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].

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 | | --- | --- | --- | --- | --- | ...

·假期将至美指走势维持稳定 ·中金：人民币汇率并未明显低估 ·CME白银隐含波动率飙升至极端高位 ·日本央行会议意见摘要暗示将进一步加息 ·交易员警惕干预风险泰铢创5月以来最大跌幅 ·美元走弱叠加国内政局稳定南非兰特有望录得2009年以来最大年度涨幅 【机构分析】 ·机构分析认为，在清淡的假期行情中，由于缺乏新的催化剂，美元兑一篮子货币汇率持稳。本周经济 日历上重要数据不多，且多个市场将因元旦休市。随着月末和年末临近，美元仓位可能出现一些调整。 美元指数现基本持平，报98.01。数据显示，美元指数年内迄今已下跌近10%。 ·中金公司最新研报指出，汇率走势可能仍与金融周期走势有一定关系。金融周期视角下，中金认为人 民币汇率未明显低估，不过中国股市表现亮眼，叠加美元走弱，人民币汇率阶段性温和回升也有其合理 性。 ·芝商所（CME）白银波动率指数（CVOL）日内一直处于80上方。该指数历史上最高为96.20，最低为 13.97，正常情况在25-35之间波动，当指数>60时，表明白银的波动率已达到极端状态。从12月26日开 始，CME白银波动率指数就突破60，并一路走高，在12月28日开盘后更是跳空上涨至80上方。当 ...

波动率数据日报 永安期货期权总部 更新时间:2025/12/29 、隐含波动率指数、历史波动率及其价差走势图 隐波指教分位教与波动率价差分位费排名图 1、隐波分位数代表当前品种隐波在历史上的水平。分位教高代表当前稳波偏高。分位数低代表稳疲隔低。2、波动率价差书急按指数十历史皮 动率。 隐含波动率分位数排名 历史波动率分位数排名 Ph 1、金融期权隐含波动率指数反映截止上一交易日的30日隐波走势,商品期权隐含波动 率指数通过主力月平值期权上下两档隐波加权所得,反映主力合约的隐波变化趋势。2 隐波指数与历史波动率的差值,差值越大反映隐波相对历史波动率越高,差值越小代 表隐波相对历史波动率越低。 42 6) 85 限 36 0.2 0.3 0.4 0.5 ore 0.7 0.8 0.9 0.1 1 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0 0 ora 1 70 -300股指 IV -- 300股指 HV IV-HV美 IV-HV美 - 50ETF IV - 50ETF HV 20 20 80 IV-HV差 -- 1000股指 IV -- 1000股指 HV V-HV美 - 500ETF I ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The implied volatility has risen, and the market has seen a significant increase [1] Summary by Relevant Catalogs Option Market Data - Financial Options - 50ETF options had an average daily trading volume of 771,000 contracts this week, a -0.47% decrease from the previous week. The put - call trading ratio was 0.88, higher than the historical average, and the put - call holding ratio last week was 1.01, also higher than the historical average [1] - Huatai - Baorui 300ETF options had an average daily trading volume of 952,900 contracts and an average daily open interest of 1,334,700 contracts [1] - Southern China CSI 500ETF options had an average daily trading volume of 1,366,300 contracts and an average daily open interest of 1,283,900 contracts [1] - Huaxia SSE STAR 50ETF options had an average daily trading volume of 1,210,800 contracts and an average daily open interest of 2,298,000 contracts [1] - Shenzhen 100ETF options had an average daily trading volume of 61,100 contracts and an average daily open interest of 117,100 contracts [1] - GEM ETF options had an average daily trading volume of 1,774,600 contracts and an average daily open interest of 1,807,500 contracts [1] - CSI 300 index options had an average daily trading volume of 91,900 lots and an average daily open interest of 197,700 lots [1] - CSI 1000 index options had an average daily trading volume of 226,500 lots and an average daily open interest of 332,900 lots [1] Option Market Data - Volatility - As of the close on Friday, the implied volatility of CSI 300 index options was 15.33%, a 0.23% increase from a week ago; the implied volatility of 50ETF options was 12.47%, a 0.14% decrease from a week ago; the implied volatility of CSI 1000 index options was 18.88%, a 1.47% increase from a week ago [2] - In commodity options, the implied volatility of crude oil options was 15.53%, a 0.12% increase from a week ago; the implied volatility of lithium carbonate options was 52.67%, an 11.30% increase from a week ago; the implied volatility of rebar options was 25.43%, a 3.86% increase from a week ago; the implied volatility of soda ash options was 24.79%, a 1.26% increase from a week ago; the implied volatility of gold options was 25.43%, a 3.86% increase from a week ago; the implied volatility of silver options was 57.34%, a 13.60% increase from a week ago; the implied volatility of palm oil options was 16.62%, a -0.17% decrease from a week ago; the implied volatility of soybean oil options was 10.43%, a -0.52% decrease from a week ago; the implied volatility of rapeseed oil options was 15.26%, a 0.33% increase from a week ago; the implied volatility of rubber options was 18.83%, a 2.62% increase from a week ago [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For non - ferrous metals, a neutral volatility strategy for sellers can be constructed as they are trending upwards; for black metals, a short - volatility combination strategy is suitable due to their large - amplitude fluctuations; for precious metals, a bull - spread combination strategy can be built as they are rebounding and rising [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Copper (CU2602) closed at 101,380, up 3,270 (3.33%), with a trading volume of 28.70 million lots and an open interest of 25.21 million lots [3] - Aluminum (AL2602) closed at 22,520, up 135 (0.60%), with a trading volume of 35.36 million lots and an open interest of 29.96 million lots [3] - Zinc (ZN2602) closed at 23,215, up 85 (0.37%), with a trading volume of 14.57 million lots and an open interest of 9.74 million lots [3] - And so on for other metals including lead, nickel, tin, etc. 3.2 Option Factors - Volume and Open Interest PCR - For copper, the volume PCR is 0.45 (down 0.13), and the open interest PCR is 0.74 (up 0.08) [4] - For aluminum, the volume PCR is 0.25 (down 0.29), and the open interest PCR is 0.52 (down 0.04) [4] - Similar data are provided for other metals 3.3 Option Factors - Pressure and Support Levels - For copper, the pressure level is 98,000 and the support level is 90,000 [5] - For aluminum, the pressure level is 23,000 and the support level is 21,400 [5] - Other metals also have their corresponding pressure and support levels 3.4 Option Factors - Implied Volatility - For copper, the at - the - money implied volatility is 30.23%, the weighted implied volatility is 32.68% (up 5.44%) [6] - For aluminum, the at - the - money implied volatility is 18.46%, the weighted implied volatility is 22.02% (up 3.56%) [6] - Implied volatility data are available for all metals 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Build a bull - spread combination strategy for call options and a short - volatility seller option combination strategy; for spot hedging, hold a long spot position + buy put options + sell out - of - the - money call options [7] - **Aluminum**: Construct a bull - spread combination strategy for call options, a short - call + put option combination strategy; for spot hedging, use a collar strategy [9] - Similar strategies are provided for zinc, nickel, tin, and lithium carbonate 3.5.2 Precious Metals - **Silver**: Build a bull - spread combination strategy for call options, a short - volatility option seller combination strategy; for spot hedging, hold a long spot position + buy put options + sell out - of - the - money call options [12] 3.5.3 Black Metals - **Rebar**: Build a short - call + put option combination strategy for a short - bias; for spot hedging, hold a long spot position + sell call options [13] - **Iron ore**: Build a short - neutral call + put option combination strategy; for spot hedging, use a collar strategy [13] - Similar strategies are provided for ferroalloys, industrial silicon, and glass

证 券 研 究 报 告 沪深300隐含波动率低位回升 全球资产配置每周聚焦 (20251219-20251226) 证券分析师：金倩婧 A0230513070004 冯晓宇 A0230521080005 林遵东 A0230524100005 王胜 A0230511060001 2025.12.28 www.swsresearch.com 证券研究报告 2 ◼ 全球资本市场回顾：本周 (20251219-20251226) 美国市场核心矛盾聚焦政策分歧与经济结构性失衡，特朗普明确要求下任美联储主席推动大幅降息，同时白银逼仓背景下，贵金 属领涨全球资产，美股整体震荡收涨。1）固收方面，10Y美债收益率录得4.14%，本周下降2BPs，美元指数下跌0.69%，当前点位为98.0；2）权益方面，本周韩国、日本、新兴市 场股市上涨较多，A股指数全线收涨，创业板指、中证1000和科创50涨幅靠前，阿根廷、法国、英国股市有所下跌；3）商品方面，本周黄金上涨4.24%，并且白银逼仓背景下，贵 金属领涨全球资产，原油本周上涨0.55%。 ◼ 全球资金流向跟踪：截止到2025/12/24，过去一周来看，内外资均流入中国股市；海外 ...

波动率数据日报 永安期货期权总部 更新时间:2025/12/26 、隐含波动率指数、历史波动率及其价差走势图 1、金融期权隐含波动率指数反映截止上一交易日的30日隐波走势,商品期权隐含波动 率指数通过主力月平值期权上下两档隐波加权所得,反映主力合约的隐波变化趋势。2 隐波指数与历史波动率的差值,差值越大反映隐波相对历史波动率越高,差值越小代 表隐波相对历史波动率越低。 隐波指教分位教与波动率价差分位费排名图 1、隐波分位数代表当前品种隐波在历史上的水平。分位数高代表当前稳波偏高。分位数低代表稳疲偏低。2、波动率价差书急按指数一切史皮 动率。 隐含波动率分位数排名 历史波动率分位数排名 en 6-15 0.1 0.2 0.3 0.4 0.5 ore 0.7 0.8 0.9 1 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 ■ 0 ora 1 免费声明：本文所有内得均不符成改造仪、对文中信息的准明情和克题性不作任何保证，仅供学习交流。我受课模或作出的任何放受决策与平企司完美。就仅仅为我 公司所有、未来书面许可。任何扎格和个人不得以世同形式相談、提到发布。如引用、代度、规控班出处为水安和货公司、且 ...

Report Date - The report is dated December 26, 2025 [1] Core Viewpoints - For non - ferrous metals showing a bullish upward trend, construct a seller neutral volatility strategy [2] - For the black metals maintaining a large - amplitude volatile market, construct a short - volatility portfolio strategy [2] - For precious metals rebounding and rising, construct a bull spread portfolio strategy [2] Summary of Each Section 1. Futures Market Overview - The table presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open - interest changes of various metal futures contracts [3] 2. Option Factors - Volume and Open - Interest PCR - The volume PCR and open - interest PCR of different metal options are provided, along with their changes, which can be used to analyze the strength of the option underlying market and potential turning points [4] 3. Option Factors - Pressure and Support Levels - The pressure points, pressure - point offsets, support points, support - point offsets, maximum call option holdings, and maximum put option holdings of different metal options are given, helping to identify potential price barriers and supports [5] 4. Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied - volatility changes, annual average implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of various metal options are presented [6] 5. Option Strategies and Recommendations Non - Ferrous Metals - **Copper**: Construct a bull spread strategy for call options, a short - volatility seller option portfolio strategy, and a spot long - hedging strategy [7] - **Aluminum**: Construct a short - volatility strategy by selling call and put options and a spot collar strategy [9] - **Zinc**: Construct a short - volatility strategy by selling call and put options and a spot collar strategy [9] - **Nickel**: Construct a bull spread strategy for call options, a short - volatility strategy by selling call and put options, and a spot covered - call strategy [10] - **Tin**: Construct a bull spread strategy for call options, a short - volatility strategy, and a spot collar strategy [10] - **Lithium Carbonate**: Construct a bull spread strategy for call options, a short - volatility strategy by selling call and put options, and a spot long - hedging strategy [11] Precious Metals - **Silver**: Construct a bull spread strategy for call options, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] Black Metals - **Rebar**: Construct a short - volatility strategy by selling call and put options and a spot covered - call strategy [13] - **Iron Ore**: Construct a short - volatility strategy by selling call and put options and a spot long - collar strategy [13] - **Ferroalloys (Manganese Silicon and Silicon Iron)**: For manganese silicon, construct a short - volatility strategy; for silicon iron, construct a short - volatility strategy and a spot hedging - related strategy [13][14] - **Industrial Silicon**: Construct a bear spread strategy for put options, a short - volatility strategy by selling call and put options, and a spot hedging strategy [14] - **Glass**: Construct a bear spread strategy for put options, a short - volatility strategy by selling call and put options, and a spot long - collar strategy [15]

Report Summary 1. Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoint - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Options strategies and suggestions are provided for selected varieties in each sector, including analysis of underlying asset market conditions, option factor research, and option strategy recommendations [9]. 3. Summary by Category 3.1 Futures Market Overview - Various energy - chemical futures contracts are presented, including details such as the latest price, price change, percentage change, trading volume, volume change, open interest, and open interest change. For example, the latest price of crude oil (SC2602) is 445, with a price increase of 2 and a percentage increase of 0.38%. Its trading volume is 4.59 million lots, a decrease of 1.99 million lots, and the open interest is 3.48 million lots, a decrease of 0.19 million lots [4]. 3.2 Option Factors - **Volume - Open Interest PCR**: This factor is used to describe the strength of the option underlying asset market and the turning point of the underlying asset market. For instance, the volume PCR of crude oil is 0.73, with a change of 0.10, and the open interest PCR is 0.77, with a change of - 0.01 [5]. - **Pressure and Support Levels**: Determined from the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil is 540, and the support level is 400 [6]. - **Implied Volatility**: Includes at - the - money implied volatility, weighted implied volatility, and its change, annual average, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 24.115%, the weighted implied volatility is 27.68%, with a change of 0.37% [7]. 3.3 Option Strategies and Suggestions - **Crude Oil**: - **Underlying Asset Market Analysis**: The total US crude oil inventory decreased by 1.025 million barrels (- 0.12%) to 837 million barrels, while the strategic crude oil inventory increased by 249,000 barrels (+ 0.06%) to 412 million barrels. The market showed a weak trend overall [8]. - **Option Factor Research**: The implied volatility of crude oil options fluctuated below the average level. The open interest PCR was below 0.70, indicating a weak market. The pressure level was 540, and the support level was 430 [8]. - **Option Strategy Recommendations**: Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy to obtain option time value and directional returns, and adjust the position dynamically to keep the delta of the position short; Spot long - hedging strategy: Construct a long collar strategy, holding a spot long position + buying a put option + selling an out - of - the - money call option [8]. - **Liquefied Petroleum Gas (LPG)**: - **Underlying Asset Market Analysis**: The total LPG supply decreased by 52,000 tons to 1.1946 million tons last week. The demand side saw an increase in the operating rate to 75%. The market showed a bearish trend with resistance above [10]. - **Option Factor Research**: The implied volatility of LPG options fluctuated around the average level. The open interest PCR was below 0.80, indicating a weak market. The pressure level was 4300, and the support level was 4000 [10]. - **Option Strategy Recommendations**: Directional strategy: Construct a bearish put spread strategy to obtain directional returns; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [10]. - **Methanol**: - **Underlying Asset Market Analysis**: The MTO operating rate decreased by 0.71 percentage points to 89.49%. The market showed a weak trend with resistance above [10]. - **Option Factor Research**: The implied volatility of methanol options fluctuated around the historical average level. The open interest PCR was below 0.60, indicating a weak market. The pressure level was 2300, and the support level was 2000 [10]. - **Option Strategy Recommendations**: Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [10]. - **Ethylene Glycol**: - **Underlying Asset Market Analysis**: The inventory in the East China main port increased by 25,000 tons to 844,000 tons, indicating a continuous oversupply situation. The market showed a weak bearish trend [11]. - **Option Factor Research**: The implied volatility of ethylene glycol options fluctuated above the average level, with an increasing volatility. The open interest PCR was below 0.60, indicating strong bearish power. The pressure level was 3800, and the support level was 3600 [11]. - **Option Strategy Recommendations**: Directional strategy: Construct a bearish put spread strategy; Volatility strategy: Construct a short - volatility strategy; Spot long - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [11]. - **Polyvinyl Chloride (PVC)**: - **Underlying Asset Market Analysis**: The factory inventory of PVC was 344,000 tons (+18,000 tons), and the social inventory was 517,000 tons (- 12,000 tons). The market showed a weak trend with bearish pressure above [11]. - **Option Factor Research**: The implied volatility of PVC options decreased to a level below the average. The open interest PCR was below 0.60, indicating a continuous weakening trend. The pressure level was 5000, and the support level was 4300 [11]. - **Option Strategy Recommendations**: Directional strategy: None; Volatility strategy: None; Spot long - hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [11]. - **Rubber**: - **Underlying Asset Market Analysis**: As of December 14, 2025, the total inventory of natural rubber in Qingdao was 498,900 tons, an increase of 10,200 tons. The market showed a weak consolidation trend [12]. - **Option Factor Research**: The implied volatility of rubber options gradually returned to a level around the average. The open interest PCR was below 0.60, indicating a weak overall market. The pressure level dropped significantly to 17,000, and the support level was 14,000 [12]. - **Option Strategy Recommendations**: Directional strategy: None; Volatility strategy: Construct a neutral - biased call + put option combination strategy; Spot hedging strategy: None [12]. - **Purified Terephthalic Acid (PTA)**: - **Underlying Asset Market Analysis**: The PX plant operating rate remained high, and the new production capacity was expected to be put into operation. The PTA plant inventory continued to accumulate. The market showed a short - term strong trend after a rebound from oversold conditions [12]. - **Option Factor Research**: The implied volatility of PTA options fluctuated at a relatively low average level. The open interest PCR was above 1.00, indicating a strong PTA market recently. The pressure level was 4750, and the support level was 4400 [12]. - **Option Strategy Recommendations**: Directional strategy: Construct a bullish call spread strategy; Volatility strategy: Construct a long - biased call + put option combination strategy; Spot hedging strategy: None [12]. - **Caustic Soda**: - **Underlying Asset Market Analysis**: The average capacity utilization rate of caustic soda sample enterprises with a capacity of 200,000 tons and above was 84.7%, a decrease of 1.5% week - on - week. The market showed a weak bearish trend [13]. - **Option Factor Research**: The implied volatility of caustic soda options fluctuated at a relatively high level. The open interest PCR was below 0.60, indicating a weak market recently. The pressure level was 2320, and the support level was 2000 [13]. - **Option Strategy Recommendations**: Directional strategy: Construct a bearish spread strategy; Volatility strategy: None; Spot collar hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [13]. - **Soda Ash**: - **Underlying Asset Market Analysis**: The production cost of the ammonia - soda process decreased, and the production cost of the combined - soda process in East China also decreased. The market showed a low - level weak consolidation trend [13]. - **Option Factor Research**: The implied volatility of soda ash options fluctuated at a relatively high historical level. The open interest PCR was below 0.50, indicating a bearish market. The pressure level was 1300, and the support level was 1100 [13]. - **Option Strategy Recommendations**: Directional strategy: Construct a bearish spread strategy; Volatility strategy: Construct a short - volatility combination strategy; Spot long - hedging strategy: Construct a long collar strategy [13]. - **Urea**: - **Underlying Asset Market Analysis**: The supply - demand difference increased by 14.16% week - on - week, and the enterprise inventory decreased by 54,500 tons. The market showed a short - term weak trend with resistance above [14]. - **Option Factor Research**: The implied volatility of urea options fluctuated at a relatively low historical average level. The open interest PCR was below 0.60, indicating strong bearish pressure. The pressure level was 1700, and the support level was 1640 [14]. - **Option Strategy Recommendations**: Directional strategy: None; Volatility strategy: Construct a neutral - biased call + put option combination strategy; Spot hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [14].