Group 1: Report Overview - Report Title: Energy and Chemical Options Strategy Morning Report [1] - Date: October 14, 2025 - Research Scope: Energy (crude oil, LPG), polyolefins (polypropylene, PVC, plastic, styrene), polyester (PX, PTA, short - fiber, bottle - chip), alkali chemicals (caustic soda, soda ash), others (rubber) [2] - Strategy Suggestion: Build option portfolio strategies mainly as sellers, and spot hedging or covered strategies to enhance returns [2] Group 2: Market Conditions of Underlying Futures - Crude oil (SC2512): Latest price 454, up 0 (0.02%), trading volume 6.51 million lots (+ 3.49 million), open interest 3.11 million lots (+ 0.33 million) [3] - LPG (PG2511): Latest price 4,121, up 52 (1.28%), trading volume 5.24 million lots (- 0.56 million), open interest 5.86 million lots (- 0.44 million) [3] - Methanol (MA2512): Latest price 2,319, up 0 (0.00%), trading volume 4.95 million lots (+ 1.18 million), open interest 4.02 million lots (+ 0.22 million) [3] - And other varieties with detailed price, change, volume, and open - interest data provided [3] Group 3: Option Factors - Volume and Open - Interest PCR - Crude oil: Volume PCR 1.11 (+ 0.41), Open - interest PCR 0.56 (- 0.03) [4] - LPG: Volume PCR 0.52 (- 0.13), Open - interest PCR 0.48 (- 0.07) [4] - Methanol: Volume PCR 0.68 (+ 0.01), Open - interest PCR 0.65 (+ 0.06) [4] - And other varieties with corresponding PCR data [4] Group 4: Option Factors - Pressure and Support Levels - Crude oil: Pressure point 570, support point 440 [5] - LPG: Pressure point 4,700, support point 4,050 [5] - Methanol: Pressure point 2,300, support point 2,250 [5] - And other varieties with their respective pressure and support levels [5] Group 5: Option Factors - Implied Volatility - Crude oil: At - the - money implied volatility 27.545%, weighted implied volatility 35.73% (+ 3.29%), historical average 37.02% [6] - LPG: At - the - money implied volatility 16.82%, weighted implied volatility 22.03% (+ 1.86%), historical average 24.00% [6] - Methanol: At - the - money implied volatility 17.03%, weighted implied volatility 19.61% (+ 3.13%), historical average 21.83% [6] - And other varieties with implied volatility data [6] Group 6: Option Strategies for Different Varieties Crude Oil - Fundamental: OPEC+ started a new round of production increase of 1.65 million barrels per day in October, market worries about long - term supply surplus, and the production increase cycle will continue until next year. The situation in the Middle East has eased [7] - Market Analysis: Since July, it has been weak, with a downward trend in October [7] - Option Factors: Implied volatility fluctuates above the average; Open - interest PCR below 0.60 indicates a weak market; Pressure point 570, support point 440 [7] - Strategies: Directional strategy: None; Volatility strategy: Sell a neutral call + put option combination; Spot long - hedging strategy: Build a long collar strategy [7] LPG - Fundamental: PDH device maintenance is stable, but profit is declining. It is expected that the capacity utilization rate will decline after entering the peak season [9] - Market Analysis: After a decline in July, it has shown an oversold rebound with pressure [9] - Option Factors: Implied volatility drops to near the average; Open - interest PCR below 0.60 indicates a weak market; Pressure point 4,700, support point 4,050 [9] - Strategies: Directional strategy: None; Volatility strategy: Sell a neutral call + put option combination; Spot long - hedging strategy: Build a long collar strategy [9] Other Varieties - Similar analysis and strategy suggestions are provided for methanol, ethylene glycol, polypropylene, rubber, polyester products, caustic soda, soda ash, and urea [9][10][11][12][13][14] Group 7: Charts - Charts for each variety include price trends, trading volume and open - interest, PCR, implied volatility, historical volatility cones, and pressure and support levels [15][36][56][75][94][113][133][152][170][188]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market showed a slight decline in the bullish trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks all experiencing this pattern [2]. - The implied volatility of financial options remained at a relatively high level [2]. - For ETF options, it is suitable to construct bullish buyer strategies and call option bull spread combination strategies; for index options, it is appropriate to build bullish seller strategies, call option bull spread combination strategies, and arbitrage strategies between synthetic long futures of options and short futures [2]. 3. Summary by Related Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,889.50, down 0.19% with a trading volume of 10,854 billion yuan, a decrease of 467 billion yuan [3]. - The Shenzhen Component Index closed at 13,231.47, down 0.93% with a trading volume of 12,693 billion yuan, a decrease of 1,142 billion yuan [3]. - The SSE 50 Index closed at 2,967.21, down 0.26% with a trading volume of 1,858 billion yuan, a decrease of 144 billion yuan [3]. - The CSI 300 Index closed at 4,593.98, down 0.50% with a trading volume of 7,140 billion yuan, a decrease of 787 billion yuan [3]. - The CSI 500 Index closed at 7,376.56, down 0.29% with a trading volume of 4,733 billion yuan, a decrease of 288 billion yuan [3]. - The CSI 1000 Index closed at 7,519.76, down 0.19% with a trading volume of 4,710 billion yuan, a decrease of 147 billion yuan [3]. 3.2 Option - underlying ETF Market Overview - The SSE 50 ETF closed at 3.101, down 0.35% with a trading volume of 537.71 million shares and a trading value of 16.58 billion yuan, a decrease of 12.56 billion yuan [4]. - The SSE 300 ETF closed at 4.692, down 0.57% with a trading volume of 965.84 million shares and a trading value of 45.00 billion yuan, a decrease of 10.82 billion yuan [4]. - The SSE 500 ETF closed at 7.469, down 0.48% with a trading volume of 386.54 million shares and a trading value of 28.63 billion yuan, an increase of 6.66 billion yuan [4]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.546, up 1.18% with a trading volume of 4,771.06 million shares and a trading value of 73.06 billion yuan, a decrease of 15.02 billion yuan [4]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.513, up 1.00% with a trading volume of 1,520.00 million shares and a trading value of 22.74 billion yuan, a decrease of 2.31 billion yuan [4]. - The Shenzhen 300 ETF closed at 4.844, down 0.47% with a trading volume of 240.51 million shares and a trading value of 11.56 billion yuan, a decrease of 1.90 billion yuan [4]. - The Shenzhen 500 ETF closed at 2.983, down 0.50% with a trading volume of 210.99 million shares and a trading value of 6.23 billion yuan, an increase of 2.00 billion yuan [4]. - The Shenzhen 100 ETF closed at 3.502, down 1.27% with a trading volume of 92.51 million shares and a trading value of 3.22 billion yuan, an increase of 1.17 billion yuan [4]. - The ChiNext ETF closed at 3.054, down 1.32% with a trading volume of 2,223.55 million shares and a trading value of 67.31 billion yuan, a decrease of 2.51 billion yuan [4]. 3.3 Option Factor - Volume and Position PCR - For SSE 50 ETF options, the trading volume PCR was 1.20 (up 0.35), and the position PCR was 0.69 (down 0.02) [5]. - For SSE 300 ETF options, the trading volume PCR was 1.31 (up 0.16), and the position PCR was 0.86 (down 0.05) [5]. - For SSE 500 ETF options, the trading volume PCR was 1.32 (up 0.25), and the position PCR was 1.25 (up 0.04) [5]. - For Huaxia Science and Technology Innovation 50 ETF options, the trading volume PCR was 1.13 (up 0.06), and the position PCR was 1.05 (up 0.02) [5]. - For E Fund Science and Technology Innovation 50 ETF options, the trading volume PCR was 1.11 (up 0.32), and the position PCR was 0.85 (down 0.01) [5]. - For Shenzhen 300 ETF options, the trading volume PCR was 1.32 (up 0.28), and the position PCR was 0.76 (up 0.04) [5]. - For Shenzhen 500 ETF options, the trading volume PCR was 1.40 (up 0.50), and the position PCR was 0.88 (down 0.02) [5]. - For Shenzhen 100 ETF options, the trading volume PCR was 1.81 (down 0.33), and the position PCR was 1.21 (up 0.04) [5]. - For ChiNext ETF options, the trading volume PCR was 1.20 (up 0.14), and the position PCR was 0.98 (down 0.07) [5]. - For SSE 50 index options, the trading volume PCR was 0.70 (up 0.16), and the position PCR was 0.72 (unchanged) [5]. - For CSI 300 index options, the trading volume PCR was 0.91 (up 0.19), and the position PCR was 0.88 (down 0.01) [5]. - For CSI 1000 index options, the trading volume PCR was 1.07 (up 0.11), and the position PCR was 0.99 (unchanged) [5]. 3.4 Option Factor - Pressure and Support Points - The pressure point of SSE 50 ETF was 3.20, and the support point was 3.10 [7]. - The pressure point of SSE 300 ETF was 4.80, and the support point was 4.60 [7]. - The pressure point of SSE 500 ETF was 7.50, and the support point was 7.25 [7]. - The pressure point of Huaxia Science and Technology Innovation 50 ETF was 1.65, and the support point was 1.50 [7]. - The pressure point of E Fund Science and Technology Innovation 50 ETF was 1.60, and the support point was 1.50 [7]. - The pressure point of Shenzhen 300 ETF was 4.90, and the support point was 4.70 [7]. - The pressure point of Shenzhen 500 ETF was 3.00, and the support point was 2.90 [7]. - The pressure point of Shenzhen 100 ETF was 3.60, and the support point was 2.90 [7]. - The pressure point of ChiNext ETF was 3.20, and the support point was 3.10 [7]. - The pressure point of SSE 50 index was 3,000, and the support point was 2,900 [7]. - The pressure point of CSI 300 index was 4,700, and the support point was 4,500 [7]. - The pressure point of CSI 1000 index was 7,500, and the support point was 7,200 [7]. 3.5 Option Factor - Implied Volatility - The at - the - money implied volatility of SSE 50 ETF options was 17.41%, and the weighted implied volatility was 19.20% (up 1.53%) [9]. - The at - the - money implied volatility of SSE 300 ETF options was 18.34%, and the weighted implied volatility was 19.56% (up 2.28%) [9]. - The at - the - money implied volatility of SSE 500 ETF options was 21.51%, and the weighted implied volatility was 23.12% (up 2.68%) [9]. - The at - the - money implied volatility of Huaxia Science and Technology Innovation 50 ETF options was 44.86%, and the weighted implied volatility was 46.89% (up 2.80%) [9]. - The at - the - money implied volatility of E Fund Science and Technology Innovation 50 ETF options was 44.29%, and the weighted implied volatility was 47.02% (up 2.20%) [9]. - The at - the - money implied volatility of Shenzhen 300 ETF options was 18.98%, and the weighted implied volatility was 21.31% (up 3.03%) [9]. - The at - the - money implied volatility of Shenzhen 500 ETF options was 22.10%, and the weighted implied volatility was 23.40% (up 1.31%) [9]. - The at - the - money implied volatility of Shenzhen 100 ETF options was 26.08%, and the weighted implied volatility was 32.51% (up 4.10%) [9]. - The at - the - money implied volatility of ChiNext ETF options was 38.06%, and the weighted implied volatility was 40.71% (up 3.51%) [9]. - The at - the - money implied volatility of SSE 50 index options was 16.59%, and the weighted implied volatility was 17.86% (up 0.92%) [9]. - The at - the - money implied volatility of CSI 300 index options was 17.91%, and the weighted implied volatility was 18.61% (up 1.96%) [9]. - The at - the - money implied volatility of CSI 1000 index options was 22.16%, and the weighted implied volatility was 23.99% (up 2.87%) [9]. 3.6 Strategy and Recommendations 3.6.1 Financial Stock Sector (SSE 50 ETF, SSE 50) - SSE 50 ETF showed a bullish trend with high - level fluctuations. The implied volatility remained above the average, and the position PCR indicated increasing upward pressure. The pressure point was 3.20, and the support point was 3.10. Recommended strategies included a seller - biased bullish combination strategy for volatility and a spot long - covered call strategy [12]. 3.6.2 Large - Cap Blue - Chip Stock Sector (CSI 300, SSE 300 ETF, Shenzhen 300 ETF) - SSE 300 ETF showed a bullish trend with support at the short - term bottom. The implied volatility remained above the average, and the position PCR indicated increasing upward pressure. The pressure point was 4.80, and the support point was 4.60. Recommended strategies included a short - volatility strategy of selling calls and puts and a spot long - covered call strategy [12]. 3.6.3 Large - and Medium - Sized Stock Sector (Shenzhen 100 ETF) - Shenzhen 100 ETF showed a bullish trend with a significant decline. The implied volatility was at a relatively high level, and the position PCR indicated a strong - oscillating market. The pressure point was 3.60, and the support point was 2.90. Recommended strategies included a call bull spread strategy for direction, a short - volatility strategy of selling calls and puts, and a spot long - covered call strategy [13]. 3.6.4 Small - and Medium - Sized Stock Sector (SSE 500 ETF, Shenzhen 500 ETF, CSI 1000) - SSE 500 ETF showed a short - term bullish trend with high - level fluctuations. The implied volatility remained at a relatively high level, and the position PCR indicated a bullish oscillation. The pressure point was 7.50, and the support point was 7.25. Recommended strategies included a call bull spread strategy for direction and a spot long - covered call strategy [13]. - CSI 1000 showed a bullish trend with high - level fluctuations. The implied volatility increased to a relatively high level, and the position PCR indicated an oscillating market. The pressure point was 7,500, and the support point was 7,200. Recommended strategies included a short - volatility strategy of selling calls and puts [14]. 3.6.5 ChiNext Sector (Huaxia Science and Technology Innovation 50 ETF, E Fund Science and Technology Innovation 50 ETF, ChiNext ETF) - ChiNext ETF showed a bullish trend with a rapid decline after breaking through. The implied volatility increased to a historical high and then declined significantly, and the position PCR indicated an oscillating market. The pressure point was 3.20, and the support point was 3.10. Recommended strategies included a short - volatility strategy and a spot long - covered call strategy [14].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The stock market shows a significant decline in the bullish trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks all experiencing such a market situation [3]. - The implied volatility of financial options maintains a relatively high - level fluctuation [3]. - For ETF options, it is suitable to construct a bullish buyer strategy and a bull spread strategy for call options; for index options, it is suitable to construct a bullish 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 According to Related Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,897.03, down 36.94 points or 0.94%, with a trading volume of 113.21 billion yuan, a decrease of 84.8 billion yuan [4]. - The Shenzhen Component Index closed at 13,355.42, down 370.14 points or 2.70%, with a trading volume of 138.35 billion yuan, a decrease of 52.8 billion yuan [4]. - The Shanghai 50 Index closed at 2,974.85, down 45.74 points or 1.51%, with a trading volume of 20.02 billion yuan, a decrease of 31.7 billion yuan [4]. - The CSI 300 Index closed at 4,616.83, down 92.65 points or 1.97%, with a trading volume of 79.27 billion yuan, a decrease of 69.5 billion yuan [4]. - The CSI 500 Index closed at 7,398.22, down 150.70 points or 2.00%, with a trading volume of 50.21 billion yuan, a decrease of 33.6 billion yuan [4]. - The CSI 1000 Index closed at 7,533.82, down 114.23 points or 1.49%, with a trading volume of 48.57 billion yuan, a decrease of 44.8 billion yuan [4]. 3.2 ETF Market Overview - The Shanghai 50 ETF closed at 3.112, down 0.049 or 1.55%, with a trading volume of 9.3123 million shares, an increase of 9.2448 million shares, and a trading value of 2.914 billion yuan, an increase of 786 million yuan [5]. - The Shanghai 300 ETF closed at 4.719, down 0.097 or 2.01%, with a trading volume of 11.7464 million shares, an increase of 11.6567 million shares, and a trading value of 5.582 billion yuan, an increase of 1.273 billion yuan [5]. - Other ETFs also have their respective 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 Shanghai 50 ETF, Shanghai 300 ETF, etc., their trading volume, volume change, open interest, open interest change, volume PCR, and position PCR are provided, along with their corresponding changes [6]. 3.4 Option Factor - Pressure and Support Points - For each option variety, the pressure points, support points, and their offsets are given, as well as the maximum open interest of call and put options [8]. 3.5 Option Factor - Implied Volatility - The implied volatility data of different option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and its change, annual average, call implied volatility, put implied volatility, HISV20, and the difference between implied and historical volatility [11]. 3.6 Strategy and Suggestions - The financial option sector is divided into large - cap blue - chip stocks, small and medium - sized boards, and ChiNext. Different sectors have corresponding representative option varieties [13]. - For each sector, partial varieties are selected to provide option strategies and suggestions, and each option variety has its own analysis of underlying market conditions, option factor research, and option strategy suggestions [13]. - For example, in the financial stock sector (Shanghai 50 ETF, Shanghai 50), the underlying market shows a bullish high - level volatile pattern with short - term support below. The implied volatility of options maintains a level above the mean, and the position PCR indicates increasing pressure above. Strategies include constructing a seller - biased bullish combination strategy and a spot long - covered call strategy [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, build a seller's neutral volatility strategy as they are in a range - bound oscillation [2]. - For black metals, construct a short - volatility portfolio strategy due to their large - amplitude fluctuations [2]. - For precious metals, build a spot hedging strategy as they break upward [2]. 3. Summaries by Related Catalogs 3.1 Futures Market Overview - The latest prices of various metal futures have different changes. For example, copper (CU2511) dropped 4.46% to 83,030, while gold (AU2512) rose 0.42% to 913.26. The trading volumes and open interests also vary among different metals [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options have different trends. For instance, the volume PCR of copper decreased by 0.14 to 0.33, and the open interest PCR decreased by 0.02 to 0.74 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of option factors, different metal options have their own pressure and support levels. For example, the pressure level of copper is 92,000 and the support level is 80,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different metal options shows different characteristics. For example, the weighted implied volatility of copper increased by 1.37 to 25.40%, while that of aluminum decreased by 0.35 to 12.53% [6]. 3.5 Strategies and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Build a short - volatility seller's option portfolio strategy and a spot hedging strategy. The pressure level is 92,000 and the support level is 80,000 [7]. - **Aluminum/Alumina**: Construct a short - neutral call + put option combination strategy and a spot collar strategy. The pressure level of aluminum is 21,400 and the support level is 20,000; for alumina, the pressure level is 3,000 and the support level is 2,800 [9]. - **Zinc/Lead**: Build a short - neutral call + put option combination strategy and a spot collar strategy. The pressure level of zinc is 22,000 and the support level is 21,800 [9]. - **Nickel**: Construct a short - bearish call + put option combination strategy and a spot covered - call strategy. The pressure level is 130,000 and the support level is 120,000 [10]. - **Tin**: Build a short - volatility strategy and a spot collar strategy. The pressure level is 320,000 and the support level is 270,000 [10]. - **Lithium Carbonate**: Construct a short - bearish call + put option combination strategy and a spot long - hedging strategy. The pressure level is 99,000 and the support level is 65,000 [11]. 3.5.2 Precious Metals - **Gold/Silver**: For gold, construct a bull - spread call option strategy, a short - volatility option seller's combination strategy, and a spot hedging strategy. The pressure level is 888 and the support level is 800 [12]. 3.5.3 Black Metals - **Rebar**: Build a short - bearish call + put option combination strategy and a spot covered - call strategy. The pressure level is 3,500 and the support level is 3,000 [13]. - **Iron Ore**: Construct a short - neutral call + put option combination strategy and a spot long - collar strategy. The pressure level is 850 and the support level is 750 [13]. - **Ferroalloys**: For manganese silicon, build a short - volatility strategy. The pressure level is 6,000 and the support level is 5,800 [14]. - **Industrial Silicon/Polysilicon**: Construct a short - volatility call + put option combination strategy and a spot hedging strategy. The pressure level of industrial silicon is 14,200 and the support level is 8,000 [14]. - **Glass**: Build a short - volatility call + put option combination strategy and a spot long - collar strategy. The pressure level is 1,200 and the support level is 1,000 [15].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural products sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall market shows different trends: oilseeds and oils are weakly volatile, oils and agricultural by - products are in a volatile range, soft commodity sugar has a slight fluctuation, cotton is weakly consolidating, and grains like corn and starch are weakly and narrowly consolidating. It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2511) is 3,945, down 13 with a decline rate of 0.33%, trading volume of 11.03 million lots, and open interest of 12.56 million lots with a decrease of 1.19 million lots [3] 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 0.40, down 0.26, and the open - interest PCR is 0.48, down 0.01 [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of different option varieties are determined. For example, the pressure level of soybean No.1 is 4,000 and the support level is 3,900 [5] 3.4 Option Factors - Implied Volatility - Each option variety has different implied volatility indicators, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of soybean No.1 is 9.535, the weighted implied volatility is 12.20, down 0.33 [6] 3.5 Strategies and Recommendations for Different Option Varieties 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans shows that the oil mill operating rate is about 56.57%. The soybean market has formed a pattern of weak consolidation. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: The domestic supply of soybean meal has great pressure, and the market is weakly volatile. It is recommended to construct a bear spread strategy for directionality, a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The export volume of palm oil has increased. The market shows a pattern of high - level volatility and weakening. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [10] - **Peanuts**: The peanut market is in a pattern of weak consolidation under short - selling pressure. It is recommended to construct a bear spread strategy for directionality, and a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - products Options - **Pigs**: The planned slaughter volume of large - scale farms in October is large, and the market is in a pattern of weak consolidation under short - selling pressure. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a covered call strategy for spot [11] - **Eggs**: The inventory of laying hens is high, and the market is in a pattern of weak short - selling. It is recommended to construct a bear spread strategy for directionality, a short - biased call + put option combination strategy for volatility [12] - **Apples**: The market shows a pattern of continuous recovery and upward movement with pressure above. It is recommended to construct a long - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [12] - **Red Dates**: The new - season red dates are in a critical period, and the market shows a pattern of upward movement with support below. It is recommended to construct a long - biased strangle option combination strategy for volatility, and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodity Options - **Sugar**: Typhoons have affected the sugar cane production areas. The market is in a pattern of weak short - selling. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [13] - **Cotton**: The cotton market is in a short - term weak pattern. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a covered call strategy for spot [14] 3.5.4 Grain Options - **Corn and Starch**: The corn market has a loose supply and weak demand. The market shows a pattern of weak short - selling and rebound followed by decline. It is recommended to construct a short - biased call + put option combination strategy for volatility [14]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [8]. - For each sector, some varieties are selected to give option strategies and suggestions, and option strategy reports are compiled based on underlying market analysis, option factor research, and option strategy suggestions for each option variety [8]. - Strategies suggest constructing option combination strategies mainly as sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summaries According to Related Catalogs 3.1 Futures Market Overview - For different energy - chemical option varieties, data on the latest price, price change, price change rate, trading volume, volume change, open interest, and open interest change of the underlying contracts are presented. For example, the latest price of crude oil SC2512 is 449, with a price change of - 20 and a price change rate of - 4.27% [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 whether the underlying market has a turning point. Data on volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change for different option varieties are provided [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of option varieties are analyzed from the perspective of the exercise prices with the largest open interest of call and put options. Data on the underlying contract, at - the - money exercise price, pressure point, pressure point deviation, support point, support point deviation, maximum call open interest, and maximum put open interest for different option varieties are given [5]. 3.4 Option Factors - Implied Volatility - Implied volatility data, including 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 the difference between implied and historical volatility, are provided for different option varieties [6]. 3.5 Strategies and Suggestions 3.5.1 Energy - related Options - **Crude Oil**: The OPEC+ started a new round of production increase of 1.65 million barrels per day in October, and the market is worried about long - term oversupply. The market shows a weak trend. Suggested strategies include constructing a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7]. - **LPG**: The PDH device maintenance situation is stable, but the profit is declining. The market shows an oversold rebound with pressure. Suggested strategies are similar to those of crude oil [9]. 3.5.2 Alcohol - related Options - **Methanol**: Port inventory has increased, and the market shows a weak trend. Suggested strategies include constructing a bearish call + put option combination strategy for volatility and a long collar strategy for spot hedging [9]. - **Ethylene Glycol**: The supply load has increased slightly, and the market is weak. Suggested strategies include a bearish spread strategy for directionality, a short - volatility strategy for volatility, and a long collar strategy for spot hedging [10]. 3.5.3 Polyolefin - related Options - **Polypropylene**: The commercial inventory has increased, and the market is weak. Suggested strategies include a long collar strategy for spot hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: Inventory has decreased, and the market shows a weak consolidation. Suggested strategies include constructing a bearish call + put option combination strategy for volatility [12]. 3.5.5 Polyester - related Options - **PTA**: The market start - up rate is 75.61%, and the supply support is insufficient. The market is weak. Suggested strategies include constructing a bearish call + put option combination strategy for volatility [12]. 3.5.6 Alkali - related Options - **Caustic Soda**: The start - up rate has decreased, and inventory has increased. The market shows a downward trend with pressure. Suggested strategies include a bearish spread strategy for directionality and a long collar strategy for spot hedging [13]. - **Soda Ash**: Inventory has increased, and the market shows a low - level weak consolidation. Suggested strategies include a short - volatility combination strategy for volatility and a long collar strategy for spot hedging [13]. 3.5.7 Urea Options - The supply utilization rate has increased, and demand from some downstream industries has decreased. The market shows a low - level weak consolidation. Suggested strategies include a bearish spread strategy for directionality, a bearish call + put option combination strategy for volatility, and a long collar strategy for spot hedging [14].

Group 1: Report Overview - Report Date: October 10, 2025 [1] - Report Type: Energy and Chemical Options Strategy Morning Report - Covered Option Types: Energy (crude oil, LPG), polyolefins (PP, PVC, plastic, styrene), polyesters (PX, PTA, short - fiber, bottle chips), alkali chemicals (caustic soda, soda ash), others (rubber) [2] - General Strategy: Construct option combination strategies mainly as sellers, and spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview Price and Volume - Crude oil (SC2511): Latest price 464, down 5 (-0.96%), volume 4.45 million lots (down 3.78 million lots), open interest 2.62 million lots (up 0.16 million lots) [3] - LPG (PG2511): Latest price 4,061, down 17 (-0.42%), volume 7.04 million lots (down 0.40 million lots), open interest 6.69 million lots (up 0.20 million lots) [3] - Methanol (MA2512): Latest price 2,268, down 8 (-0.35%), volume 1.38 million lots (down 3.85 million lots), open interest 3.03 million lots (up 0.07 million lots) [3] - And other options with their respective price, volume, and open - interest changes [3] Group 3: Option Factor - Volume and Open Interest PCR PCR Metrics - Crude oil: Volume PCR 0.59 (down 0.11), open - interest PCR 0.66 (down 0.11) [4] - LPG: Volume PCR 0.74 (up 0.14), open - interest PCR 0.56 (down 0.11) [4] - Methanol: Volume PCR 0.71 (down 0.08), open - interest PCR 0.62 (down 0.05) [4] - Other options also have their corresponding PCR values and changes [4] Group 4: Option Factor - Pressure and Support Levels Pressure and Support - Crude oil: Pressure point 570, support point 480 [5] - LPG: Pressure point 4,700, support point 4,050 [5] - Methanol: Pressure point 2,300, support point 2,250 [5] - Each option has its specific pressure and support levels [5] Group 5: Option Factor - Implied Volatility Implied Volatility Metrics - Crude oil: At - the - money implied volatility 25.7%, weighted implied volatility 33.76% (down 18.12%), historical volatility difference - 3.90 [6] - LPG: At - the - money implied volatility 16.17%, weighted implied volatility 23.06% (down 3.48%), historical volatility difference - 3.39 [6] - Methanol: At - the - money implied volatility 16.39%, weighted implied volatility 19.49% (down 6.31%), historical volatility difference - 0.94 [6] - Other options have their respective implied volatility data [6] Group 6: Strategy and Recommendations for Each Option Crude Oil - Fundamental Analysis: US API data shows Cushing inventory decreased by 1.15 million barrels. OPEC meeting ended on October 5 with a "principle - based low - speed production increase" of 137,000 barrels per day [7] - Market Analysis: Since July, it has been weak, with a downward trend in October [7] - Option Factor Research: Implied volatility fluctuates above the mean, open - interest PCR above 1.00 indicates support below, pressure point 570, support point 480 [7] - Strategy: Directional strategy: None; Volatility strategy: Sell a neutral call + put option combination; Spot long - hedging strategy: Construct a long collar strategy [7] LPG - Fundamental Analysis: PDH device maintenance was stable last week, with a capacity utilization rate of 74.77%. Profits are declining [9] - Market Analysis: After a decline in July, it showed an oversold rebound with pressure above [9] - Option Factor Research: Implied volatility dropped to near the mean, open - interest PCR below 0.80 indicates a weak market, pressure point 4,500, support point 4,200 [9] - Strategy: Directional strategy: None; Volatility strategy: Sell a neutral call + put option combination; Spot long - hedging strategy: Construct a long collar strategy [9] Methanol - Fundamental Analysis: Supply - side开工 declined, demand improved marginally, and inventory decreased [9] - Market Analysis: It showed a weak trend with pressure above [9] - Option Factor Research: Implied volatility fluctuates around the historical mean, open - interest PCR below 0.80 indicates a weak - oscillating market, pressure point 2,350, support point 2,250 [9] - Strategy: Directional strategy: None; Volatility strategy: Sell a bearish call + put option combination; Spot long - hedging strategy: Construct a long collar strategy [9] Other Options - Each option (ethylene glycol, polypropylene, etc.) has its own fundamental analysis, market analysis, option factor research, and corresponding strategies [10][12][13]

金属期权 2025-10-10 金属期权策略早报 | 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 | 金属期权策略早报概要：（1）有色金属区间震荡，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属多头上涨突破上行，构建现货避险策略。 | 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 - Report title: Metal Options Strategy Morning Report [1] - Date: September 30, 2025 [1] Group 2: Core Views - For non - ferrous metals in range - bound oscillations, construct a neutral volatility strategy for option sellers [2] - For the black metals sector with large - amplitude fluctuations, build a short - volatility portfolio strategy [2] - For precious metals with upward breakouts, construct a spot hedging strategy [2] Group 3: Futures Market Overview - For copper (CU2511), the latest price is 83,680, up 1,610 or 1.96%, with a trading volume of 13.85 million lots (down 3.62 million) and open interest of 21.38 million lots (down 1.53 million) [3] - For aluminum (AL2511), the latest price is 20,770, up 65 or 0.31%, trading volume 13.29 million lots (up 1.77 million), and open interest 20.39 million lots (down 0.89 million) [3] - Similar data are provided for other metals including zinc, lead, nickel, etc. [3] Group 4: Option Factor - Volume and Open Interest PCR - For copper options, the volume PCR is 0.27 (up 0.01), and the open - interest PCR is 0.73 (up 0.02) [4] - For aluminum options, the volume PCR is 0.63 (up 0.01), and the open - interest PCR is 0.90 (up 0.05) [4] - Other metals' PCR data are also presented [4] Group 5: Option Factor - Pressure and Support Levels - For copper options, the pressure point is 92,000, and the support point is 82,000 [5] - For aluminum options, the pressure point is 20,800, and the support point is 19,900 [5] - Pressure and support levels for other metals are also given [5] Group 6: Option Factor - Implied Volatility - For copper options, the at - the - money implied volatility is 20.75%, the weighted implied volatility is 27.04% (down 0.59%), and the difference between implied and historical volatility is 6.29% [6] - For aluminum options, the at - the - money implied volatility is 12.19%, the weighted implied volatility is 14.40% (up 0.16%), and the difference is 1.63% [6] - Implied volatility data for other metals are also provided [6] Group 7: Option Strategies for Non - Ferrous Metals Copper Options - Fundamental analysis: Total inventories in three major exchanges decreased by 0.6 million tons. SHFE inventories decreased by 0.7 to 9.9 million tons, LME inventories decreased by 0.3 to 14.4 million tons, and COMEX inventories increased by 0.4 to 29.1 million tons [7] - Market analysis: Shanghai copper showed a bullish high - level consolidation trend [7] - Option factor analysis: Implied volatility is above the historical average, open - interest PCR is around 0.70, pressure point is 92,000, and support point is 80,000 [7] - Strategy suggestions: Construct a bull - spread strategy for call options and a short - volatility option seller portfolio strategy, and a spot long - hedging strategy [7] Other Non - Ferrous Metals - Strategies for aluminum, zinc, lead, nickel, tin, and lithium carbonate options are also provided, including fundamental analysis, market analysis, option factor analysis, and strategy suggestions [9][10][11] Group 8: Option Strategies for Precious Metals Gold Options - Fundamental analysis: Holdings of major gold ETFs increased by 3.79% this month, and total open interest of Shanghai gold and COMEX gold increased [12] - Market analysis: Shanghai gold continued its bullish trend, reaching a new high [12] - Option factor analysis: Implied volatility is around the historical average, open - interest PCR is below 0.80, pressure point is 888, and support point is 800 [12] - Strategy suggestions: Construct a bull - spread strategy for call options, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] Silver Options - Strategies for silver options are also provided, including fundamental analysis, market analysis, option factor analysis, and strategy suggestions [12] Group 9: Option Strategies for Black Metals Steel and Iron Ore Options - Strategies for rebar, iron ore, ferroalloys, industrial silicon, polysilicon, and glass options are provided, including fundamental analysis, market analysis, option factor analysis, and strategy suggestions [13][14][15]

Group 1: Report Overview - Report title: Energy Chemical Options Strategy Morning Report [2] - Report date: September 30, 2025 [2] - Covered option types: Energy (crude oil, LPG), polyolefins (PP, PVC, plastic, styrene), polyesters (PX, PTA, short - fiber, bottle - chip), alkali chemicals (caustic soda, soda ash), and others (rubber) [3] - Overall strategy: Construct option portfolio strategies mainly as sellers, and use spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - Multiple underlying futures are involved, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2511) is 480, down 14 (-2.87%); LPG (PG2511) is 4,313, up 18 (0.42%) [4] Group 3: Option Factors - Volume and Position PCR - Volume and position PCR are calculated for various options. For instance, the volume PCR of crude oil is 0.59 (-0.07), and the position PCR is 1.07 (-0.02) [5] Group 4: Option Factors - Pressure and Support Levels - Pressure and support levels are provided for different options. For example, the pressure point of crude oil is 570, and the support point is 480 [6] Group 5: Option Factors - Implied Volatility - Implied volatility data is presented for each option. For example, the flat - value implied volatility of crude oil is 44.085, and the weighted implied volatility is 48.59 (4.75) [7] Group 6: Option Strategies and Recommendations Energy - related Options - **Crude oil**: - Fundamental analysis: OPEC+ plans to return 1.66 million barrels per day of production capacity, but the Russia - Ukraine situation causes supply uncertainty. US EIA demand is weak, and the effect of interest - rate cuts needs observation [8] - Market analysis: Since July, it has shown a bearish trend with some rebounds. It is currently in a warming - up market with upper pressure [8] - Option factor research: Implied volatility is at a relatively high level, position PCR is above 1.00, indicating support below [8] - Strategies: Volatility strategy - construct a neutral short - call + short - put option combination; spot long - hedging strategy - construct a long - collar strategy [8] - **LPG**: - Fundamental analysis: PDH device maintenance is stable, but profit is declining. It is expected that capacity utilization will fall below 70% in the peak season [10] - Market analysis: It has shown an oversold - rebound market with upper pressure since July [10] - Option factor research: Implied volatility has dropped to near the average, position PCR is below 0.80, indicating a weak trend [10] - Strategies: Similar to crude oil, construct a neutral short - call + short - put option combination and a long - collar strategy for spot hedging [10] Alcohol - related Options - **Methanol**: - Fundamental analysis: Port and enterprise inventories are decreasing, and pre - holiday downstream stocking has led to inventory reduction [10] - Market analysis: It has shown a weak - rebound market with upper pressure since July [10] - Option factor research: Implied volatility is around the historical average, position PCR is below 0.80, indicating a weak - oscillating trend [10] - Strategies: Volatility strategy - construct a short - biased short - call + short - put option combination; spot long - hedging strategy - construct a long - collar strategy [10] - **Ethylene glycol**: - Fundamental analysis: Port inventory is expected to oscillate at a low level in the short term and turn to a stocking cycle later [11] - Market analysis: It has shown a weak - bearish market with upper pressure since July [11] - Option factor research: Implied volatility is below the average, position PCR is around 0.70, indicating strong bearish power [11] - Strategies: Directional strategy - construct a bear - spread put option combination; volatility strategy - construct a short - volatility strategy; spot long - hedging strategy - hold spot long + buy put option + sell out - of - the - money call option [11] Polyolefin - related Options - **Polypropylene**: - Fundamental analysis: PP inventory pressure is higher than PE. Production and trade inventories are mostly decreasing, but port inventory is increasing [12] - Market analysis: It has shown a weak - bearish market with upper pressure since July [12] - Option factor research: Implied volatility has dropped to near the average, position PCR is around 0.70, indicating a weak trend [12] - Strategies: Spot long - hedging strategy - hold spot long + buy at - the - money put option + sell out - of - the - money call option [12] Rubber - related Options - **Rubber**: - Fundamental analysis: Pre - holiday stocking is over, and buying sentiment has weakened, leading to a decline in rubber prices [13] - Market analysis: It has shown a weak - oscillating market with upper and lower boundaries since July [13] - Option factor research: Implied volatility has dropped to near the average after a sharp rise, position PCR is below 0.60, indicating a weak trend [13] - Strategies: Volatility strategy - construct a short - biased short - call + short - put option combination [13] Polyester - related Options - **PTA**: - Fundamental analysis: Domestic PTA weekly production and capacity utilization are decreasing, and social inventory is also decreasing [14] - Market analysis: It has shown a weak - bearish market with upper pressure since July [14] - Option factor research: Implied volatility is at a relatively high level, position PCR is around 0.70, indicating an oscillating trend [14] - Strategies: Volatility strategy - construct a short - biased short - call + short - put option combination [14] Alkali - related Options - **Caustic soda**: - Fundamental analysis: The caustic soda market is stable with some fluctuations. Some enterprises have device maintenance, and downstream demand is weak [15] - Market analysis: It has shown a downward - oscillating market with upper pressure recently [15] - Option factor research: Implied volatility is at a high level, position PCR is below 0.90, indicating a weak - oscillating trend [15] - Strategies: Directional strategy - construct a bear - spread put option combination; spot long - hedging strategy - construct a long - collar strategy [15] - **Soda ash**: - Fundamental analysis: Factory inventory is decreasing, and inventory available days are also decreasing [15] - Market analysis: It has shown a low - level weak - oscillating market with support below [15] - Option factor research: Implied volatility is at a relatively high historical level, position PCR is below 0.60, indicating strong bearish pressure [15] - Strategies: Volatility strategy - construct a short - volatility combination; spot long - hedging strategy - construct a long - collar strategy [15] Urea - related Options - **Urea**: - Fundamental analysis: Enterprise and port inventories are increasing, indicating an oversupply situation [16] - Market analysis: It has shown a low - level weak - oscillating market since July [16] - Option factor research: Implied volatility is fluctuating around the historical average, position PCR is below 0.60, indicating strong bearish pressure [16] - Strategies: Volatility strategy - construct a short - biased short - call + short - put option combination; spot long - hedging strategy - hold spot long + buy at - the - money put option + sell out - of - the - money call option [16]