能源化工期权 2025-10-10 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | -- ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Shanghai Composite Index, large-cap blue-chip stocks, small and medium-cap stocks, and ChiNext stocks showed a market trend of gradually declining in the long position direction, then rebounding and rising, and finally oscillating at a high level [3]. - The implied volatility of financial options remained at a relatively high level of fluctuation [3]. - For ETF options, it is suitable to construct a long-biased buyer strategy and a bull spread combination strategy for call options; for index options, it is suitable to construct a long-biased seller strategy, a bull spread combination strategy for call options, and an arbitrage strategy between synthetic long futures of options and short futures [3]. 3. Summary by Related Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,862.53, up 34.43 points or 0.90%, with a trading volume of 968.2 billion yuan, an increase of 40.3 billion yuan [3]. - The Shenzhen Component Index closed at 13,479.43, up 270.43 points or 2.05%, with a trading volume of 1,193.2 billion yuan, a decrease of 25.8 billion yuan [3]. - The SSE 50 Index closed at 2,973.04, up 32.02 points or 1.09%, with a trading volume of 190 billion yuan, an increase of 39.8 billion yuan [3]. - The CSI 300 Index closed at 4,620.05, up 70.00 points or 1.54%, with a trading volume of 693.4 billion yuan, an increase of 94.7 billion yuan [3]. - The CSI 500 Index closed at 7,350.56, up 109.65 points or 1.51%, with a trading volume of 433.9 billion yuan, an increase of 3.7 billion yuan [3]. - The CSI 1000 Index closed at 7,497.83, up 100.24 points or 1.36%, with a trading volume of 419.5 billion yuan, a decrease of 17.3 billion yuan [3]. 3.2 Option Underlying ETF Market Overview - The SSE 50 ETF closed at 3.109, up 0.032 or 1.04%, with a trading volume of 12.6409 million shares, an increase of 12.5943 million shares, and a trading volume of 3.914 billion yuan, an increase of 2.479 billion yuan [4]. - The SSE 300 ETF closed at 4.728, up 0.077 or 1.66%, with a trading volume of 11.9544 million shares, an increase of 11.8828 million shares, and a trading volume of 5.620 billion yuan, an increase of 2.276 billion yuan [4]. - The SSE 500 ETF closed at 7.462, up 0.126 or 1.72%, with a trading volume of 3.3294 million shares, an increase of 3.3073 million shares, and a trading volume of 2.473 billion yuan, an increase of 0.839 billion yuan [4]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.543, up 0.019 or 1.25%, with a trading volume of 35.143 million shares, an increase of 34.8542 million shares, and a trading volume of 5.345 billion yuan, an increase of 0.899 billion yuan [4]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.510, up 0.017 or 1.14%, with a trading volume of 10.5311 million shares, an increase of 10.4435 million shares, and a trading volume of 1.566 billion yuan, an increase of 0.245 billion yuan [4]. - The Shenzhen 300 ETF closed at 4.880, up 0.080 or 1.67%, with a trading volume of 2.5923 million shares, an increase of 2.5808 million shares, and a trading volume of 1.257 billion yuan, an increase of 0.702 billion yuan [4]. - The Shenzhen 500 ETF closed at 2.980, up 0.046 or 1.57%, with a trading volume of 1.254 million shares, an increase of 1.2335 million shares, and a trading volume of 0.371 billion yuan, a decrease of 0.236 billion yuan [4]. - The Shenzhen 100 ETF closed at 3.608, up 0.079 or 2.24%, with a trading volume of 0.7154 million shares, an increase of 0.7098 million shares, and a trading volume of 0.256 billion yuan, an increase of 0.057 billion yuan [4]. - The ChiNext ETF closed at 3.213, up 0.084 or 2.68%, with a trading volume of 16.3285 million shares, an increase of 16.1592 million shares, and a trading volume of 5.208 billion yuan, a decrease of 0.16 billion yuan [4]. 3.3 Option Factor - Volume and Position PCR - For the SSE 50 ETF option, the trading volume was 1.4737 million contracts, an increase of 0.6855 million contracts, the open interest was 1.2883 million contracts, an increase of 0.062 million contracts, the trading volume PCR was 0.59, a decrease of 0.32, and the open interest PCR was 0.78, an increase of 0.02 [6]. - For the SSE 300 ETF option, the trading volume was 1.4472 million contracts, an increase of 0.5099 million contracts, the open interest was 1.1082 million contracts, an increase of 0.0283 million contracts, the trading volume PCR was 0.87, a decrease of 0.35, and the open interest PCR was 1.04, a decrease of 0.01 [6]. - For the SSE 500 ETF option, the trading volume was 1.5295 million contracts, an increase of 0.086 million contracts, the open interest was 1.0855 million contracts, an increase of 0.0289 million contracts, the trading volume PCR was 0.91, a decrease of 0.28, and the open interest PCR was 1.29, a decrease of 0.01 [6]. - For the Huaxia Science and Technology Innovation 50 ETF option, the trading volume was 1.4806 million contracts, an increase of 0.0463 million contracts, the open interest was 1.7509 million contracts, an increase of 0.0807 million contracts, the trading volume PCR was 0.87, a decrease of 0.09, and the open interest PCR was 1.04, a decrease of 0.02 [6]. - For the E Fund Science and Technology Innovation 50 ETF option, the trading volume was 0.314 million contracts, an increase of 0.0295 million contracts, the open interest was 0.4785 million contracts, an increase of 0.0301 million contracts, the trading volume PCR was 0.80, an increase of 0.03, and the open interest PCR was 0.96, a decrease of 0.01 [6]. - For the Shenzhen 300 ETF option, the trading volume was 0.2741 million contracts, an increase of 0.1395 million contracts, the open interest was 0.2646 million contracts, an increase of 0.0361 million contracts, the trading volume PCR was 0.92, an increase of 0.14, and the open interest PCR was 0.84, an increase of 0.06 [6]. - For the Shenzhen 500 ETF option, the trading volume was 0.2622 million contracts, an increase of 0.0865 million contracts, the open interest was 0.318 million contracts, an increase of 0.0126 million contracts, the trading volume PCR was 1.02, a decrease of 0.04, and the open interest PCR was 0.88, an increase of 0.02 [6]. - For the Shenzhen 100 ETF option, the trading volume was 0.1279 million contracts, an increase of 0.0034 million contracts, the open interest was 0.1178 million contracts, an increase of 0.0049 million contracts, the trading volume PCR was 2.92, a decrease of 0.34, and the open interest PCR was 1.16, a decrease of 0.02 [6]. - For the ChiNext ETF option, the trading volume was 1.7877 million contracts, an increase of 0.0179 million contracts, the open interest was 1.5818 million contracts, an increase of 0.0333 million contracts, the trading volume PCR was 0.92, a decrease of 0.10, and the open interest PCR was 1.33, an increase of 0.14 [6]. - For the SSE 50 index option, the trading volume was 0.0741 million contracts, an increase of 0.0456 million contracts, the open interest was 0.0714 million contracts, an increase of 0.0017 million contracts, the trading volume PCR was 0.45, a decrease of 0.10, and the open interest PCR was 0.70, an increase of 0.04 [6]. - For the CSI 300 index option, the trading volume was 0.176 million contracts, an increase of 0.0696 million contracts, the open interest was 0.1786 million contracts, an increase of 0.0024 million contracts, the trading volume PCR was 0.55, a decrease of 0.21, and the open interest PCR was 0.92, an increase of 0.05 [6]. - For the CSI 1000 index option, the trading volume was 0.3066 million contracts, an increase of 0.0241 million contracts, the open interest was 0.2735 million contracts, a decrease of 0.0001 million contracts, the trading volume PCR was 0.80, a decrease of 0.27, and the open interest PCR was 0.99, an increase of 0.02 [6]. 3.4 Option Factor - Pressure Point and Support Point - For the SSE 50 ETF option, the underlying closing price was 3.109, the at-the-money strike price was 3.10, the pressure point was 3.10, the pressure point deviation was 0.00, the support point was 3.10, the support point deviation was 0.10, the maximum long position of call options was 128,775 contracts, and the maximum long position of put options was 86,084 contracts [8]. - For the SSE 300 ETF option, the underlying closing price was 4.728, the at-the-money strike price was 4.70, the pressure point was 4.70, the pressure point deviation was 0.00, the support point was 4.60, the support point deviation was 0.00, the maximum long position of call options was 87,647 contracts, and the maximum long position of put options was 83,270 contracts [8]. - For the SSE 500 ETF option, the underlying closing price was 7.462, the at-the-money strike price was 7.50, the pressure point was 7.50, the pressure point deviation was 0.00, the support point was 7.00, the support point deviation was 0.00, the maximum long position of call options was 81,999 contracts, and the maximum long position of put options was 92,250 contracts [8]. - For the Huaxia Science and Technology Innovation 50 ETF option, the underlying closing price was 1.543, the at-the-money strike price was 1.55, the pressure point was 1.55, the pressure point deviation was 0.00, the support point was 1.50, the support point deviation was 0.15, the maximum long position of call options was 94,489 contracts, and the maximum long position of put options was 64,694 contracts [8]. - For the E Fund Science and Technology Innovation 50 ETF option, the underlying closing price was 1.510, the at-the-money strike price was 1.50, the pressure point was 1.50, the pressure point deviation was 0.00, the support point was 1.35, the support point deviation was 0.00, the maximum long position of call options was 30,321 contracts, and the maximum long position of put options was 16,868 contracts [8]. - For the Shenzhen 300 ETF option, the underlying closing price was 4.880, the at-the-money strike price was 4.90, the pressure point was 5.00, the pressure point deviation was 0.10, the support point was 4.80, the support point deviation was 0.00, the maximum long position of call options was 18,754 contracts, and the maximum long position of put options was 17,107 contracts [8]. - For the Shenzhen 500 ETF option, the underlying closing price was 2.980, the at-the-money strike price was 3.00, the pressure point was 3.00, the pressure point deviation was 0.05, the support point was 2.95, the support point deviation was 0.00, the maximum long position of call options was 18,749 contracts, and the maximum long position of put options was 12,971 contracts [8]. - For the Shenzhen 100 ETF option, the underlying closing price was 3.608, the at-the-money strike price was 3.60, the pressure point was 3.60, the pressure point deviation was 0.00, the support point was 3.50, the support point deviation was 0.00, the maximum long position of call options was 12,164 contracts, and the maximum long position of put options was 8,031 contracts [8]. - For the ChiNext ETF option, the underlying closing price was 3.213, the at-the-money strike price was 3.20, the pressure point was 3.20, the pressure point deviation was 0.00, the support point was 3.10, the support point deviation was 0.00, the maximum long position of call options was 101,833 contracts, and the maximum long position of put options was 84,037 contracts [8]. - For the SSE 50 index option, the underlying closing price was 2,973.04, the at-the-money strike price was 2,950, the pressure point was 3,000, the pressure point deviation was 0, the support point was 2,850, the support point deviation was 0, the maximum long position of call options was 5,255 contracts, and the maximum long position of put options was 3,517 contracts [8]. - For the CSI 300 index option, the underlying closing price was 4,620.05, the at-the-money strike price was 4,600, the pressure point was 4,600, the pressure point deviation was 0, the support point was 4,500, the support point deviation was 0, the maximum long position of call options was 8,031 contracts, and the maximum long position of put options was 9,327 contracts [8]. - For the CSI 1000 index option, the underlying closing price was 7,497.83, the at-the-money strike price was 7,500, the pressure point was 7,500, the pressure point deviation was 0, the support point was 7,000, the support point deviation was 0, the maximum long position of call options

Group 1: Report Overview - Report title: Metal Options Strategy Morning Report [1] - Date: September 30, 2025 [1] Group 2: Core Views - For non - ferrous metals in range - bound oscillations, construct a neutral volatility strategy for option sellers [2] - For the black metals sector with large - amplitude fluctuations, build a short - volatility portfolio strategy [2] - For precious metals with upward breakouts, construct a spot hedging strategy [2] Group 3: Futures Market Overview - For copper (CU2511), the latest price is 83,680, up 1,610 or 1.96%, with a trading volume of 13.85 million lots (down 3.62 million) and open interest of 21.38 million lots (down 1.53 million) [3] - For aluminum (AL2511), the latest price is 20,770, up 65 or 0.31%, trading volume 13.29 million lots (up 1.77 million), and open interest 20.39 million lots (down 0.89 million) [3] - Similar data are provided for other metals including zinc, lead, nickel, etc. [3] Group 4: Option Factor - Volume and Open Interest PCR - For copper options, the volume PCR is 0.27 (up 0.01), and the open - interest PCR is 0.73 (up 0.02) [4] - For aluminum options, the volume PCR is 0.63 (up 0.01), and the open - interest PCR is 0.90 (up 0.05) [4] - Other metals' PCR data are also presented [4] Group 5: Option Factor - Pressure and Support Levels - For copper options, the pressure point is 92,000, and the support point is 82,000 [5] - For aluminum options, the pressure point is 20,800, and the support point is 19,900 [5] - Pressure and support levels for other metals are also given [5] Group 6: Option Factor - Implied Volatility - For copper options, the at - the - money implied volatility is 20.75%, the weighted implied volatility is 27.04% (down 0.59%), and the difference between implied and historical volatility is 6.29% [6] - For aluminum options, the at - the - money implied volatility is 12.19%, the weighted implied volatility is 14.40% (up 0.16%), and the difference is 1.63% [6] - Implied volatility data for other metals are also provided [6] Group 7: Option Strategies for Non - Ferrous Metals Copper Options - Fundamental analysis: Total inventories in three major exchanges decreased by 0.6 million tons. SHFE inventories decreased by 0.7 to 9.9 million tons, LME inventories decreased by 0.3 to 14.4 million tons, and COMEX inventories increased by 0.4 to 29.1 million tons [7] - Market analysis: Shanghai copper showed a bullish high - level consolidation trend [7] - Option factor analysis: Implied volatility is above the historical average, open - interest PCR is around 0.70, pressure point is 92,000, and support point is 80,000 [7] - Strategy suggestions: Construct a bull - spread strategy for call options and a short - volatility option seller portfolio strategy, and a spot long - hedging strategy [7] Other Non - Ferrous Metals - Strategies for aluminum, zinc, lead, nickel, tin, and lithium carbonate options are also provided, including fundamental analysis, market analysis, option factor analysis, and strategy suggestions [9][10][11] Group 8: Option Strategies for Precious Metals Gold Options - Fundamental analysis: Holdings of major gold ETFs increased by 3.79% this month, and total open interest of Shanghai gold and COMEX gold increased [12] - Market analysis: Shanghai gold continued its bullish trend, reaching a new high [12] - Option factor analysis: Implied volatility is around the historical average, open - interest PCR is below 0.80, pressure point is 888, and support point is 800 [12] - Strategy suggestions: Construct a bull - spread strategy for call options, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] Silver Options - Strategies for silver options are also provided, including fundamental analysis, market analysis, option factor analysis, and strategy suggestions [12] Group 9: Option Strategies for Black Metals Steel and Iron Ore Options - Strategies for rebar, iron ore, ferroalloys, industrial silicon, polysilicon, and glass options are provided, including fundamental analysis, market analysis, option factor analysis, and strategy suggestions [13][14][15]

能源化工期权 2025-09-30 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | -- ...

Group 1: General Information - The report is a metal options strategy morning report dated September 29, 2025 [1] - The research team includes Lu Pinxian, Huang Kehan, and Li Renjun [2] - The metal - related sectors are divided into non - ferrous metals, precious metals, and black metals. Options strategies and suggestions are provided for selected varieties in each sector [8] Group 2: Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest of various metal futures contracts, such as copper (CU2511 closed at 81,890 with a - 0.79% change), aluminum (AL2511 at 20,660 with a - 0.55% change), etc. [3] Group 3: Option Factors 3.1 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 underlying asset's market and potential turning points. For example, the volume PCR of copper is 0.26 with a - 0.02 change, and the open interest PCR is 0.70 with a 0.01 change [4] 3.2 Pressure and Support Levels - The pressure points, support points, and the corresponding offsets of various metal options are given. For instance, the pressure point of copper is 92,000 with an 8,000 offset, and the support point is 80,000 with a 2,000 offset [5] 3.3 Implied Volatility - The report shows the at - the - money implied volatility, weighted implied volatility, changes in weighted implied volatility, annual average implied volatility, call and put implied volatilities, and the difference between implied and historical volatilities for each metal option. For example, the at - the - money implied volatility of copper is 20.97%, and the weighted implied volatility is 27.63% with a 1.87 change [6] Group 4: Strategy Recommendations 4.1 Non - Ferrous Metals - **Copper**: Build a bull spread strategy for directional gain, a short - volatility option seller strategy for time - value gain, and a spot hedging strategy [7] - **Aluminum/Alumina**: For aluminum, build a short - neutral call + put option combination strategy and a spot collar strategy; for alumina, similar strategies are recommended [9] - **Zinc/Lead**: Build a short - neutral call + put option combination strategy and a spot collar strategy for zinc; similar strategies for lead [9] - **Nickel**: Build 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**: Build a short - bearish call + put option combination strategy and a spot hedging strategy [11] 4.2 Precious Metals - **Gold/Silver**: For gold, build a bull spread strategy for directional gain, a short - volatility option seller strategy with a positive delta, and a spot hedging strategy; for silver, similar strategies are recommended [12] 4.3 Black Metals - **Rebar**: Build a short - bearish call + put option combination strategy and a spot covered - call strategy [13] - **Iron Ore**: Build a short - neutral call + put option combination strategy and a spot collar strategy [13] - **Ferroalloys**: For manganese silicon, build a short - volatility strategy; for industrial silicon/polysilicon, build a short - volatility option seller strategy and a spot hedging strategy; for glass, build a short - volatility strategy and a spot collar strategy [13][14][15]

金属期权 2025-09-26 金属期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 金属期权策略早报概要：（1）有色金属区间震荡，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属多头上涨突破上行，构建现货避险策略。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies suggest constructing option portfolios mainly from sellers and using spot hedging or covered strategies to enhance returns [3][9] 3. Summaries by Related Catalogs 3.1 Futures Market Overview - This section presents the latest prices, price changes, trading volumes, and open interest of various energy and chemical futures contracts, including crude oil, LPG, methanol, etc [4] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators of volume and open interest for different option varieties are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market [5] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed from the perspective of the strike prices with the largest open interest of call and put options [6] 3.4 Option Factors - Implied Volatility - The implied volatility data of different option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [7] 3.5 Strategy and Recommendations 3.5.1 Energy - related Options - **Crude Oil**: OPEC plans to increase production, and Russia plans to cut production. The market shows a bearish recovery. Option strategies include constructing a short - biased call + put option combination, and a long collar strategy for spot hedging [8] - **LPG**: PDH device maintenance affects supply. The market shows an oversold rebound. Option strategies include constructing a neutral - biased call + put option combination and a long collar strategy for spot hedging [10] 3.5.2 Alcohol - related Options - **Methanol**: Port and enterprise inventories are at high levels. The market is bearish. Option strategies include a bear spread of put options, a short - biased call + put option combination, and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory is expected to increase. The market is bearish. Option strategies include a bear spread of put options, a short - volatility strategy, and a long + put + short call option strategy for spot hedging [11] 3.5.3 Polyolefin - related Options - **Polypropylene**: Inventory pressure varies between PE and PP. The market is bearish. Option strategies include a long + put + short call option strategy for spot hedging [12] 3.5.4 Rubber - related Options - **Rubber**: Affected by the peak rubber - tapping season, the market is bearish. Option strategies include a neutral - biased call + put option combination [13] 3.5.5 Polyester - related Options - **PTA**: Inventory is rising, but downstream demand is high. The market is bearish. Option strategies include a short - biased call + put option combination [13] 3.5.6 Alkali - related Options - **Caustic Soda**: Factory inventory is increasing. The market is bearish. Option strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: Factory inventory is decreasing. The market shows low - level fluctuations. Option strategies include a short - volatility combination and a long collar strategy for spot hedging [14] 3.5.7 Urea - related Options - **Urea**: Enterprise inventory is increasing, and domestic demand is weak. The market is bearish. Option strategies include a short - biased call + put option combination and a long + put + short call option strategy for spot hedging [15] 3.6 Option Charts - Charts for various option varieties, such as crude oil, LPG, methanol, etc., are provided, including price trends, trading volume and open interest, PCR indicators, implied volatility, and historical volatility cones [16][34][53]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are in a range - bound oscillation; for black metals, build a short - volatility portfolio strategy due to their large - amplitude fluctuations; for precious metals, establish a spot hedging strategy as they are rising and breaking upward [2] 3. Summaries According to Relevant Catalogs 3.1 Futures Market Overview - Copper (CU2511) closed at 82,610, up 2,620 (3.28%), with a trading volume of 5.17 million lots (down 1.15 million) and an open interest of 17.24 million lots (down 0.09 million) [3] - Aluminum (AL2511) closed at 20,805, up 120 (0.58%), with a trading volume of 10.79 million lots (down 1.54 million) and an open interest of 22.13 million lots (down 0.41 million) [3] - Other metals such as zinc, lead, nickel, etc. also have detailed price, trading volume, and open - interest data [3] 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators are used to describe the strength of the option underlying market and the turning point of the market. For example, the open - interest PCR of copper was 0.84 (up 0.06), indicating some support below the price [4] 3.3 Option Factors - Pressure and Support Levels - For copper, the pressure level is 82,000 and the support level is 78,000; for aluminum, the pressure level is 20,800 and the support level is 20,000, etc. These levels are determined by the strike prices of the maximum open - interest call and put options [5] 3.4 Option Factors - Implied Volatility - The implied volatility of copper options was 13.14% (at - the - money), and the weighted implied volatility was 18.20% (down 0.01%). Other metals also have corresponding implied - volatility data [6] 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Build a bull - spread call option strategy, a short - volatility seller option portfolio strategy, and a spot long - hedging strategy [8] - **Aluminum/Alumina**: Build 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**: Build 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**: Build a short - bearish call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - **Gold**: Build a bull - spread call option strategy, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] 3.5.3 Black Metals - **Rebar**: Build a short - bearish call + put option combination strategy and a spot long - covered - call strategy [13] - **Iron Ore**: Build a short - neutral call + put option combination strategy and a spot long - collar strategy [13] - **Ferroalloys**: Build a short - volatility strategy for manganese silicon; for industrial silicon/polysilicon, build a short - volatility call + put option combination strategy and a spot hedging strategy; for glass, build a short - volatility call + put option combination strategy and a spot long - collar strategy [13][14][15]

1. Report Industry Investment Rating - No information provided in the document 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are in a range - bound oscillation [2] - For black metals, build a short - volatility portfolio strategy due to their large - amplitude fluctuations [2] - For precious metals, create a spot hedging strategy as they are rising and breaking through [2] 3. Summary by Related Catalogs 3.1 Market Overview of Underlying Futures - Copper (CU2511): Latest price 80,100, down 20 (-0.02%), volume 6.34 million lots, open interest 17.70 million lots [3] - Aluminum (AL2511): Latest price 20,715, down 55 (-0.26%), volume 11.87 million lots, open interest 23.61 million lots [3] - Zinc (ZN2511): Latest price 22,035, up 40 (0.18%), volume 14.05 million lots, open interest 13.04 million lots [3] - And other metal futures with their respective prices, changes, volumes, and open interests [3] 3.2 Option Factors - Volume and Open Interest PCR - Different metal options have their own volume PCR, volume change, open interest PCR, and open interest change, which are used to describe the strength of the option underlying market and the turning point of the market [4] 3.3 Option Factors - Pressure and Support Levels - Each metal option has its pressure point, pressure point offset, support point, support point offset, maximum call open interest, and maximum put open interest, indicating the pressure and support levels of the underlying [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different metal options includes at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility [6] 3.5 Strategies and Recommendations for Different Metals 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: Create a short - bearish call + put option combination strategy and a spot covered call strategy [10] - Tin: Implement a short - volatility strategy and a spot collar strategy [10] - Lithium Carbonate: Build a short - bearish call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - Gold/Silver: Construct a bullish call spread strategy, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] 3.5.3 Black Metals - Rebar: Build a short - bearish call + put option combination strategy and a spot covered call strategy [13] - Iron Ore: Construct a short - neutral call + put option combination strategy and a long - collar strategy [13] - Ferroalloys: Implement a short - volatility strategy [14] - Industrial Silicon/Polysilicon: Build a short - volatility call + put option combination strategy and a spot hedging strategy [14] - Glass: Implement a short - volatility call + put option combination strategy [15]

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - For non - ferrous metals, construct a neutral volatility strategy for sellers when the market is range - bound, and a short - volatility strategy for black metals with large fluctuations. For precious metals, build a spot hedging strategy as they break upward [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various metal futures have different price movements, trading volumes, and open interest changes. For example, copper (CU2511) closed at 79,660, down 0.15% with a trading volume of 8.93 million lots and an open interest of 17.26 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the market respectively. For instance, the volume PCR of copper is 0.64 with a change of 0.08, and the open interest PCR is 0.71 with a change of - 0.01 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of each metal option are determined. For example, the pressure point of copper is 82,000 and the support point is 79,000 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility data such as at - the - money implied volatility, weighted implied volatility, and their changes, historical average, call and put implied volatility, and historical volatility are provided for each metal option. For example, the at - the - money implied volatility of copper is 13.02% [6]. 3.5 Option Strategies 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 - bearish call + put option combination strategy and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Gold/Silver**: Build a long - biased short - volatility option seller portfolio strategy and a spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar**: Construct a short - bearish call + put option combination strategy and a spot long - covered call strategy [14]. - **Iron Ore**: Build a short - neutral call + put option combination strategy and a spot long - collar strategy [14]. - **Ferroalloys**: Build a short - volatility strategy [15]. - **Industrial Silicon/Polysilicon**: Construct a short - volatility call + put option combination strategy and a spot hedging strategy [15]. - **Glass**: Build a short - volatility call + put option combination strategy and a spot long - collar strategy [16].