Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The agricultural products options market shows a mixed trend, with oilseeds and oils, and some agricultural by - products in a weak and volatile state, while soft commodities like sugar have a slight fluctuation, and cotton is in a weak consolidation. 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]. Summary According to Relevant Catalogs 1. Futures Market Overview - The futures prices of different agricultural products show various trends. For example, the price of soybean No.1 (A2601) increased by 0.32% to 4,063, while the price of palm oil (P2601) decreased by 1.56% to 9,080. The trading volume and open interest of each variety also changed differently [3]. 2. Option Factor - Volume and Open Interest PCR - The volume PCR and open interest PCR of different agricultural product options are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of soybean No.1 is 0.83 with a change of 0.06, and the open interest PCR is 0.68 with a change of - 0.04 [4]. 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 4100 and the support level is 3900 [5]. 4. Option Factor - Implied Volatility - The implied volatility of different agricultural product options shows different levels and changes. For example, the average implied volatility of soybean No.1 is 12.47 with a change of 0.45, and the difference between implied and historical volatility is 0.06 [6]. 5. Strategy and Recommendations 5.1 Oilseeds and Oils Options - **Soybean No.1**: The fundamental situation of soybeans shows that the global supply is abundant, and the price of soybean No.1 has a rebound after a decline. The implied volatility of options is below the historical average, and the open interest PCR indicates a weak market. It is recommended to construct a neutral call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: The domestic soybean meal spot is weak, and the price shows a downward trend. The implied volatility of options is below the historical average, and the open interest PCR indicates a weak market. It is recommended to construct a bear - spread strategy for call options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [9]. - **Palm Oil**: The inventory of Malaysian palm oil has accumulated. The price of palm oil shows a high - level oscillation. The implied volatility of options is below the historical average, and the open interest PCR indicates some support at the bottom. It is recommended to construct a short - biased call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Peanut**: The spot price of peanuts is weak, and the supply pressure is expected to increase. The implied volatility of options is at a relatively high historical level, and the open interest PCR indicates a weak and volatile market. It is recommended to use a long collar strategy for spot hedging [10]. 5.2 Agricultural By - products Options - **Pig**: The overall supply of pigs is abundant, and the price shows a downward trend. The implied volatility of options is above the historical average, and the open interest PCR indicates a weak market. It is recommended to construct a bear - spread strategy for call options, a short - biased call + put option combination strategy, and a covered call strategy for spot hedging [10]. - **Egg**: The inventory of laying hens is expected to increase, and the price shows a downward trend. The implied volatility of options is at a relatively high level, and the open interest PCR indicates a weak market. It is recommended to construct a bear - spread strategy for call options, a short - biased call + put option combination strategy [11]. - **Apple**: The price of new - season apples is stable and firm. The price shows an upward trend. The implied volatility of options is above the historical average, and the open interest PCR indicates strong support at the bottom. It is recommended to construct a long - biased call + put option combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: The new - season jujube is about to be harvested. The price shows an upward trend. The implied volatility of options has rapidly increased to above the historical average, and the open interest PCR is below 0.5. It is recommended to construct a long - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [12]. 5.3 Soft Commodities Options - **Sugar**: The number of ships waiting to load sugar in Brazilian ports has increased. The price of sugar shows a downward trend. The implied volatility of options is at a relatively low historical level, and the open interest PCR indicates a range - bound market. It is recommended to construct a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: The price of cotton shows a weak trend. The implied volatility of options is at a low level, and the open interest PCR indicates a weak market. It is recommended to construct a short - biased call + put option combination strategy and a covered call strategy for spot hedging [13]. 5.4 Grains Options - **Corn**: The average price of corn has decreased. The price of corn shows a weak and volatile trend. The implied volatility of options is at a relatively low historical level, and the open interest PCR indicates a weak market. It is recommended to construct a short - biased call + put option combination strategy [13].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For non - ferrous metals, which are in a range - bound oscillation, a neutral volatility strategy for sellers can be constructed [2]. - For the black series, with large - amplitude fluctuation trends, a short - volatility combination strategy is suitable [2]. - For precious metals, experiencing a high - level decline and continuous sharp drops, a spot hedging strategy can be built [2]. 3. Summaries by Related 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 metal futures contracts, including copper, aluminum, zinc, etc [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of different option varieties are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [4]. 3.2.2 Pressure and Support Levels - The pressure points, support points, and the corresponding offsets of different option varieties are listed, which are determined from the strike prices of the maximum open interest of call and put options [5]. 3.2.3 Implied Volatility - The at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of different option varieties are presented [6]. 3.3 Option Strategies and Recommendations for Different Metals 3.3.1 Non - Ferrous Metals - **Copper**: With inventory changes and a specific price trend, the implied volatility remains above the historical average, and the open interest PCR indicates support. Strategies include a short - volatility seller option combination and a spot long - hedging strategy [7]. - **Aluminum**: Based on inventory data and price trends, the implied volatility is at the historical average level, and the open interest PCR shows pressure. Strategies involve a short - neutral call + put option combination and a spot collar strategy [9]. - **Zinc**: Considering fundamentals and price trends, the implied volatility has declined to the historical average, and the open interest PCR shows increasing pressure. Strategies include a short - neutral call + put option combination and a spot collar strategy [9]. - **Nickel**: Given the supply - demand situation and price trends, the implied volatility is below the average, and the open interest PCR shows increasing short - side strength. Strategies involve a short - bearish call + put option combination and a spot covered - call strategy [10]. - **Tin**: Due to supply constraints and price trends, the implied volatility is below the historical average, and the open interest PCR indicates range - bound oscillation. Strategies include a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Based on inventory and price trends, the implied volatility is at a high level, and the open interest PCR shows a weak range - bound oscillation. Strategies involve a short - bearish call + put option combination and a spot long - hedging strategy [11]. 3.3.2 Precious Metals - **Gold**: Considering the change in total open interest and price trends, the implied volatility is at a high historical level, and the open interest PCR indicates strong support. Strategies include a short - neutral volatility option seller combination and a spot hedging strategy [12]. 3.3.3 Black Series - **Rebar**: Based on inventory data and price trends, the implied volatility is below the historical average, and the open interest PCR shows strong short - side pressure. Strategies involve a short - bearish call + put option combination and a spot long - covered - call strategy [13]. - **Iron Ore**: Considering inventory and price trends, the implied volatility is around the historical average, and the open interest PCR shows strong pressure. Strategies include a short - bearish call + put option combination and a spot long - collar strategy [13]. - **Silicomanganese**: Based on production and inventory data and price trends, the implied volatility is at the historical average level, and the open interest PCR shows a weak bearish market. Strategies include a short - volatility strategy [14]. - **Industrial Silicon**: Considering inventory and price trends, the implied volatility remains at a high historical level, and the open interest PCR shows a range - bound oscillation. Strategies involve a short - volatility call + put option combination and a spot hedging strategy [14]. - **Glass**: Based on inventory data and price trends, the implied volatility remains at a high historical level, and the open interest PCR shows a weak market. Strategies include a short - volatility call + put option combination and a spot long - collar strategy [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes underlying market analysis, option factor research, and option strategy suggestions [9]. - The overall strategy is to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - **Data of Various Options**: The report provides the latest prices, price changes, price change rates, trading volumes, volume changes, open interest, and open interest changes of various energy and chemical option underlying futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. [4]. 3.2 Option Factors - Volume and Open Interest PCR - **Concept Explanation**: The PCR indicator includes volume PCR (put option volume / call option volume) and open interest PCR (put option open interest / call option open interest). Volume PCR is mainly used to describe whether the underlying market has a turning point, while open interest PCR is used to describe the strength of the underlying market [5]. - **Data of Various Options**: The report presents the volume, volume changes, open interest, open interest changes, volume PCR, volume PCR changes, open interest PCR, and open interest PCR changes of various options [5]. 3.3 Option Factors - Pressure and Support Levels - **Determination Method**: The pressure and support levels of the underlying are determined from the strike prices with the largest open interest of call and put options [6]. - **Data of Various Options**: The report provides the pressure points, pressure point offsets, support points, support point offsets, maximum call option open interest, and maximum put option open interest of various options [6]. 3.4 Option Factors - Implied Volatility - **Calculation Method**: The implied volatility includes at - the - money implied volatility (the arithmetic average of call and put at - the - money option implied volatilities) and weighted implied volatility (using volume - weighted average) [7]. - **Data of Various Options**: The report shows the at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call option implied volatility, put option implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of various options [7]. 3.5 Option Strategies and Suggestions for Different Varieties 3.5.1 Energy - related Options - **Crude Oil**: - **Underlying Market Analysis**: OPEC maintains a 137,000 - barrel - per - day increase. The US shale oil production has slightly increased, and refinery operations are seasonally declining but approaching a small demand peak. The crack spread of refined oil has declined, and the monthly spread of crude oil is stronger than the single - price performance. The market has shown a weak trend overall since July [8]. - **Option Factor Research**: The implied volatility of crude oil options has declined to near the average. The open interest PCR is around 0.60, indicating a weak market. The pressure level is 500, and the support level is 400 [8]. - **Option Strategy Suggestions**: Directional strategy: None. Volatility strategy: Construct a neutral - biased short call + put option combination strategy. Spot long - hedging strategy: Construct a long collar strategy [8]. - **LPG**: - **Underlying Market Analysis**: In September, the estimated domestic LPG commodity volume decreased. The market has shown a pattern of over - decline and rebound with pressure above [10]. - **Option Factor Research**: The implied volatility of LPG options has significantly declined to below the average. The open interest PCR is around 0.60, indicating a weak market. The pressure level is 4500, and the support level is 3600 [10]. - **Option Strategy Suggestions**: Directional strategy: None. Volatility strategy: Construct a neutral - biased short call + put option combination strategy. Spot long - hedging strategy: Construct a long collar strategy [10]. 3.5.2 Alcohol - related Options - **Methanol**: - **Underlying Market Analysis**: Port inventory has decreased, and enterprise inventory has increased. The market has shown a weak trend with pressure above [10]. - **Option Factor Research**: The implied volatility of methanol options fluctuates around the historical average. The open interest PCR is below 0.80, indicating a weak and volatile market. The pressure level is 2300, and the support level is 2250 [10]. - **Option Strategy Suggestions**: Directional strategy: None. Volatility strategy: Construct a short - biased short call + put option combination strategy. Spot long - hedging strategy: Construct a long collar strategy [10]. - **Ethylene Glycol**: - **Underlying Market Analysis**: Port inventory has increased, and the market has entered a inventory - building cycle. The market has shown a weak trend [11]. - **Option Factor Research**: The implied volatility of ethylene glycol options fluctuates below the average. The open interest PCR is around 0.60, indicating strong short - side power. The pressure level is 4500, and the support level is 4050 [11]. - **Option Strategy Suggestions**: Directional strategy: Construct a bear spread strategy using put options. Volatility strategy: Construct a short - volatility strategy. Spot long - hedging strategy: Hold a long spot position + buy a put option + sell an out - of - the - money call option [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: - **Underlying Market Analysis**: PP production enterprise inventory has decreased, and the market has shown a weak trend with downward pressure [11]. - **Option Factor Research**: The implied volatility of polypropylene options has declined to near the average. The open interest PCR is around 0.70, indicating a weak market. The pressure level is 7300, and the support level is 6300 [11]. - **Option Strategy Suggestions**: Directional strategy: None. Volatility strategy: None. Spot long - hedging strategy: Hold a long spot position + buy an at - the - money put option + sell an out - of - the - money call option [11]. 3.5.4 Rubber - related Options - **Rubber**: - **Underlying Market Analysis**: The social inventory of natural rubber in China has decreased. The market has shown a weak and volatile pattern with support below and pressure above [12]. - **Option Factor Research**: The implied volatility of rubber options has risen sharply and then declined to near the average. The open interest PCR is around 0.60. The pressure level has dropped significantly to 17000, and the support level is 14000 [12]. - **Option Strategy Suggestions**: Directional strategy: None. Volatility strategy: Construct a short - biased short call + put option combination strategy. Spot hedging strategy: None [12]. 3.5.5 Polyester - related Options - **PTA**: - **Underlying Market Analysis**: The overall social inventory of PTA has increased slightly, and the market has shown a weak and short - biased trend with pressure above [12]. - **Option Factor Research**: The implied volatility of PTA options fluctuates at a relatively high level. The open interest PCR is around 0.70, indicating a volatile market. The pressure level is 4600, and the support level is 4300 [12]. - **Option Strategy Suggestions**: Directional strategy: None. Volatility strategy: Construct a short - biased short call + put option combination strategy. Spot hedging strategy: None [12]. 3.5.6 Alkali - related Options - **Caustic Soda**: - **Underlying Market Analysis**: The average utilization rate of caustic soda production capacity has decreased. The market has shown a weak and short - biased trend recently [13]. - **Option Factor Research**: The implied volatility of caustic soda options fluctuates at a relatively high level. The open interest PCR is around 0.90, indicating a weak and volatile market. The pressure level is 2720, and the support level is 2280 [13]. - **Option Strategy Suggestions**: Directional strategy: Construct a bear spread strategy. Volatility strategy: None. Spot collar hedging strategy: Hold a long spot position + buy a put option + sell an out - of - the - money call option [13]. - **Soda Ash**: - **Underlying Market Analysis**: The in - plant inventory of soda ash has increased. The market has shown a low - level and weak - volatile pattern with support below [13]. - **Option Factor Research**: The implied volatility of soda ash options fluctuates at a relatively high historical level. The open interest PCR is below 0.60, indicating strong short - side pressure. The pressure level is 1400, and the support level is 1100 [13]. - **Option Strategy Suggestions**: Directional strategy: None. Volatility strategy: Construct a short - volatility combination strategy. Spot long - hedging strategy: Construct a long collar strategy [13]. 3.5.7 Urea Options - **Underlying Market Analysis**: The enterprise inventory of urea has increased, and the market has shown a low - level and weak - volatile pattern [14]. - **Option Factor Research**: The implied volatility of urea options fluctuates slightly around the historical average. The open interest PCR is below 0.60, indicating strong short - side pressure. The pressure level is 1800, and the support level is 1600 [14]. - **Option Strategy Suggestions**: Directional strategy: Construct a bear spread strategy using put options. Volatility strategy: Construct a short - biased short call + put option combination strategy. Spot hedging strategy: Hold a long spot position + buy an at - the - money put option + sell an out - of - the - money call option [14].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, which are in a range - bound oscillation, a seller's neutral volatility strategy is recommended [2]. - For the black series, which maintain a large - amplitude fluctuating market trend, a short - volatility combination strategy is suitable [2]. - For precious metals, which have fallen sharply after reaching a high level, a spot hedging strategy is suggested [2]. 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 such as copper, aluminum, zinc, etc. For example, the latest price of copper (CU2512) is 85,020, with a decline of 510 and a decline rate of 0.60% [3]. 3.2 Option Factors - **Volume - to - Open - Interest PCR**: It shows the volume, volume change, open interest, open - interest change, volume PCR, volume PCR change, open - interest PCR, and open - interest PCR change of different option varieties [4]. - **Pressure and Support Levels**: The pressure points, support points, and the corresponding offsets of different option varieties are presented, which are determined by the strike prices of the maximum open interest of call and put options [5]. - **Implied Volatility**: It includes the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility for each option variety [6]. 3.3 Strategy and Recommendations - **Non - Ferrous Metals** - **Copper**: Based on the analysis of fundamentals and market trends, a short - volatility seller's option combination strategy is recommended, along with a spot long - hedging strategy [7]. - **Aluminum, Zinc, Nickel, Tin, and Lithium Carbonate**: Similar analysis methods are used, and corresponding volatility strategies and spot hedging strategies are proposed according to the characteristics of each metal [8][9][10][11]. - **Precious Metals (Gold)**: A neutral short - volatility option seller's combination strategy and a spot hedging strategy are recommended [12]. - **Black Series** - **Rebar, Iron Ore, Ferroalloy, Industrial Silicon, and Glass**: For each metal in the black series, based on their fundamentals and market trends, appropriate volatility strategies and spot hedging or covered - call strategies are suggested [13][14][15].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall trend of agricultural product options shows that oilseeds and oils are weakly volatile, while other agricultural products maintain a volatile market. The strategy suggests constructing option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product options have different price changes, trading volumes, and open interests. For example, the price of soybean A2601 decreased by 0.34% to 4,059, with a trading volume of 138,700 lots and an open interest of 220,600 lots [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options vary, which can be used to describe the strength of the option underlying market and whether the underlying market has a turning point [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different agricultural product options can be seen from the strike prices with the largest open interest of call and put options [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options also shows different trends, which can be used to evaluate the market's expectation of future price fluctuations [6] 3.5 Strategy and Suggestions - For different agricultural product options, including oilseeds, oils, agricultural by - products, soft commodities, and grains, the report provides corresponding strategies and suggestions, including directional strategies, volatility strategies, and spot hedging strategies. For example, for soybean options, it is recommended to construct a neutral call + put option combination strategy to obtain option time value [7][9][10][11][12][13] 3.6 Charts - The report provides price trend charts, volume and open interest charts, implied volatility charts, and other charts for different agricultural product options, which can help investors visually understand the market situation [16][36][55][74][93][111][130][147][168][184]

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core View of the Report Since 2024, the gold market has entered a strong upward cycle, with prices repeatedly hitting record highs. The main drivers include the shift in market trading logic towards macro - variables, high geopolitical risk premiums, and the global central banks' systematic increase in gold reserves. Options offer investors effective ways to participate in the gold market and manage price - fluctuation risks. Different strategies, such as hedging and unilateral strategies, can be used according to investors' positions and market expectations. The key factors of gold option strategies, including strike price selection, position - building quantity, month selection, and volatility environment, also need to be carefully considered [1][10][11]. Summary by Relevant Catalogs 1. Gold Repeatedly Hits Record Highs: How to Express Views with Options? - **Market Situation and Drivers**: Since 2024, the gold price has repeatedly broken historical records. The main drivers are the shift in market trading logic to macro - variable pricing, high geopolitical risk premiums, and the global central banks' systematic increase in gold reserves. In 2025, changes in the global trade environment further pushed up the gold price [10]. - **Investors' Dilemma and Options' Role**: Existing gold - position holders face the choice between holding and profiting, while non - position investors are unsure about entering the market. Options provide a way to participate in the gold market and manage risks due to their non - linear return structure and risk - controllability [11]. 1.1 Hedge Strategies - **Protective Put Option Strategy**: For investors with gold positions, they can buy put options to build a "protective put option" strategy. For example, for the AU2512 contract, a put option with a strike price of 976 yuan/gram and a premium of about 40 yuan/gram can hedge the value loss of the spot position when the price falls below the strike price, and the maximum loss is locked at 40 yuan/gram [15]. - **Comparison with Futures Hedge**: Compared with futures hedging, option hedging retains the upside potential while providing downside protection. Option strategies also have advantages in capital efficiency, with lower capital occupation and no margin - call risk. However, the net income of option hedging may be lower than that of futures hedging when the price drops [17][19]. - **Bear Spread Strategy**: Investors can build a bear spread strategy by buying and selling put options to reduce the net premium cost. For example, buying a put option with a strike price of 976 yuan/gram and selling one with a strike price of 904 yuan/gram can reduce the net premium to 28.6 yuan/gram. This strategy can also be constructed with call options, and call - option - based strategies usually have an advantage in liquidity [22][31][32]. 1.2 Unilateral Strategies - **Buying Call Options**: For investors who are bullish on gold but have not built positions, buying call options can control risks. For example, for the AU2512 contract, a call option with a strike price of 976 yuan/gram and a premium of 38 yuan/gram has a maximum loss of 38 yuan/gram, and the break - even point is 1014 yuan/gram [36]. - **Bull Spread Strategy**: It can be constructed in two ways, but due to the lack of a portfolio - margin system in the Shanghai Futures Exchange, buying call options unilaterally is a better choice for capital - efficiency - oriented investors [42]. - **Selling Out - of - the - Money Put Options**: If investors believe that the gold price has limited upside but strong support, they can sell out - of - the - money put options to earn premiums. For example, selling a put option with a strike price of 904 yuan/gram can earn a premium of 11.4 yuan/gram. If the price drops below 904 yuan/gram, the investor can establish a long position at an effective cost of 892.6 yuan/gram [44]. 2. Key Factors of Gold Option Strategies 2.1 Strike Price Selection - **Analysis of Different Strike Prices**: Higher strike prices lead to a higher break - even point and a narrower potential return, but lower premiums. In a case from October 13 - 17, 2025, options with higher strike prices achieved better capital returns [48][49]. - **Dynamic Rolling Strategy**: To deal with the uncertainty of the end - price, investors can use a "dynamic rolling" strategy, which can balance profit - taking and risk - avoidance [53]. - **Liquidity Consideration**: When choosing strike prices, investors should consider liquidity. Trading volume and open interest are usually concentrated around at - the - money and some out - of - the - money integer strike prices [55]. 2.2 Position - Building Quantity - **Unilateral Strategy**: In unilateral strategies, the key is to control the notional principal exposure of option positions. A risk - budget method based on the notional principal is recommended [60]. - **Hedge Strategy**: For hedge strategies held to maturity, the equal - market - value hedge strategy is recommended. If the position is to be closed before maturity, the Delta - hedge strategy should be used. However, the dynamic Delta - hedge strategy is more suitable for market - makers and volatility traders [61][63][69]. - **Insurance Budget Model**: Some investors use an "insurance budget" model. They need to compare the overall risk exposure of different strike - price options. Higher - Delta and higher - Gamma hedge portfolios have different advantages [70]. 2.3 Month Selection - **Liquidity Consideration**: When choosing the expiration month, liquidity should be the primary consideration. The liquidity difference between odd - month and even - month options is smaller than that of futures. Near - month options can reduce capital costs, and investors should consider liquidity, holding period, and volatility characteristics [74]. - **Greek Letter Parameters**: Different expiration months have different impacts on Greek letter parameters. For example, the Gamma of at - the - money options near expiration increases significantly, and the Theta of at - the - money options shows an "acceleration effect" [78]. 2.4 Volatility Environment - **Selling Options in High - Volatility Environment**: The implied volatility of gold options has reached a historically high level, providing a good opportunity to sell options and short volatility. Selling options can capture the double benefits of time - value decay and volatility decline [84]. - **Volatility Smile and Term Structure**: The implied volatility of out - of - the - money put options is significantly higher than that of call options, reflecting higher demand for downside - risk protection. The near - month option volatility has risen faster, leading to a term - structure inversion, providing an opportunity for volatility - term arbitrage [85][88].

Core Viewpoint - The Federal Reserve's recent interest rate cut and persistent inflation are creating challenges for income-focused investors, leading to increased interest in alternative investment strategies such as gold and specialized ETFs like the ProShares Nasdaq-100 High Income ETF [1][2][4]. Interest Rate and Inflation - The Federal Reserve cut its benchmark interest rate by 25 basis points in September, which is expected to impact income-focused investors negatively [1]. - Inflation remains a significant concern, contributing to the rise in gold prices, with predictions from experts suggesting that gold could reach prices as high as $20,000 [2][3]. Investment Strategies - Income-seeking investors may need to accept higher risks, such as investing in commercial bonds or dividend stocks from unstable enterprises, due to declining risk-free yields from U.S. Treasuries [4]. - Advanced traders might consider writing covered calls, which involves underwriting the risk that the target security will not rise significantly [5][6]. ProShares Nasdaq-100 High Income ETF - The ProShares Nasdaq-100 High Income ETF (IQQQ) targets high income potential while aiming for long-term total returns similar to the tech-heavy Nasdaq-100 index [7]. - The IQQQ ETF employs a daily covered-call strategy through total return swap agreements with institutional counterparties, which helps deliver returns [8]. - The fund balances high yields with attractive long-term total return potential, acknowledging the tradeoff between income generation and capital gains [9][10]. - Monthly distributions from the IQQQ ETF align with typical financial obligations, making it a convenient option for income-focused investors [11]. Performance Metrics - Since the beginning of the year, the IQQQ ETF has gained almost 4%, with a notable 29% increase over the trailing six months [13]. - The ETF's technical profile is strong, with price action above both the 50- and 200-day moving averages, indicating positive market sentiment [13].

Group 1: General Information - The report is an Energy Chemical Options Strategy Morning Report dated October 20, 2025 [2] - It covers energy, polyolefin, polyester, alkali chemical, and other energy chemical options [3] - The recommended strategy is to construct an option combination strategy mainly for sellers and a spot hedging or covered strategy to enhance returns [3] Group 2: Underlying Futures Market Overview - The report provides the latest price, change, change rate, trading volume, volume change, open interest, and open interest change of various option underlying futures contracts [4] Group 3: Option Factor - Volume and Open Interest PCR - The report presents the 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 [5] Group 4: Option Factor - Pressure and Support Levels - The report shows the at-the-money strike price, pressure point, pressure point deviation, support point, support point deviation, maximum call open interest, and maximum put open interest of various option varieties [6] Group 5: Option Factor - Implied Volatility - The report lists the at-the-money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call implied volatility, put implied volatility, historical volatility, and implied - historical volatility difference of various option varieties [7] Group 6: Strategy and Recommendations for Different Options Energy Options (Crude Oil and LPG) - For crude oil, OPEC maintains a 137,000 - barrel - per - day increase. The market has been weak with pressure. Implied volatility is near the mean, and the open interest PCR indicates a weak market. Strategies include a neutral call + put option selling combination and a long collar strategy for spot hedging [8] - For LPG, the domestic commodity volume decreased in September. The market has been in a weak rebound with pressure. Implied volatility is below the mean, and the open interest PCR shows a weak market. Similar strategies to crude oil are recommended [10] Alcohol Options (Methanol and Ethylene Glycol) - For methanol, port inventory decreased, and enterprise inventory increased. The market has been weak. Implied volatility is near the mean, and the open interest PCR indicates a weak - oscillating market. Strategies include a bearish call + put option selling combination and a long collar strategy for spot hedging [10] - For ethylene glycol, port inventory is expected to decrease slightly, and it is in a stock - building cycle. The market has been weak. Implied volatility is below the mean, and the open interest PCR shows strong bearish power. Strategies include a bear spread of put options, a short - volatility strategy, and a long collar strategy for spot hedging [11] Polyolefin Options (Polypropylene) - For polypropylene, production enterprise, trader, and port inventories have decreased. The market has been weak. Implied volatility is near the mean, and the open interest PCR indicates a weak market. Strategies include a long collar strategy for spot hedging [11] Rubber Options - For rubber, the social inventory has decreased. The market has been in a weak consolidation. Implied volatility is near the mean, and the open interest PCR indicates a weak market. Strategies include a bearish call + put option selling combination [12] Polyester Options (PTA) - For PTA, the social inventory has increased slightly, and it is expected to accumulate more. The market has been weak. Implied volatility is above the mean, and the open interest PCR indicates an oscillating market. Strategies include a bearish call + put option selling combination [12] Alkali Chemical Options (Caustic Soda and Soda Ash) - For caustic soda, the capacity utilization rate has decreased. The market has been in a weak bearish trend. Implied volatility is high, and the open interest PCR indicates a weak - oscillating market. Strategies include a bear spread strategy and a long collar strategy for spot hedging [13] - For soda ash, the factory inventory has increased. The market has been in a low - level weak oscillation. Implied volatility is above the historical level, and the open interest PCR shows strong bearish pressure. Strategies include a short - volatility combination and a long collar strategy for spot hedging [13] Urea Options - For urea, enterprise and port inventories have increased. The market has been in a low - level weak oscillation. Implied volatility is near the historical mean, and the open interest PCR shows strong bearish pressure. Strategies include a bear spread of put options, a bearish call + put option selling combination, and a long collar strategy for spot hedging [14] Group 7: Option Charts - The report includes various charts for different option varieties, such as price trends, trading volume and open interest, open interest - PCR, turnover - PCR, implied volatility, historical volatility cones, and pressure and support levels [15 - 204]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The overall trend of agricultural product options shows that oilseeds and oils are in a weak and volatile state, while oils, 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. The recommended strategy is to construct an option portfolio strategy mainly based on sellers, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various agricultural product futures are presented, including soybeans, soybean meal, palm oil, eggs, etc. For example, the latest price of soybean (A2511) is 4,008, with a decrease of 4 and a decline rate of 0.10%, and its trading volume is 4.32 million lots with a decrease of 1.14 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various agricultural product 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 soybean is 0.71 with a change of 0.35, and the open interest PCR is 0.68 with a change of 0.14 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and the maximum open interests of call and put options of various agricultural product options are given. For example, the pressure point of soybean (A2511) is 4,500, and the support point is 3,900 [5]. 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, historical volatility, and the difference between implied and historical volatility of various agricultural product options are provided. For example, the at - the - money implied volatility of soybean is 10.25, and the weighted implied volatility is 12.93 with a change of 0.35 [6]. 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean**: The global soybean supply is abundant, and the domestic import cost is in a weak and volatile state. The option implied volatility is below the historical average, and the open interest PCR indicates a weak market. Directional strategy: none; Volatility strategy: construct a neutral call + put option selling combination; Spot long - hedging strategy: construct a long collar strategy [7]. - **Soybean Meal**: The domestic soybean meal spot is weak, and the futures is also in a weak state. The option implied volatility is below the historical average, and the open interest PCR indicates a weak market. Directional strategy: construct a bearish spread combination of put options; Volatility strategy: construct a bearish call + put option selling combination; Spot long - hedging strategy: construct a long collar strategy [9]. - **Palm Oil**: The Malaysian palm oil inventory has accumulated. The option implied volatility is below the historical average, and the open interest PCR indicates support at the bottom. Directional strategy: none; Volatility strategy: construct a bearish call + put option selling combination; Spot long - hedging strategy: construct a long collar strategy [9]. - **Peanut**: The spot price of peanuts is weak, and the supply pressure is expected to be released. The option implied volatility is at a relatively high historical level, and the open interest PCR indicates a weak and volatile market. Directional strategy: none; Volatility strategy: none; Spot long - hedging strategy: hold a long spot + buy put options + sell out - of - the - money call options [10]. 3.5.2 Agricultural By - products Options - **Pig**: The overall supply of pigs is abundant, and the market is in a weak downward trend. The option implied volatility is above the historical average, and the open interest PCR indicates a weak market. Directional strategy: construct a bearish spread combination of put options; Volatility strategy: construct a bearish call + put option selling combination; Spot long - covered strategy: hold a long spot + sell out - of - the - money call options [10]. - **Egg**: The inventory of laying hens is expected to increase, and the market is in a weak and bearish state. The option implied volatility is at a high level, and the open interest PCR indicates a weak market. Directional strategy: construct a bearish spread combination of put options; Volatility strategy: construct a bearish call + put option selling combination; Spot hedging strategy: none [11]. - **Apple**: The new - season apples have a stable price, and the market is in a bullish and volatile state. The option implied volatility is above the historical average, and the open interest PCR indicates strong support at the bottom. Directional strategy: none; Volatility strategy: construct a bullish call + put option selling combination; Spot hedging strategy: construct a long collar strategy [11]. - **Jujube**: The new - season jujubes are about to be harvested, and the market is in a bullish upward trend. The option implied volatility has risen rapidly to above the historical average, and the open interest PCR is below 0.5. Directional strategy: none; Volatility strategy: construct a bullish wide - straddle option selling combination; Spot covered - hedging strategy: hold a long spot + sell out - of - the - money call options [12]. 3.5.3 Soft Commodities Options - **Sugar**: The number of ships waiting to load sugar in Brazilian ports has increased. The market is in a weak and bearish state. The option implied volatility is at a relatively low historical level, and the open interest PCR indicates a range - bound market. Directional strategy: none; Volatility strategy: construct a bearish call + put option selling combination; Spot long - hedging strategy: construct a long collar strategy [12]. - **Cotton**: The cotton price index has declined, and the market is in a short - term weak state. The option implied volatility is at a low level, and the open interest PCR indicates a weak market. Directional strategy: none; Volatility strategy: construct a bearish call + put option selling combination; Spot covered strategy: hold a long spot + buy put options + sell out - of - the - money call options [13]. 3.5.4 Grains Options - **Corn**: The national average corn price has declined, and the market is in a weak and bearish state. The option implied volatility is at a relatively low historical level, and the open interest PCR indicates a weak market. Directional strategy: none; Volatility strategy: construct a bearish call + put option selling combination; Spot long - hedging strategy: none [13].

Report Summary 1. Investment Rating The report does not provide an overall investment rating for the metal options industry. 2. Core Viewpoints - For non - ferrous metals, they are in a range - bound oscillation, and a seller's neutral volatility strategy is recommended [2]. - Black metals show significant fluctuations, and a short - volatility portfolio strategy is suitable [2]. - Precious metals have a pattern of rising, breaking through, and then falling rapidly, so a spot hedging strategy is suggested [2]. 3. Summary by Sections 3.1 Futures Market Overview - Different metal futures have various price changes, trading volumes, and open interest changes. For example, copper (CU2511) closed at 84,840 with a 0.14% increase, and its trading volume was 8.05 million lots with a decrease of 1.70 million lots [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: These factors describe the strength of the option underlying market and the turning points. For example, the copper option's volume PCR was 0.48 with a - 0.08 change, and the open interest PCR was 0.75 with a - 0.01 change [4]. - **Pressure and Support Levels**: From the perspective of the maximum open interest of call and put options, the pressure and support levels of each metal option are determined. For example, the pressure level of copper is 92,000, and the support level is 80,000 [5]. - **Implied Volatility**: The implied volatility of each metal option varies. For example, the flat - strike implied volatility of copper was 19.84%, and the weighted implied volatility was 24.96% with a - 0.02 change [6]. 3.3 Strategy and Recommendations - **Non - ferrous Metals** - **Copper**: Build a short - volatility seller's option portfolio strategy and a spot hedging strategy [7]. - **Aluminum**: Construct a short - neutral call + put option portfolio strategy and a spot collar strategy [9]. - **Zinc**: Create a short - neutral call + put option portfolio strategy and a spot collar strategy [9]. - **Nickel**: Build a short - bearish call + put option portfolio strategy and a spot covered - call strategy [10]. - **Tin**: Implement a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Construct a short - bearish call + put option portfolio strategy and a spot hedging strategy [11]. - **Precious Metals (Gold)** - Build a bull - spread strategy for call options, a short - volatility option seller's portfolio strategy, and a spot hedging strategy [12]. - **Black Metals** - **Rebar**: Construct a short - bearish call + put option portfolio strategy and a spot covered - call strategy [13]. - **Iron Ore**: Build a short - bearish call + put option portfolio strategy and a spot collar strategy [13]. - **Ferroalloys (Manganese Silicon)**: Implement a short - volatility strategy [14]. - **Industrial Silicon**: Construct a short - volatility call + put option portfolio strategy and a spot hedging strategy [14]. - **Glass**: Build a short - volatility call + put option portfolio strategy and a spot collar strategy [15].