金属期权 2026-01-07 金属期权策略早报 | 李立勤 | 高级投研经 理 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | ...

能源化工期权 2026-01-06 能源化工期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 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 | | --- | --- | --- | --- | --- | ...

掌握4种常见支撑位类型，快速提升外汇交易盈利概率！投资者了解诸多关键概念能更好的提高交易盈利概率，支撑位与阻力位 便是其中重要的部分。昂首资本盘点常见的支撑位有以下4类： 1.开盘后如果走高，回落至开盘价处时，因买盘沉淀较多，支撑力会较强。 2.前收盘若指数从高处回落，前收盘处的支撑力也较强。 3.前低点。上次形成的低点区一般会成为人们的心理支撑位，其道理与阻力位相同。 4.前次高点阻力较大，一旦有效越过，因积淀的买盘较多，再次回落时，一般会得到支撑。 对于概念的理解，在昂首资本这样的外汇平台所涉及的交易中，可将"支撑位"视为价格的底线，在该位置买入压力超出卖出压 力，因而推动价格升高。可将"阻力位"视为价格的顶点，在该位置卖出压力超过买入压力，因而推动价格下降。 昂首资本始终相信对支撑位与阻力位的把握有助于对交易趋势的判断。如当冲过阻力区时，表示市道甚强，可根据具体情况买 进或卖出；当跌破支撑区时，表示世道很弱，可以考虑沽空。投资者掌握好这两个关键概念，能更好地在外汇市场中做出决 策，增加盈利的机会。 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For non - ferrous metals, a neutral volatility strategy for sellers can be constructed as they are trending upwards; for black metals, a short - volatility combination strategy is suitable due to their large - amplitude fluctuations; for precious metals, a bull - spread combination strategy can be built as they are rebounding and rising [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Copper (CU2602) closed at 101,380, up 3,270 (3.33%), with a trading volume of 28.70 million lots and an open interest of 25.21 million lots [3] - Aluminum (AL2602) closed at 22,520, up 135 (0.60%), with a trading volume of 35.36 million lots and an open interest of 29.96 million lots [3] - Zinc (ZN2602) closed at 23,215, up 85 (0.37%), with a trading volume of 14.57 million lots and an open interest of 9.74 million lots [3] - And so on for other metals including lead, nickel, tin, etc. 3.2 Option Factors - Volume and Open Interest PCR - For copper, the volume PCR is 0.45 (down 0.13), and the open interest PCR is 0.74 (up 0.08) [4] - For aluminum, the volume PCR is 0.25 (down 0.29), and the open interest PCR is 0.52 (down 0.04) [4] - Similar data are provided for other metals 3.3 Option Factors - Pressure and Support Levels - For copper, the pressure level is 98,000 and the support level is 90,000 [5] - For aluminum, the pressure level is 23,000 and the support level is 21,400 [5] - Other metals also have their corresponding pressure and support levels 3.4 Option Factors - Implied Volatility - For copper, the at - the - money implied volatility is 30.23%, the weighted implied volatility is 32.68% (up 5.44%) [6] - For aluminum, the at - the - money implied volatility is 18.46%, the weighted implied volatility is 22.02% (up 3.56%) [6] - Implied volatility data are available for all metals 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Build a bull - spread combination strategy for call options and a short - volatility seller option combination strategy; for spot hedging, hold a long spot position + buy put options + sell out - of - the - money call options [7] - **Aluminum**: Construct a bull - spread combination strategy for call options, a short - call + put option combination strategy; for spot hedging, use a collar strategy [9] - Similar strategies are provided for zinc, nickel, tin, and lithium carbonate 3.5.2 Precious Metals - **Silver**: Build a bull - spread combination strategy for call options, a short - volatility option seller combination strategy; for spot hedging, hold a long spot position + buy put options + sell out - of - the - money call options [12] 3.5.3 Black Metals - **Rebar**: Build a short - call + put option combination strategy for a short - bias; for spot hedging, hold a long spot position + sell call options [13] - **Iron ore**: Build a short - neutral call + put option combination strategy; for spot hedging, use a collar strategy [13] - Similar strategies are provided for ferroalloys, industrial silicon, and glass

Report Date - The report is dated December 26, 2025 [1] Core Viewpoints - For non - ferrous metals showing a bullish upward trend, construct a seller neutral volatility strategy [2] - For the black metals maintaining a large - amplitude volatile market, construct a short - volatility portfolio strategy [2] - For precious metals rebounding and rising, construct a bull spread portfolio strategy [2] Summary of Each Section 1. Futures Market Overview - The table presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open - interest changes of various metal futures contracts [3] 2. Option Factors - Volume and Open - Interest PCR - The volume PCR and open - interest PCR of different metal options are provided, along with their changes, which can be used to analyze the strength of the option underlying market and potential turning points [4] 3. Option Factors - Pressure and Support Levels - The pressure points, pressure - point offsets, support points, support - point offsets, maximum call option holdings, and maximum put option holdings of different metal options are given, helping to identify potential price barriers and supports [5] 4. Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied - volatility changes, annual average implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility of various metal options are presented [6] 5. Option Strategies and Recommendations Non - Ferrous Metals - **Copper**: Construct a bull spread strategy for call options, a short - volatility seller option portfolio strategy, and a spot long - hedging strategy [7] - **Aluminum**: Construct a short - volatility strategy by selling call and put options and a spot collar strategy [9] - **Zinc**: Construct a short - volatility strategy by selling call and put options and a spot collar strategy [9] - **Nickel**: Construct a bull spread strategy for call options, a short - volatility strategy by selling call and put options, and a spot covered - call strategy [10] - **Tin**: Construct a bull spread strategy for call options, a short - volatility strategy, and a spot collar strategy [10] - **Lithium Carbonate**: Construct a bull spread strategy for call options, a short - volatility strategy by selling call and put options, and a spot long - hedging strategy [11] Precious Metals - **Silver**: Construct a bull spread strategy for call options, a short - volatility option seller portfolio strategy, and a spot hedging strategy [12] Black Metals - **Rebar**: Construct a short - volatility strategy by selling call and put options and a spot covered - call strategy [13] - **Iron Ore**: Construct a short - volatility strategy by selling call and put options and a spot long - collar strategy [13] - **Ferroalloys (Manganese Silicon and Silicon Iron)**: For manganese silicon, construct a short - volatility strategy; for silicon iron, construct a short - volatility strategy and a spot hedging - related strategy [13][14] - **Industrial Silicon**: Construct a bear spread strategy for put options, a short - volatility strategy by selling call and put options, and a spot hedging strategy [14] - **Glass**: Construct a bear spread strategy for put options, a short - volatility strategy by selling call and put options, and a spot long - collar strategy [15]

前一交易日收评：5月线和5周线间的振荡有望尝试破局。午评：多头在努力，出现了已见底的弱信号，但3900上方的抛压很明显 明天强弱分水岭：3922；压力位：3914，3931，3936；支撑位：3890，3870，3864 大盘收出高开带缺口的带量小中阳，中期已走软，短线多头优势明显。创指收出高开的带量大中阳，中期已走软，短线多头优势明显。 前一交易日收盘点评"今天总体偏弱，月k收阴，周k如期收阳，收上了3883说明多头没放弃，收盘位置为短期多头掌控局面。5月线和5周线间 的振荡有望尝试破局。在3845-3834之上运行才好，不再创新低了才行，突破3897才有止跌可能，3912-3922是看得见的阻力"。今天高开留下 缺口，多头在努力，成交量也有所放大，但反弹力度还不够，收在3900之上是好现象，也是已见底的弱信号，收盘是短期多头掌控局面。周三 五是本周的另外两个关键时点。继续看5月线和5周线间的振荡格局能否打破吧。若量能跟不上还得防有所反复。运行在3900之上才行，已不宜 再跌破3880一线，3922-3936是阻力。操作上，不失3820-3800一带可先搏短；无力突破3912-3922一带应先减仓。 创指强 ...

Core Viewpoint - Gold prices are facing resistance around 4090, which is likely a significant technical resistance level, potentially marking the start of a previous decline or a key psychological barrier [1] Group 1: Price Levels and Trading Strategy - The price level of 4090 is identified as a strong resistance point where selling pressure is expected to increase significantly [1] - A trading strategy of "selling high and buying low" is recommended, with short positions near the upper boundary (4090) and long positions near the lower boundary (4030) of the defined trading range [2] - The support level at 4030 is considered strong, likely attracting buyers and leading to potential price rebounds [1][2] Group 2: Technical Indicators and Signals - If the price reaches 4030, the Relative Strength Index (RSI) may enter the oversold territory, indicating a potential rebound [1] - Specific trading targets are set, with short positions aimed at 4050 and long positions targeting 4070, both with a stop loss of 10 points [4]

Jacobs Solutions Inc. (NYSE:J) is quiet on Friday. That wasn't the case on Thursday as the stock dropped almost 11% after posting earnings.But it may have found a bottom. That's why our team of technical analysts has made it our Stock of the Day.Support levels are prices or narrow price ranges where a large number of shares are available to buy. If a stock or market is headed lower, it's because there isn't enough demand to absorb the supply.Sellers need to offer their shares at a discount, and this could f ...

1. Report Industry Investment Rating No relevant information provided. 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, create a spot hedging strategy following their significant decline from high levels [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices of various metal futures showed different trends, with most experiencing price drops. For example, copper (CU2512) dropped by 0.86% to 85,690, and aluminum (AL2512) decreased by 0.35% to 21,405. Trading volumes and open interests also varied among different metals [3]. 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators describe the strength of option underlying market trends and potential turning points. For instance, the copper option's volume PCR was 0.61, and the open interest PCR was 0.78 [4]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest in call and put options, the pressure and support levels of each metal option were identified. For example, the pressure level of copper was 90,000, and the support level was 84,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of each metal option showed different levels and trends. For example, the implied volatility of copper was 15.56% at the at - the - money strike, and the weighted implied volatility was 19.01%, showing a decrease of 1.39% [6]. 3.5 Strategy and Recommendations for Different Metals 3.5.1 Non - Ferrous Metals - **Copper**: The fundamentals showed inventory changes in major exchanges. The market was in a high - level consolidation with support. Option strategies included a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7]. - **Aluminum**: Inventory data indicated a complex situation. The market showed a long - biased upward high - level oscillation. Strategies included a bullish call option spread strategy, a short - volatility strategy, and a spot collar strategy [9]. - **Zinc**: The fundamentals involved TC prices and inventory data. The market was in a fluctuating recovery with pressure. Strategies included a short - volatility strategy and a spot collar strategy [9]. - **Nickel**: Global inventory increased. The market was in a wide - range oscillation with short - side pressure. Strategies included a short - volatility strategy and a spot covered - call strategy [10]. - **Tin**: The supply side faced challenges. The market showed a short - term high - level oscillation with support. Strategies included a short - volatility strategy and a spot collar strategy [10]. - **Lithium Carbonate**: Inventory was being depleted. The market was in an oscillating recovery followed by a rapid decline. Strategies included a short - volatility strategy and a spot long - hedging strategy [11]. 3.5.2 Precious Metals - **Gold**: The Fed's policy influenced the market. The market showed a long - term upward trend with high - level consolidation. Strategies included a short - volatility neutral option seller portfolio strategy and a spot hedging strategy [12]. 3.5.3 Black Metals - **Rebar**: Inventory decreased. The market was in a weak short - side trend with pressure. Strategies included a short - volatility strategy and a spot long - covered - call strategy [14]. - **Iron Ore**: Port inventory increased. The market was in a weak oscillating downward trend with support and pressure. Strategies included a short - volatility strategy and a spot long - collar strategy [14]. - **Ferroalloy (Manganese Silicon)**: Production was stable with high inventory. The market was in a weak short - side trend. Strategies included a short - volatility strategy [15]. - **Industrial Silicon**: Inventory remained high. The market was in a large - range oscillating weak trend. Strategies included a short - volatility strategy and a spot hedging strategy [15]. - **Glass**: Production was stable, and inventory decreased. The market was in a weak trend with pressure. Strategies included a short - volatility strategy and a spot long - collar strategy [16].

Group 1 - The Hang Seng Index (HSI) closed at 26,158 points, near the middle line of the Bollinger Bands at 26,163 points, indicating a potential for slight upward movement if trading volume increases [1][2] - Investors are divided, with bullish investors targeting levels between 26,300 and 26,500, while bearish investors see strong resistance at 26,200, predicting a potential drop of 300 points [1][2] - Current resistance is estimated at around 26,600 points, with a possibility of reaching 26,679 points if the index breaks through this level [2] Group 2 - Xiaomi's stock price rose slightly to 44.72 HKD, with a first resistance level at 48.1 HKD, and a potential upward movement towards 53.8 HKD if this level is breached [9][10] - Technical signals for Xiaomi show 11 buy signals and 6 sell signals, indicating a slightly positive short-term outlook [9][10] - The support level for Xiaomi is around 42.6 HKD, and if it falls below this, it could drop to 40 HKD [9][10] Group 3 - CNOOC's stock price closed at 20.46 HKD, close to the upper Bollinger Band, with a support level at 19.7 HKD [14] - If CNOOC's stock price drops below 19.7 HKD, it may further decline to 19.2 HKD [14] Group 4 - NIO's stock price increased to 56.9 HKD, with a resistance level at 59.9 HKD, and a potential rise to 63.2 HKD if this level is surpassed [18] - Investors are advised to choose options with a strike price about 10% out of the money and longer expiration dates for better safety [18] Group 5 - Kuaishou's stock price closed at 73.45 HKD, with a resistance level at 78.2 HKD, and a potential rise to 85.7 HKD if this level is broken [25][26] - Technical signals indicate 10 buy signals and 5 sell signals, suggesting a slightly positive short-term outlook [25][26] Group 6 - Hong Kong Exchanges and Clearing (HKEX) closed at 428.8 HKD, with a resistance level at 439 HKD, and a potential rise to 449 HKD if this level is breached [32] - Technical signals show 9 buy signals and 5 sell signals, indicating a slight preference for buying [32]