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].