1. Report Industry Investment Rating No relevant content in the provided document. 2. Core Viewpoints of the Report - The report focuses on energy - chemical options, covering various sectors such as energy, polyolefins, polyesters, and alkalis. It analyzes the fundamentals, market trends, and option factors of different underlying assets and provides corresponding option strategies and suggestions [3][9]. - It is recommended to construct option combination strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Option - Underlying Futures Market Overview - Multiple energy - chemical option underlying futures are presented, including details like the latest price, price change, change rate, trading volume, volume change, open interest, and open interest change. For example, the latest price of crude oil (SC2510) is 484, with a price drop of 8 and a decline rate of 1.67% [4]. 3.2 Option Factors 3.2.1 Volume - Open Interest PCR - The volume - open interest PCR data of various option varieties are provided, which 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 crude oil is 0.61 with a change of 0.08, and the open interest PCR is 0.77 with a change of 0.06 [5]. 3.2.2 Pressure and Support Levels - The pressure and support levels of different option varieties 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 is 600 and the support level is 450 [6]. 3.2.3 Implied Volatility - The implied volatility data of various option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and its change, annual average, call implied volatility, put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 26.005, and the weighted implied volatility is 29.16 with a change of 1.62 [7]. 3.3 Strategy and Suggestions 3.3.1 Energy - Class Options - **Crude Oil**: The fundamentals are healthy with OPEC's supply restraint. The market shows a short - term upward resistance and decline. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [8]. - **LPG**: The supply is loose, and the demand is weak. The market is in a weak state. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.3.2 Alcohol - Class Options - **Methanol**: The import volume increases, and the downstream demand is weak. The market is weak. Option strategies include constructing a bear spread strategy of put options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The port inventory is decreasing. The market shows a wide - range weak oscillation. Option strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.3.3 Polyolefin - Class Options - **Polypropylene**: The inventory shows a mixed trend. The market is weak. Option strategies include a long collar strategy for spot hedging [11]. 3.3.4 Rubber Options - **Rubber**: The tire production capacity utilization rate shows different trends. The market is short - term weak. Option strategies include constructing a neutral call + put option combination strategy [12]. 3.3.5 Polyester - Class Options - **PTA**: The inventory is decreasing, and the downstream load is rising. The market shows a rebound resistance and decline. Option strategies include constructing a neutral call + put option combination strategy [12]. 3.3.6 Alkali - Class Options - **Caustic Soda**: The production capacity utilization rate decreases in most regions. The market shows an oscillatory trend. Option strategies include a long collar strategy for spot hedging [13]. - **Soda Ash**: The inventory is decreasing. The market shows an oscillatory trend. Option strategies include constructing a short - volatility combination strategy and a long collar strategy for spot hedging [13]. 3.3.7 Urea Options - The port inventory increases, and the enterprise inventory is under pressure. The market shows a low - level oscillation. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [14].

Report Industry Investment Rating - No information provided in the content Core Viewpoints of the Report - For non - ferrous metals, a weak and volatile market is observed, suggesting a seller's neutral volatility strategy [2]. - The black - series shows significant fluctuations, suitable for a short - volatility combination strategy [2]. - Precious metals are on an upward trend, recommending a spot hedging strategy [2]. Summary by Relevant Catalogs 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 (CU2510) is 80,260, with a price increase of 80 and a trading volume of 9.90 million lots [3]. 2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options are provided, which can be used to analyze the strength of the option underlying market and potential turning points. For instance, the volume PCR of copper options is 0.32, with a change of 0.03 [4]. 3. Option Factors - Pressure and Support Levels - The pressure and support levels of various metal options are determined based on the strike prices of the maximum open interest of call and put options. For example, the pressure level of copper options is 82,000, and the support level is 80,000 [5]. 4. Option Factors - Implied Volatility - The implied volatility of different metal options is presented, including at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of copper options is 11.67% [6]. 5. Strategy and Recommendations Non - Ferrous Metals - **Copper**: Based on fundamental and market analysis, it is recommended to construct a short - volatility seller's option portfolio strategy and a spot long - hedging strategy [7]. - **Aluminum/Alumina**: A bull spread strategy for call options, a short - neutral call + put option combination strategy, and a spot collar strategy are recommended [9]. - **Zinc/Lead**: A short - neutral call + put option combination strategy and a spot collar strategy are suggested [9]. - **Nickel**: A short - bearish call + put option combination strategy and a spot covered call strategy are recommended [10]. - **Tin**: A short - volatility strategy and a spot collar strategy are proposed [10]. - **Lithium Carbonate**: A short - bearish call + put option combination strategy and a spot long - hedging strategy are recommended [11]. Precious Metals - **Gold/Silver**: A bull spread strategy for call options, a short - neutral short - volatility option seller's combination strategy, and a spot hedging strategy are recommended [12]. Black - Series - **Rebar**: A short - bearish call + put option combination strategy and a spot covered call strategy are suggested [13]. - **Iron Ore**: A short - neutral call + put option combination strategy and a spot long - collar strategy are recommended [13]. - **Ferroalloys**: A short - volatility strategy is recommended for manganese silicon, and a short - volatility call + put option combination strategy and a spot hedging strategy are recommended for industrial silicon and polysilicon [14]. - **Glass**: A short - volatility call + put option combination strategy and a spot long - collar strategy are recommended [15].

Report Summary of Energy and Chemical Options 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy and chemical options market involves various sectors including energy, polyolefins, polyesters, and alkali chemicals. - The overall strategy is to construct option - combination strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 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 energy and chemical futures contracts. For example, the latest price of crude oil (SC2510) is 495, with a price increase of 6 and a rise - fall rate of 1.14%. The trading volume is 7.98 million lots, and the open interest is 3.02 million lots [4]. 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 underlying market. For instance, the volume PCR of crude oil is 0.53, and the open - interest PCR is 0.71 [5]. 3.3. Option Factors - Pressure and Support Levels - Pressure and support levels of option underlying assets are determined by the strike prices with the largest open interest of call and put options. For example, the pressure point of crude oil is 600, and the support point is 450 [6]. 3.4. Option Factors - Implied Volatility - Implied volatility includes at - the - money implied volatility, volume - weighted implied volatility, etc. For example, the at - the - money implied volatility of crude oil is 24.1, and the volume - weighted implied volatility is 27.54 [7]. 3.5. Strategies and Recommendations - **Crude Oil Options** - Fundamental analysis shows that OPEC has a relatively restrained attitude in supporting prices. The market presents a short - term upward - blocked and downward - fluctuating situation. - Volatility strategy: Construct a short - neutral call + put option combination strategy. - Spot long - hedging strategy: Construct a long - collar strategy [8]. - **Liquefied Petroleum Gas (LPG) Options** - Fundamental analysis indicates that domestic supply is loose, and demand is weak. The market is in a weak state. - Volatility strategy: Construct a short - bearish call + put option combination strategy. - Spot long - hedging strategy: Construct a long - collar strategy [10]. - **Methanol Options** - Fundamental analysis shows that imports increase, and downstream demand is general. The market is in a weak state. - Directional strategy: Construct a bear - spread strategy of put options. - Volatility strategy: Construct a short - bearish call + put option combination strategy. - Spot long - hedging strategy: Construct a long - collar strategy [10]. - **Ethylene Glycol Options** - Fundamental analysis shows that port inventory is decreasing. The market is in a weak and wide - range fluctuating state. - Volatility strategy: Construct a short - volatility strategy. - Spot long - hedging strategy: Hold a long spot position + buy a put option + sell an out - of - the - money call option [11]. - **Polyolefin Options (Polypropylene, Polyvinyl Chloride, Plastic, Styrene)** - Fundamental analysis shows that inventory levels vary among different products. The market is generally in a weak state. - For polypropylene, the spot long - hedging strategy is to hold a long spot position + buy an at - the - money put option + sell an out - of - the - money call option [11]. - **Rubber Options** - Fundamental analysis shows the capacity utilization rates of tire enterprises. The market is in a short - term weak state. - Volatility strategy: Construct a short - neutral call + put option combination strategy [12]. - **Polyester Options (Para - xylene, PTA, Short - fiber, Bottle - chip)** - Fundamental analysis shows that PTA inventory is decreasing. The market is in a state of rebound - blocked and weak continuation. - Volatility strategy: Construct a short - neutral call + put option combination strategy [12]. - **Caustic Soda Options** - Fundamental analysis shows the change in the average capacity utilization rate of caustic soda enterprises. The market is in a state of short - term upward and high - level fluctuation. - Spot long - hedging strategy: Hold a long spot position + buy a put option + sell an out - of - the - money call option [13]. - **Soda Ash Options** - Fundamental analysis shows the change in soda ash inventory. The market is in a state of low - level support and fluctuation. - Volatility strategy: Construct a short - volatility combination strategy. - Spot long - hedging strategy: Construct a long - collar strategy [13]. - **Urea Options** - Fundamental analysis shows that port and enterprise inventories are increasing. The market is in a state of low - level fluctuation. - Volatility strategy: Construct a short - bearish call + put option combination strategy. - Spot long - hedging strategy: Hold a long spot position + buy an at - the - money put option + sell an out - of - the - money call option [14].

Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - For non - ferrous metals, construct seller neutral volatility strategies for the ones with weak and volatile trends, and short - volatility combination strategies for those with large - amplitude fluctuations. For precious metals with upward breakthroughs, construct spot hedging strategies [2]. 3. Summary by Categories 3.1 Futures Market Overview - Various metal futures have different price changes, trading volumes, and open interest changes. For example, copper (CU2510) has a latest price of 80,410, a rise of 630, and a trading volume of 6.17 million hands. The trading volume of most metals shows a decreasing trend, while the trading volume of some like lithium carbonate (LC2511) increases [3]. 3.2 Option Factors - **Volume - to - Open - Interest PCR**: Different metals have different PCR values and their changes, which can be 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 0.29 with a change of - 0.06 [4]. - **Pressure and Support Levels**: From the perspective of the strike prices of the maximum open interest of call and put options, the pressure and support levels of different metals are obtained. For example, the pressure level of copper is 82,000 and the support level is 80,000 [5]. - **Implied Volatility**: The implied volatility of different metals shows different levels and changes. For example, the implied volatility of copper is 11.46% at the at - the - money level, and the weighted implied volatility is 15.99% with a change of - 0.25% [6]. 3.3 Strategy and Recommendations - **Non - ferrous Metals** - **Copper**: Construct a short - volatility seller option combination strategy and a spot hedging strategy [7]. - **Aluminum/Alumina**: Construct a bull spread combination strategy for call options, a short - neutral call + put option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead**: Construct 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 covered - call strategy [10]. - **Tin**: Construct a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Construct a short - bearish call + put option combination strategy and a spot long + buy put + sell call strategy [11]. - **Precious Metals (Gold/Silver)** - **Gold**: Construct a bull spread combination strategy for call options, a short - neutral short - volatility option seller combination strategy, and a spot hedging strategy [12]. - **Black Metals** - **Rebar**: Construct a short - bearish call + put option combination strategy and a spot long + sell call strategy [13]. - **Iron Ore**: Construct a short - neutral call + put option combination strategy and a spot long collar strategy [13]. - **Ferroalloys**: Construct a short - volatility strategy for manganese - silicon [14]. - **Industrial Silicon/Polysilicon**: Construct a short - volatility short - call + put option combination strategy and a spot long + buy put + sell call strategy [14]. - **Glass**: Construct a short - volatility short - call + put option combination strategy and a spot long collar strategy [15].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks are showing a market trend of bullish upward movement with high-level fluctuations [3]. - The implied volatility of financial options is gradually rising and fluctuating at a relatively high level around the mean [3]. - For ETF options, it is suitable to construct a bullish buyer strategy and a call option bull spread combination strategy; for index options, it is suitable to construct a bullish seller strategy, a call option bull spread combination strategy, and an arbitrage strategy between synthetic long options and short futures [3]. 3. Summary by Relevant Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,858.13, down 17.40 points or 0.45%, with a trading volume of 122.28 billion yuan and an increase of 1.44 billion yuan in trading volume [4]. - The Shenzhen Component Index closed at 12,553.84, down 275.11 points or 2.14%, with a trading volume of 165.22 billion yuan and an increase of 11.06 billion yuan in trading volume [4]. - The SSE 50 Index closed at 2,992.88, up 11.68 points or 0.39%, with a trading volume of 19.61 billion yuan and an increase of 0.08 billion yuan in trading volume [4]. - The CSI 300 Index closed at 4,490.45, down 33.26 points or 0.74%, with a trading volume of 77.80 billion yuan and an increase of 0.76 billion yuan in trading volume [4]. - The CSI 500 Index closed at 6,961.69, down 148.60 points or 2.09%, with a trading volume of 54.15 billion yuan and an increase of 0.53 billion yuan in trading volume [4]. - The CSI 1000 Index closed at 7,313.88, down 187.27 points or 2.50%, with a trading volume of 59.85 billion yuan and an increase of 3.39 billion yuan in trading volume [4]. 3.2 Option - Based ETF Market Overview - The closing prices, price changes, trading volumes, and trading volume changes of various option - based ETFs such as SSE 50ETF, SSE 300ETF, etc., are presented in detail [5]. 3.3 Option Factor - Volume and Position PCR - The volume, volume change, position, position change, volume PCR, and position PCR of various option varieties such as SSE 50ETF, SSE 300ETF, etc., are provided [6]. 3.4 Option Factor - Pressure and Support Points - The pressure points, support points, and their offsets, as well as the maximum call and put positions of various option varieties are given [8]. 3.5 Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, and its change, annual average, call and put implied volatility, historical volatility, and the difference between implied and historical volatility of various option varieties are presented [11]. 3.6 Strategy and Recommendations - The financial option sector is divided into large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks. Specific sub - sectors and corresponding option varieties are identified [13]. - For each sub - sector, based on the analysis of the underlying asset market, option factor research, and option strategy recommendations, specific strategies are proposed: - **Financial Stocks Sector (SSE 50ETF, SSE 50)**: The SSE 50ETF has shown a bullish upward trend with support at the bottom. It is recommended to construct a call option bull spread combination strategy, a short - volatility bullish combination strategy, and a spot long covered call strategy [14]. - **Large - Cap Blue - Chip Stocks Sector (SSE 300ETF, Shenzhen 300ETF, CSI 300)**: The SSE 300ETF has shown a short - term bullish upward trend with high - level consolidation. It is recommended to construct a call option bull spread combination strategy, a short - volatility strategy, and a spot long covered call strategy [14]. - **Large - and Medium - Cap Stocks Sector (Shenzhen 100ETF)**: The Shenzhen 100ETF has shown a bullish upward trend. It is recommended to construct a call option bull spread combination strategy, a short - volatility strategy, and a spot long covered call strategy [15]. - **Small and Medium - Cap Stocks Sector (SSE 500ETF, Shenzhen 500ETF, CSI 1000)**: The SSE 500ETF has shown a short - term bullish upward trend with a high - level pullback. The CSI 1000 has shown a bullish trend with high - level fluctuations. It is recommended to construct a call option bull spread combination strategy, and for the CSI 1000, also a short - volatility strategy [15][16]. - **ChiNext Sector (ChiNext ETF, Huaxia Science and Technology Innovation 50ETF, E Fund Science and Technology Innovation 50ETF)**: The ChiNext ETF has shown a bullish trend with a sharp decline. It is recommended to construct a call option bull spread combination strategy and a spot long covered call strategy [16].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, some varieties are selected to provide option strategies and suggestions. Each option variety's strategy report includes an analysis of the underlying asset's market, option factor research, and option strategy recommendations [9] 3. Summary According to Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil SC2510 is 489, with a price increase of 5 and a price increase percentage of 1.10% [4] 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of different option varieties 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 crude oil is 0.75 with a change of - 0.01, and the open interest PCR is 0.66 with a change of 0.02 [5] 3.2.2 Pressure and Support Levels - The pressure points, pressure point offsets, support points, support point offsets, maximum call option open interests, and maximum put option open interests of various option varieties are given. For example, the pressure point of crude oil is 600 and the support point is 415 [6] 3.2.3 Implied Volatility - The report shows the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, 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 option varieties. For example, the at - the - money implied volatility of crude oil is 24.095, and the weighted implied volatility is 26.73 with a change of 1.15 [7] 3.3 Option Strategies and Suggestions 3.3.1 Energy - Class Options - **Crude Oil**: The fundamental situation of crude oil is healthy with OPEC showing a restraint attitude to support prices. The market has been fluctuating, with short - term weakness. Option strategies include constructing a neutral call + put option combination for volatility strategy and a long collar strategy for spot hedging [8] - **LPG**: The domestic supply of LPG is loose, and the demand is low. The market has been in a weak state. Option strategies involve constructing a short - biased call + put option combination for volatility strategy and a long collar strategy for spot hedging [10] 3.3.2 Alcohol - Class Options - **Methanol**: The import volume of methanol has increased, and the downstream demand is weak. The market has been in a downward trend. Option strategies include a bear spread strategy for directional trading, a short - biased call + put option combination for volatility strategy, and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: The port inventory of ethylene glycol is decreasing. The market has been in a wide - range weak fluctuation. Option strategies include a short - volatility strategy for volatility trading and a long collar strategy for spot hedging [11] 3.3.3 Polyolefin - Class Options - **Polypropylene**: The inventory of polypropylene has decreased. The market has been in a weak state. Option strategies include a long collar strategy for spot hedging [11] 3.3.4 Rubber - Class Options - **Rubber**: The capacity utilization rate of rubber tire enterprises has changed. The market has been in a short - term weak state. Option strategies include constructing a neutral call + put option combination for volatility strategy [12] 3.3.5 Polyester - Class Options - **PTA**: The social inventory of PTA has decreased, and the downstream load has increased. The market has been in a weak rebound state. Option strategies include constructing a neutral call + put option combination for volatility strategy [12] 3.3.6 Alkali - Class Options - **Caustic Soda**: The average capacity utilization rate of caustic soda enterprises has decreased. The market has been in a fluctuating state. Option strategies include a long collar strategy for spot hedging [13] - **Soda Ash**: The inventory of soda ash has decreased. The market has been in a fluctuating state with support at the bottom. Option strategies include a short - volatility combination strategy for volatility trading and a long collar strategy for spot hedging [13] 3.3.7 Other Options - **Urea**: The port inventory of urea has increased, and the enterprise inventory is under pressure. The market has been in a low - level fluctuation state. Option strategies include constructing a short - biased call + put option combination for volatility 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 agricultural product sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. Each sector selects some varieties for option strategy recommendations, and the strategy report for each option variety is compiled based on the analysis of the underlying market, option factor research, and option strategy suggestions [8]. - Oil - and - fat and oilseed agricultural products are in a weak and volatile state, oils are in a volatile market, agricultural by - products maintain a volatile trend, soft commodity sugar has a slight fluctuation, cotton is in a weak consolidation, and grains such as corn and starch are in a weak and narrow - range consolidation. It is recommended to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary According to Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and position changes of multiple agricultural product option underlying contracts are presented, including soybeans (A2511, B2511), soybean meal (M2511), rapeseed meal (RM2511), palm oil (P2510), soybean oil (Y2511), rapeseed oil (OI2511), eggs (JD2510), live pigs (LH2511), peanuts (PK2510), apples (AP2601), jujubes (CJ2601), sugar (SR2511), cotton (CF2511), corn (C2511), starch (CS2511), and logs (LG2511) [3]. 3.2 Option Factor - Quantity and Position PCR - The trading volume, volume change, open interest, position change, trading volume PCR, volume PCR change, open interest PCR, and position PCR change of multiple 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]. 3.3 Option Factor - Pressure and Support Levels - The underlying contract, at - the - money strike price, pressure point, pressure point deviation, support point, support point deviation, maximum call option position, and maximum put option position of multiple agricultural product options are given, which show the pressure and support levels of the option underlying from the perspective of the strike price of the maximum call and put option positions [5]. 3.4 Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and implied - historical volatility difference of multiple agricultural product options are presented [6]. 3.5 Option Strategies and Suggestions 3.5.1 Oil - and - Fat and Oilseed Options - **Soybeans (A2511, B2511)**: The US soybean good - rate is increasing, and the Brazilian soybean CNF premium, import cost, and margin are decreasing. The soybean market is in a weak and volatile state. It is recommended to construct a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal (M2511)**: The domestic soybean crushing volume and operating rate are increasing. The soybean meal market is in a weak and volatile state with pressure above. It is recommended to construct a bear spread strategy of put options, a short - biased call + put option selling combination strategy, and a long collar strategy for spot hedging [9]. - **Palm Oil (P2510)**: The palm oil market shows a short - term bullish upward and then retracement trend. The implied volatility is falling to a level below the historical average. It is recommended to construct a long - biased call + put option selling combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts (PK2510)**: The peanut price has increased slightly, but the downstream follow - up is not as expected. The market is in a weak consolidation state. It is recommended to construct a bear spread strategy of put options and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Live Pigs (LH2511)**: The supply is relatively loose, and the demand is stimulated. The market is in a weak consolidation state. It is recommended to construct a short - biased call + put option selling combination strategy and a covered call strategy for spot [11]. - **Eggs (JD2510)**: The egg supply is abundant, and the demand is weak. The market is in a weak and bearish state. It is recommended to construct a bear spread strategy of put options, a short - biased call + put option selling combination strategy [12]. - **Apples (AP2511)**: The cold - storage apple inventory is at a low level in recent years. The market is in a state of continuous recovery and upward movement with pressure above. It is recommended to construct a long - biased call + put option selling combination strategy [12]. - **Jujubes (CJ2601)**: The jujube inventory is decreasing, and the market shows a short - term retracement trend. It is recommended to construct a neutral wide - straddle option selling combination strategy and a covered call strategy for spot hedging [13]. 3.5.3 Soft Commodity Options - **Sugar (SR2511)**: The sugar inventory pressure is not large, but the new - season production is expected to be high. The market is in a weak and bearish state. It is recommended to construct a short - biased call + put option selling combination strategy and a long collar strategy for spot hedging [13]. - **Cotton (CF2511)**: The cotton production in Xinjiang is expected to increase. The market is in a short - term weak state. It is recommended to construct a long - biased call + put option selling combination strategy and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn (C2511)**: The corn inventory in the northern port is decreasing, and the new - season supply is limited. The market is in a weak and bearish state with a rebound. It is recommended to construct a short - biased call + put option selling combination strategy [14].

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - The report provides a comprehensive analysis of metal options, including market conditions, option factors, and corresponding strategies for different metal sectors such as non-ferrous metals, precious metals, and black metals. It suggests specific option strategies based on the characteristics of each metal's market trends and option factors [2]. 3. Summary by Relevant Catalogs 3.1 Market Overview of Underlying Futures - The report presents the latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts. For example, the latest price of copper futures (CU2510) is 79,680, with a price increase of 460 and a trading volume of 7.11 million lots [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the open interest PCR of copper options is 0.80, indicating certain pressure above the Shanghai copper price [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of each metal option are determined from the perspective 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 - The implied volatility of each metal option is analyzed, 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 options is 9.38% [6]. 3.3 Option Strategies and Recommendations 3.3.1 Non - Ferrous Metals - **Copper Options**: Construct a short - volatility seller option portfolio strategy and a spot hedging strategy [8]. - **Aluminum/Alumina Options**: Build a bull spread strategy for call options, a short - neutral call + put option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead Options**: Adopt a short - neutral call + put option combination strategy and a spot collar strategy [9]. - **Nickel Options**: Implement a short - bearish call + put option combination strategy and a spot covered call strategy [10]. - **Tin Options**: Use a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: Employ a short - neutral call + put option combination strategy and a spot long + put option + call option strategy [11]. 3.3.2 Precious Metals - **Gold/Silver Options**: Construct a short - neutral volatility option seller portfolio strategy and a spot hedging strategy [12]. 3.3.3 Black Metals - **Rebar Options**: Adopt a short - bearish call + put option combination strategy and a spot covered call strategy [13]. - **Iron Ore Options**: Implement a short - neutral call + put option combination strategy and a spot long collar strategy [13]. - **Ferroalloy Options**: Use a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Employ a short - volatility call + put option combination strategy and a spot hedging strategy [14]. - **Glass Options**: Adopt a short - volatility call + put option combination strategy and a spot long collar strategy [15].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - In the past week, trading volume and implied volatility of commodity options decreased in almost all sectors. In the energy and chemical sector, the trading volume of p-xylene at the end of its option cycle significantly boosted the trading enthusiasm of the entire sector. The option trading volume of glass and soda ash returned to a high level. Given the pressure in the futures market, using options to capture trading opportunities is relatively safe. [5] - Due to the impact of interest rate cuts, the implied volatility of precious metal options rose in direct proportion to the futures price, and the skewness was at a relatively high level. Attention could be paid to the signal of volatility decline for right-side trading. [5] - In the agricultural products sector, the long position of cotton call options increased, and the trading volume of put options increased significantly. The volatility skewness declined from a high level. Consider selling at-the-money call options and buying out-of-the-money call options for protection. [5] Summary by Directory 1. Market Overview - The trading volume and implied volatility of commodity options decreased in almost all sectors last week. The end-of-cycle trading volume of p-xylene in the energy and chemical sector boosted the trading enthusiasm of the entire sector. The option trading volume of glass and soda ash returned to a high level. The futures market still faced pressure, and using options to capture trading opportunities was relatively safe. [5] - Affected by interest rate cuts, the implied volatility of precious metal options rose in direct proportion to the futures price, and the skewness was at a relatively high level. Attention could be paid to the signal of volatility decline for right-side trading. [5] - In agricultural products, the long position of cotton call options increased, and the trading volume of put options increased significantly. The volatility skewness declined from a high level. Consider selling at-the-money call options and buying out-of-the-money call options for protection. [5] 2. Market Data 2.1 Market Overview - Provided the quantitative data of commodity options, including the volatility, 60-day quantile, skewness, and 60-day quantile of various commodities such as corn, soybean meal, and palm oil [13]. 2.2 - 2.55 Individual Option Market Data - Detailed market data for various options were presented, including contract information, trading volume, open interest, volume PCR, open interest PCR, implied volatility, historical volatility, and skewness. For example, in the corn option market, the trading volume and open interest of call and put options, as well as their changes compared to the previous week, were provided [14][15][16].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock market shows a bullish upward and high - level oscillating market trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks all presenting such characteristics [3]. - The implied volatility of financial options gradually rises and fluctuates at a relatively high level above the mean [3]. - For ETF options, it is suitable to construct a bullish buyer strategy and a call option bull spread combination strategy; for stock index options, it is suitable to construct a bullish seller strategy, a call option bull spread combination strategy, and an arbitrage strategy of synthetic long futures and short futures [3]. 3. Summary by Relevant Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,857.93, up 0.37% with a trading volume of 122.17 billion yuan and a volume change of - 43.5 billion yuan [4]. - The Shenzhen Component Index closed at 12,696.15, up 0.99% with a trading volume of 157.66 billion yuan and a volume change of - 129 billion yuan [4]. - The Shanghai 50 Index closed at 2,976.47, up 0.53% with a trading volume of 22.65 billion yuan and a volume change of 31.3 billion yuan [4]. - The CSI 300 Index closed at 4,496.76, up 0.74% with a trading volume of 83.12 billion yuan and a volume change of 91.8 billion yuan [4]. - The CSI 500 Index closed at 7,043.94, up 0.47% with a trading volume of 52.3 billion yuan and a volume change of - 40.6 billion yuan [4]. - The CSI 1000 Index closed at 7,438.68, down 0.11% with a trading volume of 56.51 billion yuan and a volume change of - 66.7 billion yuan [4]. 3.2 Option - related ETF Market Overview - The closing prices, price changes, trading volumes, and trading volume changes of various option - related ETFs are presented, such as the Shanghai 50 ETF closing at 3.112, up 0.55% with a trading volume of 12.4274 million shares and a volume change of 12.3123 million shares [5]. 3.3 Option Factor - Volume and Position PCR - The volume, volume change, position, position change, volume PCR, and position PCR of different option varieties are provided, for example, the Shanghai 50 ETF option has a volume PCR of 0.66 (down 0.14) and a position PCR of 0.95 (up 0.02) [6]. 3.4 Option Factor - Pressure and Support Points - The pressure and support points of different option varieties are given, like the Shanghai 50 ETF has a pressure point of 3.20 and a support point of 3.00 [8]. 3.5 Option Factor - Implied Volatility - The implied volatility data of different option varieties are shown, including the at - the - money implied volatility, weighted implied volatility, and its change, etc. For instance, the Shanghai 50 ETF option has an at - the - money implied volatility of 22.48% and a weighted implied volatility of 23.72% (up 0.16%) [11]. 3.6 Strategy and Suggestions - The financial option sector is divided into large - cap blue - chip stocks, small and medium - sized boards, and the ChiNext board. Different sectors and corresponding option varieties are recommended for different strategies [13]. - For each sector, specific option strategies are proposed based on the analysis of the underlying market, option factor research, including directional strategies and volatility strategies. For example, in the financial stock sector, for the Shanghai 50 ETF, a call option bull spread combination strategy is recommended for directional trading [14].