1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The energy and chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, option strategies and suggestions are provided for selected varieties. Each option variety's report includes analysis of the underlying asset's market, research on option factors, and option strategy recommendations [8]. 3. Summary by Relevant Contents 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interest, and open interest changes of various energy and chemical futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. For example, the latest price of crude oil (SC2601) is 455, with a price change of -3 and a change percentage of -0.61% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The report provides volume and open interest PCR data for different option varieties. The open interest PCR = put option open interest / call option open interest, which describes the strength of the option underlying asset's market; the volume PCR = put option trading volume / call option trading volume, which indicates whether the underlying asset's market is at a turning point [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each option variety are given, along with the corresponding strike prices, pressure point offsets, and support point offsets. For instance, the pressure point of crude oil (SC2601) is 540 with an offset of -50, and the support point is 460 with an offset of 0 [5]. 3.4 Option Factors - Implied Volatility - The report includes data on the at-the-money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call option implied volatility, put option implied volatility, historical 20-day volatility, and the difference between implied and historical volatility for each option variety [6]. 3.5 Strategy and Suggestions 3.5.1 Energy Options - **Crude Oil**: The fundamental situation shows that U.S. refinery demand has stabilized and rebounded, shale oil production has slightly increased, OPEC exports have increased, and European refinery demand is about to enter the peak season. The market has shown a complex price trend since August. Option factors indicate that the implied volatility is above the average, the open interest PCR is below 0.80, and the pressure and support levels are 540 and 460 respectively. Strategies include constructing a short call + put option combination for volatility, and a long collar strategy for spot hedging [7]. - **LPG**: The cost of crude oil is affected by supply and geopolitical issues. The LPG market has shown an oversold rebound and slight consolidation since August. Option factors show that the implied volatility has dropped to below the average, the open interest PCR is around 0.80, and the pressure and support levels are 4400 and 4200 respectively. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [9]. 3.5.2 Alcohol Options - **Methanol**: Port and enterprise inventories are at high levels and difficult to reduce significantly in the short term. The market has been weak since August. Option factors indicate that the implied volatility is around the historical average, the open interest PCR is below 0.80, and the pressure and support levels are 2500 and 2000 respectively. Strategies include constructing a bear spread with put options for direction, a short call + put option combination for volatility, and a long collar strategy for spot hedging [9]. - **Ethylene Glycol**: Port and downstream inventories are high, and domestic production and imports are expected to keep the port inventory in an accumulation cycle. The market has been weak. Option factors show that the implied volatility is below the average, the open interest PCR is around 0.70, and the pressure and support levels are 4500 and 4050 respectively. Strategies include constructing a bear spread with put options for direction, a short volatility strategy for volatility, and a long collar strategy for spot hedging [10]. 3.5.3 Polyolefin Options - **Polypropylene**: PE and PP inventories show different trends. The market has been weak. Option factors indicate that the implied volatility has dropped to around the average, the open interest PCR is around 0.70, and the pressure and support levels are 7000 and 6300 respectively. Strategies include constructing a bear spread with put options for direction, and a long collar strategy for spot hedging [10]. 3.5.4 Rubber Options - **Rubber**: Exchange rubber warehouse receipts are at a ten-year low, and there is an expectation of inventory accumulation. The market has been in a weak consolidation. Option factors show that the implied volatility has dropped to below the average after a sharp rise, the open interest PCR is below 0.60, and the pressure and support levels are 16000 and 14500 respectively. Strategies include constructing a short call + put option combination for volatility [11]. 3.5.5 Polyester Options - **PTA**: The overall social inventory of PTA is increasing, and new installations are expected to continue to increase inventory. The market has shown a rebound with pressure. Option factors indicate that the implied volatility is above the average, the open interest PCR is around 0.70, and the pressure and support levels are 4700 and 4300 respectively. Strategies include constructing a neutral short call + put option combination for volatility [11]. 3.5.6 Alkali Options - **Caustic Soda**: The capacity utilization rate of caustic soda enterprises has increased. The market has been weak. Option factors show that the implied volatility is at a relatively high level, the open interest PCR is below 0.80, and the pressure and support levels are 3000 and 2000 respectively. Strategies include constructing a bear spread for direction, and a long collar strategy for spot hedging [12]. - **Soda Ash**: The factory inventory of soda ash has increased. The market has been in a low-level weak consolidation. Option factors indicate that the implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, and the pressure and support levels are 1860 and 1100 respectively. Strategies include constructing a bear spread for direction, a short volatility combination for volatility, and a long collar strategy for spot hedging [12]. 3.5.7 Other Options - **Urea**: Enterprise inventory is at a high level, and port inventory is decreasing. The market has shown a low-level rebound. Option factors show that the implied volatility is around the historical average, the open interest PCR is below 0.60, and the pressure and support levels are 1800 and 1600 respectively. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [13].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views 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 volatile upward movement [3]. - The implied volatility of financial options decreased but remained at a relatively high level of fluctuation [3]. - For ETF options, it is suitable to construct a bullish buyer strategy and a bull spread strategy for call options; for index options, it is suitable to construct a bullish seller strategy, a bull spread strategy for call options, and an arbitrage strategy between synthetic long futures with options and short futures [3]. 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 4,029.50, up 29.36 points or 0.73%, with a trading volume of 876.4 billion yuan, an increase of 35.9 billion yuan [4]. - The Shenzhen Component Index closed at 13,476.52, up 235.91 points or 1.78%, with a trading volume of 1,165.6 billion yuan, an increase of 61 billion yuan [4]. - The SSE 50 Index closed at 3,073.67, up 29.36 points or 0.96%, with a trading volume of 132.5 billion yuan, a decrease of 4.4 billion yuan [4]. - The CSI 300 Index closed at 4,702.07, up 56.17 points or 1.21%, with a trading volume of 510.1 billion yuan, an increase of 17.8 billion yuan [4]. - The CSI 500 Index closed at 7,355.29, up 112.04 points or 1.55%, with a trading volume of 339.6 billion yuan, an increase of 25.8 billion yuan [4]. - The CSI 1000 Index closed at 7,590.58, up 104.20 points or 1.39%, with a trading volume of 420.6 billion yuan, an increase of 30.1 billion yuan [4]. 3.2 Option Underlying ETF Market Overview - The SSE 50 ETF closed at 3.221, up 0.024 or 0.75%, with a trading volume of 5.0122 million shares, a decrease of 4.9569 million shares, and a trading amount of 1.609 billion yuan, a decrease of 0.16 billion yuan [5]. - The SSE 300 ETF closed at 4.812, up 0.047 or 0.99%, with a trading volume of 6.4596 million shares, an increase of 6.4072 million shares, and a trading amount of 3.096 billion yuan, an increase of 0.604 billion yuan [5]. - The SSE 500 ETF closed at 7.465, up 0.109 or 1.48%, with a trading volume of 1.8866 million shares, an increase of 1.8732 million shares, and a trading amount of 1.401 billion yuan, an increase of 0.415 billion yuan [5]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.469, up 0.020 or 1.38%, with a trading volume of 23.3899 million shares, an increase of 23.112 million shares, and a trading amount of 3.416 billion yuan, a decrease of 0.595 billion yuan [5]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.423, up 0.018 or 1.28%, with a trading volume of 6.6554 million shares, an increase of 6.5851 million shares, and a trading amount of 0.942 billion yuan, a decrease of 0.04 billion yuan [5]. - The Shenzhen 300 ETF closed at 4.964, up 0.052 or 1.06%, with a trading volume of 1.2066 million shares, an increase of 1.189 million shares, and a trading amount of 0.597 billion yuan, a decrease of 0.268 billion yuan [5]. - The Shenzhen 500 ETF closed at 2.982, up 0.045 or 1.53%, with a trading volume of 0.6084 million shares, an increase of 0.6023 million shares, and a trading amount of 0.018 billion yuan, an increase of 0.0004 billion yuan [5]. - The Shenzhen 100 ETF closed at 3.584, up 0.056 or 1.59%, with a trading volume of 0.7725 million shares, an increase of 0.7682 million shares, and a trading amount of 0.0274 billion yuan, an increase of 0.0125 billion yuan [5]. - The ChiNext ETF closed at 3.182, up 0.074 or 2.38%, with a trading volume of 16.0187 million shares, an increase of 15.9005 million shares, and a trading amount of 5.045 billion yuan, an increase of 1.397 billion yuan [5]. 3.3 Option Factor - Volume and Open Interest PCR - The volume PCR and open interest PCR of different option varieties showed different changes, which can be used to describe the strength of the option underlying market and the turning point of the underlying market [6][7]. 3.4 Option Factor - Pressure Points and Support Points - The pressure points and support points of different option varieties can be seen from the strike prices of the maximum open interest of call options and put options [8][10]. 3.5 Option Factor - Implied Volatility - The implied volatility of different option varieties showed different levels and changes, which can be used to measure the market's expectation of future price fluctuations [11][12]. 3.6 Strategy and Recommendations - The financial option sector is mainly divided into large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks. Different strategies are recommended for different sectors and option varieties [13]. - For example, for the SSE 50 ETF, it is recommended to construct a seller's bullish combination strategy and a spot long covered call strategy; for the SSE 300 ETF, it is recommended to construct a short volatility strategy and a spot long covered call strategy [14].

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoint The report provides an early morning outlook for metal options on November 14, 2025. It suggests different strategies for various metal sectors: constructing a neutral volatility selling strategy for non - ferrous metals with a bullish upward trend; a short - volatility combination strategy for the black series with large - amplitude fluctuations; and a bull spread combination strategy for precious metals experiencing a rebound [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - **Prices and Changes**: Various metal futures showed different price movements. For example, copper (CU2512) was at 87,400 with a 0.08% increase; aluminum (AL2512) was at 22,025 with a 0.39% increase; zinc (ZN2512) was at 22,635 with a 0.09% decrease [3]. - **Volume and Open Interest**: There were also changes in trading volume and open interest. For instance, copper had a trading volume of 10.23 million lots (a 2.60 million - lot increase) and an open interest of 20.10 million lots (a 0.02 million - lot increase) [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: Different metals had different PCR values. For example, copper's volume PCR was 0.40 (a 0.22 decrease), and its open interest PCR was 0.81 (a 0.03 increase) [4]. - **Pressure and Support Levels**: From the perspective of option factors, each metal had its own pressure and support levels. For example, copper's pressure point was 90,000 and its support point was 84,000 [5]. - **Implied Volatility**: Implied volatility also varied among metals. For example, copper's at - the - money implied volatility was 16.57%, and its weighted implied volatility was 18.63% (a 1.83 increase) [6]. 3.3 Strategy and Recommendations - **Non - Ferrous Metals** - **Copper**: Based on the analysis of fundamentals, market trends, and option factors, it is recommended to construct a short - volatility selling option combination strategy and a spot long - hedging strategy [7]. - **Aluminum**: Suggestions include constructing a bull spread combination strategy, a short - volatility option combination strategy, and a spot collar strategy [9]. - **Zinc**: Recommendations are to build a short - neutral volatility option combination strategy and a spot collar strategy [9]. - **Nickel**: It is advised to create a short - bearish volatility option combination strategy and a spot covered - call strategy [10]. - **Tin**: Strategies involve a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Suggestions are to construct a short - neutral volatility option combination strategy and a spot long - hedging strategy [11]. - **Precious Metals** - **Gold**: It is recommended to build a short - neutral volatility option seller combination strategy and a spot hedging strategy [12]. - **Black Series** - **Rebar**: Strategies include a short - bearish volatility option combination strategy and a spot long - covered - call strategy [13]. - **Iron Ore**: Recommendations are to construct a short - bearish volatility option combination strategy and a spot long - collar strategy [13]. - **Ferroalloys (Manganese Silicon)**: A short - volatility strategy is suggested [14]. - **Industrial Silicon**: It is advised to build a short - volatility option combination strategy and a spot hedging strategy [14]. - **Glass**: Strategies involve a short - volatility option combination strategy and a spot long - collar strategy [15].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural products options market shows different trends. Oilseeds and oils are in a weak and volatile state, while other products like soft commodities and grains also have their own market trends. It is recommended to construct option portfolio strategies mainly as sellers and spot hedging or covered strategies to enhance returns [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product options have various price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2601) is 4,168, up 46 with a 1.12% increase in price, and its trading volume is 8.85 million lots with an increase of 0.91 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - PCR 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 soybean No.1 is 0.45 with a change of -0.23, and the open interest PCR is 1.19 with a change of -0.04 [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of the option underlyings are analyzed. For example, the pressure level of soybean No.1 is 4,200 and the support level is 4,050 [5] 3.4 Option Factors - Implied Volatility - Implied volatility indicators include at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of soybean No.1 is 11.01%, and the weighted implied volatility is 12.15% with a change of 0.19 [6] 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: Fundamentally, the CNF premium of Brazilian soybeans in January 2026 decreased weekly, the import cost increased, and the planting progress in Brazil slowed down. The market trend has shown a rebound after a decline. Option - wise, the implied volatility is below the historical average, and the open interest PCR is below 0.70. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [7] - **Soybean Meal**: Fundamentally, the average daily trading volume and pick - up volume of soybean meal decreased weekly, and the basis increased slightly. The market has shown a rebound after a decline. Option - wise, the implied volatility is below the historical average, and the open interest PCR is below 0.60. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [9] - **Palm Oil**: Fundamentally, the production in Malaysia is good, and the inventory at the end of the year will be at a relatively high historical level. The market has shown a low - level consolidation. Option - wise, the implied volatility is below the historical average, and the open interest PCR is above 1.00. Strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [9] - **Peanut**: Fundamentally, the peanut oil market is in a contradictory state of high - quality resource support and loose supply - demand. The market has shown a weak downward trend. Option - wise, the implied volatility is at a relatively high historical level, and the open interest PCR is below 0.60. Strategies include a long collar strategy for spot hedging [10] 3.5.2 Agricultural By - product Options - **Pig**: Fundamentally, the national pig slaughter and pork production increased in the first three quarters of 2025. The market has shown a weak downward trend. Option - wise, the implied volatility is above the historical average, and the open interest PCR is below 0.50. Strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [10] - **Egg**: Fundamentally, the market has a pattern of high supply and weak demand. The market has shown a rebound after a decline. Option - wise, the implied volatility is at a relatively high level, and the open interest PCR is below 0.60. Strategies include constructing a neutral call + put option combination strategy [11] - **Apple**: Fundamentally, the apple production decreased this year, and the cold - storage inventory is expected to be low. The market has shown a continuous upward trend. Option - wise, the implied volatility is above the historical average, and the open interest PCR is above 0.90. Strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging [11] - **Jujube**: Fundamentally, the jujube market price is stable, and the supply is sufficient. The market has shown a weak downward trend. Option - wise, the implied volatility has risen rapidly above the historical average, and the open interest PCR is below 0.50. Strategies include constructing a short - biased strangle option combination strategy and a covered call strategy for spot hedging [12] 3.5.3 Soft Commodity Options - **Sugar**: Fundamentally, the weak external sugar market restricts the rebound of Zhengzhou sugar, but the expected decline in Brazilian sugar production may have a certain impact. The market has shown a weak downward trend. Option - wise, the implied volatility is at a relatively low historical level, and the open interest PCR is around 0.60. Strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12] - **Cotton**: Fundamentally, the cotton harvest in Xinjiang is coming to an end, and the new - season supply will increase, putting pressure on cotton prices. The market has shown a short - term weak trend. Option - wise, the implied volatility is at a relatively low level, and the open interest PCR is below 1.00. Strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [13] 3.5.4 Grain Options - **Corn**: Fundamentally, the purchase price of domestic processing enterprises has decreased, and the market supply is relatively abundant. The market has shown a weak rebound. Option - wise, the implied volatility is at a relatively low historical level, and the open interest PCR is below 0.60. Strategies include constructing a neutral call + put option combination strategy [13]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The overall trend of agricultural product options shows that oilseeds and oils are weakly volatile, while other sectors such as by - products, soft commodities, and grains maintain a volatile market. It is recommended to construct option combination strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [2] 3. Summary According to Related Catalogs 3.1 Overview of the Underlying Futures Market - Different agricultural product options have various price changes, trading volumes, and open - interest changes. For example, the price of soybeans A2601 decreased by 0.12% to 4,113, with a trading volume of 7.95 million lots and a decrease of 4.92 million lots compared to the previous period, and an open - interest of 24.71 million lots with a decrease of 0.05 million lots [3] 3.2 Option Factors - Volume and Open - Interest PCR - PCR indicators are used to describe the strength of the option underlying market and the turning point of the market. For instance, the volume PCR of soybeans is 0.68 with a change of 0.10, and the open - interest PCR is 1.22 with a change of 0.02 [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the maximum open - interest of call and put options, the pressure and support levels of different option underlying are determined. For example, the pressure level of soybeans is 4,200 and the support level is 4,050 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different option products shows different trends. For example, the weighted implied volatility of soybeans decreased by 0.20 to 11.96, and the difference between implied and historical volatility is - 1.23 [6] 3.5 Option Strategies for Different Agricultural Products 3.5.1 Oilseeds and Oils Options - **Soybeans**: Fundamentally, the CNF premium of Brazilian soybeans decreased, and the import cost increased. The market has shown a rebound after a decline. Optionally, the implied volatility is below the historical average, and the open - interest PCR indicates a weak market. Strategies include constructing a neutral call + put option combination and a long collar strategy for spot hedging [7] - **Soybean Meal**: Fundamentally, the trading volume and pick - up volume decreased, and the basis increased slightly. The market has shown a rebound after a decline. Optionally, the implied volatility is below the historical average, and the open - interest PCR indicates a weak market. Strategies include constructing a neutral call + put option combination and a long collar strategy for spot hedging [9] - **Palm Oil**: Fundamentally, the production in Malaysia is expected to be high in the fourth quarter, and the inventory will gradually decline. The market is in a low - level consolidation. Optionally, the implied volatility is below the historical average, and the open - interest PCR indicates support at the bottom. Strategies include constructing a bearish call + put option combination and a long collar strategy for spot hedging [9] - **Peanuts**: Fundamentally, the peanut oil market is in a contradictory situation. The market is in a weak consolidation. Optionally, the implied volatility is at a relatively high historical level, and the open - interest PCR indicates a weak market. Strategies include a long collar strategy for spot hedging [10] 3.5.2 By - products Options - **Pigs**: Fundamentally, the production and inventory of pigs have increased. The market is in a downward trend. Optionally, the implied volatility is above the historical average, and the open - interest PCR indicates a weak market. Strategies include constructing a bearish spread strategy for call options, a bearish call + put option combination, and a covered strategy for spot [10] - **Eggs**: Fundamentally, the market has a high supply and weak demand. The market has shown a rebound after a decline. Optionally, the implied volatility is at a relatively high level, and the open - interest PCR indicates a weak market. Strategies include constructing a neutral call + put option combination [11] - **Apples**: Fundamentally, the apple production has decreased, and the expected cold - storage inventory is low. The market is in an upward trend. Optionally, the implied volatility is above the historical average, and the open - interest PCR indicates strong support at the bottom. Strategies include constructing a bullish call + put option combination and a long collar strategy for spot hedging [11] - **Jujubes**: Fundamentally, the market price is stable, and the supply is sufficient. The market is in a downward trend. Optionally, the implied volatility has rapidly increased to above the historical average, and the open - interest PCR indicates a weak market. Strategies include constructing a bearish wide - straddle option combination and a covered strategy for spot hedging [12] 3.5.3 Soft Commodities Options - **Sugar**: Fundamentally, the external sugar market is weak, and the production in Brazil may decline. The market is in a weak and volatile state. Optionally, the implied volatility is at a relatively low historical level, and the open - interest PCR indicates a range - bound market. Strategies include constructing a bearish call + put option combination and a long collar strategy for spot hedging [12] - **Cotton**: Fundamentally, the new cotton supply will increase, putting pressure on prices. The market is in a short - term weak state. Optionally, the implied volatility is at a low level, and the open - interest PCR indicates a weak market. Strategies include constructing a bearish call + put option combination and a covered strategy for spot [13] 3.5.4 Grains Options - **Corn**: Fundamentally, the purchase price of corn has decreased, and the supply exceeds demand. The market is in a weak rebound state. Optionally, the implied volatility is at a relatively low historical level, and the open - interest PCR indicates a weak market. Strategies include constructing a neutral call + put option combination [13]

Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated November 13, 2025, covering various energy and chemical option varieties [1][2] - The strategy focuses on constructing option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - Multiple option varieties are presented, including crude oil, liquefied petroleum gas (LPG), methanol, etc., with details on their latest prices, price changes, trading volumes, and open interest [3] Group 3: Option Factor - Volume and Open Interest PCR - PCR indicators (volume PCR and open interest PCR) for various option varieties are provided, which are used to describe the strength of the underlying asset's market and potential turning points [4] Group 4: Option Factor - Pressure and Support Levels - Pressure and support levels for each option variety are analyzed from the perspective of the strike prices with the largest call and put option open interest [5] Group 5: Option Factor - Implied Volatility - Implied volatility data for different option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and their changes [6] Group 6: Strategy and Recommendations for Each Option Variety Crude Oil - Fundamental analysis shows that U.S. refinery demand has stabilized and rebounded, shale oil production has slightly increased, OPEC exports have risen, and European refinery demand is about to enter the peak season [7] - The market has shown a complex trend of rising and falling in different months. Implied volatility is above the average, and the open interest PCR indicates a weak market. The pressure level is 590, and the support level is 450 [7] - Recommended strategies include constructing a short - biased call + put option combination, and a long collar strategy for spot hedging [7] Liquefied Petroleum Gas - The cost - end crude oil is under supply - surplus pressure and geopolitical disturbances. The LPG market has shown a pattern of over - decline and rebound with resistance [9] - Implied volatility has dropped to below the average, the open interest PCR indicates a weak market, the pressure level is 4550, and the support level is 4200 [9] - Strategies include constructing a neutral - biased call + put option combination and a long collar strategy for spot hedging [9] Methanol - Port and enterprise inventories are high, and the supply is increasing. The market has been in a weak downward trend [9] - Implied volatility is around the historical average, the open interest PCR indicates a weak and volatile market, the pressure level is 2500, and the support level is 2000 [9] - Strategies involve constructing a bear spread with put options, a short - biased call + put option combination, and a long collar strategy for spot hedging [9] Ethylene Glycol - Port and downstream factory inventories are high, and the supply is expected to continue to increase. The market has been weak [10] - Implied volatility is below the average, the open interest PCR indicates strong short - selling power, the pressure level is 4500, and the support level is 4050 [10] - Strategies include constructing a bear spread with put options, a short - volatility strategy, and a long collar strategy for spot hedging [10] Polypropylene - PE and PP inventories at production enterprises, traders, and ports show different trends. The market has been in a weak downward trend [10] - Implied volatility has dropped to around the average, the open interest PCR indicates a weak market, the pressure level is 7000, and the support level is 6300 [10] - Strategies include constructing a bear spread with put options and a long collar strategy for spot hedging [10] Rubber - Exchange rubber warehouse receipts are at a ten - year low, and there is an expectation of inventory accumulation. The market has been in a weak consolidation pattern [11] - Implied volatility has decreased to below the average after a sharp rise, the open interest PCR is below 0.6, the pressure level is 16000, and the support level is 14500 [11] - Strategies include constructing a short - biased call + put option combination [11] PTA - PTA social inventory has increased, and new production capacity is expected to lead to continued inventory accumulation. The market has shown a pattern of rebound with resistance [11] - Implied volatility is above the average, the open interest PCR indicates a volatile market, the pressure level is 4700, and the support level is 4300 [11] - Strategies include constructing a neutral - biased call + put option combination [11] Caustic Soda - The average utilization rate of caustic soda production capacity has increased. The market has been in a weak downward trend [12] - Implied volatility is at a relatively high level, the open interest PCR indicates a weak and volatile market, the pressure level is 3000, and the support level is 2000 [12] - Strategies include constructing a bear spread and a long collar strategy for spot hedging [12] Soda Ash - Soda ash factory inventories have increased. The market has been in a low - level weak consolidation pattern [12] - Implied volatility is at a relatively high historical level, the open interest PCR indicates strong short - selling pressure, the pressure level is 1860, and the support level is 1100 [12] - Strategies include constructing a bear spread, a short - volatility combination, and a long collar strategy for spot hedging [12] Urea - Enterprise inventory is at a high level, and port inventory has decreased. The market has shown a pattern of low - level consolidation and rebound [13] - Implied volatility is around the historical average, the open interest PCR indicates strong short - selling pressure, the pressure level is 1800, and the support level is 1600 [13] - Strategies include constructing a neutral - biased call + put option combination and a long collar strategy for spot hedging [13]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The metal sector is divided into non - ferrous metals, precious metals, and black metals. For non - ferrous metals, a neutral volatility selling strategy can be constructed; for black metals, a short - volatility combination strategy is suitable; for precious metals, a bull spread combination strategy can be built [2]. - For each metal variety, the report provides investment strategies based on fundamental analysis, market trend analysis, and option factor research [7][9][10]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, including copper, aluminum, zinc, etc [3]. 3.2 Option Factor - Quantity and Open Interest PCR - The PCR indicators (quantity PCR and open interest PCR) are used to describe the strength of the option underlying market and the turning points of the underlying market [4]. 3.3 Option Factor - Pressure and Support Levels - Shows the pressure and support levels of various metal options based on the strike prices of the maximum open interest of call and put options [5]. 3.4 Option Factor - Implied Volatility - Displays the implied volatility data of various metal options, including at - the - money implied volatility, weighted implied volatility, etc [6]. 3.5 Strategy and Recommendations - **Non - Ferrous Metals** - **Copper**: Due to the expected decline in apparent consumption and the increase in total inventory, a short - volatility seller option combination strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum**: Given the inventory changes and market trends, a bull spread combination strategy and a short - option combination strategy are suggested [9]. - **Zinc**: With inventory and market conditions, a short - neutral option combination strategy and a spot collar strategy are proposed [9]. - **Nickel**: Considering the supply - demand situation and market trends, a short - bearish option combination strategy and a spot covered strategy are recommended [10]. - **Tin**: Due to the slow resumption of production and supply shortages, a short - volatility strategy and a spot collar strategy are suggested [10]. - **Lithium Carbonate**: Based on inventory reduction and market trends, a short - neutral option combination strategy and a spot long - hedging strategy are recommended [11]. - **Precious Metals** - **Gold**: Considering the Fed's interest rate policy and market trends, a short - neutral volatility option seller combination strategy and a spot hedging strategy are proposed [12]. - **Black Metals** - **Rebar**: Given the production and market trends, a short - bearish option combination strategy and a spot long - covered strategy are recommended [13]. - **Iron Ore**: Based on inventory and market trends, a short - bearish option combination strategy and a spot long - collar strategy are suggested [13]. - **Ferroalloy (Manganese Silicon)**: Considering production and market trends, a short - volatility strategy is recommended [14]. - **Industrial Silicon**: Based on production and market trends, a short - volatility option combination strategy and a spot hedging strategy are proposed [14]. - **Glass**: Given the production and inventory situation, a short - volatility option combination strategy and a spot long - collar strategy are recommended [15]. 3.6 Charts - Provide price charts, trading volume, and open interest charts, PCR charts, implied volatility charts, and historical volatility cone charts for various metal options such as copper, aluminum, zinc, etc [16][37][55]

Group 1: Report Summary - The report is an energy and chemical options strategy morning report, covering energy, polyolefins, polyesters, alkali chemicals, and other energy and chemical options [1][2] - The recommended strategy is to construct an option portfolio strategy mainly as a seller, as well as a spot hedging or covered strategy to enhance returns [2] Group 2: Underlying 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 provided [3] Group 3: Option Factor - Volume and Open Interest PCR - The trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various options are presented [4] Group 4: Option Factor - Pressure and Support Levels - The at - the - money strike price, pressure point, pressure point offset, support point, support point offset, maximum call option open interest, and maximum put option open interest of various options are given [5] Group 5: Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and implied - historical volatility difference of various options are reported [6] Group 6: Option Strategy Analysis - Energy Options Crude Oil - Fundamental analysis shows that U.S. refinery demand has stabilized and rebounded, shale oil production has slightly increased, OPEC exports have increased, European refinery demand is about to enter the peak season, and diesel crack spreads remain high [7] - The market trend shows a short - term weak oscillation in August, a weak and bearish trend followed by a rebound in September, a sharp decline followed by a rebound in October, and a continuous oscillation followed by a rebound in November [7] - Option factor research indicates that the implied volatility fluctuates around the average, the open interest PCR is below 0.80, the pressure level is 470, and the support level is 450 [7] - Recommended strategies include constructing a short - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - position hedging strategy [7] Liquefied Petroleum Gas (LPG) - Fundamental analysis shows that the cost - end crude oil is under pressure from oversupply and geopolitical issues, and OPEC maintains an increasing production state [9] - The market trend shows a rapid decline followed by a rebound and then a decline since August, a rise - fall - rise - fall pattern in September, a weak - strong - rebound - oscillation pattern in October, and a continuous slight oscillation in November [9] - Option factor research indicates that the implied volatility has dropped significantly to around the lower - than - average level, the open interest PCR is around 0.80, the pressure level is 4550, and the support level is 4200 [9] - Recommended strategies include constructing a neutral - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - position hedging strategy [9] Group 7: Option Strategy Analysis - Alcohol Options Methanol - Fundamental analysis shows that port inventory is 151.71 million tons, a month - on - month increase of 1.06 million tons, and enterprise inventory is 38.64 million tons, a month - on - month increase of 1.04 million tons [9] - The market trend shows a weakening and bearish trend since August, a low - level consolidation followed by a rebound in September, and a continuous weak and bearish trend since October [9] - Option factor research indicates that the implied volatility fluctuates around the historical average, the open interest PCR is below 0.80, the pressure level is 2500, and the support level is 2000 [9] - Recommended strategies include constructing a bear spread combination strategy of put options for the directional strategy, a short - biased call + put option combination strategy for the volatility strategy, and a long collar strategy for the spot long - position hedging strategy [9] Ethylene Glycol - Fundamental analysis shows that port inventory is 56.2 million tons, a year - on - year increase of 15.3 million tons, and downstream factory inventory days are 13.2 days, a year - on - year increase of 0.7 days. It is expected that port inventory will continue the accumulation cycle [10] - The market trend shows a slight weak consolidation in August, a continuous weak and bearish trend since September, and a continuous weak trend in November [10] - Option factor research indicates that the implied volatility fluctuates around the lower - than - average level, the open interest PCR is around 0.70, the pressure level is 4500, and the support level is 4050 [10] - Recommended strategies include constructing a bear spread combination strategy of put options for the directional strategy, a short - volatility strategy for the volatility strategy, and a long collar strategy for the spot long - position hedging strategy [10] Group 8: Option Strategy Analysis - Polyolefin Options Polypropylene - Fundamental analysis shows that PE and PP production enterprise inventories, trade inventories, and port inventories have different trends of accumulation or de - accumulation [10] - The market trend shows a weak and slight fluctuation in August, a continuous weak and bearish trend since September, and a continuous weak and bearish decline in November [10] - Option factor research indicates that the implied volatility has dropped to around the average level, the open interest PCR is around 0.70, the pressure level is 7000, and the support level is 6300 [10] - Recommended strategies include constructing a bear spread combination strategy of put options for the directional strategy and a long collar strategy for the spot long - position hedging strategy [10] Group 9: Option Strategy Analysis - Rubber Options Rubber - Fundamental analysis shows that exchange rubber warehouse receipts are at a ten - year low, and there is an expectation of inventory accumulation in the later stage [11] - The market trend shows a warming and rising followed by a range - bound oscillation in August, a continuous weak and bearish trend since September, and a low - level weak oscillation in November [11] - Option factor research indicates that the implied volatility has decreased to around the lower - than - average level after a rapid increase, the open interest PCR is below 0.60, the pressure level has dropped significantly to 16000, and the support level is 14500 [11] - Recommended strategies include constructing a short - biased call + put option combination strategy for the volatility strategy [11] Group 10: Option Strategy Analysis - Polyester Options PTA - Fundamental analysis shows that the overall social inventory of PTA (excluding credit warehouse receipts) is 225.1 million tons, a month - on - year increase of 11.4 million tons, and it is expected that inventory will continue to accumulate [11] - The market trend shows a decline followed by a small consolidation and then a rapid rebound and then a decline in August, a continuous weak and bearish trend since September, and a rebound and rise in November [11] - Option factor research indicates that the implied volatility fluctuates at a higher - than - average level, the open interest PCR is around 0.70, the pressure level is 4700, and the support level is 4300 [11] - Recommended strategies include constructing a neutral - biased call + put option combination strategy for the volatility strategy [11] Group 11: Option Strategy Analysis - Alkali Chemical Options Caustic Soda - Fundamental analysis shows that the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons or more is 84.8%, a week - on - week increase of 0.5% [12] - The market trend shows a rapid decline followed by a rebound and then a high - level oscillation in August, a continuous decline since September, an accelerated decline in October, and a low - level weak oscillation in November [12] - Option factor research indicates that the implied volatility fluctuates at a relatively high level, the open interest PCR is below 0.80, the pressure level is 3000, and the support level is 2000 [12] - Recommended strategies include constructing a bear spread combination strategy for the directional strategy and a long collar strategy for the spot long - position hedging strategy [12] Soda Ash - Fundamental analysis shows that as of November 7, 2025, the in - plant inventory of soda ash is 171.42 million tons, a month - on - month increase of 1.22 million tons [12] - The market trend shows a continuous weak consolidation since August, a low - level weak fluctuation in September, a continuous weak trend in October, and a decline - rise pattern in November [12] - Option factor research indicates that the implied volatility fluctuates at a relatively high historical level, the open interest PCR is below 0.60, the pressure level is 1860, and the support level is 1100 [12] - Recommended strategies include constructing a bear spread combination strategy for the directional strategy, a short - volatility combination strategy for the volatility strategy, and a long collar strategy for the spot long - position hedging strategy [12] Group 12: Option Strategy Analysis - Urea Options - Fundamental analysis shows that enterprise inventory is 157.81 million tons, a month - on - month increase of 2.38 million tons, and port inventory is 7.9 million tons, a month - on - month decrease of 3.1 million tons [13] - The market trend shows a wide - range and large - amplitude fluctuation in August, a continuous weakening in September, a low - level weak oscillation in October, and a rebound and rise in November [13] - Option factor research indicates that the implied volatility fluctuates slightly around the historical average, the open interest PCR is below 0.60, the pressure level is 1800, and the support level is 1600 [13] - Recommended strategies include constructing a neutral - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - position hedging strategy [13]

金属期权 2025-11-12 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）有色金属区间震荡，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）贵金属高位回落连续大幅下跌，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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The agricultural products market shows different trends: oilseeds and oils are weakly volatile, oils and by - products maintain a volatile market, soft commodities like sugar show a slight fluctuation, cotton is weakly consolidating, and grains such as corn and starch are weakly and narrowly consolidating. 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 Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures have various price changes and volume/position adjustments. For example, the latest price of soybean No.1 (A2601) is 4,114, down 14 (-0.34%), with a trading volume of 128,700 lots and an open interest of 247,500 lots [3] 3.2 Option Factor - Volume and Position PCR - The volume and position PCR of different agricultural product options vary, which can be used to describe the strength of the option underlying market and the turning point of the underlying market [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 different agricultural product options are identified. For example, the pressure level of soybean No.1 is 4,200 and the support level is 4,050 [5] 3.4 Option Factor - Implied Volatility - The implied volatility of different agricultural product options shows different levels and changes, which is related to the market expectations and risks of the underlying assets [6] 3.5 Strategy and Recommendations 3.5.1 Oils and Oilseeds Options - **Soybean No.1**: Fundamental factors include changes in Brazilian soybean CNF premiums, planting progress, etc. The option strategy includes constructing a neutral call + put option combination strategy and a long collar strategy [7] - **Soybean Meal**: The fundamentals involve changes in trading volume, delivery volume, basis, and inventory. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy [9] - **Palm Oil**: The fundamentals are related to Malaysian production and inventory. Option strategies include constructing a bearish call + put option combination strategy and a long collar strategy [9] - **Peanut**: The fundamentals are about the price and market situation of peanut oil. The option strategy is to hold a long spot + buy a put option + sell an out - of - the - money call option [10] 3.5.2 By - product Options - **Live Pig**: The fundamentals are based on national production and inventory data. Option strategies include constructing a bearish put spread strategy, a bearish call + put option combination strategy, and a long covered strategy [10] - **Egg**: The fundamentals are related to the supply - demand pattern of the egg market. Option strategies include constructing a neutral call + put option combination strategy [11] - **Apple**: The fundamentals involve production, quality, and cold - storage inventory. Option strategies include constructing a bullish call + put option combination strategy and a long collar strategy [11] - **Jujube**: The fundamentals are about the market price and supply - demand situation. Option strategies include constructing a bearish strangle option combination strategy and a long covered hedging strategy [12] 3.5.3 Soft Commodity Options - **Sugar**: The fundamentals are affected by the international sugar price and domestic production expectations. Option strategies include constructing a bearish call + put option combination strategy and a long collar strategy [12] - **Cotton**: The fundamentals are related to the harvest progress and cost of cotton. Option strategies include constructing a bearish call + put option combination strategy and a long covered strategy [13] 3.5.4 Grain Options - **Corn**: The fundamentals involve domestic purchase prices and supply - demand relationships. Option strategies include constructing a neutral call + put option combination strategy [13]