Group 1: Report Overview - Report Date: February 13, 2026 [2] - Report Type: Financial Options Daily Report - Report Theme: Market sentiment weakens, stock indexes fluctuate and decline Group 2: Investment Rating - No investment rating information is provided in the report. Group 3: Core Views - Today, all stock indexes opened low and closed sharply lower. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 199.89 billion yuan, a decrease of 16.18 billion yuan from the previous day [3]. - Due to the approaching holiday, the demand for cash during the holiday is large, and the capital market has tightened. Coupled with concerns about the uncertainty of non - trading during the holiday, investors' willingness to leave the market temporarily has increased, resulting in a decline in trading volume [3]. - Today, silver prices dropped sharply, and overnight U.S. technology stocks corrected significantly, which led to a further weakening of market sentiment. Investors' risk appetite tends to be cautious and wait - and - see [3]. - However, the positive policy expectations and the continuous net inflow of incremental funds into the stock market remain unchanged. The core logic for the medium - to - long - term upward movement of stock indexes is still relatively solid [3]. - After the Spring Festival holiday, it will be close to the policy window period of the Two Sessions, and it is expected that positive policy expectations will increase [3]. - In general, stock indexes will mainly fluctuate within a range in the short term [3]. - For options, since the medium - to - long - term upward logic of stock indexes is relatively solid, a bull spread strategy can be maintained [3]. Group 4: Option Indicators Index and ETF Performance - On February 13, 2026, the 50ETF fell 1.49% to close at 3.114; the 300ETF (Shanghai Stock Exchange) fell 1.18% to close at 4.671; the 300ETF (Shenzhen Stock Exchange) fell 1.28% to close at 4.866; the CSI 300 Index fell 1.25% to close at 4660.41; the CSI 1000 Index fell 1.32% to close at 8204.83; the 500ETF (Shanghai Stock Exchange) fell 1.66% to close at 8.373; the 500ETF (Shenzhen Stock Exchange) fell 1.54% to close at 3.328; the ChiNext ETF fell 1.63% to close at 3.265; the Shenzhen 100ETF fell 1.12% to close at 3.443; the SSE 50 Index fell 1.47% to close at 3034.35; the STAR 50ETF fell 0.71% to close at 1.55; the E Fund STAR 50ETF fell 0.66% to close at 1.50 [5]. PCR Data - The trading volume PCR and position PCR data of various options on February 13, 2026, and the comparison with the previous trading day are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. Implied Volatility and Historical Volatility - The implied volatility of at - the - money options in February 2026 and the 30 - day historical volatility of the underlying assets of various options are provided, including 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. Group 5: Related Charts - The report includes a series of charts related to various options, such as the trend, volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different terms of 50ETF options, 300ETF options (Shanghai and Shenzhen), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen), ChiNext ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [9][20][24][38][44][58][71][84][97][110][123][134].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The agricultural product options market shows different trends in various sectors. Oilseeds and oils are in a weak and volatile state, while oils, agricultural by-products, and soft commodities like sugar are in a volatile range. Cotton is in a strong consolidation, and grains such as corn and starch are in a narrow and bullish consolidation. The recommended strategy is to construct an options portfolio strategy dominated by sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product options have different price changes, trading volumes, and open interest changes. For example, soybean No.1 (A2603) has a latest price of 4,294, a decline of 1 and a decline rate of -0.02%, with a trading volume of 1.66 million hands and an open interest of 5.60 million hands [3]. 3.2 Options Factors - Volume and Open Interest PCR - The volume and open interest PCR of different options varieties show different trends, which can be used to describe the strength of the options underlying market and whether the turning point of the underlying market has occurred [4]. 3.3 Options Factors - Pressure and Support Levels - The pressure and support levels of different options varieties can be seen from the strike prices of the maximum open interest of call and put options [5]. 3.4 Options Factors - Implied Volatility - The implied volatility of different options varieties shows different levels and trends, which can be used to measure the market's expectation of future price fluctuations [6]. 3.5 Strategy and Recommendations - **Oilseeds and Oils Options**: For soybean No.1, considering the fundamentals and market trends, it is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Meal Options**: For soybean meal, based on the fundamentals and market trends, it is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Agricultural By - product Options**: For live pigs, it is recommended to construct a short neutral call + put option combination strategy and a covered call strategy for spot hedging [10]. - **Soft Commodity Options**: For sugar, it is recommended to construct a short bearish call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Grain Options**: For corn, it is recommended to construct a short neutral call + put option combination strategy [13].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On January 13, 2026, the stock indices oscillated and declined, with CSI 1000 and CSI 500 leading the losses. The total market trading volume was 3698.7 billion yuan, an increase of 54.1 billion yuan from the previous day. The decline was due to the significant increase in the valuation of previously rising stocks and the increasing need for profit - taking by profitable funds. Since the beginning of 2026, the performance of large - and small - cap stocks has diverged, with small - cap stocks rising more, so CSI 1000 and CSI 500 led the decline in this correction. The continuous increase in trading volume indicates that market sentiment remains optimistic, and the short - term correction will not change the strong trend of the stock indices. With the continuous fermentation of positive policy expectations and the continuous net inflow of incremental funds, the medium - and long - term upward logic of the stock indices is relatively solid. It is expected that the stock indices will oscillate and strengthen in the short term. In the options market, the current position PCR and implied volatility have both increased, and a bull spread strategy can be considered [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - **ETF and Index Performance**: On January 13, 2026, 50ETF fell 0.12% to 3.214; SSE 300ETF fell 0.35% to 4.896; SZSE 300ETF fell 0.40% to 4.972; CSI 300 Index fell 0.60% to 4761.03; CSI 1000 Index fell 1.84% to 8203.13; SSE 500ETF fell 1.31% to 8.306; SZSE 500ETF fell 1.77% to 3.271; GEM ETF fell 1.93% to 3.306; Shenzhen 100ETF fell 1.13% to 3.512; SSE 50 Index fell 0.34% to 3132.93; STAR 50ETF fell 2.82% to 1.55; E Fund STAR 50ETF fell 2.73% to 1.50 [5]. - **Volume PCR and Position PCR**: The volume PCR and position PCR of various options showed different changes compared with the previous trading day. For example, the volume PCR of SSE 50ETF options was 56.98 (previous day: 58.99), and the position PCR was 98.88 (previous day: 99.05) [6]. - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - day historical volatility of various options' at - the - money options were provided. For instance, the implied volatility of SSE 50ETF options' at - the - money options in January 2026 was 16.96%, and the 30 - day historical volatility of the underlying was 11.77% [7]. 3.2 Relevant Charts - **SSE 50ETF Options**: Included charts of SSE 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9]. - **SSE 300ETF Options**: Included charts of SSE 300ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20]. - **SZSE 300ETF Options**: Included charts of SZSE 300ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [23]. - **CSI 300 Index Options**: Included charts of CSI 300 index trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [35]. - **CSI 1000 Index Options**: Included charts of CSI 1000 index trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [42]. - **SSE 500ETF Options**: Included charts of SSE 500ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [55]. - **SZSE 500ETF Options**: Included charts of SZSE 500ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [68]. - **GEM ETF Options**: Included charts of GEM ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [81]. - **Shenzhen 100ETF Options**: Included charts of Shenzhen 100ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [92]. - **SSE 50 Index Options**: Included charts of SSE 50 index trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [105]. - **STAR 50ETF Options**: Included charts of STAR 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [118]. - **E Fund STAR 50ETF Options**: Included charts of E Fund STAR 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [128].

Report Summary - The report is an agricultural product option strategy morning report, covering the analysis of various agricultural product options and providing corresponding strategy suggestions [2] - The overall market trend shows that oilseeds and oils are weakly volatile, oils and agricultural by - products maintain a volatile market, soft commodity sugar fluctuates slightly, cotton consolidates strongly, and grains such as corn and starch are narrowly bullish [2] Market Conditions of Underlying Futures Price and Volume Changes - Among different option varieties, the prices and trading volumes of underlying futures contracts have changed to different degrees. For example, the price of soybean No.1 (A2603) decreased by 7 to 4,326, with a trading volume of 2.70 million lots, a decrease of 1.47 million lots compared to the previous period; the price of soybean meal (M2603) decreased by 29 to 3,098, with a trading volume of 24.46 million lots, an increase of 7.74 million lots [3] Option Factors Analysis Volume - to - Open Interest PCR - Different option varieties have different volume - to - open interest PCR values and their changes, which reflect the strength of the option underlying market and the turning point of the market. For example, the volume PCR of soybean No.1 is 0.37, with a change of 0.08, and the open interest PCR is 0.95, with a change of - 0.04 [4] Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure point of soybean No.1 is 4,500 and the support point is 4,000 [5] Implied Volatility - The implied volatility of different option varieties also varies, and the weighted implied volatility has different degrees of change. For example, the weighted implied volatility of soybean No.1 decreased by 0.36 to 15.39% [6] Strategy and Suggestions Oilseeds and Oils Options - For soybean No.1, the fundamental situation shows that the CNF premium of Brazilian soybeans in February 2026 has a slight weekly increase, the import cost has a weekly decrease, and the crushing profit on the disk has a weekly increase. The market trend is a short - term bullish rebound. Option strategies include constructing a neutral call + put option combination strategy to obtain time value and a long collar strategy for spot hedging [7] - For soybean meal, the fundamental situation shows that the average daily提货 volume of major oil mills has a slight decrease, and the inventory has a weekly and year - on - year increase. The market is in an oversold rebound. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [9] - For palm oil, the fundamental situation shows that the production in December has a significant decrease and the export has a slight increase. The market is a rebound with upper pressure. Option strategies include constructing a neutral call + put option combination strategy with a short delta and a long collar strategy for spot hedging [9] Agricultural By - products Options - For live pigs, the fundamental situation shows that the prices of piglets, live pigs, and sows have different degrees of changes, and the average slaughter weight has a slight decrease. The market is a weak short - term oversold rebound. Option strategies include constructing a neutral call + put option combination strategy and a long - spot covered call strategy [10] - For eggs, the fundamental situation shows that the inventory at the production and circulation ends has increased, indicating a short - term oversupply. The market is a rebound with upper pressure. Option strategies include constructing a short - biased call + put option combination strategy [11] Soft Commodities Options - For sugar, the fundamental situation shows that the import volume in November 2025 has a year - on - year decrease, but the cumulative import volume from January to November has a year - on - year increase. The market is a weak short - term oversold rebound. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12] - For cotton, the fundamental situation shows that the processing and inspection volume of cotton in the 2025 cotton year has reached a certain scale. The market is a short - term bullish upward trend. Option strategies include constructing a call option bull spread strategy and a long - spot collar strategy [13] Grains Options - For corn, the fundamental situation shows that the price of corn starch is stable with a weak trend, and the farmers' sentiment of holding back sales is strong. The market is a rebound with lower support. Option strategies include constructing a neutral call + put option combination strategy [13]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. The report analyzes the underlying market, option factors, and offers option strategy recommendations for each option variety [9]. - The overall strategy is to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Underlying Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy and chemical option underlying futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. For example, the latest price of crude oil (SC2602) is 433, with a decrease of 11 and a decline rate of -2.44% [4]. 3.2 Option Factors - Volume and Open Interest PCR - The report provides the trading volume, volume changes, open interest, open interest changes, trading volume PCR, volume PCR changes, open interest PCR, and open interest PCR changes of various energy and chemical options. The volume PCR and open interest PCR are mainly used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the report shows the pressure and support levels of various energy and chemical option underlying assets. For example, the pressure level of crude oil is 540 and the support level is 400 [6]. 3.4 Option Factors - Implied Volatility - The report lists the at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of various energy and chemical options. The weighted implied volatility uses volume - weighted average [7]. 3.5 Option Strategies and Suggestions - **Energy Options (Crude Oil and LPG)**: For crude oil, due to factors such as the delay of data release by the US Energy Department, the interception of Venezuelan VLCCs by the US military, and the decline in exports from Kazakhstan and the Middle East, the market shows a weak trend. Options strategies include constructing short - biased call + put option combination strategies and long collar strategies for spot hedging. For LPG, with limited supply growth and support from chemical demand, the market is also weak. Strategies involve constructing bear put spread strategies and short - biased call + put option combination strategies [8][10]. - **Alcohol Options (Methanol and Ethylene Glycol)**: Methanol has a high inventory expectation, and the market is weak. Strategies include constructing short - biased call + put option combination strategies and long collar strategies. Ethylene glycol has an inventory accumulation expectation, and the market is bearish. Strategies include constructing bear put spread strategies and short - volatility strategies [10][11]. - **Olefin Options (PVC)**: PVC's inventory has decreased, but the market is still under pressure. The strategy mainly focuses on spot long hedging by holding spot long + buying at - the - money put options + selling out - of - the - money call options [11]. - **Rubber Options**: Rubber's inventory is at a medium level, and the production of full - latex is squeezed. The market shows a warming trend. Strategies include constructing neutral - biased call + put option combination strategies [12]. - **Polyester Options (PTA)**: PTA's inventory is decreasing, and the market is short - term strong. Strategies include constructing bull call spread strategies and long - biased call + put option combination strategies [12]. - **Alkali Options (Caustic Soda and Soda Ash)**: Caustic soda's capacity utilization rate has increased, but the market is still weak. Strategies include constructing bear spread strategies and long collar strategies. Soda ash's inventory has decreased, and the market is in a low - level weak shock. Strategies include constructing bear spread strategies and short - volatility combination strategies [13]. - **Urea Options**: Urea's production has decreased, and the market is short - term weak. Strategies include constructing neutral - biased call + put option combination strategies and spot hedging strategies [14].

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - The stock market shows a high - level volatile upward trend, with the Shanghai Composite Index, large - cap blue - chip stocks, small - and medium - cap stocks, and ChiNext stocks all performing in this way [2]. - The implied volatility of financial options has declined to a level below the historical average [2]. - For ETF options, it is suitable to construct a partial long - side seller strategy and a bull spread combination strategy of call options; for stock index options, it is suitable to construct a partial long - side seller strategy, a bull spread combination strategy of call options, and an arbitrage strategy of synthetic long futures with options and short futures [2]. 3. Summary by Relevant Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,940.95, up 20.97 (0.53%), with a trading volume of 773.9 billion yuan, a decrease of 32.9 billion yuan, and a PE of 16.46 [3]. - The Shenzhen Component Index closed at 13,486.42, up 117.43 (0.88%), with a trading volume of 1106.3 billion yuan, an increase of 13.4 billion yuan, and a PE of 31.16 [3]. - The Shanghai 50 Index closed at 3,025.18, down 2.34 (- 0.08%), with a trading volume of 91.3 billion yuan, a decrease of 19.2 billion yuan, and a PE of 11.78 [3]. - The CSI 300 Index closed at 4,634.06, up 13.32 (0.29%), with a trading volume of 406.4 billion yuan, a decrease of 26.8 billion yuan, and a PE of 14.11 [3]. - The CSI 500 Index closed at 7,352.04, up 95.25 (1.31%), with a trading volume of 331.9 billion yuan, an increase of 3.4 billion yuan, and a PE of 33.37 [3]. - The CSI 1000 Index closed at 7,506.38, up 113.96 (1.54%), with a trading volume of 406.3 billion yuan, an increase of 9.1 billion yuan, and a PE of 45.83 [3]. 3.2 Option - Based ETF Market Overview - The Shanghai 50 ETF closed at 3.099, up 0.001 (0.03%), with a trading volume of 6.6204 million shares, an increase of 6.5481 million shares, and a trading value of 2.05 billion yuan, a decrease of 0.191 billion yuan [4]. - The Shanghai 300 ETF closed at 4.757, up 0.017 (0.36%), with a trading volume of 5.3343 million shares, an increase of 5.2535 million shares, and a trading value of 2.531 billion yuan, a decrease of 1.302 billion yuan [4]. - The Shanghai 500 ETF closed at 7.470, up 0.096 (1.30%), with a trading volume of 3.5037 million shares, an increase of 3.4852 million shares, and a trading value of 2.611 billion yuan, an increase of 1.246 billion yuan [4]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.423, up 0.013 (0.92%), with a trading volume of 20.6799 million shares, an increase of 20.4685 million shares, and a trading value of 2.927 billion yuan, a decrease of 0.059 billion yuan [4]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.378, up 0.013 (0.95%), with a trading volume of 6.2588 million shares, an increase of 6.1892 million shares, and a trading value of 0.858 billion yuan, a decrease of 0.095 billion yuan [4]. - The Shenzhen 300 ETF closed at 4.832, up 0.020 (0.42%), with a trading volume of 1.1571 million shares, an increase of 1.1332 million shares, and a trading value of 0.558 billion yuan, a decrease of 0.594 billion yuan [4]. - The Shenzhen 500 ETF closed at 2.950, up 0.043 (1.48%), with a trading volume of 1.1667 million shares, an increase of 1.1590 million shares, and a trading value of 0.343 billion yuan, an increase of 0.0118 billion yuan [4]. - The Shenzhen 100 ETF closed at 3.478, up 0.010 (0.29%), with a trading volume of 0.9761 million shares, an increase of 0.9682 million shares, and a trading value of 0.338 billion yuan, an increase of 0.0063 billion yuan [4]. - The ChiNext ETF closed at 3.212, up 0.027 (0.85%), with a trading volume of 7.8286 million shares, an increase of 7.7340 million shares, and a trading value of 2.505 billion yuan, a decrease of 0.51 billion yuan [4]. 3.3 Option Factors - Volume and Position PCR - For the Shanghai 50 ETF option, the trading volume was 788,200 contracts, a decrease of 92,600 contracts; the position was 1,281,300 contracts, a decrease of 22,700 contracts; the volume PCR was 0.76, a decrease of 0.16; the position PCR was 1.02, a decrease of 0.01 [5]. - For the Shanghai 300 ETF option, the trading volume was 894,700 contracts, a decrease of 121,200 contracts; the position was 1,311,300 contracts, an increase of 12,400 contracts; the volume PCR was 0.83, a decrease of 0.09; the position PCR was 1.10, unchanged [5]. - For the Shanghai 500 ETF option, the trading volume was 1,435,500 contracts, an increase of 258,900 contracts; the position was 1,196,300 contracts, a decrease of 7,800 contracts; the volume PCR was 0.94, a decrease of 0.31; the position PCR was 1.33, an increase of 0.12 [5]. - For the Huaxia Science and Technology Innovation 50 ETF option, the trading volume was 1,185,800 contracts, a decrease of 92,800 contracts; the position was 2,395,700 contracts, an increase of 8,400 contracts; the volume PCR was 0.66, a decrease of 0.06; the position PCR was 0.94, an increase of 0.02 [5]. - For the E Fund Science and Technology Innovation 50 ETF option, the trading volume was 256,100 contracts, a decrease of 5,900 contracts; the position was 640,100 contracts, an increase of 300 contracts; the volume PCR was 0.68, a decrease of 0.19; the position PCR was 0.95, unchanged [5]. - For the Shenzhen 300 ETF option, the trading volume was 350,700 contracts, an increase of 96,200 contracts; the position was 336,100 contracts, a decrease of 6,600 contracts; the volume PCR was 0.94, an increase of 0.03; the position PCR was 1.04, an increase of 0.03 [5]. - For the Shenzhen 500 ETF option, the trading volume was 434,300 contracts, an increase of 134,400 contracts; the position was 418,100 contracts, an increase of 9,200 contracts; the volume PCR was 1.20, an increase of 0.12; the position PCR was 1.18, an increase of 0.14 [5]. - For the Shenzhen 100 ETF option, the trading volume was 43,400 contracts, a decrease of 44,900 contracts; the position was 123,200 contracts, a decrease of 1,100 contracts; the volume PCR was 1.03, a decrease of 0.36; the position PCR was 1.40, a decrease of 0.08 [5]. - For the ChiNext ETF option, the trading volume was 1,763,900 contracts, a decrease of 305,000 contracts; the position was 1,854,200 contracts, a decrease of 89,300 contracts; the volume PCR was 0.78, a decrease of 0.29; the position PCR was 1.50, an increase of 0.11 [5]. - For the Shanghai 50 index option, the trading volume was 22,500 contracts, an increase of 1,600 contracts; the position was 47,500 contracts, an increase of 2,300 contracts; the volume PCR was 0.49, a decrease of 0.24; the position PCR was 0.65, a decrease of 0.01 [5]. - For the CSI 300 index option, the trading volume was 94,600 contracts, an increase of 20,000 contracts; the position was 154,400 contracts, an increase of 7,500 contracts; the volume PCR was 0.55, a decrease of 0.09; the position PCR was 0.68, a decrease of 0.01 [5]. - For the CSI 1000 index option, the trading volume was 248,400 contracts, an increase of 91,200 contracts; the position was 251,600 contracts, an increase of 5,700 contracts; the volume PCR was 0.64, a decrease of 0.13; the position PCR was 0.99, an increase of 0.05 [5]. 3.4 Option Factors - Pressure Points and Support Points - For the Shanghai 50 ETF, the pressure point was 3.10, with an offset of - 0.10; the support point was 3.00, with an offset of 0; the maximum call position was 56,894, and the maximum put position was 52,007 [7]. - For the Shanghai 300 ETF, the pressure point was 4.80, with an offset of 0; the support point was 4.60, with an offset of 0; the maximum call position was 67,750, and the maximum put position was 71,553 [7]. - For the Shanghai 500 ETF, the pressure point was 7.50, with an offset of 0.25; the support point was 7.25, with an offset of 0; the maximum call position was 60,932, and the maximum put position was 89,703 [7]. - For the Huaxia Science and Technology Innovation 50 ETF, the pressure point was 1.40, with an offset of 0; the support point was 1.40, with an offset of 0; the maximum call position was 78,670, and the maximum put position was 82,504 [7]. - For the E Fund Science and Technology Innovation 50 ETF, the pressure point was 1.50, with an offset of 0; the support point was 1.25, with an offset of 0; the maximum call position was 21,257, and the maximum put position was 16,418 [7]. - For the Shenzhen 300 ETF, the pressure point was 4.90, with an offset of 0; the support point was 4.80, with an offset of 0; the maximum call position was 10,781, and the maximum put position was 8,352 [7]. - For the Shenzhen 500 ETF, the pressure point was 2.90, with an offset of 0; the support point was 2.90, with an offset of 0; the maximum call position was 9,793, and the maximum put position was 8,231 [7]. - For the Shenzhen 100 ETF, the pressure point was 3.60, with an offset of 0; the support point was 3.40, with an offset of 0.20; the maximum call position was 2,861, and the maximum put position was 2,702 [7]. - For the ChiNext ETF, the pressure point was 3.20, with an offset of 0; the support point was 3.10, with an offset of 0; the maximum call position was 77,483, and the maximum put position was 68,255 [7]. - For the Shanghai 50 index option, the pressure point was 3,050, with an offset of - 50; the support point was 3,000, with an offset of 0; the maximum call position was 2,552, and the maximum put position was 2,127 [7]. - For the CSI 300 index option, the pressure point was 4,600, with an offset of 0; the support point was 4,600, with an offset of 100; the maximum call position was 10,751, and the maximum put position was 5,706 [7]. - For the CSI 1000 index option, the pressure point was 7,500, with an offset of 0; the support point was 7,200, with an offset of 0; the maximum call position was 7,147, and the maximum put position was 7,722 [7]. 3.5 Option Factors - Implied Volatility - For the Shanghai 50 ETF option, the at - the - money implied volatility was 10.04%, the weighted implied volatility was 12.95%, an increase of 0.63%, the annual average was 15.99%, the call implied volatility was 13.15%, the put implied volatility was 12.67%, the 20 - day historical volatility was 12.03%, and the implied - historical volatility difference was 0.92% [10]. - For the Shanghai 300 ETF option, the at - the - money implied volatility was 30.99%, the weighted implied volatility was 14.69%, an increase of 0.82%, the annual average was 16.61%, the call implied volatility was 14.66%, the put implied volatility was 14.73%, the 20 - day historical volatility was 13.40%, and the implied - historical volatility difference was 1.29% [10]. - For the Shanghai 500 ETF option, the at - the - money implied volatility was 16.44%, the weighted implied volatility was 18.63%, an increase of 1.44%, the annual average was 20.38%, the call implied volatility was 18.37%, the put implied volatility was 18.93%, the 20 - day historical volatility was 17.09%, and the implied - historical volatility difference was 1.54% [10]. - For the Huaxia Science and Technology Innovation 50 ETF option, the at - the - money implied volatility was 47.69%, the weighted implied volatility was 25.38%, an increase of 0.70%, the annual average was 33.82%, the call implied volatility was 25.55%, the put implied volatility was 25.14%, the 20 - day historical volatility was 25.64%, and the implied - historical volatility difference was - 0.26% [10]. - For the E Fund Science and Technology Innovation 50 ETF option, the at

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The market showed a volatile trend of falling first and then rising last week, with most indices closing down weekly. The Kechuang 50 index led the decline with a weekly drop of 2.99%. Sectors such as retail and non - banking finance performed prominently with weekly gains of 6.65% and 2.89% respectively, while sectors like electronics and power equipment were weaker, with weekly drops of about 3.28% and 3.12% respectively [1]. - The market focus last week was on the policy statements of central banks. The Bank of Japan raised interest rates by 25 basis points as expected, but the yen's weakening trend remained due to continued concerns about Japan's fiscal situation. In the US, inflation data cooled more than expected, and non - farm payroll data remained resilient, which helped stabilize market expectations for US stocks. Geopolitical tensions in the Russia - Ukraine conflict supported the euro's relative strength. Overall, the market's expectation of the Fed's interest rate cut and the Bank of Japan's interest rate hike jointly led to a slight strengthening of the US dollar index. The RMB exchange rate was relatively strong, and it is expected that the domestic market may continue the volatile and slightly stronger pattern in the short term. Attention should be paid to changes in US dollar liquidity and domestic policy signals [1]. - In the options market last week, the implied volatility (IV) of various financial options mainly declined and remained at a relatively low level this year. The IV of the ChiNext Index ETF option had the deepest decline, reaching 8.20%. The IV of the Kechuang 50 option (IV = 23%) and the ChiNext Index option (IV = 23%) has fallen below the median of the past year. The IV of the 50 and 300 options is currently in the range of 10% - 12%, and the IV of the CSI 500 and CSI 1000 options is in the range of 14% - 16%. The PCR of most financial options' open interest is still in the range of 90% - 130%, slightly lower than the previous week [2]. - The market may continue to be volatile and slightly stronger, and the IV of various financial options remains at a low level this year. It is advisable to continue holding indices with relatively reasonable valuations such as the CSI 300 and CSI A500. Currently, the IV of options has declined, and one can also buy out - of - the - money call options with a long - term expiration date of the corresponding indices. For the Kechuang 50 index, which has large recent fluctuations and still has a relatively high static valuation, if one holds the underlying asset, one can consider buying out - of - the - money put options or selling out - of - the - money call options to reduce exposure risks. If one has accumulated a large amount of spot returns, one can also consider taking profits on the spot and keeping a small amount of long - term call options to deal with the market's irrational rise, such as for the ChiNext Index. The CSI 1000 - 2603 stock index futures still have a relatively high discount, and one can consider continuing to hold the covered call strategy of long - index and short - out - of - the - money call options [3]. 3. Summary According to Relevant Catalogs Overview - The market showed a volatile trend of falling first and then rising last week, with most indices closing down weekly. The Kechuang 50 index led the decline, and sectors such as retail and non - banking finance performed well, while electronics and power equipment sectors were weak [1]. - Market focus was on central bank policies, geopolitical situations, and the combined effect of the Fed and the Bank of Japan's policies on the US dollar index. The RMB was relatively strong, and the domestic market may continue the volatile and slightly stronger pattern in the short term [1]. Options Market - The IV of various financial options mainly declined last week and remained at a low level this year. The IV of the ChiNext Index ETF option had the deepest decline. The IV of some options has fallen below the one - year median, and the PCR of open interest has slightly decreased [2]. Strategy Outlook - The market may continue to be volatile and slightly stronger, and option IV remains at a low level. Strategies include holding reasonable - valued indices, buying long - term out - of - the - money call options, risk - hedging for the Kechuang 50 index, taking profits on spot assets and keeping long - term call options for the ChiNext Index, and holding the covered call strategy for the CSI 1000 - 2603 futures [3]. Market Data of Various Options - Data on the closing price, rise - fall rate, IV, IV change, historical percentile, one - year median IV, trading volume, and open interest PCR of multiple options such as the SSE 50ETF, CSI 300ETF, and others are provided [5]. - For each option, detailed data on the underlying asset price, rise - fall rate, IV, and its percentile in the past one and two years for the current and next months are presented, along with relevant charts such as the price - IV trend, IV term structure, and smile curve [9][21][30] etc.

Group 1: Report Overview - The report is an early morning strategy report for energy and chemical options dated December 22, 2025 [2] - The report covers various types of energy and chemical options, including energy, polyolefins, polyesters, alkali chemicals, and others [3] - The recommended strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest of various underlying futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, and ethylene glycol [4] Group 3: Option Factors Volume and Open Interest PCR - The report presents the volume and open interest PCR of different option varieties, which are used to describe the strength of the underlying option market and the turning point of the underlying market [5] Pressure and Support Levels - The pressure and support levels of option underlying are analyzed based on the strike prices with the largest open interest of call and put options [6] Implied Volatility - The report shows the implied volatility of different option varieties, including at-the-money implied volatility and weighted implied volatility, and provides the historical average and the difference between implied and historical volatility [7] Group 4: Strategy and Recommendations Energy Options (Crude Oil) - Fundamental analysis shows that the total US crude oil inventory decreased, while the strategic crude oil inventory increased slightly [8] - The crude oil market showed a weak trend, with large fluctuations and resistance at the upper level [8] - Option factor analysis indicates that the implied volatility of crude oil options is below the average, and the open interest PCR suggests a weak market [8] - Recommended strategies include constructing a bear spread strategy for put options, a short call + put option combination strategy, and a long collar strategy for spot hedging [8] Other Options (LPG, Methanol, etc.) - Similar analysis and strategy recommendations are provided for other option varieties, including fundamental analysis, market trend analysis, option factor research, and specific strategy suggestions [9][10][11][12][13][14] Group 5: Option Charts - The report includes various option charts for different varieties, such as price charts, volume and open interest charts, open interest distribution charts, PCR charts, implied volatility charts, and historical volatility cone charts [15][35][55][75][94][113][131][150][171][190][211][230][250][269][285][301][319]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The agricultural product options market shows a mixed trend, with oilseeds and oils showing a weak and volatile pattern, agricultural by - products maintaining a volatile market, soft commodities like sugar slightly fluctuating, cotton showing a relatively strong consolidation, and grains such as corn and starch showing a narrow - range bullish consolidation [2]. - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered call strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Multiple agricultural product futures contracts show different price movements, trading volumes, and open interest changes. For example, the latest price of soybean (A2603) is 4,059, down 41 with a decline of 1.00%, trading volume of 1.16 million lots (down 1.46 million lots), and open interest of 6.00 million lots (up 0.06 million lots) [3]. 3.2 Option Factors - PCR - The PCR indicators of various option varieties are presented. For instance, the trading volume PCR of soybean is 0.75 (down 0.17), and the open interest PCR is 0.99 (unchanged). These indicators are used to describe the strength of the option underlying market and the turning points of the underlying market [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different option varieties are given. For example, the pressure point of soybean (A2603) is 4,200 with an offset of 0, and the support point is 4,000 with an offset of 0 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of multiple option varieties are provided. For example, the at - the - money implied volatility of soybean is 10.31%, the weighted implied volatility is 11.04% (down 1.06%), and the historical average is 12.69% [6]. 3.5 Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean**: - Fundamental analysis shows that Brazilian soybean planting is nearly completed, with changes in import costs and crushing margins. The market shows a weak pattern with pressure above. - Option factor research indicates that the implied volatility is around the historical average, the open interest PCR suggests a sideways market, and the pressure and support levels are 4200 and 4000 respectively. - Strategies include constructing a neutral short call + put option combination, and a long collar strategy for spot hedging [7]. - **Palm oil**: - The domestic palm oil market price is down, with weak fundamentals. The market shows a pattern of upward rebound with pressure above. - Option factor research shows that the implied volatility is below the historical average, the open interest PCR suggests a sideways market, and the pressure and support levels are 9000 and 8200 respectively. - Strategies include a bearish spread strategy for directional trading, a short bearish call + put option combination for volatility trading, and a long collar strategy for spot hedging [9]. - **Peanut**: - The price of peanuts is at a low level, with slow sales in the producing areas. The market shows a pattern of short - term bullishness followed by a rapid decline. - Option factor research indicates that the implied volatility is at a relatively high level, the open interest PCR suggests pressure above, and the pressure and support levels are 9000 and 7700 respectively. - A long collar strategy is recommended for spot hedging [10]. 3.5.2 Agricultural By - products Options - **Pig**: - The supply of pigs has a limited increase, and the demand has increased. The market shows a weak bearish pattern with pressure above. - Option factor research shows that the implied volatility is at the historical average, the open interest PCR suggests a weak market, and the pressure and support levels are 13000 and 11000 respectively. - Strategies include a short bearish call + put option combination for volatility trading and a covered call strategy for spot [10]. - **Egg**: - The inventory of laying hens is at a certain level. The market shows a pattern of upward rebound, large - scale oscillation, and then a rapid decline with pressure above. - Option factor research indicates that the implied volatility is at a high level, the open interest PCR suggests a weak market, and the pressure and support levels are 3150 and 3100 respectively. - A short bearish call + put option combination is recommended for volatility trading [11]. - **Apple**: - The sales in some apple - producing areas are slow. The market shows a pattern of continuous warming up, rising, and high - level oscillation with pressure above. - Option factor research shows that the implied volatility is above the historical average, the open interest PCR suggests a bullish market with support below, and the pressure and support levels are 10600 and 8500 respectively. - Strategies include a short bullish call + put option combination for volatility trading and a long collar strategy for spot hedging [11]. - **Jujube**: - The jujube market price is stable, with increased sales in the off - season. The market shows a weak bearish pattern with pressure above. - Option factor research indicates that the implied volatility is above the historical average, the open interest PCR suggests a weak market, and the pressure and support levels are 9800 and 9000 respectively. - Strategies include a short bearish wide - straddle option combination for volatility trading and a covered call strategy for spot hedging [12]. 3.5.3 Soft Commodities Options - **Sugar**: - The ICE sugar futures are in a low - level oscillation. The market shows a weak bearish pattern with pressure above. - Option factor research shows that the implied volatility is at a low level, the open interest PCR suggests a weak market, and the pressure and support levels are 5500 and 5400 respectively. - Strategies include a short bearish call + put option combination for volatility trading and a long collar strategy for spot hedging [12]. - **Cotton**: - The cotton production is expected to increase, with some hedging pressure on the market. The market shows a pattern of short - term bullishness followed by a decline. - Option factor research indicates that the implied volatility is at a low level, the open interest PCR suggests a weak market, and the pressure and support levels are 14000 and 13400 respectively. - Strategies include a short neutral call + put option combination for volatility trading and a long collar strategy for spot [13]. 3.5.4 Grains Options - **Corn**: - The grain sales progress in the main producing areas is stable, but the demand is not optimistic. The market shows a pattern of rebound with support below. - Option factor research shows that the implied volatility is at a low level, the open interest PCR suggests a strengthening market, and the pressure and support levels are 2140 and 2000 respectively. - A short neutral call + put option combination is recommended for volatility trading [13]. - **Starch**: - The starch market shows a certain pattern. The option factor research indicates that the implied volatility is at a certain level, and the pressure and support levels are analyzed. Specific strategies are not detailed in a unique way compared to the general framework [13]. 3.6 Option Charts - Multiple option charts for different agricultural products are presented, including price trend charts, trading volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts, which visually show the market conditions of various agricultural product options [15][34][54] etc.

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The agricultural product options market shows a mixed trend, with oilseeds and oils fluctuating weakly, oils and agricultural by - products maintaining a sideways trend, soft commodity sugar fluctuating slightly, cotton consolidating strongly, and grains such as corn and starch consolidating narrowly on the long side. [2] - The strategy is to construct an options portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns. [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open - interest changes of various agricultural product futures contracts, including soybeans, soybean meal, palm oil, etc. [3] 3.2 Options Factor - Volume and Open Interest PCR - It shows the trading volume, volume change, open interest, open - interest change, trading - volume PCR, volume - PCR change, open - interest PCR, and open - interest - PCR change of various agricultural product options, which are used to describe the strength of the options underlying market and the turning point of the underlying market. [4] 3.3 Options Factor - Pressure and Support Levels - The pressure and support levels of various agricultural product options are determined from the exercise prices of the maximum open - interest call and put options. [5] 3.4 Options Factor - Implied Volatility - The report presents the at - the - money implied volatility, weighted implied volatility, weighted - implied - volatility change, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and implied - historical volatility difference of various agricultural product options. [6] 3.5 Strategy and Recommendations for Different Agricultural Product Options 3.5.1 Oilseeds and Oils Options - **Soybean Options**: - Fundamental analysis: Brazilian soybean planting is nearly complete, with the CNF premium rising and import cost falling. The soybean market has shown a weak upward trend with pressure above. [7] - Options factor analysis: The implied volatility is around the historical average; the open - interest PCR indicates a sideways market; the pressure level is 4200, and the support level is 4000. [7] - Strategy: Construct a neutral call + put option selling portfolio; build a long collar strategy for spot hedging. [7] - **Soybean Meal Options**: - Fundamental analysis: The average daily trading volume and delivery volume of soybean meal in major oil mills have increased, and the basis has risen. The market has shown an oversold rebound. [9] - Options factor analysis: The implied volatility is slightly below the historical average; the open - interest PCR indicates a weak market; the pressure level is 3100, and the support level is 2900. [9] - Strategy: Construct a neutral call + put option selling portfolio; build a long collar strategy for spot hedging. [9] - **Palm Oil Options**: - Fundamental analysis: The domestic palm oil market price has fallen, with light trading volume and slightly increased inventory. The Malaysian palm oil market is weak. [9] - Options factor analysis: The implied volatility is below the historical average; the open - interest PCR indicates a sideways market; the pressure level is 9000, and the support level is 8200. [9] - Strategy: Construct a bearish call spread; build a short - biased call + put option selling portfolio; build a long collar strategy for spot hedging. [9] - **Peanut Options**: - Fundamental analysis: The price of peanuts has fallen, and the shipping speed in production areas is slow. [10] - Options factor analysis: The implied volatility is at a relatively high historical level; the open - interest PCR indicates pressure above; the pressure level is 9000, and the support level is 7700. [10] - Strategy: Build a long collar strategy for spot hedging. [10] 3.5.2 Agricultural By - products Options - **Live Pig Options**: - Fundamental analysis: The supply has increased slightly, and the demand has increased after the temperature drop. The market has been in a weak downward trend. [10] - Options factor analysis: The implied volatility is at the historical average; the open - interest PCR indicates a weak market; the pressure level is 13000, and the support level is 11000. [10] - Strategy: Construct a short - biased call + put option selling portfolio; build a covered call strategy for spot. [10] - **Egg Options**: - Fundamental analysis: The inventory of laying hens has decreased, and the market has shown a weak upward trend with pressure. [11] - Options factor analysis: The implied volatility is at a high level; the open - interest PCR indicates a weak market; the pressure level is 3150, and the support level is 3100. [11] - Strategy: Construct a short - biased call + put option selling portfolio. [11] - **Apple Options**: - Fundamental analysis: The sales in Shaanxi production areas are slow. The market has shown a continuous upward and high - level consolidation trend. [11] - Options factor analysis: The implied volatility is above the historical average; the open - interest PCR indicates support below; the pressure level is 10600, and the support level is 8500. [11] - Strategy: Construct a long - biased call + put option selling portfolio; build a long collar strategy for spot hedging. [11] - **Jujube Options**: - Fundamental analysis: The jujube market price is stable, and the trading volume has increased in the off - season. The market has been in a weak downward trend. [12] - Options factor analysis: The implied volatility is above the historical average; the open - interest PCR indicates a weak market; the pressure level is 9800, and the support level is 9000. [12] - Strategy: Construct a short - biased wide - straddle option selling portfolio; build a covered call strategy for spot hedging. [12] 3.5.3 Soft Commodity Options - **Sugar Options**: - Fundamental analysis: ICE sugar futures have been fluctuating at a low level. The good rainfall in Brazil and the high sugar - production rate in India have suppressed the market. [12] - Options factor analysis: The implied volatility is at a low historical level; the open - interest PCR indicates a weak market; the pressure level is 5500, and the support level is 5400. [12] - Strategy: Construct a short - biased call + put option selling portfolio; build a long collar strategy for spot hedging. [12] - **Cotton Options**: - Fundamental analysis: The national cotton production is expected to increase, and there is still some hedging pressure in the market. The market has shown a short - term upward trend that is blocked and then falls. [13] - Options factor analysis: The implied volatility is at a low level; the open - interest PCR indicates a weak market; the pressure level is 14000, and the support level is 13400. [13] - Strategy: Construct a neutral call + put option selling portfolio; build a long collar strategy for spot. [13] 3.5.4 Grain Options - **Corn Options**: - Fundamental analysis: The grain - selling progress in major domestic production areas has advanced, but the terminal consumption expectation is not optimistic. The market has shown a rebound trend with support below. [13] - Options factor analysis: The implied volatility is at a low historical level; the open - interest PCR indicates a strengthening market; the pressure level is 2140, and the support level is 2000. [13] - Strategy: Construct a neutral call + put option selling portfolio. [13] - **Starch Options**: - No detailed analysis of fundamentals and options factors is provided. [314 - 328] - Strategy: No specific strategy is provided. [314 - 328] 3.5.5 Log Options - No detailed analysis of fundamentals, options factors, and strategies is provided. [329 - 347]