Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - The report analyzes the market data, option factors, and price trends of three new energy options: lithium carbonate (LC), polysilicon (PS), and industrial silicon (SI). It provides corresponding trading strategies based on the analysis [6][19][31]. 3. Summary by Related Catalogs Lithium Carbonate (LC) Options - **Futures Market Data**: The LC2605 contract closed at 157,200 yuan yesterday, down 13,620 yuan or 7.97% from the previous day. The trading volume was 296,998 lots, an increase of 97,111 lots, and the open interest was 217,916 lots, a decrease of 19,845 lots [3][6]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of LC call options was 390,637, with a change of 164,418, and the open interest was 154,543, with a change of 9,820. The trading volume of LC put options was 325,896, with a change of 159,863, and the open interest was 173,371, with a change of -2,583. The trading volume PCR was 0.83, with a change of 0.1, and the open interest PCR was 1.12, with a change of -0.09 [4]. - **Option Factors - Pressure and Support**: The weighted implied volatility of LC options was 66.82%, a decrease of 12.39%. The annual average implied volatility was 47.74%, and the HISV20 was 68.47%. The pressure level was 208,000, and the support level was 140,000 [5][6]. - **Option Strategies**: No directional strategy is recommended. For the volatility strategy, a neutral combination of selling call and put options is suggested to obtain the time value of options. Adjust the positions dynamically to keep the delta neutral, such as S_LC2605P130000, S_LC2605P140000, S_LC2605C170000, and S_LC2605C180000 [7]. Polysilicon (PS) Options - **Futures Market Data**: The PS2605 contract closed at 35,200 yuan yesterday, down 1,125 yuan or 3.09% from the previous day. The trading volume was 10,763 lots, a decrease of 5,768 lots, and the open interest was 34,456 lots, a decrease of 128 lots [16][19]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of PS call options was 51,620, with a change of -16,574, and the open interest was 77,373, with a change of 311. The trading volume of PS put options was 12,997, with a change of -51, and the open interest was 23,775, with a change of 1,064. The trading volume PCR was 0.25, with a change of 0.06, and the open interest PCR was 0.31, with a change of 0.01 [17]. - **Option Factors - Pressure and Support**: The weighted implied volatility of PS options was 82.47%, a decrease of 7.28%. The annual average implied volatility was 46.71%, and the HISV20 was 39.23%. The pressure level was 70,000, and the support level was 35,000 [18][19]. - **Option Strategies**: For the directional strategy, a bear - spread combination of put options is recommended to obtain directional returns, such as B_PS2605P38000 and S_PS2605P33500. No volatility strategy is recommended [20]. Industrial Silicon (SI) Options - **Futures Market Data**: The SI2605 contract closed at 8,355 yuan yesterday, down 145 yuan or 1.70% from the previous day. The trading volume was 172,049 lots, a decrease of 11,006 lots, and the open interest was 201,800 lots, a decrease of 18,817 lots [28][31]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of SI call options was 85,321, with a change of -9,296, and the open interest was 125,084, with a change of 2,879. The trading volume of SI put options was 54,240, with a change of 12,221, and the open interest was 57,143, with a change of 3,300. The trading volume PCR was 0.64, with a change of -0.07, and the open interest PCR was 0.46, with a change of 0.02 [29]. - **Option Factors - Pressure and Support**: The weighted implied volatility of SI options was 31.01%, a decrease of 2.19%. The annual average implied volatility was 31.92%, and the HISV20 was 22.46%. The pressure level was 11,000, and the support level was 8,000 [30][31]. - **Option Strategies**: No directional strategy is recommended. For the volatility strategy, a combination of selling call and put options to short volatility is suggested to obtain the time value of options and directional returns. Adjust the positions dynamically to keep the delta neutral, such as S_SI2605P8000, S_SI2605P8200, S_SI2605C8800, and S_SI2605C9000 [32].

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

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report provides an in - depth analysis of the futures and options markets of three new energy materials: lithium carbonate, polysilicon, and industrial silicon, including market data, option factors, and offers corresponding trading strategy suggestions [4][5][6][7][8][17][18][19][20][21][29][30][31][32][33] 3. Summary by Directory 3.1 Lithium Carbonate (LC) 3.1.1 Futures Market Data - The closing price of the LC2605 contract yesterday was 168,440 yuan, a rise of 9,720 yuan or 6.12% from the previous day. The trading volume was 324,620 lots, an increase of 63,690 lots from the previous day, and the open interest was 247,637 lots, an increase of 1,252 lots from the previous day [7] - The price of the LC (lithium carbonate futures) was 171,620 yuan, with a change of 440 yuan and a rise of 4.53%. The trading volume was 99,887 lots, and the open interest was 227,761 lots, a decrease of 9,876 lots [4] 3.1.2 Option Factors - Volume and Open Interest PCR - The trading volume of LC (lithium carbonate call options) was 226,219, a decrease of 93,718. The open interest was 144,723, an increase of 314. The trading volume PCR was 0.73, with a change of 0.15. The open interest PCR was 1.22, with a change of 0.06 [5] - The trading volume of LC (lithium carbonate put options) was 166,033, a decrease of 21,007. The open interest was 175,954 [5] 3.1.3 Option Factors - Pressure and Support - For LC (lithium carbonate options), the underlying contract was lc2605, the at - the - money strike price was 172,000, the resistance level was 208,000, the support level was 140,000, the weighted implied volatility was 79.21%, with a change of 4.68%, the annual average implied volatility was 47.56%, and HISV20 was 68.55% [6] 3.1.4 Option Strategies - Directional strategy: None - Volatility strategy: Construct a neutral - biased short call + put option combination strategy to obtain option time value. Dynamically adjust the positions to keep the delta of the positions neutral, such as S_LC2605P130000, S_C23605P140000, S_LC2605C170000, S_LC2605C180000 [8] 3.2 Polysilicon (PS) 3.2.1 Futures Market Data - The closing price of the PS2605 contract yesterday was 35,680 yuan, a decrease of 355 yuan or 0.98% from the previous day. The trading volume was 14,551 lots, an increase of 6,022 lots from the previous day, and the open interest was 34,180 lots, an increase of 729 lots from the previous day [20] - The price of the PS (polysilicon futures) was 36,550 yuan, with a change of 1,220 yuan and a rise of 3.45%. The trading volume was 16,531 lots, an increase of 1,980 lots, and the open interest was 34,584 lots, an increase of 404 lots [17] 3.2.2 Option Factors - Volume and Open Interest PCR - The trading volume of PS (polysilicon call options) was 68,194, an increase of 30,777. The open interest was 77,062, an increase of 14,673. The trading volume PCR was 0.19, with a change of - 0.16. The open interest PCR was 0.29, with a change of - 0.04 [18] - The trading volume of PS (polysilicon put options) was 13,054. The open interest was 22,711, an increase of 1,730 [18] 3.2.3 Option Factors - Pressure and Support - For PS (polysilicon options), the underlying contract was ps2605, the at - the - money strike price was 36,500, the resistance level was 70,000, the support level was 35,000, the weighted implied volatility was 89.75%, with a change of 9.95%, the annual average implied volatility was 46.45%, and HISV20 was 38.00% [19] 3.2.4 Option Strategies - Directional strategy: Construct a bear spread put option combination strategy to obtain directional returns, such as B_PS2605P38000, S_PS2605P33500 [21] - Volatility strategy: None [21] 3.3 Industrial Silicon (SI) 3.3.1 Futures Market Data - The closing price of the SI2605 contract yesterday was 8,625 yuan, a decrease of 105 yuan or 1.20% from the previous day. The trading volume was 165,844 lots, an increase of 25,109 lots from the previous day, and the open interest was 223,220 lots, a decrease of 6,423 lots from the previous day [32] - The price of the SI (industrial silicon futures) was 8,480 yuan, with a rise of 2.13%. The trading volume was 83,055 lots, an increase of 70 lots, and the open interest was 220,617 lots, a decrease of 2,603 lots [29] 3.3.2 Option Factors - Volume and Open Interest PCR - The trading volume of SI (industrial silicon call options) was 94,617, an increase of 18,504. The open interest was 122,205, an increase of 12,621. The trading volume PCR was 0.7, with a change of 0.32. The open interest PCR was 0.44, with a change of - 0.02 [30] - The trading volume of SI (industrial silicon put options) was 66,461, an increase of 37,555. The open interest was 53,843, an increase of 2,926 [30] 3.3.3 Option Factors - Pressure and Support - For SI (industrial silicon options), the underlying contract was si2605, the at - the - money strike price was 8,500, the resistance level was 11,000, the support level was 8,000, the weighted implied volatility was 33.21%, with a change of 1.49%, the annual average implied volatility was 31.87%, and HISV20 was 21.80% [31] 3.3.4 Option Strategies - Directional strategy: None - Volatility strategy: Construct a short volatility short call + put option combination strategy to obtain option time value and directional returns. Dynamically adjust the positions to keep the delta of the positions neutral, such as S_SI2605P8000, S_SI2605P8200, S_SI2605C8800, S_SI2605C9000 [33]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The report provides a comprehensive analysis of the new energy options market, including data on underlying futures markets, option factors, and market sentiment for lithium carbonate, polysilicon, and industrial silicon options. It also offers corresponding option strategy suggestions based on the analysis [7][19][31] 3. Summary by Related Catalogs 3.1 Lithium Carbonate (LC) 3.1.1 Underlying Futures Market Data - The C2605 contract of lithium carbonate options had a closing price of 157,200 yuan yesterday, a decrease of 1,020 yuan or 0.64% from the previous day. The trading volume was 260,930 lots, an increase of 27,626 lots from the previous day, and the open interest was 246,385 lots, a decrease of 5,572 lots from the previous day [7] - The trading volume of lithium carbonate options was 324,620 lots, and the open interest was 247,637 lots [4] 3.1.2 Option Factors - Volume and Open Interest PCR - The trading volume of LC (lithium carbonate call options) was 319,937 lots, with a change of 131,546 lots, and the open interest was 144,409 lots, with a change of -3,592 lots. The trading volume PCR was 0.58, with a change of -0.18, and the open interest PCR was 1.15, with a change of 0.13 [5] - The trading volume of LC (lithium carbonate put options) was 187,040 lots, with a change of 43,004 lots, and the open interest was 166,552 lots, with a change of 14,577 lots [5] 3.1.3 Option Factors - Pressure and Support - The underlying contract of LC (lithium carbonate options) was lc2605, with an at - the - money strike price of 168,000 yuan, a resistance level of 208,000 yuan, and a support level of 120,000 yuan. The weighted implied volatility was 74.53%, with a change of 3.70%, the annual average implied volatility was 47.34%, and HISV20 was 63.94% [6] 3.1.4 Option Strategy Suggestions - Directional strategy: None - Volatility strategy: Construct a neutral - biased short call + put option combination strategy to obtain option time value. Dynamically adjust the positions to keep the delta of the positions neutral, such as S_LC2605P130000, S_LC2605P140000, S_LC2605C170000, and S_LC2605C180000 [8] 3.2 Polysilicon (PS) 3.2.1 Underlying Futures Market Data - The PS2605 contract of polysilicon options had a closing price of 35,540 yuan yesterday, a decrease of 1,015 yuan or 2.77% from the previous day. The trading volume was 8,529 lots, a decrease of 3,900 lots from the previous day, and the open interest was 33,451 lots, an increase of 631 lots from the previous day [19] - The trading volume of polysilicon options was 14,551 lots, and the open interest was 34,180 lots [16] 3.2.2 Option Factors - Volume and Open Interest PCR - The trading volume of PS (polysilicon call options) was 37,417 lots, with a change of 11,646 lots, and the open interest was 62,389 lots. The trading volume PCR was 0.35, with a change of 0.1, and the open interest PCR was 0.34, with a change of - 0.01 [17] - The trading volume of PS (polysilicon put options) was 13,044 lots, with a change of 6,606 lots, and the open interest was 20,981 lots, with a change of 1,500 lots [17] 3.2.3 Option Factors - Pressure and Support - The underlying contract of PS (polysilicon options) was ps2605, with an at - the - money strike price of 35,500 yuan, a resistance level of 70,000 yuan, and a support level of 35,000 yuan. The weighted implied volatility was 79.79%, with a change of - 9.28%, the annual average implied volatility was 46.16%, and HISV20 was 37.99% [18] 3.2.4 Option Strategy Suggestions - Directional strategy: Construct a bear spread strategy of put options to obtain directional returns, such as B_PS2605P38000, S_PS2605P33500 - Volatility strategy: None [20] 3.3 Industrial Silicon (SI) 3.3.1 Underlying Futures Market Data - The SI2605 contract of industrial silicon options had a closing price of 8,735 yuan yesterday, an increase of 50 yuan or 0.57% from the previous day. The trading volume was 140,735 lots, a decrease of 77,224 lots from the previous day, and the open interest was 229,643 lots, a decrease of 2,435 lots from the previous day [31] - The trading volume of industrial silicon options was 16,584 lots, and the open interest was 772,770 lots [28] 3.3.2 Option Factors - Volume and Open Interest PCR - The trading volume of SI (industrial silicon call options) was 76,113 lots, with a change of - 4,659 lots, and the open interest was 109,584 lots, with a change of - 562 lots. The trading volume PCR was 0.38, with a change of 0.06, and the open interest PCR was 0.46, with a change of 0.03 [29] - The trading volume of SI (industrial silicon put options) was 28,906 lots, with a change of 3,382 lots, and the open interest was 50,917 lots, with a change of 2,636 lots [29] 3.3.3 Option Factors - Pressure and Support - The underlying contract of SI (industrial silicon options) was si2605, with an at - the - money strike price of 8,600 yuan, a resistance level of 11,000 yuan, and a support level of 8,000 yuan. The weighted implied volatility was 31.71%, with a change of - 1.08%, the annual average implied volatility was 31.82%, and HISV20 was 21.28% [30] 3.3.4 Option Strategy Suggestions - Directional strategy: None - Volatility strategy: Construct a short - volatility short call + put option combination strategy to obtain option time value and directional returns. Dynamically adjust the positions to keep the delta of the positions neutral, such as S_SI2605P8000, S_SI2605P8200, S_SI2605C8800, and S_SI2605C9000 [32]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report provides market data, analysis, and strategy suggestions for three types of new energy options: lithium carbonate (LC), polysilicon (PS), and industrial silicon (SI) [4][17][29]. Summary by Related Catalogs 1. Lithium Carbonate (LC) a. Futures Market Data - The C2605 contract of LC had a closing price of 157,200 yuan, a decrease of 1,020 yuan or -0.64%. The trading volume was 260,930 lots, and the open interest was 246,385 lots, with a decrease of 5,572 lots [4]. b. Option Factors - Volume and Open Interest PCR - For LC call options, the trading volume was 188,391 lots, an increase of 19,225 lots. The open interest was 148,001 lots, an increase of 10,352 lots. The volume PCR was 0.76, with a change of 0.02, and the open interest PCR was 1.03, with a change of 0.02 [5]. c. Option Factors - Pressure and Support - The at - the - money strike price of the LC option was 158,000 yuan. The resistance level was 208,000 yuan, and the support level was 120,000 yuan. The weighted implied volatility was 70.83%, with a decrease of 2.70%. The annual average implied volatility was 47.14%, and HISV20 was 65.86% [6]. d. Market Interpretation and Strategy Suggestions - The LC2605 contract closed at 159,120 yuan yesterday, an increase of 6,620 yuan or 4.34%. The trading volume was 233,304 lots, an increase of 2,233 lots, and the open interest was 251,957 lots, a decrease of 8,739 lots. The implied volatility of LC options fluctuated above the mean of 0.0000. The open interest PCR of LC options was 1.005, at the 84.08% level in the past year. The resistance and support levels were 208,000 yuan and 120,000 yuan respectively. For strategies, there is no directional strategy, and for volatility strategy, a neutral - biased call + put option combination strategy can be constructed to obtain option time value, and the position should be adjusted dynamically to keep the delta of the position neutral, such as S_LC2605P130000, S_LC2605P140000, S_LC2605C150000, S_LC2605C160000 [7][8]. 2. Polysilicon (PS) a. Futures Market Data - The PS2605 contract of PS had a closing price of 35,540 yuan, a decrease of 1,015 yuan or -2.77%. The trading volume was 8,559 lots, a decrease of 3,900 lots, and the open interest was 33,451 lots, an increase of 631 lots [17]. b. Option Factors - Volume and Open Interest PCR - For PS call options, the trading volume was 25,771 lots, an increase of 2,161 lots. The open interest was 56,828 lots, an increase of 6,251 lots. The volume PCR was 0.25, with a change of 0.03, and the open interest PCR was 0.34, with a decrease of 0.02 [18]. c. Option Factors - Pressure and Support - The at - the - money strike price of the PS option was 35,500 yuan. The resistance level was 70,000 yuan, and the support level was 35,000 yuan. The weighted implied volatility was 89.08%, with an increase of 0.56%. The annual average implied volatility was 45.91%, and HISV20 was 37.68% [19]. d. Market Interpretation and Strategy Suggestions - The PS2605 contract closed at 36,750 yuan yesterday, an increase of 990 yuan or 2.76%. The trading volume was 12,429 lots, an increase of 297 lots, and the open interest was 32,820 lots, an increase of 74 lots. The implied volatility of PS options fluctuated above the mean of 0.0000. The open interest PCR of PS options was 0.3649, at the 0.00% level in the past year. The resistance and support levels were 70,000 yuan and 35,000 yuan respectively. For strategies, a bear - spread put option combination strategy can be constructed to obtain directional returns, such as B_PS2605P38000, S_PS2605P33500. There is no volatility strategy [20][21]. 3. Industrial Silicon (SI) a. Futures Market Data - The SI2605 contract of SI had a closing price of 8,735 yuan, an increase of 1 yuan or 0.57%. The trading volume was 140,735 lots, a decrease of 77,224 lots, and the open interest was 229,643 lots, a decrease of 2,435 lots [29]. b. Option Factors - Volume and Open Interest PCR - For SI call options, the trading volume was 80,772 lots, a decrease of 30,393 lots. The open interest was 110,146 lots, an increase of 2,844 lots. The volume PCR was 0.32, with an increase of 0.04, and the open interest PCR was 0.44, with an increase of 0.03 [30]. c. Option Factors - Pressure and Support - The at - the - money strike price of the SI option was 8,700 yuan. The resistance level was 11,000 yuan, and the support level was 8,000 yuan. The weighted implied volatility was 32.80%, with a decrease of 0.22%. The annual average implied volatility was 31.78%, and HISV20 was 21.69% [31]. d. Market Interpretation and Strategy Suggestions - The SI2605 contract closed at 8,770 yuan yesterday, an increase of 150 yuan or 1.74%. The trading volume was 217,959 lots, an increase of 71,851 lots, and the open interest was 232,078 lots, an increase of 10,877 lots. The implied volatility of SI options fluctuated above the mean of 0.0000. The open interest PCR of SI options was 0.4133, at the 23.67% level in the past year. The resistance and support levels were 11,000 yuan and 8,000 yuan respectively. For strategies, there is no directional strategy, and for volatility strategy, a short - volatility call + put option combination strategy can be constructed to obtain option time value and directional returns, and the position should be adjusted dynamically to keep the delta of the position neutral, such as S_SI2605P8000, S_SI2605P8200, S_SI2605C8800, S_SI2605C9000 [32][33].

Group 1: Report Summary - The report is the Commodity Options Daily Report on March 26, 2026, providing data on option quotes, positions, and other aspects [1] Group 2: Option Quotes - Among call options, industrial silicon had the highest daily increase of 53.11%, followed by lithium carbonate at 51.40%, and synthetic rubber at 44.05%. Among put options, iron ore had the highest daily increase of 47.75%, followed by fuel oil at 42.12%, and asphalt at 36.38% [1] Group 3: Option Positions - In terms of call option position daily changes, p-xylene had the largest increase of 23,812, followed by corn at 20,719, and soda ash at 20,087. For put options, coking coal had an increase of 5,133, methanol had an increase of 4,572, and ethylene glycol had an increase of 4,070 [2] Group 4: Option Position Put - Call Ratio (PCR) - High - position PCR varieties include fuel oil with a PCR of 1.8962, short - fiber with 1.5285, and apple with 1.4112. Low - position PCR varieties include live pigs with 0.2019, red dates with 0.2475, and alumina with 0.3471 [5] Group 5: Option Volume Put - Call Ratio (PCR) - High - volume PCR varieties include propylene with a PCR of 9.625, short - fiber with 9.5778, and polypropylene with 2.3977. Low - volume PCR varieties include red dates with 0.1836, soda ash with 0.2033, and polysilicon with 0.2218 [6] Group 6: Daily Selections - Call option selections include synthetic rubber, ferromanganese silicon, and coking coal. Put option selections include soybeans No.1, soybeans No.2, and rapeseed meal [7] Group 7: Near - Expiry Options - For call options, p - xylene, red dates, and apples are near - expiry. For put options, p - xylene, red dates, and apples are also near - expiry, with corresponding break - even prices and price increase/decrease rates provided [8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The report presents market data, analysis, and strategy suggestions for three types of new - energy options: lithium carbonate (LC), polysilicon (PS), and industrial silicon (SI). It analyzes the price trends, volatility, and market sentiment of each option, and provides corresponding trading strategies based on the analysis [7][19][32]. 3. Summary by Option Type Lithium Carbonate (LC) - **Market Data**: The LC2605 contract closed at 149,040 yuan yesterday, up 1,500 yuan or 1.01% from the previous day. The trading volume was 228,178 lots, down 30,098 lots, and the open interest was 269,477 lots, down 7,101 lots [4][7]. - **Option Factors**: The implied volatility of LC options fluctuates above the annual average of 0.4655. The open - interest PCR is 0.9302, at the 78.37% level in the past year. The pressure level is 208,000 yuan, and the support level is 120,000 yuan [6][7]. - **Strategy Suggestions**: For the directional strategy, there is no suggestion. For the volatility strategy, build a neutral - biased short call + put option combination strategy to obtain option time value and keep the delta of the position neutral, such as S_LC2605P130000, S_C23605P140000, S_LC2605C150000, and S_LC2605C160000 [8]. Polysilicon (PS) - **Market Data**: The PS2605 contract closed at 35,435 yuan yesterday, down 3,130 yuan or 8.11% from the previous day. The trading volume was 12,786 lots, up 4,196 lots, and the open interest was 32,015 lots, down 1,305 lots [16][19]. - **Option Factors**: The implied volatility of PS options fluctuates above the annual average of 0.4506. The open - interest PCR is 0.4268, at the 0.00% level in the past year. The pressure level is 70,000 yuan, and the support level is 35,000 yuan [18][19]. - **Strategy Suggestions**: For the directional strategy, build a bearish put option spread strategy to obtain directional returns, such as B_PS2605P38000, S_PS2605P34000. For the volatility strategy, there is no suggestion [20]. Industrial Silicon (SI) - **Market Data**: The SI2605 contract closed at 8,575 yuan yesterday, up 155 yuan or 1.84% from the previous day. The trading volume was 221,416 lots, down 23,563 lots, and the open interest was 230,888 lots, down 14,351 lots [32]. - **Option Factors**: The implied volatility of SI options fluctuates above the annual average of 0.3161. The open - interest PCR is 0.4434, at the 41.22% level in the past year. The pressure level is 11,000 yuan, and the support level is 8,000 yuan [31][32]. - **Strategy Suggestions**: For the directional strategy, there is no suggestion. For the volatility strategy, build a short - volatility short call + put option combination strategy to obtain option time value and directional returns, and keep the delta of the position neutral, such as S_SI2605P8000, S_SI2605P8200, S_SI2605C8800, and S_SI2605C9000 [33].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report provides an in - depth analysis of the option markets for lithium carbonate, polysilicon, and industrial silicon, including market data, option factors, and offers corresponding trading strategies based on the analysis of each option's market conditions [7][18][30]. 3. Summary by Directory 3.1 Lithium Carbonate Option - **Market Data**: The LC2605 contract closed at 143,860 yuan yesterday, down 1,500 yuan or 1.03% from the previous day. The trading volume was 258,276 lots, a decrease of 30,295 lots, and the open interest was 276,578 lots, a decrease of 6,167 lots [4][7]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of lithium carbonate call options was 133,069, a decrease of 1,473, and the open interest was 131,120, an increase of 2,581. The trading volume of put options was 110,958, a decrease of 37,604, and the open interest was 121,136, an increase of 8,196. The trading volume PCR was 0.83, a decrease of 0.27, and the open - interest PCR was 0.92, an increase of 0.05 [5]. - **Option Factors - Pressure and Support**: The at - the - money strike price was 144,000, the resistance level was 208,000, and the support level was 120,000. The weighted implied volatility was 66.75%, a decrease of 3.29%, the annual average implied volatility was 46.37%, and HISV20 was 68.01% [6]. - **Option Strategies**: For the directional strategy, there is no recommendation. For the volatility strategy, construct a short neutral call + put option combination strategy to obtain the option's time value and dynamically adjust the positions to keep the delta of the positions neutral, such as S_LC2605P130000, S_C23605P140000, S_LC2605C150000, S_LC2605C160000 [8]. 3.2 Polysilicon Option - **Market Data**: The PS2605 contract closed at 37,765 yuan yesterday, down 975 yuan or 2.51% from the previous day. The trading volume was 8,590 lots, a decrease of 4,912 lots, and the open interest was 33,320 lots, an increase of 354 lots [15][18]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of polysilicon call options was 14,881, a decrease of 1,018, and the open interest was 39,733, an increase of 2,128. The trading volume of put options was 4,795, a decrease of 9,248, and the open interest was 18,211, an increase of 63. The trading volume PCR was 0.32, a decrease of 0.56, and the open - interest PCR was 0.46, a decrease of 0.02 [16]. - **Option Factors - Pressure and Support**: The at - the - money strike price was 38,000, the resistance level was 70,000, and the support level was 35,000. The weighted implied volatility was 76.20%, an increase of 11.71%, the annual average implied volatility was 44.80%, and HISV20 was 33.51% [17]. - **Option Strategies**: For the directional strategy, construct a bearish put spread strategy to obtain directional returns, such as B_PS2605P41000, S_PS2605P36000. For the volatility strategy, there is no recommendation [19]. 3.3 Industrial Silicon Option - **Market Data**: The SI2605 contract closed at 8,455 yuan yesterday, up 145 yuan or 1.74% from the previous day. The trading volume was 244,979 lots, an increase of 72,243 lots, and the open interest was 245,239 lots, a decrease of 8,310 lots [27][30]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of industrial silicon call options was 81,980, an increase of 46,969, and the open interest was 96,790, an increase of 4,056. The trading volume of put options was 33,245, a decrease of 1,669, and the open interest was 42,128, an increase of 1,573. The trading volume PCR was 0.41, a decrease of 0.59, and the open - interest PCR was 0.44 [28]. - **Option Factors - Pressure and Support**: The at - the - money strike price was 8,500, the resistance level was 11,000, and the support level was 8,000. The weighted implied volatility was 31.65%, an increase of 1.18%, and HISV20 was 19.19% [29]. - **Option Strategies**: For the directional strategy, there is no recommendation. For the volatility strategy, construct a short call + put option combination strategy to short volatility, obtain the option's time value and directional returns, and dynamically adjust the positions to keep the delta of the positions neutral, such as S_SI2605P8000, S_SI2605P8200, S_SI2605C8800, S_SI2605C9000 [31].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The report analyzed the market data, option factors, and provided trading strategies for lithium carbonate, polysilicon, and industrial silicon options [6][17][28]. - For lithium carbonate options, the LC2605 contract price decreased, and a neutral volatility strategy was recommended [6][7]. - For polysilicon options, the PS2605 contract price decreased, and a bear - spread put option strategy was suggested [17][18]. - For industrial silicon options, the SI2605 contract price decreased slightly, and a volatility - selling strategy was proposed [28][29]. 3. Summary According to the Catalog 3.1 Lithium Carbonate Options 3.1.1 Market Data - The LC2605 contract closed at 142,600 yuan, down 9,700 yuan or 6.36% from the previous day. The trading volume was 288,571 lots, an increase of 82,682 lots, and the open interest was 282,745 lots, a decrease of 24,677 lots [3][6]. 3.1.2 Option Factors - The trading volume of LC (lithium carbonate call options) was 134,542, with an increase of 48,795, and the open interest was 128,539, with an increase of 1,696. The trading volume of LC (lithium carbonate put options) was 148,562, with an increase of 70,681, and the open interest was 112,940, with a decrease of 1,660. The volume PCR change was 0.2, and the open - interest PCR was 0.88, with a change of - 0.02 [4]. - The pressure level was 208,000, the support level was 120,000, the weighted implied volatility was 70.04%, the change in weighted implied volatility was 1.31%, the annual average implied volatility was 46.21%, and HISV2 was 72.53% [5]. 3.1.3 Strategy Suggestions - Directional strategy: None. - Volatility strategy: Construct a neutral - selling call + put option combination strategy to obtain option time value and adjust positions dynamically to keep the delta neutral, such as S_LC2605P130000, S_LC2605P140000, S_LC2605C150000, S_LC2605C160000 [7]. 3.2 Polysilicon Options 3.2.1 Market Data - The PS2605 contract closed at 38,550 yuan, down 2,360 yuan or 5.76% from the previous day. The trading volume was 13,502 lots, an increase of 4,804 lots, and the open interest was 32,966 lots, a decrease of 1,612 lots [14][17]. 3.2.2 Option Factors - The trading volume of PS (polysilicon call options) was 15,899, with an increase of 1,172, and the open interest was 37,605, with an increase of 1,563. The trading volume of PS (polysilicon put options) was 14,043, with an increase of 6,794, and the open interest was 18,148, with a decrease of 19. The volume PCR was 0.88, with a change of 0.39, and the open - interest PCR was 0.48, with a change of - 0.02 [15]. - The pressure level was 70,000, the support level was 35,000, the weighted implied volatility was 64.48%, the change in weighted implied volatility was 5.32%, the annual average implied volatility was 44.56%, and HISV was 32.47% [16]. 3.2.3 Strategy Suggestions - Directional strategy: Construct a bear - spread put option strategy to obtain directional returns, such as B_PS2605P41000, S_PS2605P36000 [18]. - Volatility strategy: None. 3.3 Industrial Silicon Options 3.3.1 Market Data - The SI2605 contract closed at 8,285 yuan, down 150 yuan or 1.77% from the previous day. The trading volume was 172,736 lots, a decrease of 33,633 lots, and the open interest was 253,549 lots, an increase of 6,591 lots [25][28]. 3.3.2 Option Factors - The trading volume of SI (industrial silicon call options) was 35,011, with a decrease of 8,850, and the open interest was 92,734, with an increase of 4,073. The trading volume of SI (industrial silicon put options) was 34,914, with an increase of 266, and the open interest was 40,555, with an increase of 1,182. The volume PCR change was 0.21, and the open - interest PCR was 0.44, with a change of - 0.01 [26]. - The pressure level was 11,000, the support level was 8,000, the weighted implied volatility was 30.47%, the change in weighted implied volatility was - 0.25%, the annual average implied volatility was 31.51%, and HISV20 was 18.84% [27]. 3.3.3 Strategy Suggestions - Directional strategy: None. - Volatility strategy: Construct a volatility - selling call + put option combination strategy to obtain option time value and directional returns, and adjust positions dynamically to keep the delta neutral, such as S_SI2605P8000, S_SI2605P8200, S_SI2605C8800, S_SI2605C9000 [29].

Group 1: Report Overview - The report is the Commodity Options Daily Report on March 19, 2026, provided by Dayue Futures [1] Group 2: Option Quotes Call Options - The top five daily gainers among call options are asphalt (56.14%), egg (25.20%), methanol (12.75%), lead (11.29%), and ethylene glycol (-5.88%). The top five daily losers are alumina (-14.56%), polypropylene (-10.81%), corn (-10.00%), log (-7.06%), and ethylene glycol (-5.88%) [1] Put Options - The top five daily gainers among put options are zinc (86.17%), offset printing paper (79.69%), red dates (73.94%), ferrosilicon (65.77%), and industrial silicon (52.49%). The top five daily losers are not provided as all listed put options have positive daily changes [1] Group 3: Option Positions Call Options - The top five in terms of daily change in call option positions are glass (17,638), methanol (13,647), soda ash (12,311), p-xylene (12,210), and styrene (11,616) [3] Put Options - The top five in terms of daily change in put option positions are methanol (18,936), cotton (12,904), p-xylene (12,559), asphalt (12,070), and soybean meal (10,487) [3] Group 4: Option Position Put - Call Ratio (PCR) High PCR - The top five high PCR positions are fuel oil (2.0196), p-xylene (1.7365), apple (1.6524), short fiber (1.4331), and crude oil (1.4282) [6] Low PCR - The top five low PCR positions are red dates (0.225), live pigs (0.2324), coking coal (0.3701), soda ash (0.3704), and urea (0.408) [6] Group 5: Option Volume Put - Call Ratio (PCR) High PCR - The top five high PCR volumes are polypropylene (1.8725), copper (1.8452), zinc (1.4677), plastic (1.4231), and silver (1.2786) [7] Low PCR - The top five low PCR volumes are platinum (0.1787), palladium (0.2026), red dates (0.2146), urea (0.2374), and alumina (0.2567) [7] Group 6: Daily Selections Call Options - Recommended call options include alumina (ao2605C3050), methanol (MA609C2800), ethylene glycol (eg2605 - C - 4900), asphalt (bu2605C4600), and iron ore (i2605 - C - 820) [8] Put Options - Recommended put options include gold (au2606P1088), copper (cu2605P92000), zinc (zn2605P22600), silver (ag2606P19600), and pulp (sp2605P4950) [8] Group 7: Near - Expiry Options Call Options - Near - expiry call options include those on SSE 50 (HO2603 - C - 3000), CSI 300 (IO2603 - C - 4700), and CSI 1000 (MO2603 - C - 8100) [9] Put Options - Near - expiry put options include those on SSE 50 (HO2603 - P - 2950), CSI 300 (IO2603 - P - 4650), and CSI 1000 (MO2603 - P - 8000) [9]