| 看涨期权 | | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 锰硅 | 133.33% | PVC | 41.32% | | 硅铁 | 37.72% | 多晶硅 | 39.68% | | 碳酸锂 | 25.94% | 棕榈油 | 37.41% | | 白糖 | 24.50% | 短纤 | 36.78% | | 铂 | 17.20% | 塑料 | 33.14% | | 液化石油气 | 15.95% | 合成橡胶 | 30.77% | | 燃料油 | 6.89% | 纯苯 | 28.69% | | 铸造铝合金 | 6.09% | 甲醇 | 28.40% | | 豆粕 | 4.12% | 工业硅 | 26.64% | | 铅 | 4.07% | 氧化铝 | 26.41% | 备注：上述涨跌幅统一以各品种主力合约的平值期权为标的，并以其 收盘价作为计算基准。 表 2：期权持仓 商品期权日报(2026 年 02 月 27 日) 表 1：期权行情 | 看涨期权 | | | 看跌期权 | | --- | --- | --- | --- | ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Not provided in the content 3. Summary by Relevant Catalogs 3.1 Market Overview - The report presents the trading volume and open interest data of the commodity options market, including the overall market and different sectors such as agriculture, energy and chemicals, black metals, precious metals, and non - ferrous metals and new energy. The overall trading volume of the market this week was 6,628,465.8, a decrease of 0.95% from last week, and the open interest was 7,083,253, a decrease of 0.24% from last week. Among them, the trading volume of agricultural products increased by 0.48%, while the trading volume of other sectors decreased to varying degrees [5]. 3.2 Market Data 3.2.1 Market Overview - The report provides the quantitative data of commodity options, including the at - the - money volatility, 60 - day quantile, skew, and 60 - day skew quantile of various options. For example, the at - the - money volatility of corn options is 8.65%, and the 60 - day quantile is 13.33% [15]. 3.2.2 - 3.2.61 Various Option Data - For each type of option (such as corn options, soybean meal options, etc.), the report details the closing price, trading volume, open interest, volume PCR, open interest PCR, at - the - money volatility, HV - 10 days, HV - 20 days, and skew of the main and secondary contracts. For example, for corn options, the total trading volume of the main contract this week was 145,658, an increase of 48,066 from last week, and the volume PCR was 0.4574, a decrease of 0.0707 from last week [17].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No information provided in the given content. 3. Summary by Relevant Catalogs Option Quotes - **Call Options**: Copper had the highest daily increase of 137.59%, followed by tin (59.18%), aluminum (54.56%), etc. [1] - **Put Options**: Caustic soda had the highest daily increase of 42.22%, followed by sugar (23.39%), soybean meal (22.22%), etc. [1] Option Positions - **Call Options**: Silver had the largest daily change in position of 27,327, followed by caustic soda (11,858), rebar (9,163), etc. [2] - **Put Options**: PVC had the largest daily change in position of 7,424, followed by glass (6,201), soybean meal (5,293), etc. [2] Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had the highest PCR of 1.5216, followed by propylene (1.2604), offset printing paper (1.0672), etc. [5] - **Low - PCR Varieties**: Alumina had the lowest PCR of 0.2117, followed by live pigs (0.2557), soda ash (0.2706), etc. [5] Option Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had the highest PCR of 1.5728, followed by silver (1.427), iron ore (1.2379), etc. [6] - **Low - PCR Varieties**: Red dates had the lowest PCR of 0.1912, followed by alumina (0.1944), logs (0.2318), etc. [6] Daily Selections - **Call Options**: PVC, red dates, alumina, etc. were selected, with trend degrees ranging from 21 to 53 and put - call ratios from 0.21 to 0.94 [7] - **Put Options**: Lead, eggs, live pigs, etc. were selected, with trend degrees ranging from - 55 to - 45 and put - call ratios from 0.26 to 0.8 [7] Near - Expiry Options - **Call Options**: For lithium carbonate, industrial silicon, polysilicon, and fuel oil, the remaining days were all 3 days, with different break - even prices and price increase requirements for option doubling [8] - **Put Options**: Similar to call options, for these four varieties, the remaining days were 3 days, with different break - even prices and price decrease requirements for option doubling [8]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - The report presents a daily analysis of commodity options on February 3, 2026, including option quotes, positions, position put - call ratios (PCR), trading volume PCR, daily selections, and expiring options [1]. 3. Summary by Relevant Catalogs Option Quotes - **Call Options**: The daily price changes of call options for various commodities are as follows: caustic soda 25.56%, soybean No.1 10.88%, glass 5.93%, alumina 4.35%, log 4.35%, urea 2.56%, soda ash 0.83%, live pigs -0.89%, industrial silicon -1.20%, and coking coal -6.82% [1]. - **Put Options**: The daily price changes of put options for various commodities are as follows: aluminum 226.06%, gold 167.01%, crude oil 163.21%, nickel 160.80%, zinc 124.65%, asphalt 115.38%, copper 111.09%, tin 100.80%, short - fiber 86.27%, and propylene 81.94% [1]. Option Positions - **Call Options**: The daily changes in call option positions for various commodities are as follows: silver 17,592, PVC 15,946, lithium carbonate 15,190, gold 9,214, crude oil 8,620, cotton 7,875, rebar 6,476, nickel 4,499, soybean oil 4,492, and aluminum 4,239 [2]. - **Put Options**: The daily changes in put option positions for various commodities are as follows: rebar 6,362, iron ore 6,048, cotton 4,914, PVC 3,827, ethylene glycol 1,935, industrial silicon 1,836, p - xylene 1,662, pulp 1,435, soybean No.1 973, and caustic soda 908 [2]. Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple (1.5398), propylene (1.2883), silver (1.1913), offset printing paper (1.1046), bottle chips (1.0715), synthetic rubber (1.0563), short - fiber (1.0469), tin (1.0416), iron ore (0.9809), and soybean No.2 (0.9541) [5]. - **Low - PCR Varieties**: Alumina (0.2124), live pigs (0.25), soda ash (0.2662), red dates (0.2997), caustic soda (0.3143), lead (0.36), ethylene glycol (0.36), PVC (0.3737), glass (0.3919), and log (0.402) [5]. Option Trading Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple (1.9086), silver (1.7914), polysilicon (1.5875), short - fiber (1.2317), tin (1.1859), cast aluminum alloy (1.1792), asphalt (1.1556), rapeseed oil (1.0876), zinc (1.0869), and platinum (1.074) [6]. - **Low - PCR Varieties**: Live pigs (0.1636), red dates (0.2312), alumina (0.2584), PVC (0.259), coking coal (0.2987), natural rubber (0.3238), manganese silicon (0.327), caustic soda (0.3361), pure benzene (0.3709), and log (0.3833) [6]. Daily Selections - **Call Options**: Recommended call options include PVC, caustic soda, soybean No.1, sugar, alumina, red dates, polypropylene, and soda ash, with corresponding trend degrees, put - call ratios, and remaining days [7]. - **Put Options**: Recommended put options include pulp, lead, CSI 300, polysilicon, live pigs, eggs, lithium carbonate, and nickel, with corresponding trend degrees, put - call ratios, and remaining days [7]. Expiring Options - **Call Option**: The expiring call option for crude oil (sc2603C475) has a remaining day of 1, an option closing price of 1.45, a underlying settlement price of 472.7, a break - even underlying price of 496.45 (a 5.02% increase), and an option doubling underlying price of 517.9 (a 9.56% increase) [8]. - **Put Option**: The expiring put option for crude oil (sc2603P470) has a remaining day of 1, an option closing price of 25.4, a underlying settlement price of 472.7, a break - even underlying price of 424.6 (a - 10.18% decrease), and an option doubling underlying price of 379.2 (a - 19.78% decrease) [8].

1. Market Overview - The total trading volume of the commodity options market this week was 8,927,530.8, up 0.4% from last week, and the total open interest was 9,142,747, up 0.02% [5]. - The trading volume of agricultural products options was 1,480,074.0, up 0.58%, and the open interest was 3,149,035, up 0.04% [5]. - The trading volume of energy and chemical options was 4,184,971.8, up 0.89%, and the open interest was 3,674,765, up 0.15% [5]. - The trading volume of black options was 340,558.0, down 0.65%, and the open interest was 738,944, up 0.12% [5]. - The trading volume of precious metal options was 812,581.6, down 0.97%, and the open interest was 334,994, down 0.37% [5]. - The trading volume of non - ferrous and new energy options was 2,109,345.4, up 0.42%, and the open interest was 1,245,009, down 0.21% [5]. 2. Market Data 2.1 Market Overview - The report provides the implied volatility, 60 - day quantile, skew, and 60 - day skew quantile of the at - the - money options for various commodities such as corn, soybean meal, and methanol [15]. 2.2 - 2.61 Specific Commodity Options - For each of the 61 types of commodity options (e.g., corn options, soybean meal options), the report details the closing price, price change, remaining trading days of the main and secondary contracts, as well as the trading volume, open interest, volume PCR, open interest PCR, at - the - money volatility, 10 - day historical volatility (HV - 10), 20 - day historical volatility (HV - 20), and skew. For example, in corn options, the main contract's closing price was 2271, down 29, with 14 remaining trading days [16].

Group 1: Report Overview - The report is the Commodity Options Daily Report on February 2, 2026 [1] Group 2: Option Quotes Call Options - PVC had the highest daily increase of 57.92%, followed by logs (47.22%) and red dates (19.14%). Polypropylene had the largest decline of 1.16% [1] Put Options - Pulp had the highest daily increase of 164.37%, followed by tin (100.55%) and copper (88.94%) [1] Group 3: Option Positions Call Options - Lithium carbonate had the largest daily increase in positions of 31,014, followed by glass (28,078) and soda ash (25,290) [2] Put Options - PVC had the largest daily increase in positions of 8,199, followed by eggs (2,159) and nickel (2,127) [2] Group 4: Option Position Put - Call Ratio (PCR) High - PCR Varieties - Apple had the highest PCR of 1.4984, followed by silver (1.4638) and propylene (1.3002) [5] Low - PCR Varieties - Alumina had the lowest PCR of 0.2133, followed by live pigs (0.2586) and soda ash (0.29) [5] Group 5: Option Volume Put - Call Ratio (PCR) High - PCR Varieties - Polysilicon had the highest PCR of 1.717, followed by rapeseed meal (1.0022) and lithium carbonate (0.9981) [6] Low - PCR Varieties - Red dates had the lowest PCR of 0.1316, followed by lead (0.18) and live pigs (0.1996) [6] Group 6: Daily Selections Call Options - Synthetic rubber had a trend degree of 55, followed by PVC and plastic with a trend degree of 53 [7] Put Options - Live pigs had a trend degree of - 53, followed by polysilicon with a trend degree of - 47 [7] Group 7: Near - Expiry Options Call Options - For crude oil call option sc2603C485, the remaining days were 2, the option closing price was 6.0, and the break - even target price increase was 5.82% [8] Put Options - For crude oil put option sc2603P480, the remaining days were 2, the option closing price was 15.8, and the break - even target price decrease was - 8.01% [8]

Core Viewpoint - The launch of live pig futures in China has significantly contributed to the stability and development of the pig farming industry over the past five years, providing essential tools for risk management and price stabilization [1][3]. Group 1: Market Performance - In 2021, the average daily trading volume of live pig futures was 25,000 contracts, with an average open interest of 60,000 contracts. By 2025, the total trading volume reached 17.993 million contracts, with an average daily trading volume of 74,000 contracts and an average open interest of 213,000 contracts, indicating a steady increase in market liquidity [3]. - Since the launch of live pig futures, over 3,000 industry enterprises have participated in trading, with 24 out of 32 major pig farming companies engaging in futures trading or delivery [3]. Group 2: Industry Adaptation - The pig farming industry has been adjusting its structure since 2021, focusing on scale and efficiency improvements, with cost reduction and efficiency enhancement becoming industry consensus [3]. - Companies like Sichuan Dekang Agricultural and Animal Husbandry Food Group have integrated futures trading into their regular operations, using it to lock in profits and as a reference for pricing in various stages of production [3][5]. Group 3: Risk Management - Small and medium-sized farmers are utilizing "insurance + futures" strategies to stabilize feed costs and pig selling prices, allowing them to expand production while managing price risks [5]. - The Dalian Commodity Exchange has supported 774 "insurance + futures" projects, covering over 15.4 million pigs and providing compensation of 748 million yuan to 28,700 farming households [5]. Group 4: Market Development - The development of live pig futures has led to innovative pricing and sales services, with companies like Zhongji Trading providing forward contracts based on futures prices to help farmers secure sales [7]. - The five years of live pig futures have demonstrated the market's ability to provide price discovery and stabilize supply-demand dynamics, reducing the volatility associated with production adjustments [7][8]. Group 5: Future Outlook - The Dalian Commodity Exchange is continuously improving the futures contract by adjusting delivery quality standards and introducing options to enhance risk management tools [8]. - Industry stakeholders express confidence that a more resilient and efficient live pig futures market will continue to support the growth of the pig farming industry [8].

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

Core Insights - The perception of the pig farming industry towards futures trading has shifted from skepticism to reliance, with companies increasingly recognizing the importance of hedging against price risks through futures contracts [1][2][3] Group 1: Industry Evolution - In the early days of pig futures trading, many companies were hesitant and viewed it as abstract and risky, preferring traditional cost-cutting methods [1] - By 2023, companies that utilized futures for hedging demonstrated greater financial stability amidst operational losses, leading to a significant increase in participation in futures contracts [2] - The volume of pig futures contracts has surged, with companies like Zhongji Trading seeing a rise from 20,500 pigs in 2024 to over 1.5 million in 2025 [2] Group 2: Hedging Practices - Early adopters like Dekang Group successfully implemented hedging strategies, which helped them avoid losses during market downturns, establishing a consensus that futures can stabilize operations [3][4] - Companies faced challenges in their hedging journeys, but those that maintained a commitment to hedging strategies, even during periods of floating losses, ultimately achieved profitability [5] - The approach to hedging has evolved from a speculative mindset to a strategic cost management perspective, emphasizing the importance of viewing hedging as a cost item rather than a profit item [5][6] Group 3: Systematic Changes - Mature pig farming enterprises have developed comprehensive hedging systems involving multiple departments, enhancing decision-making and risk management [6] - Companies have established internal controls and dedicated teams to ensure effective hedging practices, separating business operations from risk management [6] Group 4: Industry Collaboration - Futures trading has become a critical component in the pig industry, facilitating collaboration across the supply chain and driving innovation [7][8] - Leading companies are taking on market cultivation responsibilities, sharing successful case studies to promote wider adoption of futures trading [8][9] - Innovative service models have emerged to assist smaller enterprises in accessing futures markets, thereby enhancing overall industry stability [9] Group 5: Future Outlook - The development of a healthy futures market relies on the interaction between market builders and industry participants, with ongoing improvements in market conditions being essential [10][11] - The introduction of pig options in 2024 is expected to provide more flexible risk management tools for companies [11] - Companies are encouraged to adopt a strategic approach to hedging, integrating it into overall business strategies and ensuring adequate funding and risk management practices [12]

Group 1 - The live pig futures market in China has shown stable operation and increasing liquidity over the past five years, becoming an important tool for the industry to manage cycles and stabilize operations [1] - In 2025, the total trading volume of live pig futures reached 17.993 million contracts, with an average daily trading volume of 74,000 contracts and an average open interest of 213,000 contracts, indicating significant growth from 2021 [1] - Over 3,000 industry enterprises are involved in live pig futures trading, with 24 out of 32 major pig companies participating in trading, delivery, or becoming delivery warehouses [1] Group 2 - The Dalian Commodity Exchange has made several adjustments to contract specifications to enhance pricing accuracy and improve delivery efficiency, including the introduction of vehicle weighing methods [2] - The exchange has supported 774 "insurance + futures" projects, covering over 1.54 million live pigs and providing compensation of 748 million yuan, benefiting 28,700 farming households [2] - Live pig futures have become a reference for macro management departments in assessing industry trends and formulating policies, with market prices quickly reflecting the impact of related policies [2] Group 3 - Sichuan Dekang Agricultural and Animal Husbandry Food Group has actively participated in hedging since the launch of live pig futures, using it as a regular operational tool to lock in profits [3] - The company has seen an increase in its hedging scale alongside its growth in pig farming, and live pig futures prices have become a key reference for various operational decisions [3] - The rapid maturity of live pig futures has led to increased willingness and awareness of hedging among industry participants, with companies offering services to help farmers lock in prices [3]