Group 1: Report Overview - Report Title: Energy Chemical Options Daily Report 2025 - 04 - 28 [2] - Author: Lu Pinxian [3] - Main Content: Analysis of various energy chemical options including fundamental, market, and volatility analysis, and provides strategy recommendations [3] Group 2: Industry Classification and Options - Energy chemical options are mainly divided into 5 categories: basic chemicals, energy, polyester chemicals, polyolefin chemicals, and other chemicals [3] - Specific options include methanol, rubber, synthetic rubber, styrene, crude oil, liquefied gas, etc. [3] Group 3: Basic Chemicals Sector Methanol Options - Fundamental: Last week, port inventory was 46.32 tons, down 12.24 tons; enterprise inventory was 30.98 tons, down 0.26 tons; enterprise orders to be delivered were 30.27 tons, up 2.83 tons [3] - Market: After falling from the March high, it continued to weaken, accelerated decline in April and then rebounded, and has been consolidating in a wide - range rectangular interval in the past two weeks [3] - Volatility: Implied volatility remained above the historical average [3] - Strategy: Construct a bullish + bearish option bearish combination strategy [3] Rubber and Synthetic Rubber Options - Fundamental: The mainstream price of high - cis butadiene rubber in Shandong decreased by 50 yuan/ton to 11,700 yuan/ton, etc. [3] - Market: Rubber showed a weak consolidation trend under the bearish pressure line [3] - Volatility: Implied volatility was at a relatively high historical level [3] - Strategy: Construct a bearish short - volatility strategy [3] Styrene Options - Fundamental: Both factory and port inventories decreased, but the decline weakened, and it may turn to inventory accumulation next week [4] - Market: After falling from the late - February high, it continued to weaken, accelerated decline in early April and then rebounded, showing a large - fluctuation weak market [4] - Volatility: Implied volatility continued to fluctuate at a relatively high historical level [4] - Strategy: Construct a short - volatility option combination strategy [4] Group 4: Oil and Gas Sector Crude Oil Options - Fundamental: OPEC plans to increase oil production in May; US supply declined [4] - Market: It rebounded in March, rose and then fell in April, and showed a large - fluctuation market under the bearish pressure line this week [4] - Volatility: Implied volatility remained at a relatively high level [4] - Strategy: Construct a short - volatility strategy: sell put + sell call option combination [4] Liquefied Gas Options - Fundamental: Port inventory rebounded; PDH capacity utilization decreased, etc. [4] - Market: It rebounded from March to April, then fell and rebounded weakly [4] - Volatility: Implied volatility remained above the historical average [4] - Strategy: Construct a short - bearish call + put option combination strategy [4] Group 5: Polyester Chemicals Sector PX and PTA Options - Fundamental: PTA load was 78.9%, up 3.5%; multiple devices had maintenance plans [5] - Market: After the previous bearish release, it rebounded last week, showing a mild bullish trend under the bearish pressure line [5] - Volatility: Implied volatility remained at a relatively high level [5] - Strategy: Construct a short - volatility strategy [5] Ethylene Glycol Options - Fundamental: Last week, EG load was 68.5%, up 2.3%; different production methods had different load changes [5] - Market: It showed a large - fluctuation weak bearish market under pressure [5] - Volatility: Implied volatility rapidly rose to a relatively high historical level [5] - Strategy: Construct a short - volatility strategy [5] Short - Fiber Options - Fundamental: Port inventory was 77.5 tons, up 0.4 tons; downstream factory inventory days increased [5] - Market: It declined continuously since late February, accelerated decline in April and then rebounded, showing an oversold rebound market under pressure [5] - Volatility: Implied volatility remained at a relatively high average level [5] - Strategy: Construct a short - volatility sell call + put option combination strategy [5] Group 6: Polyolefin Chemicals Sector Polypropylene Options - Fundamental: PP production enterprise inventory decreased by 2.37% this week; trade and port inventories had different changes [6] - Market: It showed a large - fluctuation weak market under pressure [6] - Volatility: Implied volatility fluctuated at a relatively high historical level [6] - Strategy: Construct a short - bearish call + put option combination strategy [6] Polyethylene Options - Fundamental: PE production enterprise inventory increased by 5.86%; trade inventory decreased [6] - Market: It declined continuously since March, fell sharply in April and then consolidated weakly [6] - Volatility: Implied volatility rapidly rose to a relatively high level [6] - Strategy: Construct a bearish directional strategy [6] PVC Options - Fundamental: Last week, factory inventory increased by 0.9 tons; social inventory decreased by 3.7 tons [6] - Market: It consolidated weakly in a wide range for more than a month and then turned weak [6] - Volatility: Implied volatility remained at a relatively low level [6] - Strategy: Construct a bearish directional strategy [6] Group 7: Data Summary - Option underlying market data includes closing price, change, trading volume, and open interest for each option [8] - Option volume, open interest, and amount data are provided for each option [9] - Option volume - PCR, open interest - PCR, and amount - PCR data are presented for each option [10] - The maximum open interest strike price, pressure point, and support point are given for each option [11] - Implied volatility data such as implied volatility rate, change, and average are provided for each option [13]

日度报告——综合晨报 政治局会议表述并未超出市场预期，豆油厂 开机小幅上升 [T报ab告le_日R期an：k] 2025-04-28 宏观策略（外汇期货(美元指数)） 美官员：美乌矿产协议即将完成 最新消息美乌之间的矿产协议即将达成，这可能表明距离俄乌 协议进了一步，但是不确定性继续存在。 宏观策略（黄金） 黄金投机净多仓增加 油厂开机小幅上升 上周国内进口大豆成本增加，盘面榨利转差。供需错配下豆粕 现货市场短期仍较为紧张，但上周五现货已经有所回落，豆粕 5 月期价也大幅下挫，后期供需面将趋于改善。 有色金属（铜） 五矿资源一季度铜总产量同比增长 76% 短期宏观因素对铜价限制减弱，且基本面阶段支撑相对较强， 预计铜价短期或震荡偏强运行，策略角度继续关注逢低做多机 会。 能源化工（原油） 尼日利亚一大型汽油制造装置进行维修 综 周五金价震荡收跌一度跌破 3300 美金，表现偏弱，在贸易问题 没有进一步升级以及美国资产企稳回升后，短期资金获利了结。 美联储金融稳定性报告显示关税是当前最大风险。 合 宏观策略（国债期货） 晨 政治局会议：适时降准降息 报 政治局会议表述并未超出市场预期，总体来看，政策保持了定 力 ...

周内(4月21日至4月25日)，大宗商品涨跌不一，基本金属、黑色系板块领涨，航运板块领跌。 就国内期货市场具体来看，能源化工板块，燃油周上涨1.51%、原油上涨1.10%，碳酸锂下跌2.85%；黑 色系板块，铁矿石周上涨1.43%、焦煤上涨0.37%；基本金属板块，沪镍周上涨0.05%、沪锌上涨 3.17%、沪铜上涨1.71%；农产品板块，棕榈油周上涨3.00%、豆粕上涨0.33%、生猪下跌2.18%。航运板 块，集运欧线周下跌10.95%。交易行情热点 热点一：美联储独立性受影响，黄金收出高位十字星 黄金本周盘中价格创出新高，COMEX黄金一度突破3500美元盎司关口，随后快速回落，COMEX黄金 和伦敦金周线均收出十字星。具体来看，COMEX黄金下跌0.33%，报3330.2美元/盎司；伦敦金下跌 0.17%，报3318.62美元/盎司。 据南华期货（603093）统计：长线基金持仓看，上周SPDR黄金ETF持仓周减6吨至946.3；iShares白银 ETF持仓周减164.1吨至13956吨。短线基金持仓看，根据截至4月22日的CFTC持仓报告，黄金非商业净 多头寸周减26832张至175378张，其中 ...

Financial Performance - The company reported a basic earnings per share of -1.6500 yuan for 2024, an improvement of 24.66% compared to -2.1900 yuan in 2023 [1] - The net profit for 2024 was -5.03 billion yuan, showing a 24.7% improvement from -6.68 billion yuan in 2023 [1] - The return on equity decreased to -37.21% in 2024 from -34.51% in 2023, indicating a decline in profitability [1] - The total revenue for 2024 was 18.46 billion yuan, a 5.67% increase from 17.47 billion yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 16,663.79 million shares, accounting for 54.99% of the circulating shares, with a decrease of 9.81 million shares compared to the previous period [2] - The largest shareholder, Guoneng Yinglit Energy Chemical Group Co., Ltd., holds 15,532.27 million shares, representing 51.25% of the total share capital, with no change in holdings [3] - New entrants among the top shareholders include Chen Beiwen and Xu Hui, while several previous shareholders have exited the top ten list [3] Dividend Policy - The company has decided not to distribute dividends or increase capital [4]

二、风险提示 上述主要运营数据源自公司内部统计，运营数据在季度之间可能 存在差异，其影响因素包括但不限于宏观政策调整、国内外市场环境 变化、行业周期、季节性因素、恶劣天气、设备检修及安全检查等。 运营数据可能与相关期间定期报告披露的数据有差异，最终将以相关 期间定期报告披露数据为准。公司披露的运营数据仅作为初步及阶段 1 产品 计量单位 类别 2025 年第一季度 2024 年第一季度 同比增减幅 （%） 天然气 万方 产量 16,566.35 18,791.55 -11.84 万方 销量 86,535.42 118,140.81 -26.75 煤炭 万吨 原煤产量 1,406.65 589.17 138.75 万吨 原煤销量 1,335.77 780.30 71.19 万吨 提质煤产量 97.38 85.68 13.65 万吨 提质煤销量 133.27 121.53 9.66 甲醇 万吨 产量 27.79 28.80 -3.52 万吨 销量 27.13 28.43 -4.56 乙二醇 万吨 产量 4.05 - - 万吨 销量 6.22 - - 煤基油品 万吨 产量 16.22 14.49 11.96 万吨 ...

1. Report Information - Report Title: Energy and Chemical Options Daily Report 2025 - 04 - 24 [1] - Analyst: Lu Pinxian [2] 2. Core Viewpoint - The report analyzes the fundamentals, market trends, and volatility of various energy and chemical options, and provides corresponding option trading strategies and suggestions [2] 3. Industry Classification and Option Analysis 3.1 Basic Chemicals Sector - **Methanol Options**: Port inventory increased, enterprise inventory decreased, and orders to be shipped increased. The market showed a weak trend under short - selling pressure. Implied volatility was above the historical average. A bearish option combination strategy was recommended [2] - **Rubber/Synthetic Rubber Options**: The all - steel tire and semi - steel tire operating rates changed, port inventory decreased slightly, and social inventory increased slightly. The market showed a weak consolidation trend. Implied volatility was at a relatively high historical level. A bearish volatility - shorting strategy was recommended [2] - **Styrene Options**: Factory and port inventories decreased, but the de - stocking intensity weakened. The market showed a large - range volatile trend with pressure above. Implied volatility remained at a relatively high historical level. A volatility - shorting option combination strategy was recommended [3] 3.2 Oil and Gas Sector - **Crude Oil Options**: OPEC planned to increase production, and US supply decreased. The market showed a large - range volatile trend under short - selling pressure. Implied volatility remained at a relatively high level. A volatility - shorting strategy (selling put and call options) was recommended [3] - **Liquefied Gas Options**: Storage capacity utilization rates at ports, refineries, and gas stations were at low levels. The market showed a short - term weak rebound trend with pressure above. Implied volatility remained above the historical average. A bearish call + put option combination strategy was recommended [3] 3.3 Polyester Chemicals Sector - **PX/PTA Options**: PTA social inventory continued to decline. The market showed a bearish downward trend with pressure above, followed by a rebound and low - level wide - range oscillation. Implied volatility rose rapidly to a relatively high level. A volatility - shorting strategy was recommended [4] - **Ethylene Glycol Options**: Port inventory was expected to increase in the short term. The market showed a short - term weak bearish large - range oscillation trend with pressure above. Implied volatility rose rapidly to a relatively high historical level. A volatility - shorting strategy was recommended [4] - **Short - Fiber Options**: Polyester load increased, and short - fiber load remained flat. The market showed a bearish downward trend with pressure above and low - level consolidation. Implied volatility remained at a relatively high average level. A volatility - shorting call + put option combination strategy was recommended [4] 3.4 Polyolefin Chemicals Sector - **Polypropylene Options**: PP production enterprise, trader, and port inventories decreased. The market showed a weak large - range oscillation trend with pressure above. Implied volatility was at a relatively high historical level. A bearish call + put option combination strategy was recommended [5] - **Polyethylene Options**: PE production enterprise and trader inventories increased. The market showed a weak consolidation trend with pressure above. Implied volatility rose rapidly to a relatively high level. A bearish directional strategy was recommended [5] - **PVC Options**: Factory and social inventories decreased, and the overall inventory decreased. The market showed an oscillating rebound trend with pressure above. Implied volatility remained at a relatively low level. A bearish directional strategy was recommended [5] 4. Option Data Summary 4.1 Option Underlying Market Data - It includes information such as closing prices, price changes, trading volumes, and open interest for various option underlying assets [7] 4.2 Option Volume, Open Interest, and Amount Data - It shows data on trading volume, open interest, and trading amount for different options, as well as their changes [8] 4.3 Option Volume, Open Interest, and Amount PCR Data - It presents the put - call ratio (PCR) data for option trading volume, open interest, and trading amount, along with their changes [9] 4.4 Option Maximum Open Interest at Strike Prices - It provides information on the strike prices with the maximum open interest for call and put options, as well as pressure and support levels for each underlying asset [10] 4.5 Option Implied Volatility Data - It shows implied volatility data for different options, including changes, annual averages, call and put implied volatilities, historical volatility, and volatility differences [12]

Core Viewpoint - The article discusses the critical importance of water resource management in the Yellow River basin, particularly in the "几字弯" region, highlighting innovative strategies for water conservation and the integration of ecological, agricultural, and industrial development [2][4][9]. Water Resource Allocation - The Yellow River's water allocation plan distributes a total of 210 billion cubic meters, with a focus on sustainable usage across agriculture, industry, and ecology [2][9]. - The "八七分水方案" aims to control water extraction quantitatively, ensuring that each region's water needs are met while promoting high-quality development [2]. Agricultural Innovations - In the "几字弯" region, agricultural water usage accounts for 65% of total consumption, prompting the adoption of drought-resistant crops and advanced irrigation techniques to enhance water efficiency [5][9]. - Techniques such as planting trees during optimal weather conditions and utilizing satellite technology for precise timing have increased tree survival rates by 30% without additional water usage [5]. Industrial Development and Water Rights - The "几字弯" area is a significant energy hub, housing over 50% of China's coal, oil, and natural gas reserves, with water rights trading allowing agricultural water savings to be allocated to industrial projects [10]. - Successful water rights transactions have supported over 540 industrial projects, with the Ningdong Industrial Park achieving a total output value of 180 billion yuan in 2023, representing 30% of Ningxia's industrial output [10]. Renewable Energy and Future Prospects - The region is leveraging abundant renewable energy resources, such as solar and wind power, to support new industries without depleting water resources [11]. - The establishment of national data centers and computing power hubs in the "几字弯" area positions it as a key player in the future of technology and energy, contributing to high-quality development without relying on Yellow River water [11].

智通财经APP获悉，根据2025年4月22日披露数据，中国电信（00728）、新天绿色能源（00956）、凯 盛新能（01108）位居港股通持股比例前3位，分别为74.50%、67.36%、67.18%。此外，阿里巴巴－W （09988）、腾讯控股（00700）、盈富基金（02800）在最近有统计数据的5个交易日内，持股额增幅最 大，分别为+40.45亿元、+30.71亿元、+27.30亿元;中芯国际（00981）、小米集团－Ｗ（01810）、中国 石油化工股份（00386）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-14.57亿元、-9.19 亿元、-6.26亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 阿里巴巴－W(09988) | +40.45亿元 | +3677.58万股 | | 腾讯控股(00700) | +30.71亿元 | +666.95万股 | | 盈富基金(02800) | +27.30亿元 | +12467.10万股 | | 中国石油股份 ...

宝丰能源（600989）公告，2025年第一季度营收为107.71亿元，同比增长30.92%；净利润为24.37亿 元，同比增长71.49%。 ...

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The report conducts fundamental, market, and volatility analyses of various energy and chemical options, and provides corresponding strategy operations and suggestions [2] 3. Summary by Relevant Catalogs 3.1 Energy and Chemical Option Classification - Energy and chemical options are mainly divided into 5 categories: basic chemicals, energy, polyester chemicals, polyolefin chemicals, and other chemicals [2] 3.2 Option Analysis and Strategy Suggestions for Each Category 3.2.1 Basic Chemicals Sector - **Methanol Option**: Last week, port inventory increased by 1.58 tons to 58.56 tons, enterprise inventory decreased by 0.19 tons to 31.24 tons, and enterprise orders to be delivered increased by 1.99 tons to 27.44 tons. The market continued to fluctuate weakly under the bearish pressure line. The implied volatility remained above the historical average. Suggest to construct a bearish combination strategy of call + put options to obtain time - value and directional returns, such as S_MA2506P2275, etc. [2] - **Rubber/Synthetic Rubber Option**: As of April 18, the all - steel tire operating rate was 67.44% (+0.23%), and the semi - steel tire operating rate was 72.40% (-1.99%). Qingdao port inventory decreased slightly, while social inventory increased slightly. The market showed a weak consolidation and oscillation pattern under the bearish pressure line. The implied volatility of rubber options was at a relatively high historical level. Suggest to construct a bearish volatility - selling strategy to obtain directional and time - value returns, such as S_RU2509P14250, etc. [2] - **Styrene Option**: As of April 17, 2025, the sample inventory of Chinese styrene factories was 21.84 tons, a decrease of 0.98 tons (-4.30%) from the previous period, and the sample port inventory in Jiangsu was 9.56 tons, a decrease of 2.34 tons (-19.66%). After reaching a high in late February, it continued to decline weakly, and after an accelerated decline in early April, it rebounded and oscillated in a range. The implied volatility continued to fluctuate at a relatively high historical level. Suggest to construct a volatility - selling option combination strategy to obtain time - value and directional returns, such as S_EB2506P7100, etc. [3] 3.2.2 Oil and Gas Sector - **Crude Oil Option**: OPEC plans to increase oil production by 411,000 barrels per day in May. US supply has declined. The short - term supply negatives have been fully released, and shale oil has started to cut production. The market showed large fluctuations under the bearish pressure line. The implied volatility remained at a relatively high level. Suggest to construct a volatility - selling strategy: a combination of selling put and call options to obtain time - value returns, such as S_SC2506P4 and S_SC2506C [3] - **Liquefied Gas Option**: Port storage capacity utilization was at a multi - year low, refinery storage capacity utilization was near the multi - year low, and gas station storage capacity utilization was at a one - year low. Port inventory was at a low level. The market showed a short - term weak rebound pattern with upper pressure. The implied volatility remained above the historical average. Suggest to construct a bearish call + put option combination strategy to obtain directional and time - value returns, adjust the position delta dynamically according to market changes, and close the position if the market rises or falls sharply, such as S_PG2506P4250, etc. [3] 3.2.3 Polyester Chemicals Sector - **PX/PTA Option**: The overall social inventory of PTA (excluding credit warehouse receipts) was 297.7 tons, a decrease of 7.3 tons from the previous period, continuing the de - stocking trend. The downstream load continued to rise, and the PTA maintenance season continued. The market showed a pattern of bearish decline with upper pressure, and then a sharp oscillation in the low - level range after an oversold rebound. The implied volatility of PTA options rose rapidly to a relatively high level. Suggest to construct a volatility - selling strategy to obtain time - value returns, such as S_TA2506P4250 [4] - **Ethylene Glycol Option**: As of April 14, port inventory was 77.1 tons, a decrease of 2.9 tons from the previous period; downstream factory inventory days were 13.5 days, an increase of 0.3 days. In the short term, port inventory is expected to accumulate. The market showed a pattern of short - term weak bearish large - scale oscillation with upper pressure. The implied volatility rose rapidly to a relatively high historical level. Suggest to construct a volatility - selling strategy to obtain time - value returns, such as S_EG2506P4050 [4] - **Short - Fiber Option**: Polyester load was 93.8%, an increase of 0.5%. Among them, filament load was 92.5%, a decrease of 2.5%; short - fiber load was 88.9%, unchanged; bottle chip load was 75.9%, unchanged. The market showed a pattern of bearish decline with upper pressure and low - level consolidation after an accelerated decline in April. The implied volatility remained at a relatively high average level. Suggest to construct a volatility - selling call + put option combination strategy to obtain time - value returns, such as S_PF2506P5800 [4] 3.2.4 Polyolefin Chemicals Sector - **Polypropylene Option**: PP production enterprise inventory was 61.91 tons, a week - on - week de - stocking of 2.83%, and a year - on - year stocking of 12.09%; PP trader inventory was 14.38 tons, a de - stocking of 4.26% from the previous week; PP port inventory was 7.60 tons, a de - stocking of 0.26% from the previous week. The market showed a pattern of large - scale oscillation with upper pressure and weakness. The implied volatility was fluctuating at a relatively high historical level. Suggest to construct a bearish call + put option combination strategy to obtain directional and time - value returns, adjust the position delta dynamically according to market changes, and close the position if the market rises or falls sharply, such as S_PP2506P7100 [5] - **Polyethylene Option**: PE production enterprise inventory was 49.7 tons, a week - on - week stocking of 3.41%, and a year - on - year stocking of 2.58%; PE trader inventory was 5.39 tons, a stocking of 4.58% from the previous week. The market showed a pattern of weak consolidation with upper pressure. The implied volatility of plastic options rose rapidly to a relatively high level. Suggest to construct a bearish directional strategy to obtain directional returns, such as B_L2506P7200 [5] - **PVC Option**: Factory inventory was 41.1 tons, a de - stocking of 4 tons; social inventory was 72.5 tons, a de - stocking of 2.8 tons; overall inventory was 113.6 tons, a de - stocking of 6.8 tons; the number of warehouse receipts increased. The market showed a pattern of oscillatory rebound with upper pressure. The implied volatility remained at a relatively low level. Suggest to construct a bearish directional strategy to obtain directional returns, such as B_V2506P4900 [5] 3.3 Option Data Summary - **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**: Presents volume - PCR, volume - PCR changes, open interest - PCR, open interest - PCR changes, turnover - PCR, and turnover - PCR changes of various options [9] - **Option Maximum Open Interest at Strike Price**: Lists the pressure points, support points, maximum call open interest, and maximum put open interest of various options [10] - **Option Implied Volatility**: Shows implied volatility, implied volatility changes, annual averages, call implied volatility, put implied volatility, HISV - 20, and volatility differences of various options [12]