1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, option strategies and suggestions are provided for selected varieties. Option strategy reports are compiled for each option variety based on underlying market analysis, option factor research, and option strategy suggestions [9]. - Strategies focus on constructing option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Various energy - chemical futures contracts show different price movements, trading volumes, and open interest changes. For example, the latest price of crude oil (SC2509) is 516, up 10 with a 2.06% increase; the trading volume is 11.77 million lots, a decrease of 3.49 million lots, and the open interest is 3.78 million lots, a decrease of 0.22 million lots [4]. 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 crude oil is 0.54, an increase of 0.06, and the open - interest PCR is 0.50, a decrease of 0.03 [5]. 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 option underlyings are determined. For example, the pressure level of crude oil is 640, and the support level is 500 [6]. 3.4 Option Factors - Implied Volatility - Different option varieties have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of crude oil is 29.605%, and the weighted implied volatility is 34.92%, a decrease of 0.30% [7]. 3.5 Option Strategies and Suggestions 3.5.1 Energy - related Options - **Crude Oil**: The fundamental situation shows that the UAE port transfer increase implies Iran's return to global supply, while Russia's shipments remain tight. The market is short - term weak. Implied volatility fluctuates around the mean, and the open - interest PCR below 0.60 indicates increasing short - side strength. Strategies include constructing a neutral call + put option selling combination for volatility, and a long collar strategy for spot hedging [8]. - **LPG**: The fundamental situation is that the supply is abundant, and the market is short - term bearish. Implied volatility remains at a relatively high historical level, and the open - interest PCR below 0.60 indicates strong short - side strength. Strategies include constructing a bearish call + put option selling combination for volatility, and a long collar strategy for spot hedging [10]. 3.5.2 Alcohol - related Options - **Methanol**: The port and enterprise inventories are decreasing, and the market is weak with pressure. Implied volatility first rises to a high level and then falls, and the open - interest PCR below 0.80 indicates a weak - oscillating market. Strategies include constructing a neutral call + put option selling combination for volatility, and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The polyester load is rising, and the market is weakly bullish with pressure. Implied volatility fluctuates above the historical mean, and the open - interest PCR around 0.90 indicates an oscillating market. Strategies include constructing a volatility - selling strategy for time - value gain, and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: The inventory situation shows mixed trends, and the market is weak with short - side pressure. Implied volatility fluctuates around the historical mean, and the open - interest PCR below 0.80 indicates a weakening market. Strategies include a long collar strategy for spot hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: The social inventory is decreasing, and the market is in a low - level consolidation. Implied volatility rapidly rises to a high historical level, and the open - interest PCR below 0.60 indicates short - side strength. Strategies include constructing a neutral call + put option selling combination for volatility [12]. 3.5.5 Polyester - related Options - **PTA**: The inventory is increasing, and the market is weak with pressure. Implied volatility fluctuates at a relatively high mean level, and the open - interest PCR below 0.80 indicates a weakening market. Strategies include constructing a neutral call + put option selling combination for volatility [13]. 3.5.6 Alkali - related Options - **Caustic Soda**: The inventory is increasing, and the market is falling back with pressure. Implied volatility first rises rapidly and then drops significantly, remaining at a high level. The open - interest PCR below 0.80 indicates a weakening market. Strategies include a long collar strategy for spot hedging [14]. - **Soda Ash**: The inventory is at a high level and increasing, and the market is falling back with pressure. Implied volatility first rises rapidly and then drops significantly, remaining at a high level. The open - interest PCR below 0.60 indicates strong short - side pressure. Strategies include constructing a volatility - selling combination for volatility gain, and a long collar strategy for spot hedging [14]. 3.5.7 Urea Options - The port inventory is increasing slightly, and the enterprise inventory is decreasing with a slowing slope. The market oscillates under short - side pressure. Implied volatility fluctuates slightly below the historical mean, and the open - interest PCR below 0.80 indicates a weakening market. Strategies include constructing a neutral call + put option selling combination for volatility, and a long collar strategy for spot hedging [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market shows a bullish oscillatory upward trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all exhibiting such a market condition [2]. - The implied volatility of financial options is gradually decreasing and fluctuating at a relatively low mean level [2]. - For ETF options, it is suitable to construct covered strategies, neutral double - selling strategies, and vertical spread combination strategies; for index options, it is appropriate to build neutral double - selling strategies and arbitrage strategies between synthetic long or short options and long or short futures [2]. 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,597.94, up 4.28 points or 0.12% with a trading volume of 761.3 billion yuan, a decrease of 60.3 billion yuan. Its PE is 15.60 [3]. - The Shenzhen Component Index closed at 11,217.58, up 49.44 points or 0.44% with a trading volume of 981 billion yuan, an increase of 15.3 billion yuan. Its PE is 28.43 [3]. - The SSE 50 Index closed at 2,802.77, up 7.25 points or 0.26% with a trading volume of 114.6 billion yuan, an increase of 500 million yuan. Its PE is 11.41 [3]. - The CSI 300 Index closed at 4,135.82, up 8.66 points or 0.21% with a trading volume of 406.8 billion yuan, a decrease of 23.7 billion yuan. Its PE is 13.52 [3]. - The CSI 500 Index closed at 6,323.42, up 23.83 points or 0.38% with a trading volume of 305.2 billion yuan, an increase of 800 million yuan. Its PE is 30.78 [3]. - The CSI 1000 Index closed at 6,729.98, up 23.37 points or 0.35% with a trading volume of 359.6 billion yuan, a decrease of 3.6 billion yuan. Its PE is 41.38 [3]. 3.2 Option - Underlying ETF Market Overview - The SSE 50 ETF closed at 2.929, up 0.013 or 0.45% with a trading volume of 6.1028 million shares, an increase of 6.0456 million shares, and a trading value of 1.783 billion yuan, an increase of 112 million yuan [4]. - The SSE 300 ETF closed at 4.214, up 0.011 or 0.26% with a trading volume of 6.0277 million shares, an increase of 5.9457 million shares, and a trading value of 2.535 billion yuan, a decrease of 917 million yuan [4]. - Other ETFs also have their respective closing prices, price changes, trading volumes, and trading value changes as detailed in the report [4]. 3.3 Option Factor - Volume and Position PCR - For the SSE 50 ETF option, the trading volume is 827,200 contracts (a decrease of 53,200 contracts), the open interest is 1,208,700 contracts (an increase of 49,800 contracts), the volume PCR is 0.98 (an increase of 0.14), and the position PCR is 0.97 (an increase of 0.01) [5]. - Other option varieties also have their corresponding volume and position PCR data and changes [5]. 3.4 Option Factor - Pressure and Support Points - The SSE 50 ETF has a pressure point of 2.90 and a support point of 2.90 [7]. - Other option - underlying assets have their respective pressure and support points determined by the strike prices of the maximum open interest of call and put options [7]. 3.5 Option Factor - Implied Volatility - The SSE 50 ETF option has a at - the - money implied volatility of 15.90%, a weighted implied volatility of 15.88% (a decrease of 0.29%), an annual average of 15.51%, a call implied volatility of 16.19%, a put implied volatility of 15.43%, a 20 - day historical volatility of 12.97%, and an implied - historical volatility difference of 2.90% [9]. - Other option varieties also have their corresponding implied volatility data [9]. 3.6 Strategy and Recommendations - The financial option sector is divided into large - cap blue - chip stocks, small - and medium - sized boards, and the ChiNext board. Different sectors have different representative option varieties [11]. - For each sector, specific option strategies are recommended based on the analysis of the underlying asset market, option factor research, and option strategy suggestions [11]. - In the financial stock sector (SSE 50 ETF and SSE 50), directional strategies include constructing a bullish call spread combination; volatility strategies involve constructing a neutral seller strategy; and a spot long covered strategy is also recommended [12]. - Other sectors such as the large - cap blue - chip stock sector, medium - and large - sized stock sector, small - and medium - sized board sector, and ChiNext board sector also have their corresponding strategies [12][13][14].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals with a weak and volatile trend, construct a neutral volatility strategy for sellers [2]. - For the black series that has significantly declined after a continuous rise, it is suitable to construct a short - volatility portfolio strategy [2]. - For precious metals that have fluctuated at a high level and then declined, construct a spot hedging strategy [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interests of various metal futures are presented, such as copper (CU2509) at 79,010 with a 0.04% increase, and aluminum (AL2509) at 20,660 with a 0.05% increase [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure points and support points of various metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of different metal options, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility, are presented [6]. 3.5 Option Strategies and Recommendations - **Non - ferrous Metals** - **Copper**: Construct a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7]. - **Aluminum/Alumina**: Use a bull - spread strategy for call options, a short - call + put option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead**: Adopt a bull - spread strategy for call options, a short - call + put option combination strategy, and a spot collar strategy [9]. - **Nickel**: Construct a short - call + put option combination strategy with a short bias and a spot long - hedging strategy [10]. - **Tin**: Use a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Adopt a bull - spread strategy for call options, a short - call + put option combination strategy with a long bias, and a spot long - hedging strategy [11]. - **Precious Metals** - **Gold/Silver**: Construct a neutral short - volatility option seller portfolio strategy and a spot hedging strategy [12]. - **Black Series** - **Rebar**: Use a short - call + put option combination strategy and a spot long - covered call strategy [13]. - **Iron Ore**: Adopt a bull - spread strategy for call options, a short - call + put option combination strategy with a long bias, and a spot long - collar strategy [13]. - **Ferroalloys**: Use a bull - spread strategy for call options and a short - volatility strategy for manganese silicon; for industrial silicon/polysilicon, construct a short - call + put option combination strategy and a spot long - hedging strategy [14]. - **Glass**: Use a short - volatility strategy and a spot long - collar strategy [15]. 3.6 Option Charts - Price charts, option volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure - support point charts of various metals are provided, including copper, aluminum, alumina, zinc, lead, nickel, tin, gold, silver, and lithium carbonate [17][36][53]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market, including the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks, shows a bullish and oscillating upward market trend [3]. - The implied volatility of financial options gradually decreases and fluctuates at a relatively low level [3]. - For ETF options, it is suitable to construct covered strategies, neutral double - selling strategies, and vertical spread combination strategies; for index options, neutral double - selling strategies and arbitrage strategies between synthetic long or short options and long or short futures are appropriate [3]. 3. Summary by Related Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,593.66, down 12.07 points or 0.33%, with a trading volume of 821.6 billion yuan, a decrease of 30.6 billion yuan [4]. - The Shenzhen Component Index closed at 11,168.14, down 24.92 points or 0.22%, with a trading volume of 965.7 billion yuan, a decrease of 26.7 billion yuan [4]. - The Shanghai 50 Index closed at 2,795.51, down 16.93 points or 0.60%, with a trading volume of 114 billion yuan, a decrease of 4.1 billion yuan [4]. - The CSI 300 Index closed at 4,127.16, down 21.87 points or 0.53%, with a trading volume of 430.4 billion yuan, a decrease of 56.6 billion yuan [4]. - The CSI 500 Index closed at 6,299.59, up 5.99 points or 0.10%, with a trading volume of 304.4 billion yuan, a decrease of 15.8 billion yuan [4]. - The CSI 1000 Index closed at 6,706.61, up 5.49 points or 0.08%, with a trading volume of 363.1 billion yuan, a decrease of 11.3 billion yuan [4]. 3.2 Option - Based ETF Market Overview - The Shanghai 50 ETF closed at 2.916, down 0.017 or 0.58%, with a trading volume of 5.7256 million shares and a turnover of 1.671 billion yuan, an increase of 0.095 billion yuan [5]. - The Shanghai 300 ETF closed at 4.203, down 0.022 or 0.52%, with a trading volume of 8.2009 million shares and a turnover of 3.452 billion yuan, a decrease of 0.277 billion yuan [5]. - The Shanghai 500 ETF closed at 6.365, up 0.002 or 0.03%, with a trading volume of 3.1757 million shares and a turnover of 2.019 billion yuan, an increase of 0.71 billion yuan [5]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.109, up 0.023 or 2.12%, with a trading volume of 48.4149 million shares and a turnover of 5.301 billion yuan, an increase of 1.45 billion yuan [5]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.082, up 0.022 or 2.08%, with a trading volume of 11.3537 million shares and a turnover of 1.212 billion yuan, an increase of 0.381 billion yuan [5]. - The Shenzhen 300 ETF closed at 4.338, down 0.022 or 0.50%, with a trading volume of 1.3561 million shares and a turnover of 0.589 billion yuan, a decrease of 0.018 billion yuan [5]. - The Shenzhen 500 ETF closed at 2.543, down 0.002 or 0.08%, with a trading volume of 1.7068 million shares and a turnover of 0.434 billion yuan, an increase of 0.0246 billion yuan [5]. - The Shenzhen 100 ETF closed at 2.932, down 0.014 or 0.48%, with a trading volume of 0.3065 million shares and a turnover of 0.09 billion yuan, a decrease of 0.022 billion yuan [5]. - The ChiNext ETF closed at 2.318, down 0.007 or 0.30%, with a trading volume of 7.6103 million shares and a turnover of 1.763 billion yuan, a decrease of 0.623 billion yuan [5]. 3.3 Option Factor - Volume and Position PCR - Volume and position PCR data for various option varieties are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market [6][7]. 3.4 Option Factor - Pressure and Support Points - Pressure and support points for various option varieties are determined from the strike prices with the largest open interest of call and put options [8][10]. 3.5 Option Factor - Implied Volatility - Implied volatility data for various option varieties are presented, including at - the - money implied volatility and weighted implied volatility [11][12]. 3.6 Strategies and Recommendations - The financial options sector is divided into large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks. Different strategies are recommended for each sector [13]. - For example, in the financial stock sector (Shanghai 50 ETF and Shanghai 50), directional strategies include constructing bullish call option spread combinations, and volatility strategies include constructing neutral seller strategies [14]. - Similar strategy recommendations are provided for other sectors such as large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks [15][16].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are oscillating weakly [2]. - For the black series, build a short - volatility portfolio strategy after a significant drop following continuous rise [2]. - For precious metals, construct a spot hedging strategy as they are oscillating at a high level and have declined [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Copper (CU2509) is priced at 78,800, down 530 or 0.67% with a trading volume of 8.81 million lots and an open interest of 18.08 million lots [3]. - Aluminum (AL2509) is at 20,615, down 135 or 0.65% with a volume of 14.36 million lots and an open interest of 30.20 million lots [3]. - Multiple other metal futures are also presented with their latest prices, price changes, trading volumes, and open interest [3]. 3.2 Option Factors - Quantity and Position PCR - Copper's volume PCR is 0.64 (change: 0.25), and position PCR is 0.64 (change: - 0.04) [4]. - Aluminum's volume PCR is 0.59 (change: - 0.19), and position PCR is 0.78 (change: - 0.13) [4]. - Similar data for other metal options are provided [4]. 3.3 Option Factors - Pressure and Support Levels - Copper's pressure point is 82,000 and support point is 75,000 [5]. - Aluminum's pressure point is 21,000 and support point is 20,000 [5]. - Pressure and support levels for other metals are also given [5]. 3.4 Option Factors - Implied Volatility - Copper's at - the - money implied volatility is 12.15%, weighted implied volatility is 18.78% (change: 0.15) [6]. - Aluminum's at - the - money implied volatility is 12.57%, weighted implied volatility is 14.68% (change: - 0.17) [6]. - Implied volatility data for other metals are presented [6]. 3.5 Option Strategies and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Construct a short - volatility seller option portfolio and a spot long - hedging strategy [7]. - **Aluminum/Alumina**: Use a bull - spread strategy for call options, a short - volatility strategy, and a spot collar strategy [8][9]. - **Zinc/Lead**: Implement a bull - spread strategy for call options, a short - volatility strategy, and a spot collar strategy [9]. - **Nickel**: Build a short - volatility strategy with a bearish bias and a spot long - hedging strategy [10]. - **Tin**: Adopt a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Use a bull - spread strategy for call options, a short - volatility strategy with a bullish bias, and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Gold/Silver**: Construct a neutral short - volatility option seller portfolio and a spot hedging strategy [12]. 3.5.3 Black Series - **Rebar**: Build a short - volatility strategy with a neutral bias and a spot long - covered call strategy [13]. - **Iron Ore**: Use a bull - spread strategy for call options, a short - volatility strategy with a bullish bias, and a spot long - collar strategy [13]. - **Ferroalloys**: Implement a bull - spread strategy for call options and a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon**: Build a short - volatility strategy and a spot long - hedging strategy [14]. - **Glass**: Adopt a short - volatility strategy and a spot long - collar strategy [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural product sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall market shows that oil and fat - related agricultural products are in a strong - biased oscillatory state, oils and agricultural by - products maintain an oscillatory trend, soft commodity sugar rebounds and rises in an oscillatory manner, cotton shows a bullish upward trend, and grains such as corn and starch are in a weak and narrow - range consolidation state. [2][8] - Strategies suggest constructing option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The table presents the latest prices, price changes, trading volumes, and open interest changes of various agricultural product futures contracts. For example, the latest price of soybean No.1 (A2509) is 4,208, with a decline of 15 and a decline rate of 0.36%, trading volume of 10.13 million lots, and an increase in open interest of 0.29 million lots. [3] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators of volume and open interest for different option varieties are provided. For instance, the volume PCR of soybean No.1 is 0.53 with a change of 0.19, and the open interest PCR is 0.46 with a change of - 0.00. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed. For example, the pressure level of soybean No.1 is 4300 and the support level is 4100, which are determined from the strike prices of the maximum open interest of call and put options. [5] 3.4 Option Factors - Implied Volatility - The implied volatility data of different option varieties are given, including at - the - money implied volatility, weighted implied volatility, and its changes, average annual implied volatility, call and put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of soybean No.1 is 10.86%, and the weighted implied volatility is 13.59% with a change of 0.97%. [6] 3.5 Option Strategies and Suggestions 3.5.1 Oil and Oilseed Options - **Soybean No.1 and No.2**: - **Fundamentals**: USDA's July report maintains the soybean production in the 25/26 season at about 118 million tons, with an increase in crushing volume and a decrease in exports, resulting in an increase in inventory and the inventory - to - sales ratio. - **Market Analysis**: Soybean No.1 shows an oversold rebound pattern. - **Option Factors**: Implied volatility is at a relatively high level, open interest PCR is below 0.60, and the pressure and support levels are 4300 and 4100 respectively. - **Strategies**: Construct a neutral call + put option combination for volatility strategies; for spot hedging, build a long collar strategy. [7] - **Soybean Meal and Rapeseed Meal**: - **Fundamentals**: The purchase volume of soybean meal in different months is provided. - **Market Analysis**: Soybean meal shows a pattern of decline, consolidation, and then rebound. - **Option Factors**: Implied volatility is slightly above the historical average, open interest PCR is below 0.60, and the pressure and support levels are 3100 and 2900 respectively. - **Strategies**: Construct a neutral call + put option combination for volatility strategies; for spot hedging, build a long collar strategy. [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: - **Fundamentals**: Malaysian palm oil exports are expected to decline, and production is increasing. - **Market Analysis**: Palm oil shows a bullish upward trend. - **Option Factors**: Implied volatility of palm oil is decreasing to below the historical average, open interest PCR is above 1.00, and the pressure and support levels are 10000 and 8000 respectively. - **Strategies**: Construct a bull - biased call + put option combination for volatility strategies; for spot hedging, build a long collar strategy. [10] - **Peanuts**: - **Fundamentals**: The spot price of peanuts in the Northeast is stable, imports are decreasing, and the inventory is still high. - **Market Analysis**: Peanuts show a pattern of weak consolidation under bearish pressure. - **Option Factors**: Implied volatility is at a relatively low level, open interest PCR is below 0.60, and the pressure and support levels are 9000 and 8000 respectively. - **Strategies**: Construct a bearish spread strategy for directional trading; for spot hedging, hold a long position + buy put options + sell out - of - the - money call options. [11] 3.5.2 Agricultural By - product Options - **Hogs**: - **Fundamentals**: The spot price of hogs is falling, slaughter volume is high, and demand is average. - **Market Analysis**: Hogs show a pattern of small - scale upward movement under bearish pressure. - **Option Factors**: Implied volatility is rising to above the historical average, open interest PCR is below 0.50, and the pressure and support levels are 18000 and 13600 respectively. - **Strategies**: Construct a bear - biased call + put option combination for volatility strategies; for spot hedging, hold a long position + sell out - of - the - money call options. [11] - **Eggs**: - **Fundamentals**: Egg prices are rising and then stabilizing, affected by high - temperature weather. - **Market Analysis**: Eggs show a pattern of weak consolidation with upper pressure. - **Option Factors**: Implied volatility is at a high level, open interest PCR is below 0.60, and the pressure and support levels are 4000 and 3400 respectively. - **Strategies**: Construct a bearish spread strategy for directional trading; construct a bear - biased call + put option combination for volatility strategies. [12] - **Apples**: - **Fundamentals**: The estimated apple production is increasing, and the inventory in cold storage is decreasing. - **Market Analysis**: Apples show a pattern of weak bearishness gradually rebounding. - **Option Factors**: Implied volatility is slightly above the historical average, open interest PCR is below 0.60, and the pressure and support levels are 8900 and 7000 respectively. - **Strategies**: Construct a neutral call + put option combination for volatility strategies. [12] - **Jujubes**: - **Fundamentals**: The arrival volume and price of jujubes in the market are provided. - **Market Analysis**: Jujubes show a pattern of rebound, rise, and then decline. - **Option Factors**: Implied volatility is rising to above the historical average, open interest PCR is below 0.50, and the pressure and support levels are 11400 and 9000 respectively. - **Strategies**: Construct a bear - biased strangle option combination for volatility strategies; for spot hedging, hold a long position + sell out - of - the - money call options. [13] 3.5.3 Soft Commodity Options - **Sugar**: - **Fundamentals**: The number of ships waiting to load sugar in Brazilian ports and the quantity of sugar are provided. - **Market Analysis**: Sugar shows a pattern of oversold rebound. - **Option Factors**: Implied volatility is at a relatively low level, open interest PCR is around 0.60, and the pressure and support levels are 5900 and 5700 respectively. - **Strategies**: Construct a neutral call + put option combination for volatility strategies; for spot hedging, build a long collar strategy. [13] - **Cotton**: - **Fundamentals**: The growth conditions of American cotton are provided. - **Market Analysis**: Cotton shows a pattern of rebound and then consolidation. - **Option Factors**: Implied volatility is decreasing to a low level, open interest PCR is below 1.00, and the pressure and support levels are 15000 and 13000 respectively. - **Strategies**: Construct a bullish spread strategy for directional trading; construct a bull - biased call + put option combination for volatility strategies; for spot hedging, hold a long position + buy put options + sell out - of - the - money call options. [14] 3.5.4 Grain Options - **Corn and Starch**: - **Fundamentals**: The price and inventory conditions of corn in different regions are provided. - **Market Analysis**: Corn shows a pattern of bearish downward movement. - **Option Factors**: Implied volatility is at a relatively low level, open interest PCR is below 0.60, and the pressure and support levels are 2320 and 2300 respectively. - **Strategies**: Construct a bearish spread strategy for directional trading; construct a bear - biased call + put option combination for volatility strategies. [14]

金融期权 2025-07-25 金融期权策略早报 | 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 | 金融期权策略早报概要： （1）股市短评：上证综指数、大盘蓝筹股、中小盘股和创业板股表现为偏多头震荡上行的市场行情。 表3：期权因子—量仓PCR | 期权品种 | 成交量 | 量变化 | 持仓量 | 仓变化 | 成交量 | 量PCR | 持仓量 | 仓PCR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | （万张) | | （万张） | | PCR | 变化 | PCR | 变化 | | 上证50ETF | 98.71 | -106.85 | 105.03 | -41.25 | 0.89 | 0.30 | 1.09 | -0.23 | | 上证30 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies mainly involve constructing option combination strategies dominated by sellers, along with spot hedging or covered strategies to enhance returns [3][9] Summary by Relevant Catalogs 1. Futures Market Overview - Various energy - chemical futures showed different price movements, trading volumes, and open interest changes on July 26, 2025. For example, crude oil (SC2509) closed at 507 with a 0.56% increase, while liquefied gas (PG2509) closed at 4,037 with a 1.08% increase [4] 2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different energy - chemical options were presented, 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 crude oil options was 0.55 with a 0.07 change, and the open interest PCR was 0.51 with a - 0.03 change [5] 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 energy - chemical options were analyzed. For example, the pressure level of crude oil options was 640 and the support level was 500 [6] 4. Option Factors - Implied Volatility - The implied volatility of different energy - chemical options was provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options was 28.965, and the weighted implied volatility was 33.64 with a 0.07 change [7] 5. Strategies and Recommendations Energy - related Options - **Crude Oil**: OPEC+ will increase oil supply in August, and the US supply rebounds with oil prices. The crude oil market showed a short - term weak trend. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **Liquefied Gas**: The LPG futures showed a weak trend. The demand side has potential negative feedback risks. Option strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [10] Alcohol - related Options - **Methanol**: Port inventory increased, and the market showed a weak rebound. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory decreased, and the market showed a weak and narrow - range oscillation. Option strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11] Polyolefin - related Options - **Polypropylene**: PP inventory showed different trends, and the market was weak. Option strategies include a long collar strategy for spot hedging [11] Rubber - related Options - **Rubber**: Domestic synthetic rubber production increased, and the market showed a low - level consolidation trend. Option strategies include constructing a neutral call + put option combination strategy [12] Polyester - related Options - **PTA**: PTA load remained stable, and the market was weak. Option strategies include constructing a neutral call + put option combination strategy [12] Alkali - related Options - **Caustic Soda**: The capacity utilization rate changed, and the market showed a bullish trend. Option strategies include a long collar strategy for spot hedging [13] - **Soda Ash**: Inventory was at a high level, and the market showed a bullish trend. Option strategies include constructing a bullish call spread strategy and a long collar strategy for spot hedging [13] Urea Options - Urea inventory showed different trends, and the market oscillated under bearish pressure. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [14]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The report provides strategies for different metal options, including constructing seller neutral volatility strategies for non - ferrous metals with a fluctuating and strengthening trend, building bullish option bull spread combinations for the rapidly rising black series, and creating spot hedging strategies for precious metals like gold which is in a high - level consolidation and bullish state [2] Group 3: Summary by Relevant Catalogs 1. Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures are presented, such as copper's latest price of 79,290 with a - 0.69% change, and lithium carbonate's price increase of 7.21% to 76,680 [3] 2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options are shown, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For example, copper's volume PCR is 0.38 with a 0.05 change, and open interest PCR is 0.68 with a 0.01 change [4] 3. Option Factors - Pressure and Support Levels - The pressure and support levels of different metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, copper's pressure point is 82,000 and support point is 75,000 [5] 4. Option Factors - Implied Volatility - The implied volatility of different metal options is provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, copper's at - the - money implied volatility is 12.96%, and the difference between implied and historical volatility is - 2.81 [6] 5. Strategies and Recommendations for Different Metals Non - Ferrous Metals - **Copper**: Based on fundamentals, market trends, and option factors, it is recommended to construct a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - **Aluminum/Alumina**: Strategies include a bullish option bull spread combination, a short - volatility option combination, and a spot collar strategy [9] - **Zinc/Lead**: Similar to aluminum, it involves a bullish option bull spread combination, a short - volatility option combination, and a spot collar strategy [9] - **Nickel**: A short - volatility option combination with a short delta and a spot long - hedging strategy are suggested [10] - **Tin**: A short - volatility strategy and a spot collar strategy are recommended [10] - **Lithium Carbonate**: A bullish option bull spread combination, a short - volatility option combination with a long delta, and a spot long - hedging strategy are proposed [11] Precious Metals - **Gold/Silver**: For gold, a short - volatility option seller portfolio strategy and a spot hedging strategy are recommended. For silver, based on its market conditions, corresponding option strategies are also provided [12] Black Series - **Rebar**: A bullish option bull spread combination, a short - volatility option combination with a long delta, and a spot long - covered call strategy are recommended [13] - **Iron Ore**: A bullish option bull spread combination, a short - volatility option combination with a long delta, and a spot long - collar strategy are suggested [14] - **Ferroalloys**: A bullish option bull spread combination and a short - volatility strategy are recommended for manganese silicon, and corresponding strategies are also provided for industrial silicon and polysilicon [15] - **Glass**: A bullish option bull spread combination, a short - volatility option combination, and a spot long - collar strategy are recommended [16] 6. Metal Option Charts - Charts for different metal options are provided, including price trends, option volume and open interest, option volume and open interest PCR, implied volatility, historical volatility cones, and pressure and support levels, which visually present the market conditions of various metal options [18][38][57]

1. Report's Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural products sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The market trends vary among different product categories. For example, oilseeds and oils show a strong and volatile trend, while grains like corn and starch are in a weak and narrow - range consolidation. [2][8] - It is recommended to construct option portfolio strategies mainly based on sellers, along with spot hedging or covered strategies to enhance returns. [2] 3. Summary According to the Directory 3.1 Futures Market Overview - Different agricultural product futures have different price changes, trading volumes, and open interest changes. For instance, the latest price of soybean No.1 (A2509) is 4,221, with an increase of 15 and a rise - fall rate of 0.36%, and the trading volume is 124,500 lots with a decrease of 14,600 lots. [3] 3.2 Option Factor - Volume and Open Interest PCR - The volume and open - interest PCR of various agricultural product options are different, which can be used to analyze the strength of the option underlying market and the turning point of the market. For example, the volume PCR of soybean No.1 option is 0.35, and the open - interest PCR is 0.46. [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the maximum open - interest of call and put options, the pressure and support levels of different agricultural product options are determined. For example, the pressure level of soybean No.1 is 4300, and the support level is 4100. [5] 3.4 Option Factor - Implied Volatility - The implied volatility of different agricultural product options has different characteristics, including the average implied volatility at the money, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of soybean No.1 is 10.36%, and the weighted implied volatility is 12.62% with a decrease of 0.67%. [6] 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The USDA July report adjusted the supply - demand balance of US soybeans. The soybean No.1 market showed a rebound after a sharp decline. It is recommended to construct a neutral selling call + put option combination strategy and a long collar strategy for spot hedging. [7] - **Soybean Meal and Rapeseed Meal**: The purchase volume of soybean meal in different months is different. The market shows a rebound after a weak consolidation. Similar to soybean No.1, a neutral selling option combination strategy and a long collar strategy for spot hedging are recommended. [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The MPOB June report shows the supply - demand situation of palm oil. The palm oil market is in a bullish trend. A bullish selling call + put option combination strategy and a long collar strategy for spot hedging are recommended. [10] - **Peanuts**: The peanut market is in a weak consolidation under the bearish pressure line. A bearish spread strategy of put options and a long collar strategy for spot hedging are recommended. [11] 3.5.2 Agricultural By - products Options - **Pigs**: The pig market is in a weak trend after a rebound. A bearish selling option combination strategy and a covered call strategy for spot are recommended. [11] - **Eggs**: The egg market is in a weak downward trend. A bearish spread strategy of put options and a bearish selling option combination strategy are recommended. [12] - **Apples**: The apple market shows a weak rebound. A neutral selling option combination strategy is recommended. [12] - **Red Dates**: The red date market shows a rebound and then a decline. A bearish wide - straddle option combination strategy and a covered call strategy for spot hedging are recommended. [13] 3.5.3 Soft Commodities Options - **Sugar**: The sugar market shows a rebound after a sharp decline. A neutral selling option combination strategy and a long collar strategy for spot hedging are recommended. [13] - **Cotton**: The cotton market shows a rebound at a low level. A bullish spread strategy of call options, a bullish selling option combination strategy, and a covered call strategy for spot are recommended. [14] 3.5.4 Grains Options - **Corn and Starch**: The corn market is in a weak downward trend. A bearish spread strategy of put options and a bearish selling option combination strategy are recommended. [14]