Core Insights - The company employs a diversified trading strategy focusing on three main types: spot-futures arbitrage, inter-month futures arbitrage, and options spread arbitrage [2][3][4] Group 1: Trading Strategies - The initial trading strategy involved spot-futures arbitrage, which allowed the company to earn stable profits from price differences when market conditions were favorable [2] - Following the implementation of anti-involution policies, the company shifted its focus towards inter-month arbitrage due to increased volatility in the price differences of polysilicon futures [2][3] - The company actively engages in rolling operations to capture market fluctuations, enhancing trading volume significantly [2][3] Group 2: Options Strategy - The company favors options trading due to the sufficient depth of strike prices available, which supports the implementation of a "wheel strategy" [4][5] - The wheel strategy involves selling put options to optimize costs and generate revenue, allowing the company to acquire futures at a lower effective price [4] - The company emphasizes the importance of time value in options trading, focusing on selling options to capture this value while also employing various strategies to maximize profits or provide protection for existing positions [5]