Report Industry Investment Rating No relevant content provided. Core Views of the Report - The metals sector is divided into non - ferrous metals, precious metals, and black metals. Different strategies are recommended for each sector and specific metal varieties based on their fundamentals, market trends, and option factors [2][8]. - For non - ferrous metals in a range - bound oscillation, a neutral volatility selling strategy can be constructed; for black metals with large - amplitude fluctuations, a short - volatility combination strategy is suitable; for precious metals with upward breakthroughs, a spot hedging strategy is recommended [2]. Summary by Related Catalogs 1. Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper futures contract CU2510 is 79,880, with a decrease of 840 (- 1.04%) [3]. 2. Option Factors - Volume and Open Interest PCR - Volume and open interest PCR are used to describe the strength of the option underlying market and the turning point of the market. For instance, the volume PCR of copper options is 0.57 with a change of 0.16, and the open interest PCR is 0.72 with a change of - 0.03 [4]. 3. Option Factors - Pressure and Support Levels - Pressure and support levels of each metal option are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure point of copper options is 82,000 and the support point is 78,000 [5]. 4. Option Factors - Implied Volatility - Implied volatility data of various metal options are presented, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of copper options is 13.60%, and the weighted implied volatility is 19.34% with an increase of 1.40% [6]. 5. Option Strategies and Recommendations Non - Ferrous Metals - **Copper Options**: Based on the analysis of fundamentals, market trends, and option factors, strategies such as a short - volatility selling option combination strategy and a spot collar strategy are recommended [7]. - **Aluminum/Alumina Options**: Strategies include a neutral call + put option selling combination strategy and a spot collar strategy [9]. - **Zinc/Lead Options**: A neutral call + put option selling combination strategy and a spot collar strategy are suggested [9]. - **Nickel Options**: A short - biased call + put option selling combination strategy and a spot covered call strategy are recommended [10]. - **Tin Options**: A short - volatility strategy and a spot collar strategy are proposed [10]. - **Lithium Carbonate Options**: A short - biased call + put option selling combination strategy and a spot collar strategy are recommended [11]. Precious Metals - **Gold/Silver Options**: A long - biased short - volatility option selling combination strategy and a spot hedging strategy are suggested [12]. Black Metals - **Rebar Options**: A short - biased call + put option selling combination strategy and a spot covered call strategy are recommended [13]. - **Iron Ore Options**: A neutral call + put option selling combination strategy and a spot collar strategy are suggested [13]. - **Ferroalloy Options**: A short - volatility strategy is recommended for manganese silicon options, and for industrial silicon/polysilicon options, a short - volatility call + put option selling combination strategy and a spot collar strategy are proposed [14]. - **Glass Options**: A short - volatility call + put option selling combination strategy and a spot collar strategy are recommended [15].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The energy and chemical industry includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, and other segments. The report provides option strategies and suggestions for selected varieties in each segment, including fundamental analysis, option factor research, and option strategy recommendations [9]. - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy and chemical futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. [4]. 3.2 Option Factors - Quantity and Position PCR - The quantity and position PCR indicators of various energy and chemical options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market [5]. 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and their offsets, as well as the maximum positions of call and put options, are presented for each option variety, which are used to analyze the pressure and support levels of the option underlying [6]. 3.4 Option Factors - Implied Volatility - The implied volatility indicators of various energy and chemical options are provided, including at-the-money implied volatility, weighted implied volatility, and its changes, as well as the difference between implied volatility and historical volatility [7]. 3.5 Strategies and Suggestions 3.5.1 Energy Options - **Crude Oil**: Based on European ARA weekly data, gasoline and diesel inventories increased, while fuel oil and naphtha inventories decreased. The market showed a bearish trend with pressure above. It is recommended to construct a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [8]. - **LPG**: Factory and port inventories increased. The market showed an oversold rebound with pressure above. It is recommended to construct a neutral - biased call + put option combination strategy, and a long collar strategy for spot hedging [10]. 3.5.2 Alcohol Options - **Methanol**: The port inventory remained high, but most of the negative factors were priced in. The market showed a weak trend with pressure above. It is recommended to construct a bearish spread strategy with put options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: Terminal loads remained flat, and port inventory increased. The market showed a weak bearish trend. It is recommended to construct a bearish spread strategy with put options, a short volatility strategy, and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin Options - **Polypropylene**: Production enterprise inventory decreased, while trader and port inventories increased. The market showed a weak bearish trend. It is recommended to use a long collar strategy for spot hedging [11]. 3.5.4 Rubber Options - **Natural Rubber**: Social inventory decreased. The market showed a weak consolidation trend. It is recommended to construct a neutral - biased call + put option combination strategy [12]. 3.5.5 Polyester Options - **PTA**: Downstream load increased, and social inventory decreased. The market showed a weak bearish trend. It is recommended to construct a short - biased call + put option combination strategy [13]. 3.5.6 Alkali Options - **Caustic Soda**: Factory inventory decreased. The market showed a downward trend with pressure above. It is recommended to use a long collar strategy for spot hedging [14]. - **Soda Ash**: Factory and delivery warehouse inventories changed, and the market showed a low - level upward trend. It is recommended to construct a short volatility combination strategy and a long collar strategy for spot hedging [14]. 3.5.7 Urea Options - Enterprise inventory increased slightly, and the market showed a weak trend with low - level fluctuations. It is recommended to construct a short - biased call + put option combination strategy and a long collar strategy for spot hedging [15]. 3.6 Option Charts - The report provides price trend charts, trading volume and open interest charts, position - PCR and turnover - PCR charts, implied volatility charts, and historical volatility cone charts for various energy and chemical options, including crude oil, LPG, methanol, etc. [16][37][58]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The Shanghai Composite Index, large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks showed a market trend of rising, falling back, and then rebounding in the long - position direction [3]. - The implied volatility of financial options gradually increased and fluctuated at a relatively high mean level [3]. - For ETF options, it is suitable to construct a long - biased buyer strategy and a bull spread strategy for call options; for index options, it is suitable to construct a long - biased seller strategy, a bull spread strategy for call options, and an arbitrage strategy between synthetic long futures of options and short futures [3]. 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,876.34, up 14.48 points or 0.37%, with a trading volume of 10,067 billion yuan and an increase of 169 billion yuan [4]. - The Shenzhen Component Index closed at 13,215.46, up 151.48 points or 1.16%, with a trading volume of 13,701 billion yuan and an increase of 184 billion yuan [4]. - The SSE 50 Index closed at 2,952.78, up 4.96 points or 0.17%, with a trading volume of 1,550 billion yuan and a decrease of 4 billion yuan [4]. - The CSI 300 Index closed at 4,551.02, up 27.69 points or 0.61%, with a trading volume of 6,085 billion yuan and a decrease of 53 billion yuan [4]. - The CSI 500 Index closed at 7,260.04, up 69.04 points or 0.96%, with a trading volume of 4,455 billion yuan and an increase of 103 billion yuan [4]. - The CSI 1000 Index closed at 7,554.81, up 71.18 points or 0.95%, with a trading volume of 4,933 billion yuan and an increase of 186 billion yuan [4]. 3.2 Option - underlying ETF Market Overview - The SSE 50 ETF closed at 3.088, up 0.006 or 0.19%, with a trading volume of 579.75 million shares and a decrease of 2.04 billion yuan in trading value [5]. - The SSE 300 ETF closed at 4.653, up 0.033 or 0.71%, with a trading volume of 715.41 million shares and a decrease of 3.27 billion yuan in trading value [5]. - Other ETFs also have corresponding closing prices, price changes, trading volumes, and trading value changes [5]. 3.3 Option Factor - Volume and Position PCR - For different option varieties such as SSE 50 ETF, SSE 300 ETF, etc., their trading volume, volume changes, open interest, open - interest changes, volume PCR, and position PCR are provided, along with the corresponding changes [6]. 3.4 Option Factor - Pressure Points and Support Points - Different option varieties have corresponding pressure points, pressure - point offsets, support points, support - point offsets, maximum call option positions, and maximum put option positions [8]. 3.5 Option Factor - Implied Volatility - The implied volatility of different option varieties, including at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average, call option implied volatility, put option implied volatility, HISV20, and the difference between implied and historical volatility, is presented [10]. 3.6 Strategy and Suggestions 3.6.1 Financial Stock Sector (SSE 50 ETF, SSE 50) - The SSE 50 ETF showed a long - position upward trend with support at the bottom, followed by a high - level correction and a rapid rebound [13]. - The implied volatility of SSE 50 ETF options fluctuated above the mean, and the position PCR indicated a sideways market. The pressure point was 3.20, and the support point was 3.10 [13]. - Suggested strategies included constructing a short - biased long - position combination strategy and a spot long - position covered - call strategy [13]. 3.6.2 Large - cap Blue - chip Stock Sector (SSE 300 ETF, Shenzhen 300 ETF, CSI 300) - The SSE 300 ETF showed a long - position upward trend with large fluctuations at high levels [13]. - The implied volatility of SSE 300 ETF options fluctuated above the mean, and the position PCR indicated a sideways - long market. The pressure point was 4.70, and the support point was 4.50 [13]. - Suggested strategies included constructing a bull spread strategy for call options, a short - volatility strategy, and a spot long - position covered - call strategy [13]. 3.6.3 Medium - large - cap Stock Sector (Shenzhen 100 ETF) - The Shenzhen 100 ETF showed a long - position upward trend [14]. - The implied volatility of Shenzhen 100 ETF options fluctuated above the mean, and the position PCR indicated a strong - sideways market. The pressure point was 3.50, and the support point was 3.30 [14]. - Suggested strategies included constructing a bull spread strategy for call options, a short - volatility strategy, and a spot long - position covered - call strategy [14]. 3.6.4 Small - cap Stock Sector (SSE 500 ETF, Shenzhen 500 ETF, CSI 1000) - The SSE 500 ETF showed a short - term long - position upward trend with large fluctuations at high levels [14]. - The implied volatility of SSE 500 ETF options fluctuated above the mean, and the position PCR indicated a long - sideways market. The pressure point of SSE 500 ETF was 7.25, and the support point was 7.00; the pressure point of Shenzhen 500 ETF was 2.90, and the support point was 1.90 [14]. - Suggested strategies included constructing a bull spread strategy for call options and a spot long - position covered - call strategy [14]. 3.6.5 ChiNext Sector (ChiNext ETF, Huaxia Science and Technology Innovation 50 ETF, E Fund Science and Technology Innovation 50 ETF) - The ChiNext ETF showed a long - position upward trend with high - level fluctuations [15]. - The implied volatility of ChiNext ETF options continued to rise to a relatively high historical level, and the position PCR indicated a long - position upward trend. The pressure point was 3.30, and the support point was 3.00 [15]. - Suggested strategies included constructing a bull call option combination strategy, a short - volatility strategy, and a spot long - position covered - call strategy [15].

Group 1 - The recent stock market has experienced increased volatility, while the bond market shows signs of improvement but remains oscillatory. The optimistic expectation for the resumption of government bond trading operations has contributed to this recovery, with the ten-year government bond yield dropping below 1.75% [2][5] - The market style has slightly shifted towards small-cap stocks, with growth styles prevailing. The volatility of market styles has increased, while the volatility of value and growth styles has decreased [7][8] - In the commodity market, the strength of the non-ferrous and energy chemical sectors has increased, while the trend strength of other sectors remains stable. The basis momentum across all sectors has decreased [3][20][23] Group 2 - In the options market, the implied volatility of the Shanghai Stock Exchange 50 index remains stable, while the implied volatility of the CSI 1000 index has begun to decline. The market experienced a brief pullback in early September, particularly affecting small-cap stocks, but current sentiment has eased [28] - The convertible bond market showed a relatively flat performance, with the index primarily oscillating. The premium rate for convertible bonds remains stable, and the proportion of low premium convertible bonds has not changed significantly [30]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. A strategy of building option portfolios mainly as sellers and spot hedging or covered strategies is recommended to enhance returns [3][9]. 3. Summary by Related 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 futures contracts, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2511) is 501, with a price increase of 8 and a price change rate of 1.56% [4]. 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. For instance, the volume PCR of crude oil options is 0.87, with no change, and the open interest PCR is 1.15, with a change of 0.03 [5]. - **Pressure and Support Levels**: From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of option underlying assets are analyzed. For example, the pressure level of crude oil is 570, and the support level is 480 [6]. - **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 of each option variety. For example, the at - the - money implied volatility of crude oil is 29.445, and the weighted implied volatility is 31.93, with a change of - 0.21 [7]. 3.3 Strategy and Recommendations - **Energy - related Options (Crude Oil)**: - **Fundamentals**: European ARA weekly data shows changes in gasoline, diesel, fuel oil, and naphtha inventories. - **Market Analysis**: Since July, crude oil has shown a bearish market with pressure above. - **Option Factor Research**: Implied volatility fluctuates around the average, and the open interest PCR is above 1.00, indicating a sideways market. The pressure level is 570, and the support level is 480. - **Strategies**: Directional strategy: None; Volatility strategy: Build a short - biased call + put option combination strategy; Spot long - hedging strategy: Build a long collar strategy [8]. - **LPG Options**: - **Fundamentals**: Factory inventory and port inventory have increased. - **Market Analysis**: It shows an oversold rebound market with pressure above. - **Option Factor Research**: Implied volatility has dropped significantly to around the average, and the open interest PCR is around 0.90, indicating a sideways market. The pressure level is 5300, and the support level is 4200. - **Strategies**: Directional strategy: None; Volatility strategy: Build a neutral - biased call + put option combination strategy; Spot long - hedging strategy: Build a long collar strategy [10]. - **Methanol Options**: - **Fundamentals**: High port inventory persists, but most negative factors have been priced in. Supply is sufficient, and demand is expected to improve marginally. - **Market Analysis**: It shows a weak - biased market with pressure above. - **Option Factor Research**: Implied volatility has decreased and fluctuates below the average. The open interest PCR is around 0.90, indicating a weak - sideways market. The pressure level is 2400, and the support level is 2250. - **Strategies**: Directional strategy: Build a put option bear spread strategy; Volatility strategy: Build a short - biased call + put option combination strategy; Spot long - hedging strategy: Build a long collar strategy [10]. - **Ethylene Glycol Options**: - **Fundamentals**: Terminal load remains flat, and port inventory has increased. - **Market Analysis**: It shows a weak - biased market with pressure above. - **Option Factor Research**: Implied volatility fluctuates below the average. The open interest PCR is around 0.60, indicating strong bearish power. The pressure level is 4500, and the support level is 4250. - **Strategies**: Directional strategy: Build a put option bear spread strategy; Volatility strategy: Build a short - volatility strategy; Spot long - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [11]. - **Polyolefin Options (Polypropylene, etc.)**: - **Fundamentals**: There are changes in production enterprise inventory, trader inventory, and port inventory, and the downstream average operating rate has increased. - **Market Analysis**: Polypropylene shows a weak - biased market with pressure above. - **Option Factor Research**: Implied volatility of polypropylene has decreased to below the average. The open interest PCR is around 0.70, indicating a weakening trend. The pressure level is 7400, and the support level is 6700. - **Strategies**: Directional strategy: None; Volatility strategy: None; Spot long - hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [11]. - **Rubber Options**: - **Fundamentals**: China's natural rubber social inventory has decreased. - **Market Analysis**: It shows a weak - sideways market with support below and pressure above. - **Option Factor Research**: Implied volatility has risen sharply and then dropped to around the average. The open interest PCR is below 0.60. The pressure level is 17000, and the support level is 15750. - **Strategies**: Directional strategy: None; Volatility strategy: Build a neutral - biased call + put option combination strategy; Spot hedging strategy: None [12]. - **Polyester Options (PTA, etc.)**: - **Fundamentals**: Downstream load has increased, and social inventory has decreased. - **Market Analysis**: PTA shows a weak - bearish market with pressure above. - **Option Factor Research**: Implied volatility of PTA fluctuates at a relatively high level. The open interest PCR is around 0.70, indicating a sideways market. The pressure level is 5000, and the support level is 4600. - **Strategies**: Directional strategy: None; Volatility strategy: Build a short - biased call + put option combination strategy; Spot hedging strategy: None [13]. - **Caustic Soda Options**: - **Fundamentals**: National liquid caustic soda factory inventory has decreased. - **Market Analysis**: It shows a downward - sideways market with pressure above. - **Option Factor Research**: Implied volatility is at a relatively high level. The open interest PCR is below 0.80, indicating a weak - sideways market. The pressure level is 3000, and the support level is 2400. - **Strategies**: Directional strategy: None; Volatility strategy: None; Spot collar hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [14]. - **Soda Ash Options**: - **Fundamentals**: Soda ash factory inventory and delivery warehouse inventory have changed. - **Market Analysis**: It shows a low - level upward market with support below. - **Option Factor Research**: Implied volatility is at a relatively high historical level. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1300, and the support level is 1200. - **Strategies**: Directional strategy: Not specified; Volatility strategy: Build a short - volatility combination strategy; Spot long - hedging strategy: Build a long collar strategy [14]. - **Urea Options**: - **Fundamentals**: China's urea enterprise total inventory has increased, but some enterprises' inventory has decreased due to export orders. - **Market Analysis**: It shows a low - level sideways and weak market. - **Option Factor Research**: Implied volatility fluctuates slightly around the historical average. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1800, and the support level is 1620. - **Strategies**: Directional strategy: None; Volatility strategy: Build a short - biased call + put option combination strategy; Spot hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report offers a morning strategy for metal options, suggesting different strategies for non - ferrous metals, black metals, and precious metals. For non - ferrous metals, a seller's neutral volatility strategy is recommended; for black metals, a short - volatility combination strategy is suitable; for precious metals, a spot hedging strategy is proposed [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, changes, trading volumes, and open interests of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2510) is 80,900, down 190 (-0.23%) with a trading volume of 8.85 million lots and an open interest of 16.52 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators, including volume PCR and open interest PCR, are used to describe the strength of the option underlying market and the turning points of the underlying market. For instance, the volume PCR of copper is 0.41 with a change of 0.03, and the open interest PCR is 0.75 with a change of 0.02 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of option underlying assets are determined by the strike prices with the largest open interests of call and put options. For example, the pressure level of copper is 82,000 and the support level is 79,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of various metal options are provided, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of copper is 12.63%, and the weighted implied volatility is 17.94% with a change of - 0.12% [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Based on the analysis of fundamentals and option factors, a short - volatility seller's option combination strategy and a spot hedging strategy are recommended [7]. - **Aluminum/Alumina**: A bullish option bull spread strategy, a short - neutral call + put option combination strategy, and a spot collar strategy are suggested [9]. - **Zinc/Lead**: A short - neutral call + put option combination strategy and a spot collar strategy are recommended [9]. - **Nickel**: A short - bearish call + put option combination strategy and a spot covered call strategy are proposed [10]. - **Tin**: A short - volatility strategy and a spot collar strategy are recommended [10]. - **Lithium Carbonate**: A short - bearish call + put option combination strategy and a spot hedging strategy are suggested [11]. 3.5.2 Precious Metals - **Gold/Silver**: A bullish option bull spread strategy, a short - bullish volatility option seller's combination strategy, and a spot hedging strategy are recommended [12]. 3.5.3 Black Metals - **Rebar**: A short - bearish call + put option combination strategy and a spot covered call strategy are proposed [13]. - **Iron Ore**: A short - neutral call + put option combination strategy and a spot collar strategy are recommended [13]. - **Ferroalloys**: A short - volatility strategy is suggested for manganese silicon, and no spot hedging strategy is provided [14]. - **Industrial Silicon/Polysilicon**: A short - volatility short - call + put option combination strategy and a spot hedging strategy are recommended [14]. - **Glass**: A short - volatility short - call + put option combination strategy and a spot collar strategy are proposed [15].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Not provided in the content 3. Summary by Related Catalogs 3.1 Implied Volatility Index, Historical Volatility and Their Spread Charts - The financial option implied volatility index reflects the 30 - day implied volatility trend as of the previous trading day, and the commodity option implied volatility index is weighted by the implied volatilities of the two - strike prices above and below the at - the - money option of the main contract, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and historical volatility: a larger difference means the implied volatility is relatively higher than historical volatility, and a smaller difference means the opposite [3] 3.2 Implied Volatility Quantile and Volatility Spread Quantile Ranking Chart - The implied volatility quantile represents the current level of a variety's implied volatility in history. A high quantile means the current implied volatility is high, and a low quantile means it is low [5] - The volatility spread is the difference between the implied volatility index and historical volatility [5] - Specific implied volatility quantile rankings include 0.75 for 50ETF, 0.74 for 300 Index, 0.67 for PTA, etc. [5][6][8]

Report Summary 1. Investment Rating The document does not provide an overall investment rating for the metal options industry. 2. Core Viewpoints - The metal market is divided into three sectors: non - ferrous metals, precious metals, and black metals. Different strategies are recommended for each sector based on their market conditions [2]. - For non - ferrous metals, a neutral volatility selling strategy is suitable for the weak - oscillating market; for black metals, a short - volatility combination strategy is appropriate for the high - volatility market; for precious metals, a spot hedging strategy is recommended due to the upward - breaking market [2]. 3. Summary by Category 3.1 Market Overview of Underlying Futures - The document presents the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts. For example, the price of copper (CU2510) is 81,380, up 550 (0.68%), with a trading volume of 6.89 million lots (down 2.27 million lots) and an open interest of 17.93 million lots (down 0.76 million lots) [3]. 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the market. For instance, the volume PCR of copper is 0.37 (up 0.08), and the open interest PCR is 0.73 (up 0.01) [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of each metal option are determined by the strike prices with the largest open interest of call and put options. For example, the pressure level of copper is 82,000, and the support level is 79,000 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility data of various metal options are provided, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of copper is 11.85%, and the weighted implied volatility is 18.06% (down 1.18%) [6]. 3.5 Strategies and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy. The underlying copper market shows a high - level consolidation with support [7]. - **Aluminum/Alumina**: Construct a bullish call spread strategy, a neutral short - call and short - put option combination strategy, and a spot collar strategy. The aluminum market is in a long - biased high - level oscillation [9]. - **Zinc/Lead**: Adopt a neutral short - call and short - put option combination strategy and a spot collar strategy. The zinc market shows an oscillating decline with pressure [9]. - **Nickel**: Use a short - biased short - call and short - put option combination strategy and a spot covered - call strategy. The nickel market is in a wide - range oscillation with short - side pressure [10]. - **Tin**: Implement a short - volatility strategy and a spot collar strategy. The tin market is in a high - level oscillation with pressure [10]. - **Lithium Carbonate**: Build a short - biased short - call and short - put option combination strategy and a spot long - hedging strategy. The lithium carbonate market shows a large - amplitude decline with pressure [11]. 3.5.2 Precious Metals - **Gold/Silver**: Construct a bullish call spread strategy, a long - biased short - volatility option seller combination strategy, and a spot hedging strategy. The gold market is in a short - term consolidation and then breaks upward [12]. 3.5.3 Black Metals - **Rebar**: Use a short - biased short - call and short - put option combination strategy and a spot covered - call strategy. The rebar market is in a weak consolidation with pressure [13]. - **Iron Ore**: Adopt a neutral short - call and short - put option combination strategy and a spot collar strategy. The iron ore market is in an oscillating rebound [13]. - **Ferroalloys**: Implement a short - volatility strategy. The manganese - silicon market is in a weak and bearish oscillation [14]. - **Industrial Silicon/Polysilicon**: Build a short - volatility short - call and short - put option combination strategy and a spot hedging strategy. The industrial silicon market is in a large - amplitude oscillation with pressure [14]. - **Glass**: Use a short - volatility short - call and short - put option combination strategy and a spot collar strategy. The glass market is in a weak market with pressure [15].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The energy and 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 [3][9] Summary by Relevant Catalogs 1. Futures Market Overview - Various energy and chemical option underlying futures contracts show different price changes, trading volumes, and open interest changes. For example, the latest price of crude oil SC2511 is 495, up 6 with a 1.31% increase; the latest price of liquefied petroleum gas PG2511 is 4,450, down 5 with a 0.11% decrease [4] 2. Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes, which 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 crude oil is 0.87, down 0.12; the open interest PCR is 1.12, up 0.03 [5] 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 pressure and support levels of option underlying are analyzed. For example, the pressure level of crude oil is 570 and the support level is 480 [6] 4. Option Factors - Implied Volatility - Different option varieties have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, and their changes, as well as the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 29.4, and the weighted implied volatility is 32.14, up 0.09 [7] 5. Strategies and Recommendations for Different Option Varieties Energy - related Options - **Crude Oil**: Fundamentally, European ARA weekly data shows changes in gasoline, diesel, fuel oil, and naphtha inventories. The market is in a bearish trend with pressure above. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [8] - **Liquefied Petroleum Gas (LPG)**: Factory and port inventories show changes. The market is in an oversold rebound situation with pressure above. Option strategies include constructing a neutral - biased call + put option combination strategy and a long collar strategy for spot hedging [10] Alcohol - related Options - **Methanol**: The port has a high - inventory pattern, and the market is in a weak trend. Option strategies include constructing a bearish spread strategy of put options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Terminal loads are stable, and the port is in a state of inventory accumulation. The market is in a weak bearish trend. Option strategies include constructing a bearish spread strategy of put options, a short - volatility strategy, and a long collar strategy for spot hedging [11] Polyolefin - related Options - **Polypropylene**: Production and trade inventories show changes, and the downstream start - up rate increases. The market is in a weak bearish trend. Option strategies include a long collar strategy for spot hedging [12] Rubber - related Options - **Rubber**: Social inventories of natural rubber decrease. The market is in a weak consolidation situation with support below and pressure above. Option strategies include constructing a neutral - biased call + put option combination strategy [13] Polyester - related Options - **PTA**: Downstream loads increase, and social inventories decrease. The market is in a weak bearish trend. Option strategies include constructing a short - biased call + put option combination strategy [14] Alkali - related Options - **Caustic Soda**: Factory inventories decrease. The market is in a downward consolidation trend with pressure above. Option strategies include a long collar strategy for spot hedging [15] - **Soda Ash**: Factory and delivery warehouse inventories show changes. The market is in a low - level weak consolidation situation with pressure above. Option strategies include constructing a short - volatility combination strategy and a long collar strategy for spot hedging [15] Urea Options - Inventories of urea enterprises increase slightly, and the market is in a low - level weak consolidation trend. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [16]

Group 1: Volatility Index Explanation - Financial option implied volatility index reflects the 30 - day implied volatility (IV) trend as of the previous trading day, while the commodity option implied volatility index is weighted by the IV of the upper and lower two - strike options of the front - month at - the - money options, showing the IV change trend of the front - month contract [2] - The difference between the implied volatility index and historical volatility (HV) indicates the relative level of IV to HV. A larger difference means IV is relatively higher than HV, and a smaller difference means IV is relatively lower [2] Group 2: Volatility Data Chart - The chart shows the IV, HV, and IV - HV differences of various financial and commodity options, including 300 Index, 50ETF, 1000 Index, 500ETF, and many commodity options such as silver, soybean meal, corn, etc [3] Group 3: Implied Volatility Quantile and Volatility Spread Quantile - Implied volatility quantile represents the current level of a variety's IV in history. A high quantile means the current IV is high, and a low quantile means the current IV is low. Volatility spread is the difference between the implied volatility index and historical volatility [4] - The implied volatility quantile rankings of different varieties are presented, such as 300 Index with a quantile of 0.63, 50ETF with 0.73, PTA with 0.22, etc [5]