能源化工期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权 2025-12-24 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | ...

农产品期权 2025-12-24 农产品期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 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弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花偏强盘整，谷物类玉米和淀粉偏多窄幅盘整。 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 2025-12-24 金属期权策略早报 | 李立勤 | 高级投研经 理 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@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）有色金属偏多上行，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属反弹回暖上升，构建牛市价差组合策略。 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | ...

金融期权|2026 年展望 2026 年金融期权展望 2025 年 12 月 23 日 证监许可[2011]1773 号 分析师： 2025 年金融期权市场呈现结构性变化与情绪分化特征，表现如下： 市场成交结构显著分化：成交增长主要由中证 1000 指数期权、中证 500ETF 期权及双创（科创 50、创业板）期权拉动，其中双创期权日均成交 额增长约50%。中证1000指数期权以33.69%的占比成为市场份额最大品种， 而上证 50ETF 期权份额持续萎缩至 6%左右，显示资金关注点仍在中小盘及 成长类指数。 黎伟 市场情绪与波动特征：持仓 PCR 值全年重心上移，虽从高位回落但仍 处历史中高水平，表明卖出看跌期权比例较高，市场中期情绪依然偏向乐 观。隐含波动率全年均值较 2024 年有所下降，即便在 8 月快速上涨行情中 也未触及历史极端高位，波动环境整体较为温和。同时，隐波负偏比例较 2024 年提升，主因在于市场中性策略产品扩容，其在现货端买入股票并在 衍生品端对冲，导致期货贴水扩大，进而推高了看跌期权的相对价值。 期权策略表现回顾：基于合成标的升贴水的量化择时策略收益稳健， 全年获得 23.6%的绝对 ...

新能源及有色金属日报 | 2025-12-23 散单成交下滑 铅价难有靓丽表现 市场要闻与重要数据 现货方面：2025-12-22，LME铅现货升水为-45.23美元/吨。SMM1#铅锭现货价较前一交易日变化25元/吨至16825 元/吨，SMM上海铅现货升贴水较前一交易日变化 0元/吨至60.00元/吨，SMM广东铅现货较前一交易日变化25元/ 吨至16925元/吨，SMM河南铅现货较前一交易日变化25元/吨至16850元/吨，SMM天津铅现货升贴水较前一交易日 变化25元/吨至16825元/吨。铅精废价差较前一交易日变化0元/吨至-50元/吨，废电动车电池较前一交易日变化0元/ 吨至9825元/吨，废白壳较前一交易日变化0元/吨至10025元/吨，废黑壳较前一交易日变化0元/吨至10225元/吨。 期货方面：2025-12-22，沪铅主力合约开于16970元/吨，收于16920元/吨，较前一交易日变化40元/吨，全天交易日 成交49244手，较前一交易日变化-7217手，全天交易日持仓59586手，手较前一交易日变化-2591手，日内价格震荡， 最高点达到17030元/吨，最低点达到16890元/吨。夜盘 ...

策略精选 | 品种 | 上周策略 | 策略复盘 | | --- | --- | --- | | PVC | 整体需求端对PVC支撑乏力，供需仍处过剩格局，价格难言乐观， | | | | 预计延续趋弱格局,且本周PVC主力平值IV环比上涨60.78%，至 | 12月15日开盘构建组合，组合价格为-505，12月19日收盘时 | | | 99.10%历史分位，可以考虑买入虚三档的看涨期权V2602-C | 组合价格为-717.5，区间跌幅为-42.08%。组合亏损原因主要 | | | 4400，卖出实一档的看涨期权V2602-C-4200构建熊市价差组 | 是本周V2602合约价格涨幅达2.92%，delta端带来较大亏损。 | | | 合 | | | 锡 | 市场情绪偏好，叠加基本面偏强，预计年内锡价都维持偏强走势， | 12月15日开盘构建组合，组合价格为-9396，12月19日收盘 | | | 对锡价保持偏多思路，且本周锡主力平值IV涨至96.70%，可以 | | | | 考虑买入虚三档的看跌期权SN2601P320000，卖出实一档的看 | 时组合价格为-3514，区间涨幅为+62.60%。组合盈利原因主 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. For each sector, option strategies and suggestions are provided for selected varieties. Option strategy reports are compiled for each option variety based on underlying market analysis, option factor research, and option strategy suggestions [8]. - For non - ferrous metals, a seller neutral volatility strategy can be constructed as they are trending upwards. For black metals, a short - volatility combination strategy is suitable due to their large - amplitude fluctuations. For precious metals, a bull spread combination strategy can be built as they are rebounding [2]. 3. Summary by Related Catalogs 3.1 Underlying Futures Market Overview - Copper (CU2602): The latest price is 93,560, up 840 (0.91%), with a trading volume of 17.27 million lots (up 1.27 million) and an open interest of 23.77 million lots (up 0.64 million) [3]. - Aluminum (AL2602): The latest price is 22,245, up 205 (0.93%), with a trading volume of 22.56 million lots (up 3.72 million) and an open interest of 31.51 million lots (up 2.09 million) [3]. - Zinc (ZN2602): The latest price is 23,090, up 70 (0.30%), with a trading volume of 8.84 million lots (up 0.20 million) and an open interest of 8.64 million lots (up 0.26 million) [3]. - Lead (PB2602): The latest price is 17,005, up 155 (0.92%), with a trading volume of 5.65 million lots (up 2.52 million) and an open interest of 6.22 million lots (up 0.65 million) [3]. - Nickel (NI2602): The latest price is 117,430, up 1,170 (1.01%), with a trading volume of 16.58 million lots (up 10.28 million) and an open interest of 9.41 million lots (up 0.17 million) [3]. - Tin (SN2602): The latest price is 341,220, up 1,400 (0.41%), with a trading volume of 18.49 million lots (up 3.75 million) and an open interest of 5.66 million lots (up 0.71 million) [3]. - Alumina (AO2602): The latest price is 2,528, down 10 (-0.39%), with a trading volume of 12.14 million lots (down 1.21 million) and an open interest of 21.88 million lots (up 0.84 million) [3]. - Gold (AU2602): The latest price is 984.58, up 4.34 (0.44%), with a trading volume of 32.89 million lots (up 8.78 million) and an open interest of 18.97 million lots (down 0.71 million) [3]. - Silver (AG2602): The latest price is 15,746, up 462 (3.02%), with a trading volume of 190.42 million lots (up 33.25 million) and an open interest of 33.75 million lots (down 2.59 million) [3]. - Lithium carbonate (LC2602): The latest price is 109,740, up 4,160 (3.94%), with a trading volume of 2.48 million lots (up 0.61 million) and an open interest of 3.46 million lots (up 0.21 million) [3]. - Industrial silicon (SI2602): The latest price is 8,665, up 45 (0.52%), with a trading volume of 2.23 million lots (down 1.27 million) and an open interest of 9.04 million lots (up 0.03 million) [3]. - Polysilicon (PS2602): The latest price is 60,680, down 355 (-0.58%), with a trading volume of 3.70 million lots (down 0.96 million) and an open interest of 3.57 million lots (up 0.13 million) [3]. - Rebar (RB2605): The latest price is 3,114, unchanged (0.00%), with a trading volume of 68.61 million lots (down 52.94 million) and an open interest of 156.89 million lots (down 0.71 million) [3]. - Iron ore (I2602): The latest price is 794.00, up 2.00 (0.25%), with a trading volume of 1.07 million lots (down 0.23 million) and an open interest of 7.25 million lots (down 0.08 million) [3]. - Manganese silicon (SM2602): The latest price is 5,792, up 14 (0.24%), with a trading volume of 2.24 million lots (up 0.73 million) and an open interest of 3.14 million lots (up 0.11 million) [3]. - Silicon iron (SF2602): The latest price is 5,512, up 36 (0.66%), with a trading volume of 9.35 million lots (up 1.24 million) and an open interest of 3.65 million lots (up 0.03 million) [3]. - Glass (FG2602): The latest price is 993, down 2 (-0.20%), with a trading volume of 2.87 million lots (down 1.84 million) and an open interest of 3.85 million lots (down 0.01 million) [3]. 3.2 Option Factor - Volume and Open Interest PCR - Different metal options have different volume and open - interest PCR values and their changes, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4]. 3.3 Option Factor - Pressure and Support Levels - Different metal options have different pressure and support levels, which are determined by the strike prices of the maximum open interest of call and put options [5]. 3.4 Option Factor - Implied Volatility - Different metal options have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, and their changes, as well as the difference between implied and historical volatility [6]. 3.5 Option Strategies and Suggestions Non - Ferrous Metals - **Copper Options**: Construct a call option bull spread combination strategy for directional gains, a short - volatility seller option combination strategy for time - value gains, and a spot long - hedging strategy [7]. - **Aluminum Options**: Build a short - volatility combination strategy of selling slightly bullish call and put options and a spot collar strategy [9]. - **Zinc Options**: Construct a short - volatility combination strategy of selling slightly bullish call and put options and a spot collar strategy [9]. - **Nickel Options**: Build a short - volatility combination strategy of selling slightly bearish call and put options and a spot covered - call strategy [10]. - **Tin Options**: Construct a call option bull spread combination strategy, a short - volatility strategy, and a spot collar strategy [10]. - **Lithium Carbonate Options**: Build a call option bull spread combination strategy, a short - volatility combination strategy of selling slightly bullish call and put options, and a spot long - hedging strategy [11]. Precious Metals - **Silver Options**: Construct a call option bull spread combination strategy, a slightly bullish short - volatility option seller combination strategy, and a spot hedging strategy [12]. Black Metals - **Rebar Options**: Build a short - volatility combination strategy of selling slightly bearish call and put options and a spot long - covered call strategy [13]. - **Iron Ore Options**: Construct a short - volatility combination strategy of selling slightly bearish call and put options and a spot long - collar strategy [13]. - **Manganese Silicon Options**: Build a short - volatility strategy [14]. - **Industrial Silicon Options**: Construct a put option bear spread combination strategy, a short - volatility combination strategy of selling call and put options, and a spot hedging strategy [14]. - **Glass Options**: Build a put option bear spread combination strategy, a short - volatility combination strategy of selling call and put options, and a spot long - collar strategy [15].

农产品期权 2025-12-22 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弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花偏强盘整，谷物类玉米和淀粉偏多窄幅盘整。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

农产品期权 2025-12-19 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弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花偏强盘整，谷物类玉米和淀粉偏多窄幅盘整。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

Group 1: Report Overview - Report Title: Metal Options Strategy Morning Report [1] - Date: December 18, 2025 - Report Summary: The report provides an analysis of the metal options market, including the performance of various metal futures, option factors, and trading strategies [2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - The有色金属 sector is expected to move upward, and a neutral volatility strategy for sellers is recommended [2] - The黑色系 sector is expected to maintain high volatility, and a short volatility strategy is recommended [2] - The贵金属 sector is expected to rebound, and a bull spread strategy is recommended [2] Group 4: Futures Market Overview - Copper (CU2601): The latest price is 92,680, up 380 (0.41%) from the previous day. The trading volume is 6.63 million lots, down 3.58 million lots, and the open interest is 13.65 million lots, down 0.93 million lots [3] - Aluminum (AL2601): The latest price is 21,985, up 145 (0.66%) from the previous day. The trading volume is 4.34 million lots, down 2.73 million lots, and the open interest is 12.40 million lots, down 0.85 million lots [3] - Zinc (ZN2601): The latest price is 23,045, up 135 (0.59%) from the previous day. The trading volume is 12.06 million lots, down 1.80 million lots, and the open interest is 5.92 million lots, down 1.40 million lots [3] - Lead (PB2601): The latest price is 16,825, up 55 (0.33%) from the previous day. The trading volume is 4.02 million lots, down 0.05 million lots, and the open interest is 2.69 million lots, down 0.28 million lots [3] - Nickel (NI2601): The latest price is 113,300, up 570 (0.51%) from the previous day. The trading volume is 13.96 million lots, down 1.77 million lots, and the open interest is 9.41 million lots, down 1.15 million lots [3] - Tin (SN2601): The latest price is 334,240, up 9,230 (2.84%) from the previous day. The trading volume is 16.68 million lots, down 5.58 million lots, and the open interest is 3.21 million lots, down 0.02 million lots [3] - Alumina (AO2601): The latest price is 2,573, up 23 (0.90%) from the previous day. The trading volume is 19.30 million lots, down 9.09 million lots, and the open interest is 18.04 million lots, down 1.05 million lots [3] - Gold (AU2602): The latest price is 982.48, up 5.18 (0.53%) from the previous day. The trading volume is 27.59 million lots, down 1.80 million lots, and the open interest is 19.71 million lots, up 0.09 million lots [3] - Silver (AG2602): The latest price is 15,594, up 589 (3.93%) from the previous day. The trading volume is 162.71 million lots, up 5.57 million lots, and the open interest is 38.90 million lots, up 2.49 million lots [3] - Lithium Carbonate (LC2602): The latest price is 106,900, up 7,560 (7.61%) from the previous day. The trading volume is 3.36 million lots, up 2.37 million lots, and the open interest is 3.36 million lots, down 0.06 million lots [3] - Industrial Silicon (SI2602): The latest price is 8,480, up 50 (0.59%) from the previous day. The trading volume is 4.29 million lots, up 1.59 million lots, and the open interest is 9.10 million lots, down 0.06 million lots [3] - Polysilicon (PS2602): The latest price is 62,175, up 2,490 (4.17%) from the previous day. The trading volume is 4.47 million lots, up 1.45 million lots, and the open interest is 3.58 million lots, down 0.19 million lots [3] - Rebar (RB2601): The latest price is 3,130, up 35 (1.13%) from the previous day. The trading volume is 6.27 million lots, down 1.26 million lots, and the open interest is 22.66 million lots, down 1.52 million lots [3] - Iron Ore (I2602): The latest price is 793.00, up 12.00 (1.54%) from the previous day. The trading volume is 0.55 million lots, down 0.03 million lots, and the open interest is 7.18 million lots, down 0.02 million lots [3] - Manganese Silicon (SM2602): The latest price is 5,744, up 2 (0.03%) from the previous day. The trading volume is 1.65 million lots, up 0.06 million lots, and the open interest is 2.96 million lots, down 0.09 million lots [3] - Silicon Iron (SF2602): The latest price is 5,428, up 50 (0.93%) from the previous day. The trading volume is 5.39 million lots, up 0.50 million lots, and the open interest is 3.79 million lots, up 0.22 million lots [3] - Glass (FG2602): The latest price is 1,013, up 17 (1.71%) from the previous day. The trading volume is 2.90 million lots, up 0.59 million lots, and the open interest is 4.11 million lots, up 0.05 million lots [3] Group 5: Option Factors Volume and Open Interest PCR - The PCR indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Pressure and Support Levels - The pressure and support levels are determined by the strike prices with the largest open interest of call and put options [5] Implied Volatility - The implied volatility reflects the market's expectation of the future volatility of the underlying asset [6] Group 6: Strategy Recommendations Copper Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [7] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value returns [7] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [7] Aluminum Options - Directional Strategy: None [9] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [9] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [9] Zinc Options - Directional Strategy: None [9] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [9] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [9] Nickel Options - Directional Strategy: None [10] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [10] - Spot Hedging Strategy: Construct a covered call strategy by holding a long position in the spot market and selling call options [10] Tin Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [10] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value returns [10] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [10] Lithium Carbonate Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [11] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [11] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [11] Silver Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [12] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [12] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [12] Rebar Options - Directional Strategy: None [13] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [13] - Spot Hedging Strategy: Construct a covered call strategy by holding a long position in the spot market and selling call options [13] Iron Ore Options - Directional Strategy: None [13] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [13] - Spot Hedging Strategy: Construct a long collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [13] Manganese Silicon Options - Directional Strategy: None [14] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value returns [14] - Spot Hedging Strategy: None [14] Industrial Silicon Options - Directional Strategy: Construct a bear spread strategy using put options to obtain directional returns [14] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [14] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [14] Glass Options - Directional Strategy: Construct a bear spread strategy using put options to obtain directional returns [15] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [15] - Spot Hedging Strategy: Construct a long collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [15]