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

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

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (October 20 - October 24, 2025), the trading volume of the commodity options market declined slightly, with an average daily trading volume of 6.29 million lots and an average daily open interest of 8.95 million lots, showing a -8.93% and +3.79% change respectively compared to the previous period. It is recommended that investors focus on potential market opportunities in actively traded varieties [1][8]. - This week, most of the underlying futures of commodity options rose, with 45 varieties closing higher for the week. The energy sector had relatively high weekly gains, while precious metals such as silver and gold had relatively high weekly losses. Most sectors, except for agricultural products, saw an increase in the implied volatility of commodity options this week. It is advisable to be vigilant against unilateral risks and pay attention to opportunities for short - selling volatility or buying options with high cost - effectiveness based on different implied volatility levels [2][15]. 3. Summary by Directory 3.1 Commodity Option Market Activity - This week, the average daily trading volume of the commodity options market decreased by 8.93% compared to the previous period, and the average daily open interest increased by 3.79%. Actively traded varieties included silver, styrene, and glass. The trading volume of lead, double - gum paper, and aluminum alloy increased significantly, while that of polysilicon and industrial silicon decreased significantly. In terms of open interest, varieties with high average daily open interest were soybean meal, glass, and soda ash. The open interest of double - gum paper, lead, and short - fiber increased rapidly [1][8]. 3.2 Main Data Review of Commodity Options - **Underlying Price Movements**: 45 varieties of underlying futures of commodity options closed higher this week. The energy sector had high weekly gains, with fuel oil (+7.12%), crude oil (+6.87%), and asphalt (+5.23%) leading the way. Silver (-7.49%) and gold (-6.17%) had high weekly losses [2][15]. - **Market Volatility**: Except for agricultural products, most sectors saw an increase in the implied volatility of commodity options this week. 25 varieties had their current implied volatility above the 50th percentile of the past year. Varieties with implied volatility at a one - year high included crude oil, LPG, asphalt, and fuel oil; those at a one - year low included rapeseed oil, rapeseed meal, and sugar [2][15]. - **Option Market Sentiment**: Varieties such as rapeseed oil, soybean oil, sugar, and live pigs had a high volume PCR, indicating strong short - term bearish sentiment. Aluminum, alumina, nickel, tin, and copper had a low volume PCR, showing concentrated short - term bullish sentiment. Silver, ferrosilicon, manganese silicon, and rapeseed oil had a high open interest PCR, indicating a high level of accumulated bearish sentiment, while asphalt, corn, methanol, and alumina had a low open interest PCR, indicating accumulated bullish sentiment [2][15]. 3.3 Key Data Overview of Main Varieties - This chapter presents key data of main varieties, including trading volume, volatility, and option market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [20]. - **Energy**: Key data such as trading volume, volatility, and option market sentiment indicators of energy varieties like crude oil are presented, with relevant charts provided [21][23][25]. - **Chemicals**: - **PTA**: Key data and relevant charts of PTA are presented [28][29][35]. - **Caustic Soda**: Key data and relevant charts of caustic soda are presented [37][38][40]. - **Glass**: Key data and relevant charts of glass are presented [44][45][46]. - **Soda Ash**: Key data and relevant charts of soda ash are presented [50][51][52]. - **Precious Metals**: Key data and relevant charts of precious metals such as silver are presented [56][57][58]. - **Ferrous Metals**: - **Iron Ore**: Key data and relevant charts of iron ore are presented [62][63][66]. - **Manganese Silicon**: Key data and relevant charts of manganese silicon are presented [70][71][72]. - **Non - Ferrous Metals**: - **Copper**: Key data and relevant charts of copper are presented [77][78][83]. - **Aluminum**: Key data and relevant charts of aluminum are presented [85][86][89]. - **Agricultural Products**: - **Soybean Meal**: Key data and relevant charts of soybean meal are presented [93][95][96]. - **Palm Oil**: Key data and relevant charts of palm oil are presented [100][101][102]. - **Cotton**: Key data and relevant charts of cotton are presented [114][109][110].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (October 13 - October 17, 2025), the trading activity in the commodity options market declined slightly. The average daily trading volume was 6.55 million lots, and the average daily open interest was 8.33 million lots, with环比 changes of -4.94% and -3.47% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][6]. - Most underlying futures of commodity options fell this week, with precious metals and new - energy metals showing relatively high weekly gains, while some varieties like glass, crude oil, and fuel oil had significant weekly losses. The implied volatility of most commodity options increased this week. Different varieties have different implied volatility levels compared to the past year, presenting different trading opportunities. The options market sentiment varies among different varieties, with some showing strong short - term bearish sentiment and others showing concentrated short - term bullish sentiment [2][15][16]. 3. Summary According to Relevant Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume of the commodity options market this week was 6.55 million lots, and the average daily open interest was 8.33 million lots, with环比 changes of -4.94% and -3.47% respectively. Actively traded varieties included silver, polysilicon, and glass. Four varieties had a trading volume increase of over 100%, while some varieties like rapeseed oil, rapeseed meal, and ferrosilicon had significant trading volume declines. High - open - interest varieties were soybean meal, soda ash, and glass, and some varieties like p - xylene, LPG, and ethylene glycol had rapid open - interest growth [1][6]. 3.2 This Week's Main Data Review of Commodity Options 3.2.1 Underlying Price Movements - Most underlying futures of commodity options fell this week, with 44 varieties closing lower. Precious metals and new - energy metals had high weekly gains, such as gold (+10.90%), silver (+10.53%), polysilicon (+6.06%), and lithium carbonate (+3.95%); varieties with high weekly losses included glass (-9.28%), crude oil (-6.23%), and fuel oil (-5.54%) [2][15]. 3.2.2 Market Volatility - The implied volatility of most commodity options increased this week. Fourteen varieties' current implied volatility was above the 60th percentile of the past year. Varieties with high implied volatility included silver, gold, etc., and investors are advised to beware of unilateral risks and consider short - selling volatility opportunities; varieties with low implied volatility included nickel, pulp, etc., where buying options had a relatively high cost - performance [2][15]. 3.2.3 Options Market Sentiment - For some varieties like eggs, soybean meal, etc., the trading volume PCR is at a historical high, indicating strong short - term bearish sentiment. For varieties like gold, polysilicon, etc., the trading volume PCR is at a historical low, showing concentrated short - term bullish sentiment. For some varieties like silver, ferrosilicon, etc., the open - interest PCR is at a historical high, indicating a high level of accumulated bearish sentiment, while for varieties like urea, glass, etc., the open - interest PCR is at a historical low, indicating accumulated bullish sentiment [2][16]. 3.3 Key Data Overview of Main Varieties - This chapter presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [20]. 3.3.1 Energy - Key data of energy varieties such as crude oil, LPG, asphalt, fuel oil, and natural rubber are presented, including price changes, implied volatility, implied volatility环比 changes, historical percentile of implied volatility, open - interest PCR, trading volume PCR, and expiration time of near - month options [17]. 3.3.2 Chemicals - **PTA**: Key data and related charts of PTA are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][28][29]. - **Caustic Soda**: Key data and related charts of caustic soda are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][38][39]. - **Glass**: Key data and related charts of glass are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][45][46]. - **Soda Ash**: Key data and related charts of soda ash are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][53][54]. 3.3.3 Precious Metals - Key data and related charts of precious metals such as silver and gold are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][61][62]. 3.3.4 Ferrous Metals - **Iron Ore**: Key data and related charts of iron ore are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][69][70]. - **Silicomanganese**: Key data and related charts of silicomanganese are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][78][79]. 3.3.5 Non - Ferrous Metals - **Copper**: Key data and related charts of copper are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][86][87]. - **Aluminum**: Key data and related charts of aluminum are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][94][95]. 3.3.6 Agricultural Products - **Soybean Meal**: Key data and related charts of soybean meal are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][100][102]. - **Palm Oil**: Key data and related charts of palm oil are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][107][108]. - **Cotton**: Key data and related charts of cotton are presented, including trading volume, volatility, open - interest PCR, and trading volume PCR [19][115][116].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. A strategy of building option portfolios mainly as sellers and spot hedging or covered strategies is recommended to enhance returns [3][9]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical futures contracts, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2511) is 501, with a price increase of 8 and a price change rate of 1.56% [4]. 3.2 Option Factors - **Volume - to - Open - Interest PCR**: It shows the volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different option varieties. For instance, the volume PCR of crude oil options is 0.87, with no change, and the open interest PCR is 1.15, with a change of 0.03 [5]. - **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 option underlying assets are analyzed. For example, the pressure level of crude oil is 570, and the support level is 480 [6]. - **Implied Volatility**: It includes the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of each option variety. For example, the at - the - money implied volatility of crude oil is 29.445, and the weighted implied volatility is 31.93, with a change of - 0.21 [7]. 3.3 Strategy and Recommendations - **Energy - related Options (Crude Oil)**: - **Fundamentals**: European ARA weekly data shows changes in gasoline, diesel, fuel oil, and naphtha inventories. - **Market Analysis**: Since July, crude oil has shown a bearish market with pressure above. - **Option Factor Research**: Implied volatility fluctuates around the average, and the open interest PCR is above 1.00, indicating a sideways market. The pressure level is 570, and the support level is 480. - **Strategies**: Directional strategy: None; Volatility strategy: Build a short - biased call + put option combination strategy; Spot long - hedging strategy: Build a long collar strategy [8]. - **LPG Options**: - **Fundamentals**: Factory inventory and port inventory have increased. - **Market Analysis**: It shows an oversold rebound market with pressure above. - **Option Factor Research**: Implied volatility has dropped significantly to around the average, and the open interest PCR is around 0.90, indicating a sideways market. The pressure level is 5300, and the support level is 4200. - **Strategies**: Directional strategy: None; Volatility strategy: Build a neutral - biased call + put option combination strategy; Spot long - hedging strategy: Build a long collar strategy [10]. - **Methanol Options**: - **Fundamentals**: High port inventory persists, but most negative factors have been priced in. Supply is sufficient, and demand is expected to improve marginally. - **Market Analysis**: It shows a weak - biased market with pressure above. - **Option Factor Research**: Implied volatility has decreased and fluctuates below the average. The open interest PCR is around 0.90, indicating a weak - sideways market. The pressure level is 2400, and the support level is 2250. - **Strategies**: Directional strategy: Build a put option bear spread strategy; Volatility strategy: Build a short - biased call + put option combination strategy; Spot long - hedging strategy: Build a long collar strategy [10]. - **Ethylene Glycol Options**: - **Fundamentals**: Terminal load remains flat, and port inventory has increased. - **Market Analysis**: It shows a weak - biased market with pressure above. - **Option Factor Research**: Implied volatility fluctuates below the average. The open interest PCR is around 0.60, indicating strong bearish power. The pressure level is 4500, and the support level is 4250. - **Strategies**: Directional strategy: Build a put option bear spread strategy; Volatility strategy: Build a short - volatility strategy; Spot long - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [11]. - **Polyolefin Options (Polypropylene, etc.)**: - **Fundamentals**: There are changes in production enterprise inventory, trader inventory, and port inventory, and the downstream average operating rate has increased. - **Market Analysis**: Polypropylene shows a weak - biased market with pressure above. - **Option Factor Research**: Implied volatility of polypropylene has decreased to below the average. The open interest PCR is around 0.70, indicating a weakening trend. The pressure level is 7400, and the support level is 6700. - **Strategies**: Directional strategy: None; Volatility strategy: None; Spot long - hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [11]. - **Rubber Options**: - **Fundamentals**: China's natural rubber social inventory has decreased. - **Market Analysis**: It shows a weak - sideways market with support below and pressure above. - **Option Factor Research**: Implied volatility has risen sharply and then dropped to around the average. The open interest PCR is below 0.60. The pressure level is 17000, and the support level is 15750. - **Strategies**: Directional strategy: None; Volatility strategy: Build a neutral - biased call + put option combination strategy; Spot hedging strategy: None [12]. - **Polyester Options (PTA, etc.)**: - **Fundamentals**: Downstream load has increased, and social inventory has decreased. - **Market Analysis**: PTA shows a weak - bearish market with pressure above. - **Option Factor Research**: Implied volatility of PTA fluctuates at a relatively high level. The open interest PCR is around 0.70, indicating a sideways market. The pressure level is 5000, and the support level is 4600. - **Strategies**: Directional strategy: None; Volatility strategy: Build a short - biased call + put option combination strategy; Spot hedging strategy: None [13]. - **Caustic Soda Options**: - **Fundamentals**: National liquid caustic soda factory inventory has decreased. - **Market Analysis**: It shows a downward - sideways market with pressure above. - **Option Factor Research**: Implied volatility is at a relatively high level. The open interest PCR is below 0.80, indicating a weak - sideways market. The pressure level is 3000, and the support level is 2400. - **Strategies**: Directional strategy: None; Volatility strategy: None; Spot collar hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [14]. - **Soda Ash Options**: - **Fundamentals**: Soda ash factory inventory and delivery warehouse inventory have changed. - **Market Analysis**: It shows a low - level upward market with support below. - **Option Factor Research**: Implied volatility is at a relatively high historical level. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1300, and the support level is 1200. - **Strategies**: Directional strategy: Not specified; Volatility strategy: Build a short - volatility combination strategy; Spot long - hedging strategy: Build a long collar strategy [14]. - **Urea Options**: - **Fundamentals**: China's urea enterprise total inventory has increased, but some enterprises' inventory has decreased due to export orders. - **Market Analysis**: It shows a low - level sideways and weak market. - **Option Factor Research**: Implied volatility fluctuates slightly around the historical average. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1800, and the support level is 1620. - **Strategies**: Directional strategy: None; Volatility strategy: Build a short - biased call + put option combination strategy; Spot hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [15].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - In the past week, trading volume and implied volatility of commodity options decreased in almost all sectors. In the energy and chemical sector, the trading volume of p-xylene at the end of its option cycle significantly boosted the trading enthusiasm of the entire sector. The option trading volume of glass and soda ash returned to a high level. Given the pressure in the futures market, using options to capture trading opportunities is relatively safe. [5] - Due to the impact of interest rate cuts, the implied volatility of precious metal options rose in direct proportion to the futures price, and the skewness was at a relatively high level. Attention could be paid to the signal of volatility decline for right-side trading. [5] - In the agricultural products sector, the long position of cotton call options increased, and the trading volume of put options increased significantly. The volatility skewness declined from a high level. Consider selling at-the-money call options and buying out-of-the-money call options for protection. [5] Summary by Directory 1. Market Overview - The trading volume and implied volatility of commodity options decreased in almost all sectors last week. The end-of-cycle trading volume of p-xylene in the energy and chemical sector boosted the trading enthusiasm of the entire sector. The option trading volume of glass and soda ash returned to a high level. The futures market still faced pressure, and using options to capture trading opportunities was relatively safe. [5] - Affected by interest rate cuts, the implied volatility of precious metal options rose in direct proportion to the futures price, and the skewness was at a relatively high level. Attention could be paid to the signal of volatility decline for right-side trading. [5] - In agricultural products, the long position of cotton call options increased, and the trading volume of put options increased significantly. The volatility skewness declined from a high level. Consider selling at-the-money call options and buying out-of-the-money call options for protection. [5] 2. Market Data 2.1 Market Overview - Provided the quantitative data of commodity options, including the volatility, 60-day quantile, skewness, and 60-day quantile of various commodities such as corn, soybean meal, and palm oil [13]. 2.2 - 2.55 Individual Option Market Data - Detailed market data for various options were presented, including contract information, trading volume, open interest, volume PCR, open interest PCR, implied volatility, historical volatility, and skewness. For example, in the corn option market, the trading volume and open interest of call and put options, as well as their changes compared to the previous week, were provided [14][15][16].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The metal sector is divided into non - ferrous metals, precious metals, and black metals. Different investment strategies are recommended for each sub - sector based on their market conditions and option factors [8]. - For non - ferrous metals, a neutral volatility seller strategy is recommended for the weak - oscillating market; for black metals, a short - volatility combination strategy is suitable for the large - amplitude fluctuating market; for precious metals, a spot hedging strategy is suggested for the high - level consolidation and decline market [2]. 3. Summary by Related Catalogs 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 (CU2510) is 79,640, with a price increase of 350 and a trading volume of 8.79 million lots [3]. 3.2 Option Factors 3.2.1 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 the option underlying market and the turning point of the underlying market. For example, the volume PCR of copper options is 0.49, with a change of - 0.24 [4]. 3.2.2 Pressure and Support Levels - The pressure and support levels of various metal options 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 copper is 82,000, and the support level is 75,000 [5]. 3.2.3 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 10.86% [6]. 3.3 Strategy and Recommendations 3.3.1 Non - Ferrous Metals - **Copper**: Based on the analysis of fundamentals, market trends, and option factors, a short - volatility seller option combination strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum/Alumina**: A short - neutral call + put option combination strategy and a spot collar strategy are recommended [9]. - **Zinc/Lead**: A short - neutral call + put option combination strategy and a spot collar strategy are recommended [9]. - **Nickel**: A short - bearish call + put option combination strategy and a spot covered call strategy are recommended [10]. - **Tin**: A short - volatility strategy and a spot collar strategy are recommended [10]. - **Lithium Carbonate**: A short - neutral call + put option combination strategy and a spot long - hedging strategy are recommended [11]. 3.3.2 Precious Metals - **Gold/Silver**: A neutral short - volatility option seller combination strategy and a spot hedging strategy are recommended [12]. 3.3.3 Black Metals - **Rebar**: A short - bearish call + put option combination strategy and a spot long - covered call strategy are recommended [13]. - **Iron Ore**: A short - neutral call + put option combination strategy and a spot long - collar strategy are recommended [13]. - **Ferroalloys**: A short - volatility strategy is recommended for manganese silicon, and no spot hedging strategy is provided [14]. - **Industrial Silicon/Polysilicon**: A short - volatility call + put option combination strategy and a spot hedging strategy are recommended [14]. - **Glass**: A short - volatility call + put option combination strategy and a spot long - collar strategy are recommended [15].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The stock market shows a bullish upward trend, with the Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks all performing well [3]. - The implied volatility of financial options has gradually risen to a relatively high level around the mean [3]. - For ETF options, it is suitable to construct bullish buyer strategies and call option bull spread combination strategies; for index options, it is suitable to construct bullish seller strategies, call option bull spread combination strategies, and arbitrage strategies between synthetic long options and short futures [3]. 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,825.76, up 54.66 points or 1.45%, with a trading volume of 109.51 billion yuan and an increase of 9.73 billion yuan [4]. - The Shenzhen Component Index closed at 12,166.06, up 246.30 points or 2.07%, with a trading volume of 145.16 billion yuan and an increase of 2.53 billion yuan [4]. - The SSE 50 Index closed at 2,928.61, up 66.44 points or 2.32%, with a trading volume of 18.06 billion yuan and an increase of 4.42 billion yuan [4]. - The CSI 300 Index closed at 4,378.00, up 89.93 points or 2.10%, with a trading volume of 67.59 billion yuan and an increase of 11.74 billion yuan [4]. - The CSI 500 Index closed at 6,822.85, up 118.68 points or 1.77%, with a trading volume of 44.67 billion yuan and an increase of 4.26 billion yuan [4]. - The CSI 1000 Index closed at 7,362.94, up 109.60 points or 1.51%, with a trading volume of 52.78 billion yuan and an increase of 1.13 billion yuan [4]. 3.2 Option Underlying ETF Market Overview - The SSE 50 ETF closed at 3.066, up 0.076 or 2.54%, with a trading volume of 12.6586 million shares and an increase of 12.5712 million shares, and a trading value of 3.839 billion yuan and an increase of 1.228 billion yuan [5]. - The SSE 300 ETF closed at 4.479, up 0.101 or 2.31%, with a trading volume of 13.6026 million shares and an increase of 13.5113 million shares, and a trading value of 6.031 billion yuan and an increase of 2.034 billion yuan [5]. - The SSE 500 ETF closed at 6.915, up 0.129 or 1.90%, with a trading volume of 8.4378 million shares and an increase of 8.4080 million shares, and a trading value of 5.803 billion yuan and an increase of 3.775 billion yuan [5]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.323, up 0.115 or 9.52%, with a trading volume of 94.1619 million shares and an increase of 93.7098 million shares, and a trading value of 11.986 billion yuan and an increase of 6.486 billion yuan [5]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.295, up 0.115 or 9.75%, with a trading volume of 26.3722 million shares and an increase of 26.2645 million shares, and a trading value of 3.282 billion yuan and an increase of 2.001 billion yuan [5]. - The Shenzhen 300 ETF closed at 4.619, up 0.104 or 2.30%, with a trading volume of 1.8071 million shares and an increase of 1.7849 million shares, and a trading value of 0.827 billion yuan and a decrease of 0.176 billion yuan [5]. - The Shenzhen 500 ETF closed at 2.762, up 0.050 or 1.84%, with a trading volume of 2.5524 million shares and an increase of 2.5422 million shares, and a trading value of 0.701 billion yuan and an increase of 0.0425 billion yuan [5]. - The Shenzhen 100 ETF closed at 3.208, up 0.084 or 2.69%, with a trading volume of 0.6911 million shares and an increase of 0.6850 million shares, and a trading value of 0.0218 billion yuan and an increase of 0.0028 billion yuan [5]. - The ChiNext ETF closed at 2.662, up 0.090 or 3.50%, with a trading volume of 21.6591 million shares and an increase of 21.4708 million shares, and a trading value of 5.682 billion yuan and an increase of 0.823 billion yuan [5]. 3.3 Option Factor - Volume and Open Interest PCR - The volume PCR of the SSE 50 ETF is 0.64, down 0.09, and the open interest PCR is 1.20, up 0.15 [6]. - The volume PCR of the SSE 300 ETF is 0.71, down 0.01, and the open interest PCR is 1.33, up 0.11 [6]. - The volume PCR of the SSE 500 ETF is 0.77, up 0.03, and the open interest PCR is 1.50, up 0.11 [6]. - The volume PCR of the Huaxia Science and Technology Innovation 50 ETF is 0.51, up 0.01, and the open interest PCR is 1.08, up 0.27 [6]. - The volume PCR of the E Fund Science and Technology Innovation 50 ETF is 0.55, up 0.12, and the open interest PCR is 1.04, up 0.18 [6]. - The volume PCR of the Shenzhen 300 ETF is 0.86, down 0.22, and the open interest PCR is 1.39, up 0.13 [6]. - The volume PCR of the Shenzhen 500 ETF is 0.69, down 0.15, and the open interest PCR is 1.13, up 0.05 [6]. - The volume PCR of the Shenzhen 100 ETF is 1.18, down 0.02, and the open interest PCR is 1.42, up 0.02 [6]. - The volume PCR of the ChiNext ETF is 0.68, unchanged, and the open interest PCR is 1.46, up 0.15 [6]. - The volume PCR of the SSE 50 index option is 0.32, up 0.01, and the open interest PCR is 0.58, up 0.01 [6]. - The volume PCR of the CSI 300 index option is 0.44, down 0.03, and the open interest PCR is 0.83, up 0.01 [6]. - The volume PCR of the CSI 1000 index option is 0.62, up 0.13, and the open interest PCR is 1.10, up 0.07 [6]. 3.4 Option Factor - Pressure and Support Levels - The pressure level of the SSE 50 ETF is 3.10, and the support level is 3.00 [8]. - The pressure level of the SSE 300 ETF is 4.50, and the support level is 4.40 [8]. - The pressure level of the SSE 500 ETF is 7.00, and the support level is 6.75 [8]. - The pressure level of the Huaxia Science and Technology Innovation 50 ETF is 1.30, and the support level is 1.05 [8]. - The pressure level of the E Fund Science and Technology Innovation 50 ETF is 1.30, and the support level is 1.20 [8]. - The pressure level of the Shenzhen 300 ETF is 4.60, and the support level is 4.30 [8]. - The pressure level of the Shenzhen 500 ETF is 2.80, and the support level is 2.70 [8]. - The pressure level of the Shenzhen 100 ETF is 3.30, and the support level is 2.95 [8]. - The pressure level of the ChiNext ETF is 2.60, and the support level is 2.55 [8]. - The pressure level of the SSE 50 index option is 3,200, and the support level is 2,750 [8]. - The pressure level of the CSI 300 index option is 4,700, and the support level is 4,250 [8]. - The pressure level of the CSI 1000 index option is 7,400, and the support level is 6,500 [8]. 3.5 Option Factor - Implied Volatility - The at-the-money implied volatility of the SSE 50 ETF is 21.26%, the weighted implied volatility is 22.12%, up 3.59%, and the historical volatility is 13.08%, with an implied - historical volatility difference of 9.03% [11]. - The at-the-money implied volatility of the SSE 300 ETF is 18.74%, the weighted implied volatility is 21.09%, up 2.59%, and the historical volatility is 13.90%, with an implied - historical volatility difference of 7.19% [11]. - The at-the-money implied volatility of the SSE 500 ETF is 22.91%, the weighted implied volatility is 23.67%, up 0.62%, and the historical volatility is 15.97%, with an implied - historical volatility difference of 7.70% [11]. - The at-the-money implied volatility of the Huaxia Science and Technology Innovation 50 ETF is 50.49%, the weighted implied volatility is 52.49%, up 17.96%, and the historical volatility is 21.96%, with an implied - historical volatility difference of 30.53% [11]. - The at-the-money implied volatility of the E Fund Science and Technology Innovation 50 ETF is 52.89%, the weighted implied volatility is 52.70%, up 17.95%, and the historical volatility is 23.03%, with an implied - historical volatility difference of 29.67% [11]. - The at-the-money implied volatility of the Shenzhen 300 ETF is 19.16%, the weighted implied volatility is 25.75%, up 2.58%, and the historical volatility is 14.64%, with an implied - historical volatility difference of 11.11% [11]. - The at-the-money implied volatility of the Shenzhen 500 ETF is 22.22%, the weighted implied volatility is 25.33%, up 0.75%, and the historical volatility is 16.02%, with an implied - historical volatility difference of 9.30% [11]. - The at-the-money implied volatility of the Shenzhen 100 ETF is 23.09%, the weighted implied volatility is 33.96%, up 3.77%, and the historical volatility is 18.19%, with an implied - historical volatility difference of 15.77% [11]. - The at-the-money implied volatility of the ChiNext ETF is 33.63%, the weighted implied volatility is 35.42%, up 1.35%, and the historical volatility is 21.44%, with an implied - historical volatility difference of 13.98% [11]. - The at-the-money implied volatility of the SSE 50 index option is 21.36%, the weighted implied volatility is 20.98%, up 1.46%, and the historical volatility is 14.41%, with an implied - historical volatility difference of 6.57% [11]. - The at-the-money implied volatility of the CSI 300 index option is 20.28%, the weighted implied volatility is 19.75%, up 0.39%, and the historical volatility is 13.93%, with an implied - historical volatility difference of 5.82% [11]. - The at-the-money implied volatility of the CSI 1000 index option is 26.94%, the weighted implied volatility is 27.24%, down 0.88%, and the historical volatility is 17.95%, with an implied - historical volatility difference of 9.29% [11]. 3.6 Strategy and Recommendations - **Financial Stocks Sector (SSE 50 ETF, SSE 50)**: The SSE 50 ETF has shown a bullish upward trend since July, with the implied volatility rising to above the mean, and the open interest PCR at 1.20 indicating a strong market. The pressure level is 3.10, and the support level is 3.00. Recommended strategies include constructing a call option bull spread combination strategy and a short - biased bullish combination strategy [14]. - **Large - and Medium - Cap Stocks Sector (Shenzhen 100 ETF)**: The Shenzhen 100 ETF has shown a bullish upward trend since late June, with the implied volatility rising to around the mean, and the open interest PCR above 1.00 indicating a strong market. The pressure level is 3.30, and the support level is 2.95. Recommended strategies include constructing a call option bull spread combination strategy and a short - volatility strategy [15]. - **Small - and Medium - Cap Stocks Sector (SSE 500 ETF, Shenzhen 500 ETF, CSI 1000)**: The SSE 500 ETF has shown a bullish upward trend since June, with the implied volatility rising slightly around the mean, and the open interest PCR above 1.00 indicating a bullish market. The pressure level of the SSE 500 ETF is 7.00, and the support level is 6.75. The CSI 1000 index has maintained a bullish upward trend for more than two months, with the implied volatility rising to a relatively high level, and the open interest PCR above 1.00 indicating a bullish market. Recommended strategies include constructing call option bull spread combination strategies and short - volatility strategies [15][16]. - **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 bullish upward trend for four months, with the implied volatility rising significantly above the mean, and the open interest PCR above 1.10 indicating a bullish market. The pressure level is 2.60, and the support level is 2.55. Recommended strategies include constructing call option bull spread combination strategies [16].

1. Report Industry Investment Rating - No information provided in the document. 2. Core Views of the Report - The non - ferrous metals are in a moderately bullish and volatile trend, and a seller's neutral volatility strategy is recommended; the black metals are experiencing significant fluctuations, suitable for a short - volatility portfolio strategy; the precious metals are consolidating at high levels, and a spot hedging strategy is suggested [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Copper (CU2509) is priced at 78,840, down 180 (-0.23%), with a trading volume of 4.48 million lots (down 0.53 million) and an open interest of 14.74 million lots (down 0.51 million) [3]. - Aluminum (AL2509) is at 20,615, up 5 (0.02%), trading volume of 10.94 million lots (up 1.30 million), and open interest of 17.30 million lots (down 2.08 million) [3]. - Similar data is provided for other metals such as zinc, lead, nickel, etc. 3.2 Option Factors - Volume and Open Interest PCR - For copper, the volume PCR is 0.63 (up 0.01), and the open - interest PCR is 0.78 (unchanged) [4]. - Aluminum has a volume PCR of 1.04 (up 0.37) and an open - interest PCR of 0.87 (down 0.04) [4]. - Similar data is available for other metals. 3.3 Option Factors - Pressure and Support Levels - Copper has a pressure point at 80,000 (offset - 2,000) and a support point at 78,000 (offset 0) [5]. - Aluminum's pressure point is 21,000 (offset 0) and support point is 20,000 (offset 0) [5]. - Similar data for other metals is presented in the report. 3.4 Option Factors - Implied Volatility - Copper's at - the - money implied volatility is 8.89%, weighted implied volatility is 14.24% (up 0.48%), and the difference between implied and historical volatility is - 5.44 [6]. - Aluminum's at - the - money implied volatility is 9.23%, weighted implied volatility is 13.24% (up 0.47%), and the difference between implied and historical volatility is - 2.32 [6]. - Similar data for other metals is provided. 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Fundamental analysis shows that the inventory of the three major exchanges has increased by 0.7 million tons. The market has been in a high - level consolidation since June. The implied volatility is at the historical average, and the open - interest PCR is below 0.80. Recommended strategies include a short - volatility seller's option portfolio and a spot long - hedging strategy [7]. - **Aluminum**: The domestic inventory has increased. The market shows a bullish trend with high - level consolidation. The implied volatility is below the historical average, and the open - interest PCR is around 0.80. Recommended strategies include a short - neutral call + put option combination and a spot collar strategy [9]. - Similar analyses and strategies are provided for zinc, lead, nickel, tin, and lithium carbonate. 3.5.2 Precious Metals - **Gold**: The US CPI data shows a complex situation. The market is in a short - term strong consolidation. The implied volatility is around the historical average, and the open - interest PCR is below 0.60. Recommended strategies include a short - neutral volatility option seller's combination and a spot hedging strategy [12]. - **Silver**: Similar to gold, with specific market analysis and recommended strategies [12]. 3.5.3 Black Metals - **Rebar**: The social and factory inventories have increased. The market has been in a consolidation with some rebounds. The implied volatility is at a relatively high level, and the open - interest PCR is around 0.60. Recommended strategies include a short - neutral call + put option combination and a spot long - covered call strategy [13]. - **Iron ore**: The port inventory has increased, and the market is in a moderately bullish consolidation. The implied volatility is above the historical average, and the open - interest PCR is above 1.00. Recommended strategies include a short - neutral call + put option combination and a spot long - collar strategy [13]. - Similar analyses and strategies are provided for ferroalloys, industrial silicon, polysilicon, and glass.

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report provides a comprehensive analysis of the metal options market, covering various metals such as non - ferrous metals, precious metals, and black metals. It analyzes the fundamentals, market trends, and option factors of each metal, and gives corresponding option strategies and suggestions [8] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, including copper, aluminum, zinc, etc [3] 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.2.2 Pressure and Support Levels - The pressure points, support points, maximum call option open interest, and maximum put option open interest of different metal options are provided, which are used to analyze the pressure and support levels of the underlying assets [5] 3.2.3 Implied Volatility - The implied volatility of different metal options is presented, including at - the - money implied volatility, weighted implied volatility, etc [6] 3.3 Strategy and Suggestions 3.3.1 Non - ferrous Metals - **Copper Options**: Build a short - volatility seller option portfolio strategy for volatility strategies and a spot hedging strategy for spot long - position hedging [7] - **Aluminum/Alumina Options**: Construct a neutral short - call + short - put option portfolio strategy for volatility strategies and a spot collar strategy for spot long - position hedging [9] - **Zinc/Lead Options**: Build a neutral short - call + short - put option portfolio strategy for volatility strategies and a spot collar strategy for spot long - position hedging [9] - **Nickel Options**: Construct a short - bearish call + short - put option portfolio strategy for volatility strategies and a spot long - position hedging strategy [10] - **Tin Options**: Build a short - volatility strategy for volatility strategies and a spot collar strategy for spot long - position hedging [10] - **Lithium Carbonate Options**: Construct a short - bullish call + short - put option portfolio strategy for volatility strategies and a spot long - position hedging strategy [11] 3.3.2 Precious Metals - **Gold/Silver Options**: Build a neutral short - volatility option seller portfolio strategy for volatility strategies and a spot hedging strategy for spot long - position hedging [12] 3.3.3 Black Metals - **Rebar Options**: Build a neutral short - call + short - put option portfolio strategy for volatility strategies and a spot covered - call strategy for spot long - position hedging [13] - **Iron Ore Options**: Build a neutral short - call + short - put option portfolio strategy for volatility strategies and a long - position collar strategy for spot long - position hedging [13] - **Ferroalloy Options**: Build a short - volatility strategy for volatility strategies and no spot hedging strategy [14] - **Industrial Silicon/Polysilicon Options**: Build a short - volatility short - call + short - put option portfolio strategy for volatility strategies and a spot long - position hedging strategy [14] - **Glass Options**: Build a short - volatility short - call + short - put option portfolio strategy for volatility strategies and a long - position collar strategy for spot long - position hedging [15]