来源：期权时代 01 今年6月，中国证监会发布公告称，将从2025年10月9日起允许合格境外投资者参与场内ETF期权交易，交易目的限于套期保值。 9月30日晚间，上交所通知，即日起开始受理合格境外投资者参与股票期权交易的业务办理申请，深交所也通知称，自10月9日起开始受理合格境外投资者 参与股票期权交易的业务办理申请。中国结算也同日发布通知各结算参与人做好业务技术准备。 今年以来，中国证监会先后放宽合格境外投资者参与境内商品期货、商品期权和ETF期权等产品的限制。此举旨在持续拓展合格境外投资者可投资范围， 发挥合格境外投资者制度的优势和吸引力，便利境外机构投资者特别是配置型资金运用适配的风险管理工具，有利于提升外资机构投资行为的稳定性，促 进其对A股的长期投资。 02 合格境外投资者参与ETF期权交易将于国庆假期后A股市场第一个交易日起（10月9日）正式实施。 9月30日，上交所、深交所分别发布《关于合格境外机构投资者和人民币合格境外机构投资者参与股票期权交易有关事项的通知》。 《通知》称，合格境外投资者可以参与在沪深交易所上市的交易型开放式指数基金期权（ETF期权）交易，交易目的限于套期保值。 合格境外投资 ...

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1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The trading volume of the commodity options market remained at a low level this week, with the average daily trading volume and open interest decreasing by 11.80% and 11.10% respectively compared to the previous week. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - This week, the underlying futures of commodity options showed mixed trends, with 30 varieties closing lower. The varieties with higher weekly increases included industrial silicon, lithium carbonate, and caustic soda; those with higher weekly decreases included red dates, live pigs, and soybean meal. Most commodity options' implied volatility increased this week. Some varieties' implied volatility is at a historical high, while others are at a historical low [2][16]. - The PCR of trading volume for some varieties is at a historical high, indicating a strong short - term bearish sentiment; for others, it is at a historical low, showing a concentrated short - term bullish sentiment. The PCR of open interest for some varieties is at a historical high, indicating a high level of accumulated bearish sentiment; for others, it is at a historical low, showing accumulated bullish sentiment [2][16]. 3. Summary According to the Directory 3.1 Commodity Options Market Activity - From September 15 to September 19, 2025, the average daily trading volume of the commodity options market was 6.28 million lots, and the average daily open interest was 8.19 million lots, with环比 decreases of 11.80% and 11.10% respectively. The actively traded varieties included silver, eggs, and glass. The varieties with significant trading volume growth were p - xylene (+405%) and alumina (+141%); those with significant trading volume decline were crude oil (-80%), lithium carbonate (-71%), and urea (-60%). The varieties with high average daily open interest were soybean meal, rebar, and soda ash. The varieties with rapid open - interest growth were p - xylene (+52%), apples (+38%), and alumina (+34%) [1][7]. 3.2 This Week's Main Data Review of Commodity Options - **Underlying Price Movements**: The underlying futures of commodity options showed mixed trends, with 30 varieties closing lower. The varieties with higher weekly increases included industrial silicon (+6.40%), lithium carbonate (+3.93%), and caustic soda (+3.16%); those with higher weekly decreases included red dates (-4.35%), live pigs (-3.24%), and soybean meal (-2.11%) [2][16]. - **Market Volatility**: Most commodity options' implied volatility increased this week. 31 varieties' current implied volatility was below the 50% historical percentile in the past year. Varieties with implied volatility at a historical high included industrial silicon, lithium carbonate, and ferrosilicon; those at a historical low included zinc, nickel, urea, and soybean and rapeseed meal [2][16]. - **Options Market Sentiment**: The PCR of trading volume for styrene, cotton, LPG, and bottle chips was at a historical high, indicating a strong short - term bearish sentiment. The PCR of trading volume for palm oil, caustic soda, iron ore, rapeseed oil, and soybean oil was at a historical low, showing a concentrated short - term bullish sentiment. The PCR of open interest for lithium carbonate, soda ash, and bottle chips was at a historical high, indicating a high level of accumulated bearish sentiment; for rebar, soybean oil, live pigs, and alumina, it was at a historical low, showing accumulated bullish sentiment [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 can be accessed on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [20]. - **Energy**: Relevant charts and data sources are provided for crude oil, including total trading volume, volatility, open - interest PCR, and trading - volume PCR [21][23][24]. - **Chemicals**: - **PTA**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [27][28][34]. - **Caustic Soda**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [36][37][38]. - **Glass**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [43][44][45]. - **Soda Ash**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [51][52][53]. - **Precious Metals**: Charts and data sources for silver's total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [58][59][60]. - **Ferrous Metals**: - **Iron Ore**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [66][67][69]. - **Silicomanganese**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [74][75][76]. - **Non - Ferrous Metals**: - **Copper**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [80][81][85]. - **Alumina**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [88][89][90]. - **Agricultural Products**: - **Soybean Meal**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [94][96][99]. - **Palm Oil**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [101][102][103]. - **Cotton**: Charts and data sources for total trading volume, volatility, open - interest PCR, and trading - volume PCR are provided [109][110][111].

Group 1: Volatility Index Explanation - Financial option implied volatility index reflects the 30 - day implied volatility (IV) trend as of the previous trading day, and the commodity option implied volatility index is obtained by weighting the IV 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 IV index and historical volatility (HV) indicates the relative level of IV to HV. A larger difference means IV is relatively higher, and a smaller difference means IV is relatively lower [3] Group 2: Volatility Data Graphs - The graphs show the IV, HV, and IV - HV differences of various financial and commodity options, including 300 Index, 50ETF, 1000 Index, 500ETF, silver, gold, soybean meal, corn, sugar, cotton, methanol, rubber, iron ore, PTA, crude oil, aluminum, PVC, rebar, zinc, urea, palm oil, and rapeseed oil [4] Group 3: Implied Volatility and Volatility Spread Quantiles - Implied volatility quantiles represent the current level of a variety's IV in history. A high quantile means the current IV is high, and a low quantile means the current IV is low. Volatility spread is the difference between the IV index and HV [5] - The implied volatility quantile rankings are as follows: 300 Index (0.83), 50ETF (0.74), PTA (0.19), etc., and the historical volatility quantile rankings are also presented [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Not provided in the content 3. Summary by Related Catalogs 3.1 Implied Volatility Index, Historical Volatility and Their Spread Charts - The financial option implied volatility index reflects the 30 - day implied volatility trend as of the previous trading day, and the commodity option implied volatility index is weighted by the implied volatilities of the two - strike prices above and below the at - the - money option of the main contract, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and historical volatility: a larger difference means the implied volatility is relatively higher than historical volatility, and a smaller difference means the opposite [3] 3.2 Implied Volatility Quantile and Volatility Spread Quantile Ranking Chart - The implied volatility quantile represents the current level of a variety's implied volatility in history. A high quantile means the current implied volatility is high, and a low quantile means it is low [5] - The volatility spread is the difference between the implied volatility index and historical volatility [5] - Specific implied volatility quantile rankings include 0.75 for 50ETF, 0.74 for 300 Index, 0.67 for PTA, etc. [5][6][8]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The trading volume of the commodity options market remained at a low level this week, with daily average trading volume and open interest showing a decline. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - This week, the underlying futures of commodity options showed mixed performance, with the chemical sector mostly declining and the non - ferrous sector mostly rising. There were 33 varieties with weekly losses. Attention should be paid to the trading opportunities and risks in different sectors [2][16]. - Most commodity options' implied volatility declined this week. For varieties with high implied volatility, investors should be wary of unilateral risks and consider short - selling volatility; for those with low implied volatility, buying options has a higher cost - performance ratio [2][16]. - The PCR indicators of different varieties reflect different market sentiments. For varieties with high PCR, there is a strong bearish sentiment, while for those with low PCR, there is a concentrated bullish sentiment [2][16]. 3. Summary According to Relevant Catalogs 3.1 Commodity Options Market Activity - This week (from September 8th to September 12th, 2025), the daily average trading volume of the commodity options market was 6.53 million lots, and the daily average open interest was 9.21 million lots, with a week - on - week change of - 5.20% and - 1.17% respectively [1][7]. - Actively traded varieties in terms of daily average trading volume this week included glass (940,000 lots), soda ash (540,000 lots), and silver (430,000 lots). Varieties with significant trading volume growth were lead (+143%), apple (+140%), and crude oil (+111%); those with significant trading volume decline were lithium carbonate (-71%), polysilicon (-70%), and industrial silicon (-59%) [1][7]. - Varieties with high daily average open interest this week were soybean meal (880,000 lots), glass (790,000 lots), and soda ash (770,000 lots). Varieties with rapid week - on - week growth in daily average open interest were apple (+46%), lead (+36%), and alumina (+36%) [1][7]. 3.2 Commodity Options Main Data Review 3.2.1 Underlying Price Movements - This week, the underlying futures of commodity options showed mixed performance, with the chemical sector mostly declining and the non - ferrous sector mostly rising. There were 33 varieties with weekly losses. Varieties with high weekly gains included gold (+2.35%), silver (+2.31%), and aluminum (+2.05%); those with high weekly losses included polysilicon (-5.51%), synthetic rubber (-5.20%), and lithium carbonate (-4.17%) [2][16]. 3.2.2 Market Volatility - Most commodity options' implied volatility declined this week, and 35 varieties' current implied volatility was below the 50th percentile of the past year's history. Varieties with implied volatility at a high level in the past year included polysilicon, industrial silicon, lithium carbonate, and eggs; those at a low level included lead, zinc, p - xylene, urea, and oilseeds [2][16]. 3.2.3 Options Market Sentiment - The trading volume PCR of varieties such as bottle chips and plastics was at a historical high, indicating a strong short - term bearish sentiment. The trading volume PCR of non - ferrous metals, live pigs, and glass was at a historical low, indicating a concentrated short - term bullish sentiment. The open interest PCR of polysilicon and lead was at a historical high, while that of rebar, non - ferrous metals, live pigs, and styrene was at a historical 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 can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [20].

商品期权周报 I 2025/09/01—2025/09/05 隐波上升，市场窄幅震荡 本周摘要 波动率方面，截至本周五收盘，原油期权隐含波动率 28.09%,较 一周前上升 0.80%。碳酸锂期权隐含波动率 37.08%,较一周前上 升 0.56%。螺纹钢期权隐含波动率 18.33%,较一周前上升 6.65%。纯碱期权隐含波动率 19.79%,较一周前上升 0.62%。黄 金期权隐含波动率 14.80%,较一周前上升 0.00%,较一周前上升 0.62%。白银期权隐含波动率 26.40%,较一周前上升 5.94%。棕 榈油期权隐含波动率 14.43%,较一周前下降-0.81%。豆油期权隐 含波动率 19.10%,较一周前下降-0.04%。菜油期权隐含波动率 21.95%,较一周前上升 3.56%。橡胶期权隐含波动率 11.23%,较 一周前上升 0.07%。 本周商品期权成交量较上周上升 24.24%，持仓量较上周上升 5.29%，期权市场情绪较上周有所升温。同时期权隐含波动率普 遍上升。黄金，白银期权隐含波动率较一周前上升超 5 个百分 点，目前分别处于历史 50%-60%、70%-80%分位数水平。另 外 ...

Core Insights - The article emphasizes the fundamental differences between options and futures trading, highlighting that options provide rights without obligations, while futures impose contractual obligations on both parties [1] Group 1: Key Differences Between Options and Futures - Futures trading is characterized by a "contractual obligation" where both parties must fulfill the agreement at a predetermined future date [1] - Options trading revolves around the "buying and selling of rights," where the buyer pays a premium for the right to buy or sell an asset at a specific price, with the option to exercise or abandon that right [1] Group 2: Key Strategies for Options Trading - Selecting the right contract is crucial, considering market expectations, time value, and volatility; contracts near the money typically have better liquidity and larger price fluctuations [2] - Position control is vital due to the high leverage in options trading; investors should avoid allocating excessive funds to a single option contract to mitigate potential losses [3] - Monitoring volatility is essential as it significantly impacts option prices; rising volatility generally increases option prices, while falling volatility tends to decrease them [5] - Utilizing combination strategies can help manage risk and enhance returns by constructing various trading strategies like bull spreads, bear spreads, straddles, and strangles [5] - Awareness of time value decay is important; as expiration approaches, the time value of options diminishes, necessitating timely exits to avoid excessive losses [5][6] - Implementing timely stop-loss and take-profit measures is critical for risk management; stopping losses promptly can prevent further declines, while taking profits can secure gains [5] Group 3: Importance of Expiration Dates - Time value is a unique concept in options, representing the portion of the premium exceeding intrinsic value, which diminishes as expiration nears [6] - For option buyers, time is an adversary; if the underlying asset's price does not move favorably, the premium will decrease due to time decay, leading to losses [7] - Conversely, for option sellers, time is an ally; as long as the asset price does not breach the strike price, sellers can benefit from time decay by retaining the premium [7][8]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The trading volume of the commodity options market remained at a low level this week, but there were significant increases in the trading volume and open interest of some varieties. Investors are advised to focus on potential market opportunities in actively traded varieties [1][8]. - The underlying futures of commodity options showed mixed trends this week, with the chemical sector mostly declining. Most commodity options' implied volatility increased, and different varieties showed different market sentiments [2][15]. 3. Summary by Directory 3.1 Commodity Options Market Activity - This week (2025.9.1 - 2025.9.5), the average daily trading volume of the commodity options market was 6.89 million lots, and the average daily open interest was 9.32 million lots, with环比 increases of 15.91% and 13.41% respectively [1][8]. - Actively traded varieties included polysilicon (600,000 lots), lithium carbonate (580,000 lots), and glass (560,000 lots). The trading volume of gold, polysilicon, and lithium carbonate increased by over 100%, while that of apple and p - xylene decreased significantly [1][8]. - Varieties with high average daily open interest were glass (910,000 lots), soda ash (880,000 lots), and soybean meal (780,000 lots). The open interest of tin, lead, and copper increased rapidly [1][8]. 3.2 Commodity Options Main Data Review - **Underlying Price Movements**: The underlying futures of commodity options showed mixed trends, with 28 varieties closing higher for the week. Polysilicon (+14.49%), industrial silicon (+5.13%), and silver (+4.51%) had high weekly increases, while jujube (-4.43%), lithium carbonate (-3.78%), and ethylene glycol (-2.49%) had high weekly decreases [2][15]. - **Market Volatility**: Most commodity options' implied volatility increased this week. 30 varieties' current implied volatility was below the 50% quantile of the past - year history. Polysilicon, industrial silicon, lithium carbonate, and eggs had high implied volatility, while some varieties in the oilseeds and non - ferrous metals sectors had low implied volatility [2][15]. - **Options Market Sentiment**: The trading volume PCR of some varieties such as bottle chips, LPG, and lithium carbonate was at a historical high, indicating strong short - term bearish sentiment. The trading volume PCR of rubber, tin, nickel, etc. was at a historical low, showing concentrated short - term bullish sentiment. The open interest PCR of polysilicon, lead, and lithium carbonate was at a historical high, while that of ethylene glycol, urea, etc. was at a historical low [2][15]. 3.3 Main Varieties Key Data Overview 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/) [19]. - **Energy**: Data on trading volume, volatility, open interest PCR, and trading volume PCR of crude oil are presented [20]. - **Chemical**: Key data of PTA, caustic soda, glass, and soda ash are shown, including trading volume, volatility, open interest PCR, and trading volume PCR [27][36][43][49]. - **Precious Metals**: Data on silver's trading volume, volatility, open interest PCR, and trading volume PCR are provided [55]. - **Ferrous Metals**: Key data of iron ore and manganese silicon, including trading volume, volatility, open interest PCR, and trading volume PCR, are presented [63][71]. - **Non - Ferrous Metals**: Data on copper and alumina, including trading volume, volatility, open interest PCR, and trading volume PCR, are shown [78][92]. - **Agricultural Products**: Key data of soybean meal, palm oil, and cotton, including trading volume, volatility, open interest PCR, and trading volume PCR, are presented [93][100][108].