1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The energy - chemical options market involves various sectors such as energy, polyolefins, polyesters, and alkali chemicals. Strategies mainly focus on constructing option combination strategies with sellers as the main body, as well as spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various energy - chemical option underlying futures contracts, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2508) is 499, with a decrease of 3 (-0.66%), trading volume of 21.07 million lots (a decrease of 7.30 million lots), and open interest of 3.19 million lots (a decrease of 0.35 million lots) [4]. 3.2 Option Factors - Quantity and Open Interest PCR - It shows the trading volume, volume changes, open interest, open interest changes, volume PCR, and open interest PCR of different option varieties. For instance, the volume PCR of crude oil options is 0.54 (a change of 0.04), and the open interest PCR is 0.68 (a change of -0.05) [5]. 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and the maximum open interest of call and put options for each option variety are provided. For example, the pressure point of crude oil is 660, and the support point is 450 [6]. 3.4 Option Factors - Implied Volatility - The report lists the at - the - money implied volatility, weighted implied volatility, and its changes, annual average, call and put implied volatility, historical volatility, and the difference between implied and historical volatility of each option variety. For example, the at - the - money implied volatility of crude oil is 29.42%, and the weighted implied volatility is 36.33% (-0.74%) [7]. 3.5 Strategy and Recommendations for Different Option Varieties 3.5.1 Energy - related Options - **Crude Oil**: Fundamentally, US crude oil inventories showed different trends last week. The market was short - term weak. Option factors indicated high implied volatility, increasing short - selling power, and a pressure point of 660 and a support point of 450. Strategies include constructing a short - neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [8]. - **LPG**: In May 2025, China's LPG production decreased. The market was short - term bearish. Option factors showed relatively high implied volatility, increasing short - selling power, and a pressure point of 5100 and a support point of 4000. Similar strategies to crude oil were recommended [10]. 3.5.2 Alcohol - related Options - **Methanol**: Port and factory inventories had different changes. The market was short - term bearish. Option factors showed relatively high implied volatility, a fluctuating market, and a pressure point of 2950 and a support point of 2200. Strategies included a short - neutral option combination strategy and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: Port and downstream factory inventories had certain changes. The market was bearish with upper pressure. Option factors showed high implied volatility, a weak market, and a pressure point and support point of 4350. Strategies included a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: The downstream operating rate decreased, and inventory had changes. The market was weak with upper pressure. Option factors showed relatively high implied volatility, a weakening market, and a pressure point of 7500 and a support point of 6800. Strategies included a long collar strategy for spot hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: Short - term supply was expected to increase, and the market was bearish. Option factors showed average - level implied volatility, a weak market, and a pressure point of 21000 and a support point of 13000. Strategies included a short - neutral option combination strategy [12]. 3.5.5 Polyester - related Options - **PTA**: Social inventory decreased, and the market was expected to enter a destocking phase. The market fluctuated sharply. Option factors showed high implied volatility, a relatively strong market, and a pressure point of 5800 and a support point of 4500. Strategies included a short - neutral option combination strategy [13]. 3.5.6 Alkali - related Options - **Caustic Soda**: The production capacity utilization rate changed slightly, and the market was bearish. Option factors showed decreasing implied volatility, a weak market, and a pressure point of 2400 and a support point of 2200. Strategies included a bear - spread strategy for direction and a short - wide - straddle strategy for volatility, as well as a covered call strategy for spot hedging [14]. - **Soda Ash**: The market was weak, and inventory increased slightly. The market was bearish and then rebounded. Option factors showed increasing implied volatility, a weak and fluctuating market, and a pressure point of 1240 and a support point of 1140. Strategies included a bear - spread strategy for direction, a short - bearish option combination strategy for volatility, and a long collar strategy for spot hedging [14]. 3.5.7 Urea Options - Urea port inventory increased, and the market was bearish. Option factors showed fluctuating implied volatility, a weak market, and a pressure point of 1900 and a support point of 1700. Strategies included a short - neutral option combination strategy and a long collar strategy for spot hedging [15].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each segment, partial varieties are selected to provide option strategies and suggestions. Each option variety's strategy report includes analysis of the underlying market, research on option factors, and option strategy recommendations [9] - It is advisable to construct option combination strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical futures, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil (SC2508) is 502, with a decrease of 51 and a decline rate of 9.27%, trading volume of 52.65 million lots, and an open interest of 4.27 million lots [4] 3.2 Option Factors - Volume and Open Interest PCR - It shows the trading volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different option varieties. For instance, the volume PCR of crude oil options is 0.88, with a change of 0.15, and the open interest PCR is 1.16, with a change of - 0.56 [5] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options at the strike price, the pressure and support levels of option underlyings are analyzed. For example, the pressure level of crude oil is 660, and the support level is 450 [6] 3.4 Option Factors - Implied Volatility - It includes the at - the - money implied volatility, weighted implied volatility, change in weighted implied volatility, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of various option varieties. For example, the at - the - money implied volatility of crude oil options is 39.62%, and the weighted implied volatility is 46.23% with a change of - 6.87% [7] 3.5 Option Strategies and Recommendations for Different Varieties 3.5.1 Crude Oil - **Underlying Market Analysis**: OPEC+ plans to increase oil supply, and the US maintains high production. The crude oil market has been volatile recently, with a sharp decline this week [8] - **Option Factor Research**: The implied volatility of crude oil options remains at a relatively high historical level. The open interest PCR is 1.10, indicating an increase in short - selling power. The pressure level is 610, and the support level is 450 [8] - **Option Strategy Recommendations**: For volatility strategies, construct a short - neutral call + put option combination strategy. For spot long - hedging strategies, construct a long collar strategy [8] 3.5.2 Liquefied Petroleum Gas (LPG) - **Underlying Market Analysis**: Affected by the Israel - Iran conflict, the energy sector is strong, but LPG has experienced a volatile market recently [10] - **Option Factor Research**: The implied volatility of LPG options fluctuates at a relatively high historical average level. The open interest PCR is around 0.80, indicating a recent bullish market. The pressure level is 5100, and the support level is 4000 [10] - **Option Strategy Recommendations**: 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] 3.5.3 Methanol - **Underlying Market Analysis**: Port and enterprise inventories have decreased, and the market has shown a trend of first rising and then falling recently [10] - **Option Factor Research**: The implied volatility of methanol options is at a relatively high historical average level. The open interest PCR is 0.80, indicating an increase in short - selling power. The pressure level is 2950, and the support level is 2200 [10] - **Option Strategy Recommendations**: Construct a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging [10] 3.5.4 Ethylene Glycol - **Underlying Market Analysis**: Port inventories have decreased, and the market has shown a bearish trend with pressure from above [11] - **Option Factor Research**: The implied volatility of ethylene glycol options continues to rise and remains at a relatively high historical level. The open interest PCR is around 0.70, indicating a weak market. The pressure level is 4500, and the support level is 4350 [11] - **Option Strategy Recommendations**: Construct a short - volatility strategy for volatility, and a long collar - like strategy for spot long - hedging [11] 3.5.5 Polypropylene - **Underlying Market Analysis**: Downstream开工率 is low, and the market has shown a trend of first rising and then falling recently [11] - **Option Factor Research**: The implied volatility of polypropylene options fluctuates above the historical average. The open interest PCR has decreased to below 0.80, indicating a weakening market. The pressure level is 7500, and the support level is 6800 [11] - **Option Strategy Recommendations**: For spot long - hedging, hold a long position in the spot + buy an at - the - money put option + sell an out - of - the - money call option [11] 3.5.6 Rubber - **Underlying Market Analysis**: Inventories have slightly increased, and the market has shown a bearish trend with low - level consolidation [12] - **Option Factor Research**: The implied volatility of rubber options fluctuates around the average level. The open interest PCR is below 0.60. The pressure level is 21000, and the support level is 13000 [12] - **Option Strategy Recommendations**: Construct a short - neutral call + put option combination strategy for volatility [12] 3.5.7 Polyester (PTA as an example) - **Underlying Market Analysis**: Industry inventories have decreased, and the market has been highly volatile recently [13] - **Option Factor Research**: The implied volatility of PTA options has first risen and then fallen rapidly but remains at a relatively high historical level. The open interest PCR is above 1.00, indicating a relatively strong market. The pressure level is 5000, and the support level is 3800 [13] - **Option Strategy Recommendations**: Construct a short - neutral call + put option combination strategy for volatility [13] 3.5.8 Caustic Soda - **Underlying Market Analysis**: Inventories have decreased, but the future supply - demand pattern is weakening, and the market has shown a bearish trend [14] - **Option Factor Research**: The implied volatility of caustic soda options has been decreasing and is currently below the average level. The open interest PCR is below 0.60, indicating a weak market. The pressure level is 2400, and the support level is 2040 [14] - **Option Strategy Recommendations**: Construct a bear - spread strategy for directionality, a short - bearish strangle strategy for volatility, and a covered - call strategy for spot long - hedging [14] 3.5.9 Soda Ash - **Underlying Market Analysis**: Production and sales have improved slightly, but the market has been in a weak downward trend [14] - **Option Factor Research**: The implied volatility of soda ash options has risen to a relatively high recent level but is still below the historical average. The open interest PCR is below 0.50, indicating a weak and volatile market. The pressure level is 1300, and the support level is 1100 [14] - **Option Strategy Recommendations**: Construct a bear - spread strategy for directionality, a short - bearish call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging [14] 3.5.10 Urea - **Underlying Market Analysis**: Enterprise inventories have decreased, and the market has shown a trend of first rising and then falling [15] - **Option Factor Research**: The implied volatility of urea options has first risen and then fallen rapidly and is currently fluctuating slightly below the historical average. The open interest PCR is below 0.80. The pressure level is 1900, and the support level is 1700 [15] - **Option Strategy Recommendations**: Construct a short - neutral call + put option combination strategy for volatility, and a long collar - like strategy for spot long - hedging [15]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints of the Report - 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 a trend of fluctuating recovery [2]. - The implied volatility of financial options is fluctuating at a historically low 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 futures of options and short or long futures [2]. 3. Summary by Relevant Catalogs 3.1 Stock Market Review - The Shanghai Composite Index closed at 3,381.58, up 21.69 points or 0.65%, with a trading volume of 442.8 billion yuan, an increase of 31.9 billion yuan [3]. - The Shenzhen Component Index closed at 10,048.39, up 43.36 points or 0.43%, with a trading volume of 679.8 billion yuan, an increase of 23 billion yuan [3]. 3.2 Option Underlying ETF Market Overview - The closing prices of various ETFs showed different degrees of increase, with the trading volume and turnover also showing corresponding changes [4]. 3.3 Option Factors - 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 whether the underlying market has a turning point [5][6]. 3.4 Option Factors - Pressure Points and Support Points - The pressure points and support points of different option varieties can be analyzed from the exercise prices with the largest open interest of call and put options [7][8]. 3.5 Option Factors - Implied Volatility - The implied volatility of different option varieties showed different trends, with the weighted implied volatility and its changes varying [9][10]. 3.6 Strategies and Recommendations - The financial option sector is divided into large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks. Different sectors are given corresponding option strategies and recommendations [11]. - For each option variety, the option strategy report is compiled according to the underlying market analysis, option factor research, and option strategy recommendations [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies suggest constructing option portfolios mainly as sellers and spot hedging or covered strategies to enhance returns [3][9]. 3. Summary According to Related Catalogs 3.1 Futures Market Overview - **Crude Oil**: The latest price of SC2508 is 538, down 32 (-5.65%), with a trading volume of 42.27 million lots (-3.28 million lots) and an open interest of 4.37 million lots (+0.24 million lots) [4]. - **Liquefied Petroleum Gas (LPG)**: The latest price of PG2508 is 4,445, down 83 (-1.83%), with a trading volume of 10.36 million lots (+1.97 million lots) and an open interest of 7.67 million lots (+0.31 million lots) [4]. - **Methanol**: The latest price of MA2509 is 2,469, down 43 (-1.71%), with a trading volume of 249.70 million lots (+49.39 million lots) and an open interest of 99.35 million lots (+10.88 million lots) [4]. - **Ethylene Glycol**: The latest price of EG2509 is 4,454, down 50 (-1.11%), with a trading volume of 30.28 million lots (+1.85 million lots) and an open interest of 29.92 million lots (-0.64 million lots) [4]. - **Polypropylene**: The latest price of PP2509 is 7,242, up 5 (0.07%), with a trading volume of 38.71 million lots (+1.15 million lots) and an open interest of 48.85 million lots (-0.64 million lots) [4]. - **Polyvinyl Chloride**: The latest price of V2509 is 4,895, down 12 (-0.24%), with a trading volume of 99.22 million lots (-6.39 million lots) and an open interest of 96.92 million lots (+1.61 million lots) [4]. - **Plastic**: The latest price of L2509 is 7,428, up 6 (0.08%), with a trading volume of 42.18 million lots (+0.76 million lots) and an open interest of 47.73 million lots (-0.72 million lots) [4]. - **Styrene**: The latest price of EB2508 is 7,486, down 109 (-1.44%), with a trading volume of 32.35 million lots (+6.79 million lots) and an open interest of 24.62 million lots (+2.03 million lots) [4]. - **Rubber**: The latest price of RU2509 is 13,835, down 50 (-0.36%), with a trading volume of 42.59 million lots (+3.64 million lots) and an open interest of 15.64 million lots (+0.10 million lots) [4]. - **Synthetic Rubber**: The latest price of BR2508 is 11,440, down 25 (-0.22%), with a trading volume of 8.14 million lots (+0.08 million lots) and an open interest of 5.82 million lots (-0.04 million lots) [4]. - **Para - xylene**: The latest price of PX2509 is 7,076, down 8 (-0.11%), with a trading volume of 34.96 million lots (-10.63 million lots) and an open interest of 13.80 million lots (+0.16 million lots) [4]. - **Purified Terephthalic Acid (PTA)**: The latest price of TA2509 is 4,986, up 2 (0.04%), with a trading volume of 144.17 million lots (-23.43 million lots) and an open interest of 129.15 million lots (+0.77 million lots) [4]. - **Short - fiber**: The latest price of PF2508 is 6,796, down 12 (-0.18%), with a trading volume of 17.87 million lots (-3.13 million lots) and an open interest of 14.70 million lots (-0.95 million lots) [4]. - **Bottle Chip**: The latest price of PR2508 is 6,232, down 10 (-0.16%), with a trading volume of 1.32 million lots (-0.60 million lots) and an open interest of 1.63 million lots (-0.08 million lots) [4]. - **Caustic Soda**: The latest price of SH2508 is 2,276, up 20 (0.89%), with a trading volume of 2.32 million lots (-0.65 million lots) and an open interest of 2.56 million lots (+0.05 million lots) [4]. - **Soda Ash**: The latest price of SA2509 is 1,170, up 2 (0.17%), with a trading volume of 105.53 million lots (-40.92 million lots) and an open interest of 148.48 million lots (+1.67 million lots) [4]. - **Urea**: The latest price of UR2509 is 1,711, down 35 (-2.00%), with a trading volume of 26.97 million lots (-13.60 million lots) and an open interest of 23.32 million lots (+0.77 million lots) [4]. 3.2 Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes, which can be used to describe the strength of the option underlying market and the turning point of the market [5]. 3.3 Option Factors - Pressure and Support Levels - Each option variety has corresponding pressure and support levels determined from the strike prices of the maximum open interest of call and put options [6]. 3.4 Option Factors - Implied Volatility - Different option varieties have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, and their changes, as well as the difference between implied and historical volatility [7]. 3.5 Option Strategies and Recommendations 3.5.1 Energy - related Options - **Crude Oil**: - **Fundamentals**: OPEC + plans to increase supply, and US shale oil production shows signs of recovery [8]. - **Market Analysis**: The price has fluctuated since May, with a significant decline at night [8]. - **Option Factors**: Implied volatility is at a relatively high historical level, and the open interest PCR indicates strong bullish power. The pressure level is 610, and the support level is 450 [8]. - **Strategies**: Construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [8]. - **LPG**: - **Fundamentals**: Due to the Iran - Israel conflict, the energy sector is strong, and Iranian LPG exports may decrease [10]. - **Market Analysis**: After a decline since April, it rebounded in June and then fell back [10]. - **Option Factors**: Implied volatility fluctuates around a relatively high historical average, and the open interest PCR indicates a short - term bullish trend. The pressure level is 5100, and the support level is 4000 [10]. - **Strategies**: Construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.5.2 Alcohol - related Options - **Methanol**: - **Fundamentals**: Port and enterprise inventories are decreasing, and low - inventory de - stocking drives changes in basis and spreads [10]. - **Market Analysis**: After a long - term decline, it rebounded in June and then fell back [10]. - **Option Factors**: Implied volatility is at a relatively high historical average, and the open interest PCR indicates an increase in short - term bullish power. The pressure level is 2950, and the support level is 2200 [10]. - **Strategies**: Construct a short - bullish call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: - **Fundamentals**: Port inventory is decreasing, and the domestic maintenance season is ending [11]. - **Market Analysis**: It rebounded in May and then fluctuated in June [11]. - **Option Factors**: Implied volatility is rising and at a relatively high historical level, and the open interest PCR indicates a strong - side oscillation. The pressure level is 4500, and the support level is 4350 [11]. - **Strategies**: Construct a short - volatility strategy and a long + put + short - call option strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: - **Fundamentals**: Downstream开工率 is low, and inventories are accumulating [11]. - **Market Analysis**: It rebounded in June after a decline [11]. - **Option Factors**: Implied volatility fluctuates above the historical average, and the open interest PCR is falling below 1. The pressure level is 7500, and the support level is 6800 [11]. - **Strategies**: Construct a bull - spread call option strategy and a long + put + short - call option strategy for spot hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: - **Fundamentals**: Qingdao general trade inventory is slightly accumulating [12]. - **Market Analysis**: It has been in a weak oscillation, with a short - term rebound [12]. - **Option Factors**: Implied volatility fluctuates around the average, and the open interest PCR is below 0.6. The pressure level is 21000, and the support level is 13000 [12]. - **Strategies**: Construct a neutral short call + put option combination strategy [12]. 3.5.5 Polyester - related Options - **PTA and related products**: - **Fundamentals**: PTA industry inventory is decreasing slightly [13]. - **Market Analysis**: It has been in a high - level oscillation and rebounded [13]. - **Option Factors**: Implied volatility is at a relatively high historical level, and the open interest PCR indicates a strengthening trend. The pressure level is 5000, and the support level is 3800 [13]. - **Strategies**: Construct a neutral short call + put option combination strategy [13]. 3.5.6 Alkali - related Options - **Caustic Soda**: - **Fundamentals**: Chlor - alkali plant inventory is decreasing, but the future supply - demand pattern may weaken [14]. - **Market Analysis**: It has been in a downward trend since June [14]. - **Option Factors**: Implied volatility is decreasing, and the open interest PCR indicates a weak market. The pressure level is 2400, and the support level is 2040 [14]. - **Strategies**: Construct a bear - spread put option strategy, a short - bearish wide - straddle option combination strategy, and a covered spot hedging strategy [14]. - **Soda Ash**: - **Fundamentals**: Production and sales have improved slightly, but the market is still weak [14]. - **Market Analysis**: It has been in a downward trend and is oscillating at a low level [14]. - **Option Factors**: Implied volatility is rising but below the historical average, and the open interest PCR indicates a weak oscillation. The pressure level is 1300, and the support level is 1100 [14]. - **Strategies**: Construct a bear - spread put option strategy, a short - bearish call + put option combination strategy, and a long collar strategy for spot hedging [14]. 3.5.7 Urea Options - **Fundamentals**: Domestic enterprise inventory is decreasing, and port inventory is increasing [15]. - **Market Analysis**: It rebounded in May and then declined in June [15]. - **Option Factors**: Implied volatility fluctuates below the historical average, and the open interest PCR indicates a strengthening trend. The pressure level is 1900, and the support level is 1700 [15]. - **Strategies**: Construct a neutral short call + put option combination strategy and a long + put + short - call option strategy for spot hedging [15].

Group 1: Report Summary - The report is an agricultural product options strategy morning report, covering various agricultural product options including oilseeds, oils, livestock, soft commodities, and grains [2][3] - The overall market trends show that oilseeds and oils are bullish, while soft commodities like sugar are bearish, and grains like corn are gradually rising [3] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest of various underlying futures contracts, such as soybeans, soybean meal, palm oil, etc. [4] Group 3: Option Factor Analysis Volume and Open Interest PCR - The volume and open interest PCR of each option variety are presented, which are used to describe the strength of the underlying market and the turning points of the market [5] Pressure and Support Levels - The pressure and support levels of each option variety are analyzed from the perspective of the strike prices with the largest open interest of call and put options [6] Implied Volatility - The implied volatility of each option variety is provided, including at-the-money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [7] Group 4: Strategy and Recommendations Oilseeds and Oils Options - For soybeans, bullish spread strategies, neutral option selling strategies, and long collar strategies are recommended [8] - For soybean meal and rapeseed meal, bullish spread strategies, bullish option selling strategies, and long collar strategies are suggested [10] - For palm oil, soybean oil, and rapeseed oil, bullish spread strategies, bullish option selling strategies, and long collar strategies are proposed [11] - For peanuts, bearish spread strategies and long collar strategies are recommended [12] Livestock Options - For pigs, neutral option selling strategies and covered call strategies are recommended [12] - For eggs, bearish option selling strategies are suggested [13] Soft Commodities Options - For sugar, bearish option selling strategies and long collar strategies are recommended [14] - For cotton, neutral option selling strategies and covered call strategies are proposed [15] Grains Options - For corn, bullish option selling strategies are recommended [15]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy and chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9]. - For each sub - sector, specific options strategies and suggestions are provided based on fundamental and market analysis of different underlying assets [9]. - The overall strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Underlying Futures Market Overview - Various energy and chemical option underlying futures are presented, including details such as the latest price, change, change rate, trading volume, and open interest. For example, crude oil (SC2508) has a latest price of 532, a change of 18, and a change rate of 3.50% [4]. 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators (volume PCR and open - interest PCR) are analyzed for different option varieties. These indicators are used to describe the strength of the option underlying market and potential turning points. For instance, the open - interest PCR of crude oil is 1.61 with a change of 0.39 [5]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels for different option underlying assets are determined from the strike prices of the maximum open interest of call and put options. For example, the pressure level of crude oil is 560 and the support level is 450 [6]. 3.4 Option Factors - Implied Volatility - Implied volatility data (including at - the - money implied volatility, weighted implied volatility, etc.) are provided for each option variety. For example, the at - the - money implied volatility of crude oil is 41.58% [7]. 3.5 Strategy and Suggestions - **Crude Oil Options** - Fundamental analysis shows that US employment data is weak and geopolitical conflicts have increased the geopolitical premium of oil prices. The market has a short - term bullish upward trend. - Option factors indicate high implied volatility, strong long - term bullish power, with a pressure level of 560 and a support level of 450. - Strategies include constructing a bullish call spread for directional gains, a neutral short call + put option combination for time - value gains, and a long collar strategy for spot hedging [8]. - **Liquefied Petroleum Gas (LPG) Options** - Fundamental factors such as rising crude oil prices and increased summer oil consumption have affected the LPG market. The market shows an oversold rebound. - Option factors suggest that implied volatility fluctuates around the historical average, and the short - term bearish power is weakening, with a pressure level of 5200 and a support level of 4000. - Strategies include a neutral short call + put option combination and a long collar strategy for spot hedging [10]. - **Methanol Options** - Port inventory has increased, and the market shows a weak bearish oversold rebound. - Option factors indicate that implied volatility fluctuates around the historical average, and the bearish power above is weakening, with a pressure level of 2500 and a support level of 1975. - Strategies include a bullish call spread, a short call + put option combination with a long - biased delta, and a long collar strategy for spot hedging [10]. - **Ethylene Glycol Options** - Port inventory is expected to increase, and the market shows a short - term bullish rise followed by a decline. - Option factors suggest high implied volatility, a range - bound and relatively strong market, with a pressure level of 4500 and a support level of 4300. - Strategies include a short - volatility strategy and a long collar strategy for spot hedging [11]. - **Polyolefin Options (Polypropylene, etc.)** - Polypropylene downstream开工率 is low, and inventory levels vary. The market shows a rebound in a bearish trend. - Option factors indicate that implied volatility is above the historical average, and the open - interest PCR is below 1.00, with a pressure level of 7500 and a support level of 6800. - Strategies include a long collar strategy for spot hedging [11]. - **Rubber Options** - Overseas production is not at a high level, and tire inventory is high. The market shows a bearish downward rebound. - Option factors suggest that implied volatility fluctuates around the average, and the open - interest PCR is below 0.60, with a pressure level of 21000 and a support level of 13000. - Strategies include a bearish put spread, a short call + put option combination with a short - biased delta [12]. - **Polyester Options (PTA, etc.)** - PTA inventory shows a short - term slowdown in destocking. The market shows a high - level shock and decline. - Option factors indicate high implied volatility, a strengthening market, with a pressure level of 5000 and a support level of 3800. - Strategies include a neutral short call + put option combination [13]. - **Caustic Soda Options** - Production has decreased, and inventory has increased. The market shows a bearish downward trend. - Option factors suggest that implied volatility is below the average, and the open - interest PCR is below 0.60, with a pressure level of 2520 and a support level of 2080. - Strategies include a bearish put spread, a short wide - straddle option combination, and a covered spot hedging strategy [14]. - **Soda Ash Options** - The spot market is weak, and the market shows a bearish low - level consolidation. - Option factors indicate that implied volatility is below the historical average, and the open - interest PCR is below 0.50, with a pressure level of 1300 and a support level of 1100. - Strategies include a bearish put spread, a short call + put option combination with a short - biased delta, and a long collar strategy for spot hedging [14]. - **Urea Options** - Inventory has increased, and prices have declined. The market shows an inverted "V" shape. - Option factors suggest that implied volatility is below the average, and the open - interest PCR is above 1.00, with a pressure level of 1900 and a support level of 1700. - Strategies include a bearish put spread, a short call + put option combination with a short - biased delta, and a long collar strategy for spot hedging [15].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The energy and chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [8]. - Strategies suggest constructing option - combination strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various energy and chemical futures showed different price movements, volume changes, and open - interest changes. For example, crude oil (SC2508) had a latest price of 476, a rise of 1, and a volume of 2.69 million lots with a decrease of 0.52 million lots compared to the previous period [3]. 3.2 Option Factors - Volume and Open - Interest PCR - PCR indicators were used to describe the strength of the option underlying market and the turning points. For instance, the open - interest PCR of crude oil was 1.20, indicating an increase in the long - side strength [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels were determined from the strike prices of the maximum open - interest of call and put options. For example, the pressure level of crude oil was 570 and the support level was 400 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility was calculated using different methods. For example, the weighted implied volatility of crude oil was 28.09% with a decrease of 1.08% [6]. 3.5 Strategy and Recommendations for Each Option Type - **Energy - related Options (Crude Oil)**: Based on fundamental and technical analysis, strategies included constructing a short - neutral call + put option combination strategy and a long - collar strategy for spot hedging [7]. - **LPG Options**: With a weak - bearish market, strategies involved constructing a short - bearish call + put option combination strategy and a long - collar strategy for spot hedging [9]. - **Alcohol - related Options (Methanol and Ethylene Glycol)**: Strategies included constructing short - neutral or short - volatility option combination strategies and long - collar strategies for spot hedging [9][10]. - **Polyolefin - related Options (Polypropylene, etc.)**: Strategies included constructing a bear - spread strategy for put options and long - collar strategies for spot hedging [10]. - **Rubber Options**: Strategies included constructing a bear - spread strategy for put options and a short - bearish call + put option combination strategy [11]. - **Polyester - related Options (PTA, etc.)**: Strategies included constructing a short - neutral call + put option combination strategy [12]. - **Alkali - related Options (Caustic Soda and Soda Ash)**: Strategies included constructing bear - spread strategies for put options, short - bearish option combination strategies, and long - collar or covered - call strategies for spot hedging [13]. - **Urea Options**: Strategies included constructing a bear - spread strategy for put options, a short - bearish call + put option combination strategy, and a long - collar strategy for spot hedging [14].

金融期权 2025/06/11 金融期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | 金融期权策略早报概要： （1）股市短评：上证综指数、大盘蓝筹股、中小盘股和创业板震荡回落，科创板股跌幅较大，跌幅约2%。 （2）金融期权波动性分析：金融期权隐含波动率历史较低水平水平波动。 （3）金融期权策略与建议：对于ETF期权来说，适合构建备兑策略和偏中性的双卖策略，垂直价差组合策略；对于 股指期权来说，适合构建偏中性的双卖策略和期权合成期货多头或空头与期货空头或多头做套利策略。 表1：金融市场重要指数概况 | 重要指数 | 指数代码 | 收盘价 | 涨跌 | 涨跌幅 | 成交额 | 额变化 | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...

1. Report Industry Investment Rating No relevant content found. 2. Core Viewpoints of the Report - The agricultural product sector is mainly divided into beans, oils, agricultural by - products, soft commodities, grains, and others [8]. - Each sector selects some varieties for option strategy suggestions, and each option variety prepares an option strategy report according to the analysis of the underlying market, option factor research, and option strategy suggestions [8]. - The overall market trends are: oil and oil - bearing agricultural products are in a range - bound consolidation, oils and beans are in a weak market, agricultural by - products maintain a volatile market, soft commodity sugar continues to be weak, cotton is in a high - level consolidation pattern after a rebound, and grains such as corn and starch gradually recover and then consolidate in a narrow range. Strategies suggest constructing 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 - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various option underlying futures contracts are presented, including beans (such as soybean No.1, soybean No.2, soybean meal), oils (such as palm oil, soybean oil, rapeseed oil), agricultural by - products (such as eggs, live pigs, peanuts), soft commodities (such as sugar, cotton), grains (such as corn, starch), and logs [3]. 3.2 Option Factor - Volume and Open Interest PCR - The volume PCR, volume PCR changes, open interest PCR, and open interest PCR changes of various option varieties are provided, which can be used to analyze the strength of the option underlying market and whether the underlying market has a turning point [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 the option underlying are analyzed, including the pressure points, pressure point offsets, support points, support point offsets, the largest open interest of calls, and the largest open interest of puts for each option variety [5]. 3.4 Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of various option varieties are presented [6]. 3.5 Option Strategies and Suggestions 3.5.1 Oil and Oil - Bearing Options - **Soybean No.1 and No.2**: The US soybean futures prices are mainly in a downward trend due to factors such as trade disputes, normal spring sowing weather, weak export demand, and weak US soybean oil. The soybean No.1 has a high - level consolidation pattern. Option strategies include constructing a neutral call + put option combination strategy for volatility, and a long collar strategy for spot long - position hedging [7]. - **Soybean Meal and Rapeseed Meal**: The average daily trading volume of soybean meal has decreased. The soybean meal has a rebound and consolidation pattern after a decline. Option strategies include constructing a neutral call + put option combination strategy for volatility, and a long collar strategy for spot long - position hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The trading volume of oils is weak, and the inventory is relatively sufficient. Palm oil is in a range - bound consolidation. Option strategies include constructing a neutral call + put option combination strategy for volatility, and a long collar strategy for spot long - position hedging [10]. - **Peanuts**: The supply is relatively loose, and the demand is weak. Peanuts are in a rebound pattern after a decline. Option strategies include constructing a bull - spread combination strategy for direction, and a long collar strategy for spot long - position hedging [11]. 3.5.2 Agricultural By - Product Options - **Live Pigs**: The domestic market shows a situation of increasing supply and weak demand. Live pigs are in a wide - range consolidation pattern. Option strategies include constructing a neutral call + put option combination strategy for volatility, and a covered call strategy for spot long - position hedging [11]. - **Eggs**: The supply is sufficient, and the demand is lackluster. Eggs are in a weak downward pattern. Option strategies include constructing a bear - spread combination strategy for direction, and a short - biased call + put option combination strategy for volatility [12]. - **Apples**: The de - stocking speed has slowed down. Apples are in a weak downward pattern. Option strategies include constructing a bear - spread combination strategy for direction, and a short - biased call + put option combination strategy for volatility [12]. - **Red Dates**: Red dates are in a traditional off - season, and the price is at a historical low. They are in a weak downward pattern. Option strategies include constructing a bear - spread combination strategy for direction, a short - strangle option combination strategy for volatility, and a covered call strategy for spot long - position hedging [13]. 3.5.3 Soft Commodity Options - **Sugar**: The Brazilian sugar export situation has changed, and sugar is in a weak downward pattern. Option strategies include constructing a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot long - position hedging [13]. - **Cotton**: The Brazilian cotton export volume has decreased. Cotton is in a pattern of rebound and then decline. Option strategies include constructing a neutral call + put option combination strategy for volatility, and a covered call strategy for spot long - position hedging [14]. 3.5.4 Grain Options - **Corn and Starch**: Corn is affected by factors such as traders' inventory holding and wheat harvest. It is in a pattern of wide - range consolidation and then decline. Option strategies include constructing a neutral call + put option combination strategy for volatility [14].

1. Report Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - The agricultural product options market shows diverse trends. Oilseeds and oils are in a range - bound consolidation, with some showing a weak trend. By - products maintain a volatile trend, soft commodities like sugar are weak and cotton is in a high - level consolidation after a rebound, and grains such as corn and starch are gradually warming up and then in a narrow - range consolidation. 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 Category 3.1 Futures Market Overview - Different agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2507) is 4,117, up 6 with a 0.15% increase, trading volume is 8.89 million lots (down 1.15 million lots), and open interest is 13.38 million lots (down 1.06 million lots) [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of various agricultural product options are different, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For example, the volume PCR of soybean No.1 is 0.57 (down 0.44), and the open interest PCR is 0.51 (up 0.02) [4]. 3.2.2 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 analyzed. For example, the pressure level of soybean No.1 is 4300 and the support level is 4000 [5]. 3.2.3 Implied Volatility - The implied volatility of various agricultural product options also varies. For example, the at - the - money implied volatility of soybean No.1 is 9.92%, and the weighted implied volatility is 14.48% (up 0.98%) [6]. 3.3 Strategy and Recommendations 3.3.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The US soybean futures price is mainly in a downward trend. The soybean No.1 shows a high - level consolidation trend. It is recommended to construct a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The trading volume of soybean meal has decreased. The market shows a rebound after a decline. It is recommended to construct a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The trading volume of oils is weak, and the inventory is sufficient. It is recommended to construct a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [10]. - **Peanuts**: The supply is abundant and the demand is weak. It is recommended to construct a bull call spread strategy for direction, and a long + put + short call option strategy for spot hedging [11]. 3.3.2 By - product Options - **Pigs**: The market shows a pattern of increasing supply and weak demand. It is recommended to construct a neutral call + put option combination strategy for volatility, and a covered call strategy for spot hedging [11]. - **Eggs**: The supply is sufficient and the demand is weak. It is recommended to construct a bear put spread strategy for direction, and a short - biased call + put option combination strategy for volatility [12]. - **Apples**: The de - stocking speed has slowed down. It is recommended to construct a bear put spread strategy for direction, and a short - biased call + put option combination strategy for volatility [12]. - **Jujubes**: It is in the off - season and the price is at a low level. It is recommended to construct a bear put spread strategy for direction, a short - strangle option combination strategy for volatility, and a covered call strategy for spot hedging [13]. 3.3.3 Soft Commodity Options - **Sugar**: The Brazilian sugar export situation has changed. The market shows a weak and volatile trend. It is recommended to construct a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [13]. - **Cotton**: The Brazilian cotton export volume has decreased. The market shows a pattern of rebound and then decline. It is recommended to construct a neutral call + put option combination strategy for volatility, and a covered call strategy for spot hedging [14]. 3.3.4 Grain Options - **Corn and Starch**: The corn price is affected by factors such as traders' behavior and wheat price. The market shows a pattern of shock and then rise. It is recommended to construct a neutral call + put option combination strategy for volatility [14].