金融期权策略早报概要： （1）股市短评：上证综指数、大盘蓝筹股、中小盘股和创业板股表现为高位震荡上行的市场行情。 金融期权 2025-12-31 金融期权策略早报 | | 理 | | | | | --- | --- | --- | --- | --- | | 李立勤 李仁君 | 高级投研经 产业服务岗 | 从业资格号：F3074095 从业资格号： F03090207 | 交易咨询号：Z0017896 电话：0755-23375255 | 邮箱： lilq@wkqh.cn 邮箱： lirj@wkqh.cn | （2）金融期权波动性分析：金融期权隐含波动率下降至历史均值偏下水平。 （3）金融期权策略与建议：对于ETF期权来说，适合构建偏多头的卖方策略，认购期权牛市价差组合策略；对于股 指期权来说，适合构建偏多头的卖方策略、认购期权牛市价差组合策略和期权合成期货多头与期货空头做套利策略 。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | ...

金属期权 2025-12-31 金属期权策略早报 | 李立勤 | 高级投研经 理 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@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）有色金属偏多上行，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属反弹回暖上升，构建牛市价差组合策略。 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | ...

农产品期权 2025-12-31 农产品期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 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 | 农产品期权策略早报概要：油料油脂类农产品偏弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花偏强盘整，谷物类玉米和淀粉偏多窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

能源化工期权 2025-12-31 能源化工期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 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 | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 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 Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a neutral volatility selling strategy for sellers can be constructed as they tend to move upwards; for the black series with large - amplitude fluctuations, a short - volatility combination strategy is suitable; for precious metals with a rebound, a bull spread combination strategy can be built [2]. 3. Summary by Related 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 metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper contract CU2602 is 96,060, with a decrease of 4,400 and a decline rate of 4.38% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are provided. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of copper options is 0.45, and the open interest PCR is 0.78 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and their offsets of various metal options are given. For example, the pressure point of copper options is 110,000, and the support point is 92,000 [5]. 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, and its change, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of different metal options are presented. For example, the at - the - money implied volatility of copper options is 31.29% [6]. 3.5 Option Strategies and Recommendations - **Non - ferrous Metals** - **Copper**: Based on the analysis of fundamentals, market trends, and option factors, strategies such as a short - volatility seller option combination strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum**: A bull spread combination strategy for call options, a short - biased call + put option combination strategy, and a spot collar strategy are suggested [9]. - **Zinc**: A short - biased call + put option combination strategy and a spot collar strategy are recommended [9]. - **Nickel**: A bull spread combination strategy for call options, a short - biased call + put option combination strategy, and a spot covered - call strategy are proposed [10]. - **Tin**: A short - volatility strategy and a spot collar strategy are recommended [10]. - **Lithium Carbonate**: A short - neutral call + put option combination strategy and a spot long - hedging strategy are suggested [11]. - **Precious Metals** - **Silver**: A neutral short - volatility option seller combination strategy and a spot hedging strategy are recommended [12]. - **Black Series** - **Rebar**: A short - bearish call + put option combination strategy and a spot long - covered - call strategy are suggested [13]. - **Iron Ore**: A short - neutral call + put option combination strategy and a spot long - collar strategy are recommended [13]. - **Ferroalloys (Manganese Silicon and Silicon Iron)**: For manganese silicon, a short - volatility strategy is recommended; for silicon iron, a short - biased call + put option combination strategy and a spot long - hedging strategy are suggested [14]. - **Industrial Silicon**: A short - volatility call + put option combination strategy and a spot long - hedging strategy are recommended [14]. - **Glass**: A bear spread combination strategy for put options, a short - volatility call + put option combination strategy, and a spot long - collar strategy are suggested [15].

Report Summary 1. Investment Rating The document does not mention the industry investment rating. 2. Core View - The agricultural product options market shows different trends: oilseeds and oils are weakly oscillating, by - products are oscillating, soft commodities like sugar are slightly oscillating, cotton is strongly consolidating, and grains such as corn and starch are narrowly consolidating with a bullish bias [2]. - It is recommended to construct option combination 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 various price changes, trading volumes, and open - interest changes. For example, the latest price of soybean No.1 (A2603) is 4,143, up 21 with a 0.51% increase, trading volume is 1.72 million lots (up 0.67 million lots), and open interest is 5.05 million lots (down 0.05 million lots) [3]. 3.2 Option Factors - **Volume and Open - Interest PCR**: Each option variety has different volume and open - interest PCR values and their changes, which reflect the sentiment and strength of the market. For instance, the volume PCR of soybean No.1 is 0.41, up 0.06, and the open - interest PCR is 0.89, down 0.04 [4]. - **Pressure and Support Levels**: From the perspective of option factors, each option variety has corresponding pressure and support levels. For example, the pressure level of soybean No.1 is 4200, and the support level is 4000 [5]. - **Implied Volatility**: The implied volatility of each option variety also varies. For example, the at - the - money implied volatility of soybean No.1 is 10.535, and the weighted implied volatility is 12.76, up 0.40 [6]. 3.3 Strategy and Recommendations - **Oilseeds and Oils Options** - **Soybean No.1**: Fundamentally, China's soybean procurement and Brazilian soybean import costs have an impact. The option strategy includes constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: Fundamentally, trading volume, delivery volume, and basis have changed. Option strategies involve constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil**: Fundamentally, production has decreased and exports have increased. Option strategies include constructing a short - biased neutral call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Peanut**: Fundamentally, downstream consumption is weak. The option strategy is to use a long collar strategy for spot hedging [10]. - **By - product Options** - **Pig**: Fundamentally, supply has decreased and demand is in the peak season. Option strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [10]. - **Egg**: Fundamentally, supply is sufficient and demand is weak. Option strategies involve constructing a short - biased call + put option combination strategy [11]. - **Apple**: Fundamentally, cold - storage inventory has decreased. Option strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: Fundamentally, inventory has decreased. Option strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [12]. - **Soft Commodity Options** - **Sugar**: Fundamentally, production in Thailand has decreased and domestic industrial inventory is increasing. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: Fundamentally, China's cotton production has increased. Option strategies include constructing a bull - spread call option strategy, a neutral short call + put option combination strategy, and a long collar strategy for spot [13]. - **Grain Options** - **Corn**: Fundamentally, the corn germ market is weak. Option strategies include constructing a neutral short call + put option combination strategy [13]. - **Starch**: Option strategies are not detailed in the text, but related data on price trends, option factors, etc. are provided [309][311]. - **Log Options**: Option strategies are not detailed in the text, but related data on price trends, option factors, etc. are provided [328][330]

能源化工期权 2025-12-30 能源化工期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 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 | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 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 | | --- | --- | --- | --- | --- | ...

有色贵金属与新能源团队 | 作者： | 杨莉娜 | | --- | --- | | 从业资格证号： | F0230456 | | 投资咨询证号： | Z0002618 | | 联系方式： | 010-68573781 | | 作者： | 胡彬 | | 从业资格证号： | F0289497 | | 投资咨询证号： | Z0011019 | | 联系方式： | 010-68576697 | | 作者： | 梁海宽 | | 从业资格证号： | F3064313 | | 投资咨询证号： | Z0015305 | | 联系方式： | 010-68518650 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年12月27日星期六 更多精彩内容请关注方正中期官方微信 期货研究院 有色金属周度策略 Metal Futures Weekly Strategy 摘要 铜： 【投资建议】美国三季度GDP和通胀均高于预期，美元指数创近期 新低，利多铜价，金银再创历史新高，部分资金外溢，沪铜出现补 涨，金铜比修复。基本面方面，国内下游对高铜价的接受度开始逐 步提升，终端需求进入季节性旺季，11月精铜杆，铜箔，铜管 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The stock market shows a high - level volatile upward trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all experiencing such a market condition [3]. - The implied volatility of financial options has dropped to a level below the historical average [3]. - For ETF options, it is suitable to construct a partial - long seller strategy and a bull spread combination strategy of call options; for index options, in addition to the above strategies, an arbitrage strategy of synthetic long futures with options and short futures can also be constructed [3]. 3. Summary According to Related Catalogs Financial Market Index Overview - The closing prices of major indices such as the Shanghai Composite Index (3,963.68), Shenzhen Component Index (13,603.89), and Shanghai 50 Index (3,045.40) are presented, along with their corresponding changes and trading volumes [4]. Option - related Data Option - Based ETF Market Overview - Data on multiple ETF options including the Shanghai 50ETF, Shanghai 300ETF, etc., such as closing prices, changes, trading volumes, and trading amounts are provided [5]. Option Factor - Volume and Position PCR - Volume and position PCR data of various option varieties are given, which can be used to analyze market trends and turning points [6][7]. Option Factor - Pressure and Support Points - Pressure and support points of different option varieties are identified from the exercise prices of the maximum open interest of call and put options [8][10]. Option Factor - Implied Volatility - Implied volatility data of different option varieties, including at - the - money implied volatility and weighted implied volatility, are presented, providing a basis for analyzing market volatility [11][12]. Strategy and Recommendations Sector Classification - The financial option sector is divided into large - cap blue - chip stocks, small - and medium - sized boards, and the ChiNext board, with specific ETFs and indices assigned to each sector [13]. Strategy for Each Sector - For different sectors such as the financial stock sector (Shanghai 50ETF), large - cap blue - chip stock sector (Shanghai 300ETF), etc., strategies including directional strategies, volatility strategies, and spot long - covered strategies are proposed based on the analysis of underlying market conditions, option factors [14][15][16]. Option Charts - Option charts of various varieties such as the Shanghai 50ETF, Shanghai 300ETF, etc., including price trends, trading volume and open interest distributions, PCR trends, and implied volatility trends, are provided to visually present market conditions [17][33][48][67][83][99].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. The report analyzes the underlying market, option factors, and offers option strategy recommendations for each option variety [9]. - The overall strategy is to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Underlying 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 and chemical option underlying futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. For example, the latest price of crude oil (SC2602) is 433, with a decrease of 11 and a decline rate of -2.44% [4]. 3.2 Option Factors - Volume and Open Interest PCR - The report provides the trading volume, volume changes, open interest, open interest changes, trading volume PCR, volume PCR changes, open interest PCR, and open interest PCR changes of various energy and chemical options. The volume PCR and open interest PCR are mainly used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the report shows the pressure and support levels of various energy and chemical option underlying assets. For example, the pressure level of crude oil is 540 and the support level is 400 [6]. 3.4 Option Factors - Implied Volatility - The report lists the at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of various energy and chemical options. The weighted implied volatility uses volume - weighted average [7]. 3.5 Option Strategies and Suggestions - **Energy Options (Crude Oil and LPG)**: For crude oil, due to factors such as the delay of data release by the US Energy Department, the interception of Venezuelan VLCCs by the US military, and the decline in exports from Kazakhstan and the Middle East, the market shows a weak trend. Options strategies include constructing short - biased call + put option combination strategies and long collar strategies for spot hedging. For LPG, with limited supply growth and support from chemical demand, the market is also weak. Strategies involve constructing bear put spread strategies and short - biased call + put option combination strategies [8][10]. - **Alcohol Options (Methanol and Ethylene Glycol)**: Methanol has a high inventory expectation, and the market is weak. Strategies include constructing short - biased call + put option combination strategies and long collar strategies. Ethylene glycol has an inventory accumulation expectation, and the market is bearish. Strategies include constructing bear put spread strategies and short - volatility strategies [10][11]. - **Olefin Options (PVC)**: PVC's inventory has decreased, but the market is still under pressure. The strategy mainly focuses on spot long hedging by holding spot long + buying at - the - money put options + selling out - of - the - money call options [11]. - **Rubber Options**: Rubber's inventory is at a medium level, and the production of full - latex is squeezed. The market shows a warming trend. Strategies include constructing neutral - biased call + put option combination strategies [12]. - **Polyester Options (PTA)**: PTA's inventory is decreasing, and the market is short - term strong. Strategies include constructing bull call spread strategies and long - biased call + put option combination strategies [12]. - **Alkali Options (Caustic Soda and Soda Ash)**: Caustic soda's capacity utilization rate has increased, but the market is still weak. Strategies include constructing bear spread strategies and long collar strategies. Soda ash's inventory has decreased, and the market is in a low - level weak shock. Strategies include constructing bear spread strategies and short - volatility combination strategies [13]. - **Urea Options**: Urea's production has decreased, and the market is short - term weak. Strategies include constructing neutral - biased call + put option combination strategies and spot hedging strategies [14].