金融期权 2025/08/08 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 | （1）股市短评：上证综指数、大盘蓝筹股、中小盘股和创业板股表现为高位震荡的市场行情。 （2）金融期权波动性分析：金融期权隐含波动率逐渐下降至均值较低水平平波动。 （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 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (亿元) ...

Group 1: Report Summary - The report is an agricultural product options strategy morning report dated August 8, 2025 [1] - It provides an overview of the futures market, option factors, and offers strategies and suggestions for various agricultural product options [2] Group 2: Market Overview - Oilseed and oil options show a strong and volatile trend, while agricultural by - product options maintain a volatile market. Soft commodity sugar shows a slight fluctuation, and cotton's bullish rise has declined. Corn and starch in the grain category are in a weak and narrow - range consolidation [2] - Table 1 shows the latest prices, price changes, trading volumes, and open interest of various option underlying futures contracts [3] Group 3: Option Factors Volume and Open Interest PCR - Table 2 presents the volume and open - interest PCR of different option varieties, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Pressure and Support Levels - Table 3 shows the pressure points, support points, and the maximum open interest of call and put options for each option variety [5] Implied Volatility - Table 4 provides the implied volatility data of different option varieties, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] Group 4: Strategy and Suggestions Oilseed and Oil Options - For soybeans (including soybeans No.1 and No.2), the U.S. soybean good - rate has increased, and Brazilian soybean CNF premiums, import costs, and crushing margins have changed. The soybean market has shown a pattern of rebound, decline, and then slight consolidation. Options strategies include constructing a neutral call + put option combination for volatility, and a long collar strategy for spot hedging [7] - For soybean meal and rapeseed meal, the daily提货量 of soybean meal has increased, and the basis has changed. The market has shown a pattern of decline, rebound, and then weakening. Strategies include constructing a neutral call + put option combination for volatility and a long collar strategy for spot hedging [9] - For palm oil, soybean oil, and rapeseed oil, the production and export of palm oil have changed. The palm oil market has shown a bullish rise and high - level consolidation. Strategies include constructing a bullish call + put option combination for volatility and a long collar strategy for spot hedging [10] - For peanuts, the peanut oil market is in the off - season, and the market has shown a pattern of decline, rebound, and then weakening. Strategies include constructing a bearish spread of put options for direction and a long collar strategy for spot hedging [11] Agricultural By - product Options - For live pigs, the average slaughter weight and frozen product inventory rate have changed. The market has shown a pattern of decline, rebound, and then consolidation. Strategies include constructing a bearish call + put option combination for volatility and a long - spot + short - out - of - the - money call option strategy for spot hedging [11] - For eggs, the inventory of laying hens has increased. The market has shown a pattern of decline and weakening. Strategies include constructing a bearish spread of put options for direction, a bearish call + put option combination for volatility [12] - For apples, the expected apple production has increased. The market has shown a pattern of rise, decline, and then slight consolidation. Strategies include constructing a neutral call + put option combination for volatility [12] - For red dates, the inventory of red dates has decreased. The market has shown a pattern of rebound, rise, and then decline. Strategies include constructing a bearish wide - straddle option combination for volatility and a long - spot + short - out - of - the - money call option strategy for spot hedging [13] Soft Commodity Options - For sugar, the number of ships waiting to load sugar in Brazilian ports and the expected sugar production have changed. The market has shown a pattern of decline, rebound, and then rise. Strategies include constructing a neutral call + put option combination for volatility and a long collar strategy for spot hedging [13] - For cotton, the opening rates of spinning and weaving mills and cotton inventory have changed. The market has shown a pattern of rise, decline, and then weakening. Strategies include constructing a bullish call + put option combination for volatility and a long - spot + long - put + short - out - of - the - money call option strategy for spot hedging [14] Grain Options - For corn and starch, the new corn listing and market sentiment have affected the market. The corn market has shown a pattern of decline and consolidation. Strategies include constructing a bearish spread of put options for direction, a bearish call + put option combination for volatility [14]

1. Report Industry Investment Rating - No information available in the provided content 2. Core Viewpoints of the Report - The energy - chemical options market involves various sectors such as energy, polyolefins, polyesters, and alkali chemicals. It is recommended to construct option portfolio strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [3] - Each option variety is analyzed from aspects of underlying market conditions, option factor research, and option strategy suggestions 3. Summary According to Relevant Catalogs 3.1 Option Underlying Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of multiple energy - chemical option underlying futures are presented, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2509) is 497, down 7 with a decline rate of 1.43%, trading volume of 14.76 million lots, and open interest of 3.16 million lots [4] 3.2 Option Factor - Volume and Open Interest PCR - Volume and open interest PCR values and their changes of various option varieties are given. For example, the volume PCR of crude oil options is 0.72, down 0.17; the open interest PCR is 0.56, down 0.05 [5] 3.3 Option Factor - Pressure and Support Levels - Pressure and support levels of different option varieties are provided. For instance, the pressure level of crude oil is 550, and the support level is 500 [6] 3.4 Option Factor - Implied Volatility - Implied volatility data of various option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of crude oil options is 30.805%, and the weighted implied volatility is 34.99%, up 1.41% [7] 3.5 Strategy and Suggestions for Each Option Variety 3.5.1 Energy - related Options (Crude Oil, LPG) - **Crude Oil**: Fundamentals show an increase in US crude oil inventories. The market has been weakening and fluctuating. Implied volatility is near the average, and the open interest PCR indicates a weakening trend. It is recommended to construct a short - neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **LPG**: Factory and port inventories are high. The market shows a short - term bearish trend. Implied volatility is at a relatively high historical level, and the open interest PCR indicates strong bearish pressure. Similar to crude oil, a short - bearish call + put option combination strategy and a long collar strategy for spot hedging are recommended [10] 3.5.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Inventories of sample production enterprises have decreased. The market is under pressure and shows a weakening trend. Implied volatility is below the average, and the open interest PCR indicates a weakening trend. A short - neutral call + put option combination strategy and a long collar strategy for spot hedging are suggested [10] - **Ethylene Glycol**: The overall operating rate remains stable, but production profits are under pressure. The market shows a wide - range volatile trend. Implied volatility is below the average, and the open interest PCR indicates a sideways trend. A short - volatility strategy and a spot long - hedging strategy are recommended [11] 3.5.3 Polyolefin - related Options (Polypropylene, PVC, etc.) - **Polypropylene**: The number of maintenance production lines has decreased, and production has increased. The market is under bearish pressure. Implied volatility is near the historical average, and the open interest PCR indicates a weakening trend. A spot long - hedging strategy is recommended [11] 3.5.4 Rubber - related Options (Rubber, Synthetic Rubber) - **Rubber**: The opening area and output in Hainan have decreased. The market shows a bearish downward trend. Implied volatility is near the average after a sharp rise, and the open interest PCR indicates a bearish trend. A short - neutral call + put option combination strategy is recommended [12] 3.5.5 Polyester - related Options (PX, PTA, etc.) - **PTA**: Factory inventories are accumulating, and the market is under pressure. Implied volatility is above the average, and the open interest PCR indicates a weakening trend. A short - neutral call + put option combination strategy is recommended [13] 3.5.6 Alkali - related Options (Caustic Soda, Soda Ash) - **Caustic Soda**: The average utilization rate of production capacity has decreased slightly. The market shows a weakening and volatile trend. Implied volatility is at a relatively high level, and the open interest PCR indicates strong bearish pressure. A spot collar hedging strategy is recommended [14] - **Soda Ash**: Inventories are accumulating. The market shows a trend of rebounding after a sharp decline. Implied volatility is at a relatively high level, and the open interest PCR indicates strong bearish pressure. A short - volatility combination strategy and a long collar strategy for spot hedging are recommended [14] 3.5.7 Urea Options - The supply is slightly decreasing, and the demand is weak. The market shows a low - level volatile trend. Implied volatility is near the historical average, and the open interest PCR indicates strong bearish pressure. A short - bearish call + put option combination strategy and a spot hedging strategy are recommended [15] 3.6 Option Charts - Charts of various option varieties are provided, including price trend charts, trading volume and open interest charts, open interest distribution charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure - support level charts for each option variety such as crude oil, LPG, and methanol [17][37][57]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - For non - ferrous metals, in a state of oscillation, a seller neutral volatility strategy is recommended; for the black series, after continuous rises followed by significant drops and large fluctuations, a short - volatility combination strategy is suitable; for precious metals, in a high - level consolidation phase, a spot hedging strategy is advisable. [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various metal option underlying futures contracts are presented, including copper, aluminum, zinc, etc. [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR, their changes, and the corresponding trading volume and open interest of various option varieties are provided, which can be used to analyze the strength of the option underlying market and the turning points of the market. [4] 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. [5] 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, its change, annual average, call and put implied volatilities, historical 20 - day volatility, and the difference between implied and historical volatilities of various option varieties are given. [6] 3.5 Strategy and Suggestions 3.5.1 Non - ferrous Metals - **Copper**: The inventory of the three major exchanges increased, and the market showed a high - level consolidation pattern. It is recommended to construct a short - volatility seller option portfolio strategy and a spot long - hedging strategy. [7] - **Aluminum/Alumina**: The domestic aluminum ingot inventory increased, and the market showed a high - level oscillating and declining trend. It is recommended to construct a short - neutral call + put option combination strategy and a spot collar strategy. [9] - **Zinc/Lead**: The zinc ore inventory continued to accumulate, and the zinc market showed a small - scale oscillating pattern. It is recommended to construct a short - neutral call + put option combination strategy and a spot collar strategy. [9] - **Nickel**: The nickel ore price was weak, and the market showed a wide - range oscillating pattern. It is recommended to construct a short - bearish call + put option combination strategy and a spot long - position hedging strategy. [10] - **Tin**: The tin inventory increased slightly, and the market showed a short - term weak - oscillating pattern. It is recommended to construct a short - volatility strategy and a spot collar strategy. [10] - **Lithium Carbonate**: The inventory growth trend reversed, and the market showed a large - scale fluctuating pattern. It is recommended to construct a short - neutral call + put option combination strategy and a spot long - hedging strategy. [11] 3.5.2 Precious Metals - **Gold/Silver**: The US economic data was resilient, and the gold market showed a short - term strong - consolidation pattern. It is recommended to construct a short - neutral volatility option seller combination strategy and a spot hedging strategy. [12] 3.5.3 Black Series - **Rebar**: The rebar inventory increased, and the market showed an oscillating upward pattern. It is recommended to construct a short - neutral call + put option combination strategy and a spot long - covered call strategy. [13] - **Iron Ore**: The iron ore inventory decreased, and the market showed a bullish - oscillating pattern. It is recommended to construct a short - neutral call + put option combination strategy and a spot long - collar strategy. [13] - **Ferroalloys**: The manganese silicon inventory decreased, and the market showed a pattern of large declines followed by small oscillations. It is recommended to construct a short - volatility strategy. [14] - **Industrial Silicon/Polysilicon**: The industrial silicon inventory remained high, and the market showed a large - scale fluctuating pattern. It is recommended to construct a short - volatility call + put option combination strategy and a spot hedging strategy. [14] - **Glass**: The glass factory inventory decreased, and the market showed a pattern of significant declines in the bullish direction. It is recommended to construct a short - volatility call + put option combination strategy and a spot long - collar strategy. [15]

Group 1: Report Overview - The report is an early morning strategy report on energy and chemical options dated August 8, 2025 [2] - It covers various types of energy and chemical options, including energy (crude oil, LPG), polyolefins (PP, PVC, etc.), polyesters (PX, PTA, etc.), alkali chemicals (caustic soda, soda ash), and others (rubber) [3] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest of various underlying futures contracts, such as crude oil (SC2509), LPG (PG2509), and methanol (MA2509) [4] Group 3: Option Factors - Volume and Open Interest PCR - The volume and open interest PCR data of different option varieties are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market [5] Group 4: Option Factors - Pressure and Support Levels - The pressure and support levels of each option variety are analyzed from the perspective of the strike prices with the largest open interest of call and put options [6] Group 5: Option Factors - Implied Volatility - The implied volatility data of different option varieties are provided, including at-the-money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [7] Group 6: Strategy and Recommendations for Different Option Types Energy Options - **Crude Oil**: The fundamental analysis shows an increase in US crude oil inventories. The market has been weakening and fluctuating recently. Options strategies include constructing a neutral call + put option selling strategy and a long collar strategy for spot hedging [8] - **LPG**: The factory and port inventories are at a high level. The market is short - term bearish. Options strategies involve a bearish call + put option selling strategy and a long collar strategy for spot hedging [10] Alcohol Options - **Methanol**: The production enterprise inventory and order backlog have decreased. The market is under pressure and weak. Options strategies include a neutral call + put option selling strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: The overall operating rate is stable, but the production profit is under pressure. The market is in a wide - range volatile state. Options strategies include a volatility - selling strategy and a long collar strategy for spot hedging [11] Polyolefin Options - **Polypropylene**: The supply has increased slightly, and the market is under bearish pressure. Options strategies include a long collar strategy for spot hedging [11] Rubber Options - **Natural Rubber**: The production in Hainan has decreased. The market is bearish. Options strategies include a neutral call + put option selling strategy [12] Polyester Options - **PTA**: The factory inventory is accumulating, and the market is bearish. Options strategies include a neutral call + put option selling strategy [13] Alkali Chemical Options - **Caustic Soda**: The capacity utilization rate has changed, and the market is volatile. Options strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: The inventory is at a high level, and the market has rebounded after a significant decline. Options strategies include a volatility - selling strategy and a long collar strategy for spot hedging [14] Urea Options - The supply is expected to increase, and the demand is weak. The market is in a low - level volatile state. Options strategies include a bearish call + put option selling strategy and a long collar strategy for spot hedging [15] Group 7: Option Charts - The report includes price charts, volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts for various option varieties such as crude oil, LPG, and methanol [17][35][55]

Group 1: Report Overview - Report Title: Agricultural Product Options Strategy Morning Report [1] - Date: August 7, 2025 - Analysts: Lu Pinxian, Huang Kehan, Li Renjun [2] Group 2: Market Summary - Overall Trend: Oilseeds and oils are showing a strong and volatile trend, while other agricultural products are mostly in a volatile state [2] - Futures Market: The report provides detailed data on the latest prices, price changes, trading volumes, and open interests of various agricultural product futures contracts [3] Group 3: Option Factors - Volume and Open Interest PCR: The report presents the volume and open interest PCR data for different option varieties, which can be used to analyze market sentiment and potential turning points [4] - Pressure and Support Levels: The pressure and support levels for each option variety are identified based on the maximum open interest of call and put options [5] - Implied Volatility: The implied volatility data, including at-the-money implied volatility, weighted implied volatility, and historical volatility, are provided for each option variety [6] Group 4: Strategy and Recommendations - Oilseeds and Oils Options - Soybean Options: Based on the analysis of fundamentals, market trends, and option factors, specific option strategies are recommended, such as selling neutral call and put option combinations and constructing long collar strategies for spot hedging [7] - Other Oilseeds and Oils Options: Similar analyses and strategy recommendations are provided for other oilseeds and oils options, including soybean meal, rapeseed meal, palm oil, soybean oil, rapeseed oil, and peanut [8][9][10][11] - Agricultural By-Product Options - Pig and Egg Options: For pig and egg options, the report analyzes the fundamentals, market trends, and option factors, and recommends corresponding option strategies, such as selling bearish call and put option combinations and constructing long collar strategies [11][12] - Other Agricultural By-Product Options: Similar analyses and strategy recommendations are provided for other agricultural by-product options, including apple, jujube, and cotton [12][13][14] - Soft Commodity Options - Sugar and Cotton Options: The report analyzes the fundamentals, market trends, and option factors of sugar and cotton options, and recommends corresponding option strategies, such as selling neutral call and put option combinations and constructing long collar strategies [13][14] - Grain Options - Corn and Starch Options: For corn and starch options, the report analyzes the fundamentals, market trends, and option factors, and recommends corresponding option strategies, such as constructing bearish call spread strategies and selling bearish call and put option combinations [14] Group 5: Charts - The report includes various charts for different option varieties, such as price charts, volume and open interest charts, PCR charts, implied volatility charts, and historical volatility cone charts, which can help investors visualize the market trends and option factors [16][33][50][68][86][106][125][146][167][184]

Group 1: Report Overview - The report is an Energy Chemical Options Strategy Morning Report dated August 7, 2025, covering energy, polyolefin, polyester, alkali chemical, and other energy chemical options [2][3] - 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 [3] Group 2: Underlying Futures Market Overview - Provides the latest price, price change, percentage change, trading volume, volume change, open interest, and open interest change of various option underlying futures contracts, including crude oil, LPG, methanol, etc [4] Group 3: Option Factors - Volume and Open Interest PCR - Presents the volume PCR and open interest PCR of various option varieties, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5] Group 4: Option Factors - Pressure and Support Levels - Shows the pressure points, support points, and the maximum open interest of call and put options of various option varieties, which are determined by the strike prices with the maximum open interest of call and put options [6] Group 5: Option Factors - Implied Volatility - Displays the at-the-money implied volatility, weighted implied volatility, and historical volatility of various option varieties, with the weighted implied volatility calculated using volume-weighted average [7] Group 6: Strategy and Recommendations for Different Option Types Energy Options - **Crude Oil**: The US crude oil inventories increased. The market showed a short-term upward resistance and downward trend. Implied volatility was near the average, and the open interest PCR indicated a sideways market. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **LPG**: Factory inventory decreased slightly, and port inventory was at a high level. The market was short-term bearish. Implied volatility was at a high level, and the open interest PCR indicated strong bearish power. Strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [10] Alcohol Options - **Methanol**: The inventory of sample production enterprises decreased, and the order backlog also decreased. The market was weak with resistance. Implied volatility was near the average, and the open interest PCR indicated a sideways and weak market. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: The overall operating rate remained stable, but production profit was under pressure. The market was in a wide-range sideways and weak pattern. Implied volatility was near the average, and the open interest PCR indicated a sideways market. Strategies include constructing a short volatility strategy and a long collar strategy for spot hedging [11] Polyolefin Options - **Polypropylene**: The number of maintenance production lines decreased in July, and the total output increased. The market was weak with resistance. Implied volatility was near the average, and the open interest PCR indicated a weakening market. Strategies include a long collar strategy for spot hedging [11] Rubber Options - **Rubber**: The opening area and output of Hainan natural rubber decreased in the first half of 2025. The market was bearish. Implied volatility decreased to near the average, and the open interest PCR indicated a bearish market. Strategies include constructing a neutral call + put option combination strategy [12] Polyester Options - **PTA**: The factory inventory continued to accumulate, and the processing fee was low. The market was bearish with resistance. Implied volatility was at a relatively high level, and the open interest PCR indicated a weakening market. Strategies include constructing a neutral call + put option combination strategy [13] Alkali Chemical Options - **Caustic Soda**: The average utilization rate of sample enterprises decreased slightly. The market was in a weak and sideways pattern. Implied volatility was at a high level, and the open interest PCR indicated a weak market. Strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: The factory inventory decreased, but the total inventory increased. The market was in a significant decline with resistance. Implied volatility was at a high level, and the open interest PCR indicated strong bearish pressure. Strategies include constructing a short volatility combination strategy and a long collar strategy for spot hedging [14] Other Energy Chemical Options - **Urea**: Supply decreased slightly, and demand was weak. The market was in a low-level sideways pattern. Implied volatility was near the average, and the open interest PCR indicated a weak market. Strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [15] Group 7: Option Charts - Provides various charts for different option types, including price trends, trading volume and open interest, open interest PCR, implied volatility, and historical volatility cones, to help analyze the market situation of each option variety [17][36][55]

金融期权 2025/08/06 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、大盘蓝筹股、中小盘股和创业板股表现为高位震荡的市场行情。 （2）金融期权波动性分析：金融期权隐含波动率逐渐下降至均值较低水平平波动。 （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 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural products options market shows diverse trends. Oilseeds and oils are in a strong - side oscillation, while other sectors like agricultural by - products, soft commodities, and grains present different market conditions. It is recommended to construct option portfolio strategies mainly based on sellers and 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, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2509) is 4,113 with a decrease of 8 and a decline rate of 0.19%, and its trading volume is 6.52 million lots with a decrease of 4.61 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options are different, which can be used to analyze the strength of the underlying market and the turning point of the market. For instance, the volume PCR of soybean No.1 option is 0.61 with a change of 0.02, and the open interest PCR is 0.40 with a change of 0.01 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of option factors, the pressure and support levels of different agricultural product options are identified. For example, the pressure level of soybean No.1 option is 4200 and the support level is 4050 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options shows different characteristics. For example, the at - the - money implied volatility of soybean No.1 option is 8.89%, and the weighted implied volatility is 12.10% with a change of - 0.08% [6]. 3.5 Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans is analyzed, including the US soybean good rate and Brazilian soybean premiums. The option strategy suggestions include constructing a neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: Based on the fundamentals such as daily提货量 and basis, the option strategy suggestions include constructing a neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [8][9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Analyzing the fundamentals of oils, such as palm oil production and exports, the option strategy suggestions include constructing a long - biased call + put option combination strategy for volatility and a long collar strategy for spot hedging [10]. - **Peanuts**: Considering the peanut market fundamentals, the option strategy suggestions include constructing a bear spread strategy for directionality and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pigs**: Based on the fundamentals such as the average weight of pig slaughter and the cold storage rate, the option strategy suggestions include constructing a short - biased call + put option combination strategy for volatility and a covered call strategy for spot [11]. - **Eggs**: Analyzing the egg market fundamentals, the option strategy suggestions include constructing a bear spread strategy for directionality and a short - biased call + put option combination strategy for volatility [12]. - **Apples**: Considering the apple production forecast, the option strategy suggestions include constructing a neutral call + put option combination strategy for volatility [12]. - **Jujubes**: Based on the jujube inventory situation, the option strategy suggestions include constructing a short - biased strangle option combination strategy for volatility and a covered call strategy for spot hedging [13]. 3.5.3 Soft Commodity Options - **Sugar**: Analyzing the sugar market fundamentals, such as the number of vessels waiting to load sugar in Brazilian ports, the option strategy suggestions include constructing a neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [13]. - **Cotton**: Considering the cotton market fundamentals, such as the spinning mill and weaving mill operating rates, the option strategy suggestions include constructing a long - biased call + put option combination strategy for volatility and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn and Starch**: Based on the corn market fundamentals, such as the new corn listing period and weather conditions, the option strategy suggestions include constructing a bear spread strategy for directionality and a short - biased call + put option combination strategy for volatility [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report focuses on metal options, covering有色金属, precious metals, and black metals. It provides strategies and suggestions for different metal options based on market conditions, including directional strategies, volatility strategies, and spot hedging strategies [2][7][9]. 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, such as copper, aluminum, zinc, etc. For example, the latest price of copper (CU2509) is 78,070, down 410 (-0.52%) [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume and open interest PCR of different metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of copper options is 0.91, down 0.09, and the open interest PCR is 0.84, down 0.02 [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of different metal 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 copper options is 82,000, and the support level is 75,000 [5]. 3.2.3 Implied Volatility - The implied volatility of different metal options is presented, including the 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 copper options is 10.20%, and the weighted implied volatility is 15.28%, down 1.99% [6]. 3.3 Strategy and Suggestions 3.3.1 Non - ferrous Metals - **Copper Options**: Build a short - volatility seller option portfolio strategy and a spot hedging strategy [7]. - **Aluminum/Alumina Options**: Construct a neutral short - call + short - put option combination strategy and a spot collar strategy [9]. - **Zinc/Lead Options**: Build a neutral short - call + short - put option combination strategy and a spot collar strategy [9]. - **Nickel Options**: Construct a short - bearish call + short - put option combination strategy and a spot long - position hedging strategy [10]. - **Tin Options**: Implement a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: Build a neutral short - call + short - put option combination strategy and a spot long - position hedging strategy [11]. 3.3.2 Precious Metals - **Gold/Silver Options**: Construct a neutral short - volatility option seller portfolio strategy and a spot hedging strategy [12]. 3.3.3 Black Metals - **Rebar Options**: Build a neutral short - call + short - put option combination strategy and a spot long - position covered call strategy [13]. - **Iron Ore Options**: Implement a bull - spread strategy for call options, a short - bullish call + short - put option combination strategy, and a spot long - position collar strategy [13]. - **Ferroalloy Options**: Build a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Construct a short - volatility short - call + short - put option combination strategy and a spot hedging strategy [14]. - **Glass Options**: Build a short - volatility short - call + short - put option combination strategy and a spot long - position collar strategy [15].