1. Report Industry Investment Rating - No relevant information provided in the report. 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 fluctuations 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 Index Overview - The Shanghai Composite Index closed at 3,493.05, down 4.43 points or 0.13%, with a trading volume of 596 billion yuan and an increase of 28.5 billion yuan in trading volume [3]. - The Shenzhen Component Index closed at 10,581.80, down 6.60 points or 0.06%, with a trading volume of 909.2 billion yuan and an increase of 22.8 billion yuan in trading volume [3]. - Other important indices such as the SSE 50, CSI 300, CSI 500, and CSI 1000 also have their respective closing prices, price changes, and trading volume changes [3]. 3.2 Option - Underlying ETF Market Overview - The closing prices, price changes, trading volumes, and trading volume changes of various option - underlying ETFs are presented, such as the SSE 50ETF, SSE 300ETF, etc. [4]. 3.3 Option Factor - Volume and Position PCR - The volume and position PCR data of different option varieties, including their changes, are provided, which can be used to analyze the strength and turning points of the option - underlying market [5]. 3.4 Option Factor - Pressure and Support Points - The pressure points, support points, and related offsets of different option varieties are given, which are determined by the strike prices of the maximum open interest of call and put options [7]. 3.5 Option Factor - Implied Volatility - The implied volatility data of different option varieties, including at - the - money implied volatility, weighted implied volatility, and their changes, are presented, which can be used to assess market expectations of future price fluctuations [9]. 3.6 Strategy and Suggestions - The financial options sector is divided into large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks, with specific option varieties assigned to each sector [11]. - For each sector, option strategies and suggestions are provided based on the analysis of the underlying market, option factor research, and specific option varieties [12][13][14]. 3.7 Option Charts - Charts of various option varieties, including price trends, volume and position changes, PCR trends, and implied volatility trends, are presented to visually show the market conditions of different option varieties [15][29][47]

Report Summary 1. Report Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different options strategies and suggestions are provided for selected varieties in each sector based on the analysis of underlying market conditions, option factor research, and option strategy recommendations [7]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - For various metal options, information such as the latest price, price change, percentage change, trading volume, volume change, open interest, and open interest change of the underlying contracts is presented. For example, the latest price of copper (CU2508) is 78,330, with a decrease of 580 and a decline rate of 0.74% [3]. 3.2 Option Factor - Volume and Open Interest PCR - The volume and open interest PCR data 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. For instance, the volume PCR of copper is 0.75 with a change of - 0.12, and the open interest PCR is 0.61 with a change of - 0.06 [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of different metal options are determined from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of copper is 82,000 and the support level is 78,000 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility data of different metal options are provided, including at - the - money implied volatility, weighted implied volatility, and its change. For example, the at - the - money implied volatility of copper is 12.67%, and the weighted implied volatility is 17.79% with a change of 2.24% [6]. 3.5 Strategy and Suggestions - **Non - ferrous Metals** - **Copper Options**: Based on the analysis of copper fundamentals, market conditions, option factors, directional strategies (constructing a bull - spread combination of call options), volatility strategies (constructing a short - volatility seller option combination), and spot long - hedging strategies are proposed [8]. - **Aluminum/Alumina Options**: Analyze the fundamentals and market conditions of aluminum and alumina, and suggest directional strategies (bull - spread combination of call options), volatility strategies (constructing a short - position call + put option combination), and spot long - hedging strategies [9]. - **Zinc/Lead Options**: Provide strategies for zinc and lead options, including volatility strategies (constructing a short - neutral call + put option combination) and spot long - hedging strategies [9]. - **Nickel Options**: Suggest volatility strategies (constructing a short - bearish call + put option combination) and spot long - hedging strategies for nickel options [10]. - **Tin Options**: Propose volatility strategies (short - volatility strategy) and spot long - hedging strategies for tin options [10]. - **Lithium Carbonate Options**: Suggest volatility strategies (constructing a short - neutral call + put option combination) and spot long - covered call strategies for lithium carbonate options [11]. - **Precious Metals** - **Gold/Silver Options**: Analyze the fundamentals and market conditions of gold and silver, and suggest volatility strategies (constructing a long - biased short - volatility option seller combination) and spot long - hedging strategies [12]. - **Black Metals** - **Rebar Options**: Provide volatility strategies (constructing a short - neutral call + put option combination) and spot long - covered call strategies for rebar options [13]. - **Iron Ore Options**: Suggest volatility strategies (constructing a short - bullish call + put option combination) and spot long - hedging strategies for iron ore options [13]. - **Ferroalloy Options**: Propose volatility strategies (short - volatility strategy) for ferroalloy options [14]. - **Industrial Silicon/Polysilicon Options**: Provide volatility strategies (constructing a short - neutral call + put option combination) and spot long - covered call strategies for industrial silicon and polysilicon options [14]. - **Glass Options**: Suggest volatility strategies (constructing a short - volatility call + put option combination) and spot long - hedging strategies for glass options [15].

Group 1: Report Overview - The report is an Energy and Chemical Options Strategy Morning Report, covering energy, polyolefins, polyesters, alkali chemicals, and other energy - chemical options [2][3] - The recommended strategy is to construct option combination strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various underlying futures such as crude oil, LPG, methanol, etc. are presented. For example, the latest price of crude oil (SC2508) is 516, with a price increase of 6 and a rise - fall rate of 1.26% [4] Group 3: Option Factors - Volume and Open Interest PCR - The volume PCR and open - interest PCR of various 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 crude oil options is 0.73, with a change of 0.01, and the open - interest PCR is 0.63, with a change of 0.03 [6] Group 4: Option Factors - Pressure and Support Levels - The pressure and support levels of various options are determined from the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil options is 660, and the support level is 450 [7] Group 5: Option Factors - Implied Volatility - The implied volatility data of various options are given, including at - the - money implied volatility, weighted implied volatility, and its changes, annual average, call and put implied volatility, HISV20, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 26.785, and the weighted implied volatility is 32.88, with a change of - 1.18 [8] Group 6: Strategy and Recommendations for Different Options Energy - related Options Crude Oil - Fundamental situation: US crude oil inventories have different changes, production remains unchanged, and the number of active rigs and fracturing fleets decreases. The market shows short - term weakness. Option factors indicate that implied volatility fluctuates around the mean, the open - interest PCR is below 0.80, and the pressure and support levels are 660 and 450 respectively. Recommended strategies include constructing a short - neutral call + put option combination strategy and a long collar strategy [9] LPG - Fundamental situation: Geopolitical concerns and seasonal factors affect the market. The market shows short - term weakness. Option factors show that implied volatility fluctuates at a relatively high level around the historical mean, the open - interest PCR is below 0.60, and the pressure and support levels are 5100 and 4000 respectively. Recommended strategies are similar to those of crude oil [11] Alcohol - related Options Methanol - Fundamental situation: Port inventory and MTO device utilization rate change. The market shows short - term narrow - range fluctuations. Option factors indicate that implied volatility fluctuates around the historical mean, the open - interest PCR is 0.84, and the pressure and support levels are 2950 and 2200 respectively. Recommended strategies include constructing a short - neutral call + put option combination strategy and a long collar strategy [10][11] Ethylene Glycol - Fundamental situation: Market price adjusts slightly, and inventory accumulates. The market shows weak and bearish fluctuations. Option factors show that implied volatility fluctuates around the historical mean, the open - interest PCR is around 0.70, and the pressure and support levels are 4350 and 4300 respectively. Recommended strategies include constructing a short - volatility strategy and a long collar strategy [12] Polyolefin - related Options Polypropylene - Fundamental situation: Production changes slightly. The market shows a weak trend with upward pressure. Option factors indicate that implied volatility fluctuates around the historical mean, the open - interest PCR drops below 0.80, and the pressure and support levels are 7500 and 6800 respectively. Recommended strategies include a long collar strategy [12] Rubber - related Options - Fundamental situation: Exchange inventories of different types of rubber are provided. The market shows low - level consolidation. Option factors show that implied volatility fluctuates around the mean, the open - interest PCR is below 0.60, and the pressure and support levels are 21000 and 13000 respectively. Recommended strategies include constructing a short - neutral call + put option combination strategy [13] Polyester - related Options - Fundamental situation: PTA inventory decreases, and product inventory accumulates. The market shows significant fluctuations. Option factors indicate that implied volatility fluctuates around the mean, the open - interest PCR is around 0.90, and the pressure and support levels are 5800 and 3800 respectively. Recommended strategies include constructing a short - neutral call + put option combination strategy [14] Alkali - related Options Caustic Soda - Fundamental situation: Inventory and profit change. The market shows a trend of first falling and then rising. Option factors show that implied volatility decreases and fluctuates around the mean, the open - interest PCR rises to 0.70, and the pressure and support levels are 2520 and 2360 respectively. Recommended strategies include constructing a put option bear spread combination strategy [15] Soda Ash - Fundamental situation: Supply - demand relationship and market atmosphere are weak. The market shows weak and low - level consolidation. Option factors indicate that implied volatility fluctuates around the historical mean, the open - interest PCR is below 0.50, and the pressure and support levels are 1220 and 1140 respectively. Recommended strategies include constructing a put option bear spread combination strategy, a short - bearish call + put option combination strategy, and a long collar strategy [15] Urea - Fundamental situation: Supply - demand difference changes, and inventory decreases. The market shows fluctuations under bearish pressure. Option factors show that implied volatility fluctuates slightly below the historical mean, the open - interest PCR is below 0.80, and the pressure and support levels are 1900 and 1700 respectively. Recommended strategies include constructing a short - neutral call + put option combination strategy and a long collar strategy [17]

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

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

Report Overview - Report Title: Energy Chemical Options Strategy Morning Report [2] - Date: July 9, 2025 - Scope: Energy chemicals, including energy (crude oil, LPG), polyolefins (PP, PVC, etc.), polyesters (PX, PTA, etc.), alkali chemicals (caustic soda, soda ash), and others (rubber) [3] - Strategy: Construct option portfolio strategies mainly as sellers, and spot hedging or covered strategies to enhance returns [3] 1. Market Overview of Underlying Futures - Multiple energy chemical futures are presented, including details such as latest price, change, change rate, trading volume, and open interest. For example, crude oil (SC2508) is priced at 512, up 11 with a 2.13% increase, trading volume of 13.35 million lots, and open interest of 2.63 million lots [4]. 2. Option Factors 2.1 Quantity and Open Interest PCR - For various options, their quantity PCR and open - interest PCR are given, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the quantity PCR of crude oil options is 0.72, with a change of 0.07, and the open - interest PCR is 0.60, with a change of - 0.02 [5]. 2.2 Pressure and Support Levels - Pressure and support levels of each option underlying are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil is 660 and the support level is 450 [6]. 2.3 Implied Volatility - Implied volatility data of options are provided, including at - the - money implied volatility, weighted implied volatility, and its change, etc. For example, the at - the - money implied volatility of crude oil options is 26.515, and the weighted implied volatility is 34.07, down 1.05 [7]. 3. Strategy and Recommendations 3.1 Energy - related Options Crude Oil - Fundamental analysis: U.S. crude oil inventories and production data are presented. The market shows a short - term weak trend. - Option factor research: Implied volatility remains at a relatively high historical level, and the open - interest PCR below 0.80 indicates increasing short - selling power. - Strategy: Construct a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [8]. LPG - Fundamental analysis: Geopolitical factors and cost changes affect the market. It shows a short - term bearish trend. - Option factor research: Implied volatility fluctuates slightly above the historical average, and the open - interest PCR below 0.60 indicates increasing short - selling power. - Strategy: Similar to crude oil, construct a short - neutral option combination strategy and a long collar strategy for spot hedging [10]. 3.2 Alcohol - related Options Methanol - Fundamental analysis: Port inventory and MTO device utilization data are provided. The market shows short - term narrow - range fluctuations. - Option factor research: Implied volatility is at a relatively high historical average, and the open - interest PCR around 0.90 indicates a volatile market. - Strategy: Construct a short - neutral option combination strategy and a long collar strategy for spot hedging [10]. Ethylene Glycol - Fundamental analysis: Market price and supply - demand expectations are considered. The market shows a weak and bearish oscillating pattern. - Option factor research: Implied volatility fluctuates around the historical average, and the open - interest PCR around 0.70 indicates a weak trend. - Strategy: Construct a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.3 Polyolefin - related Options Polypropylene - Fundamental analysis: Production volume and new device data are presented. The market shows a weak pattern with overhead pressure. - Option factor research: Implied volatility fluctuates around the historical average, and the decreasing open - interest PCR below 0.80 indicates a weakening trend. - Strategy: For spot hedging, hold a long spot position + buy an at - the - money put option + sell an out - of - the - money call option [11]. 3.4 Rubber - related Options Rubber - Fundamental analysis: Exchange inventory data are provided. The market shows a low - level consolidation pattern. - Option factor research: Implied volatility fluctuates around the average, and the open - interest PCR below 0.60 indicates short - selling power. - Strategy: Construct a short - neutral option combination strategy [12]. 3.5 Polyester - related Options PTA - Fundamental analysis: Inventory data show a de - stocking trend. The market shows a highly volatile pattern. - Option factor research: Implied volatility remains at a relatively high historical level, and the open - interest PCR around 0.90 indicates a weakening trend. - Strategy: Construct a short - neutral option combination strategy [13]. 3.6 Alkali - related Options Caustic Soda - Fundamental analysis: Inventory and profit data are provided. The market shows a trend of first falling and then rebounding. - Option factor research: Implied volatility is decreasing and fluctuating around the average, and the open - interest PCR is 0.69. - Strategy: Construct a bearish put spread strategy for direction and a covered call strategy for spot hedging [14]. Soda Ash - Fundamental analysis: Supply - demand and market sentiment data are considered. The market shows a weak and bearish low - level consolidation pattern. - Option factor research: Implied volatility fluctuates around the historical average, and the open - interest PCR below 0.50 indicates a weak and oscillating market. - Strategy: Construct a bearish put spread strategy, a short - bearish option combination strategy, and a long collar strategy for spot hedging [14]. 3.7 Urea Options - Fundamental analysis: Supply - demand difference and inventory data are presented. The market shows an oscillating pattern under bearish pressure. - Option factor research: Implied volatility fluctuates slightly below the historical average, and the open - interest PCR below 0.80 indicates a weakening trend. - Strategy: Construct a short - neutral option combination strategy and a spot hedging strategy [15]

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

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9]. - For each sector, some varieties are selected to provide option strategies and suggestions [9]. - Option strategy reports for each option variety are compiled based on underlying market analysis, option factor research, and option strategy suggestions [9]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, including crude oil, LPG, methanol, etc [4]. 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market. The report provides these data for different option varieties [5]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of option underlying are determined from the strike prices with the largest open interests of call and put options. The report lists these levels for various option varieties [6]. 3.4 Option Factors - Implied Volatility - The report provides data on at - the - money implied volatility, weighted implied volatility, average annual implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility for different option varieties [7]. 3.5 Option Strategies and Suggestions 3.5.1 Energy - related Options - **Crude Oil**: Fundamentals show changes in US crude oil inventories, production, and the number of active rigs and fracturing fleets. The market is short - term bearish. Option factors indicate high historical implied volatility, increasing short - selling power, a pressure level of 660, and a support level of 450. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [8]. - **LPG**: Fundamentals are affected by geopolitical concerns and import cost changes. The market is short - term bearish. Option factors show relatively high implied volatility, increasing short - selling power, a pressure level of 5100, and a support level of 4000. Strategies are similar to those of crude oil [10]. 3.5.2 Alcohol - related Options - **Methanol**: Fundamentals involve port inventory and MTO device utilization. The market shows short - term narrow - range fluctuations. Option factors indicate relatively high implied volatility, a fluctuating market, a pressure level of 2950, and a support level of 2200. Strategies include constructing a neutral short call + put option combination and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: Fundamentals are related to market prices and supply - demand structure. The market shows weak bearish fluctuations. Option factors show implied volatility around the historical average, weakening market, a pressure level of 4350, and a support level of 4300. Strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: Fundamentals involve production volume changes. The market shows weak bearish fluctuations. Option factors show implied volatility around the historical average, weakening market, a pressure level of 7500, and a support level of 6800. Strategies include a long collar strategy for spot hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: Fundamentals involve exchange inventories. The market shows low - level consolidation. Option factors show implied volatility around the average, increasing short - selling power, a pressure level of 21000, and a support level of 13000. Strategies include constructing a neutral short call + put option combination [12]. 3.5.5 Polyester - related Options - **PTA**: Fundamentals involve inventory changes. The market shows sharp fluctuations. Option factors indicate high historical implied volatility, weakening market, a pressure level of 5800, and a support level of 4500. Strategies include constructing a neutral short call + put option combination [13]. 3.5.6 Alkali - related Options - **Caustic Soda**: Fundamentals involve inventory and profit changes. The market shows short - term narrow - range fluctuations. Option factors show decreasing implied volatility, a weak market, a pressure level of 2400, and a support level of 2200. Strategies include constructing a bear - spread put option combination and a covered call strategy for spot hedging [14]. - **Soda Ash**: Fundamentals involve supply - demand and market sentiment. The market shows weak bearish low - level consolidation. Option factors show implied volatility around the historical average, a weak and fluctuating market, a pressure level of 1220, and a support level of 1120. Strategies include constructing a bear - spread put option combination, a short - bearish call + put option combination, and a long collar strategy for spot hedging [14]. 3.5.7 Other Options - **Urea**: Fundamentals involve supply - demand differences and inventory changes. The market shows bearish fluctuations. Option factors show implied volatility below the historical average, a weakening market, a pressure level of 1900, and a support level of 1700. Strategies include constructing a neutral short call + put option combination and a long collar strategy for spot hedging [15].

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

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others[9]. - For each sector, some varieties are selected to give option strategies and suggestions[9]. - Option strategy reports are prepared for each option variety based on underlying market analysis, option factor research, and option strategy suggestions[9]. - Strategies involve 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 provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, etc.[4]. 3.2 Option Factor - Volume and Open Interest PCR - The volume PCR and open interest PCR of various energy - chemical options are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively[5]. 3.3 Option Factor - Pressure and Support Levels - The pressure points, support points, and the corresponding offsets of various energy - chemical options are given, which are determined by the strike prices of the maximum open interest of call and put options[6]. 3.4 Option Factor - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, and its change, annual average, call implied volatility, put implied volatility, historical volatility, and the difference between implied and historical volatility of various energy - chemical options are provided. The weighted implied volatility uses volume - weighted average[7]. 3.5 Strategy and Suggestions for Different Options 3.5.1 Energy - related Options - **Crude Oil**: - **Underlying Market Analysis**: As of the week ending June 20, 2025, US crude oil inventories decreased, with strategic inventories increasing slightly and commercial inventories decreasing significantly. The crude oil market has shown a short - term weak trend since June[8]. - **Option Factor Research**: The implied volatility of crude oil options remains at a relatively high historical level, the open interest PCR is below 0.80, indicating increasing short - selling power, and the pressure level is 660 and the support level is 450[8]. - **Option Strategy Suggestions**: For volatility strategies, construct a short - neutral call + put option combination strategy. For spot long - hedging strategies, construct a long collar strategy[8]. - **LPG**: - **Underlying Market Analysis**: In May 2025, China's LPG production decreased year - on - year. The LPG market has shown a short - term bearish trend[10]. - **Option Factor Research**: The implied volatility of LPG options remains at a relatively high level compared to the historical average, the open interest PCR is below 0.80, indicating increasing short - selling power, and the pressure level is 5100 and the support level is 4000[10]. - **Option Strategy Suggestions**: Similar to crude oil, construct a short - neutral call + put option combination strategy for volatility and a long collar strategy for spot long - hedging[10]. 3.5.2 Alcohol - related Options - **Methanol**: - **Underlying Market Analysis**: Port and factory inventories have changed. The methanol market has shown a short - term narrow - range oscillation trend[10]. - **Option Factor Research**: The implied volatility of methanol options is at a relatively high level compared to the historical average, the open interest PCR is around 0.90, indicating an oscillating market, and the pressure level is 2950 and the support level is 2200[10]. - **Option Strategy Suggestions**: Construct a short - neutral call + put option combination strategy for volatility and a long collar strategy for spot long - hedging[10]. - **Ethylene Glycol**: - **Underlying Market Analysis**: Port and downstream factory inventories have changed. The ethylene glycol market has shown a bearish downward trend with upper pressure[11]. - **Option Factor Research**: The implied volatility of ethylene glycol options remains around the historical average, the open interest PCR is around 0.70, indicating a weak trend, and the pressure level is 4350 and the support level is 4300[11]. - **Option Strategy Suggestions**: Construct a short - volatility strategy for volatility and a long + put + short - call strategy for spot long - hedging[11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: - **Underlying Market Analysis**: The downstream operating rate of PP has decreased, and inventories have changed. The polypropylene market has shown a weak trend with upper pressure[11]. - **Option Factor Research**: The implied volatility of polypropylene options remains around the historical average, the open interest PCR has decreased below 0.80, indicating a weakening trend, and the pressure level is 7500 and the support level is 6800[11]. - **Option Strategy Suggestions**: For spot long - hedging, hold a long position + buy an at - the - money put option + sell an out - of - the - money call option[11]. 3.5.4 Rubber - related Options - **Rubber**: - **Underlying Market Analysis**: Supply is expected to increase, and demand is weak, resulting in limited upward space for rubber prices. The rubber market has shown a low - level consolidation trend[12]. - **Option Factor Research**: The implied volatility of rubber options remains around the average level, the open interest PCR is below 0.60, and the pressure level is 21000 and the support level is 13000[12]. - **Option Strategy Suggestions**: Construct a short - neutral call + put option combination strategy for volatility[12]. 3.5.5 Polyester - related Options - **PTA**: - **Underlying Market Analysis**: PTA inventory is at a low level, and it is expected to enter a de - stocking phase in July. The PTA market has shown a highly volatile trend recently[13]. - **Option Factor Research**: The implied volatility of PTA options remains at a relatively high level, the open interest PCR is above 1.00, indicating a relatively strong trend, and the pressure level is 5800 and the support level is 4500[13]. - **Option Strategy Suggestions**: Construct a short - neutral call + put option combination strategy for volatility[13]. 3.5.6 Alkali - related Options - **Caustic Soda**: - **Underlying Market Analysis**: The capacity utilization rate of caustic soda has changed slightly, and inventory has decreased. The caustic soda market has shown a bearish trend recently and has stabilized this week[14]. - **Option Factor Research**: The implied volatility of caustic soda options has been decreasing and is currently around the average level, the open interest PCR is below 0.60, indicating a weak trend, and the pressure level is 2400 and the support level is 2200[14]. - **Option Strategy Suggestions**: Construct a bear - spread strategy for direction and a long + short - call strategy for spot covered hedging[14]. - **Soda Ash**: - **Underlying Market Analysis**: The domestic soda ash market is weak, and inventory has increased slightly. The soda ash market has shown a weak bearish and low - level consolidation trend[14]. - **Option Factor Research**: The implied volatility of soda ash options is around the historical average, the open interest PCR is below 0.50, indicating a weak and oscillating trend, and the pressure level is 1220 and the support level is 1120[14]. - **Option Strategy Suggestions**: Construct a bear - spread strategy for direction, a short - bearish call + put option combination strategy for volatility, and a long collar strategy for spot long - hedging[14]. 3.5.7 Other Options - **Urea**: - **Underlying Market Analysis**: Domestic urea port inventories have increased, and enterprise inventories have decreased slowly. The urea market has shown a bearish oscillating trend[15]. - **Option Factor Research**: The implied volatility of urea options is slightly below the historical average, the open interest PCR is below 0.80, and the pressure level is 1900 and the support level is 1700[15]. - **Option Strategy Suggestions**: Construct a short - neutral call + put option combination strategy for volatility and a long + put + short - call strategy for spot hedging[15].