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]

Group 1: Report Overview - Report Name: Energy Chemical Options Daily Report 2025 - 04 - 29 [2] - Report Type: Energy Chemical Options Strategy Morning Report - Analyst: Lu Pinxian, with qualification number F3047321 and trading consultation number Z0015541 [3] Group 2: Energy Chemical Options Classification - Basic Chemicals: Methanol options, rubber options, synthetic rubber options, styrene options [3] - Energy: Crude oil options, liquefied gas options [3] - Polyester Chemicals: Paraxylene options, PTA options, ethylene glycol options, staple fiber options [3] - Polyolefin Chemicals: Polypropylene options, PVC options, polyethylene options [3] - Other Chemicals: Caustic soda options, soda ash options, urea options [3] Group 3: Basic Chemicals Sector Analysis Methanol Options - Fundamental Analysis: Last week, port inventory was 46.32 tons, a decrease of 12.24 tons; enterprise inventory was 30.98 tons, a decrease of 0.26 tons; enterprise orders to be delivered were 30.27 tons, an increase of 2.83 tons [3] - Market Analysis: Methanol has been weak since the high in March, accelerating its decline in April before rebounding. It has been consolidating in a wide - range rectangle in the past two weeks [3] - Volatility Analysis: The implied volatility of methanol options remains above the historical average [3] - Strategy: Construct a bearish combination strategy of call + put options to obtain time - value and directional returns. For example, S_MA2506P2275, S_MA2506P2300, S_MA2506C2350, S_MA2506C2375 [3] Rubber and Synthetic Rubber Options - Fundamental Analysis: The mainstream prices of high - cis butadiene rubber in Shandong, North China, East China, and South China have all decreased [3] - Market Analysis: Rubber shows a weak consolidation pattern under bearish pressure [3] - Volatility Analysis: The implied volatility of rubber options is currently at a relatively high historical level [3] - Strategy: Construct a bearish volatility - selling strategy to obtain directional and time - value returns. For example, S_RU2509P14250, S_RU2509P14500, S_RU2509C15250, S_RU2509C15500 [3] Styrene Options - Fundamental Analysis: Both factory and port inventories of styrene have decreased, but the de - stocking intensity has weakened. It is expected to turn to inventory accumulation next week [4] - Market Analysis: Styrene has been in a downward trend since the high in late February, accelerating its decline in early April before rebounding and oscillating in a range [4] - Volatility Analysis: The implied volatility of styrene options continues to fluctuate at a relatively high historical level [4] - Strategy: Construct a volatility - selling options combination strategy to obtain time - value and directional returns. For example, S_EB2506P6900, S_EB2506P7000, S_EB2506C7200, S_EB2506C7300 [4] Group 4: Oil and Gas Sector Analysis Crude Oil Options - Fundamental Analysis: OPEC plans to increase oil production in May, while US supply has declined [4] - Market Analysis: Crude oil rebounded in March, but its upward trend was blocked in April. It has been falling rapidly recently [4] - Volatility Analysis: The implied volatility of crude oil options remains at a relatively high level [4] - Strategy: Construct a volatility - selling strategy: sell put + call options combination strategy to obtain time - value returns. For example, S_SC2506P475 and S_SC2506C500 [4] Liquefied Gas Options - Fundamental Analysis: Port inventory has rebounded. PDH capacity utilization has reached a one - year low, and profits have dropped significantly [4] - Market Analysis: Liquefied gas rebounded in March, but has been falling since April, with a short - term weak rebound [4] - Volatility Analysis: The implied volatility of liquefied gas options remains above the historical average [4] - Strategy: Construct a bearish call + put options combination strategy, adjust the position delta dynamically according to market conditions, and close the position if the market rises or falls sharply. For example, S_PG2506P4350, S_PG2506P4300, S_PG2506C4450, S_PG2506C4500 [4] Group 5: Polyester Chemicals Sector Analysis PX and PTA Options - Fundamental Analysis: PTA load is 78.9%, a 3.5% increase. Multiple devices are in the maintenance season [5] - Market Analysis: PTA has gradually rebounded since last week, showing a moderate bullish trend under bearish pressure [5] - Volatility Analysis: The implied volatility of PTA options remains at a relatively high level [5] - Strategy: Construct a volatility - selling strategy to obtain time - value returns. For example, S_TA2506P4450 and S_TA2506C4600 [5] Ethylene Glycol Options - Fundamental Analysis: Last week, EG load was 68.5%, a 2.3% increase. Synthetic gas - based load increased, while ethylene - based load decreased [5] - Market Analysis: Ethylene glycol shows a short - term weak bearish and volatile pattern [5] - Volatility Analysis: The implied volatility of ethylene glycol options has rapidly risen to a relatively high historical level [5] - Strategy: Construct a volatility - selling strategy to obtain time - value returns. For example, S_EG2506P4100 and S_EG2506C4250 [5] Staple Fiber Options - Fundamental Analysis: Port inventory is 77.5 tons, an increase of 0.4 tons. It is expected to continue to accumulate next week [5] - Market Analysis: Staple fiber has been in a downward trend since late February, accelerating its decline in April before rebounding [5] - Volatility Analysis: The implied volatility of staple fiber options remains at a relatively high average level [5] - Strategy: Construct a volatility - selling call + put options combination strategy to obtain time - value returns. For example, S_PF2506P6000, S_PF2506P6100, S_PF2506C6400, S_PF2506C6500 [5] Group 6: Polyolefin Chemicals Sector Analysis Polypropylene Options - Fundamental Analysis: PP production enterprise inventory is 60.44 tons, a 2.37% decrease this week compared to last week, and an 8.18% increase compared to the same period last year [6] - Market Analysis: Polypropylene shows a weak and volatile pattern under pressure [6] - Volatility Analysis: The implied volatility of polypropylene options fluctuates at a relatively high historical level [6] - Strategy: Construct a bearish call + put options combination strategy, adjust the position delta dynamically according to market conditions, and close the position if the market rises or falls sharply. For example, S_PP2506P7100, S_PP2506P7000, S_PP2506C7200, S_PP2506C7300 [6] Polyethylene Options - Fundamental Analysis: PE production enterprise inventory is 52.61 tons, a 5.86% increase compared to last week, and a 9.40% increase compared to the same period last year [6] - Market Analysis: Plastic has been in a downward trend since March, with a low - level consolidation after a sharp decline in April [6] - Volatility Analysis: The implied volatility of plastic options has rapidly risen to a relatively high level [6] - Strategy: Construct a bearish directional strategy to obtain directional returns. For example, B_L2506P7200 and S_L2506C7300 [6] PVC Options - Fundamental Analysis: Last week, factory inventory was 42 tons, an increase of 0.9 tons; social inventory was 68.8 tons, a decrease of 3.7 tons [6] - Market Analysis: PVC has been in a wide - range weak oscillation for more than a month, and then gradually turned weak [6] - Volatility Analysis: The implied volatility of PVC options remains at a relatively low level [6] - Strategy: Construct a bearish directional strategy to obtain directional returns. For example, B_V2506P4900, B_V2506P4950, S_V2506C5000, S_V2506C5100 [6] Group 7: Data Summary Option Underlying Market Data - Includes closing prices, price changes, trading volumes, and open interest of various option underlying assets such as methanol, rubber, etc. [8] Option Volume, Open Interest, and Amount Data - Volume, open interest, and amount data of various options, including their changes [9] Option Volume - Open Interest - Amount PCR Data - PCR data of volume, open interest, and amount of various options, including their changes [10] Option Maximum Open Interest at Strike Prices - The strike prices with the maximum open interest for calls and puts of various options, as well as pressure and support points [11] Option Implied Volatility Data - Implied volatility, its changes, annual average, call and put implied volatilities, and historical volatility data of various options [13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report conducts a comprehensive analysis of various energy and chemical options, including fundamental analysis, market trend analysis, volatility analysis, and provides corresponding strategy recommendations for each type of option [2][3]. 3. Summary by Related Catalogs 3.1 Energy and Chemical Option Classification - Energy and chemical options are mainly divided into five categories: basic chemicals (methanol, rubber, synthetic rubber, styrene options), energy (crude oil, liquefied gas options), polyester chemicals (paraxylene, PTA, ethylene glycol, short - fiber options), polyolefin chemicals (polypropylene, PVC, polyethylene options), and other chemicals (caustic soda, soda ash, urea options) [2]. 3.2 Option Analysis and Strategy Recommendations 3.2.1 Basic Chemicals Sector - **Methanol Option**: The port inventory is at a medium - low level. The market shows a weak and bearish trend. The implied volatility remains at a relatively high historical level. It is recommended to construct a bearish combination strategy of call + put options to obtain time - value and directional returns, such as S_MA2506P2275, S_MA2506P2250, S_MA2506C2350, S_MA2506C2375 [2]. - **Rubber and Synthetic Rubber Options**: The downstream tire production rate has declined, and the inventory has changed slightly. The market shows a weak consolidation trend under bearish pressure. The implied volatility of rubber options is at a relatively high level. It is recommended to construct a bear - spread put option strategy to obtain directional returns, such as B_RU2505P15250, B_RU2505P15000, S_RU2505P14250, S_RU2505P14500 [2]. - **Styrene Option**: The factory inventory has increased, and the port inventory has decreased. The market has shown a weak and volatile trend after a decline. The implied volatility remains at a relatively high historical level. It is recommended to construct an option combination strategy to short volatility to obtain time - value and directional returns, such as S_EB2506P7100, S_EB2506P7200, S_EB2506C7500, S_EB2506C7400 [3]. 3.2.2 Oil and Gas Sector - **Crude Oil Option**: OPEC plans to increase production, and the US supply remains high. The market has shown a bearish downward trend followed by a large - scale low - level oscillation. The implied volatility remains at a relatively high level. It is recommended to construct a strategy of selling put + call options to short volatility and obtain time - value returns, such as S_SC2506P465 and S_SC2506C485 [3]. - **Liquefied Gas Option**: Affected by China's tariff counter - measures, the PDH plant may reduce production. The market has shown a short - term weak bearish trend after a rebound. The implied volatility remains at a relatively high level above the historical average. It is recommended to construct a combination strategy of selling bearish call + put options, adjust the position delta dynamically according to the market, and close the position if the market fluctuates sharply, such as S_PG2506P4250, S_PG2506P4300, S_PG2506C4450, S_PG2506C4400 [3]. 3.2.3 Polyester Chemicals Sector - **PX and PTA Options**: PTA is in the maintenance season, and the overall load will be low. The market shows a bearish downward trend with resistance to rebound. The implied volatility of PTA options has risen to a relatively high level. It is recommended to construct a bear - spread strategy to obtain directional returns, such as B_TA2506P4300 and S_TA2506P4150 [4]. - **Ethylene Glycol Option**: The load has decreased, and the port inventory has increased. The market shows a short - term weak bearish and volatile trend. The implied volatility has risen to a relatively high historical level. It is recommended to construct a strategy to short volatility and obtain time - value returns, such as S_EG2506P4050 and S_EG2506C4200 [4]. - **Short - Fiber Option**: The polyester load has slightly increased, but the short - fiber load has decreased, and there is pressure to reduce production. The market shows a bearish downward and low - level consolidation trend. The implied volatility remains at a relatively high average level. It is recommended to construct a combination strategy of selling call + put options to short volatility and obtain time - value returns, such as S_PF2506P5800, S_PF2506C6100 [4]. 3.2.4 Polyolefin Chemicals Sector - **Polypropylene Option**: The production enterprise inventory has increased, and the market shows a volatile trend under pressure. The implied volatility remains at a relatively high historical level. It is recommended to construct a combination strategy of selling bearish call + put options, adjust the position delta dynamically according to the market, and close the position if the market fluctuates sharply, such as S_PP2506P7100, S_PP2506P7000, S_PP2506C7200, S_PP2506C7300 [5]. - **Polyethylene Option**: The production enterprise inventory has increased, and the market shows a weak consolidation trend under pressure. The implied volatility has risen to a relatively high level. It is recommended to construct a bearish directional strategy to obtain directional returns, such as B_L2506P7200 and S_L2506C7300 [5]. - **PVC Option**: The capacity utilization rate has decreased, and the inventory has decreased. The market shows a volatile and upward - trending consolidation under pressure. The implied volatility remains at a relatively low level. It is recommended to construct a bearish directional strategy to obtain directional returns, such as B_V2506P4900, B_V2506P4950, S_V2506C5000, S_V2506C5100 [5]. 3.3 Option Data - **Option Underlying Market Data**: Provides closing prices, price changes, trading volumes, and open interest changes of various option underlying assets [7]. - **Option Volume, Open Interest, and Turnover Data**: Includes volume, volume changes, open interest, open - interest changes, turnover, and turnover changes of various options [8]. - **Option Volume, Open Interest, and Turnover PCR Data**: Presents PCR values and their changes for volume, open interest, and turnover of various options [9]. - **Option Maximum Open Interest at Strike Prices**: Shows the strike prices with the maximum open interest, pressure points, support points, and related offsets for various options [10]. - **Option Implied Volatility Data**: Provides implied volatility, implied - volatility changes, annual averages, call and put implied volatilities, historical 20 - day volatility, and volatility differences for various options [12].