Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated July 17, 2025, covering various energy and chemical options including energy, polyolefins, polyesters, alkali chemicals, etc [2][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, price change percentages, trading volumes, volume changes, open interests, and open interest changes of multiple underlying futures contracts such as crude oil, liquefied petroleum gas (LPG), methanol, etc [4] Group 3: Option Factor - Volume and Open Interest PCR - The report presents the volume and open interest PCR data of various options, along with their changes, which are used to describe the strength of the underlying option market and the turning point of the market [5] Group 4: Option Factor - Pressure and Support Levels - The pressure and support levels of various options are analyzed based on the strike prices with the largest open interest of call and put options [6] Group 5: Option Factor - Implied Volatility - The report shows the implied volatility data of various options, including at - the - money implied volatility, weighted implied volatility, and its changes, as well as the difference between implied and historical volatility [7] Group 6: Strategy and Recommendations for Different Options Energy Options Crude Oil - Fundamental analysis: OPEC+ increased oil supply in July, and US shale oil production recovered. The short - term market is weak [8] - Option factor research: Implied volatility fluctuates around the mean, open interest PCR indicates increasing short - selling power, pressure level is 500, and support level is 510 [8] - Strategy recommendations: Construct a neutral call + put option selling strategy for volatility, and a long collar strategy for spot hedging [8] LPG - Fundamental analysis: Global supply divergence decreases, demand from the blending market is uncertain, and PDH profit has recovered [10] - Option factor research: Implied volatility fluctuates around the historical mean, open interest PCR indicates increasing short - selling power, pressure level is 5100, and support level is 4000 [10] - Strategy recommendations: Construct a bearish call + put option selling strategy for volatility, and a long collar strategy for spot hedging [10] Alcohol Options Methanol - Fundamental analysis: Domestic methanol production is expected to increase after maintenance, and port inventory is accumulating [10] - Option factor research: Implied volatility is below the historical mean, open interest PCR indicates a weak - oscillating market, pressure level is 2950, and support level is 2200 [10] - Strategy recommendations: Construct a neutral call + put option selling strategy for volatility, and a long collar strategy for spot hedging [10] Ethylene Glycol - Fundamental analysis: Port inventory is accumulating, and the de - stocking process will slow down [11] - Option factor research: Implied volatility fluctuates around the historical mean, open interest PCR indicates a weak market, pressure level is 4350, and support level is 4300 [11] - Strategy recommendations: Construct a volatility - selling strategy, and a long collar strategy for spot hedging [11] Polyolefin Options Polypropylene - Fundamental analysis: PP trade inventory is accumulating, and port inventory is decreasing [11] - Option factor research: Implied volatility fluctuates around the historical mean, open interest PCR indicates a weak market, pressure level is 7500, and support level is 6800 [11] - Strategy recommendations: Use a long collar strategy for spot hedging [11] Rubber Options Rubber - Fundamental analysis: The price of natural rubber has rebounded, but downstream demand is weak [12] - Option factor research: Implied volatility fluctuates around the mean, open interest PCR is below 0.6, pressure level is 15000, and support level is 13000 [12] - Strategy recommendations: Construct a neutral call + put option selling strategy for volatility [12] Polyester Options PTA - Fundamental analysis: PTA production load has increased, and the maintenance season is over [13] - Option factor research: Implied volatility fluctuates around the mean, open interest PCR is below 0.8, pressure level is 5000, and support level is 3800 [13] - Strategy recommendations: Construct a neutral call + put option selling strategy for volatility [13] Alkali Chemical Options Caustic Soda - Fundamental analysis: The average utilization rate of caustic soda production capacity has slightly decreased [14] - Option factor research: Implied volatility fluctuates around the mean, open interest PCR is around 0.8, pressure level is 3400, and support level is 2200 [14] - Strategy recommendations: Use a long collar strategy for spot hedging [14] Soda Ash - Fundamental analysis: Domestic soda ash inventory has accumulated, and enterprise shipments have slowed down [14] - Option factor research: Implied volatility fluctuates around the historical mean, open interest PCR is below 0.5, pressure level is 2080, and support level is 1100 [14] - Strategy recommendations: Construct a bearish spread strategy for direction, a bearish call + put option selling strategy for volatility, and a long collar strategy for spot hedging [14] Urea Options - Fundamental analysis: The supply - demand gap has decreased, and the market has strengthened after a short - term decline [15] - Option factor research: Implied volatility is below the historical mean, open interest PCR is below 0.8, pressure level is 1900, and support level is 1700 [15] - Strategy recommendations: Construct a neutral call + put option selling strategy for volatility, and a long collar strategy for spot hedging [15]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The agricultural product options market shows different trends. Oilseeds and oils have weakened, while some agricultural and sideline products are in a volatile state. Soft commodities like sugar continue to be weak, cotton is rising moderately, and grains such as corn and starch are in a narrow - range weak consolidation. - 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 - Information on the latest price, price change, price change rate, trading volume, volume change, open interest, and open interest change of various agricultural product futures is presented, including soybeans, soybean meal, palm oil, etc. [3] 3.2 Option Factors 3.2.1 Volume - Open Interest PCR - Details of the trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different option varieties are provided [4]. 3.2.2 Pressure and Support Levels - The pressure points, pressure point offsets, support points, support point offsets, maximum call option open interest, and maximum put option open interest of each option variety are listed [5]. 3.2.3 Implied Volatility - Data on the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call option implied volatility, put option implied volatility, historical volatility, and implied - historical volatility difference of various option varieties are given [6]. 3.3 Strategies and Recommendations for Different Option Types 3.3.1 Oilseeds and Oils Options - **Soybeans (Bean 1 and Bean 2)**: Based on the USDA July report, the inventory - to - sales ratio of US soybeans in the 25/26 season has increased. Bean 1 has shown a weakening trend recently. Directional strategies suggest constructing a bear spread of put options; volatility strategies recommend selling a neutral combination of call and put options; and spot long - hedging strategies propose a long collar strategy [7]. - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal show that domestic trading has slightly improved but remains weak. The market has shown a weak rebound and then a decline. For soybean meal, volatility strategies suggest selling a bearish combination of call and put options, and spot long - hedging strategies use a long collar strategy [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The MPOB June report indicates that Malaysian palm oil exports are lower than expected. Palm oil has shown a bullish trend. Volatility strategies recommend selling a bullish combination of call and put options, and spot long - hedging strategies use a long collar strategy [10]. - **Peanuts**: The fundamentals show that peanut prices are weak, and the downstream consumption is also weak. Directional strategies suggest constructing a bear spread of put options, and spot long - hedging strategies use a long collar strategy [11]. 3.3.2 Agricultural and Sideline Products Options - **Pigs**: The domestic pig price has stabilized after a decline. The market has shown a rebound and then a slight consolidation. Volatility strategies recommend selling a neutral combination of call and put options, and spot long - covered strategies suggest holding a long position in the spot and selling out - of - the - money call options [11]. - **Eggs**: The inventory of laying hens is increasing. The market has shown a weak downward trend. Directional strategies suggest constructing a bear spread of put options, and volatility strategies recommend selling a bearish combination of call and put options [12]. - **Apples**: The inventory of apples in cold storage is at a low level in recent years. The market has shown a weak rebound. Volatility strategies recommend selling a neutral combination of call and put options [12]. - **Jujubes**: The inventory of jujubes has decreased slightly, but the consumption is in the off - season. Volatility strategies recommend selling a bearish wide - straddle option combination, and spot covered - hedging strategies suggest holding a long position in the spot and selling out - of - the - money call options [13]. 3.3.3 Soft Commodities Options - **Sugar**: Brazilian sugar exports have increased. The market has shown a rebound after a decline. Volatility strategies recommend selling a neutral combination of call and put options, and spot long - hedging strategies use a long collar strategy [13]. - **Cotton**: The operating rates of spinning and weaving factories have declined, and the commercial inventory of cotton has decreased. The market has shown a rebound. Directional strategies suggest constructing a bull spread of call options, and volatility strategies recommend selling a neutral combination of call and put options, and spot covered strategies suggest holding a long position in the spot and selling out - of - the - money call options [14]. 3.3.4 Grains Options - **Corn and Starch**: The corn market is bearish due to the impact of imported corn auctions. The market has shown a downward trend. Directional strategies suggest constructing a bear spread of put options, and volatility strategies recommend selling a bearish combination of call and put options [14]. 3.4 Charts - Charts of various option varieties, including price trends, trading volume and open interest, open interest PCR, implied volatility, historical volatility cones, and pressure and support levels, are provided for different option types such as soybean options, soybean meal options, etc. [17][37][55]

Report Summary 1. Investment Rating The report does not provide an investment rating for the industry. 2. Core Viewpoint The overall trend of agricultural products shows that oilseeds and oils have weakened, while agricultural by - products and soft commodities are in a volatile state. For example, sugar continues to be weak, cotton rises moderately, and corn and starch in the cereal category are in a narrow - range weak consolidation. The recommended strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product futures have different price changes. For example, the latest price of soybean No.1 (A2509) is 4,096, down 14 points with a decline of 0.34%, while soybean No.2 (B2509) is up 29 points with an increase of 0.81% [3]. - There are also changes in trading volume and open interest. For instance, the trading volume of soybean meal (M2509) is 108.70 million lots, an increase of 19.15 million lots, and the open interest is 207.58 million lots, a decrease of 4.46 million lots [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes. For example, the volume PCR of soybean No.1 is 0.37, an increase of 0.12, and the open interest PCR is 0.48, an increase of 0.04 [4]. - These values are used to describe the strength of the option underlying market and the turning point of the underlying market [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of different option varieties are different. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,100 [5]. - These levels are determined from the exercise prices of the maximum open interest of call and put options [5]. 3.2.3 Implied Volatility - The implied volatility of different option varieties also varies. For example, the at - the - money implied volatility of soybean No.1 is 8.57, and the weighted implied volatility is 11.36, a decrease of 0.17 [6]. - The at - the - money implied volatility is the arithmetic average of the implied volatilities of at - the - money call and put options, and the weighted implied volatility uses volume - weighted average [6]. 3.3 Strategy and Recommendations 3.3.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental situation of soybeans is that the net sales of US soybeans increased week - on - week, which is neutral. The price of soybean No.1 has shown a weakening trend recently. The recommended strategies include constructing a bear spread combination strategy of put options, selling a neutral call + put option combination strategy, and constructing a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The daily average trading volume of soybean meal in mainstream oil mills increased, but the提货 volume decreased. The price of soybean meal has shown a weakening trend. The recommended strategies include selling a bearish call + put option combination strategy and constructing a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The production, export, and inventory of palm oil in Malaysia are expected to change. The price of palm oil has shown a trend of rising and then falling. The recommended strategies include selling a neutral call + put option combination strategy and constructing a long collar strategy for spot hedging [10]. - **Peanuts**: The market price of peanut kernels is stable, and the trading is light. The price of peanuts has shown a weakening trend. The recommended strategies include constructing a bear spread combination strategy of put options and constructing a long collar strategy for spot hedging [11]. 3.3.2 Agricultural By - product Options - **Pigs**: The supply of pigs is tight at the beginning of the month, and the demand has decreased. The price of pigs has shown a trend of rising and then fluctuating. The recommended strategies include selling a neutral call + put option combination strategy and a covered call strategy for spot [11]. - **Eggs**: The inventory of laying hens has increased, and the price of eggs has shown a weakening trend. The recommended strategies include constructing a bear spread combination strategy of put options, selling a bearish call + put option combination strategy [12]. - **Apples**: The cold - storage inventory of apples has decreased. The price of apples has shown a trend of rebounding after a decline. The recommended strategy is to sell a neutral call + put option combination strategy [12]. - **Red Dates**: The inventory of red dates has decreased slightly, and the price has shown a trend of rising and then falling. The recommended strategies include selling a bearish wide - straddle option combination strategy and a covered call strategy for spot [13]. 3.3.3 Soft Commodity Options - **Sugar**: The spot price of sugar in Guangxi has shown a trend of rising after a decline, and the sales volume in the off - season is limited. The price of sugar has shown a trend of rebounding after a decline. The recommended strategies include selling a neutral call + put option combination strategy and constructing a long collar strategy for spot hedging [13]. - **Cotton**: The price of Zhengzhou cotton has fluctuated, and the basis in Xinjiang remains high. The price of cotton has shown a trend of rebounding. The recommended strategies include constructing a bull spread combination strategy of call options, selling a neutral call + put option combination strategy, and a covered call strategy for spot [14]. 3.3.4 Cereal Options - **Corn and Starch**: The planting of corn is completed, and the price of US corn is at the bottom. The price of domestic corn has shown a trend of rising and then falling. The recommended strategy is to sell a neutral call + put option combination strategy [14].

Group 1: Report Summary - The report is an agricultural product options strategy morning report dated July 10, 2025 [1] - The overall market situation is that oilseeds and oils have weakened, while agricultural by - products and soft commodities show mixed trends such as sugar being weak and cotton rising moderately, and grains like corn and starch having a weak and narrow - range consolidation [2] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - The table shows the latest prices, price changes, trading volumes, and open interest changes of various agricultural product futures contracts [3] - For example, the latest price of soybean No.1 (A2509) is 4,108, down 4 with a decline of 0.10%, and its trading volume is 9.71 million lots, a decrease of 4.50 million lots [3] Group 3: Option Factor - Volume and Open Interest PCR - The table presents the volume 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 [4] - For instance, the volume PCR of soybean No.1 options is 0.25, a decrease of 0.22, and the open interest PCR is 0.44, a decrease of 0.02 [4] Group 4: Option Factor - Pressure and Support Levels - The table shows the pressure and support levels of different agricultural product options based on the strike prices of the maximum open interest of call and put options [5] - For example, the pressure point of soybean No.1 (A2509) is 4,500 and the support point is 4,100 [5] Group 5: Option Factor - Implied Volatility - The table provides the implied volatility data of different agricultural product options, including at - the - money implied volatility, weighted implied volatility, and its change compared with the annual average [6] - For example, the at - the - money implied volatility of soybean No.1 is 9.335%, and the weighted implied volatility is 11.53%, a decrease of 0.25% compared with the previous period [6] Group 6: Strategy and Recommendations for Different Agricultural Product Options Oilseeds and Oils Options - **Soybean No.1 and No.2**: Based on the fundamental and market analysis, it is recommended to construct bear spread strategies for directional trading, neutral call + put option selling strategies for volatility trading, and long collar strategies for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: For soybean meal, considering its fundamentals and market trends, selling call + put option combinations with a short - biased delta is recommended for volatility trading, and long collar strategies for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Palm oil's strategy includes selling neutral call + put option combinations for volatility trading and long collar strategies for spot hedging [10] - **Peanut**: It is recommended to construct bear spread strategies for directional trading and long collar strategies for spot hedging [11] Agricultural By - product Options - **Pig**: The strategy includes selling neutral call + put option combinations for volatility trading and covered call strategies for spot hedging [11] - **Egg**: It is recommended to construct bear spread strategies for directional trading, sell short - biased call + put option combinations for volatility trading [12] - **Apple**: Selling neutral call + put option combinations for volatility trading is recommended [12] - **Jujube**: Selling short - biased wide - straddle option combinations for volatility trading and covered call strategies for spot hedging are recommended [13] Soft Commodity Options - **Sugar**: Selling neutral call + put option combinations for volatility trading and long collar strategies for spot hedging are recommended [13] - **Cotton**: Constructing bull spread strategies for directional trading, selling neutral call + put option combinations for volatility trading, and covered call strategies for spot hedging are recommended [14] Grain Options - **Corn and Starch**: Selling neutral call + put option combinations for volatility trading is recommended [14] Group 7: Option Charts - There are various option charts for different agricultural products, including price trend charts, volume and open interest charts, PCR charts, implied volatility charts, and historical volatility cone charts, which help in analyzing the market trends and option factors of each agricultural product [15][34][53]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural products sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The sector shows different trends, with oilseeds and oils weakening, oils and agricultural by - products fluctuating, soft commodity sugar remaining weak, cotton rising moderately, and grains like corn and starch having a weak and narrow - range consolidation. 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 - The table shows the latest prices, price changes, trading volumes, and open interest of various agricultural product futures contracts, including soybeans, soybean meal, palm oil, etc. For example, the latest price of A2509 (soybean No.1) is 4,103, with a decrease of 30 and a decline rate of 0.73% [3] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators of different option varieties are presented, including volume PCR and open - interest PCR. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of soybean No.1 is 0.31, and the open - interest PCR is 0.48 [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of option underlyings are analyzed. For example, the pressure level of soybean No.1 is 4,500, and the support level is 4,100 [5] 3.4 Option Factors - Implied Volatility - The implied volatility data of different option varieties 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 soybean No.1 is 9.65%, and the weighted implied volatility is 12.06% [6] 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamentals of US soybeans are neutral. The soybean No.1 market has a weak trend. Options' implied volatility is at a relatively high level, and the open - interest PCR indicates a weak market. Strategies include constructing a short neutral call + put option combination and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: Soybean meal trading volume has increased, and the market has a weak downward trend. Options' implied volatility is slightly above the historical average, and the open - interest PCR is around 0.80. Strategies include constructing a short neutral call + put option combination and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of palm oil are affected by production, exports, and inventory. The palm oil market has a bullish - then - bearish trend. Options' implied volatility is decreasing, and the open - interest PCR indicates intense long - short competition. Strategies include constructing a short neutral call + put option combination and a long collar strategy for spot hedging [10] - **Peanuts**: The peanut market price is stable, and the market has a weak and volatile trend. Options' implied volatility is at a low level, and the open - interest PCR indicates a weak market. The recommended strategy is a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - products Options - **Pigs**: The supply of pigs is tight at the beginning of the month, and the demand is decreasing. The pig market has a bullish - then - bearish trend. Options' implied volatility is at a relatively high level, and the open - interest PCR indicates a weak market. Strategies include constructing a short neutral call + put option combination and a covered call strategy for spot [11] - **Eggs**: The egg inventory is expanding, and the market has a weak downward trend. Options' implied volatility is at a high level, and the open - interest PCR is below 0.60. Strategies include constructing a short bearish call + put option combination [12] - **Apples**: The apple inventory is decreasing, and the market has a weak and bullish - rebound trend. Options' implied volatility is below the historical average, and the open - interest PCR is below 0.60. Strategies include constructing a short neutral call + put option combination [12] - **Jujubes**: The jujube inventory is slightly decreasing, and the market has a bullish - then - bearish trend. Options' implied volatility is decreasing, and the open - interest PCR is below 0.50. Strategies include constructing a short bearish strangle option combination and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodities Options - **Sugar**: The sugar market has a weak and then - rebounding trend. Options' implied volatility is at a low level, and the open - interest PCR indicates a range - bound market. Strategies include constructing a short neutral call + put option combination and a long collar strategy for spot hedging [13] - **Cotton**: The cotton market has a low - level rebound trend. Options' implied volatility is decreasing, and the open - interest PCR indicates that the long - side strength is increasing. Strategies include constructing a bull call spread strategy, a short neutral call + put option combination, and a covered call strategy for spot [14] 3.5.4 Grains Options - **Corn and Starch**: The corn market has a weak and bearish trend. Options' implied volatility is at a low level, and the open - interest PCR indicates a range - bound market. Strategies include constructing a short neutral call + put option combination [14]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural products options market shows mixed trends. Oilseeds and oils have weakened, while grains like corn and starch are gradually warming up after a narrow - range consolidation. Soft commodities such as sugar continue to be weak, and cotton is rising moderately. Strategies suggest building option combination strategies with a focus on sellers, along with spot hedging or covered strategies to enhance returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product futures have various price changes. For example, soybean meal (M2509) rose 0.37% to 2,971, while soybean oil (Y2509) fell 0.50% to 7,980. Volume and open - interest also vary among different products [3] 3.2 Option Factors - Quantity and Position PCR - The PCR indicators of different agricultural product options show different trends. For instance, the volume PCR of soybean (A2509) is 0.27 with a change of 0.01, and the position PCR is 0.48 with a change of 0.01 [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 (A2509) is 4,500, and the support level is 4,100 [5] 3.4 Option Factors - Implied Volatility - Implied volatility varies among different agricultural product options. For example, the at - the - money implied volatility of soybean is 9.915%, and the weighted implied volatility is 12.20% with a change of 0.05 [6] 3.5 Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean (A2509)**: Fundamental data shows significant soybean purchases in different months. The market has a weak - shock trend. Option strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [7] - **Soybean Meal (M2509)**: The cost of far - month soybean meal is in the range of 2,850 - 3,020 yuan/ton. The market has a weak - shock pattern. Strategies involve selling a neutral call + put option combination and a long collar strategy for spot hedging [9] - **Palm Oil (P2509)**: High - frequency data shows production and export changes. The market has a long - term high - drop trend. Strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [10] - **Peanut (PK2510)**: The spot market has a weak supply - demand pattern. The market has a weak - shock and warming - up trend. Strategies include a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pig (LH2509)**: The pig price has been rising recently. The market has a warming - up and then blocked - drop trend. Strategies include selling a neutral call + put option combination and a covered call strategy for spot [11] - **Egg (JD2509)**: The egg inventory is expected to increase in the future. The market has a weak - shock and downward trend. Strategies include selling a bearish call + put option combination [12] - **Apple (AP2510)**: The apple cold - storage inventory is decreasing, and the market has a weak - bearish and upward - recovery trend. Strategies include selling a neutral call + put option combination [12] - **Jujube (CJ2509)**: The jujube inventory has a slight decrease. The market has a rebound - warming - up and upward trend. Strategies include selling a bullish wide - straddle option combination and a covered call strategy for spot [13] 3.5.3 Soft Commodity Options - **Sugar (SR2509)**: Brazilian sugar - shipping data shows changes. The market has an oversold - rebound and upward trend. Strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [13] - **Cotton (CF2509)**: Spinning and weaving factory operating rates and cotton inventory data are provided. The market has a low - level rebound and upward trend. Strategies include a bullish call spread combination, selling a neutral call + put option combination, and a covered call strategy for spot [14] 3.5.4 Grain Options - **Corn (C2509)**: The corn oil market price is stable, and the corn germ market has a high - price drop. The market has a narrow - range consolidation trend. Strategies include selling a neutral call + put option combination [14]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - 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 asset's market, research on option factors, and option strategy suggestions [9] 3. Summary of Different Sections 3.1 Market Overview of Underlying Futures - The report presents the latest prices, price changes, trading volumes, and open interest changes of various energy - chemical option underlying futures, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil (SC2508) is 498, with a price increase of 2 and a rise - fall rate of 0.30%, trading volume of 23.87 million lots, and open interest of 3.01 million lots [4] 3.2 Option Factors 3.2.1 Volume - Open Interest PCR - The volume - open interest PCR of different option varieties is presented. For example, the volume PCR of crude oil options is 0.79, with a change of 0.26, and the open interest PCR is 0.64, with a change of - 0.04. These indicators are used to describe the strength of the option underlying market and the turning points of the market [5] 3.2.2 Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed. For example, the pressure level of crude oil options is 660, and the support level is 450. These levels are determined by the strike prices with the largest open interest of call and put options [6] 3.2.3 Implied Volatility - The implied volatility of different option varieties is 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 crude oil options is 27.055%, and the weighted implied volatility is 34.13%, with a change of - 2.20% [7] 3.3 Option Strategies and Suggestions for Different Varieties 3.3.1 Energy Options (Crude Oil and LPG) - **Crude Oil**: Fundamentally, U.S. crude oil inventories showed different trends last week. The market was short - term weak last week. Option factors indicated high implied volatility, increasing short - side power, a pressure level of 660, and a support level of 450. Strategies included constructing a neutral call + put option selling combination for volatility strategies and a long collar strategy for spot hedging [8] - **LPG**: In May 2025, China's LPG production decreased. The market was short - term bearish. Option factors showed relatively high implied volatility, increasing short - side power, a pressure level of 5100, and a support level of 4000. Strategies were similar to those of crude oil [10] 3.3.2 Alcohol Options (Methanol and Ethylene Glycol) - **Methanol**: Port and factory inventories changed. The market was short - term bearish. Option factors showed relatively high implied volatility, a market in a volatile state, a pressure level of 2950, and a support level of 2200. Strategies included constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port and downstream factory inventories changed. The market was bearish with pressure above. Option factors showed implied volatility around the historical average, a weak market, a pressure level of 4350, and a support level of 4350. Strategies included constructing a short - volatility strategy and a long collar strategy for spot hedging [11] 3.3.3 Polyolefin Options (Polypropylene, Polyvinyl Chloride, Plastic, and Styrene) - **Polypropylene**: Downstream开工率 decreased, and inventories changed. The market was weak with overhead pressure. Option factors showed implied volatility above the historical average, a weakening market, a pressure level of 7500, and a support level of 6800. Strategies included a long collar strategy for spot hedging [11] - **Polyvinyl Chloride**: The market was short - term bearish. Option factors showed relatively low implied volatility, a pressure level of 7000, and a support level of 4700. Strategies included constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [11] 3.3.4 Rubber Options - The supply of rubber was expected to increase, and the market was bearish with low - level consolidation. Option factors showed implied volatility around the average, a weak market, a pressure level of 21000, and a support level of 13000. Strategies included constructing a neutral call + put option selling combination [12] 3.3.5 Polyester Options (Para - xylene, PTA, Short - fiber, and Bottle - chip) - **PTA**: Social inventory decreased, and the market was volatile. Option factors showed relatively high implied volatility, a relatively strong market, a pressure level of 5800, and a support level of 4500. Strategies included constructing a neutral call + put option selling combination [13] 3.3.6 Alkali Options (Caustic Soda and Soda Ash) - **Caustic Soda**: Capacity utilization changed slightly, and the market was bearish. Option factors showed decreasing implied volatility, a weak market, a pressure level of 2400, and a support level of 2200. Strategies included constructing a bear - spread strategy for directional trading, a short - strangle strategy for volatility trading, and a long collar strategy for spot hedging [14] - **Soda Ash**: The market was bearish with low - level consolidation and then rebounded. Option factors showed increasing implied volatility, a weak and volatile market, a pressure level of 1300, and a support level of 1160. Strategies included constructing a bear - spread strategy for directional trading, a short - neutral call + put option selling combination for volatility trading, and a long collar strategy for spot hedging [14] 3.3.7 Urea Options - The domestic urea market had inventory changes, and the market was bearish after a rebound. Option factors showed implied volatility fluctuating below the historical average, a weak market, a pressure level of 1900, and a support level of 1700. Strategies included constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [15]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The energy - chemical options market involves various sectors such as energy, polyolefins, polyesters, and alkali chemicals. Strategies mainly focus on constructing option combination strategies with sellers as the main body, as well as 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, trading volumes, and open interest of various energy - chemical option underlying futures contracts, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2508) is 499, with a decrease of 3 (-0.66%), trading volume of 21.07 million lots (a decrease of 7.30 million lots), and open interest of 3.19 million lots (a decrease of 0.35 million lots) [4]. 3.2 Option Factors - Quantity and Open Interest PCR - It shows the trading volume, volume changes, open interest, open interest changes, volume PCR, and open interest PCR of different option varieties. For instance, the volume PCR of crude oil options is 0.54 (a change of 0.04), and the open interest PCR is 0.68 (a change of -0.05) [5]. 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and the maximum open interest of call and put options for each option variety are provided. For example, the pressure point of crude oil is 660, and the support point is 450 [6]. 3.4 Option Factors - Implied Volatility - The report lists the at - the - money implied volatility, weighted implied volatility, and its changes, annual average, call and put implied volatility, historical volatility, and the difference between implied and historical volatility of each option variety. For example, the at - the - money implied volatility of crude oil is 29.42%, and the weighted implied volatility is 36.33% (-0.74%) [7]. 3.5 Strategy and Recommendations for Different Option Varieties 3.5.1 Energy - related Options - **Crude Oil**: Fundamentally, US crude oil inventories showed different trends last week. The market was short - term weak. Option factors indicated high implied volatility, increasing short - selling power, and a pressure point of 660 and a support point of 450. Strategies include constructing a short - neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [8]. - **LPG**: In May 2025, China's LPG production decreased. The market was short - term bearish. Option factors showed relatively high implied volatility, increasing short - selling power, and a pressure point of 5100 and a support point of 4000. Similar strategies to crude oil were recommended [10]. 3.5.2 Alcohol - related Options - **Methanol**: Port and factory inventories had different changes. The market was short - term bearish. Option factors showed relatively high implied volatility, a fluctuating market, and a pressure point of 2950 and a support point of 2200. Strategies included a short - neutral option combination strategy and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: Port and downstream factory inventories had certain changes. The market was bearish with upper pressure. Option factors showed high implied volatility, a weak market, and a pressure point and support point of 4350. Strategies included a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: The downstream operating rate decreased, and inventory had changes. The market was weak with upper pressure. Option factors showed relatively high implied volatility, a weakening market, and a pressure point of 7500 and a support point of 6800. Strategies included a long collar strategy for spot hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: Short - term supply was expected to increase, and the market was bearish. Option factors showed average - level implied volatility, a weak market, and a pressure point of 21000 and a support point of 13000. Strategies included a short - neutral option combination strategy [12]. 3.5.5 Polyester - related Options - **PTA**: Social inventory decreased, and the market was expected to enter a destocking phase. The market fluctuated sharply. Option factors showed high implied volatility, a relatively strong market, and a pressure point of 5800 and a support point of 4500. Strategies included a short - neutral option combination strategy [13]. 3.5.6 Alkali - related Options - **Caustic Soda**: The production capacity utilization rate changed slightly, and the market was bearish. Option factors showed decreasing implied volatility, a weak market, and a pressure point of 2400 and a support point of 2200. Strategies included a bear - spread strategy for direction and a short - wide - straddle strategy for volatility, as well as a covered call strategy for spot hedging [14]. - **Soda Ash**: The market was weak, and inventory increased slightly. The market was bearish and then rebounded. Option factors showed increasing implied volatility, a weak and fluctuating market, and a pressure point of 1240 and a support point of 1140. Strategies included a bear - spread strategy for direction, a short - bearish option combination strategy for volatility, and a long collar strategy for spot hedging [14]. 3.5.7 Urea Options - Urea port inventory increased, and the market was bearish. Option factors showed fluctuating implied volatility, a weak market, and a pressure point of 1900 and a support point of 1700. Strategies included a short - neutral option combination strategy and a long collar strategy for spot hedging [15].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each segment, partial varieties are selected to provide option strategies and suggestions. Each option variety's strategy report includes analysis of the underlying market, research on option factors, and option strategy recommendations [9] - It is advisable to construct option combination 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 rates, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical futures, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil (SC2508) is 502, with a decrease of 51 and a decline rate of 9.27%, trading volume of 52.65 million lots, and an open interest of 4.27 million lots [4] 3.2 Option Factors - Volume and 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 different option varieties. For instance, the volume PCR of crude oil options is 0.88, with a change of 0.15, and the open interest PCR is 1.16, with a change of - 0.56 [5] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options at the strike price, the pressure and support levels of option underlyings are analyzed. For example, the pressure level of crude oil is 660, and the support level is 450 [6] 3.4 Option Factors - Implied Volatility - It includes the at - the - money implied volatility, weighted implied volatility, change in weighted implied volatility, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of various option varieties. For example, the at - the - money implied volatility of crude oil options is 39.62%, and the weighted implied volatility is 46.23% with a change of - 6.87% [7] 3.5 Option Strategies and Recommendations for Different Varieties 3.5.1 Crude Oil - **Underlying Market Analysis**: OPEC+ plans to increase oil supply, and the US maintains high production. The crude oil market has been volatile recently, with a sharp decline this week [8] - **Option Factor Research**: The implied volatility of crude oil options remains at a relatively high historical level. The open interest PCR is 1.10, indicating an increase in short - selling power. The pressure level is 610, and the support level is 450 [8] - **Option Strategy Recommendations**: For volatility strategies, construct a short - neutral call + put option combination strategy. For spot long - hedging strategies, construct a long collar strategy [8] 3.5.2 Liquefied Petroleum Gas (LPG) - **Underlying Market Analysis**: Affected by the Israel - Iran conflict, the energy sector is strong, but LPG has experienced a volatile market recently [10] - **Option Factor Research**: The implied volatility of LPG options fluctuates at a relatively high historical average level. The open interest PCR is around 0.80, indicating a recent bullish market. The pressure level is 5100, and the support level is 4000 [10] - **Option Strategy Recommendations**: Similar to crude oil, construct a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging [10] 3.5.3 Methanol - **Underlying Market Analysis**: Port and enterprise inventories have decreased, and the market has shown a trend of first rising and then falling recently [10] - **Option Factor Research**: The implied volatility of methanol options is at a relatively high historical average level. The open interest PCR is 0.80, indicating an increase in short - selling power. The pressure level is 2950, and the support level is 2200 [10] - **Option Strategy Recommendations**: Construct a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging [10] 3.5.4 Ethylene Glycol - **Underlying Market Analysis**: Port inventories have decreased, and the market has shown a bearish trend with pressure from above [11] - **Option Factor Research**: The implied volatility of ethylene glycol options continues to rise and remains at a relatively high historical level. The open interest PCR is around 0.70, indicating a weak market. The pressure level is 4500, and the support level is 4350 [11] - **Option Strategy Recommendations**: Construct a short - volatility strategy for volatility, and a long collar - like strategy for spot long - hedging [11] 3.5.5 Polypropylene - **Underlying Market Analysis**: Downstream开工率 is low, and the market has shown a trend of first rising and then falling recently [11] - **Option Factor Research**: The implied volatility of polypropylene options fluctuates above the historical average. The open interest PCR has decreased to below 0.80, indicating a weakening market. The pressure level is 7500, and the support level is 6800 [11] - **Option Strategy Recommendations**: For spot long - hedging, hold a long position in the spot + buy an at - the - money put option + sell an out - of - the - money call option [11] 3.5.6 Rubber - **Underlying Market Analysis**: Inventories have slightly increased, and the market has shown a bearish trend with low - level consolidation [12] - **Option Factor Research**: The implied volatility of rubber options fluctuates around the average level. The open interest PCR is below 0.60. The pressure level is 21000, and the support level is 13000 [12] - **Option Strategy Recommendations**: Construct a short - neutral call + put option combination strategy for volatility [12] 3.5.7 Polyester (PTA as an example) - **Underlying Market Analysis**: Industry inventories have decreased, and the market has been highly volatile recently [13] - **Option Factor Research**: The implied volatility of PTA options has first risen and then fallen rapidly but remains at a relatively high historical level. The open interest PCR is above 1.00, indicating a relatively strong market. The pressure level is 5000, and the support level is 3800 [13] - **Option Strategy Recommendations**: Construct a short - neutral call + put option combination strategy for volatility [13] 3.5.8 Caustic Soda - **Underlying Market Analysis**: Inventories have decreased, but the future supply - demand pattern is weakening, and the market has shown a bearish trend [14] - **Option Factor Research**: The implied volatility of caustic soda options has been decreasing and is currently below the average level. The open interest PCR is below 0.60, indicating a weak market. The pressure level is 2400, and the support level is 2040 [14] - **Option Strategy Recommendations**: Construct a bear - spread strategy for directionality, a short - bearish strangle strategy for volatility, and a covered - call strategy for spot long - hedging [14] 3.5.9 Soda Ash - **Underlying Market Analysis**: Production and sales have improved slightly, but the market has been in a weak downward trend [14] - **Option Factor Research**: The implied volatility of soda ash options has risen to a relatively high recent level but is still below the historical average. The open interest PCR is below 0.50, indicating a weak and volatile market. The pressure level is 1300, and the support level is 1100 [14] - **Option Strategy Recommendations**: Construct a bear - spread strategy for directionality, a short - bearish call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging [14] 3.5.10 Urea - **Underlying Market Analysis**: Enterprise inventories have decreased, and the market has shown a trend of first rising and then falling [15] - **Option Factor Research**: The implied volatility of urea options has first risen and then fallen rapidly and is currently fluctuating slightly below the historical average. The open interest PCR is below 0.80. The pressure level is 1900, and the support level is 1700 [15] - **Option Strategy Recommendations**: Construct a short - neutral call + put option combination strategy for volatility, and a long collar - like strategy for spot long - hedging [15]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints of the Report - The Shanghai Composite Index and large-cap blue-chip stocks are consolidating and fluctuating at high levels, while small and medium-cap stocks and ChiNext stocks are showing a trend of fluctuating recovery [2]. - The implied volatility of financial options is fluctuating at a historically low level [2]. - For ETF options, it is suitable to construct covered strategies, neutral double-selling strategies, and vertical spread combination strategies; for stock index options, it is suitable to construct neutral double-selling strategies and arbitrage strategies between synthetic long or short futures of options and short or long futures [2]. 3. Summary by Relevant Catalogs 3.1 Stock Market Review - The Shanghai Composite Index closed at 3,381.58, up 21.69 points or 0.65%, with a trading volume of 442.8 billion yuan, an increase of 31.9 billion yuan [3]. - The Shenzhen Component Index closed at 10,048.39, up 43.36 points or 0.43%, with a trading volume of 679.8 billion yuan, an increase of 23 billion yuan [3]. 3.2 Option Underlying ETF Market Overview - The closing prices of various ETFs showed different degrees of increase, with the trading volume and turnover also showing corresponding changes [4]. 3.3 Option Factors - Volume and Position PCR - The volume and position PCR of different option varieties showed different trends, which can be used to describe the strength of the option underlying market and whether the underlying market has a turning point [5][6]. 3.4 Option Factors - Pressure Points and Support Points - The pressure points and support points of different option varieties can be analyzed from the exercise prices with the largest open interest of call and put options [7][8]. 3.5 Option Factors - Implied Volatility - The implied volatility of different option varieties showed different trends, with the weighted implied volatility and its changes varying [9][10]. 3.6 Strategies and Recommendations - The financial option sector is divided into large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks. Different sectors are given corresponding option strategies and recommendations [11]. - For each option variety, the option strategy report is compiled according to the underlying market analysis, option factor research, and option strategy recommendations [11].