能源化工期权 2025-11-19 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | -- ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseed and oil - related agricultural products are in a weak and volatile state, while fats, agricultural by - products maintain a volatile market. Soft commodities like sugar have a slight fluctuation, cotton is in a weak consolidation, 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, as well as spot hedging or covered strategies to enhance returns [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price movements. For example, the latest price of soybean No.1 (A2601) is 4,148, down 29 (- 0.69%); palm oil (P2601) is 8,846, up 158 (1.82%). There are also differences in trading volume and open interest changes among different varieties [3] 3.2 Option Factor - Quantity and Position PCR - The PCR indicators of different agricultural product options vary. For instance, the trading volume PCR of soybean No.1 is 0.33 (down 0.08), and the open interest PCR is 1.08 (unchanged). These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of different agricultural product options are determined. For example, the pressure level of soybean No.1 is 4200 and the support level is 4050 [5] 3.4 Option Factor - Implied Volatility - The implied volatility of different agricultural product options shows different characteristics. For example, the at - the - money implied volatility of soybean No.1 is 11.745, and the weighted implied volatility is 13.39 (up 0.31). The implied - historical volatility difference is - 0.39 [6] 3.5 Strategies and Recommendations for Different Options 3.5.1 Oilseed and Oil Options - **Soybean No.1**: Fundamentally, the CNF premium of Brazilian soybeans in February 2026 has a slight weekly decline, and the planting progress is slow. The option implied volatility is below the historical average, and the open interest PCR is below 0.70. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [7] - **Soybean Meal**: The daily average trading volume and delivery volume of soybean meal in mainstream oil mills have changed. The option implied volatility is below the historical average, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9] - **Palm Oil**: The spot basis of oils has a slight increase, and the total inventory is decreasing. The option implied volatility is below the historical average, and the open interest PCR is above 1.00. It is recommended to construct a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9] - **Peanut**: The price of peanut oil is stable. The option implied volatility is at a relatively high historical level, and the open interest PCR is below 0.60. It is recommended to use a long - collar strategy for spot hedging [10] 3.5.2 Agricultural By - product Options - **Pig**: The spot price of pigs has decreased. The option implied volatility is above the historical average, and the open interest PCR is below 0.50. It is recommended to construct a short - biased short - call + short - put option combination strategy and a covered call strategy for spot [10] - **Egg**: The inventory of laying hens has changed. The option implied volatility is at a relatively high level, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy [11] - **Apple**: The apple storage is less than the same period in previous years. The option implied volatility is above the historical average, and the open interest PCR is above 0.90. It is recommended to construct a long - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [11] - **Jujube**: The acquisition price of jujube has changed. The option implied volatility has rapidly risen above the historical average, and the open interest PCR is below 0.50. It is recommended to construct a short - biased short - strangle option combination strategy and a covered call strategy for spot hedging [12] 3.5.3 Soft Commodity Options - **Sugar**: The sugar production in the central - southern region of Brazil has increased, and India has allowed sugar exports. The option implied volatility is at a relatively low historical level, and the open interest PCR is around 0.60. It is recommended to construct a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [12] - **Cotton**: The progress of cotton picking, delivery, and processing has changed. The option implied volatility is at a relatively low level, and the open interest PCR is below 1.00. It is recommended to construct a short - biased short - call + short - put option combination strategy and a covered call strategy for spot [13] 3.5.4 Grain Options - **Corn**: The average price of corn has increased. The option implied volatility is at a relatively low historical level, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy [13]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For non - ferrous metals, a seller neutral volatility strategy can be constructed as they are trending upwards; for black metals, a short - volatility portfolio strategy is suitable due to their large - amplitude fluctuations; for precious metals, a bull spread portfolio strategy can be built as they are rebounding [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2601) is 85,930, with a price increase of 10 and a trading volume of 7.33 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of copper options is 0.90, with a change of - 0.06 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and the maximum open interest of call and put options for each metal option are given. For example, the pressure point of copper options is 90,000, and the support point is 84,000 [5] 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, and other implied volatility indicators of each metal option are presented, along with their changes and the differences between implied and historical volatilities. For example, the at - the - money implied volatility of copper options is 13.36% [6] 3.5 Strategy and Recommendations Non - ferrous Metals - Copper: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy, and the underlying shows a high - level consolidation and rebound trend [7] - Aluminum: Construct a bull spread portfolio strategy, a sell - biased long call + put option combination strategy, and a spot collar strategy, and the underlying shows a bullish high - level consolidation trend [9] - Zinc: Build a sell - neutral call + put option combination strategy and a spot collar strategy, and the underlying shows a warming - up trend with resistance [9] - Nickel: Construct a sell - bearish call + put option combination strategy and a spot covered strategy, and the underlying shows a bearish consolidation trend [10] - Tin: Build a short - volatility strategy and a spot collar strategy, and the underlying shows a short - term high - level consolidation trend [10] - Lithium Carbonate: Construct a bull spread portfolio strategy, a sell - bullish call + put option combination strategy, and a spot long - hedging strategy, and the underlying shows a recent bullish trend [11] Precious Metals - Gold: Build a neutral short - volatility option seller portfolio strategy and a spot hedging strategy, and the underlying shows a bullish trend with high - level consolidation [12] Black Metals - Rebar: Build a sell - bearish call + put option combination strategy and a spot covered strategy, and the underlying shows a bearish trend with resistance [13] - Iron Ore: Build a sell - bearish call + put option combination strategy and a spot long - collar strategy, and the underlying shows a bearish consolidation trend [13] - Ferroalloys (Manganese Silicon and Industrial Silicon): Build short - volatility strategies and corresponding spot hedging strategies, and the underlying shows a bearish trend with resistance [14] - Glass: Build a bear spread portfolio strategy, a short - volatility sell call + put option combination strategy, and a spot long - collar strategy, and the underlying shows a bearish trend with resistance [15]

（1）股市短评：上证综指数、大盘蓝筹股、中小盘股和创业板股表现为高位震荡上行的市场行情。 （2）金融期权波动性分析：金融期权隐含波动率下降，但维持较高水平波动。 （3）金融期权策略与建议：对于ETF期权来说，适合构建偏多头的买方策略，认购期权牛市价差组合策略；对于股 指期权来说，适合构建偏多头的卖方策略、认购期权牛市价差组合策略和期权合成期货多头与期货空头做套利策略 。 金融期权 2025-11-18 金融期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | 金融期权策略早报概要： 表1：金融市场重要指数概况 | 重要指数 | 指数代码 | 收盘价 | 涨跌 | 涨跌幅 | 成交额 | 额变化 | PE | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

Group 1: Report Overview - Report date: November 18, 2025 [1] - Report type: Metal options strategy morning report - Research team members: Lu Pinxian, Huang Kehan, Li Renjun [2] Group 2: Investment Ratings - No investment ratings are provided in the report Group 3: Core Views - Construct a seller neutral volatility strategy for non - ferrous metals as they tend to move upwards [2] - Build a short - volatility portfolio strategy for the black series due to their large - amplitude fluctuations [2] - Create a bull spread portfolio strategy for precious metals as they rebound and rise [2] Group 4: Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, such as copper (CU2512), aluminum (AL2512), etc. [3] Group 5: Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of different metal options are analyzed, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Group 6: Option Factor - Pressure and Support Levels - The pressure and support levels of different metal options are determined from the strike prices of the maximum open interest of call and put options [5] Group 7: Option Factor - Implied Volatility - The implied volatility data of different metal options, including at - the - money implied volatility, weighted implied volatility, etc., are provided [6] Group 8: Option Strategies and Recommendations Non - Ferrous Metals - **Copper**: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - **Aluminum**: Construct a call option bull spread strategy, a short - volatility option combination strategy, and a spot collar strategy [9] - **Zinc**: Build a short - volatility option combination strategy and a spot collar strategy [9] - **Nickel**: Construct a short - volatility option combination strategy with a short position and a spot covered - call strategy [10] - **Tin**: Build a short - volatility strategy and a spot collar strategy [10] - **Lithium carbonate**: Construct a call option bull spread strategy, a short - volatility option combination strategy with a long position, and a spot long - hedging strategy [11] Precious Metals - **Gold**: Build a short - volatility option seller combination strategy and a spot hedging strategy [12] Black Series - **Rebar**: Build a short - volatility option combination strategy with a short position and a spot long - covered - call strategy [13] - **Iron ore**: Build a short - volatility option combination strategy with a short position and a spot long - collar strategy [13] - **Ferroalloys**: Build a short - volatility strategy for manganese silicon [14] - **Industrial silicon**: Build a short - volatility option combination strategy and a spot hedging strategy [14] - **Glass**: Build a short - volatility option combination strategy and a spot long - collar strategy [15] Group 9: Option Charts - Option charts of various metals, including price trends, volume and open interest distributions, PCR trends, implied volatility trends, historical volatility cones, etc., are presented [16][38][56]

Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated November 13, 2025, covering various energy and chemical option varieties [1][2] - The strategy focuses on constructing option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - Multiple option varieties are presented, including crude oil, liquefied petroleum gas (LPG), methanol, etc., with details on their latest prices, price changes, trading volumes, and open interest [3] Group 3: Option Factor - Volume and Open Interest PCR - PCR indicators (volume PCR and open interest PCR) for various option varieties are provided, which are used to describe the strength of the underlying asset's market and potential turning points [4] Group 4: Option Factor - Pressure and Support Levels - Pressure and support levels for each option variety are analyzed from the perspective of the strike prices with the largest call and put option open interest [5] Group 5: Option Factor - Implied Volatility - Implied volatility data for different option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and their changes [6] Group 6: Strategy and Recommendations for Each Option Variety Crude Oil - Fundamental analysis shows that U.S. refinery demand has stabilized and rebounded, shale oil production has slightly increased, OPEC exports have risen, and European refinery demand is about to enter the peak season [7] - The market has shown a complex trend of rising and falling in different months. Implied volatility is above the average, and the open interest PCR indicates a weak market. The pressure level is 590, and the support level is 450 [7] - Recommended strategies include constructing a short - biased call + put option combination, and a long collar strategy for spot hedging [7] Liquefied Petroleum Gas - The cost - end crude oil is under supply - surplus pressure and geopolitical disturbances. The LPG market has shown a pattern of over - decline and rebound with resistance [9] - Implied volatility has dropped to below the average, the open interest PCR indicates a weak market, the pressure level is 4550, and the support level is 4200 [9] - Strategies include constructing a neutral - biased call + put option combination and a long collar strategy for spot hedging [9] Methanol - Port and enterprise inventories are high, and the supply is increasing. The market has been in a weak downward trend [9] - Implied volatility is around the historical average, the open interest PCR indicates a weak and volatile market, the pressure level is 2500, and the support level is 2000 [9] - Strategies involve constructing a bear spread with put options, a short - biased call + put option combination, and a long collar strategy for spot hedging [9] Ethylene Glycol - Port and downstream factory inventories are high, and the supply is expected to continue to increase. The market has been weak [10] - Implied volatility is below the average, the open interest PCR indicates strong short - selling power, the pressure level is 4500, and the support level is 4050 [10] - Strategies include constructing a bear spread with put options, a short - volatility strategy, and a long collar strategy for spot hedging [10] Polypropylene - PE and PP inventories at production enterprises, traders, and ports show different trends. The market has been in a weak downward trend [10] - Implied volatility has dropped to around the average, the open interest PCR indicates a weak market, the pressure level is 7000, and the support level is 6300 [10] - Strategies include constructing a bear spread with put options and a long collar strategy for spot hedging [10] Rubber - Exchange rubber warehouse receipts are at a ten - year low, and there is an expectation of inventory accumulation. The market has been in a weak consolidation pattern [11] - Implied volatility has decreased to below the average after a sharp rise, the open interest PCR is below 0.6, the pressure level is 16000, and the support level is 14500 [11] - Strategies include constructing a short - biased call + put option combination [11] PTA - PTA social inventory has increased, and new production capacity is expected to lead to continued inventory accumulation. The market has shown a pattern of rebound with resistance [11] - Implied volatility is above the average, the open interest PCR indicates a volatile market, the pressure level is 4700, and the support level is 4300 [11] - Strategies include constructing a neutral - biased call + put option combination [11] Caustic Soda - The average utilization rate of caustic soda production capacity has increased. The market has been in a weak downward trend [12] - Implied volatility is at a relatively high level, the open interest PCR indicates a weak and volatile market, the pressure level is 3000, and the support level is 2000 [12] - Strategies include constructing a bear spread and a long collar strategy for spot hedging [12] Soda Ash - Soda ash factory inventories have increased. The market has been in a low - level weak consolidation pattern [12] - Implied volatility is at a relatively high historical level, the open interest PCR indicates strong short - selling pressure, the pressure level is 1860, and the support level is 1100 [12] - Strategies include constructing a bear spread, a short - volatility combination, and a long collar strategy for spot hedging [12] Urea - Enterprise inventory is at a high level, and port inventory has decreased. The market has shown a pattern of low - level consolidation and rebound [13] - Implied volatility is around the historical average, the open interest PCR indicates strong short - selling pressure, the pressure level is 1800, and the support level is 1600 [13] - Strategies include constructing a neutral - biased call + put option combination and a long collar strategy for spot hedging [13]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The metal sector is divided into non - ferrous metals, precious metals, and black metals. For non - ferrous metals, a neutral volatility selling strategy can be constructed; for black metals, a short - volatility combination strategy is suitable; for precious metals, a bull spread combination strategy can be built [2]. - For each metal variety, the report provides investment strategies based on fundamental analysis, market trend analysis, and option factor research [7][9][10]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, including copper, aluminum, zinc, etc [3]. 3.2 Option Factor - Quantity and Open Interest PCR - The PCR indicators (quantity PCR and open interest PCR) are used to describe the strength of the option underlying market and the turning points of the underlying market [4]. 3.3 Option Factor - Pressure and Support Levels - Shows the pressure and support levels of various metal options based on the strike prices of the maximum open interest of call and put options [5]. 3.4 Option Factor - Implied Volatility - Displays the implied volatility data of various metal options, including at - the - money implied volatility, weighted implied volatility, etc [6]. 3.5 Strategy and Recommendations - **Non - Ferrous Metals** - **Copper**: Due to the expected decline in apparent consumption and the increase in total inventory, a short - volatility seller option combination strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum**: Given the inventory changes and market trends, a bull spread combination strategy and a short - option combination strategy are suggested [9]. - **Zinc**: With inventory and market conditions, a short - neutral option combination strategy and a spot collar strategy are proposed [9]. - **Nickel**: Considering the supply - demand situation and market trends, a short - bearish option combination strategy and a spot covered strategy are recommended [10]. - **Tin**: Due to the slow resumption of production and supply shortages, a short - volatility strategy and a spot collar strategy are suggested [10]. - **Lithium Carbonate**: Based on inventory reduction and market trends, a short - neutral option combination strategy and a spot long - hedging strategy are recommended [11]. - **Precious Metals** - **Gold**: Considering the Fed's interest rate policy and market trends, a short - neutral volatility option seller combination strategy and a spot hedging strategy are proposed [12]. - **Black Metals** - **Rebar**: Given the production and market trends, a short - bearish option combination strategy and a spot long - covered strategy are recommended [13]. - **Iron Ore**: Based on inventory and market trends, a short - bearish option combination strategy and a spot long - collar strategy are suggested [13]. - **Ferroalloy (Manganese Silicon)**: Considering production and market trends, a short - volatility strategy is recommended [14]. - **Industrial Silicon**: Based on production and market trends, a short - volatility option combination strategy and a spot hedging strategy are proposed [14]. - **Glass**: Given the production and inventory situation, a short - volatility option combination strategy and a spot long - collar strategy are recommended [15]. 3.6 Charts - Provide price charts, trading volume, and open interest charts, PCR charts, implied volatility charts, and historical volatility cone charts for various metal options such as copper, aluminum, zinc, etc [16][37][55]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Today, all stock indices fluctuated and consolidated. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 1964.8 billion yuan, a decrease of 49.1 billion yuan compared to the previous day. In the short term, the fermentation rhythm of policy - favorable expectations and the profit - taking rhythm of funds are in a game, and the stock indices are in a volatile and repeated market. In the medium and long term, the policy - favorable expectations and the trend of capital inflow into the stock market together form strong support for the stock indices. Especially next year is the beginning of the "15th Five - Year Plan", and the policy - favorable expectations support the stock indices to rise in the medium and long term. However, the incremental policy signals have weakened in the short term. As the stock valuation has risen significantly, the willingness of profit - making funds to take profits has increased, and the stock indices technically need to consolidate. Overall, with multiple factors at play, the stock indices will mainly fluctuate within a range in the short term. Currently, the implied volatility of options is at a relatively low historical quantile level. Considering the medium - and long - term upward trend of the stock indices, the idea of maintaining a bull spread is recommended [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On November 12, 2025, the 50ETF rose 0.53% to close at 3.197; the 300ETF (Shanghai Stock Exchange) rose 0.04% to close at 4.765; the 300ETF (Shenzhen Stock Exchange) fell 0.06% to close at 4.912; the CSI 300 Index fell 0.13% to close at 4645.91; the CSI 1000 Index fell 0.72% to close at 7486.38; the 500ETF (Shanghai Stock Exchange) fell 0.51% to close at 7.356; the 500ETF (Shenzhen Stock Exchange) fell 0.54% to close at 2.937; the GEM ETF fell 0.16% to close at 3.108; the Shenzhen 100ETF rose 0.09% to close at 3.528; the SSE 50 Index rose 0.32% to close at 3044.30; the Science and Technology Innovation 50ETF fell 0.55% to close at 1.45; the E Fund Science and Technology Innovation 50ETF fell 0.50% to close at 1.41 [5]. - The trading volume PCR and position PCR of various options on November 12, 2025, and their changes compared to the previous trading day are provided in detail, including those of 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [6]. - The implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options are also provided, such as 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, Science and Technology Innovation 50ETF options, and E Fund Science and Technology Innovation 50ETF options [7][8]. 3.2 Relevant Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [9]. - **Shanghai Stock Exchange 300ETF Options**: Include charts of the Shanghai Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [18]. - **Shenzhen Stock Exchange 300ETF Options**: Include charts of the Shenzhen Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [31]. - **CSI 300 Index Options**: Include charts of the CSI 300 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [43]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [56]. - **Shanghai Stock Exchange 500ETF Options**: Include charts of the Shanghai Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [70]. - **Shenzhen Stock Exchange 500ETF Options**: Include charts of the Shenzhen Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [83]. - **GEM ETF Options**: Include charts of the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [96]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [109]. - **SSE 50 Index Options**: Include charts of the SSE 50 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [122]. - **Science and Technology Innovation 50ETF Options**: Include charts of the Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [135]. - **E Fund Science and Technology Innovation 50ETF Options**: Include charts of the E Fund Science and Technology Innovation 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and each - term at - the - money implied volatility [144].

Group 1: Report Summary - The report is an energy and chemical options strategy morning report, covering energy, polyolefins, polyesters, alkali chemicals, and other energy and chemical options [1][2] - The recommended strategy is to construct an option portfolio strategy mainly as a seller, as well as a spot hedging or covered strategy to enhance returns [2] Group 2: Underlying Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various option underlying futures contracts are provided [3] Group 3: Option Factor - Volume and Open Interest PCR - 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 options are presented [4] Group 4: Option Factor - Pressure and Support Levels - The at - the - money strike price, pressure point, pressure point offset, support point, support point offset, maximum call option open interest, and maximum put option open interest of various options are given [5] Group 5: Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and implied - historical volatility difference of various options are reported [6] Group 6: Option Strategy Analysis - Energy Options Crude Oil - Fundamental analysis shows that U.S. refinery demand has stabilized and rebounded, shale oil production has slightly increased, OPEC exports have increased, European refinery demand is about to enter the peak season, and diesel crack spreads remain high [7] - The market trend shows a short - term weak oscillation in August, a weak and bearish trend followed by a rebound in September, a sharp decline followed by a rebound in October, and a continuous oscillation followed by a rebound in November [7] - Option factor research indicates that the implied volatility fluctuates around the average, the open interest PCR is below 0.80, the pressure level is 470, and the support level is 450 [7] - Recommended strategies include constructing a short - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - position hedging strategy [7] Liquefied Petroleum Gas (LPG) - Fundamental analysis shows that the cost - end crude oil is under pressure from oversupply and geopolitical issues, and OPEC maintains an increasing production state [9] - The market trend shows a rapid decline followed by a rebound and then a decline since August, a rise - fall - rise - fall pattern in September, a weak - strong - rebound - oscillation pattern in October, and a continuous slight oscillation in November [9] - Option factor research indicates that the implied volatility has dropped significantly to around the lower - than - average level, the open interest PCR is around 0.80, the pressure level is 4550, and the support level is 4200 [9] - Recommended strategies include constructing a neutral - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - position hedging strategy [9] Group 7: Option Strategy Analysis - Alcohol Options Methanol - Fundamental analysis shows that port inventory is 151.71 million tons, a month - on - month increase of 1.06 million tons, and enterprise inventory is 38.64 million tons, a month - on - month increase of 1.04 million tons [9] - The market trend shows a weakening and bearish trend since August, a low - level consolidation followed by a rebound in September, and a continuous weak and bearish trend since October [9] - Option factor research indicates that the implied volatility fluctuates around the historical average, the open interest PCR is below 0.80, the pressure level is 2500, and the support level is 2000 [9] - Recommended strategies include constructing a bear spread combination strategy of put options for the directional strategy, a short - biased call + put option combination strategy for the volatility strategy, and a long collar strategy for the spot long - position hedging strategy [9] Ethylene Glycol - Fundamental analysis shows that port inventory is 56.2 million tons, a year - on - year increase of 15.3 million tons, and downstream factory inventory days are 13.2 days, a year - on - year increase of 0.7 days. It is expected that port inventory will continue the accumulation cycle [10] - The market trend shows a slight weak consolidation in August, a continuous weak and bearish trend since September, and a continuous weak trend in November [10] - Option factor research indicates that the implied volatility fluctuates around the lower - than - average level, the open interest PCR is around 0.70, the pressure level is 4500, and the support level is 4050 [10] - Recommended strategies include constructing a bear spread combination strategy of put options for the directional strategy, a short - volatility strategy for the volatility strategy, and a long collar strategy for the spot long - position hedging strategy [10] Group 8: Option Strategy Analysis - Polyolefin Options Polypropylene - Fundamental analysis shows that PE and PP production enterprise inventories, trade inventories, and port inventories have different trends of accumulation or de - accumulation [10] - The market trend shows a weak and slight fluctuation in August, a continuous weak and bearish trend since September, and a continuous weak and bearish decline in November [10] - Option factor research indicates that the implied volatility has dropped to around the average level, the open interest PCR is around 0.70, the pressure level is 7000, and the support level is 6300 [10] - Recommended strategies include constructing a bear spread combination strategy of put options for the directional strategy and a long collar strategy for the spot long - position hedging strategy [10] Group 9: Option Strategy Analysis - Rubber Options Rubber - Fundamental analysis shows that exchange rubber warehouse receipts are at a ten - year low, and there is an expectation of inventory accumulation in the later stage [11] - The market trend shows a warming and rising followed by a range - bound oscillation in August, a continuous weak and bearish trend since September, and a low - level weak oscillation in November [11] - Option factor research indicates that the implied volatility has decreased to around the lower - than - average level after a rapid increase, the open interest PCR is below 0.60, the pressure level has dropped significantly to 16000, and the support level is 14500 [11] - Recommended strategies include constructing a short - biased call + put option combination strategy for the volatility strategy [11] Group 10: Option Strategy Analysis - Polyester Options PTA - Fundamental analysis shows that the overall social inventory of PTA (excluding credit warehouse receipts) is 225.1 million tons, a month - on - year increase of 11.4 million tons, and it is expected that inventory will continue to accumulate [11] - The market trend shows a decline followed by a small consolidation and then a rapid rebound and then a decline in August, a continuous weak and bearish trend since September, and a rebound and rise in November [11] - Option factor research indicates that the implied volatility fluctuates at a higher - than - average level, the open interest PCR is around 0.70, the pressure level is 4700, and the support level is 4300 [11] - Recommended strategies include constructing a neutral - biased call + put option combination strategy for the volatility strategy [11] Group 11: Option Strategy Analysis - Alkali Chemical Options Caustic Soda - Fundamental analysis shows that the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons or more is 84.8%, a week - on - week increase of 0.5% [12] - The market trend shows a rapid decline followed by a rebound and then a high - level oscillation in August, a continuous decline since September, an accelerated decline in October, and a low - level weak oscillation in November [12] - Option factor research indicates that the implied volatility fluctuates at a relatively high level, the open interest PCR is below 0.80, the pressure level is 3000, and the support level is 2000 [12] - Recommended strategies include constructing a bear spread combination strategy for the directional strategy and a long collar strategy for the spot long - position hedging strategy [12] Soda Ash - Fundamental analysis shows that as of November 7, 2025, the in - plant inventory of soda ash is 171.42 million tons, a month - on - month increase of 1.22 million tons [12] - The market trend shows a continuous weak consolidation since August, a low - level weak fluctuation in September, a continuous weak trend in October, and a decline - rise pattern in November [12] - Option factor research indicates that the implied volatility fluctuates at a relatively high historical level, the open interest PCR is below 0.60, the pressure level is 1860, and the support level is 1100 [12] - Recommended strategies include constructing a bear spread combination strategy for the directional strategy, a short - volatility combination strategy for the volatility strategy, and a long collar strategy for the spot long - position hedging strategy [12] Group 12: Option Strategy Analysis - Urea Options - Fundamental analysis shows that enterprise inventory is 157.81 million tons, a month - on - month increase of 2.38 million tons, and port inventory is 7.9 million tons, a month - on - month decrease of 3.1 million tons [13] - The market trend shows a wide - range and large - amplitude fluctuation in August, a continuous weakening in September, a low - level weak oscillation in October, and a rebound and rise in November [13] - Option factor research indicates that the implied volatility fluctuates slightly around the historical average, the open interest PCR is below 0.60, the pressure level is 1800, and the support level is 1600 [13] - Recommended strategies include constructing a neutral - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - position hedging strategy [13]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies are recommended for selected options in each sector [8]. - A seller - based options portfolio strategy and spot hedging or covered strategies are constructed to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Market Overview of Underlying Futures - Information on the latest price, price change, percentage change, trading volume, volume change, open interest, and open interest change of various energy - chemical option underlying futures is presented, including crude oil, LPG, methanol, etc [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various energy - chemical options are provided, which can be used to analyze the strength of the underlying option market and the turning point of the market [4]. 3.3 Option Factors - 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 various energy - chemical options are given, which can help analyze the pressure and support levels of the underlying options [5]. 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, change in weighted implied volatility, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and difference between implied and historical volatility of various energy - chemical options are presented [6]. 3.5 Option Strategies and Recommendations 3.5.1 Crude Oil Options - Fundamental analysis shows that US refinery demand has stabilized and recovered, shale oil production has slightly increased, OPEC exports have increased, and European refinery demand is about to enter the peak season [7]. - The option implied volatility has decreased to near the average, the open interest PCR is below 0.80, indicating a weak market. The pressure level is 500 and the support level is 450 [7]. - Directional strategy: None. Volatility strategy: Construct a short - biased call + put option combination strategy. Spot long - hedging strategy: Construct a long collar strategy [7]. 3.5.2 LPG Options - The cost - end crude oil is under pressure from oversupply and geopolitical issues. LPG has shown a market trend of over - sold rebound and slight consolidation [9]. - The option implied volatility has dropped significantly to below the average, the open interest PCR is around 0.80, indicating a weak market. The pressure level is 4550 and the support level is 4200 [9]. - Directional strategy: None. Volatility strategy: Construct a neutral - biased call + put option combination strategy. Spot long - hedging strategy: Construct a long collar strategy [9]. 3.5.3 Methanol Options - Port and enterprise inventories are high and difficult to deplete significantly in the short term. Methanol has shown a weak downward trend [9]. - The option implied volatility fluctuates around the historical average, the open interest PCR is below 0.80, indicating a weak and volatile market. The pressure level is 2200 and the support level is 2050 [9]. - Directional strategy: Construct a bearish spread combination strategy of put options. Volatility strategy: Construct a short - biased call + put option combination strategy. Spot long - hedging strategy: Construct a long collar strategy [9]. 3.5.4 Ethylene Glycol Options - Port and downstream factory inventories are high, and the port inventory is expected to continue the accumulation cycle. Ethylene glycol has shown a weak market trend [10]. - The option implied volatility fluctuates below the average, the open interest PCR is around 0.70, indicating strong short - selling power. The pressure level is 4500 and the support level is 4050 [10]. - Directional strategy: Construct a bearish spread combination strategy of put options. 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 [10]. 3.5.5 Polypropylene Options - PE and PP inventories have different trends. Polypropylene has shown a weak downward trend [10]. - The option implied volatility has decreased to near the average, the open interest PCR is around 0.70, indicating a weak market. The pressure level is 7000 and the support level is 6300 [10]. - Directional strategy: Construct a bearish spread combination strategy of put options. 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 [10]. 3.5.6 Rubber Options - Exchange rubber warehouse receipts are at a ten - year low, and there is an expectation of inventory accumulation. Rubber has shown a weak consolidation trend [11]. - The option implied volatility has decreased to below the average after a sharp rise, the open interest PCR is below 0.60. The pressure level has dropped significantly to 16000 and the support level is 14500 [11]. - Directional strategy: None. Volatility strategy: Construct a short - biased call + put option combination strategy. Spot hedging strategy: None [11]. 3.5.7 PTA Options - PTA social inventory is accumulating, and although the polyester start - up will remain high, inventory accumulation is expected to continue. PTA has shown a rebound trend with pressure [11]. - The option implied volatility fluctuates at a relatively high level, the open interest PCR is around 0.70, indicating a volatile market. The pressure level is 4700 and the support level is 4300 [11]. - Directional strategy: None. Volatility strategy: Construct a neutral - biased call + put option combination strategy. Spot hedging strategy: None [11]. 3.5.8 Caustic Soda Options - The average utilization rate of caustic soda production capacity has increased. Caustic soda has shown a weak short - selling trend [12]. - The option implied volatility fluctuates at a relatively high level, the open interest PCR is below 0.80, indicating a weak and volatile market. The pressure level is 2600 and the support level is 2240 [12]. - Directional strategy: Construct a bearish spread combination strategy. Volatility strategy: None. Spot collar hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [12]. 3.5.9 Soda Ash Options - Soda ash factory inventory has increased. Soda ash has shown a low - level weak consolidation trend [1]. - The option implied volatility fluctuates at a relatively high historical level, the open interest PCR is below 0.60, indicating strong short - selling pressure. The pressure level is 1300 and the support level is 1100 [12]. - Directional strategy: Construct a bearish spread combination strategy. Volatility strategy: Construct a short - volatility combination strategy. Spot long - hedging strategy: Construct a long collar strategy [12]. 3.5.10 Urea Options - Enterprise inventory is at a high level, and port inventory has decreased. Urea has shown a low - level shock and rebound trend [13]. - The option implied volatility fluctuates around the historical average, the open interest PCR is below 0.60, indicating strong short - selling pressure. The pressure level is 1800 and the support level is 1600 [13]. - Directional strategy: None. Volatility strategy: Construct a neutral - biased 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 [13].