金属期权 2026-01-09 金属期权策略早报 | 李立勤 | 高级投研经 理 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | 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 | 金属期权策略早报概要：（1）有色金属偏多上行，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属反弹回暖上升，构建牛市价差组合策略。 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | ...

短线资金尝试兑现，市场承接力量不弱。万得全 A 突破新高后持续上涨，今日是首个震荡日，做多意愿边际 减弱。同时，大金融在昨日大幅上涨后，今日边际回落，指向市场对牛市的共识仍待夯实。值得注意的是，成交 额继续放量至 2.88 万亿元，显示出资金仍有较强的承接意愿。这也意味着，在指数强势突破前高后，资金的加仓 价位预期也随之上升至前高以上。即使后续行情调整，幅度或相对有限，指数上涨趋势不改。 波动在所难免，但不必频繁调整仓位。在指数进入趋势行情后，可以考虑两种操作思路。一是通过短线择时 增厚收益，但对节奏把握的要求较高，若卖出后继续上涨则会陷入被动。二是降低对波动的敏感度，保持仓位获 取趋势收益，即使行情大幅震荡（例如 2025 年 7 月 30 日至 8 月 1 日、9 月 2-4 日），市场的做多意愿也有望推 动行情反弹。 科技领涨，资金向比较"经典"的强势板块聚集。半导体材料设备涨幅领先，例如光刻胶、光刻机、刻蚀、 薄膜沉积等相关品种，资金积极博弈自主可控预期。同时，存储概念大幅上涨，受美股存储大涨带动高开，其背 后是市场继续博弈存储芯片涨价预期。DDR5（16Gb）、NAND Flash（64Gb）价格较 ...

金属期权 2026-01-07 金属期权策略早报 | 李立勤 | 高级投研经 理 | 从业资格号：F3074095 | 交易咨询号：Z0017896 | 邮箱：lilq@wkqh.cn | | --- | --- | --- | --- | --- | | 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 | 金属期权策略早报概要：（1）有色金属偏多上行，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属反弹回暖上升，构建牛市价差组合策略。 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | ...

1. Report Industry Investment Rating - No investment rating information is provided in the report [1][2] 2. Core Viewpoints - For non - ferrous metals, a seller's neutral volatility strategy can be constructed as they tend to move upwards; for the black series, a short - volatility combination strategy is suitable due to their large - amplitude fluctuations; for precious metals that are rebounding, a bull spread combination strategy can be built [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts such as copper, aluminum, zinc, etc., are presented [3] 3.2 Option Factors - Volume and Open Interest PCR - The trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various metal options are provided. 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 [4] 3.3 Option Factors - Pressure and Support Levels - The strike price at the money, pressure points, pressure point offsets, support points, support point offsets, maximum call option open interest, and maximum put option open interest of various metal options are given. These are used to analyze the pressure and support levels of the option underlyings [5] 3.4 Option Factors - Implied Volatility - 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 various metal options are presented [6] 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Based on the fundamentals and market trends of copper, directional, volatility, and spot long - hedging strategies are proposed, such as constructing a bull spread combination strategy for call options, a short - volatility seller option combination strategy, and a spot long - hedging strategy [7] - **Aluminum**: Considering the fundamentals and market trends of aluminum, directional, volatility, and spot long - hedging strategies are recommended, including constructing a bull spread combination strategy for call options, a sell - biased long call + put option combination strategy, and a spot collar strategy [9] - **Zinc**: According to the fundamentals and market trends of zinc, volatility and spot long - hedging strategies are suggested, like constructing a sell - biased long call + put option combination strategy and a spot collar strategy [9] - **Nickel**: Based on the fundamentals and market trends of nickel, directional, volatility, and spot - covered strategies are put forward, such as constructing a bull spread combination strategy for call options, a sell - biased long call + put option combination strategy, and a spot - covered strategy [10] - **Tin**: Considering the fundamentals and market trends of tin, volatility and spot long - hedging strategies are recommended, including constructing a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: According to the fundamentals and market trends of lithium carbonate, volatility and spot long - hedging strategies are suggested, like constructing a sell - biased long call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - **Silver**: Based on the fundamentals and market trends of silver, volatility and spot - hedging strategies are proposed, such as constructing a neutral short - volatility option seller combination strategy and a spot - hedging strategy [12] 3.5.3 Black Series - **Rebar**: Considering the fundamentals and market trends of rebar, volatility and spot long - covered strategies are recommended, including constructing a sell - biased short call + put option combination strategy and a spot long - covered strategy [13] - **Iron Ore**: Based on the fundamentals and market trends of iron ore, volatility and spot long - hedging strategies are put forward, such as constructing a sell - neutral call + put option combination strategy and a long collar strategy [13] - **Ferroalloys**: For manganese silicon, volatility strategies are suggested, like constructing a short - volatility strategy; for industrial silicon, volatility and spot long - hedging strategies are recommended; for glass, volatility and spot long - hedging strategies are put forward [14][15]

国内商品期市夜盘收盘多数上涨，非金属建材涨幅居前，PVC涨2.40%；化工品多数上涨，甲醇涨 2.11%；油脂油料多数上涨，豆粕涨0.62%；能源品全部上涨，LPG涨0.60%；黑色系跌幅居前，焦煤跌 2.37%；农副产品涨跌参半，玉米淀粉跌0.52%。 ...

非金属建材涨幅居前，PVC涨2.40%；化工品多数上涨，甲醇涨2.11%；油脂油料多数上涨，豆粕涨 0.62%；能源品全部上涨，LPG涨0.60%；黑色系跌幅居前，焦煤跌2.37%；农副产品涨跌参半，玉米淀 粉跌0.52%。 ...

分析称，从指数运行情况来看，指数连续八个月环比回升，表明随市场供需持续改善，企业对未来市场 发展信心增强，预期向好，大宗商品市场景气水平继续回升，经济内生增长动能进一步巩固。 2025年12月中国大宗商品价格指数创近一年半来新高 中新社北京1月5日电 (记者 阮煜琳)中国物流与采购联合会5日发布数据显示，2025年12月份，中国大宗 商品价格指数(CBPI)为117.9点，环比上涨3.2%，同比上涨6%，并创下自2024年6月以来新高。 分行业看，环比来看，有色价格指数大幅上涨，农产品价格指数涨幅扩大，矿产价格指数继续回升，黑 色系价格指数止跌反弹，化工价格指数小幅上行，能源价格指数小幅走低。 分商品看，在中国物流与采购联合会重点监测的50种大宗商品中，本月价格与上月相比，31种(62%)大 宗商品价格上涨，19种(38%)大宗商品价格下跌。本月涨幅前三的大宗商品为碳酸锂、精炼锡和苹果， 跌幅前三的为烧碱、乙二醇和焦煤。 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经 ...

| 100 | | --- | | 证监许可【2012】31 | | 投资咨询业务资格: | IIC 国贸期货 国贸商品指数日报 国贸期货研究院 郑建鑫 宏观金融中心 从业资格号: 投资咨询号: F3014717 Z0013223 2025/12/30 周一(12月29日),国内商品期市收盘涨跌参半,黑色系涨幅居前,铁矿石涨2.58%;农副产品多数 上涨,玉米涨1.86%;化工品多数上涨,塑料涨1.02%;航运期货全部上涨,集运指数(欧线)涨 0.87%;基本金属多数上涨,沪铝涨0.83%;非金属建材全部上涨,玻璃涨0.57%;贵金属跌幅居前, 铂金跌10.00%;新能源材料全部下跌,碳酸锂跌7.89%;能源品全部下跌,原油跌1.94%;油脂油料多 数下跌,棕榈油跌0.61%。 热评:周一国内商品涨跌参半,其中,工业品涨跌互现,农产品涨跌参半。具体来看: (1)黑色系涨幅居前。工业品价格偏强,黑链上周五夜盘跟随上行,周一午后部分热门品种重挫 成材盘面受市场氛围影响回落,但在钢材供需双弱的格局中,螺纹、热卷整体波动幅度有限,收盘价 环比微增。整体来看,钢厂自身盈利承压,主动控产意愿强烈,部分地区冬储难以形成集中 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a neutral volatility selling strategy for sellers can be constructed as they tend to move upwards; for the black series with large - amplitude fluctuations, a short - volatility combination strategy is suitable; for precious metals with a rebound, a bull spread combination strategy can be built [2]. 3. Summary by Related 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 metal futures contracts, including copper, aluminum, zinc, etc. For example, the latest price of copper contract CU2602 is 96,060, with a decrease of 4,400 and a decline rate of 4.38% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are provided. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For instance, the volume PCR of copper options is 0.45, and the open interest PCR is 0.78 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and their offsets of various metal options are given. For example, the pressure point of copper options is 110,000, and the support point is 92,000 [5]. 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, and its change, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of different metal options are presented. For example, the at - the - money implied volatility of copper options is 31.29% [6]. 3.5 Option Strategies and Recommendations - **Non - ferrous Metals** - **Copper**: Based on the analysis of fundamentals, market trends, and option factors, strategies such as a short - volatility seller option combination strategy and a spot long - hedging strategy are recommended [7]. - **Aluminum**: A bull spread combination strategy for call options, a short - biased call + put option combination strategy, and a spot collar strategy are suggested [9]. - **Zinc**: A short - biased call + put option combination strategy and a spot collar strategy are recommended [9]. - **Nickel**: A bull spread combination strategy for call options, a short - biased call + put option combination strategy, and a spot covered - call strategy are proposed [10]. - **Tin**: A short - volatility strategy and a spot collar strategy are recommended [10]. - **Lithium Carbonate**: A short - neutral call + put option combination strategy and a spot long - hedging strategy are suggested [11]. - **Precious Metals** - **Silver**: A neutral short - volatility option seller combination strategy and a spot hedging strategy are recommended [12]. - **Black Series** - **Rebar**: A short - bearish call + put option combination strategy and a spot long - covered - call strategy are suggested [13]. - **Iron Ore**: A short - neutral call + put option combination strategy and a spot long - collar strategy are recommended [13]. - **Ferroalloys (Manganese Silicon and Silicon Iron)**: For manganese silicon, a short - volatility strategy is recommended; for silicon iron, a short - biased call + put option combination strategy and a spot long - hedging strategy are suggested [14]. - **Industrial Silicon**: A short - volatility call + put option combination strategy and a spot long - hedging strategy are recommended [14]. - **Glass**: A bear spread combination strategy for put options, a short - volatility call + put option combination strategy, and a spot long - collar strategy are suggested [15].

华西证券刘郁称，昨日商品市场风险偏好午后急剧回落，贵金属板块波动率快速放大。百亿资金避险离 场，贵金属大幅流出。据文华财经，商品指数净流出高达102亿元，流出方向高度集中于贵金属与新能 源板块，其中沪金、碳酸锂、沪银分别净流出57亿元、51亿元和50亿元，位居流出榜前三。相比之下， 工业金属内部略有分歧，沪铜流出10亿元而沪铝微幅流入2亿元。黑色系表现则最为抗跌，铁矿石净流 入超10亿元，成为资金避风港，位居商品资金流入首位。 ...