| 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 | | --- | --- | --- | --- | ...

商品期权日报(2026 年 02 月 26 日) 表 1：期权行情 | | 看涨期权 | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 豆粕 | 56.52% | 短纤 | 21.07% | | 豆二 | 43.62% | 液化石油气 | 16.29% | | 豆油 | 31.60% | 甲醇 | 15.98% | | 豆一 | 28.70% | PTA | 9.09% | | 铂 | 27.61% | 塑料 | 9.03% | | 螺纹钢 | 26.87% | 苯乙烯 | 5.63% | | 纯碱 | 25.26% | 尿素 | 5.36% | | 铁矿石 | 25.22% | 对二甲苯 | 3.38% | | 玉米 | 25.00% | 原油 | 1.73% | | 铅 | 18.64% | 纯苯 | 0.51% | | | 看涨期权 | 看跌期权 | | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 豆粕 | 56.52% | 短纤 | 21.07% | | 豆二 ...

商品期权日报(2026 年 02 月 25 日) 表 1：期权行情 | 看涨期权 | | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 纯苯 | 157.06% | 多晶硅 | 74.15% | | 棉花 | 98.72% | 螺纹钢 | 34.96% | | 苯乙烯 | 88.56% | 生猪 | 33.71% | | 液化石油气 | 87.91% | 锰硅 | 21.09% | | 白银 | 77.37% | 苹果 | 18.49% | | 原油 | 75.32% | 焦煤 | 9.37% | | 聚丙烯 | 70.15% | 铁矿石 | 8.80% | | 短纤 | 68.18% | 菜粕 | 8.03% | | 天然橡胶 | 58.25% | 氧化铝 | 3.21% | | 塑料 | 56.42% | 硅铁 | 2.27% | | | 看涨期权 | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 纯苯 | 157.06% | 多晶硅 | 74.1 ...

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].

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 - The China Securities Regulatory Commission (CSRC) has approved the listing of specific futures and options on the Zhengzhou Commodity Exchange, including paraxylene futures, bottle futures, short fiber futures, and options for PTA, paraxylene, and bottles, which will be open to foreign investors through qualified overseas brokerage firms [1][2] - The introduction of these products is expected to enhance the internationalization of China's futures market and has a profound impact on the globalization of futures instruments [1] - The PTA futures market has been stable since the introduction of foreign traders in 2018, with over 90% of national PTA production enterprises and 70% of polyester enterprises participating in PTA futures trading [1] Group 2 - The internationalization of the polyester sector is a crucial part of China's high-level opening of the futures market, complementing existing polyester futures and options markets, which will optimize investor structure and improve price discovery efficiency [2] - The Zhengzhou Commodity Exchange plans to conduct market cultivation and investor education activities to ensure the smooth implementation and stable operation of the internationalization of the polyester sector under the guidance of the CSRC [2]

Core Viewpoint - The China Securities Regulatory Commission has officially added new futures and options for paraxylene (PX), bottle chips, short fibers, and purified terephthalic acid (PTA) to the Zhengzhou Commodity Exchange, marking a significant step towards the internationalization of the polyester sector in China [1][2] Group 1: Industry Development - The polyester industry in China has maintained its position as the world's largest, with a complete industrial chain system [1] - The market structure of the polyester sector includes a diverse range of participants across production, trade, and processing, with hundreds of related enterprises [1] - The demand for cross-border pricing and hedging tools has significantly increased due to intensified price fluctuations and the need for risk management in cross-border transactions [1] Group 2: Market Integration and Internationalization - The introduction of PTA futures in 2018 has provided valuable experience for the overall internationalization of the polyester sector, allowing foreign PX traders to reference domestic futures prices [2] - Nearly 800 foreign clients from 33 countries and regions have opened accounts at the Zhengzhou Commodity Exchange, and partnerships have been established with 12 foreign exchanges to facilitate internationalization [2] - The Zhengzhou Commodity Exchange plans to continue market cultivation and investor education to ensure the smooth and stable operation of the internationalized polyester sector [2]

Group 1 - The core viewpoint indicates that the futures market for paraxylene (PX) is experiencing a weak performance, with the main contract reported at 7242.0 yuan/ton, a significant drop of 3.21% [1] - The China Securities Regulatory Commission (CSRC) has announced that certain futures, including PX, will be classified as specific varieties for domestic trading, which may impact market dynamics [2] - In early January, South Korea's PX exports to China totaled 215,000 tons, reflecting a year-on-year decrease of 68,000 tons [2] Group 2 - The operating rate for PX in China is reported at 89.0%, showing a slight decrease of 0.4% from the previous week, while the operating rate in Asia stands at 81.0%, with a marginal increase of 0.2% [3] - According to institutional views, the supply-demand outlook for PX is expected to be strong next year, with short-term PX prices anticipated to follow fluctuations in crude oil prices, focusing on resistance around 7700 and support near 7300 [5] - Short-term PX price spreads and processing profits are stable, with a decline in PX operating rates; market sentiment and crude oil costs may provide support, leading to a potential short-term adjustment phase [5]

Core Viewpoint - The recent announcement by the China Securities Regulatory Commission (CSRC) to expand the range of futures and options in the domestic market marks a significant upgrade in China's futures market openness, transitioning into a new phase of "institutional openness" and "pricing influence construction" [1][4]. Group 1: Market Expansion - The CSRC has added 14 new futures and options products, including nickel, lithium carbonate, paraxylene, bottle flakes, and short fibers, covering various non-ferrous metals, energy metals, and chemical products [1][4]. - This expansion signifies a shift from "point breakthroughs" to "systematic openness along the industrial chain," indicating a more comprehensive approach to market liberalization [2][5]. Group 2: Strategic Importance - The inclusion of these products is seen as a strategic move to enhance China's resource security and support the modernization of its industrial system amid a restructured global commodity trade landscape [4]. - The new products are expected to attract a broader range of international participants, thereby enhancing China's pricing power in key strategic resources like copper and nickel, which have historically been priced on foreign exchanges [7][8]. Group 3: Industry-Specific Insights - In the non-ferrous metals sector, the addition of international copper options and nickel futures is crucial as China is the largest consumer of these metals, and the domestic market needs to develop its pricing mechanisms [7][8]. - The chemical sector's expansion includes core products from the polyester industry, providing a comprehensive risk management platform for the largest petrochemical cluster globally, which will enhance the industry's resilience and competitiveness [8]. Group 4: Future Expectations - There are high expectations for further reforms to deepen the institutional openness of the futures market, including the potential introduction of a more robust market-making system to improve liquidity and international collaboration [10]. - Suggestions for enhancing market transparency and optimizing trading mechanisms include extending trading hours to cover major global trading periods and improving cross-border regulatory frameworks to mitigate risks [10].

Core Viewpoint - The China Securities Regulatory Commission has announced the addition of 14 specific futures and options products for foreign traders, including various polyester-related futures and options, to enhance risk management and internationalization of the polyester sector [1][2] Group 1: Industry Overview - China's polyester industry remains the largest in the world, with a complete industrial chain encompassing production, trade, and processing [1] - The industry has faced increased price volatility due to global supply chain restructuring and accelerated overseas capacity expansion, leading to heightened risk management pressures from cross-border price and exchange rate fluctuations [1] Group 2: Market Development - The internationalization of the polyester sector is a key component of the high-level opening of the futures market, complementing existing polyester futures and options markets, which enhances investor structure and price discovery efficiency [2] - There are currently nearly 800 foreign clients from 33 countries and regions that have opened accounts at the Zhengzhou Commodity Exchange, which has signed memorandums of understanding with 12 foreign exchanges to facilitate the internationalization of the polyester sector [2] Group 3: Future Plans - The Zhengzhou Commodity Exchange plans to continue preparations under the guidance of the China Securities Regulatory Commission, focusing on market cultivation and investor education to ensure the smooth and stable operation of the internationalization of the polyester sector [2]