Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] Core View of the Report - The lead market currently has a situation where regional supply is relatively tight due to maintenance in some areas of primary lead production, but overall terminal demand has not shown significant improvement, and the reminder of peak - season demand is not obvious. However, under the overall positive macro - sentiment, lead prices in the non - ferrous metals sector may not experience a larger decline and are expected to maintain a volatile pattern, with the price range estimated to be between 16,400 yuan/ton and 17,050 yuan/ton [3] Summary by Related Content Market News and Key Data - **Spot Market**: On July 30, 2025, the LME lead spot premium was - 31.80 dollars/ton. The SMM1 lead ingot spot price decreased by 25 yuan/ton to 16750 yuan/ton compared with the previous trading day. The lead spot premiums and prices in different regions also changed. The lead scrap price difference remained unchanged at 0 yuan/ton [1] - **Futures Market**: On July 30, 2025, the main contract of Shanghai lead opened at 16870 yuan/ton, closed at 16890 yuan/ton, down 10 yuan/ton from the previous trading day. The trading volume was 37318 lots, down 10660 lots from the previous day, and the holding volume was 66741 lots, up 2207 lots from the previous day. During the night session, the closing price was basically flat compared with the afternoon closing price [1] Supply and Demand and Inventory - **Supply and Demand**: The lead price fluctuated weakly, and downstream procurement was mainly for rigid needs. The transaction in the spot market remained relatively light. In different regions, the quotation premiums of lead suppliers varied, and some smelters had difficulties in high - premium transactions or stopped quoting due to inventory exhaustion [2] - **Inventory**: On July 30, 2025, the total SMM lead ingot inventory was 72,000 tons, an increase of 300 tons compared with the same period last week. As of July 30, the LME lead inventory was 276,375 tons, an increase of 6025 tons compared with the previous trading day [2] Strategy - **Price Strategy**: The lead price is expected to maintain a volatile pattern, with the price range estimated to be between 16,400 yuan/ton and 17,050 yuan/ton [3] - **Option Strategy**: Sell a wide - straddle option strategy [3]

Report Summary 1. Investment Rating The report does not provide an investment rating for the agricultural products options industry. 2. Core Viewpoints - The agricultural products options market shows different trends across various sectors. Oilseeds and oils are in a relatively strong and volatile state, while other sectors such as by - products, soft commodities, and grains have their own specific trends like range - bound trading or short - term weakness [2]. - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Various agricultural product futures show different price changes, trading volumes, and open interest changes. For example, the price of soybean No.1 (A2509) dropped by 0.63% to 4,126, with a trading volume of 11.89 million lots and a decrease of 1.99 million lots compared to the previous period, and an open interest of 12.87 million lots with a decrease of 0.47 million lots [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: Different option varieties have different volume and open interest PCR values and their changes, which can be used to analyze the strength and turning points of the underlying asset market. For example, the volume PCR of soybean No.1 is 0.38, a decrease of 0.16, and the open interest PCR is 0.39, a decrease of 0.01 [4]. - **Pressure and Support Levels**: From the perspective of the maximum open interest of call and put options, the pressure and support levels of the underlying assets are analyzed. For example, the pressure level of soybean No.1 is 4,300 and the support level is 4,100 [5]. - **Implied Volatility**: Each option variety has different implied volatility values, changes, and differences compared to historical volatility, which can be used to measure the market's expectation of future price fluctuations. For example, the weighted implied volatility of soybean No.1 is 12.36%, a decrease of 0.72% [6]. 3.3 Strategies and Recommendations - **Oilseeds and Oils Options** - **Soybean No.1 and No.2**: The USDA July report adjusted the supply - demand balance of soybeans. The market of soybean No.1 shows a pattern of small - range consolidation with pressure above. Recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The purchase volume of soybean meal shows a certain pattern. The market of soybean meal shows a pattern of weak consolidation with support below followed by a rebound and then a decline. Recommended strategies are similar to those of soybean No.1 [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The palm oil market is affected by export and production factors, showing a pattern of long - position high - level consolidation. Recommended strategies include constructing a long - biased short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The peanut market is affected by factors such as supply and demand, showing a pattern of weak consolidation under bearish pressure. Recommended strategies include constructing a bearish spread strategy of put options and a long collar strategy for spot hedging [11]. - **By - product Options** - **Pigs**: The pig market is affected by factors such as supply and demand, showing a pattern of small - range consolidation under bearish pressure. Recommended strategies include constructing a short - biased short call + put option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The egg market is affected by factors such as weather and supply and demand, showing a pattern of weak consolidation with pressure above. Recommended strategies include constructing a bearish spread strategy of put options and a short - biased short call + put option combination strategy [12]. - **Apples**: The apple market is affected by factors such as production and inventory, showing a pattern of gradual rebound with pressure above. Recommended strategies include constructing a neutral short call + put option combination strategy [12]. - **Jujubes**: The jujube market shows a pattern of rebound and then decline with pressure above. Recommended strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [13]. - **Soft Commodity Options** - **Sugar**: The sugar market shows a pattern of rebound after a decline with support below. Recommended strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton market shows a short - term weak pattern. Recommended strategies include constructing a long - biased short call + put option combination strategy and a covered call strategy for spot [14]. - **Grain Options** - **Corn and Starch**: The corn market shows a pattern of weak decline with pressure above. Recommended strategies include constructing a bearish spread strategy of put options and a short - biased short call + put option combination strategy [14].

Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - The metal sector is divided into non - ferrous metals, precious metals, and black metals. For each segment, specific metal options are analyzed, and corresponding strategies and suggestions are provided based on fundamental and market trend analysis, option factor research [8]. - For non - ferrous metals, different strategies are proposed according to the market conditions of each metal, such as constructing short - volatility seller option portfolios for copper and tin, and short - neutral or short - bullish/bearish call + put option combinations for other metals [7][10]. - For precious metals, a short - neutral volatility option seller portfolio is recommended for gold, and for black metals, different strategies like bullish option bull - spread combinations for iron ore and short - volatility strategies for other metals are suggested [12][13]. 3. Summary by Category 3.1 Market Overview of Underlying Futures - The report presents the latest prices, price changes, trading volumes, and open interests of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2509) is 78,700, with a decrease of 370 (- 0.47%), trading volume of 5.59 million lots, and open interest of 17.17 million lots [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: This factor is used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of copper is 0.51, with a change of - 0.12, and the open interest PCR is 0.72, with a change of - 0.01 [4]. - **Pressure and Support Levels**: Determined from the strike prices with the largest open interest of call and put options. For instance, the pressure point of copper is 82,000, and the support point is 75,000 [5]. - **Implied Volatility**: The report shows the at - the - money implied volatility, weighted implied volatility, and their changes for each metal option. For example, the at - the - money implied volatility of copper is 10.66%, and the weighted implied volatility is 15.99%, with a change of 0.43% [6]. 3.3 Strategies and Suggestions - **Non - ferrous Metals** - **Copper**: Based on the analysis of fundamentals and market trends, a short - volatility seller option portfolio is recommended, along with a spot long - hedging strategy [7]. - **Aluminum/Alumina**: A short - bullish call + put option combination is proposed, and a spot collar strategy is recommended for hedging [9]. - **Zinc/Lead**: A short - neutral call + put option combination is suggested, and a spot collar strategy is provided for hedging [9]. - **Nickel**: A short - bearish call + put option combination is recommended, and a spot long - hedging strategy is proposed [10]. - **Tin**: A short - volatility strategy is recommended, and a spot collar strategy is provided for hedging [10]. - **Lithium Carbonate**: A short - neutral call + put option combination is suggested, and a spot long - hedging strategy is proposed [11]. - **Precious Metals** - **Gold/Silver**: A short - neutral volatility option seller portfolio is recommended for gold, and corresponding strategies are also provided for silver based on market analysis [12]. - **Black Metals** - **Rebar**: A short - neutral call + put option combination is recommended, and a spot long - covered call strategy is proposed [13]. - **Iron Ore**: A bullish option bull - spread combination is recommended, along with a short - bullish call + put option combination and a spot long - collar strategy [13]. - **Ferroalloys**: A bullish option bull - spread combination and a short - volatility strategy are recommended for manganese silicon, and corresponding strategies are provided for industrial silicon and polysilicon [14]. - **Glass**: A short - volatility strategy is recommended, and a spot long - collar strategy is proposed [15].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The energy - chemical sector includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. 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 - Different energy - chemical option varieties have different performance in terms of latest price, price change, price change rate, trading volume, volume change, open interest, and open interest change. For example, the latest price of crude oil (SC2509) is 528, with a price increase of 13 and a change rate of 2.49% [4]. 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators are used to describe the strength of option underlying asset market conditions and turning points. For instance, the open interest PCR of crude oil is 0.56, with a change of 0.07 [5]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of option underlying assets can be observed from the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil is 640, and the support level is 500 [6]. 3.4 Option Factors - Implied Volatility - Implied volatility includes at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of crude oil is 30.8, and the weighted implied volatility is 34.57 with a change of - 0.35 [7]. 3.5 Option Strategies and Recommendations 3.5.1 Energy - related Options (Crude Oil, LPG) - **Crude Oil**: Fundamentally, UAE port transfers are rising, but Russian shipments are tight. The market is short - term bearish. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy [8]. - **LPG**: Fundamentally, the supply is abundant, and the demand is in the off - season. The market is short - term bearish. Option strategies include constructing a bearish call + put option combination strategy and a long collar strategy [10]. 3.5.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Fundamentally, port and enterprise inventories are decreasing. The market is weak with pressure. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy [10]. - **Ethylene Glycol**: Fundamentally, polyester load is rising. The market is weakly bullish with pressure. Option strategies include constructing a short - volatility strategy and a long collar strategy [11]. 3.5.3 Polyolefin - related Options (Polypropylene, PVC, etc.) - **Polypropylene**: Fundamentally, PE and PP inventories have different trends. The market is weakly bearish with pressure. Option strategies include a long collar strategy [11]. 3.5.4 Rubber - related Options (Rubber, Synthetic Rubber) - **Rubber**: Fundamentally, social inventories are decreasing. The market is in a low - level consolidation. Option strategies include constructing a neutral call + put option combination strategy [12]. 3.5.5 Polyester - related Options (PX, PTA, etc.) - **PTA**: Fundamentally, the overall social inventory is increasing. The market is weakly bearish with pressure. Option strategies include constructing a neutral call + put option combination strategy [13]. 3.5.6 Alkali - related Options (Caustic Soda, Soda Ash) - **Caustic Soda**: Fundamentally, factory inventories are increasing. The market is in a high - level shock with pressure. Option strategies include a long collar strategy [14]. - **Soda Ash**: Fundamentally, inventories are accumulating at a high level. The market is in a significant decline with pressure. Option strategies include constructing a short - volatility combination strategy and a long collar strategy [14]. 3.5.7 Urea Options - Fundamentally, port inventories are increasing slightly, and enterprise inventories are decreasing. The market is in a shock under bearish pressure. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy [15].

Group 1: Overall Market Summary - Agricultural product options strategy morning report date is July 30, 2025 [1] - Oilseeds and oils agricultural products are in a strong - side oscillatory trend, while oils, agricultural by - products maintain an oscillatory market, soft commodity sugar has 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] - The strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] Group 2: Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various agricultural product option underlying futures contracts are presented, including soybeans, soybean meal, palm oil, etc. [3] Group 3: Option Factor - Volume and Open Interest PCR - The volume PCR, volume change, open interest PCR, and open interest change of various 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 [4] Group 4: Option Factor - Pressure and Support Levels - The pressure points, support points, and the maximum open interests of call and put options of various agricultural product options are given, which are determined from the exercise prices of the maximum open interests of call and put options [5] Group 5: Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call implied volatility, put implied volatility, HISV20, and the difference between implied and historical volatility of various agricultural product options are presented [6] Group 6: Strategy and Recommendations for Different Agricultural Product Options Oilseeds and Oils Options - **Soybeans (Soybean 1 and Soybean 2)**: USDA July report adjusts the supply - demand balance of US soybeans in the 25/26 season, soybean 1 shows an oversold rebound pattern. Option strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: The purchase volume of soybean meal in different months is provided, and the market shows a pattern of weak consolidation and then oversold rebound. Option strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Palm oil's export and production data affect the market, showing a bullish trend. Option strategies include constructing a bullish short call + put option combination strategy and a long collar strategy for spot hedging [10] - **Peanuts**: The peanut market has a weak consolidation pattern under bearish pressure. Option strategies include constructing a bearish spread strategy of put options and a long collar strategy for spot hedging [11] Agricultural By - product Options - **Pigs**: The pig price shows a weak upward trend under bearish pressure. Option strategies include constructing a bearish short call + put option combination strategy and a covered call strategy for spot hedging [11] - **Eggs**: The egg price is in a weak consolidation pattern. Option strategies include constructing a bearish spread strategy of put options, a bearish short call + put option combination strategy [12] - **Apples**: The apple market shows a pattern of weak bearishness gradually rebounding. Option strategies include constructing a neutral short call + put option combination strategy [12] - **Red Dates**: The red date market has a pattern of rebound and then decline. Option strategies include constructing a bearish wide - straddle option combination strategy and a covered call strategy for spot hedging [13] Soft Commodity Options - **Sugar**: The sugar market shows an oversold rebound pattern. Option strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13] - **Cotton**: The cotton market shows a pattern of low - level rebound and then slight oscillation. Option strategies include constructing a bullish spread strategy of call options, a bullish short call + put option combination strategy, and a covered call strategy for spot hedging [14] Grain Options - **Corn and Starch**: The corn market shows a weak bearish pattern. Option strategies include constructing a bearish spread strategy of put options and a bearish short call + put option combination strategy [14] Group 7: Option Charts - Charts of various agricultural product options are presented, including price trend charts, volume and open interest charts, open interest - PCR charts, implied volatility charts, historical volatility cone charts, etc., for different agricultural products such as soybeans, soybean meal, palm oil, etc. [16][33][50]

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. Strategies are provided for selected metal options in each sector, including directional, volatility, and spot hedging strategies [8]. - For non - ferrous metals, copper shows a high - level consolidation trend, and a short - volatility seller option portfolio strategy is recommended; aluminum shows a long - biased high - level shock, and a bull - spread call option strategy and a short - option combination strategy are recommended; zinc shows a short - term long - biased shock, and similar strategies to aluminum are recommended; nickel shows a wide - range shock with short - side pressure, and a short - option combination strategy with a short delta is recommended; tin shows a short - term weak shock, and a short - volatility strategy is recommended; lithium carbonate shows a large - amplitude fluctuation, and a short - option combination strategy with a neutral delta is recommended [7][9][10][11]. - For precious metals, gold shows a short - term weak shock, and a short - volatility option seller combination strategy with a neutral delta is recommended; silver shows a long - biased shock, and a short - option combination strategy with a long delta is recommended [12]. - For black metals, rebar shows an upward shock with pressure, and a short - option combination strategy with a neutral delta and a covered call strategy are recommended; iron ore shows a long - biased shock, and a bull - spread call option strategy and a short - option combination strategy with a long delta are recommended; ferroalloys (manganese silicon and silicon iron) show a long - biased trend, and bull - spread call option strategies and short - volatility strategies are recommended; industrial silicon and polysilicon show a rebound and upward trend with large fluctuations, and short - volatility strategies are recommended; glass shows a rebound after a large decline, and a short - volatility strategy and a long - collar strategy are recommended [13][14][15]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2509) is 79,090, with a price increase of 110 and a trading volume of 6.54 million lots [3]. 3.2 Option Factors - 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. For example, the volume PCR of copper is 0.63, and the open interest PCR is 0.72 [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of various 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 is 82,000, and the support level is 75,000 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility data of various metal options are provided, 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 copper is 10.76% [6]. 3.5 Strategy and Recommendations - **Non - ferrous Metals**: - **Copper**: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7]. - **Aluminum/Alumina**: Use a bull - spread call option strategy, a short - option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead**: Adopt a bull - spread call option strategy, a short - option combination strategy, and a spot collar strategy [9]. - **Nickel**: Implement a short - option combination strategy with a short delta and a spot long - hedging strategy [10]. - **Tin**: Apply a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Use a short - option combination strategy with a neutral delta and a spot long - hedging strategy [11]. - **Precious Metals**: - **Gold**: Build a short - volatility option seller combination strategy with a neutral delta and a spot hedging strategy [12]. - **Silver**: Use a short - option combination strategy with a long delta and a spot collar strategy [12]. - **Black Metals**: - **Rebar**: Implement a short - option combination strategy with a neutral delta and a covered call strategy [13]. - **Iron Ore**: Adopt a bull - spread call option strategy, a short - option combination strategy with a long delta, and a spot collar strategy [13]. - **Ferroalloys**: Use bull - spread call option strategies and short - volatility strategies [14]. - **Industrial Silicon/Polysilicon**: Apply short - volatility strategies and spot hedging strategies [14]. - **Glass**: Implement a short - volatility strategy and a long - collar strategy [15].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, option strategies and suggestions are provided for selected varieties. Option strategy reports are compiled for each option variety based on underlying market analysis, option factor research, and option strategy suggestions [9]. - Strategies focus on constructing option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Various energy - chemical futures contracts show different price movements, trading volumes, and open interest changes. For example, the latest price of crude oil (SC2509) is 516, up 10 with a 2.06% increase; the trading volume is 11.77 million lots, a decrease of 3.49 million lots, and the open interest is 3.78 million lots, a decrease of 0.22 million lots [4]. 3.2 Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes. For instance, the volume PCR of crude oil is 0.54, an increase of 0.06, and the open - interest PCR is 0.50, a decrease of 0.03 [5]. 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 option underlyings are determined. For example, the pressure level of crude oil is 640, and the support level is 500 [6]. 3.4 Option Factors - Implied Volatility - Different option varieties have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of crude oil is 29.605%, and the weighted implied volatility is 34.92%, a decrease of 0.30% [7]. 3.5 Option Strategies and Suggestions 3.5.1 Energy - related Options - **Crude Oil**: The fundamental situation shows that the UAE port transfer increase implies Iran's return to global supply, while Russia's shipments remain tight. The market is short - term weak. Implied volatility fluctuates around the mean, and the open - interest PCR below 0.60 indicates increasing short - side strength. Strategies include constructing a neutral call + put option selling combination for volatility, and a long collar strategy for spot hedging [8]. - **LPG**: The fundamental situation is that the supply is abundant, and the market is short - term bearish. Implied volatility remains at a relatively high historical level, and the open - interest PCR below 0.60 indicates strong short - side strength. Strategies include constructing a bearish call + put option selling combination for volatility, and a long collar strategy for spot hedging [10]. 3.5.2 Alcohol - related Options - **Methanol**: The port and enterprise inventories are decreasing, and the market is weak with pressure. Implied volatility first rises to a high level and then falls, and the open - interest PCR below 0.80 indicates a weak - oscillating market. Strategies include constructing a neutral call + put option selling combination for volatility, and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The polyester load is rising, and the market is weakly bullish with pressure. Implied volatility fluctuates above the historical mean, and the open - interest PCR around 0.90 indicates an oscillating market. Strategies include constructing a volatility - selling strategy for time - value gain, and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: The inventory situation shows mixed trends, and the market is weak with short - side pressure. Implied volatility fluctuates around the historical mean, and the open - interest PCR below 0.80 indicates a weakening market. Strategies include a long collar strategy for spot hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: The social inventory is decreasing, and the market is in a low - level consolidation. Implied volatility rapidly rises to a high historical level, and the open - interest PCR below 0.60 indicates short - side strength. Strategies include constructing a neutral call + put option selling combination for volatility [12]. 3.5.5 Polyester - related Options - **PTA**: The inventory is increasing, and the market is weak with pressure. Implied volatility fluctuates at a relatively high mean level, and the open - interest PCR below 0.80 indicates a weakening market. Strategies include constructing a neutral call + put option selling combination for volatility [13]. 3.5.6 Alkali - related Options - **Caustic Soda**: The inventory is increasing, and the market is falling back with pressure. Implied volatility first rises rapidly and then drops significantly, remaining at a high level. The open - interest PCR below 0.80 indicates a weakening market. Strategies include a long collar strategy for spot hedging [14]. - **Soda Ash**: The inventory is at a high level and increasing, and the market is falling back with pressure. Implied volatility first rises rapidly and then drops significantly, remaining at a high level. The open - interest PCR below 0.60 indicates strong short - side pressure. Strategies include constructing a volatility - selling combination for volatility gain, and a long collar strategy for spot hedging [14]. 3.5.7 Urea Options - The port inventory is increasing slightly, and the enterprise inventory is decreasing with a slowing slope. The market oscillates under short - side pressure. Implied volatility fluctuates slightly below the historical mean, and the open - interest PCR below 0.80 indicates a weakening market. Strategies include constructing a neutral call + put option selling combination for volatility, and a long collar strategy for spot hedging [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market shows a bullish oscillatory upward trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all exhibiting such a market condition [2]. - The implied volatility of financial options is gradually decreasing and fluctuating at a relatively low mean level [2]. - For ETF options, it is suitable to construct covered strategies, neutral double - selling strategies, and vertical spread combination strategies; for index options, it is appropriate to build neutral double - selling strategies and arbitrage strategies between synthetic long or short options and long or short futures [2]. 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,597.94, up 4.28 points or 0.12% with a trading volume of 761.3 billion yuan, a decrease of 60.3 billion yuan. Its PE is 15.60 [3]. - The Shenzhen Component Index closed at 11,217.58, up 49.44 points or 0.44% with a trading volume of 981 billion yuan, an increase of 15.3 billion yuan. Its PE is 28.43 [3]. - The SSE 50 Index closed at 2,802.77, up 7.25 points or 0.26% with a trading volume of 114.6 billion yuan, an increase of 500 million yuan. Its PE is 11.41 [3]. - The CSI 300 Index closed at 4,135.82, up 8.66 points or 0.21% with a trading volume of 406.8 billion yuan, a decrease of 23.7 billion yuan. Its PE is 13.52 [3]. - The CSI 500 Index closed at 6,323.42, up 23.83 points or 0.38% with a trading volume of 305.2 billion yuan, an increase of 800 million yuan. Its PE is 30.78 [3]. - The CSI 1000 Index closed at 6,729.98, up 23.37 points or 0.35% with a trading volume of 359.6 billion yuan, a decrease of 3.6 billion yuan. Its PE is 41.38 [3]. 3.2 Option - Underlying ETF Market Overview - The SSE 50 ETF closed at 2.929, up 0.013 or 0.45% with a trading volume of 6.1028 million shares, an increase of 6.0456 million shares, and a trading value of 1.783 billion yuan, an increase of 112 million yuan [4]. - The SSE 300 ETF closed at 4.214, up 0.011 or 0.26% with a trading volume of 6.0277 million shares, an increase of 5.9457 million shares, and a trading value of 2.535 billion yuan, a decrease of 917 million yuan [4]. - Other ETFs also have their respective closing prices, price changes, trading volumes, and trading value changes as detailed in the report [4]. 3.3 Option Factor - Volume and Position PCR - For the SSE 50 ETF option, the trading volume is 827,200 contracts (a decrease of 53,200 contracts), the open interest is 1,208,700 contracts (an increase of 49,800 contracts), the volume PCR is 0.98 (an increase of 0.14), and the position PCR is 0.97 (an increase of 0.01) [5]. - Other option varieties also have their corresponding volume and position PCR data and changes [5]. 3.4 Option Factor - Pressure and Support Points - The SSE 50 ETF has a pressure point of 2.90 and a support point of 2.90 [7]. - Other option - underlying assets have their respective pressure and support points determined by the strike prices of the maximum open interest of call and put options [7]. 3.5 Option Factor - Implied Volatility - The SSE 50 ETF option has a at - the - money implied volatility of 15.90%, a weighted implied volatility of 15.88% (a decrease of 0.29%), an annual average of 15.51%, a call implied volatility of 16.19%, a put implied volatility of 15.43%, a 20 - day historical volatility of 12.97%, and an implied - historical volatility difference of 2.90% [9]. - Other option varieties also have their corresponding implied volatility data [9]. 3.6 Strategy and Recommendations - The financial option sector is divided into large - cap blue - chip stocks, small - and medium - sized boards, and the ChiNext board. Different sectors have different representative option varieties [11]. - For each sector, specific option strategies are recommended based on the analysis of the underlying asset market, option factor research, and option strategy suggestions [11]. - In the financial stock sector (SSE 50 ETF and SSE 50), directional strategies include constructing a bullish call spread combination; volatility strategies involve constructing a neutral seller strategy; and a spot long covered strategy is also recommended [12]. - Other sectors such as the large - cap blue - chip stock sector, medium - and large - sized stock sector, small - and medium - sized board sector, and ChiNext board sector also have their corresponding strategies [12][13][14].

1. Report Industry Investment Rating - No information provided in the document 2. Core Viewpoints of the Report - Oilseed and oil - related agricultural products show a strong - side oscillatory trend, while other agricultural products maintain an oscillatory pattern. Soft commodities like sugar rebound and cotton shows a bullish trend, and grains such as corn and starch are weakly and narrowly consolidating. It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,140, down 43 with a decline of 1.03%, and its trading volume is 18.43 million lots and open interest is 14.76 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes, which are used to describe the strength of the option - underlying market and the turning point of the market [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of option maximum open interest at strike prices, the pressure and support levels of different option - underlying products are determined. For instance, the pressure level of soybean No.1 is 4300 and the support level is 4100 [5] 3.4 Option Factors - Implied Volatility - Different option varieties have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, call and put implied volatility, and the difference between implied and historical volatility [6] 3.5 Option Strategies and Recommendations 3.5.1 Oilseed and Oil Options - **Soybean No.1 and No.2**: USDA's July report adjusted the supply - demand balance of soybeans. Soybean No.1 shows an oversold rebound pattern. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: Analyze the purchase volume of soybean meal and its market trend. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Analyze the fundamentals and market trends of palm oil. It is recommended to construct a long - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [10] - **Peanuts**: Analyze the fundamentals and market trends of peanuts. It is recommended to construct a bear - spread strategy with put options and a long - collar strategy for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pigs**: Analyze the fundamentals and market trends of pigs. It is recommended to construct a short - biased short - call + short - put option combination strategy and a covered call strategy for spot hedging [11] - **Eggs**: Analyze the fundamentals and market trends of eggs. It is recommended to construct a bear - spread strategy with put options, a short - biased short - call + short - put option combination strategy [12] - **Apples**: Analyze the fundamentals and market trends of apples. It is recommended to construct a neutral short - call + short - put option combination strategy [12] - **Jujubes**: Analyze the fundamentals and market trends of jujubes. It is recommended to construct a short - biased short - strangle option combination strategy and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodity Options - **Sugar**: Analyze the fundamentals and market trends of sugar. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [13] - **Cotton**: Analyze the fundamentals and market trends of cotton. It is recommended to construct a bull - spread strategy with call options, a long - biased short - call + short - put option combination strategy, and a covered call strategy for spot hedging [14] 3.5.4 Grain Options - **Corn and Starch**: Analyze the fundamentals and market trends of corn. It is recommended to construct a bear - spread strategy with put options and a short - biased short - call + short - put option combination strategy [14]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals with a weak and volatile trend, construct a neutral volatility strategy for sellers [2]. - For the black series that has significantly declined after a continuous rise, it is suitable to construct a short - volatility portfolio strategy [2]. - For precious metals that have fluctuated at a high level and then declined, construct a spot hedging strategy [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interests of various metal futures are presented, such as copper (CU2509) at 79,010 with a 0.04% increase, and aluminum (AL2509) at 20,660 with a 0.05% increase [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR 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 underlying market respectively [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure points and support points of various metal options 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 implied volatility data of different metal options, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility, are presented [6]. 3.5 Option Strategies and Recommendations - **Non - ferrous Metals** - **Copper**: Construct a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7]. - **Aluminum/Alumina**: Use a bull - spread strategy for call options, a short - call + put option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead**: Adopt a bull - spread strategy for call options, a short - call + put option combination strategy, and a spot collar strategy [9]. - **Nickel**: Construct a short - call + put option combination strategy with a short bias and a spot long - hedging strategy [10]. - **Tin**: Use a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Adopt a bull - spread strategy for call options, a short - call + put option combination strategy with a long bias, and a spot long - hedging strategy [11]. - **Precious Metals** - **Gold/Silver**: Construct a neutral short - volatility option seller portfolio strategy and a spot hedging strategy [12]. - **Black Series** - **Rebar**: Use a short - call + put option combination strategy and a spot long - covered call strategy [13]. - **Iron Ore**: Adopt a bull - spread strategy for call options, a short - call + put option combination strategy with a long bias, and a spot long - collar strategy [13]. - **Ferroalloys**: Use a bull - spread strategy for call options and a short - volatility strategy for manganese silicon; for industrial silicon/polysilicon, construct a short - call + put option combination strategy and a spot long - hedging strategy [14]. - **Glass**: Use a short - volatility strategy and a spot long - collar strategy [15]. 3.6 Option Charts - Price charts, option volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure - support point charts of various metals are provided, including copper, aluminum, alumina, zinc, lead, nickel, tin, gold, silver, and lithium carbonate [17][36][53]