Core Insights - Copper prices have been rising significantly, with Shanghai copper futures surpassing 86,000 yuan/ton, impacting the manufacturing sector's cost structure [1] - Companies like Chint Electric are utilizing flexible hedging strategies to convert price volatility into cost reduction and efficiency gains [1][2] Group 1: Company Overview - Chint Electric is a leading enterprise in China's low-voltage electrical industry, covering various solutions including distribution, control, and power electrical systems, with a market presence in over 140 countries [2] - The company has adopted a procurement settlement mechanism based on "weekly average + floating trigger pricing" to manage the significant cost share of raw materials like copper and silver [2] Group 2: Hedging Strategies - Since 2021, Chint Electric has initiated hedging operations, initially focusing on futures and later incorporating options to create a more flexible risk management system [2][3] - The company implemented a "cash-settled put option" strategy to manage copper price fluctuations, allowing for cost optimization while maintaining the ability to purchase at lower prices if the market declines [3][4] Group 3: Results and Effectiveness - In Q3 2025, Chint Electric sold put options corresponding to 8,000 tons of copper, generating approximately 6 million yuan in premium income, while copper prices remained stable between 78,000 and 81,500 yuan/ton [4] - The use of options has allowed the company to optimize costs in a fluctuating market while retaining purchasing flexibility [4][5] Group 4: Lessons Learned - Chint Electric has identified four key lessons in utilizing options as a hedging tool: market analysis capability, prioritizing risk control, a gradual innovation approach, and the combination of tools for effective risk management [6] - The company emphasizes strict risk control, ensuring that option positions remain within hedging needs and that margin usage does not exceed 50% of total account funds [6]

能源化工期权 2025-11-19 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 - The agricultural product options market shows different trends. Oilseed and oil - related agricultural products are in a weak and volatile state, while fats, agricultural by - products maintain a volatile market. Soft commodities like sugar have a slight fluctuation, cotton is in a weak consolidation, and grains such as corn and starch are in a weak and narrow - range consolidation. 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 Related Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price movements. For example, the latest price of soybean No.1 (A2601) is 4,148, down 29 (- 0.69%); palm oil (P2601) is 8,846, up 158 (1.82%). There are also differences in trading volume and open interest changes among different varieties [3] 3.2 Option Factor - Quantity and Position PCR - The PCR indicators of different agricultural product options vary. For instance, the trading volume PCR of soybean No.1 is 0.33 (down 0.08), and the open interest PCR is 1.08 (unchanged). These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of different agricultural product options are determined. For example, the pressure level of soybean No.1 is 4200 and the support level is 4050 [5] 3.4 Option Factor - Implied Volatility - The implied volatility of different agricultural product options shows different characteristics. For example, the at - the - money implied volatility of soybean No.1 is 11.745, and the weighted implied volatility is 13.39 (up 0.31). The implied - historical volatility difference is - 0.39 [6] 3.5 Strategies and Recommendations for Different Options 3.5.1 Oilseed and Oil Options - **Soybean No.1**: Fundamentally, the CNF premium of Brazilian soybeans in February 2026 has a slight weekly decline, and the planting progress is slow. The option implied volatility is below the historical average, and the open interest PCR is below 0.70. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [7] - **Soybean Meal**: The daily average trading volume and delivery volume of soybean meal in mainstream oil mills have changed. The option implied volatility is below the historical average, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9] - **Palm Oil**: The spot basis of oils has a slight increase, and the total inventory is decreasing. The option implied volatility is below the historical average, and the open interest PCR is above 1.00. It is recommended to construct a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9] - **Peanut**: The price of peanut oil is stable. The option implied volatility is at a relatively high historical level, and the open interest PCR is below 0.60. It is recommended to use a long - collar strategy for spot hedging [10] 3.5.2 Agricultural By - product Options - **Pig**: The spot price of pigs has decreased. The option implied volatility is above the historical average, and the open interest PCR is below 0.50. It is recommended to construct a short - biased short - call + short - put option combination strategy and a covered call strategy for spot [10] - **Egg**: The inventory of laying hens has changed. The option implied volatility is at a relatively high level, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy [11] - **Apple**: The apple storage is less than the same period in previous years. The option implied volatility is above the historical average, and the open interest PCR is above 0.90. It is recommended to construct a long - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [11] - **Jujube**: The acquisition price of jujube has changed. The option implied volatility has rapidly risen above the historical average, and the open interest PCR is below 0.50. It is recommended to construct a short - biased short - strangle option combination strategy and a covered call strategy for spot hedging [12] 3.5.3 Soft Commodity Options - **Sugar**: The sugar production in the central - southern region of Brazil has increased, and India has allowed sugar exports. The option implied volatility is at a relatively low historical level, and the open interest PCR is around 0.60. It is recommended to construct a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [12] - **Cotton**: The progress of cotton picking, delivery, and processing has changed. The option implied volatility is at a relatively low level, and the open interest PCR is below 1.00. It is recommended to construct a short - biased short - call + short - put option combination strategy and a covered call strategy for spot [13] 3.5.4 Grain Options - **Corn**: The average price of corn has increased. The option implied volatility is at a relatively low historical level, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy [13]

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 - Report date: November 18, 2025 [1] - Report type: Metal options strategy morning report - Research team members: Lu Pinxian, Huang Kehan, Li Renjun [2] Group 2: Investment Ratings - No investment ratings are provided in the report Group 3: Core Views - Construct a seller neutral volatility strategy for non - ferrous metals as they tend to move upwards [2] - Build a short - volatility portfolio strategy for the black series due to their large - amplitude fluctuations [2] - Create a bull spread portfolio strategy for precious metals as they rebound and rise [2] Group 4: Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, such as copper (CU2512), aluminum (AL2512), etc. [3] Group 5: Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of different metal options are analyzed, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Group 6: Option Factor - Pressure and Support Levels - The pressure and support levels of different metal options are determined from the strike prices of the maximum open interest of call and put options [5] Group 7: Option Factor - Implied Volatility - The implied volatility data of different metal options, including at - the - money implied volatility, weighted implied volatility, etc., are provided [6] Group 8: Option Strategies and Recommendations Non - Ferrous Metals - **Copper**: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - **Aluminum**: Construct a call option bull spread strategy, a short - volatility option combination strategy, and a spot collar strategy [9] - **Zinc**: Build a short - volatility option combination strategy and a spot collar strategy [9] - **Nickel**: Construct a short - volatility option combination strategy with a short position and a spot covered - call strategy [10] - **Tin**: Build a short - volatility strategy and a spot collar strategy [10] - **Lithium carbonate**: Construct a call option bull spread strategy, a short - volatility option combination strategy with a long position, and a spot long - hedging strategy [11] Precious Metals - **Gold**: Build a short - volatility option seller combination strategy and a spot hedging strategy [12] Black Series - **Rebar**: Build a short - volatility option combination strategy with a short position and a spot long - covered - call strategy [13] - **Iron ore**: Build a short - volatility option combination strategy with a short position and a spot long - collar strategy [13] - **Ferroalloys**: Build a short - volatility strategy for manganese silicon [14] - **Industrial silicon**: Build a short - volatility option combination strategy and a spot hedging strategy [14] - **Glass**: Build a short - volatility option combination strategy and a spot long - collar strategy [15] Group 9: Option Charts - Option charts of various metals, including price trends, volume and open interest distributions, PCR trends, implied volatility trends, historical volatility cones, etc., are presented [16][38][56]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies suggest constructing option combination strategies mainly as sellers and spot hedging or covered strategies to enhance returns [2][8] 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, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil SC2601 is 462, with a price increase of 1 and a price change rate of 0.24% [3] 3.2 Option Factors - Volume and Open Interest PCR - The report provides the volume and open interest PCR data of various energy - chemical options, which are used to describe the strength of the option underlying market and whether the underlying market has a turning point. For example, the open interest PCR of crude oil options is 0.80, indicating a relatively weak recent crude oil market [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the exercise prices with the largest open interest of call and put options, the report determines the pressure and support levels of various energy - chemical option underlying assets. For example, the pressure level of crude oil is 540 and the support level is 460 [5] 3.4 Option Factors - Implied Volatility - The report shows the implied volatility data of various energy - chemical options, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of crude oil options is 24.12%, and the weighted implied volatility is 26.46% with a change of - 0.17% [6] 3.5 Strategy and Recommendations 3.5.1 Energy - related Options - **Crude Oil**: - **Fundamentals**: US crude oil inventories showed different trends, with an overall increase in total, strategic, and commercial inventories, and a decrease in Cushing area inventories. - **Market Analysis**: The price showed a complex trend of rise and fall from August to November. - **Option Factors**: Implied volatility fluctuated above the average, open interest PCR was below 0.80, indicating a weak market, and the pressure and support levels were 540 and 460 respectively. - **Strategies**: Construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7] - **LPG**: - **Fundamentals**: The LPG market was relatively strong, with a rebound in the external market and a marginal tightening of the domestic fundamental situation. - **Market Analysis**: The price showed a trend of decline, rebound, and then consolidation from August to November. - **Option Factors**: Implied volatility dropped significantly to below the average, open interest PCR was around 0.80, indicating a weak market, and the pressure and support levels were 4500 and 4250 respectively. - **Strategies**: Construct a neutral - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] 3.5.2 Alcohol - related Options - **Methanol**: - **Fundamentals**: Supply was expected to increase, and inventory might accumulate slightly. - **Market Analysis**: The price showed a weak downward trend from August to November. - **Option Factors**: Implied volatility fluctuated around the historical average, open interest PCR was below 0.80, indicating a weak and volatile market, and the pressure and support levels were 2500 and 2000 respectively. - **Strategies**: Construct a bear spread strategy for direction, a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] - **Ethylene Glycol**: - **Fundamentals**: Production increased slightly, and port inventory increased significantly. - **Market Analysis**: The price showed a weak downward trend from August to November. - **Option Factors**: Implied volatility fluctuated below the average, open interest PCR was around 0.70, indicating strong short - side power, and the pressure and support levels were 4500 and 4050 respectively. - **Strategies**: Construct a bear spread strategy for direction, a short - volatility strategy for volatility, and a long collar strategy for spot hedging [10] 3.5.3 Polyolefin - related Options - **Polypropylene**: - **Fundamentals**: Production increased, and capacity utilization rose. - **Market Analysis**: The price showed a weak downward trend from August to November. - **Option Factors**: Implied volatility dropped to around the average, open interest PCR was around 0.70, indicating a weak market, and the pressure and support levels were 7000 and 6300 respectively. - **Strategies**: Construct a bear spread strategy for direction, and a long collar strategy for spot hedging [10] 3.5.4 Rubber - related Options - **Rubber**: - **Fundamentals**: Tire production capacity utilization showed different trends, and inventory turnover days changed. - **Market Analysis**: The price showed a weak consolidation trend from August to November. - **Option Factors**: Implied volatility rose sharply and then dropped to below the average, open interest PCR was below 0.60, and the pressure and support levels were 16000 and 15000 respectively. - **Strategies**: Construct a short - biased call + put option combination strategy for volatility [11] 3.5.5 Polyester - related Options - **PTA**: - **Fundamentals**: Some PTA plants had production adjustments, and the operating rate changed. - **Market Analysis**: The price showed a trend of decline, rebound, and then consolidation from August to November. - **Option Factors**: Implied volatility fluctuated above the average, open interest PCR was around 0.70, indicating a volatile market, and the pressure and support levels were 4700 and 4300 respectively. - **Strategies**: Construct a neutral - biased call + put option combination strategy for volatility [11] 3.5.6 Alkali - related Options - **Caustic Soda**: - **Fundamentals**: The average capacity utilization rate of caustic soda plants decreased slightly, with different trends in different regions. - **Market Analysis**: The price showed a weak downward trend from August to November. - **Option Factors**: Implied volatility was at a relatively high level, open interest PCR was below 0.80, indicating a weak and volatile market, and the pressure and support levels were 3000 and 2200 respectively. - **Strategies**: Construct a bear spread strategy for direction, and a long collar strategy for spot hedging [12] - **Soda Ash**: - **Fundamentals**: The inventory of soda ash manufacturers increased year - on - year. - **Market Analysis**: The price showed a weak consolidation trend from August to November. - **Option Factors**: Implied volatility was at a relatively high historical level, open interest PCR was below 0.60, indicating strong short - side pressure, and the pressure and support levels were 1860 and 1100 respectively. - **Strategies**: Construct a bear spread strategy for direction, a short - volatility combination strategy for volatility, and a long collar strategy for spot hedging [12] 3.5.7 Other Options - **Urea**: - **Fundamentals**: Enterprise inventory decreased, and port inventory increased. - **Market Analysis**: The price showed a trend of wide - range fluctuation, decline, and then rebound from August to November. - **Option Factors**: Implied volatility fluctuated slightly around the historical average, open interest PCR was below 0.60, indicating strong short - side pressure, and the pressure and support levels were 1800 and 1600 respectively. - **Strategies**: Construct a neutral - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [13]

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The agricultural products options market shows a complex situation, with different product sectors presenting diverse trends. Oilseeds and oils, as well as agricultural by - products, are in a weak and volatile state, while soft commodities like sugar are slightly volatile, and cotton is in a weak consolidation phase. Grains such as corn and starch are in a narrow - range weak consolidation. The overall strategy is to construct option portfolio strategies mainly for sellers and spot hedging or covered strategies to enhance returns [2]. Summary According to Related Catalogs 1. Futures Market Overview - Multiple agricultural product futures show different price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2601) is 4,202 with a 0.36% increase, trading volume of 15.07 million lots (a decrease of 10.20 million lots), and open interest of 27.88 million lots (a decrease of 0.87 million lots). The price of soybean No.2 (B2601) is 3,781 with a 0.48% increase, trading volume of 14.61 million lots (an increase of 2.14 million lots), and open interest of 14.53 million lots (a decrease of 1.06 million lots) [3]. 2. Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes. For instance, the volume PCR of soybean No.1 is 0.41 (an increase of 0.06), and the open interest PCR is 1.08 (an increase of 0.01). The volume PCR of soybean No.2 is 0.78 (an increase of 0.30), and the open interest PCR is 0.82 (a decrease of 0.13) [4]. 3. Option Factors - Pressure and Support Levels - From the perspective of option factors, different option varieties have corresponding pressure and support levels. For example, the pressure level of soybean No.1 is 4,200, and the support level is 4,050. The pressure level of soybean No.2 is 3,800, and the support level is 3,650 [5]. 4. Option Factors - Implied Volatility - Different option varieties have different implied volatility values and their changes. For example, the at - the - money implied volatility of soybean No.1 is 11.68%, the weighted implied volatility is 13.08% (a decrease of 1.01%), and the historical average is 13.01%. The at - the - money implied volatility of soybean No.2 is 12.56%, the weighted implied volatility is 13.95% (a decrease of 2.69%), and the historical average is 14.91% [6]. 5. Strategy and Recommendations 5.1 Oilseeds and Oils Options - **Soybean No.1**: Fundamentally, the CNF premium of Brazilian soybeans in February 2026 decreased slightly week - on - week, the import cost increased, and the planting progress was slow. The option implied volatility is below the historical average, the open interest PCR is below 0.70, and the pressure and support levels are 4,200 and 3,900 respectively. The recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: Fundamentally, the average daily trading volume and提货 volume increased, the basis decreased, and the inventory decreased week - on - week but increased year - on - year. The option implied volatility is below the historical average, the open interest PCR is below 0.60, and the pressure and support levels are 2,950 and 2,800 respectively. The recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil**: Fundamentally, the spot basis of oils increased slightly, and the total inventory continued to decline. The option implied volatility is below the historical average, the open interest PCR is above 1.00, and the pressure and support levels are 9,500 and 9,000 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Peanut**: Fundamentally, the price of peanut oil remained stable, and the price of peanuts was affected by factors such as farmers' reluctance to sell. The option implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, and the pressure and support levels are 8,000 and 7,700 respectively. The recommended strategy is a long collar strategy for spot hedging [10]. 5.2 Agricultural By - products Options - **Pig**: Fundamentally, the spot price of pigs decreased, the second - fattening volume decreased significantly, and the slaughter volume did not improve significantly. The option implied volatility is above the historical average, the open interest PCR is below 0.50, and the pressure and support levels are 14,000 and 11,000 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [10]. - **Egg**: Fundamentally, the inventory of laying hens in October decreased slightly month - on - month and increased year - on - year, and the estimated inventory in November increased slightly. The option implied volatility is at a relatively high level, the open interest PCR is below 0.60, and the pressure and support levels are 4,000 and 2,800 respectively. The recommended strategy is to construct a neutral short call + put option combination strategy [11]. - **Apple**: Fundamentally, the apple storage is coming to an end, the inventory is lower than in previous years, and the price in cold storage may be higher. The option implied volatility is above the historical average, the open interest PCR is above 0.90, and the pressure and support levels are 10,000 and 8,000 respectively. The recommended strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: Fundamentally, the acquisition price in different regions of jujubes has changed, and the acquisition progress has accelerated. The option implied volatility has risen rapidly to above the historical average, the open interest PCR is below 0.50, and the pressure and support levels are 12,600 and 10,000 respectively. The recommended strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [12]. 5.3 Soft Commodities Options - **Sugar**: Fundamentally, the sugar production in the central - southern region of Brazil increased in the second half of October, and India allowed 1.5 million tons of sugar exports. The option implied volatility is at a relatively low historical level, the open interest PCR is around 0.60, and the pressure and support levels are 5,700 and 5,400 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: Fundamentally, the picking, delivery, and processing progress of new cotton is relatively fast, and the sales rate is 18.3%. The option implied volatility is at a relatively low level, the open interest PCR is below 1.00, and the pressure and support levels are 13,600 and 13,000 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [13]. 5.4 Grains Options - **Corn**: Fundamentally, the average price of corn in the country increased. The option implied volatility is at a relatively low historical level, the open interest PCR is below 0.60, and the pressure and support levels are 2,200 and 2,000 respectively. The recommended strategy is to construct a neutral short call + put option combination strategy [13].

农产品期权 2025-11-17 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弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花弱势盘整，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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

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 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 market analysis, option factor research, and specific investment goals [8]. - For non - ferrous metals, the overall market shows various trends such as upward, oscillatory, and downward. Option strategies are designed according to each metal's fundamentals, market trends, and option factors [7][9][10][11]. - Precious metals like gold and silver have their own market trends affected by factors such as government policies. Appropriate option strategies are proposed to deal with market fluctuations [12]. - Black metals, including steel products, iron ore, and alloys, also present different market conditions, and corresponding option strategies are provided [13][14][15]. 3. Summary by Related Catalogs 3.1 Market Overview of Underlying Futures - The latest prices, price changes, trading volumes, and open interest changes of various metal futures are presented. For example, copper (CU2512) is priced at 86,680, down 0.64%; aluminum (AL2512) is at 21,730, down 0.82%; and so on [3]. 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to analyze market trends and turning points. For instance, copper's volume PCR is 0.39 with a - 0.01 change, and open interest PCR is 0.79 with a - 0.02 change [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of each option variety are determined based on the strike prices of the maximum open interest of call and put options. For example, copper's pressure point is 90,000 and support point is 84,000 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility data, including at - the - money implied volatility, weighted implied volatility, and its changes, are provided for each option variety. For example, copper's at - the - money implied volatility is 14.86%, and weighted implied volatility is 18.88% with a 0.24 change [6]. 3.5 Option Strategies for Each Metal 3.5.1 Non - Ferrous Metals - **Copper**: Based on its fundamentals and market trends, a short - volatility option selling strategy and a spot long - hedging strategy are recommended. For example, construct a short - volatility option combination like S_CU2512P86000, S_CU2512P84000, S_CU2512C88000, S_CU2512C90000, and a spot long - hedging strategy with LONG_CU2512 + BUY_CU2512P84000 + SELL_CU2512C88000 [7]. - **Aluminum**: A bullish option bull - spread strategy, a short - option combination strategy, and a spot collar strategy are suggested. For example, use S_AL2512C21200, S_AL2512C21600 for the bull - spread strategy, and LONG_AL2512 + BUY_AL2512P21200 + SELL_AL2512C22000 for the spot collar strategy [9]. - **Zinc**: A short - option combination strategy with a neutral delta and a spot collar strategy are proposed. For example, construct S_ZN2512P22000, S_ZN2512P22200, S_ZN2512C22600, S_ZN2512C22800 for the short - option combination, and LONG_ZN2512 + BUY_ZN2512P22400 + SELL_ZN2512C22800 for the spot collar strategy [9]. - **Nickel**: A short - option combination strategy with a bearish delta and a spot covered - call strategy are recommended. For example, use S_NI2512P116000, S_NI2512P118000, S_NI2512C122000, S_NI2512C124000 for the short - option combination, and LONG_NI2512 + SELL_NI2512C122000 for the spot covered - call strategy [10]. - **Tin**: A short - volatility strategy and a spot collar strategy are suggested. For example, use S_SN2512P285000 and S_SN2512C300000 for the short - volatility strategy, and LONG_SN2512 + BUY_SN2512P290000 + SELL_SN2512C300000 for the spot collar strategy [10]. - **Lithium Carbonate**: A short - option combination strategy with a bullish delta and a spot long - hedging strategy are recommended. For example, construct S_LC2601P84000, S_LC2601P85000, S_LC2601C87000, S_LC2601C88000 for the short - option combination, and LONG_LC2601 + BUY_LC2601P86000 + SELL_LC2601C89000 for the spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Gold**: A short - volatility option selling strategy with a neutral delta and a spot hedging strategy are proposed. For example, use S_AU2512P944, S_AU2512P952, S_AU2512C968, S_AU2512C976 for the short - volatility option selling strategy, and LONG_AU2512 + BUY_AU2512P960 + SELL_AU2512C984 for the spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar**: A short - option combination strategy with a bearish delta and a spot covered - call strategy are recommended. For example, use S_RB2601P2950 and S_RB2601C3050 for the short - option combination, and LONG_RB2601 + SELL_RB2601C3100 for the spot covered - call strategy [13]. - **Iron Ore**: A short - option combination strategy with a neutral delta and a spot collar strategy are suggested. For example, construct S_I2601P750, S_I2601P760, S_I2601C760, S_I2601C770 for the short - option combination, and LONG_I2601 + BUY_I2601P760 + SELL_I2601C800 for the spot collar strategy [13]. - **Ferroalloys (Manganese Silicon and Silicon Iron)**: Short - volatility strategies are recommended for manganese silicon. For example, use S_SM2512P5700 and S_SM2512C5800 for the short - volatility strategy [14]. - **Industrial Silicon**: A short - option combination strategy with a neutral delta and a spot hedging strategy are proposed. For example, use S_SI2601P9100, S_SI2601P9200, S_SI2601C9200, S_SI2512C9300 for the short - option combination, and LONG_SI2601 + BUY_SI2601P9200 + SELL_SI2601C9600 for the spot hedging strategy [14]. - **Glass**: A short - volatility option selling strategy and a spot collar strategy are suggested. For example, use S_FG2601P1020 and S_FG2601C1060 for the short - volatility option selling strategy, and LONG_FG2601 + BUY_FG2601P1040 + SELL_FG2601C1100 for the spot collar strategy [15].