Report Summary 1. Report Information - Report Name: Pioneer Futures Options Daily Report - Date: May 23, 2025 [1] 2. Option Volatility Ranking - The report provides a ranking of options based on at-the-money option implied volatility, 30-day historical volatility, and daily true range for various underlying assets. For example, ao2506 ranks first in at-the-money option implied volatility with 2.4%, and sm507 ranks first in daily true range with 5.1% [3][5]. 3. Core Views - At-the-money option implied volatility reflects the market's expectation of future price fluctuations of the underlying asset. Higher values indicate a greater likelihood of significant price movements, which can be of interest to trend traders. - The 30-day historical volatility reflects the actual price movements of the underlying asset in the past. If this value is smaller than the implied volatility, it may suggest that option prices are relatively expensive, which can be of interest to option sellers. - The daily true range reflects the intraday price movements of the underlying asset, which can be of interest to intraday traders [6]. 4. Exchange Option Analysis 4.1 Shanghai Stock Exchange Options - **上证50ETF (SSE 50 ETF)**: - **Basic Information**: The trading volume of the main options is 836,591 contracts, the open interest is 745,131 contracts, the trading volume ratio of call options to put options is 1.05, and the weighted average implied volatility is 14.36%. - **Volatility Trading**: Suggestions include selling options in months with higher implied volatility curves and buying options in months with lower curves. For options in the same month, sell options with higher points on the curve and buy those with lower points. - **Risk-Free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 44.6% when trading at the settlement price and 9.17% when trading at the counterparty price [19][22][24][28][30]. - **华泰柏瑞沪深300ETF (Huatai-PineBridge CSI 300 ETF)**: - **Basic Information**: The trading volume of the main options is 674,867 contracts, the open interest is 529,907 contracts, the trading volume ratio of call options to put options is 0.89, and the weighted average implied volatility is 14.92%. - **Volatility Trading**: Similar trading suggestions as for the SSE 50 ETF. - **Risk-Free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 58.7% when trading at the settlement price and 11.1% when trading at the counterparty price [31][33][37][41][43]. - **南方中证500ETF (Southern CSI 500 ETF)**: - **Basic Information**: The trading volume of the main options is 1,105,783 contracts, the open interest is 578,593 contracts, the trading volume ratio of call options to put options is 1.04, and the weighted average implied volatility is 19.3%. - **Volatility Trading**: Similar trading suggestions as above. - **Risk-Free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 92.4% when trading at the settlement price and 23.2% when trading at the counterparty price [44][47][50][54][56]. - **华夏上证科创板50ETF (Huaxia SSE STAR Market 50 ETF)**: - **Basic Information**: The trading volume of the main options is 402,764 contracts, the open interest is 753,563 contracts, the trading volume ratio of call options to put options is 1.34, and the weighted average implied volatility is 28.18%. - **Volatility Trading**: Similar trading suggestions as above. - **Risk-Free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 91.5% when trading at the settlement price and 13.3% when trading at the counterparty price [57][59][63][66][67]. - **易方达上证科创板50ETF (E Fund SSE STAR Market 50 ETF)**: - **Basic Information**: The trading volume of the main options is 94,593 contracts, the open interest is 212,957 contracts, the trading volume ratio of call options to put options is 1.18, and the weighted average implied volatility is 31.7%. - **Volatility Trading**: Similar trading suggestions as above. - **Risk-Free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 145% when trading at the settlement price and 19.4% when trading at the counterparty price [68][70][72][76][78]. 4.2 Shenzhen Stock Exchange Options - **嘉实沪深300ETF (Harvest CSI 300 ETF)**: - **Basic Information**: The trading volume of the main options is 124,797 contracts, the open interest is 142,389 contracts, the trading volume ratio of call options to put options is 1.06, and the weighted average implied volatility is 15.38%. - **Volatility Trading**: Similar trading suggestions as above. - **Risk-Free Arbitrage**: No specific arbitrage yield data is provided in the current text [79][82].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The asphalt market has certain support with low inventory. The fundamentals of asphalt are performing well. Supply growth is limited as some refineries stop producing asphalt or switch to producing residual oil, and the overall operating rate may decline again. On the demand side, it is gradually improving seasonally, although rainfall restricts project construction in some areas and limits the growth rate. The inventory accumulation rate is lower than the seasonal average, and the downstream has a good acceptance of low prices [1]. 3) Summary by Relevant Catalogs Market Analysis - On May 22, the closing price of the main asphalt futures contract BU2507 in the afternoon session was 3,539 yuan/ton, up 16 yuan/ton or 0.45% from the previous settlement price. The open interest was 187,690 lots, a net increase of 14,254 lots, and the trading volume was 233,597 lots, a net increase of 44,922 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,700 - 4,086 yuan/ton in Northeast China, 3,450 - 3,800 yuan/ton in Shandong, 3,400 - 3,430 yuan/ton in South China, and 3,500 - 3,590 yuan/ton in East China. The spot price of asphalt in North China rose slightly yesterday, while prices in other regions remained stable [1]. Strategy - Unilateral: Range - bound. - Inter - delivery spread: Go long on the BU2507 - 2509 spread at low levels (positive spread trading). - Inter - commodity spread: None. - Spot - futures: None. - Options: None [2]

Group 1: Report Overview - Report Title: Cotton and Cotton Yarn Daily Report [2] - Report Date: May 21, 2024 [2] - Researcher: Liu Qiannan [2] Group 2: Market Information Futures Market - CF01 contract closed at 13490 with a gain of 30, trading volume of 25,867 (up 12918), and open interest of 113,404 (up 3936) [3] - CF05 contract closed at 13495 with a gain of 15, trading volume of 441 (up 357), and open interest of 407 (up 331) [3] - CF09 contract closed at 13440 with a gain of 45, trading volume of 248,577 (up 134197), and open interest of 574,399 (down 1339) [3] - CY01 contract closed at 19685 with no change, trading volume of 12, and open interest of 19 [3] - CY05 contract closed at 18550 with no change, trading volume of 0, and open interest of 0 [3] - CY09 contract closed at 19710 with a gain of 55, trading volume of 220 (down 3), and open interest of 1203 (down 8) [3] Spot Market - CCIndex3128B was 14550 yuan/ton, down 16 [3] - CY IndexC32S was 20520 yuan/ton, down 550 [3] - Cot A was 77.60 cents/pound, up 0.85 [3] - FCY IndexC33S was 21787 yuan/ton, down 113 [3] - (FC Index):M: to - port price was 75.34 cents/pound, up 0.70 [3] - Indian S - 6 was 54200 rupees/candy, down 100 [3] - Polyester staple fiber was 7450 yuan/ton, up 70 [3] - Pure polyester yarn T32S was 11200 yuan/ton, unchanged [3] - Viscose staple fiber was 12800 yuan/ton, unchanged [3] - Viscose yarn R30S was 17250 yuan/ton, unchanged [3] Spreads - Cotton inter - month spreads: 1 - 5 spread was - 5 (up 15), 5 - 9 spread was 55 (down 30), 9 - 1 spread was - 50 (up 15) [3] - Cotton yarn inter - month spreads: 1 - 5 spread was 1135 (unchanged), 5 - 9 spread was - 1160 (down 55), 9 - 1 spread was 25 (up 55) [3] - Cross - variety spreads: CY01 - CF01 was 6195 (down 30), CY05 - CF05 was 5055 (down 15), CY09 - CF09 was 6270 (up 10) [3] - Domestic - foreign spreads: 1% tariff domestic - foreign cotton spread was 764 (down 165), sliding - scale duty domestic - foreign cotton spread was 78 (down 106), domestic - foreign yarn spread was - 1267 (down 437) [3] Group 3: Market News and Views Cotton Market News - As of the week ending May 17, 2025, the average temperature in US cotton - growing areas (92.9% of production) was 75.66°F, 2.64°F higher than the same period last year; average rainfall was 0.71 inches, 0.56 inches lower. In Texas, the average temperature was 78.44°F, 3.06°F higher, and average rainfall was 0.01 inches, 1.24 inches lower [6] - As of the week ending May 18, 2025, India's weekly cotton arrivals were 2.9 million tons, a 26% year - on - year decline. The cumulative arrivals in the 2024/25 season were 456.1 million tons, a 7% year - on - year decline. The CAI's cumulative arrivals reached 92% of the 24/25 season's predicted production, 3% faster than the same period last year [6] - As of the week ending May 18, 2025, in Texas cotton - growing areas (78.1% of area), the weighted average of above - ground soil moisture (very short + short) was 54%, 17 percentage points higher than the same period last year; the weighted average of underground soil moisture (very short + short) was 59%, 10 percentage points higher. The cotton planting progress was 35%, 1 percentage point higher than last year and 5 percentage points higher than the normal level [6] Trading Logic - The market fundamentals have not changed much, but the macro - level is relatively optimistic. Affected by this, Zhengzhou cotton is expected to maintain a volatile and slightly upward trend [7] Trading Strategies - Unilateral: US cotton is expected to be slightly upward - trending, and Zhengzhou cotton is expected to be upward - trending under macro - influence [8] - Arbitrage: Hold off [9] - Options: Hold off [10] Cotton Yarn Industry News - The atmosphere in the cotton grey fabric market has been weakening. Although previous orders are still in production, new orders are insufficient. The loom factory's operating rate is stable at 5 - 60%. Recent shipments are average, and inventory has decreased slightly, with the current inventory hovering around 32 days. Pay attention to price fluctuations in the grey fabric market after the overnight rise in Zhengzhou cotton [10] - Zhengzhou cotton has been slightly upward - trending this week. The trading volume in the pure cotton yarn market has been acceptable, but prices have remained stable. Downstream demand is weakening, and confidence is insufficient. Spinning mills' inventories are low, and cash flow is okay, so the short - term willingness to limit production is low. The operating rate is expected to remain stable. If cotton prices do not change much, it is difficult for yarn prices to break through upward [10] Group 4: Options - On May 21, 2025, for the CF509C13400.CZC option, the underlying contract price was 13440, the closing price was 294, up 8.5%, IV was 10.4%, Delta was 0.5318, Gamma was 0.0006, Vega was 26.2513, Theta was - 2.3093, theoretical leverage was 45.7143, and actual leverage was 24.3109 [12] - For the CF509P12600.CZC option, the underlying contract price was 13440, the closing price was 60, up 3.4%, IV was 12.5%, Delta was - 0.1381, Gamma was 0.0003, Vega was 14.6065, Theta was - 1.5477, theoretical leverage was 224.0000, and actual leverage was 30.9344 [12] - For the CF509P12200.CZC option, the underlying contract price was 13440, the closing price was 37, down 31.5%, IV was 14.6%, Delta was - 0.0818, Gamma was 0.0002, Vega was 10.0139, Theta was - 1.2280, theoretical leverage was 363.2432, and actual leverage was 29.7133 [12] - The 120 - day HV of cotton was 10.6122, with volatility slightly lower than the previous day. The implied volatility of CF509 - C - 13400 was 10.4%, CF509 - P - 12600 was 12.5%, and CF509 - P - 12200 was 14.6% [12][13] - The PCR of the main contract of Zhengzhou cotton was 0.8761, and the volume PCR of the main contract was 0.6430. The trading volumes of both call and put options increased, indicating a significant bearish sentiment in the market [13] - Options strategy: Hold off [14] Group 5: Related Attachments - The report includes charts of 1% tariff domestic - foreign cotton spreads, cotton 1 - month, 5 - month, 9 - month basis, CY05 - CF05, CY01 - CF01 spreads, CF9 - 1 spreads, and CF5 - 9 spreads [15][21][23][25]

Report Information - Report Name: Pioneer Futures Options Daily Report - Date: May 21, 2025 [1] Core Data Options Volatility Ranking - The table shows the implied volatility, historical volatility, and true range of various option targets, along with their rankings [3][5] Shanghai Stock Exchange Options Shanghai 50ETF - The trading volume of the main options is 648,739 lots, the open interest is 795,306 lots, the trading volume ratio of call options to put options is 1.42, and the weighted average implied volatility is 13% [22] Huatai-PineBridge CSI 300ETF - The trading volume of the main options is 473,954 lots, the open interest is 613,367 lots, the trading volume ratio of call options to put options is 1.1, and the weighted average implied volatility is 13.51% [33] Southern CSI 500ETF - The trading volume of the main options is 683,791 lots, the open interest is 644,131 lots, the trading volume ratio of call options to put options is 1.14, and the weighted average implied volatility is 17.11% [45] Huaxia SSE STAR Market 50ETF - The trading volume of the main options is 220,040 lots, the open interest is 821,906 lots, the trading volume ratio of call options to put options is 1.57, and the weighted average implied volatility is 25.02% [57] E Fund SSE STAR Market 50ETF - The trading volume of the main options is 34,798 lots, the open interest is 220,760 lots, the trading volume ratio of call options to put options is 1.54, and the weighted average implied volatility is 25.82% [69] Shenzhen Stock Exchange Options Harvest CSI 300ETF - The trading volume of the main options is 88,831 lots, the open interest is 141,426 lots, the trading volume ratio of call options to put options is 0.71, and the weighted average implied volatility is 17.47% [81] E Fund ChiNext ETF - The basic information table shows the call and put option prices at different strike prices [89] Volatility Trading Recommendations - Different months: Sell the month with the curve on top, buy the month with the curve below - Same month: Sell the option with the point on the curve above, buy the option with the point on the curve below [24][37][50] Risk-Free Arbitrage Returns Shanghai Stock Exchange Options Shanghai 50ETF - Settled at the settlement price: The minimum annualized return of the optimal arbitrage portfolio held until maturity is 14.7% - Settled at the counterparty price: The minimum annualized return of the optimal arbitrage portfolio held until maturity is 1.67% [28][30] Huatai-PineBridge CSI 300ETF - Settled at the settlement price: The minimum annualized return of the optimal arbitrage portfolio held until maturity is 10.9% - Settled at the counterparty price: The minimum annualized return of the optimal arbitrage portfolio held until maturity is 1.39% [40][41] Southern CSI 500ETF - Settled at the settlement price: The minimum annualized return of the optimal arbitrage portfolio held until maturity is 52.1% - Settled at the counterparty price: The minimum annualized return of the optimal arbitrage portfolio held until maturity is 11.0% [52][54] Huaxia SSE STAR Market 50ETF - Settled at the settlement price: The minimum annualized return of the optimal arbitrage portfolio held until maturity is 35.3% - Settled at the counterparty price: The minimum annualized return of the optimal arbitrage portfolio held until maturity is 3.12% [64][66] E Fund SSE STAR Market 50ETF - Settled at the settlement price: The minimum annualized return of the optimal arbitrage portfolio held until maturity is 34.0% - Settled at the counterparty price: The minimum annualized return of the optimal arbitrage portfolio held until maturity is 6.79% [75][77] Shenzhen Stock Exchange Options Harvest CSI 300ETF - Settled at the settlement price: The minimum annualized return of the optimal arbitrage portfolio held until maturity is 19.0% - Settled at the counterparty price: The minimum annualized return of the optimal arbitrage portfolio held until maturity is 0.11% [87][88]

彭博美元即期指数的1年期风险逆转 —— 衡量期权市场上买入与卖出某种货币成本之差的指标 —— 跌 至-27个基点，表明看跌期权比看涨期权更受欢迎，且这是2011年有记录以来的最低水平。 ...

Group 1: Report Summary - The report is the Pioneer Futures Options Daily Report dated May 20, 2025, presenting option data and analysis for various underlying assets [1] Group 2: Option Volatility Ranking - The table shows the implied volatility, 30 - day historical volatility, and daily true volatility of multiple option underlying assets, along with their rankings. For example, ao2506 has an implied volatility of 3.1% (ranked 1st), a 30 - day historical volatility of 2.3% (ranked 1st), and a daily true volatility of 3.8% (ranked 1st) [3] - Implied volatility reflects market expectations of future price fluctuations, historical volatility shows past price movements, and daily true volatility represents intraday price changes [6] Group 3: Shanghai Stock Exchange Options - General Information 1.1 Shanghai 50ETF - The T - type quotation table shows the call and put option prices at different strike prices and expiration months. The trading volume of the main contract is 631,377 lots, the open interest is 834,777 lots, the call - put trading volume ratio is 1.47, and the weighted average implied volatility is 12.68% [19][22] - For volatility trading, different months: sell the month with the higher curve and buy the month with the lower curve; same month: sell options above the curve and buy options below the curve [27] - For risk - free arbitrage, the optimal arbitrage portfolio held to maturity has a minimum annualized yield of 36.2% at the settlement price and 2.49% at the counter - party price [31][33] 1.2 Huatai - Berry SSE 300ETF - The T - type quotation table shows option prices. The trading volume of the main contract is 491,205 lots, the open interest is 648,081 lots, the call - put trading volume ratio is 1.19, and the weighted average implied volatility is 13.25% [34][36] - Volatility trading suggestions are the same as for the Shanghai 50ETF [41] - For risk - free arbitrage, the minimum annualized yield is 16.5% at the settlement price and 1.70% at the counter - party price [43][45] 1.3 Southern CSI 500ETF - The T - type quotation table shows option prices. The trading volume of the main contract is 868,316 lots, the open interest is 681,119 lots, the call - put trading volume ratio is 1.13, and the weighted average implied volatility is 16.76% [46][49] - Volatility trading suggestions are consistent with the previous ones [54] - For risk - free arbitrage, the minimum annualized yield is 48.6% at the settlement price and 9.01% at the counter - party price [56][58] 1.4 Huaxia SSE STAR Market 50ETF - The T - type quotation table shows option prices. The trading volume of the main contract is 209,169 lots, the open interest is 832,998 lots, the call - put trading volume ratio is 1.82, and the weighted average implied volatility is 23.96% [59][61] - Volatility trading suggestions remain the same [66] - For risk - free arbitrage, the minimum annualized yield is 47.0% at the settlement price and 5.83% at the counter - party price [68][70] 1.5 E Fund SSE STAR Market 50ETF - The T - type quotation table shows option prices. The trading volume of the main contract is 135,221 lots, the open interest is 77,858 lots, the call - put trading volume ratio is 0.31, and the weighted average implied volatility is 28.53% [71][73] - Volatility trading suggestions are as before [77] - The report does not provide risk - free arbitrage data for this ETF

Report Summary 1. Investment Ratings No investment ratings for the entire industry are provided in the report. 2. Core Views - **Financial Products**: A-share index has stable lower support and high upper breakthrough pressure; short - term treasury bonds may oscillate; precious metals show certain price patterns and trends; the rally of the container shipping index may slow down [2]. - **Industrial Products**: Industrial materials demand and inventory are deteriorating; iron ore, coke, and other black commodities have different price trends and market situations; various energy and chemical products have different supply - demand and price characteristics [2]. - **Agricultural Products**: Different agricultural products such as soybeans, hogs, and sugar have their own market trends and influencing factors [2]. - **Special and New Energy Commodities**: Glass market sentiment is pessimistic; rubber prices are affected by news; new energy products like lithium carbonate are in a downward trend [2]. 3. Summary by Categories Financial - **Stock Index Futures**: Index has stable lower support and high upper breakthrough pressure. A - shares open lower and oscillate with trading volume maintaining at the trillion - level. Suggest selling put options on the support level of IF2506 to earn premiums, or going long on September IM contracts on pullbacks and selling call options with an exercise price of 6400 on September contracts for covered strategies [2]. - **Treasury Bonds**: Short - term treasury bonds may oscillate, waiting for fundamental guidance. The 10 - year treasury bond yield may fluctuate between 1.6% - 1.7%, and the 30 - year treasury bond yield may fluctuate between 1.85% - 1.95%. It is recommended to wait and see and focus on high - frequency economic data and liquidity dynamics [2]. - **Precious Metals**: Gold forms a "double - top" pattern and oscillates narrowly between 3200 - 3300 US dollars (750 - 770 yuan); silver fluctuates between 32 - 33.5 US dollars (8000 - 8350 yuan). The sold out - of - the - money gold call options can be held; Moody's downgrades the US credit rating, causing declines in the US stock, bond, and foreign exchange markets and a slight increase in precious metals [2]. - **Container Shipping Index (European Line)**: The emotional release is sufficient, and the upward momentum may slow down. Consider 8 - 10, 6 - 10 positive spreads, and wait and see for unilateral operations [2]. Industrial - **Steel**: Industrial materials demand and inventory are deteriorating. Pay attention to the decline in apparent demand. Iron ore oscillates between 700 - 745. Coke and coking coal prices are in a downward phase. Suggest long - hot - rolled steel and short - coke or short - coking coal strategies [2]. - **Energy and Chemicals**: Different products have different trends. For example, PX continues to have limited upward momentum; PTA oscillates at a high level between 4600 - 5000; short - fiber prices follow raw materials; ethanol's supply - demand structure improves; styrene has short - term oscillation and medium - term bearishness [2]. Agricultural - Different agricultural products have various market situations. For example, US soybeans oscillate, hogs' futures and spot prices oscillate weakly in the short term, and sugar has positive data from Brazil in late April [2]. Special and New Energy - **Special Commodities**: Glass market sentiment is pessimistic, and attention is paid to whether it can break through the 1000 - point level; rubber prices rise slightly due to storage news and can be lightly shorted at the upper end of the 14500 - 15500 range [2]. - **New Energy Commodities**: Lithium carbonate maintains a downward trend, with the main contract referring to 60,000 - 63,000 yuan; polysilicon futures oscillate with near - term strength and long - term weakness [2].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The asphalt market continues to face a situation of weak supply and demand. The current inventory is at a low level, and the recent inventory accumulation rate is lower than the seasonal average, resulting in limited short - term market pressure. However, with the improvement of some refineries' profits, the asphalt plant operating rate and production have marginally increased. Meanwhile, rainfall in South China in late May will affect the improvement of terminal demand, so there is also certain resistance above the asphalt market, and the industry's acceptance of high - priced resources is still limited [1]. - The strategy for asphalt investment is as follows: the unilateral trend is expected to be volatile; for the inter - period strategy, the previous long position of BU2506 - 2509 (positive spread position) can be taken profit at high prices; there are no strategies for cross - variety, spot - futures, and options [2]. 3) Summary by Related Catalogs Market Analysis - On May 19, the closing price of the main BU2506 contract of asphalt futures in the afternoon session was 3,502 yuan/ton, up 26 yuan/ton or 0.75% from the previous settlement price. The open interest was 73,925 lots, down 1,051 lots from the previous day, and the trading volume was 140,886 lots, up 21,991 lots from the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,700 - 4,086 yuan/ton in Northeast China, 3,450 - 3,600 yuan/ton in Shandong, 3,400 - 3,430 yuan/ton in South China, and 3,500 - 3,570 yuan/ton in East China. The spot prices of asphalt in North China and Shandong decreased yesterday, while those in other regions remained generally stable [1]. Strategy - Unilateral: Volatile [2]. - Inter - period: Take profit on the previous long position of BU2506 - 2509 (positive spread position) at high prices [2]. - Cross - variety: None [2]. - Spot - futures: None [2]. - Options: None [2].

Core Viewpoint - The article discusses various options trading strategies, emphasizing their unique applications and the need for flexibility in adapting to market conditions to achieve stable investment returns [1]. Options Strategy Overview - Options trading revolves around predicting and utilizing market volatility, with strategies categorized into single-leg, double-buy, double-sell, spread, arbitrage, and multi-leg strategies [2][4][5][6]. Double-Buy Strategy - The double-buy strategy involves buying both call and put options, anticipating significant market volatility without a clear direction, making it appealing during high uncertainty [7]. - However, it faces challenges such as time decay and the need for increased volatility to be profitable, which can lead to substantial losses if volatility does not rise [8]. Double-Sell Strategy - The double-sell strategy entails selling both call and put options to collect premiums, providing stable income during calm market conditions [9]. - The primary risk arises from significant market movements, which can lead to considerable losses, especially in trending markets where implied volatility spikes [10]. Spread Strategy - The spread strategy involves buying and selling options with different strike prices or expiration dates, creating a portfolio with specific risk-return characteristics [11][12]. - It allows for flexibility in response to market trends, with various types such as vertical spreads and butterfly spreads tailored for different market conditions [12]. Arbitrage Strategy - The arbitrage strategy combines options with the spot (or futures) market to profit from price discrepancies, requiring a deep understanding of both markets [13]. Multi-Leg Strategy - The multi-leg strategy constructs complex portfolios using multiple options contracts, such as the Iron Condor, which can yield profits in stable markets while limiting risk [14]. Market Scenarios and Strategy Matching - The choice of options strategy should align with market conditions, such as bullish, bearish, or sideways trends, to optimize investment returns [15][16][17][18]. Strategy Adjustment - Options strategies must be adjusted based on market trends, volatility changes, and time decay to maintain optimal performance [19][20][21][22]. Practical Case Studies - Case studies illustrate the application of various strategies in different market conditions, demonstrating how investors can capitalize on market movements through appropriate options strategies [23][24][25][26]. Risk Management in Options Trading - Effective risk management is crucial in options trading, involving setting stop-loss orders, controlling position sizes, and diversifying investments to mitigate risks [27][28][30]. Psychological Management - Maintaining a calm and rational mindset is essential for successful options trading, helping investors avoid emotional decision-making that can lead to losses [31][32][33]. Future Outlook for Options Trading - The future of options trading may see increased strategy diversification, deeper technical analysis, and more refined risk management practices as markets evolve [40][41][42][43]. Conclusion - Options trading requires a blend of market understanding, strategic precision, risk management, and psychological control to navigate the complexities of the market successfully [44].

Report Summary 1. Investment Ratings No investment ratings for the industries are provided in the report. 2. Core Views - The index has stable support below and significant upward breakthrough pressure. The short - term Treasury bonds may fluctuate, and the precious metals market has entered a volatile phase. The shipping index's upward momentum may slow down, and the steel and coal markets are facing price adjustments. The agricultural products market is affected by various factors such as policies and supply - demand relationships [2][3]. 3. Summary by Categories Financial Products - **Stock Index Futures**: The index has stable support below and large upward breakthrough pressure. It is recommended to sell put options at the support level to earn premiums or go long on the September IM contract at low prices and sell call options with a strike price of 6400 in September for a covered strategy [2]. - **Treasury Bond Futures**: Short - term Treasury bonds may be in a volatile state. It is advisable to wait and see, focusing on the capital market and economic data [2]. - **Precious Metals Futures**: Gold has formed a "double - top" pattern and entered a volatile phase. Selling out - of - the - money gold call options can be held. Silver follows gold's fluctuations and has support at $32 (8000 yuan) [2]. Commodity Futures - **Shipping Index Futures**: The emotional release is sufficient, and the upward momentum may slow down. Consider positive spreads for 8 - 10 and 6 - 10 contracts and wait and see for unilateral operations [2]. - **Steel Futures**: The spot market is stabilizing, and there are macro - level benefits. It is recommended to consider long - hot - rolled coil and short - coke or short - coking coal strategies [2]. - **Coal Futures**: Coke prices have entered a new round of price cuts, and coking coal prices may be bottom - hunting. It is recommended to go long on hot - rolled coil and short on coke or coking coal [2]. - **Chemical Futures**: Different chemical products have different trends. For example, PX and PTA have strong supply - demand drivers but limited oil price support. Short - fiber prices follow raw materials, and ethylene glycol has strong short - term support [3]. - **Agricultural Futures**: Different agricultural products are affected by different factors. For example, soybeans are affected by biodiesel policies, and sugar is affected by Brazilian data [3]. - **Non - ferrous Metals Futures**: Different non - ferrous metals have different price ranges and trends. For example, copper has strong upward pressure, and tin rebounds due to improved macro - sentiment [5]. - **Energy Futures**: Crude oil is affected by the progress of the US - Iran nuclear negotiation, and the short - term market is in a weak and volatile state [5].