1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, option 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]. - The overall strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1. Overview of Underlying Futures Markets - 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 option underlying futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. [4] 3.2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR indicators for different option varieties are provided, which are used to describe the strength of the option underlying asset's market and the turning points of the market [5]. 3.3. Option Factors - Pressure and Support Levels - The pressure and support levels of different option underlying assets are analyzed from the perspective of the strike prices with the maximum open interests of call and put options [6]. 3.4. Option Factors - Implied Volatility - The implied volatility indicators of different option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and their changes, as well as historical volatility and the difference between implied and historical volatility [7]. 3.5. Option Strategies and Suggestions for Different Varieties 3.5.1. Crude Oil Options - **Underlying Asset Market Analysis**: Last week, US crude oil inventories decreased due to increased exports, and gasoline and distillate inventories also declined. The market showed a pattern of short - term rebound受阻 and facing pressure [8]. - **Option Factor Research**: The implied volatility of crude oil options fluctuated around the average level. The open interest PCR was below 0.80, indicating a short - term weak and volatile market. The pressure level was 600 and the support level was 490 [8]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a neutral - biased short call + put option combination strategy. For spot long hedging, construct a long collar strategy [8]. 3.5.2. LPG Options - **Underlying Asset Market Analysis**: Factory inventories showed a slight decrease, and port inventories were at a high level and fluctuating. The market was short - term bearish [10]. - **Option Factor Research**: The implied volatility of LPG options remained at a relatively high historical level. The open interest PCR was below 0.60, indicating strong bearish power. The pressure level was 5400 and the support level was 4200 [10]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a bearish - biased short call + put option combination strategy. For spot long hedging, construct a long collar strategy [10]. 3.5.3. Methanol Options - **Underlying Asset Market Analysis**: Methanol production and capacity utilization increased, and the market showed a weak upward trend with pressure [10]. - **Option Factor Research**: The implied volatility of methanol options decreased and fluctuated below the average. The open interest PCR was below 0.80, indicating a weak and volatile market. The pressure level was 2600 and the support level was 2300 [10]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a bearish - biased short call + put option combination strategy. For spot long hedging, construct a long collar strategy [10]. 3.5.4. Ethylene Glycol Options - **Underlying Asset Market Analysis**: Ethylene glycol inventories decreased, and the market showed a weak and wide - range volatile pattern [11]. - **Option Factor Research**: The implied volatility of ethylene glycol options fluctuated around the average level. The open interest PCR was around 0.80, indicating a volatile market. The pressure level was 4450 and the support level was 4400 [11]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a short - volatility strategy. For spot long hedging, construct a long collar strategy [11]. 3.5.5. Polypropylene Options - **Underlying Asset Market Analysis**: Polypropylene inventories decreased, and the market showed a weak upward trend with pressure [12]. - **Option Factor Research**: The implied volatility of polypropylene options fluctuated around the historical average. The open interest PCR decreased to below 0.60, indicating a weak market. The pressure level was 7300 and the support level was 6500 [12]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, there is no suggestion. For spot long hedging, construct a long collar strategy [12]. 3.5.6. Rubber Options - **Underlying Asset Market Analysis**: Rubber imports increased, and the market showed a short - term weak upward trend with pressure [13]. - **Option Factor Research**: The implied volatility of rubber options increased rapidly and then decreased to around the average. The open interest PCR was below 0.60. The pressure level was 16000 and the support level was 14000 [13]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a neutral - biased short call + put option combination strategy. For spot hedging, there is no suggestion [13]. 3.5.7. PTA Options - **Underlying Asset Market Analysis**: PTA inventories decreased, and the market showed a weak and volatile pattern [14]. - **Option Factor Research**: The implied volatility of PTA options fluctuated at a relatively high level. The open interest PCR was below 0.80, indicating a weak market. The pressure level was 5000 and the support level was 4450 [14]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a neutral - biased short call + put option combination strategy. For spot hedging, there is no suggestion [14]. 3.5.8. Caustic Soda Options - **Underlying Asset Market Analysis**: Caustic soda production was high, demand was low, and the price was under pressure. The market showed a short - term upward trend with pressure [15]. - **Option Factor Research**: The implied volatility of caustic soda options was at a high level. The open interest PCR was below 0.60, indicating strong bearish pressure. The pressure level was 3000 and the support level was 2400 [15]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, there is no suggestion. For spot collar hedging, construct a long collar strategy [15]. 3.5.9. Soda Ash Options - **Underlying Asset Market Analysis**: Soda ash inventories were high, production increased, and the market showed a volatile pattern with support [15]. - **Option Factor Research**: The implied volatility of soda ash options increased rapidly and then decreased significantly but was still at a high level. The open interest PCR was below 0.60, indicating strong bearish pressure. The pressure level was 1640 and the support level was 1200 [15]. - **Option Strategy Suggestions**: For directional strategies, there is a suggestion. For volatility strategies, construct a short - volatility combination strategy. For spot long hedging, construct a long collar strategy [15]. 3.5.10. Urea Options - **Underlying Asset Market Analysis**: Urea inventories decreased, and the market showed a low - level volatile pattern [16]. - **Option Factor Research**: The implied volatility of urea options fluctuated slightly around the historical average. The open interest PCR was below 0.60, indicating strong bearish pressure. The pressure level was 1900 and the support level was 1700 [16]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a bearish - biased short call + put option combination strategy. For spot hedging, construct a long collar strategy [16].

1. Report Industry Investment Rating - No information available in the provided content 2. Core Viewpoints of the Report - The energy - chemical options market involves various sectors such as energy, polyolefins, polyesters, and alkali chemicals. It is recommended to construct option portfolio strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [3] - Each option variety is analyzed from aspects of underlying market conditions, option factor research, and option strategy suggestions 3. Summary According to Relevant Catalogs 3.1 Option Underlying Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of multiple energy - chemical option underlying futures are presented, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2509) is 497, down 7 with a decline rate of 1.43%, trading volume of 14.76 million lots, and open interest of 3.16 million lots [4] 3.2 Option Factor - Volume and Open Interest PCR - Volume and open interest PCR values and their changes of various option varieties are given. For example, the volume PCR of crude oil options is 0.72, down 0.17; the open interest PCR is 0.56, down 0.05 [5] 3.3 Option Factor - Pressure and Support Levels - Pressure and support levels of different option varieties are provided. For instance, the pressure level of crude oil is 550, and the support level is 500 [6] 3.4 Option Factor - Implied Volatility - Implied volatility data of various option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of crude oil options is 30.805%, and the weighted implied volatility is 34.99%, up 1.41% [7] 3.5 Strategy and Suggestions for Each Option Variety 3.5.1 Energy - related Options (Crude Oil, LPG) - **Crude Oil**: Fundamentals show an increase in US crude oil inventories. The market has been weakening and fluctuating. Implied volatility is near the average, and the open interest PCR indicates a weakening trend. It is recommended to construct a short - neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **LPG**: Factory and port inventories are high. The market shows a short - term bearish trend. Implied volatility is at a relatively high historical level, and the open interest PCR indicates strong bearish pressure. Similar to crude oil, a short - bearish call + put option combination strategy and a long collar strategy for spot hedging are recommended [10] 3.5.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Inventories of sample production enterprises have decreased. The market is under pressure and shows a weakening trend. Implied volatility is below the average, and the open interest PCR indicates a weakening trend. A short - neutral call + put option combination strategy and a long collar strategy for spot hedging are suggested [10] - **Ethylene Glycol**: The overall operating rate remains stable, but production profits are under pressure. The market shows a wide - range volatile trend. Implied volatility is below the average, and the open interest PCR indicates a sideways trend. A short - volatility strategy and a spot long - hedging strategy are recommended [11] 3.5.3 Polyolefin - related Options (Polypropylene, PVC, etc.) - **Polypropylene**: The number of maintenance production lines has decreased, and production has increased. The market is under bearish pressure. Implied volatility is near the historical average, and the open interest PCR indicates a weakening trend. A spot long - hedging strategy is recommended [11] 3.5.4 Rubber - related Options (Rubber, Synthetic Rubber) - **Rubber**: The opening area and output in Hainan have decreased. The market shows a bearish downward trend. Implied volatility is near the average after a sharp rise, and the open interest PCR indicates a bearish trend. A short - neutral call + put option combination strategy is recommended [12] 3.5.5 Polyester - related Options (PX, PTA, etc.) - **PTA**: Factory inventories are accumulating, and the market is under pressure. Implied volatility is above the average, and the open interest PCR indicates a weakening trend. A short - neutral call + put option combination strategy is recommended [13] 3.5.6 Alkali - related Options (Caustic Soda, Soda Ash) - **Caustic Soda**: The average utilization rate of production capacity has decreased slightly. The market shows a weakening and volatile trend. Implied volatility is at a relatively high level, and the open interest PCR indicates strong bearish pressure. A spot collar hedging strategy is recommended [14] - **Soda Ash**: Inventories are accumulating. The market shows a trend of rebounding after a sharp decline. Implied volatility is at a relatively high level, and the open interest PCR indicates strong bearish pressure. A short - volatility combination strategy and a long collar strategy for spot hedging are recommended [14] 3.5.7 Urea Options - The supply is slightly decreasing, and the demand is weak. The market shows a low - level volatile trend. Implied volatility is near the historical average, and the open interest PCR indicates strong bearish pressure. A short - bearish call + put option combination strategy and a spot hedging strategy are recommended [15] 3.6 Option Charts - Charts of various option varieties are provided, including price trend charts, trading volume and open interest charts, open interest distribution charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure - support level charts for each option variety such as crude oil, LPG, and methanol [17][37][57]

Group 1: Report Overview - The report is an Energy Chemical Options Strategy Morning Report dated August 7, 2025, covering energy, polyolefin, polyester, alkali chemical, and other energy chemical options [2][3] - The recommended strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - Provides the latest price, price change, percentage change, trading volume, volume change, open interest, and open interest change of various option underlying futures contracts, including crude oil, LPG, methanol, etc [4] Group 3: Option Factors - Volume and Open Interest PCR - Presents the volume PCR and open interest PCR of various option varieties, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5] Group 4: Option Factors - Pressure and Support Levels - Shows the pressure points, support points, and the maximum open interest of call and put options of various option varieties, which are determined by the strike prices with the maximum open interest of call and put options [6] Group 5: Option Factors - Implied Volatility - Displays the at-the-money implied volatility, weighted implied volatility, and historical volatility of various option varieties, with the weighted implied volatility calculated using volume-weighted average [7] Group 6: Strategy and Recommendations for Different Option Types Energy Options - **Crude Oil**: The US crude oil inventories increased. The market showed a short-term upward resistance and downward trend. Implied volatility was near the average, and the open interest PCR indicated a sideways market. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **LPG**: Factory inventory decreased slightly, and port inventory was at a high level. The market was short-term bearish. Implied volatility was at a high level, and the open interest PCR indicated strong bearish power. Strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [10] Alcohol Options - **Methanol**: The inventory of sample production enterprises decreased, and the order backlog also decreased. The market was weak with resistance. Implied volatility was near the average, and the open interest PCR indicated a sideways and weak market. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: The overall operating rate remained stable, but production profit was under pressure. The market was in a wide-range sideways and weak pattern. Implied volatility was near the average, and the open interest PCR indicated a sideways market. Strategies include constructing a short volatility strategy and a long collar strategy for spot hedging [11] Polyolefin Options - **Polypropylene**: The number of maintenance production lines decreased in July, and the total output increased. The market was weak with resistance. Implied volatility was near the average, and the open interest PCR indicated a weakening market. Strategies include a long collar strategy for spot hedging [11] Rubber Options - **Rubber**: The opening area and output of Hainan natural rubber decreased in the first half of 2025. The market was bearish. Implied volatility decreased to near the average, and the open interest PCR indicated a bearish market. Strategies include constructing a neutral call + put option combination strategy [12] Polyester Options - **PTA**: The factory inventory continued to accumulate, and the processing fee was low. The market was bearish with resistance. Implied volatility was at a relatively high level, and the open interest PCR indicated a weakening market. Strategies include constructing a neutral call + put option combination strategy [13] Alkali Chemical Options - **Caustic Soda**: The average utilization rate of sample enterprises decreased slightly. The market was in a weak and sideways pattern. Implied volatility was at a high level, and the open interest PCR indicated a weak market. Strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: The factory inventory decreased, but the total inventory increased. The market was in a significant decline with resistance. Implied volatility was at a high level, and the open interest PCR indicated strong bearish pressure. Strategies include constructing a short volatility combination strategy and a long collar strategy for spot hedging [14] Other Energy Chemical Options - **Urea**: Supply decreased slightly, and demand was weak. The market was in a low-level sideways pattern. Implied volatility was near the average, and the open interest PCR indicated a weak market. Strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [15] Group 7: Option Charts - Provides various charts for different option types, including price trends, trading volume and open interest, open interest PCR, implied volatility, and historical volatility cones, to help analyze the market situation of each option variety [17][36][55]

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. Options strategies are provided for selected varieties in each sector, mainly focusing on constructing option combination strategies dominated by sellers and spot hedging or covered strategies to enhance returns [3][9]. 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 gas, methanol, etc. For example, the latest price of crude oil SC2509 is 533, with a price increase of 9 and a price change rate of 1.66% [4]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of various energy - chemical options are provided. For example, the open interest PCR of crude oil options is 0.75, indicating a weakening of short - selling power in the near term. Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various energy - chemical option underlying assets are analyzed from the perspective of the strike prices with the largest open interests of call and put options. For example, the pressure level of crude oil is 640 and the support level is 500 [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, and its changes, annual average implied volatility, call and put implied volatilities, historical 20 - day volatility, and the difference between implied and historical volatilities. For example, the at - the - money implied volatility of crude oil is 32.62% [7]. 3.5 Option Strategies and Recommendations 3.5.1 Energy - related Options - **Crude Oil**: The fundamental situation shows that the UAE port transfer increase implies Iran's return to global supply, while Russia's shipments are still tight. The short - term market is volatile and bullish. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [8]. - **Liquefied Gas**: The supply is abundant, and the short - term market is bearish. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.5.2 Alcohol - related Options - **Methanol**: The port and enterprise inventories are decreasing. The market shows a weak upward trend with pressure. Option strategies include constructing a neutral - biased call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The polyester load is rising. The market shows a narrow - range volatile and slightly strong trend with pressure. Option strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: The inventory situation is complex, and the market shows a weak trend with upward pressure. Option strategies include a long collar strategy for spot hedging [11][12]. 3.5.4 Rubber - related Options - **Rubber**: The social inventory is decreasing. The market shows a low - level consolidation trend. Option strategies include constructing a neutral - biased call + put option combination strategy [13]. 3.5.5 Polyester - related Options - **PTA**: The inventory is increasing. The market shows a slight upward trend with pressure. Option strategies include constructing a neutral - biased call + put option combination strategy [14]. 3.5.6 Alkali - related Options - **Caustic Soda**: The inventory is increasing. The market shows a volatile trend with pressure. Option strategies include a long collar strategy for spot hedging [15]. - **Soda Ash**: The inventory is at a high level and increasing. The market shows a significant decline trend with pressure. Option strategies include constructing a short - volatility combination strategy and a long collar strategy for spot hedging [15]. 3.5.7 Other Options - **Urea**: The enterprise inventory is decreasing but the slope is slowing. The market shows a volatile trend under short - selling pressure. Option strategies include constructing a neutral - biased call + put option combination strategy and a long collar strategy for spot hedging [16].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies mainly involve constructing option combination strategies with sellers as the main body, as well as spot hedging or covered strategies to enhance returns [3][9] 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, LPG, methanol, etc [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 various energy - chemical options, 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 - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of option underlyings are analyzed, such as the pressure and support levels of crude oil, LPG, etc [6] 3.4 Option Factors - Implied Volatility - It provides the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call implied volatility, put implied volatility, HISV20, and implied - historical volatility difference of various energy - chemical options [7] 3.5 Option Strategies and Recommendations 3.5.1 Energy - related Options - **Crude Oil**: Fundamentally, OPEC+ increases supply, and US supply follows the oil price rebound. The short - term market is weak. Option factors show that implied volatility fluctuates around the mean, and the short - term short - selling power increases. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **LPG**: Fundamentally, the futures price is weak, and the supply difference decreases. The demand side has potential risks. The short - term market is bearish. Option factors show that implied volatility fluctuates around the historical mean, and the short - selling power increases. Strategies include constructing a bearish call + put option combination strategy and a long collar strategy for spot hedging [10] 3.5.2 Alcohol - related Options - **Methanol**: Fundamentally, port inventory increases, and enterprise inventory is at a relatively low level. The market shows a weak rebound. Option factors show that implied volatility fluctuates below the historical mean, and the market is in a weak shock. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Fundamentally, port inventory decreases, and the downstream factory inventory days increase. The market shows a weak bearish shock. Option factors show that implied volatility fluctuates around the historical mean, and the market is weak. Strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11] 3.5.3 Polyolefin - related Options - **Polypropylene**: Fundamentally, trader inventory decreases, and port inventory increases. The market shows a weak trend with short - selling pressure. Option factors show that implied volatility fluctuates around the historical mean, and the market weakens. Strategies include a long collar strategy for spot hedging [11] 3.5.4 Rubber - related Options - **Rubber**: Fundamentally, the domestic synthetic rubber production increases. The market shows a low - level consolidation. Option factors show that implied volatility fluctuates around the mean, and the short - selling power increases. Strategies include constructing a neutral call + put option combination strategy [12] 3.5.5 Polyester - related Options - **PTA**: Fundamentally, the PTA load is high, and the short - term maintenance plan is less. The market shows a weak trend with pressure. Option factors show that implied volatility fluctuates around the mean, and the market weakens. Strategies include constructing a neutral call + put option combination strategy [13] 3.5.6 Alkali - related Options - **Caustic Soda**: Fundamentally, the capacity utilization rate of large - scale enterprises changes. The market shows a bullish trend. Option factors show that implied volatility fluctuates around the mean. Strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: Fundamentally, the inventory is at a historical high. The market shows a bullish trend. Option factors show that implied volatility fluctuates around the historical mean, and the market is in a weak shock. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [14] 3.5.7 Other Options - **Urea**: Fundamentally, port inventory increases, and domestic demand is weak. The market shows a shock under short - selling pressure. Option factors show that implied volatility fluctuates below the historical mean, and the market weakens. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [15]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, option strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes an analysis of the underlying asset's market, research on option factors, and option strategy recommendations [8]. - The overall strategy is to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary According to Related Catalogs 3.1 Futures Market Overview - **Price and Volume Changes**: The report provides 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, and others [3]. 3.2 Option Factors - Volume and Open Interest PCR - **PCR Indicators**: The volume PCR and open interest PCR of various option varieties are presented. These indicators 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 - **Pressure and Support Points**: The pressure points, support points, and their offsets, as well as the maximum open interests of call and put options, are provided for each option variety. These points are determined based on the strike prices with the maximum open interests of call and put options [5]. 3.4 Option Factors - Implied Volatility - **Volatility Metrics**: The report includes the at-the-money implied volatility, weighted implied volatility, change in weighted implied volatility, annual average implied volatility, call and put implied volatilities, historical volatility, and the difference between implied and historical volatilities for each option variety [6]. 3.5 Option Strategies and Suggestions 3.5.1 Energy - Crude Oil - **Fundamentals**: OPEC+ increased oil supply in July, and the US supply rebounded with rising oil prices [7]. - **Market Analysis**: Crude oil prices showed a short - term weak market trend, rising first and then falling [7]. - **Option Factors**: Implied volatility fluctuated around the mean, the open interest PCR was below 0.80, indicating increasing short - term bearish power, with a pressure level of 500 and a support level of 510 [7]. - **Strategies**: For volatility, construct a short - neutral call + put option combination strategy; for spot hedging, construct a long collar strategy [7]. 3.5.2 Energy - Liquefied Petroleum Gas (LPG) - **Fundamentals**: Global supply divergence decreased, but there were uncertainties in demand, and PDH profit recovery might support the operating rate [9]. - **Market Analysis**: LPG showed a short - term bearish market trend, with wide - range fluctuations followed by a decline [9]. - **Option Factors**: Implied volatility fluctuated around the historical mean, the open interest PCR was below 0.60, indicating increasing bearish power, with a pressure level of 4500 and a support level of 3700 [9]. - **Strategies**: For volatility, construct a short - bearish call + put option combination strategy; for spot hedging, construct a long collar strategy [9]. 3.5.3 Alcohols - Methanol - **Fundamentals**: Domestic methanol production started to recover, and port inventory increased [9]. - **Market Analysis**: Methanol showed a short - term narrow - range oscillating trend [9]. - **Option Factors**: Implied volatility was below the historical mean, the open interest PCR was around 0.80, indicating a weak - oscillating market, with a pressure level of 2950 and a support level of 2200 [9]. - **Strategies**: For volatility, construct a short - neutral call + put option combination strategy; for spot hedging, construct a long collar strategy [9]. 3.5.4 Alcohols - Ethylene Glycol - **Fundamentals**: Port inventory increased, and the destocking process would slow down [10]. - **Market Analysis**: Ethylene glycol showed a weak - bearish oscillating trend with pressure above [10]. - **Option Factors**: Implied volatility fluctuated around the historical mean, the open interest PCR was around 0.70, indicating a weak trend, with a pressure level of 4350 and a support level of 4300 [10]. - **Strategies**: For volatility, construct a short - volatility strategy; for spot hedging, hold a long spot position + buy a put option + sell an out - of - the - money call option [10]. 3.5.5 Polyolefins - Polypropylene - **Fundamentals**: PP trade inventory increased, and port inventory decreased [10]. - **Market Analysis**: Polypropylene showed a weak trend with bearish pressure above [10]. - **Option Factors**: Implied volatility fluctuated around the historical mean, the open interest PCR decreased below 0.80, indicating a weakening trend, with a pressure level of 7500 and a support level of 6800 [10]. - **Strategies**: For spot hedging, hold a long spot position + buy an at - the - money put option + sell an out - of - the - money call option [10]. 3.5.6 Rubber - **Fundamentals**: The price of natural rubber rebounded, but downstream demand did not change significantly [11]. - **Market Analysis**: Rubber showed a low - level consolidation trend [11]. - **Option Factors**: Implied volatility fluctuated around the mean, the open interest PCR was below 0.60, with a pressure level of 15000 and a support level of 13000 [11]. - **Strategies**: For volatility, construct a short - neutral call + put option combination strategy [11]. 3.5.7 Polyesters - PTA - **Fundamentals**: PTA load increased, and the maintenance season ended [12]. - **Market Analysis**: PTA showed a weak trend with pressure above [12]. - **Option Factors**: Implied volatility fluctuated around the mean, the open interest PCR was below 0.80, indicating a weakening trend, with a pressure level of 5000 and a support level of 3800 [12]. - **Strategies**: For volatility, construct a short - neutral call + put option combination strategy [12]. 3.5.8 Alkalis - Caustic Soda - **Fundamentals**: The average utilization rate of caustic soda production capacity changed slightly [13]. - **Market Analysis**: Caustic soda showed a short - term bullish trend [13]. - **Option Factors**: Implied volatility fluctuated around the mean, the open interest PCR was around 0.80, with a pressure level of 3400 and a support level of 2200 [13]. - **Strategies**: For spot hedging, hold a long spot position + buy a put option + sell an out - of - the - money call option [13]. 3.5.9 Alkalis - Soda Ash - **Fundamentals**: Soda ash inventory increased, and enterprise shipments slowed down [13]. - **Market Analysis**: Soda ash showed a low - level consolidation trend with a bullish bias [13]. - **Option Factors**: Implied volatility fluctuated around the historical mean, the open interest PCR was below 0.50, indicating a weak - oscillating market, with a pressure level of 2080 and a support level of 1100 [13]. - **Strategies**: For direction, construct a bearish spread combination strategy of put options; for volatility, construct a short - bearish call + put option combination strategy; for spot hedging, construct a long collar strategy [13]. 3.5.10 Urea - **Fundamentals**: Supply - demand difference decreased, and inventory declined. Positive export news boosted the market [14]. - **Market Analysis**: Urea showed an oscillating trend under bearish pressure [14]. - **Option Factors**: Implied volatility was below the historical mean, the open interest PCR was below 0.80, with a pressure level of 1900 and a support level of 1700 [14]. - **Strategies**: For volatility, construct a short - neutral call + put option combination strategy; for spot hedging, hold a long spot position + buy an at - the - money put option + sell an out - of - the - money call option [14].

Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated July 17, 2025, covering various energy and chemical options including energy, polyolefins, polyesters, alkali chemicals, etc [2][3] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of multiple underlying futures contracts such as crude oil, liquefied petroleum gas (LPG), methanol, etc [4] Group 3: Option Factor - Volume and Open Interest PCR - The report presents the volume and open interest PCR data of various options, along with their changes, which are used to describe the strength of the underlying option market and the turning point of the market [5] Group 4: Option Factor - Pressure and Support Levels - The pressure and support levels of various options are analyzed based on the strike prices with the largest open interest of call and put options [6] Group 5: Option Factor - Implied Volatility - The report shows the implied volatility data of various options, including at - the - money implied volatility, weighted implied volatility, and its changes, as well as the difference between implied and historical volatility [7] Group 6: Strategy and Recommendations for Different Options Energy Options Crude Oil - Fundamental analysis: OPEC+ increased oil supply in July, and US shale oil production recovered. The short - term market is weak [8] - Option factor research: Implied volatility fluctuates around the mean, open interest PCR indicates increasing short - selling power, pressure level is 500, and support level is 510 [8] - Strategy recommendations: Construct a neutral call + put option selling strategy for volatility, and a long collar strategy for spot hedging [8] LPG - Fundamental analysis: Global supply divergence decreases, demand from the blending market is uncertain, and PDH profit has recovered [10] - Option factor research: Implied volatility fluctuates around the historical mean, open interest PCR indicates increasing short - selling power, pressure level is 5100, and support level is 4000 [10] - Strategy recommendations: Construct a bearish call + put option selling strategy for volatility, and a long collar strategy for spot hedging [10] Alcohol Options Methanol - Fundamental analysis: Domestic methanol production is expected to increase after maintenance, and port inventory is accumulating [10] - Option factor research: Implied volatility is below the historical mean, open interest PCR indicates a weak - oscillating market, pressure level is 2950, and support level is 2200 [10] - Strategy recommendations: Construct a neutral call + put option selling strategy for volatility, and a long collar strategy for spot hedging [10] Ethylene Glycol - Fundamental analysis: Port inventory is accumulating, and the de - stocking process will slow down [11] - Option factor research: Implied volatility fluctuates around the historical mean, open interest PCR indicates a weak market, pressure level is 4350, and support level is 4300 [11] - Strategy recommendations: Construct a volatility - selling strategy, and a long collar strategy for spot hedging [11] Polyolefin Options Polypropylene - Fundamental analysis: PP trade inventory is accumulating, and port inventory is decreasing [11] - Option factor research: Implied volatility fluctuates around the historical mean, open interest PCR indicates a weak market, pressure level is 7500, and support level is 6800 [11] - Strategy recommendations: Use a long collar strategy for spot hedging [11] Rubber Options Rubber - Fundamental analysis: The price of natural rubber has rebounded, but downstream demand is weak [12] - Option factor research: Implied volatility fluctuates around the mean, open interest PCR is below 0.6, pressure level is 15000, and support level is 13000 [12] - Strategy recommendations: Construct a neutral call + put option selling strategy for volatility [12] Polyester Options PTA - Fundamental analysis: PTA production load has increased, and the maintenance season is over [13] - Option factor research: Implied volatility fluctuates around the mean, open interest PCR is below 0.8, pressure level is 5000, and support level is 3800 [13] - Strategy recommendations: Construct a neutral call + put option selling strategy for volatility [13] Alkali Chemical Options Caustic Soda - Fundamental analysis: The average utilization rate of caustic soda production capacity has slightly decreased [14] - Option factor research: Implied volatility fluctuates around the mean, open interest PCR is around 0.8, pressure level is 3400, and support level is 2200 [14] - Strategy recommendations: Use a long collar strategy for spot hedging [14] Soda Ash - Fundamental analysis: Domestic soda ash inventory has accumulated, and enterprise shipments have slowed down [14] - Option factor research: Implied volatility fluctuates around the historical mean, open interest PCR is below 0.5, pressure level is 2080, and support level is 1100 [14] - Strategy recommendations: Construct a bearish spread strategy for direction, a bearish call + put option selling strategy for volatility, and a long collar strategy for spot hedging [14] Urea Options - Fundamental analysis: The supply - demand gap has decreased, and the market has strengthened after a short - term decline [15] - Option factor research: Implied volatility is below the historical mean, open interest PCR is below 0.8, pressure level is 1900, and support level is 1700 [15] - Strategy recommendations: Construct a neutral call + put option selling strategy for volatility, and a long collar strategy for spot hedging [15]

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. For each sector, some varieties are selected for option strategy analysis and suggestions. Strategies mainly involve constructing option combination strategies with sellers as the main body, as well as spot hedging or covered strategies to enhance returns [2][8] 3. Summary by Related Catalogs 3.1 Futures Market Overview - For various energy - chemical options, data on the latest price, change, 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 (SC2509) is 506, down 4 with a change rate of - 0.73%, trading volume of 5.74 million lots, and an open interest of 2.62 million lots [3] 3.2 Option Factor - Volume and Open Interest PCR - Data on 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 option varieties are provided. For instance, the volume PCR of crude oil is 0.72 with a change of 0.02, and the open interest PCR is 0.66 with a change of - 0.09 [4] 3.3 Option Factor - Pressure and Support Levels - The pressure points, pressure point offsets, support points, support point offsets, maximum call option open interest, and maximum put option open interest of different option varieties are listed. For example, the pressure point of crude oil is 660 and the support point is 510 [5] 3.4 Option Factor - Implied Volatility - Data on the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average, call option implied volatility, put option implied volatility, 20 - day historical volatility, and implied - historical volatility difference of different option varieties are given. For example, the at - the - money implied volatility of crude oil is 27.54%, and the weighted implied volatility is 33.83% with a change of - 3.99% [6] 3.5 Strategies and Suggestions for Different Option Varieties 3.5.1 Energy - related Options (Crude Oil, LPG) - **Crude Oil**: Fundamentally, OPEC + is increasing production, and US supply is following the oil price rebound. The short - term market is weak. Optionally, the implied volatility fluctuates around the mean, the open interest PCR indicates increasing short - selling power, and the pressure and support levels are 660 and 500 respectively. Volatility strategies involve constructing a short - neutral call + put option combination, and spot long - hedging strategies involve constructing a long collar strategy [7] - **LPG**: Fundamentally, global supply differences are decreasing, and demand has uncertainties. The short - term market is bearish. Optionally, the implied volatility fluctuates around the historical mean, the open interest PCR indicates increasing short - selling power, and the pressure and support levels are 5100 and 4000 respectively. Similar to crude oil, volatility and spot long - hedging strategies are provided [9] 3.5.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Fundamentally, domestic production is expected to increase after maintenance, and port inventory is rising. The short - term market is in a narrow - range fluctuation. Optionally, the implied volatility is below the historical mean, the open interest PCR indicates a weak - oscillating market, and the pressure and support levels are 2950 and 2200 respectively. Volatility and spot long - hedging strategies are proposed [9] - **Ethylene Glycol**: Fundamentally, port inventory is rising, and the destocking process will slow down. The short - term market is under pressure and bearish. Optionally, the implied volatility fluctuates around the historical mean, the open interest PCR indicates a weak trend, and the pressure and support levels are 4350 and 4300 respectively. Volatility and spot long - hedging strategies are provided [10] 3.5.3 Polyolefin - related Options (PP, PVC, L, EB) - **Polypropylene**: Fundamentally, PP inventory has mixed changes. The short - term market is weak with upward pressure. Optionally, the implied volatility fluctuates around the historical mean, the open interest PCR indicates a weakening trend, and the pressure and support levels are 7500 and 6800 respectively. Spot long - hedging strategies are proposed [10] - **Polyvinyl Chloride**: No detailed fundamental analysis is provided. Option - related data such as volume and open interest PCR, implied volatility, and pressure and support levels are given, along with corresponding strategies [115 - 136] - **Polyethylene**: Similar to other polyolefins, data on option factors and corresponding strategies are presented [137 - 155] - **Styrene**: Data on option factors and corresponding strategies are provided, including fundamental analysis of price trends [156 - 174] 3.5.4 Rubber - related Options (Rubber, Synthetic Rubber) - **Rubber**: Fundamentally, the natural rubber market price has rebounded, but downstream demand is weak. The short - term market is in a low - level consolidation. Optionally, the implied volatility fluctuates around the mean, the open interest PCR indicates a certain short - selling power, and the pressure and support levels are 15000 and 13000 respectively. Volatility strategies are proposed [11] - **Synthetic Rubber**: Data on option factors and corresponding strategies are presented [195 - 212] 3.5.5 Polyester - related Options (PX, PTA, PF, PR) - **PTA**: Fundamentally, PTA production load is rising after the maintenance season. The short - term market is weak with upward pressure. Optionally, the implied volatility fluctuates around the mean, the open interest PCR indicates a weakening trend, and the pressure and support levels are 5000 and 3800 respectively. Volatility strategies are proposed [11] 3.5.6 Alkali - related Options (Caustic Soda, Soda Ash, Urea) - **Caustic Soda**: Fundamentally, the capacity utilization rate has mixed changes. The short - term market is bullish. Optionally, the implied volatility fluctuates around the mean, the open interest PCR is around 0.8, and the pressure and support levels are 3400 and 2200 respectively. Spot long - hedging strategies are proposed [12] - **Soda Ash**: Fundamentally, enterprise inventory is accumulating. The short - term market is in a low - level bullish consolidation. Optionally, the implied volatility fluctuates around the historical mean, the open interest PCR indicates a weak - oscillating market, and the pressure and support levels are 2080 and 1100 respectively. Directional, volatility, and spot long - hedging strategies are provided [12] - **Urea**: Fundamentally, supply - demand differences are decreasing, and the market is affected by export expectations. The short - term market is oscillating under bearish pressure. Optionally, the implied volatility is slightly below the historical mean, the open interest PCR is below 0.8, and the pressure and support levels are 1900 and 1700 respectively. Volatility and spot long - hedging strategies are proposed [13]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy and chemical options market involves various sectors such as energy, polyolefins, polyesters, and alkali chemicals. - Strategies suggest constructing option - combination strategies mainly as sellers and spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various energy and chemical futures contracts. For example, the latest price of crude oil (SC2508) is 520, with a price increase of 4 and a rise - fall rate of 0.85%. The trading volume is 12.89 million lots, and the open interest is 2.45 million lots [4]. 3.2 Option Factors - Volume and Open Interest PCR - Volume and open interest PCR are used to analyze the strength of the option underlying market and the turning points of the market. For instance, the volume PCR of crude oil is 0.81 with a change of 0.08, and the open - interest PCR is 0.69 with a change of 0.06 [6]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels are determined based on the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil is 660, and the support level is 450 [7]. 3.4 Option Factors - Implied Volatility - Implied volatility includes at - the - money implied volatility and volume - weighted implied volatility. For example, the at - the - money implied volatility of crude oil is 27.63%, and the weighted implied volatility is 33.49% with a change of 0.60 [8]. 3.5 Strategy and Recommendations - **Energy - related Options (Crude Oil)**: - Fundamental analysis shows that US crude inventories and production have specific changes. The market trend of crude oil has been fluctuating since May. - Option factors indicate that the implied volatility is around the average, and the open - interest PCR below 0.80 suggests increasing short - selling power. - Strategies include constructing a neutral call + put option - selling combination for volatility, and a long - collar strategy for spot hedging [9]. - **Liquefied Petroleum Gas (LPG) Options**: - Fundamental factors such as geopolitical concerns and inventory situations affect the market. The LPG market has shown a short - term bearish trend. - Option factors show that the implied volatility is around the historical average, and the open - interest PCR below 0.60 indicates increasing short - selling power. - Strategies are similar to crude oil, including option - selling combinations and long - collar strategies [11]. - **Methanol Options**: - Fundamental analysis focuses on port inventories and MTO device utilization rates. The methanol market has shown short - term narrow - range fluctuations. - Option factors indicate that the implied volatility is around the historical average, and the open - interest PCR around 0.80 suggests a weak - oscillating market. - Strategies involve option - selling combinations and long - collar strategies [11]. - **Ethylene Glycol Options**: - The market price of ethylene glycol has shown a weak - bearish oscillating pattern. - Option factors show that the implied volatility is around the historical average, and the open - interest PCR around 0.70 indicates a weak market. - Strategies include a short - volatility strategy and a long - collar strategy for spot hedging [12]. - **Polyolefin Options (Polypropylene, Polyvinyl Chloride, Plastic, Styrene)**: - Fundamental analysis focuses on production and supply changes. The polyolefin market has shown different trends, generally with bearish pressure. - Option factors indicate that the implied volatility is around the historical average, and the decreasing open - interest PCR suggests a weakening market. - Strategies mainly involve spot - hedging strategies such as long - collar strategies [12]. - **Rubber Options**: - The rubber market has shown a low - level consolidation pattern. - Option factors show that the implied volatility is around the average, and the open - interest PCR below 0.60 indicates a bearish market. - Strategies include constructing a neutral call + put option - selling combination [13]. - **Polyester Options (Para - xylene, PTA, Short - fiber, Bottle - chip)**: - The PTA market has shown significant fluctuations. - Option factors indicate that the implied volatility is around the average, and the open - interest PCR around 0.80 suggests a weakening market. - Strategies involve constructing a neutral call + put option - selling combination [14]. - **Caustic Soda Options**: - Fundamental analysis focuses on inventory and profit changes. The caustic soda market has shown a trend of first falling and then rising. - Option factors show that the implied volatility is decreasing and around the average, and the open - interest PCR rising to 0.80 suggests a strengthening market. - Strategies include a bear - spread strategy for directional trading and a covered - call strategy for spot hedging [15]. - **Soda Ash Options**: - The soda ash market has shown a long - term weak - bearish trend. - Option factors indicate that the implied volatility is around the historical average, and the open - interest PCR below 0.50 suggests a weak - oscillating market. - Strategies include a bear - spread strategy, a short - bearish call + put option - selling combination, and a long - collar strategy for spot hedging [15]. - **Urea Options**: - The urea market has shown an oscillating pattern under bearish pressure. - Option factors show that the implied volatility is slightly below the historical average, and the open - interest PCR below 0.80 suggests a weak market. - Strategies include constructing a neutral call + put option - selling combination and a long - collar strategy for spot hedging [16].

1. Report Industry Investment Rating - No relevant content provided 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 includes analysis of the underlying asset's market, research on option factors, and option strategy suggestions [9] 3. Summary of Different Sections 3.1 Market Overview of Underlying Futures - The report presents the latest prices, price changes, trading volumes, and open interest changes of various energy - chemical option underlying futures, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil (SC2508) is 498, with a price increase of 2 and a rise - fall rate of 0.30%, trading volume of 23.87 million lots, and open interest of 3.01 million lots [4] 3.2 Option Factors 3.2.1 Volume - Open Interest PCR - The volume - open interest PCR of different option varieties is presented. For example, the volume PCR of crude oil options is 0.79, with a change of 0.26, and the open interest PCR is 0.64, with a change of - 0.04. These indicators are used to describe the strength of the option underlying market and the turning points of the market [5] 3.2.2 Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed. For example, the pressure level of crude oil options is 660, and the support level is 450. These levels 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 of different option varieties is provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 27.055%, and the weighted implied volatility is 34.13%, with a change of - 2.20% [7] 3.3 Option Strategies and Suggestions for Different Varieties 3.3.1 Energy Options (Crude Oil and LPG) - **Crude Oil**: Fundamentally, U.S. crude oil inventories showed different trends last week. The market was short - term weak last week. Option factors indicated high implied volatility, increasing short - side power, a pressure level of 660, and a support level of 450. Strategies included constructing a neutral call + put option selling combination for volatility strategies and a long collar strategy for spot hedging [8] - **LPG**: In May 2025, China's LPG production decreased. The market was short - term bearish. Option factors showed relatively high implied volatility, increasing short - side power, a pressure level of 5100, and a support level of 4000. Strategies were similar to those of crude oil [10] 3.3.2 Alcohol Options (Methanol and Ethylene Glycol) - **Methanol**: Port and factory inventories changed. The market was short - term bearish. Option factors showed relatively high implied volatility, a market in a volatile state, a pressure level of 2950, and a support level of 2200. Strategies included constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port and downstream factory inventories changed. The market was bearish with pressure above. Option factors showed implied volatility around the historical average, a weak market, a pressure level of 4350, and a support level of 4350. Strategies included constructing a short - volatility strategy and a long collar strategy for spot hedging [11] 3.3.3 Polyolefin Options (Polypropylene, Polyvinyl Chloride, Plastic, and Styrene) - **Polypropylene**: Downstream开工率 decreased, and inventories changed. The market was weak with overhead pressure. Option factors showed implied volatility above the historical average, a weakening market, a pressure level of 7500, and a support level of 6800. Strategies included a long collar strategy for spot hedging [11] - **Polyvinyl Chloride**: The market was short - term bearish. Option factors showed relatively low implied volatility, a pressure level of 7000, and a support level of 4700. Strategies included constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [11] 3.3.4 Rubber Options - The supply of rubber was expected to increase, and the market was bearish with low - level consolidation. Option factors showed implied volatility around the average, a weak market, a pressure level of 21000, and a support level of 13000. Strategies included constructing a neutral call + put option selling combination [12] 3.3.5 Polyester Options (Para - xylene, PTA, Short - fiber, and Bottle - chip) - **PTA**: Social inventory decreased, and the market was volatile. Option factors showed relatively high implied volatility, a relatively strong market, a pressure level of 5800, and a support level of 4500. Strategies included constructing a neutral call + put option selling combination [13] 3.3.6 Alkali Options (Caustic Soda and Soda Ash) - **Caustic Soda**: Capacity utilization changed slightly, and the market was bearish. Option factors showed decreasing implied volatility, a weak market, a pressure level of 2400, and a support level of 2200. Strategies included constructing a bear - spread strategy for directional trading, a short - strangle strategy for volatility trading, and a long collar strategy for spot hedging [14] - **Soda Ash**: The market was bearish with low - level consolidation and then rebounded. Option factors showed increasing implied volatility, a weak and volatile market, a pressure level of 1300, and a support level of 1160. Strategies included constructing a bear - spread strategy for directional trading, a short - neutral call + put option selling combination for volatility trading, and a long collar strategy for spot hedging [14] 3.3.7 Urea Options - The domestic urea market had inventory changes, and the market was bearish after a rebound. Option factors showed implied volatility fluctuating below the historical average, a weak market, a pressure level of 1900, and a support level of 1700. Strategies included constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [15]