Group 1: Report Overview - The report is a metal options strategy morning report dated August 22, 2025 [1] - The core view is to provide option strategy suggestions for different metal sectors, including non - ferrous metals, precious metals, and black metals [2] Group 2: Market Overview Futures Market - Copper (CU2510) latest price is 78,710, up 140 (0.18%), volume 3.60 million lots, open interest 14.34 million lots [3] - Aluminum (AL2510) latest price is 20,720, up 120 (0.58%), volume 12.45 million lots, open interest 23.39 million lots [3] - And so on for other metals like zinc, lead, nickel, etc. Option Factors Volume and Open Interest PCR - Copper: volume PCR is 0.77, down 0.16; open interest PCR is 0.87, down 0.01 [4] - Aluminum: volume PCR is 0.79, down 0.47; open interest PCR is 0.93, up 0.02 [4] Pressure and Support Levels - Copper: pressure point is 82,000, support point is 78,000 [5] - Aluminum: pressure point is 20,800, support point is 20,000 [5] Implied Volatility - Copper: flat - implied volatility is 8.46%, weighted implied volatility is 14.67%, up 1.67% [6] - Aluminum: flat - implied volatility is 8.86%, weighted implied volatility is 12.10%, up 0.03% [6] Group 3: Strategy and Suggestions Non - Ferrous Metals Copper - Fundamental: three major exchanges' copper inventory increased by 0.7 million tons [7] - Market analysis: since June, it has been in a high - level consolidation [7] - Option strategy: build a short - volatility seller option portfolio and a spot hedging strategy [7] Aluminum/Alumina - Fundamental: domestic aluminum ingot inventory increased, while保税区 inventory decreased [9] - Market analysis: showed a high - level shock and decline [9] - Option strategy: build a neutral short - volatility option combination and a spot collar strategy [9] Other Non - Ferrous Metals - Similar analysis and strategy suggestions are provided for zinc, lead, nickel, tin, and lithium carbonate [9][10][11] Precious Metals Gold/Silver - Fundamental: US CPI data is provided [12] - Market analysis: gold showed a short - term consolidation and decline [12] - Option strategy: build a neutral short - volatility option seller combination and a spot hedging strategy [12] Black Metals Rebar - Fundamental: rebar social inventory and factory inventory increased [13] - Market analysis: showed a downward trend with pressure [13] - Option strategy: build a bearish option spread strategy and a short - volatility option combination [13] Other Black Metals - Similar analysis and strategy suggestions are provided for iron ore, ferroalloys, industrial silicon, polysilicon, and glass [13][14][15]

Group 1: Report Overview - The report is an early morning strategy report on agricultural product options dated August 21, 2025 [1] - The agricultural product sector is divided into beans, oils, agricultural by - products, soft commodities, grains, and others, with option strategies provided for selected varieties in each sector [8] Group 2: Market Conditions Summary - Oilseeds and oils showed a weak and volatile trend, while oils, agricultural by - products maintained a volatile market. Soft commodity sugar had a slight fluctuation, cotton was in a weak consolidation, and grains like corn and starch had a weak and narrow - range consolidation [2] Group 3: Futures Market Data - The latest prices, price changes, trading volumes, and open interest changes of various option - underlying futures contracts are presented, such as the latest price of soybean No.1 (A2511) being 4,024 with a change of 2 and a trading volume of 13.90 million lots [3] Group 4: Option Factor - Volume and Open Interest PCR - The volume and open interest PCR data of various option varieties are provided, which are used to describe the strength of the option - underlying market and the turning point of the underlying market respectively [4] Group 5: Option Factor - Pressure and Support Levels - The pressure and support levels of various option - underlying assets are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5] Group 6: Option Factor - Implied Volatility - The implied volatility data of various option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and its changes compared with the annual average [6] Group 7: Option Strategies for Different Varieties Oils and Oilseeds Options - **Beans (Soybean No.1, Soybean No.2)**: For soybean No.1, due to factors like the USDA's adjustment of soybean planting area and Trump's call for China to buy soybeans, the market showed a weak and volatile trend. Strategies include constructing a neutral short call + put option combination and a long collar strategy for spot hedging [7] - **Bean Meal, Rapeseed Meal**: Bean meal showed a weak consolidation and then a rebound. Strategies involve constructing a neutral short call + put option combination and a long collar strategy for spot hedging [9] - **Palm Oil, Soybean Oil, Rapeseed Oil**: Palm oil showed a bullish trend. Strategies include constructing a bull call spread for directional gain, a short bullish call + put option combination, and a long collar strategy for spot hedging [10] - **Peanuts**: Peanuts showed a weak consolidation under bearish pressure. Strategies include constructing a bear put spread for directional gain and a long collar strategy for spot hedging [11] Agricultural By - product Options - **Pigs**: The pig market showed a weak consolidation. Strategies include constructing a short bearish call + put option combination and a long - spot + short out - of - the - money call option strategy [11] - **Eggs**: The egg market showed a bearish trend. Strategies include constructing a bear put spread for directional gain and a short bearish call + put option combination [12] - **Apples**: Apples showed a warming - up trend. Strategies include constructing a neutral short call + put option combination [12] - **Jujubes**: Jujubes showed a short - term bullish rebound. Strategies include constructing a bull call spread for directional gain, a short bullish strangle option combination, and a long - spot + short out - of - the - money call option strategy [13] Soft Commodity Options - **Sugar**: Sugar showed a weak bearish market. Strategies include constructing a short bearish call + put option combination and a long collar strategy for spot hedging [13] - **Cotton**: Cotton showed a short - term weak trend. Strategies include constructing a short bullish call + put option combination and a long - spot + long put + short out - of - the - money call option strategy [14] Grain Options - **Corn, Starch**: Corn showed a weak bearish trend. Strategies include constructing a bear put spread for directional gain, a short bearish call + put option combination [14]

Report Summary 1. Investment Rating The report does not provide an overall investment rating for the metal options industry. 2. Core Viewpoints - The non - ferrous metals are in a weak and volatile state, and a seller's neutral volatility strategy is recommended. - The black metals show significant fluctuations, and a short - volatility portfolio strategy is suitable. - The precious metals are consolidating at high levels with a slight decline, and a spot hedging strategy is advised [2]. 3. Summary by Relevant Catalogs 3.1. Futures Market Overview - **Copper (CU2510)**: The latest price is 78,700, up 150 (0.19%). The trading volume is 4.84 million lots (up 2.48 million lots), and the open interest is 13.98 million lots (up 0.18 million lots) [3]. - **Aluminum (AL2510)**: The latest price is 20,565, up 75 (0.37%). The trading volume is 12.82 million lots (up 2.30 million lots), and the open interest is 22.80 million lots (down 0.67 million lots) [3]. - Other metals such as zinc, lead, nickel, etc., also have detailed price, trading volume, and open - interest data provided in the report [3]. 3.2. Option Factors - Volume and Open Interest PCR - **Copper**: The volume PCR is 0.93 (up 0.19), and the open - interest PCR is 0.88 (up 0.07) [4]. - **Aluminum**: The volume PCR is 1.26 (up 0.09), and the open - interest PCR is 0.91 (unchanged) [4]. 3.3. Option Factors - Pressure and Support Levels - **Copper**: The pressure point is 80,000, and the support point is 78,000 [5]. - **Aluminum**: The pressure point is 20,800, and the support point is 20,000 [5]. 3.4. Option Factors - Implied Volatility - **Copper**: The at - the - money implied volatility is 8.38%, and the weighted implied volatility is 13.00% (down 0.73%) [6]. - **Aluminum**: The at - the - money implied volatility is 9.10%, and the weighted implied volatility is 12.07% (down 0.58%) [6]. 3.5. Strategy and Recommendations - **Non - ferrous Metals (e.g., Copper)**: - **Fundamentals**: The combined inventory of the three major exchanges increased by 0.7 million tons, with the SHFE inventory increasing by 0.4 million tons to 8.6 million tons [7]. - **Market Analysis**: Since June, it has shown a bullish trend, with a high - level consolidation pattern since August [7]. - **Option Strategy**: Build a short - volatility seller's option portfolio strategy and a spot long - hedging strategy [7]. - **Precious Metals (e.g., Gold)**: - **Fundamentals**: The US CPI and core CPI data in July have different year - on - year and month - on - month changes [12]. - **Market Analysis**: Shanghai gold has been in a high - level consolidation and decline recently [12]. - **Option Strategy**: Construct a neutral short - volatility option seller's portfolio strategy and a spot hedging strategy [12]. - **Black Metals (e.g., Rebar)**: - **Fundamentals**: The social inventory of rebar increased by 6.8% week - on - week, and the factory inventory increased by 2.4% week - on - week [13]. - **Market Analysis**: Since June, it has been in a low - level consolidation and then a rebound, followed by a decline recently [13]. - **Option Strategy**: Build a bear - spread option strategy, a short - volatility strategy, and a spot long - covered call strategy [13].

Core Viewpoint - The market is experiencing a contraction in volume and a significant convergence in implied volatility, indicating potential future trends in market behavior [1] Market Outlook - In a scenario where the market continues to rise, a rapid increase in implied volatility should be monitored to avoid adjustment risks due to a surge in speculative activity [1] - A gradual decline in implied volatility suggests that the pace of market increases may slow down, potentially maintaining the status observed in July [1] Downward Market Scenario - If the market declines and implied volatility rises quickly, it indicates a rapid spread of pessimistic sentiment, suggesting opportunities to speculate on stabilization when the market steadies [1] - A slow decrease in implied volatility during a downturn points to a potential "sluggish decline," warranting careful observation for entry timing [1]

Core Viewpoint - The market is experiencing a contraction in volume and a significant convergence in implied volatility, indicating potential future market behavior based on volatility trends [1] Market Outlook - In a scenario where the market continues to rise, a rapid increase in implied volatility may signal the need to avoid adjustment risks due to rising speculative enthusiasm [1] - Conversely, a gradual decline in implied volatility suggests that the pace of market increases may slow down, potentially maintaining the status observed in July [1] Downward Market Scenario - If the market declines and implied volatility rises quickly, it indicates a rapid spread of pessimistic sentiment, suggesting opportunities to speculate on stabilization expectations or recovery driven by stable capital when the market stabilizes [1] - A slow decrease in implied volatility during a downturn points to a potential "prolonged decline," necessitating careful observation for entry timing [1]

Key Points of the Report Core Concepts - The implied volatility index of financial options reflects the 30 - day implied volatility trend as of the previous trading day. The implied volatility index of commodity options is obtained by weighting the implied volatilities of the two - point - up and - down options at the at - the - money strike price of the main contract month, reflecting the implied volatility change trend of the main contract [2]. - The difference between the implied volatility index and historical volatility shows the relative level of implied volatility to historical volatility. A larger difference means the implied volatility is relatively higher, and a smaller difference means it is relatively lower [2]. - The implied volatility quantile represents the current implied volatility level of a variety in history. A high quantile means the current implied volatility is high, and a low quantile means it is low. The volatility spread is the implied volatility index minus the historical volatility [4]. Implied Volatility and Historical Volatility Data - The report presents the implied volatility (IV), historical volatility (HV), and their differences (IV - HV) of various options, including 300 Index, 50ETF, 1000 Index, 500ETF, and many commodity options such as soybean meal, corn, sugar, cotton, etc. [3] Implied Volatility Quantile and Volatility Spread Quantile Ranking - The report shows the ranking of implied volatility quantiles and historical volatility quantiles of different varieties, such as 300 Index, PVC, PTA, corn, etc. [4][5]

1. Report Industry Investment Rating - No information provided 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 high - level slight - oscillation market trend [3]. - The implied volatility of financial options gradually rises to fluctuate above the mean level [3]. - 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 futures with options and long or short futures [3]. 3. Summary According to Relevant Catalogs 3.1 Stock Market and Option Overview - **Stock Market Indexes**: The Shanghai Composite Index closed at 3,727.29, down 0.02%; the Shenzhen Component Index closed at 11,821.63, down 0.12%; the Shanghai 50 Index closed at 2,812.42, down 0.93%; the CSI 300 Index closed at 4,223.37, down 0.38%; the CSI 500 Index closed at 6,655.31, down 0.19%; the CSI 1000 Index closed at 7,242.85, up 0.07% [4]. - **Option - based ETFs**: The closing prices of various option - based ETFs showed different changes, with trading volumes and turnovers also varying. For example, the Shanghai 50ETF closed at 2.937, down 1.14% [5]. - **Option Factors - Volume and Position PCR**: The volume and position PCR of different option varieties showed different trends. For instance, the volume PCR of the Shanghai 50ETF was 0.80, with a change of 0.16; the position PCR was 0.93, with a change of - 0.13 [6]. - **Option Factors - Pressure and Support Points**: Different option varieties have corresponding pressure and support points. For example, the pressure point of the Shanghai 50ETF is 3.10, and the support point is 2.90 [8]. - **Option Factors - Implied Volatility**: The implied volatility of different option varieties also varied. For example, the at - the - money implied volatility of the Shanghai 50ETF was 16.53%, and the weighted implied volatility was 18.70%, down 0.89% [11]. 3.2 Strategy and Suggestions for Different Sectors - **Financial Stocks Sector (Shanghai 50ETF, Shanghai 50)**: Since July, the Shanghai 50ETF has been in a high - level oscillation after a partial upward trend. It is recommended to construct a seller - biased long combination strategy for volatility and a covered strategy for spot [14]. - **Large - cap Blue - chip Stocks Sector (CSI 300, Shanghai 300ETF, Shenzhen 300ETF)**: The Shanghai 300ETF has shown a short - term upward trend. It is recommended to construct a short - volatility strategy of selling both calls and puts and a covered strategy for spot [15]. - **Large - and Medium - sized Stocks Sector (Shenzhen 100ETF)**: The Shenzhen 100ETF has shown a bullish trend. It is recommended to construct a bull call spread strategy for direction and a short - volatility strategy of selling both calls and puts, as well as a covered strategy for spot [16]. - **Small and Medium - cap Stocks Sector (Shanghai 500ETF, Shenzhen 500ETF, CSI 1000)**: These stocks have shown a short - term upward trend. For the Shanghai 500ETF and Shenzhen 500ETF, it is recommended to construct a bull call spread strategy for direction and a covered strategy for spot; for the CSI 1000, it is recommended to construct a short - volatility strategy [16][17]. - **ChiNext Sector (ChiNext ETF, Huaxia Science and Technology Innovation 50ETF, E Fund Science and Technology Innovation 50ETF)**: The ChiNext ETF has shown a long - term upward trend. It is recommended to construct a bull call option combination strategy for direction and a covered strategy for spot [17].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are in a weak and volatile state [2] - For the black series, build a short - volatility combination strategy due to their large - amplitude fluctuations [2] - For precious metals, construct a spot hedging strategy as they are consolidating at high levels and have declined [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of 17 metal futures contracts including copper, aluminum, and zinc are presented [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various metal options are provided, which are used to describe the strength of options underlying market trends and the turning points of the underlying market trends respectively [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of various metal options are given [5] 3.4 Option Factors - Implied Volatility - The implied volatility data of various metal options are presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - **Aluminum/Alumina**: Construct a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Zinc/Lead**: Build a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Nickel**: Construct a short - bearish call + put option combination strategy and a spot covered - call strategy [10] - **Tin**: Build a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: Construct a short - bullish call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - **Gold/Silver**: Build a neutral short - volatility option seller combination strategy and a spot hedging strategy [12] 3.5.3 Black Series - **Rebar**: Construct a bearish call spread strategy, a short - bearish call + put option combination strategy, and a spot covered - call strategy [13] - **Iron Ore**: Build a short - bearish call + put option combination strategy and a spot collar strategy [13] - **Ferroalloys**: Build a short - volatility strategy for manganese silicon [14] - **Industrial Silicon/Polysilicon**: Construct a short - volatility call + put option combination strategy and a spot hedging strategy [14] - **Glass**: Build a bearish call spread strategy, a short - volatility call + put option combination strategy, and a spot collar strategy [15] 3.6 Charts - Price charts, option volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts of various metals such as copper, aluminum, and zinc are provided [18][38][57]

Report Industry Investment Rating No information provided in the document. Core Viewpoints of the Report - The agricultural product options market shows diverse trends, with oilseeds and oils showing weak oscillations, some agricultural by - products and soft commodities maintaining oscillatory trends, and grains showing weak and narrow - range consolidations [2]. - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. Summary by Related Catalogs 1. Futures Market Overview - Multiple agricultural product futures show price fluctuations, with varying degrees of increase and decrease. For example, the price of soybean No.1 (A2511) decreased by 0.81% to 4,019, and the price of live hog (LH2511) increased by 0.18% to 13,900 [3]. 2. Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes, which can be used to analyze the strength and turning points of the underlying asset market [4]. 3. Option Factors - Pressure and Support Levels - Each option variety has corresponding pressure and support levels, which can be observed from the exercise prices with the largest open interest of call and put options [5]. 4. Option Factors - Implied Volatility - The implied volatility of each option variety shows different levels and changes, which can help investors understand the market's expectations of future price fluctuations [6]. 5. Option Strategies and Recommendations Oilseeds and Oils Options - **Soybean No.1 and No.2**: The US soybean planting area decreased, and the market showed weak oscillations. Recommended strategies include selling neutral call + put option combinations and constructing long collar strategies for spot hedging [7]. - **Soybean Meal and Rapeseed Meal**: The market showed weak consolidations and then rebounded. Recommended strategies include selling neutral call + put option combinations and constructing long collar strategies for spot hedging [9]. - **Palm Oil, Soybean Oil, and Rapeseed Oil**: The market showed different trends. For palm oil, recommended strategies include constructing bull spread call option combinations, selling long - biased call + put option combinations, and constructing long collar strategies for spot hedging [10]. - **Peanut**: The market showed weak consolidations under bearish pressure. Recommended strategies include constructing bear spread put option combinations and constructing long collar strategies for spot hedging [11]. Agricultural By - product Options - **Live Hog**: The supply is relatively loose, and the market shows weak consolidations. Recommended strategies include selling short - biased call + put option combinations and constructing covered call strategies for spot hedging [11]. - **Egg**: The market shows a weak bearish trend. Recommended strategies include constructing bear spread put option combinations, selling short - biased call + put option combinations [12]. - **Apple**: The market shows a continuous recovery trend. Recommended strategies include selling neutral call + put option combinations [12]. - **Jujube**: The market shows a short - term bullish rebound. Recommended strategies include constructing bull spread call option combinations, selling long - biased straddle option combinations, and constructing covered call strategies for spot hedging [13]. Soft Commodity Options - **Sugar**: The market shows a weak bearish trend. Recommended strategies include selling short - biased call + put option combinations and constructing long collar strategies for spot hedging [13]. - **Cotton**: The market shows a short - term weak trend. Recommended strategies include selling long - biased call + put option combinations and constructing covered call strategies for spot hedging [14]. Grain Options - **Corn and Starch**: The market shows a weak bearish trend. Recommended strategies include constructing bear spread put option combinations, selling short - biased call + put option combinations [14].

Market Overview - On August 19, the A-share market experienced a slight decline, with a total transaction volume of 2.64 trillion yuan across the Shanghai and Shenzhen stock exchanges. Over 2900 stocks rose, indicating rapid rotation of market hotspots [1] - Leading sectors included liquor, small metals, home appliances, and traditional Chinese medicine, while previously strong sectors such as insurance, military, securities, gaming, and pharmaceuticals saw the largest declines [1] Options Market Activity - The options market showed a decrease in transaction volume but an increase in open interest. The total options transaction volume for the day was 11.01 million contracts, down 23.60% from the previous trading day, while total open interest rose by 12.52% to 11.35 million contracts [1] - The trading volume for the SSE 50 ETF options decreased by 13.14%, but open interest increased by 13.67%, with a total of 1.76 million contracts traded and 1.94 million contracts in open interest [1] Specific Options Insights - The SSE 300 options also reflected a similar trend, with a significant decrease in transaction volume: down 25.40% for the SSE 300 ETF options and down 36.69% for the CFFEX SSE 300 index options. However, open interest increased by 11.35% for the SSE 300 ETF options [2] - The STAR 50 ETF options saw a decrease in transaction volume by 119.86 million contracts, while open interest increased by 22.74 million contracts, indicating a mixed sentiment in the market [2] Volatility Analysis - The implied volatility of options opened high but declined throughout the day, with the SSE 50 ETF's at-the-money implied volatility at 15%. Historical volatility remained low, with the 30-day historical volatility at 8.87% for the SSE 50 ETF and 9.41% for the SSE 300 index [3] - Overall, the options market showed a comprehensive increase in call options, indicating a potential increase in market pressure in the short term, while put options showed little change [3]