1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes analysis of the underlying market, research on option factors, and option strategy recommendations [8]. - The overall strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil SC2507 is 468, with a price increase of 3 and a price change rate of 0.69% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of various option varieties are provided. The volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For example, the volume PCR of crude oil is 0.75 with a change of - 0.23, and the open interest PCR is 0.75 with a change of - 0.00 [4]. 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 pressure and support levels of option underlying are analyzed. For example, the pressure level of crude oil is 570 and the support level is 400 [5]. 3.4 Option Factors - Implied Volatility - The report shows the at - the - money implied volatility, weighted implied volatility, change in weighted implied volatility, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of various option varieties. For example, the at - the - money implied volatility of crude oil is 28.69%, and the weighted implied volatility is 31.72% with a change of - 1.34% [6]. 3.5 Strategy and Suggestions for Each Option Variety 3.5.1 Energy - related Options - **Crude Oil**: Fundamentally, OPEC+ plans to increase supply, but the actual increase is limited, and US shale oil production has recovered. The market has shown a pattern of short - term recovery followed by a decline. Option strategies include constructing a short neutral call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Liquefied Petroleum Gas (LPG)**: The expected Saudi CP prices are rising. The market is in a weak and bearish state. Strategies involve constructing a short bearish call + put option combination strategy and a long collar strategy for spot hedging [9]. 3.5.2 Alcohol - related Options - **Methanol**: Port inventory is decreasing, and the market has shown a pattern of recent increase followed by a decline. Strategies include a bull call spread strategy, a short neutral call + put option combination strategy, and a long collar strategy for spot hedging [9]. - **Ethylene Glycol**: Port inventory is decreasing, and the market is in a short - term bullish state. Strategies include a bull call spread strategy, a short volatility strategy, and a long collar strategy for spot hedging [10]. 3.5.3 Polyolefin - related Options - **Polypropylene**: PP production enterprise inventory is decreasing, and the market has shown a pattern of recent increase followed by a decline. Strategies include a bull call spread strategy and a long collar strategy for spot hedging [10]. 3.5.4 Rubber - related Options - **Rubber**: Natural rubber social inventory has a slight increase. The market has shown a pattern of recent increase followed by a decline. Strategies include a bull call spread strategy and a short neutral call + put option combination strategy [11]. 3.5.5 Polyester - related Options - **PTA**: PTA and polyester loads are rising. The market is in a bullish state with high - level fluctuations. Strategies include a bull call spread strategy and a short bullish call + put option combination strategy [12]. 3.5.6 Alkali - related Options - **Caustic Soda**: Downstream demand is weak, and inventory pressure is high. The market is in a short - term volatile state. Strategies include a short bearish strangle option combination strategy and a covered call strategy for spot hedging [13]. - **Soda Ash**: The start - up rate is decreasing, and inventory is rising. The market is in a weak bearish state. Strategies include a bear put spread strategy, a short neutral call + put option combination strategy, and a long collar strategy for spot hedging [13]. 3.5.7 Other Options - **Urea**: Enterprise inventory is decreasing, and the market has shown a pattern of recent increase followed by a shock. Strategies include a bull call spread strategy, a short neutral call + put option combination strategy, and a long collar strategy for spot hedging [14]. 3.6 Option Charts - For each option variety, there are price trend charts, volume and open interest charts, open interest PCR and trading volume PCR charts, implied volatility charts, historical volatility cone charts, and charts showing pressure and support levels, providing visual data for market analysis [16][37][57] etc.

金十图示：2025年05月21日（周三）白银ETF持仓报告 注:ETF持仓数据于北京时间周二至周六凌晨5点30分左右更新,数据为上 一日的持仓情况。 @ JIN10.COM 金十数据 | 一个交易工具 +21.21吨 P 2025-04-30 +73.56吨 2025-04-29 +100.43吨 2025-04-28 -4.25吨 2025-04-25 2025-04-24 - - 113.16吨 0 150 -100 -50 50 100 增仓 减仓 -150 ...

注:ETF持仓数据于北京时间周二至周六凌晨5点30分左右更新,数据为上 一日的持仓情况。 @ JIN10.COM 金十数据 | 一个交易工具 金十图示：2025年05月21日（周三）黄金ETF持仓报告 -4.87吨 2025-05-05 -1.15吨( 2025-05-02 +1.15吨 2025-05-01 -2.87吨 2025-04-30 +0.86吨 2025-04-29 0 -8 -6 -4 -2 2 4 减仓 -10 增仓 ...

广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 股指期货持仓日度跟踪 投资咨询业务资格： 联系信息： 叶倩宁（投资咨询资格：Z0016628） 电话：020-88818051 邮箱：yeqianning@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2506 | 整体小幅上升 | 国泰君安空头增仓超 1000 手 | | 上证 | 50 | IH2506 | 整体小幅上升 | 前二十席位变化不大 | | 中证 | 500 | IC2506 | 总持仓下降 | 国君多头、中信空头减仓 | | 中证 | 1000 | IM2506 | 总持仓下降 | 中信多空头均减仓 3000 手以上 | 股指期货持仓日度变动简评 666.0 321.0 -5,481.0 -7,341.0 2,731.0 1,740.0 -4,636.0 -8,732.0 -10,000 -8,000 -6 ...

金融期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | 金融期权策略早报概要： （1）股市短评：上证综指数震荡上行高位盘整，大盘蓝筹股偏强震荡，而中小盘股和创业板股表现为高位盘整。 （2）金融期权波动性分析：金融期权隐含波动率历史较低水平水平波动。 金融期权 2025/05/20 （3）金融期权策略与建议：对于ETF期权来说，适合构建备兑策略和偏中性的双卖策略，垂直价差组合策略；对于 股指期权来说，适合构建偏中性的双卖策略和期权合成期货多头或空头与期货空头或多头做套利策略。 表1：金融市场重要指数概况 | 重要指数 | 指数代码 | 收盘价 | 涨跌 | 涨跌幅 | 成交额 | 额变化 | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | | ...

根据交易所数据，截至5月20日收盘主力合约工业硅2509,涨跌-2.44%,成交量10.57万手，持仓数据显示 前20席位呈现净空，差额头寸为22061手。工业硅期货全合约总计成交47.40万手，比上一日减少25.66万 手。全合约前20席位多头持仓32.43万手，比上一日增加1.69万手。全合约前20席位空头持仓34.49万 手，比上一日增加1.51万手。 （新浪期货） ...

根据交易所数据，截至5月20日收盘主力合约乙二醇2509,涨跌-1.56%,成交量32.26万手，持仓数据显示 前20席位呈现净空，差额头寸为30602手。乙二醇期货全合约总计成交34.82万手，比上一日新增1.69万 手。全合约前20席位多头持仓19.43万手，比上一日增加2109手。全合约前20席位空头持仓22.47万手， 比上一日增加4741手。 （新浪期货） ...

Core Viewpoint - The West Asset Management's "Ji Ji Hong" three-month holding mixed fund of funds (FOF) has triggered the termination clause and officially started the liquidation process due to its net asset value falling below 200 million yuan by May 17, 2025, leading to the failure of the company's only FOF product [2][4][14]. Fund Overview - The "Ji Ji Hong" FOF was established on May 17, 2022, and was designed with an "internal credit enhancement" feature, where fund managers subscribed with at least 10 million yuan of their own funds and committed to holding it for at least three years [4][7]. - The fund's structure showed that institutional holdings consistently exceeded individual holdings, indicating a focus on aligning the interests of the management with investors [4][6]. Performance Metrics - As of the first quarter of 2025, the A-class net value of the fund had decreased by 14.31%, while the C-class fell by 15.38%, significantly underperforming the benchmark by 16.98% and 18.05% respectively [9][12]. - The fund's total scale dropped to 0.36 billion yuan by the end of 2024 and fell below 20 million yuan by the first quarter of 2025, well below the liquidation threshold [12][14]. Management Background - Fund managers Ji Chengxiang and Liu Muling had no prior public fund management experience, with Ji having 17 years in the securities industry and Liu being a rising star in asset management [7][9]. - The fund's management faced challenges, resulting in a loss of 1.9872 million yuan, leading to the eventual liquidation of the fund [9][12]. Company Context - West Asset Management's shareholder turmoil, including the freezing of shares held by its second-largest shareholder, has contributed to a decline in investor confidence, although it did not directly affect fund operations [12][13]. - The company has a long-standing "strong bond, weak stock" structure, with over 87% of its management scale in bond and money market funds, while equity products account for less than 7% [14].

注: ETF持仓数据于北京时间周二至周六凌晨5点30分左右更新,数据为上 一日的持仓情况。 @ JIN10.COM 金十数据 | 一个交易工具 金十图示：2025年05月20日（周二）白银ETF持仓报告 2025-04-29 + / 3.56 円 +100.43吨 2025-04-28 2025-04-25 -4.25吨 -113.16吨 2025-04-24 -46.68吨 2025-04-23 0 50 150 -100 -50 100 增仓 减仓 -150 ...

股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2506 | 整体小幅下降 | 国泰君安多空头继续减仓 | | 上证 | 50 | IH2506 | 整体小幅下降 | 国君、海通多空头均减仓 | | 中证 | 500 | IC2506 | 总持仓上升 | 国君多头、中信空头增仓 | | 中证 | 1000 | IM2506 | 总持仓大幅上升 | 中信多空头均增仓 2000 手以上 | 股指期货持仓日度变动简评 2025 年 5 月 20 日星期二 证监许可【2011】1292 号 联系信息： 叶倩宁（投资咨询资格：Z0016628） 电话：020-88818051 邮箱：yeqianning@gf.com.cn -5,494.0 -3,346.0 2,238.0 3,626.0 -1,782.0 -3, ...