1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Domestic petroleum asphalt futures options will be listed on September 10, with the first - day listing of option contracts corresponding to BU2512 and BU2601 [1]. - It is expected that both supply and demand of asphalt will increase. The supply in Q4 is expected to maintain year - on - year growth but with a lower growth rate compared to Q3. The destocking amplitude in Q4 will increase month - on - month but decrease year - on - year. The average price of Brent crude oil in the fourth quarter is estimated to drop from $67 per barrel in the third quarter to $63 per barrel. The subsequent operating center of BU2512 is expected to be around 3400 yuan/ton. Different option strategies are proposed for the short - and long - term [4][6][8][10]. 3. Summary by Relevant Catalogs 3.1 Option Contract Design Rules - Contract subject: Petroleum asphalt futures contract (10 tons) - Contract types: Call options and put options - Trading unit: 1 lot of petroleum asphalt futures contract - Quotation unit: Yuan (Renminbi)/ton - Minimum price change: 0.5 yuan/ton - Daily price limit: The same as that of the underlying futures contract - Contract months: The nearest two consecutive - month contracts, and subsequent months will be listed on the second trading day after the open interest of the underlying futures contract reaches a certain value after settlement, with the specific value to be announced by the exchange - Trading hours: 9:00 - 11:30 am, 13:30 - 15:00 pm and other times specified by the exchange - Last trading day: The fifth - last trading day of the month before the delivery month of the underlying futures contract, which can be adjusted by the exchange according to national legal holidays - Expiration date: The same as the last trading day - Exercise price: It covers the price range corresponding to 1.5 times the daily price limit of the settlement price of the underlying futures contract on the previous trading day. When the exercise price ≤ 2000 yuan/ton, the exercise price interval is 20 yuan/ton; when 2000 yuan/ton < exercise price ≤ 5000 yuan/ton, the interval is 50 yuan/ton; when the exercise price > 5000 yuan/ton, the interval is 100 yuan/ton - Exercise method: American style. The buyer can submit an exercise application during the trading hours of any trading day before the expiration date, and can submit an exercise or waiver application before 15:30 on the expiration date - Trading codes: Call options: BU - contract month - C - exercise price; Put options: BU - contract month - P - exercise price - Listing exchange: Shanghai Futures Exchange [3] 3.2 Asphalt Market Outlook 3.2.1 Demand - Taking the "Golden September" as a boundary, the cumulative shipments of 54 asphalt sample refineries in August increased by 8% year - on - year, breaking the 7% growth bottleneck in June - July. The shipment rhythm in the first week of September slowed down compared to August, but considering the peak road construction season lasting until the mid - late fourth quarter, the impact of the slowdown is expected to be short - term. The demand for road construction is most prosperous from September to October, and the demand in the north will gradually decline in November while the south still has support. Special bonds are expected to have an incremental increase from September to October 2025, and their boost to asphalt demand is expected to be reflected in the fourth quarter [4]. 3.2.2 Supply - In terms of refinery supply, the significant increase in asphalt cracking spread means that the profit of refining asphalt by independent refineries with crude oil quotas has recovered, and the production profit of asphalt is better than that of other oil products. The supply of asphalt by independent refineries with quotas has increased significantly year - on - year. For example, the average monthly output of Jingbo Hainan's asphalt has been around 200,000 tons since 2025, a significant increase compared to the level of 8,000 tons in most months in 2024. As of the end of July this year, the cumulative import of diluted asphalt decreased by 45% year - on - year. Independent refineries without crude oil quotas face the problems of high discounts on diluted asphalt and low tax deductions, resulting in serious losses in processing diluted asphalt, and their supply has been suppressed. In terms of major refineries, Sinopec's asphalt supply has been declining year - on - year due to the shift towards deep - processing, and the decline rate has been increasing month by month, offsetting the incremental supply of PetroChina and CNOOC to some extent. The supply in Q4 is expected to maintain year - on - year growth, but the growth rate will be lower than that in Q3. The low base in Q3 2024 contributed to the high year - on - year growth rate of supply in 2025. The supply in Q3 2025 is expected to increase by 26% year - on - year (+1.6 million tons), but the monthly output of asphalt in Q4 2024 increased, and there is still a certain constraint on the increase rate considering profit and historical supply levels [6]. 3.2.3 Inventory - The estimated result of the supply - demand balance sheet shows that the destocking amplitude of refineries in Q4 2025 will be lower than that in 2024. Within the year, the destocking amplitude of the asphalt industry chain in Q4 is the strongest, with a significant increase compared to Q3. October and November are the periods with the fastest destocking speed within the year. It is expected to continue destocking in December, but the destocking amplitude will decrease significantly both year - on - year and month - on - month. Considering that the inventory of the asphalt industry chain has been at a relatively low level this year, the inventory level at the end of the year is expected to decline year - on - year [10]. 3.3 Option Strategies - Taking the options corresponding to the BU2512 contract as the strategy target, combined with the fundamental forecasts of crude oil and asphalt, the subsequent operating center of BU2512 is expected to be around 3400 yuan/ton. In the short - to - medium term, there are still seasonal supporting factors for the asphalt fundamentals. After the decline of crude oil stabilizes, shallow out - of - the - money put options can be sold according to the volatility. If the futures price weakens again, a spread strategy can be adopted, that is, buying deep out - of - the - money put options for protection. In the long - term, different from the end - of - year tail - up market in 2024 caused by the unexpected destocking during the traditional off - season under the deep production cuts by refineries, the support provided by the fundamentals at the end of this year may be weaker than that in 2024 due to the year - on - year increase in refinery supply. Therefore, shallow out - of - the - money put options can be bought after the high - level decline of crude oil and the weakening of the seasonal support of asphalt fundamentals. For spot enterprises, this can control the depreciation risk caused by price drops while still retaining the opportunity to benefit from the phased upward market [10].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - For non - ferrous metals, a neutral volatility seller strategy can be constructed as they show a weak and volatile trend; for the black series, a short - volatility portfolio strategy is suitable due to large - amplitude fluctuations; for precious metals, a spot hedging strategy can be built as they break upward [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, such as the copper CU2510 contract with a latest price of 79,440, a decline of 500, and a trading volume of 5.54 million lots [3]. 3.2 Option Factor - Volume and Open Interest PCR - Volume and open - interest PCR data for different metal options are provided, which are used to describe the strength of the option underlying market and the turning points of the underlying market [4]. 3.3 Option Factor - Pressure and Support Levels - Pressure and support levels for different metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5]. 3.4 Option Factor - Implied Volatility - Implied volatility data for different metal options are presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6]. 3.5 Strategy and Recommendations - **Non - ferrous Metals** - **Copper**: Based on the stable inventory, the upward - trending price, and the option factors, a short - volatility seller option portfolio strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum/Alumina**: Given the inventory changes, price trends, and option factors, a bull - spread strategy, a short - neutral call + put option combination strategy, and a spot collar strategy are suggested [9]. - **Zinc/Lead**: Considering the supply and demand fundamentals, price trends, and option factors, a short - neutral call + put option combination strategy and a spot collar strategy are recommended [9]. - **Nickel**: Based on the industrial fundamentals, price trends, and option factors, a short - bearish call + put option combination strategy and a spot covered - call strategy are suggested [10]. - **Tin**: Given the inventory and price trends, and option factors, a short - volatility strategy and a spot collar strategy are recommended [10]. - **Lithium Carbonate**: Considering the production, inventory, price trends, and option factors, a short - bearish call + put option combination strategy and a spot long - hedging strategy are suggested [11]. - **Precious Metals** - **Gold/Silver**: Based on the macro - fundamentals, price trends, and option factors, a bull - spread strategy, a short - neutral volatility seller option portfolio strategy, and a spot hedging strategy are recommended [12]. - **Black Series** - **Rebar**: Given the production capacity utilization rate, price trends, and option factors, a short - bearish call + put option combination strategy and a spot covered - call strategy are suggested [13]. - **Iron Ore**: Considering the inventory, price trends, and option factors, a short - neutral call + put option combination strategy and a spot long - collar strategy are recommended [13]. - **Ferroalloys**: Based on the production capacity utilization rate, price trends, and option factors, a short - volatility strategy is recommended for manganese - silicon, and a short - volatility call + put option combination strategy and a spot hedging strategy are suggested for industrial silicon and polysilicon [14]. - **Glass**: Given the supply and demand fundamentals, price trends, and option factors, a short - volatility call + put option combination strategy and a spot long - collar strategy are recommended [15].

Group 1: Report Overview - The report is an early morning strategy report on energy and chemical options dated September 8, 2025, covering various types of energy and chemical options including energy, polyolefins, polyesters, alkali chemicals, etc. [2][3] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of multiple underlying futures contracts such as crude oil, LPG, methanol, etc. are presented [4] Group 3: Option Factors - Volume and Open Interest PCR - The trading volumes, volume changes, open interests, open interest changes, volume PCR, volume PCR changes, open interest PCR, and open interest PCR changes of various option varieties are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market [5] Group 4: Option Factors - Pressure and Support Levels - The at - the - money strike prices, pressure points, pressure point offsets, support points, support point offsets, maximum call option open interests, and maximum put option open interests of different option varieties are given, indicating the pressure and support levels of the option underlying from the perspective of the strike prices with the largest open interests of call and put options [6] Group 5: Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of each option variety are shown. The at - the - money implied volatility is the arithmetic average of call and put at - the - money implied volatilities, and the weighted implied volatility uses volume - weighted average [7] Group 6: Strategy and Recommendations for Different Option Types Energy - related Options Crude Oil - Fundamental factors include short - term geopolitical disturbances, long - term supply - demand negatives, and concerns about employment deterioration and economic pressure after the non - farm payroll data. The market sentiment is bearish. The price has been weak and range - bound since July, with short - term weakness in August and continued weakness in September [8] - Option factors show that the implied volatility fluctuates around the average, the open interest PCR is below 0.80 indicating a weak and volatile market, and the pressure level is 600 and the support level is 450 [8] - Strategies include constructing a short - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - hedging strategy [8] LPG - The domestic supply is loose, the demand is low, and the market is weak. The price has been falling and is currently in a weak state [10] - The implied volatility has dropped significantly to around the average, the open interest PCR is around 0.60 indicating strong bearish power, and the pressure level is 5400 and the support level is 4200 [10] - Strategies are similar to crude oil, including a short - biased call + put option combination strategy and a long collar strategy [10] Alcohol - related Options Methanol - The weekly domestic methanol production has increased, and the price has shown a weak trend with some rebounds recently [10] - The implied volatility has decreased and fluctuates below the average, the open interest PCR is below 0.80 indicating a weak and volatile market, and the pressure level is 2600 and the support level is 2250 [10] - Strategies include a bearish spread combination strategy for the directional strategy, a short - biased call + put option combination strategy for the volatility strategy, and a long collar strategy for the spot long - hedging strategy [10] Ethylene Glycol - The inventory at the main port in East China has decreased to a new low in 2025. The price has shown a weak trend [11] - The implied volatility fluctuates below the average, the open interest PCR is below 0.60 indicating strong bearish power, and the pressure level is 4600 and the support level is 4400 [11] - Strategies include a short - volatility strategy for the volatility strategy and a long collar strategy for the spot long - hedging strategy [11] Polyolefin - related Options Polypropylene - The domestic polypropylene maintenance loss has increased. The price has been weak since July [11] - The implied volatility has decreased to below the average, the open interest PCR is around 0.60 indicating a weak market, and the pressure level is 7300 and the support level is 6900 [11] - Strategies include a long collar strategy for the spot long - hedging strategy [11] Rubber - related Options Rubber - The operating loads of all - steel and semi - steel tires have decreased. The price has shown a warming - up trend recently [12] - The implied volatility has dropped to around the average after a sharp rise, the open interest PCR is below 0.60, and the pressure level is 18000 and the support level is 15750 [12] - Strategies include a short - neutral call + put option combination strategy for the volatility strategy [12] Polyester - related Options PTA - The开工 rates of polyester products have changed slightly, and the supply - demand relationship has little change. The price of PTA has been weak [12] - The implied volatility fluctuates at a relatively high level above the average, the open interest PCR is around 0.60 indicating a volatile market, and the pressure level is 5000 and the support level is 4500 [12] - Strategies include a short - biased call + put option combination strategy for the volatility strategy [12] Alkali - related Options Caustic Soda - The caustic soda market was strong in August, but the price has been weak recently [13] - The implied volatility is at a relatively high level, the open interest PCR is below 0.80 indicating a volatile market, and the pressure level is 2800 and the support level is 2400 [13] - Strategies include a long collar strategy for the spot long - hedging strategy [13] Soda Ash - The supply of soda ash has increased, and the price has been in a low - level volatile state [13] - The implied volatility is at a relatively high historical level, the open interest PCR is below 0.60 indicating strong bearish pressure, and the pressure level is 1640 and the support level is 1160 [13] - Strategies include a short - volatility combination strategy for the volatility strategy and a long collar strategy for the spot long - hedging strategy [13] Other Options Urea - The supply - demand difference has decreased, and the price has been in a weak and stagnant state [14] - The implied volatility fluctuates around the historical average, the open interest PCR is below 0.60 indicating strong bearish pressure, and the pressure level is 1900 and the support level is 1700 [14] - Strategies include a short - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - hedging strategy [14] Group 7: Option Charts - There are various charts for different option varieties such as crude oil, LPG, methanol, etc., including price trend charts, trading volume and open interest charts, open interest PCR and turnover PCR charts, implied volatility charts, historical volatility cone charts, and option pressure and support level charts [15][34][55]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The agricultural product option market shows different trends. Oilseeds and oils are in a weak - oscillating state, while oils, agricultural by - products maintain an oscillating trend. Soft commodities like sugar show a slight oscillation, cotton is in a weak consolidation, and grains such as corn and starch are in a weak and narrow - range consolidation [2]. - It is recommended to construct option combination strategies mainly based on sellers, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product futures have varying price changes, trading volumes, and open interests. For example, the price of soybean No.1 (A2511) decreased by 0.30% to 3,963, with a trading volume of 7.84 million lots and an open interest of 19.66 million lots [3]. 3.2 Option Factors - PCR - The volume PCR and open interest PCR of different agricultural product options 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 0.41 with a change of - 0.10, and the open interest PCR is 0.41 with a change of - 0.00 [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 different agricultural product options are determined. For example, the pressure level of soybean No.1 is 4100 and the support level is 3900 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different agricultural product options shows different trends. For example, the implied volatility of soybean No.1 has a weighted implied volatility of 12.97% with a change of - 0.10%, and the difference between implied and historical volatility is - 2.34% [6]. 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamental data of soybeans show changes in the US soybean good - rate and Brazilian soybean import costs. The soybean No.1 market shows a pattern of small - range consolidation. Option strategies include constructing a neutral call + put option combination for volatility strategies and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The supply of soybean meal is abundant, and the price is under pressure. Option strategies include a bear spread strategy for direction and a short - biased call + put option combination for volatility, along with a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The palm oil market shows a pattern of high - level and large - range oscillation. Option strategies include a long - biased call + put option combination for volatility and a long collar strategy for spot hedging [10]. - **Peanut**: The peanut market is in a weak consolidation. Option strategies include a bear spread strategy for direction and a long collar strategy for spot hedging [11]. 3.5.2 Agricultural By - product Options - **Pig**: The pig market is in a weak consolidation. Option strategies include a short - biased call + put option combination for volatility and a covered call strategy for spot [11]. - **Egg**: The egg market is in a weak and bearish trend. Option strategies include a bear spread strategy for direction, a short - biased call + put option combination for volatility [12]. - **Apple**: The apple market shows a continuous upward trend with pressure. Option strategies include a long - biased call + put option combination for volatility [12]. - **Jujube**: The jujube market shows a short - term decline. Option strategies include a short - biased strangle option combination for volatility and a covered call strategy for spot [13]. 3.5.3 Soft Commodity Options - **Sugar**: The sugar market is in a weak and bearish trend. Option strategies include a short - biased call + put option combination for volatility and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton market is in a short - term weak trend. Option strategies include a long - biased call + put option combination for volatility and a covered call strategy for spot [14]. 3.5.4 Grain Options - **Corn and Starch**: The corn market is in a weak and bearish rebound. Option strategies include a short - biased call + put option combination for volatility [14].

Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] Core Viewpoints - The lead market currently shows a pattern of weak supply and demand. On the supply side, TC prices are continuously declining, and smelter maintenance is increasing. On the demand side, dealer inventory depletion is slow, purchasing意愿 is low, and some enterprises' finished - product inventories are accumulating. With the upcoming implementation of the new national standard for electric bicycles and Middle - East tariff policies in September, the impact on consumption is uncertain. Therefore, the lead price is expected to remain in a trading range between 16,300 yuan/ton and 17,050 yuan/ton [3] Summary by Relevant Catalogs Market News and Key Data Spot Market - On September 4, 2025, the LME lead spot premium was - 43.09 dollars/ton. The SMM1 lead ingot spot price decreased by 25 yuan/ton to 16,725 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at - 35.00 yuan/ton. The SMM Guangdong lead spot price decreased by 25 yuan/ton to 16,750 yuan/ton, the SMM Henan lead spot price decreased by 25 yuan/ton to 16,725 yuan/ton, and the SMM Tianjin lead spot premium decreased by 25 yuan/ton to 16,750 yuan/ton. The lead refined - scrap price difference remained unchanged at - 25 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells remained unchanged at 10,075 yuan/ton, 10,100 yuan/ton, and 10,425 yuan/ton respectively [1] Futures Market - On September 4, 2025, the main contract of Shanghai lead opened at 16,865 yuan/ton, closed at 16,860 yuan/ton, down 5 yuan/ton from the previous trading day. The trading volume was 25,910 lots, a decrease of 4,432 lots from the previous trading day, and the open interest was 50,042 lots, a decrease of 596 lots. The intraday price fluctuated between 16,835 yuan/ton and 16,890 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,890 yuan/ton and closed at 16,870 yuan/ton, up 0.03% from the afternoon close [1] Supply and Demand Analysis - The lead market has a weak supply - demand pattern. Supply is affected by falling TC prices and increased smelter maintenance. Demand is weak as dealers have slow inventory depletion and low purchasing意愿, and some enterprises have accumulated finished - product inventories [3] Inventory Data - On September 4, 2025, the total SMM lead ingot inventory was 66,000 tons, a decrease of 10,000 tons compared to the same period last week. As of September 4, the LME lead inventory was 251,200 tons, a decrease of 3,350 tons from the previous trading day [2] Strategy - The recommended option strategy is to sell a wide - straddle [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks showed a market trend of gradually declining on the long side [2]. - The implied volatility of financial options gradually increased to a relatively high level around the mean [2]. - For ETF options, it is suitable to construct a long-biased buyer strategy and a bull spread strategy for call options; for index options, it is suitable to construct a long-biased seller strategy, a bull spread strategy for call options, and an arbitrage strategy between synthetic long futures with options and short futures [2]. 3. Summary by Relevant Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,765.88, down 47.68 points or 1.25%, with a trading volume of 110.79 billion yuan and an increase of 95.6 billion yuan [3]. - The Shenzhen Component Index closed at 12,118.70, down 353.29 points or 2.83%, with a trading volume of 143.64 billion yuan and an increase of 84.6 billion yuan [3]. - The SSE 50 Index closed at 2,910.47, down 50.52 points or 1.71%, with a trading volume of 20.8 billion yuan and an increase of 4.7 billion yuan [3]. - The CSI 300 Index closed at 4,365.21, down 94.62 points or 2.12%, with a trading volume of 77.31 billion yuan and an increase of 11.74 billion yuan [3]. - The CSI 500 Index closed at 6,698.45, down 170.01 points or 2.48%, with a trading volume of 47.2 billion yuan and an increase of 2.24 billion yuan [3]. - The CSI 1000 Index closed at 7,041.15, down 165.72 points or 2.30%, with a trading volume of 48.86 billion yuan and an increase of 0.19 billion yuan [3]. 3.2 Option - Underlying ETF Market Overview - The SSE 50 ETF closed at 3.034, down 0.053 or 1.72%, with a trading volume of 14.9571 million shares and an increase of 14.8452 million shares, and a trading amount of 4.541 billion yuan and an increase of 1.078 billion yuan [4]. - The SSE 300 ETF closed at 4.456, down 0.093 or 2.04%, with a trading volume of 14.2082 million shares and an increase of 14.1163 million shares, and a trading amount of 6.352 billion yuan and an increase of 2.165 billion yuan [4]. - Other ETFs also have corresponding closing prices, price changes, trading volumes, and trading amount changes [4]. 3.3 Option Factor - Volume and Position PCR - For the SSE 50 ETF option, the trading volume was 1.8754 million contracts, an increase of 0.1816 million contracts; the position was 1.8757 million contracts, an increase of 0.2271 million contracts; the volume PCR was 0.94, an increase of 0.19; the position PCR was 0.81, a decrease of 0.06 [5]. - Other option varieties also have corresponding volume, position, volume PCR, and position PCR data and changes [5]. 3.4 Option Factor - Pressure and Support Points - The SSE 50 ETF option had a pressure point of 3.20 and a support point of 3.10 [7]. - Other option varieties also have corresponding pressure and support points [7]. 3.5 Option Factor - Implied Volatility - The SSE 50 ETF option had a at - the - money implied volatility of 20.23%, a weighted implied volatility of 21.65%, an increase of 0.14%, an annual average of 15.61%, a call implied volatility of 22.21%, a put implied volatility of 20.97%, a 20 - day historical volatility of 15.38%, and an implied - historical volatility difference of 6.27% [9]. - Other option varieties also have corresponding implied volatility data [9]. 3.6 Strategy and Recommendations - The financial option sector is divided into large - cap blue - chip stocks, small and medium - sized boards, and the ChiNext board. Different sectors include corresponding option varieties [11]. - For the financial stock sector (SSE 50 ETF, SSE 50), the SSE 50 ETF showed a long - term upward trend with high - level fluctuations and then a decline. The implied volatility of its options was above the mean, the position PCR indicated a volatile market, and the pressure and support points were 3.20 and 3.10 respectively. The recommended strategy was to construct a short - biased long combination strategy [12]. - Other sectors also have corresponding market analysis, option factor research, and strategy recommendations [12][13][14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, a seller neutral volatility strategy is recommended as they are in a weak and volatile state; for black metals, a short - volatility combination strategy is suitable due to their large - amplitude fluctuations; for precious metals, a spot hedging strategy is proposed as they are breaking upward [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented, such as copper (CU2510) at 79,650 with a - 0.41% change, and aluminum (AL2510) at 20,625 with a - 0.05% change [3]. 3.2 Option Factor - Volume and Open Interest PCR - The volume and open interest PCR data of different metal options are given, which are used to describe the strength of the option underlying market and the turning points of the underlying market respectively [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options, for example, the pressure point of copper is 82,000 and the support point is 80,000 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility data of different metal options, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility, are provided [6]. 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Construct a short - volatility seller option portfolio strategy and a spot hedging strategy [7]. - **Aluminum/Alumina**: Build a bull spread combination strategy for call options, a short - volatility option combination strategy, and a spot collar strategy [8]. - **Zinc/Lead**: Adopt a short - volatility option combination strategy and a spot collar strategy [8]. - **Nickel**: Use a short - volatility option combination strategy with a short bias and a spot covered call strategy [10]. - **Tin**: Implement a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Construct a short - volatility option combination strategy with a short bias and a spot hedging strategy [11]. 3.5.2 Precious Metals - **Gold/Silver**: Build a bull spread combination strategy for call options, a short - volatility option seller combination strategy, and a spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar**: Adopt a short - volatility option combination strategy with a short bias and a spot covered call strategy [13]. - **Iron Ore**: Use a short - volatility option combination strategy and a spot collar strategy [13]. - **Ferroalloys**: Implement a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon**: Build a short - volatility option combination strategy and a spot hedging strategy [14]. - **Glass**: Adopt a short - volatility option combination strategy and a spot collar strategy [15].

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. Strategies mainly involve constructing option portfolio strategies with sellers as the main body and spot hedging or covered strategies to enhance returns [3][9]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest changes of various energy - chemical option underlying futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil SC2510 is 483, with a decline of 0 and a decline rate of - 0.06%, trading volume of 11.80 million lots, and open interest of 2.76 million lots [4]. 3.2 Option Factors - Volume and Open Interest PCR - It shows the volume, volume changes, open interest, open interest changes, volume PCR, volume PCR changes, open interest PCR, and open interest PCR changes of different option varieties. For instance, the volume PCR of crude oil options is 0.93, with a change of 0.32, and the open interest PCR is 0.71, with a change of - 0.06 [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 underlying assets are analyzed. For example, the pressure level of crude oil is 600, and the support level is 450 [6]. 3.4 Option Factors - Implied Volatility - It provides the at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average, call implied volatility, put implied volatility, HISV20, and the difference between implied and historical volatilities of various options. For example, the at - the - money implied volatility of crude oil options is 29.2, and the weighted implied volatility is 32.08, with a change of 2.92 [7]. 3.5 Strategies and Recommendations for Different Option Varieties 3.5.1 Energy - related Options (Crude Oil) - **Fundamentals**: OPEC shows a restrained attitude to support prices. US refinery demand declines due to reduced imports, and shale oil maintains normal fluctuations. The overall fundamentals are healthy, and the crack spread remains strong [8]. - **Market Analysis**: Crude oil rose rapidly in June, then fell continuously after reaching a high. Since July, it has weakened and then consolidated in a range. In August, it first rose and then fell, showing a short - term weakening and rebound - hindered market trend [8]. - **Option Factor Research**: The implied volatility of crude oil options fluctuates around the average level. The open interest PCR is below 0.80, indicating a short - term weakening and consolidating market. The pressure level is 600, and the support level is 450 [8]. - **Option Strategies**: Directional strategy: None. Volatility strategy: Construct a short - neutral call + put option combination strategy. Spot long - hedging strategy: Construct a long collar strategy [8]. 3.5.2 Energy - related Options (LPG) - **Fundamentals**: The domestic supply is loose, the main refinery's operation is stable at a high level, the commodity volume is at a seasonal high, and the import has declined slightly in the past two weeks. The port inventory remains high. The summer combustion demand is low, and the chemical demand has declined slightly [10]. - **Market Analysis**: LPG has been consolidating in a low - level range since June, then rose significantly and broke through the upper level. In July, it fell after reaching a high and then weakly consolidated. Since August, it has accelerated its decline and then rebounded, showing a weak market trend with pressure above [10]. - **Option Factor Research**: The implied volatility of LPG options has decreased significantly and returned to around the average level. The open interest PCR is around 0.60, indicating strong short - term short - selling power. The pressure level is 5400, and the support level is 4200 [10]. - **Option Strategies**: Directional strategy: None. Volatility strategy: Construct a short - bearish call + put option combination strategy. Spot long - hedging strategy: Construct a long collar strategy [10]. 3.5.3 Alcohol - related Options (Methanol) - **Fundamentals**: The import volume has increased, and the port inventory has accumulated to a high level. The demand from port MTO has improved, but the overall downstream demand is still weak [10]. - **Market Analysis**: Methanol rose and then fell in July, and has been gradually weakening and moving downward since August, showing a weak market trend with pressure above [10]. - **Option Factor Research**: The implied volatility of methanol options has decreased and fluctuates below the average level. The open interest PCR is below 0.80, indicating a short - term weakening and consolidating market. The pressure level is 2600, and the support level is 2250 [10]. - **Option Strategies**: Directional strategy: Construct a bearish call spread strategy. Volatility strategy: Construct a short - bearish call + put option combination strategy. Spot long - hedging strategy: Construct a long collar strategy [10]. And so on for other option varieties such as ethylene glycol, polypropylene, rubber, etc. Each variety has its own fundamental analysis, market trend analysis, option factor research, and corresponding option strategies [11][12][13][14].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural products sector mainly includes beans, oils, agricultural by - products, soft commodities, grains, and others. The sector shows different trends: oilseeds and oils are weakly volatile, oils and agricultural by - products maintain a volatile market, soft commodity sugar has a slight fluctuation, cotton is weakly consolidating, and grains such as corn and starch are weakly and narrowly consolidating. Strategies suggest building option combination strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2][8] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various agricultural product futures contracts, including soybeans, soybean meal, palm oil, eggs, etc. For example, the latest price of soybean (A2511) is 3,958, with a price change of - 6 and a change rate of - 0.15% [3] 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market. Different agricultural product options have different PCR values and changes. For instance, the volume PCR of soybean (A2511) is 0.44, with a change of - 0.01, and the open interest PCR is 0.43, with a change of 0.01 [4] 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of option underlyings are determined by the strike prices where the maximum open interest of call and put options are located. For example, the pressure level of soybean (A2511) is 4,100, and the support level is 3,900 [5] 3.4 Option Factors - Implied Volatility - The report presents the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of various agricultural product options. For example, the at - the - money implied volatility of soybean (A2511) is 10.585, and the weighted implied volatility is 12.95, with a change of - 0.13 [6] 3.5 Strategy and Recommendations for Different Agricultural Product Options 3.5.1 Oils and Oilseeds Options - **Soybeans (A2511, B2511)**: Based on the USDA crop growth report and steel - union data, the fundamentals and market trends of soybeans are analyzed. Option strategies include building a neutral call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging [7] - **Soybean Meal (M2511) and Rapeseed Meal (RM2511)**: Analyze the fundamentals such as soybean crushing volume and开机率. Option strategies involve a bear spread strategy for direction, a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging [9] - **Palm Oil (P2510), Soybean Oil (Y2511), and Rapeseed Oil (OI2511)**: Analyze the fundamentals of oils such as production, exports, and inventories. Option strategies include a short - biased call + put option combination strategy for volatility and a long collar strategy for spot long - hedging [10] - **Peanuts (PK2510)**: Analyze the fundamentals such as market prices and supply - demand relationships. Option strategies include a bear spread strategy for direction and a long collar strategy for spot long - hedging [11] 3.5.2 Agricultural By - products Options - **Pigs (LH2511)**: Analyze the supply and demand fundamentals of pigs. Option strategies include a short - biased call + put option combination strategy for volatility and a covered call strategy for spot long - hedging [11] - **Eggs (JD2510)**: Analyze the fundamentals such as egg production and demand. Option strategies include a bear spread strategy for direction, a short - biased call + put option combination strategy for volatility [12] - **Apples (AP2601)**: Analyze the fundamentals such as cold - storage inventory. Option strategies include a short - biased call + put option combination strategy for volatility [12] - **Jujubes (CJ2601)**: Analyze the fundamentals such as inventory and market transactions. Option strategies include a short - neutral strangle option combination strategy for volatility and a covered call strategy for spot long - hedging [13] 3.5.3 Soft Commodities Options - **Sugar (SR2511)**: Analyze the fundamentals such as inventory and new - season production. Option strategies include a short - biased call + put option combination strategy for volatility and a long collar strategy for spot long - hedging [13] - **Cotton (CF2511)**: Analyze the fundamentals such as cotton growth and production expectations. Option strategies include a short - biased call + put option combination strategy for volatility and a covered call strategy for spot long - hedging [14] 3.5.4 Grains Options - **Corn (C2511) and Starch (CS2511)**: Analyze the fundamentals such as inventory and demand. Option strategies include a short - biased call + put option combination strategy for volatility [14]

1. Report Industry Investment Rating No relevant content in the provided document. 2. Core Viewpoints of the Report - The report focuses on energy - chemical options, covering various sectors such as energy, polyolefins, polyesters, and alkalis. It analyzes the fundamentals, market trends, and option factors of different underlying assets and provides corresponding option strategies and suggestions [3][9]. - It is recommended to construct option combination strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Option - Underlying Futures Market Overview - Multiple energy - chemical option underlying futures are presented, including details like the latest price, price change, change rate, trading volume, volume change, open interest, and open interest change. For example, the latest price of crude oil (SC2510) is 484, with a price drop of 8 and a decline rate of 1.67% [4]. 3.2 Option Factors 3.2.1 Volume - Open Interest PCR - The volume - open interest PCR data of various option varieties are provided, which are used to describe the strength of the option - underlying market and the turning point of the underlying market. For instance, the volume PCR of crude oil is 0.61 with a change of 0.08, and the open interest PCR is 0.77 with a change of 0.06 [5]. 3.2.2 Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil is 600 and the support level is 450 [6]. 3.2.3 Implied Volatility - The implied volatility data of various option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and its change, annual average, call implied volatility, put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 26.005, and the weighted implied volatility is 29.16 with a change of 1.62 [7]. 3.3 Strategy and Suggestions 3.3.1 Energy - Class Options - **Crude Oil**: The fundamentals are healthy with OPEC's supply restraint. The market shows a short - term upward resistance and decline. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [8]. - **LPG**: The supply is loose, and the demand is weak. The market is in a weak state. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.3.2 Alcohol - Class Options - **Methanol**: The import volume increases, and the downstream demand is weak. The market is weak. Option strategies include constructing a bear spread strategy of put options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The port inventory is decreasing. The market shows a wide - range weak oscillation. Option strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.3.3 Polyolefin - Class Options - **Polypropylene**: The inventory shows a mixed trend. The market is weak. Option strategies include a long collar strategy for spot hedging [11]. 3.3.4 Rubber Options - **Rubber**: The tire production capacity utilization rate shows different trends. The market is short - term weak. Option strategies include constructing a neutral call + put option combination strategy [12]. 3.3.5 Polyester - Class Options - **PTA**: The inventory is decreasing, and the downstream load is rising. The market shows a rebound resistance and decline. Option strategies include constructing a neutral call + put option combination strategy [12]. 3.3.6 Alkali - Class Options - **Caustic Soda**: The production capacity utilization rate decreases in most regions. The market shows an oscillatory trend. Option strategies include a long collar strategy for spot hedging [13]. - **Soda Ash**: The inventory is decreasing. The market shows an oscillatory trend. Option strategies include constructing a short - volatility combination strategy and a long collar strategy for spot hedging [13]. 3.3.7 Urea Options - The port inventory increases, and the enterprise inventory is under pressure. The market shows a low - level oscillation. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [14].