1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, some varieties are selected for option strategy analysis and suggestions. Strategies mainly involve constructing option combination strategies with sellers as the main body, as well as spot hedging or covered strategies to enhance returns [2][8] 3. Summary by Related Catalogs 3.1 Futures Market Overview - For various energy - chemical options, data on the latest price, change, change rate, trading volume, volume change, open interest, and open interest change of the underlying contracts are presented. For example, the latest price of crude oil (SC2509) is 506, down 4 with a change rate of - 0.73%, trading volume of 5.74 million lots, and an open interest of 2.62 million lots [3] 3.2 Option Factor - Volume and Open Interest PCR - Data on 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 are provided. For instance, the volume PCR of crude oil is 0.72 with a change of 0.02, and the open interest PCR is 0.66 with a change of - 0.09 [4] 3.3 Option Factor - 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 different option varieties are listed. For example, the pressure point of crude oil is 660 and the support point is 510 [5] 3.4 Option Factor - 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, 20 - day historical volatility, and implied - historical volatility difference of different option varieties are given. For example, the at - the - money implied volatility of crude oil is 27.54%, and the weighted implied volatility is 33.83% with a change of - 3.99% [6] 3.5 Strategies and Suggestions for Different Option Varieties 3.5.1 Energy - related Options (Crude Oil, LPG) - **Crude Oil**: Fundamentally, OPEC + is increasing production, and US supply is following the oil price rebound. The short - term market is weak. Optionally, the implied volatility fluctuates around the mean, the open interest PCR indicates increasing short - selling power, and the pressure and support levels are 660 and 500 respectively. Volatility strategies involve constructing a short - neutral call + put option combination, and spot long - hedging strategies involve constructing a long collar strategy [7] - **LPG**: Fundamentally, global supply differences are decreasing, and demand has uncertainties. The short - term market is bearish. Optionally, the implied volatility fluctuates around the historical mean, the open interest PCR indicates increasing short - selling power, and the pressure and support levels are 5100 and 4000 respectively. Similar to crude oil, volatility and spot long - hedging strategies are provided [9] 3.5.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Fundamentally, domestic production is expected to increase after maintenance, and port inventory is rising. The short - term market is in a narrow - range fluctuation. Optionally, the implied volatility is below the historical mean, the open interest PCR indicates a weak - oscillating market, and the pressure and support levels are 2950 and 2200 respectively. Volatility and spot long - hedging strategies are proposed [9] - **Ethylene Glycol**: Fundamentally, port inventory is rising, and the destocking process will slow down. The short - term market is under pressure and bearish. Optionally, the implied volatility fluctuates around the historical mean, the open interest PCR indicates a weak trend, and the pressure and support levels are 4350 and 4300 respectively. Volatility and spot long - hedging strategies are provided [10] 3.5.3 Polyolefin - related Options (PP, PVC, L, EB) - **Polypropylene**: Fundamentally, PP inventory has mixed changes. The short - term market is weak with upward pressure. Optionally, the implied volatility fluctuates around the historical mean, the open interest PCR indicates a weakening trend, and the pressure and support levels are 7500 and 6800 respectively. Spot long - hedging strategies are proposed [10] - **Polyvinyl Chloride**: No detailed fundamental analysis is provided. Option - related data such as volume and open interest PCR, implied volatility, and pressure and support levels are given, along with corresponding strategies [115 - 136] - **Polyethylene**: Similar to other polyolefins, data on option factors and corresponding strategies are presented [137 - 155] - **Styrene**: Data on option factors and corresponding strategies are provided, including fundamental analysis of price trends [156 - 174] 3.5.4 Rubber - related Options (Rubber, Synthetic Rubber) - **Rubber**: Fundamentally, the natural rubber market price has rebounded, but downstream demand is weak. The short - term market is in a low - level consolidation. Optionally, the implied volatility fluctuates around the mean, the open interest PCR indicates a certain short - selling power, and the pressure and support levels are 15000 and 13000 respectively. Volatility strategies are proposed [11] - **Synthetic Rubber**: Data on option factors and corresponding strategies are presented [195 - 212] 3.5.5 Polyester - related Options (PX, PTA, PF, PR) - **PTA**: Fundamentally, PTA production load is rising after the maintenance season. The short - term market is weak with upward pressure. Optionally, the implied volatility fluctuates around the mean, the open interest PCR indicates a weakening trend, and the pressure and support levels are 5000 and 3800 respectively. Volatility strategies are proposed [11] 3.5.6 Alkali - related Options (Caustic Soda, Soda Ash, Urea) - **Caustic Soda**: Fundamentally, the capacity utilization rate has mixed changes. The short - term market is bullish. Optionally, the implied volatility fluctuates around the mean, the open interest PCR is around 0.8, and the pressure and support levels are 3400 and 2200 respectively. Spot long - hedging strategies are proposed [12] - **Soda Ash**: Fundamentally, enterprise inventory is accumulating. The short - term market is in a low - level bullish consolidation. Optionally, the implied volatility fluctuates around the historical mean, the open interest PCR indicates a weak - oscillating market, and the pressure and support levels are 2080 and 1100 respectively. Directional, volatility, and spot long - hedging strategies are provided [12] - **Urea**: Fundamentally, supply - demand differences are decreasing, and the market is affected by export expectations. The short - term market is oscillating under bearish pressure. Optionally, the implied volatility is slightly below the historical mean, the open interest PCR is below 0.8, and the pressure and support levels are 1900 and 1700 respectively. Volatility and spot long - hedging strategies are proposed [13]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report provides an overview of the stock index options market on July 14, 2025, including option trading volume, PCR, and VIX data for various options [1][2][3] Summary by Directory Option Trading Volume - On July 14, 2025, the trading volume of Shanghai 50ETF options was 1.0046 million contracts; that of CSI 300ETF options (Shanghai) was 0.8352 million contracts; that of CSI 500ETF options (Shanghai) was 1.0094 million contracts; that of Shenzhen 100ETF options was 0.0579 million contracts; that of ChiNext ETF options was 0.8408 million contracts; that of Shanghai 50 stock index options was 0.0352 million contracts; that of CSI 300 stock index options was 0.0737 million contracts; and that of CSI 1000 options was 0.1553 million contracts [1] Option PCR - The turnover PCR of Shanghai 50ETF options was reported at 0.61, with a month - on - month change of +0.16; the position PCR was reported at 1.17, with a month - on - month change of - 0.04. Similar data for other options are also provided, showing the turnover PCR, its month - on - month change, position PCR, and its month - on - month change [2] Option VIX - The VIX of Shanghai 50ETF options was reported at 16.04%, with a month - on - month change of - 0.11%. The VIX and its month - on - month changes for other options are also presented [3]

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]

Group 1: Report Summary - The report is an energy and chemical options strategy morning report, covering energy (crude oil, LPG), polyolefins (PP, PVC, plastic, styrene), polyesters (PX, PTA, short - fiber, bottle chips), alkali chemicals (caustic soda, soda ash), and other energy - chemical products like rubber [2] - 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] Group 2: Underlying 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 option underlying futures contracts is provided, such as crude oil (SC2509), LPG (PG2509), etc [3] Group 3: Option Factor - Volume and Open Interest PCR - The volume PCR and open interest PCR of different option varieties are presented, along with their changes, which are used to describe the strength of the option underlying market and whether the underlying market has a turning point [4] Group 4: Option Factor - Pressure and Support Levels - The pressure points, support points, and their offsets of different option underlying are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5] Group 5: Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of various options are provided [6] Group 6: Strategy and Recommendations for Different Option Varieties Energy - related Options - **Crude Oil Options** - Fundamental analysis shows that OPEC + increased oil supply in July, and US shale oil production has recovered. The market has shown short - term weakness recently. - Option factor research indicates that the implied volatility is near the average, the open interest PCR is below 0.8, the pressure level is 660, and the support level is 500. - Strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7] - **LPG Options** - Fundamentally, global supply differences are decreasing, and the demand side has uncertainties. The market shows short - term bearishness. - Option factors show that the implied volatility is near the average, the open interest PCR is below 0.6, the pressure level is 5100, and the support level is 4000. - Strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] Alcohol - related Options - **Methanol Options** - Fundamentally, domestic methanol production is expected to increase after maintenance, and port inventory is rising. The market shows short - term narrow - range fluctuations. - Option factors show that the implied volatility is below the average, the open interest PCR is around 0.8, the pressure level is 2950, and the support level is 2200. - Strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] - **Ethylene Glycol Options** - Fundamentally, port inventory is rising, and the destocking process will slow down. The market shows weak and bearish fluctuations with upper pressure. - Option factors show that the implied volatility is near the average, the open interest PCR is around 0.7, the pressure level is 4350, and the support level is 4300. - Strategies include constructing a short - volatility strategy for volatility, and a long collar strategy for spot hedging [10] Polyolefin - related Options - **Polypropylene Options** - Fundamentally, PP trader inventory is increasing, and port inventory is decreasing. The market shows a weak trend with upper bearish pressure. - Option factors show that the implied volatility is near the average, the open interest PCR is below 0.8, the pressure level is 7500, and the support level is 6800. - Strategies include a long collar strategy for spot hedging [10] Rubber - related Options - **Rubber Options** - Fundamentally, the natural rubber market price has rebounded, but downstream demand has no obvious change. The market shows low - level consolidation. - Option factors show that the implied volatility is near the average, the open interest PCR is below 0.6, the pressure level is 15000, and the support level is 13000. - Strategies include constructing a short - neutral call + put option combination strategy for volatility [11] Polyester - related Options - **PTA Options** - Fundamentally, the PTA maintenance season is over, and the load is high. The market shows a weak trend with upper pressure. - Option factors show that the implied volatility is near the average, the open interest PCR is below 0.8, the pressure level is 5000, and the support level is 3800. - Strategies include constructing a short - neutral call + put option combination strategy for volatility [11] Alkali - related Options - **Caustic Soda Options** - Fundamentally, the average utilization rate of caustic soda production capacity has slightly decreased. The market shows a short - term bullish trend. - Option factors show that the implied volatility is near the average, the open interest PCR is around 0.8, the pressure level is 3400, and the support level is 2200. - Strategies include a long collar strategy for spot hedging [12] - **Soda Ash Options** - Fundamentally, the total inventory of soda ash manufacturers is increasing, and enterprise shipments are slowing down. The market shows a weak and bearish trend with low - level consolidation. - Option factors show that the implied volatility is near the average, the open interest PCR is below 0.5, the pressure level is 2080, and the support level is 1100. - Strategies include constructing a bear - spread strategy for direction, a short - bearish call + put option combination strategy for volatility, and a long collar strategy for spot hedging [12] Urea Options - Fundamentally, the supply - demand difference has decreased, and the enterprise inventory has declined. The market shows fluctuations under bearish pressure. - Option factors show that the implied volatility is below the average, the open interest PCR is below 0.8, the pressure level is 1900, and the support level is 1700. - Strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [13]

1. Report Summary - The report provides a morning briefing on metal option strategies, covering various metal options including non - ferrous metals, precious metals, and black metals. It includes market overviews, option factor analyses, and strategy recommendations for each metal option [2]. 2. Core Views - For non - ferrous metals, which are in a state of shock and decline, a seller's neutral volatility strategy is recommended; black metals are in a range - bound consolidation phase, suitable for constructing a seller's option neutral combination strategy; precious metals like gold are in a high - level consolidation with a weak decline, suggesting a spot hedging strategy [2]. 3. Specific Summaries by Category 3.1 Market Overview of Underlying Futures - The report details the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts such as copper, aluminum, zinc, etc. For example, the latest price of copper (CU2508) is 78,020, with a decline of 270 and a decline rate of 0.34% [3]. 3.2 Option Factor Analysis 3.2.1 Volume and Open Interest PCR - The volume and open interest PCR of each metal option are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the open interest PCR of copper options is 0.60, with a change of - 0.01 [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of each metal option are analyzed from the perspective of the exercise prices with the largest open interest of call and put options. For example, the pressure level of copper is 82,000, and the support level is 78,000 [5]. 3.2.3 Implied Volatility - The report shows the at - the - money implied volatility, weighted implied volatility, and its changes, annual average, call and put implied volatilities, historical volatility, and the difference between implied and historical volatilities of each metal option. For example, the weighted implied volatility of copper is 17.19%, with a change of - 0.35% [6]. 3.3 Strategy Recommendations 3.3.1 Non - Ferrous Metals - **Copper Options**: Based on fundamental and market analysis, the strategy includes constructing a short - volatility seller's option combination strategy and a spot long - position hedging strategy [8]. - **Aluminum/Alumina Options**: Recommendations are a call option bull spread strategy, a short - position call + put option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead Options**: A short - neutral call + put option combination strategy and a spot collar strategy are suggested [9]. - **Nickel Options**: A short - bearish call + put option combination strategy and a spot long - position hedging strategy are recommended [10]. - **Tin Options**: A short - volatility strategy and a spot collar strategy are proposed [10]. - **Lithium Carbonate Options**: A short - bullish call + put option combination strategy and a spot long - position covered call strategy are recommended [11]. 3.3.2 Precious Metals - **Gold/Silver Options**: A short - bullish short - volatility option seller's combination strategy and a spot hedging strategy are suggested [12]. 3.3.3 Black Metals - **Rebar Options**: A short - neutral call + put option combination strategy and a spot long - position covered call strategy are recommended [13]. - **Iron Ore Options**: A short - bullish call + put option combination strategy and a spot long - position collar strategy are suggested [13]. - **Ferroalloy Options**: A short - volatility strategy for manganese silicon options is proposed, and for industrial silicon/polysilicon options, a call option bull spread strategy, a short - bullish call + put option combination strategy, and a spot hedging strategy are recommended [14]. - **Glass Options**: A short - volatility short - call + put option combination strategy and a spot long - position collar strategy are recommended [15].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For non - ferrous metals, which are in a state of shock and decline, it is recommended to construct a seller's neutral volatility strategy [2] - For the black series, which are in a state of range consolidation and shock, it is suitable to construct a seller's option neutral combination strategy [2] - For precious metals, specifically gold, which is in a state of high - level consolidation and weak decline, it is recommended to construct a spot hedging strategy [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - Copper (CU2508): The latest price is 78,320, down 210 (-0.27%), with a trading volume of 8.17 million lots (down 1.76 million lots) and an open interest of 17.87 million lots (down 0.24 million lots) [3] - Aluminum (AL2508): The latest price is 20,645, down 70 (-0.34%), with a trading volume of 12.02 million lots (down 1.87 million lots) and an open interest of 25.51 million lots (down 0.05 million lots) [3] - Zinc (ZN2508): The latest price is 22,215, down 185 (-0.83%), with a trading volume of 12.94 million lots (down 1.71 million lots) and an open interest of 10.76 million lots (down 0.50 million lots) [3] - Other metals follow a similar pattern of price, trading volume, and open - interest changes [3] 3.2 Option Factors - Volume and Open Interest PCR - For copper options, the volume PCR is 0.42 (down 0.11), and the open - interest PCR is 0.60 (up 0.01) [4] - For aluminum options, the volume PCR is 0.71 (down 0.11), and the open - interest PCR is 0.92 (up 0.03) [4] - Different metals show various trends in volume and open - interest PCR [4] 3.3 Option Factors - Pressure and Support Levels - Copper: The pressure level is 82,000, and the support level is 78,000 [5] - Aluminum: The pressure level is 20,600, and the support level is 20,000 [5] - Other metals also have corresponding pressure and support levels [5] 3.4 Option Factors - Implied Volatility - Copper: The at - the - money implied volatility is 11.81%, the weighted implied volatility is 17.54% (down 0.23%), and the implied - historical volatility difference is - 3.44% [6] - Aluminum: The at - the - money implied volatility is 9.15%, the weighted implied volatility is 12.14% (up 0.27%), and the implied - historical volatility difference is - 1.54% [6] - Each metal has its own implied volatility characteristics [6] 3.5 Strategy and Recommendations for Different Metals 3.5.1 Non - ferrous Metals - **Copper**: Directional strategy: None; Volatility strategy: Construct a short - volatility seller's option portfolio; Spot long - hedging strategy: Hold spot long + buy put options + sell out - of - the - money call options [8] - **Aluminum/Alumina**: Directional strategy: Bull spread strategy for call options; Volatility strategy: Construct a short call + put option portfolio; Spot long - hedging strategy: Construct a spot collar strategy [9] - **Zinc/Lead**: Directional strategy: None; Volatility strategy: Construct a short neutral call + put option portfolio; Spot long - hedging strategy: Construct a spot collar strategy [9] - **Nickel**: Directional strategy: None; Volatility strategy: Construct a short bearish call + put option portfolio; Spot long - hedging strategy: Hold spot long + buy put options [10] - **Tin**: Directional strategy: None; Volatility strategy: Short - volatility strategy; Spot long - hedging strategy: Construct a spot collar strategy [10] - **Lithium Carbonate**: Directional strategy: None; Volatility strategy: Construct a short neutral call + put option portfolio; Spot long - hedging strategy: Hold spot long + sell call options [11] 3.5.2 Precious Metals - **Gold/Silver**: Directional strategy: None; Volatility strategy: Construct a long - biased short - volatility option seller's portfolio; Spot hedging strategy: Hold spot long + buy put options + sell out - of - the - money call options [12] 3.5.3 Black Series - **Rebar**: Directional strategy: None; Volatility strategy: Construct a short neutral call + put option portfolio; Spot long - hedging strategy: Hold spot long + sell call options [13] - **Iron Ore**: Directional strategy: None; Volatility strategy: Construct a short bullish call + put option portfolio; Spot long - hedging strategy: Construct a long collar strategy [13] - **Ferroalloys**: Directional strategy: None; Volatility strategy: Short - volatility strategy; Spot hedging strategy: None for manganese silicon [14] - **Industrial Silicon/Polysilicon**: Directional strategy: None; Volatility strategy: Construct a short neutral call + put option portfolio; Spot long - hedging strategy: Hold spot long + sell call options [14] - **Glass**: Directional strategy: None; Volatility strategy: Construct a short - volatility call + put option portfolio; Spot long - hedging strategy: Construct a long collar strategy [15]

能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The stock market, including the Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks, shows a market trend of high-level oscillation with a slight upward bias [2]. - The implied volatility of financial options fluctuates at a relatively low average 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 options and long or short futures [2]. 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,510.18, up 0.50 (0.01%), with a trading volume of 753.5 billion yuan and an increase of 140.4 billion yuan [3]. - The Shenzhen Component Index closed at 10,696.10, up 64.97 (0.61%), with a trading volume of 958.6 billion yuan and an increase of 77.6 billion yuan [3]. - The Shanghai 50 Index closed at 2,756.77, down 0.16 (-0.01%), with a trading volume of 144.6 billion yuan and an increase of 45.9 billion yuan [3]. - The CSI 300 Index closed at 4,014.81, up 4.78 (0.12%), with a trading volume of 443.8 billion yuan and an increase of 95.9 billion yuan [3]. - The CSI 500 Index closed at 6,027.08, up 44.03 (0.74%), with a trading volume of 263.5 billion yuan and an increase of 55.8 billion yuan [3]. - The CSI 1000 Index closed at 6,461.10, up 54.53 (0.85%), with a trading volume of 352.1 billion yuan and an increase of 55.3 billion yuan [3]. 3.2 Option Underlying ETF Market Overview - The Shanghai 50 ETF closed at 2.871, up 0.013 (0.45%), with a trading volume of 12.5112 million shares and an increase of 12.4553 million shares, and a trading value of 3.611 billion yuan and an increase of 2.012 billion yuan [4]. - The Shanghai 300 ETF closed at 4.079, up 0.014 (0.34%), with a trading volume of 12.6486 million shares and an increase of 12.5853 million shares, and a trading value of 5.184 billion yuan and an increase of 2.614 billion yuan [4]. - The Shanghai 500 ETF closed at 6.090, up 0.052 (0.86%), with a trading volume of 2.4912 million shares and an increase of 2.4782 million shares, and a trading value of 1.517 billion yuan and an increase of 0.731 billion yuan [4]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.047, up 0.014 (1.36%), with a trading volume of 44.541 million shares and an increase of 44.2734 million shares, and a trading value of 4.652 billion yuan and an increase of 1.887 billion yuan [4]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.020, up 0.013 (1.29%), with a trading volume of 9.7233 million shares and an increase of 9.668 million shares, and a trading value of 0.99 billion yuan and an increase of 0.432 billion yuan [4]. - The Shenzhen 300 ETF closed at 4.213, up 0.014 (0.33%), with a trading volume of 2.3967 million shares and an increase of 2.3852 million shares, and a trading value of 1.013 billion yuan and an increase of 0.529 billion yuan [4]. - The Shenzhen 500 ETF closed at 2.435, up 0.021 (0.87%), with a trading volume of 1.4792 million shares and an increase of 1.4757 million shares, and a trading value of 0.36 billion yuan and an increase of 0.277 billion yuan [4]. - The Shenzhen 100 ETF closed at 2.808, up 0.017 (0.61%), with a trading volume of 0.3441 million shares and an increase of 0.3414 million shares, and a trading value of 0.097 billion yuan and an increase of 0.02 billion yuan [4]. - The ChiNext ETF closed at 2.185, up 0.016 (0.74%), with a trading volume of 11.4193 million shares and an increase of 11.3347 million shares, and a trading value of 2.494 billion yuan and an increase of 0.663 billion yuan [4]. 3.3 Option Factor - Volume and Position PCR - For the Shanghai 50 ETF option, the trading volume was 2.8049 million contracts, an increase of 1.3081 million contracts; the open interest was 1.6859 million contracts, an increase of 0.1657 million contracts; the trading volume PCR was 0.75, a decrease of 0.06; the open interest PCR was 1.20, an increase of 0.04 [5]. - Similar data are provided for other option varieties such as the Shanghai 300 ETF option, Shanghai 500 ETF option, etc. [5] 3.4 Option Factor - Pressure and Support Points - For the Shanghai 50 ETF option, the underlying closing price was 2.871, the at-the-money strike price was 2.85, the pressure point was 2.90 with an offset of 0.05, the support point was 2.80 with an offset of 0.00, the maximum long position of call options was 91,889, and the maximum long position of put options was 147,064 [7]. - Similar data are provided for other option varieties such as the Shanghai 300 ETF option, Shanghai 500 ETF option, etc. [7] 3.5 Option Factor - Implied Volatility - For the Shanghai 50 ETF option, the at-the-money implied volatility was 13.72%, the weighted implied volatility was 15.46% with an increase of 1.54%, the annual average was 15.81%, the implied volatility of call options was 15.82%, the implied volatility of put options was 14.89%, the 20-day historical volatility was 12.30%, and the difference between implied and historical volatility was 3.16% [9]. - Similar data are provided for other option varieties such as the Shanghai 300 ETF option, Shanghai 500 ETF option, etc. [9] 3.6 Strategy and Recommendations - The financial option sector is divided into large-cap blue-chip stocks, small and medium-sized boards, and ChiNext. Different sectors and corresponding option varieties are recommended with different strategies [11]. - For example, for the financial stock sector (Shanghai 50 ETF, Shanghai 50), the underlying market shows a short-term upward trend with support below. Option strategies include constructing a bull spread combination strategy for directional gain, a neutral seller strategy for time value gain, and a covered call strategy [12]. - Similar strategy recommendations are provided for other sectors such as the large-cap blue-chip stock sector, small and medium-sized board sector, and ChiNext sector [12][13][14]

Report Summary 1. Investment Rating The document 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 oils, agricultural by - products are in a volatile market. Soft commodity sugar continues to be weak, cotton rises moderately, and grains such as corn and starch are in a weak and narrow - range 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 Category 3.1 Futures Market Overview - Different agricultural product futures have different price trends, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,110, up 12 (0.29%), with a trading volume of 13.66 million lots and an open interest of 19.98 million lots [3]. 3.2 Option Factors - **Volume 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 example, the volume PCR of soybean No.1 is 0.40, with a change of 0.03, and the open interest PCR is 0.49, with a change of 0.01 [4]. - **Pressure and Support Levels**: Determined from 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 4,100 [5]. - **Implied Volatility**: The weighted implied volatility of different agricultural products shows different trends. For example, the weighted implied volatility of soybean No.1 is 11.61%, with a change of 0.26% [6]. 3.3 Option Strategies for Different Products 3.3.1 Oilseeds and Oils - **Soybean No.1 and No.2**: The USDA July report adjusted the supply - demand balance of US soybeans. The option strategies include constructing a bearish option bear - spread combination, selling a neutral call + put option combination, and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The domestic soybean meal market has a weak recovery, and the option strategies include selling a bearish call + put option combination and a long collar strategy for spot hedging [8][9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The Malaysian palm oil market has changes in export and inventory. The option strategies include selling a bullish call + put option combination and a long collar strategy for spot hedging [10]. - **Peanut**: The peanut market has a weak downward trend. The option strategies include constructing a bearish option bear - spread combination and a long collar strategy for spot hedging [11]. 3.3.2 Agricultural By - products - **Pig**: The pig price has a recovery trend. The option strategies include selling a neutral call + put option combination and a covered call strategy for spot [11]. - **Egg**: The egg market is in a weak downward trend. The option strategies include constructing a bearish option bear - spread combination, selling a bearish call + put option combination [12]. - **Apple**: The apple market has a weak rebound. The option strategy is to sell a neutral call + put option combination [12]. - **Jujube**: The jujube market has a rebound and then a decline. The option strategies include selling a bearish wide - straddle option combination and a covered call strategy for spot hedging [13]. 3.3.3 Soft Commodities - **Sugar**: The sugar market has a super - bearish rebound. The option strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton market has a moderate upward trend. The option strategies include constructing a bullish option bull - spread combination, selling a neutral call + put option combination, and a covered call strategy for spot [14]. 3.3.4 Grains - **Corn and Starch**: The corn market is in a weak downward trend. The option strategies include constructing a bearish option bear - spread combination, selling a bearish call + put option combination [14].

Core Insights - Bio-Rad Laboratories (BIO) has launched four new Droplet Digital PCR (ddPCR) platforms, including the QX Continuum ddPCR system and the QX700 series, following its acquisition of Stilla Technologies [1][8] - The expanded product portfolio now includes over 400,000 assays, enhancing Bio-Rad's position in life science research and diagnostics [2][5] - Following the announcement, Bio-Rad's stock rose by 4%, indicating positive market sentiment towards the company's Life Science segment [3][4] Company Developments - The QX Continuum ddPCR system is tailored for translational research, featuring a user-friendly workflow and advanced multiplexing capabilities [6] - The QX700 series is designed for various applications, including academic research and biopharma quality control, with the ability to process over 700 samples daily [6][10] - Bio-Rad's market capitalization stands at $6.99 billion, with an earnings yield of 3.6%, matching the industry average [4] Industry Outlook - The global digital PCR market is projected to grow from $706.7 million in 2024 to a compound annual growth rate of 23.1% by 2032, driven by the rise in infectious diseases and genetic disorders [9] - Bio-Rad is actively expanding its digital PCR capabilities, with recent advancements supporting the launch of FDA-approved tests and enhancing existing product lines [10][11]