1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past week, the trading volume of commodity options increased slightly, mainly due to the increment brought by the rising volatility of the agricultural products sector. Meanwhile, the trading volume of the non - ferrous and new energy sectors decreased along with the decline of implied volatility. The implied volatility of non - ferrous sector options is at a relatively low level recently, and buying options for price reversal trading can be considered [5]. - The options of contracts such as soybean meal, corn, starch, iron ore, liquefied gas, polypropylene, PVC, plastic, palm oil, soybean No.1, soybean No.2, soybean oil, styrene, ethylene glycol, eggs, live pigs, and log 509 are about to expire. Attention should be paid to the end - of - month risks when changing contracts [5]. 3. Summary According to the Table of Contents 3.1 Market Overview - The trading volume of commodity options increased slightly last week, mainly due to the increment from the agricultural products sector. The trading volume of non - ferrous and new energy sectors decreased, and their implied volatility also declined. The implied volatility of non - ferrous sector options is at a recent low [5]. - The options of certain contracts are about to expire, and attention should be paid to the end - of - month risks [5]. 3.2 Market Data 3.2.1 Market Overview - The trading volume of the overall market this week was 8,808,344.8, with a week - on - week increase of 0.17%. The open interest was 8,996,228, with a week - on - week decrease of 0.27%. Among them, the trading volume of the agricultural products sector increased by 2.45%, that of the energy and chemical sector increased by 0.17%, that of the black sector increased by 0.4%, and that of the precious metals sector increased by 1.26%. The trading volume of the non - ferrous and new energy sectors decreased by 1.82%. The open interest of the agricultural products sector decreased by 0.1%, that of the energy and chemical sector decreased by 0.55%, that of the black sector decreased by 0.19%, and that of the non - ferrous and new energy sectors increased by 0.41% [6]. 3.2.2 - 3.2.55 Various Option Market Data - For each type of option (such as corn, soybean meal, etc.), detailed data on trading volume, open interest, volume PCR, open interest PCR, at - the - money volatility, HV - 10 days, HV - 20 days, and Skew are provided, including data for this week, last week, and their changes [12 - 44]. 3.3 Chart Analysis No relevant content provided.

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - The trading volume of commodity options reached 6.34 million contracts. Some varieties had relatively large trading volumes, such as soybean meal options with 670,000 contracts, palm oil options with 580,000 contracts, and soda ash options with 430,000 contracts. In terms of open interest, soybean meal options exceeded 1.09 million contracts, and rebar options exceeded 550,000 contracts. Regarding the trading volume PCR, some varieties deviated significantly, presenting trading opportunities but also liquidity risks [1][3]. - In the agricultural product sector, the IV of corn options rose by 5.86%, while that of egg options fell by 4.88%. In the energy and chemical sector, the IV of caustic soda options increased by 3.06%, and that of lithium carbonate options decreased by 4.47%. In the metal sector, the IV of each variety showed mixed trends, with the IV of Shanghai silver options dropping by 0.69% [3]. 3. Summary According to the Directory 3.1. Market Quick View 3.1.1. Trading Volume and Open Interest - The report provides detailed trading volume and open - interest data for various commodity options, including information on the underlying asset's closing price, price change, option trading volume, call and put trading volumes, option open interest, call and put open interests, and trading volume and open - interest PCR for each variety [5]. 3.1.2. Volatility - The report presents the implied volatility (IV) data of various commodity options, including the flat - strike IV, IV change in absolute value, historical volatility (30 - day, 60 - day, and 90 - day), and the difference between implied and historical volatility (IV - HV) for each variety [11]. 3.2. Variety Research 3.2.1. Soybean Meal Options - The report includes charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for soybean meal options [13]. 3.2.2. Rapeseed Meal Options - It provides charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for rapeseed meal options [17]. 3.2.3. PTA Options - The report contains charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for PTA options [21]. 3.2.4. Methanol Options - It offers charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for methanol options [23]. 3.2.5. Sugar Options - The report includes charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for sugar options [26]. 3.2.6. Soda Ash Options - It provides charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for soda ash options [31]. 3.2.7. Iron Ore Options - The report contains charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for iron ore options [35]. 3.2.8. Shanghai Silver Options - It offers charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for Shanghai silver options [38]. 3.2.9. Rebar Options - The report includes charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for rebar options [42].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On June 16, 2025, the trading volume of commodity options reached 6.75 million contracts. The trading volume of some varieties was relatively large, such as styrene options with 1.24 million contracts, PTA options with 480,000 contracts, and silver options with 430,000 contracts. In terms of open interest, soybean meal options exceeded 1.03 million contracts, and soda ash options exceeded 760,000 contracts. In terms of trading volume PCR, some varieties deviated significantly, such as zinc options with a PCR of 1.59 and urea options with a PCR of 0.39, presenting trading opportunities but also requiring caution regarding liquidity risks [1][3]. - In the agricultural products sector, the IV of hog options increased by 8.74%, and the IV of corn starch decreased by 2.48%. In the energy and chemical sector, the IV of styrene options increased by 9.24%, and the IV of manganese silicon options decreased by 1.18%. In the metal sector, the IV of each variety fluctuated, with the IV of iron ore options decreasing by 5.33% [3]. Group 3: Summary by Directory 1. Market Quick View 1.1 Trading Volume and Open Interest - Provided detailed trading volume, open - interest, and other data for various option varieties, including soybean meal, corn, palm oil, etc. The trading volume and open - interest of different varieties showed significant differences, and the trading volume PCR and open - interest PCR also varied widely [6]. 1.2 Volatility - Presented the flat - strike IV, IV change (absolute value), historical volatility (30 - day, 60 - day, 90 - day), and implied - historical volatility difference for various option varieties. Different varieties had different trends in IV changes, such as an 8.74% increase in the IV of hog options and a 5.33% decrease in the IV of iron ore options [12]. 2. Variety Research - For each option variety (soybean meal options, rapeseed meal options, PTA options, etc.), it provided charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference [15][19][23].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The trading volume of financial options reached 7.83 million contracts, indicating relatively active trading in the financial options market. The trading volume of most varieties' PCR ratios was significantly lower than 1, suggesting that the call options in the options market were more popular than put options [1][3]. - The VIX of SSE CSI 500 ETF options rose by 0.40%. The VIX indexes of various ETF options on the SSE increased to varying degrees, the VIX of Shenzhen GEM ETF options on the SZSE rose by 1.09%, and the VIX index of CFFEX CSI 300 index options rose by 0.48% [1][3]. Summary by Directory 1. Market Quick View 1.1 Trading Volume and Open Interest - The closing prices, price changes, option trading volumes, option open interests, trading volume PCRs, and open interest PCRs of multiple options such as SSE SSE 50 ETF, SSE CSI 300 ETF, and SSE CSI 500 ETF were presented. For example, the closing price of SSE SSE 50 ETF was 2.715, with a price increase of 0.89%, trading volume of 1,285,515 contracts, and open interest of 1,594,677 contracts [5]. 1.2 Volatility - The implied volatility indexes (VIX), IV price changes (absolute values), skewness indexes, historical volatilities (30 - day and 90 - day), and implied - historical differences of multiple options were provided. For instance, the VIX of SSE SSE 50 ETF was 16.90, with an IV price increase of 0.60%, and a historical volatility of 21.94% (30 - day) [9]. 2. Product Research 2.1 SSE SSE 50 ETF Options - Charts related to the volatility smile curve, volatility term structure, VIX index, SKEW index, trading volume PCR, and open interest PCR were presented [14]. 2.2 SSE CSI 300 ETF Options - Similar to 2.1, relevant charts for SSE CSI 300 ETF options were provided, including the volatility smile curve, volatility term structure, etc. [17]. 2.3 SSE CSI 500 ETF Options - Charts of the volatility smile curve, volatility term structure, VIX index, SKEW index, trading volume PCR, and open interest PCR for SSE CSI 500 ETF options were shown [22]. 2.4 SSE STAR 50 ETF Options - Relevant charts for SSE STAR 50 ETF options, such as the volatility smile curve and volatility term structure, were presented [25]. 2.5 SSE STAR - BOARD 50 ETF Options - Similar to the above, charts related to SSE STAR - BOARD 50 ETF options were provided [29]. 2.6 SZSE CSI 300 ETF Options - Charts of the volatility smile curve, volatility term structure, VIX index, SKEW index, trading volume PCR, and open interest PCR for SZSE CSI 300 ETF options were shown [32]. 2.7 SZSE CSI 500 ETF Options - Relevant charts for SZSE CSI 500 ETF options, including the volatility smile curve and volatility term structure, were presented [36].

Investment Rating - The report does not explicitly provide an investment rating for the industry [4]. Core Insights - The total trading volume of commodity options reached 6.43 million contracts, with significant volumes in specific products such as soybean meal options at 670,000 contracts, and soda ash and caustic soda options at 600,000 and 490,000 contracts respectively [4][6]. - The implied volatility (IV) of crude oil options increased by 5.06%, while other agricultural products showed mixed results, with rapeseed meal options seeing a 5.71% increase and soybean oil options a 2.44% decrease [4][13]. - The report highlights notable discrepancies in the put-call ratio (PCR) for certain products, indicating potential trading opportunities alongside liquidity risks [4][6]. Summary by Sections Section 1: Market Overview - The report tracks daily data as of March 10, 2025, focusing on trading volume and volatility metrics [6][8]. - The trading volume and open interest for various options are detailed, showcasing the most active contracts and their respective price movements [7][9]. Section 2: Product Research 2.1 Soybean Meal Options - The report provides insights into the trading dynamics and volatility trends for soybean meal options, including a detailed analysis of the implied volatility [15][16]. 2.2 Rapeseed Meal Options - Similar analysis is conducted for rapeseed meal options, highlighting the volatility structure and market behavior [18][19]. 2.3 PTA Options - The report discusses PTA options, focusing on their trading patterns and volatility metrics [22][23]. 2.4 Methanol Options - Insights into methanol options are provided, including their volatility trends and market performance [25][26]. 2.5 Soda Ash Options - The report analyzes soda ash options, detailing their trading activity and volatility characteristics [27][28]. 2.6 Iron Ore Options - A comprehensive review of iron ore options is included, focusing on their market dynamics and volatility trends [32][33]. 2.7 Silver Options - The report examines silver options, providing insights into their trading behavior and volatility metrics [35][36]. 2.8 Rebar Options - The analysis concludes with a review of rebar options, detailing their market performance and volatility trends [38][39].