1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For various polyester options (EG, PF, PR, PX, TA), the implied volatility of each option maintains above the average level, and the PCR of option positions is at different historical levels. It is recommended to construct a bull - spread combination strategy of call options for directional trading, and due to large geopolitical risks, strategies mainly based on selling (such as single selling and double selling) are not recommended [7][19][31][43][56] 3. Summary by Related Catalogs 3.1 EG (Ethylene Glycol) - **Futures Market Data**: The closing price of the eg2605 contract yesterday was 5218 yuan, down 195 yuan or 3.60% from the previous day. The trading volume was 1007750 lots, an increase of 234532 lots from the previous day, and the open interest was 274798 lots, a decrease of 21764 lots from the previous day [3][6] - **Option Factor - Volume and Position PCR**: The trading volume of call options was 90425 with a change of 15166, and the open interest was 57680 with a change of 2572. The trading volume of put options was 52591 with a change of 2618, and the open interest was 74361 with a change of - 882. The trading volume PCR was 0.58, down 0.08, and the open - interest PCR was 1.29, down 0.08 [4] - **Option Factor - Pressure and Support**: The pressure level of the EG option underlying was 5600, and the support level was 4000. The weighted implied volatility was 60.38%, down 3.45% [5] - **Option Strategy Suggestions**: Directional strategy: Construct a bull - spread combination strategy of call options to obtain directional returns. Volatility strategy: Due to large geopolitical risks, strategies mainly based on selling (such as single selling and double selling) are not recommended [7] 3.2 PF (Short Fiber) - **Futures Market Data**: The closing price of the PF606 contract yesterday was 8246 yuan, down 210 yuan or 2.48% from the previous day. The trading volume was 181011 lots, an increase of 5223 lots from the previous day, and the open interest was 126198 lots, a decrease of 6050 lots from the previous day [15][18] - **Option Factor - Volume and Position PCR**: The trading volume of call options was 102, and the open interest was 11783. The trading volume of put options was 596, down 140, and the open interest was 18176, down 77. The trading volume PCR was 5.84, down 1.52, and the open - interest PCR was 1.54, down 0.01 [16] - **Option Factor - Pressure and Support**: The pressure level of the PF option underlying was 8400, and the support level was 6100. The weighted implied volatility was 55.04%, down 3.53% [17] - **Option Strategy Suggestions**: Directional strategy: Construct a bull - spread combination strategy of call options to obtain directional returns, e.g., B PF2606C8000, S PF2606C8700. Volatility strategy: Due to large geopolitical risks, strategies mainly based on selling (such as single selling and double selling) are not recommended [19] 3.3 PR (Bottle Chip) - **Futures Market Data**: The closing price of the PR605 contract yesterday was 8190 yuan, down 212 yuan or 2.52% from the previous day. The trading volume was 71483 lots, an increase of 7435 lots from the previous day, and the open interest was 25436 lots, a decrease of 7104 lots from the previous day [27][30] - **Option Factor - Volume and Position PCR**: The trading volume of call options was 170, down 50, and the open interest was 3650. The trading volume of put options was 118, down 38, and the open interest was 3567, down 24. The trading volume PCR was 0.69, down 0.01, and the open - interest PCR was 0.98, down 0.01 [28] - **Option Factor - Pressure and Support**: The pressure level of the PR option underlying was 10600, and the support level was 6300. The weighted implied volatility was 65.67%, down 12.39% [29] - **Option Strategy Suggestions**: Directional strategy: Construct a bull - spread combination strategy of call options to obtain directional returns. Volatility strategy: Due to large geopolitical risks, strategies mainly based on selling (such as single selling and double selling) are not recommended [31] 3.4 PX (Para - Xylene) - **Futures Market Data**: The closing price of the PX605 contract yesterday was 9700 yuan, down 282 yuan or 2.82% from the previous day. The trading volume was 404063 lots, a decrease of 64463 lots from the previous day, and the open interest was 145076 lots, a decrease of 17053 lots from the previous day [39][42] - **Option Factor - Volume and Position PCR**: The trading volume of call options was 13893, an increase of 3001, and the open interest was 18284, an increase of 673. The trading volume of put options was 12587, an increase of 2222, and the open interest was 20061, an increase of 2197. The trading volume PCR was 0.91, down 0.05, and the open - interest PCR was 1.1, up 0.08 [40] - **Option Factor - Pressure and Support**: The pressure level of the PX option underlying was 10400, and the support level was 8000. The weighted implied volatility was 64.24%, down 5.95% [41] - **Option Strategy Suggestions**: Directional strategy: Construct a bull - spread combination strategy of call options to obtain directional returns, e.g., B PX2606C9700, S PX2606C10400. Volatility strategy: Due to large geopolitical risks, strategies mainly based on selling (such as single selling and double selling) are not recommended [43] 3.5 TA (Purified Terephthalic Acid) - **Futures Market Data**: The closing price of the TA605 contract yesterday was 6684 yuan, down 202 yuan or 2.93% from the previous day. The trading volume was 1245100 lots, an increase of 37090 lots from the previous day, and the open interest was 882497 lots, a decrease of 52576 lots from the previous day [52][55] - **Option Factor - Volume and Position PCR**: The trading volume of call options was 241710, down 51557, and the open interest was 220426, down 2477. The trading volume of put options was 245486, an increase of 25520, and the open interest was 273974, an increase of 9155. The trading volume PCR was 1.02, up 0.27, and the open - interest PCR was 1.24, up 0.05 [53] - **Option Factor - Pressure and Support**: The pressure level of the TA option underlying was 8500, and the support level was 5000. The weighted implied volatility was 62.83%, down 5.09% [54] - **Option Strategy Suggestions**: Directional strategy: Construct a bull - spread combination strategy of call options to obtain directional returns. Volatility strategy: Due to large geopolitical risks, strategies mainly based on selling (such as single selling and double selling) are not recommended [56]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - No relevant content Group 3: Summary of Related Catalogs Option Quotes - The daily percentage changes of call options for various commodities are as follows: aluminum 110.63%, cast aluminum alloy 52.98%, log 30.00%, polysilicon 25.07%, zinc 24.79%, tin 22.41%, palm oil 21.40%, lithium carbonate 21.29%, gold 20.78%, and ferrosilicon 19.83% [1] - The daily percentage changes of put options for various commodities are as follows: corn 53.85%, caustic soda 43.50%, industrial silicon 41.67%, soda ash 26.67%, corn starch 24.07%, offset printing paper 20.00%, eggs 17.83%, sugar 11.24%, lead 8.19%, and PVC 4.85% [1] Option Positions - The daily changes in call option positions for various commodities are as follows: glass 72484, soda ash 20918, PTA 17053, polysilicon 14673, aluminum 14245, coking coal 14096, rapeseed meal 14071, industrial silicon 12621, corn 12202, and caustic soda 11155 [2] - The daily changes in put option positions for various commodities are as follows: methanol 29780, PTA 14011, glass 11164, lithium carbonate 9399, styrene 7237, ethylene glycol 7034, rapeseed meal 5637, soybean meal 5482, sugar 5166, and iron ore 4908 [2] Option Position Put - Call Ratio (PCR) - High - position PCR varieties and their PCR values are: fuel oil 1.7887, short - fiber 1.5487, styrene 1.5322, methanol 1.5248, crude oil 1.3809, ethylene glycol 1.3654, propylene 1.323, lithium carbonate 1.2158, polypropylene 1.2116, and PTA 1.188 [5] - Low - position PCR varieties and their PCR values are: red dates 0.2068, live pigs 0.207, polysilicon 0.2947, alumina 0.3083, soda ash 0.3261, log 0.3686, urea 0.3696, coking coal 0.3824, apples 0.393, and glass 0.3965 [5] Option Volume Put - Call Ratio (PCR) - High - volume PCR varieties and their PCR values are: propylene 16.4375, short - fiber 7.36, polypropylene 2.0329, iron ore 1.0411, p - xylene 0.9516, cast aluminum alloy 0.9234, copper 0.8426, offset printing paper 0.8077, lead 0.8031, and PTA 0.7501 [6] - Low - volume PCR varieties and their PCR values are: urea 0.1848, polysilicon 0.1914, alumina 0.1967, coking coal 0.2011, live pigs 0.234, palladium 0.2404, tin 0.2569, red dates 0.2611, nickel 0.2795, and aluminum 0.2847 [6] Daily Selections - Call options: manganese silicon (SM606, SM606C6700, trend degree 53, put - call ratio 0.63, remaining days 44), lithium carbonate (lc2607, lc2607 - C - 174000, trend degree 49, put - call ratio 1.22, remaining days 67), synthetic rubber (br2606, br2606C17800, trend degree 49, put - call ratio 0.96, remaining days 56), peanuts (PK610, PK610C8500, trend degree 49, put - call ratio 0.5, remaining days 165), methanol (MA609, MA609C3200, trend degree 45, put - call ratio 1.52, remaining days 135), styrene (eb2606, eb2606 - C - 10800, trend degree 45, put - call ratio 1.53, remaining days 52), urea (UR606, UR606C1900, trend degree 43, put - call ratio 0.37, remaining days 44), polypropylene (pp2606, pp2606 - C - 9600, trend degree 43, put - call ratio 1.21, remaining days 52) [7] - Put options: rapeseed meal (RM609, RM609P2325, trend degree - 55, put - call ratio 0.55, remaining days 135), soybeans No.1 (a2607, a2607 - P - 4400, trend degree - 53, put - call ratio 0.77, remaining days 78), corn (c2607, c2607 - MS - P - 2360, trend degree - 53, put - call ratio 0.53, remaining days 52), alumina (ao2606, ao2606P2850, trend degree - 47, put - call ratio 0.31, remaining days 56), live pigs (lh2607, lh2607 - P - 10800, trend degree - 47, put - call ratio 0.21, remaining days 78), soybean meal (m2607, m2607 - P - 2800, trend degree - 43, put - call ratio 0.85, remaining days 78), soybeans No.2 (b2606, b2606 - P - 3550, trend degree - 37, put - call ratio 0.86, remaining days 52), SSE 50 (IH2606, HO2606 - P - 2800, trend degree - 37, put - call ratio 0.62, remaining days 84) [7] Expiring Options - There are no expiring options on the day [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For all the analyzed options (EG, PF, PR, PX, TA), the implied volatility maintains above the average level, and the recommended directional strategy is to build a bull spread combination of call options to obtain directional returns. Due to the high geopolitical risks, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [7][21][33][45][58] 3. Summary by Related Catalogs 3.1 EG (Ethylene Glycol) - **标的期货市场数据**: The eg2605 contract had a closing price of 5279 yuan, a rise of 263 yuan (5.24%) from the previous day. The trading volume was 705617 lots, an increase of 64838 lots, and the open interest was 295639 lots, an increase of 12606 lots [3][6] - **期权因子 - 量仓PCR**: The trading volume of call options was 75259 with a change of 24361, and the open interest was 55108 with a change of 73. The trading volume of put options was 49973 with a change of 17891, and the open interest was 75243 with a change of 7034. The trading volume PCR was 0.66 with a change of 0.03, and the open - interest PCR was 1.37 with a change of 0.13 [4] - **期权因子 - 压力支撑**: The at - the - money strike price was 5400, the resistance level was 5600, and the support level was 4000. The weighted implied volatility was 63.83% with a change of 5.09%, the annual average implied volatility was 23.12%, and HISV20 was 60.76% [5] - **行情解读与策略建议**: The implied volatility of EG options remained above the average of 0.2291. The open - interest PCR of EG options was 1.2394, at the 94.29% level in the past year. The recommended directional strategy was to build a bull spread combination of call options, and due to geopolitical risks, seller - dominated strategies were not recommended [6][7] 3.2 PF (Polyester Staple Fiber) - **标的期货市场数据**: The PF606 contract had a closing price of 8392 yuan, a rise of 278 yuan (3.42%) from the previous day. The trading volume was 169526 lots, an increase of 35631 lots, and the transfer volume was 136530 lots, an increase of 1607 lots [20] - **期权因子 - 量仓PCR**: The trading volume of call options was 100 with a change of 83, and the open interest was 11786. The trading volume of put options was 736 with a change of - 270, and the open interest was 18253 with a change of - 132. The trading volume PCR was 7.36 with a change of - 51.82, and the open - interest PCR was 1.55 [18] - **期权因子 - 压力支撑**: The at - the - money strike price was 8400, the resistance level was 8400, and the support level was 6100. The weighted implied volatility was 58.57% with a change of 2.15%, and HISV20 was 41.84% [19] - **行情解读与策略建议**: The implied volatility of PF options remained above the average of 0.2275. The open - interest PCR of PF options was 1.5527, at the 95.51% level in the past year. The recommended directional strategy was to build a bull spread combination of call options (e.g., B PF2606C8200, S PF2606C8700), and due to geopolitical risks, seller - dominated strategies were not recommended [20][21] 3.3 PR (Bottle Chip) - **标的期货市场数据**: The PR605 contract had a closing price of 8320 yuan, a rise of 264 yuan (3.27%) from the previous day. The trading volume was 58278 lots, an increase of 5224 lots, and the open interest was 35674 lots, a decrease of 2126 lots [32] - **期权因子 - 量仓PCR**: The trading volume of call options was 220 with a change of 124, and the open interest was 3632. The trading volume of put options was 156 with a change of - 91, and the open interest was 3591 with a change of 45. The trading volume PCR was 0.71 with a change of - 1.86, and the open - interest PCR was 0.99 with a change of 0.02 [30] - **期权因子 - 压力支撑**: The at - the - money strike price was 8300, the resistance level was 7000, and the support level was 6300. The weighted implied volatility was 78.06% with a change of 14.80%, the annual average implied volatility was 23.99%, and HISV20 was 58.57% [31] - **行情解读与策略建议**: The implied volatility of PR options remained above the average of 0.2373. The open - interest PCR of PR options was 0.9683, at the 43.27% level in the past year. The recommended directional strategy was to build a bull spread combination of call options, and due to geopolitical risks, seller - dominated strategies were not recommended [32][33] 3.4 PX (Para - xylene) - **标的期货市场数据**: The PX605 contract had a closing price of 9916 yuan, a rise of 364 yuan (3.81%) from the previous day. The trading volume was 573751 lots, an increase of 193857 lots, and the open interest was 177302 lots, an increase of 8385 lots [44] - **期权因子 - 量仓PCR**: The trading volume of call options was 10892 with a change of - 1338340, and the open interest was 17611 with a change of 3052. The trading volume of put options was 10365 with a change of - 1024010, and the open interest was 17864 with a change of 2748. The trading volume PCR was 0.95 with a change of 0.18, and the open - interest PCR was 1.01 with a change of - 0.02 [42] - **期权因子 - 压力支撑**: The at - the - money strike price was 9900, the resistance level was 10400, and the support level was 8000. The weighted implied volatility was 70.19% with a change of 14.72%, the annual average implied volatility was 29.48%, and HISV20 was 56.56% [43] - **行情解读与策略建议**: The implied volatility of PX options remained above the average of 0.2929. The open - interest PCR of PX options was 1.0383, at the 64.90% level in the past year. The recommended directional strategy was to build a bull spread combination of call options (e.g., B PX2605C9700, S PX2605C10400), and due to geopolitical risks, seller - dominated strategies were not recommended [44][45] 3.5 TA (Purified Terephthalic Acid) - **标的期货市场数据**: The TA605 contract had a closing price of 6876 yuan, a rise of 236 yuan (3.55%) from the previous day. The trading volume was 1240270 lots, an increase of 171599 lots, and the open interest was 958523 lots, a decrease of 9363 lots [57] - **期权因子 - 量仓PCR**: The trading volume of call options was 293267 with a change of 71005, and the open interest was 222903 with a change of 17053. The trading volume of put options was 219966 with a change of 96925, and the open interest was 264819 with a change of 14011. The trading volume PCR was 0.75 with a change of 0.2, and the open - interest PCR was 1.19 with a change of - 0.03 [55] - **期权因子 - 压力支撑**: The at - the - money strike price was 6800, the resistance level was 8500, and the support level was 5000. The weighted implied volatility was 67.92% with a change of - 1.65%, the annual average implied volatility was 28.00%, and HISV20 was 53.22% [56] - **行情解读与策略建议**: The implied volatility of TA options remained above the average of 0.2780. The open - interest PCR of TA options was 1.2184, at the 89.80% level in the past year. The recommended directional strategy was to build a bull spread combination of call options, and due to geopolitical risks, seller - dominated strategies were not recommended [57][58]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - For all options (EG, PF, PR, PX, TA), it is recommended to build a bull spread combination strategy of call options for directional trading to obtain directional returns, and due to high geopolitical risks, strategies mainly based on sellers (such as single - selling and double - selling) are not recommended [8][21][33][45][58] 3. Summary by Related Catalogs 3.1 EG (Ethylene Glycol) - **标的期货市场数据**: The closing price of the eg2605 contract yesterday was 5058 yuan, up 58 yuan (1.16%) from the previous day. The trading volume was 640,779 lots (down 119,965 lots from the previous day), and the open interest was 283,033 lots (down 3,202 lots from the previous day). The trading volume of EG (ethylene glycol options) was 705,617 lots, and the open interest was 295,639 lots [4][7] - **期权因子 - 量仓PCR**: The trading volume of EG (ethylene glycol call options) was 20,898 lots (down 1,560 lots), and the open interest was 22,032 lots (up 2,013 lots), with a trading volume PCR of 0.63 (down 0.04) and an open interest PCR of 1.24 (up 0.01). The trading volume of EG (ethylene glycol put options) was 32,082 lots (down 3,137 lots), and the open interest was 68,209 lots (up 3,195 lots) [5] - **期权因子 - 压力支撑**: The pressure level of the EG option underlying is 5,000, and the support level is 4,000 [7] - **行情解读与策略建议**: The implied volatility of EG options fluctuates above the average of 0.2273. The open interest PCR of EG options is reported at 1.2262, at the 94.29% level in the past year. It is recommended to build a bull spread combination strategy of call options for directional trading and avoid seller - based strategies due to geopolitical risks [7][8] 3.2 PF (Polyester Staple Fiber) - **标的期货市场数据**: The closing price of the PF606 contract yesterday was 8,260 yuan, up 200 yuan (2.48%) from the previous day. The trading volume was 133,895 lots (down 36,229 lots from the previous day), and the position transfer volume was 134,923 lots (up 5,072 lots). The trading volume of PF (polyester staple fiber options) was 169,526 lots, and the open interest was 136,530 lots [17][20] - **期权因子 - 量仓PCR**: The trading volume of PF (polyester staple fiber call options) was 1,006 lots (down 22 lots), and the open interest was 11,841 lots. The trading volume PCR was 59.18, and the open interest PCR was 1.55. The trading volume of PF (polyester staple fiber put options) was 1,006 lots (down 213 lots), and the open interest was 18,385 lots (up 19 lots) [18] - **期权因子 - 压力支撑**: The pressure level of the PF option underlying is 8,400, and the support level is 6,100 [19][20] - **行情解读与策略建议**: The implied volatility of PF options fluctuates above the average of 0.2256. The open interest PCR of PF options is reported at 1.5512, at the 95.51% level in the past year. It is recommended to build a bull spread combination strategy of call options like B PF2606C8200, S PF2606C8700 for directional trading and avoid seller - based strategies due to geopolitical risks [20][21] 3.3 PR (Bottle Chip) - **标的期货市场数据**: The closing price of the PR605 contract yesterday was 8,104 yuan, up 124 yuan (1.55%) from the previous day. The trading volume was 53,054 lots (down 24,045 lots from the previous day), and the open interest was 37,800 lots (down 1,525 lots). The trading volume of PR (bottle chip options) was 58,278 lots, and the open interest was 3,567 lots [29][32] - **期权因子 - 量仓PCR**: The trading volume of PR (bottle chip call options) was 96 lots, and the open interest was 3,662 lots. The trading volume PCR was 2.57, and the open interest PCR was 0.97 (up 0.03). The trading volume of PR (bottle chip put options) was 247 lots (up 172 lots), and the open interest was 3,546 lots (up 115 lots) [30] - **期权因子 - 压力支撑**: The pressure level of the PR option underlying is 7,000, and the support level is 6,300 [31][32] - **行情解读与策略建议**: The implied volatility of PR options fluctuates above the average of 0.2353. The open interest PCR of PR options is reported at 0.9364, at the 33.47% level in the past year. It is recommended to build a bull spread combination strategy of call options for directional trading and avoid seller - based strategies due to geopolitical risks [32][33] 3.4 PX (Para - xylene) - **标的期货市场数据**: The closing price of the PX605 contract yesterday was 9,774 yuan, up 348 yuan (3.69%) from the previous day. The trading volume was 379,894 lots (down 158,576 lots from the previous day), and the open interest was 168,964 lots (down 3,321 lots). The trading volume of PX (para - xylene options) was 57,375 lots, and the open interest was 177,302 lots [41][44] - **期权因子 - 量仓PCR**: The trading volume of PX (para - xylene call options) was 1,349,230 lots (up 703,794 lots), and the open interest was 14,559 lots (down 168,548 lots), with a trading volume PCR of 0.77 (up 0.01) and an open interest PCR of 1.04 (down 0.12). The trading volume of PX (para - xylene put options) was 1,034,380 lots (up 543,285 lots), and the open interest was 15,116 lots (down 196,331 lots) [42] - **期权因子 - 压力支撑**: The pressure level of the PX option underlying is 11,000, and the support level is 9,000 [43][44] - **行情解读与策略建议**: The implied volatility of PX options fluctuates above the average of 0.2916. The open interest PCR of PX options is reported at 1.1548, at the 78.37% level in the past year. It is recommended to build a bull spread combination strategy of call options like B PX2605C9700, S PX2605C10400 for directional trading and avoid seller - based strategies due to geopolitical risks [44][45] 3.5 TA (Purified Terephthalic Acid) - **标的期货市场数据**: The closing price of the TA605 contract yesterday was 6,778 yuan, up 242 yuan (3.70%) from the previous day. The trading volume was 1,068,670 lots (down 430,957 lots from the previous day), and the open interest was 967,886 lots (up 9,742 lots). The trading volume of TA (purified terephthalic acid options) was 1,240,270 lots, and the open interest was 958,523 lots [54][57] - **期权因子 - 量仓PCR**: The trading volume of TA (purified terephthalic acid call options) was 222,262 lots (up 17,041 lots), and the open interest was 205,850 lots (up 7,332 lots), with a trading volume PCR of 0.55 (down 0.04) and an open interest PCR of 1.22 (down 0.01). The trading volume of TA (purified terephthalic acid put options) was 123,041 lots (up 1,176 lots), and the open interest was 250,808 lots (up 6,484 lots) [55] - **期权因子 - 压力支撑**: The pressure level of the TA option underlying is 8,500, and the support level is 5,000 [56][57] - **行情解读与策略建议**: The implied volatility of TA options fluctuates above the average of 0.2759. The open interest PCR of TA options is reported at 1.2307, at the 90.61% level in the past year. It is recommended to build a bull spread combination strategy of call options for directional trading and avoid seller - based strategies due to geopolitical risks [57][58]

Group 1: Report Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core View - The report presents data on commodity option quotes, positions, and other aspects on March 30, 2026, including daily price changes, position changes, put - call ratios of positions and trading volumes, daily option selections, and information on expiring options [1][2][5][6][7]. Group 3: Summary by Directory Option Quotes - **Call Option Daily Price Changes**: Carbonate lithium had the highest daily increase of 95.41%, followed by manganese silicon at 83.44%, and styrene at 62.23% [1]. - **Put Option Daily Price Changes**: Peanuts had the highest daily increase of 66.80%, followed by platinum at 49.50%, and soybeans at 48.28% [1]. Option Positions - **Call Option Position Daily Changes**: Glass had the largest increase of 34,643, followed by soda ash at 9,430, and coking coal at 9,105 [2]. - **Put Option Position Daily Changes**: Methanol had an increase of 18,877, carbonate lithium had 14,577, and glass had 12,020 [2]. Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Fuel oil had the highest PCR of 1.7745, followed by short - fiber at 1.5527, and methanol at 1.4271 [5]. - **Low - PCR Varieties**: Red dates had the lowest PCR of 0.1947, followed by live pigs at 0.2018, and alumina at 0.3312 [5]. Option Trading Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Short - fiber had the highest PCR of 59.1765, followed by propylene at 7.8387, and bottle chips at 2.5729 [6]. - **Low - PCR Varieties**: Offset printing paper had the lowest PCR of 0.0583, followed by manganese silicon at 0.2205, and zinc at 0.2299 [6]. Daily Option Selections - **Call Options**: Synthetic rubber, manganese silicon, and methanol were selected, with trend degrees of 53, 49, and 43 respectively [7]. - **Put Options**: Soybeans, rapeseed meal, and rebar were selected, with trend degrees of - 55, - 51, and - 49 respectively [7]. Expiring Options - There were no expiring options on the day [7].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - For all five options (EG, PF, PR, PX, TA), the implied volatility maintains above the mean level of 0.0000, and the recommended directional strategy is to build a bull - spread portfolio of call options to obtain directional returns. Due to large geopolitical risks, seller - based strategies are not recommended [7][20][32][44][57] 3. Summary by Related Catalog 3.1 EG (Ethylene Glycol Options) - **标的期货市场数据**: The latest price of the ea2605 contract is 5058 yuan, up 1.16%. The trading volume is 640,779 lots, a decrease of 119,965 lots, and the open interest is 283,033 lots, a decrease of 3,202 lots [4] - **期权因子 - 量仓PCR**: The trading volume of call options is 52,458 lots, an increase of 8,084 lots; the open interest is 53,022 lots, a decrease of 675 lots. The trading volume of put options is 35,219 lots, a decrease of 13,673 lots; the open interest is 65,014 lots. The trading volume PCR is 0.67, a decrease of 0.43; the open - interest PCR is 1.23, an increase of 0.12 [5] - **期权因子 - 压力支撑**: The at - the - money strike price is 5,100 yuan. The resistance level is 5,000 yuan, and the support level is 4,000 yuan. The weighted implied volatility is 58.19%, a decrease of 6.02%. The annual average implied volatility is 22.73%, and HISV20 is 60.99% [6] - **行情解读与策略建议**: The closing price of the eg2605 contract yesterday was 5,036 yuan, a decrease of 4.96%. The implied volatility maintains above 0.0000. The open - interest PCR is 1.1053, at the 90.20% level in the past year. Directional strategy: build a bull - spread portfolio of call options; Volatility strategy: do not recommend seller - based strategies [7][8] 3.2 PF (Polyester Staple Fiber Options) - **标的期货市场数据**: The latest price of the PF606 contract is 8,260 yuan, up 2.48%. The trading volume is 133,895 lots, a decrease of 36,229 lots, and the open interest is 134,923 lots, an increase of 5,072 lots [17] - **期权因子 - 量仓PCR**: The trading volume of call options is 381 lots; the open interest is 11,840 lots. The trading volume of put options is 1,219 lots, an increase of 357 lots; the open interest is 18,366 lots, an increase of 266 lots. The trading volume PCR is 31.26, an increase of 21.68; the open - interest PCR is 1.55, an increase of 0.02 [18] - **期权因子 - 压力支撑**: The at - the - money strike price is 8,300 yuan. The resistance level is 8,400 yuan, and the support level is 6,100 yuan. The weighted implied volatility is 65.89%. The annual average implied volatility is 22.56%, and HISV20 is 42.49% [19] - **行情解读与策略建议**: The closing price of the PF606 contract yesterday was 8,110 yuan, a decrease of 2.94%. The implied volatility maintains above 0.0000. The open - interest PCR is 1.5285, at the 94.69% level in the past year. Directional strategy: build a bull - spread portfolio of call options; Volatility strategy: do not recommend seller - based strategies [20][21] 3.3 PR (Bottle Chip Options) - **标的期货市场数据**: The latest price of the PR605 contract is 8,104 yuan, up 1.55%. The trading volume is 53,054 lots, a decrease of 24,045 lots, and the open interest is 37,800 lots, a decrease of 1,525 lots [29] - **期权因子 - 量仓PCR**: The trading volume of call options is 60 lots, a decrease of 88 lots; the open interest is 3,664 lots. The trading volume of put options is 75 lots, a decrease of 195 lots; the open interest is 3,431 lots. The trading volume PCR is 0.81, a decrease of 0.69; the open - interest PCR is 0.94, an increase of 0.01 [30] - **期权因子 - 压力支撑**: The at - the - money strike price is 8,100 yuan. The resistance level is 7,000 yuan, and the support level is 6,300 yuan. The weighted implied volatility is 69.34%, a decrease of 0.75%. The annual average implied volatility is 23.53%, and HISV20 is 59.05% [31] - **行情解读与策略建议**: The closing price of the PR605 contract yesterday was 8,108 yuan, a decrease of 2.43%. The implied volatility maintains above 0.0000. The open - interest PCR is 0.9289, at the 31.43% level in the past year. Directional strategy: build a bull - spread portfolio of call options; Volatility strategy: do not recommend seller - based strategies [32][33] 3.4 PX (Para - Xylene Options) - **标的期货市场数据**: The latest price of the PX605 contract is 7,771 yuan, up 3.69%. The trading volume is 379,894 lots, a decrease of 158,576 lots, and the open interest is 168,964 lots, a decrease of 53 lots [41] - **期权因子 - 量仓PCR**: The trading volume of call options is 645,437 lots, an increase of 428,825 lots; the open interest is 183,107 lots, an increase of 83,519 lots. The trading volume of put options is 491,091 lots, an increase of 299,565 lots; the open interest is 211,447 lots, an increase of 93,123 lots. The trading volume PCR is 0.76, a decrease of 0.12; the open - interest PCR is 1.15, a decrease of 0.03 [42] - **期权因子 - 压力支撑**: The at - the - money strike price is 8,000 yuan. The resistance level is 12,200 yuan, and the support level is 6,100 yuan. The weighted implied volatility is 94.97%, a decrease of 16.77%. The annual average implied volatility is 29.16%, and HISV20 is 56.91% [43] - **行情解读与策略建议**: The closing price of the PX605 contract yesterday was 9,502 yuan, a decrease of 3.66%. The implied volatility maintains above 0.0000. The open - interest PCR is 1.1881, at the 82.86% level in the past year. Directional strategy: build a bull - spread portfolio of call options; Volatility strategy: do not recommend seller - based strategies [44][45] 3.5 TA (Purified Terephthalic Acid Options) - **标的期货市场数据**: The latest price of the TA605 contract is 6,778 yuan, up 3.70%. The trading volume is 1,068,670 lots, an increase of 430,957 lots, and the open interest is 967,886 lots, an increase of 9,742 lots [54] - **期权因子 - 量仓PCR**: The trading volume of call options is 205,221 lots, a decrease of 6,905 lots; the open interest is 198,518 lots, an increase of 10,902 lots. The trading volume of put options is 121,865 lots, a decrease of 59,425 lots; the open interest is 244,324 lots, an increase of 5,813 lots. The trading volume PCR is 0.59, a decrease of 0.26; the open - interest PCR is 1.23, a decrease of 0.04 [55] - **期权因子 - 压力支撑**: The at - the - money strike price is 6,800 yuan. The resistance level is 8,500 yuan, and the support level is 5,000 yuan. The weighted implied volatility is 65.96%, a decrease of 0.89%. The annual average implied volatility is 27.59%, and HISV20 is 53.71% [56] - **行情解读与策略建议**: The closing price of the TA605 contract yesterday was 6,592 yuan, a decrease of 3.08%. The implied volatility maintains above 0.0000. The open - interest PCR is 1.2713, at the 93.47% level in the past year. Directional strategy: build a bull - spread portfolio of call options; Volatility strategy: do not recommend seller - based strategies [57][58]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The report presents the daily data of commodity options on March 25, 2026, including option quotes, positions, position put - call ratios (PCR), trading volume PCR, daily selections, and near - expiration options [1][2][5][6][7][8][9] Group 3: Summary by Directory Option Quotes - For call options, tin had the highest daily increase of 173.43%, followed by silver (44.54%), copper (32.25%), etc. For put options, soybeans No.1 had a daily increase of 85.45%, p - xylene 81.80%, and ethylene glycol 54.60% [1] Option Positions - In call options, glass had the largest daily change in position of 18,336, followed by coking coal (14,436) and soybean meal (11,830). In put options, lithium carbonate had a daily change of 9,219, methanol 7,659, and fuel oil 7,363 [2] Option Position Put - Call Ratio (PCR) - High - position PCR varieties included fuel oil (2.0307), p - xylene (1.5707), and short - fiber (1.5258). Low - position PCR varieties included live hogs (0.1924), red dates (0.244), and coking coal (0.368) [5] Option Trading Volume Put - Call Ratio (PCR) - High - trading volume PCR varieties included short - fiber (5.7926), propylene (1.8022), and polypropylene (1.5394). Low - trading volume PCR varieties included coking coal (0.1851), red dates (0.1967), and soda ash (0.217) [6] Daily Selections - Call options: synthetic rubber, coking coal, ferrosilicon, etc. were selected, with trend degrees mostly around 50 and different put - call ratios and remaining days. Put options: aluminum, gold, SSE 50, etc. were selected, with negative trend degrees and corresponding put - call ratios and remaining days [7] Near - Expiration Options - For call options, apples, red dates, p - xylene, etc. were listed, showing the remaining days, option closing prices, underlying settlement prices, break - even points, and target prices and increases for option doubling. For put options, similar information for various varieties was provided, including break - even points and target prices and decreases for option doubling [8][9]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For all the analyzed options (EG, PF, PR, PX, TA), the contracts showed price increases, with implied volatility maintaining above the average level, and the recommended directional strategy is to construct a bull spread combination strategy of call options to obtain directional returns. Due to significant geopolitical risks, strategies dominated by sellers are not recommended [7][20][32][44][57] Summary by Relevant Catalogs 1. EG (Ethylene Glycol) - **Market Data**: The eg2605 contract closed at 5574 yuan yesterday, up 439 yuan or 6.54% from the previous day. The trading volume was 861,915 lots, a decrease of 20,291 lots from the previous day, and the open interest was 345,932 lots, an increase of 1,305 lots [4][7] - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 70,790 with a change of 2,974, and the open interest was 53,175 with a change of -3,254. The trading volume PCR was 0.53 with a change of 0.01, and the open interest PCR was 0.97 with a change of 0.05 [5] - **Option Factors - Pressure and Support**: The at - the - money strike price was 5600, the pressure level was 5000, the support level was 4000, the weighted implied volatility was 76.77% with a change of 6.72%, the annual average implied volatility was 22.10%, and HISV20 was 48.73% [6] - **Strategy Recommendations**: Directional strategy: Construct a bull spread combination strategy of call options. Volatility strategy: Due to significant geopolitical risks, strategies dominated by sellers are not recommended [8] 2. PF (Short - Fiber) - **Market Data**: The PF606 contract closed at 8680 yuan yesterday, up 504 yuan or 6.16% from the previous day. The trading volume was 204,112 lots, a decrease of 11,976 lots from the previous day, and the open interest was 142,270 lots, an increase of 10,977 lots [17][20] - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 228 with a change of -186, and the open interest was 11,863. The trading volume PCR was 7.33 with a change of 2.19, and the open interest PCR was 1.52 with a change of -0.01 [18] - **Option Factors - Pressure and Support**: The at - the - money strike price was 8700, the pressure level was 8400, the support level was 6100, the weighted implied volatility was 53.36% with a change of 5.41%, the annual average implied volatility was 22.02%, and HISV20 was 33.81% [19] - **Strategy Recommendations**: Directional strategy: Construct a bull spread combination strategy of call options, such as B PF2605C8200, S PF2605C8700. Volatility strategy: Due to significant geopolitical risks, strategies dominated by sellers are not recommended [21] 3. PR (Bottle Chip) - **Market Data**: The PR605 contract closed at 8668 yuan yesterday, up 474 yuan or 5.78% from the previous day. The trading volume was 99,546 lots, a decrease of 64,158 lots from the previous day, and the open interest was 40,780 lots, an increase of 319 lots [29][32] - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 601 with a change of -506, and the open interest was 3,738 with a change of -75. The trading volume PCR was 0.41 with a change of -0.59, and the open interest PCR was 0.91 with a change of 0.02 [30] - **Option Factors - Pressure and Support**: The at - the - money strike price was 8700, the pressure level was 10,600, the support level was 6300, the weighted implied volatility was 76.50% with a change of 7.38%, the annual average implied volatility was 22.83%, and HISV20 was 52.33% [31] - **Strategy Recommendations**: Directional strategy: Construct a bull spread combination strategy of call options. Volatility strategy: Due to significant geopolitical risks, strategies dominated by sellers are not recommended [33] 4. PX (Para - Xylene) - **Market Data**: The PX605 contract closed at 10,390 yuan yesterday, up 808 yuan or 8.43% from the previous day. The trading volume was 595,921 lots, a decrease of 95,164 lots from the previous day, and the open interest was 204,513 lots, an increase of 6,284 lots [41][44] - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 142,267 with a change of 27,769, and the open interest was 67,813 with a change of -458. The trading volume PCR was 0.91 with a change of -0.28, and the open interest PCR was 1.84 with a change of 0.23 [42] - **Option Factors - Pressure and Support**: The at - the - money strike price was 10,400, the pressure level was 12,200, the support level was 6100, the weighted implied volatility was 112.29% with a change of 31.13%, the annual average implied volatility was 28.10%, and HISV20 was 45.22% [43] - **Strategy Recommendations**: Directional strategy: Construct a bull spread combination strategy of call options. Volatility strategy: Due to significant geopolitical risks, strategies dominated by sellers are not recommended [45] 5. TA (Purified Terephthalic Acid) - **Market Data**: The TA605 contract closed at 7134 yuan yesterday, up 504 yuan or 7.60% from the previous day. The trading volume was 1,719,360 lots, a decrease of 68,334 lots from the previous day, and the open interest was 1,065,110 lots, an increase of 16,013 lots [54][57] - **Option Factors - Volume and Open Interest PCR**: The trading volume of call options was 241,235 with a change of 29,827, and the open interest was 172,055 with a change of -2,993. The trading volume PCR was 0.61 with a change of -0.25, and the open interest PCR was 1.38 with a change of 0.07 [55] - **Option Factors - Pressure and Support**: The at - the - money strike price was 7100, the pressure level was 8500, the support level was 5000, the weighted implied volatility was 76.05% with a change of 12.97%, the annual average implied volatility was 26.98%, and HISV20 was 42.26% [56] - **Strategy Recommendations**: Directional strategy: Construct a bull spread combination strategy of call options. Volatility strategy: Due to significant geopolitical risks, strategies dominated by sellers are not recommended [58]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report No relevant content provided. 3. Summary by Directory 3.1 Market Overview - The trading volume of the entire market this week was 9,012,194.8, a decrease of 0.88% from last week; the open interest was 9,470,619.0, an increase of 0.04% from last week. Among them, the trading volume of agricultural products decreased by 0.97%, energy and chemical products decreased by 1.45%, black products decreased by 0.36%, precious metals increased by 3.71%, and non - ferrous and new energy products increased by 1.36% [4]. 3.2 Market Data 3.2.1 Market Overview - Lists the flat - value volatility, 60 - day quantile, Skew, and 60 - day quantile of various commodity options, such as the flat - value volatility of corn options is 12.54%, and the Skew is 34.99% [7]. 3.2.2 - 3.2.61 Various Commodity Options - For each type of commodity option (such as corn, soybean meal, etc.), it provides detailed data including the closing price, trading volume, open interest, volume PCR, open interest PCR, flat - value volatility, HV - 10 days, HV - 20 days, and Skew of the main and secondary contracts, as well as the overall contract data. For example, for soybean meal options, the main contract m2605 had a closing price of 3029 this week, a decrease of 99 from last week; the trading volume of call options this week was 276,811, a decrease of 221,158 from last week [8][9].

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The report provides a comprehensive analysis of various polyester options, including EG, PF, PR, PX, and TA. It analyzes the market data, option factors, and market sentiment of these options, and provides corresponding option strategy suggestions. In general, the report recommends constructing a bull spread combination strategy of call options to obtain directional returns, and does not recommend strategies dominated by sellers due to large geopolitical risks [7][19][31] 3. Summary by Relevant Catalogs 3.1 EG (Ethylene Glycol) - **Market Data**: The closing price of the eg2605 contract yesterday was 5353 yuan, up 131 yuan or 2.50% from the previous day. The trading volume was 882,206 lots, a decrease of 15,285 lots from the previous day, and the open interest was 344,627 lots, an increase of 11,145 lots from the previous day [6] - **Option Factors - Volume and Open Interest PCR**: The trading volume of EG call options was 67,816, a decrease of 3,793; the open interest was 56,429, an increase of 4,567. The trading volume of EG put options was 35,391, a decrease of 11,199; the open interest was 52,450, a decrease of 3,227. The trading volume PCR was 0.52, a decrease of 0.13; the open interest PCR was 0.93, a decrease of 0.14 [4] - **Option Factors - Pressure and Support**: The underlying contract of EG options is eq2605, the at - the - money strike price is 5400, the pressure level is 5000, the support level is 4000, the weighted implied volatility is 70.04%, an increase of 3.06%, the annual average implied volatility is 21.85%, and HISV20 is 49.64% [5] - **Option Strategy Suggestions**: Directional strategy: Construct a bull spread combination strategy of call options to obtain directional returns. Volatility strategy: Due to large geopolitical risks, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [7] 3.2 PF (Short - Fiber) - **Market Data**: The closing price of the PF606 contract yesterday was 8248 yuan, down 168 yuan or 1.99% from the previous day. The trading volume was 216,088 lots, an increase of 39,266 lots from the previous day, and the open interest was 131,293 lots, a decrease of 4,722 lots from the previous day [18] - **Option Factors - Volume and Open Interest PCR**: The trading volume of PF call options was 414, a decrease of 617; the open interest was 11,826, a decrease of 39. The trading volume of PF put options was 2,127, a decrease of 195; the open interest was 18,092, an increase of 891. The trading volume PCR was 5.14, an increase of 2.89; the open interest PCR was 1.53, an increase of 0.08 [16] - **Option Factors - Pressure and Support**: The underlying contract of PF options is PF6, the at - the - money strike price is 8300, the pressure level is 8400, the support level is 6100, the weighted implied volatility is 47.95%, an increase of 1.91%, the annual average implied volatility is 21.87%, and HISV20 is 33.19% [17] - **Option Strategy Suggestions**: Directional strategy: Construct a bull spread combination strategy of call options to obtain directional returns, such as B PF2605C8200, S PF2605C8700. Volatility strategy: Due to large geopolitical risks, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [19] 3.3 PR (Bottle Chip) - **Market Data**: The closing price of the PR605 contract yesterday was 8262 yuan, down 532 yuan or 6.04% from the previous day. The trading volume was 163,704 lots, an increase of 450 lots from the previous day, and the open interest was 40,461 lots, a decrease of 8,763 lots from the previous day [30] - **Option Factors - Volume and Open Interest PCR**: The trading volume of PR call options was 1,107, an increase of 391; the open interest was 3,813, an increase of 162. The trading volume of PR put options was 1,108, an increase of 810. The trading volume PCR change was 0.58, the open interest PCR was 0.9, a decrease of 0.04 [28] - **Option Factors - Pressure and Support**: The underlying contract of PR options is PR605, the at - the - money strike price is 8300, the pressure level is 10,600, the support level is 6300, the weighted implied volatility is 69.12%, a decrease of 8.46%, the annual average implied volatility is 22.57%, and HISV20 is 48.87% [29] - **Option Strategy Suggestions**: Directional strategy: Construct a bull spread combination strategy of call options to obtain directional returns. Volatility strategy: Due to large geopolitical risks, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [31] 3.4 PX (Para - Xylene) - **Market Data**: The closing price of the PX605 contract yesterday was 9682 yuan, down 452 yuan or 4.46% from the previous day. The trading volume was 691,085 lots, a decrease of 76,307 lots from the previous day, and the open interest was 198,229 lots, a decrease of 14,008 lots from the previous day [42] - **Option Factors - Volume and Open Interest PCR**: The trading volume of PX call options was 114,498, a decrease of 19,714; the open interest was 68,271, an increase of 3,519. The trading volume of PX put options was 136,703, an increase of 20,724; the open interest was 109,612, a decrease of 1,026. The trading volume PCR was 1.19, an increase of 0.33; the open interest PCR was 1.61, a decrease of 0.1 [40] - **Option Factors - Pressure and Support**: The underlying contract of PX options is PX605, the at - the - money strike price is 007, the pressure level is 12,200, the support level is 6100, the weighted implied volatility is 81.16%, a decrease of 6.59%, the annual average implied volatility is 27.73%, and HISV20 is 43.97% [41] - **Option Strategy Suggestions**: Directional strategy: Construct a bull spread combination strategy of call options to obtain directional returns, such as B PX2605C9700, S PX2605C10400. Volatility strategy: Due to large geopolitical risks, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [43] 3.5 TA (Purified Terephthalic Acid) - **Market Data**: The closing price of the TA605 contract yesterday was 6650 yuan, down 316 yuan or 4.53% from the previous day. The trading volume was 1,787,700 lots, a decrease of 178,146 lots from the previous day, and the open interest was 1,049,100 lots, a decrease of 66,948 lots from the previous day [55] - **Option Factors - Volume and Open Interest PCR**: The trading volume of TA call options was 211,408, an increase of 32,166; the open interest was 175,048, an increase of 4,904. The trading volume of TA put options was 181,951, an increase of 68,735; the open interest was 228,581, an increase of 4,289. The trading volume PCR was 0.86, an increase of 0.23; the open interest PCR was 1.31, a decrease of 0.01 [53] - **Option Factors - Pressure and Support**: The underlying contract of TA options is TA605, the at - the - money strike price is 6600, the pressure level is 8500, the support level is 5000, the weighted implied volatility is 63.08%, a decrease of 7.40%, the annual average implied volatility is 26.75%, and HISV20 is 40.51% [54] - **Option Strategy Suggestions**: Directional strategy: Construct a bull spread combination strategy of call options to obtain directional returns. Volatility strategy: Due to large geopolitical risks, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [56]