股指期权日报 股指期权市场概况 股指期权日报 | 2025-07-09 期权成交量 2025-07-08，上证50ETF期权成交量为110.57万张；沪深300ETF期权（沪市）成交量为125.42万张； 中证500ETF期权（沪市）成交量为167.70万张；深证100ETF期权成交量为10.23万张； 创业板ETF期权成交量为168.60万张；上证50股指期权成交量为3.49万张； 沪深300股指期权成交量为9.41万张；中证1000期权总成交量为27.11万张。 期权PCR 上证50ETF期权成交额PCR报0.57，环比变动为-0.26；持仓量PCR报1.05，环比变动为+0.01； 沪深300ETF期权（沪市）成交额PCR报0.48，环比变动为-0.19；持仓量PCR报0.90，环比变动为+0.04； 中证500ETF期权（沪市）成交额PCR报0.56，环比变动为-0.33；持仓量PCR报1.17，环比变动为+0.10 ； 深圳100ETF期权成交额PCR报0.56 ，环比变动为-0.49；持仓量PCR报1.14；环比变动为+0.00； 创业板ETF期权成交额PCR报0.50，环比变动为-0.43 ；持 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals showing a volatile decline, construct a seller's neutral volatility strategy [2]. - For the black - series with a gradual range - bound consolidation, it is suitable to construct a seller's option neutral combination strategy [2]. - For precious metals like gold with a high - level consolidation and a weak decline, construct a spot hedging strategy [2]. 3. Summary According to the Directory 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2508) is 80,030, with a price increase of 550 and a trading volume of 6.13 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of various 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. For instance, the open interest PCR of copper options is 0.67, with a change of - 0.01 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various metal options are analyzed from the perspective of the maximum open interest of call and put options. For example, the pressure point of copper options is 82,000 and the support point is 78,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of various metal 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 copper options is 11.20% [6]. 3.5 Strategy and Recommendations for Different Metal Categories 3.5.1 Non - Ferrous Metals - **Copper Options**: The copper market shows a high - level range - bound shock and then an upward breakthrough followed by a continuous decline. Construct a bullish option bull - spread strategy, a short - volatility option combination strategy, and a spot long - hedging strategy [8]. - **Aluminum/Alumina Options**: The aluminum market shows a bullish rise, high - level shock, and then a decline. Construct a bullish option bull - spread strategy, a short - option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead Options**: The zinc market shows a bullish upward and high - level range - bound shock. Construct a short - option combination strategy and a spot collar strategy [9]. - **Nickel Options**: The nickel market shows a weak rebound. Construct a short - option combination strategy with a short bias and a spot long - hedging strategy [10]. - **Tin Options**: The tin market shows a short - term weak shock. Construct a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: The lithium carbonate market shows an oversold rebound. Construct a short - option combination strategy with a neutral bias and a spot covered - call strategy [11]. 3.5.2 Precious Metals - **Gold/Silver Options**: The gold market shows a short - term weak shock. Construct a short - volatility option seller's combination strategy with a bullish bias and a spot hedging strategy [12]. 3.5.3 Black - Series - **Rebar Options**: The rebar market shows an oversold rebound with strong upward momentum. Construct a short - option combination strategy and a spot covered - call strategy [13]. - **Iron Ore Options**: The iron ore market shows a bullish upward trend. Construct a short - option combination strategy with a bullish bias and a spot collar strategy [13]. - **Ferroalloy Options**: The manganese silicon market shows a weak rebound. Construct a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: The industrial silicon market shows a rebound and then a range - bound shock. Construct a short - option combination strategy and a spot covered - call strategy [14]. - **Glass Options**: The glass market shows a rebound from a weak bearish trend. Construct a short - volatility option combination strategy and a spot collar strategy [15].

Group 1: Report Overview - The report is an agricultural product options strategy morning report dated July 9, 2025 [1][2] - The agricultural product sector is divided into beans, oils, agricultural by - products, soft commodities, grains, and others [8] - The report provides option strategies and suggestions for selected varieties in each sector [8] Group 2: Market Conditions Futures Market - Different agricultural product futures have various price trends. For example, soybean No.1 (A2509) closed at 4,106 with a 0.39% increase, while soybean meal (M2509) closed at 2,936 with a 0.07% decrease. There are also differences in trading volume and open interest changes [3] Option Factors - Volume and open - interest PCR 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 soybean No.1 is 0.47 with a change of - 0.14, and the open - interest PCR is 0.46 with a change of - 0.04 [4] - Pressure and support levels are determined from the strike prices of the maximum open positions of call and put options. For example, the pressure level of soybean No.1 is 4,500 and the support level is 4,100 [5] - Implied volatility shows the market's expectation of future price fluctuations. For example, the average implied volatility of soybean No.1 is 9.515%, and the weighted implied volatility is 11.77% with a change of 0.09% [6] Group 3: Option Strategies and Suggestions Oilseeds and Oils Options - **Soybean No.1 and No.2**: For soybean No.1, the fundamental situation of US soybeans is neutral. The option strategies include constructing a bear spread of put options, selling a neutral call + put option combination, and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: For soybean meal, the daily average trading volume increased, and the delivery volume decreased week - on - week. The option strategies include selling a bearish call + put option combination and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: For palm oil, the expected production decreased, and the export volume increased in June 2025. The option strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [10] - **Peanuts**: The spot price of peanuts was stable, and the trading was light. The option strategies include constructing a bear spread of put options and a long collar strategy for spot hedging [11] Agricultural By - product Options - **Pigs**: The supply was tight at the beginning of the month, and the demand decreased. The option strategies include selling a neutral call + put option combination and a long - call covered strategy for spot [11] - **Eggs**: The inventory of laying hens increased. The option strategies include constructing a bear spread of put options, selling a bearish call + put option combination [12] - **Apples**: The cold - storage inventory decreased. The option strategy is to sell a neutral call + put option combination [12] - **Jujubes**: The inventory decreased slightly, and the consumption was in the off - season. The option strategies include selling a bearish wide - straddle option combination and a long - call covered strategy for spot hedging [13] Soft Commodity Options - **Sugar**: The spot price was weak in June, and the sales volume was limited in the off - season. The option strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [13] - **Cotton**: The market was in a narrow - range shock. The option strategies include constructing a bull spread of call options, selling a neutral call + put option combination, and a long - call covered strategy for spot [14] Grain Options - **Corn and Starch**: Corn planting has ended, and the price may be affected by weather. The option strategy is to sell a neutral call + put option combination [14]

能源化工期权 2025-07-09 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 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 | | --- | --- | --- | --- | --- | --- | --- | -- ...

1. Report Industry Investment Rating - Not mentioned in the content 2. Core Viewpoints of the Report - The stock market shows a high - level oscillatory and mostly upward trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all performing in this way [2] - The implied volatility of financial options fluctuates at a relatively low average level [2] - For ETF options, it is suitable to construct covered strategies, neutral double - selling strategies, and vertical spread combination strategies; for index options, it is suitable to construct neutral double - selling strategies and arbitrage strategies between synthetic option futures long or short positions and futures short or long positions [2] 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,473.13, up 0.02% with a trading volume of 476.2 billion yuan and a volume change of - 91 billion yuan [3] - The Shenzhen Component Index closed at 10,435.51, down 0.70% with a trading volume of 732.4 billion yuan and a volume change of - 128.9 billion yuan [3] - The SSE 50 Index closed at 2,731.53, down 0.33% with a trading volume of 56.7 billion yuan and a volume change of - 18.4 billion yuan [3] - The CSI 300 Index closed at 3,965.17, down 0.43% with a trading volume of 225.1 billion yuan and a volume change of - 65.4 billion yuan [3] - The CSI 500 Index closed at 5,900.41, down 0.19% with a trading volume of 165.8 billion yuan and a volume change of - 45.6 billion yuan [3] - The CSI 1000 Index closed at 6,327.14, up 0.24% with a trading volume of 264.8 billion yuan and a volume change of - 39.8 billion yuan [3] 3.2 Option Underlying ETF Market Overview - The SSE 50 ETF closed at 2.828, down 0.28% with a trading volume of 2.882 million shares and a trading value of 815 million yuan and a value change of - 782 million yuan [4] - The SSE 300 ETF closed at 4.014, down 0.45% with a trading volume of 4.0225 million shares and a trading value of 1.615 billion yuan and a value change of - 2.626 billion yuan [4] - Other ETFs also have corresponding closing prices, price changes, trading volumes, and trading value changes [4] 3.3 Option Factor - Volume and Position PCR - For the SSE 50 ETF option, the trading volume was 683,800 contracts, with a volume change of - 982,900 contracts; the open interest was 1,345,000 contracts, with a position change of 80,200 contracts. The trading volume PCR was 1.02 with a change of 0.23, and the open interest PCR was 1.04 with a change of - 0.03 [5] - Other option varieties also have corresponding volume, position, and PCR data [5] 3.4 Option Factor - Pressure and Support Points - The pressure point of the SSE 50 ETF is 2.85, and the support point is 2.75 [7] - The pressure point of the SSE 300 ETF is 4.10, and the support point is 3.90 [7] - Other option varieties also have corresponding pressure and support points [7] 3.5 Option Factor - Implied Volatility - The at - the - money implied volatility of the SSE 50 ETF option is 12.22%, the weighted implied volatility is 12.67% with a change of - 0.23%, and the annual average is 15.92% [9] - Other option varieties also have corresponding implied volatility data [9] 3.6 Strategy and Suggestions 3.6.1 Financial Stock Sector (SSE 50 ETF, SSE 50) - The SSE 50 ETF has shown a short - term upward trend with support below. Its option implied volatility fluctuates below the average, and the open interest PCR is around 1.00, indicating a relatively strong oscillatory trend. Suggested strategies include constructing a bull spread combination strategy for call options, a neutral selling strategy for volatility, and a covered call strategy [12] 3.6.2 Large - Cap Blue - Chip Stock Sector (SSE 300 ETF, Shenzhen 300 ETF, CSI 300) - The SSE 300 ETF has shown a short - term upward trend. Its option implied volatility fluctuates below the average, and the open interest PCR is around 0.90, indicating an oscillatory trend with support below. Suggested strategies include a bull spread combination strategy for call options, a selling strategy for volatility, and a covered call strategy [12] 3.6.3 Medium - and Large - Cap Stock Sector (Shenzhen 100 ETF) - The Shenzhen 100 ETF has shown an oscillatory and mostly upward trend. Its option implied volatility fluctuates below the average, and the open interest PCR is above 1.00, indicating an oscillatory trend with stronger bullish power. Suggested strategies include a selling strategy for volatility and a covered call strategy [13] 3.6.4 Small - and Medium - Cap Stock Sector (SSE 500 ETF, Shenzhen 500 ETF, CSI 1000) - The SSE 500 ETF has shown an upward trend with support below. Its option implied volatility fluctuates slightly below the average, and the open interest PCR has gradually risen above 1.00, indicating a bullish oscillatory trend. Suggested strategies include a selling strategy for volatility and a covered call strategy [13] - The CSI 1000 index has shown a high - level oscillatory trend in an upward direction. Its option implied volatility fluctuates below the average, and the open interest PCR is around 1.00, indicating an oscillatory trend. Suggested strategies include a selling strategy for volatility [14] 3.6.5 ChiNext Sector (ChiNext ETF, Huaxia Science and Technology Innovation 50 ETF, E Fund Science and Technology Innovation 50 ETF) - The ChiNext ETF has shown a gentle upward trend with support below. Its option implied volatility fluctuates below the historical average, and the open interest PCR is 0.84, indicating an oscillatory trend. Suggested strategies include a selling strategy for volatility and a covered call strategy [14]

股指期权日报 | 2025-07-08 股指期权日报 股指期权市场概况 期权成交量 2025-07-07，上证50ETF期权成交量为68.38万张；沪深300ETF期权（沪市）成交量为72.09万张； 中证500ETF期权（沪市）成交量为82.31万张；深证100ETF期权成交量为6.05万张； 创业板ETF期权成交量为87.08万张；上证50股指期权成交量为2.26万张； 沪深300股指期权成交量为5.65万张；中证1000期权总成交量为13.28万张。 期权PCR 上证50ETF期权VIX报14.54%，环比变动为+0.25%； 沪深300ETF期权（沪市）VIX报14.90%,环比变动为+0.44%； 中证500ETF期权（沪市）VIX报19.24%，环比变动为+0.49%； 深证100ETF期权VIX报17.17%，环比变动为+0.63%； 创业板ETF期权VIX报22.15%，环比变动为+0.39%； 上证50股指期权VIX报15.80%，环比变动为+0.52%； 沪深300股指期权VIX报15.65%，环比变动为+0.82%； 中证1000股指期权VIX报21.19%，环比变动为+0.98%。 2 ...

能源化工期权 2025-07-07 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 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 | | --- | --- | --- | --- | --- | --- | --- | -- ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints 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 high - level oscillation with a slight upward bias [3]. - The implied volatility of financial options fluctuated at a relatively high average level [3]. - For ETF options, it is suitable to construct covered strategies, neutral double - selling strategies, and vertical spread combination strategies; for index options, it is suitable to construct neutral double - selling strategies and arbitrage strategies by combining synthetic long or short options with short or long futures [3]. 3. Summary by Relevant Catalogs 3.1 Financial Market Index Overview - The Shanghai Composite Index closed at 3,472.32, up 11.17 points or 0.32%, with a trading volume of 567.2 billion yuan and an increase of 67 billion yuan in trading volume [4]. - The Shenzhen Component Index closed at 10,508.76, down 25.82 points or 0.25%, with a trading volume of 861.3 billion yuan and an increase of 51.8 billion yuan in trading volume [4]. - The SSE 50 Index closed at 2,740.44, up 15.90 points or 0.58%, with a trading volume of 75.1 billion yuan and an increase of 15.2 billion yuan in trading volume [4]. - The CSI 300 Index closed at 3,982.20, up 14.14 points or 0.36%, with a trading volume of 290.5 billion yuan and an increase of 20.9 billion yuan in trading volume [4]. - The CSI 500 Index closed at 5,911.44, down 11.22 points or 0.19%, with a trading volume of 211.4 billion yuan and an increase of 36.7 billion yuan in trading volume [4]. - The CSI 1000 Index closed at 6,312.20, down 30.44 points or 0.48%, with a trading volume of 304.7 billion yuan and an increase of 34.2 billion yuan in trading volume [4]. 3.2 Option - underlying ETF Market Overview - The SSE 50 ETF closed at 2.836, up 0.016 or 0.57%, with a trading volume of 5.6312 million shares and an increase of 5.6086 million shares in trading volume, and a trading value of 1.597 billion yuan and an increase of 0.96 billion yuan in trading value [5]. - The SSE 300 ETF closed at 4.032, up 0.017 or 0.42%, with a trading volume of 10.5256 million shares and an increase of 10.457 million shares in trading volume, and a trading value of 4.241 billion yuan and an increase of 1.492 billion yuan in trading value [5]. - The SSE 500 ETF closed at 5.963, down 0.008 or 0.13%, with a trading volume of 1.6262 million shares and an increase of 1.6142 million shares in trading volume, and a trading value of 0.971 billion yuan and an increase of 0.258 billion yuan in trading value [5]. - Other ETFs also have corresponding closing prices, trading volume changes, and trading value changes [5]. 3.3 Option Factor - Volume and Position PCR - For the SSE 50 ETF option, the trading volume was 1.6667 million contracts, an increase of 0.9589 million contracts; the position was 1.2648 million contracts, an increase of 0.037 million contracts; the trading volume PCR was 0.79, a decrease of 0.23; the position PCR was 1.07, an increase of 0.10 [6]. - For other option varieties, there are also corresponding volume, position, and PCR data and their changes [6]. 3.4 Option Factor - Pressure and Support Points - The SSE 50 ETF has a pressure point of 2.85 and a support point of 2.75 [8]. - Other option - underlying assets also have corresponding pressure and support points [8]. 3.5 Option Factor - Implied Volatility - The at - the - money implied volatility of the SSE 50 ETF option was 12.22%, the weighted implied volatility was 12.90%, an increase of 0.41%, the annual average was 16.03%, the call implied volatility was 13.08%, the put implied volatility was 12.66%, the HISV20 was 12.22%, and the implied - historical volatility difference was 0.68 [11]. - Other option varieties also have corresponding implied volatility data [11]. 3.6 Strategy and Recommendations - The financial options sector is divided into large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks. Different sectors have different representative option varieties [13]. - For each sector, option strategies and recommendations are provided for selected varieties. For example, for the financial stock sector (SSE 50 ETF and SSE 50), directional strategies include constructing a bull spread combination strategy of call options; volatility strategies include constructing a neutral seller strategy; and there are also spot long - covered strategies [14]. - Similar strategies and recommendations are given for other sectors such as large - and medium - cap stocks, small - cap stocks, and ChiNext stocks [15][16].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural products sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The sector shows different trends, with oilseeds and oils weakening, oils and agricultural by - products fluctuating, soft commodity sugar remaining weak, cotton rising moderately, and grains like corn and starch having a weak and narrow - range consolidation. The recommended strategy is to construct 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 shows the latest prices, price changes, trading volumes, and open interest of various agricultural product futures contracts, including soybeans, soybean meal, palm oil, etc. For example, the latest price of A2509 (soybean No.1) is 4,103, with a decrease of 30 and a decline rate of 0.73% [3] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators of different option varieties are presented, including volume PCR and open - interest PCR. These indicators 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 soybean No.1 is 0.31, and the open - interest PCR is 0.48 [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of option underlyings are analyzed. For example, the pressure level of soybean No.1 is 4,500, and the support level is 4,100 [5] 3.4 Option Factors - Implied Volatility - The implied volatility data of different option varieties are 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 soybean No.1 is 9.65%, and the weighted implied volatility is 12.06% [6] 3.5 Strategy and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean No.1 and No.2**: The fundamentals of US soybeans are neutral. The soybean No.1 market has a weak trend. Options' implied volatility is at a relatively high level, and the open - interest PCR indicates a weak market. Strategies include constructing a short neutral call + put option combination and a long collar strategy for spot hedging [7] - **Soybean Meal and Rapeseed Meal**: Soybean meal trading volume has increased, and the market has a weak downward trend. Options' implied volatility is slightly above the historical average, and the open - interest PCR is around 0.80. Strategies include constructing a short neutral call + put option combination and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The fundamentals of palm oil are affected by production, exports, and inventory. The palm oil market has a bullish - then - bearish trend. Options' implied volatility is decreasing, and the open - interest PCR indicates intense long - short competition. Strategies include constructing a short neutral call + put option combination and a long collar strategy for spot hedging [10] - **Peanuts**: The peanut market price is stable, and the market has a weak and volatile trend. Options' implied volatility is at a low level, and the open - interest PCR indicates a weak market. The recommended strategy is a long collar strategy for spot hedging [11] 3.5.2 Agricultural By - products Options - **Pigs**: The supply of pigs is tight at the beginning of the month, and the demand is decreasing. The pig market has a bullish - then - bearish trend. Options' implied volatility is at a relatively high level, and the open - interest PCR indicates a weak market. Strategies include constructing a short neutral call + put option combination and a covered call strategy for spot [11] - **Eggs**: The egg inventory is expanding, and the market has a weak downward trend. Options' implied volatility is at a high level, and the open - interest PCR is below 0.60. Strategies include constructing a short bearish call + put option combination [12] - **Apples**: The apple inventory is decreasing, and the market has a weak and bullish - rebound trend. Options' implied volatility is below the historical average, and the open - interest PCR is below 0.60. Strategies include constructing a short neutral call + put option combination [12] - **Jujubes**: The jujube inventory is slightly decreasing, and the market has a bullish - then - bearish trend. Options' implied volatility is decreasing, and the open - interest PCR is below 0.50. Strategies include constructing a short bearish strangle option combination and a covered call strategy for spot hedging [13] 3.5.3 Soft Commodities Options - **Sugar**: The sugar market has a weak and then - rebounding trend. Options' implied volatility is at a low level, and the open - interest PCR indicates a range - bound market. Strategies include constructing a short neutral call + put option combination and a long collar strategy for spot hedging [13] - **Cotton**: The cotton market has a low - level rebound trend. Options' implied volatility is decreasing, and the open - interest PCR indicates that the long - side strength is increasing. Strategies include constructing a bull call spread strategy, a short neutral call + put option combination, and a covered call strategy for spot [14] 3.5.4 Grains Options - **Corn and Starch**: The corn market has a weak and bearish trend. Options' implied volatility is at a low level, and the open - interest PCR indicates a range - bound market. Strategies include constructing a short neutral call + put option combination [14]

股指期权日报 | 2025-07-07 股指期权日报 股指期权市场概况 期权成交量 2025-07-04，上证50ETF期权成交量为166.67万张；沪深300ETF期权（沪市）成交量为160.03万张； 中证500ETF期权（沪市）成交量为162.70万张；深证100ETF期权成交量为8.21万张； 创业板ETF期权成交量为152.63万张；上证50股指期权成交量为5.93万张； 沪深300股指期权成交量为13.81万张；中证1000期权总成交量为28.67万张。 期权PCR 上证50ETF期权成交额PCR报0.60，环比变动为-0.09；持仓量PCR报1.07，环比变动为+0.10； 沪深300ETF期权（沪市）成交额PCR报0.53，环比变动为-0.12；持仓量PCR报0.94，环比变动为+0.06； 中证500ETF期权（沪市）成交额PCR报0.73，环比变动为+0.01；持仓量PCR报1.08，环比变动为+0.02 ； 深圳100ETF期权成交额PCR报0.45 ，环比变动为-0.08；持仓量PCR报1.07；环比变动为+0.05； 创业板ETF期权成交额PCR报0.54，环比变动为+0.00 ；持 ...