1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The LPG market shows a divergence between weak propane and strong butane, with the valuation of domestic PG rising. Although the CP price dropped significantly at the beginning of the month, the continuous increase in upstream crude oil production and the oversupply in the market led to a weak performance of chemical products. However, the PG valuation has been repaired this week. Overall, there are few short - term positive factors for PG, and its price is expected to remain in a low - level oscillation. Attention should be paid to the flow of warehouse receipts on the disk, as well as macro and geopolitical risks [4][5] 3. Summary According to Related Catalogs 3.1 Energy and Chemical Product Price Monitoring - The report monitors the closing prices of various energy and chemical products, including exchange rates, precious metals, crude oil, and chemical products. For example, the current price of LPG is 4,220 yuan/ton, with a daily decline of 1.12%, a weekly increase of 3.69%, a monthly decline of 0.59%, and an annual decline of 9.48% [3] 3.2 LPG Market Analysis - **Supply**: It is bearish. Last week, the total commercial volume of LPG was about 550,100 tons (a 1.27% increase). The commercial volume of domestic gas was 221,700 tons (a 1.79% increase), industrial gas was 211,700 tons (a 0.14% decrease), and ether - after C4 was 180,400 tons (a 0.73% increase). The arrival volume of LPG last week was 560,000 tons (no change). Some manufacturers in South China and North China increased the commercial volume [4] - **Demand**: It is neutral. In October, the combustion demand for LPG is in the off - season. In the deep - processing of C4, the demand for n - butane is insufficient, and the device profit loss intensifies. In the deep - processing of C3, the demand for alkanes is weak, and the operating rate has decreased [4] - **Inventory**: It is bullish. Last week, the factory inventory of LPG was 184,100 tons (a 3.56% decrease), and the port inventory was 3.1804 million tons (a 3.01% decrease). The domestic LPG market storage capacity utilization rate decreased this week, with a slight increase in inventory in Shandong and Central China, and a relatively smooth inventory reduction in East and South China [4] - **Basis and Position**: It is neutral. The weekly average basis in East China is 200.40 yuan/ton, in South China is 345.00 yuan/ton, and in Shandong is 173.00 yuan/ton. The total number of LPG warehouse receipts is 2,300 lots, a decrease of 12,227 lots [4] - **Chemical Downstream**: It is bearish. The operating rates of PDH, MTBE, and alkylation are 68.76%, 54.89%, and 45.27% respectively. The profits of PDH to propylene, MTBE isomerization, and alkylation in Shandong are - 433 yuan/ton, - 187 yuan/ton, and - 86 yuan/ton respectively [4] - **Valuation**: It is bullish. The PG - SC ratio is 1.33 (a 10.71% increase), and the PG main - secondary monthly spread is 137 yuan/ton (a 75.64% increase) [4] 3.3 Market Trend Review - The main contract of LPG futures fluctuated upwards, with a fluctuation range of 4,040 - 4,270 yuan/ton. Affected by the bearish pressure of crude oil, the international LPG market also dropped significantly. After the National Day holiday, the disk gap - opened lower and then oscillated at a low level. Due to the increase in domestic supply and weak fundamentals, both spot and futures prices declined, but the futures rebounded in the second half of the week, and the basis weakened [7] 3.4 LPG Futures Price and Spread Overview - The report provides the current values, week - on - week and month - on - month changes, and scores of LPG futures prices, monthly spreads, and cross - month spreads. For example, the current value of PG01 is 3,935 yuan, with a week - on - week decrease of 3.98% and a month - on - month decrease of 7.04% [11] 3.5 Refinery Device Maintenance Plan - The report lists the maintenance plans of Chinese main refineries, local refineries, LPG factories, and PDH devices, including the refinery name, location, processing capacity, maintenance device, maintenance capacity, start time, and end time [13][14] 3.6 Price and Spread Charts - The report includes various price and spread charts, such as CP propane and butane prices, FEI propane and butane prices, MB propane and butane prices, propane - butane spreads, and ratios between propane/butane and WTI/Brent [15][23][27] 3.7 Inventory and Production Data - The report presents data on LPG imports, exports, port inventories, refinery inventories, production, and self - use, as well as charts showing the trends of these data [146][152][168] 3.8 Deep - Processing Profit Data - The report provides data on the deep - processing profits of alkanes and olefins, including PDH to propylene/PP/PP powder profits, MTBE profits, and alkylation oil profits, as well as the operating rates of relevant devices [191][204][210] 3.9 Research Center Introduction - The Energy and Chemical Research Center of Guomao Futures has a team of 6 members with professional backgrounds in finance, statistics, and chemical engineering. The team members have rich experience in industry fundamentals and spot - futures research in the energy and chemical sector, and have won many awards [217]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The LPG market is oscillating weakly, and the low valuation is expected to be repaired [4] 3. Summary by Related Catalogs Market Overview - On October 11, 2025, the average price of the domestic LPG market dropped by 7 yuan/ton to 4451 yuan/ton, a decrease of -0.16%. The closing price of the futures main contract rose by 120 yuan/ton to 4268 yuan/ton, an increase of 2.89% [4] International Market - Affected by tariff policies, the international market prices fluctuated widely this week, with the average price finally falling. Due to the tight supply and demand of butane, the price trend of butane is stronger than that of propane. Market concerns have resurfaced, and Chinese importers have generally turned to purchasing US resources, resulting in high discounts for non-US resources to China. As the external market prices have fallen to relatively low levels, it has attracted buyers, and the strong demand from Sinopec has promoted the recovery of market buying interest and price stabilization and rebound [4] East China Region - The average price of the civil gas market remained stable at 4570 yuan/ton compared with the previous working day. The civil gas market in East China showed a trend of rising first and then falling this week, with the overall atmosphere being average. Affected by the increase in supply from Shandong and warehouse receipts, the prices continued to decline. The price of imported gas was high in the early stage, but it showed signs of loosening in the later stage [4] South China Region - The average price of the civil gas market decreased by 20 yuan/ton to 4570 yuan/ton compared with the previous working day, a decrease of -0.44%. The price center of the civil gas market in South China continued to decline this week, with the final average price slightly falling. Affected by the decline of international oil prices and the external LPG market, the bearish sentiment in the market has increased. Although importers are willing to support prices, the downstream demand remains weak. In terms of industrial gas, prices in different regions have adjusted up and down, and the regional price difference has narrowed, with production and sales basically balanced [4] Shandong Region - The average price of the civil gas market remained stable at 4450 yuan/ton. The average price of etherified C4 decreased by 28 yuan/ton to 4370 yuan/ton, a decrease of -0.64%. The civil gas market in Shandong first stabilized and then declined this week, with the price center significantly shifting downward. Due to the unexpected increase in the release of refineries in the province, the market supply exceeded demand, and the market price dropped to a new low for the year [4]

Core Viewpoint - In September, the domestic liquefied petroleum gas (LPG) market experienced a dual weakness in supply and demand, with refinery inventory decreasing while port inventory increased, indicating a lack of strong expectations for market improvement in the near future [1][2][3]. Group 1: Inventory Analysis - As of September 30, the LPG refinery inventory rate was 27.91%, down 1.52 percentage points from the previous month [2]. - The estimated domestic LPG commodity volume for September was 1.6221 million tons, a decrease of 5.65% month-on-month, with an average daily commodity volume of 54,070 tons, down 0.14% [2]. - The average port inventory rate for domestic main ports was 52.36%, an increase of 1.69 percentage points from the previous month [3]. Group 2: Demand and Supply Dynamics - Domestic PDH (propane dehydrogenation) plant operating rates showed a decline followed by a slight recovery, with a weekly operating rate of 72.03% as of September 25, down 0.55 percentage points from the end of the previous month [3]. - Despite a traditional peak season for propane consumption, terminal demand growth was below expectations due to ongoing policy impacts [3]. Group 3: Price Trends - The LPG market in September showed a divergence in price trends, with residential gas prices initially rising but later declining due to increased port resources and weak terminal demand [6]. - The ether C4 market remained weak, influenced by poor downstream demand and rising upstream inventory pressures, leading to accelerated price declines [6]. Group 4: Future Outlook - The LPG market is expected to exhibit weak and fluctuating trends in October, with passive consumption of refinery and port inventories [7]. - Residential gas prices are anticipated to be weak due to abundant domestic supply and declining import costs, despite a potential increase in burning demand as temperatures drop [7].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The energy and chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each segment, options strategies and suggestions are provided for selected varieties. Each option variety's report includes an analysis of the underlying asset's market, research on option factors, and option strategy recommendations [8]. - Overall, a strategy of constructing option portfolios mainly as sellers, along with spot hedging or covered strategies, is recommended to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy and chemical futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of different option varieties are provided, which are used to describe the strength of the option underlying asset's market and the turning point of the underlying asset's market respectively [4]. 3.3 Option Factors - 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 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of different option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6]. 3.5 Strategy and Suggestions for Each Option Variety 3.5.1 Energy - related Options - **Crude Oil**: OPEC+ started a new round of production increase of 1.65 million barrels per day in October, and the market is worried about long - term oversupply. The market shows a weak trend. Options strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7]. - **LPG**: The maintenance of PDH plants is stable, but the profit is declining. The market shows an oversold rebound with pressure. Options strategies include constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9]. 3.5.2 Alcohol - related Options - **Methanol**: The port inventory has increased, and the market shows a weak trend. Options strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Ethylene Glycol**: The supply load has increased slightly, and the market shows a weak trend. Options strategies include constructing a bear spread strategy for put options, a short - volatility strategy, and a long collar strategy for spot hedging [10]. 3.5.3 Polyolefin - related Options - **Polypropylene**: The commercial inventory has increased significantly, and the market shows a weak trend. Options strategies include a long collar strategy for spot hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: The inventory has decreased, and the market shows a weak consolidation trend. Options strategies include constructing a short - biased call + put option combination strategy [12]. 3.5.5 Polyester - related Options - **PTA**: The supply support is insufficient, and the market shows a weak bearish trend. Options strategies include constructing a short - biased call + put option combination strategy [12]. 3.5.6 Alkali - related Options - **Caustic Soda**: The production and inventory situation shows a weakening trend. Options strategies include constructing a bear spread strategy and a long collar strategy for spot hedging [13]. - **Soda Ash**: The inventory has increased, and the market shows a low - level weak consolidation trend. Options strategies include constructing a short - volatility combination strategy and a long collar strategy for spot hedging [13]. 3.5.7 Other Options - **Urea**: The supply capacity utilization rate has increased, and the demand has weakened. The market shows a low - level weak consolidation trend. Options strategies include constructing a bear spread strategy for put options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [8]. - For each sector, some varieties are selected to give option strategies and suggestions, and option strategy reports are compiled based on underlying market analysis, option factor research, and option strategy suggestions for each option variety [8]. - Strategies suggest constructing option combination strategies mainly as sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summaries According to Related Catalogs 3.1 Futures Market Overview - For different energy - chemical option varieties, data on the latest price, price change, price change rate, trading volume, volume change, open interest, and open interest change of the underlying contracts are presented. For example, the latest price of crude oil SC2512 is 449, with a price change of - 20 and a price change rate of - 4.27% [3]. 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and whether the underlying market has a turning point. Data on volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change for different option varieties are provided [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels of option varieties are analyzed from the perspective of the exercise prices with the largest open interest of call and put options. Data on the underlying contract, at - the - money exercise price, pressure point, pressure point deviation, support point, support point deviation, maximum call open interest, and maximum put open interest for different option varieties are given [5]. 3.4 Option Factors - Implied Volatility - Implied volatility data, including at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call implied volatility, put implied volatility, historical volatility, and the difference between implied and historical volatility, are provided for different option varieties [6]. 3.5 Strategies and Suggestions 3.5.1 Energy - related Options - **Crude Oil**: The OPEC+ started a new round of production increase of 1.65 million barrels per day in October, and the market is worried about long - term oversupply. The market shows a weak trend. Suggested strategies include constructing a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7]. - **LPG**: The PDH device maintenance situation is stable, but the profit is declining. The market shows an oversold rebound with pressure. Suggested strategies are similar to those of crude oil [9]. 3.5.2 Alcohol - related Options - **Methanol**: Port inventory has increased, and the market shows a weak trend. Suggested strategies include constructing a bearish call + put option combination strategy for volatility and a long collar strategy for spot hedging [9]. - **Ethylene Glycol**: The supply load has increased slightly, and the market is weak. Suggested strategies include a bearish spread strategy for directionality, a short - volatility strategy for volatility, and a long collar strategy for spot hedging [10]. 3.5.3 Polyolefin - related Options - **Polypropylene**: The commercial inventory has increased, and the market is weak. Suggested strategies include a long collar strategy for spot hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: Inventory has decreased, and the market shows a weak consolidation. Suggested strategies include constructing a bearish call + put option combination strategy for volatility [12]. 3.5.5 Polyester - related Options - **PTA**: The market start - up rate is 75.61%, and the supply support is insufficient. The market is weak. Suggested strategies include constructing a bearish call + put option combination strategy for volatility [12]. 3.5.6 Alkali - related Options - **Caustic Soda**: The start - up rate has decreased, and inventory has increased. The market shows a downward trend with pressure. Suggested strategies include a bearish spread strategy for directionality and a long collar strategy for spot hedging [13]. - **Soda Ash**: Inventory has increased, and the market shows a low - level weak consolidation. Suggested strategies include a short - volatility combination strategy for volatility and a long collar strategy for spot hedging [13]. 3.5.7 Urea Options - The supply utilization rate has increased, and demand from some downstream industries has decreased. The market shows a low - level weak consolidation. Suggested strategies include a bearish spread strategy for directionality, a bearish call + put option combination strategy for volatility, and a long collar strategy for spot hedging [14].

Group 1: Report Overview - Report Date: October 10, 2025 [1] - Report Type: Energy and Chemical Options Strategy Morning Report - Covered Option Types: Energy (crude oil, LPG), polyolefins (PP, PVC, plastic, styrene), polyesters (PX, PTA, short - fiber, bottle chips), alkali chemicals (caustic soda, soda ash), others (rubber) [2] - General Strategy: Construct option combination strategies mainly as sellers, and spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview Price and Volume - Crude oil (SC2511): Latest price 464, down 5 (-0.96%), volume 4.45 million lots (down 3.78 million lots), open interest 2.62 million lots (up 0.16 million lots) [3] - LPG (PG2511): Latest price 4,061, down 17 (-0.42%), volume 7.04 million lots (down 0.40 million lots), open interest 6.69 million lots (up 0.20 million lots) [3] - Methanol (MA2512): Latest price 2,268, down 8 (-0.35%), volume 1.38 million lots (down 3.85 million lots), open interest 3.03 million lots (up 0.07 million lots) [3] - And other options with their respective price, volume, and open - interest changes [3] Group 3: Option Factor - Volume and Open Interest PCR PCR Metrics - Crude oil: Volume PCR 0.59 (down 0.11), open - interest PCR 0.66 (down 0.11) [4] - LPG: Volume PCR 0.74 (up 0.14), open - interest PCR 0.56 (down 0.11) [4] - Methanol: Volume PCR 0.71 (down 0.08), open - interest PCR 0.62 (down 0.05) [4] - Other options also have their corresponding PCR values and changes [4] Group 4: Option Factor - Pressure and Support Levels Pressure and Support - Crude oil: Pressure point 570, support point 480 [5] - LPG: Pressure point 4,700, support point 4,050 [5] - Methanol: Pressure point 2,300, support point 2,250 [5] - Each option has its specific pressure and support levels [5] Group 5: Option Factor - Implied Volatility Implied Volatility Metrics - Crude oil: At - the - money implied volatility 25.7%, weighted implied volatility 33.76% (down 18.12%), historical volatility difference - 3.90 [6] - LPG: At - the - money implied volatility 16.17%, weighted implied volatility 23.06% (down 3.48%), historical volatility difference - 3.39 [6] - Methanol: At - the - money implied volatility 16.39%, weighted implied volatility 19.49% (down 6.31%), historical volatility difference - 0.94 [6] - Other options have their respective implied volatility data [6] Group 6: Strategy and Recommendations for Each Option Crude Oil - Fundamental Analysis: US API data shows Cushing inventory decreased by 1.15 million barrels. OPEC meeting ended on October 5 with a "principle - based low - speed production increase" of 137,000 barrels per day [7] - Market Analysis: Since July, it has been weak, with a downward trend in October [7] - Option Factor Research: Implied volatility fluctuates above the mean, open - interest PCR above 1.00 indicates support below, pressure point 570, support point 480 [7] - Strategy: Directional strategy: None; Volatility strategy: Sell a neutral call + put option combination; Spot long - hedging strategy: Construct a long collar strategy [7] LPG - Fundamental Analysis: PDH device maintenance was stable last week, with a capacity utilization rate of 74.77%. Profits are declining [9] - Market Analysis: After a decline in July, it showed an oversold rebound with pressure above [9] - Option Factor Research: Implied volatility dropped to near the mean, open - interest PCR below 0.80 indicates a weak market, pressure point 4,500, support point 4,200 [9] - Strategy: Directional strategy: None; Volatility strategy: Sell a neutral call + put option combination; Spot long - hedging strategy: Construct a long collar strategy [9] Methanol - Fundamental Analysis: Supply - side开工 declined, demand improved marginally, and inventory decreased [9] - Market Analysis: It showed a weak trend with pressure above [9] - Option Factor Research: Implied volatility fluctuates around the historical mean, open - interest PCR below 0.80 indicates a weak - oscillating market, pressure point 2,350, support point 2,250 [9] - Strategy: Directional strategy: None; Volatility strategy: Sell a bearish call + put option combination; Spot long - hedging strategy: Construct a long collar strategy [9] Other Options - Each option (ethylene glycol, polypropylene, etc.) has its own fundamental analysis, market analysis, option factor research, and corresponding strategies [10][12][13]

Group 1: Report Overview - Report title: Energy Chemical Options Strategy Morning Report [2] - Report date: September 30, 2025 [2] - Covered option types: Energy (crude oil, LPG), polyolefins (PP, PVC, plastic, styrene), polyesters (PX, PTA, short - fiber, bottle - chip), alkali chemicals (caustic soda, soda ash), and others (rubber) [3] - Overall strategy: Construct option portfolio strategies mainly as sellers, and use spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - Multiple underlying futures are involved, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2511) is 480, down 14 (-2.87%); LPG (PG2511) is 4,313, up 18 (0.42%) [4] Group 3: Option Factors - Volume and Position PCR - Volume and position PCR are calculated for various options. For instance, the volume PCR of crude oil is 0.59 (-0.07), and the position PCR is 1.07 (-0.02) [5] Group 4: Option Factors - Pressure and Support Levels - Pressure and support levels are provided for different options. For example, the pressure point of crude oil is 570, and the support point is 480 [6] Group 5: Option Factors - Implied Volatility - Implied volatility data is presented for each option. For example, the flat - value implied volatility of crude oil is 44.085, and the weighted implied volatility is 48.59 (4.75) [7] Group 6: Option Strategies and Recommendations Energy - related Options - **Crude oil**: - Fundamental analysis: OPEC+ plans to return 1.66 million barrels per day of production capacity, but the Russia - Ukraine situation causes supply uncertainty. US EIA demand is weak, and the effect of interest - rate cuts needs observation [8] - Market analysis: Since July, it has shown a bearish trend with some rebounds. It is currently in a warming - up market with upper pressure [8] - Option factor research: Implied volatility is at a relatively high level, position PCR is above 1.00, indicating support below [8] - Strategies: Volatility strategy - construct a neutral short - call + short - put option combination; spot long - hedging strategy - construct a long - collar strategy [8] - **LPG**: - Fundamental analysis: PDH device maintenance is stable, but profit is declining. It is expected that capacity utilization will fall below 70% in the peak season [10] - Market analysis: It has shown an oversold - rebound market with upper pressure since July [10] - Option factor research: Implied volatility has dropped to near the average, position PCR is below 0.80, indicating a weak trend [10] - Strategies: Similar to crude oil, construct a neutral short - call + short - put option combination and a long - collar strategy for spot hedging [10] Alcohol - related Options - **Methanol**: - Fundamental analysis: Port and enterprise inventories are decreasing, and pre - holiday downstream stocking has led to inventory reduction [10] - Market analysis: It has shown a weak - rebound market with upper pressure since July [10] - Option factor research: Implied volatility is around the historical average, position PCR is below 0.80, indicating a weak - oscillating trend [10] - Strategies: Volatility strategy - construct a short - biased short - call + short - put option combination; spot long - hedging strategy - construct a long - collar strategy [10] - **Ethylene glycol**: - Fundamental analysis: Port inventory is expected to oscillate at a low level in the short term and turn to a stocking cycle later [11] - Market analysis: It has shown a weak - bearish market with upper pressure since July [11] - Option factor research: Implied volatility is below the average, position PCR is around 0.70, indicating strong bearish power [11] - Strategies: Directional strategy - construct a bear - spread put option combination; volatility strategy - construct a short - volatility strategy; spot long - hedging strategy - hold spot long + buy put option + sell out - of - the - money call option [11] Polyolefin - related Options - **Polypropylene**: - Fundamental analysis: PP inventory pressure is higher than PE. Production and trade inventories are mostly decreasing, but port inventory is increasing [12] - Market analysis: It has shown a weak - bearish market with upper pressure since July [12] - Option factor research: Implied volatility has dropped to near the average, position PCR is around 0.70, indicating a weak trend [12] - Strategies: Spot long - hedging strategy - hold spot long + buy at - the - money put option + sell out - of - the - money call option [12] Rubber - related Options - **Rubber**: - Fundamental analysis: Pre - holiday stocking is over, and buying sentiment has weakened, leading to a decline in rubber prices [13] - Market analysis: It has shown a weak - oscillating market with upper and lower boundaries since July [13] - Option factor research: Implied volatility has dropped to near the average after a sharp rise, position PCR is below 0.60, indicating a weak trend [13] - Strategies: Volatility strategy - construct a short - biased short - call + short - put option combination [13] Polyester - related Options - **PTA**: - Fundamental analysis: Domestic PTA weekly production and capacity utilization are decreasing, and social inventory is also decreasing [14] - Market analysis: It has shown a weak - bearish market with upper pressure since July [14] - Option factor research: Implied volatility is at a relatively high level, position PCR is around 0.70, indicating an oscillating trend [14] - Strategies: Volatility strategy - construct a short - biased short - call + short - put option combination [14] Alkali - related Options - **Caustic soda**: - Fundamental analysis: The caustic soda market is stable with some fluctuations. Some enterprises have device maintenance, and downstream demand is weak [15] - Market analysis: It has shown a downward - oscillating market with upper pressure recently [15] - Option factor research: Implied volatility is at a high level, position PCR is below 0.90, indicating a weak - oscillating trend [15] - Strategies: Directional strategy - construct a bear - spread put option combination; spot long - hedging strategy - construct a long - collar strategy [15] - **Soda ash**: - Fundamental analysis: Factory inventory is decreasing, and inventory available days are also decreasing [15] - Market analysis: It has shown a low - level weak - oscillating market with support below [15] - Option factor research: Implied volatility is at a relatively high historical level, position PCR is below 0.60, indicating strong bearish pressure [15] - Strategies: Volatility strategy - construct a short - volatility combination; spot long - hedging strategy - construct a long - collar strategy [15] Urea - related Options - **Urea**: - Fundamental analysis: Enterprise and port inventories are increasing, indicating an oversupply situation [16] - Market analysis: It has shown a low - level weak - oscillating market since July [16] - Option factor research: Implied volatility is fluctuating around the historical average, position PCR is below 0.60, indicating strong bearish pressure [16] - Strategies: Volatility strategy - construct a short - biased short - call + short - put option combination; spot long - hedging strategy - hold spot long + buy at - the - money put option + sell out - of - the - money call option [16]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies suggest constructing option portfolios mainly from sellers and using spot hedging or covered strategies to enhance returns [3][9] 3. Summaries by Related Catalogs 3.1 Futures Market Overview - This section presents the latest prices, price changes, trading volumes, and open interest of various energy and chemical futures contracts, including crude oil, LPG, methanol, etc [4] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators of volume and open interest for different option varieties are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market [5] 3.3 Option Factors - 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 [6] 3.4 Option Factors - Implied Volatility - The implied volatility data of different option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [7] 3.5 Strategy and Recommendations 3.5.1 Energy - related Options - **Crude Oil**: OPEC plans to increase production, and Russia plans to cut production. The market shows a bearish recovery. Option strategies include constructing a short - biased call + put option combination, and a long collar strategy for spot hedging [8] - **LPG**: PDH device maintenance affects supply. The market shows an oversold rebound. Option strategies include constructing a neutral - biased call + put option combination and a long collar strategy for spot hedging [10] 3.5.2 Alcohol - related Options - **Methanol**: Port and enterprise inventories are at high levels. The market is bearish. Option strategies include a bear spread of put options, a short - biased call + put option combination, and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory is expected to increase. The market is bearish. Option strategies include a bear spread of put options, a short - volatility strategy, and a long + put + short call option strategy for spot hedging [11] 3.5.3 Polyolefin - related Options - **Polypropylene**: Inventory pressure varies between PE and PP. The market is bearish. Option strategies include a long + put + short call option strategy for spot hedging [12] 3.5.4 Rubber - related Options - **Rubber**: Affected by the peak rubber - tapping season, the market is bearish. Option strategies include a neutral - biased call + put option combination [13] 3.5.5 Polyester - related Options - **PTA**: Inventory is rising, but downstream demand is high. The market is bearish. Option strategies include a short - biased call + put option combination [13] 3.5.6 Alkali - related Options - **Caustic Soda**: Factory inventory is increasing. The market is bearish. Option strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: Factory inventory is decreasing. The market shows low - level fluctuations. Option strategies include a short - volatility combination and a long collar strategy for spot hedging [14] 3.5.7 Urea - related Options - **Urea**: Enterprise inventory is increasing, and domestic demand is weak. The market is bearish. Option strategies include a short - biased call + put option combination and a long + put + short call option strategy for spot hedging [15] 3.6 Option Charts - Charts for various option varieties, such as crude oil, LPG, methanol, etc., are provided, including price trends, trading volume and open interest, PCR indicators, implied volatility, and historical volatility cones [16][34][53]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The LPG market is expected to remain weak overall. The cheapest delivery location is Shandong, where the supply is abundant due to incoming resources, while the chemical demand is declining [1]. 3) Summary by Relevant Contents - **Price Changes**: - **Daily Changes**: On Thursday, the low - end price in East China was 4387 (+0), in Shandong was 4570 (+20), and in South China was 4600 (+0). The price of ether - post carbon four was 4620 (-10). The lowest delivery location was East China, with a basis of 7 (-55) and a 10 - 11 month spread of 113 (+33). FEI and CP c1 decreased to 550 (-3) and 544 (-3) dollars/ton respectively. The FEI monthly spread remained unchanged at 6 dollars, and the CP monthly spread dropped to -14.5 dollars (-3.5) [1]. - **Weekly Changes**: The PG main contract fluctuated strongly. The cheapest delivery product was Shandong civil gas at 4500. The basis weakened to 51 (-74). The 10 - 11 month spread was 49 (-20), the 11 - 12 month spread was 62 (+3). The number of warehouse receipts was 13002 (-6). The external market price increased. The internal - external price difference decreased slightly: PG - CP to 75 (-3); PG - FEI to 67.6 (-9.3). The FEI - CP was 7.5 (+6.5). The US - Asia arbitrage window closed [1]. - **Market Conditions**: - **Supply and Demand**: Incoming shipments decreased, external sales increased slightly, but demand narrowed, leading to an increase in both port and factory inventories. Chemical demand decreased, with the PDH operating rate at 70.49% (-2.61). The operating rates of alkylation and MTBE both declined [1]. - **Profitability**: The profit of PDH to PP continued to weaken, and the production gross margins of alkylated oil and MTBE were low [1]. - **Shipping and Spreads**: Freight rates continued to rise, with the latest rates from the US Gulf to Japan at 155 (+11) and from the Middle East to the Far East at 82 (+7). The FEI - MOPJ was -41.5 (-6.5), and the naphtha spread strengthened [1].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The energy - 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. Each option variety's strategy report is compiled based on underlying market analysis, option factor research, and option strategy suggestions [9] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, percentage changes, trading volumes, volume changes, open interest, and open interest changes of various energy - chemical option underlying futures contracts, including crude oil, liquefied petroleum gas, methanol, etc [4] 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - The volume - to - open - interest PCR indicators (volume PCR and open interest PCR) of various energy - chemical options are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5] 3.2.2 Pressure and Support Levels - The pressure and support levels of various energy - chemical option underlying contracts are given, which are determined by the strike prices with the largest open interest of call and put options [6] 3.2.3 Implied Volatility - The implied volatility indicators of various energy - chemical options are 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, historical 20 - day volatility, and the difference between implied and historical volatility [7] 3.3 Strategies and Suggestions 3.3.1 Energy - Type Options - **Crude Oil**: Fundamentally, OPEC may discuss early release of production cuts, and Russia has production cut plans. The market has been in a weak - to - range - bound state. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [8] - **Liquefied Petroleum Gas**: The PDH device maintenance situation is stable, and the market has shown an oversold - rebound pattern. Strategies involve constructing a neutral - biased call + put option combination strategy and a long collar strategy for spot hedging [10] 3.3.2 Alcohol - Type Options - **Methanol**: Port and enterprise inventories are at certain levels, and the market is weak. Strategies include constructing a bear spread combination strategy for put options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory is expected to be in a low - level shock and then a build - up cycle. The market is weak. Strategies involve constructing a bear spread combination strategy for put options, a short - volatility strategy, and a long collar strategy for spot hedging [11] 3.3.3 Polyolefin - Type Options - **Polypropylene**: PE and PP inventories have different trends, and the market is weak. Strategies include a long collar strategy for spot hedging [12] 3.3.4 Rubber - Type Options - **Rubber**: Affected by the Southeast Asian rubber - tapping season, the market is in a weak - consolidation state. Strategies include constructing a neutral - biased call + put option combination strategy [13] 3.3.5 Polyester - Type Options - **PTA**: Social inventory has a slight increase, and the market is weak. Strategies include constructing a short - biased call + put option combination strategy [14] 3.3.6 Alkali - Type Options - **Caustic Soda**: Factory inventories are increasing, and the market is in a downward - shock state. Strategies include a long collar strategy for spot hedging [15] - **Soda Ash**: Factory inventories are decreasing, and the market is in a low - level shock state. Strategies include constructing a short - volatility combination strategy and a long collar strategy for spot hedging [15] 3.3.7 Other Options - **Urea**: Enterprise inventory is high, and the market is in a low - level weak state. Strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [16] 3.4 Option Charts - The report provides price charts, volume - and - open - interest charts, volume - to - open - interest PCR charts, implied volatility charts, historical volatility cone charts, and pressure - and - support - level charts for various energy - chemical options such as crude oil, liquefied petroleum gas, methanol, etc [17][36][53]