Group 1: Report Overview - The report is an Energy Chemical Options Strategy Morning Report dated August 7, 2025, covering energy, polyolefin, polyester, alkali chemical, and other energy chemical options [2][3] - 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 [3] Group 2: Underlying Futures Market Overview - Provides the latest price, price change, percentage change, trading volume, volume change, open interest, and open interest change of various option underlying futures contracts, including crude oil, LPG, methanol, etc [4] Group 3: Option Factors - Volume and Open Interest PCR - Presents the volume PCR and open interest PCR of various option varieties, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5] Group 4: Option Factors - Pressure and Support Levels - Shows the pressure points, support points, and the maximum open interest of call and put options of various option varieties, which are determined by the strike prices with the maximum open interest of call and put options [6] Group 5: Option Factors - Implied Volatility - Displays the at-the-money implied volatility, weighted implied volatility, and historical volatility of various option varieties, with the weighted implied volatility calculated using volume-weighted average [7] Group 6: Strategy and Recommendations for Different Option Types Energy Options - **Crude Oil**: The US crude oil inventories increased. The market showed a short-term upward resistance and downward trend. Implied volatility was near the average, and the open interest PCR indicated a sideways market. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **LPG**: Factory inventory decreased slightly, and port inventory was at a high level. The market was short-term bearish. Implied volatility was at a high level, and the open interest PCR indicated strong bearish power. Strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [10] Alcohol Options - **Methanol**: The inventory of sample production enterprises decreased, and the order backlog also decreased. The market was weak with resistance. Implied volatility was near the average, and the open interest PCR indicated a sideways and weak market. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: The overall operating rate remained stable, but production profit was under pressure. The market was in a wide-range sideways and weak pattern. Implied volatility was near the average, and the open interest PCR indicated a sideways market. Strategies include constructing a short volatility strategy and a long collar strategy for spot hedging [11] Polyolefin Options - **Polypropylene**: The number of maintenance production lines decreased in July, and the total output increased. The market was weak with resistance. Implied volatility was near the average, and the open interest PCR indicated a weakening market. Strategies include a long collar strategy for spot hedging [11] Rubber Options - **Rubber**: The opening area and output of Hainan natural rubber decreased in the first half of 2025. The market was bearish. Implied volatility decreased to near the average, and the open interest PCR indicated a bearish market. Strategies include constructing a neutral call + put option combination strategy [12] Polyester Options - **PTA**: The factory inventory continued to accumulate, and the processing fee was low. The market was bearish with resistance. Implied volatility was at a relatively high level, and the open interest PCR indicated a weakening market. Strategies include constructing a neutral call + put option combination strategy [13] Alkali Chemical Options - **Caustic Soda**: The average utilization rate of sample enterprises decreased slightly. The market was in a weak and sideways pattern. Implied volatility was at a high level, and the open interest PCR indicated a weak market. Strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: The factory inventory decreased, but the total inventory increased. The market was in a significant decline with resistance. Implied volatility was at a high level, and the open interest PCR indicated strong bearish pressure. Strategies include constructing a short volatility combination strategy and a long collar strategy for spot hedging [14] Other Energy Chemical Options - **Urea**: Supply decreased slightly, and demand was weak. The market was in a low-level sideways pattern. Implied volatility was near the average, and the open interest PCR indicated a weak market. Strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [15] Group 7: Option Charts - Provides various charts for different option types, including price trends, trading volume and open interest, open interest PCR, implied volatility, and historical volatility cones, to help analyze the market situation of each option variety [17][36][55]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The agricultural products sector is mainly divided into beans, oils, agricultural by - products, soft commodities, grains, and others. The overall market shows different trends, with oilseeds and oils in a relatively strong and volatile state, oils and agricultural by - products in a volatile trend, soft commodity sugar slightly fluctuating, cotton's upward trend weakening, and grains such as corn and starch in a weak and narrow - range consolidation. It is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2][8] 3. Summary According to Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures show various price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,133, up 7 with a 0.17% increase, trading volume of 11.13 million lots, and open interest of 11.04 million lots. While the price of eggs (JD2509) is 3,360, down 141 with a 4.03% decrease, trading volume of 30.84 million lots, and open interest of 23.20 million lots [3] 3.2 Option Factor - Volume and Open Interest PCR - Volume and open interest PCR are used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of soybean No.1 is 0.59, up 0.18, and the open interest PCR is 0.39, up 0.01, indicating the market situation of soybean No.1 [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the exercise prices with the largest open interest of call and put options, the pressure and support levels of the option underlying are analyzed. For instance, the pressure level of soybean No.1 is 4,300 and the support level is 4,050 [5] 3.4 Option Factor - Implied Volatility - Implied volatility includes at - the - money implied volatility and weighted implied volatility. For example, the at - the - money implied volatility of soybean No.1 is 8.715, and the weighted implied volatility is 12.19, down 1.39 [6] 3.5 Strategy and Recommendations 3.5.1 Oils and Oilseeds Options - **Soybean No.1 and No.2**: Based on the analysis of fundamentals such as the US soybean good rate and Brazilian soybean premiums, and considering option factors like implied volatility and open interest PCR, strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: Analyzing fundamentals such as daily提货量 and basis, and option factors, strategies involve constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Considering fundamentals like Malaysian palm oil production and exports, and option factors, strategies include constructing a long - biased short call + put option combination strategy and a long collar strategy for spot hedging [10] - **Peanuts**: Given the fundamentals of the peanut oil market and option factors, strategies include constructing a bear spread strategy for put options and a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - product Options - **Pigs**: Based on fundamentals such as average slaughter weight and frozen product inventory rate, and option factors, strategies include constructing a short - biased short call + put option combination strategy and a covered call strategy for spot [11] - **Eggs**: Considering fundamentals like laying hen inventory and option factors, strategies include constructing a bear spread strategy for put options, a short - biased short call + put option combination strategy [12] - **Apples**: Analyzing fundamentals such as expected apple production and option factors, strategies include constructing a neutral short call + put option combination strategy [12] - **Red Dates**: Based on fundamentals like inventory and option factors, strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodity Options - **Sugar**: Considering fundamentals such as Brazilian sugar shipping and production forecasts, and option factors, strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [13] - **Cotton**: Based on fundamentals like spinning and weaving factory operating rates and cotton inventory, and option factors, strategies include constructing a long - biased short call + put option combination strategy and a covered call strategy for spot [14] 3.5.4 Grain Options - **Corn and Starch**: Given fundamentals such as new corn listing and market sentiment, and option factors, strategies include constructing a bear spread strategy for put options and a short - biased short call + put option combination strategy [14]

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 [9]. - For each selected option variety, the report provides analysis of the underlying market, option factor research, and option strategy recommendations [9]. - Overall, it is recommended to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices of various energy - chemical option underlying futures contracts are presented, along with their price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes. For example, the latest price of crude oil SC2509 is 502, down 7 (-1.32%), with a trading volume of 15.26 million lots and an open interest of 4.00 million lots [4]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - Volume PCR and open interest PCR for different option varieties are given, which can be used to analyze the strength of the market and the turning points of the underlying assets. For example, the volume PCR of crude oil is 0.48, and the open interest PCR is 0.53 [5]. 3.2.2 Pressure and Support Levels - Pressure and support levels for each option variety are determined from the exercise prices with the maximum open interest of call and put options. For example, the pressure level of crude oil is 640, and the support level is 500 [6]. 3.2.3 Implied Volatility - Implied volatility data for different option varieties are provided, including at - the - money implied volatility, weighted implied volatility, call implied volatility, put implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 29.53% [7]. 3.3 Option Strategies and Recommendations 3.3.1 Energy - related Options - **Crude Oil**: The short - term market is weak. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [8]. - **LPG**: The short - term market is bearish. It is recommended to construct a bearish short call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.3.2 Alcohol - related Options - **Methanol**: The market is weak with resistance above. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The market is weakly bullish with resistance above. It is recommended to construct a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.3.3 Polyolefin - related Options - For polyolefins such as polypropylene, it is recommended to hold a long spot position + buy an at - the - money put option + sell an out - of - the - money call option for spot hedging [11]. 3.3.4 Rubber - related Options - **Rubber**: The market is in a low - level consolidation. It is recommended to construct a neutral short call + put option combination strategy [12]. 3.3.5 Polyester - related Options - For polyester options such as PTA, it is recommended to construct a neutral short call + put option combination strategy [13]. 3.3.6 Alkali - related Options - **Caustic Soda**: The market has resistance above and is in a downward trend. It is recommended to use a long collar strategy for spot hedging [14]. - **Soda Ash**: The market has resistance above and is in a significant decline. It is recommended to construct a short - volatility combination strategy and a long collar strategy for spot hedging [14]. 3.3.7 Urea Options - The market is in a range - bound under bearish pressure. It is recommended to construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [15].

农产品期权 2025-07-24 农产品期权策略早报 | 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 | 农产品期权策略早报概要：油料油脂类农产品偏强震荡，油脂类，农副产品维持震荡行情，软商品白糖反弹回升震 荡上行，棉花多头上涨，谷物类玉米和淀粉弱势窄幅盘整。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | ...

金属期权 2025-07-23 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 | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 金属期权策略早报概要：（1）有色金属震荡偏强，构建卖方中性波动率策略策略；（2）黑色系快速上涨，适合构 建看涨期权牛市价差组合策略；（3）贵金属黄金高位盘整偏多，构建现货避险策略。 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) ...

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The agricultural product options market shows diversified trends, with oilseeds and oils fluctuating strongly, fats and oils and agricultural by - products maintaining a volatile market, soft commodities like sugar rebounding and rising, cotton rising bullishly, and grains such as corn and starch weakly consolidating in a narrow range [2]. - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product options have different price trends, trading volumes, and open - interest changes. For example, the price of soybean No.1 (A2509) is 4,188, up 12 with a 0.29% increase, trading volume is 18.26 million lots, and open - interest is 17.30 million lots with a decrease of 0.23 million lots [3]. 3.2 Option Factors - Volume and Open - Interest PCR - The volume and open - interest PCR of each option variety are different, which can be used to describe the strength of the option underlying market and whether the underlying market has a turning point. For example, the volume PCR of soybean No.1 is 0.34, down 0.23, and the open - interest PCR is 0.46, down 0.02 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the maximum open - interest of call and put options, the pressure and support levels of each option underlying are determined. 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 of each option variety has different characteristics, including changes in weighted implied volatility, differences between implied and historical volatilities. For example, the weighted implied volatility of soybean No.1 is 11.39, up 0.53, and the difference between implied and historical volatilities is - 0.63 [6]. 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The USDA July report adjusted the supply - demand balance of soybeans. The implied volatility of soybean No.1 options is at a relatively high level, and the open - interest PCR indicates a weak market. It is recommended to construct a neutral call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The purchase volume of soybean meal in different months is different. The implied volatility of soybean meal options is slightly above the historical average, and the open - interest PCR is around 0.80. It is recommended to construct a neutral call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The export and production of palm oil in Malaysia are different from expectations. The implied volatility of palm oil options is declining, and the open - interest PCR indicates intense long - short competition. It is recommended to construct a long - biased call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The price of peanuts shows a weak consolidation pattern. The implied volatility of peanut options is at a relatively low level, and the open - interest PCR indicates a weak and volatile market. It is recommended to construct a bear spread strategy for put options and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pigs**: The domestic pig price is weak. The implied volatility of pig options is at a relatively high level, and the open - interest PCR indicates a weak market. It is recommended to construct a short - biased call + put option combination strategy and a covered call strategy for spot hedging [11]. - **Eggs**: The domestic egg price rebounds seasonally. The implied volatility of egg options is at a high level, and the open - interest PCR indicates a weak market. It is recommended to construct a bear spread strategy for put options and a short - biased call + put option combination strategy [12]. - **Apples**: The inventory of apples in cold storage is at a low level. The implied volatility of apple options is below the historical average, and the open - interest PCR indicates a weak market. It is recommended to construct a neutral call + put option combination strategy [12]. - **Jujubes**: The inventory of jujubes is slightly decreasing. The implied volatility of jujube options is declining, and the open - interest PCR indicates a weak market. It is recommended to construct a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging [13]. 3.5.3 Soft Commodity Options - **Sugar**: The number of ships waiting to load sugar in Brazilian ports is decreasing. The implied volatility of sugar options is at a relatively low level, and the open - interest PCR indicates a range - bound market. It is recommended to construct a neutral call + put option combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The开机 rate of spinning and weaving mills is decreasing, and the commercial inventory of cotton is decreasing. The implied volatility of cotton options is at a low level, and the open - interest PCR indicates an increasing long - side force. It is recommended to construct a bull spread strategy for call options, a long - biased call + put option combination strategy, and a covered call strategy for spot hedging [14]. 3.5.4 Grain Options - **Corn and Starch**: The spot price of corn is weak, and the futures market is also under pressure. The implied volatility of corn options is at a relatively low level, and the open - interest PCR indicates a range - bound market. It is recommended to construct a bear spread strategy for put options and a short - biased call + put option combination strategy [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, they are in a state of fluctuating decline, and a seller's neutral volatility strategy is recommended; for the black series, they are in a state of range consolidation, and a seller's option neutral combination strategy is suitable; for precious metals, gold is in a state of high - level consolidation and weak decline, and a spot hedging strategy is recommended [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - **Copper (CU2509)**: The latest price is 79,140, up 810 with a gain of 1.03%. The trading volume is 5.48 million lots, an increase of 1.91 million lots, and the open interest is 14.18 million lots, an increase of 0.38 million lots [3]. - **Aluminum (AL2509)**: The latest price is 20,770, up 265 with a gain of 1.29%. The trading volume is 12.90 million lots, an increase of 2.69 million lots, and the open interest is 28.27 million lots, an increase of 1.41 million lots [3]. - **Other metals**: Similar data are provided for zinc, lead, nickel, tin, alumina, gold, silver, lithium carbonate, industrial silicon, polysilicon, rebar, iron ore, manganese silicon, silicon iron, and glass [3]. 3.2 Option Factors - Volume and Open Interest PCR - **Copper**: The volume PCR is 0.53, down 0.01, and the open interest PCR is 0.61, down 0.02 [4]. - **Aluminum**: The volume PCR is 0.70, down 0.32, and the open interest PCR is 0.93, up 0.01 [4]. - **Other metals**: Volume and open interest PCR data are also provided for other metals [4]. 3.3 Option Factors - Pressure and Support Levels - **Copper**: The pressure point is 82,000, and the support point is 78,000 [5]. - **Aluminum**: The pressure point is 20,600, and the support point is 20,000 [5]. - **Other metals**: Pressure and support levels are provided for other metals [5]. 3.4 Option Factors - Implied Volatility - **Copper**: The at - the - money implied volatility is 10.53%, the weighted implied volatility is 14.68%, down 0.36% [6]. - **Aluminum**: The at - the - money implied volatility is 9.09%, the weighted implied volatility is 12.24%, up 0.92% [6]. - **Other metals**: Implied volatility data are provided for other metals [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Build a short - volatility seller's option combination strategy and a spot long - hedging strategy [8]. - **Aluminum/Alumina**: Use a bullish option bull spread strategy, a short - position call + put option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead**: Adopt a bullish option bull spread strategy, a short - position call + put option combination strategy, and a spot collar strategy [9]. - **Nickel**: Build a short - position call + put option combination strategy and a spot long - hedging strategy [10]. - **Tin**: Use a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Build a short - position call + put option combination strategy and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Gold/Silver**: Adopt a neutral short - volatility option seller's combination strategy and a spot hedging strategy [12]. 3.5.3 Black Series - **Rebar**: Use a bullish option bull spread strategy, a short - position call + put option combination strategy, and a spot long - covered call strategy [14]. - **Iron Ore**: Adopt a bullish option bull spread strategy, a short - position call + put option combination strategy, and a spot long - collar strategy [14]. - **Ferroalloys**: Build a short - volatility strategy for manganese silicon [15]. - **Industrial Silicon/Polysilicon**: Use a bullish option bull spread strategy, a short - position call + put option combination strategy, and a spot hedging strategy [15]. - **Glass**: Adopt a bullish option bull spread strategy, a short - volatility call + put option combination strategy, and a spot long - collar strategy [16].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies mainly involve constructing option combination strategies with sellers as the main body, as well as spot hedging or covered strategies to enhance returns [3][9] 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 option underlying futures contracts, including crude oil, LPG, methanol, etc [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 various energy - chemical options, which are used to describe the strength of the option underlying market and the turning point of the underlying market [5] 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, such as the pressure and support levels of crude oil, LPG, etc [6] 3.4 Option Factors - Implied Volatility - It provides the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call implied volatility, put implied volatility, HISV20, and implied - historical volatility difference of various energy - chemical options [7] 3.5 Option Strategies and Recommendations 3.5.1 Energy - related Options - **Crude Oil**: Fundamentally, OPEC+ increases supply, and US supply follows the oil price rebound. The short - term market is weak. Option factors show that implied volatility fluctuates around the mean, and the short - term short - selling power increases. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **LPG**: Fundamentally, the futures price is weak, and the supply difference decreases. The demand side has potential risks. The short - term market is bearish. Option factors show that implied volatility fluctuates around the historical mean, and the short - selling power increases. Strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [10] 3.5.2 Alcohol - related Options - **Methanol**: Fundamentally, port inventory increases, and enterprise inventory is at a relatively low level. The market shows a weak rebound. Option factors show that implied volatility fluctuates below the historical mean, and the market is in a weak shock. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Fundamentally, port inventory decreases, and the downstream factory inventory days increase. The market shows a weak bearish shock. Option factors show that implied volatility fluctuates around the historical mean, and the market is weak. Strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11] 3.5.3 Polyolefin - related Options - **Polypropylene**: Fundamentally, trader inventory decreases, and port inventory increases. The market shows a weak trend with short - selling pressure. Option factors show that implied volatility fluctuates around the historical mean, and the market weakens. Strategies include a long collar strategy for spot hedging [11] 3.5.4 Rubber - related Options - **Rubber**: Fundamentally, the domestic synthetic rubber production increases. The market shows a low - level consolidation. Option factors show that implied volatility fluctuates around the mean, and the short - selling power increases. Strategies include constructing a neutral call + put option combination strategy [12] 3.5.5 Polyester - related Options - **PTA**: Fundamentally, the PTA load is high, and the short - term maintenance plan is less. The market shows a weak trend with pressure. Option factors show that implied volatility fluctuates around the mean, and the market weakens. Strategies include constructing a neutral call + put option combination strategy [13] 3.5.6 Alkali - related Options - **Caustic Soda**: Fundamentally, the capacity utilization rate of large - scale enterprises changes. The market shows a bullish trend. Option factors show that implied volatility fluctuates around the mean. Strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: Fundamentally, the inventory is at a historical high. The market shows a bullish trend. Option factors show that implied volatility fluctuates around the historical mean, and the market is in a weak shock. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [14] 3.5.7 Other Options - **Urea**: Fundamentally, port inventory increases, and domestic demand is weak. The market shows a shock under short - selling pressure. Option factors show that implied volatility fluctuates below the historical mean, and the market weakens. Strategies include constructing a neutral call + put option combination strategy 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 energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, option strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes an analysis of the underlying asset's market, research on option factors, and option strategy recommendations [8]. - The overall strategy is to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary According to Related Catalogs 3.1 Futures Market Overview - **Price and Volume Changes**: The report provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy and chemical futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, and others [3]. 3.2 Option Factors - Volume and Open Interest PCR - **PCR Indicators**: The volume PCR and open interest PCR of various option varieties are presented. These indicators are used to describe the strength of the option underlying asset's market and the turning point of the underlying asset's market, respectively [4]. 3.3 Option Factors - Pressure and Support Levels - **Pressure and Support Points**: The pressure points, support points, and their offsets, as well as the maximum open interests of call and put options, are provided for each option variety. These points are determined based on the strike prices with the maximum open interests of call and put options [5]. 3.4 Option Factors - Implied Volatility - **Volatility Metrics**: The report includes the at-the-money implied volatility, weighted implied volatility, change in weighted implied volatility, annual average implied volatility, call and put implied volatilities, historical volatility, and the difference between implied and historical volatilities for each option variety [6]. 3.5 Option Strategies and Suggestions 3.5.1 Energy - Crude Oil - **Fundamentals**: OPEC+ increased oil supply in July, and the US supply rebounded with rising oil prices [7]. - **Market Analysis**: Crude oil prices showed a short - term weak market trend, rising first and then falling [7]. - **Option Factors**: Implied volatility fluctuated around the mean, the open interest PCR was below 0.80, indicating increasing short - term bearish power, with a pressure level of 500 and a support level of 510 [7]. - **Strategies**: For volatility, construct a short - neutral call + put option combination strategy; for spot hedging, construct a long collar strategy [7]. 3.5.2 Energy - Liquefied Petroleum Gas (LPG) - **Fundamentals**: Global supply divergence decreased, but there were uncertainties in demand, and PDH profit recovery might support the operating rate [9]. - **Market Analysis**: LPG showed a short - term bearish market trend, with wide - range fluctuations followed by a decline [9]. - **Option Factors**: Implied volatility fluctuated around the historical mean, the open interest PCR was below 0.60, indicating increasing bearish power, with a pressure level of 4500 and a support level of 3700 [9]. - **Strategies**: For volatility, construct a short - bearish call + put option combination strategy; for spot hedging, construct a long collar strategy [9]. 3.5.3 Alcohols - Methanol - **Fundamentals**: Domestic methanol production started to recover, and port inventory increased [9]. - **Market Analysis**: Methanol showed a short - term narrow - range oscillating trend [9]. - **Option Factors**: Implied volatility was below the historical mean, the open interest PCR was around 0.80, indicating a weak - oscillating market, with a pressure level of 2950 and a support level of 2200 [9]. - **Strategies**: For volatility, construct a short - neutral call + put option combination strategy; for spot hedging, construct a long collar strategy [9]. 3.5.4 Alcohols - Ethylene Glycol - **Fundamentals**: Port inventory increased, and the destocking process would slow down [10]. - **Market Analysis**: Ethylene glycol showed a weak - bearish oscillating trend with pressure above [10]. - **Option Factors**: Implied volatility fluctuated around the historical mean, the open interest PCR was around 0.70, indicating a weak trend, with a pressure level of 4350 and a support level of 4300 [10]. - **Strategies**: For volatility, construct a short - volatility strategy; for spot hedging, hold a long spot position + buy a put option + sell an out - of - the - money call option [10]. 3.5.5 Polyolefins - Polypropylene - **Fundamentals**: PP trade inventory increased, and port inventory decreased [10]. - **Market Analysis**: Polypropylene showed a weak trend with bearish pressure above [10]. - **Option Factors**: Implied volatility fluctuated around the historical mean, the open interest PCR decreased below 0.80, indicating a weakening trend, with a pressure level of 7500 and a support level of 6800 [10]. - **Strategies**: For spot hedging, hold a long spot position + buy an at - the - money put option + sell an out - of - the - money call option [10]. 3.5.6 Rubber - **Fundamentals**: The price of natural rubber rebounded, but downstream demand did not change significantly [11]. - **Market Analysis**: Rubber showed a low - level consolidation trend [11]. - **Option Factors**: Implied volatility fluctuated around the mean, the open interest PCR was below 0.60, with a pressure level of 15000 and a support level of 13000 [11]. - **Strategies**: For volatility, construct a short - neutral call + put option combination strategy [11]. 3.5.7 Polyesters - PTA - **Fundamentals**: PTA load increased, and the maintenance season ended [12]. - **Market Analysis**: PTA showed a weak trend with pressure above [12]. - **Option Factors**: Implied volatility fluctuated around the mean, the open interest PCR was below 0.80, indicating a weakening trend, with a pressure level of 5000 and a support level of 3800 [12]. - **Strategies**: For volatility, construct a short - neutral call + put option combination strategy [12]. 3.5.8 Alkalis - Caustic Soda - **Fundamentals**: The average utilization rate of caustic soda production capacity changed slightly [13]. - **Market Analysis**: Caustic soda showed a short - term bullish trend [13]. - **Option Factors**: Implied volatility fluctuated around the mean, the open interest PCR was around 0.80, with a pressure level of 3400 and a support level of 2200 [13]. - **Strategies**: For spot hedging, hold a long spot position + buy a put option + sell an out - of - the - money call option [13]. 3.5.9 Alkalis - Soda Ash - **Fundamentals**: Soda ash inventory increased, and enterprise shipments slowed down [13]. - **Market Analysis**: Soda ash showed a low - level consolidation trend with a bullish bias [13]. - **Option Factors**: Implied volatility fluctuated around the historical mean, the open interest PCR was below 0.50, indicating a weak - oscillating market, with a pressure level of 2080 and a support level of 1100 [13]. - **Strategies**: For direction, construct a bearish spread combination strategy of put options; for volatility, construct a short - bearish call + put option combination strategy; for spot hedging, construct a long collar strategy [13]. 3.5.10 Urea - **Fundamentals**: Supply - demand difference decreased, and inventory declined. Positive export news boosted the market [14]. - **Market Analysis**: Urea showed an oscillating trend under bearish pressure [14]. - **Option Factors**: Implied volatility was below the historical mean, the open interest PCR was below 0.80, with a pressure level of 1900 and a support level of 1700 [14]. - **Strategies**: For volatility, construct a short - neutral call + put option combination strategy; for spot hedging, hold a long spot position + buy an at - the - money put option + sell an out - of - the - money call option [14].

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The agricultural products market shows different trends: oilseeds and oils are weakening, oils and agricultural by - products are oscillating, soft commodities like sugar are rebounding and rising, cotton is rising moderately, and grains like corn and starch are in a weak and narrow - range 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] Summary by Relevant Catalogs 1. Futures Market Overview - Different agricultural product futures have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,159, up 16 with a 0.39% increase, trading volume is 10.56 million lots (down 2.19 million lots), and open interest is 18.77 million lots (down 1.04 million lots) [3] 2. Option Factors - Volume and Open Interest PCR - The PCR indicators of different agricultural product options vary. For instance, the volume PCR of soybean No.1 is 0.28 (down 0.05), and the open - interest PCR is 0.47 (down 0.00). These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3. Option Factors - Pressure and Support Levels - Each agricultural product option has corresponding pressure and support levels. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,100 [5] 4. Option Factors - Implied Volatility - The implied volatility of different agricultural product options also shows different characteristics. For example, the at - the - money implied volatility of soybean No.1 is 9%, and the weighted implied volatility is 10.69% (down 0.65) [6] 5. Strategies and Recommendations 5.1 Oils and Oilseeds Options - **Soybean No.1 and No.2**: The USDA July report adjusted the supply - demand data of US soybeans. The market of soybean No.1 has shown a weakening trend recently. Directional strategies suggest constructing bear - spread put option strategies; volatility strategies suggest selling a neutral combination of call and put options; and spot long - hedging strategies suggest constructing long - collar strategies [7] - **Soybean Meal and Rapeseed Meal**: The fundamentals of soybean meal show that domestic trading has improved slightly but is still at a weak level. The market of soybean meal has been in a weak consolidation recently. Volatility strategies suggest selling a bearish combination of call and put options, and spot long - hedging strategies suggest constructing long - collar strategies [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The MPOB June report shows the supply - demand situation of Malaysian palm oil. The palm oil market has shown a bullish trend recently. Volatility strategies suggest selling a bullish combination of call and put options, and spot long - hedging strategies suggest constructing long - collar strategies [10] - **Peanuts**: The peanut market has shown a weak downward trend recently. Directional strategies suggest constructing bear - spread put option strategies, and spot long - hedging strategies suggest holding spot long + buying put options + selling out - of - the - money call options [11] 5.2 Agricultural By - products Options - **Pigs**: The domestic pig price has stopped falling and stabilized recently. Volatility strategies suggest selling a neutral combination of call and put options, and spot long - covered strategies suggest holding spot long + selling out - of - the - money call options [11] - **Eggs**: The egg market has shown a weak downward trend recently. Directional strategies suggest constructing bear - spread put option strategies, and volatility strategies suggest selling a bearish combination of call and put options [12] - **Apples**: The apple market has shown a weak bearish trend with a gradual rebound recently. Volatility strategies suggest selling a neutral combination of call and put options [12] - **Jujubes**: The jujube market has shown a rebound and then a decline recently. Volatility strategies suggest selling a bearish wide - straddle option combination, and spot covered - hedging strategies suggest holding spot long + selling out - of - the - money call options [13] 5.3 Soft Commodities Options - **Sugar**: The sugar market has shown a rebound after a decline recently. Volatility strategies suggest selling a neutral combination of call and put options, and spot long - hedging strategies suggest constructing long - collar strategies [13] - **Cotton**: The cotton market has shown a rebound and rise recently. Directional strategies suggest constructing bull - spread call option strategies, volatility strategies suggest selling a neutral combination of call and put options, and spot covered strategies suggest holding spot long + selling out - of - the money call options [14] 5.4 Grains Options - **Corn and Starch**: The corn market has shown a weak bearish trend recently. Directional strategies suggest constructing bear - spread put option strategies, and volatility strategies suggest selling a bearish combination of call and put options [14]