Report Industry Investment Rating - No relevant information provided Core Viewpoints - In the past week, trading volume and implied volatility of commodity options decreased in almost all sectors. In the energy and chemical sector, the trading volume of p-xylene at the end of its option cycle significantly boosted the trading enthusiasm of the entire sector. The option trading volume of glass and soda ash returned to a high level. Given the pressure in the futures market, using options to capture trading opportunities is relatively safe. [5] - Due to the impact of interest rate cuts, the implied volatility of precious metal options rose in direct proportion to the futures price, and the skewness was at a relatively high level. Attention could be paid to the signal of volatility decline for right-side trading. [5] - In the agricultural products sector, the long position of cotton call options increased, and the trading volume of put options increased significantly. The volatility skewness declined from a high level. Consider selling at-the-money call options and buying out-of-the-money call options for protection. [5] Summary by Directory 1. Market Overview - The trading volume and implied volatility of commodity options decreased in almost all sectors last week. The end-of-cycle trading volume of p-xylene in the energy and chemical sector boosted the trading enthusiasm of the entire sector. The option trading volume of glass and soda ash returned to a high level. The futures market still faced pressure, and using options to capture trading opportunities was relatively safe. [5] - Affected by interest rate cuts, the implied volatility of precious metal options rose in direct proportion to the futures price, and the skewness was at a relatively high level. Attention could be paid to the signal of volatility decline for right-side trading. [5] - In agricultural products, the long position of cotton call options increased, and the trading volume of put options increased significantly. The volatility skewness declined from a high level. Consider selling at-the-money call options and buying out-of-the-money call options for protection. [5] 2. Market Data 2.1 Market Overview - Provided the quantitative data of commodity options, including the volatility, 60-day quantile, skewness, and 60-day quantile of various commodities such as corn, soybean meal, and palm oil [13]. 2.2 - 2.55 Individual Option Market Data - Detailed market data for various options were presented, including contract information, trading volume, open interest, volume PCR, open interest PCR, implied volatility, historical volatility, and skewness. For example, in the corn option market, the trading volume and open interest of call and put options, as well as their changes compared to the previous week, were provided [14][15][16].

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. Oilseeds and oils, as well as agricultural by - products, are in a weak and volatile state, while soft commodities like sugar show slight fluctuations, and grains such as corn and starch are in a weak and narrow - range consolidation. It is recommended to construct option portfolio strategies mainly based on sellers, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various agricultural product futures, including soybeans, soybean meal, palm oil, eggs, etc [3]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - It shows the volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different agricultural product options, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4]. 3.2.2 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 the underlying options are analyzed for various agricultural products [5]. 3.2.3 Implied Volatility - The report provides the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility for different agricultural product options [6]. 3.3 Strategy and Recommendations for Different Agricultural Product Options 3.3.1 Oilseeds and Oils Options - **Beans (Soybean 1, Soybean 2)**: The fundamental situation of soybeans shows changes in US soybean good - rate and Brazilian soybean premiums, costs, and crushing margins. The soybean market has a short - term consolidation pattern. Options strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal, Rapeseed Meal**: The domestic soybean crushing volume and开机率 are expected to change. The soybean meal market is in a weak and volatile state. Strategies involve constructing a bear spread strategy for put options, a short - biased call + put option selling combination strategy, and a long collar strategy for spot hedging [9]. - **Palm Oil, Soybean Oil, Rapeseed Oil**: The fundamentals of oils show changes in production, exports, and inventories. The palm oil market is in a short - term bullish and then retracement pattern. Strategies include constructing a long - biased call + put option selling combination strategy and a long collar strategy for spot hedging [10]. - **Peanuts**: The peanut market price has increased slightly, but the downstream follow - up is less than expected. The market is in a weak consolidation pattern. Strategies include constructing a bear spread strategy for put options and a long collar strategy for spot hedging [11]. 3.3.2 Agricultural By - products Options - **Pigs**: The supply of pigs is relatively loose, and the demand has increased. The market is in a weak consolidation pattern. Strategies include constructing a short - biased call + put option selling combination strategy and a covered call strategy for spot [11]. - **Eggs**: The egg supply is sufficient, and the demand is weak. The market is in a weak and bearish pattern. Strategies include constructing a bear spread strategy for put options, a short - biased call + put option selling combination strategy [12]. - **Apples**: The apple inventory is at a low level in recent years, and the market is in a gradually warming - up pattern. Strategies include constructing a long - biased call + put option selling combination strategy [12]. - **Red Dates**: The red date inventory has decreased, and the market is in a short - term retracement pattern. Strategies include constructing a neutral strangle option selling combination strategy and a covered call strategy for spot hedging [13]. 3.3.3 Soft Commodities Options - **Sugar**: The sugar inventory pressure is not significant, but the de - stocking process has slowed down. The market is in a weak and bearish pattern. Strategies include constructing a short - biased call + put option selling combination strategy and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton production in Xinjiang is expected to increase. The market is in a short - term weak pattern. Strategies include constructing a long - biased call + put option selling combination strategy and a covered call strategy for spot [14]. 3.3.4 Grains Options - **Corn, Starch**: The corn inventory in the northern port has decreased, and the new - crop supply is limited. The market is in a weak and bearish but rebounding pattern. Strategies include constructing a short - biased call + put option selling combination strategy [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The energy - chemical sector includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. It is recommended to construct option portfolio strategies mainly as sellers and 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, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, such as SC2510 (crude oil) at a price of 484 with a 0.21% increase, PG2510 (liquefied petroleum gas) at 4,334 with a 0.73% decrease, etc. [4]. 3.2 Option Factors 3.2.1 Volume - Open Interest PCR - The volume - open interest PCR data of different option varieties are given, which helps describe the strength of the option underlying market and whether a turning point occurs in the underlying market. For example, the volume PCR of crude oil is 0.76 with a - 0.05 change, and the open interest PCR is 0.65 with a 0.03 change [5]. 3.2.2 Pressure and Support Levels - From the perspective of the strike prices of the largest open interests of call and put options, the pressure and support levels of option underlying are analyzed. For instance, the pressure level of crude oil is 600 and the support level is 415 [6]. 3.2.3 Implied Volatility - The implied volatility data of various option varieties are provided, including at - the - money implied volatility, weighted implied volatility and its change, annual average implied volatility, call and put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 23, and the weighted implied volatility is 25.58 with a - 0.56 change [7]. 3.3 Strategies and Recommendations 3.3.1 Energy - Type Options (Crude Oil) - Fundamental aspect: OPEC shows a restrained attitude to support prices. US refinery demand declines due to reduced imports, and shale oil fluctuates normally. The overall fundamental situation is healthy, and the crack spread remains strong. Market trend: In June, it rose rapidly, then pulled back after reaching a high; since July, it has weakened and fluctuated within a range; in August, it first rose then fell, showing a short - term weak fluctuation. Option factors: Implied volatility remains around the average level; the open interest PCR is below 0.80, indicating a short - term weak and fluctuating market; the pressure level is 600 and the support level is 415. 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]. 3.3.2 Energy - Type Options (Liquefied Petroleum Gas) - Fundamental aspect: Domestic supply is loose, with high - level and stable operation of major refineries, and high seasonal commodity volume. Import has declined slightly in the past two weeks, and port inventory remains high. Demand is low in summer, and chemical demand has declined slightly. Market trend: After a low - level range - bound fluctuation, it rose significantly and broke through the upper level, then pulled back after reaching a high in July, and accelerated the decline in August before rebounding and then being blocked. Option factors: Implied volatility has dropped significantly and returned to around the average level; the open interest PCR is around 0.60, indicating strong short - selling power; the pressure level is 5400 and the support level is 4200. 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]. 3.3.3 Alcohol - Type Options (Methanol) - Fundamental aspect: Import arrivals have increased, and port inventory has accumulated to a high level. Demand from port MTO has improved, but overall downstream demand is weak. Market trend: After a sharp decline in July, it fluctuated significantly, and has been weakening since August. Option factors: Implied volatility has declined and fluctuates below the average level; the open interest PCR is below 0.80, indicating a short - term weak and fluctuating market; the pressure level is 2600 and the support level is 2250. 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]. 3.3.4 Alcohol - Type Options (Ethylene Glycol) - Fundamental aspect: Port inventory is 500,000 tons, with a de - stocking of 47,000 tons compared to the previous period; downstream factory inventory days are 13.2 days, a decrease of 0.3 days. In the short term, arrivals are low and departures are high, and port inventory is expected to continue to decline. Market trend: It first declined then rose in June, reached a high and then pulled back; in July, it fluctuated weakly at a low level and then rose before a rapid decline; in August, it continued to fluctuate weakly. Option factors: Implied volatility fluctuates below the average level; the open interest PCR is below 0.60, indicating strong short - selling power; the pressure level is 4600 and the support level is 4400. Strategies: Directional strategy: None; Volatility strategy: Construct a short - volatility strategy; Spot long - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [11]. 3.3.5 Polyolefin - Type Options (Polypropylene) - Fundamental aspect: PE production enterprise inventory is 427,000 tons, with a de - stocking rate of - 14.92% compared to the previous period and a stocking rate of 0.40% compared to the same period last year; PP production enterprise inventory is 538,500 tons, with a de - stocking rate of - 5.91% compared to the previous period and a stocking rate of 9.07% compared to the same period last year. Market trend: The decline has narrowed since July, then it stabilized and fluctuated slightly before a rapid decline; in August, it maintained a weak and small - amplitude fluctuation. Option factors: Implied volatility has declined to a level slightly lower than the average; the open interest PCR is around 0.60, indicating a weak market; the pressure level is 7300 and the support level is 6800. Strategies: Directional strategy: None; Volatility strategy: None; Spot long - hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [11]. 3.3.6 Rubber Options - Fundamental aspect: The capacity utilization rate of China's semi - steel tire sample enterprises is 71.87%, a decrease of 7.81 percentage points compared to the same period last year; the capacity utilization rate of full - steel tire sample enterprises is 64.97%, an increase of 7.01 percentage points compared to the same period last year. Market trend: It fluctuated weakly at a low level in June and then rebounded; since July, it has risen in the short term and then reached a high and pulled back; in August, it gradually recovered and then fluctuated within a range. Option factors: Implied volatility first rose rapidly and then declined to around the average level; the open interest PCR is below 0.60; the pressure level has dropped significantly to 18000 and the support level is 15750. Strategies: Directional strategy: None; Volatility strategy: Construct a short - neutral call + put option combination strategy; Spot hedging strategy: None [12]. 3.3.7 Polyester - Type Options (PTA) - Fundamental aspect: PTA's overall social inventory (excluding credit warehouse receipts) is 2.2 million tons, with a de - stocking of 50,000 tons compared to the previous period. Downstream load is gradually increasing, and the number of maintenance in August has increased, with many unexpected maintenance events. Even with the commissioning of new plants, inventory will mainly decrease in the short term. Market trend: It first rose then fell in June, continued to rise and then declined rapidly; in July, it was weak and then rebounded; in August, it declined, then fluctuated slightly and then rebounded rapidly before being blocked. Option factors: Implied volatility fluctuates at a level slightly higher than the average; the open interest PCR is around 0.70, indicating a fluctuating market; the pressure level is 5000 and the support level is 4550. Strategies: Directional strategy: None; Volatility strategy: Construct a short - neutral call + put option combination strategy; Spot hedging strategy: None [12]. 3.3.8 Alkali - Type Options (Caustic Soda) - Fundamental aspect: The average capacity utilization rate of China's caustic soda sample enterprises with a capacity of 200,000 tons and above is 82.4%, a decrease of 0.8% compared to the previous week. Except for the increase in the operating rates in the northwest and southwest regions, other regions have declined. Market trend: It first rose then fell in July, and after a rapid decline in August, it gradually rebounded and showed a short - term bullish and high - level fluctuation. Option factors: Implied volatility fluctuates at a relatively high level; the open interest PCR is around 0.80, indicating a fluctuating market; the pressure level is 3000 and the support level is 2400. Strategies: Directional strategy: None; Volatility strategy: None; Spot collar - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [13]. 3.3.9 Alkali - Type Options (Soda Ash) - Fundamental aspect: Last week, the soda ash factory inventory was 1.8675 million tons, a decrease of 43,300 tons compared to the previous period; the delivery warehouse inventory was 500,700 tons, an increase of 4,400 tons. The total inventory of factory + delivery warehouse is 2.3682 million tons, a decrease of 38,900 tons compared to the previous period. Market trend: It fluctuated slightly in a narrow range in July and then rebounded; since August, it has continued to fluctuate weakly. Option factors: Implied volatility first rose rapidly and then dropped significantly, and currently still fluctuates at a relatively high level; the open interest PCR is below 0.60, indicating strong short - selling pressure; the pressure level is 1640 and the support level is 1180. Strategies: Directional strategy: None; Volatility strategy: Construct a short - volatility combination strategy; Spot long - hedging strategy: Construct a long collar strategy [13]. 3.3.10 Urea Options - Fundamental aspect: Port inventory is 600,000 tons, an increase of 99,000 tons compared to the previous period; enterprise inventory is 1.0858 million tons, an increase of 61,900 tons compared to the previous period, and is at a high level compared to the same period last year. Market trend: It fluctuated widely under the short - selling pressure line in July and then rose rapidly; in August, it continued to fluctuate widely. Option factors: Implied volatility fluctuates slightly around the historical average level; the open interest PCR is below 0.60, indicating strong short - selling pressure; the pressure level is 1900 and the support level is 1700. Strategies: Directional strategy: None; Volatility strategy: Construct a short - bearish call + put option combination strategy; Spot hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [14].

Group 1: Report Summary - The report is a metal options strategy morning report dated August 29, 2025, providing analysis and strategies for various metal options [1][2] - It covers three main sectors: non - ferrous metals, precious metals, and black metals, and offers option strategies for selected varieties in each sector [8] Group 2: Market Overview Futures Market - The report presents the latest prices, price changes, trading volumes, and open interest changes of multiple metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2510) is 78,990, with a price increase of 170 and a trading volume of 7.34 million lots [3] Option Factors - **Volume and Open Interest PCR**: It shows the volume and open - interest PCR of different metal options, which are used to describe the strength of the option underlying market and the turning point of the market. For example, the volume PCR of copper options is 0.79, and the open - interest PCR is 0.83 [4] - **Pressure and Support Levels**: The report identifies the pressure and support levels of each metal option from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of copper is 80,000, and the support level is 78,000 [5] - **Implied Volatility**: It provides the implied volatility data of each metal option, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of copper is 8.61%, and the weighted implied volatility is 12.47% with a change of - 0.54% [6] Group 3: Strategy and Recommendations Non - ferrous Metals - **Copper Options**: - Fundamental analysis shows that the inventory of the three major exchanges decreased by 0.04 million tons. The market has been in a high - level consolidation pattern since June. - Option factor research indicates that the implied volatility fluctuates around the historical average, and the open - interest PCR is below 0.80, suggesting some pressure above. - Strategies include building a short - volatility seller option portfolio, such as S_CU2510P77000, S_CU2510P78000, S_CU2510C82000, S_CU2510C84000, and a spot long - hedging strategy [7] - **Aluminum/Alumina Options**: - Aluminum fundamentals show changes in domestic and LME inventories. The market has shown a bullish trend with high - level fluctuations. - Option factors suggest that the implied volatility is below the historical average, and the open - interest PCR is around 0.80, indicating increasing pressure. - Strategies include a bullish call option spread for directional gain, a short - neutral call + put option combination for time value and directional gain, and a spot collar strategy [9] Precious Metals - **Gold/Silver Options**: - Gold fundamentals are affected by the Fed's interest - rate policy. The market is in a high - level consolidation with a short - term weak trend. - Option factors show that the implied volatility is around the historical average, and the open - interest PCR is below 0.60, indicating some pressure above. - Strategies include a short - neutral volatility option seller portfolio and a spot hedging strategy [12] Black Metals - **Rebar Options**: - Rebar fundamentals show changes in social and factory inventories. The market has been in a weak consolidation pattern with pressure above. - Option factors suggest that the implied volatility is at a relatively high level around the historical average, and the open - interest PCR is around 0.60, indicating strong short - side pressure. - Strategies include a short - bearish call + put option combination and a spot long - covered call strategy [13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and recommendations are provided for selected varieties. Each option variety strategy report includes underlying market analysis, option factor research, and option strategy recommendations [9]. - Overall, the report suggests constructing 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 report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interest, and open interest changes of various energy and chemical futures, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, polypropylene, polyvinyl chloride, plastics, styrene, rubber, synthetic rubber, p-xylene, purified terephthalic acid (PTA), short - fiber, bottle chips, caustic soda, soda ash, and urea [4]. 3.2 Option Factor - Volume and Open Interest PCR - The volume and open interest PCR data of various energy and chemical 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 example, the volume PCR and open interest PCR of crude oil options are 0.81 and 0.62 respectively, with changes of - 0.11 and - 0.03 [5]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of various energy and 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 600 and the support level is 415 [6]. 3.4 Option Factor - Implied Volatility - The implied volatility data of various energy and chemical options are presented, including at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 24.035%, and the weighted implied volatility is 26.13% with a change of - 1.29 [7]. 3.5 Option Strategies and Recommendations for Different Varieties 3.5.1 Crude Oil Options - **Underlying Market Analysis**: OPEC + increased oil supply in September, and Russia announced production cuts. The crude oil market showed a short - term upward trend with resistance. - **Option Factor Research**: The implied volatility of crude oil options fluctuated around the average level. The open interest PCR was below 0.80, indicating a weak and volatile market. The pressure level was 600 and the support level was 415. - **Option Strategy Recommendations**: Construct a neutral short call + put option combination strategy for volatility, and a long collar strategy for spot hedging [8]. 3.5.2 LPG Options - **Underlying Market Analysis**: LPG plant inventories decreased slightly, and port inventories were at a high level. The market showed a short - term recovery with resistance. - **Option Factor Research**: The implied volatility of LPG options decreased significantly to around the average level. The open interest PCR was around 0.60, indicating strong short - side power. The pressure level was 5400 and the support level was 3900. - **Option Strategy Recommendations**: Construct a neutral short call + put option combination strategy for volatility, and a long collar strategy for spot hedging [10]. 3.5.3 Methanol Options - **Underlying Market Analysis**: Methanol port and enterprise inventories increased. The market showed a weak trend with resistance. - **Option Factor Research**: The implied volatility of methanol options fluctuated below the average level. The open interest PCR was below 0.80, indicating a weak and volatile market. The pressure level was 2600 and the support level was 2275. - **Option Strategy Recommendations**: Construct a short - biased short call + put option combination strategy for volatility, and a long collar strategy for spot hedging [10]. 3.5.4 Ethylene Glycol Options - **Underlying Market Analysis**: Ethylene glycol port inventories decreased, and the market was expected to shift from de - stocking to stocking. The market showed a weak and volatile trend. - **Option Factor Research**: The implied volatility of ethylene glycol options fluctuated below the average level. The open interest PCR was below 0.60, indicating strong short - side power. The pressure level was 4600 and the support level was 4400. - **Option Strategy Recommendations**: Construct a short - volatility strategy for volatility, and a long collar strategy for spot hedging [11]. 3.5.5 Polypropylene Options - **Underlying Market Analysis**: Polypropylene production and trade inventories showed different trends. The market showed a weak trend with resistance. - **Option Factor Research**: The implied volatility of polypropylene options decreased to below the average level. The open interest PCR decreased to below 0.60, indicating a weak market. The pressure level was 7300 and the support level was 6800. - **Option Strategy Recommendations**: For spot hedging, hold a long position in the underlying asset, buy an at - the - money put option, and sell an out - of - the - money call option [11]. 3.5.6 Rubber Options - **Underlying Market Analysis**: The operating rates of Shandong's all - steel and semi - steel tire industries changed. The market showed a short - term weak trend with resistance. - **Option Factor Research**: The implied volatility of rubber options first increased rapidly and then decreased to around the average level. The open interest PCR was below 0.60. The pressure level was 18000 and the support level was 15750. - **Option Strategy Recommendations**: Construct a neutral short call + put option combination strategy for volatility [12]. 3.5.7 PTA Options - **Underlying Market Analysis**: PTA social inventories decreased, and downstream loads increased. The market showed a recovery trend with resistance. - **Option Factor Research**: The implied volatility of PTA options fluctuated at a relatively high level. The open interest PCR was around 0.80, indicating a volatile market. The pressure level was 5000 and the support level was 4600. - **Option Strategy Recommendations**: Construct a neutral short call + put option combination strategy for volatility [13]. 3.5.8 Caustic Soda Options - **Underlying Market Analysis**: The utilization rate of caustic soda production capacity decreased. The market showed a volatile trend with resistance. - **Option Factor Research**: The implied volatility of caustic soda options was at a relatively high level. The open interest PCR was above 1.00, indicating strong long - side power. The pressure level was 3000 and the support level was 2400. - **Option Strategy Recommendations**: Construct a long collar strategy for spot hedging [14]. 3.5.9 Soda Ash Options - **Underlying Market Analysis**: Soda ash production reached a new high. The market showed a volatile trend with support. - **Option Factor Research**: The implied volatility of soda ash options first increased rapidly and then decreased significantly but remained at a relatively high level. The open interest PCR was below 0.60, indicating strong short - side pressure. The pressure level was 1640 and the support level was 1200. - **Option Strategy Recommendations**: Construct a short - volatility combination strategy for volatility, and a long collar strategy for spot hedging [14]. 3.5.10 Urea Options - **Underlying Market Analysis**: Urea port and enterprise inventories increased. The market showed a low - level volatile trend. - **Option Factor Research**: The implied volatility of urea options fluctuated around the historical average level. The open interest PCR was below 0.60, indicating strong short - side pressure. The pressure level was 1900 and the support level was 1700. - **Option Strategy Recommendations**: Construct a short - biased short call + put option combination strategy for volatility, and a long collar strategy for spot hedging [15].

Market Review - The closing prices of the Shanghai 50, CSI 300, and CSI 1000 indices were 2918.3789, 4386.1266, and 7336.5036 respectively, with declines of 1.73%, 1.49%, and 1.87% [4]. - The trading volumes of the Shanghai 50, CSI 300, and CSI 1000 indices were 71.01 billion, 333.13 billion, and 416.76 billion respectively, with turnovers of 1976.54 billion yuan, 7850.98 billion yuan, and 6727.84 billion yuan [4]. - For the Shanghai 50 index options, the put - call ratio (PCR) of trading volume was 0.43, and the PCR of open interest was 0.61. For the CSI 300 index options, the PCR of trading volume was 0.55, and the PCR of open interest was 0.81. For the CSI 1000 index options, the PCR of trading volume was 0.81, and the PCR of open interest was 1.14 [4]. Volatility Analysis - Analyzed the historical volatility and volatility smile curve of the Shanghai 50, CSI 300, and CSI 1000 indices, including the minimum, maximum, 10%, 30%, 60%, 90% quantile values, and the current values of different - period historical volatilities, as well as the next - month at - the - money implied volatility [9][11][12]. Overall Market Situation - The Shanghai Composite Index fell 1.76% to 3800.35 points, the Shenzhen Component Index fell 1.43%, the ChiNext Index fell 0.69%, the North 50 Index fell 2.6%, the STAR 50 Index rose 0.13%, the Wind All - A Index fell 1.74%, the Wind A500 Index fell 1.51%, and the CSI A500 Index fell 1.44% [12]. - A - share trading volume reached 3.2 trillion yuan throughout the day, up from 2.71 trillion yuan the previous day, hitting a new stage high [12]

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. Different option strategies are proposed for each sector and selected varieties based on market conditions and option factors [8]. - For non - ferrous metals, which are in a weak and volatile state, a neutral volatility strategy for sellers is recommended; black metals maintain a large - amplitude volatile trend, suitable for constructing short - volatility portfolios; precious metals are consolidating at high levels with a slight decline, and a spot hedging strategy is recommended [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various metal futures contracts are presented. For example, the price of copper futures (CU2510) is 78,850, down 500 (- 0.63%); the price of aluminum futures (AL2510) is 20,680, down 170 (- 0.82%) [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. For example, the volume PCR of copper options is 0.49, and the open interest PCR is 0.82 [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 strike prices with the largest open interest of call and put options. For example, the pressure level of copper is 82,000, and the support level is 75,000 [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 its changes. For example, the at - the - money implied volatility of copper is 8.41%, and the weighted implied volatility is 13.00% with a change of - 1.44% [6]. 3.5 Option Strategies and Recommendations 3.5.1 Non - Ferrous Metals - **Copper Options**: The fundamental situation shows a decrease in inventory in some exchanges. The market has been in a high - level consolidation. Implied volatility is at the historical average. Recommended strategies include a short - volatility seller option portfolio and a spot long - hedging strategy [7]. - **Aluminum/Alumina Options**: Aluminum inventory has changed, and the market is in a bullish high - level shock. Implied volatility is below the historical average. Recommended strategies include a bullish call spread, a short - neutral call + put option combination, and a spot collar strategy [9]. - **Zinc/Lead Options**: Zinc has specific inventory and开工 rate data, and the market is in a volatile decline. Implied volatility is below the historical average. Recommended strategies include a short - neutral call + put option combination and a spot collar strategy [9]. - **Nickel Options**: The spot market has inventory changes, and the market is in a wide - range shock. Implied volatility is at a high historical level. Recommended strategies include a short - bearish call + put option combination and a spot covered - call strategy [10]. - **Tin Options**: Tin inventory has decreased, and the market is in a short - term weak shock. Implied volatility is at a low historical level. Recommended strategies include a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate Options**: The market has large fluctuations, and implied volatility has risen rapidly. Recommended strategies include a short - neutral call + put option combination and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Gold/Silver Options**: Gold is affected by the Fed's interest - rate policy. The market is in a short - term consolidation with a weak trend. Implied volatility is around the historical average. Recommended strategies include a short - neutral volatility seller option portfolio and a spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar Options**: Rebar inventory has increased, and the market is in a weak consolidation. Implied volatility is at a relatively high historical level. Recommended strategies include a short - bearish call + put option combination and a spot long - covered - call strategy [13]. - **Iron Ore Options**: Iron ore inventory has changed, and the market is in a range - bound rebound. Implied volatility is above the historical average. Recommended strategies include a short - neutral call + put option combination and a spot long - collar strategy [13]. - **Ferroalloy Options**: Manganese silicon inventory has decreased, and the market is in a weak and bearish trend. Implied volatility is at a high historical level. Recommended strategies include a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Industrial silicon inventory is at a high level, and the market has large fluctuations. Implied volatility is rising. Recommended strategies include a short - volatility call + put option combination and a spot hedging strategy [14]. - **Glass Options**: Glass inventory has increased, and the market is in a weak trend. Implied volatility is at a high historical level. Recommended strategies include a short - volatility call + put option combination and a spot long - collar strategy [15].

Core Viewpoint - The market's significant increase in volume indicates a strong positive sentiment among investors, while the sharp rise in implied volatility signals a quick escalation in speculative activity [1] Market Dynamics - If the market and implied volatility continue to rise rapidly, a short-term adjustment may occur as the market returns to rationality [1] - Conversely, if the market maintains a "slow bull" trend with stable or significantly declining implied volatility, the timing of market fluctuations may be delayed compared to the previous scenario [1] Long-term Logic - The three key long-term drivers of the bull market remain robust: stable market policies, a focus on technology, and the narrative against internal competition [1] - This suggests that as long as these long-term drivers remain unchanged, any market adjustments should be viewed as opportunities, and the bullish mindset should be maintained [1]

Group 1: Implied Volatility Index and Historical Volatility - The financial option implied volatility index reflects the 30 - day implied volatility (IV) trend as of the previous trading day. The commodity option implied volatility index is obtained by weighting the IV of the two - strike options above and below the at - the - money option of the main contract, reflecting the IV change trend of the main contract [2] - The difference between the IV index and historical volatility (HV) indicates the relative level of IV to HV. A larger difference means higher IV relative to HV, and a smaller difference means lower IV relative to HV [2] Group 2: Implied Volatility Index and Volatility Spread Quantile Ranking - Implied volatility quantile represents the current level of a variety's IV in history. A high quantile means the current IV is high, and a low quantile means the current IV is low. Volatility spread is IV minus HV [4] - The implied volatility quantile rankings of some varieties are as follows: 300 Index (0.83), China Securities (0.84), PTA (0.80), 5 - year (0.43), 50ETF (0.39), PVC (0.38), etc. The historical volatility quantile rankings of some varieties are also presented, such as PTA (0.27) [4][5]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The stock market shows a bullish upward trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks all rising [2]. - The implied volatility of financial options is gradually rising and fluctuating at a relatively high level compared to the mean [2]. - For ETF options, it is suitable to construct bullish buyer strategies and call option bull spread combination strategies; for index options, it is suitable to construct bullish seller strategies, call option bull spread combination strategies, and arbitrage strategies between synthetic long option futures and short futures [2]. 3. Summary by Directory 3.1 Financial Market Index Overview - Major indices such as the Shanghai Composite Index, Shenzhen Component Index, Shanghai 50, CSI 300, CSI 500, and CSI 1000 all showed gains, with the Shenzhen Component Index having the highest increase of 2.26% [3]. - The trading volume of these indices also increased, with the Shenzhen Component Index having an increase of 328.6 billion yuan in trading volume [3]. 3.2 ETF Market Overview - Most ETFs, including Shanghai 50ETF, Shanghai 300ETF, and ChiNext ETF, showed price increases, with the ChiNext ETF having the highest increase of 2.82% [4]. - The trading volume of most ETFs increased, but the trading volume of Shanghai 50ETF decreased by 1.53 billion yuan [4]. 3.3 Option Factor - Volume and Position PCR - The volume PCR and position PCR of different option varieties showed different trends, which can be used to judge the strength of the option underlying and the turning point of the market [5][6]. 3.4 Option Factor - Pressure and Support Points - The pressure and support points of different option varieties are obtained from the strike prices of the maximum open interest of call and put options, which can help analyze the price trend of the underlying [7]. 3.5 Option Factor - Implied Volatility - The implied volatility of different option varieties increased to varying degrees, with the implied volatility of E Fund Science and Technology Innovation 50ETF having the largest increase of 11.58 percentage points [8]. 3.6 Strategy and Suggestions - **Financial Stock Sector (Shanghai 50ETF, Shanghai 50)**: The Shanghai 50ETF shows a bullish upward trend. Suggested strategies include constructing call option bull spread combination strategies, bullish seller combination strategies, and spot long covered call strategies [11]. - **Large - Cap Blue - Chip Stock Sector (Shanghai 300ETF, Shenzhen 300ETF, CSI 300)**: These show a short - term bullish upward trend. Suggested strategies include call option bull spread combination strategies, short - volatility combination strategies, and spot long covered call strategies [11]. - **Large - and Medium - Sized Stock Sector (Shenzhen 100ETF)**: It shows a bullish upward trend. Suggested strategies include call option bull spread combination strategies, short - volatility combination strategies, and spot long covered call strategies [12]. - **Small - and Medium - Cap Stock Sector (Shanghai 500ETF, Shenzhen 500ETF, CSI 1000)**: They show a short - term bullish upward trend. Suggested strategies include call option bull spread combination strategies, short - volatility strategies for CSI 1000, and spot long covered call strategies [12][13]. - **ChiNext Sector (ChiNext ETF, Huaxia Science and Technology Innovation 50ETF, E Fund Science and Technology Innovation 50ETF)**: They show a bullish upward trend. Suggested strategies include call option bull spread combination strategies and spot long covered call strategies [13].