11月4日，桐昆股份盘中下跌2.02%，截至14:17，报14.08元/股，成交2.28亿元，换手率0.66%，总市值 338.59亿元。 截至9月30日，桐昆股份股东户数5.01万，较上期减少28.96%；人均流通股47780股，较上期增加 40.76%。2025年1月-9月，桐昆股份实现营业收入673.97亿元，同比减少11.38%；归母净利润15.49亿 元，同比增长53.83%。 分红方面，桐昆股份A股上市后累计派现32.03亿元。近三年，累计派现3.41亿元。 机构持仓方面，截止2025年9月30日，桐昆股份十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股3592.21万股，相比上期增加946.67万股。鹏华中证细分化工产业主题ETF联接A （014942）位居第八大流通股东，持股2527.48万股，为新进股东。南方中证500ETF（510500）位居第 九大流通股东，持股2450.55万股，相比上期减少48.23万股。汇丰晋信新动力混合A（000965）退出十 大流通股东之列。 责任编辑：小浪快报 资金流向方面，主力资金净流出1152.67万元，特大单买入0.00元，占比0.00%， ...

Report Summary Core View The report presents the spot and futures prices, basis, historical quantiles, and basis rates of various commodities on October 29, 2025, including ferrosilicon, ferromanganese, steel products, iron ore, coal, non - ferrous metals, precious metals, agricultural products, and energy chemicals, as well as the basis of stock index futures and Treasury bond futures [1]. Summary by Commodity Category Metals - **Ferrous Metals**: For ferrosilicon (SF601), the futures price is 5564, the spot price is 5790, the basis is 226, and the historical quantile is 60.50%. For ferromanganese (SM601), the futures price is 5790, and the historical quantile is 54.30%. Steel products like rebar (RB2601) have a futures price of 3220, a spot price of 3091, a basis of - 129, and a historical quantile of 58.20%. Iron ore (12601) has a futures price of 856, a spot price of 793, a basis of - 63, and a historical quantile of 50.50%. Coke (J2601) has a futures price of 1689, and the historical quantile of its basis rate is 33.28%. Coking coal (JM2601) has a futures price of 1334, a spot price of 1242, a basis of 92, and a historical quantile of 48.90% [1]. - **Non - ferrous Metals**: Copper (CU2512) has a futures price of 86980, a spot price of 87905, a basis of 925, and a historical quantile of 97.91%. Aluminum (AL2512) has a futures price of 21140, a spot price of 21160, a basis of 20, and a historical quantile of 63.54%. Zinc (ZN2512) has a futures price of 22310, a spot price of 22200, a basis of - 110, and a historical quantile of 31.04%. Tin (SN2512) has a futures price of 284300, a spot price of 283170, a basis of - 1130, and a historical quantile of 81.04%. Nickel (NISE12) has a futures price of 121500, a spot price of 120560, a basis of - 940, and the historical quantile of its basis rate is 90.62%. Stainless steel (SS2512) has a futures price of 13120, a spot price of 12750, a basis of - 370, and the historical quantile of its basis rate is 73.60%. Industrial silicon (SI2601) has a futures price of 9350, a spot price of 8952, a basis of - 398, and a historical quantile of 28.34% [1]. Precious Metals - Gold (AU2512) has a futures price of 896.7, a spot price of 901.4, a basis of 4.7, and a historical quantile of 6.70%. Silver (AG2512) has a futures price of 10996.0, a spot price of 11049.0, a basis of 53.0, and a historical quantile of 6.10% [1]. Agricultural Products - Soybean meal (M2601) has a futures price of 2975.0, a spot price of 2930, a basis of - 45.0, and a historical quantile of 29.80%. Soybean oil (V2601) has a futures price of 8182.0, a spot price of 8320, a basis of 138.0, and a historical quantile of 27.60%. Palm oil (P2601) has a futures price of 8958.0, a spot price of 8900, a basis of - 58.0, and a historical quantile of 10.40%. Rapeseed meal (RM601) has a futures price of 2396.0, a spot price of 2500, a basis of 104.0, and a historical quantile of 65.20%. Rapeseed oil (Oleo1) has a futures price of 9730.0, a spot price of 10070, a basis of 340.0, and a historical quantile of 83.10%. Corn (C2601) has a futures price of 2123.0, a spot price of 2140, a basis of 17.0, and a historical quantile of 50.90%. Corn starch (CS2601) has a futures price of 2550, a spot price of 2424.0, a basis of - 126.0, and a historical quantile of 64.00%. Live pigs (LH2601) have a futures price of 12160.0, a spot price of 12450, a basis of 290.0, and a historical quantile of 50.90%. Eggs (JD2512) have a futures price of 2960, a spot price of 3099.0, a basis of - 139.0, and a historical quantile of 23.00%. Cotton (CF601) has a futures price of 13565.0, a spot price of 14651, a basis of 1086.0, and a historical quantile of 70.00%. White sugar (SR601) has a futures price of 5483.0, a spot price of 5780, a basis of 297.0, and a historical quantile of 48.40%. Apples (AP601) have a futures price of 8840, a spot price of 9238.0, a basis of 398.0, and a historical quantile of 6.00%. Red dates (CJ601) have a futures price of 9600, a spot price of 10445.0, a basis of - 845.0, and a historical quantile of 56.40% [1]. Energy Chemicals - Paraxylene (PX601) has a futures price of 6618.0, a spot price of 6662.0, a basis of 44.0, and a historical quantile of 12.20%. PTA (TA601) has a futures price of 4535.0, a spot price of 4614.0, a basis of 79.0, and a historical quantile of 20.00%. Ethylene glycol (EG2601) has a futures price of 4069.0, a spot price of 4140.0, a basis of 71.0, and a historical quantile of 75.00%. Polyester staple fiber (PFS12) has a futures price of 6250.0, a spot price of 6360.0, a basis of 110.0, and a historical quantile of 74.30%. Styrene (EB2512) has a futures price of 6466.0, a spot price of 6455.0, a basis of - 11.0, and a historical quantile of 75.30%. Methanol (MA601) has a futures price of 2207.0, a spot price of 2241.0, a basis of 34.0, and a historical quantile of 54.20%. Urea (UR601) has a futures price of 1610.0, a spot price of 1635.0, a basis of 25.0, and a historical quantile of 5.40%. LLDPE (L2601) has a futures price of 6985.0, a spot price of 7025.0, a basis of 40.0, and a historical quantile of 57.20%. PP (PP2601) has a futures price of 6615.0, a spot price of 6657.0, a basis of 42.0, and a historical quantile of 48.60%. PVC (V2601) has a futures price of 4620.0, a spot price of 4716.0, a basis of 96.0, and a historical quantile of 33.10%. Caustic soda (SH601) has a futures price of 2341.0, a spot price of 2500.0, a basis of 159.0, and a historical quantile of 70.30%. LPG (PG2512) has a futures price of 4266.0, a spot price of 4398.0, a basis of 132.0, and a historical quantile of 48.00%. Asphalt (BU2601) has a futures price of 3279.0, a spot price of 3320.0, a basis of 41.0, and a historical quantile of 93.40%. Butadiene rubber (BR2512) has a futures price of 10805.0, a spot price of 11200.0, a basis of 395.0, and a historical quantile of 61.90%. Float glass (FG601) has a futures price of 1040.0, a spot price of 1113.0, a basis of 73.0, and a historical quantile of 46.63%. Soda ash (SA601) has a futures price of 1239.0, a spot price of 1189.0, a basis of - 50.0, and a historical quantile of 21.21%. Natural rubber (RU2601) has a futures price of 15360.0, a spot price of 14750.0, a basis of - 610.0, and a historical quantile of 64.08% [1]. Financial Futures - IF2512.CFE has a futures price of 4669.6, a spot price of 4692.0, a basis of 22.4, and a historical quantile of 20.40%. IH2512.CFE has a futures price of 3050.4, a spot price of 3051.6, a basis of 1.2, and a historical quantile of 63.50%. IC2512.CFE has a futures price of 7341.0, a spot price of 7231.0, a basis of - 110.0, and a historical quantile of 2.30%. IM2512.CFE has a futures price of 7335.6, a spot price of 7479.2, a basis of 143.6, and a historical quantile of - 0.02%. 2 - year Treasury bond (TS2512) has a futures price of 102.37, a conversion factor of 0.9765, and a historical quantile of 20.00%. 5 - year Treasury bond (TF2512) has a futures price of 105.72, a conversion factor of 0.9405, and a historical quantile of 21.80%. 10 - year Treasury bond (T2512) has a futures price of 108.10, a conversion factor of 0.9264, and a historical quantile of 21.10%. 30 - year Treasury bond (TL2512) has a futures price of 114.48, a conversion factor of 1.1271, and a historical quantile of 37.50% [1].

Core Viewpoint - Tongkun Co., Ltd. has shown a significant stock price increase of 24.60% year-to-date, with a recent rise of 10.04% over the past five trading days, indicating strong market performance and investor interest [2]. Company Overview - Tongkun Co., Ltd. is located in Tongxiang City, Zhejiang Province, and was established on September 27, 1999. The company was listed on May 18, 2011, and primarily engages in the production and sales of various types of civil polyester filament and grey cloth [2]. - The main revenue composition includes: polyester pre-oriented yarn (61.10%), purified terephthalic acid (37.69%), polyester drawn yarn (15.07%), polyester textured yarn (9.46%), and other segments [2]. Financial Performance - For the first half of 2025, Tongkun Co., Ltd. reported operating revenue of 44.158 billion yuan, a year-on-year decrease of 8.41%. However, the net profit attributable to shareholders increased by 2.93% to 1.097 billion yuan [2]. - The company has distributed a total of 3.203 billion yuan in dividends since its A-share listing, with 341 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Tongkun Co., Ltd. was 70,600, a slight decrease of 0.22% from the previous period. The average circulating shares per person increased by 0.22% to 33,944 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 26.4554 million shares, a decrease of 7.3797 million shares from the previous period. Southern CSI 500 ETF increased its holdings by 3.4825 million shares to 24.9877 million shares [3].

Report Date - The report is dated October 24, 2025 [3] Commodity Price Information Ferrous Metals - 72-silicon iron qualified blocks (Inner Mongolia - Tianjin warehouse receipt) have a conversion price of 5574, a change of 0.07%, and a historical quantile of 57.70%. The futures price of silicon iron (SF601) is 5578, with a change of 4 and a change rate of 2.27% [1] - The conversion price of 6517-silicon manganese (Inner Mongolia - Hubei warehouse receipt) is up 49.60%. The futures price of silicon manganese (SM601) is 5950, and the spot price is 5818 [1] - HRB400 20mm rebar in Shanghai has a spot price of 3220, a change of 4.85%, and a historical quantile of 63.10%. The futures price of rebar (RB2601) is 3071, with a basis of 149 and a basis rate of 4.85% [1] - Q235B 4.75mm hot-rolled coil in Shanghai has a spot price of 3300, a change of 1.35%, and a historical quantile of 37.30%. The futures price of hot-rolled coil (HC2601) is 3256, with a basis of 44 and a basis rate of 1.35% [1] - The conversion price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 777, a change of 7.90%, and a historical quantile of 49.70%. The futures price of iron ore (I2601) is 838, with a change of -122 and a change rate of -6.91% [1] - The conversion price of quasi-primary metallurgical coke (A13, S0.7, CSR60, MT7) at Rizhao Port is up 5.83%. The futures price of coke (J2601) is 1646, and the spot price is 1768, with a basis of -122 and a basis rate of -6.91% [1] - The conversion price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is up 4.73%. The futures price of coking coal (JM2601) is 1318, and the spot price is 1259, with a basis of 59 and a basis rate of 4.73% [1] Non-ferrous Metals - The SMM average price of copper has a change of -0.67%. The futures price of copper (CU2512) is 86070, and the spot price is 85490, with a basis of 580 and a basis rate of 0.68% [1] - The SMM average price of A00 aluminum has a change of -125 (-0.59%). The futures price of aluminum (AL2512) is 21165, and the spot price is 21040, with a basis of -125 and a basis rate of -0.59% [1] - The SMM average price of alumina has a change of -315 (-1.41%). The futures price of alumina (AO2601) is 22345, and the spot price is 22030, with a basis of 315 and a basis rate of 1.43% [1] - The SMM average price of 1 zinc ingot has a change of -55 (-0.44%). The futures price of zinc (ZN2512) is 22345, and the spot price is 22030, with a basis of 315 and a basis rate of 1.41% [1] - The SMM average price of 1 tin has a change of 300. The futures price of tin (SN2512) is 281230, and the spot price is 280000, with a basis of -1230 and a basis rate of -0.44% [1] - The SMM average price of 1 imported nickel has a change of -0.07%. The futures price of nickel (NI2512) is 121380, and the spot price is 121300, with a basis of 80 and a basis rate of 0.07% [1] - The price of 304/2B stainless steel (2*1240*C, including trimming fee) in Wuxi Hongwang has a change of 405. The futures price of stainless steel (SS2512) is 13170, and the spot price is 12765, with a basis of 405 and a basis rate of 3.17% [1] - The price of battery-grade lithium carbonate has a change of -5140 (-6.48%). The futures price of lithium carbonate (LC2601) is 74800, and the spot price is 79940, with a basis of -5140 and a basis rate of -6.48% [1] Precious Metals - The price of gold (AU2512) has a change of -2.1 (-0.28%). The futures price is 942.3, and the spot price of Shanghai Gold Exchange's gold (T+D) is 940.1, with a basis of -2.2 and a basis rate of -0.23% [1] - The price of silver (AG2512) has a change of -4.0. The futures price is 11467.0, and the spot price of Shanghai Gold Exchange's silver (T+D) is 11463.0, with a basis of -4.0 and a basis rate of -0.04% [1] Agricultural Products - The price of soybean meal (M2601) has a change of -1.97%. The futures price is 2880, and the spot price of ordinary protein soybean meal in Jiangsu Zhangjiagang is 2938.0, with a basis of 58.0 and a basis rate of 1.98% [1] - The price of soybean oil (Y2601) has a change of -1.34%. The futures price is 8340, and the spot price of fourth-grade soybean oil in Jiangsu Zhangjiagang is 8188.0, with a basis of -152.0 and a basis rate of -1.82% [1] - The price of palm oil (P2601) has a change of -122.0. The futures price is 9010, and the spot price of palm oil at Huangpu Port is 9132.0, with a basis of -122.0 and a basis rate of -1.34% [1] - The price of rapeseed meal (RM601) has a change of 3.11%. The futures price is 2339.0, and the spot price of ordinary rapeseed meal in Guangdong Zhanjiang is 2470, with a basis of 131.0 and a basis rate of 5.52% [1] - The price of rapeseed oil (OI601) has a change of 303.0. The futures price is 10060, and the spot price of fourth-grade rapeseed oil in Jiangsu Nantong is 9757.0, with a basis of 303.0 and a basis rate of 3.11% [1] - The price of corn (C2601) has a change of 20.0. The futures price is 2140.0, and the spot price of corn at Jinzhou Port is 2160, with a basis of 20.0 and a basis rate of 0.93% [1] - The price of corn starch (CS2601) has a change of 100.0. The futures price is 2450.0, and the spot price of corn starch in Jilin Changchun is 2550, with a basis of 100.0 and a basis rate of 4.08% [1] - The price of live pigs (LH2601) has a change of -350.0. The futures price is 11850, and the spot price of live pigs (outer ternary) in Henan is 12200.0, with a basis of -350.0 and a basis rate of -2.87% [1] - The price of eggs (JD2512) has a change of -157.0. The futures price is 2870, and the spot price of eggs in Hebei Shijiazhuang is 3027.0, with a basis of -157.0 and a basis rate of -5.19% [1] - The price of cotton (CF601) has a change of 1077.0. The futures price is 14652, and the spot price of cotton (3128B) in Xinjiang is 13575.0, with a basis of 1077.0 and a basis rate of 7.93% [1] - The price of white sugar (SR601) has a change of 333.0. The futures price is 5457.0, and the spot price of white sugar at Liuzhou Station is 5790, with a basis of 333.0 and a basis rate of 6.10% [1] - The price of apples (AP601) has a change of 10.0. The futures price is 8840, and the spot price of apples (delivery theoretical price) is 8830.0, with a basis of 10.0 and a basis rate of 0.11% [1] - The price of red dates (CJ601) has a change of -1565.0. The futures price is 9600, and the spot price of first-grade grey dates in Hebei is 11165.0, with a basis of -1565.0 and a basis rate of -14.02% [1] Energy and Chemicals - The price of paraxylene (PX601) has a change of 161.0. The futures price is 6657.0, and the spot price of paraxylene at Chinese main ports (CFR, converted to RMB) is 6496.0, with a basis of 161.0 and a basis rate of 2.48% [1] - The price of purified terephthalic acid (PTA) (TA601) has a change of -78.0. The futures price is 4430.0, and the spot price of PTA in East China is 4508.0, with a basis of -78.0 and a basis rate of -1.73% [1] - The price of ethylene glycol (EG2601) has a change of 100.0. The futures price is 4195.0, and the spot price of ethylene glycol in East China is 4095.0, with a basis of 100.0 and a basis rate of 2.44% [1] - The price of polyester staple fiber (PF512) has a change of 155.0. The futures price is 6160.0, and the spot price of polyester staple fiber (1.4D*38mm, direct spinning) in East China is 6315.0, with a basis of 155.0 and a basis rate of 2.45% [1] - The price of styrene (EB2512) has a change of 40.0. The futures price is 6545.0, and the spot price of styrene in East China is 6585.0, with a basis of -40.0 and a basis rate of -0.61% [1] - The price of methanol (MA601) has a change of -42.0. The futures price is 2292.0, and the spot price of methanol in Jiangsu Taicang is 2250.0, with a basis of 42.0 and a basis rate of 1.87% [1] - The price of urea (UR601) has a change of -88.0. The futures price is 1550.0, and the spot price of urea (small granules) in Shandong is 1638.0, with a basis of -88.0 and a basis rate of -5.37% [1] - The price of linear low-density polyethylene (LLDPE) (L2601) has a change of 1.0. The futures price is 6999.0, and the spot price of LLDPE (film grade) in Shandong is 7000.0, with a basis of 1.0 and a basis rate of 0.01% [1] - The price of polypropylene (PP) (PP2601) has a change of -101.0. The futures price is 6691.0, and the spot price of PP (拉丝级, melt index 2 - 4) in Zhejiang is 6590.0, with a basis of 101.0 and a basis rate of 1.53% [1] - The price of polyvinyl chloride (PVC) (V2601) has a change of -120.0. The futures price is 4610.0, and the spot price of PVC (SG - 5) in Changzhou is 4730.0, with a basis of -120.0 and a basis rate of -2.54% [1] - The price of caustic soda (SH601) has a change of 178.0. The futures price is 2385.0, and the spot price of caustic soda (32% ion - membrane caustic soda, converted to 100%) in Shandong is 2563.0, with a basis of 178.0 and a basis rate of 7.47% [1] - The price of liquefied petroleum gas (LPG) (PG2512) has a change of 162.0. The futures price is 4236.0, and the spot price of LPG in Guangzhou is 4398.0, with a basis of -162.0 and a basis rate of -3.68% [1] - The price of asphalt (BU2601) has a change of 63.0. The futures price is 3277.0, and the spot price of asphalt (heavy - traffic asphalt) in Shandong is 3340.0, with a basis of 63.0 and a basis rate of 1.92% [1] - The price of butadiene rubber (BR2512) has a change of 80.0. The futures price is 11200.0, and the spot price of butadiene rubber (Daqing, BR9000) in China is 11120.0, with a basis of 80.0 and a basis rate of 0.72% [1] - The price of float glass (FG601) has a change of -68.0. The futures price is 1040.0, and the spot price of 5mm float glass in Shahe is 1108.0, with a basis of -68.0 and a basis rate of -6.14% [1] - The price of soda ash (SA601) has a change of -50.0. The futures price is 1185.0, and the spot price of heavy - quality soda ash in Shahe is 1235.0, with a basis of -50.0 and a basis rate of -4.05% [1] - The price of natural rubber (RU2601) has a change of -695.0. The futures price is 14550.0, and the spot price of natural rubber (Yunnan state - owned full - latex) in Shanghai is 15245.0, with a basis of -695.0 and a basis rate of -4.56% [1] Stock Index Futures and Bond Futures - The price of IF2512.CFE has a change of -25.5 (-0.55%). The futures price is 4606.3, and the basis is -3.1, with a basis rate of -0.10% [1] - The price of IH2512.CFE has a change

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Options strategies and suggestions are provided for selected varieties in each sector, and option strategy reports are prepared for each option variety based on underlying market analysis, option factor research, and option strategy suggestions [9]. - Overall, the report suggests constructing option combination strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical futures, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. For example, the latest price of crude oil futures (SC2512) is 449, with a price increase of 7 and a price increase percentage of 1.65% [4]. 3.2 Option Factor - Volume and Open Interest PCR - It shows the trading volumes, volume changes, open interests, open interest changes, volume PCR (Put - Call Ratio), volume PCR changes, open interest PCR, and open interest PCR changes of various energy - chemical options. For instance, the volume PCR of crude oil options is 0.52, with a change of - 0.13, and the open interest PCR is 0.56, with a change of 0.01 [5]. 3.3 Option Factor - Pressure and Support Levels - The report presents the at - the - money strike prices, pressure points, pressure point offsets, support points, support point offsets, maximum call option open interests, and maximum put option open interests of various energy - chemical options. For example, the pressure point of crude oil options is 500, and the support point is 400 [6]. 3.4 Option Factor - Implied Volatility - It provides the at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and implied - historical volatility differences of various energy - chemical options. For example, the at - the - money implied volatility of crude oil options is 28.2, and the weighted implied volatility is 30.84, with a change of - 2.19 [7]. 3.5 Strategy and Suggestions 3.5.1 Energy - related Options (Crude Oil) - **Underlying Market Analysis**: OPEC maintains a principle - based production increase of 137,000 barrels per day. The U.S. shale oil production has slightly increased, and refineries are in a seasonal decline but are about to enter a small demand peak. The crack spread of refined oil has declined, and the monthly spread of crude oil is stronger than the single - price performance. Since July, crude oil has gradually weakened and then traded in a range, showing a weak market trend with upward pressure [8]. - **Option Factor Research**: The implied volatility of crude oil options has declined to near the average. The open interest PCR is around 0.60, indicating a recent weak crude oil market. The pressure point is 500, and the support point is 400 [8]. - **Option Strategy Suggestions**: No directional strategy is recommended. A volatility strategy of selling a relatively neutral combination of call and put options is proposed to obtain option time value and directional returns, with dynamic adjustment of positions to keep the delta neutral. A spot long - hedging strategy of constructing a long collar strategy is also suggested [8]. 3.5.2 Energy - related Options (LPG) - **Underlying Market Analysis**: In September, the estimated domestic LPG commercial volume was 1.6221 million tons, a month - on - month decrease of 5.65%. Since July, LPG has shown a market trend of over - sold rebound with upward pressure [10]. - **Option Factor Research**: The implied volatility of LPG options has significantly declined to below the average. The open interest PCR is around 0.70, indicating a recent weak LPG market. The pressure point is 4500, and the support point is 3600 [10]. - **Option Strategy Suggestions**: No directional strategy is recommended. A volatility strategy of selling a relatively neutral combination of call and put options is proposed, along with a spot long - hedging strategy of constructing a long collar strategy [10]. 3.5.3 Alcohol - related Options (Methanol) - **Underlying Market Analysis**: The port inventory is 1.4914 million tons, a month - on - month decrease of 51,800 tons. The enterprise inventory is 359,900 tons, a month - on - month increase of 20,500 tons. Since July, methanol has shown a weak market trend with upward pressure [10]. - **Option Factor Research**: The implied volatility of methanol options fluctuates around the historical average. The open interest PCR is below 0.80, indicating a recent weak and volatile methanol market. The pressure point is 2300, and the support point is 2250 [10]. - **Option Strategy Suggestions**: No directional strategy is recommended. A volatility strategy of selling a relatively bearish combination of call and put options is proposed, along with a spot long - hedging strategy of constructing a long collar strategy [10]. 3.5.4 Alcohol - related Options (Ethylene Glycol) - **Underlying Market Analysis**: The port inventory is 541,000 tons, a month - on - month increase of 34,000 tons. Since July, ethylene glycol has shown a weak market trend with upward pressure [11]. - **Option Factor Research**: The implied volatility of ethylene glycol options fluctuates below the average. The open interest PCR is around 0.70, indicating strong recent bearish forces. The pressure point is 4500, and the support point is 4050 [11]. - **Option Strategy Suggestions**: A directional strategy of constructing a bear - spread combination of put options is recommended. A volatility strategy of shorting volatility is proposed, along with a spot long - hedging strategy [11]. 3.5.5 Polyolefin - related Options (Polypropylene) - **Underlying Market Analysis**: The inventory of PP production enterprises, traders, and ports has decreased. Since July, polypropylene has shown a weak market trend with upward bearish pressure [11]. - **Option Factor Research**: The implied volatility of polypropylene options has declined to near the average. The open interest PCR is around 0.70, indicating a recent weak polypropylene market. The pressure point is 7300, and the support point is 6300 [11]. - **Option Strategy Suggestions**: No directional or volatility strategy is recommended. A spot long - hedging strategy of holding a long position in the underlying + buying an at - the - money put option + selling an out - of - the - money call option is proposed [11]. 3.5.6 Rubber - related Options (Rubber) - **Underlying Market Analysis**: The social inventory of natural rubber in China has decreased. Since July, rubber has shown a weak and volatile market trend with support below and pressure above [12]. - **Option Factor Research**: The implied volatility of rubber options has rapidly increased and then declined to near the average. The open interest PCR is below 0.60. The pressure point has significantly moved down to 17000, and the support point is 14000 [12]. - **Option Strategy Suggestions**: No directional strategy is recommended. A volatility strategy of selling a relatively bearish combination of call and put options is proposed. No spot hedging strategy is provided [12]. 3.5.7 Polyester - related Options (PTA) - **Underlying Market Analysis**: The overall social inventory of PTA (excluding credit warehouse receipts) has increased slightly. Since July, PTA has shown a weak and bearish market trend with upward pressure [12]. - **Option Factor Research**: The implied volatility of PTA options fluctuates at a relatively high level above the average. The open interest PCR is around 0.70, indicating a recent volatile PTA market. The pressure point is 4600, and the support point is 4300 [12]. - **Option Strategy Suggestions**: No directional strategy is recommended. A volatility strategy of selling a relatively bearish combination of call and put options is proposed. No spot hedging strategy is provided [12]. 3.5.8 Alkali - related Options (Caustic Soda) - **Underlying Market Analysis**: The average capacity utilization rate of caustic soda sample enterprises has decreased. Since July, caustic soda has shown a weak and bearish market trend with upward pressure [13]. - **Option Factor Research**: The implied volatility of caustic soda options fluctuates at a relatively high level. The open interest PCR is around 0.90, indicating a recent weak and volatile caustic soda market. The pressure point is 2600, and the support point is 2280 [13]. - **Option Strategy Suggestions**: A directional strategy of constructing a bear - spread combination is recommended. No volatility strategy is provided. A spot collar hedging strategy is proposed [13]. 3.5.9 Alkali - related Options (Soda Ash) - **Underlying Market Analysis**: The in - plant inventory of soda ash has increased. Since July, soda ash has shown a low - level and volatile market trend with support below [13]. - **Option Factor Research**: The implied volatility of soda ash options fluctuates at a relatively high historical level. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure point is 1400, and the support point is 1100 [13]. - **Option Strategy Suggestions**: A volatility strategy of shorting the volatility combination is proposed. A spot long - hedging strategy of constructing a long collar strategy is also suggested [13]. 3.5.10 Other Options (Urea) - **Underlying Market Analysis**: The enterprise and port inventories of urea have increased. Since July, urea has shown a low - level and volatile market trend [14]. - **Option Factor Research**: The implied volatility of urea options fluctuates slightly around the historical average. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure point is 1800, and the support point is 1600 [14]. - **Option Strategy Suggestions**: A directional strategy of constructing a bear - spread combination of put options is recommended. A volatility strategy of selling a relatively bearish combination of call and put options is proposed, along with a spot hedging strategy [14].

Core Viewpoint - Tongkun Co., Ltd. has experienced a decline in stock price recently, with a year-to-date increase of 12.98% but a significant drop of 11.57% over the last five trading days [1] Financial Performance - For the first half of 2025, Tongkun Co., Ltd. reported operating revenue of 44.158 billion yuan, a year-on-year decrease of 8.41%, while net profit attributable to shareholders increased by 2.93% to 1.097 billion yuan [2] - The company has distributed a total of 3.203 billion yuan in dividends since its A-share listing, with 341 million yuan distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Tongkun Co., Ltd. was 70,600, a slight decrease of 0.22% from the previous period [2] - The average number of circulating shares per shareholder increased by 0.22% to 33,944 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which reduced its holdings by 7.3797 million shares, and Southern CSI 500 ETF, which increased its holdings by 3.4825 million shares [3] Stock Market Activity - As of October 17, 2023, Tongkun Co., Ltd.'s stock price was 13.22 yuan per share, with a market capitalization of 31.791 billion yuan [1] - The stock has seen a trading volume of 124 million yuan and a turnover rate of 0.38% [1] - The net outflow of main funds was 13.9178 million yuan, with significant selling pressure observed [1] Business Overview - Tongkun Co., Ltd. specializes in the production and sales of various types of polyester filament and grey cloth, with its main revenue sources being polyester POY (61.10%) and purified terephthalic acid (37.69%) [1] - The company is categorized under the petrochemical industry, specifically in refining and trade [1]

Core Viewpoint - Tongkun Co., Ltd. has shown a mixed performance in stock price and financial metrics, with a notable increase in stock price year-to-date but a decline in recent trading periods [1][2]. Financial Performance - As of June 30, 2025, Tongkun Co., Ltd. reported a revenue of 44.158 billion yuan, a year-on-year decrease of 8.41%, while the net profit attributable to shareholders was 1.097 billion yuan, reflecting a year-on-year increase of 2.93% [2]. - Cumulative cash dividends since the company's A-share listing amount to 3.203 billion yuan, with 341 million yuan distributed over the past three years [3]. Stock Market Activity - On October 15, 2023, the stock price of Tongkun Co., Ltd. increased by 2.01%, reaching 13.70 yuan per share, with a trading volume of 191 million yuan and a turnover rate of 0.59% [1]. - The company has experienced a year-to-date stock price increase of 17.08%, but has seen declines of 8.73% over the last five trading days and 7.49% over the last twenty days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Tongkun Co., Ltd. was 70,600, a decrease of 0.22% from the previous period, with an average of 33,944 circulating shares per shareholder, which increased by 0.22% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 26.4554 million shares, a decrease of 7.3797 million shares from the previous period [3].

Group 1 - The core point of the news is that Tongkun Co., Ltd. experienced a decline of 5.04% in its stock price, reaching 13.37 CNY per share, with a trading volume of 478 million CNY and a turnover rate of 1.45%, resulting in a total market capitalization of 32.152 billion CNY [1] - Tongkun Co., Ltd. is located in Tongxiang City, Zhejiang Province, and was established on September 27, 1999. The company was listed on May 18, 2011, and its main business involves the production and sales of various types of civil polyester filament and grey fabric [1] - The revenue composition of Tongkun Co., Ltd. includes: 61.10% from polyester pre-oriented yarn, 37.69% from purified terephthalic acid, 15.07% from polyester drawn yarn, 9.46% from polyester textured yarn, 2.90% from other sources, 2.89% from other business income, 0.34% from chips, and 0.27% from composite yarns [1] Group 2 - From the perspective of major fund holdings, only one fund under Dongcai Fund has a significant position in Tongkun Co., Ltd. The Dongcai Industrial Preferred Mixed Initiation A Fund (016487) increased its holdings by 4,000 shares in the second quarter, bringing the total to 90,000 shares, which accounts for 8.73% of the fund's net value, making it the third-largest holding [2] - The Dongcai Industrial Preferred Mixed Initiation A Fund (016487) was established on December 30, 2022, with a latest scale of 10.2192 million CNY. Year-to-date returns are 23.88%, ranking 3974 out of 8162 in its category; the one-year return is 21.86%, ranking 4241 out of 8015; and since inception, the return is 13.85% [2]

Group 1: Report Overview - Report Title: Energy and Chemical Options Strategy Morning Report [1] - Date: October 14, 2025 - Research Scope: Energy (crude oil, LPG), polyolefins (polypropylene, PVC, plastic, styrene), polyester (PX, PTA, short - fiber, bottle - chip), alkali chemicals (caustic soda, soda ash), others (rubber) [2] - Strategy Suggestion: Build option portfolio strategies mainly as sellers, and spot hedging or covered strategies to enhance returns [2] Group 2: Market Conditions of Underlying Futures - Crude oil (SC2512): Latest price 454, up 0 (0.02%), trading volume 6.51 million lots (+ 3.49 million), open interest 3.11 million lots (+ 0.33 million) [3] - LPG (PG2511): Latest price 4,121, up 52 (1.28%), trading volume 5.24 million lots (- 0.56 million), open interest 5.86 million lots (- 0.44 million) [3] - Methanol (MA2512): Latest price 2,319, up 0 (0.00%), trading volume 4.95 million lots (+ 1.18 million), open interest 4.02 million lots (+ 0.22 million) [3] - And other varieties with detailed price, change, volume, and open - interest data provided [3] Group 3: Option Factors - Volume and Open - Interest PCR - Crude oil: Volume PCR 1.11 (+ 0.41), Open - interest PCR 0.56 (- 0.03) [4] - LPG: Volume PCR 0.52 (- 0.13), Open - interest PCR 0.48 (- 0.07) [4] - Methanol: Volume PCR 0.68 (+ 0.01), Open - interest PCR 0.65 (+ 0.06) [4] - And other varieties with corresponding PCR data [4] Group 4: Option Factors - Pressure and Support Levels - Crude oil: Pressure point 570, support point 440 [5] - LPG: Pressure point 4,700, support point 4,050 [5] - Methanol: Pressure point 2,300, support point 2,250 [5] - And other varieties with their respective pressure and support levels [5] Group 5: Option Factors - Implied Volatility - Crude oil: At - the - money implied volatility 27.545%, weighted implied volatility 35.73% (+ 3.29%), historical average 37.02% [6] - LPG: At - the - money implied volatility 16.82%, weighted implied volatility 22.03% (+ 1.86%), historical average 24.00% [6] - Methanol: At - the - money implied volatility 17.03%, weighted implied volatility 19.61% (+ 3.13%), historical average 21.83% [6] - And other varieties with implied volatility data [6] Group 6: Option Strategies for Different Varieties Crude Oil - Fundamental: OPEC+ started a new round of production increase of 1.65 million barrels per day in October, market worries about long - term supply surplus, and the production increase cycle will continue until next year. The situation in the Middle East has eased [7] - Market Analysis: Since July, it has been weak, with a downward trend in October [7] - Option Factors: Implied volatility fluctuates above the average; Open - interest PCR below 0.60 indicates a weak market; Pressure point 570, support point 440 [7] - Strategies: Directional strategy: None; Volatility strategy: Sell a neutral call + put option combination; Spot long - hedging strategy: Build a long collar strategy [7] LPG - Fundamental: PDH device maintenance is stable, but profit is declining. It is expected that the capacity utilization rate will decline after entering the peak season [9] - Market Analysis: After a decline in July, it has shown an oversold rebound with pressure [9] - Option Factors: Implied volatility drops to near the average; Open - interest PCR below 0.60 indicates a weak market; Pressure point 4,700, support point 4,050 [9] - Strategies: Directional strategy: None; Volatility strategy: Sell a neutral call + put option combination; Spot long - hedging strategy: Build a long collar strategy [9] Other Varieties - Similar analysis and strategy suggestions are provided for methanol, ethylene glycol, polypropylene, rubber, polyester products, caustic soda, soda ash, and urea [9][10][11][12][13][14] Group 7: Charts - Charts for each variety include price trends, trading volume and open - interest, PCR, implied volatility, historical volatility cones, and pressure and support levels [15][36][56][75][94][113][133][152][170][188]

10月14日，桐昆股份盘中下跌2.06%，截至10:13，报13.79元/股，成交1.53亿元，换手率0.46%，总市值 331.62亿元。 机构持仓方面，截止2025年6月30日，桐昆股份十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股2645.54万股，相比上期减少737.97万股。南方中证500ETF（510500）位居第八大流通股 东，持股2498.77万股，相比上期增加348.25万股。汇丰晋信新动力混合A（000965）位居第九大流通股 东，持股2288.90万股，为新进股东。 桐昆股份今年以来股价涨17.85%，近5个交易日跌7.88%，近20日跌11.15%，近60日涨23.68%。 责任编辑：小浪快报 截至6月30日，桐昆股份股东户数7.06万，较上期减少0.22%；人均流通股33944股，较上期增加0.22%。 2025年1月-6月，桐昆股份实现营业收入441.58亿元，同比减少8.41%；归母净利润10.97亿元，同比增长 2.93%。 资金流向方面，主力资金净流出1205.26万元，特大单买入1192.89万元，占比7.81%，卖出2191.80万 元，占比14.35%； ...