隐波指教分位教与波动率价差分位数排名图 波动率数据日报 1、隐疲分位数代表当前品种隐波在历史上的水平 · 分位数高代表当前隐波偏高 · 分位数低代表隐疫偏低 · 2 、波动率 价差书急疫指数十历史皮 动率。 永安期货期权总部 更新时间: 2026/3/2 隐含波动率分位数据 隐含波动率指数、历史波动率及其价差走势图 历史波动率分位数排名 1、金融期权隐含波动率指数反映截止上一交易日的30日隐波走势,商品期权隐含波动 率指数通过主力月平值期权上下两档隐波加权所得,反映主力合约的隐波变化趋势。2 隐波指数与历史波动率的差值,差值越大反映隐波相对历史波动率越高,差值越小代 表隐波相对历史波动率越低。 70 300股指 IV 300股指HV IV-HV美 IV-HV SOETF IV FOETF HV 20 025/6/5 025/7/5 024/9/5 024/10/5 024/11/5 025/2/5 025/3/5 025/4/5 2025/8/5 2025/9/5 025/11/5 026/1/5 024/11/5 024/12/5 025/2/5 025/3/5 025/4/5 025/5/5 025/6/ ...

周度报告——商品期权 商品期权周报：2026 年第 9 周 报告日期： 2026 年 3 月 2 日 ★ 商品期权市场活跃度 本周（2026.02.24-2026.02.27）商品期权市场成交活跃度继续 下滑，日均成交量为 547 万手，日均持仓量为 712 万手，环 比变化分别为-17.45%和-13.28%。分品种来看，日均成交活跃 的品种主要包括 PTA（38 万手）、碳酸锂（36 万手）、豆 粕（30 万手）。此外，成交量增长较为显著的品种为对二甲 苯（+324%）、锰硅（+238%）、碳酸锂（+212%）。与此 同时，成交量下降较为明显的品种则有沥青（-82%）、合成 橡胶（-81%）、镍（-73%）。从持仓量数据来看，本周日均 持仓量较高的品种为豆粕（56 万手）、玻璃（53 万手）和纯 碱（49 万手）。日均持仓量环比增长较为迅速的品种为燃油 （+52%）、工业硅（+44%）。建议投资者可重点关注交易 活跃品种可能存在的市场机会。 ★ 商品期权主要数据点评 标的涨跌情况：节后第一周商品期权标的以上涨为主。周度 涨幅较高的品种包括锡（+23.27%）、白银（+16.36%）、碳 酸锂（+15.33 ...

周度报告——商品期权 商品期权周报：2026 年第 8 周 期权市场情绪：当前沥青、白银、合成橡胶、玻璃成交量 PCR 位于历史高位，市场短期集中博弈下跌预期；烧碱、LPG 成 交量 PCR 处于近一年低位，市场集中博弈上涨预期；沥青、 合成橡胶、纸浆、PVC 持仓量 PCR 位于历史高位，市场对 下跌的博弈情绪已积累至较高水平；而棕榈油、菜油、白银、 黄金、多晶硅、铁矿石等持仓量 PCR 位于近一年低位，市场 对看涨的博弈情绪积累。 ★ 风险提示 模型风险、政策风险、末日轮极端行情 报告日期： 2026 年 2 月 23 日 ★ 商品期权市场活跃度 节前最后一周（2026.02.09-2026.02.13）商品期权市场成交活 跃度继续下滑，日均成交量为 663 万手，日均持仓量为 821 万手，环比变化分别为-22.34%和-11.72%。分品种来看，日均 成交活跃的品种主要包括白银（83 万手）、PTA（60 万手）、 玻璃（34 万手）。此外，成交量增长较为显著的品种为豆一 （+214%）、镍（+100%）。与此同时，成交量下降较为明 显的品种则有多晶硅（-94%）、燃油（-89%）、工业硅（-88%） ...

商品期权日报(2026 年 02 月 24 日) 表 1：期权行情 | 看涨期权 | | | --- | --- | | 品种 | 日涨跌幅 | | 息一 | 32. 30% | | 鸡蛋 | 30. 29% | | 苹果 | 25. 74% | | 原木 | 22. 22% | | 豆二 | 17.11% | | 豆粕 | 16. 82% | | 碳酸锂 | 16. 71% | | 工业硅 | 13.50% | | 菜粕 | 12.93% | | 多晶硅 | 12. 47% | | | 看涨期权 | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 豆一 | 32.30% | 液化石油气 | 58.13% | | 鸡蛋 | 30.29% | 纯苯 | 44.28% | | 苹果 | 25.74% | 铁矿石 | 43.87% | | 原木 | 22.22% | 沥青 | 38.57% | | 豆二 | 17.11% | 原油 | 34.53% | | 豆粕 | 16.82% | 塑料 | 33.22% | | 碳酸锂 | 16.71 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week (February 2 - 6, 2026), the trading activity in the commodity options market declined slightly, with the average daily trading volume at 8.54 million lots and the average daily open interest at 9.31 million lots, showing a -4.75% and +5.24% change respectively compared to the previous period. Traders are advised to focus on potential market opportunities in actively traded varieties [1][8]. - This week, most underlying assets of commodity options declined. Polysilicon had a relatively high weekly increase of +4.55%, while silver, tin, and lithium carbonate had relatively high weekly decreases of -32.72%, -12.71%, and -10.31% respectively. The market volatility remained high, with the implied volatility of 55 varieties currently above the 50th percentile of the past year. It is recommended to be vigilant about unilateral risks and consider short - volatility opportunities [2][16]. - Currently, the trading volume PCR of synthetic rubber, lithium carbonate, and iron ore is at historical highs, indicating a short - term concentrated bet on price declines. The trading volume PCR of ethylene glycol, crude oil, palm oil, and styrene is at a one - year low, indicating a concentrated bet on price increases. The open interest PCR of PVC and synthetic rubber is at historical highs, while that of soybean meal, caustic soda, rapeseed meal, and rapeseed oil is at a one - year low [2][16]. 3. Summary by Directory 3.1 Commodity Options Market Activity - This week, the trading activity in the commodity options market declined slightly. The average daily trading volume was 8.54 million lots, and the average daily open interest was 9.31 million lots, with a -4.75% and +5.24% change respectively compared to the previous period [1][8]. - The actively traded varieties this week included lithium carbonate (830,000 lots), silver (810,000 lots), and PTA (640,000 lots). The varieties with significant trading volume growth were polysilicon (+95%) and lithium carbonate (+85%), while those with significant declines were p - xylene (-95%) and apples (-87%) [1][8]. - The varieties with high average daily open interest this week were glass (670,000 lots), soybean meal (620,000 lots), and soda ash (600,000 lots). The varieties with rapid open - interest growth were silver (+39%) and gold (+38%) [1][8]. 3.2 This Week's Main Data Review of Commodity Options - **Underlying Asset Price Movements**: This week, most underlying assets of commodity options declined. Polysilicon had a relatively high weekly increase of +4.55%, while silver, tin, and lithium carbonate had relatively high weekly decreases of -32.72%, -12.71%, and -10.31% respectively [2][16]. - **Market Volatility**: The market volatility remained high, with the implied volatility of 55 varieties currently above the 50th percentile of the past year. The varieties with significant week - on - week increases in implied volatility included silver (+15.19 pct) and caustic soda (+8.62 pct). It is recommended to be vigilant about unilateral risks and consider short - volatility opportunities [2][16]. - **Options Market Sentiment**: The trading volume PCR of synthetic rubber, lithium carbonate, and iron ore is at historical highs, indicating a short - term concentrated bet on price declines. The trading volume PCR of ethylene glycol, crude oil, palm oil, and styrene is at a one - year low, indicating a concentrated bet on price increases. The open interest PCR of PVC and synthetic rubber is at historical highs, while that of soybean meal, caustic soda, rapeseed meal, and rapeseed oil is at a one - year low [2][16]. 3.3 Key Data Overview of Main Varieties This chapter mainly presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data for more varieties can be accessed on the Dongzheng Finoview official website (https://www.finoview.com.cn/) [22]. - **Energy**: Relevant charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [23][24][25]. - **Chemicals** - **PTA**: Charts display data on the total trading volume, volatility, open interest PCR, and trading volume PCR of PTA [29][30][36]. - **Caustic Soda**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of caustic soda [38][39][40]. - **Glass**: Charts present data on the total trading volume, volatility, open interest PCR, and trading volume PCR of glass [44][45][46]. - **Soda Ash**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of soda ash [50][51][52]. - **Precious Metals**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of silver [59][60][61]. - **Ferrous Metals** - **Iron Ore**: Charts display data on the total trading volume, volatility, open interest PCR, and trading volume PCR of iron ore [68][70][74]. - **Silicomanganese**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of silicomanganese [75][76][77]. - **Non - Ferrous Metals** - **Copper**: Charts present data on the total trading volume, volatility, open interest PCR, and trading volume PCR of copper [82][84][88]. - **Aluminum**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of aluminum [90][91][92]. - **Agricultural Products** - **Soybean Meal**: Charts display data on the total trading volume, volatility, open interest PCR, and trading volume PCR of soybean meal [95][97][98]. - **Palm Oil**: Charts show data on the total trading volume, volatility, open interest PCR, and trading volume PCR of palm oil [102][103][104]. - **Cotton**: Charts present data on the total trading volume, volatility, open interest PCR, and trading volume PCR of cotton [108][109][111].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - The report presents daily volatility data including implied volatility indices, historical volatility, and their spreads for various financial and commodity options. It also shows the implied volatility quantile data and historical volatility quantile ranking for some products [3][5][6]. 3. Summary by Related Content Implied Volatility Index and Historical Volatility - The financial option implied volatility index reflects the 30 - day implied volatility (IV) trend as of the previous trading day. The commodity option implied volatility index is obtained by weighted average of the IVs of the two - strike options above and below the at - the - money option of the main contract, reflecting the IV change trend of the main contract [3]. - The difference between the implied volatility index and historical volatility (HV) indicates the relative level of IV to HV. A larger difference means IV is relatively higher than HV, and a smaller difference means IV is relatively lower [3]. Implied Volatility Quantile and Volatility Spread Quantile - The implied volatility quantile represents the current level of a product's IV in history. A high quantile means the current IV is high, and a low quantile means the current IV is low [5]. - The volatility spread is related to the implied volatility index and historical volatility [5]. Data Display - There are charts showing the trends of IV, HV, and IV - HV spreads for various products such as 300股指, 50ETF, 1000股指, etc., from 2024 to 2026. Also, there is a chart presenting the implied volatility quantile data and historical volatility quantile ranking for products like PTA, 500ETF, 50ETF, etc [4][6][7].

商品期权日报(2026 年 02 月 06 日) 表 1：期权行情 | | 看涨期权 | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 玉米淀粉 | 25.53% | 锡 | 129.84% | | 白糖 | 6.59% | 烧碱 | 95.00% | | 玉米 | 5.13% | 铜 | 89.60% | | 豆粕 | 4.64% | 铝 | 88.68% | | 锰硅 | 2.07% | 合成橡胶 | 73.26% | | 花生 | 0.77% | 锌 | 66.67% | | 豆一 | 0.00% | 碳酸锂 | 51.78% | | 豆二 | -0.49% | 鸡蛋 | 50.41% | | 苹果 | -2.58% | 聚丙烯 | 43.27% | | 燃料油 | -4.90% | 白银 | 41.84% | | | 看涨期权 | 看跌期权 | | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 玉米淀粉 | 25.53% | 锡 | 129.84% | | 白糖 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No clear core view is presented. The report mainly provides data on commodity options, including option quotes, positions, PCR ratios, daily selections, and expiring options. 3. Summary by Relevant Catalogs Option Quotes - **Call Options**: Copper had the highest daily increase of 164.39%, followed by gold at 81.46% and ferrosilicon at 72.04%. The lowest increase was for log at 35.85% [1]. - **Put Options**: Live pigs had the highest daily increase of 33.72%, followed by polysilicon at 31.10% and eggs at 21.71%. The lowest increase was for p - xylene at 4.75% [1]. Option Positions - **Call Options**: The largest daily change in position was for glass with 35,040, followed by rebar with 10,152 and iron ore with 9,601 [2]. - **Put Options**: The largest daily change in position was for glass with 19,878, followed by soda ash with 9,182 and silver with 8,037 [2]. Option Position Put - Call Ratio (PCR) - **High PCR Varieties**: Silver had the highest PCR of 1.6041, followed by apples at 1.4721 and propylene at 1.3336 [5]. - **Low PCR Varieties**: Alumina had the lowest PCR of 0.2334, followed by live pigs at 0.2612 and red dates at 0.3007 [5]. Option Volume Put - Call Ratio (PCR) - **High PCR Varieties**: Propylene had the highest PCR of 1.3497 [6]. - **Low PCR Varieties**: Lead had the lowest PCR of 0.0952, followed by palladium at 0.1396 and manganese silicon at 0.1611 [6]. Daily Selections - **Call Options**: Selected varieties included rapeseed oil, plastic, polypropylene, etc., with a trend of 55 for all [7]. - **Put Options**: Selected varieties included live pigs, eggs, lead, etc., with trends ranging from - 55 to 11 [7]. Expiring Options - **Call Option**: The expiring option for crude oil (sc2603C470) had 3 days remaining, with an option closing price of 11.5, a target settlement price of 467.0. The break - even target price was 501.5 (7.39% increase), and for the option to double, the target price was 533.0 (14.13% increase) [8]. - **Put Option**: The expiring put option for crude oil (sc2603P465) had 3 days remaining, with an option closing price of 5.75, a target settlement price of 467.0. The break - even target price was 439.25 (-5.94% decrease), and for the option to double, the target price was 413.5 (-11.46% decrease) [8].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week (January 19 - 23, 2026), the trading activity in the commodity options market slightly declined, with the average daily trading volume at 8.15 million lots and the average daily open interest at 8.62 million lots, showing a week - on - week change of - 8.60% and - 0.35% respectively. Investors are recommended to focus on potential market opportunities in actively traded varieties. [1][7] - The underlying assets of commodity options mainly rose this week. Some commodity options' implied volatility increased on a weekly basis. There were different expectations of market trends in different varieties based on volume PCR and open - interest PCR data. [2][17][18] Summary According to the Table of Contents 1. Commodity Options Market Activity - The trading activity in the commodity options market slightly declined this week. The average daily trading volume was 8.15 million lots, and the average daily open interest was 8.62 million lots, with a week - on - week change of - 8.60% and - 0.35% respectively. - Actively traded varieties included silver (810,000 lots), styrene (660,000 lots), and PTA (440,000 lots). Five varieties had a trading volume increase of over 100%, with significant growth in p - xylene (+165%), log (+163%), and synthetic rubber (+154%). The varieties with a significant decline in trading volume were crude oil (-66%), soybean No. 2 (-51%), and staple fiber (-51%). - The varieties with high average daily open interest were soybean meal (600,000 lots), cotton (560,000 lots), and glass (500,000 lots). The varieties with a rapid week - on - week increase in open interest were tin (+65%), industrial silicon (+46%), and caustic soda (+43%). [1][7] 2. This Week's Main Data Review of Commodity Options 2.1. Underlying Asset Price Movements - The underlying assets of commodity options mainly rose this week. The varieties with high weekly increases included lithium carbonate (+24.16%), silver (+11.04%), and synthetic rubber (+9.44%); the varieties with high weekly declines included glass (-3.54%), live pigs (-3.46%), and caustic soda (-3.04%). [2][17] 2.2. Market Volatility - Some commodity options' implied volatility increased on a weekly basis. 49 varieties' current implied volatility was above the 50th percentile of the past year. The varieties with a large week - on - week increase in implied volatility included synthetic rubber (+22.91pct), gold (+8.63pct), and ethylene glycol (+8.34pct). The varieties with implied volatility at a historical high included synthetic rubber, styrene, nickel, and plastic, and investors were advised to beware of unilateral risks and focus on short - volatility opportunities. The varieties with implied volatility at a historical low included peanuts and rapeseed meal, where buying options were more cost - effective. [2][17] 2.3. Options Market Sentiment - Currently, the volume PCR of lithium carbonate and propylene is at a historical high, indicating a short - term concentrated bearish expectation in the market. The volume PCR of cotton, manganese silicon, ferrosilicon, and iron ore is at a one - year low, indicating a concentrated bullish expectation in the market. The open - interest PCR of silver and lithium carbonate is at a historical high, indicating a high level of bearish sentiment in the market. The open - interest PCR of ethylene glycol, soybean meal, caustic soda, and palm oil is at a one - year low, indicating an accumulation of bullish sentiment in the market. [2][18] 3. Key Data Overview of Major Varieties This chapter mainly presents the key data of major varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data on various varieties can be found on the Dongzheng Finoview official website (https://www.finoview.com.cn/). [22] 3.1. Energy No specific data summary provided, but relevant charts and data sources are mentioned, including those related to trading volume, volatility, open - interest PCR, and volume PCR of crude oil. [23][25][27] 3.2. Chemicals - **PTA**: Relevant charts and data sources are provided for trading volume, volatility, open - interest PCR, and volume PCR. [28][29][35] - **Caustic Soda**: Similar to PTA, relevant charts and data sources for trading volume, volatility, open - interest PCR, and volume PCR are presented. [37][38][39] - **Glass**: The same as above, with relevant charts and data sources for various indicators. [43][44][45] - **Soda Ash**: Relevant information on trading volume, volatility, open - interest PCR, and volume PCR is provided. [49][50][52] 3.3. Precious Metals Relevant information on trading volume, volatility, open - interest PCR, and volume PCR of silver is presented, along with data sources. [58][59][61] 3.4. Ferrous Metals - **Iron Ore**: Information on trading volume, volatility, open - interest PCR, and volume PCR, as well as data sources, is provided. [66][68][70] - **Manganese Silicon**: Similar to iron ore, relevant information and data sources are given. [73][74][75] 3.5. Non - Ferrous Metals - **Copper**: Information on trading volume, volatility, open - interest PCR, and volume PCR, along with data sources, is presented. [81][84][85] - **Aluminum**: Similar to copper, relevant information and data sources are provided. [87][88][90] 3.6. Agricultural Products - **Soybean Meal**: Information on trading volume, volatility, open - interest PCR, and volume PCR, along with data sources, is provided. [93][95][98] - **Palm Oil**: Similar to soybean meal, relevant information and data sources are given. [100][101][102] - **Cotton**: Information on trading volume, volatility, open - interest PCR, and volume PCR, along with data sources, is presented. [108][109][111]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The trading activity in the commodity options market slightly declined this week, with an average daily trading volume of 8.91 million contracts and an average daily open interest of 8.65 million contracts, showing a week-on-week change of -5.28% and +0.30% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - The underlying assets of commodity options showed mixed performance, with non-ferrous metals and precious metals mostly rising. The varieties with higher weekly gains include silver (+20.03%), Shanghai tin (+14.78%), and styrene (+4.10%); those with higher weekly losses include caustic soda (-9.80%), glass (-3.58%), and rapeseed meal (-3.55%) [2][16]. - Most commodity options' implied volatility increased this week, with 51 varieties having their current implied volatility above the 50th percentile of the past year. For varieties with high implied volatility, pay attention to unilateral risks and consider short - volatility opportunities; for those with low implied volatility, buying options has a relatively high cost - performance [2][16]. - The PCR values of certain varieties indicate that the market has concentrated expectations for both upward and downward movements. For example, the trading volume PCR of lithium carbonate, LPG, and propylene is at a historical high, indicating a short - term concentrated expectation of a decline; while the trading volume PCR of crude oil, polysilicon, and rebar is at a one - year low, indicating a concentrated expectation of an increase [3][17]. 3. Summary by Relevant Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume of the commodity options market this week was 8.91 million contracts, and the average daily open interest was 8.65 million contracts, with a week - on - week change of -5.28% and +0.30% respectively [1][7]. - The actively traded varieties this week include silver (690,000 contracts), PTA (620,000 contracts), and glass (580,000 contracts) [1][7]. - Five varieties had a trading volume increase of over 100%, with significant growth in styrene (+192%), fuel oil (+182%), and Shanghai zinc (+164%); while industrial silicon (-85%), polysilicon (-77%), and lithium carbonate (-71%) had significant trading volume declines [1][7]. - The varieties with relatively high average daily open interest this week were cotton (530,000 contracts), soybean meal (500,000 contracts), and glass (470,000 contracts), and fuel oil had a relatively rapid week - on - week increase in open interest (+71%) [1][7]. 3.2 This Week's Main Data Review of Commodity Options 3.2.1 Underlying Asset Price Movements - Non - ferrous metals and precious metals generally rose. High - gain varieties were silver (+20.03%), Shanghai tin (+14.78%), and styrene (+4.10%); high - loss varieties were caustic soda (-9.80%), glass (-3.58%), and rapeseed meal (-3.55%) [2][16]. 3.2.2 Market Volatility - Most commodity options' implied volatility increased this week. Varieties with a large week - on - week increase in implied volatility include silver (+18.611 pct), tin (+15.11 pct), and lithium carbonate (+8.86 pct) [2][16]. - Varieties with implied volatility at a historical high include non - ferrous metals, caustic soda, pure benzene, and PVC; those at a historical low include urea and manganese silicon [2][16]. 3.2.3 Options Market Sentiment - The trading volume PCR of lithium carbonate, LPG, and propylene is at a historical high, indicating a short - term concentrated bet on a decline; the trading volume PCR of crude oil, polysilicon, and rebar is at a one - year low, indicating a concentrated bet on an increase [3][17]. - The open interest PCR of propylene, Shanghai tin, and synthetic rubber is at a historical high, indicating a high level of bearish sentiment; the open interest PCR of log, polysilicon, and live hogs is at a one - year low, indicating a build - up of bullish sentiment [3][17]. 3.3 Key Data Overview of Main Varieties This chapter mainly presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [21]. 3.3.1 Energy - Relevant charts show data on trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [22][24]. 3.3.2 Chemicals - **PTA**: Charts display data on trading volume, volatility, open interest PCR, and trading volume PCR [30][36]. - **Caustic Soda**: Similar data is presented through relevant charts [39][40]. - **Glass**: Key data is shown in corresponding charts [46][47]. - **Soda Ash**: Charts provide data on trading volume, volatility, open interest PCR, and trading volume PCR [54][59]. 3.3.3 Precious Metals - Charts show data on trading volume, volatility, open interest PCR, and trading volume PCR of silver [62][66]. 3.3.4 Ferrous Metals - **Iron Ore**: Relevant charts present data on trading volume, volatility, open interest PCR, and trading volume PCR [69][70]. - **Manganese Silicon**: Key data is shown in corresponding charts [76][77]. 3.3.5 Non - ferrous Metals - **Copper**: Charts display data on trading volume, volatility, open interest PCR, and trading volume PCR [84][89]. - **Aluminum**: Similar data is presented through relevant charts [92][94]. 3.3.6 Agricultural Products - **Soybean Meal**: Charts show data on trading volume, volatility, open interest PCR, and trading volume PCR [98][99]. - **Palm Oil**: Key data is presented in corresponding charts [104][105]. - **Cotton**: Relevant charts provide data on trading volume, volatility, open interest PCR, and trading volume PCR [112][117].