LPG**: The factory and port inventories are at a high level. The market is short - term bearish. Options strategies involve a bearish call + put option selling strategy and a long collar strategy for spot hedging [10] Alcohol Options - **Methanol**: The production enterprise inventory and order backlog have decreased. The market is under pressure and weak. Options strategies include a neutral call + put option selling strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: The overall operating rate is stable, but the production profit is under pressure. The market is in a wide - range volatile state. Options strategies include a volatility - selling strategy and a long collar strategy for spot hedging [11] Polyolefin Options - **Polypropylene**: The supply has increased slightly, and the market is under bearish pressure. Options strategies include a long collar strategy for spot hedging [11] Rubber Options - **Natural Rubber**: The production in Hainan has decreased. The market is bearish. Options strategies include a neutral call + put option selling strategy [12] Polyester Options - **PTA**: The factory inventory is accumulating, and the market is bearish. Options strategies include a neutral call + put option selling strategy [13] Alkali Chemical Options - **Caustic Soda**: The capacity utilization rate has changed, and the market is volatile. Options strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: The inventory is at a high level, and the market has rebounded after a significant decline. Options strategies include a volatility - selling strategy and a long collar strategy for spot hedging [14] Urea Options - The supply is expected to increase, and the demand is weak. The market is in a low - level volatile state. Options strategies include a bearish call + put option selling strategy and a long collar strategy for spot hedging [15] Group 7: Option Charts - The report includes price charts, volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts for various option varieties such as crude oil, LPG, and methanol [17][35][55]

Group 1: Report Overview - Report Title: Agricultural Product Options Strategy Morning Report [1] - Date: August 7, 2025 - Analysts: Lu Pinxian, Huang Kehan, Li Renjun [2] Group 2: Market Summary - Overall Trend: Oilseeds and oils are showing a strong and volatile trend, while other agricultural products are mostly in a volatile state [2] - Futures Market: The report provides detailed data on the latest prices, price changes, trading volumes, and open interests of various agricultural product futures contracts [3] Group 3: Option Factors - Volume and Open Interest PCR: The report presents the volume and open interest PCR data for different option varieties, which can be used to analyze market sentiment and potential turning points [4] - Pressure and Support Levels: The pressure and support levels for each option variety are identified based on the maximum open interest of call and put options [5] - Implied Volatility: The implied volatility data, including at-the-money implied volatility, weighted implied volatility, and historical volatility, are provided for each option variety [6] Group 4: Strategy and Recommendations - Oilseeds and Oils Options - Soybean Options: Based on the analysis of fundamentals, market trends, and option factors, specific option strategies are recommended, such as selling neutral call and put option combinations and constructing long collar strategies for spot hedging [7] - Other Oilseeds and Oils Options: Similar analyses and strategy recommendations are provided for other oilseeds and oils options, including soybean meal, rapeseed meal, palm oil, soybean oil, rapeseed oil, and peanut [8][9][10][11] - Agricultural By-Product Options - Pig and Egg Options: For pig and egg options, the report analyzes the fundamentals, market trends, and option factors, and recommends corresponding option strategies, such as selling bearish call and put option combinations and constructing long collar strategies [11][12] - Other Agricultural By-Product Options: Similar analyses and strategy recommendations are provided for other agricultural by-product options, including apple, jujube, and cotton [12][13][14] - Soft Commodity Options - Sugar and Cotton Options: The report analyzes the fundamentals, market trends, and option factors of sugar and cotton options, and recommends corresponding option strategies, such as selling neutral call and put option combinations and constructing long collar strategies [13][14] - Grain Options - Corn and Starch Options: For corn and starch options, the report analyzes the fundamentals, market trends, and option factors, and recommends corresponding option strategies, such as constructing bearish call spread strategies and selling bearish call and put option combinations [14] Group 5: Charts - The report includes various charts for different option varieties, such as price charts, volume and open interest charts, PCR charts, implied volatility charts, and historical volatility cone charts, which can help investors visualize the market trends and option factors [16][33][50][68][86][106][125][146][167][184]

Group 1: Report Overview - The report is an Energy Chemical Options Strategy Morning Report dated August 7, 2025, covering energy, polyolefin, polyester, alkali chemical, and other energy chemical options [2][3] - The recommended strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - Provides the latest price, price change, percentage change, trading volume, volume change, open interest, and open interest change of various option underlying futures contracts, including crude oil, LPG, methanol, etc [4] Group 3: Option Factors - Volume and Open Interest PCR - Presents the volume PCR and open interest PCR of various option varieties, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5] Group 4: Option Factors - Pressure and Support Levels - Shows the pressure points, support points, and the maximum open interest of call and put options of various option varieties, which are determined by the strike prices with the maximum open interest of call and put options [6] Group 5: Option Factors - Implied Volatility - Displays the at-the-money implied volatility, weighted implied volatility, and historical volatility of various option varieties, with the weighted implied volatility calculated using volume-weighted average [7] Group 6: Strategy and Recommendations for Different Option Types Energy Options - **Crude Oil**: The US crude oil inventories increased. The market showed a short-term upward resistance and downward trend. Implied volatility was near the average, and the open interest PCR indicated a sideways market. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **LPG**: Factory inventory decreased slightly, and port inventory was at a high level. The market was short-term bearish. Implied volatility was at a high level, and the open interest PCR indicated strong bearish power. Strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [10] Alcohol Options - **Methanol**: The inventory of sample production enterprises decreased, and the order backlog also decreased. The market was weak with resistance. Implied volatility was near the average, and the open interest PCR indicated a sideways and weak market. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: The overall operating rate remained stable, but production profit was under pressure. The market was in a wide-range sideways and weak pattern. Implied volatility was near the average, and the open interest PCR indicated a sideways market. Strategies include constructing a short volatility strategy and a long collar strategy for spot hedging [11] Polyolefin Options - **Polypropylene**: The number of maintenance production lines decreased in July, and the total output increased. The market was weak with resistance. Implied volatility was near the average, and the open interest PCR indicated a weakening market. Strategies include a long collar strategy for spot hedging [11] Rubber Options - **Rubber**: The opening area and output of Hainan natural rubber decreased in the first half of 2025. The market was bearish. Implied volatility decreased to near the average, and the open interest PCR indicated a bearish market. Strategies include constructing a neutral call + put option combination strategy [12] Polyester Options - **PTA**: The factory inventory continued to accumulate, and the processing fee was low. The market was bearish with resistance. Implied volatility was at a relatively high level, and the open interest PCR indicated a weakening market. Strategies include constructing a neutral call + put option combination strategy [13] Alkali Chemical Options - **Caustic Soda**: The average utilization rate of sample enterprises decreased slightly. The market was in a weak and sideways pattern. Implied volatility was at a high level, and the open interest PCR indicated a weak market. Strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: The factory inventory decreased, but the total inventory increased. The market was in a significant decline with resistance. Implied volatility was at a high level, and the open interest PCR indicated strong bearish pressure. Strategies include constructing a short volatility combination strategy and a long collar strategy for spot hedging [14] Other Energy Chemical Options - **Urea**: Supply decreased slightly, and demand was weak. The market was in a low-level sideways pattern. Implied volatility was near the average, and the open interest PCR indicated a weak market. Strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [15] Group 7: Option Charts - Provides various charts for different option types, including price trends, trading volume and open interest, open interest PCR, implied volatility, and historical volatility cones, to help analyze the market situation of each option variety [17][36][55]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural products sector is mainly divided into beans, oils, agricultural by - products, soft commodities, grains, and others. The overall market shows different trends, with oilseeds and oils in a relatively strong and volatile state, oils and agricultural by - products in a volatile trend, soft commodity sugar slightly fluctuating, cotton's upward trend weakening, and grains such as corn and starch in a weak and narrow - range consolidation. It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2][8] 3. Summary According to Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures show various price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,133, up 7 with a 0.17% increase, trading volume of 11.13 million lots, and open interest of 11.04 million lots. While the price of eggs (JD2509) is 3,360, down 141 with a 4.03% decrease, trading volume of 30.84 million lots, and open interest of 23.20 million lots [3] 3.2 Option Factor - Volume and Open Interest PCR - Volume 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 soybean No.1 is 0.59, up 0.18, and the open interest PCR is 0.39, up 0.01, indicating the market situation of soybean No.1 [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the exercise prices with the largest open interest of call and put options, the pressure and support levels of the option underlying are analyzed. For instance, the pressure level of soybean No.1 is 4,300 and the support level is 4,050 [5] 3.4 Option Factor - Implied Volatility - Implied volatility includes at - the - money implied volatility and weighted implied volatility. For example, the at - the - money implied volatility of soybean No.1 is 8.715, and the weighted implied volatility is 12.19, down 1.39 [6] 3.5 Strategy and Recommendations 3.5.1 Oils and Oilseeds Options - **Soybean No.1 and No.2**: Based on the analysis of fundamentals such as the US soybean good rate and Brazilian soybean premiums, and considering option factors like implied volatility and open interest PCR, strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: Analyzing fundamentals such as daily提货量 and basis, and option factors, strategies involve constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Considering fundamentals like Malaysian palm oil production and exports, and option factors, strategies include constructing a long - biased short call + put option combination strategy and a long collar strategy for spot hedging [10] - **Peanuts**: Given the fundamentals of the peanut oil market and option factors, strategies include constructing a bear spread strategy for put options and a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pigs**: Based on fundamentals such as average slaughter weight and frozen product inventory rate, and option factors, strategies include constructing a short - biased short call + put option combination strategy and a covered call strategy for spot [11] - **Eggs**: Considering fundamentals like laying hen inventory and option factors, strategies include constructing a bear spread strategy for put options, a short - biased short call + put option combination strategy [12] - **Apples**: Analyzing fundamentals such as expected apple production and option factors, strategies include constructing a neutral short call + put option combination strategy [12] - **Red Dates**: Based on fundamentals like inventory and option factors, strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodity Options - **Sugar**: Considering fundamentals such as Brazilian sugar shipping and production forecasts, and option factors, strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13] - **Cotton**: Based on fundamentals like spinning and weaving factory operating rates and cotton inventory, and option factors, strategies include constructing a long - biased short call + put option combination strategy and a covered call strategy for spot [14] 3.5.4 Grain Options - **Corn and Starch**: Given fundamentals such as new corn listing and market sentiment, and option factors, strategies include constructing a bear spread strategy for put options and a short - biased short call + put option combination strategy [14]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9]. - For each selected option variety, the report provides analysis of the underlying market, option factor research, and option strategy recommendations [9]. - Overall, it is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices of various energy - chemical option underlying futures contracts are presented, along with their price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes. For example, the latest price of crude oil SC2509 is 502, down 7 (-1.32%), with a trading volume of 15.26 million lots and an open interest of 4.00 million lots [4]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - Volume PCR and open interest PCR for different option varieties are given, which can be used to analyze the strength of the market and the turning points of the underlying assets. For example, the volume PCR of crude oil is 0.48, and the open interest PCR is 0.53 [5]. 3.2.2 Pressure and Support Levels - Pressure and support levels for each option variety are determined from the exercise prices with the maximum open interest of call and put options. For example, the pressure level of crude oil is 640, and the support level is 500 [6]. 3.2.3 Implied Volatility - Implied volatility data for different option varieties are provided, including at - the - money implied volatility, weighted implied volatility, call implied volatility, put implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 29.53% [7]. 3.3 Option Strategies and Recommendations 3.3.1 Energy - related Options - **Crude Oil**: The short - term market is weak. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [8]. - **LPG**: The short - term market is bearish. It is recommended to construct a bearish short call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.3.2 Alcohol - related Options - **Methanol**: The market is weak with resistance above. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The market is weakly bullish with resistance above. It is recommended to construct a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.3.3 Polyolefin - related Options - For polyolefins such as polypropylene, it is recommended to hold a long spot position + buy an at - the - money put option + sell an out - of - the - money call option for spot hedging [11]. 3.3.4 Rubber - related Options - **Rubber**: The market is in a low - level consolidation. It is recommended to construct a neutral short call + put option combination strategy [12]. 3.3.5 Polyester - related Options - For polyester options such as PTA, it is recommended to construct a neutral short call + put option combination strategy [13]. 3.3.6 Alkali - related Options - **Caustic Soda**: The market has resistance above and is in a downward trend. It is recommended to use a long collar strategy for spot hedging [14]. - **Soda Ash**: The market has resistance above and is in a significant decline. It is recommended to construct a short - volatility combination strategy and a long collar strategy for spot hedging [14]. 3.3.7 Urea Options - The market is in a range - bound under bearish pressure. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [15].

农产品期权 2025-07-24 农产品期权策略早报 | 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 | 农产品期权策略早报概要：油料油脂类农产品偏强震荡，油脂类，农副产品维持震荡行情，软商品白糖反弹回升震 荡上行，棉花多头上涨，谷物类玉米和淀粉弱势窄幅盘整。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | ...