1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are oscillating weakly [2]. - For the black series, build a short - volatility portfolio strategy after a significant drop following continuous rise [2]. - For precious metals, construct a spot hedging strategy as they are oscillating at a high level and have declined [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Copper (CU2509) is priced at 78,800, down 530 or 0.67% with a trading volume of 8.81 million lots and an open interest of 18.08 million lots [3]. - Aluminum (AL2509) is at 20,615, down 135 or 0.65% with a volume of 14.36 million lots and an open interest of 30.20 million lots [3]. - Multiple other metal futures are also presented with their latest prices, price changes, trading volumes, and open interest [3]. 3.2 Option Factors - Quantity and Position PCR - Copper's volume PCR is 0.64 (change: 0.25), and position PCR is 0.64 (change: - 0.04) [4]. - Aluminum's volume PCR is 0.59 (change: - 0.19), and position PCR is 0.78 (change: - 0.13) [4]. - Similar data for other metal options are provided [4]. 3.3 Option Factors - Pressure and Support Levels - Copper's pressure point is 82,000 and support point is 75,000 [5]. - Aluminum's pressure point is 21,000 and support point is 20,000 [5]. - Pressure and support levels for other metals are also given [5]. 3.4 Option Factors - Implied Volatility - Copper's at - the - money implied volatility is 12.15%, weighted implied volatility is 18.78% (change: 0.15) [6]. - Aluminum's at - the - money implied volatility is 12.57%, weighted implied volatility is 14.68% (change: - 0.17) [6]. - Implied volatility data for other metals are presented [6]. 3.5 Option Strategies and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Construct a short - volatility seller option portfolio and a spot long - hedging strategy [7]. - **Aluminum/Alumina**: Use a bull - spread strategy for call options, a short - volatility strategy, and a spot collar strategy [8][9]. - **Zinc/Lead**: Implement a bull - spread strategy for call options, a short - volatility strategy, and a spot collar strategy [9]. - **Nickel**: Build a short - volatility strategy with a bearish bias and a spot long - hedging strategy [10]. - **Tin**: Adopt a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Use a bull - spread strategy for call options, a short - volatility strategy with a bullish bias, and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Gold/Silver**: Construct a neutral short - volatility option seller portfolio and a spot hedging strategy [12]. 3.5.3 Black Series - **Rebar**: Build a short - volatility strategy with a neutral bias and a spot long - covered call strategy [13]. - **Iron Ore**: Use a bull - spread strategy for call options, a short - volatility strategy with a bullish bias, and a spot long - collar strategy [13]. - **Ferroalloys**: Implement a bull - spread strategy for call options and a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon**: Build a short - volatility strategy and a spot long - hedging strategy [14]. - **Glass**: Adopt a short - volatility strategy and a spot long - collar strategy [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The agricultural product sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall market shows that oil and fat - related agricultural products are in a strong - biased oscillatory state, oils and agricultural by - products maintain an oscillatory trend, soft commodity sugar rebounds and rises in an oscillatory manner, cotton shows a bullish upward trend, and grains such as corn and starch are in a weak and narrow - range consolidation state. [2][8] - Strategies suggest constructing option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The table presents the latest prices, price changes, trading volumes, and open interest changes of various agricultural product futures contracts. For example, the latest price of soybean No.1 (A2509) is 4,208, with a decline of 15 and a decline rate of 0.36%, trading volume of 10.13 million lots, and an increase in open interest of 0.29 million lots. [3] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators of volume and open interest for different option varieties are provided. For instance, the volume PCR of soybean No.1 is 0.53 with a change of 0.19, and the open interest PCR is 0.46 with a change of - 0.00. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed. For example, the pressure level of soybean No.1 is 4300 and the support level is 4100, which are determined from the strike prices of the maximum open interest of call and put options. [5] 3.4 Option Factors - Implied Volatility - The implied volatility data of different option varieties are given, including at - the - money implied volatility, weighted implied volatility, and its changes, average annual implied volatility, call and put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of soybean No.1 is 10.86%, and the weighted implied volatility is 13.59% with a change of 0.97%. [6] 3.5 Option Strategies and Suggestions 3.5.1 Oil and Oilseed Options - **Soybean No.1 and No.2**: - **Fundamentals**: USDA's July report maintains the soybean production in the 25/26 season at about 118 million tons, with an increase in crushing volume and a decrease in exports, resulting in an increase in inventory and the inventory - to - sales ratio. - **Market Analysis**: Soybean No.1 shows an oversold rebound pattern. - **Option Factors**: Implied volatility is at a relatively high level, open interest PCR is below 0.60, and the pressure and support levels are 4300 and 4100 respectively. - **Strategies**: Construct a neutral call + put option combination for volatility strategies; for spot hedging, build a long collar strategy. [7] - **Soybean Meal and Rapeseed Meal**: - **Fundamentals**: The purchase volume of soybean meal in different months is provided. - **Market Analysis**: Soybean meal shows a pattern of decline, consolidation, and then rebound. - **Option Factors**: Implied volatility is slightly above the historical average, open interest PCR is below 0.60, and the pressure and support levels are 3100 and 2900 respectively. - **Strategies**: Construct a neutral call + put option combination for volatility strategies; for spot hedging, build a long collar strategy. [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: - **Fundamentals**: Malaysian palm oil exports are expected to decline, and production is increasing. - **Market Analysis**: Palm oil shows a bullish upward trend. - **Option Factors**: Implied volatility of palm oil is decreasing to below the historical average, open interest PCR is above 1.00, and the pressure and support levels are 10000 and 8000 respectively. - **Strategies**: Construct a bull - biased call + put option combination for volatility strategies; for spot hedging, build a long collar strategy. [10] - **Peanuts**: - **Fundamentals**: The spot price of peanuts in the Northeast is stable, imports are decreasing, and the inventory is still high. - **Market Analysis**: Peanuts show a pattern of weak consolidation under bearish pressure. - **Option Factors**: Implied volatility is at a relatively low level, open interest PCR is below 0.60, and the pressure and support levels are 9000 and 8000 respectively. - **Strategies**: Construct a bearish spread strategy for directional trading; for spot hedging, hold a long position + buy put options + sell out - of - the - money call options. [11] 3.5.2 Agricultural By - product Options - **Hogs**: - **Fundamentals**: The spot price of hogs is falling, slaughter volume is high, and demand is average. - **Market Analysis**: Hogs show a pattern of small - scale upward movement under bearish pressure. - **Option Factors**: Implied volatility is rising to above the historical average, open interest PCR is below 0.50, and the pressure and support levels are 18000 and 13600 respectively. - **Strategies**: Construct a bear - biased call + put option combination for volatility strategies; for spot hedging, hold a long position + sell out - of - the - money call options. [11] - **Eggs**: - **Fundamentals**: Egg prices are rising and then stabilizing, affected by high - temperature weather. - **Market Analysis**: Eggs show a pattern of weak consolidation with upper pressure. - **Option Factors**: Implied volatility is at a high level, open interest PCR is below 0.60, and the pressure and support levels are 4000 and 3400 respectively. - **Strategies**: Construct a bearish spread strategy for directional trading; construct a bear - biased call + put option combination for volatility strategies. [12] - **Apples**: - **Fundamentals**: The estimated apple production is increasing, and the inventory in cold storage is decreasing. - **Market Analysis**: Apples show a pattern of weak bearishness gradually rebounding. - **Option Factors**: Implied volatility is slightly above the historical average, open interest PCR is below 0.60, and the pressure and support levels are 8900 and 7000 respectively. - **Strategies**: Construct a neutral call + put option combination for volatility strategies. [12] - **Jujubes**: - **Fundamentals**: The arrival volume and price of jujubes in the market are provided. - **Market Analysis**: Jujubes show a pattern of rebound, rise, and then decline. - **Option Factors**: Implied volatility is rising to above the historical average, open interest PCR is below 0.50, and the pressure and support levels are 11400 and 9000 respectively. - **Strategies**: Construct a bear - biased strangle option combination for volatility strategies; for spot hedging, hold a long position + sell out - of - the - money call options. [13] 3.5.3 Soft Commodity Options - **Sugar**: - **Fundamentals**: The number of ships waiting to load sugar in Brazilian ports and the quantity of sugar are provided. - **Market Analysis**: Sugar shows a pattern of oversold rebound. - **Option Factors**: Implied volatility is at a relatively low level, open interest PCR is around 0.60, and the pressure and support levels are 5900 and 5700 respectively. - **Strategies**: Construct a neutral call + put option combination for volatility strategies; for spot hedging, build a long collar strategy. [13] - **Cotton**: - **Fundamentals**: The growth conditions of American cotton are provided. - **Market Analysis**: Cotton shows a pattern of rebound and then consolidation. - **Option Factors**: Implied volatility is decreasing to a low level, open interest PCR is below 1.00, and the pressure and support levels are 15000 and 13000 respectively. - **Strategies**: Construct a bullish spread strategy for directional trading; construct a bull - biased call + put option combination for volatility strategies; for spot hedging, hold a long position + buy put options + sell out - of - the - money call options. [14] 3.5.4 Grain Options - **Corn and Starch**: - **Fundamentals**: The price and inventory conditions of corn in different regions are provided. - **Market Analysis**: Corn shows a pattern of bearish downward movement. - **Option Factors**: Implied volatility is at a relatively low level, open interest PCR is below 0.60, and the pressure and support levels are 2320 and 2300 respectively. - **Strategies**: Construct a bearish spread strategy for directional trading; construct a bear - biased call + put option combination for volatility strategies. [14]

金融期权 2025-07-25 金融期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | 金融期权策略早报概要： （1）股市短评：上证综指数、大盘蓝筹股、中小盘股和创业板股表现为偏多头震荡上行的市场行情。 表3：期权因子—量仓PCR | 期权品种 | 成交量 | 量变化 | 持仓量 | 仓变化 | 成交量 | 量PCR | 持仓量 | 仓PCR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | （万张) | | （万张） | | PCR | 变化 | PCR | 变化 | | 上证50ETF | 98.71 | -106.85 | 105.03 | -41.25 | 0.89 | 0.30 | 1.09 | -0.23 | | 上证30 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies mainly involve constructing option combination strategies dominated by sellers, along with spot hedging or covered strategies to enhance returns [3][9] Summary by Relevant Catalogs 1. Futures Market Overview - Various energy - chemical futures showed different price movements, trading volumes, and open interest changes on July 26, 2025. For example, crude oil (SC2509) closed at 507 with a 0.56% increase, while liquefied gas (PG2509) closed at 4,037 with a 1.08% increase [4] 2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different energy - chemical options were presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of crude oil options was 0.55 with a 0.07 change, and the open interest PCR was 0.51 with a - 0.03 change [5] 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 energy - chemical options were analyzed. For example, the pressure level of crude oil options was 640 and the support level was 500 [6] 4. Option Factors - Implied Volatility - The implied volatility of different energy - chemical options was provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options was 28.965, and the weighted implied volatility was 33.64 with a 0.07 change [7] 5. Strategies and Recommendations Energy - related Options - **Crude Oil**: OPEC+ will increase oil supply in August, and the US supply rebounds with oil prices. The crude oil market showed a short - term weak trend. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **Liquefied Gas**: The LPG futures showed a weak trend. The demand side has potential negative feedback risks. Option strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [10] Alcohol - related Options - **Methanol**: Port inventory increased, and the market showed a weak rebound. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory decreased, and the market showed a weak and narrow - range oscillation. Option strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11] Polyolefin - related Options - **Polypropylene**: PP inventory showed different trends, and the market was weak. Option strategies include a long collar strategy for spot hedging [11] Rubber - related Options - **Rubber**: Domestic synthetic rubber production increased, and the market showed a low - level consolidation trend. Option strategies include constructing a neutral call + put option combination strategy [12] Polyester - related Options - **PTA**: PTA load remained stable, and the market was weak. Option strategies include constructing a neutral call + put option combination strategy [12] Alkali - related Options - **Caustic Soda**: The capacity utilization rate changed, and the market showed a bullish trend. Option strategies include a long collar strategy for spot hedging [13] - **Soda Ash**: Inventory was at a high level, and the market showed a bullish trend. Option strategies include constructing a bullish call spread strategy and a long collar strategy for spot hedging [13] Urea Options - Urea inventory showed different trends, and the market oscillated under bearish pressure. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [14]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The report provides strategies for different metal options, including constructing seller neutral volatility strategies for non - ferrous metals with a fluctuating and strengthening trend, building bullish option bull spread combinations for the rapidly rising black series, and creating spot hedging strategies for precious metals like gold which is in a high - level consolidation and bullish state [2] Group 3: Summary by Relevant Catalogs 1. Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures are presented, such as copper's latest price of 79,290 with a - 0.69% change, and lithium carbonate's price increase of 7.21% to 76,680 [3] 2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options are shown, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For example, copper's volume PCR is 0.38 with a 0.05 change, and open interest PCR is 0.68 with a 0.01 change [4] 3. Option Factors - Pressure and Support Levels - The pressure and support levels of different metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, copper's pressure point is 82,000 and support point is 75,000 [5] 4. Option Factors - Implied Volatility - The implied volatility of different metal options is provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, copper's at - the - money implied volatility is 12.96%, and the difference between implied and historical volatility is - 2.81 [6] 5. Strategies and Recommendations for Different Metals Non - Ferrous Metals - **Copper**: Based on fundamentals, market trends, and option factors, it is recommended to construct a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - **Aluminum/Alumina**: Strategies include a bullish option bull spread combination, a short - volatility option combination, and a spot collar strategy [9] - **Zinc/Lead**: Similar to aluminum, it involves a bullish option bull spread combination, a short - volatility option combination, and a spot collar strategy [9] - **Nickel**: A short - volatility option combination with a short delta and a spot long - hedging strategy are suggested [10] - **Tin**: A short - volatility strategy and a spot collar strategy are recommended [10] - **Lithium Carbonate**: A bullish option bull spread combination, a short - volatility option combination with a long delta, and a spot long - hedging strategy are proposed [11] Precious Metals - **Gold/Silver**: For gold, a short - volatility option seller portfolio strategy and a spot hedging strategy are recommended. For silver, based on its market conditions, corresponding option strategies are also provided [12] Black Series - **Rebar**: A bullish option bull spread combination, a short - volatility option combination with a long delta, and a spot long - covered call strategy are recommended [13] - **Iron Ore**: A bullish option bull spread combination, a short - volatility option combination with a long delta, and a spot long - collar strategy are suggested [14] - **Ferroalloys**: A bullish option bull spread combination and a short - volatility strategy are recommended for manganese silicon, and corresponding strategies are also provided for industrial silicon and polysilicon [15] - **Glass**: A bullish option bull spread combination, a short - volatility option combination, and a spot long - collar strategy are recommended [16] 6. Metal Option Charts - Charts for different metal options are provided, including price trends, option volume and open interest, option volume and open interest PCR, implied volatility, historical volatility cones, and pressure and support levels, which visually present the market conditions of various metal options [18][38][57]

| 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 农产品期权 2025-07-25 农产品期权策略早报 2025-7-25 2 农产品期权研究 | 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 | | --- | --- | --- | --- | --- | --- | --- | ...

Group 1: Report Summary - The report is a metal options strategy morning report dated July 24, 2025, covering有色金属, precious metals, and black metals [1][2] - The overall strategy suggestions are to construct a seller neutral volatility strategy for non - ferrous metals, a bull call spread strategy for black metals, and a spot hedging strategy for precious metals [2] Group 2: Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented, such as copper (CU2509) at 79,680 with a - 0.16% change, and aluminum (AL2509) at 20,750 with a - 0.46% change [3] Group 3: Option Factors - 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 point of the underlying market respectively [4] Group 4: Option Factors - Pressure and Support Levels - Pressure and support levels for various metal options are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5] Group 5: Option Factors - Implied Volatility - Implied volatility data for different metal options are given, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] Group 6: Option Strategies for Different Metals Non - Ferrous Metals - **Copper**: Suggest constructing a short - volatility seller option portfolio and a spot hedging strategy [7] - **Aluminum/Alumina**: Recommend a bull call spread strategy and a short - option combination strategy, as well as a spot collar strategy [9] - **Zinc/Lead**: Propose a bull call spread strategy, a short - option combination strategy, and a spot collar strategy [9] - **Nickel**: Suggest a short - option combination strategy with a short delta and a spot long - position hedging strategy [10] - **Tin**: Recommend a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: Propose a short - option combination strategy with a long delta and a spot long - position hedging strategy [11] Precious Metals - **Gold/Silver**: Suggest a short - volatility option seller combination strategy and a spot hedging strategy [12] Black Metals - **Rebar**: Recommend a bull call spread strategy, a short - option combination strategy, and a spot long - position covered call strategy [13] - **Iron Ore**: Propose a bull call spread strategy, a short - option combination strategy, and a spot long - position collar strategy [14] - **Ferroalloys**: Recommend a bull call spread strategy and a short - volatility strategy [15] - **Industrial Silicon/Polysilicon**: Propose a bull call spread strategy, a short - option combination strategy, and a spot long - position hedging strategy [15] - **Glass**: Recommend a bull call spread strategy, a short - volatility strategy, and a spot long - position collar strategy [16] Group 7: Metal Option Charts - Charts for various metal options are provided, including price trend charts, volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts [18][38][57]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The report focuses on energy - chemical options, covering various categories such as energy, polyolefins, polyesters, and alkali chemicals. It analyzes the fundamentals, market trends, and option factors of different underlying assets and provides corresponding option strategies and suggestions [3][8][9]. - The overall strategy is to construct option portfolio strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [3]. 3. Summary by Category 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interests of 17 energy - chemical futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil (SC2509) is 506, with a price increase of 2 and a growth rate of 0.42% [4]. 3.2 Option Factors - **Volume - to - Open - Interest Ratio (PCR)**: It shows the volume and open - interest PCR of different option varieties. For instance, the volume PCR of crude oil is 0.48, with a change of - 0.05, and the open - interest PCR is 0.53, with a change of - 0.02 [5]. - **Pressure and Support Levels**: The report identifies the pressure and support levels of different option underlying assets. For example, the pressure level of crude oil is 640, and the support level is 500 [6]. - **Implied Volatility**: It provides the implied volatility data of different option varieties, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 29.785%, and the weighted implied volatility is 33.57%, with a change of 0.94% [7]. 3.3 Strategies and Suggestions - **Energy - related Options (Crude Oil and LPG)**: - **Crude Oil**: OPEC+ will increase oil supply in August. The market shows a short - term weak trend. Option strategies include constructing a neutral short - call + short - put option combination strategy and a long - spot collar strategy [8]. - **LPG**: The market is short - term bearish. Strategies involve constructing a bearish short - call + short - put option combination strategy and a long - spot collar strategy [9]. - **Alcohol - related Options (Methanol and Ethylene Glycol)**: - **Methanol**: The market shows a weak rebound with resistance. Strategies include constructing a neutral short - call + short - put option combination strategy and a long - spot collar strategy [9]. - **Ethylene Glycol**: The market shows a weak and narrow - range volatile pattern. Strategies include constructing a short - volatility strategy and a long - spot collar strategy [11]. - **Polyolefin - related Options (Polypropylene, Polyvinyl Chloride, etc.)**: - **Polypropylene**: The market is weak with resistance. Strategies include a long - spot collar strategy using a long - spot position, a long - put option, and a short - call option [11]. - **Rubber - related Options**: - **Rubber**: The market shows a low - level consolidation pattern. Strategies include constructing a neutral short - call + short - put option combination strategy [12]. - **Polyester - related Options (P - Xylene, PTA, etc.)**: - **PTA**: The market is weak with resistance. Strategies include constructing a neutral short - call + short - put option combination strategy [13]. - **Alkali - related Options (Caustic Soda, Soda Ash, etc.)**: - **Caustic Soda**: The market shows a short - term bullish trend. Strategies include a long - spot collar strategy [14]. - **Soda Ash**: The market shows a bullish upward trend. Strategies include constructing a bull - spread call option combination strategy and a long - spot collar strategy [14]. - **Urea Options**: - The market shows a volatile pattern under bearish pressure. Strategies include constructing a neutral short - call + short - put option combination strategy and a long - spot collar strategy [15].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The energy - chemical sector includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, etc. For each sub - sector, the report analyzes the fundamentals, market trends, option factors, and provides corresponding option strategies and suggestions [3][9] - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest changes of various energy - chemical futures contracts such as crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2509) is 504, down 3 with a decline of 0.55%, and its trading volume is 14.38 million lots, a decrease of 0.66 million lots [4] 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - The volume - to - open - interest PCR data of different energy - chemical options are provided, including volume PCR and open - interest PCR and their changes. For instance, the volume PCR of crude oil options is 0.53, an increase of 0.04, and the open - interest PCR is 0.56, a decrease of 0.05 [5] 3.2.2 Pressure and Support Levels - The pressure and support levels of various option underlying assets are analyzed. For example, the pressure level of crude oil is 640 and the support level is 500 [6] 3.2.3 Implied Volatility - The implied volatility data of different energy - chemical options are presented, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of crude oil options is 28.55%, and the weighted implied volatility is 32.63%, an increase of 1.51% [7] 3.3 Strategies and Suggestions 3.3.1 Energy - related Options - **Crude Oil Options**: The OPEC + will increase oil supply by 550,000 barrels per day in August. The crude oil market is short - term weak. It is recommended to construct a neutral short - call + short - put option combination strategy and a long collar strategy for spot hedging [8] - **LPG Options**: The LPG futures are in a short - term bearish market. It is recommended to construct a bearish short - call + short - put option combination strategy and a long collar strategy for spot hedging [10] 3.3.2 Alcohol - related Options - **Methanol Options**: The methanol market shows a weak rebound. It is recommended to construct a neutral short - call + short - put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol Options**: The ethylene glycol market is in a narrow - range, weak - bullish oscillation. It is recommended to construct a short - volatility strategy and a long collar strategy for spot hedging [11] 3.3.3 Polyolefin - related Options - **Polypropylene Options**: The polypropylene market is weak. It is recommended to use a long collar strategy for spot hedging [11] 3.3.4 Rubber - related Options - **Rubber Options**: The rubber market shows a low - level consolidation. It is recommended to construct a neutral short - call + short - put option combination strategy [12] 3.3.5 Polyester - related Options - **PTA Options**: The PTA market is weak. It is recommended to construct a neutral short - call + short - put option combination strategy [13] 3.3.6 Alkali - related Options - **Caustic Soda Options**: The caustic soda market is bullish. It is recommended to use a long collar strategy for spot hedging [14] - **Soda Ash Options**: The soda ash market is bullish. It is recommended to construct a bull - spread call option strategy and a long collar strategy for spot hedging [14] 3.3.7 Urea Options - The urea market oscillates under bearish pressure. It is recommended to construct a neutral short - call + short - put option combination strategy and a long collar strategy for spot hedging [15]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The energy - chemical sector includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, etc. [9] - For each sub - sector, options strategies are formulated based on fundamental analysis, market trend analysis, and option factor research of underlying assets [9] - The overall strategy is 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, price changes, trading volumes, and open interest changes of various energy - chemical futures contracts are presented, such as the latest price of crude oil SC2509 is 509, down 6 with a decline of 1.20% [4] 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - The volume - to - open - interest PCR of various energy - chemical options is provided, which reflects the strength of the underlying asset's market and the turning point of the market trend. For example, the volume PCR of crude oil options is 0.49, with a change of - 0.00 [5] 3.2.2 Pressure and Support Levels - The pressure and support levels of various energy - chemical options 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 options is 640, and the support level is 500 [6] 3.2.3 Implied Volatility - The implied volatility of various energy - chemical options is presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 27, and the weighted implied volatility is 31.12 [7] 3.3 Strategies and Recommendations 3.3.1 Energy - related Options (Crude Oil, LPG) - **Crude Oil**: OPEC + increases supply, and the US supply rebounds with oil prices. The short - term market is weak. Implied volatility fluctuates around the average, and the short - selling power increases. Strategies include constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [8] - **LPG**: The futures price is weak, and the demand side has potential risks. The short - term market is bearish. Implied volatility fluctuates around the historical average, and the short - selling power increases. Strategies include constructing a bearish call + put option selling combination and a long collar strategy for spot hedging [10] 3.3.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Port inventory increases, and the market shows a weak rebound. Implied volatility is below the historical average, and the market is in a weak shock. Strategies include constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory decreases in the short term, and the market shows a narrow - range shock. Implied volatility fluctuates around the historical average, and the market is in a shock. Strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11] 3.3.3 Polyolefin - related Options (Polypropylene, PVC, Plastic, Styrene) - **Polypropylene**: The inventory of traders decreases, and the market is weak. Implied volatility fluctuates around the historical average, and the market weakens. Strategies include a long collar strategy for spot hedging [11] 3.3.4 Rubber - related Options - **Rubber**: The production of synthetic rubber and butadiene rubber increases. The market shows a low - level consolidation. Implied volatility fluctuates around the average, and the short - selling power increases. Strategies include constructing a neutral call + put option selling combination [12] 3.3.5 Polyester - related Options (PX, PTA, Short - fiber, Bottle - chip) - **PTA**: The load is stable, and the market is weak. Implied volatility fluctuates around the average, and the market weakens. Strategies include constructing a neutral call + put option selling combination [12] 3.3.6 Alkali - related Options (Caustic Soda, Soda Ash) - **Caustic Soda**: The average utilization rate of production capacity decreases slightly, and the market shows a short - term upward trend. Implied volatility fluctuates around the average. Strategies include a long collar strategy for spot hedging [13] - **Soda Ash**: The inventory is at a historical high, and the market shows a short - term upward trend. Implied volatility fluctuates around the historical average, and the market is in a weak shock. Strategies include constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [13] 3.3.7 Urea Options - The port inventory increases, and the market shows a shock under bearish pressure. Implied volatility fluctuates slightly below the historical average, and the market weakens. Strategies include constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [14]