Core Viewpoint - The article emphasizes the need to distinguish between normal market strategy behaviors and illegal arbitrage in the electricity spot market, advocating for improved market rules and regulations to enhance market integrity and efficiency [1][3][12]. Group 1: Understanding Arbitrage - Arbitrage is defined as a risk-free profit opportunity, which is rare in efficient markets; persistent arbitrage opportunities often indicate flaws in market rules or systems [2][3]. - Two types of arbitrage are identified: "risk-free arbitrage," which exploits market rule deficiencies, and "compliant arbitrage," which utilizes natural price differences to enhance market efficiency [2][3]. Group 2: Market Behavior and Regulation - The article discusses the importance of recognizing normal strategic behaviors in the market, such as users adjusting their electricity declarations based on price predictions, which should not be overly interfered with [4][5]. - It highlights that excessive intervention in normal market behaviors can hinder market efficiency and price discovery [5][12]. Group 3: Improving Market Rules - The need for refining electricity market rules to eliminate risk-free arbitrage opportunities is stressed, with examples provided on how current rules may inadvertently allow such practices [6][7][8]. - Recommendations include aligning demand response compensation standards with market price ceilings to prevent arbitrage and ensure fair pricing [8][10]. Group 4: Market Mechanism Coordination - The article points out that misalignment between price mechanisms can lead to arbitrage opportunities, particularly in the context of long-term and spot market price differences [9][10]. - It suggests that improving the coordination of pricing mechanisms and enhancing transparency in market information can mitigate risks associated with arbitrage [10][11]. Group 5: Long-term Market Development - The article advocates for accelerating the marketization of the electricity sector and fostering technological innovation to address various coordination issues within the market [10][11]. - It emphasizes the importance of a well-designed market structure that minimizes arbitrage opportunities while promoting fair competition and resource allocation [12].

Report Information - Report Name: Pioneer Futures Options Daily Report - Date: September 17, 2025 1. Option Underlying Volatility Ranking - The report provides a ranking of option underlying volatility, including the implied volatility of at-the-money options, 30-day historical volatility, and the true range of the underlying on the day [3][4]. - The top-ranked underlying in terms of implied volatility of at-the-money options are the September contracts of Science and Technology Innovation Board 50 ETF and the September contract of Science and Technology Innovation 50 ETF, with values of 3.5% and 3.4% respectively [3]. - The top-ranked underlying in terms of 30-day historical volatility are also the September contracts of Science and Technology Innovation Board 50 ETF and the September contract of Science and Technology Innovation 50 ETF, with values of 3.4% and 3.3% respectively [3]. - The top-ranked underlying in terms of the true range of the underlying on the day are the September contract of Science and Technology Innovation 50 ETF and the September contract of Science and Technology Innovation 50 ETF, with values of 3.1% and 3.0% respectively [3]. 2. Exchange Options Analysis 2.1 Shanghai Stock Exchange Options 2.1.1 Shanghai 50ETF - **Basic Information**: The trading volume of the main options of Shanghai 50ETF on the day was 605,762 lots, the open interest was 1,273,240 lots, the volume ratio of call options to put options was 1.66, and the weighted average implied volatility was 23.84% [20]. - **Volatility Trading**: The report provides implied volatility curves for different strike prices and deltas of Shanghai 50ETF call options, and suggests selling options with higher implied volatility and buying options with lower implied volatility [23]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 18.8% when traded at the settlement price and 3.26% when traded at the counterparty price [27][29]. 2.1.2 Huatai-PineBridge CSI 300ETF - **Basic Information**: The trading volume of the main options of Huatai-PineBridge CSI 300ETF on the day was 771,046 lots, the open interest was 943,234 lots, the volume ratio of call options to put options was 1.57, and the weighted average implied volatility was 22.76% [32]. - **Volatility Trading**: Similar to Shanghai 50ETF, the report provides implied volatility curves and trading suggestions [37]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 9.34% when traded at the settlement price and 3.92% when traded at the counterparty price [39][41]. 2.1.3 Southern CSI 500ETF - **Basic Information**: The trading volume of the main options of Southern CSI 500ETF on the day was 1,513,052 lots, the open interest was 904,760 lots, the volume ratio of call options to put options was 1.37, and the weighted average implied volatility was 26.98% [44]. - **Volatility Trading**: The report provides implied volatility curves and trading suggestions [48]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 50.9% when traded at the settlement price and 12.5% when traded at the counterparty price [51][53]. 2.1.4 ChinaAMC Shanghai Science and Technology Innovation Board 50ETF - **Basic Information**: The trading volume of the main options of ChinaAMC Shanghai Science and Technology Innovation Board 50ETF on the day was 1,178,321 lots, the open interest was 1,635,232 lots, the volume ratio of call options to put options was 1.83, and the weighted average implied volatility was 55.29% [56]. - **Volatility Trading**: The report provides implied volatility curves and trading suggestions [59]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 25.6% when traded at the settlement price and 5.62% when traded at the counterparty price [63][64]. 2.1.5 E Fund Shanghai Science and Technology Innovation Board 50ETF - **Basic Information**: The trading volume of the main options of E Fund Shanghai Science and Technology Innovation Board 50ETF on the day was 268,348 lots, the open interest was 452,951 lots, the volume ratio of call options to put options was 1.93, and the weighted average implied volatility was 53.79% [67]. - **Volatility Trading**: The report provides implied volatility curves and trading suggestions [70]. - **Risk-Free Arbitrage**: The optimal arbitrage portfolio held to maturity has a minimum annualized yield of 41.0% when traded at the settlement price and 12.3% when traded at the counterparty price [74][76]. 2.2 Shenzhen Stock Exchange Options 2.2.1 Harvest CSI 300ETF - **Basic Information**: The trading volume of the main options of Harvest CSI 300ETF on the day was 132,683 lots, the open interest was 226,327 lots, the volume ratio of call options to put options was 1.52, and the weighted average implied volatility was 24.19% [80]. - **Volatility Trading**: The report provides implied volatility curves and trading suggestions [82].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report The report provides a comprehensive analysis of various options, including their basic information, volatility trading, and risk - free arbitrage opportunities. It also presents the trading data such as trading volume, open interest, and implied volatility of the main options of different underlying assets [18][30][42]. 3. Summary by Directory 3.1 Shanghai Stock Exchange Options 3.1.1 Shanghai 50ETF - **Basic Information**: The trading volume of the main options is 1,047,333 lots, open interest is 1,300,702 lots, the trading volume ratio of call options to put options is 1.51, and the weighted - average implied volatility is 19.4% [18][20]. - **Volatility Trading**: Sell the month with the curve on top and buy the month with the curve below for different months; sell the option with the point on the curve above and buy the option with the point below for the same month [23]. - **Risk - Free Arbitrage**: The minimum annualized return rate of the optimal arbitrage portfolio held to maturity is 5.70% at the settlement price and 1.34% at the counter - price [27][29]. 3.1.2 Huatai - Berry Shanghai - Shenzhen 300ETF - **Basic Information**: The trading volume of the main options is 1,224,660 lots, open interest is 1,035,492 lots, the trading volume ratio of call options to put options is 1.34, and the weighted - average implied volatility is 19.18% [30][32]. - **Volatility Trading**: Similar to the Shanghai 50ETF, sell the month with the curve on top and buy the month with the curve below for different months; sell the option with the point on the curve above and buy the option with the point below for the same month [34]. - **Risk - Free Arbitrage**: The minimum annualized return rate of the optimal arbitrage portfolio held to maturity is 9.53% at the settlement price and 1.08% at the counter - price [38][41]. 3.1.3 Southern China Securities 500ETF - **Basic Information**: The trading volume of the main options is 1,843,623 lots, open interest is 983,733 lots, the trading volume ratio of call options to put options is 1.35, and the weighted - average implied volatility is 22.68% [42][44]. - **Volatility Trading**: The same trading suggestions as above [46]. - **Risk - Free Arbitrage**: The minimum annualized return rate of the optimal arbitrage portfolio held to maturity is 43.7% at the settlement price and 7.54% at the counter - price [51][53]. 3.1.4 Huaxia Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The trading volume of the main options is 1,652,693 lots, open interest is 1,542,108 lots, the trading volume ratio of call options to put options is 1.77, and the weighted - average implied volatility is 45% [54][56]. - **Volatility Trading**: Follow the general volatility trading suggestions [59]. - **Risk - Free Arbitrage**: The minimum annualized return rate of the optimal arbitrage portfolio held to maturity is 24.1% at the settlement price and 3.19% at the counter - price [62][63]. 3.1.5 E Fund Shanghai Science and Technology Innovation 50ETF - **Basic Information**: The trading volume of the main options is 387,485 lots, open interest is 465,269 lots, the trading volume ratio of call options to put options is 1.93, and the weighted - average implied volatility is 46.13% [64][66]. - **Volatility Trading**: Adopt the common volatility trading strategies [69]. - **Risk - Free Arbitrage**: The minimum annualized return rate of the optimal arbitrage portfolio held to maturity is 12.3% at the settlement price and 3.33% at the counter - price [73][75]. 3.2 Shenzhen Stock Exchange Options 3.2.1 Harvest Shanghai - Shenzhen 300ETF - **Basic Information**: The trading volume of the main options is 225,037 lots, open interest is 243,935 lots, the trading volume ratio of call options to put options is 1.55, and the weighted - average implied volatility is 22.4% [76][79]. - **Volatility Trading**: Use the standard volatility trading methods [85]. - **Risk - Free Arbitrage**: The minimum annualized return rate of the optimal arbitrage portfolio held to maturity is 9.24% at the settlement price and 0.22% at the counter - price [87][89]. 3.2.2 E Fund ChiNext ETF - **Basic Information**: The trading volume of the main options is 3,025,900 lots, open interest is 1,444,931 lots, the trading volume ratio of call options to put options is 1.57, and the weighted - average implied volatility is 43.34% [90][92]. - **Volatility Trading**: Follow the general volatility trading rules [95]. - **No information about risk - free arbitrage is provided in the given text for this part.**

Group 1: General Information - The report is the Pioneer Futures Options Daily Report dated August 15, 2025 [1] - It provides data on the implied volatility of at - the - money options, 30 - day historical volatility, and the true daily range of various option targets, along with rankings [3][5] - The volatility data are daily - based and can be directly compared. Higher implied volatility implies a greater likelihood of significant market movements, and differences between historical and implied volatility can indicate option price trends [6] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - The report presents detailed data on option targets' volatility and trading information, offering reference for different types of traders such as trend traders, option sellers, and intraday traders based on the volatility characteristics [6] - It also provides basic information, volatility trading suggestions, and risk - free arbitrage analysis for options on various ETFs and commodities across different exchanges Group 4: Summary by Directory 1. Shanghai Stock Exchange Options 1.1 Shanghai 50ETF - Basic Information: Presents the T - type quotation table of Shanghai 50ETF options, including call and put option prices at different strike prices. The trading volume of the main - contract options is 1,163,646 lots, the open interest is 969,586 lots, the call - to - put volume ratio is 1.77, and the weighted average implied volatility is 17.15% [19][21] - Volatility Trading: Suggests selling options with higher - positioned curves (either across different months or within the same month) and buying those with lower - positioned curves based on the implied volatility curves [23] - Risk - Free Arbitrage: The optimal arbitrage portfolio held to maturity yields a minimum annualized return of 14.6% at the settlement price and 3.74% at the counter - party price [27][29] 1.2 Huatai - Berry Shanghai - Shenzhen 300ETF - Basic Information: Displays the T - type quotation table of 300ETF options. The trading volume of the main - contract options is 1,027,221 lots, the open interest is 732,654 lots, the call - to - put volume ratio is 1.64, and the weighted average implied volatility is 18.61% [30][33] - Volatility Trading: Similar to the Shanghai 50ETF, it recommends selling high - curve options and buying low - curve options according to the implied volatility curves [37] - Risk - Free Arbitrage: The optimal arbitrage portfolio held to maturity has a minimum annualized return of 11.8% at the settlement price and 2.65% at the counter - party price [40][42] 1.3 Southern China Securities 500ETF - Basic Information: Shows the T - type quotation table of 500ETF options. The trading volume of the main - contract options is 1,691,096 lots, the open interest is 778,728 lots, the call - to - put volume ratio is 1.43, and the weighted average implied volatility is 20.63% [43][45] - Volatility Trading: Advises selling high - curve options and buying low - curve options based on the implied volatility curves [49] - Risk - Free Arbitrage: The optimal arbitrage portfolio held to maturity offers a minimum annualized return of 15.5% at the settlement price and 3.42% at the counter - party price [52][54] 1.4 Huaxia Shanghai Science and Technology Innovation 50ETF - Basic Information: Presents the T - type quotation table of Science and Technology Innovation 50ETF options. The trading volume of the main - contract options is 737,709 lots, the open interest is 923,760 lots, the call - to - put volume ratio is 2.39, and the weighted average implied volatility is 29.49% [55][57] - Volatility Trading: Suggests selling high - curve options and buying low - curve options according to the implied volatility curves [62] - Risk - Free Arbitrage: The optimal arbitrage portfolio held to maturity gives a minimum annualized return of 15.6% at the settlement price and 0.93% at the counter - party price [64][66] 1.5 E Fund Shanghai Science and Technology Innovation 50ETF - Basic Information: Displays the T - type quotation table of Science and Technology Innovation 50ETF options. The trading volume of the main - contract options is 182,129 lots, the open interest is 269,106 lots, the call - to - put volume ratio is 2.19, and the weighted average implied volatility is 30.56% [67][69] - Volatility Trading: Recommends selling high - curve options and buying low - curve options based on the implied volatility curves [71] - Risk - Free Arbitrage: The optimal arbitrage portfolio held to maturity yields a minimum annualized return of 15.6% at the settlement price and 1.90% at the counter - party price [75][77] 2. Shenzhen Stock Exchange Options 2.1 Harvest Shanghai - Shenzhen 300ETF - Basic Information: Presents the T - type quotation table of Shenzhen 300ETF options. The trading volume of the main - contract options is 232,529 lots, the open interest is 158,549 lots, the call - to - put volume ratio is 1.4, and the weighted average implied volatility is 22.03% [78][81] - Volatility Trading: Advises selling high - curve options and buying low - curve options according to the implied volatility curves [83] - Risk - Free Arbitrage: No specific risk - free arbitrage data are provided in the extracted content Other Exchanges' Options - The report also has a directory for options on the China Financial Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, Shanghai Futures Exchange, Shanghai International Energy Exchange, and Guangzhou Futures Exchange, but detailed data are not fully presented in the provided content for all of them. Only the directory structure and general analysis directions are given, including basic information, volatility trading, and risk - free arbitrage for each option type [8][9][10][11][12][13][14][15][16][17][18]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report presents the option daily report of Pioneer Futures on August 14, 2025, including the volatility data of various option targets and the basic information, volatility trading, and risk - free arbitrage analysis of options on multiple exchanges [3][19]. 3. Summary by Directory 3.1 Shanghai Stock Exchange Options - **1.1 Shanghai 50ETF** - **Basic Information**: The trading volume of the main - force options of Shanghai 50ETF is 1,504,832 lots, the position is 960,669 lots, the trading volume ratio of call options to put options is 1.87, and the weighted - average implied volatility is 15.46% [21]. - **Volatility Trading**: Suggestions are given based on the implied volatility curves of call options with different strike prices and different Deltas, such as selling the months or options above the curve and buying those below [24]. - **Risk - Free Arbitrage**: The minimum annualized rate of return of the optimal arbitrage portfolio held to maturity is 3.94% at the settlement price and 0.93% at the counter - price [27][29]. - **1.2 Huatai - Baorui CSI 300ETF** - **Basic Information**: The trading volume of the main - force options is 1,105,047 lots, the position is 727,031 lots, the trading volume ratio of call options to put options is 1.71, and the weighted - average implied volatility is 16.41% [33]. - **Volatility Trading**: Similar volatility trading suggestions are provided according to the implied volatility curves [36]. - **Risk - Free Arbitrage**: The minimum annualized rate of return of the optimal arbitrage portfolio held to maturity is 7.24% at the settlement price and 0.70% at the counter - price [40][42]. - **1.3 Southern CSI 500ETF** - **Basic Information**: The trading volume of the main - force options is 1,528,831 lots, the position is 776,258 lots, the trading volume ratio of call options to put options is 1.3, and the weighted - average implied volatility is 18.79% [45]. - **Volatility Trading**: Volatility trading suggestions are given based on the implied volatility curves [48]. - **Risk - Free Arbitrage**: The minimum annualized rate of return of the optimal arbitrage portfolio held to maturity is 26.7% at the settlement price and 7.73% at the counter - price [52][54]. - **1.4 Huaxia Shanghai - Science and Technology Innovation Board 50ETF** - **Basic Information**: The trading volume of the main - force options is 1,306,982 lots, the position is 893,513 lots, the trading volume ratio of call options to put options is 2.13, and the weighted - average implied volatility is 27.76% [57]. - **Volatility Trading**: Volatility trading suggestions are made according to the implied volatility curves [61]. - **Risk - Free Arbitrage**: The minimum annualized rate of return of the optimal arbitrage portfolio held to maturity is 26.0% at the settlement price and 1.75% at the counter - price [64][66]. - **1.5 E Fund Shanghai - Science and Technology Innovation Board 50ETF** - **Basic Information**: The trading volume of the main - force options is 319,275 lots, the position is 263,988 lots, the trading volume ratio of call options to put options is 2.42, and the weighted - average implied volatility is 29.98% [68]. - **Volatility Trading**: Volatility trading suggestions are provided based on the implied volatility curves [72]. - **Risk - Free Arbitrage**: The minimum annualized rate of return of the optimal arbitrage portfolio held to maturity is 17.5% at the settlement price and 1.12% at the counter - price [75][77]. 3.2 Shenzhen Stock Exchange Options - **2.1 Harvest CSI 300ETF** - **Basic Information**: The trading volume of the main - force options of Shenzhen 300ETF is 195,481 lots, the position is 151,071 lots, the trading volume ratio of call options to put options is 2.32, and the weighted - average implied volatility is 17.88% [81]. - **Volatility Trading**: Volatility trading suggestions are given according to the implied volatility curves [85].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a futures and options daily report from Pioneer Futures on August 12, 2025. It presents volatility data of various option underlying assets and offers trading suggestions for different types of options on multiple exchanges. 3. Summary by Directory 3.1 Options on the Shanghai Stock Exchange - **1.1 Shanghai 50ETF** - **Basic Information**: Provided the T - type quotation table of Shanghai 50ETF options, including call and put option prices at different strike prices. The trading volume of the main - contract options was 945,946 lots, the open interest was 956,178 lots, the trading volume ratio of call to put options was 1.55, and the weighted - average implied volatility was 13.46% [19][21]. - **Volatility Trading**: Suggested selling options in months with higher implied volatility curves and buying those in months with lower curves. For options in the same month, sell options above the curve and buy those below [25]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity was 6.30% at the settlement price and 0.74% at the counter - price [28][30]. - **1.2 Huatai - Ba瑞 CSI 300ETF** - **Basic Information**: Provided the T - type quotation table of Huatai - Ba瑞 CSI 300ETF options. The trading volume of the main - contract options was 694,870 lots, the open interest was 734,255 lots, the trading volume ratio of call to put options was 1.46, and the weighted - average implied volatility was 13.77% [31][34]. - **Volatility Trading**: Similar to the Shanghai 50ETF, sell options in months with higher curves and buy those in months with lower curves. For the same month, sell options above the curve and buy those below [37]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity was 8.46% at the settlement price and 0.66% at the counter - price [41][42]. - **1.3 Southern CSI 500ETF** - **Basic Information**: Provided the T - type quotation table of Southern CSI 500ETF options. The trading volume of the main - contract options was 910,867 lots, the open interest was 793,757 lots, the trading volume ratio of call to put options was 1.37, and the weighted - average implied volatility was 15.05% [43][45]. - **Volatility Trading**: Similar trading suggestions as above [49]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity was 43.9% at the settlement price and 9.12% at the counter - price [52][54]. - **1.4 Huaxia Shanghai Science and Technology Innovation Board 50ETF** - **Basic Information**: Provided the T - type quotation table of Huaxia Shanghai Science and Technology Innovation Board 50ETF options. The trading volume of the main - contract options was 802,085 lots, the open interest was 893,215 lots, the trading volume ratio of call to put options was 1.78, and the weighted - average implied volatility was 24.87% [55][57]. - **Volatility Trading**: Similar trading suggestions as above [59]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity was 20.9% at the settlement price and 1.92% at the counter - price [64][66]. - **1.5 E Fund Shanghai Science and Technology Innovation Board 50ETF** - **Basic Information**: Provided the T - type quotation table of E Fund Shanghai Science and Technology Innovation Board 50ETF options. The trading volume of the main - contract options was 167,234 lots, the open interest was 249,762 lots, the trading volume ratio of call to put options was 1.91, and the weighted - average implied volatility was 25.13% [67][68]. - **Volatility Trading**: Similar trading suggestions as above [72]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity was 7.11% at the settlement price and 0.99% at the counter - price [75][77]. 3.2 Options on the Shenzhen Stock Exchange - **2.1 Harvest CSI 300ETF** - **Basic Information**: Provided the T - type quotation table of Harvest CSI 300ETF options. The trading volume of the main - contract options was 125,214 lots, the open interest was 152,364 lots, the trading volume ratio of call to put options was 1.34, and the weighted - average implied volatility was 15.78% [78][81]. - **Volatility Trading**: Similar trading suggestions as above [87]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity was 16.0% at the settlement price and 0.74% at the counter - price [90][92].

Group 1: Report Information - Report title: Pioneer Futures Options Daily Report [1] - Report date: August 7, 2025 [1] Group 2: Options Volatility Ranking - The report provides the implied volatility, historical volatility, and true range of various option targets, along with their rankings [3][5] - For example, ps2510 has an implied volatility of 3.4% (ranked 1st), a 30 - day historical volatility of 4.4% (ranked 1st), and a true range of 3.8% (ranked 2nd) [3] Group 3: Volatility Analysis and Trading Suggestions - The implied volatility of at - the - money options reflects the market's expectation of future price fluctuations; the 30 - day historical volatility reflects past price movements; and the true range reflects the intraday price movement [6] - Volatility trading suggestions: For different months, sell the options of the month with the curve on top and buy those of the month with the curve below; for the same month, sell the options with points above the curve and buy those with points below the curve [23][37][47] Group 4: Exchange - Specific Option Analysis 4.1 Shanghai Stock Exchange Options 4.1.1 Shanghai 50ETF - Basic information: The trading volume of the main options is 691,988 lots, the open interest is 938,390 lots, the volume ratio of call to put options is 1.35, and the weighted average implied volatility is 13.25% [21] - Volatility trading: Based on the implied volatility curves [23][25][26] - Risk - free arbitrage: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 5.44% at the settlement price and 0.32% at the counter - price [27][29] 4.1.2 Huatai - Berry SSE 300ETF - Basic information: The trading volume of the main options is 592,003 lots, the open interest is 737,739 lots, the volume ratio of call to put options is 1.27, and the weighted average implied volatility is 14.27% [33] - Volatility trading: Based on the implied volatility curves [35][36][39] - Risk - free arbitrage: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 8.66% at the settlement price and 1.47% at the counter - price [40][42] 4.1.3 Southern CSI 500ETF - Basic information: The trading volume of the main options is 1,067,360 lots, the open interest is 765,766 lots, the volume ratio of call to put options is 1.18, and the weighted average implied volatility is 14.92% [45] - Volatility trading: Based on the implied volatility curves [48][49][50] - Risk - free arbitrage: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 63.5% at the settlement price and 13.7% at the counter - price [51][53] 4.1.4 Huaxia SSE STAR 50ETF - Basic information: The trading volume of the main options is 522,602 lots, the open interest is 919,347 lots, the volume ratio of call to put options is 1.75, and the weighted average implied volatility is 24.24% [56] - Volatility trading: Based on the implied volatility curves [58][61][62] - Risk - free arbitrage: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 7.67% at the settlement price and 0.87% at the counter - price [63][65] 4.1.5 E Fund SSE STAR 50ETF - Basic information: The trading volume of the main options is 132,102 lots, the open interest is 251,057 lots, the volume ratio of call to put options is 1.94, and the weighted average implied volatility is 25.02% [68] - Volatility trading: Based on the implied volatility curves [70][72][73] - Risk - free arbitrage: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 10.5% at the settlement price, and there is no return at the counter - price [74][76] 4.2 Shenzhen Stock Exchange Options 4.2.1 Harvest SSE 300ETF - Basic information: The trading volume of the main options is 118,126 lots, the open interest is 147,672 lots, the volume ratio of call to put options is 1.16, and the weighted average implied volatility is 15.7% [80] - Volatility trading: Based on the implied volatility curves [82][85][87]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The report presents the daily option data of various underlying assets, including the implied volatility of at - the - money options, 30 - day historical volatility, and the real amplitude of the day. It also provides T - type quotes, trading volume, open interest, and implied volatility data of major options for different ETFs, along with volatility trading suggestions and risk - free arbitrage information [3][19][21]. 3. Summary by Directory 3.1 Shanghai Stock Exchange Options 3.1.1 SSE 50 ETF - **Basic Information**: The settlement prices of call and put options with different strike prices are given. The trading volume of the main SSE 50 ETF options is 1,164,740 lots, the open interest is 874,482 lots, the trading volume ratio of call to put options is 1.39, and the weighted average implied volatility is 15.69% [19][21]. - **Volatility Trading**: Suggestions are to sell the options with curves or points above and buy those below, both for different months and the same month [23]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 5.51% at the settlement price and 1.03% at the counter - price [27][29]. 3.1.2 Huatai - Peregrine CSI 300 ETF - **Basic Information**: The settlement prices of call and put options with different strike prices are provided. The trading volume of the main 300ETF options is 1,105,748 lots, the open interest is 687,327 lots, the trading volume ratio of call to put options is 1.14, and the weighted average implied volatility is 16.21% [30][33]. - **Volatility Trading**: Similar to SSE 50 ETF, sell options with curves or points above and buy those below [36]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 3.11% at the settlement price and 0.48% at the counter - price [40][42]. 3.1.3 Southern CSI 500 ETF - **Basic Information**: The settlement prices of call and put options with different strike prices are shown. The trading volume of the main 500ETF options is 1,436,251 lots, the open interest is 729,488 lots, the trading volume ratio of call to put options is 1, and the weighted average implied volatility is 18.4% [43][45]. - **Volatility Trading**: The same trading suggestions as above [49]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 43.0% at the settlement price and 9.76% at the counter - price [52][54]. 3.1.4 Huaxia SSE STAR Market 50 ETF - **Basic Information**: The settlement prices of call and put options with different strike prices are presented. The trading volume of the main STAR Market 50ETF options is 784,137 lots, the open interest is 887,492 lots, the trading volume ratio of call to put options is 1.72, and the weighted average implied volatility is 26.74% [55][57]. - **Volatility Trading**: Follow the general volatility trading suggestions [59]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 13.0% at the settlement price and 1.39% at the counter - price [63][65]. 3.1.5 E Fund SSE STAR Market 50 ETF - **Basic Information**: The settlement prices of call and put options with different strike prices are given. The trading volume of the main STAR Market 50ETF options is 169,681 lots, the open interest is 259,867 lots, the trading volume ratio of call to put options is 1.78, and the weighted average implied volatility is 27.69% [66][68]. - **Volatility Trading**: Adopt the same volatility trading strategies [70]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 8.56% at the settlement price and 0.53% at the counter - price [74][76]. 3.2 Shenzhen Stock Exchange Options 3.2.1 Harvest CSI 300 ETF - **Basic Information**: The settlement prices of call and put options with different strike prices are provided. The trading volume of the main Shenzhen 300ETF options is 162,970 lots, the open interest is 131,069 lots, the trading volume ratio of call to put options is 1.29, and the weighted average implied volatility is 17.14% [77][80]. - **Volatility Trading**: Use the common volatility trading suggestions [84][85]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 11.7% at the settlement price, and there is no return at the counter - price [89][91].

Group 1 - The core argument is that young individuals should earn in USD due to the global market opportunities and the favorable exchange rate dynamics, which allow for "risk-free arbitrage" [1][8] - Over 80% of cross-border transactions are settled in USD, making it the most straightforward pricing unit for digital products and services that can be sold globally [3] - A case study of a 22-year-old working remotely in Changsha illustrates that earning in USD can significantly exceed local income opportunities, highlighting the impact of currency on earnings [4] Group 2 - Earning in USD can lead to a psychological shift, where young individuals realize the potential for exponential income growth, motivating them to enhance their skills and optimize their work processes [5] - Holding USD provides a safety net during economic uncertainties, offering options for financial stability and flexibility in times of crisis [6] - There are two common misconceptions: equating earning in USD with speculation and the belief that one must physically relocate abroad to earn in USD, while opportunities exist domestically [7] Group 3 - The value of time is emphasized, with the argument that selling in the USD market offers higher starting prices and a broader buyer pool compared to the RMB market [8]

Core Viewpoint - The article discusses the recent price increases in various sectors, particularly in the new energy, building materials, and coal industries, driven by a shift away from excessive competition and a focus on structural adjustments in key industries [3][4]. Group 1: Price Increases and Market Trends - Since July, the new energy sector has seen significant price increases, with polysilicon rising by 57%, industrial silicon by 20%, and lithium carbonate by 13% [3]. - In the black metal sector, coking coal has increased by 33.4%, with other commodities also experiencing gains of over 10% [3]. - The chemical sector has seen prices for caustic soda and alumina rise by more than 10%, while other energy, non-ferrous, and agricultural products have shown relatively muted performance [3]. Group 2: Futures vs. Spot Prices - The futures prices in the affected sectors have risen significantly faster than spot prices, leading to a rapid decrease in basis rates, such as polysilicon at -12% and coking coal at -11% [4]. - The future correction of basis rates will depend on the willingness of downstream buyers to restock and whether the arbitrage window opens for buying spot and hedging in futures [4]. Group 3: Inventory and Market Sentiment - The current market sentiment is influenced by overly pessimistic views from the previous quarter, which led to active price reductions to clear inventory [4]. - Core inventory levels for some commodities are not high, indicating that if the downstream demand continues to improve, there could be a scenario where spot prices rise alongside futures, strengthening the basis [4]. Group 4: Downstream Purchasing Behavior - Downstream industries are exhibiting a "buy on the rise, sell on the fall" mentality, which could lead to synchronized price increases in both spot and futures markets if restocking occurs [4]. - The overall sentiment suggests that until inventory levels reach a relatively high point, commodities may continue to experience upward price pressure [4].