1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural products sector shows different trends: oilseeds and oils are in a strong - side oscillation, oils and by - products maintain an oscillatory trend, soft commodities like sugar have a slight oscillation, cotton's bullish rise has declined, and grains such as corn and starch are in a weak and narrow - range consolidation [2]. - 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 Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various agricultural product futures are presented, including soybeans, soybean meal, palm oil, etc. For example, the latest price of soybean No.1 (A2511) is 4,056 with no change, and its trading volume is 8.83 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of soybean No.1 option is 0.32, with a change of - 0.14 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different agricultural product options are given, which are determined by the strike prices of the maximum open interest of call and put options. For example, the pressure level of soybean No.1 is 4500, and the support level is 4100 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of different agricultural product options are presented, including at - the - money implied volatility, weighted implied volatility, and its change. For example, the at - the - money implied volatility of soybean No.1 is 11.985%, and the weighted implied volatility is 14.43% with a change of - 1.72% [6]. 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamentals of soybeans are affected by factors such as USDA's adjustment of planting area and yield, and Trump's call for China to buy soybeans. The option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal are related to the monthly purchase volume. The option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of oils are affected by USDA's reports and India's inventory replenishment. The option strategies include constructing a bullish call spread strategy, a long - biased call + put option combination strategy, and a long collar strategy for spot hedging [10]. - **Peanuts**: The fundamentals of peanuts are related to the spot price, import volume, and oil mill operation rate. The option strategies include constructing a bearish put spread strategy and a long collar strategy for spot hedging [11]. 3.5.2 By - product Options - **Pigs**: The supply of pigs is relatively loose, and the demand is stimulated by low prices. The option strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The inventory of laying hens is expected to increase. The option strategies include constructing a bearish put spread strategy and a short - biased call + put option combination strategy [12]. - **Apples**: The cold - storage inventory of apples is at a low level. The option strategies include constructing a neutral call + put option combination strategy [12]. - **Red Dates**: The inventory of red dates is decreasing, and the market is improving. The option strategies include constructing a bullish call spread strategy, a long - biased wide - straddle option combination strategy, and a covered call strategy for spot [13]. 3.5.3 Soft Commodity Options - **Sugar**: The fundamentals of sugar are affected by Brazil's sugar production data. The option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The fundamentals of cotton are related to the operating rates of spinning and weaving mills and global production. The option strategies include constructing a long - biased call + put option combination strategy and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn and Starch**: The fundamentals of corn are affected by USDA's planting area and yield adjustment. The option strategies include constructing a bearish put spread strategy and a short - biased call + put option combination strategy [14]. 3.6 Option Charts - Charts of various agricultural product options are provided, including price trend charts, volume and open interest charts, implied volatility charts, etc., to visually display the market conditions of different agricultural product options [15][34][53].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The energy and chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9] - For strategy, it is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered call strategies to enhance returns [3] 3. Summary According to Related Catalogs 3.1 Market Overview of Underlying Futures - Different option varieties have different latest prices, price changes, trading volumes, and open interest. For example, the latest price of crude oil (SC2510) is 489, with a price increase of 3 and a trading volume of 11.05 million lots [4] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of various option varieties are presented, which are used to describe the strength of the underlying option market and the turning point of the market trend [5] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various option varieties are analyzed from the perspective of the strike prices with the largest open interest of call and put options [6] 3.4 Option Factors - Implied Volatility - The implied volatility of various option varieties is provided, including at - the - money implied volatility and weighted implied volatility [7] 3.5 Strategy and Recommendations for Different Option Types 3.5.1 Energy - related Options (Crude Oil, LPG) - **Crude Oil**: The OPEC+ production increase cycle has ended, and Russia has announced production cuts. The market shows a short - term upward受阻 pattern. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [8] - **LPG**: Supply is abundant, and the market is short - term bearish. It is recommended to construct a bearish short call + put option combination strategy and a long collar strategy for spot hedging [10] 3.5.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Port inventory is rising, and the market is bearish. It is recommended to construct a bearish short call + put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory is expected to accumulate, and the market is in a wide - range volatile pattern. It is recommended to construct a short volatility strategy and a long collar strategy for spot hedging [11] 3.5.3 Polyolefin - related Options (Polypropylene, PVC, Plastic, Styrene) - **Polypropylene**: The inventory situation of PE and PP is different, and the market is weak. It is recommended to construct a long collar strategy for spot hedging [11] - **PVC**: The market is in a certain trend, and specific strategies are not fully detailed in the summary [113] - **Plastic**: No detailed strategy summary provided in the current output - **Styrene**: No detailed strategy summary provided in the current output 3.5.4 Rubber - related Options (Rubber, Synthetic Rubber) - **Rubber**: The tire industry's operating rate has changed, and the market is short - term weak. It is recommended to construct a neutral short call + put option combination strategy [12] - **Synthetic Rubber**: No detailed strategy summary provided in the current output 3.5.5 Polyester - related Options (PX, PTA, Short - fiber, Bottle Chip) - **PTA**: Social inventory is rising, and the market is in a weak consolidation pattern. It is recommended to construct a neutral short call + put option combination strategy [13] - **PX**: No detailed strategy summary provided in the current output - **Short - fiber**: No detailed strategy summary provided in the current output - **Bottle Chip**: No detailed strategy summary provided in the current output 3.5.6 Alkali - related Options (Caustic Soda, Soda Ash) - **Caustic Soda**: The capacity utilization rate has changed, and the market is in a rebound pattern. It is recommended to construct a long collar strategy for spot hedging [14] - **Soda Ash**: Factory inventory and social inventory are rising, and the market is in a consolidation pattern. It is recommended to construct a short volatility combination strategy and a long collar strategy for spot hedging [14] 3.5.7 Other Options (Urea) - Urea: Port inventory is decreasing, and enterprise inventory is rising. The market is in a low - level volatile pattern. It is recommended to construct a bearish short call + put option combination strategy and a long collar strategy for spot hedging [15]

1. Report Industry Investment Rating - No information provided in the document. 2. Core Views of the Report - The non - ferrous metals are in a moderately bullish and volatile trend, and a seller's neutral volatility strategy is recommended; the black metals are experiencing significant fluctuations, suitable for a short - volatility portfolio strategy; the precious metals are consolidating at high levels, and a spot hedging strategy is suggested [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Copper (CU2509) is priced at 78,840, down 180 (-0.23%), with a trading volume of 4.48 million lots (down 0.53 million) and an open interest of 14.74 million lots (down 0.51 million) [3]. - Aluminum (AL2509) is at 20,615, up 5 (0.02%), trading volume of 10.94 million lots (up 1.30 million), and open interest of 17.30 million lots (down 2.08 million) [3]. - Similar data is provided for other metals such as zinc, lead, nickel, etc. 3.2 Option Factors - Volume and Open Interest PCR - For copper, the volume PCR is 0.63 (up 0.01), and the open - interest PCR is 0.78 (unchanged) [4]. - Aluminum has a volume PCR of 1.04 (up 0.37) and an open - interest PCR of 0.87 (down 0.04) [4]. - Similar data is available for other metals. 3.3 Option Factors - Pressure and Support Levels - Copper has a pressure point at 80,000 (offset - 2,000) and a support point at 78,000 (offset 0) [5]. - Aluminum's pressure point is 21,000 (offset 0) and support point is 20,000 (offset 0) [5]. - Similar data for other metals is presented in the report. 3.4 Option Factors - Implied Volatility - Copper's at - the - money implied volatility is 8.89%, weighted implied volatility is 14.24% (up 0.48%), and the difference between implied and historical volatility is - 5.44 [6]. - Aluminum's at - the - money implied volatility is 9.23%, weighted implied volatility is 13.24% (up 0.47%), and the difference between implied and historical volatility is - 2.32 [6]. - Similar data for other metals is provided. 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Fundamental analysis shows that the inventory of the three major exchanges has increased by 0.7 million tons. The market has been in a high - level consolidation since June. The implied volatility is at the historical average, and the open - interest PCR is below 0.80. Recommended strategies include a short - volatility seller's option portfolio and a spot long - hedging strategy [7]. - **Aluminum**: The domestic inventory has increased. The market shows a bullish trend with high - level consolidation. The implied volatility is below the historical average, and the open - interest PCR is around 0.80. Recommended strategies include a short - neutral call + put option combination and a spot collar strategy [9]. - Similar analyses and strategies are provided for zinc, lead, nickel, tin, and lithium carbonate. 3.5.2 Precious Metals - **Gold**: The US CPI data shows a complex situation. The market is in a short - term strong consolidation. The implied volatility is around the historical average, and the open - interest PCR is below 0.60. Recommended strategies include a short - neutral volatility option seller's combination and a spot hedging strategy [12]. - **Silver**: Similar to gold, with specific market analysis and recommended strategies [12]. 3.5.3 Black Metals - **Rebar**: The social and factory inventories have increased. The market has been in a consolidation with some rebounds. The implied volatility is at a relatively high level, and the open - interest PCR is around 0.60. Recommended strategies include a short - neutral call + put option combination and a spot long - covered call strategy [13]. - **Iron ore**: The port inventory has increased, and the market is in a moderately bullish consolidation. The implied volatility is above the historical average, and the open - interest PCR is above 1.00. Recommended strategies include a short - neutral call + put option combination and a spot long - collar strategy [13]. - Similar analyses and strategies are provided for ferroalloys, industrial silicon, polysilicon, and glass.

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The agricultural product options market shows diversified trends. Oilseeds and oils are in a relatively strong and volatile state, while some agricultural by - products and soft commodities are in a volatile or weak state. - The recommended strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product futures have different price changes. For example, the latest price of soybean No.1 (A2511) is 4,068, up 24 with a growth rate of 0.59%, while the price of corn (C2511) is 2,187, down 5 with a decline rate of 0.23% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different options vary. For example, the volume PCR of soybean No.1 is 0.47, down 0.07, and the open interest PCR is 0.37, up 0.01, which can be used to analyze the strength and turning points of the option underlying market [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 options are determined. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,100 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different options also shows different characteristics. For example, the weighted implied volatility of soybean No.1 is 16.15%, up 1.00%, and the difference between implied and historical volatility is 0.12 [6]. 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamentals of soybeans are affected by factors such as USDA's adjustment of planting area and yield, and the market shows a volatile pattern. Options strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The market of soybean meal shows a pattern of weak consolidation and then rebound. Options strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of oils are affected by factors such as USDA's report and India's replenishment. Palm oil shows a bullish trend. Options strategies include constructing a bull spread combination strategy for calls and a long collar strategy for spot hedging [10]. - **Peanuts**: The peanut market shows a pattern of weak consolidation under bearish pressure. Options strategies include constructing a bear spread combination strategy for puts and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - products Options - **Pigs**: The supply of pigs is relatively loose, and the demand is stimulated by low prices. The market shows a weak consolidation pattern. Options strategies include constructing a bearish call + put option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The inventory of laying hens is expected to increase, and the market shows a bearish pattern. Options strategies include constructing a bear spread combination strategy for puts and a bearish call + put option combination strategy [12]. - **Apples**: The cold - storage inventory of apples is at a low level, and the market shows a pattern of continuous recovery. Options strategies include constructing a neutral call + put option combination strategy [12]. - **Red Dates**: The inventory of red dates is decreasing, and the market shows a short - term bullish pattern. Options strategies include constructing a bull spread combination strategy for calls and a wide - straddle option combination strategy [13]. 3.5.3 Soft Commodities Options - **Sugar**: The production of sugar in Brazil shows a decline, and the market shows a bearish pattern. Options strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The开机 rate of spinning and weaving factories is relatively low, and the market shows a short - term weak pattern. Options strategies include constructing a bullish call + put option combination strategy and a covered call strategy for spot [14]. 3.5.4 Grains Options - **Corn and Starch**: The planting area and yield of corn are expected to increase, and the market shows a weak pattern. Options strategies include constructing a bear spread combination strategy for puts and a bearish call + put option combination strategy [14].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The energy and 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. Strategies mainly involve constructing option combination strategies with sellers as the main focus, as well as spot hedging or covered strategies to enhance returns [2][8] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various energy and chemical futures contracts are presented, including crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of the crude oil SC2510 contract is 484, with a decrease of 5 and a decline rate of -0.98% [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of various energy and chemical options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of crude oil options is 0.62, with a change of -0.04, and the open interest PCR is 0.75, with a change of 0.03 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various energy and chemical options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil options is 600, and the support level is 490 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of various energy and chemical options is presented, including at-the-money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at-the-money implied volatility of crude oil options is 27.47, and the weighted implied volatility is 30.44, with a change of 0.21 [6] 3.5 Option Strategies and Suggestions 3.5.1 Energy Options - **Crude Oil**: The fundamental situation of crude oil involves OPEC+ production adjustments and Russian production cuts. The market shows a short - term upward受阻 and downward - trending pattern. Option strategies include constructing a short - neutral call + put option combination strategy and a long collar strategy for spot hedging [7] - **LPG**: The supply of LPG is abundant, and the market shows a short - term bearish trend. Option strategies include constructing a short - bearish call + put option combination strategy and a long collar strategy for spot hedging [9] 3.5.2 Alcohol Options - **Methanol**: The port inventory of methanol is increasing, and the market shows a weak upward - pressured trend. Option strategies include constructing a short - bearish call + put option combination strategy and a long collar strategy for spot hedging [9] - **Ethylene Glycol**: The port inventory of ethylene glycol is accumulating, and the market shows a wide - range weak - oscillating pattern. Option strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [10] 3.5.3 Polyolefin Options - **Polypropylene**: The inventory situation of polypropylene shows different trends in production enterprises and traders. The market shows a weak upward - pressured trend. Option strategies include a long collar strategy for spot hedging [10] 3.5.4 Rubber Options - **Rubber**: The operating rates of tires show different trends. The market shows a short - term weak upward - pressured trend. Option strategies include constructing a short - neutral call + put option combination strategy [11] 3.5.5 Polyester Options - **PTA**: The overall social inventory of PTA is increasing, and the market shows a weak - oscillating pattern. Option strategies include constructing a short - neutral call + put option combination strategy [12] 3.5.6 Alkali Options - **Caustic Soda**: The capacity utilization rate of caustic soda shows different trends in different regions. The market shows a short - term bullish rebound pattern. Option strategies include a long collar strategy for spot hedging [13] - **Soda Ash**: The inventory of soda ash is increasing, and the market shows an oscillating pattern with support at the bottom. Option strategies include constructing a short - volatility combination strategy and a long collar strategy for spot hedging [13] 3.5.7 Urea Options - The port inventory of urea is decreasing, while the enterprise inventory is increasing. The market shows a low - level oscillating pattern. Option strategies include constructing a short - bearish call + put option combination strategy and a long collar strategy for spot hedging [14]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report provides a comprehensive analysis of the metal options market, covering various metals such as non - ferrous metals, precious metals, and black metals. It analyzes the fundamentals, market trends, and option factors of each metal, and gives corresponding option strategies and suggestions [8] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report 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 Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.2.2 Pressure and Support Levels - The pressure points, support points, maximum call option open interest, and maximum put option open interest of different metal options are provided, which are used to analyze the pressure and support levels of the underlying assets [5] 3.2.3 Implied Volatility - The implied volatility of different metal options is presented, including at - the - money implied volatility, weighted implied volatility, etc [6] 3.3 Strategy and Suggestions 3.3.1 Non - ferrous Metals - **Copper Options**: Build a short - volatility seller option portfolio strategy for volatility strategies and a spot hedging strategy for spot long - position hedging [7] - **Aluminum/Alumina Options**: Construct a neutral short - call + short - put option portfolio strategy for volatility strategies and a spot collar strategy for spot long - position hedging [9] - **Zinc/Lead Options**: Build a neutral short - call + short - put option portfolio strategy for volatility strategies and a spot collar strategy for spot long - position hedging [9] - **Nickel Options**: Construct a short - bearish call + short - put option portfolio strategy for volatility strategies and a spot long - position hedging strategy [10] - **Tin Options**: Build a short - volatility strategy for volatility strategies and a spot collar strategy for spot long - position hedging [10] - **Lithium Carbonate Options**: Construct a short - bullish call + short - put option portfolio strategy for volatility strategies and a spot long - position hedging strategy [11] 3.3.2 Precious Metals - **Gold/Silver Options**: Build a neutral short - volatility option seller portfolio strategy for volatility strategies and a spot hedging strategy for spot long - position hedging [12] 3.3.3 Black Metals - **Rebar Options**: Build a neutral short - call + short - put option portfolio strategy for volatility strategies and a spot covered - call strategy for spot long - position hedging [13] - **Iron Ore Options**: Build a neutral short - call + short - put option portfolio strategy for volatility strategies and a long - position collar strategy for spot long - position hedging [13] - **Ferroalloy Options**: Build a short - volatility strategy for volatility strategies and no spot hedging strategy [14] - **Industrial Silicon/Polysilicon Options**: Build a short - volatility short - call + short - put option portfolio strategy for volatility strategies and a spot long - position hedging strategy [14] - **Glass Options**: Build a short - volatility short - call + short - put option portfolio strategy for volatility strategies and a long - position collar strategy for spot long - position hedging [15]

Report Overview - Report Date: August 15, 2025 [1] - Report Type: Metal Options Strategy Morning Report - Analysts: Lu Pinxian, Huang Kehan, Li Renjun [2] Industry Investment Rating - Not provided in the document Core Viewpoints - Construct a neutral volatility strategy for the short side in non - ferrous metals as they show a moderately bullish and volatile trend [2] - Build a short - volatility combination strategy for the black series due to their large - amplitude fluctuations [2] - Develop a spot hedging strategy for precious metals which are consolidating at high levels [2] Summary by Directory 1. Futures Market Overview - **Price and Volume**: The latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts are presented. For example, the latest price of copper (CU2509) is 78,940, down 180 (- 0.23%), with a trading volume of 5.17 million lots (down 0.03 million lots) and an open interest of 15.23 million lots (down 0.65 million lots) [3] 2. Option Factors - PCR - **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 is 0.55 (up 0.17), and the open interest PCR is 0.78 (down 0.01) [4] 3. Option Factors - Pressure and Support Levels - **Pressure and Support Points**: The pressure points, pressure point offsets, support points, support point offsets, maximum call option open interests, and maximum put option open interests of various metal options are listed. For example, the pressure point of copper is 82,000, and the support point is 75,000 [5] 4. Option Factors - Implied Volatility - **Implied Volatility Indicators**: 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, 20 - day historical volatility, and the difference between implied and historical volatility of different metal options are given. For example, the at - the - money implied volatility of copper is 9.65%, and the weighted implied volatility is 13.96% (down 1.48%) [6] 5. Strategy and Recommendations Non - Ferrous Metals - **Copper**: Based on the fundamentals and market analysis, construct a short - volatility option combination strategy for the short side and a spot hedging strategy [7] - **Aluminum/Alumina**: Build a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Zinc/Lead**: Develop a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Nickel**: Construct a short - bearish call + put option combination strategy and a spot long - position hedging strategy [10] - **Tin**: Build a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: Develop a short - bullish call + put option combination strategy and a spot long - position hedging strategy [11] Precious Metals - **Gold/Silver**: Construct a neutral short - volatility option combination strategy for the short side and a spot hedging strategy [12] Black Series - **Rebar**: Build a short - neutral call + put option combination strategy and a spot long - position covered call strategy [13] - **Iron Ore**: Develop a short - neutral call + put option combination strategy and a spot long - position collar strategy [13] - **Ferroalloys**: Construct a short - volatility strategy [14] - **Industrial Silicon/Polysilicon**: Build a short - volatility call + put option combination strategy and a spot hedging strategy [14] - **Glass**: Develop a short - volatility call + put option combination strategy and a spot long - position collar strategy [15]

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 [9]. - Strategies mainly involve constructing option combination strategies dominated by sellers and spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Multiple energy - chemical futures are presented, including their latest prices, price changes, trading volumes, and open interest changes. For example, the latest price of crude oil (SC2510) is 486, down 5 with a decline of 0.92%, trading volume of 4.09 million lots, and open interest of 3.09 million lots [4]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - Volume and open interest PCR data for various energy - chemical options are provided, which are used to describe the strength of the option underlying market and potential turning points. For instance, the volume PCR of crude oil options is 0.71, with a change of - 0.05, and the open interest PCR is 0.72, with a change of 0.14 [5]. 3.2.2 Pressure and Support Levels - Pressure and support levels for different energy - chemical options are analyzed from the perspective of the strike prices with the largest call and put option open interest. For example, the pressure level of crude oil options is 600, and the support level is 450 [6]. 3.2.3 Implied Volatility - Implied volatility data for various energy - chemical options are given, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 26.505%, and the weighted implied volatility is 30.72%, down 1.56% [7]. 3.3 Option Strategies and Recommendations 3.3.1 Energy - related Options - **Crude Oil**: Fundamental analysis shows a decrease in US crude oil inventories. The market is in a short - term upward -受阻 and downward - trending state. Option strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [8]. - **LPG**: Factory inventories are high, and the market is in a short - term bearish state. Strategies involve constructing a bearish spread strategy for put options, a short - biased call + put option selling combination strategy, and a long collar strategy for spot hedging [10]. 3.3.2 Alcohol - related Options - **Methanol**: Production and import data are presented. The market is in a weak state. Strategies include a short - biased call + put option selling combination strategy and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: Inventory has decreased. The market is in a weak and volatile state. Strategies include a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.3.3 Polyolefin - related Options - **Polypropylene**: Inventory is expected to decrease. The market is in a weak state. Strategies include a long collar strategy for spot hedging [12]. 3.3.4 Rubber - related Options - **Rubber**: Import volume has increased. The market is in a short - term weak state. Strategies include a neutral call + put option selling combination strategy [13]. 3.3.5 Polyester - related Options - **PTA**: Inventory has decreased, but filament has accumulated. The market is in a weak and volatile state. Strategies include a neutral call + put option selling combination strategy [14]. 3.3.6 Alkali - related Options - **Caustic Soda**: Production is high, and demand is low. The market is in a state of rebound. Strategies include a long collar strategy for spot hedging [15]. - **Soda Ash**: Inventory and production data are presented. The market is in a volatile state. Strategies include a short - volatility combination strategy and a long collar strategy for spot hedging [15]. 3.3.7 Other Options - **Urea**: Inventory has decreased. The market is in a low - level volatile state. Strategies include a short - biased call + put option selling combination strategy and a long collar strategy for spot hedging [16]. 3.4 Option Charts - Charts for various energy - chemical options are provided, including price trends, trading volume, open interest, PCR, implied volatility, and historical volatility cones, which help in analyzing the market conditions of different options [18][37][55] etc.

Report Industry Investment Rating No relevant content provided. Core View of the Report The trading volume of soybean oil call options has increased, the open interest has decreased, and the skew center of gravity has declined. One can consider buying out - of - the - money call options while selling out - of - the - money put options for appropriate hedging and constructing a long strategy [1]. Summary by Related Catalogs 1. Agricultural Products Data Futures Market Statistics - Corn (c2509) closed at 2260 with a - 2% change, trading volume of 232359 (down 35998), and open interest of 605565 (down 32610) [2]. - Bean粕 (m2601) closed at 3091 with a 19% change, trading volume of 1107230 (down 436933), and open interest of 1757131 (up 62078) [2]. - Other agricultural products such as rapeseed meal, palm oil, etc. also have corresponding price, trading volume, and open interest changes [2]. Options Market Statistics - For corn, the main contract's option trading volume was 58727 (down 31416), PCR was 0.6895 (up 0.1468), open interest was 318653 (down 1206), and PCR of open interest was 0.5554 (down 0.0027) [3]. - Similar data are provided for other agricultural products' options [3]. Options Quantitative Indicators - Corn's main contract (c2509) had a remaining trading days of 8, at - the - money volatility of 8.65% (down 0.28%), ROE quantile of 23.33%, etc. [4]. - Other agricultural products also have their own option quantitative indicators [4]. 2. Energy and Chemical Data Futures Market Statistics - PTA (ta2509) closed at 4726 with a 20 change, trading volume of 365385 (down 77122), and open interest of 629155 (down 52737) [5]. - Other energy and chemical products like ethylene glycol, rubber, etc. have their respective data [5]. Options Market Statistics - For PTA, the main contract's option trading volume was 264136 (down 52604), PCR was 0.6238 (down 0.1576), open interest was 366366 (down 24430), and PCR of open interest was 0.5818 (down 0.016) [6]. - Other energy and chemical products' options also have corresponding data [6]. Options Quantitative Indicators - PTA's main contract (ta2509) had a remaining trading days of 17, at - the - money volatility of 14.64% (down 0.43%), 60 - day quantile of 1.67%, etc. [7]. - Other energy and chemical products have their own option quantitative indicators [7]. 3. Ferrous Metal Data Futures Market Statistics - Iron ore (i2601) closed at 801.0 with a 12.0 change, trading volume of 281002 (up 20878), and open interest of 443799 (up 51084) [8]. - Other ferrous metals such as power coal, rebar, etc. have their data [8]. Options Market Statistics - For iron ore, the main contract's option trading volume was 247048 (up 15274), PCR was 0.8162 (up 0.1061), open interest was 393480 (down 19535), and PCR of open interest was 1.2667 (up 0.0579) [9]. - Other ferrous metals' options have corresponding data [9]. Options Quantitative Indicators - Iron ore's main contract (i2509) had a remaining trading days of 4, at - the - money volatility of 20.03% (down 0.51%), 60 - day quantile of 76.67%, etc. [10]. - Other ferrous metals have their own option quantitative indicators [10]. 4. Non - Ferrous Metal Data Futures Market Statistics - Gold (au2510) closed at 776.04 with a - 3.44 change, trading volume of 194063 (down 84011), and open interest of 204736 (down 6908) [11]. - Other non - ferrous metals such as silver, copper, etc. have their data [11]. Options Market Statistics - For gold, the main contract's option trading volume was 36279 (down 8890), PCR was 0.6692 (up 0.139), open interest was 87000 (up 2590), and PCR of open interest was 0.6005 (down 0.0121) [12]. - Other non - ferrous metals' options have corresponding data [12]. Options Quantitative Indicators - Gold's main contract (au2510) had a remaining trading days of 313, at - the - money volatility of 12.39% (down 0.17%), 60 - day quantile of 1.67%, etc. [13]. - Other non - ferrous metals have their own option quantitative indicators [13].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. For different metal options, corresponding strategies are proposed based on fundamental analysis, market trends, and option factors [8]. - For non - ferrous metals, a seller neutral volatility strategy can be constructed; for black metals, a short - volatility combination strategy is suitable; for precious metals, a spot hedging strategy is recommended [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper CU2509 is 79,410, with a price increase of 470 and a trading volume of 4.85 million lots [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the market. The values and changes of these factors for different metal options are provided, such as the volume PCR of copper is 0.58 with a change of 0.01, and the open interest PCR is 0.80 with a change of - 0.00 [4]. 3.2.2 Pressure and Support Levels - Pressure and support levels of different metal options are determined from the strike prices of the maximum open interest of call and put options. For example, the pressure level of copper is 82,000 and the support level is 75,000 [5]. 3.2.3 Implied Volatility - Implied volatility data of different metal options are provided, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of copper is 9.05%, and the weighted implied volatility is 13.66% with a change of - 0.76% [6]. 3.3 Strategy and Recommendations 3.3.1 Non - Ferrous Metals - **Copper Option**: Based on the fundamental situation of increasing inventory in three major exchanges, and the market trend of high - level consolidation, a short - volatility seller option combination strategy is constructed, and a spot long - hedging strategy is also proposed [7]. - **Aluminum/Alumina Option**: Considering the inventory situation and market trend of high - level consolidation, a short - neutral call + put option combination strategy is constructed, and a spot collar strategy is proposed [9]. - **Zinc/Pb Option**: Given the low - level inventory and market trend of small - range oscillation, a short - neutral call + put option combination strategy is constructed, and a spot collar strategy is proposed [9]. - **Nickel Option**: Based on the inventory changes and market trend of wide - range oscillation with short - selling pressure, a short - bearish call + put option combination strategy is constructed, and a spot long - hedging strategy is proposed [10]. - **Tin Option**: Considering the inventory situation and market trend of short - term weak oscillation, a short - volatility strategy is constructed, and a spot collar strategy is proposed [10]. - **Lithium Carbonate Option**: Based on the inventory changes and market trend of short - term bullishness, a short - bullish call + put option combination strategy is constructed, and a spot long - hedging strategy is proposed [11]. 3.3.2 Precious Metals - **Gold/Silver Option**: Considering the economic data and market trend of high - level consolidation, a short - neutral volatility option seller combination strategy is constructed, and a spot hedging strategy is proposed [12]. 3.3.3 Black Metals - **Rebar Option**: Based on the inventory increase and market trend of small - range consolidation with pressure, a short - neutral call + put option combination strategy is constructed, and a spot long - covered call strategy is proposed [13]. - **Iron Ore Option**: Considering the inventory increase and market trend of bullish oscillation, a short - neutral call + put option combination strategy is constructed, and a spot long - collar strategy is proposed [13]. - **Ferroalloy Option**: Based on the production situation and market trend of large - range decline followed by small - range oscillation, a short - volatility strategy is constructed [14]. - **Industrial Silicon/Polysilicon Option**: Considering the inventory increase and market trend of large - range fluctuation, a short - volatility call + put option combination strategy is constructed, and a spot hedging strategy is proposed [14]. - **Glass Option**: Based on the inventory increase and market trend of weakness with pressure, a short - volatility call + put option combination strategy is constructed, and a spot long - collar strategy is proposed [15].