1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The agricultural product options market shows a mixed trend, with oilseeds and oils being weakly volatile, while other sectors such as by - products, soft commodities, and grains are in a state of shock. It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest of various agricultural product futures, including soybeans, soybean meal, palm oil, etc. For example, the latest price of soybean No.1 (A2511) is 3,940, down 16 points or 0.40% [3] 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - It presents the volume PCR and open - interest PCR of different agricultural product options, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of soybean No.1 is 0.68, with a change of 0.31 [4] 3.2.2 Pressure and Support Levels - The pressure and support levels of various agricultural product options are given, determined by the strike prices of the maximum open interest of call and put options. For example, the pressure level of soybean No.1 is 4,500, and the support level is 3,900 [5] 3.2.3 Implied Volatility - The implied volatility data of different agricultural product options are provided, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of soybean No.1 is 11.46, and the weighted implied volatility is 13.09, down 0.52 [6] 3.3 Option Strategies and Recommendations 3.3.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans is analyzed, and it is recommended to construct a neutral call + put option selling strategy and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: Based on the fundamental and market analysis, it is recommended to construct a bear spread strategy for put options, a short - biased call + put option selling strategy, and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Considering the supply and demand situation of oils, it is recommended to construct a bull spread strategy for call options, a long - biased call + put option selling strategy, and a long collar strategy for spot hedging [10] - **Peanuts**: Given the price decline and market situation of peanuts, it is recommended to construct a bear spread strategy for put options and a long collar strategy for spot hedging [11] 3.3.2 By - product Options - **Pigs**: Based on the supply and demand and market trends of pigs, it is recommended to construct a short - biased call + put option selling strategy and a covered call strategy for spot hedging [11] - **Eggs**: Considering the egg inventory and market situation, it is recommended to construct a bear spread strategy for put options and a short - biased call + put option selling strategy [12] - **Apples**: According to the apple inventory and market trends, it is recommended to construct a neutral call + put option selling strategy [12] - **Red Dates**: Based on the red date inventory and market situation, it is recommended to construct a neutral wide - straddle option selling strategy and a covered call strategy for spot hedging [13] 3.3.3 Soft Commodity Options - **Sugar**: Given the domestic sugar price and market situation, it is recommended to construct a short - biased call + put option selling strategy and a long collar strategy for spot hedging [13] - **Cotton**: Considering the cotton inventory and market trends, it is recommended to construct a long - biased call + put option selling strategy and a covered call strategy for spot hedging [14] 3.3.4 Grain Options - **Corn and Starch**: Based on the corn import and market situation, it is recommended to construct a bear spread strategy for put options and a short - biased call + put option selling strategy [14]

Group 1: Report Overview - The report is an early morning strategy report on agricultural product options dated August 22, 2025 [1] - The report analyzes the futures market conditions of various agricultural product options, including soybean, soybean meal, palm oil, etc [3] - It provides options strategies and suggestions for different agricultural product sectors, such as oilseeds and oils, livestock and poultry products, and soft commodities [7][11][13] Group 2: Market Conditions Futures Market - Most agricultural product futures showed fluctuations, with some rising and some falling. For example, palm oil rose 0.50%, while egg fell 2.21% [3] - The trading volume and open interest of different futures contracts also changed, with some increasing and some decreasing [3] Options Factors - The PCR indicators of options, including volume PCR and open interest PCR, were used to describe the strength and turning points of the underlying market [4] - The pressure and support levels of the underlying assets were analyzed from the perspective of the maximum open interest of call and put options [5] - The implied volatility of options was also studied, including at - the - money implied volatility, weighted implied volatility, etc [6] Group 3: Sector - Specific Analysis Oilseeds and Oils - **Soybean**: The USDA adjusted the planting area and yield of US soybeans, affecting the market. The option implied volatility remained high, and the underlying market was weakly volatile. Strategies included selling a neutral call + put option combination and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: The purchase volume of soybean meal showed a certain pattern. The market showed a weak consolidation and then a rebound. Options strategies included selling a neutral call + put option combination and a long collar strategy [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The USDA report and the inventory situation affected the market. Palm oil showed a bullish trend. Strategies included a bullish call spread, selling a bullish call + put option combination, and a long collar strategy [10] - **Peanut**: The spot price and inventory situation affected the market. The market was weakly consolidated. Strategies included a bearish put spread and a long collar strategy [11] Livestock and Poultry Products - **Pig**: The supply and demand situation affected the market. The market was weakly consolidated. Strategies included selling a bearish call + put option combination and a long - call writing strategy for spot hedging [11] - **Egg**: The inventory of laying hens affected the market. The market was bearish. Strategies included a bearish put spread, selling a bearish call + put option combination [12] - **Apple**: The cold - storage inventory affected the market. The market showed a warming - up trend. Strategies included selling a neutral call + put option combination [12] - **Jujube**: The inventory and market trading atmosphere affected the market. The market was bullish. Strategies included a bullish call spread, selling a bullish strangle option combination, and a long - call writing strategy for spot hedging [13] Soft Commodities - **Sugar**: The sugar - cane crushing and production data in Brazil affected the market. The market was bearish. Strategies included selling a bearish call + put option combination and a long collar strategy [13] - **Cotton**: The spinning and weaving factory operating rates and inventory affected the market. The market was weakly bullish. Strategies included selling a bullish call + put option combination and a long - call writing strategy for spot hedging [14] Grains - **Corn and Starch**: The USDA report on corn affected the market. The market was bearish. Strategies included a bearish put spread and selling a bearish call + put option combination [14]

Report Industry Investment Rating No information provided in the document. Core Viewpoints of the Report - The agricultural product options market shows diverse trends, with oilseeds and oils showing weak oscillations, some agricultural by - products and soft commodities maintaining oscillatory trends, and grains showing weak and narrow - range consolidations [2]. - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. Summary by Related Catalogs 1. Futures Market Overview - Multiple agricultural product futures show price fluctuations, with varying degrees of increase and decrease. For example, the price of soybean No.1 (A2511) decreased by 0.81% to 4,019, and the price of live hog (LH2511) increased by 0.18% to 13,900 [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 [4]. 3. Option Factors - Pressure and Support Levels - Each option variety has corresponding pressure and support levels, which can be observed from the exercise prices with the largest open interest of call and put options [5]. 4. Option Factors - Implied Volatility - The implied volatility of each option variety shows different levels and changes, which can help investors understand the market's expectations of future price fluctuations [6]. 5. Option Strategies and Recommendations Oilseeds and Oils Options - **Soybean No.1 and No.2**: The US soybean planting area decreased, and the market showed weak oscillations. Recommended strategies include selling neutral call + put option combinations and constructing long collar strategies for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The market showed weak consolidations and then rebounded. Recommended strategies include selling neutral call + put option combinations and constructing long collar strategies for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The market showed different trends. For palm oil, recommended strategies include constructing bull spread call option combinations, selling long - biased call + put option combinations, and constructing long collar strategies for spot hedging [10]. - **Peanut**: The market showed weak consolidations under bearish pressure. Recommended strategies include constructing bear spread put option combinations and constructing long collar strategies for spot hedging [11]. Agricultural By - product Options - **Live Hog**: The supply is relatively loose, and the market shows weak consolidations. Recommended strategies include selling short - biased call + put option combinations and constructing covered call strategies for spot hedging [11]. - **Egg**: The market shows a weak bearish trend. Recommended strategies include constructing bear spread put option combinations, selling short - biased call + put option combinations [12]. - **Apple**: The market shows a continuous recovery trend. Recommended strategies include selling neutral call + put option combinations [12]. - **Jujube**: The market shows a short - term bullish rebound. Recommended strategies include constructing bull spread call option combinations, selling long - biased straddle option combinations, and constructing covered call strategies for spot hedging [13]. Soft Commodity Options - **Sugar**: The market shows a weak bearish trend. Recommended strategies include selling short - biased call + put option combinations and constructing long collar strategies for spot hedging [13]. - **Cotton**: The market shows a short - term weak trend. Recommended strategies include selling long - biased call + put option combinations and constructing covered call strategies for spot hedging [14]. Grain Options - **Corn and Starch**: The market shows a weak bearish trend. Recommended strategies include constructing bear spread put option combinations, selling short - biased call + put option combinations [14].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The agricultural products sector mainly includes beans, oils and fats, agricultural by - products, soft commodities, grains, and others. Different varieties show different market trends, and corresponding option strategies are proposed for each variety [8]. - For the overall market, oil and fat - related agricultural products are in a relatively strong and volatile state, while other products such as soft commodities and grains show different degrees of volatility and trends. Strategies suggest constructing option combination strategies mainly on the short - selling side, as well as spot hedging or covered strategies to enhance returns [2] Summary by Relevant Catalogs 1. Market Overview of Underlying Futures - Multiple agricultural product futures show different price changes, trading volumes, and open interest changes. For example, the price of soybean No. 1 (A2511) is 4,049, down 22 with a decline rate of 0.54%, and the trading volume is 16.68 million lots, down 5.56 million lots [3]. 2. Option Factors - Volume and Open Interest PCR - Different agricultural product options 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. Option Factors - Pressure and Support Levels - The pressure and support levels of different agricultural product options are analyzed. For example, the pressure level of soybean No. 1 is 4,500 and the support level is 4,100 [5]. 4. Option Factors - Implied Volatility - The implied volatility of different agricultural product options is presented, including at - the - money implied volatility, weighted implied volatility, and its changes compared with the annual average [6]. 5. Option Strategies and Recommendations 5.1 Oil and Fat Options - **Soybean No. 1 and No. 2**: Fundamental data shows changes in import costs and weather conditions. The market of soybean No. 1 shows a pattern of short - term consolidation. Option strategies include constructing short - neutral call + put option combination strategies and long - collar strategies [7]. - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal show changes in daily提货量, basis, and inventory. The market shows a pattern of weak consolidation and then a rebound. Option strategies include constructing short - neutral call + put option combination strategies and long - collar strategies [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of palm oil show changes in production, inventory, and exports. The market of palm oil shows a bullish trend. Option strategies include constructing bull - spread call option strategies, short - bullish call + put option combination strategies, and long - collar strategies [10]. - **Peanut**: The fundamentals show changes in trading volume, price, and oil mill operation rate. The market shows a pattern of weak consolidation. Option strategies include constructing bear - spread put option strategies and long - collar strategies [11]. 5.2 Agricultural By - product Options - **Pig**: The fundamentals show a slight decline in the spot price of pigs. The market shows a pattern of weak consolidation. Option strategies include constructing short - bearish call + put option combination strategies and long - covered call strategies [11]. - **Egg**: The fundamentals show a weak operation of the spot price of eggs. The market shows a bearish trend. Option strategies include constructing bear - spread put option strategies, short - bearish call + put option combination strategies [12]. - **Apple**: The fundamentals show changes in production and inventory. The market shows a pattern of continuous recovery. Option strategies include constructing short - neutral call + put option combination strategies [12]. - **Jujube**: The fundamentals show an improvement in the market trading atmosphere and de - stocking process. The market shows a short - term bullish rebound. Option strategies include constructing bull - spread call option strategies, short - bullish strangle option combination strategies, and long - covered call strategies [13]. 5.3 Soft Commodity Options - **Sugar**: The fundamentals show an expected increase in domestic production and a change in import policies. The market shows a weak bearish trend. Option strategies include constructing short - bearish call + put option combination strategies and long - collar strategies [13]. - **Cotton**: The fundamentals show changes in import and shipment volumes. The market shows a short - term weak trend. Option strategies include constructing short - bullish call + put option combination strategies and long - covered call strategies [14]. 5.4 Grain Options - **Corn and Starch**: The fundamentals show changes in corn auctions and inventory. The market shows a weak bearish trend. Option strategies include constructing bear - spread put option strategies, short - bearish call + put option combination strategies [14].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseeds and oils are in a strong - side volatile trend, while other products like eggs, soft commodities, and grains have their own specific trends. It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product options have different price changes. For example, the latest price of soybean No.1 (A2511) is 4,080, down 7 with a decline rate of - 0.17%. The trading volume and open interest of each variety also vary [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 describe the strength of the option underlying market and the turning point of the underlying market [4] 3.3 Option Factors - Pressure and Support Levels - Each agricultural product option has its own pressure and support levels. For example, the pressure level of soybean No.1 is 4,300 and the support level is 4,050 [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options shows different characteristics. For example, the implied volatility of soybean No.1 option maintains a relatively high level of historical average fluctuations [6] 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans shows changes in import costs and weather in the US. In terms of options, the implied volatility of soybean No.1 is high, and the open - interest PCR is below 0.6. Recommended strategies include selling neutral call + put option combinations and constructing long collar strategies for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal show changes in daily提货量, basis, and inventory. The implied volatility of soybean meal options is above the historical average, and the open - interest PCR is below 0.6. Recommended strategies are similar to those of soybean No.1 [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of palm oil show changes in production, inventory, and exports. Palm oil is in a bullish trend. The implied volatility of palm oil options is decreasing, and the open - interest PCR is above 1. Recommended strategies include constructing bullish call option spread combinations and selling bullish call + put option combinations [10] - **Peanut**: The peanut market has changes in trading volume, price, and oil mill operations. Peanut is in a weak - side volatile trend. Recommended strategies include constructing bearish put option spread combinations and long collar strategies for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pig**: The spot price of pigs has declined. Pig is in a weak - side volatile trend. The implied volatility of pig options is rising, and the open - interest PCR is below 0.5. Recommended strategies include selling bearish call + put option combinations and covered strategies for spot [11] - **Egg**: The spot price of eggs is weak. Eggs are in a bearish trend. Recommended strategies include constructing bearish put option spread combinations and selling bearish call + put option combinations [12] - **Apple**: The apple market shows changes in production and inventory. Apples are in a gradually warming - up trend. Recommended strategies include selling neutral call + put option combinations [12] - **Jujube**: The jujube market has a good de - stocking process. Jujubes are in a short - term bullish trend. Recommended strategies include constructing bullish call option spread combinations and selling bullish wide - straddle option combinations [13] 3.5.3 Soft Commodity Options - **Sugar**: The domestic sugar market has an increasing production and tightened import policies. Sugar is in a weak - side bearish trend. Recommended strategies include selling bearish call + put option combinations and long collar strategies for spot hedging [13] - **Cotton**: The cotton market has changes in import and shipment. Cotton is in a short - term weak trend. Recommended strategies include selling bullish call + put option combinations and covered strategies for spot [14] 3.5.4 Grain Options - **Corn and Starch**: The corn market has changes in auctions, inventory, and production costs. Corn is in a weak - side bearish trend. Recommended strategies include constructing bearish put option spread combinations and selling bearish call + put option combinations [14]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes analysis of the underlying market, research on option factors, and option strategy suggestions [9]. - It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant 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. [4]. 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - It shows the trading volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various option varieties. Volume PCR is used to describe whether the underlying market has a turning point, and open interest PCR is used to describe the strength of the underlying option market [5]. 3.2.2 Pressure and Support Levels - The pressure points, pressure point offsets, support points, support point offsets, maximum call option positions, and maximum put option positions of various option varieties are provided. These are determined from the strike prices of the maximum call and put option positions [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 for each option variety [7]. 3.3 Option Strategies and Suggestions 3.3.1 Energy - related Options - **Crude Oil**: The U.S. crude oil inventory decreased last week. The market showed a short - term upward rebound受阻 pattern with pressure above. The implied volatility of crude oil options fluctuates around the mean. The open interest PCR indicates a weak - oscillating market. Strategies include constructing a neutral call + put option selling portfolio, and a long collar strategy for spot hedging [8]. - **LPG**: Factory inventories decreased slightly, while port inventories are at a high level and oscillating. The market is short - term bearish. The implied volatility of LPG options is at a relatively high historical level. The open interest PCR indicates strong bearish power. Strategies include a bearish put option spread, a bearish call + put option selling portfolio, and a long collar strategy for spot hedging [10]. 3.3.2 Alcohol - related Options - **Methanol**: China's methanol production and capacity utilization are expected to increase, and import volumes are estimated. The market shows a weak pattern with pressure above. The implied volatility of methanol options is falling and fluctuating below the mean. The open interest PCR indicates a weak - oscillating market. Strategies include a bearish call + put option selling portfolio and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The inventory in East China's main ports decreased significantly. The market shows a weak and wide - range oscillating pattern with pressure above. The implied volatility of ethylene glycol options fluctuates around the lower - than - mean level. The open interest PCR indicates an oscillating market. Strategies include a volatility - selling strategy and a long collar strategy for spot hedging [11]. 3.3.3 Polyolefin - related Options - **Polypropylene**: The inventory of polyethylene and polypropylene production enterprises is expected to change. The market shows a weak pattern with bearish pressure above. The implied volatility of polypropylene options fluctuates around the historical mean. The open interest PCR indicates a weakening trend. Strategies include a long collar strategy for spot hedging [12]. 3.3.4 Rubber - related Options - **Rubber**: The import volume of natural and synthetic rubber in July increased. The market shows a short - term weak pattern with pressure above. The implied volatility of rubber options first rises sharply and then falls to around the mean. The open interest PCR indicates a weak market. Strategies include a neutral call + put option selling portfolio [13]. 3.3.5 Polyester - related Options - **PTA**: The industry inventory has decreased, but there is inventory accumulation in finished filament. The market shows a weak - oscillating pattern with pressure above. The implied volatility of PTA options fluctuates at a relatively high level above the mean. The open interest PCR indicates a weakening trend. Strategies include a neutral call + put option selling portfolio [14]. 3.3.6 Alkali - related Options - **Caustic Soda**: Enterprises have high production starts, but it is the off - season for demand, and export orders are few. The market shows a weak - oscillating pattern with pressure above. The implied volatility of caustic soda options first rises sharply and then falls but remains at a high level. The open interest PCR indicates strong bearish pressure. Strategies include a long collar strategy for spot hedging [15]. - **Soda Ash**: The total inventory of domestic soda ash manufacturers is high, and production has increased. The market shows a weak - bearish pattern. The implied volatility of soda ash options first rises sharply and then falls but remains at a high level. The open interest PCR indicates strong bearish pressure. Strategies include a volatility - selling portfolio and a long collar strategy for spot hedging [15]. 3.3.7 Other Options - **Urea**: The total inventory of urea enterprises has decreased. The market shows a low - level oscillating pattern. The implied volatility of urea options fluctuates slightly around the historical mean. The open interest PCR indicates strong bearish pressure. Strategies include a bearish call + put option selling portfolio and a long collar strategy for spot hedging [16].

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]

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]