1. Report Industry Investment Rating - Not mentioned in the content 2. Core Viewpoints of the Report - The stock market shows a high - level oscillatory and mostly upward trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all performing in this way [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 index options, it is suitable to construct neutral double - selling strategies and arbitrage strategies between synthetic option futures long or short positions and futures short or long positions [2] 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,473.13, up 0.02% with a trading volume of 476.2 billion yuan and a volume change of - 91 billion yuan [3] - The Shenzhen Component Index closed at 10,435.51, down 0.70% with a trading volume of 732.4 billion yuan and a volume change of - 128.9 billion yuan [3] - The SSE 50 Index closed at 2,731.53, down 0.33% with a trading volume of 56.7 billion yuan and a volume change of - 18.4 billion yuan [3] - The CSI 300 Index closed at 3,965.17, down 0.43% with a trading volume of 225.1 billion yuan and a volume change of - 65.4 billion yuan [3] - The CSI 500 Index closed at 5,900.41, down 0.19% with a trading volume of 165.8 billion yuan and a volume change of - 45.6 billion yuan [3] - The CSI 1000 Index closed at 6,327.14, up 0.24% with a trading volume of 264.8 billion yuan and a volume change of - 39.8 billion yuan [3] 3.2 Option Underlying ETF Market Overview - The SSE 50 ETF closed at 2.828, down 0.28% with a trading volume of 2.882 million shares and a trading value of 815 million yuan and a value change of - 782 million yuan [4] - The SSE 300 ETF closed at 4.014, down 0.45% with a trading volume of 4.0225 million shares and a trading value of 1.615 billion yuan and a value change of - 2.626 billion yuan [4] - Other ETFs also have corresponding closing prices, price changes, trading volumes, and trading value changes [4] 3.3 Option Factor - Volume and Position PCR - For the SSE 50 ETF option, the trading volume was 683,800 contracts, with a volume change of - 982,900 contracts; the open interest was 1,345,000 contracts, with a position change of 80,200 contracts. The trading volume PCR was 1.02 with a change of 0.23, and the open interest PCR was 1.04 with a change of - 0.03 [5] - Other option varieties also have corresponding volume, position, and PCR data [5] 3.4 Option Factor - Pressure and Support Points - The pressure point of the SSE 50 ETF is 2.85, and the support point is 2.75 [7] - The pressure point of the SSE 300 ETF is 4.10, and the support point is 3.90 [7] - Other option varieties also have corresponding pressure and support points [7] 3.5 Option Factor - Implied Volatility - The at - the - money implied volatility of the SSE 50 ETF option is 12.22%, the weighted implied volatility is 12.67% with a change of - 0.23%, and the annual average is 15.92% [9] - Other option varieties also have corresponding implied volatility data [9] 3.6 Strategy and Suggestions 3.6.1 Financial Stock Sector (SSE 50 ETF, SSE 50) - The SSE 50 ETF has shown a short - term upward trend with support below. Its option implied volatility fluctuates below the average, and the open interest PCR is around 1.00, indicating a relatively strong oscillatory trend. Suggested strategies include constructing a bull spread combination strategy for call options, a neutral selling strategy for volatility, and a covered call strategy [12] 3.6.2 Large - Cap Blue - Chip Stock Sector (SSE 300 ETF, Shenzhen 300 ETF, CSI 300) - The SSE 300 ETF has shown a short - term upward trend. Its option implied volatility fluctuates below the average, and the open interest PCR is around 0.90, indicating an oscillatory trend with support below. Suggested strategies include a bull spread combination strategy for call options, a selling strategy for volatility, and a covered call strategy [12] 3.6.3 Medium - and Large - Cap Stock Sector (Shenzhen 100 ETF) - The Shenzhen 100 ETF has shown an oscillatory and mostly upward trend. Its option implied volatility fluctuates below the average, and the open interest PCR is above 1.00, indicating an oscillatory trend with stronger bullish power. Suggested strategies include a selling strategy for volatility and a covered call strategy [13] 3.6.4 Small - and Medium - Cap Stock Sector (SSE 500 ETF, Shenzhen 500 ETF, CSI 1000) - The SSE 500 ETF has shown an upward trend with support below. Its option implied volatility fluctuates slightly below the average, and the open interest PCR has gradually risen above 1.00, indicating a bullish oscillatory trend. Suggested strategies include a selling strategy for volatility and a covered call strategy [13] - The CSI 1000 index has shown a high - level oscillatory trend in an upward direction. Its option implied volatility fluctuates below the average, and the open interest PCR is around 1.00, indicating an oscillatory trend. Suggested strategies include a selling strategy for volatility [14] 3.6.5 ChiNext Sector (ChiNext ETF, Huaxia Science and Technology Innovation 50 ETF, E Fund Science and Technology Innovation 50 ETF) - The ChiNext ETF has shown a gentle upward trend with support below. Its option implied volatility fluctuates below the historical average, and the open interest PCR is 0.84, indicating an oscillatory trend. Suggested strategies include a selling strategy for volatility and a covered call strategy [14]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9]. - For each sector, some varieties are selected to provide option strategies and suggestions [9]. - Option strategy reports for each option variety are compiled based on underlying market analysis, option factor research, and option strategy suggestions [9]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, including crude oil, LPG, methanol, etc [4]. 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market. The report provides these data for different option varieties [5]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of option underlying are determined from the strike prices with the largest open interests of call and put options. The report lists these levels for various option varieties [6]. 3.4 Option Factors - Implied Volatility - The report provides data on at - the - money implied volatility, weighted implied volatility, average annual implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility for different option varieties [7]. 3.5 Option Strategies and Suggestions 3.5.1 Energy - related Options - **Crude Oil**: Fundamentals show changes in US crude oil inventories, production, and the number of active rigs and fracturing fleets. The market is short - term bearish. Option factors indicate high historical implied volatility, increasing short - selling power, a pressure level of 660, and a support level of 450. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [8]. - **LPG**: Fundamentals are affected by geopolitical concerns and import cost changes. The market is short - term bearish. Option factors show relatively high implied volatility, increasing short - selling power, a pressure level of 5100, and a support level of 4000. Strategies are similar to those of crude oil [10]. 3.5.2 Alcohol - related Options - **Methanol**: Fundamentals involve port inventory and MTO device utilization. The market shows short - term narrow - range fluctuations. Option factors indicate relatively high implied volatility, a fluctuating market, a pressure level of 2950, and a support level of 2200. Strategies include constructing a neutral short call + put option combination and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: Fundamentals are related to market prices and supply - demand structure. The market shows weak bearish fluctuations. Option factors show implied volatility around the historical average, weakening market, a pressure level of 4350, and a support level of 4300. Strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: Fundamentals involve production volume changes. The market shows weak bearish fluctuations. Option factors show implied volatility around the historical average, weakening market, a pressure level of 7500, and a support level of 6800. Strategies include a long collar strategy for spot hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: Fundamentals involve exchange inventories. The market shows low - level consolidation. Option factors show implied volatility around the average, increasing short - selling power, a pressure level of 21000, and a support level of 13000. Strategies include constructing a neutral short call + put option combination [12]. 3.5.5 Polyester - related Options - **PTA**: Fundamentals involve inventory changes. The market shows sharp fluctuations. Option factors indicate high historical implied volatility, weakening market, a pressure level of 5800, and a support level of 4500. Strategies include constructing a neutral short call + put option combination [13]. 3.5.6 Alkali - related Options - **Caustic Soda**: Fundamentals involve inventory and profit changes. The market shows short - term narrow - range fluctuations. Option factors show decreasing implied volatility, a weak market, a pressure level of 2400, and a support level of 2200. Strategies include constructing a bear - spread put option combination and a covered call strategy for spot hedging [14]. - **Soda Ash**: Fundamentals involve supply - demand and market sentiment. The market shows weak bearish low - level consolidation. Option factors show implied volatility around the historical average, a weak and fluctuating market, a pressure level of 1220, and a support level of 1120. Strategies include constructing a bear - spread put option combination, a short - bearish call + put option combination, and a long collar strategy for spot hedging [14]. 3.5.7 Other Options - **Urea**: Fundamentals involve supply - demand differences and inventory changes. The market shows bearish fluctuations. Option factors show implied volatility below the historical average, a weakening market, a pressure level of 1900, and a support level of 1700. Strategies include constructing a neutral short call + put option combination 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 Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks showed a market trend of high - level oscillation with a slight upward bias [3]. - The implied volatility of financial options fluctuated at a relatively high average level [3]. - For ETF options, it is suitable to construct covered strategies, neutral double - selling strategies, and vertical spread combination strategies; for index options, it is suitable to construct neutral double - selling strategies and arbitrage strategies by combining synthetic long or short options with short or long futures [3]. 3. Summary by Relevant Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,472.32, up 11.17 points or 0.32%, with a trading volume of 567.2 billion yuan and an increase of 67 billion yuan in trading volume [4]. - The Shenzhen Component Index closed at 10,508.76, down 25.82 points or 0.25%, with a trading volume of 861.3 billion yuan and an increase of 51.8 billion yuan in trading volume [4]. - The SSE 50 Index closed at 2,740.44, up 15.90 points or 0.58%, with a trading volume of 75.1 billion yuan and an increase of 15.2 billion yuan in trading volume [4]. - The CSI 300 Index closed at 3,982.20, up 14.14 points or 0.36%, with a trading volume of 290.5 billion yuan and an increase of 20.9 billion yuan in trading volume [4]. - The CSI 500 Index closed at 5,911.44, down 11.22 points or 0.19%, with a trading volume of 211.4 billion yuan and an increase of 36.7 billion yuan in trading volume [4]. - The CSI 1000 Index closed at 6,312.20, down 30.44 points or 0.48%, with a trading volume of 304.7 billion yuan and an increase of 34.2 billion yuan in trading volume [4]. 3.2 Option - underlying ETF Market Overview - The SSE 50 ETF closed at 2.836, up 0.016 or 0.57%, with a trading volume of 5.6312 million shares and an increase of 5.6086 million shares in trading volume, and a trading value of 1.597 billion yuan and an increase of 0.96 billion yuan in trading value [5]. - The SSE 300 ETF closed at 4.032, up 0.017 or 0.42%, with a trading volume of 10.5256 million shares and an increase of 10.457 million shares in trading volume, and a trading value of 4.241 billion yuan and an increase of 1.492 billion yuan in trading value [5]. - The SSE 500 ETF closed at 5.963, down 0.008 or 0.13%, with a trading volume of 1.6262 million shares and an increase of 1.6142 million shares in trading volume, and a trading value of 0.971 billion yuan and an increase of 0.258 billion yuan in trading value [5]. - Other ETFs also have corresponding closing prices, trading volume changes, and trading value changes [5]. 3.3 Option Factor - Volume and Position PCR - For the SSE 50 ETF option, the trading volume was 1.6667 million contracts, an increase of 0.9589 million contracts; the position was 1.2648 million contracts, an increase of 0.037 million contracts; the trading volume PCR was 0.79, a decrease of 0.23; the position PCR was 1.07, an increase of 0.10 [6]. - For other option varieties, there are also corresponding volume, position, and PCR data and their changes [6]. 3.4 Option Factor - Pressure and Support Points - The SSE 50 ETF has a pressure point of 2.85 and a support point of 2.75 [8]. - Other option - underlying assets also have corresponding pressure and support points [8]. 3.5 Option Factor - Implied Volatility - The at - the - money implied volatility of the SSE 50 ETF option was 12.22%, the weighted implied volatility was 12.90%, an increase of 0.41%, the annual average was 16.03%, the call implied volatility was 13.08%, the put implied volatility was 12.66%, the HISV20 was 12.22%, and the implied - historical volatility difference was 0.68 [11]. - Other option varieties also have corresponding implied volatility data [11]. 3.6 Strategy and Recommendations - The financial options sector is divided into large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks. Different sectors have different representative option varieties [13]. - For each sector, option strategies and recommendations are provided for selected varieties. For example, for the financial stock sector (SSE 50 ETF and SSE 50), directional strategies include constructing a bull spread combination strategy of call options; volatility strategies include constructing a neutral seller strategy; and there are also spot long - covered strategies [14]. - Similar strategies and recommendations are given for other sectors such as large - and medium - cap stocks, small - cap stocks, and ChiNext stocks [15][16].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others[9]. - For each sector, some varieties are selected to give option strategies and suggestions[9]. - Option strategy reports are prepared for each option variety based on underlying market analysis, option factor research, and option strategy suggestions[9]. - Strategies involve 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 provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, etc.[4]. 3.2 Option Factor - Volume and Open Interest PCR - The volume PCR and open interest PCR of various energy - chemical options are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively[5]. 3.3 Option Factor - Pressure and Support Levels - The pressure points, support points, and the corresponding offsets of various energy - chemical options are given, which are determined by the strike prices of the maximum open interest of call and put options[6]. 3.4 Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, and its change, annual average, call implied volatility, put implied volatility, historical volatility, and the difference between implied and historical volatility of various energy - chemical options are provided. The weighted implied volatility uses volume - weighted average[7]. 3.5 Strategy and Suggestions for Different Options 3.5.1 Energy - related Options - **Crude Oil**: - **Underlying Market Analysis**: As of the week ending June 20, 2025, US crude oil inventories decreased, with strategic inventories increasing slightly and commercial inventories decreasing significantly. The crude oil market has shown a short - term weak trend since June[8]. - **Option Factor Research**: The implied volatility of crude oil options remains at a relatively high historical level, the open interest PCR is below 0.80, indicating increasing short - selling power, and the pressure level is 660 and the support level is 450[8]. - **Option Strategy Suggestions**: For volatility strategies, construct a short - neutral call + put option combination strategy. For spot long - hedging strategies, construct a long collar strategy[8]. - **LPG**: - **Underlying Market Analysis**: In May 2025, China's LPG production decreased year - on - year. The LPG market has shown a short - term bearish trend[10]. - **Option Factor Research**: The implied volatility of LPG options remains at a relatively high level compared to the historical average, the open interest PCR is below 0.80, indicating increasing short - selling power, and the pressure level is 5100 and the support level is 4000[10]. - **Option Strategy Suggestions**: Similar to crude oil, construct a short - neutral call + put option combination strategy for volatility and a long collar strategy for spot long - hedging[10]. 3.5.2 Alcohol - related Options - **Methanol**: - **Underlying Market Analysis**: Port and factory inventories have changed. The methanol market has shown a short - term narrow - range oscillation trend[10]. - **Option Factor Research**: The implied volatility of methanol options is at a relatively high level compared to the historical average, the open interest PCR is around 0.90, indicating an oscillating market, and the pressure level is 2950 and the support level is 2200[10]. - **Option Strategy Suggestions**: Construct a short - neutral call + put option combination strategy for volatility and a long collar strategy for spot long - hedging[10]. - **Ethylene Glycol**: - **Underlying Market Analysis**: Port and downstream factory inventories have changed. The ethylene glycol market has shown a bearish downward trend with upper pressure[11]. - **Option Factor Research**: The implied volatility of ethylene glycol options remains around the historical average, the open interest PCR is around 0.70, indicating a weak trend, and the pressure level is 4350 and the support level is 4300[11]. - **Option Strategy Suggestions**: Construct a short - volatility strategy for volatility and a long + put + short - call strategy for spot long - hedging[11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: - **Underlying Market Analysis**: The downstream operating rate of PP has decreased, and inventories have changed. The polypropylene market has shown a weak trend with upper pressure[11]. - **Option Factor Research**: The implied volatility of polypropylene options remains around the historical average, the open interest PCR has decreased below 0.80, indicating a weakening trend, and the pressure level is 7500 and the support level is 6800[11]. - **Option Strategy Suggestions**: For spot long - hedging, hold a long position + buy an at - the - money put option + sell an out - of - the - money call option[11]. 3.5.4 Rubber - related Options - **Rubber**: - **Underlying Market Analysis**: Supply is expected to increase, and demand is weak, resulting in limited upward space for rubber prices. The rubber market has shown a low - level consolidation trend[12]. - **Option Factor Research**: The implied volatility of rubber options remains around the average level, the open interest PCR is below 0.60, and the pressure level is 21000 and the support level is 13000[12]. - **Option Strategy Suggestions**: Construct a short - neutral call + put option combination strategy for volatility[12]. 3.5.5 Polyester - related Options - **PTA**: - **Underlying Market Analysis**: PTA inventory is at a low level, and it is expected to enter a de - stocking phase in July. The PTA market has shown a highly volatile trend recently[13]. - **Option Factor Research**: The implied volatility of PTA options remains at a relatively high level, the open interest PCR is above 1.00, indicating a relatively strong trend, and the pressure level is 5800 and the support level is 4500[13]. - **Option Strategy Suggestions**: Construct a short - neutral call + put option combination strategy for volatility[13]. 3.5.6 Alkali - related Options - **Caustic Soda**: - **Underlying Market Analysis**: The capacity utilization rate of caustic soda has changed slightly, and inventory has decreased. The caustic soda market has shown a bearish trend recently and has stabilized this week[14]. - **Option Factor Research**: The implied volatility of caustic soda options has been decreasing and is currently around the average level, the open interest PCR is below 0.60, indicating a weak trend, and the pressure level is 2400 and the support level is 2200[14]. - **Option Strategy Suggestions**: Construct a bear - spread strategy for direction and a long + short - call strategy for spot covered hedging[14]. - **Soda Ash**: - **Underlying Market Analysis**: The domestic soda ash market is weak, and inventory has increased slightly. The soda ash market has shown a weak bearish and low - level consolidation trend[14]. - **Option Factor Research**: The implied volatility of soda ash options is around the historical average, the open interest PCR is below 0.50, indicating a weak and oscillating trend, and the pressure level is 1220 and the support level is 1120[14]. - **Option Strategy Suggestions**: Construct a bear - spread strategy for direction, a short - bearish call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging[14]. 3.5.7 Other Options - **Urea**: - **Underlying Market Analysis**: Domestic urea port inventories have increased, and enterprise inventories have decreased slowly. The urea market has shown a bearish oscillating trend[15]. - **Option Factor Research**: The implied volatility of urea options is slightly below the historical average, the open interest PCR is below 0.80, and the pressure level is 1900 and the support level is 1700[15]. - **Option Strategy Suggestions**: Construct a short - neutral call + put option combination strategy for volatility and a long + put + short - call strategy for spot hedging[15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different options strategies are recommended for each sector and variety based on their fundamental and market conditions [7]. - For non - ferrous metals, it is recommended to construct bullish option bull spread combination strategies and short volatility strategies as they are in a mostly upward - trending or oscillating market. For black metals, which are in a range - bound consolidation, neutral option seller combination strategies are suitable. For precious metals, especially gold, which is in a high - level consolidation and weak decline, spot hedging strategies are recommended [2]. 3. Summary by Relevant Catalogs 3.1. Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper futures contract CU2508 is 80,900, with a price increase of 280 and a trading volume of 102,000 lots [3]. 3.2. Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of various metal options are presented. For example, the open interest PCR of copper options is 0.63, with a change of 0.03, which is used to describe the strength of the option underlying market [4]. 3.3. Option Factor - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed. For example, the pressure level of copper options is 82,000, and the support level is 77,000, which are determined by the maximum open interest of call and put options [5]. 3.4. Option Factor - Implied Volatility - The implied volatility of various metal options is reported, including at - the - money implied volatility and weighted implied volatility. For example, the at - the - money implied volatility of copper options is 14.01%, and the weighted implied volatility is 19.53% with a change of - 0.78% [6]. 3.5. Strategy and Recommendations 3.5.1. Non - Ferrous Metals - **Copper Options**: Construct bullish option bull spread combination strategies, short volatility seller option combination strategies, and spot long - position hedging strategies. The copper market has shown an upward - trending breakthrough after high - level consolidation [8]. - **Aluminum/Alumina Options**: Use bullish option bull spread combination strategies, short bullish call + put option combination strategies, and spot collar strategies. The aluminum market has shown a mostly upward - trending oscillating pattern [9]. - **Zinc/Lead Options**: Adopt bullish bull spread combination strategies, short neutral call + put option combination strategies, and spot collar strategies. The zinc market has shown an upward - trending breakthrough after a decline [9]. - **Nickel Options**: Use short bearish call + put option combination strategies and spot long - position hedging strategies. The nickel market has shown a weak rebound [10]. - **Tin Options**: Apply short volatility strategies and spot collar strategies. The tin market has shown a short - term upward - trending breakthrough after a wide - range oscillation [10]. - **Lithium Carbonate Options**: Use short neutral call + put option combination strategies and spot covered call strategies. The lithium carbonate market has shown a rebound after a decline [11]. 3.5.2. Precious Metals - **Gold/Silver Options**: Use short bullish volatility option seller combination strategies and spot hedging strategies. The gold market has shown a short - term weakening pattern after high - level consolidation [12]. 3.5.3. Black Metals - **Rebar Options**: Use short bearish call + put option combination strategies and spot covered call strategies. The rebar market has shown a weak rebound [13]. - **Iron Ore Options**: Adopt short neutral call + put option combination strategies and spot collar strategies. The iron ore market has shown a weak rebound after an upward - trending breakthrough [13]. - **Ferroalloy Options**: Use short volatility strategies. The manganese silicon market has shown a rebound after a decline [14]. - **Industrial Silicon/Polysilicon Options**: Use short neutral call + put option combination strategies and spot covered call strategies. The industrial silicon market has shown a rebound after a decline [14]. - **Glass Options**: Apply short volatility strategies and spot collar strategies. The glass market has shown a rebound after a decline [15].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural products sector is divided into beans, oils, agricultural by - products, soft commodities, grains, and others. Oils and fats, and 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 recover and then consolidate in a narrow range. It is recommended to construct option combination strategies mainly as sellers, and spot hedging or covered strategies to enhance returns [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures have different price changes. For example, the latest price of soybean No.1 (A2509) is 4,126, down 3 with a decline rate of 0.07%; the latest price of sugar (SR2509) is 5,716, down 65 with a decline rate of 1.12% [3]. 3.2 Option Factor - Volume and Position PCR - Different option varieties have different volume and position PCR values and their changes. For instance, the volume PCR of soybean No.1 is 0.41 with a change of 0.07, and the position PCR is 0.49 with a change of - 0.03 [4]. 3.3 Option Factor - Pressure and Support Levels - Each option variety has corresponding pressure and support levels. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,100; the pressure level of soybean meal is 3,100 and the support level is 2,900 [5]. 3.4 Option Factor - Implied Volatility - Implied volatility varies among different option varieties. For example, the at - the - money implied volatility of soybean No.1 is 9.575, and the weighted implied volatility is 11.66 with a change of - 0.24 [6]. 3.5 Strategy and Recommendations 3.5.1 Oils and Fats Options - **Beans (Soybean No.1, Soybean No.2)**: As of June 24, the purchase volume of soybeans from December to September is known. Soybean No.1 has a weak market. Its implied volatility is at a relatively high level, and the position PCR is below 0.7. The recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal, Rapeseed Meal**: The cost of distant - month soybean meal is in the range of 2,850 - 3,020 yuan/ton. The market shows a weak decline with support below. The implied volatility is slightly above the historical average, and the position PCR fluctuates around 0.8. Recommended strategies are similar to those for soybeans [9]. - **Palm Oil, Soybean Oil, Rapeseed Oil**: The fundamentals of oils are affected by multiple factors. Palm oil shows a pattern of rising and then falling. Its implied volatility is below the historical average, and the position PCR is around 1.0. Recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The peanut market has a weak supply - demand pattern. The implied volatility is at a low level, and the position PCR is below 0.8. The recommended strategies are a bearish spread strategy for put options and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pigs**: The pig price fluctuates upward. The implied volatility is above the historical average, and the position PCR is below 0.5. Recommended strategies include constructing a neutral short call + put option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The egg inventory is expected to increase, and the market shows a weak downward trend. The implied volatility is high, and the position PCR is below 0.6. The recommended strategy is a short - biased bearish call + put option combination strategy [12]. - **Apples**: The apple inventory is decreasing, and the market shows a weak rebound. The implied volatility is below the historical average, and the position PCR is below 0.6. The recommended strategy is a neutral short call + put option combination strategy [12]. - **Red Dates**: The red date inventory is slightly decreasing, and the market rebounds. The implied volatility is above the average and decreasing, and the position PCR is below 0.5. The recommended strategies are a short - biased long strangle option combination strategy and a covered call strategy for spot [13]. 3.5.3 Soft Commodity Options - **Sugar**: The supply of Brazilian sugar is affected. The sugar market shows a weak rebound. The implied volatility is at a low level, and the position PCR is around 0.8. Recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton market shows a mild upward trend. The implied volatility is at a low level and decreasing, and the position PCR is below 1.0. Recommended strategies are a bullish spread strategy for call options, a neutral short call + put option combination strategy, and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn, Starch**: The corn market is in a narrow - range consolidation. The implied volatility is at a low level, and the position PCR is around 0.8. The recommended strategy is a neutral short call + put option combination strategy [14].

金属期权 2025-07-02 金属期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 金属期权策略早报概要：（1）有色金属偏多震荡，构建看涨期权牛市价差组合策略和做空波动率策略策略；（2） 黑色系区间盘整震荡逐渐走弱，适合构建卖方期权中性组合策略；（3）贵金属黄金高位盘整弱势回落，构建现货 避险策略。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （% ...

Report Overview - Report Title: Financial Options Strategy Morning Report [1] - Date: July 1, 2025 - Analysts: Lu Pinxian, Huang Kehan [2] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The Shanghai Composite Index and large-cap blue-chip stocks are consolidating and fluctuating at high levels, while small and medium-cap stocks and ChiNext stocks are showing an upward trend [2]. - The implied volatility of financial options is fluctuating at a relatively high 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 suitable to construct neutral double-selling strategies and arbitrage strategies between synthetic futures long or short positions and futures short or long positions [2]. 3. Summary by Directory 3.1 Stock Market Review - The Shanghai Composite Index closed at 3,444.43, up 20.20 points or 0.59%, with a trading volume of 567.1 billion yuan, a decrease of 38.6 billion yuan [3]. - The Shenzhen Component Index closed at 10,465.12, up 86.57 points or 0.83%, with a trading volume of 919.7 billion yuan, a decrease of 15.6 billion yuan [3]. - The Shanghai 50 Index closed at 2,711.99, up 4.42 points or 0.16%, with a trading volume of 76.5 billion yuan, a decrease of 19.2 billion yuan [3]. - The CSI 300 Index closed at 3,936.08, up 14.32 points or 0.37%, with a trading volume of 288.8 billion yuan, a decrease of 54.6 billion yuan [3]. - The CSI 500 Index closed at 5,915.39, up 51.66 points or 0.88%, with a trading volume of 226.5 billion yuan, a decrease of 16.8 billion yuan [3]. - The CSI 1000 Index closed at 6,356.18, up 79.24 points or 1.26%, with a trading volume of 336.2 billion yuan, an increase of 5.8 billion yuan [3]. 3.2 ETF Option Market Overview - The closing prices of major ETFs such as SSE 50 ETF, SSE 300 ETF, and SSE 500 ETF showed varying degrees of increase [4]. - The trading volumes and trading amounts of most ETFs also showed certain changes [4]. 3.3 Option Factor - Volume and Position PCR - The volume and position PCR of different option varieties showed different trends, which can be used to describe the strength of the option underlying market and the turning point of the market [5][6]. 3.4 Option Factor - Pressure and Support Points - The pressure and support points of different option varieties can be seen from the strike prices of the maximum open interest of call and put options [7][8]. 3.5 Option Factor - Implied Volatility - The implied volatility of different option varieties showed different levels of fluctuation, and the weighted implied volatility was calculated using the trading volume weighted average of the current and next month's option contracts [9][10]. 3.6 Strategy and Recommendations - The financial option sector is divided into large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks. Different strategies are recommended for each sector [11]. - For example, for the financial stock sector (SSE 50 ETF, SSE 50), it is recommended to construct a bull spread combination strategy for directional trading, a neutral selling strategy for volatility trading, and a covered call strategy for spot trading [12].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural product sector shows different trends: oilseeds and oils are weakening, fats and oils, and agricultural by - products are in a volatile market, soft commodity sugar continues to be weak, cotton is rising moderately, and grains such as corn and starch are gradually warming up and then trading in a narrow range. It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,148, up 4 with a 0.10% increase, trading volume is 8.67 million lots (down 4.46 million lots), and open interest is 19.92 million lots (down 0.13 million lots) [3] 3.2 Option Factor - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes, which are used to describe the strength of option underlying market trends and whether there is a turning point. For example, the volume PCR of soybean No.1 is 0.61 (down 0.10), and the open interest PCR is 0.55 (down 0.03) [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of option underlyings are determined. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,100 [5] 3.4 Option Factor - Implied Volatility - Different option varieties have different implied volatility indicators, including at - the - money implied volatility, weighted implied volatility, and their changes, as well as the difference between implied and historical volatilities. For example, the at - the - money implied volatility of soybean No.1 is 9.625%, the weighted implied volatility is 11.36% (down 0.26%), and the difference between implied and historical volatilities is - 1.99 [6] 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamentals show the situation of soybean purchases and the physical inventory days of feed enterprises. The market trend of soybean No.1 is a high - level decline after a rebound. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: The cost of soybean meal is in a certain range, and the market is affected by factors such as oil mill crushing volume and downstream buying interest. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals are affected by factors such as palm oil production and export data, and Canadian rapeseed inventory. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Peanuts**: The spot market is in a situation of weak supply and demand. It is recommended to construct a bear spread strategy of put options and a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - products Options - **Pigs**: The pig price has been rising last week, and the market is affected by factors such as slaughter volume and weight. It is recommended to construct a short neutral call + put option combination strategy and a covered call strategy for spot [11] - **Eggs**: The egg inventory is expected to increase in the future, and the market is in a weak downward trend. It is recommended to construct a short bearish call + put option combination strategy [12] - **Apples**: The apple inventory is decreasing, and the market is in a weak rebound. It is recommended to construct a short bearish call + put option combination strategy [12] - **Jujubes**: The jujube inventory is slightly decreasing, and the market is in a rebound. It is recommended to construct a short bullish strangle option combination strategy and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodity Options - **Sugar**: The Brazilian sugar shipping situation and production forecast affect the market. The sugar market is in a weak rebound. It is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [13] - **Cotton**: The cotton spinning and weaving factory operating rates and inventory affect the market. The cotton market is in a mild upward trend. It is recommended to construct a bull spread strategy of call options, a short neutral call + put option combination strategy, and a covered call strategy for spot [14] 3.5.4 Grains Options - **Corn and Starch**: The corn oil market price is stable, and the corn market is in a volatile upward and then downward trend. It is recommended to construct a short neutral call + put option combination strategy [14]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The agricultural products sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall market shows that oilseeds and oils tend to rise, oils and agricultural by - products maintain a volatile trend, soft commodity sugar continues to be weak, cotton consolidates at a high level after a rebound, and grains such as corn and starch gradually recover and then trade in a narrow range. It is recommended to construct 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 report provides the latest prices, price changes, trading volumes, and open interest changes of various agricultural product futures such as soybeans, bean meal, palm oil, etc. For example, the latest price of soybean No.1 (A2509) is 4,150, down 2 points or 0.05% [3] 3.2 Option Factor Analysis 3.2.1 Volume and Open Interest PCR - Volume PCR and open - interest PCR are used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of soybean No.1 is 0.70 with a change of 0.02, and the open - interest PCR is 0.57 with a change of - 0.01 [4] 3.2.2 Pressure and Support Levels - The pressure and support levels of each option variety are analyzed. For instance, the pressure level of soybean No.1 is 4,500, and the support level is 4,100 [5] 3.2.3 Implied Volatility - The implied volatility of each option variety 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 soybean No.1 is 9.965, and the weighted implied volatility is 11.62 with a change of - 0.04 [6] 3.3 Strategy and Recommendations for Different Option Varieties 3.3.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The current annual net sales of US soybeans are higher than expected. Soybean No.1 has shown a pattern of rising after a rebound and then falling back. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7] - **Bean Meal and Rapeseed Meal**: The trading volume and delivery volume of bean meal have increased, and the basis has risen. Bean meal has rebounded and then consolidated at a high level. Similar to soybean No.1, a neutral short call + put option combination strategy and a long collar strategy are recommended [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The production of Malaysian palm oil has decreased, and exports have increased. Palm oil has risen and then consolidated at a high level. A long - biased short call + put option combination strategy and a long collar strategy are recommended [10] - **Peanuts**: The downstream market is cautious in purchasing. Peanuts have shown a weak and volatile trend. A bear spread strategy for put options and a long collar strategy are recommended [11] 3.3.2 Agricultural By - products Options - **Pigs**: The average price of live pigs has increased. Pigs have shown a trend of falling and then rebounding. A neutral short call + put option combination strategy and a covered call strategy for spot are recommended [11] - **Eggs**: The inventory of laying hens is expected to increase, and eggs have shown a weak and volatile trend. A short - biased short call + put option combination strategy is recommended [12] - **Apples**: The cold - storage inventory of apples is at a low level. Apples have shown a weak and volatile trend. A short - biased short call + put option combination strategy is recommended [12] - **Jujubes**: The inventory of jujubes has decreased slightly. Jujubes have shown a trend of falling and then rebounding. A long - biased short strangle option combination strategy and a covered call strategy for spot are recommended [13] 3.3.3 Soft Commodities Options - **Sugar**: The import volume of sugar has decreased. Sugar has shown a weak and volatile trend. A short - biased short call + put option combination strategy and a long collar strategy for spot are recommended [13] - **Cotton**: The operating rates of spinning and weaving mills have decreased, and the commercial inventory of cotton has increased. Cotton has shown a trend of falling and then rebounding. A bull spread strategy for call options, a neutral short call + put option combination strategy, and a covered call strategy for spot are recommended [14] 3.3.4 Grains Options - **Corn and Starch**: The price of Northeast corn has risen, and the inventory of northern ports has decreased. Corn has shown a trend of rising and then falling back. A long - biased short call + put option combination strategy is recommended [14]