能源化工期权 2026-01-09 能源化工期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | ...

能源化工期权 2026-01-07 能源化工期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | ...

能源化工期权 2025-12-30 能源化工期权策略早报 | 李立勤 | 高级投研经 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | | 理 | | | | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | ...

Report Summary 1. Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoint - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Options strategies and suggestions are provided for selected varieties in each sector, including analysis of underlying asset market conditions, option factor research, and option strategy recommendations [9]. 3. Summary by Category 3.1 Futures Market Overview - Various energy - chemical futures contracts are presented, including details such as the latest price, price change, percentage change, trading volume, volume change, open interest, and open interest change. For example, the latest price of crude oil (SC2602) is 445, with a price increase of 2 and a percentage increase of 0.38%. Its trading volume is 4.59 million lots, a decrease of 1.99 million lots, and the open interest is 3.48 million lots, a decrease of 0.19 million lots [4]. 3.2 Option Factors - **Volume - Open Interest PCR**: This factor is used to describe the strength of the option underlying asset market and the turning point of the underlying asset market. For instance, the volume PCR of crude oil is 0.73, with a change of 0.10, and the open interest PCR is 0.77, with a change of - 0.01 [5]. - **Pressure and Support Levels**: Determined from the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil is 540, and the support level is 400 [6]. - **Implied Volatility**: Includes at - the - money implied volatility, weighted implied volatility, and its change, annual average, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 24.115%, the weighted implied volatility is 27.68%, with a change of 0.37% [7]. 3.3 Option Strategies and Suggestions - **Crude Oil**: - **Underlying Asset Market Analysis**: The total US crude oil inventory decreased by 1.025 million barrels (- 0.12%) to 837 million barrels, while the strategic crude oil inventory increased by 249,000 barrels (+ 0.06%) to 412 million barrels. The market showed a weak trend overall [8]. - **Option Factor Research**: The implied volatility of crude oil options fluctuated below the average level. The open interest PCR was below 0.70, indicating a weak market. The pressure level was 540, and the support level was 430 [8]. - **Option Strategy Recommendations**: Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy to obtain option time value and directional returns, and adjust the position dynamically to keep the delta of the position short; Spot long - hedging strategy: Construct a long collar strategy, holding a spot long position + buying a put option + selling an out - of - the - money call option [8]. - **Liquefied Petroleum Gas (LPG)**: - **Underlying Asset Market Analysis**: The total LPG supply decreased by 52,000 tons to 1.1946 million tons last week. The demand side saw an increase in the operating rate to 75%. The market showed a bearish trend with resistance above [10]. - **Option Factor Research**: The implied volatility of LPG options fluctuated around the average level. The open interest PCR was below 0.80, indicating a weak market. The pressure level was 4300, and the support level was 4000 [10]. - **Option Strategy Recommendations**: Directional strategy: Construct a bearish put spread strategy to obtain directional returns; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [10]. - **Methanol**: - **Underlying Asset Market Analysis**: The MTO operating rate decreased by 0.71 percentage points to 89.49%. The market showed a weak trend with resistance above [10]. - **Option Factor Research**: The implied volatility of methanol options fluctuated around the historical average level. The open interest PCR was below 0.60, indicating a weak market. The pressure level was 2300, and the support level was 2000 [10]. - **Option Strategy Recommendations**: Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [10]. - **Ethylene Glycol**: - **Underlying Asset Market Analysis**: The inventory in the East China main port increased by 25,000 tons to 844,000 tons, indicating a continuous oversupply situation. The market showed a weak bearish trend [11]. - **Option Factor Research**: The implied volatility of ethylene glycol options fluctuated above the average level, with an increasing volatility. The open interest PCR was below 0.60, indicating strong bearish power. The pressure level was 3800, and the support level was 3600 [11]. - **Option Strategy Recommendations**: Directional strategy: Construct a bearish put spread strategy; Volatility strategy: Construct a short - volatility strategy; Spot long - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [11]. - **Polyvinyl Chloride (PVC)**: - **Underlying Asset Market Analysis**: The factory inventory of PVC was 344,000 tons (+18,000 tons), and the social inventory was 517,000 tons (- 12,000 tons). The market showed a weak trend with bearish pressure above [11]. - **Option Factor Research**: The implied volatility of PVC options decreased to a level below the average. The open interest PCR was below 0.60, indicating a continuous weakening trend. The pressure level was 5000, and the support level was 4300 [11]. - **Option Strategy Recommendations**: Directional strategy: None; Volatility strategy: None; Spot long - hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [11]. - **Rubber**: - **Underlying Asset Market Analysis**: As of December 14, 2025, the total inventory of natural rubber in Qingdao was 498,900 tons, an increase of 10,200 tons. The market showed a weak consolidation trend [12]. - **Option Factor Research**: The implied volatility of rubber options gradually returned to a level around the average. The open interest PCR was below 0.60, indicating a weak overall market. The pressure level dropped significantly to 17,000, and the support level was 14,000 [12]. - **Option Strategy Recommendations**: Directional strategy: None; Volatility strategy: Construct a neutral - biased call + put option combination strategy; Spot hedging strategy: None [12]. - **Purified Terephthalic Acid (PTA)**: - **Underlying Asset Market Analysis**: The PX plant operating rate remained high, and the new production capacity was expected to be put into operation. The PTA plant inventory continued to accumulate. The market showed a short - term strong trend after a rebound from oversold conditions [12]. - **Option Factor Research**: The implied volatility of PTA options fluctuated at a relatively low average level. The open interest PCR was above 1.00, indicating a strong PTA market recently. The pressure level was 4750, and the support level was 4400 [12]. - **Option Strategy Recommendations**: Directional strategy: Construct a bullish call spread strategy; Volatility strategy: Construct a long - biased call + put option combination strategy; Spot hedging strategy: None [12]. - **Caustic Soda**: - **Underlying Asset Market Analysis**: The average capacity utilization rate of caustic soda sample enterprises with a capacity of 200,000 tons and above was 84.7%, a decrease of 1.5% week - on - week. The market showed a weak bearish trend [13]. - **Option Factor Research**: The implied volatility of caustic soda options fluctuated at a relatively high level. The open interest PCR was below 0.60, indicating a weak market recently. The pressure level was 2320, and the support level was 2000 [13]. - **Option Strategy Recommendations**: Directional strategy: Construct a bearish spread strategy; Volatility strategy: None; Spot collar hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [13]. - **Soda Ash**: - **Underlying Asset Market Analysis**: The production cost of the ammonia - soda process decreased, and the production cost of the combined - soda process in East China also decreased. The market showed a low - level weak consolidation trend [13]. - **Option Factor Research**: The implied volatility of soda ash options fluctuated at a relatively high historical level. The open interest PCR was below 0.50, indicating a bearish market. The pressure level was 1300, and the support level was 1100 [13]. - **Option Strategy Recommendations**: Directional strategy: Construct a bearish spread strategy; Volatility strategy: Construct a short - volatility combination strategy; Spot long - hedging strategy: Construct a long collar strategy [13]. - **Urea**: - **Underlying Asset Market Analysis**: The supply - demand difference increased by 14.16% week - on - week, and the enterprise inventory decreased by 54,500 tons. The market showed a short - term weak trend with resistance above [14]. - **Option Factor Research**: The implied volatility of urea options fluctuated at a relatively low historical average level. The open interest PCR was below 0.60, indicating strong bearish pressure. The pressure level was 1700, and the support level was 1640 [14]. - **Option Strategy Recommendations**: Directional strategy: None; Volatility strategy: Construct a neutral - biased call + put option combination strategy; Spot hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [14].

Group 1: Report Summary - The report focuses on energy and chemical options, covering various sectors such as energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [10]. - It provides option strategies and suggestions for selected varieties in each sector, including fundamental analysis, market trends, option factor research, and option strategy recommendations [10]. Group 2: Market Overview - **Futures Market**: The report presents the latest prices, price changes, trading volumes, and open interest of various energy and chemical futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. [5]. - **Option Factors**: It includes data on option volume - PCR, open interest - PCR, pressure and support levels, implied volatility, and historical volatility for different option varieties [6][7][8]. Group 3: Option Strategies Energy Options - **Crude Oil**: Fundamental analysis shows stable US refinery demand and unchanged shale oil production. The market has a weak trend. Option strategies include bear - spread combinations, selling call + put option combinations, and long - collar strategies for spot hedging [9]. - **LPG**: With an increase in warehouse receipts and mixed supply - demand conditions, the market is weak. Strategies involve bear - spread combinations, selling call + put option combinations, and long - collar strategies for spot hedging [11]. Alcohol Options - **Methanol**: Inventory is decreasing, and the market is weak. Strategies include bear - spread combinations, selling call + put option combinations, and long - collar strategies for spot hedging [11]. - **Ethylene Glycol**: Polyester load is decreasing, and inventory is increasing. The market is weak. Strategies involve bear - spread combinations, short - volatility strategies, and long - collar strategies for spot hedging [12]. Polyolefin Options - **PVC**: Inventory is increasing, and the market is weak. Strategies include bear - spread combinations and long - collar strategies for spot hedging [12]. Rubber Options - **Rubber**: Tire factory开工率 has mixed trends, and inventory has changed. The market is in a weak consolidation. Strategies involve selling neutral call + put option combinations [13]. Polyester Options - **PTA**: Production load is stable but low. The market has a weak rebound and then a decline. Strategies involve selling neutral call + put option combinations [13]. Alkali Options - **Caustic Soda**: Capacity utilization is increasing, and the market is weak. Strategies include bear - spread combinations and long - collar strategies for spot hedging [14]. - **Soda Ash**: Inventory is decreasing, and the market is in a low - level weak oscillation. Strategies include bear - spread combinations, short - volatility strategies, and long - collar strategies for spot hedging [14]. Other Options - **Urea**: Enterprise inventory is decreasing, and port inventory is increasing. The market is short - term weak. Strategies involve selling neutral call + put option combinations and long - collar strategies for spot hedging [15]. Group 4: Charts - The report includes price charts, trading volume and open - interest charts, option volume - PCR and open interest - PCR charts, implied volatility charts, and historical volatility cone charts for various energy and chemical options, such as crude oil, LPG, methanol, etc. [17][34][55]

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9]. - For each sector, options strategies and suggestions are provided for selected varieties [9]. - An options strategy report is prepared for each options variety based on underlying market analysis, options factor research, and options strategy suggestions [9]. 3. Summary by Relevant Catalogs 3.1 Underlying Futures Market Overview - The report presents data on the latest prices, price changes, trading volumes, and open interests of various energy - chemical futures, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2601) is 448, with a decrease of 8 and a decline rate of - 1.84%, and a trading volume of 6.76 million lots [4]. 3.2 Options Factors 3.2.1 Volume - Open Interest PCR - The volume - open interest PCR data of different options varieties are provided, which can be used to describe the strength of the underlying market and the turning point of the market. For instance, the volume PCR of crude oil options is 0.67 with a change of - 0.02, and the open interest PCR is 0.68 with a change of 0.06 [5]. 3.2.2 Pressure and Support Levels - The report shows the pressure and support levels of each option variety from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil is 540 and the support level is 440 [6]. 3.2.3 Implied Volatility - Implied volatility data of various option varieties are given, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatilities. For example, the at - the - money implied volatility of crude oil is 24.685%, and the weighted implied volatility is 26.17% with a change of - 0.99% [7]. 3.3 Options Strategies and Suggestions for Each Variety 3.3.1 Energy - Related Options (Crude Oil, LPG) - **Crude Oil** - **Underlying Market Analysis**: US crude oil production slightly increased, refinery processing volume rose, and global floating storage increased. The market showed a weak trend [8]. - **Options Factor Research**: Implied volatility was below the average, the open interest PCR was below 0.70, indicating a weak market. The pressure level was 540 and the support level was 430 [8]. - **Options Strategy Suggestions**: Construct a bear - spread put option strategy, a short - biased call + put option combination strategy, and a long - collar strategy for spot hedging [8]. - **LPG** - **Underlying Market Analysis**: Crude oil prices fluctuated around $63. The domestic LPG market was relatively strong due to low arrivals and strong chemical demand. The market was in a range - bound state with support below and pressure above [10]. - **Options Factor Research**: Implied volatility was around the average, the open interest PCR was below 0.80, indicating a range - bound market. The pressure level was 4500 and the support level was 4150 [10]. - **Options Strategy Suggestions**: Construct a neutral - biased short call + put option combination strategy and a long - collar strategy for spot hedging [10]. 3.3.2 Alcohol - Related Options (Methanol, Ethylene Glycol) - **Methanol** - **Underlying Market Analysis**: Enterprise inventories declined. The market showed a weak trend with pressure above after a rebound [10]. - **Options Factor Research**: Implied volatility was around the historical average, the open interest PCR was below 0.60, indicating a weak market. The pressure level was 2300 and the support level was 2000 [10]. - **Options Strategy Suggestions**: Construct a bear - spread put option strategy, a short - biased call + put option combination strategy, and a long - collar strategy for spot hedging [10]. - **Ethylene Glycol** - **Underlying Market Analysis**: Port inventories increased, downstream demand was limited, and the market showed a weak downward trend [11]. - **Options Factor Research**: Implied volatility was above the average and rising, the open interest PCR was below 0.60, indicating strong short - side forces. The pressure level was 3900 and the support level was 3850 [11]. - **Options Strategy Suggestions**: Construct a bear - spread put option strategy, a short - volatility strategy, and a long - collar strategy for spot hedging [11]. 3.3.3 Olefin - Related Options (PVC, Polypropylene, etc.) - **PVC** - **Underlying Market Analysis**: Inventories were in a build - up cycle, and the market showed a weak downward trend with bearish sentiment [11]. - **Options Factor Research**: Implied volatility decreased to below the average, the open interest PCR was below 0.60, indicating a continuous weakening market. The pressure level was 4600 and the support level was 4300 [11]. - **Options Strategy Suggestions**: Construct a bear - spread put option strategy and a long - collar strategy for spot hedging [11]. - **Polypropylene** - **Underlying Market Analysis**: No detailed description in the given text. - **Options Factor Research**: Implied volatility was at a certain level, and relevant PCR data were provided [5][106]. - **Options Strategy Suggestions**: No detailed description in the given text. 3.3.4 Rubber - Related Options (Rubber, Synthetic Rubber) - **Rubber** - **Underlying Market Analysis**: Tire production capacity utilization rates changed, and the market showed a weak consolidation trend [12]. - **Options Factor Research**: Implied volatility gradually returned to around the average, the open interest PCR was below 0.60, indicating a weak market. The pressure level dropped to 16000 and the support level was 15000 [12]. - **Options Strategy Suggestions**: Construct a neutral - biased short call + put option combination strategy [12]. - **Synthetic Rubber** - **Underlying Market Analysis**: No detailed description in the given text. - **Options Factor Research**: Implied volatility and relevant PCR data were provided [5]. - **Options Strategy Suggestions**: No detailed description in the given text. 3.3.5 Polyester - Related Options (PTA, Short - Fiber, etc.) - **PTA** - **Underlying Market Analysis**: Factory inventories were expected to accumulate, and the market showed a rebound and then a small - range fluctuation trend with pressure above [12]. - **Options Factor Research**: Implied volatility was at a relatively low average level, the open interest PCR was around 0.80, indicating a range - bound market. The pressure level was 4800 and the support level was 4500 [12]. - **Options Strategy Suggestions**: Construct a neutral - biased short call + put option combination strategy [12]. - **Short - Fiber** - **Underlying Market Analysis**: No detailed description in the given text. - **Options Factor Research**: Implied volatility and relevant PCR data were provided [5]. - **Options Strategy Suggestions**: No detailed description in the given text. 3.3.6 Alkali - Related Options (Caustic Soda, Soda Ash) - **Caustic Soda** - **Underlying Market Analysis**: Production capacity utilization increased, and the market showed a weak downward trend [13]. - **Options Factor Research**: Implied volatility was at a high level, the open interest PCR was below 0.60, indicating a weak market. The pressure level was 2240 and the support level was 2120 [13]. - **Options Strategy Suggestions**: Construct a bear - spread combination strategy and a long - collar strategy for spot hedging [13]. - **Soda Ash** - **Underlying Market Analysis**: Production increased, inventories were at a high level, and the market showed a weak downward oscillation trend [13]. - **Options Factor Research**: Implied volatility was at a relatively high historical level, the open interest PCR was below 0.50, indicating a bearish market. The pressure level was 1860 and the support level was 1100 [13]. - **Options Strategy Suggestions**: Construct a bear - spread combination strategy, a short - volatility combination strategy, and a long - collar strategy for spot hedging [13]. 3.3.7 Urea Options - **Underlying Market Analysis**: Supply pressure was alleviated to some extent, and the market showed a low - level oscillation and then a rebound trend [14]. - **Options Factor Research**: Implied volatility was at a relatively low historical average level, the open interest PCR was below 0.60, indicating strong short - side pressure. The pressure level was 1800 and the support level was 1660 [14]. - **Options Strategy Suggestions**: Construct a neutral - biased short call + put option combination strategy and a long - collar strategy for spot hedging [14].

光大期货能化商品日报 光大期货能化商品日报（2025 年 12 月 2 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一油价重心上移，其中 WTI 1 月合约收盘上涨 0.77 美元至 59.32 | | | | 美元/桶，涨幅 1.32%。布伦特 2 月合约收盘上涨 0.79 美元至 63.17 | | | | 美元/桶，涨幅 1.27%。SC2601 以 453.6 元/桶收盘，上涨 0.2 元/ | | | | 桶，涨幅为 0.04%。OPEC 发表声明，OPEC 和非 OPEC 产油国 | | | | 中的 8 个主要产油国决定，维持 11 月初制定的产量计划，在 2026 | | | | 年一季度暂停增产。沙特阿拉伯、俄罗斯、伊拉克、阿拉伯联合 | | | | 酋长国、科威特、哈萨克斯坦、阿尔及利亚和阿曼的代表当天举 | | | | 行线上会议，讨论国际石油市场形势及前景。声明称，由于季节 | | | 原油 | 性因素，上述国家决定在 2026 年 1 月、2 月和 3 月暂停增产步 | 震荡 | | | 伐，产量与 2025 年 12 月保 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The energy - chemical sector includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, etc. [9] - Strategies suggest constructing option combination strategies mainly as sellers and spot hedging or covered strategies to enhance returns. [3] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical futures contracts such as crude oil, LPG, methanol, etc. For example, the latest price of crude oil SC2601 is 452, with a price increase of 7 and a price change rate of 1.46%. [4] 3.2 Option Factors - Volume and Open Interest PCR - It shows the trading volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different energy - chemical options. For instance, the volume PCR of crude oil options is 0.69, with a change of - 0.35, and the open interest PCR is 0.74, with a change of - 0.02. [5] 3.3 Option Factors - Pressure and Support Levels - The pressure points, pressure point offsets, support points, support point offsets, maximum call option open interests, and maximum put option open interests of various energy - chemical options are provided. For example, the pressure point of crude oil options is 540, and the support point is 430. [6] 3.4 Option Factors - Implied Volatility - The report details the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of different energy - chemical options. For example, the at - the - money implied volatility of crude oil options is 25.395%. [7] 3.5 Strategy and Suggestions for Different Options 3.5.1 Energy - related Options (Crude Oil, LPG) - **Crude Oil**: Analyzes the fundamentals and market trends. Suggests directional strategies like constructing a bearish spread of put options, volatility strategies of selling a combination of call and put options, and spot long - hedging strategies like the long collar strategy. [8] - **LPG**: Analyzes the fundamentals and market trends. Proposes volatility strategies of selling a neutral combination of call and put options and spot long - hedging strategies like the long collar strategy. [10] 3.5.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Analyzes the fundamentals and market trends. Suggests directional strategies of constructing a bearish spread of put options, volatility strategies of selling a bearish combination of call and put options, and spot long - hedging strategies like the long collar strategy. [10] - **Ethylene Glycol**: Analyzes the fundamentals and market trends. Proposes directional strategies of constructing a bearish spread of put options, volatility strategies of shorting volatility, and spot long - hedging strategies. [11] 3.5.3 Polyolefin - related Options (Polypropylene, etc.) - **Polypropylene**: Analyzes the fundamentals and market trends. Suggests directional strategies of constructing a bearish spread of put options and spot long - hedging strategies. [11] 3.5.4 Rubber - related Options (Rubber, Synthetic Rubber) - **Rubber**: Analyzes the fundamentals and market trends. Proposes volatility strategies of selling a bearish combination of call and put options. [12] - **Synthetic Rubber**: No specific content on strategy suggestions is provided in the summary part. 3.5.5 Polyester - related Options (PTA) - **PTA**: Analyzes the fundamentals and market trends. Suggests volatility strategies of selling a neutral combination of call and put options. [12] 3.5.6 Alkali - related Options (Caustic Soda, Soda Ash, Urea) - **Caustic Soda**: Analyzes the fundamentals and market trends. Suggests directional strategies of constructing a bearish spread and spot long - hedging strategies like the long collar strategy. [13] - **Soda Ash**: Analyzes the fundamentals and market trends. Proposes directional strategies of constructing a bearish spread, volatility strategies of shorting volatility, and spot long - hedging strategies like the long collar strategy. [13] - **Urea**: Analyzes the fundamentals and market trends. Suggests volatility strategies of selling a neutral combination of call and put options and spot long - hedging strategies. [14]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The energy - chemical sector is 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 includes analysis of the underlying asset's market, research on option factors, and option strategy suggestions [9] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The table shows the latest prices, price changes, trading volumes, and open interest of various energy - chemical futures contracts such as crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2601) is 443, down 4 with a decline of 0.98%, trading volume of 8.62 million lots (down 2.19 million lots), and open interest of 4.06 million lots (down 0.10 million lots) [4] 3.2 Option Factor - Volume and Open Interest PCR - The table presents the volume and open interest PCR of different energy - chemical options. For instance, the volume PCR of crude oil options is 0.93 (down 0.14), and the open interest PCR is 0.77 (up 0.02) [5] 3.3 Option Factor - Pressure and Support Levels - It shows the pressure and support levels of option underlying assets. For example, the pressure level of crude oil is 540 and the support level is 430 [6] 3.4 Option Factor - Implied Volatility - The table provides information on the implied volatility of various energy - chemical options, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of crude oil options is 26.13%, and the weighted implied volatility is 27.78% (down 0.93) [7] 3.5 Option Strategies and Suggestions 3.5.1 Energy - Class Options: Crude Oil - Fundamental analysis: US refinery demand is stabilizing and rising. Shale oil production is stable during the oil price decline, and refineries are increasing diesel output. OPEC's short - term supply is flat. Libya's short - term exports may recover in two weeks, and Kuwait's refinery restart will weaken the support for low - sulfur fuel oil. - Market analysis: The crude oil price showed a complex trend from August to November, with short - term weakness and then rebounds. - Option factor research: The implied volatility of crude oil options fluctuates above the average. The open interest PCR is below 0.80, indicating a weak market. The pressure level is 540 and the support level is 430. - Strategy suggestions: Construct a bearish spread strategy for put options, a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [8] 3.5.2 Energy - Class Options: LPG - Fundamental analysis: US propane is in the process of destocking, but inventory is still at a historical high. Crude oil prices are affected by supply - demand and geopolitical factors. - Market analysis: LPG prices have shown a pattern of decline, rebound, and then consolidation since August. - Option factor research: The implied volatility of LPG options has dropped to below the average. The open interest PCR is around 0.80, indicating a weak market. The pressure level is 4500 and the support level is 4250. - Strategy suggestions: Construct a short - neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [10] 3.5.3 Alcohol - Class Options: Methanol - Fundamental analysis: Port and enterprise inventories of methanol are decreasing. - Market analysis: Methanol prices have been weak since August. - Option factor research: The implied volatility of methanol options fluctuates around the historical average. The open interest PCR is below 0.60, indicating a weak and volatile market. The pressure level is 2300 and the support level is 2000. - Strategy suggestions: Construct a bearish spread strategy for put options, a short - biased call + put option combination strategy for volatility, and a long collar strategy for spot hedging [10] 3.5.4 Alcohol - Class Options: Ethylene Glycol - Fundamental analysis: Port inventory of ethylene glycol is expected to increase at a slower pace, and the balance sheet is expected to improve. - Market analysis: Ethylene glycol prices have been weak since August. - Option factor research: The implied volatility of ethylene glycol options fluctuates below the average. The open interest PCR is below 0.70, indicating strong bearish power. The pressure level is 4500 and the support level is 3800. - Strategy suggestions: Construct a bearish spread strategy for put options, a short - volatility strategy, and a long collar strategy for spot hedging [11] 3.5.5 Polyolefin - Class Options: Polypropylene - Fundamental analysis: Polyolefin inventories are under pressure. - Market analysis: Polypropylene prices have been weak since August. - Option factor research: The implied volatility of polypropylene options has dropped to around the average. The open interest PCR is around 0.70, indicating a weak market. The pressure level is 7000 and the support level is 6300. - Strategy suggestions: Construct a bearish spread strategy for put options and a long collar strategy for spot hedging [11] 3.5.6 Rubber Options - Fundamental analysis: Tire factory operating rates are decreasing, and rubber inventories are changing from explicit to implicit. - Market analysis: Rubber prices have been weak since September. - Option factor research: The implied volatility of rubber options has dropped to below the average. The open interest PCR is below 0.60. The pressure level has dropped to 16000 and the support level is 15000. - Strategy suggestions: Construct a short - biased call + put option combination strategy for volatility [12] 3.5.7 Polyester - Class Options: PTA - Fundamental analysis: PTA inventory is slightly increasing, but it is expected to enter a destocking phase. - Market analysis: PTA prices have shown a pattern of decline, rebound, and then consolidation. - Option factor research: The implied volatility of PTA options fluctuates above the average. The open interest PCR is around 0.70, indicating a volatile market. The pressure level is 4700 and the support level is 4300. - Strategy suggestions: Construct a short - neutral call + put option combination strategy for volatility [12] 3.5.8 Alkali - Class Options: Caustic Soda - Fundamental analysis: The average utilization rate of caustic soda production capacity is increasing, with regional differences. - Market analysis: Caustic soda prices have been weak since September. - Option factor research: The implied volatility of caustic soda options is at a relatively high level. The open interest PCR is below 0.60, indicating a weak market. The pressure level is 3000 and the support level is 2200. - Strategy suggestions: Construct a bearish spread strategy and a long collar strategy for spot hedging [13] 3.5.9 Alkali - Class Options: Soda Ash - Fundamental analysis: Soda ash inventories are decreasing. - Market analysis: Soda ash prices have been in a low - level consolidation since August. - Option factor research: The implied volatility of soda ash options is at a relatively high level. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1860 and the support level is 1100. - Strategy suggestions: Construct a bearish spread strategy, a short - volatility strategy, and a long collar strategy for spot hedging [13] 3.5.10 Other Options: Urea - Fundamental analysis: Urea enterprise inventories are decreasing, and port inventories are increasing. - Market analysis: Urea prices have shown a pattern of low - level consolidation and then rebound. - Option factor research: The implied volatility of urea options fluctuates around the historical average. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1800 and the support level is 1600. - Strategy suggestions: Construct a short - neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [14]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Each sector selects some varieties for option strategy suggestions. Each option variety compiles an option strategy report according to the underlying market analysis, option factor research, and option strategy suggestions [9]. - The overall strategy is to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, including crude oil, liquefied petroleum gas, methanol, etc. For example, the latest price of crude oil SC2601 is 446, with a decrease of 7 and a decline rate of 1.46%, trading volume of 14.15 million lots, an increase of 2.24 million lots, open interest of 4.20 million lots, and an increase of 0.29 million lots [4]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of various energy - chemical options are provided. For instance, the volume PCR of crude oil options is 0.87, with a change of - 0.03, and the open interest PCR is 0.78, with a change of - 0.00. These indicators are used to describe the strength of the option underlying market and whether the underlying market has a turning point [5]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various energy - chemical options are given. For example, the pressure point of crude oil options is 540, and the support point is 460. These levels are determined from the strike prices where the maximum open interest of call and put options is located [6]. 3.4 Option Factors - Implied Volatility - The implied volatility data of various energy - chemical options are presented, including at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 27.545, and the weighted implied volatility is 29.25, with a change of 2.31 [7]. 3.5 Option Strategies and Suggestions 3.5.1 Energy - Class Options: Crude Oil - **Underlying Market Analysis**: The demand of US refineries has stabilized and rebounded. Shale oil production has little fluctuation during the recent oil price decline. OPEC's short - term supply remains flat. Libya's short - term exports have declined but are expected to recover in the next two weeks. The restart of Kuwait's refinery in December weakens the support for low - sulfur fuel oil [8]. - **Option Factor Research**: The implied volatility of crude oil options fluctuates above the average. The open interest PCR is below 0.80, indicating a weak market. The pressure level is 540, and the support level is 460 [8]. - **Option Strategy Suggestions**: - Directional strategy: None. - Volatility strategy: Construct a short - biased call + put option combination strategy, such as S_SC2601P445, S_SC2601P450, S_SC2601C465, S_SC2601C470. - Spot long - hedging strategy: Construct a long collar strategy, e.g., LONG_SC2601 + BUY_SC2601P460 + SELL_SC2601C485 [8]. 3.5.2 Energy - Class Options: Liquefied Petroleum Gas - **Underlying Market Analysis**: US propane has started to draw down inventory, but it is still at a historical high. Crude oil, as the cost end, is affected by both supply - surplus pressure and geopolitical issues. LPG has shown a market trend of an oversold rebound with pressure above [10]. - **Option Factor Research**: The implied volatility of LPG options has dropped significantly to near the lower - than - average level. The open interest PCR is around 0.80, indicating a weak market. The pressure level is 4500, and the support level is 4250 [10]. - **Option Strategy Suggestions**: - Directional strategy: None. - Volatility strategy: Construct a neutral - biased call + put option combination strategy, such as S_PG2601P4200 and S_PG2601C4350. - Spot long - hedging strategy: Construct a long collar strategy, e.g., LONG_PG2601 + BUY_PG2601P4250 + SELL_PG2601C4350 [10]. 3.5.3 Alcohol - Class Options: Methanol - **Underlying Market Analysis**: Port inventory is decreasing from a high level, and enterprise inventory is also decreasing. The market has shown a weak downward trend with pressure above [10]. - **Option Factor Research**: The implied volatility of methanol options fluctuates around the historical average. The open interest PCR is below 0.60, indicating a weak and volatile market. The pressure level is 2500, and the support level is 2000 [10]. - **Option Strategy Suggestions**: - Directional strategy: Construct a bearish spread strategy with put options, such as B_MA2601P2025 and S_MA2601P1950. - Volatility strategy: Construct a short - biased call + put option combination strategy, such as S_MA2601P2075 and S_MA2601C2000. - Spot long - hedging strategy: Construct a long collar strategy, e.g., LONG_MA2601 + BUY_MA2601P2025 + SELL_MA2601C2150 [10]. 3.5.4 Alcohol - Class Options: Ethylene Glycol - **Underlying Market Analysis**: Port inventory is expected to slow down in the accumulation rate. Domestic device unexpected maintenance has increased, and overseas arrivals in December are expected to decline. The market has shown a weak downward trend with pressure above [11]. - **Option Factor Research**: The implied volatility of ethylene glycol options fluctuates near the lower - than - average level. The open interest PCR is below 0.70, indicating strong bearish power. The pressure level is 4500, and the support level is 4000 [11]. - **Option Strategy Suggestions**: - Directional strategy: Construct a bearish spread strategy with put options, such as B_EG2601P3950 and S_EG2601P3800. - Volatility strategy: Construct a short - volatility strategy, such as S_EG2601P3850 and S_EG2601C4000. - Spot long - hedging strategy: LONG_EG2601 + BUY_EG2601P3900 + SELL_EG2601C4050 [11]. 3.5.5 Polyolefin - Class Options: Polypropylene - **Underlying Market Analysis**: The overall inventory pressure of polyolefins is large. The market of polypropylene has shown a weak downward trend with bearish pressure above [11]. - **Option Factor Research**: The implied volatility of polypropylene options has dropped to near the average level. The open interest PCR is around 0.70, indicating a weak market. The pressure level is 7000, and the support level is 6300 [11]. - **Option Strategy Suggestions**: - Directional strategy: Construct a bearish spread strategy with put options, such as B_PP2601P6500 and S_PP2601P6300. - Volatility strategy: None. - Spot long - hedging strategy: LONG_PP2601 + BUY_PP2601P6400 + SELL_PP2601C6600 [11]. 3.5.6 Rubber - Class Options: Rubber - **Underlying Market Analysis**: The operating rate of tire factories has declined. The market has shown a weak consolidation trend with support below and pressure above [12]. - **Option Factor Research**: The implied volatility of rubber options has decreased to near the lower - than - average level after a rapid increase. The open interest PCR is below 0.60. The pressure level has dropped significantly to 16000, and the support level is 15000 [12]. - **Option Strategy Suggestions**: - Directional strategy: None. - Volatility strategy: Construct a short - biased call + put option combination strategy, such as S_RU2601P14500, S_RU2601P14750, S_RU2601C15250, S_RU2601C15500. - Spot hedging strategy: None [12]. 3.5.7 Polyester - Class Options: PTA - **Underlying Market Analysis**: PTA inventory has increased slightly, but downstream load remains high, and the expected increase in maintenance in November is expected to lead to a phased inventory drawdown. The market has shown a rebound trend with pressure above [12]. - **Option Factor Research**: The implied volatility of PTA options fluctuates above the average level. The open interest PCR is around 0.70, indicating a volatile market. The pressure level is 4700, and the support level is 4300 [12]. - **Option Strategy Suggestions**: - Directional strategy: None. - Volatility strategy: Construct a neutral - biased call + put option combination strategy, such as S_TA2601P4600, S_TA2601P4650, S_TA2601C4750, S_TA2601C4700. - Spot hedging strategy: None [12]. 3.5.8 Alkali - Class Options: Caustic Soda - **Underlying Market Analysis**: The average utilization rate of caustic soda production capacity has increased in some regions and decreased in others. The market has shown a weak bearish trend with pressure above [13]. - **Option Factor Research**: The implied volatility of caustic soda options fluctuates at a relatively high level. The open interest PCR is below 0.60, indicating a weak market. The pressure level is 3000, and the support level is 2200 [13]. - **Option Strategy Suggestions**: - Directional strategy: Construct a bearish spread strategy, such as B_SH2601P2320 and S_SH2601P2200. - Volatility strategy: None. - Spot collar hedging strategy: LONG_SH2601 + BUY_SH2601P2280 + SELL_SH2601C2400 [13]. 3.5.9 Alkali - Class Options: Soda Ash - **Underlying Market Analysis**: Soda ash factory inventory has decreased. The market has shown a low - level weak consolidation trend with pressure above and support below [13]. - **Option Factor Research**: The implied volatility of soda ash options fluctuates at a relatively high historical level. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1860, and the support level is 1100 [13]. - **Option Strategy Suggestions**: - Directional strategy: Construct a bearish spread strategy, such as B_SA2601P1200 and S_SA2601P1120. - Volatility strategy: Construct a short - volatility combination strategy, such as S_SA2601P1160 and S_SA2601C1200. - Spot long - hedging strategy: Construct a long collar strategy, e.g., LONG_SA2601 + BUY_SA2601P1160 + SELL_SA26011C1240 [13]. 3.5.10 Other Options: Urea - **Underlying Market Analysis**: Enterprise inventory has decreased, and port inventory is expected to increase. The market has shown a low - level consolidation and gradual rebound trend [14]. - **Option Factor Research**: The implied volatility of urea options fluctuates slightly around the historical average level. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1800, and the support level is 1600 [14]. - **Option Strategy Suggestions**: - Directional strategy: None. - Volatility strategy: Construct a neutral - biased call + put option combination strategy, such as S_UR2601P1640 and S_UR2601C1680. - Spot hedging strategy: LONG_UR2601 + S_UR2601P1660 + SELL_UR2601C1720 [14].