能源化工期权 2025-11-24 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | -- ...

震荡上涨行情下 从基本面看，供应阶段性偏紧，带动原料价格稳步上涨，天胶市场利多支撑犹存。整体上，市场情绪偏 乐观，投资者可根据自身风险偏好与持仓情况，运用期权组合策略进行稳健布局。 近半年来，受宏观面消息影响，天胶期货持续宽幅震荡，为降低交易波动风险，投资者可考虑采用期权 策略降本增效。 [原料价格坚挺支撑胶价] 按照全球橡胶主产国的年度割胶规律：11月，泰国、马来西亚和越南处于天胶旺产期，中国云南则在当 月下旬进入停割期；12月，仅泰国、马来西亚仍维持旺产，越南进入产胶过渡期，中国海南同步进入停 割期。基于这一全球产胶节奏，理论上12月全球天胶产量将环比减少，国内对天胶供应的进口依赖度也 会随之提升。 天气因素与国内产胶低利润，共同抑制了割胶与供应。尽管当前全球橡胶主产国已脱离降雨高峰季，但 仍受拉尼娜现象影响。11月 13日，美国国家海洋和大气管理局（NOAA）披露，拉尼娜现象有望持续 至北半球冬季，最可能在2026年1月至3月过渡到厄尔尼诺——南方涛动（ENSO）中性状态（概率 61%）。拉尼娜现象会引发多雨、洪涝天气，不利于割胶作业，拖累阶段性新胶上量，具体影响程度需 视产区降雨强度而定。另外，国内频 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The agricultural product options market shows different trends. Oilseeds and oils are in a weak and volatile state, while agricultural by - products and soft commodities like sugar are in a volatile or slightly volatile situation, and grains such as corn and starch are in a weak and narrow - range consolidation. - It is recommended to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns. [2] 3. Summary According to Related Catalogs 3.1. Futures Market Overview - Various agricultural product futures show different price changes. For example, the latest price of soybean No.1 (A2601) is 4,118, down 7 with a decline rate of - 0.17%. The trading volume and open interest also have corresponding changes. [3] 3.2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options are presented. For instance, the volume PCR of soybean No.1 is 0.81 with a change of 0.26, and the open interest PCR is 1.19 with a change of 0.04. These indicators are used to describe the strength of the option underlying market and the turning point of the market. [4] 3.3. Option Factors - Pressure and Support Levels - The pressure and support levels of different agricultural product options are given. For example, the pressure level of soybean No.1 is 4,200 and the support level is 4,050. These levels are determined from the strike prices with the largest open interest of call and put options. [5] 3.4. Option Factors - Implied Volatility - The implied volatility of different agricultural product options is analyzed. For example, the at - the - money implied volatility of soybean No.1 is 11.7, the weighted implied volatility is 12.70 with a change of - 0.00, and the difference between implied and historical volatility is - 0.21. [6] 3.5. Option Strategies and Recommendations 3.5.1. Oilseeds and Oils Options - **Soybean No.1**: - Fundamental analysis shows that the CNF premium of Brazilian soybeans in January 2026 decreased week - on - week, while the import cost increased, and the crushing profit decreased. The planting progress of Brazilian soybeans slowed down, which has a slightly positive impact. - The option strategy includes constructing a neutral call + put option combination strategy to obtain time value and a long collar strategy for spot hedging. [7] - **Soybean Meal**: - The average daily trading volume and delivery volume of soybean meal decreased week - on - week, and the basis increased slightly. - Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging. [9] - **Palm Oil**: - The production and rainfall in Malaysia are favorable, and the inventory at the end of the year is expected to be at a relatively high historical level. - Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging. [9] - **Peanut**: - The peanut market is in a contradiction between the support of high - quality resources and the overall loose supply - demand situation. - The option strategy is to construct a long collar strategy for spot hedging. [10] 3.5.2. Agricultural By - products Options - **Pig**: - The production and inventory of pigs in the first three quarters of 2025 increased. - Option strategies include constructing a bear spread strategy for call options, a short - biased call + put option combination strategy, and a covered call strategy for spot. [10] - **Egg**: - The egg market has a pattern of high supply and weak demand. - Option strategies include constructing a neutral call + put option combination strategy. [11] - **Apple**: - The apple production decreased this year, and the cold - storage inventory is expected to be low. - Option strategies include constructing a long - biased call + put option combination strategy and a long collar strategy for spot hedging. [11] - **Jujube**: - The jujube market price is stable, and the supply is sufficient. - Option strategies include constructing a short - biased wide - straddle option combination strategy and a covered call strategy for spot hedging. [12] 3.5.3. Soft Commodities Options - **Sugar**: - The weak external sugar market restricts the rebound of Zhengzhou sugar, but the expected decline in sugar production in southern Brazil may have a certain restrictive effect on the decline. - Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging. [12] - **Cotton**: - The new cotton supply is increasing, which exerts pressure on cotton prices. - Option strategies include constructing a short - biased call + put option combination strategy and a covered call strategy for spot hedging. [13] 3.5.4. Grains Options - **Corn**: - The purchase price of corn by domestic processing enterprises decreased, and the market supply exceeded demand. - Option strategies include constructing a neutral call + put option combination strategy. [13]

1. Report Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - The agricultural products sector includes beans, oils, agricultural by - products, soft commodities, grains, and others. The overall performance shows that oilseeds and oils are weakly volatile, oils and agricultural by - products maintain a volatile market, soft commodity sugar has a slight fluctuation, cotton is weakly consolidating, and grains such as corn and starch are weakly and narrowly consolidating. 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 [2]. 3. Summary by Relevant Catalogs 3.1 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 agricultural product futures contracts, including soybeans, soybean meal, palm oil, etc. For example, the latest price of the A2601 soybean contract is 4,083, with a price change of - 9 and a change rate of - 0.22% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of different agricultural product options are provided. Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the market respectively. For instance, the volume PCR of soybean option is 1.16, with a change of 0.34, and the open interest PCR is 1.14, with a change of 0 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each agricultural product option are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of soybean option is 4,200, and the support level is 4,050 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of different agricultural product options are presented, including at - the - money implied volatility, weighted implied volatility, and its change, annual average implied volatility, call and put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of soybean option is 11.535, and the weighted implied volatility is 12.26, with a change of - 0.46 [6]. 3.5 Option Strategies and Recommendations 3.5.1 Oilseeds and Oils Options - **Soybean**: The soybean price is stable with a slight upward trend. The implied volatility of soybean option is below the historical average. The recommended strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [7]. - **Soybean Meal**: The domestic soybean weekly crushing volume has decreased. The implied volatility of soybean meal option is below the historical average. The recommended strategies include constructing a bearish call + put option selling combination strategy and a long collar strategy for spot hedging [9]. - **Palm Oil**: The production of Malaysian palm oil is expected to face pressure, and the export growth rate has narrowed. The implied volatility of palm oil option is below the historical average. The recommended strategies include constructing a bearish call + put option selling combination strategy and a long collar strategy for spot hedging [9]. - **Peanut**: The peanut oil price is stable. The implied volatility of peanut option is at a relatively high historical level. The recommended strategy is a long collar strategy for spot hedging [10]. 3.5.2 Agricultural By - product Options - **Pig**: The average price of pigs in some regions has increased slightly, but the market may face downward pressure in the future. The implied volatility of pig option is above the historical average. The recommended strategies include constructing a bearish put spread strategy, a bearish call + put option selling combination strategy, and a covered call strategy for spot [10]. - **Egg**: The inventory of laying hens has decreased. The implied volatility of egg option is at a relatively high level. The recommended strategies include constructing a bearish put spread strategy and a bearish call + put option selling combination strategy [11]. - **Apple**: The price of apple futures has increased due to poor fruit quality. The implied volatility of apple option is above the historical average. The recommended strategies include constructing a bullish call + put option selling combination strategy and a long collar strategy for spot hedging [11]. - **Jujube**: The physical inventory of jujube has increased. The implied volatility of jujube option has rapidly risen above the historical average. The recommended strategies include constructing a bearish wide - straddle option selling combination strategy and a covered call strategy for spot hedging [12]. 3.5.3 Soft Commodity Options - **Sugar**: The spot price of sugar in Guangxi has decreased, and the basis has weakened. The implied volatility of sugar option is at a relatively low historical level. The recommended strategies include constructing a bearish call + put option selling combination strategy and a long collar strategy for spot hedging [12]. - **Cotton**: The China Cotton Price Index has increased, and the basis is volatile. The implied volatility of cotton option is at a relatively low level. The recommended strategies include constructing a bearish call + put option selling combination strategy and a covered call strategy for spot hedging [13]. 3.5.4 Grain Options - **Corn**: The supply of corn in the origin is increasing, and the trading enthusiasm of traders is weakening. The implied volatility of corn option is at a relatively low historical level. The recommended strategy is a bearish call + put option selling combination strategy [13].

Core Viewpoint - The article discusses the "Short Straddle" strategy, which involves selling both call and put options to profit from a stable stock price, particularly in low volatility environments [1][5]. Summary by Sections Strategy Definition - The Short Straddle strategy is defined as betting on low volatility, where the investor sells both a call and a put option with the same strike price and expiration date [1][4]. - The strategy aims to collect premiums from both options, profiting if the stock price remains within a certain range [1][4]. Profit and Loss Calculation - The maximum profit is limited to the total premiums received from selling the options, while the potential loss is theoretically unlimited if the stock price moves significantly outside the defined range [4][10]. - The break-even points are calculated as the strike price plus or minus the total premiums received [4][10]. Market Conditions - This strategy is suitable for market conditions where the stock price is expected to remain stable, such as post-earnings announcements or during periods of low volatility [5][13]. - Investors should be cautious of the high margin requirements due to the potential for significant losses [5][13]. Practical Example - An example is provided where an investor sells a straddle on a stock priced at $152.49, collecting a total premium of $463, with break-even points at $147.87 and $157.13 [8][10]. - Various scenarios are analyzed, showing how profits and losses occur based on the stock price at expiration [10][11]. Recommendations - Investors are advised to maintain additional funds for margin calls and to prepare for potential assignment if options are exercised [13][14]. - It is suggested to use at-the-money options for constructing the strategy and to prefer shorter expiration periods to minimize risk from unexpected price movements [13][14]. - The article emphasizes the importance of calculating break-even points and understanding the risks involved, especially for inexperienced investors [14][15].

1. Report Industry Investment Rating There is no information provided in the document regarding the industry investment rating. 2. Core Viewpoints of the Report - The energy - chemical sector includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes target market analysis, option factor research, and option strategy suggestions [9]. - The overall strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Target Futures Market Overview - The document provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil (SC2512) is 465, with a price increase of 6 and a price change percentage of 1.28% [4]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various energy - chemical options are presented. These indicators are used to describe the strength of the option target market and the turning point of the target market. For example, the open interest PCR of crude oil options is 0.77, with a change of - 0.04 [5]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various energy - chemical options are given, which are determined by the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil options is 500 and the support level is 450 [6]. 3.4 Option Factors - Implied Volatility - The implied volatility of various energy - chemical options is provided, including at - the - money implied volatility, weighted implied volatility, changes in weighted implied volatility, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 28.075, and the weighted implied volatility is 29.38 with a change of - 0.93 [7]. 3.5 Option Strategies and Suggestions 3.5.1 Energy Options - **Crude Oil**: The fundamental situation shows that US refinery demand is picking up, shale oil production reduction is small, OPEC exports are increasing but mostly absorbed by China, and European refined product inventories are in a low - level destocking state. The market has shown a trend of decline, followed by consolidation, and then a rebound. Option strategies include constructing a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [8]. - **LPG**: The US market has high - production and high - inventory pressure, and extreme winter weather and Sino - US trade trends may affect prices. The market has experienced a decline, followed by a rebound and then a fall. Option strategies are similar to those of crude oil, including constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.5.2 Alcohol Options - **Methanol**: Port and enterprise inventories are at certain levels, and the market shows a weak upward - pressured trend. Option strategies include constructing a bearish call + put option combination strategy for volatility and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The load and inventory situation is complex, and the market is in a weak trend. Option strategies include constructing a bearish spread strategy for direction and a short - volatility strategy for volatility, along with a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin Options - **Polypropylene**: The inventory pressure of PP is higher than that of PE, and the market is in a weak trend. Option strategies include a long collar strategy for spot hedging [11]. 3.5.4 Rubber Options - **Rubber**: The import market price is rising, but downstream demand is weak. The market is in a weak consolidation state. Option strategies include constructing a bearish call + put option combination strategy for volatility [12]. 3.5.5 Polyester Options - **PTA**: The load is at a certain level, and the market is in a weak bearish trend. Option strategies include constructing a bearish call + put option combination strategy for volatility [12]. 3.5.6 Alkali Options - **Caustic Soda**: The spot market has issues such as lack of restocking and weakening cost support, and the market is in a weak bearish trend. Option strategies include constructing a bearish spread strategy for direction and a long collar strategy for spot hedging [13]. - **Soda Ash**: The inventory situation is given, and the market is in a low - level weak consolidation state. Option strategies include constructing a short - volatility combination strategy for volatility and a long collar strategy for spot hedging [13]. 3.5.7 Other Options - **Urea**: The enterprise inventory is at a high level, and the market is in a low - level weak consolidation state. Option strategies include constructing a neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [14].

Core Viewpoint - The article introduces the "Bear Call Spread" strategy as a solution for investors who want to collect premiums from selling call options while managing the risk of unlimited losses if the stock price surges unexpectedly. This strategy allows investors to earn income while capping potential losses through a combination of buying and selling call options [1][4]. Summary by Sections Strategy Definition - The Bear Call Spread is defined as a strategy that involves selling a lower strike call option and buying a higher strike call option, allowing investors to collect a net premium initially. This strategy is designed for a bearish or neutral outlook on the stock price [1][3]. Risk and Reward Dynamics - The maximum profit is limited to the net premium received from the strategy, while the maximum loss is also capped. The loss occurs when the stock price exceeds the higher strike price, but the loss is mitigated by the purchased call option [4][5]. Target Investors - This strategy caters to two types of investors: those who are cautiously bearish or neutral and wish to earn premiums, and those who have already sold call options and want to limit potential losses from unexpected price increases [4][5]. Practical Example - An example illustrates the strategy: Investor B uses the Bear Call Spread by buying a call option with a strike price of $450 and selling a call option with a strike price of $430, resulting in a net premium income of $955. The breakeven point for this strategy is calculated at $439.55 [9][11]. Comparison with Other Strategies - The article compares the Bear Call Spread with the Bear Put Spread, highlighting that the former generates initial premium income while the latter incurs an initial premium cost. The Bear Call Spread is suitable for high implied volatility, while the Bear Put Spread is better for low implied volatility [12][13]. Performance Metrics - The article provides a performance comparison of three strategies under different stock price scenarios, showing that the Bear Call Spread can yield significant returns when the stock price remains below the lower strike price [14]. Recommendations for New Investors - New investors are advised to choose strike prices carefully, typically buying out-of-the-money calls and selling in-the-money calls to balance risk and reward. The article emphasizes the importance of calculating breakeven points and risk-reward ratios before executing the strategy [17][18].

Core Viewpoint - The article introduces the "Bear Put Spread" strategy as a cost-effective way to bet on a moderate decline in stock prices, allowing investors to manage risk while reducing costs associated with buying put options [1][3]. Strategy Definition - The Bear Put Spread involves two actions: buying a higher strike put option and selling a lower strike put option with the same expiration date, which allows investors to benefit from a small decline in stock prices while minimizing initial costs [1][3]. Investment Significance - Compared to directly buying put options, the Bear Put Spread reduces the cost of the investment by using the premium received from selling the lower strike put to offset the cost of the higher strike put, thus lowering both the initial investment and the difficulty of achieving profitability [3][5]. - This strategy caters to two types of investors: those who are cautiously bearish and believe the stock will decline but not below a certain level, and those looking to control costs when buying put options is too expensive [3][5]. Profit and Loss Calculation - The break-even point for the strategy is calculated as the higher strike price minus the net premium paid. The maximum profit occurs when the stock price is at or below the lower strike price, while the maximum loss is limited to the net premium paid [5][9]. Practical Application - An example illustrates three investors with different strategies: one shorting the stock, one buying a put option, and one using the Bear Put Spread. The Bear Put Spread investor has a lower total expenditure and a more favorable risk-reward profile compared to the direct put buyer [7][9][14]. Scenario Analysis - Various scenarios are analyzed to demonstrate the performance of each strategy under different stock price movements, highlighting that the Bear Put Spread can outperform direct put buying when the stock price does not fall below the lower strike price [11][12][13][14]. Recommendations for Beginners - New investors are advised to avoid confusing strike prices, ensure options have the same expiration date, and calculate the break-even point accurately. The strategy is best suited for short-term speculation rather than long-term investments [17][18][19].

Core Insights - The article introduces the Bull Put Spread strategy, which allows investors to generate immediate cash flow while betting that stock prices will not decline significantly or will rise slightly. This strategy addresses the conflict between the fear of a market downturn and the desire for passive income [1][3]. Strategy Definition - The Bull Put Spread is defined as a strategy that involves receiving premiums while betting that stock prices will not fall significantly. It is constructed by buying a lower strike put option and selling a higher strike put option, resulting in a net premium income at the outset [1][4]. Investment Significance - Compared to directly selling put options, the Bull Put Spread limits potential losses by setting a ceiling on losses, as the purchase of a lower strike put option protects against significant declines. This strategy is suitable for cautious investors who expect slight increases or stability in stock prices and wish to earn premiums [3][6]. Strategy Mechanics - The strategy involves two main actions: buying a lower strike put option and selling a higher strike put option with the same expiration date. The maximum profit is limited to the net premium received, while the maximum loss is also capped [4][6]. Example Application - An example illustrates the Bull Put Spread with a stock priced at $819.38. An investor using this strategy could buy a put option with a strike price of $800 for a premium of $2,780 and sell a put option with a strike price of $825 for a premium of $3,800, resulting in a net premium income of $1,020. The breakeven point for this strategy would be $814.80 [8][11]. Comparison with Other Strategies - The article compares the Bull Put Spread with the Bull Call Spread, highlighting that the former has a net premium income at the outset, while the latter incurs a net premium expense. The Bull Put Spread offers a lower risk of loss but also has a lower profit potential compared to the Bull Call Spread [12][13]. Recommendations for New Investors - New investors are advised to choose strike prices carefully, typically opting for buying out-of-the-money puts and selling in-the-money puts. The article emphasizes the importance of calculating breakeven points and risk-reward ratios to make informed decisions [17][18].

Report Industry Investment Rating No relevant content provided. Core View of the Report The current market sentiment is positive, with low implied volatility, making it advisable to go long on volatility. Policy support and continuous capital inflows are the core drivers for the medium - to long - term upward trend of the stock index, but there is short - term technical adjustment pressure due to significant valuation increases. A bull spread strategy is suitable for the current market, and it is the right time to construct a call bull spread strategy to retain the upside potential of the CSI 300 Index while controlling short - term callback risks [2][17]. Summary by Relevant Catalogs Option - related Indicators - The option position PCR indicates positive market sentiment. After the National Day holiday, the position PCR of CSI 300 index options rose from 94.14% to 100.19%, and its percentile level since 2023 increased from 91.7% to 94.7%, suggesting that the proportion of investors with non - bearish views is at a high historical percentile [3]. - The option implied volatility is at a low level. After the National Day holiday, the implied volatility of at - the - money options of CSI 300 index options continued to decline from 13.84% to 13.48%, and its percentile level since 2023 dropped from 23.3% to 17.4%. Although the current volatility expectation is low, there is a high possibility of an increase in the future, so it is advisable to hold a positive vega exposure [5][6]. Stock Index Direction - Policy support and continuous capital inflows are the core drivers for the medium - to long - term upward trend of the stock index. However, due to significant valuation increases, there is short - term technical adjustment pressure, and the stock index is likely to maintain wide - range fluctuations in the short term [8]. Manufacturing PMI - In September, the manufacturing PMI was 49.8%, up from 49.4% in the previous month, indicating continued improvement in the manufacturing sector. The production and new order indices both increased, showing synchronous improvement in supply and demand, with the production side recovering faster. However, there are concerns in the price indices, and the demand side still needs policy support [9]. Consumer Policy - The consumer trade - in policy has promoted the growth of related consumer categories. From January to August, the cumulative sales of household appliances, communication equipment, and furniture in enterprises above the designated size increased by 28.4%, 21.1%, and 22.0% year - on - year respectively. But there are still blockages in the transmission from corporate profits to household income, and the policy needs to be long - term and shift towards high - repurchase - rate goods and services [11]. Capital Inflows - Since July, margin trading funds and household wealth management funds have continuously flowed into the stock market. As of October 9, the margin balance exceeded 2.4 trillion yuan. The continuous growth of newly established stock funds has exceeded seasonal performance. Overseas, the Fed's interest rate cut in September may drive foreign capital inflows, and domestically, the A - share market is becoming a new direction for social wealth allocation [14]. Valuation Pressure - After continuous rises, the valuation of the CSI 300 Index has increased significantly. As of October 9, its PE - TTM was 14.4, at the 90.59% percentile in the past 10 years. After the policy benefits are realized in October, the short - term technical adjustment pressure will increase [16]. Conclusion and Operation Ideas - A call bull spread strategy is suitable for the current market. It is applicable to a moderately bullish market, has limited losses, and has a positive vega exposure. It can match the current market expectations and is the right time to construct this strategy [17].