1. Report Industry Investment Rating - No information provided in the content 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 volatile upward market trend [2]. - The implied volatility of financial options has decreased but remains at a relatively high level of fluctuation [2]. - For ETF options, it is suitable to construct a bullish buyer strategy and a bull spread strategy for call options; for index options, it is suitable to construct a bullish seller strategy, a bull spread strategy for call options, and an arbitrage strategy between synthetic long futures of options and short futures [2]. 3. Summary by Relevant Catalogs 3.1 Financial Market Important Indexes - The Shanghai Composite Index closed at 3,931.05, down 15.69 (-0.40%), with a trading volume of 711.3 billion yuan, a decrease of 9.6 billion yuan, and a PE of 16.46 [3]. - The Shenzhen Component Index closed at 12,980.82, down 99.27 (-0.76%), with a trading volume of 996.8 billion yuan, a decrease of 8.2 billion yuan, and a PE of 29.93 [3]. - The Shanghai 50 Index closed at 3,008.29, down 12.06 (-0.40%), with a trading volume of 101 billion yuan, an increase of 1.4 billion yuan, and a PE of 12.03 [3]. - The SSE 300 Index closed at 4,564.95, down 23.34 (-0.51%), with a trading volume of 415.1 billion yuan, an increase of 29.8 billion yuan, and a PE of 14.14 [3]. - The CSI 500 Index closed at 7,061.95, down 60.80 (-0.85%), with a trading volume of 254.2 billion yuan, a decrease of 2.6 billion yuan, and a PE of 32.17 [3]. - The CSI 1000 Index closed at 7,340.41, down 46.80 (-0.63%), with a trading volume of 356.7 billion yuan, a decrease of 10.5 billion yuan, and a PE of 46.45 [3]. 3.2 Option - underlying ETF Market - The Shanghai 50 ETF closed at 3.156, down 0.009 (-0.28%), with a trading volume of 3.8637 million shares, an increase of 3.7926 million shares, and a trading value of 1.225 billion yuan, a decrease of 1.029 billion yuan [4]. - The Shanghai 300 ETF closed at 4.676, down 0.021 (-0.45%), with a trading volume of 5.6194 million shares, an increase of 5.5337 million shares, and a trading value of 2.645 billion yuan, a decrease of 1.382 billion yuan [4]. - The Shanghai 500 ETF closed at 7.170, down 0.057 (-0.79%), with a trading volume of 3.0324 million shares, an increase of 3.0077 million shares, and a trading value of 2.184 billion yuan, an increase of 0.397 billion yuan [4]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.396, down 0.017 (-1.20%), with a trading volume of 23.5876 million shares, an increase of 23.399 million shares, and a trading value of 3.317 billion yuan, an increase of 0.644 billion yuan [4]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.352, down 0.017 (-1.24%), with a trading volume of 6.5031 million shares, an increase of 6.4286 million shares, and a trading value of 0.886 billion yuan, a decrease of 0.137 billion yuan [4]. - The Shenzhen 300 ETF closed at 4.826, down 0.019 (-0.39%), with a trading volume of 1.2255 million shares, an increase of 1.2138 million shares, and a trading value of 0.594 billion yuan, an increase of 0.029 billion yuan [4]. - The Shenzhen 500 ETF closed at 2.865, down 0.024 (-0.83%), with a trading volume of 0.594 million shares, an increase of 0.5872 million shares, and a trading value of 0.171 billion yuan, a decrease of 0.026 billion yuan [4]. - The Shenzhen 100 ETF closed at 3.363, down 0.021 (-0.62%), with a trading volume of 0.6624 million shares, an increase of 0.6534 million shares, and a trading value of 0.225 billion yuan, a decrease of 0.081 billion yuan [4]. - The ChiNext ETF closed at 3.026, down 0.031 (-1.01%), with a trading volume of 13.808 million shares, an increase of 13.6755 million shares, and a trading value of 4.222 billion yuan, an increase of 0.162 billion yuan [4]. 3.3 Option Factors - Volume and Position PCR - For the Shanghai 50 ETF option, the trading volume was 978,500 contracts, a decrease of 38,300 contracts; the open interest was 1,510,500 contracts, a decrease of 19,200 contracts; the volume PCR was 0.94, a decrease of 0.12; the position PCR was 0.87, a decrease of 0.02 [5]. - For the Shanghai 300 ETF option, the trading volume was 1,167,700 contracts, a decrease of 68,200 contracts; the open interest was 1,443,800 contracts, an increase of 3,800 contracts; the volume PCR was 0.94, a decrease of 0.20; the position PCR was 0.91, a decrease of 0.04 [5]. - For the Shanghai 500 ETF option, the trading volume was 1,603,400 contracts, an increase of 34,900 contracts; the open interest was 1,492,900 contracts, an increase of 22,400 contracts; the volume PCR was 0.93, a decrease of 0.17; the position PCR was 1.04, a decrease of 0.04 [5]. - For the Huaxia Science and Technology Innovation 50 ETF option, the trading volume was 1,440,700 contracts, a decrease of 27,400 contracts; the open interest was 2,532,800 contracts, an increase of 33,700 contracts; the volume PCR was 0.69, a decrease of 0.16; the position PCR was 0.79, a decrease of 0.03 [5]. - For the E Fund Science and Technology Innovation 50 ETF option, the trading volume was 323,700 contracts, an increase of 28,100 contracts; the open interest was 669,100 contracts, an increase of 12,900 contracts; the volume PCR was 1.03, a decrease of 0.01; the position PCR was 0.77, a decrease of 0.01 [5]. - For the Shenzhen 300 ETF option, the trading volume was 182,700 contracts, a decrease of 15,500 contracts; the open interest was 327,400 contracts, a decrease of 10,000 contracts; the volume PCR was 1.03, a decrease of 0.56; the position PCR was 0.91, a decrease of 0.07 [5]. - For the Shenzhen 500 ETF option, the trading volume was 369,500 contracts, an increase of 120,500 contracts; the open interest was 447,800 contracts, an increase of 400 contracts; the volume PCR was 1.78, an increase of 0.20; the position PCR was 0.70, a decrease of 0.03 [5]. - For the Shenzhen 100 ETF option, the trading volume was 128,900 contracts, an increase of 52,800 contracts; the open interest was 155,500 contracts, a decrease of 2,600 contracts; the volume PCR was 1.81, a decrease of 0.08; the position PCR was 1.29, a decrease of 0.12 [5]. - For the ChiNext ETF option, the trading volume was 2,098,800 contracts, an increase of 208,600 contracts; the open interest was 2,080,200 contracts, an increase of 19,300 contracts; the volume PCR was 0.90, a decrease of 0.06; the position PCR was 0.97, a decrease of 0.05 [5]. - For the Shanghai 50 index option, the trading volume was 54,100 contracts, an increase of 5,700 contracts; the open interest was 78,200 contracts, an increase of 1,600 contracts; the volume PCR was 0.59, a decrease of 0.08; the position PCR was 0.74, an increase of 0.01 [5]. - For the SSE 300 index option, the trading volume was 170,200 contracts, an increase of 4,100 contracts; the open interest was 236,000 contracts, an increase of 1,100 contracts; the volume PCR was 0.60, a decrease of 0.11; the position PCR was 0.78, a decrease of 0.01 [5]. - For the CSI 1000 index option, the trading volume was 336,200 contracts, a decrease of 25,500 contracts; the open interest was 347,200 contracts, an increase of 3,900 contracts; the volume PCR was 0.77, a decrease of 0.05; the position PCR was 0.89, a decrease of 0.02 [5]. 3.4 Option Factors - Pressure and Support Points - For the Shanghai 50 ETF, the underlying closing price was 3.156, the at - the - money strike price was 3.20, the pressure point was 3.20 with an offset of 0.00, the support point was 3.10 with an offset of 0.00, the maximum call open interest was 151,449 contracts, and the maximum put open interest was 99,449 contracts [7]. - For the Shanghai 300 ETF, the underlying closing price was 4.676, the at - the - money strike price was 4.70, the pressure point was 4.80 with an offset of 0.00, the support point was 4.60 with an offset of 0.00, the maximum call open interest was 107,595 contracts, and the maximum put open interest was 77,161 contracts [7]. - For the Shanghai 500 ETF, the underlying closing price was 7.170, the at - the - money strike price was 7.25, the pressure point was 7.50 with an offset of 0.00, the support point was 7.00 with an offset of 0.00, the maximum call open interest was 130,547 contracts, and the maximum put open interest was 87,079 contracts [7]. - For the Huaxia Science and Technology Innovation 50 ETF, the underlying closing price was 1.396, the at - the - money strike price was 1.40, the pressure point was 1.50 with an offset of 0.00, the support point was 1.35 with an offset of 0.00, the maximum call open interest was 139,380 contracts, and the maximum put open interest was 88,753 contracts [7]. - For the E Fund Science and Technology Innovation 50 ETF, the underlying closing price was 1.352, the at - the - money strike price was 1.35, the pressure point was 1.40 with an offset of - 0.10, the support point was 1.30 with an offset of 0.00, the maximum call open interest was 24,023 contracts, and the maximum put open interest was 19,237 contracts [7]. - For the Shenzhen 300 ETF, the underlying closing price was 4.826, the at - the - money strike price was 4.80, the pressure point was 4.90 with an offset of - 0.10, the support point was 4.70 with an offset of 0.00, the maximum call open interest was 19,268 contracts, and the maximum put open interest was 18,301 contracts [7]. - For the Shenzhen 500 ETF, the underlying closing price was 2.865, the at - the - money strike price was 2.85, the pressure point was 2.90 with an offset of - 0.20, the support point was 2.85 with an offset of 0.10, the maximum call open interest was 20,946 contracts, and the maximum put open interest was 14,193 contracts [7]. - For the Shenzhen 100 ETF, the underlying closing price was 3.363, the at - the - money strike price was 3.40, the pressure point was 3.61 with an offset of 0.00, the support point was 3.32 with an offset of 0.00, the maximum call open interest was 6,053 contracts, and the maximum put open interest was 7,559 contracts [7]. - For the ChiNext ETF, the underlying closing price was 3.026, the at - the - money strike price was 3.00, the pressure point was 3.10 with an offset of - 0.10, the support point was 3.00 with an offset of 0.00, the maximum call open interest was 144,175 contracts, and the maximum put open interest was 85,630 contracts [7]. - For the Shanghai 50 index option, the underlying closing price was 3,008.29, the at - the - money strike price was 3,000, the pressure point was 3,100 with an offset of 50, the support point was 2,900 with an offset of - 100, the maximum call open interest was 3,441 contracts, and the maximum put open interest was 2,106 contracts [7]. - For the SSE 300 index option, the underlying closing price was 4,564.95, the at - the - money strike price was 4,550, the pressure point was 4,700 with an offset of 0, the support point was 4,500 with an offset of - 100, the maximum call open interest was 6,788 contracts, and the maximum put open interest was 3,673 contracts [7]. - For the CSI 1000 index option, the underlying closing price was 7,340.41, the at - the - money strike price was 7,300, the pressure point was 7,400 with an offset of - 100, the support point was 7,000 with an offset of - 200, the maximum call open interest was 9,706 contracts, and the maximum put open interest was 6,047 contracts [7]. 3.5 Option Factors - Implied Volatility - For the Shanghai 50 ETF option, the at - the - money implied volatility was 14.09%, the weighted implied volatility was 14.88%, a decrease of 0.36%, the annual average was 16

金属期权 2025-11-20 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）有色金属偏多上行，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）贵金属反弹回暖上升，构建牛市价差组合策略。 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） ...

金融期权 2025-11-19 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： （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 。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

能源化工期权 2025-11-19 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 - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseed and oil - related agricultural products are in a weak and volatile state, while fats, agricultural by - products maintain a volatile market. Soft commodities like sugar have a slight fluctuation, cotton is in a weak consolidation, and grains such as corn and starch are in a weak and narrow - range consolidation. It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price movements. For example, the latest price of soybean No.1 (A2601) is 4,148, down 29 (- 0.69%); palm oil (P2601) is 8,846, up 158 (1.82%). There are also differences in trading volume and open interest changes among different varieties [3] 3.2 Option Factor - Quantity and Position PCR - The PCR indicators of different agricultural product options vary. For instance, the trading volume PCR of soybean No.1 is 0.33 (down 0.08), and the open interest PCR is 1.08 (unchanged). These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the maximum open interest of call and put options, the pressure and support levels of different agricultural product options are determined. For example, the pressure level of soybean No.1 is 4200 and the support level is 4050 [5] 3.4 Option Factor - Implied Volatility - The implied volatility of different agricultural product options shows different characteristics. For example, the at - the - money implied volatility of soybean No.1 is 11.745, and the weighted implied volatility is 13.39 (up 0.31). The implied - historical volatility difference is - 0.39 [6] 3.5 Strategies and Recommendations for Different Options 3.5.1 Oilseed and Oil Options - **Soybean No.1**: Fundamentally, the CNF premium of Brazilian soybeans in February 2026 has a slight weekly decline, and the planting progress is slow. The option implied volatility is below the historical average, and the open interest PCR is below 0.70. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [7] - **Soybean Meal**: The daily average trading volume and delivery volume of soybean meal in mainstream oil mills have changed. The option implied volatility is below the historical average, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9] - **Palm Oil**: The spot basis of oils has a slight increase, and the total inventory is decreasing. The option implied volatility is below the historical average, and the open interest PCR is above 1.00. It is recommended to construct a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [9] - **Peanut**: The price of peanut oil is stable. The option implied volatility is at a relatively high historical level, and the open interest PCR is below 0.60. It is recommended to use a long - collar strategy for spot hedging [10] 3.5.2 Agricultural By - product Options - **Pig**: The spot price of pigs has decreased. The option implied volatility is above the historical average, and the open interest PCR is below 0.50. It is recommended to construct a short - biased short - call + short - put option combination strategy and a covered call strategy for spot [10] - **Egg**: The inventory of laying hens has changed. The option implied volatility is at a relatively high level, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy [11] - **Apple**: The apple storage is less than the same period in previous years. The option implied volatility is above the historical average, and the open interest PCR is above 0.90. It is recommended to construct a long - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [11] - **Jujube**: The acquisition price of jujube has changed. The option implied volatility has rapidly risen above the historical average, and the open interest PCR is below 0.50. It is recommended to construct a short - biased short - strangle option combination strategy and a covered call strategy for spot hedging [12] 3.5.3 Soft Commodity Options - **Sugar**: The sugar production in the central - southern region of Brazil has increased, and India has allowed sugar exports. The option implied volatility is at a relatively low historical level, and the open interest PCR is around 0.60. It is recommended to construct a short - biased short - call + short - put option combination strategy and a long - collar strategy for spot hedging [12] - **Cotton**: The progress of cotton picking, delivery, and processing has changed. The option implied volatility is at a relatively low level, and the open interest PCR is below 1.00. It is recommended to construct a short - biased short - call + short - put option combination strategy and a covered call strategy for spot [13] 3.5.4 Grain Options - **Corn**: The average price of corn has increased. The option implied volatility is at a relatively low historical level, and the open interest PCR is below 0.60. It is recommended to construct a neutral short - call + short - put option combination strategy [13]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For non - ferrous metals, a seller neutral volatility strategy can be constructed as they are trending upwards; for black metals, a short - volatility portfolio strategy is suitable due to their large - amplitude fluctuations; for precious metals, a bull spread portfolio strategy can be built as they are rebounding [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, including copper, aluminum, zinc, etc. For example, the latest price of copper (CU2601) is 85,930, with a price increase of 10 and a trading volume of 7.33 million lots [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of copper options is 0.90, with a change of - 0.06 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and the maximum open interest of call and put options for each metal option are given. For example, the pressure point of copper options is 90,000, and the support point is 84,000 [5] 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, and other implied volatility indicators of each metal option are presented, along with their changes and the differences between implied and historical volatilities. For example, the at - the - money implied volatility of copper options is 13.36% [6] 3.5 Strategy and Recommendations Non - ferrous Metals - Copper: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy, and the underlying shows a high - level consolidation and rebound trend [7] - Aluminum: Construct a bull spread portfolio strategy, a sell - biased long call + put option combination strategy, and a spot collar strategy, and the underlying shows a bullish high - level consolidation trend [9] - Zinc: Build a sell - neutral call + put option combination strategy and a spot collar strategy, and the underlying shows a warming - up trend with resistance [9] - Nickel: Construct a sell - bearish call + put option combination strategy and a spot covered strategy, and the underlying shows a bearish consolidation trend [10] - Tin: Build a short - volatility strategy and a spot collar strategy, and the underlying shows a short - term high - level consolidation trend [10] - Lithium Carbonate: Construct a bull spread portfolio strategy, a sell - bullish call + put option combination strategy, and a spot long - hedging strategy, and the underlying shows a recent bullish trend [11] Precious Metals - Gold: Build a neutral short - volatility option seller portfolio strategy and a spot hedging strategy, and the underlying shows a bullish trend with high - level consolidation [12] Black Metals - Rebar: Build a sell - bearish call + put option combination strategy and a spot covered strategy, and the underlying shows a bearish trend with resistance [13] - Iron Ore: Build a sell - bearish call + put option combination strategy and a spot long - collar strategy, and the underlying shows a bearish consolidation trend [13] - Ferroalloys (Manganese Silicon and Industrial Silicon): Build short - volatility strategies and corresponding spot hedging strategies, and the underlying shows a bearish trend with resistance [14] - Glass: Build a bear spread portfolio strategy, a short - volatility sell call + put option combination strategy, and a spot long - collar strategy, and the underlying shows a bearish trend with resistance [15]

（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 | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

Group 1: Report Overview - Report date: November 18, 2025 [1] - Report type: Metal options strategy morning report - Research team members: Lu Pinxian, Huang Kehan, Li Renjun [2] Group 2: Investment Ratings - No investment ratings are provided in the report Group 3: Core Views - Construct a seller neutral volatility strategy for non - ferrous metals as they tend to move upwards [2] - Build a short - volatility portfolio strategy for the black series due to their large - amplitude fluctuations [2] - Create a bull spread portfolio strategy for precious metals as they rebound and rise [2] Group 4: Futures Market Overview - The latest prices, price changes, trading volumes, and open interest of various metal futures contracts are presented, such as copper (CU2512), aluminum (AL2512), etc. [3] Group 5: Option Factor - Volume and Open Interest PCR - The volume and open interest PCR of different metal options are analyzed, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Group 6: Option Factor - Pressure and Support Levels - The pressure and support levels of different metal options are determined from the strike prices of the maximum open interest of call and put options [5] Group 7: Option Factor - Implied Volatility - The implied volatility data of different metal options, including at - the - money implied volatility, weighted implied volatility, etc., are provided [6] Group 8: Option Strategies and Recommendations Non - Ferrous Metals - **Copper**: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - **Aluminum**: Construct a call option bull spread strategy, a short - volatility option combination strategy, and a spot collar strategy [9] - **Zinc**: Build a short - volatility option combination strategy and a spot collar strategy [9] - **Nickel**: Construct a short - volatility option combination strategy with a short position and a spot covered - call strategy [10] - **Tin**: Build a short - volatility strategy and a spot collar strategy [10] - **Lithium carbonate**: Construct a call option bull spread strategy, a short - volatility option combination strategy with a long position, and a spot long - hedging strategy [11] Precious Metals - **Gold**: Build a short - volatility option seller combination strategy and a spot hedging strategy [12] Black Series - **Rebar**: Build a short - volatility option combination strategy with a short position and a spot long - covered - call strategy [13] - **Iron ore**: Build a short - volatility option combination strategy with a short position and a spot long - collar strategy [13] - **Ferroalloys**: Build a short - volatility strategy for manganese silicon [14] - **Industrial silicon**: Build a short - volatility option combination strategy and a spot hedging strategy [14] - **Glass**: Build a short - volatility option combination strategy and a spot long - collar strategy [15] Group 9: Option Charts - Option charts of various metals, including price trends, volume and open interest distributions, PCR trends, implied volatility trends, historical volatility cones, etc., are presented [16][38][56]

Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated November 13, 2025, covering various energy and chemical option varieties [1][2] - The strategy focuses on constructing option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - Multiple option varieties are presented, including crude oil, liquefied petroleum gas (LPG), methanol, etc., with details on their latest prices, price changes, trading volumes, and open interest [3] Group 3: Option Factor - Volume and Open Interest PCR - PCR indicators (volume PCR and open interest PCR) for various option varieties are provided, which are used to describe the strength of the underlying asset's market and potential turning points [4] Group 4: Option Factor - Pressure and Support Levels - Pressure and support levels for each option variety are analyzed from the perspective of the strike prices with the largest call and put option open interest [5] Group 5: Option Factor - Implied Volatility - Implied volatility data for different option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and their changes [6] Group 6: Strategy and Recommendations for Each Option Variety Crude Oil - Fundamental analysis shows that U.S. refinery demand has stabilized and rebounded, shale oil production has slightly increased, OPEC exports have risen, and European refinery demand is about to enter the peak season [7] - The market has shown a complex trend of rising and falling in different months. Implied volatility is above the average, and the open interest PCR indicates a weak market. The pressure level is 590, and the support level is 450 [7] - Recommended strategies include constructing a short - biased call + put option combination, and a long collar strategy for spot hedging [7] Liquefied Petroleum Gas - The cost - end crude oil is under supply - surplus pressure and geopolitical disturbances. The LPG market has shown a pattern of over - decline and rebound with resistance [9] - Implied volatility has dropped to below the average, the open interest PCR indicates a weak market, the pressure level is 4550, and the support level is 4200 [9] - Strategies include constructing a neutral - biased call + put option combination and a long collar strategy for spot hedging [9] Methanol - Port and enterprise inventories are high, and the supply is increasing. The market has been in a weak downward trend [9] - Implied volatility is around the historical average, the open interest PCR indicates a weak and volatile market, the pressure level is 2500, and the support level is 2000 [9] - Strategies involve constructing a bear spread with put options, a short - biased call + put option combination, and a long collar strategy for spot hedging [9] Ethylene Glycol - Port and downstream factory inventories are high, and the supply is expected to continue to increase. The market has been weak [10] - Implied volatility is below the average, the open interest PCR indicates strong short - selling power, the pressure level is 4500, and the support level is 4050 [10] - Strategies include constructing a bear spread with put options, a short - volatility strategy, and a long collar strategy for spot hedging [10] Polypropylene - PE and PP inventories at production enterprises, traders, and ports show different trends. The market has been in a weak downward trend [10] - Implied volatility has dropped to around the average, the open interest PCR indicates a weak market, the pressure level is 7000, and the support level is 6300 [10] - Strategies include constructing a bear spread with put options and a long collar strategy for spot hedging [10] Rubber - Exchange rubber warehouse receipts are at a ten - year low, and there is an expectation of inventory accumulation. The market has been in a weak consolidation pattern [11] - Implied volatility has decreased to below the average after a sharp rise, the open interest PCR is below 0.6, the pressure level is 16000, and the support level is 14500 [11] - Strategies include constructing a short - biased call + put option combination [11] PTA - PTA social inventory has increased, and new production capacity is expected to lead to continued inventory accumulation. The market has shown a pattern of rebound with resistance [11] - Implied volatility is above the average, the open interest PCR indicates a volatile market, the pressure level is 4700, and the support level is 4300 [11] - Strategies include constructing a neutral - biased call + put option combination [11] Caustic Soda - The average utilization rate of caustic soda production capacity has increased. The market has been in a weak downward trend [12] - Implied volatility is at a relatively high level, the open interest PCR indicates a weak and volatile market, the pressure level is 3000, and the support level is 2000 [12] - Strategies include constructing a bear spread and a long collar strategy for spot hedging [12] Soda Ash - Soda ash factory inventories have increased. The market has been in a low - level weak consolidation pattern [12] - Implied volatility is at a relatively high historical level, the open interest PCR indicates strong short - selling pressure, the pressure level is 1860, and the support level is 1100 [12] - Strategies include constructing a bear spread, a short - volatility combination, and a long collar strategy for spot hedging [12] Urea - Enterprise inventory is at a high level, and port inventory has decreased. The market has shown a pattern of low - level consolidation and rebound [13] - Implied volatility is around the historical average, the open interest PCR indicates strong short - selling pressure, the pressure level is 1800, and the support level is 1600 [13] - Strategies include constructing a neutral - biased call + put option combination and a long collar strategy for spot hedging [13]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The metal sector is divided into non - ferrous metals, precious metals, and black metals. For non - ferrous metals, a neutral volatility selling strategy can be constructed; for black metals, a short - volatility combination strategy is suitable; for precious metals, a bull spread combination strategy can be built [2]. - For each metal variety, the report provides investment strategies based on fundamental analysis, market trend analysis, and option factor research [7][9][10]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - 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 Factor - Quantity and Open Interest PCR - The PCR indicators (quantity PCR and open interest PCR) are used to describe the strength of the option underlying market and the turning points of the underlying market [4]. 3.3 Option Factor - Pressure and Support Levels - Shows the pressure and support levels of various metal options based on the strike prices of the maximum open interest of call and put options [5]. 3.4 Option Factor - Implied Volatility - Displays the implied volatility data of various metal options, including at - the - money implied volatility, weighted implied volatility, etc [6]. 3.5 Strategy and Recommendations - **Non - Ferrous Metals** - **Copper**: Due to the expected decline in apparent consumption and the increase in total inventory, a short - volatility seller option combination strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum**: Given the inventory changes and market trends, a bull spread combination strategy and a short - option combination strategy are suggested [9]. - **Zinc**: With inventory and market conditions, a short - neutral option combination strategy and a spot collar strategy are proposed [9]. - **Nickel**: Considering the supply - demand situation and market trends, a short - bearish option combination strategy and a spot covered strategy are recommended [10]. - **Tin**: Due to the slow resumption of production and supply shortages, a short - volatility strategy and a spot collar strategy are suggested [10]. - **Lithium Carbonate**: Based on inventory reduction and market trends, a short - neutral option combination strategy and a spot long - hedging strategy are recommended [11]. - **Precious Metals** - **Gold**: Considering the Fed's interest rate policy and market trends, a short - neutral volatility option seller combination strategy and a spot hedging strategy are proposed [12]. - **Black Metals** - **Rebar**: Given the production and market trends, a short - bearish option combination strategy and a spot long - covered strategy are recommended [13]. - **Iron Ore**: Based on inventory and market trends, a short - bearish option combination strategy and a spot long - collar strategy are suggested [13]. - **Ferroalloy (Manganese Silicon)**: Considering production and market trends, a short - volatility strategy is recommended [14]. - **Industrial Silicon**: Based on production and market trends, a short - volatility option combination strategy and a spot hedging strategy are proposed [14]. - **Glass**: Given the production and inventory situation, a short - volatility option combination strategy and a spot long - collar strategy are recommended [15]. 3.6 Charts - Provide price charts, trading volume, and open interest charts, PCR charts, implied volatility charts, and historical volatility cone charts for various metal options such as copper, aluminum, zinc, etc [16][37][55]