金属期权 2025-06-09 金属期权策略早报 | 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 | 金属期权策略早报概要：（1）有色金属区间盘整震荡，构建做空波动率策略策略；（2）黑色系弱势反弹，适合构 建熊市价差组合策略和卖方期权组合策略；（3）贵金属黄金高位盘整，白银多头突破上行，构建做空波动率策略 和现货避险策略。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 铜 | CU2507 | 78,620 | -190 | -0.24 | 12.8 ...

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The energy - chemical sector mainly consists of energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. The options strategy report for each option variety is compiled based on the analysis of the underlying asset's market, option factor research, and option strategy suggestions [8]. - The overall strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Various energy - chemical option underlying futures contracts have different price movements, trading volumes, and open interest changes. For example, the latest price of crude oil (SC2507) is 476, with a rise of 8 and a rise - fall rate of 1.71%, trading volume of 10.92 million lots (a decrease of 2.58 million lots), and open interest of 2.11 million lots (an increase of 0.04 million lots) [3]. 3.2 Option Factor - PCR - The PCR indicators (both volume and open interest) of different option varieties are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the open interest PCR of crude oil options is 1.03, with a change of 0.04 [4]. 3.3 Option Factor - 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 different option underlying assets are determined. For example, the pressure point of crude oil is 570, and the support point is 400 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility of different option varieties shows different characteristics. For example, the at - the - money implied volatility of crude oil is 27.83%, the weighted implied volatility is 31.16% (a decrease of 1.21%), and the historical average is 17.96% [6]. 3.5 Strategy and Suggestions for Different Option Varieties 3.5.1 Energy - related Options - **Crude Oil**: In terms of fundamentals, U.S. and European inventories have changed. The market has shown a pattern of rising and then falling and then rising again. Option strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7]. - **LPG**: The international LPG market price center has moved down, and the domestic supply and inventory situation has changed. The market has shown a weak and bearish trend. Option strategies include constructing a short - bearish call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9]. 3.5.2 Alcohol - related Options - **Methanol**: Port inventory has increased, and the market has shown a weak and bearish rebound trend. Option strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9]. - **Ethylene Glycol**: The port spot price center has moved down, and inventory has increased. The market has shown a pattern of rising and then falling. Option strategies include constructing a short - volatility strategy for volatility, and a long + put + short - call option strategy for spot hedging [10]. 3.5.3 Polyolefin - related Options - **Polypropylene**: New production capacity has been put into operation, and the market has shown a bearish trend. Option strategies include constructing a bear - spread put option combination strategy for direction, and a long + put + short - call option strategy for spot hedging [10]. 3.5.4 Rubber - related Options - **Natural Rubber**: Inventory in Qingdao has decreased. The market has shown a pattern of falling and then rising and then falling again. Option strategies include constructing a bear - spread put option combination strategy for direction, and a short - bearish call + put option combination strategy for volatility [11]. 3.5.5 Polyester - related Options - **PTA**: The start - up rate and production volume have changed, and inventory has decreased. The market has shown a pattern of rising and then falling. Option strategies include constructing a short - neutral call + put option combination strategy for volatility [12]. 3.5.6 Alkali - related Options - **Caustic Soda**: Supply pressure is high, and the market has shown a bearish trend. Option strategies include constructing a bear - spread put option combination strategy for direction, a short - bearish strangle option combination strategy for volatility, and a long + short - call option strategy for spot covered hedging [13]. - **Soda Ash**: Production and capacity utilization have changed, and inventory has increased slightly. The market has shown a weak and bearish trend. Option strategies include constructing a bear - spread put option combination strategy for direction, a short - bearish call + put option combination strategy for volatility, and a long collar strategy for spot hedging [13]. 3.5.7 Urea Options - Supply pressure is large, and demand may weaken. The market has shown an inverted "V" pattern. Option strategies include constructing a bear - spread put option combination strategy for direction, a short - bearish call + put option combination strategy for volatility, and a long + put + short - call option strategy for spot hedging [14].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural product sector includes oilseeds and oils, agricultural by - products, soft commodities, and grains. Oilseeds and oils show a range - bound consolidation, agricultural by - products maintain a volatile trend, soft commodities like sugar are weak and cotton rebounds and then consolidates at a high level, and grains such as corn and starch gradually recover and then consolidate in a narrow range. It is recommended to construct option portfolio strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product options have different price changes, trading volumes, and open interests. For example, the latest price of soybean A2507 is 4,147, up 5 with a 0.12% increase, trading volume of 11.73 million lots, and open interest of 8.79 million lots, a decrease of 2.03 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators are used to describe the strength of the option underlying market and the possible turning points. For instance, the open - interest PCR of soybean A is 0.57, a decrease of 0.01, and the volume PCR is 0.69, a decrease of 0.44 [4] 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of option underlyings are determined by the strike prices with the largest open interests of call and put options. For example, the pressure level of soybean A is 4300 and the support level is 4000 [5] 3.4 Option Factors - Implied Volatility - Implied volatility reflects the market's expectation of future price fluctuations. For example, the implied volatility of soybean A's at - the - money option is 8.825%, and the weighted implied volatility is 12.07%, an increase of 0.15% [6] 3.5 Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean Options**: The fundamental situation of soybeans shows that the shipment and sales of US soybeans to China are at a low level. The soybean market has a high - level consolidation pattern. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal Options**: The trading volume of soybean meal has increased, and the basis has decreased. The market shows a short - term bullish trend. Option strategies include constructing a bull spread strategy for call options, a neutral call + put option combination strategy, and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil Options**: The domestic soybean crushing volume is expected to increase. The palm oil market shows a range - bound pattern. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Peanut Options**: The peanut spot market is in a strong - side consolidation, but the downstream consumption is weak. The market shows a rectangular - range consolidation. Option strategies include constructing a bull spread strategy for call options and a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - products Options - **Pig Options**: The sales volume of major pig enterprises has decreased. The pig market shows a wide - range consolidation. Option strategies include constructing a bearish call + put option combination strategy and a covered call strategy for spot [11] - **Egg Options**: The egg supply is stable, and the price is expected to decline. The market shows a bearish trend. Option strategies include constructing a bear spread strategy for put options, a bearish call + put option combination strategy [12] - **Apple Options**: The cold - storage inventory of apples is at a low level. The market shows a weak recovery pattern. Option strategies include constructing a bear spread strategy for put options and a bearish call + put option combination strategy [12] - **Jujube Options**: The growth of jujube trees is good, and the market is in a weak bearish rebound. Option strategies include constructing a bear spread strategy for put options, a wide - straddle option combination strategy, and a covered call strategy for spot [13] 3.5.3 Soft Commodities Options - **Sugar Options**: The domestic sugar production and consumption are expected to increase. The sugar market shows a bearish consolidation. Option strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [13] - **Cotton Options**: The cotton market rebounds slightly. The market shows a recovery pattern under bearish pressure. Option strategies include constructing a neutral call + put option combination strategy and a covered call strategy for spot [14] 3.5.4 Grains Options - **Corn and Starch Options**: The corn starch inventory has increased, and the cost of raw corn is high. The corn market shows a rectangular - range consolidation. Option strategies include constructing a neutral call + put option combination strategy [14]

Market Review - The closing prices of the Shanghai Composite 50, CSI 300, and CSI 1000 were 2692.1287, 3877.5557, and 6167.0149 respectively, with daily changes of 0.05%, 0.23%, and 0.72%. Their trading volumes were 30.78 billion, 122.88 billion, and 206.08 billion, and turnovers were 559.62 billion yuan, 2317.49 billion yuan, and 2732.39 billion yuan respectively [4]. - The trading volumes of Shanghai Composite 50, CSI 300, and CSI 1000 index options were 1.47 million, 4.87 million, and 16.35 million contracts. Their open interests were 6.63 million, 17.69 million, and 27.19 million contracts respectively [4]. - The previous trading day, the Shanghai Composite Index rose 0.23% to 3384.1 points, the Shenzhen Component Index rose 0.58%, the ChiNext Index rose 1.17%, the Beijing Stock Exchange 50 fell 0.29%, the STAR 50 rose 1.04%, and the CSI A500 rose 0.35%. A - shares traded 1.32 trillion yuan, compared with 1.18 trillion yuan the previous day [8]. Volatility Analysis - Analyzes the historical volatility chains and volatility smile curves of Shanghai Composite 50, CSI 300, and CSI 1000, including indicators such as maximum, minimum, 10% - 90% quantiles, and current values [6][8].

Group 1: Report Overview - The report is an early morning strategy report on energy and chemical options dated June 6, 2025 [1] - It covers various energy and chemical option categories including energy, polyolefins, polyesters, alkali chemicals, etc [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 report provides the latest prices, price changes, trading volumes, and open interest changes of multiple energy and chemical futures contracts such as crude oil, LPG, methanol, etc [3] Group 3: Option Factor - Volume and Open Interest PCR - The report presents the volume and open interest PCR data of different energy and chemical options, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [4] Group 4: Option Factor - Pressure and Support Levels - The pressure and support levels of various energy and chemical options 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 report shows the implied volatility data of different energy and chemical options, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] Group 6: Strategy and Recommendations Energy - related Options Crude Oil - Fundamental: Crude oil prices soared due to geopolitical concerns and OPEC +'s lower - than - expected production increase. WTI and Brent crude futures prices rose [7] - Market analysis: Since May, crude oil prices have shown a large - amplitude oscillating pattern with short - term fluctuations [7] - Option factor research: Implied volatility has risen to a relatively high historical level, and the open interest PCR indicates that short - selling pressure has been gradually released [7] - Strategy: Construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7] LPG - Fundamental: Factory inventory has slightly increased, and port inventory has decreased but remains at a high level [9] - Market analysis: Since April, LPG prices have shown a weak and bearish market trend [9] - Option factor research: Implied volatility fluctuates around the historical average, and the open interest PCR indicates a weak market [9] - Strategy: Construct a short - biased call + put option combination strategy and a long collar strategy for spot hedging [9] Alcohol - related Options Methanol - Fundamental: Port and enterprise inventories have increased, and order backlogs have decreased [9] - Market analysis: Since January, methanol prices have shown a weak downward trend with a recent rebound [9] - Option factor research: Implied volatility fluctuates around the historical average, and the open interest PCR indicates strong short - selling pressure [9] - Strategy: Construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9] Ethylene Glycol - Fundamental: Port inventory has decreased, and downstream factory inventory days have declined [10] - Market analysis: Since May, ethylene glycol prices have shown a pattern of rising first and then falling [10] - Option factor research: Implied volatility has risen to a relatively high historical level, and the open interest PCR indicates a strong oscillating trend [10] - Strategy: Construct a short - volatility strategy and a long collar strategy for spot hedging [10] Polyolefin - related Options Polypropylene - Fundamental: PP downstream operating rates have decreased, and inventories at different levels have changed [10] - Market analysis: Since May, polypropylene prices have shown a bearish trend [10] - Option factor research: Implied volatility fluctuates above the historical average, and the open interest PCR has decreased [10] - Strategy: Construct a bearish spread strategy with put options and a long collar strategy for spot hedging [10] Rubber - related Options Rubber - Fundamental: The domestic main rubber - producing areas have entered the full - scale tapping period, and the import pressure in June is expected to be limited [11] - Market analysis: Rubber prices have shown a pattern of low - level rebound after a decline [11] - Option factor research: Implied volatility fluctuates around the average, and the open interest PCR indicates a weak market [11] - Strategy: Construct a bearish spread strategy with put options and a short - biased call + put option combination strategy [11] Polyester - related Options PTA - Fundamental: PTA and polyester loads have decreased, and some devices have undergone maintenance or restarted [11] - Market analysis: Since April, PTA prices have shown a pattern of rising and then oscillating at a high level [11] - Option factor research: Implied volatility has decreased after rising but remains at a relatively high level, and the open interest PCR indicates a strong market [11] - Strategy: Construct a neutral short call + put option combination strategy [11] Alkali - related Options Caustic Soda - Fundamental: New caustic soda production devices are expected to be put into operation, and the medium - term supply - demand outlook is weak [12] - Market analysis: Caustic soda prices have shown a bearish trend after a rebound [12] - Option factor research: Implied volatility has decreased to a level below the average, and the open interest PCR indicates a weak market [12] - Strategy: Construct a bearish spread strategy with put options, a short - biased wide - straddle option combination strategy, and a covered spot hedging strategy [12] Soda Ash - Fundamental: Soda ash production and inventory have changed, with inventory showing a slight decline [12] - Market analysis: Soda ash prices have shown a continuous weak bearish trend [12] - Option factor research: Implied volatility has risen to a relatively high level recently but remains below the historical average, and the open interest PCR indicates a weak oscillating market [12] - Strategy: Construct a bearish spread strategy with put options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [12] Urea Options - Fundamental: Domestic urea enterprise and port inventories have increased [13] - Market analysis: Since May, urea prices have shown a pattern of rising, then oscillating, and finally falling [13] - Option factor research: Implied volatility has decreased after rising and fluctuates below the historical average, and the open interest PCR indicates certain support at the lower level [13] - Strategy: Construct a short - biased call + put option combination strategy and a long collar strategy for spot hedging [13] Group 7: Charts - The report includes price charts, volume and open interest charts, open interest PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts of various energy and chemical options such as crude oil, LPG, methanol, etc [15][33][55]

| 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 | 金属期权策略早报概要：（1）有色金属偏多震荡，构建做空波动率策略策略；（2）黑色系弱势盘整，适合构建熊 市价差组合策略和卖方期权组合策略；（3）贵金属止跌反弹大幅上扬后小幅盘整，构建做空波动率策略和现货避 险策略。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 铜 | CU2507 | 78,140 | -60 | -0.08 | 11.14 | 2.95 | 19.52 | 1.30 | | 铝 ...

能源化工期权 2025-06-05 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 | 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 数据来源：WIND、五矿期货期权服务部 能源化工期权研究 表2：期权因子—量仓PCR | 期权品种 | 成交量 | 量变化 | 持仓量 | 仓变化 | 成交量 | 量PCR | 持仓量 | 仓PCR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | P ...

Domestic Market Performance - The stock market continued its upward momentum with the Shanghai Composite Index, CSI 300, and CSI 500 rising by 0.42%, 0.43%, and 0.28% respectively, while the technology sector's gains were in line with the overall market [2] - The bond market saw a decline in yields for 10-year and 30-year government bonds, which fell by 0.5 basis points and 0.6 basis points to 1.67% and 1.89% respectively [2] - The commodity market showed positive performance, particularly in coal, which rebounded by 7.19% due to production cuts and expectations of supply constraints [3] Monetary Policy and Liquidity - The central bank's reverse repurchase operations slightly exceeded expectations, indicating a continued supportive stance on liquidity, with a net withdrawal of only 6 billion yuan [3] - The current market consensus suggests that the bond market risks are low, but a significant change would require the central bank to restart bond purchases [4] - The probability of the central bank restarting bond purchases in June is estimated at 50%, influenced by the need to alleviate banks' liability pressures [4] Equity Market Trends - The equity market is experiencing a rebound, with the total trading volume reaching 1.18 trillion yuan, indicating increased market activity [5] - The market is currently in a range-bound trading pattern, with the Wande All A Index fluctuating within a 2% range since May 7 [5] - The implied volatility of the CSI 300 ETF has decreased from 18.21 at the end of April to 14.92, reflecting a lower expectation of future market volatility [5][7] Sector Performance - The small-cap stocks continue to perform well, with the CSI 2000 and Wande Micro Cap indices rising by 1.06% and 1.20% respectively, indicating strong interest in these segments [6] - The technology and consumer sectors are the main focus for capital allocation, with notable performances in areas such as AI and new consumption trends [6] - In the Hong Kong market, the Hang Seng Index and Hang Seng Tech Index rose by 0.60% and 0.57%, with new consumption and biotechnology being the primary drivers [6]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different option strategies are recommended for each sector and selected varieties based on their respective market conditions and option factors [2][7]. 3. Summary by Related Catalogs 3.1 Market Overview of Underlying Futures - The latest prices, price changes, trading volumes, and open interest changes of various metal options' underlying futures contracts are presented. For example, the latest price of copper (CU2507) is 78,180, with a price increase of 390 and a trading volume of 8.19 million lots [3]. 3.2 Option Factor - Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are calculated. These indicators are used to describe the strength of the option underlying market and the turning point of the market. For instance, the volume PCR of copper is 2.09, and the open interest PCR is 1.25 [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of various metal options are determined from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of copper is 80,000, and the support level is 70,000 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility of different metal options is analyzed, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper is 11.42% [6]. 3.5 Strategy and Recommendations - **Non - ferrous Metals** - **Copper Options**: Directional strategy - construct a bull spread of call options; volatility strategy - construct a short - volatility seller option portfolio; spot long - hedging strategy - hold spot long + buy put options + sell out - of - the - money call options [8]. - **Aluminum/Alumina Options**: Directional strategy - construct a bull spread of call options; volatility strategy - construct a neutral short call + put option portfolio; spot long - hedging strategy - construct a spot collar strategy [9]. - **Zinc/Pb Options**: Directional strategy - none; volatility strategy - construct a neutral short call + put option portfolio; spot long - hedging strategy - construct a spot collar strategy [9]. - **Nickel Options**: 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 Options**: Directional strategy - none; volatility strategy - construct a short - volatility strategy; spot long - hedging strategy - construct a spot collar strategy [10]. - **Lithium Carbonate Options**: Directional strategy - construct a bear spread of put options; volatility strategy - construct a short - bearish call + put option portfolio; spot long - hedging strategy - hold spot long + sell call options [11]. - **Precious Metals** - **Gold/Silver Options**: Directional strategy - none; volatility strategy - construct a long - biased short - volatility option seller portfolio; spot long - hedging strategy - hold spot long + buy put options + sell out - of - the - money call options [12]. - **Black Metals** - **Rebar Options**: Directional strategy - construct a bear spread of put options; volatility strategy - construct a short - bearish call + put option portfolio; spot long - hedging strategy - hold spot long + sell at - the - money call options [13]. - **Iron Ore Options**: Directional strategy - none; volatility strategy - construct a neutral short call + put option portfolio; spot long - hedging strategy - construct a long collar strategy [13]. - **Ferroalloy Options**: Directional strategy - construct a bear spread of put options; volatility strategy - construct a short - volatility strategy; spot long - hedging strategy - none [14]. - **Industrial Silicon/Polysilicon Options**: Directional strategy - construct a bear spread of put options; volatility strategy - construct a short - bearish call + put option portfolio; spot long - hedging strategy - hold spot long + sell call options [14]. - **Glass Options**: Directional strategy - construct a bear spread of put options; volatility strategy - construct a short - volatility call + put option portfolio; spot long - hedging strategy - construct a long collar strategy [15]. 3.6 Charts - Charts of various metal options, including price trends, trading volume, open interest, and implied volatility, are provided to visually present the market conditions of different metal options [17][37][57] etc.

Investment Insights - The report indicates an increase in the risk of "herding" behavior in the market, suggesting a cautious approach until the risk is released [3][4] - Current market focus remains on defensive sectors such as banking, pharmaceuticals, nuclear power, and new consumption themes, with a recommendation to wait for adjustment pressure to ease before making further investments [4] Stock Market Analysis - In the past week, small-cap growth stocks outperformed, while volatility in both large and small-cap styles increased, indicating instability in market styles [6] - The dispersion of excess returns among industry indices has decreased to a near one-year low, with a slight decline in the proportion of rising constituent stocks [6] - Market activity showed a slight increase in volatility, but turnover rates continued to decline, particularly in the Shanghai Stock Exchange 50, which reached historically low turnover levels [6] Commodity Market Overview - The commodity market displayed divergent trends, with energy and black metal sectors maintaining their momentum, while precious metals and non-ferrous metals showed upward trends [15] - The basis momentum for the black metal sector increased, while agricultural products remained at a low basis momentum [15] - Volatility was high in the energy sector, while other sectors experienced low-level fluctuations [15] Options Market Insights - Implied volatility for the Shanghai Stock Exchange 50 and CSI 1000 showed no significant trend before the Dragon Boat Festival, with long-term contracts experiencing a relative increase in implied volatility compared to short-term contracts [20] - The skew of put options relative to call options for the CSI 1000 maintained an advantage, with a noticeable increase in open interest, indicating market expectations of potential adjustments in small-cap stocks [20] Convertible Bond Market Trends - The convertible bond market saw a slight rebound, with the premium rate for bonds convertible at 100 yuan recovering, although the proportion of low-premium convertible bonds increased slightly [23] - Market transaction volume remained stable, and credit spreads significantly narrowed [23]