1. Report Industry Investment Rating - Not provided in the content 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 market trend of high-level oscillation with a slight upward bias [2]. - The implied volatility of financial options fluctuates at a relatively low average level [2]. - For ETF options, it is suitable to construct covered strategies, neutral double-selling strategies, and vertical spread combination strategies; for stock index options, it is suitable to construct 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 3,510.18, up 0.50 (0.01%), with a trading volume of 753.5 billion yuan and an increase of 140.4 billion yuan [3]. - The Shenzhen Component Index closed at 10,696.10, up 64.97 (0.61%), with a trading volume of 958.6 billion yuan and an increase of 77.6 billion yuan [3]. - The Shanghai 50 Index closed at 2,756.77, down 0.16 (-0.01%), with a trading volume of 144.6 billion yuan and an increase of 45.9 billion yuan [3]. - The CSI 300 Index closed at 4,014.81, up 4.78 (0.12%), with a trading volume of 443.8 billion yuan and an increase of 95.9 billion yuan [3]. - The CSI 500 Index closed at 6,027.08, up 44.03 (0.74%), with a trading volume of 263.5 billion yuan and an increase of 55.8 billion yuan [3]. - The CSI 1000 Index closed at 6,461.10, up 54.53 (0.85%), with a trading volume of 352.1 billion yuan and an increase of 55.3 billion yuan [3]. 3.2 Option Underlying ETF Market Overview - The Shanghai 50 ETF closed at 2.871, up 0.013 (0.45%), with a trading volume of 12.5112 million shares and an increase of 12.4553 million shares, and a trading value of 3.611 billion yuan and an increase of 2.012 billion yuan [4]. - The Shanghai 300 ETF closed at 4.079, up 0.014 (0.34%), with a trading volume of 12.6486 million shares and an increase of 12.5853 million shares, and a trading value of 5.184 billion yuan and an increase of 2.614 billion yuan [4]. - The Shanghai 500 ETF closed at 6.090, up 0.052 (0.86%), with a trading volume of 2.4912 million shares and an increase of 2.4782 million shares, and a trading value of 1.517 billion yuan and an increase of 0.731 billion yuan [4]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.047, up 0.014 (1.36%), with a trading volume of 44.541 million shares and an increase of 44.2734 million shares, and a trading value of 4.652 billion yuan and an increase of 1.887 billion yuan [4]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.020, up 0.013 (1.29%), with a trading volume of 9.7233 million shares and an increase of 9.668 million shares, and a trading value of 0.99 billion yuan and an increase of 0.432 billion yuan [4]. - The Shenzhen 300 ETF closed at 4.213, up 0.014 (0.33%), with a trading volume of 2.3967 million shares and an increase of 2.3852 million shares, and a trading value of 1.013 billion yuan and an increase of 0.529 billion yuan [4]. - The Shenzhen 500 ETF closed at 2.435, up 0.021 (0.87%), with a trading volume of 1.4792 million shares and an increase of 1.4757 million shares, and a trading value of 0.36 billion yuan and an increase of 0.277 billion yuan [4]. - The Shenzhen 100 ETF closed at 2.808, up 0.017 (0.61%), with a trading volume of 0.3441 million shares and an increase of 0.3414 million shares, and a trading value of 0.097 billion yuan and an increase of 0.02 billion yuan [4]. - The ChiNext ETF closed at 2.185, up 0.016 (0.74%), with a trading volume of 11.4193 million shares and an increase of 11.3347 million shares, and a trading value of 2.494 billion yuan and an increase of 0.663 billion yuan [4]. 3.3 Option Factor - Volume and Position PCR - For the Shanghai 50 ETF option, the trading volume was 2.8049 million contracts, an increase of 1.3081 million contracts; the open interest was 1.6859 million contracts, an increase of 0.1657 million contracts; the trading volume PCR was 0.75, a decrease of 0.06; the open interest PCR was 1.20, an increase of 0.04 [5]. - Similar data are provided for other option varieties such as the Shanghai 300 ETF option, Shanghai 500 ETF option, etc. [5] 3.4 Option Factor - Pressure and Support Points - For the Shanghai 50 ETF option, the underlying closing price was 2.871, the at-the-money strike price was 2.85, the pressure point was 2.90 with an offset of 0.05, the support point was 2.80 with an offset of 0.00, the maximum long position of call options was 91,889, and the maximum long position of put options was 147,064 [7]. - Similar data are provided for other option varieties such as the Shanghai 300 ETF option, Shanghai 500 ETF option, etc. [7] 3.5 Option Factor - Implied Volatility - For the Shanghai 50 ETF option, the at-the-money implied volatility was 13.72%, the weighted implied volatility was 15.46% with an increase of 1.54%, the annual average was 15.81%, the implied volatility of call options was 15.82%, the implied volatility of put options was 14.89%, the 20-day historical volatility was 12.30%, and the difference between implied and historical volatility was 3.16% [9]. - Similar data are provided for other option varieties such as the Shanghai 300 ETF option, Shanghai 500 ETF option, etc. [9] 3.6 Strategy and Recommendations - The financial option sector is divided into large-cap blue-chip stocks, small and medium-sized boards, and ChiNext. Different sectors and corresponding option varieties are recommended with different strategies [11]. - For example, for the financial stock sector (Shanghai 50 ETF, Shanghai 50), the underlying market shows a short-term upward trend with support below. Option strategies include constructing a bull spread combination strategy for directional gain, a neutral seller strategy for time value gain, and a covered call strategy [12]. - Similar strategy recommendations are provided for other sectors such as the large-cap blue-chip stock sector, small and medium-sized board sector, and ChiNext sector [12][13][14]

Report Summary 1. Investment Rating The document does not provide an investment rating for the industry. 2. Core Viewpoint The overall trend of agricultural products shows that oilseeds and oils have weakened, while oils, agricultural by - products are in a volatile market. Soft commodity sugar continues to be weak, cotton rises moderately, and grains such as corn and starch are in a weak and narrow - range consolidation. The recommended strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Category 3.1 Futures Market Overview - Different agricultural product futures have different price trends, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,110, up 12 (0.29%), with a trading volume of 13.66 million lots and an open interest of 19.98 million lots [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of soybean No.1 is 0.40, with a change of 0.03, and the open interest PCR is 0.49, with a change of 0.01 [4]. - **Pressure and Support Levels**: Determined from the strike prices of the maximum open interest of call and put options. For example, the pressure level of soybean No.1 is 4,500, and the support level is 4,100 [5]. - **Implied Volatility**: The weighted implied volatility of different agricultural products shows different trends. For example, the weighted implied volatility of soybean No.1 is 11.61%, with a change of 0.26% [6]. 3.3 Option Strategies for Different Products 3.3.1 Oilseeds and Oils - **Soybean No.1 and No.2**: The USDA July report adjusted the supply - demand balance of US soybeans. The option strategies include constructing a bearish option bear - spread combination, selling a neutral call + put option combination, and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The domestic soybean meal market has a weak recovery, and the option strategies include selling a bearish call + put option combination and a long collar strategy for spot hedging [8][9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The Malaysian palm oil market has changes in export and inventory. The option strategies include selling a bullish call + put option combination and a long collar strategy for spot hedging [10]. - **Peanut**: The peanut market has a weak downward trend. The option strategies include constructing a bearish option bear - spread combination and a long collar strategy for spot hedging [11]. 3.3.2 Agricultural By - products - **Pig**: The pig price has a recovery trend. The option strategies include selling a neutral call + put option combination and a covered call strategy for spot [11]. - **Egg**: The egg market is in a weak downward trend. The option strategies include constructing a bearish option bear - spread combination, selling a bearish call + put option combination [12]. - **Apple**: The apple market has a weak rebound. The option strategy is to sell a neutral call + put option combination [12]. - **Jujube**: The jujube market has a rebound and then a decline. The option strategies include selling a bearish wide - straddle option combination and a covered call strategy for spot hedging [13]. 3.3.3 Soft Commodities - **Sugar**: The sugar market has a super - bearish rebound. The option strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton market has a moderate upward trend. The option strategies include constructing a bullish option bull - spread combination, selling a neutral call + put option combination, and a covered call strategy for spot [14]. 3.3.4 Grains - **Corn and Starch**: The corn market is in a weak downward trend. The option strategies include constructing a bearish option bear - spread combination, selling a bearish call + put option combination [14].

Group 1: Report Summary - The report provides a strategy morning report for metal options on July 11, 2025, covering有色金属, precious metals, and black metals [1][2]. - It includes an overview of the underlying futures market, analysis of option factors, and specific option strategies and recommendations for each metal variety [3][4][7]. Group 2: Underlying Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, such as copper, aluminum, zinc, etc. [3] Group 3: Option Factor Analysis - Option factor analysis includes volume - open interest PCR, pressure and support levels, and implied volatility for different metal options [4][5][6]. - Volume PCR and open - interest PCR are used to describe the strength and potential turning points of the underlying asset's market [4]. - Pressure and support levels are determined from the strike prices with the largest open interest of call and put options [5]. - Implied volatility is calculated as the arithmetic average of call and put at - the - money options and volume - weighted average [6]. Group 4: Option Strategies and Recommendations Non - Ferrous Metals - **Copper Options**: Directional strategy is to construct a bull call spread; volatility strategy is to construct a short - volatility option seller portfolio; spot hedging strategy is to hold spot long + buy put + sell out - of - the - money call [8]. - **Aluminum/Alumina Options**: Directional strategy is a bull call spread; volatility strategy is to sell a bullish call + put option combination; spot hedging strategy is a collar strategy [9]. - **Zinc/Pb Options**: Volatility strategy is to sell a neutral call + put option combination; spot hedging strategy is a collar strategy [9]. - **Nickel Options**: Volatility strategy is to sell a bearish call + put option combination; spot risk - hedging strategy is to hold spot long + buy put [10]. - **Tin Options**: Volatility strategy is a short - volatility strategy; spot hedging strategy is a collar strategy [10]. - **Lithium Carbonate Options**: Volatility strategy is to sell a neutral call + put option combination; spot covered strategy is to hold spot long + sell call [11]. Precious Metals - **Gold/Silver Options**: Volatility strategy is to construct a bullish short - volatility option seller portfolio; spot hedging strategy is to hold spot long + buy put + sell out - of - the - money call [12]. Black Metals - **Rebar Options**: Directional strategy is a bull call spread; volatility strategy is to sell a neutral call + put option combination; spot covered strategy is to hold spot long + sell call [13]. - **Iron Ore Options**: Directional strategy is a bull call spread; volatility strategy is to sell a bullish call + put option combination; spot hedging strategy is a collar strategy [13]. - **Ferroalloy Options**: Volatility strategy is a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Directional strategy is a bull call spread; volatility strategy is to sell a bullish call + put option combination; spot covered strategy is to hold spot long + sell call [14]. - **Glass Options**: Volatility strategy is to sell a call + put option combination to short volatility; spot hedging strategy is a collar strategy [15].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy and chemical options market involves various sectors such as energy, polyolefins, polyesters, and alkali chemicals. - Strategies suggest constructing option - combination strategies mainly as sellers and spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various energy and chemical futures contracts. For example, the latest price of crude oil (SC2508) is 520, with a price increase of 4 and a rise - fall rate of 0.85%. The trading volume is 12.89 million lots, and the open interest is 2.45 million lots [4]. 3.2 Option Factors - Volume and Open Interest PCR - Volume and open interest PCR are used to analyze the strength of the option underlying market and the turning points of the market. For instance, the volume PCR of crude oil is 0.81 with a change of 0.08, and the open - interest PCR is 0.69 with a change of 0.06 [6]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels are determined based on the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil is 660, and the support level is 450 [7]. 3.4 Option Factors - Implied Volatility - Implied volatility includes at - the - money implied volatility and volume - weighted implied volatility. For example, the at - the - money implied volatility of crude oil is 27.63%, and the weighted implied volatility is 33.49% with a change of 0.60 [8]. 3.5 Strategy and Recommendations - **Energy - related Options (Crude Oil)**: - Fundamental analysis shows that US crude inventories and production have specific changes. The market trend of crude oil has been fluctuating since May. - Option factors indicate that the implied volatility is around the average, and the open - interest PCR below 0.80 suggests increasing short - selling power. - Strategies include constructing a neutral call + put option - selling combination for volatility, and a long - collar strategy for spot hedging [9]. - **Liquefied Petroleum Gas (LPG) Options**: - Fundamental factors such as geopolitical concerns and inventory situations affect the market. The LPG market has shown a short - term bearish trend. - Option factors show that the implied volatility is around the historical average, and the open - interest PCR below 0.60 indicates increasing short - selling power. - Strategies are similar to crude oil, including option - selling combinations and long - collar strategies [11]. - **Methanol Options**: - Fundamental analysis focuses on port inventories and MTO device utilization rates. The methanol market has shown short - term narrow - range fluctuations. - Option factors indicate that the implied volatility is around the historical average, and the open - interest PCR around 0.80 suggests a weak - oscillating market. - Strategies involve option - selling combinations and long - collar strategies [11]. - **Ethylene Glycol Options**: - The market price of ethylene glycol has shown a weak - bearish oscillating pattern. - Option factors show that the implied volatility is around the historical average, and the open - interest PCR around 0.70 indicates a weak market. - Strategies include a short - volatility strategy and a long - collar strategy for spot hedging [12]. - **Polyolefin Options (Polypropylene, Polyvinyl Chloride, Plastic, Styrene)**: - Fundamental analysis focuses on production and supply changes. The polyolefin market has shown different trends, generally with bearish pressure. - Option factors indicate that the implied volatility is around the historical average, and the decreasing open - interest PCR suggests a weakening market. - Strategies mainly involve spot - hedging strategies such as long - collar strategies [12]. - **Rubber Options**: - The rubber market has shown a low - level consolidation pattern. - Option factors show that the implied volatility is around the average, and the open - interest PCR below 0.60 indicates a bearish market. - Strategies include constructing a neutral call + put option - selling combination [13]. - **Polyester Options (Para - xylene, PTA, Short - fiber, Bottle - chip)**: - The PTA market has shown significant fluctuations. - Option factors indicate that the implied volatility is around the average, and the open - interest PCR around 0.80 suggests a weakening market. - Strategies involve constructing a neutral call + put option - selling combination [14]. - **Caustic Soda Options**: - Fundamental analysis focuses on inventory and profit changes. The caustic soda market has shown a trend of first falling and then rising. - Option factors show that the implied volatility is decreasing and around the average, and the open - interest PCR rising to 0.80 suggests a strengthening market. - Strategies include a bear - spread strategy for directional trading and a covered - call strategy for spot hedging [15]. - **Soda Ash Options**: - The soda ash market has shown a long - term weak - bearish trend. - Option factors indicate that the implied volatility is around the historical average, and the open - interest PCR below 0.50 suggests a weak - oscillating market. - Strategies include a bear - spread strategy, a short - bearish call + put option - selling combination, and a long - collar strategy for spot hedging [15]. - **Urea Options**: - The urea market has shown an oscillating pattern under bearish pressure. - Option factors show that the implied volatility is slightly below the historical average, and the open - interest PCR below 0.80 suggests a weak market. - Strategies include constructing a neutral call + put option - selling combination and a long - collar strategy for spot hedging [16].

1. Report Industry Investment Rating - No relevant information provided in the report. 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 market trend of high - level fluctuations with a slight upward bias [2]. - The implied volatility of financial options fluctuates at a relatively low average level [2]. - For ETF options, it is suitable to construct covered strategies, neutral double - selling strategies, and vertical spread combination strategies; for stock index options, it is suitable to construct 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 Index Overview - The Shanghai Composite Index closed at 3,493.05, down 4.43 points or 0.13%, with a trading volume of 596 billion yuan and an increase of 28.5 billion yuan in trading volume [3]. - The Shenzhen Component Index closed at 10,581.80, down 6.60 points or 0.06%, with a trading volume of 909.2 billion yuan and an increase of 22.8 billion yuan in trading volume [3]. - Other important indices such as the SSE 50, CSI 300, CSI 500, and CSI 1000 also have their respective closing prices, price changes, and trading volume changes [3]. 3.2 Option - Underlying ETF Market Overview - The closing prices, price changes, trading volumes, and trading volume changes of various option - underlying ETFs are presented, such as the SSE 50ETF, SSE 300ETF, etc. [4]. 3.3 Option Factor - Volume and Position PCR - The volume and position PCR data of different option varieties, including their changes, are provided, which can be used to analyze the strength and turning points of the option - underlying market [5]. 3.4 Option Factor - Pressure and Support Points - The pressure points, support points, and related offsets of different option varieties are given, which are determined by the strike prices of the maximum open interest of call and put options [7]. 3.5 Option Factor - Implied Volatility - The implied volatility data of different option varieties, including at - the - money implied volatility, weighted implied volatility, and their changes, are presented, which can be used to assess market expectations of future price fluctuations [9]. 3.6 Strategy and Suggestions - The financial options sector is divided into large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks, with specific option varieties assigned to each sector [11]. - For each sector, option strategies and suggestions are provided based on the analysis of the underlying market, option factor research, and specific option varieties [12][13][14]. 3.7 Option Charts - Charts of various option varieties, including price trends, volume and position changes, PCR trends, and implied volatility trends, are presented to visually show the market conditions of different option varieties [15][29][47]

Report Summary 1. Report Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different options strategies and suggestions are provided for selected varieties in each sector based on the analysis of underlying market conditions, option factor research, and option strategy recommendations [7]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - For various metal options, information such as the latest price, price change, percentage change, trading volume, volume change, open interest, and open interest change of the underlying contracts is presented. For example, the latest price of copper (CU2508) is 78,330, with a decrease of 580 and a decline rate of 0.74% [3]. 3.2 Option Factor - Volume and Open Interest PCR - The volume and open interest PCR data 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. For instance, the volume PCR of copper is 0.75 with a change of - 0.12, and the open interest PCR is 0.61 with a change of - 0.06 [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of different metal options are determined from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of copper is 82,000 and the support level is 78,000 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility data of different metal options are provided, including at - the - money implied volatility, weighted implied volatility, and its change. For example, the at - the - money implied volatility of copper is 12.67%, and the weighted implied volatility is 17.79% with a change of 2.24% [6]. 3.5 Strategy and Suggestions - **Non - ferrous Metals** - **Copper Options**: Based on the analysis of copper fundamentals, market conditions, option factors, directional strategies (constructing a bull - spread combination of call options), volatility strategies (constructing a short - volatility seller option combination), and spot long - hedging strategies are proposed [8]. - **Aluminum/Alumina Options**: Analyze the fundamentals and market conditions of aluminum and alumina, and suggest directional strategies (bull - spread combination of call options), volatility strategies (constructing a short - position call + put option combination), and spot long - hedging strategies [9]. - **Zinc/Lead Options**: Provide strategies for zinc and lead options, including volatility strategies (constructing a short - neutral call + put option combination) and spot long - hedging strategies [9]. - **Nickel Options**: Suggest volatility strategies (constructing a short - bearish call + put option combination) and spot long - hedging strategies for nickel options [10]. - **Tin Options**: Propose volatility strategies (short - volatility strategy) and spot long - hedging strategies for tin options [10]. - **Lithium Carbonate Options**: Suggest volatility strategies (constructing a short - neutral call + put option combination) and spot long - covered call strategies for lithium carbonate options [11]. - **Precious Metals** - **Gold/Silver Options**: Analyze the fundamentals and market conditions of gold and silver, and suggest volatility strategies (constructing a long - biased short - volatility option seller combination) and spot long - hedging strategies [12]. - **Black Metals** - **Rebar Options**: Provide volatility strategies (constructing a short - neutral call + put option combination) and spot long - covered call strategies for rebar options [13]. - **Iron Ore Options**: Suggest volatility strategies (constructing a short - bullish call + put option combination) and spot long - hedging strategies for iron ore options [13]. - **Ferroalloy Options**: Propose volatility strategies (short - volatility strategy) for ferroalloy options [14]. - **Industrial Silicon/Polysilicon Options**: Provide volatility strategies (constructing a short - neutral call + put option combination) and spot long - covered call strategies for industrial silicon and polysilicon options [14]. - **Glass Options**: Suggest volatility strategies (constructing a short - volatility call + put option combination) and spot long - hedging strategies for glass options [15].

Group 1: Report Overview - The report is an Energy and Chemical Options Strategy Morning Report, covering energy, polyolefins, polyesters, alkali chemicals, and other energy - chemical options [2][3] - The recommended strategy is to construct option combination strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various underlying futures such as crude oil, LPG, methanol, etc. are presented. For example, the latest price of crude oil (SC2508) is 516, with a price increase of 6 and a rise - fall rate of 1.26% [4] Group 3: Option Factors - Volume and Open Interest PCR - The volume PCR and open - interest PCR of various options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of crude oil options is 0.73, with a change of 0.01, and the open - interest PCR is 0.63, with a change of 0.03 [6] Group 4: Option Factors - Pressure and Support Levels - The pressure and support levels of various options are determined from the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil options is 660, and the support level is 450 [7] Group 5: Option Factors - Implied Volatility - The implied volatility data of various options are given, including at - the - money implied volatility, weighted implied volatility, and its changes, annual average, call and put implied volatility, HISV20, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 26.785, and the weighted implied volatility is 32.88, with a change of - 1.18 [8] Group 6: Strategy and Recommendations for Different Options Energy - related Options Crude Oil - Fundamental situation: US crude oil inventories have different changes, production remains unchanged, and the number of active rigs and fracturing fleets decreases. The market shows short - term weakness. Option factors indicate that implied volatility fluctuates around the mean, the open - interest PCR is below 0.80, and the pressure and support levels are 660 and 450 respectively. Recommended strategies include constructing a short - neutral call + put option combination strategy and a long collar strategy [9] LPG - Fundamental situation: Geopolitical concerns and seasonal factors affect the market. The market shows short - term weakness. Option factors show that implied volatility fluctuates at a relatively high level around the historical mean, the open - interest PCR is below 0.60, and the pressure and support levels are 5100 and 4000 respectively. Recommended strategies are similar to those of crude oil [11] Alcohol - related Options Methanol - Fundamental situation: Port inventory and MTO device utilization rate change. The market shows short - term narrow - range fluctuations. Option factors indicate that implied volatility fluctuates around the historical mean, the open - interest PCR is 0.84, and the pressure and support levels are 2950 and 2200 respectively. Recommended strategies include constructing a short - neutral call + put option combination strategy and a long collar strategy [10][11] Ethylene Glycol - Fundamental situation: Market price adjusts slightly, and inventory accumulates. The market shows weak and bearish fluctuations. Option factors show that implied volatility fluctuates around the historical mean, the open - interest PCR is around 0.70, and the pressure and support levels are 4350 and 4300 respectively. Recommended strategies include constructing a short - volatility strategy and a long collar strategy [12] Polyolefin - related Options Polypropylene - Fundamental situation: Production changes slightly. The market shows a weak trend with upward pressure. Option factors indicate that implied volatility fluctuates around the historical mean, the open - interest PCR drops below 0.80, and the pressure and support levels are 7500 and 6800 respectively. Recommended strategies include a long collar strategy [12] Rubber - related Options - Fundamental situation: Exchange inventories of different types of rubber are provided. The market shows low - level consolidation. Option factors show that implied volatility fluctuates around the mean, the open - interest PCR is below 0.60, and the pressure and support levels are 21000 and 13000 respectively. Recommended strategies include constructing a short - neutral call + put option combination strategy [13] Polyester - related Options - Fundamental situation: PTA inventory decreases, and product inventory accumulates. The market shows significant fluctuations. Option factors indicate that implied volatility fluctuates around the mean, the open - interest PCR is around 0.90, and the pressure and support levels are 5800 and 3800 respectively. Recommended strategies include constructing a short - neutral call + put option combination strategy [14] Alkali - related Options Caustic Soda - Fundamental situation: Inventory and profit change. The market shows a trend of first falling and then rising. Option factors show that implied volatility decreases and fluctuates around the mean, the open - interest PCR rises to 0.70, and the pressure and support levels are 2520 and 2360 respectively. Recommended strategies include constructing a put option bear spread combination strategy [15] Soda Ash - Fundamental situation: Supply - demand relationship and market atmosphere are weak. The market shows weak and low - level consolidation. Option factors indicate that implied volatility fluctuates around the historical mean, the open - interest PCR is below 0.50, and the pressure and support levels are 1220 and 1140 respectively. Recommended strategies include constructing a put option bear spread combination strategy, a short - bearish call + put option combination strategy, and a long collar strategy [15] Urea - Fundamental situation: Supply - demand difference changes, and inventory decreases. The market shows fluctuations under bearish pressure. Option factors show that implied volatility fluctuates slightly below the historical mean, the open - interest PCR is below 0.80, and the pressure and support levels are 1900 and 1700 respectively. Recommended strategies include constructing a short - neutral call + put option combination strategy and a long collar strategy [17]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals showing a volatile decline, construct a seller's neutral volatility strategy [2]. - For the black - series with a gradual range - bound consolidation, it is suitable to construct a seller's option neutral combination strategy [2]. - For precious metals like gold with a high - level consolidation and a weak decline, construct a spot hedging strategy [2]. 3. Summary According to the Directory 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2508) is 80,030, with a price increase of 550 and a trading volume of 6.13 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of various metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the open interest PCR of copper options is 0.67, with a change of - 0.01 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed from the perspective of the maximum open interest of call and put options. For example, the pressure point of copper options is 82,000 and the support point is 78,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of various metal options is presented, 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 copper options is 11.20% [6]. 3.5 Strategy and Recommendations for Different Metal Categories 3.5.1 Non - Ferrous Metals - **Copper Options**: The copper market shows a high - level range - bound shock and then an upward breakthrough followed by a continuous decline. Construct a bullish option bull - spread strategy, a short - volatility option combination strategy, and a spot long - hedging strategy [8]. - **Aluminum/Alumina Options**: The aluminum market shows a bullish rise, high - level shock, and then a decline. Construct a bullish option bull - spread strategy, a short - option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead Options**: The zinc market shows a bullish upward and high - level range - bound shock. Construct a short - option combination strategy and a spot collar strategy [9]. - **Nickel Options**: The nickel market shows a weak rebound. Construct a short - option combination strategy with a short bias and a spot long - hedging strategy [10]. - **Tin Options**: The tin market shows a short - term weak shock. Construct a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: The lithium carbonate market shows an oversold rebound. Construct a short - option combination strategy with a neutral bias and a spot covered - call strategy [11]. 3.5.2 Precious Metals - **Gold/Silver Options**: The gold market shows a short - term weak shock. Construct a short - volatility option seller's combination strategy with a bullish bias and a spot hedging strategy [12]. 3.5.3 Black - Series - **Rebar Options**: The rebar market shows an oversold rebound with strong upward momentum. Construct a short - option combination strategy and a spot covered - call strategy [13]. - **Iron Ore Options**: The iron ore market shows a bullish upward trend. Construct a short - option combination strategy with a bullish bias and a spot collar strategy [13]. - **Ferroalloy Options**: The manganese silicon market shows a weak rebound. Construct a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: The industrial silicon market shows a rebound and then a range - bound shock. Construct a short - option combination strategy and a spot covered - call strategy [14]. - **Glass Options**: The glass market shows a rebound from a weak bearish trend. Construct a short - volatility option combination strategy and a spot collar strategy [15].

Group 1: Report Overview - The report is an agricultural product options strategy morning report dated July 9, 2025 [1][2] - The agricultural product sector is divided into beans, oils, agricultural by - products, soft commodities, grains, and others [8] - The report provides option strategies and suggestions for selected varieties in each sector [8] Group 2: Market Conditions Futures Market - Different agricultural product futures have various price trends. For example, soybean No.1 (A2509) closed at 4,106 with a 0.39% increase, while soybean meal (M2509) closed at 2,936 with a 0.07% decrease. There are also differences in trading volume and open interest changes [3] Option Factors - Volume and open - interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of soybean No.1 is 0.47 with a change of - 0.14, and the open - interest PCR is 0.46 with a change of - 0.04 [4] - Pressure and support levels are determined from the strike prices of the maximum open positions of call and put options. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,100 [5] - Implied volatility shows the market's expectation of future price fluctuations. For example, the average implied volatility of soybean No.1 is 9.515%, and the weighted implied volatility is 11.77% with a change of 0.09% [6] Group 3: Option Strategies and Suggestions Oilseeds and Oils Options - **Soybean No.1 and No.2**: For soybean No.1, the fundamental situation of US soybeans is neutral. The option strategies include constructing a bear spread of put options, selling a neutral call + put option combination, and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: For soybean meal, the daily average trading volume increased, and the delivery volume decreased week - on - week. The option strategies include selling a bearish call + put option combination and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: For palm oil, the expected production decreased, and the export volume increased in June 2025. The option strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [10] - **Peanuts**: The spot price of peanuts was stable, and the trading was light. The option strategies include constructing a bear spread of put options and a long collar strategy for spot hedging [11] Agricultural By - product Options - **Pigs**: The supply was tight at the beginning of the month, and the demand decreased. The option strategies include selling a neutral call + put option combination and a long - call covered strategy for spot [11] - **Eggs**: The inventory of laying hens increased. The option strategies include constructing a bear spread of put options, selling a bearish call + put option combination [12] - **Apples**: The cold - storage inventory decreased. The option strategy is to sell a neutral call + put option combination [12] - **Jujubes**: The inventory decreased slightly, and the consumption was in the off - season. The option strategies include selling a bearish wide - straddle option combination and a long - call covered strategy for spot hedging [13] Soft Commodity Options - **Sugar**: The spot price was weak in June, and the sales volume was limited in the off - season. The option strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [13] - **Cotton**: The market was in a narrow - range shock. The option strategies include constructing a bull spread of call options, selling a neutral call + put option combination, and a long - call covered strategy for spot [14] Grain Options - **Corn and Starch**: Corn planting has ended, and the price may be affected by weather. The option strategy is to sell a neutral call + put option combination [14]

Report Overview - Report Title: Energy Chemical Options Strategy Morning Report [2] - Date: July 9, 2025 - Scope: Energy chemicals, including energy (crude oil, LPG), polyolefins (PP, PVC, etc.), polyesters (PX, PTA, etc.), alkali chemicals (caustic soda, soda ash), and others (rubber) [3] - Strategy: Construct option portfolio strategies mainly as sellers, and spot hedging or covered strategies to enhance returns [3] 1. Market Overview of Underlying Futures - Multiple energy chemical futures are presented, including details such as latest price, change, change rate, trading volume, and open interest. For example, crude oil (SC2508) is priced at 512, up 11 with a 2.13% increase, trading volume of 13.35 million lots, and open interest of 2.63 million lots [4]. 2. Option Factors 2.1 Quantity and Open Interest PCR - For various options, their quantity PCR and open - interest PCR are given, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the quantity PCR of crude oil options is 0.72, with a change of 0.07, and the open - interest PCR is 0.60, with a change of - 0.02 [5]. 2.2 Pressure and Support Levels - Pressure and support levels of each option underlying are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil is 660 and the support level is 450 [6]. 2.3 Implied Volatility - Implied volatility data of options are provided, including at - the - money implied volatility, weighted implied volatility, and its change, etc. For example, the at - the - money implied volatility of crude oil options is 26.515, and the weighted implied volatility is 34.07, down 1.05 [7]. 3. Strategy and Recommendations 3.1 Energy - related Options Crude Oil - Fundamental analysis: U.S. crude oil inventories and production data are presented. The market shows a short - term weak trend. - Option factor research: Implied volatility remains at a relatively high historical level, and the open - interest PCR below 0.80 indicates increasing short - selling power. - Strategy: Construct a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [8]. LPG - Fundamental analysis: Geopolitical factors and cost changes affect the market. It shows a short - term bearish trend. - Option factor research: Implied volatility fluctuates slightly above the historical average, and the open - interest PCR below 0.60 indicates increasing short - selling power. - Strategy: Similar to crude oil, construct a short - neutral option combination strategy and a long collar strategy for spot hedging [10]. 3.2 Alcohol - related Options Methanol - Fundamental analysis: Port inventory and MTO device utilization data are provided. The market shows short - term narrow - range fluctuations. - Option factor research: Implied volatility is at a relatively high historical average, and the open - interest PCR around 0.90 indicates a volatile market. - Strategy: Construct a short - neutral option combination strategy and a long collar strategy for spot hedging [10]. Ethylene Glycol - Fundamental analysis: Market price and supply - demand expectations are considered. The market shows a weak and bearish oscillating pattern. - Option factor research: Implied volatility fluctuates around the historical average, and the open - interest PCR around 0.70 indicates a weak trend. - Strategy: Construct a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.3 Polyolefin - related Options Polypropylene - Fundamental analysis: Production volume and new device data are presented. The market shows a weak pattern with overhead pressure. - Option factor research: Implied volatility fluctuates around the historical average, and the decreasing open - interest PCR below 0.80 indicates a weakening trend. - Strategy: For spot hedging, hold a long spot position + buy an at - the - money put option + sell an out - of - the - money call option [11]. 3.4 Rubber - related Options Rubber - Fundamental analysis: Exchange inventory data are provided. The market shows a low - level consolidation pattern. - Option factor research: Implied volatility fluctuates around the average, and the open - interest PCR below 0.60 indicates short - selling power. - Strategy: Construct a short - neutral option combination strategy [12]. 3.5 Polyester - related Options PTA - Fundamental analysis: Inventory data show a de - stocking trend. The market shows a highly volatile pattern. - Option factor research: Implied volatility remains at a relatively high historical level, and the open - interest PCR around 0.90 indicates a weakening trend. - Strategy: Construct a short - neutral option combination strategy [13]. 3.6 Alkali - related Options Caustic Soda - Fundamental analysis: Inventory and profit data are provided. The market shows a trend of first falling and then rebounding. - Option factor research: Implied volatility is decreasing and fluctuating around the average, and the open - interest PCR is 0.69. - Strategy: Construct a bearish put spread strategy for direction and a covered call strategy for spot hedging [14]. Soda Ash - Fundamental analysis: Supply - demand and market sentiment data are considered. The market shows a weak and bearish low - level consolidation pattern. - Option factor research: Implied volatility fluctuates around the historical average, and the open - interest PCR below 0.50 indicates a weak and oscillating market. - Strategy: Construct a bearish put spread strategy, a short - bearish option combination strategy, and a long collar strategy for spot hedging [14]. 3.7 Urea Options - Fundamental analysis: Supply - demand difference and inventory data are presented. The market shows an oscillating pattern under bearish pressure. - Option factor research: Implied volatility fluctuates slightly below the historical average, and the open - interest PCR below 0.80 indicates a weakening trend. - Strategy: Construct a short - neutral option combination strategy and a spot hedging strategy [15]