1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report The overall market shows a complex situation with different trends and events across various sectors. The bond market is warming up, and the stock market has a significant upward movement. Commodity markets have their own characteristics, such as the growth of the futures trading volume and price changes in metals. Macroeconomic data reflects the current economic situation, and there are also various policy announcements and international events affecting different industries [27][31]. 3. Summary by Relevant Catalogs 3.1 Macro Data - GDP growth rate in Q4 2025 was 4.5% year - on - year, lower than the previous quarter and the same period last year [1]. - Manufacturing PMI in January 2026 was 49.3%, slightly higher than the previous month [1]. - Non - manufacturing PMI: Business Activity in January 2026 was 49.4%, lower than the previous month [1]. - Social financing scale in December 2025 was 22075 billion yuan, lower than the previous month [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - In January 2026, the national futures trading volume was 912 million lots, and the turnover was 100.26 trillion yuan, with year - on - year increases of 65.09% and 105.14% respectively [2]. - Multiple exchanges adjusted trading margins and price limits for various futures contracts [2][3]. 3.2.2 Metals - On February 9, international and domestic precious metals prices generally rose, with COMEX gold up 2.10% and SHFE gold up 3.88% [5]. - Rare earth prices increased on February 9, with the average price of praseodymium - neodymium oxide rising by 41300 yuan/ton [5]. - Poland's central bank plans to buy 150 tons of gold in 2026 to strengthen foreign exchange reserve resilience [6]. 3.2.3 Coal, Coke, Steel and Minerals - The ecological environment department will pre - allocate carbon emission quotas to key emission units in relevant industries in 2026 [9]. - US coal prices showed different trends as of February 6 [9]. 3.2.4 Energy and Chemicals - The US Energy Secretary will visit Venezuela to discuss the future of the state - owned oil company [10]. - The global peak of oil demand is expected to be later than previously predicted due to the slowdown of electric vehicle penetration [10][11]. 3.2.5 Agricultural Products - In 2025, Dalian Commodity Exchange's soybean meal options had the highest annual trading volume among global agricultural products, and corn options ranked eighth [12]. - As of last Thursday, the harvested area of Brazil's 2025/26 soybean crop reached 16% of the expected area [12]. 3.3 Financial News 3.3.1 Open Market - On February 9, the central bank conducted 113 billion yuan of 7 - day reverse repurchase operations, with a net injection of 38 billion yuan [13]. 3.3.2 Key News - The three major exchanges optimized refinancing measures, aiming to support high - quality and technology - innovative listed companies [15]. - Multiple departments took measures to support cross - border e - commerce, the automotive industry, and protect the rights of new - form workers [15][16]. 3.3.3 Bond Market Review - China's bond market continued to be positive, with bond yields generally falling and futures prices rising [20]. - Exchange - traded bonds showed mixed performances, with some rising and some falling [21]. 3.3.4 Foreign Exchange Market - On Monday, the on - shore RMB against the US dollar rose 117 points, and the US dollar index fell 0.78% [25]. 3.3.5 Research Report Highlights - Brokerages such as CITIC Securities and Huatai Securities gave different investment suggestions on the bond and convertible bond markets [27][28]. 3.4 Stock Market - On Monday, the A - share market rose significantly, with the Shanghai Composite Index up 1.41% and the Shenzhen Component Index up 2.17% [31]. - The Hong Kong stock market also rose, with the Hang Seng Index up 1.76% [31]. - As of the end of January 2026, the number of Chinese private fund managers with over 10 billion yuan in assets reached a record high [31].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The agricultural product options market shows different trends in various sectors. Oilseeds and oils are in a weak and volatile state, while oils, agricultural by-products, and soft commodities like sugar are in a volatile range. Cotton is in a strong consolidation, and grains such as corn and starch are in a narrow and bullish consolidation. The recommended strategy is to construct an options portfolio strategy dominated by sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Different agricultural product options have different price changes, trading volumes, and open interest changes. For example, soybean No.1 (A2603) has a latest price of 4,294, a decline of 1 and a decline rate of -0.02%, with a trading volume of 1.66 million hands and an open interest of 5.60 million hands [3]. 3.2 Options Factors - Volume and Open Interest PCR - The volume and open interest PCR of different options varieties show different trends, which can be used to describe the strength of the options underlying market and whether the turning point of the underlying market has occurred [4]. 3.3 Options Factors - Pressure and Support Levels - The pressure and support levels of different options varieties can be seen from the strike prices of the maximum open interest of call and put options [5]. 3.4 Options Factors - Implied Volatility - The implied volatility of different options varieties shows different levels and trends, which can be used to measure the market's expectation of future price fluctuations [6]. 3.5 Strategy and Recommendations - **Oilseeds and Oils Options**: For soybean No.1, considering the fundamentals and market trends, it is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [7]. - **Meal Options**: For soybean meal, based on the fundamentals and market trends, it is recommended to construct a short neutral call + put option combination strategy and a long collar strategy for spot hedging [9]. - **Agricultural By - product Options**: For live pigs, it is recommended to construct a short neutral call + put option combination strategy and a covered call strategy for spot hedging [10]. - **Soft Commodity Options**: For sugar, it is recommended to construct a short bearish call + put option combination strategy and a long collar strategy for spot hedging [12]. - **Grain Options**: For corn, it is recommended to construct a short neutral call + put option combination strategy [13].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseeds and oils are in a weak and volatile state, while agricultural by - products and soft commodities have their own characteristics. For example, sugar shows a slight fluctuation, cotton is in a strong consolidation, and corn and starch in the cereal category are in a narrow - range bullish consolidation. 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 [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open - interest changes of various agricultural product option underlying futures contracts, including soybeans, soybean meal, palm oil, etc. For example, the latest price of soybean No.1 (A2603) is 4,295, with a decrease of 19 and a decline rate of 0.44%, a trading volume of 2.51 million lots, and an open interest of 5.60 million lots [3]. 3.2 Option Factors - Volume and Open - Interest PCR - The report presents 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 agricultural product options. For instance, the trading - volume PCR of soybean No.1 option is 0.33, with a change of - 0.32, and the open - interest PCR is 0.91, with a change of 0.01 [4]. 3.3 Option Factors - Pressure and Support Levels - It shows the underlying contracts, at - the - money strike prices, pressure points, pressure - point offsets, support points, support - point offsets, maximum call - option open interests, and maximum put - option open interests of various agricultural product options. For example, the at - the - money strike price of soybean No.1 (A2603) is 4,300, the pressure point is 4,500, and the support point is 4,000 [5]. 3.4 Option Factors - Implied Volatility - The report provides 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, historical 20 - day volatility, and implied - historical volatility difference of various agricultural product options. For example, the at - the - money implied volatility of soybean No.1 option is 13.395, and the weighted implied volatility is 15.46, with a change of 0.45 [6]. 3.5 Strategy and Recommendations - **Oilseeds and Oils Options**: - **Soybean No.1**: The fundamental situation shows that from January 5th to January 9th, the cumulative large - order sales volume of US soybeans to China was about 666,000 tons. The market trend is a short - term bullish rebound with pressure above. The implied volatility of the option is around the historical average. The open - interest PCR is around 0.90, indicating a volatile market. The pressure point is 4,200, and the support point is 4,000. The recommended strategies include constructing a neutral call + put option selling combination strategy and a long - collar strategy for spot hedging [7]. - **Soybean Meal**: The average daily提货量 of major oil mills decreased slightly week - on - week, and the basis also decreased slightly. The market shows an oversold rebound. The implied volatility of the option is slightly below the historical average. The open - interest PCR is below 0.80, indicating a volatile market. The pressure point is 3,100, and the support point is 3,050. Recommended strategies are similar to those of soybean No.1 [9]. - **Palm Oil**: The inventory in Malaysia in December is expected to exceed 3 million tons, suppressing the rebound of the oil sector. The market shows a rebound with pressure above. The implied volatility of the option is slightly below the historical average. The open - interest PCR is around 1.00, indicating a volatile market. The pressure point is 9,000, and the support point is 8,200. Recommended strategies include constructing a neutral call + put option selling combination strategy and a long - collar strategy for spot hedging [9]. - **Peanuts**: The market price of peanut oil is stable, but the peak - season demand is lower than expected. The market shows a short - term bullish rise followed by a rapid decline. The implied volatility of the option is at a relatively high historical level. The open - interest PCR is below 0.60, indicating pressure above. The pressure point is 9,000, and the support point is 7,700. The recommended strategy is a long - collar strategy for spot hedging [10]. - **Agricultural By - product Options**: - **Hogs**: The average slaughter weight has increased slightly. The market shows an oversold rebound under a weak bearish trend. The implied volatility of the option is at the historical average. The open - interest PCR is below 0.50, indicating a weak market. The pressure point is 13,000, and the support point is 11,000. Recommended strategies include constructing a neutral call + put option selling combination strategy and a covered - call strategy for spot hedging [10]. - **Eggs**: The inventory of laying hens decreased slightly month - on - month and increased year - on - year. The market shows a rebound with pressure above. The implied volatility of the option is at a relatively high level. The open - interest PCR is below 0.60, indicating a weak market. The pressure point is 3,150, and the support point is 3,100. Recommended strategies include constructing a bearish call + put option selling combination strategy [11]. - **Apples**: The total sales volume has decreased significantly compared with last year. The market shows a continuous warming - up and high - level volatility with pressure above. The implied volatility of the option is slightly above the historical average. The open - interest PCR is above 1.00, indicating support below. The pressure point is 10,600, and the support point is 8,500. Recommended strategies include constructing a bullish call + put option selling combination strategy and a long - collar strategy for spot hedging [11]. - **Red Dates**: The raw - material purchase in Xinjiang is almost completed. The market shows a weak bearish trend with pressure above. The implied volatility of the option is slightly above the historical average. The open - interest PCR is below 0.50, indicating a weak market. The pressure point is 9,800, and the support point is 9,000. Recommended strategies include constructing a bearish wide - straddle option selling combination strategy and a covered - call strategy for spot hedging [12]. - **Soft Commodity Options**: - **Sugar**: The domestic processing cost is high, and the external market shows signs of bottoming out. The market shows a weak bearish oversold rebound with pressure above. The implied volatility of the option is at a relatively low historical level. The open - interest PCR is below 0.60, indicating a weak market. The pressure point is 5,500, and the support point is 5,000. Recommended strategies include constructing a bearish call + put option selling combination strategy and a long - collar strategy for spot hedging [12]. - **Cotton**: The domestic cotton inventory has increased. The market shows a short - term bullish rise. The implied volatility of the option is at a relatively low level. The open - interest PCR is above 0.60, indicating a weak market. The pressure point is 15,200, and the support point is 14,000. The recommended strategy is a long - collar strategy for spot hedging [13]. - **Cereal Options**: - **Corn**: The inventory in northern ports has not formed a significant accumulation. The market shows a rebound with support below. The implied volatility of the option is at a relatively low historical level. The open - interest PCR is above 0.60, indicating a strengthening market. The pressure point is 2,140, and the support point is 2,000. Recommended strategies include constructing a neutral call + put option selling combination strategy [13].

Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The agricultural products options market shows a mixed trend. Oilseeds and oils are weakly volatile, while some agricultural by - products and soft commodities are also in a volatile range. For example, sugar has a slight fluctuation, cotton is in a strong consolidation, and corn and starch are in a narrow - range bullish consolidation. [2] - The recommended strategy is to construct an option portfolio strategy mainly composed of sellers, as well as spot hedging or covered call strategies to enhance returns. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various agricultural product futures contracts. For instance, the latest price of soybean No.1 (A2603) is 4,305, with a decrease of 29 and a decline rate of 0.67%. [3] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators (volume PCR and open - interest PCR) of different option varieties are presented. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of soybean No.1 is 0.35, with a change of - 0.02, and the open - interest PCR is 0.95, with a change of 0.01. [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed. For example, the pressure level of soybean No.1 is 4,500, and the support level is 4,000. [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different option varieties is given, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of soybean No.1 is 14.17%, and the weighted implied volatility is 15.99%, with a change of 0.60%. [6] 3.5 Strategy and Recommendations - **Oilseeds and Oils Options**: For soybean No.1, the market shows a short - term bullish rebound with pressure. The recommended strategies include constructing a neutral short call + put option combination strategy, and a long collar strategy for spot hedging. [7] - **Meal Options**: For soybean meal, the market is in a rebound after an over - decline. The recommended strategies are similar to those of soybean No.1, such as constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging. [9] - **Agricultural By - product Options**: For example, for live pigs, the market is in a weak bearish rebound with pressure. The recommended strategies include constructing a neutral short call + put option combination strategy and a covered call strategy for spot. [10] - **Soft Commodity Options**: For sugar, the market is in a weak bearish rebound with pressure. The recommended strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging. [12] - **Grain Options**: For corn, the market is in a rebound with support. The recommended strategies include constructing a neutral short call + put option combination strategy. [13]

Report Summary - The report is an agricultural product option strategy morning report, covering the analysis of various agricultural product options and providing corresponding strategy suggestions [2] - The overall market trend shows that oilseeds and oils are weakly volatile, oils and agricultural by - products maintain a volatile market, soft commodity sugar fluctuates slightly, cotton consolidates strongly, and grains such as corn and starch are narrowly bullish [2] Market Conditions of Underlying Futures Price and Volume Changes - Among different option varieties, the prices and trading volumes of underlying futures contracts have changed to different degrees. For example, the price of soybean No.1 (A2603) decreased by 7 to 4,326, with a trading volume of 2.70 million lots, a decrease of 1.47 million lots compared to the previous period; the price of soybean meal (M2603) decreased by 29 to 3,098, with a trading volume of 24.46 million lots, an increase of 7.74 million lots [3] Option Factors Analysis Volume - to - Open Interest PCR - Different option varieties have different volume - to - open interest PCR values and their changes, which reflect the strength of the option underlying market and the turning point of the market. For example, the volume PCR of soybean No.1 is 0.37, with a change of 0.08, and the open interest PCR is 0.95, with a change of - 0.04 [4] Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure point of soybean No.1 is 4,500 and the support point is 4,000 [5] Implied Volatility - The implied volatility of different option varieties also varies, and the weighted implied volatility has different degrees of change. For example, the weighted implied volatility of soybean No.1 decreased by 0.36 to 15.39% [6] Strategy and Suggestions Oilseeds and Oils Options - For soybean No.1, the fundamental situation shows that the CNF premium of Brazilian soybeans in February 2026 has a slight weekly increase, the import cost has a weekly decrease, and the crushing profit on the disk has a weekly increase. The market trend is a short - term bullish rebound. Option strategies include constructing a neutral call + put option combination strategy to obtain time value and a long collar strategy for spot hedging [7] - For soybean meal, the fundamental situation shows that the average daily提货 volume of major oil mills has a slight decrease, and the inventory has a weekly and year - on - year increase. The market is in an oversold rebound. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [9] - For palm oil, the fundamental situation shows that the production in December has a significant decrease and the export has a slight increase. The market is a rebound with upper pressure. Option strategies include constructing a neutral call + put option combination strategy with a short delta and a long collar strategy for spot hedging [9] Agricultural By - products Options - For live pigs, the fundamental situation shows that the prices of piglets, live pigs, and sows have different degrees of changes, and the average slaughter weight has a slight decrease. The market is a weak short - term oversold rebound. Option strategies include constructing a neutral call + put option combination strategy and a long - spot covered call strategy [10] - For eggs, the fundamental situation shows that the inventory at the production and circulation ends has increased, indicating a short - term oversupply. The market is a rebound with upper pressure. Option strategies include constructing a short - biased call + put option combination strategy [11] Soft Commodities Options - For sugar, the fundamental situation shows that the import volume in November 2025 has a year - on - year decrease, but the cumulative import volume from January to November has a year - on - year increase. The market is a weak short - term oversold rebound. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [12] - For cotton, the fundamental situation shows that the processing and inspection volume of cotton in the 2025 cotton year has reached a certain scale. The market is a short - term bullish upward trend. Option strategies include constructing a call option bull spread strategy and a long - spot collar strategy [13] Grains Options - For corn, the fundamental situation shows that the price of corn starch is stable with a weak trend, and the farmers' sentiment of holding back sales is strong. The market is a rebound with lower support. Option strategies include constructing a neutral call + put option combination strategy [13]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural product options market shows a mixed trend. Oilseeds and oils are weakly volatile, oils and fats, and agricultural by - products maintain a volatile market. Soft commodity sugar shows a slight fluctuation, cotton is strongly consolidating, and grains such as corn and starch are narrowly consolidating with a bullish bias. The strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered call strategies to enhance returns [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various agricultural product option underlying futures contracts are presented. For example, the latest price of soybean No.1 (A2603) is 4,343, with a price increase of 33 and a price change rate of 0.77%, a trading volume of 4.17 million lots, a volume change of 2.47 million lots, an open interest of 5.97 million lots, and an open interest change of 0.58 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR data of various agricultural product options are provided, along with their changes. For instance, the volume PCR of soybean No.1 is 0.29, with a change of - 0.15, and the open interest PCR is 0.99, with a change of - 0.04 [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various agricultural product option underlying futures are analyzed. For example, the pressure level of soybean No.1 is 4,500, and the support level is 4,000 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of various agricultural product options are presented, including at - the - money implied volatility, weighted implied volatility, its change, annual average, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of soybean No.1 is 14.945, the weighted implied volatility is 15.75, with a change of 2.83 [6]. 3.5 Strategy and Suggestions for Different Agricultural Product Options 3.5.1 Oilseeds and Oils Options - **Soybean No.1**: The fundamentals show that the CNF premium of Brazilian soybeans in February 2026 increased slightly week - on - week, the import cost decreased week - on - week, and the crushing profit increased week - on - week. The market trend is a short - term bullish rebound with pressure above. Implied volatility fluctuates around the historical average, the open interest PCR indicates a volatile market, and the pressure and support levels are 4200 and 4000 respectively. Suggested strategies include constructing a neutral short call + put option combination strategy for the volatility strategy, and a long collar strategy for spot hedging [7]. - **Soybean Meal**: The fundamentals show that the average daily提货量 of soybean meal in major oil mills decreased slightly week - on - week, and the inventory increased week - on - week and year - on - year. The market trend is a rebound from an oversold situation. Implied volatility fluctuates slightly below the historical average, the open interest PCR indicates a volatile market, and the pressure and support levels are 3100 and 3050 respectively. Suggested strategies are similar to those of soybean No.1 [9]. - **Palm Oil**: The fundamentals show that the palm oil production in Malaysia decreased in December, while exports increased. The market trend is a rebound with pressure above. Implied volatility fluctuates below the historical average, the open interest PCR indicates a volatile market, and the pressure and support levels are 9000 and 8200 respectively. Suggested strategies include constructing a short neutral call + put option combination strategy with a short delta, and a long collar strategy for spot hedging [9]. - **Peanut**: The fundamentals show that the peanut oil price remained stable, and the downstream trading atmosphere was weak. The market trend is a short - term bullish rise followed by a rapid decline. Implied volatility fluctuates at a relatively high historical level, the open interest PCR indicates pressure above, and the pressure and support levels are 9000 and 7700 respectively. The suggested strategy is a long collar strategy for spot hedging [10]. 3.5.2 Agricultural By - product Options - **Live Pig**: The fundamentals show that the prices of piglets, live pigs, and sows changed slightly, and the average slaughter weight decreased slightly. The market trend is a rebound from an oversold situation under a bearish trend. Implied volatility fluctuates around the historical average, the open interest PCR indicates a weak market, and the pressure and support levels are 13000 and 11000 respectively. Suggested strategies include constructing a short neutral call + put option combination strategy, and a covered call strategy for spot hedging [10]. - **Egg**: The fundamentals show that the inventory at the production and circulation ends increased, indicating a supply - demand imbalance. The market trend is a rebound with pressure above. Implied volatility fluctuates at a relatively high level, the open interest PCR indicates a weak market, and the pressure and support levels are 3150 and 3100 respectively. Suggested strategies include constructing a short bearish call + put option combination strategy, and no spot hedging strategy is provided [11]. - **Apple**: The fundamentals show that the apple cold storage inventory decreased. The market trend is a continuous upward trend with pressure above. Implied volatility fluctuates above the historical average, the open interest PCR indicates a bullish market with support below, and the pressure and support levels are 10600 and 8500 respectively. Suggested strategies include constructing a short bullish call + put option combination strategy, and a long collar strategy for spot hedging [11]. - **Jujube**: The fundamentals show that the supply in the sales area increased, and the price decreased. The market trend is a weak bearish trend. Implied volatility fluctuates above the historical average, the open interest PCR indicates a weak market, and the pressure and support levels are 9800 and 9000 respectively. Suggested strategies include constructing a short bearish wide - straddle option combination strategy, and a covered call strategy for spot hedging [12]. 3.5.3 Soft Commodity Options - **Sugar**: The fundamentals show that the sugar import volume changed in 2025. The market trend is a weak bearish rebound. Implied volatility fluctuates at a relatively low historical level, the open interest PCR indicates a weak market, and the pressure and support levels are 5500 and 5000 respectively. Suggested strategies include constructing a short bearish call + put option combination strategy, and a long collar strategy for spot hedging [12]. - **Cotton**: The fundamentals show the cotton processing and inspection situation. The market trend is a short - term bullish upward trend. Implied volatility fluctuates at a relatively low level, the open interest PCR indicates a weak market, and the pressure and support levels are 15200 and 14000 respectively. Suggested strategies include constructing a bull call spread strategy for directionality, a short neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [13]. 3.5.4 Grain Options - **Corn**: The fundamentals show that the corn starch market price was stable with a weak bias, and the farmers' sentiment of holding back sales was strong. The market trend is a rebound with support below. Implied volatility fluctuates at a relatively low historical level, the open interest PCR indicates a strengthening market, and the pressure and support levels are 2140 and 2000 respectively. Suggested strategies include constructing a short neutral call + put option combination strategy, and no spot hedging strategy is provided [13].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseeds and oils are in a weak and volatile state, oils and by - products maintain a volatile market, soft commodities like sugar have a slight fluctuation, cotton is in a strong consolidation, and grains such as corn and starch are in a narrow - range bullish consolidation [2]. - The strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open - interest changes of various agricultural product option underlying futures contracts, including soybeans, soybean meal, palm oil, etc. For example, the latest price of soybean No.1 (A2603) is 4,243, with a price increase of 15 and a price change rate of 0.35% [3]. 3.2 Option Factors 3.2.1 Volume and Open - Interest PCR - The report presents 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 agricultural product options. For instance, the volume PCR of soybean No.1 option is 0.44, with a change of - 0.13, and the open - interest PCR is 1.03, with a change of - 0.02 [4]. 3.2.2 Pressure and Support Levels - It shows the underlying contract, at - the - money strike price, pressure point, pressure - point offset, support point, support - point offset, maximum call option open interest, and maximum put option open interest of each option. For example, the pressure point of soybean No.1 option is 4,200, and the support point is 4,000 [5]. 3.2.3 Implied Volatility - The report provides 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 implied - historical volatility difference of various agricultural product options. For example, the at - the - money implied volatility of soybean No.1 option is 10.85%, and the weighted implied volatility change is 0.03% [6]. 3.3 Strategy and Recommendations 3.3.1 Oilseeds and Oils Options - **Soybean No.1**: The fundamental situation shows that the CNF premium of Brazilian soybeans in February 2026 increased slightly week - on - week, the import cost decreased week - on - week, and the crushing profit increased week - on - week. The market trend shows a short - term bullish rebound. The implied volatility of the option is around the historical average, the open - interest PCR indicates a volatile market, and the pressure and support levels are 4,200 and 4,000 respectively. The recommended strategies include constructing a neutral short call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long hedging strategy [7]. - **Soybean Meal**: The fundamental situation shows that the average daily提货量 of soybean meal from major oil mills decreased slightly, and the inventory increased week - on - week and year - on - year. The market trend shows an oversold rebound. The implied volatility of the option is slightly below the historical average, the open - interest PCR indicates a volatile market, and the pressure and support levels are 3,100 and 3,050 respectively. The recommended strategies are similar to those of soybean No.1 [9]. - **Palm Oil**: The fundamental situation shows that the palm oil production in Malaysia decreased in December, and the export increased. The market trend shows a rebound with pressure. The implied volatility of the option is below the historical average, the open - interest PCR indicates a volatile market, and the pressure and support levels are 9,000 and 8,200 respectively. The recommended strategies include constructing a neutral short call + put option combination strategy with a short delta for the volatility strategy and a long collar strategy for the spot long hedging strategy [9]. - **Peanut**: The fundamental situation shows that the peanut oil price is stable, and the downstream trading atmosphere is weak. The market trend shows a short - term bullish rise followed by a rapid decline. The implied volatility of the option is at a relatively high historical level, the open - interest PCR indicates pressure above, and the pressure and support levels are 9,000 and 7,700 respectively. The recommended strategy is a long collar strategy for the spot long hedging [10]. 3.3.2 By - product Options - **Live Pig**: The fundamental situation shows that the prices of piglets, live pigs, and sows have changed slightly, and the average slaughter weight has decreased. The market trend shows an oversold rebound under pressure. The implied volatility of the option is at the historical average, the open - interest PCR indicates a weak market, and the pressure and support levels are 13,000 and 11,000 respectively. The recommended strategies include constructing a neutral short call + put option combination strategy for the volatility strategy and a covered call strategy for the spot long [10]. - **Egg**: The fundamental situation shows that the inventory at the production and circulation ends has increased, indicating a supply - demand imbalance. The market trend shows a rebound with pressure. The implied volatility of the option is at a relatively high level, the open - interest PCR indicates a weak market, and the pressure and support levels are 3,150 and 3,100 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy for the volatility strategy [11]. - **Apple**: The fundamental situation shows that the apple cold - storage inventory has decreased. The market trend shows a continuous upward trend with pressure. The implied volatility of the option is above the historical average, the open - interest PCR indicates a bullish market with support below, and the pressure and support levels are 10,600 and 8,500 respectively. The recommended strategies include constructing a long - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot hedging [11]. - **Jujube**: The fundamental situation shows that the supply in the sales area has increased, and the price has decreased. The market trend shows a weak bearish trend. The implied volatility of the option is above the historical average, the open - interest PCR indicates a weak market, and the pressure and support levels are 9,800 and 9,000 respectively. The recommended strategies include constructing a short - biased wide - straddle option combination strategy for the volatility strategy and a covered call strategy for the spot hedging [12]. 3.3.3 Soft Commodity Options - **Sugar**: The fundamental situation shows that the sugar import volume has changed. The market trend shows a weak bearish oversold rebound. The implied volatility of the option is at a relatively low historical level, the open - interest PCR indicates a weak market, and the pressure and support levels are 5,500 and 5,000 respectively. The recommended strategies include constructing a short - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long hedging [12]. - **Cotton**: The fundamental situation shows the progress of cotton processing and inspection. The market trend shows a short - term bullish rise. The implied volatility of the option is at a low level, the open - interest PCR indicates a weak market, and the pressure and support levels are 15,200 and 14,000 respectively. The recommended strategies include constructing a bull call spread strategy for the directional strategy, a neutral short call + put option combination strategy for the volatility strategy, and a long collar strategy for the spot [13]. 3.3.4 Grain Options - **Corn**: The fundamental situation shows that the corn starch price is stable, and the farmers are reluctant to sell. The market trend shows a rebound with support. The implied volatility of the option is at a relatively low historical level, the open - interest PCR indicates a strengthening market, and the pressure and support levels are 2,140 and 2,000 respectively. The recommended strategies include constructing a neutral short call + put option combination strategy for the volatility strategy [13].

1. Report Industry Investment Rating No relevant content found. 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseeds and oils are weakly volatile, oils and by - products maintain a volatile market, soft commodity sugar has a slight fluctuation, cotton is strongly consolidating, and grains such as corn and starch are narrowly consolidating with a bullish bias. [2] - The strategy suggests constructing option portfolio strategies mainly as sellers, as well as spot hedging or covered call strategies to enhance returns. [2] 3. Summary According to Related Catalogs 3.1 Market Overview of Underlying Futures - Different agricultural product options have different price changes, trading volumes, and open interest changes. For example, the latest price of soybean (A2603) is 4,229, with a rise of 11 and a rise rate of 0.26%, trading volume of 1.25 million lots, and an open interest of 5.20 million lots [3]. 3.2 Option Factors 3.2.1 Volume - Open Interest PCR - Different option varieties have different volume and open - interest PCR values and their changes, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4]. 3.2.2 Pressure and Support Levels - Pressure and support levels of different option varieties are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5]. 3.2.3 Implied Volatility - Implied volatility of different option varieties, including at - the - money implied volatility, weighted implied volatility, and its changes, are presented, which can help analyze the market expectations [6]. 3.3 Strategy and Suggestions 3.3.1 Oilseeds and Oils Options - **Soybean (A2603)**: The fundamental situation of soybeans is analyzed, the market trend is described, and option strategies such as constructing a neutral call + put option selling strategy and a long collar strategy for spot hedging are proposed [7]. - **Soybean Meal (M2603)**: The fundamental situation of soybean meal is analyzed, the market trend is described, and option strategies such as constructing a neutral call + put option selling strategy and a long collar strategy for spot hedging are proposed [9]. - **Palm Oil (P2602)**: The fundamental situation of palm oil is analyzed, the market trend is described, and option strategies such as constructing a neutral call + put option selling strategy with a short delta and a long collar strategy for spot hedging are proposed [9]. - **Peanut (PK2603)**: The fundamental situation of peanuts is analyzed, the market trend is described, and a long collar strategy for spot hedging is proposed [10]. 3.3.2 By - product Options - **Pig (LH2603)**: The fundamental situation of pigs is analyzed, the market trend is described, and option strategies such as constructing a neutral call + put option selling strategy and a covered call strategy for spot are proposed [10]. - **Egg (JD2602)**: The fundamental situation of eggs is analyzed, the market trend is described, and option strategies such as constructing a short - biased call + put option selling strategy are proposed [11]. - **Apple (AP2603)**: The fundamental situation of apples is analyzed, the market trend is described, and option strategies such as constructing a long - biased call + put option selling strategy and a long collar strategy for spot hedging are proposed [11]. - **Jujube (CJ2603)**: The fundamental situation of jujubes is analyzed, the market trend is described, and option strategies such as constructing a short - biased wide - straddle option selling strategy and a covered call strategy for spot hedging are proposed [12]. 3.3.3 Soft Commodity Options - **Sugar (SR2603)**: The fundamental situation of sugar is analyzed, the market trend is described, and option strategies such as constructing a short - biased call + put option selling strategy and a long collar strategy for spot hedging are proposed [12]. - **Cotton (CF2603)**: The fundamental situation of cotton is analyzed, the market trend is described, and option strategies such as constructing a bull - spread call option strategy, a neutral call + put option selling strategy, and a long collar strategy for spot are proposed [13]. 3.3.4 Grain Options - **Corn (C2603)**: The fundamental situation of corn is analyzed, the market trend is described, and option strategies such as constructing a neutral call + put option selling strategy are proposed [13]. - **Starch (CS2603)**: Although not elaborated in detail in the above summary, relevant data and analysis of starch options are also presented in the report. 3.4 Option Charts - For each option variety, there are corresponding price trend charts, volume and open - interest charts, open - interest distribution charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts, which help in comprehensively analyzing the option market [16][35][53] etc.

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint - The agricultural products options are showing different trends. Oilseeds and oils are weakly fluctuating, while other products such as agricultural by - products, soft commodities, and grains have their own specific trends. For example, soft commodity sugar is slightly fluctuating, cotton is strongly consolidating, and corn and starch in grains are narrowly consolidating with a bullish bias. - 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 [2]. 3. Summary of Related Catalogs 3.1 Futures Market Overview - Different agricultural product futures have different price changes. For instance, soybean No.1 (A2603) rose by 36 to 4,201 with a daily increase of 0.86%, while rapeseed meal (RM2603) fell by 18 to 2,437 with a decrease of 0.73%. The trading volume and open interest of various futures also vary. For example, the trading volume of soybean meal (M2603) was 17.49 million lots, an increase of 5.12 million lots, and the open interest was 56.36 million lots, a decrease of 2.84 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open - interest PCR of different option varieties are different. For example, the volume PCR of soybean No.1 was 0.33, a decrease of 0.02, and the open - interest PCR was 0.94, an increase of 0.04. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed. For example, the pressure level of soybean No.1 is 4,200 and the support level is 4,000, which are determined by the strike prices with the largest open - interest of call and put options [5]. 3.4 Option Factors - Implied Volatility - The implied volatility of different option varieties shows different characteristics. For example, the at - the - money implied volatility of soybean No.1 is 12.025, and the weighted implied volatility is 13.45, a decrease of 0.74. The implied volatility is used to measure the market's expectation of future price fluctuations [6]. 3.5 Strategy and Suggestions - **Oilseeds and Oils Options** - **Soybean No.1**: The fundamental situation shows that the import cost of Brazilian soybeans has decreased, and the crushing profit has increased. The market has shown a short - term bullish rebound. The implied volatility is around the historical average, and the open - interest PCR indicates a fluctuating market. The recommended strategies include constructing a neutral call + put option selling combination, and a long collar strategy for spot hedging [7]. - **Soybean Meal**: The daily提货量 has slightly decreased, and the inventory has increased year - on - year. The market has shown an oversold rebound. The implied volatility is below the historical average, and the open - interest PCR indicates a fluctuating market. Similar to soybean No.1, a neutral call + put option selling combination and a long collar strategy for spot hedging are recommended [9]. - **Palm Oil**: The production in December has decreased, and the export has increased. The market has shown a rebound with upper pressure. The implied volatility is below the historical average, and the open - interest PCR indicates a fluctuating market. A neutral call + put option selling combination with a short delta and a long collar strategy for spot hedging are recommended [9]. - **Peanuts**: The market price of peanut oil is stable, and the downstream trading is sluggish. The market has shown a short - term bullish rise followed by a rapid decline. The implied volatility is at a relatively high historical level, and the open - interest PCR indicates upper pressure. A spot long + put option buying + out - of - the - money call option selling strategy is recommended [10]. - **Agricultural By - products Options** - **Hogs**: The prices of piglets and hogs have changed slightly, and the average slaughter weight has decreased slightly. The market has shown an oversold rebound under a weak bearish trend. The implied volatility is at the historical average, and the open - interest PCR indicates a weak market. A neutral call + put option selling combination and a covered call strategy for spot are recommended [10]. - **Eggs**: The inventory at the production and circulation ends has increased, indicating a supply - demand imbalance. The market has shown a rebound with upper pressure. The implied volatility is at a relatively high level, and the open - interest PCR indicates a weak market. A short - biased call + put option selling combination is recommended [11]. - **Apples**: The cold - storage inventory has decreased. The market has shown a continuous upward trend with upper pressure. The implied volatility is above the historical average, and the open - interest PCR indicates a bullish market. A long - biased call + put option selling combination and a long collar strategy for spot hedging are recommended [11]. - **Red Dates**: The supply in the sales area has increased, and the price has declined. The market has shown a weak bearish trend. The implied volatility is above the historical average, and the open - interest PCR indicates a weak market. A short - biased wide - straddle option selling combination and a covered call strategy for spot hedging are recommended [12]. - **Soft Commodities Options** - **Sugar**: The import volume has changed. The market has shown a weak bearish oversold rebound. The implied volatility is at a relatively low historical level, and the open - interest PCR indicates a weak market. A short - biased call + put option selling combination and a long collar strategy for spot hedging are recommended [12]. - **Cotton**: The processing and inspection volume of cotton has been reported. The market has shown a short - term bullish upward trend. The implied volatility is at a low level, and the open - interest PCR indicates a weak market. A bullish call spread strategy, a neutral call + put option selling combination, and a collar strategy for spot are recommended [13]. - **Grains Options** - **Corn**: The price of corn starch is stable, and the terminal demand is weak. The market has shown a rebound with lower support. The implied volatility is at a relatively low historical level, and the open - interest PCR indicates a strengthening market. A neutral call + put option selling combination is recommended [13].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The agricultural product options market shows different trends. Oilseeds and oils are weakly volatile, oils and by - products maintain a volatile market, soft commodity sugar has a slight fluctuation, cotton is strongly consolidating, and grains such as corn and starch are narrowly consolidating with a bullish bias. [2] - The strategy is to construct an option portfolio strategy mainly based on sellers, as well as spot hedging or covered strategies to enhance returns. [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various agricultural product futures contracts, including soybeans, soybean meal, palm oil, etc. [3] 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - The report presents 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 agricultural product options, which are used to describe the strength of the option underlying market and the turning point of the underlying market. [4] 3.2.2 Pressure and Support Levels - It shows the pressure points, pressure point offsets, support points, support point offsets, maximum call option positions, and maximum put option positions of various agricultural product options, which are used to analyze the pressure and support levels of the option underlying from the perspective of option positions. [5] 3.2.3 Implied Volatility - The report provides 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 agricultural product options. [6] 3.3 Strategy and Recommendations 3.3.1 Oilseeds and Oils Options - **Soybeans**: The fundamentals are affected by Chinese soybean purchases and the decline in Brazilian soybean import costs. The market shows a weak rebound. The implied volatility is around the historical average, the open interest PCR indicates a volatile market, and the pressure and support levels are 4200 and 4000 respectively. Strategies include constructing a neutral call + put option selling strategy and a long collar strategy for spot hedging. [7] - **Soybean Meal**: The fundamentals show an increase in trading volume,提货 volume, and basis. The market has an oversold rebound. The implied volatility is below the historical average, the open interest PCR indicates a volatile market, and the pressure and support levels are 3100 and 2900 respectively. Strategies include constructing a neutral call + put option selling strategy and a long collar strategy for spot hedging. [9] - **Palm Oil**: The fundamentals show a decline in production and an increase in exports. The market has a rebound. The implied volatility is below the historical average, the open interest PCR indicates a volatile market, and the pressure and support levels are 9000 and 8200 respectively. Strategies include constructing a short - biased call + put option selling strategy and a long collar strategy for spot hedging. [9] - **Peanuts**: The fundamentals show weak downstream consumption. The market has a short - term bullish rise followed by a rapid decline. The implied volatility is at a relatively high historical level, the open interest PCR indicates pressure above, and the pressure and support levels are 9000 and 7700 respectively. The strategy is a long collar strategy for spot hedging. [10] 3.3.2 By - product Options - **Pigs**: The fundamentals show a reduction in supply and a decrease in demand after reaching a peak. The market has a weak bearish decline. The implied volatility is at the historical average, the open interest PCR indicates a weak market, and the pressure and support levels are 13000 and 11000 respectively. Strategies include constructing a short - biased call + put option selling strategy and a covered call strategy for spot. [10] - **Eggs**: The fundamentals show sufficient supply and weak demand. The market has a rebound with pressure above. The implied volatility is at a relatively high level, the open interest PCR indicates a weak market, and the pressure and support levels are 3150 and 3100 respectively. Strategies include constructing a short - biased call + put option selling strategy. [11] - **Apples**: The fundamentals show a slow inventory reduction. The market has a continuous upward trend with high - level fluctuations. The implied volatility is above the historical average, the open interest PCR indicates a bullish market with support below, and the pressure and support levels are 10600 and 8500 respectively. Strategies include constructing a long - biased call + put option selling strategy and a long collar strategy for spot hedging. [11] - **Red Dates**: The fundamentals show a decrease in inventory. The market has a weak bearish trend. The implied volatility is above the historical average, the open interest PCR indicates a weak market, and the pressure and support levels are 9800 and 9000 respectively. Strategies include constructing a short - biased wide - straddle option selling strategy and a covered call strategy for spot hedging. [12] 3.3.3 Soft Commodity Options - **Sugar**: The fundamentals show a decline in sugar production in Thailand and an increase in domestic industrial inventory. The market has a weak bearish oversold rebound. The implied volatility is at a relatively low historical level, the open interest PCR indicates a weak market, and the pressure and support levels are 5500 and 5000 respectively. Strategies include constructing a short - biased call + put option selling strategy and a long collar strategy for spot hedging. [12] - **Cotton**: The fundamentals show an increase in cotton production in Xinjiang. The market has a short - term bullish rise. The implied volatility is at a low level, the open interest PCR indicates a weak market, and the pressure and support levels are 15200 and 13800 respectively. Strategies include constructing a bull call spread strategy, a neutral call + put option selling strategy, and a long collar strategy for spot. [13] 3.3.4 Grain Options - **Corn**: The fundamentals show a weak price of corn germ oil and cautious downstream procurement. The market has a rebound with support below. The implied volatility is at a relatively low historical level, the open interest PCR indicates a strengthening market, and the pressure and support levels are 2140 and 2000 respectively. Strategies include constructing a neutral call + put option selling strategy. [13]