1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report provides an in - depth analysis of the futures and options markets of three new energy materials: lithium carbonate, polysilicon, and industrial silicon, including market data, option factors, and offers corresponding trading strategy suggestions [4][5][6][7][8][17][18][19][20][21][29][30][31][32][33] 3. Summary by Directory 3.1 Lithium Carbonate (LC) 3.1.1 Futures Market Data - The closing price of the LC2605 contract yesterday was 168,440 yuan, a rise of 9,720 yuan or 6.12% from the previous day. The trading volume was 324,620 lots, an increase of 63,690 lots from the previous day, and the open interest was 247,637 lots, an increase of 1,252 lots from the previous day [7] - The price of the LC (lithium carbonate futures) was 171,620 yuan, with a change of 440 yuan and a rise of 4.53%. The trading volume was 99,887 lots, and the open interest was 227,761 lots, a decrease of 9,876 lots [4] 3.1.2 Option Factors - Volume and Open Interest PCR - The trading volume of LC (lithium carbonate call options) was 226,219, a decrease of 93,718. The open interest was 144,723, an increase of 314. The trading volume PCR was 0.73, with a change of 0.15. The open interest PCR was 1.22, with a change of 0.06 [5] - The trading volume of LC (lithium carbonate put options) was 166,033, a decrease of 21,007. The open interest was 175,954 [5] 3.1.3 Option Factors - Pressure and Support - For LC (lithium carbonate options), the underlying contract was lc2605, the at - the - money strike price was 172,000, the resistance level was 208,000, the support level was 140,000, the weighted implied volatility was 79.21%, with a change of 4.68%, the annual average implied volatility was 47.56%, and HISV20 was 68.55% [6] 3.1.4 Option Strategies - Directional strategy: None - Volatility strategy: Construct a neutral - biased short call + put option combination strategy to obtain option time value. Dynamically adjust the positions to keep the delta of the positions neutral, such as S_LC2605P130000, S_C23605P140000, S_LC2605C170000, S_LC2605C180000 [8] 3.2 Polysilicon (PS) 3.2.1 Futures Market Data - The closing price of the PS2605 contract yesterday was 35,680 yuan, a decrease of 355 yuan or 0.98% from the previous day. The trading volume was 14,551 lots, an increase of 6,022 lots from the previous day, and the open interest was 34,180 lots, an increase of 729 lots from the previous day [20] - The price of the PS (polysilicon futures) was 36,550 yuan, with a change of 1,220 yuan and a rise of 3.45%. The trading volume was 16,531 lots, an increase of 1,980 lots, and the open interest was 34,584 lots, an increase of 404 lots [17] 3.2.2 Option Factors - Volume and Open Interest PCR - The trading volume of PS (polysilicon call options) was 68,194, an increase of 30,777. The open interest was 77,062, an increase of 14,673. The trading volume PCR was 0.19, with a change of - 0.16. The open interest PCR was 0.29, with a change of - 0.04 [18] - The trading volume of PS (polysilicon put options) was 13,054. The open interest was 22,711, an increase of 1,730 [18] 3.2.3 Option Factors - Pressure and Support - For PS (polysilicon options), the underlying contract was ps2605, the at - the - money strike price was 36,500, the resistance level was 70,000, the support level was 35,000, the weighted implied volatility was 89.75%, with a change of 9.95%, the annual average implied volatility was 46.45%, and HISV20 was 38.00% [19] 3.2.4 Option Strategies - Directional strategy: Construct a bear spread put option combination strategy to obtain directional returns, such as B_PS2605P38000, S_PS2605P33500 [21] - Volatility strategy: None [21] 3.3 Industrial Silicon (SI) 3.3.1 Futures Market Data - The closing price of the SI2605 contract yesterday was 8,625 yuan, a decrease of 105 yuan or 1.20% from the previous day. The trading volume was 165,844 lots, an increase of 25,109 lots from the previous day, and the open interest was 223,220 lots, a decrease of 6,423 lots from the previous day [32] - The price of the SI (industrial silicon futures) was 8,480 yuan, with a rise of 2.13%. The trading volume was 83,055 lots, an increase of 70 lots, and the open interest was 220,617 lots, a decrease of 2,603 lots [29] 3.3.2 Option Factors - Volume and Open Interest PCR - The trading volume of SI (industrial silicon call options) was 94,617, an increase of 18,504. The open interest was 122,205, an increase of 12,621. The trading volume PCR was 0.7, with a change of 0.32. The open interest PCR was 0.44, with a change of - 0.02 [30] - The trading volume of SI (industrial silicon put options) was 66,461, an increase of 37,555. The open interest was 53,843, an increase of 2,926 [30] 3.3.3 Option Factors - Pressure and Support - For SI (industrial silicon options), the underlying contract was si2605, the at - the - money strike price was 8,500, the resistance level was 11,000, the support level was 8,000, the weighted implied volatility was 33.21%, with a change of 1.49%, the annual average implied volatility was 31.87%, and HISV20 was 21.80% [31] 3.3.4 Option Strategies - Directional strategy: None - Volatility strategy: Construct a short volatility short call + put option combination strategy to obtain option time value and directional returns. Dynamically adjust the positions to keep the delta of the positions neutral, such as S_SI2605P8000, S_SI2605P8200, S_SI2605C8800, S_SI2605C9000 [33]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report provides market data, analysis, and strategy suggestions for three types of new energy options: lithium carbonate (LC), polysilicon (PS), and industrial silicon (SI) [4][17][29]. Summary by Related Catalogs 1. Lithium Carbonate (LC) a. Futures Market Data - The C2605 contract of LC had a closing price of 157,200 yuan, a decrease of 1,020 yuan or -0.64%. The trading volume was 260,930 lots, and the open interest was 246,385 lots, with a decrease of 5,572 lots [4]. b. Option Factors - Volume and Open Interest PCR - For LC call options, the trading volume was 188,391 lots, an increase of 19,225 lots. The open interest was 148,001 lots, an increase of 10,352 lots. The volume PCR was 0.76, with a change of 0.02, and the open interest PCR was 1.03, with a change of 0.02 [5]. c. Option Factors - Pressure and Support - The at - the - money strike price of the LC option was 158,000 yuan. The resistance level was 208,000 yuan, and the support level was 120,000 yuan. The weighted implied volatility was 70.83%, with a decrease of 2.70%. The annual average implied volatility was 47.14%, and HISV20 was 65.86% [6]. d. Market Interpretation and Strategy Suggestions - The LC2605 contract closed at 159,120 yuan yesterday, an increase of 6,620 yuan or 4.34%. The trading volume was 233,304 lots, an increase of 2,233 lots, and the open interest was 251,957 lots, a decrease of 8,739 lots. The implied volatility of LC options fluctuated above the mean of 0.0000. The open interest PCR of LC options was 1.005, at the 84.08% level in the past year. The resistance and support levels were 208,000 yuan and 120,000 yuan respectively. For strategies, there is no directional strategy, and for volatility strategy, a neutral - biased call + put option combination strategy can be constructed to obtain option time value, and the position should be adjusted dynamically to keep the delta of the position neutral, such as S_LC2605P130000, S_LC2605P140000, S_LC2605C150000, S_LC2605C160000 [7][8]. 2. Polysilicon (PS) a. Futures Market Data - The PS2605 contract of PS had a closing price of 35,540 yuan, a decrease of 1,015 yuan or -2.77%. The trading volume was 8,559 lots, a decrease of 3,900 lots, and the open interest was 33,451 lots, an increase of 631 lots [17]. b. Option Factors - Volume and Open Interest PCR - For PS call options, the trading volume was 25,771 lots, an increase of 2,161 lots. The open interest was 56,828 lots, an increase of 6,251 lots. The volume PCR was 0.25, with a change of 0.03, and the open interest PCR was 0.34, with a decrease of 0.02 [18]. c. Option Factors - Pressure and Support - The at - the - money strike price of the PS option was 35,500 yuan. The resistance level was 70,000 yuan, and the support level was 35,000 yuan. The weighted implied volatility was 89.08%, with an increase of 0.56%. The annual average implied volatility was 45.91%, and HISV20 was 37.68% [19]. d. Market Interpretation and Strategy Suggestions - The PS2605 contract closed at 36,750 yuan yesterday, an increase of 990 yuan or 2.76%. The trading volume was 12,429 lots, an increase of 297 lots, and the open interest was 32,820 lots, an increase of 74 lots. The implied volatility of PS options fluctuated above the mean of 0.0000. The open interest PCR of PS options was 0.3649, at the 0.00% level in the past year. The resistance and support levels were 70,000 yuan and 35,000 yuan respectively. For strategies, a bear - spread put option combination strategy can be constructed to obtain directional returns, such as B_PS2605P38000, S_PS2605P33500. There is no volatility strategy [20][21]. 3. Industrial Silicon (SI) a. Futures Market Data - The SI2605 contract of SI had a closing price of 8,735 yuan, an increase of 1 yuan or 0.57%. The trading volume was 140,735 lots, a decrease of 77,224 lots, and the open interest was 229,643 lots, a decrease of 2,435 lots [29]. b. Option Factors - Volume and Open Interest PCR - For SI call options, the trading volume was 80,772 lots, a decrease of 30,393 lots. The open interest was 110,146 lots, an increase of 2,844 lots. The volume PCR was 0.32, with an increase of 0.04, and the open interest PCR was 0.44, with an increase of 0.03 [30]. c. Option Factors - Pressure and Support - The at - the - money strike price of the SI option was 8,700 yuan. The resistance level was 11,000 yuan, and the support level was 8,000 yuan. The weighted implied volatility was 32.80%, with a decrease of 0.22%. The annual average implied volatility was 31.78%, and HISV20 was 21.69% [31]. d. Market Interpretation and Strategy Suggestions - The SI2605 contract closed at 8,770 yuan yesterday, an increase of 150 yuan or 1.74%. The trading volume was 217,959 lots, an increase of 71,851 lots, and the open interest was 232,078 lots, an increase of 10,877 lots. The implied volatility of SI options fluctuated above the mean of 0.0000. The open interest PCR of SI options was 0.4133, at the 23.67% level in the past year. The resistance and support levels were 11,000 yuan and 8,000 yuan respectively. For strategies, there is no directional strategy, and for volatility strategy, a short - volatility call + put option combination strategy can be constructed to obtain option time value and directional returns, and the position should be adjusted dynamically to keep the delta of the position neutral, such as S_SI2605P8000, S_SI2605P8200, S_SI2605C8800, S_SI2605C9000 [32][33].

Group 1 - The conference focused on the core raw materials of the new energy sector, including polysilicon and lithium carbonate, and aimed to explore new models of integration between futures and spot markets, as well as innovations in green financial tools [1][5] - Industry experts from various associations and companies provided insights on the outlook of the polysilicon industry, the lithium carbonate market, and the integration strategies of new energy futures and options [1][3] - The event served as a high-level dialogue platform for upstream and downstream enterprises, promoting consensus and resource sharing within the new energy sector [5] Group 2 - The chairman of Galaxy Futures highlighted that China's new energy industry has established a complete layout from basic raw materials to core industrial chains, positioning it as a global leader in scale, technological innovation, and market share [3] - Galaxy Futures aims to integrate its development with the strategic layout of the new energy industry, emphasizing the importance of financial services in supporting sustainable energy development [3][5] - Participants agreed that the deep integration of financial tools with actual industry needs will inject new momentum into the sustainable development of the sector [5]