Report Overview - The report is an early morning report on oil product options dated April 1, 2026, covering liquefied gas (PG) and crude oil (SC) options [1][3] 1. Liquefied Gas (PG) Options 1.1 Market Data - The closing price of the pg2605 contract was 6339 yuan, down 376 yuan or 5.59% from the previous day. The trading volume was 165,022 lots, a decrease of 1,687 lots, and the open interest was 50,737 lots, a decrease of 3,099 lots [4][7] 1.2 Option Factors - **Volume and Open Interest PCR**: The trading volume of PG (liquefied gas call options) was 25,210, a decrease of 9,783, and the open interest was 19,122, an increase of 409. The trading volume of PG (liquefied gas put options) was 19,137, an increase of 4,209, and the open interest was 20,240, an increase of 201. The volume PCR was 0.76, an increase of 0.33, and the open interest PCR was 1.06, a decrease of 0.01 [5] - **Pressure and Support**: The pressure level of PG options was 7,500, and the support level was 3,400. The weighted implied volatility was 79.26%, a decrease of 4.09%, and the annual average implied volatility was 29.43% [6] 1.3 Market Analysis - The implied volatility of PG options fluctuated above the mean of 0.2943. The open interest PCR of PG options was reported at 1.0585, at the 91.84% level in the past year [7] 1.4 Strategy Recommendations - **Directional Strategy**: None - **Volatility Strategy**: Due to high geopolitical risks, strategies based on selling (such as single selling and double selling) are not recommended [8] 2. Crude Oil (SC) Options 2.1 Market Data - The closing price of the sc2605 contract was 740.6 yuan, down 22.4 yuan or 2.93% from the previous day. The trading volume was 91,655 lots, a decrease of 10,950 lots, and the open interest was 49,215 lots, a decrease of 4,196 lots [16][19] 2.2 Option Factors - **Volume and Open Interest PCR**: The trading volume of SC (crude oil call options) was 133,102, a decrease of 708, and the open interest was 68,576, an increase of 240. The trading volume of SC (crude oil put options) was 93,706, an increase of 11,936, and the open interest was 95,768, an increase of 1,402. The volume PCR was 0.7, an increase of 0.09, and the open interest PCR was 1.4, an increase of 0.02 [17] - **Pressure and Support**: The pressure level of SC options was 1,050, and the support level was 500. The weighted implied volatility was 106.39%, a decrease of 7.30%, and the annual average implied volatility was 45.55% [18] 2.3 Market Analysis - The implied volatility of SC options fluctuated above the mean of 0.4555. The open interest PCR of SC options was reported at 1.3965, at the 91.43% level in the past year [19] 2.4 Strategy Recommendations - **Directional Strategy**: Construct a bull call spread strategy to obtain directional returns - **Volatility Strategy**: Due to high geopolitical risks, strategies based on selling (such as single selling and double selling) are not recommended [20]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - For both PG (liquefied gas) and SC (crude oil) options, it's recommended to construct a bull spread combination strategy of call options for directional gains, and due to large geopolitical risks, strategies mainly based on sellers (such as single - selling and double - selling) are not recommended [7][20] 3. Summary by Relevant Catalogs 3.1 PG (Liquefied Gas) Options - **标的期货市场数据** - The closing price of the pg2605 contract yesterday was 6,759 yuan, up 181 yuan or 2.75% from the previous day. The trading volume was 183,925 lots, a decrease of 35,413 lots from the previous day, and the open interest was 58,866 lots, a decrease of 2,617 lots from the previous day [6] - For the PG (liquefied gas option) in the table, the price was 6,606, down 0.16%, the trading volume was 166,709, and the open interest was 23,836, a decrease of 5,030 [3] - **期权因子 - 量仓PCR** - The trading volume of PG (liquefied gas call options) was 34,993, an increase of 6,746; the open interest was 18,713, a decrease of 13; the trading volume PCR was 0.43, a decrease of 0.04; the open interest PCR was 1.07, an increase of 0.02. The trading volume of PG (liquefied gas put options) was 14,928, an increase of 1,626; the open interest was 20,039, an increase of 291 [4] - The PG option open interest PCR was reported at 1.0546, at the 92.24% level in the past year [6] - **期权因子 - 压力支撑** - The at - the - money strike price of PG (liquefied gas options) was 6,600, the resistance level was 7,500, the support level was 3,400, the weighted implied volatility was 83.35%, a decrease of 3.15%, the annual average implied volatility was 29.18%, and HISV20 was 70.36% [5] - From the perspective of options, the resistance level of the PG option underlying was 7,500, and the support level was 3,400 [6] - **行情解读与策略建议** - The implied volatility of PG (liquefied gas options) fluctuated above the mean of 0.2891 [6] - Directional strategy: Construct a bull spread combination strategy of call options to obtain directional gains. Volatility strategy: Due to large geopolitical risks, strategies mainly based on sellers (such as single - selling and double - selling) are not recommended [7] 3.2 SC (Crude Oil) Options - **标的期货市场数据** - The closing price of the sc2605 contract yesterday was 740.8 yuan, up 12.4 yuan or 1.70% from the previous day. The trading volume was 95,496 lots, a decrease of 1,150 lots from the previous day, and the open interest was 52,438 lots, a decrease of 600 lots from the previous day [19] - For the SC (crude oil option) in the table, there are some unclear data, but it shows a 10% change [16] - **期权因子 - 量仓PCR** - The trading volume of SC (crude oil call options) was 133,810, an increase of 23,806; the open interest was 68,336, a decrease of 496; the trading volume PCR was 0.61, a decrease of 0.02; the open interest PCR was 1.38, an increase of 0.1. The trading volume of SC (crude oil put options) was 81,770, an increase of 12,102; the open interest was 94,366, an increase of 5,932 [17] - The SC option open interest PCR was reported at 1.2848, at the 89.80% level in the past year [19] - **期权因子 - 压力支撑** - The at - the - money strike price of SC (crude oil options) was 760, the resistance level was 940, the support level was 500, the weighted implied volatility was 113.69%, an increase of 1.25%, the annual average implied volatility was 45.22%, and HISV20 was 66.47% [18] - From the perspective of options, the resistance level of the SC option underlying was 940, and the support level was 500 [19] - **行情解读与策略建议** - The implied volatility of SC (crude oil options) fluctuated above the mean of 0.4486 [19] - Directional strategy: Construct a bull spread combination strategy of call options to obtain directional gains. Volatility strategy: Due to large geopolitical risks, strategies mainly based on sellers (such as single - selling and double - selling) are not recommended [20]

Report Information - Report Date: 2026-03-30 [3] - Authors: Li Liqin (Investment Research Senior Manager), Huang Kehan (Options Researcher) [2] - Contact Information: Email: lilq@wkqh.cn, huangkh@wkqh.cn; Phone: 0755 - 23375252 [2] PG (Liquefied Gas) Options Market Data - Underlying Contract: pq2605 - Closing Price: 6759 - Price Change: 181 - Percentage Change: 2.75% - Trading Volume (10,000 lots): 183925 - Volume Change: -35413 - Open Interest (10,000 lots): 28866 - Open Interest Change: -2617 [4] Option Factor - Volume and Open Interest PCR - Call Option Volume: 28247 - Call Option Volume Change: -6376 - Call Option Open Interest: 18726 - Call Option Open Interest Change: 470 - Put Option Volume: 13302 - Put Option Volume Change: -660 - Put Option Open Interest: 19748 - Put Option Open Interest Change: 212 - Volume PCR: 0.47 - Volume PCR Change: 0.07 - Open Interest PCR: 1.05 - Open Interest PCR Change: -0.02 [5] Option Factor - Pressure and Support - Pressure Level: 7500 - Support Level: 3400 - Weighted Implied Volatility: 86.50% - Implied Volatility Change: 1.67% [6] Market Analysis and Strategy Recommendations - Yesterday's Closing Price of pg2605: 6541 yuan, down 53 yuan (-0.80%) from the previous day - Trading Volume: 219338 lots, a decrease of 144943 lots from the previous day - Position Transfer Volume: 61483 lots, a decrease of 4880 lots from the previous day - Implied Volatility of PG Options: Fluctuating above the average of 0.2863 - Open Interest PCR of PG Options: 1.0701, at the 93.88% level in the past year - Pressure Level: 7500 - Support Level: 3400 - Directional Strategy: Construct a bull spread strategy with call options to obtain directional returns - Volatility Strategy: Due to high geopolitical risks, strategies based on selling (such as single selling and double selling) are not recommended [7][8] SC (Crude Oil) Options Market Data - Underlying Contract: sc2605 - Closing Price: 740.8 - Price Change: i (unclear) - Percentage Change: 70% (unclear) - Trading Volume (10,000 lots): 95496 - Volume Change: ro ı (unclear) - Open Interest (10,000 lots): 52438 - Open Interest Change: -600 [16] Option Factor - Volume and Open Interest PCR - Call Option Volume: 110004 - Call Option Volume Change: -2488 - Call Option Open Interest: 68832 - Call Option Open Interest Change: 476 - Put Option Volume: 69668 - Put Option Volume Change: -5376 - Put Option Open Interest: 88434 - Put Option Open Interest Change: 1576 - Volume PCR: 0.63 - Volume PCR Change: -0.03 - Open Interest PCR: 1.28 - Open Interest PCR Change: 0.01 [17] Option Factor - Pressure and Support - Pressure Level: 940 - Support Level: 500 - Weighted Implied Volatility: 44.86% - Implied Volatility Change: 3.43% [18] Market Analysis and Strategy Recommendations - Yesterday's Closing Price of sc2605: 733.1 yuan, up 5.9 yuan (0.81%) from the previous day - Trading Volume: 96646 lots, no change from the previous day - Open Interest: 53038 lots, a decrease of 1367 lots from the previous day - Implied Volatility of SC Options: Fluctuating above the average of 0.4451 - Open Interest PCR of SC Options: 1.2707, at the 89.39% level in the past year - Pressure Level: 940 - Support Level: 500 - Directional Strategy: Construct a bull spread strategy with call options to obtain directional returns - Volatility Strategy: Due to high geopolitical risks, strategies based on selling (such as single selling and double selling) are not recommended [19][20]

Group 1: Report General Information - Report date: March 27, 2026 [1][3] - Authors: Li Liqin (Senior Manager of Investment Research), Huang Kehan (Options Researcher) [2] - Contact information: Email: lilq@wkqh.cn, huangkh@wkqh.cn; Phone: 0755 - 23375252 [2] Group 2: Liquefied Petroleum Gas (PG) Options 2.1. Futures Market Data - PG (Liquefied Petroleum Gas) options, underlying contract pg2605, closing price 6541, change 0.80%, trading volume 219,338, open interest 144,943, change -4,880 [4] 2.2. Option Factors - Volume and Open Interest PCR - PG (Liquefied Petroleum Gas) call options: trading volume 34,623, change -7,478; open interest 18,256, change 1,722; volume PCR 0.4, change -0.43; open interest PCR 1.07, change -0.09 [5] - PG (Liquefied Petroleum Gas) put options: trading volume 13,962, change -21,236; open interest 19,536, change 340 [5] 2.3. Option Factors - Pressure and Support - PG (Liquefied Petroleum Gas) options, underlying contract pg2605, at - the - money strike price 6500, resistance level 7500, support level 3400, weighted implied volatility 84.83%, change -5.15%, annual average implied volatility 28.63%, HISV20 70.64% [6] 2.4. Market Analysis and Strategy Recommendations - Market analysis: pg2605 contract closed at 6550 yuan yesterday, down 571 yuan or 8.01% from the previous day; trading volume 364,281 lots, down 184,489 lots; open interest 66,363 lots, up 1018 lots; implied volatility of PG options fluctuates above the mean of 0.0000; open interest PCR of PG options is 1.161, at the 97.14% level in the past year; resistance level is 7500, support level is 3400 [7] - Strategy recommendations: Directional strategy - Construct a bull spread strategy of call options to obtain directional returns; Volatility strategy - Due to high geopolitical risks, strategies based on selling (such as single - selling and double - selling) are not recommended [8] Group 3: Crude Oil (SC) Options 3.1. Futures Market Data - SC (Crude Oil) options, underlying contract sc2605, closing price 733.1, change 0.81%, trading volume 96,646, open interest 53,038, change -1,367 [16] 3.2. Option Factors - Volume and Open Interest PCR - SC (Crude Oil) call options: trading volume 112,492, change -17,668; open interest 85,358, change 3,094; volume PCR 0.67, change -0.16; open interest PCR 1.27, change -0.02 [17] - SC (Crude Oil) put options: trading volume 75,044, change -32,904; open interest 86,858, change 2,672 [17] 3.3. Option Factors - Pressure and Support - SC (Crude Oil) options, underlying contract sc2605, at - the - money strike price 730, resistance level 940, support level 500, weighted implied volatility 109.01%, change 1.13%, annual average implied volatility 44.51%, HISV20 73.83% [18] 3.4. Market Analysis and Strategy Recommendations - Market analysis: sc2605 contract closed at 723.9 yuan yesterday, down 28 yuan or 3.72% from the previous day; trading volume 143,986 lots, down 64,085 lots; transfer volume 54,405 lots, down 1,289 lots; implied volatility of SC options fluctuates above the mean of 0.0000; open interest PCR of SC options is 1.29, at the 90.20% level in the past year; resistance level is 940, support level is 500 [19] - Strategy recommendations: Directional strategy - Construct a bull spread strategy of call options to obtain directional returns; Volatility strategy - Due to high geopolitical risks, strategies based on selling (such as single - selling and double - selling) are not recommended [20]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints - For PG (Liquefied Gas) options, the pg2604 contract closed at 7281 yuan yesterday, up 721 yuan or 10.99% from the previous day. The implied volatility of PG options fluctuates above the mean of 0.2771. The PG option's open interest PCR is at 0.9665, at the 89.80% level in the past year. The pressure level is 7500, and the support level is 3400 [7]. - For SC (Crude Oil) options, the sc2605 contract closed at 834.6 yuan yesterday, up 58.2 yuan or 7.49% from the previous day. The implied volatility of SC options fluctuates above the mean of 0.4350. The SC option's open interest PCR is at 1.5055, at the 95.51% level in the past year. The pressure level is 940, and the support level is 500 [20]. 3. Summary by Relevant Catalogs 3.1. PG (Liquefied Gas) Options - **标的期货市场数据**: The pa2604 contract of PG options closed at 7281 yuan, up 77 yuan or 10.99%. The trading volume was 150713 lots, a decrease of 78129 lots from the previous day, and the open interest was 19616 lots, a decrease of 188 lots [4]. - **期权因子 - 量仓PCR**: The trading volume of PG (Liquefied Gas Call Options) was 52057 lots, a decrease of 4563 lots, and the open interest was 14657 lots, an increase of 4433 lots. The trading volume PCR was 0.28, and the open interest PCR was 0.97, a decrease of 0.03 [5]. - **期权因子 - 压力支撑**: For the pg2605 contract of PG options, the at - the - money strike price was 7200, the pressure level was 7500, the support level was 3400, the weighted implied volatility was 121.90%, an increase of 41.62%, the annual average implied volatility was 27.71%, and HISV20 was 61.92% [6]. - **行情解读与策略建议**: - **标的行情解析及期权因子研究**: As mentioned in the core viewpoints [7]. - **期权策略建议**: Construct a call option bull spread combination strategy for directional gains. Due to high geopolitical risks, strategies mainly based on sellers (such as single - selling and double - selling) are not recommended [8]. 3.2. SC (Crude Oil) Options - **标的期货市场数据**: The sc2605 contract of SC options closed at 834.6 yuan, up 58.2 yuan or 7.49%. The trading volume was 140734 lots, a decrease of 37480 lots from the previous day, and the open interest was 56999 lots, a decrease of 1101 lots [17]. - **期权因子 - 量仓PCR**: The trading volume of SC (Crude Oil Call Options) was 124114 lots, a decrease of 16922 lots, and the open interest was 52016 lots, a decrease of 874 lots. The trading volume PCR was 0.58, a decrease of 0.16, and the open interest PCR was 1.51, an increase of 0.09 [18]. - **期权因子 - 压力支撑**: For the sc2605 contract of SC options, the at - the - money strike price was 830, the pressure level was 940, the support level was 500, the weighted implied volatility was 113.52%, an increase of 9.91%, the annual average implied volatility was 43.50%, and HISV20 was 90.38% [19]. - **行情解读与策略建议**: - **标的行情解析及期权因子研究**: As mentioned in the core viewpoints [20]. - **期权策略建议**: Construct a call option bull spread combination strategy for directional gains. Due to high geopolitical risks, strategies mainly based on sellers (such as single - selling and double - selling) are not recommended [21].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - For PG (Liquefied Gas) options, the pg2604 contract closed at 6735 yuan yesterday, up 524 yuan or 8.43% from the previous day, with a trading volume of 228,842 lots, an increase of 115,111 lots, and an open interest of 19,804 lots, a decrease of 10,610 lots. The implied volatility of PG options fluctuates above the average of 0.2728. The PCR of PG option open interest is 0.9946, at the 90.61% level in the past year. The pressure level of the PG option underlying is 6700, and the support level is 3400 [7]. - For SC (Crude Oil) options, the sc2605 contract closed at 773.6 yuan yesterday, down 29.8 yuan or 3.70% from the previous day, with a trading volume of 178,214 lots, a decrease of 18,860 lots, and an open interest of 58,100 lots, a decrease of 3,551 lots. The implied volatility of SC options fluctuates above the average of 0.4315. The PCR of SC option open interest is 1.4199, at the 93.06% level in the past year. The pressure level of the SC option underlying is 940, and the support level is 500 [19]. 3. Summary by Relevant Catalogs 3.1 PG (Liquefied Gas) Options - **Underlying Futures Market Data**: The pg2604 contract closed at 6735 yuan, up 8.43% from the previous day, with a trading volume of 228,842 lots and an open interest of 19,804 lots [4][7]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of PG (liquefied gas call options) is 56,620, an increase of 31,268; the open interest is 10,224, an increase of 2,353; the trading volume PCR is 0.28, an increase of 0.1; the open interest PCR is 0.99, an increase of 0.39 [5]. - **Option Factor - Pressure and Support**: The underlying contract of PG (liquefied gas options) is pg2605, the at - the - money strike price is 6700, the pressure level is 6700, the support level is 3400, the weighted implied volatility is 80.29%, a decrease of 12.41%, the annual average implied volatility is 27.28%, and HISV20 is 61.35% [6]. - **Market Analysis and Strategy Recommendations**: The implied volatility of PG options fluctuates above the average. The PCR of open interest is at a high level. It is recommended to construct a bull - spread strategy for call options for directional trading. Due to high geopolitical risks, strategies mainly based on sellers are not recommended [7][8]. 3.2 SC (Crude Oil) Options - **Underlying Futures Market Data**: The sc2605 contract closed at 773.6 yuan, down 3.70% from the previous day, with a trading volume of 178,214 lots and an open interest of 58,100 lots [16][19]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of SC (crude oil call options) is 141,036, a decrease of 43,174; the open interest is 52,890, an increase of 3,024; the trading volume PCR is 0.73, an increase of 0.23; the open interest PCR is 1.42, a decrease of 0.08 [17]. - **Option Factor - Pressure and Support**: The underlying contract of SC (crude oil options) is sc2605, the at - the - money strike price is 770, the pressure level is 940, the support level is 500, the weighted implied volatility is 103.62%, a decrease of 1.49%, the annual average implied volatility is 43.15%, and HISV20 is 90.38% [18]. - **Market Analysis and Strategy Recommendations**: The implied volatility of SC options fluctuates above the average. The PCR of open interest is at a high level. It is recommended to construct a bull - spread strategy for call options for directional trading. Due to high geopolitical risks, strategies mainly based on sellers are not recommended [19][20].

Group 1: Report Information - Report Date: March 20, 2026 [1][19] - Report Title: Oil Options Morning Report [1] - Authors: Li Liqin (Senior Investment Research Manager), Huang Kehan (Options Researcher) [2] - Contact Information: Email: lilq@wkqh.cn, huangkh@wkqh.cn; Phone: 0755 - 23375252 [2] Group 2: LPG Option Market Data Futures Market Data - Option Variety: PG (LPG Option) - Underlying Contract: pa2604 - Closing Price: 6392 yuan - Price Increase: 633 yuan (10.99%) - Trading Volume: 113,731 lots (increase of 30,274 lots) - Open Interest: 30,414 lots (increase of 412 lots) [3][6] Option Factor - Volume and Open Interest PCR - Call Option: Volume 25,352 (increase of 22,986), Open Interest 7,871 (increase of 4,009), Volume PCR 0.18 (decrease of 0.54), Open Interest PCR 0.6 (decrease of 0.25) - Put Option: Volume 4,576 (increase of 2,866), Open Interest 4,749 (increase of 1,442) [4] Option Factor - Pressure and Support - Underlying Contract: pa2605 - Pressure Level: 6700 - Support Level: 3400 - Implied Volatility: Above the mean of 0.2705 - Open Interest PCR: 0.6034, at the 25.71% level in the past year [5][6] Market Analysis and Strategy Recommendations - Market Analysis: The LPG option underlying contract pa2604 had a significant price increase, with increased trading volume and open interest. The implied volatility remained above the mean, and the open interest PCR was at a relatively low level. - Strategy Recommendations: - Directional Strategy: Construct a bull call spread strategy to obtain directional returns. - Volatility Strategy: Due to high geopolitical risks, strategies based on selling options (such as single - selling or double - selling) are not recommended. [6][7] Group 3: Crude Oil Option Market Data Futures Market Data - Option Variety: SC (Crude Oil Option) - Underlying Contract: sc2605 - Closing Price: 814.9 yuan - Price Increase: 63.7 yuan (8.47%) - Trading Volume: 197,074 lots (increase of 43,359 lots) - Open Interest: 61,651 lots (increase of 5,338 lots) [14][17] Option Factor - Volume and Open Interest PCR - Call Option: Volume 184,210 (increase of 48,628), Open Interest 49,866 (decrease of 236), Volume PCR 0.5 (decrease of 0.3), Open Interest PCR 1.5 (increase of 0.07) - Put Option: Volume 92,938 (decrease of 16,174), Open Interest 74,642 (increase of 3,084) [15] Option Factor - Pressure and Support - Underlying Contract: sc2605 - Pressure Level: 940 - Support Level: 500 - Implied Volatility: Above the mean of 0.4284 - Open Interest PCR: 1.4969, at the 95.10% level in the past year [16][17] Market Analysis and Strategy Recommendations - Market Analysis: The crude oil option underlying contract sc2605 had a price increase, with increased trading volume and open interest. The implied volatility remained above the mean, and the open interest PCR was at a relatively high level. - Strategy Recommendations: - Directional Strategy: Construct a bull call spread strategy to obtain directional returns. - Volatility Strategy: Due to high geopolitical risks, strategies based on selling options (such as single - selling or double - selling) are not recommended. [17][18]

Report Industry Investment Rating - Not provided Core Viewpoints - For both PG (liquefied gas) and SC (crude oil) options, it is recommended to construct a bull spread combination strategy of call options for directional trading to obtain directional returns, and not to adopt seller - based strategies due to high geopolitical risks [7][19] Summary by Directory 1. PG (Liquefied Gas) Options Market Data - The closing price of the pg2604 contract was 5766 yuan, down 61 yuan or 1.04% from the previous day. The trading volume was 83457 lots, a decrease of 24222 lots from the previous day, and the open interest was 30002 lots, a decrease of 7696 lots from the previous day [3][6] Option Factors - Volume and Open Interest PCR - The trading volume of PG (liquefied gas call options) was 2366, a decrease of 57815, and the open interest was 3862, an increase of 714. The trading volume PCR was 0.72, with a change of 0.18, and the open - interest PCR was 0.86, with a change of 0.03 [4] Option Factors - Pressure and Support - For the pg2605 contract, the pressure level was 6700, the support level was 5300, the weighted implied volatility was 52.17%, a decrease of 10.04%, the annual average implied volatility was 26.75%, and HISV20 was 52.82% [5] Market Interpretation and Strategy Suggestions - The implied volatility of PG (liquefied gas options) fluctuated above the mean of 0.2675. The open - interest PCR of PG options was 0.8563, at the 79.18% level in the past year. Directional strategy: construct a bull spread combination strategy of call options; Volatility strategy: not recommended to use seller - based strategies [6][7] 2. SC (Crude Oil) Options Market Data - The closing price of the sc2605 contract was 735.4 yuan, down 9.1 yuan or 1.22% from the previous day. The trading volume was 153715 lots, a decrease of 18776 lots from the previous day, and the open interest was 56313 lots, a decrease of 274 lots from the previous day [15][18] Option Factors - Volume and Open Interest PCR - The trading volume of SC (crude oil call options) was 135582, a decrease of 19672, and the open interest was 50102, an increase of 2638. The trading volume PCR was 0.8, with a change of - 0.06, and the open - interest PCR was 1.43, with a change of 0.02 [16] Option Factors - Pressure and Support - For the sc2605 contract, the pressure level was 940, the support level was 500, the weighted implied volatility was 96.65%, a decrease of 6.26%, the annual average implied volatility was 42.52%, and HISV20 was 82.00% [17] Market Interpretation and Strategy Suggestions - The implied volatility of SC (crude oil options) fluctuated above the mean of 0.4252. The open - interest PCR of SC options was 1.4282, at the 93.88% level in the past year. Directional strategy: construct a bull spread combination strategy of call options; Volatility strategy: not recommended to use seller - based strategies [18][19]

Group 1: Report Information - Report title: Oil Options Morning Report [1] - Report date: March 18, 2026 [1] - Authors: Li Liqin (Senior Manager of Investment Research), Huang Kehan (Options Researcher) [2] - Contact information: Email: lilq@wkqh.cn, huangkh@wkqh.cn; Phone: 0755 - 23375252 [2] Group 2: Liquefied Petroleum Gas (PG) Options Market Data - Contract: pa2604 - Closing price: 5849 yuan, up 10 yuan (0.17%) from the previous day - Volume: 107,679 lots, down 1,149 lots from the previous day - Open interest: 37,698 lots, down 5,912 lots from the previous day [3][6] Option Factors - Volume and Open Interest PCR - Call option volume: 60,181, up 6,538 - Call option open interest: 3,148, down 18,786 - Put option volume: 32,664, up 4,218 - Put option open interest: 2,616, down 25,826 - Volume PCR: 0.54, up 0.01 - Open interest PCR: 0.83, down 0.47 [4] Option Factors - Pressure and Support - Contract: pa2605 - Pressure level: 5150 - Support level: 3400 - Weighted implied volatility: 26.60% [5][6] Market Analysis and Strategy Recommendations - Implied volatility of PG options fluctuates above the mean of 0.2660 - Open interest PCR of PG options is 0.831, at the 73.88% level in the past year - Directional strategy: Construct a bull call spread strategy to obtain directional returns - Volatility strategy: Due to high geopolitical risks, strategies based on selling (such as single selling and double selling) are not recommended [6][7] Group 3: Crude Oil (SC) Options Market Data - Contract: sc2605 - Closing price: 761.2 yuan, down 9.2 yuan (1.19%) from the previous day - Volume: 172,491 lots, up 172,491 lots from the previous day - Open interest: 56,587 lots, up 8,849 lots from the previous day [15][18] Option Factors - Volume and Open Interest PCR - Call option volume: 155,254, down 12,892 - Call option open interest: 47,464, up 6,200 - Put option volume: 134,978, up 57,086 - Put option open interest: 66,732, up 6,444 - Volume PCR: 0.87, up 0.41 - Open interest PCR: 1.41, down 0.06 [16] Option Factors - Pressure and Support - Contract: sc2605 - Pressure level: 940 - Support level: 500 - Weighted implied volatility: 102.37%, down 7.11% - Annual average implied volatility: 42.24% - HISV20: 90.69% [17] Market Analysis and Strategy Recommendations - Implied volatility of SC options fluctuates above the mean of 0.4224 - Open interest PCR of SC options is 1.4059, at the 93.88% level in the past year - Directional strategy: Construct a bull call spread strategy to obtain directional returns - Volatility strategy: Due to high geopolitical risks, strategies based on selling (such as single selling and double selling) are not recommended [18][19]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - For both PG (Liquefied Gas) and SC (Crude Oil) options, the implicit volatility remains above the annual average level. The PCR of open interest is at a high level in the past year, indicating a relatively bearish market sentiment. It is recommended to construct a bull spread strategy for call options to obtain directional returns, and not to adopt seller - based strategies due to high geopolitical risks [6][7][18][19]. 3. Summary by Directory 3.1 PG (Liquefied Gas) Options - **Futures Market Data**: The pg2604 contract closed at 5884 yuan yesterday, up 172 yuan or 3.01% from the previous day. The trading volume was 108,828 lots, a decrease of 9040 lots from the previous day, and the open interest was 43,610 lots, a decrease of 1599 lots [3][6]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of call options was 53,643 lots, an increase of 28,481 lots; the open interest was 21,934 lots, an increase of 4936 lots. The trading volume of put options was 28,446 lots, an increase of 16,814 lots; the open interest was 28,442 lots, an increase of 4408 lots. The trading volume PCR was 0.53, an increase of 0.07, and the open - interest PCR decreased by 0.12 [4]. - **Option Factor - Pressure and Support**: The at - the - money strike price was 5900, the resistance level was 6500, and the support level was 5000. The weighted implied volatility was 94.23%, an increase of 12.33%, and the annual average implied volatility was 26.44%, with HISV20 at 53.31% [5]. - **Option Strategy Suggestions**: Directional strategy: Construct a bull spread strategy for call options to obtain directional returns. Volatility strategy: Due to high geopolitical risks, seller - based strategies (such as single - selling and double - selling) are not recommended [7]. 3.2 SC (Crude Oil) Options - **Futures Market Data**: The sc2604 contract closed at 765.5 yuan yesterday, up 12.4 yuan or 1.64% from the previous day. The trading volume was 100,580 lots, unchanged from the previous day, and the open interest was 20,840 lots, a decrease of 8985 lots [15][18]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of call options was 168,146 lots, a decrease of 603,058 lots; the open interest was 41,264 lots, an increase of 6946 lots. The trading volume of put options was 77,892 lots, a decrease of 372,990 lots; the open interest was 60,288 lots, an increase of 10,250 lots. The trading volume PCR was 0.46, a decrease of 0.12, and the open - interest PCR was 1.46 [16]. - **Option Factor - Pressure and Support**: The at - the - money strike price was 770, the resistance level was 940, and the support level was 500. The weighted implied volatility was 108.00%, a decrease of 2.84%, and the annual average implied volatility was 41.97%, with HISV20 at 92.89% [17]. - **Option Strategy Suggestions**: Directional strategy: Construct a bull spread strategy for call options to obtain directional returns. Volatility strategy: Due to high geopolitical risks, seller - based strategies (such as single - selling and double - selling) are not recommended [19].