Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For non - ferrous metals, which are in a state of shock and decline, a seller's neutral volatility strategy is recommended; black metals are in a range - bound consolidation state, suitable for constructing a seller's option neutral combination strategy; precious metals, specifically gold, are in a high - level consolidation with a weak decline, suggesting a spot hedging strategy [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Different metal futures have different price changes, trading volumes, and open interest changes. For example, copper (CU2508) has a latest price of 78,070, a rise of 140, and a trading volume of 8.17 million lots; aluminum (AL2508) has a latest price of 20,390 with no change, and a trading volume of 10.36 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different metal options reflect the strength of the option underlying market and the turning point of the market. For instance, the volume PCR of copper options is 0.50 with a change of - 0.01, and the open interest PCR is 0.62 with a change of 0.02 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of option factors, the pressure and support levels of different metal options are different. For example, the pressure level of copper options is 82,000 and the support level is 77,000; the pressure level of aluminum options is 20,600 and the support level is 20,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different metal options varies. For example, the at - the - money implied volatility of copper options is 10.75%, and the weighted implied volatility is 16.31% with a change of - 0.88% [6]. 3.5 Strategies and Recommendations - **Non - ferrous Metals** - **Copper Options**: Based on the analysis of fundamentals, market trends, and option factors, a short - volatility seller's option combination strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum/Alumina Options**: A bull spread strategy for call options, a short - option combination strategy, and a spot collar strategy are recommended [9]. - **Zinc/Lead Options**: A short - neutral call + put option combination strategy and a spot collar strategy are recommended [9]. - **Nickel Options**: A short - bearish call + put option combination strategy and a spot long - hedging strategy are recommended [10]. - **Tin Options**: A short - volatility strategy and a spot collar strategy are recommended [10]. - **Lithium Carbonate Options**: A short - bullish call + put option combination strategy and a spot long - hedging strategy are recommended [11]. - **Precious Metals** - **Gold/Silver Options**: A short - neutral volatility option seller's combination strategy and a spot hedging strategy are recommended [12]. - **Black Metals** - **Rebar Options**: A short - neutral call + put option combination strategy and a spot long - covered call strategy are recommended [13]. - **Iron Ore Options**: A short - bullish call + put option combination strategy and a spot long - collar strategy are recommended [13]. - **Ferroalloy Options**: A short - volatility strategy is recommended for manganese silicon options, and a bull spread strategy for call options, a short - bullish call + put option combination strategy, and a spot hedging strategy are recommended for industrial silicon/polysilicon options [14]. - **Glass Options**: A short - volatility call + put option combination strategy and a spot long - collar strategy are recommended [15].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, some varieties are selected for option strategy analysis and suggestions. Strategies mainly involve constructing option combination strategies with sellers as the main body, as well as spot hedging or covered strategies to enhance returns [2][8] 3. Summary by Related Catalogs 3.1 Futures Market Overview - For various energy - chemical options, data on the latest price, change, change rate, trading volume, volume change, open interest, and open interest change of the underlying contracts are presented. For example, the latest price of crude oil (SC2509) is 506, down 4 with a change rate of - 0.73%, trading volume of 5.74 million lots, and an open interest of 2.62 million lots [3] 3.2 Option Factor - Volume and Open Interest PCR - Data on the trading volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different option varieties are provided. For instance, the volume PCR of crude oil is 0.72 with a change of 0.02, and the open interest PCR is 0.66 with a change of - 0.09 [4] 3.3 Option Factor - Pressure and Support Levels - The pressure points, pressure point offsets, support points, support point offsets, maximum call option open interest, and maximum put option open interest of different option varieties are listed. For example, the pressure point of crude oil is 660 and the support point is 510 [5] 3.4 Option Factor - Implied Volatility - Data on the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call option implied volatility, put option implied volatility, 20 - day historical volatility, and implied - historical volatility difference of different option varieties are given. For example, the at - the - money implied volatility of crude oil is 27.54%, and the weighted implied volatility is 33.83% with a change of - 3.99% [6] 3.5 Strategies and Suggestions for Different Option Varieties 3.5.1 Energy - related Options (Crude Oil, LPG) - **Crude Oil**: Fundamentally, OPEC + is increasing production, and US supply is following the oil price rebound. The short - term market is weak. Optionally, the implied volatility fluctuates around the mean, the open interest PCR indicates increasing short - selling power, and the pressure and support levels are 660 and 500 respectively. Volatility strategies involve constructing a short - neutral call + put option combination, and spot long - hedging strategies involve constructing a long collar strategy [7] - **LPG**: Fundamentally, global supply differences are decreasing, and demand has uncertainties. The short - term market is bearish. Optionally, the implied volatility fluctuates around the historical mean, the open interest PCR indicates increasing short - selling power, and the pressure and support levels are 5100 and 4000 respectively. Similar to crude oil, volatility and spot long - hedging strategies are provided [9] 3.5.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Fundamentally, domestic production is expected to increase after maintenance, and port inventory is rising. The short - term market is in a narrow - range fluctuation. Optionally, the implied volatility is below the historical mean, the open interest PCR indicates a weak - oscillating market, and the pressure and support levels are 2950 and 2200 respectively. Volatility and spot long - hedging strategies are proposed [9] - **Ethylene Glycol**: Fundamentally, port inventory is rising, and the destocking process will slow down. The short - term market is under pressure and bearish. Optionally, the implied volatility fluctuates around the historical mean, the open interest PCR indicates a weak trend, and the pressure and support levels are 4350 and 4300 respectively. Volatility and spot long - hedging strategies are provided [10] 3.5.3 Polyolefin - related Options (PP, PVC, L, EB) - **Polypropylene**: Fundamentally, PP inventory has mixed changes. The short - term market is weak with upward pressure. Optionally, the implied volatility fluctuates around the historical mean, the open interest PCR indicates a weakening trend, and the pressure and support levels are 7500 and 6800 respectively. Spot long - hedging strategies are proposed [10] - **Polyvinyl Chloride**: No detailed fundamental analysis is provided. Option - related data such as volume and open interest PCR, implied volatility, and pressure and support levels are given, along with corresponding strategies [115 - 136] - **Polyethylene**: Similar to other polyolefins, data on option factors and corresponding strategies are presented [137 - 155] - **Styrene**: Data on option factors and corresponding strategies are provided, including fundamental analysis of price trends [156 - 174] 3.5.4 Rubber - related Options (Rubber, Synthetic Rubber) - **Rubber**: Fundamentally, the natural rubber market price has rebounded, but downstream demand is weak. The short - term market is in a low - level consolidation. Optionally, the implied volatility fluctuates around the mean, the open interest PCR indicates a certain short - selling power, and the pressure and support levels are 15000 and 13000 respectively. Volatility strategies are proposed [11] - **Synthetic Rubber**: Data on option factors and corresponding strategies are presented [195 - 212] 3.5.5 Polyester - related Options (PX, PTA, PF, PR) - **PTA**: Fundamentally, PTA production load is rising after the maintenance season. The short - term market is weak with upward pressure. Optionally, the implied volatility fluctuates around the mean, the open interest PCR indicates a weakening trend, and the pressure and support levels are 5000 and 3800 respectively. Volatility strategies are proposed [11] 3.5.6 Alkali - related Options (Caustic Soda, Soda Ash, Urea) - **Caustic Soda**: Fundamentally, the capacity utilization rate has mixed changes. The short - term market is bullish. Optionally, the implied volatility fluctuates around the mean, the open interest PCR is around 0.8, and the pressure and support levels are 3400 and 2200 respectively. Spot long - hedging strategies are proposed [12] - **Soda Ash**: Fundamentally, enterprise inventory is accumulating. The short - term market is in a low - level bullish consolidation. Optionally, the implied volatility fluctuates around the historical mean, the open interest PCR indicates a weak - oscillating market, and the pressure and support levels are 2080 and 1100 respectively. Directional, volatility, and spot long - hedging strategies are provided [12] - **Urea**: Fundamentally, supply - demand differences are decreasing, and the market is affected by export expectations. The short - term market is oscillating under bearish pressure. Optionally, the implied volatility is slightly below the historical mean, the open interest PCR is below 0.8, and the pressure and support levels are 1900 and 1700 respectively. Volatility and spot long - hedging strategies are proposed [13]

Group 1: Report Summary - The report is an energy and chemical options strategy morning report, covering energy (crude oil, LPG), polyolefins (PP, PVC, plastic, styrene), polyesters (PX, PTA, short - fiber, bottle chips), alkali chemicals (caustic soda, soda ash), and other energy - chemical products like rubber [2] - The recommended strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - Information on the latest price, price change, price change rate, trading volume, volume change, open interest, and open interest change of various option underlying futures contracts is provided, such as crude oil (SC2509), LPG (PG2509), etc [3] Group 3: Option Factor - Volume and Open Interest PCR - The volume PCR and open interest PCR of different option varieties are presented, along with their changes, which are used to describe the strength of the option underlying market and whether the underlying market has a turning point [4] Group 4: Option Factor - Pressure and Support Levels - The pressure points, support points, and their offsets of different option underlying are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5] Group 5: Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of various options are provided [6] Group 6: Strategy and Recommendations for Different Option Varieties Energy - related Options - **Crude Oil Options** - Fundamental analysis shows that OPEC + increased oil supply in July, and US shale oil production has recovered. The market has shown short - term weakness recently. - Option factor research indicates that the implied volatility is near the average, the open interest PCR is below 0.8, the pressure level is 660, and the support level is 500. - Strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7] - **LPG Options** - Fundamentally, global supply differences are decreasing, and the demand side has uncertainties. The market shows short - term bearishness. - Option factors show that the implied volatility is near the average, the open interest PCR is below 0.6, the pressure level is 5100, and the support level is 4000. - Strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] Alcohol - related Options - **Methanol Options** - Fundamentally, domestic methanol production is expected to increase after maintenance, and port inventory is rising. The market shows short - term narrow - range fluctuations. - Option factors show that the implied volatility is below the average, the open interest PCR is around 0.8, the pressure level is 2950, and the support level is 2200. - Strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] - **Ethylene Glycol Options** - Fundamentally, port inventory is rising, and the destocking process will slow down. The market shows weak and bearish fluctuations with upper pressure. - Option factors show that the implied volatility is near the average, the open interest PCR is around 0.7, the pressure level is 4350, and the support level is 4300. - Strategies include constructing a short - volatility strategy for volatility, and a long collar strategy for spot hedging [10] Polyolefin - related Options - **Polypropylene Options** - Fundamentally, PP trader inventory is increasing, and port inventory is decreasing. The market shows a weak trend with upper bearish pressure. - Option factors show that the implied volatility is near the average, the open interest PCR is below 0.8, the pressure level is 7500, and the support level is 6800. - Strategies include a long collar strategy for spot hedging [10] Rubber - related Options - **Rubber Options** - Fundamentally, the natural rubber market price has rebounded, but downstream demand has no obvious change. The market shows low - level consolidation. - Option factors show that the implied volatility is near the average, the open interest PCR is below 0.6, the pressure level is 15000, and the support level is 13000. - Strategies include constructing a short - neutral call + put option combination strategy for volatility [11] Polyester - related Options - **PTA Options** - Fundamentally, the PTA maintenance season is over, and the load is high. The market shows a weak trend with upper pressure. - Option factors show that the implied volatility is near the average, the open interest PCR is below 0.8, the pressure level is 5000, and the support level is 3800. - Strategies include constructing a short - neutral call + put option combination strategy for volatility [11] Alkali - related Options - **Caustic Soda Options** - Fundamentally, the average utilization rate of caustic soda production capacity has slightly decreased. The market shows a short - term bullish trend. - Option factors show that the implied volatility is near the average, the open interest PCR is around 0.8, the pressure level is 3400, and the support level is 2200. - Strategies include a long collar strategy for spot hedging [12] - **Soda Ash Options** - Fundamentally, the total inventory of soda ash manufacturers is increasing, and enterprise shipments are slowing down. The market shows a weak and bearish trend with low - level consolidation. - Option factors show that the implied volatility is near the average, the open interest PCR is below 0.5, the pressure level is 2080, and the support level is 1100. - Strategies include constructing a bear - spread strategy for direction, a short - bearish call + put option combination strategy for volatility, and a long collar strategy for spot hedging [12] Urea Options - Fundamentally, the supply - demand difference has decreased, and the enterprise inventory has declined. The market shows fluctuations under bearish pressure. - Option factors show that the implied volatility is below the average, the open interest PCR is below 0.8, the pressure level is 1900, and the support level is 1700. - Strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [13]

1. Report Summary - The report provides a morning briefing on metal option strategies, covering various metal options including non - ferrous metals, precious metals, and black metals. It includes market overviews, option factor analyses, and strategy recommendations for each metal option [2]. 2. Core Views - For non - ferrous metals, which are in a state of shock and decline, a seller's neutral volatility strategy is recommended; black metals are in a range - bound consolidation phase, suitable for constructing a seller's option neutral combination strategy; precious metals like gold are in a high - level consolidation with a weak decline, suggesting a spot hedging strategy [2]. 3. Specific Summaries by Category 3.1 Market Overview of Underlying Futures - The report details the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts such as copper, aluminum, zinc, etc. For example, the latest price of copper (CU2508) is 78,020, with a decline of 270 and a decline rate of 0.34% [3]. 3.2 Option Factor Analysis 3.2.1 Volume and Open Interest PCR - The volume and open interest PCR of each metal option are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the open interest PCR of copper options is 0.60, with a change of - 0.01 [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of each metal option are analyzed from the perspective of the exercise 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 78,000 [5]. 3.2.3 Implied Volatility - The report shows the at - the - money implied volatility, weighted implied volatility, and its changes, annual average, call and put implied volatilities, historical volatility, and the difference between implied and historical volatilities of each metal option. For example, the weighted implied volatility of copper is 17.19%, with a change of - 0.35% [6]. 3.3 Strategy Recommendations 3.3.1 Non - Ferrous Metals - **Copper Options**: Based on fundamental and market analysis, the strategy includes constructing a short - volatility seller's option combination strategy and a spot long - position hedging strategy [8]. - **Aluminum/Alumina Options**: Recommendations are a call option bull spread strategy, a short - position call + put option combination strategy, and a spot collar strategy [9]. - **Zinc/Lead Options**: A short - neutral call + put option combination strategy and a spot collar strategy are suggested [9]. - **Nickel Options**: A short - bearish call + put option combination strategy and a spot long - position hedging strategy are recommended [10]. - **Tin Options**: A short - volatility strategy and a spot collar strategy are proposed [10]. - **Lithium Carbonate Options**: A short - bullish call + put option combination strategy and a spot long - position covered call strategy are recommended [11]. 3.3.2 Precious Metals - **Gold/Silver Options**: A short - bullish short - volatility option seller's combination strategy and a spot hedging strategy are suggested [12]. 3.3.3 Black Metals - **Rebar Options**: A short - neutral call + put option combination strategy and a spot long - position covered call strategy are recommended [13]. - **Iron Ore Options**: A short - bullish call + put option combination strategy and a spot long - position collar strategy are suggested [13]. - **Ferroalloy Options**: A short - volatility strategy for manganese silicon options is proposed, and for industrial silicon/polysilicon options, a call option bull spread strategy, a short - bullish call + put option combination strategy, and a spot hedging strategy are recommended [14]. - **Glass Options**: A short - volatility short - call + put option combination strategy and a spot long - position collar strategy are recommended [15].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For non - ferrous metals, which are in a state of shock and decline, it is recommended to construct a seller's neutral volatility strategy [2] - For the black series, which are in a state of range consolidation and shock, it is suitable to construct a seller's option neutral combination strategy [2] - For precious metals, specifically gold, which is in a state of high - level consolidation and weak decline, it is recommended to construct a spot hedging strategy [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - Copper (CU2508): The latest price is 78,320, down 210 (-0.27%), with a trading volume of 8.17 million lots (down 1.76 million lots) and an open interest of 17.87 million lots (down 0.24 million lots) [3] - Aluminum (AL2508): The latest price is 20,645, down 70 (-0.34%), with a trading volume of 12.02 million lots (down 1.87 million lots) and an open interest of 25.51 million lots (down 0.05 million lots) [3] - Zinc (ZN2508): The latest price is 22,215, down 185 (-0.83%), with a trading volume of 12.94 million lots (down 1.71 million lots) and an open interest of 10.76 million lots (down 0.50 million lots) [3] - Other metals follow a similar pattern of price, trading volume, and open - interest changes [3] 3.2 Option Factors - Volume and Open Interest PCR - For copper options, the volume PCR is 0.42 (down 0.11), and the open - interest PCR is 0.60 (up 0.01) [4] - For aluminum options, the volume PCR is 0.71 (down 0.11), and the open - interest PCR is 0.92 (up 0.03) [4] - Different metals show various trends in volume and open - interest PCR [4] 3.3 Option Factors - Pressure and Support Levels - Copper: The pressure level is 82,000, and the support level is 78,000 [5] - Aluminum: The pressure level is 20,600, and the support level is 20,000 [5] - Other metals also have corresponding pressure and support levels [5] 3.4 Option Factors - Implied Volatility - Copper: The at - the - money implied volatility is 11.81%, the weighted implied volatility is 17.54% (down 0.23%), and the implied - historical volatility difference is - 3.44% [6] - Aluminum: The at - the - money implied volatility is 9.15%, the weighted implied volatility is 12.14% (up 0.27%), and the implied - historical volatility difference is - 1.54% [6] - Each metal has its own implied volatility characteristics [6] 3.5 Strategy and Recommendations for Different Metals 3.5.1 Non - ferrous Metals - **Copper**: Directional strategy: None; Volatility strategy: Construct a short - volatility seller's option portfolio; Spot long - hedging strategy: Hold spot long + buy put options + sell out - of - the - money call options [8] - **Aluminum/Alumina**: Directional strategy: Bull spread strategy for call options; Volatility strategy: Construct a short call + put option portfolio; Spot long - hedging strategy: Construct a spot collar strategy [9] - **Zinc/Lead**: Directional strategy: None; Volatility strategy: Construct a short neutral call + put option portfolio; Spot long - hedging strategy: Construct a spot collar strategy [9] - **Nickel**: Directional strategy: None; Volatility strategy: Construct a short bearish call + put option portfolio; Spot long - hedging strategy: Hold spot long + buy put options [10] - **Tin**: Directional strategy: None; Volatility strategy: Short - volatility strategy; Spot long - hedging strategy: Construct a spot collar strategy [10] - **Lithium Carbonate**: Directional strategy: None; Volatility strategy: Construct a short neutral call + put option portfolio; Spot long - hedging strategy: Hold spot long + sell call options [11] 3.5.2 Precious Metals - **Gold/Silver**: Directional strategy: None; Volatility strategy: Construct a long - biased short - volatility option seller's portfolio; Spot hedging strategy: Hold spot long + buy put options + sell out - of - the - money call options [12] 3.5.3 Black Series - **Rebar**: Directional strategy: None; Volatility strategy: Construct a short neutral call + put option portfolio; Spot long - hedging strategy: Hold spot long + sell call options [13] - **Iron Ore**: Directional strategy: None; Volatility strategy: Construct a short bullish call + put option portfolio; Spot long - hedging strategy: Construct a long collar strategy [13] - **Ferroalloys**: Directional strategy: None; Volatility strategy: Short - volatility strategy; Spot hedging strategy: None for manganese silicon [14] - **Industrial Silicon/Polysilicon**: Directional strategy: None; Volatility strategy: Construct a short neutral call + put option portfolio; Spot long - hedging strategy: Hold spot long + sell call options [14] - **Glass**: Directional strategy: None; Volatility strategy: Construct a short - volatility call + put option portfolio; Spot long - hedging strategy: Construct a long collar strategy [15]

Group 1: Report Overview - The report is an Energy and Chemical Options Strategy Morning Report, covering energy, polyolefin, polyester, alkali chemical, and other energy and chemical options [2][3] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered call strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy and chemical option underlying futures contracts [4] Group 3: Option Factors - Quantity and Position PCR - The report presents the trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various energy and chemical options [6] - The PCR indicators are used to describe the strength of the option underlying market and whether the underlying market has a turning point [6] Group 4: Option Factors - Pressure and Support Levels - The report shows the at-the-money strike price, pressure point, pressure point deviation, support point, support point deviation, maximum call position, and maximum put position of various energy and chemical options [7] - The pressure and support points are determined by the strike prices with the maximum call and put option open interests [7] Group 5: Option Factors - Implied Volatility - The report lists 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 implied - historical volatility difference of various energy and chemical options [8] - The at-the-money implied volatility is the arithmetic average of the call and put at-the-money option implied volatilities, and the weighted implied volatility uses volume - weighted averaging [8] Group 6: Strategy and Recommendations for Each Option Type Energy Options (Crude Oil and LPG) - **Crude Oil**: OPEC+ increased supply, and the US supply rebounded. The short - term market is weak. Implied volatility is around the mean, and the position PCR indicates increasing short - side strength. Recommended strategies include selling neutral call + put option combinations and constructing long collar strategies for spot hedging [9] - **LPG**: Supply divergence is decreasing, and demand has uncertainties. The short - term market is bearish. Implied volatility is around the historical mean, and the position PCR indicates increasing short - side strength. Recommended strategies are similar to those for crude oil [11] Alcohol Options (Methanol and Ethylene Glycol) - **Methanol**: Domestic开工率 is expected to rise, and inventory is increasing. The short - term market is in a narrow - range oscillation. Implied volatility is below the historical mean, and the position PCR indicates a weak - oscillating market. Recommended strategies include selling neutral call + put option combinations and long collar strategies for spot hedging [10][11] - **Ethylene Glycol**: Port inventory is increasing, and the short - term market is weakly bearish with pressure. Implied volatility is around the historical mean, and the position PCR indicates a weak market. Recommended strategies include shorting volatility and long collar strategies for spot hedging [12] Polyolefin Options (PP, PVC, L, and EB) - **PP**: Inventory shows mixed trends, and the short - term market is weakly bearish with overhead pressure. Implied volatility is around the historical mean, and the position PCR indicates a weakening market. Recommended strategies include long collar strategies for spot hedging [12] - **PVC**: The short - term market situation is analyzed, and recommended strategies are to be determined based on market conditions [116] - **L**: The short - term market situation is analyzed, and recommended strategies are to be determined based on market conditions [134] - **EB**: The short - term market situation is analyzed, and recommended strategies are to be determined based on market conditions [155] Rubber Options (Natural Rubber and Synthetic Rubber) - **Natural Rubber**: The market price rebounded, but downstream demand is weak. The short - term market is in a low - level consolidation. Implied volatility is around the mean, and the position PCR indicates short - side strength. Recommended strategies include selling neutral call + put option combinations [13] - **Synthetic Rubber**: The short - term market situation is analyzed, and recommended strategies are to be determined based on market conditions [192] Polyester Options (PX, PTA, PF, and PR) - **PTA**: The load is increasing, and the short - term market is weakly bearish with overhead pressure. Implied volatility is around the mean, and the position PCR indicates a weakening market. Recommended strategies include selling neutral call + put option combinations [13] - **PX**: The short - term market situation is analyzed, and recommended strategies are to be determined based on market conditions [9] - **PF**: The short - term market situation is analyzed, and recommended strategies are to be determined based on market conditions [9] - **PR**: The short - term market situation is analyzed, and recommended strategies are to be determined based on market conditions [9] Alkali Chemical Options (Caustic Soda and Soda Ash) - **Caustic Soda**: The capacity utilization rate shows mixed trends, and the short - term market is bullish. Implied volatility is around the mean, and the position PCR is around 0.8. Recommended strategies include long collar strategies for spot hedging [14] - **Soda Ash**: Inventory is increasing, and the short - term market is in a bullish low - level consolidation. Implied volatility is around the historical mean, and the position PCR indicates a weak - oscillating market. Recommended strategies include bearish spread strategies for calls, selling bearish call + put option combinations, and long collar strategies for spot hedging [14] Urea Options - The supply - demand difference decreased, and the short - term market is oscillating under bearish pressure. Implied volatility is below the historical mean, and the position PCR is below 0.8. Recommended strategies include selling neutral call + put option combinations and long collar strategies for spot hedging [15] Group 7: Option Charts - The report provides price charts, trading volume and open interest charts, position PCR and trading volume PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support point charts for various energy and chemical options [17][37][57][76][97][116][134][155][175][192]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The stock market, including the Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks, shows a market trend of high-level oscillation with a slight upward bias [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 stock index options, it is suitable to construct neutral double-selling strategies and arbitrage strategies between synthetic long or short options and long or short futures [2]. 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,510.18, up 0.50 (0.01%), with a trading volume of 753.5 billion yuan and an increase of 140.4 billion yuan [3]. - The Shenzhen Component Index closed at 10,696.10, up 64.97 (0.61%), with a trading volume of 958.6 billion yuan and an increase of 77.6 billion yuan [3]. - The Shanghai 50 Index closed at 2,756.77, down 0.16 (-0.01%), with a trading volume of 144.6 billion yuan and an increase of 45.9 billion yuan [3]. - The CSI 300 Index closed at 4,014.81, up 4.78 (0.12%), with a trading volume of 443.8 billion yuan and an increase of 95.9 billion yuan [3]. - The CSI 500 Index closed at 6,027.08, up 44.03 (0.74%), with a trading volume of 263.5 billion yuan and an increase of 55.8 billion yuan [3]. - The CSI 1000 Index closed at 6,461.10, up 54.53 (0.85%), with a trading volume of 352.1 billion yuan and an increase of 55.3 billion yuan [3]. 3.2 Option Underlying ETF Market Overview - The Shanghai 50 ETF closed at 2.871, up 0.013 (0.45%), with a trading volume of 12.5112 million shares and an increase of 12.4553 million shares, and a trading value of 3.611 billion yuan and an increase of 2.012 billion yuan [4]. - The Shanghai 300 ETF closed at 4.079, up 0.014 (0.34%), with a trading volume of 12.6486 million shares and an increase of 12.5853 million shares, and a trading value of 5.184 billion yuan and an increase of 2.614 billion yuan [4]. - The Shanghai 500 ETF closed at 6.090, up 0.052 (0.86%), with a trading volume of 2.4912 million shares and an increase of 2.4782 million shares, and a trading value of 1.517 billion yuan and an increase of 0.731 billion yuan [4]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.047, up 0.014 (1.36%), with a trading volume of 44.541 million shares and an increase of 44.2734 million shares, and a trading value of 4.652 billion yuan and an increase of 1.887 billion yuan [4]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.020, up 0.013 (1.29%), with a trading volume of 9.7233 million shares and an increase of 9.668 million shares, and a trading value of 0.99 billion yuan and an increase of 0.432 billion yuan [4]. - The Shenzhen 300 ETF closed at 4.213, up 0.014 (0.33%), with a trading volume of 2.3967 million shares and an increase of 2.3852 million shares, and a trading value of 1.013 billion yuan and an increase of 0.529 billion yuan [4]. - The Shenzhen 500 ETF closed at 2.435, up 0.021 (0.87%), with a trading volume of 1.4792 million shares and an increase of 1.4757 million shares, and a trading value of 0.36 billion yuan and an increase of 0.277 billion yuan [4]. - The Shenzhen 100 ETF closed at 2.808, up 0.017 (0.61%), with a trading volume of 0.3441 million shares and an increase of 0.3414 million shares, and a trading value of 0.097 billion yuan and an increase of 0.02 billion yuan [4]. - The ChiNext ETF closed at 2.185, up 0.016 (0.74%), with a trading volume of 11.4193 million shares and an increase of 11.3347 million shares, and a trading value of 2.494 billion yuan and an increase of 0.663 billion yuan [4]. 3.3 Option Factor - Volume and Position PCR - For the Shanghai 50 ETF option, the trading volume was 2.8049 million contracts, an increase of 1.3081 million contracts; the open interest was 1.6859 million contracts, an increase of 0.1657 million contracts; the trading volume PCR was 0.75, a decrease of 0.06; the open interest PCR was 1.20, an increase of 0.04 [5]. - Similar data are provided for other option varieties such as the Shanghai 300 ETF option, Shanghai 500 ETF option, etc. [5] 3.4 Option Factor - Pressure and Support Points - For the Shanghai 50 ETF option, the underlying closing price was 2.871, the at-the-money strike price was 2.85, the pressure point was 2.90 with an offset of 0.05, the support point was 2.80 with an offset of 0.00, the maximum long position of call options was 91,889, and the maximum long position of put options was 147,064 [7]. - Similar data are provided for other option varieties such as the Shanghai 300 ETF option, Shanghai 500 ETF option, etc. [7] 3.5 Option Factor - Implied Volatility - For the Shanghai 50 ETF option, the at-the-money implied volatility was 13.72%, the weighted implied volatility was 15.46% with an increase of 1.54%, the annual average was 15.81%, the implied volatility of call options was 15.82%, the implied volatility of put options was 14.89%, the 20-day historical volatility was 12.30%, and the difference between implied and historical volatility was 3.16% [9]. - Similar data are provided for other option varieties such as the Shanghai 300 ETF option, Shanghai 500 ETF option, etc. [9] 3.6 Strategy and Recommendations - The financial option sector is divided into large-cap blue-chip stocks, small and medium-sized boards, and ChiNext. Different sectors and corresponding option varieties are recommended with different strategies [11]. - For example, for the financial stock sector (Shanghai 50 ETF, Shanghai 50), the underlying market shows a short-term upward trend with support below. Option strategies include constructing a bull spread combination strategy for directional gain, a neutral seller strategy for time value gain, and a covered call strategy [12]. - Similar strategy recommendations are provided for other sectors such as the large-cap blue-chip stock sector, small and medium-sized board sector, and ChiNext sector [12][13][14]

Report Summary 1. Investment Rating The document does not provide an investment rating for the industry. 2. Core Viewpoint The overall trend of agricultural products shows that oilseeds and oils have weakened, while oils, agricultural by - products are in a volatile market. Soft commodity sugar continues to be weak, cotton rises moderately, and grains such as corn and starch are in a weak and narrow - range consolidation. The recommended strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Category 3.1 Futures Market Overview - Different agricultural product futures have different price trends, trading volumes, and open interest changes. For example, the latest price of soybean No.1 (A2509) is 4,110, up 12 (0.29%), with a trading volume of 13.66 million lots and an open interest of 19.98 million lots [3]. 3.2 Option Factors - **Volume 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 example, the volume PCR of soybean No.1 is 0.40, with a change of 0.03, and the open interest PCR is 0.49, with a change of 0.01 [4]. - **Pressure and Support Levels**: Determined from the strike prices of the maximum open interest 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**: The weighted implied volatility of different agricultural products shows different trends. For example, the weighted implied volatility of soybean No.1 is 11.61%, with a change of 0.26% [6]. 3.3 Option Strategies for Different Products 3.3.1 Oilseeds and Oils - **Soybean No.1 and No.2**: The USDA July report adjusted the supply - demand balance of US soybeans. The option strategies include constructing a bearish option bear - spread combination, selling a neutral call + put option combination, and a long collar strategy for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The domestic soybean meal market has a weak recovery, and the option strategies include selling a bearish call + put option combination and a long collar strategy for spot hedging [8][9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The Malaysian palm oil market has changes in export and inventory. The option strategies include selling a bullish call + put option combination and a long collar strategy for spot hedging [10]. - **Peanut**: The peanut market has a weak downward trend. The option strategies include constructing a bearish option bear - spread combination and a long collar strategy for spot hedging [11]. 3.3.2 Agricultural By - products - **Pig**: The pig price has a recovery trend. The option strategies include selling a neutral call + put option combination and a covered call strategy for spot [11]. - **Egg**: The egg market is in a weak downward trend. The option strategies include constructing a bearish option bear - spread combination, selling a bearish call + put option combination [12]. - **Apple**: The apple market has a weak rebound. The option strategy is to sell a neutral call + put option combination [12]. - **Jujube**: The jujube market has a rebound and then a decline. The option strategies include selling a bearish wide - straddle option combination and a covered call strategy for spot hedging [13]. 3.3.3 Soft Commodities - **Sugar**: The sugar market has a super - bearish rebound. The option strategies include selling a neutral call + put option combination and a long collar strategy for spot hedging [13]. - **Cotton**: The cotton market has a moderate upward trend. The option strategies include constructing a bullish option bull - spread combination, selling a neutral call + put option combination, and a covered call strategy for spot [14]. 3.3.4 Grains - **Corn and Starch**: The corn market is in a weak downward trend. The option strategies include constructing a bearish option bear - spread combination, selling a bearish call + put option combination [14].

Group 1: Report Summary - The report provides a strategy morning report for metal options on July 11, 2025, covering有色金属, precious metals, and black metals [1][2]. - It includes an overview of the underlying futures market, analysis of option factors, and specific option strategies and recommendations for each metal variety [3][4][7]. Group 2: Underlying Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, such as copper, aluminum, zinc, etc. [3] Group 3: Option Factor Analysis - Option factor analysis includes volume - open interest PCR, pressure and support levels, and implied volatility for different metal options [4][5][6]. - Volume PCR and open - interest PCR are used to describe the strength and potential turning points of the underlying asset's market [4]. - Pressure and support levels are determined from the strike prices with the largest open interest of call and put options [5]. - Implied volatility is calculated as the arithmetic average of call and put at - the - money options and volume - weighted average [6]. Group 4: Option Strategies and Recommendations Non - Ferrous Metals - **Copper Options**: Directional strategy is to construct a bull call spread; volatility strategy is to construct a short - volatility option seller portfolio; spot hedging strategy is to hold spot long + buy put + sell out - of - the - money call [8]. - **Aluminum/Alumina Options**: Directional strategy is a bull call spread; volatility strategy is to sell a bullish call + put option combination; spot hedging strategy is a collar strategy [9]. - **Zinc/Pb Options**: Volatility strategy is to sell a neutral call + put option combination; spot hedging strategy is a collar strategy [9]. - **Nickel Options**: Volatility strategy is to sell a bearish call + put option combination; spot risk - hedging strategy is to hold spot long + buy put [10]. - **Tin Options**: Volatility strategy is a short - volatility strategy; spot hedging strategy is a collar strategy [10]. - **Lithium Carbonate Options**: Volatility strategy is to sell a neutral call + put option combination; spot covered strategy is to hold spot long + sell call [11]. Precious Metals - **Gold/Silver Options**: Volatility strategy is to construct a bullish short - volatility option seller portfolio; spot hedging strategy is to hold spot long + buy put + sell out - of - the - money call [12]. Black Metals - **Rebar Options**: Directional strategy is a bull call spread; volatility strategy is to sell a neutral call + put option combination; spot covered strategy is to hold spot long + sell call [13]. - **Iron Ore Options**: Directional strategy is a bull call spread; volatility strategy is to sell a bullish call + put option combination; spot hedging strategy is a collar strategy [13]. - **Ferroalloy Options**: Volatility strategy is a short - volatility strategy [14]. - **Industrial Silicon/Polysilicon Options**: Directional strategy is a bull call spread; volatility strategy is to sell a bullish call + put option combination; spot covered strategy is to hold spot long + sell call [14]. - **Glass Options**: Volatility strategy is to sell a call + put option combination to short volatility; spot hedging strategy is a collar strategy [15].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy and chemical options market involves various sectors such as energy, polyolefins, polyesters, and alkali chemicals. - Strategies suggest constructing option - combination strategies mainly as sellers and spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various energy and chemical futures contracts. For example, the latest price of crude oil (SC2508) is 520, with a price increase of 4 and a rise - fall rate of 0.85%. The trading volume is 12.89 million lots, and the open interest is 2.45 million lots [4]. 3.2 Option Factors - Volume and Open Interest PCR - Volume and open interest PCR are used to analyze the strength of the option underlying market and the turning points of the market. For instance, the volume PCR of crude oil is 0.81 with a change of 0.08, and the open - interest PCR is 0.69 with a change of 0.06 [6]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels are determined based on the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil is 660, and the support level is 450 [7]. 3.4 Option Factors - Implied Volatility - Implied volatility includes at - the - money implied volatility and volume - weighted implied volatility. For example, the at - the - money implied volatility of crude oil is 27.63%, and the weighted implied volatility is 33.49% with a change of 0.60 [8]. 3.5 Strategy and Recommendations - **Energy - related Options (Crude Oil)**: - Fundamental analysis shows that US crude inventories and production have specific changes. The market trend of crude oil has been fluctuating since May. - Option factors indicate that the implied volatility is around the average, and the open - interest PCR below 0.80 suggests increasing short - selling power. - Strategies include constructing a neutral call + put option - selling combination for volatility, and a long - collar strategy for spot hedging [9]. - **Liquefied Petroleum Gas (LPG) Options**: - Fundamental factors such as geopolitical concerns and inventory situations affect the market. The LPG market has shown a short - term bearish trend. - Option factors show that the implied volatility is around the historical average, and the open - interest PCR below 0.60 indicates increasing short - selling power. - Strategies are similar to crude oil, including option - selling combinations and long - collar strategies [11]. - **Methanol Options**: - Fundamental analysis focuses on port inventories and MTO device utilization rates. The methanol market has shown short - term narrow - range fluctuations. - Option factors indicate that the implied volatility is around the historical average, and the open - interest PCR around 0.80 suggests a weak - oscillating market. - Strategies involve option - selling combinations and long - collar strategies [11]. - **Ethylene Glycol Options**: - The market price of ethylene glycol has shown a weak - bearish oscillating pattern. - Option factors show that the implied volatility is around the historical average, and the open - interest PCR around 0.70 indicates a weak market. - Strategies include a short - volatility strategy and a long - collar strategy for spot hedging [12]. - **Polyolefin Options (Polypropylene, Polyvinyl Chloride, Plastic, Styrene)**: - Fundamental analysis focuses on production and supply changes. The polyolefin market has shown different trends, generally with bearish pressure. - Option factors indicate that the implied volatility is around the historical average, and the decreasing open - interest PCR suggests a weakening market. - Strategies mainly involve spot - hedging strategies such as long - collar strategies [12]. - **Rubber Options**: - The rubber market has shown a low - level consolidation pattern. - Option factors show that the implied volatility is around the average, and the open - interest PCR below 0.60 indicates a bearish market. - Strategies include constructing a neutral call + put option - selling combination [13]. - **Polyester Options (Para - xylene, PTA, Short - fiber, Bottle - chip)**: - The PTA market has shown significant fluctuations. - Option factors indicate that the implied volatility is around the average, and the open - interest PCR around 0.80 suggests a weakening market. - Strategies involve constructing a neutral call + put option - selling combination [14]. - **Caustic Soda Options**: - Fundamental analysis focuses on inventory and profit changes. The caustic soda market has shown a trend of first falling and then rising. - Option factors show that the implied volatility is decreasing and around the average, and the open - interest PCR rising to 0.80 suggests a strengthening market. - Strategies include a bear - spread strategy for directional trading and a covered - call strategy for spot hedging [15]. - **Soda Ash Options**: - The soda ash market has shown a long - term weak - bearish trend. - Option factors indicate that the implied volatility is around the historical average, and the open - interest PCR below 0.50 suggests a weak - oscillating market. - Strategies include a bear - spread strategy, a short - bearish call + put option - selling combination, and a long - collar strategy for spot hedging [15]. - **Urea Options**: - The urea market has shown an oscillating pattern under bearish pressure. - Option factors show that the implied volatility is slightly below the historical average, and the open - interest PCR below 0.80 suggests a weak market. - Strategies include constructing a neutral call + put option - selling combination and a long - collar strategy for spot hedging [16].