周度报告——商品期权 商品期权周报：2025 年第 34 周 报告日期： 2025 年 8 月 24 日 ★ 商品期权市场活跃度 本周（2025.8.18-2025.8.22）商品期权市场活跃度较上周有所 回落，日均成交量为 646 万手，日均持仓量为 732 万手，环 比变化分别为-26.6%和-28.23%。分品种来看，本周日均成交 活跃的品种主要包括纯碱（59 万手）、玻璃（51 万手）、棕 榈油（40 万手）。此外，本周共有 3 个品种成交增长超过 100%， 成交量增长较为显著的品种为对二甲苯（+1327%）、合成橡 胶（+125%）、短纤（+122%）。与此同时，成交量下降较 为明显的品种则有菜粕（-85%）、菜油（-85%）、豆油（-72%）。 从持仓量数据来看，本周日均持仓量较高的品种为螺纹钢（63 万手）、纯碱（62 万手）和豆粕（60 万手）。日均持仓量环 比增长较为迅速的品种为对二甲苯（+188%）、合成橡胶 （+77%）、多晶硅（+50%）。建议投资者可重点关注交易 活跃品种可能存在的市场机会。 ★ 商品期权主要数据点评 标的涨跌情况：本周商品期权标的期货以下跌为主，共有 37 个品种 ...

Report Title - "Commodity Options Weekly Report: Week 33 of 2025" [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The activity level of the commodity options market in the week from August 11 - 15, 2025, was basically flat compared to the previous week. Investors are advised to focus on potential market opportunities in actively - traded varieties [2][9] - The underlying futures of commodity options showed mixed performance this week, with the energy - chemical and non - ferrous sectors mainly rising. Attention should be paid to risks and opportunities based on factors such as price fluctuations, implied volatility, and market sentiment [3][17][18] 3. Summary by Relevant Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume was 8.81 million lots, with a week - on - week increase of 4.19%, and the average daily open interest was 10.2 million lots, with a week - on - week decrease of 18.19% [2][5][9] - Actively - traded varieties in terms of average daily trading volume included glass (1.07 million lots), soda ash (1.06 million lots), and soybean meal (0.6 million lots) [2][5][9] - Five varieties had trading volume growth of over 100%, with significant growth in synthetic rubber (+362%), Shanghai tin (+265%), and apples (+108%). Meanwhile, polycrystalline silicon (-77%), industrial silicon (-66%), and urea (-53%) had obvious trading volume declines [2][9] - Varieties with high average daily open interest were soybean meal (1.07 million lots), glass (0.96 million lots), and soda ash (0.87 million lots). Synthetic rubber (+58%), Shanghai tin (+37%), and p - xylene (+37%) had rapid week - on - week growth in average daily open interest [2][9] 3.2 This Week's Commodity Options Main Data Review 3.2.1 Underlying Price Fluctuations - There were 28 varieties with weekly gains, including lithium carbonate (+12.92%), palm oil (+5.11%), and soda ash (+4.73%); 23 varieties had weekly losses, including methanol (-2.55%), eggs (-2.30%), and logs (-1.87%) [3][17] 3.2.2 Market Volatility - The implied volatility of some commodity options varieties rebounded this week, with 23 varieties having current implied volatility above the 50th percentile of the past year. High - implied - volatility varieties included corn starch, eggs, logs, etc., and short - volatility opportunities were recommended. Low - implied - volatility varieties included non - ferrous metals, precious metals, plastics, etc., where buying options had a higher cost - performance ratio [3][17] 3.2.3 Options Market Sentiment - Varieties such as p - xylene, bottle chips, and soybean meal had a high volume PCR, indicating strong short - term bearish sentiment. Glass, rubber, soda ash, and rapeseed oil had a low volume PCR, showing concentrated short - term bullish sentiment [3][18] - P - xylene, lithium carbonate, and soda ash had a high open - interest PCR, indicating a high level of accumulated bearish sentiment. Nickel, logs, sugar, and rubber had a low open - interest PCR, indicating accumulated bullish sentiment [3][18] 3.3 Key Data Overview of Main Varieties - This chapter presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be accessed on the Dongzheng Finoview official website (https://www.finoview.com.cn/) [22]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - The trading volume of commodity options reached 6.34 million contracts. Some varieties had relatively large trading volumes, such as soybean meal options with 670,000 contracts, palm oil options with 580,000 contracts, and soda ash options with 430,000 contracts. In terms of open interest, soybean meal options exceeded 1.09 million contracts, and rebar options exceeded 550,000 contracts. Regarding the trading volume PCR, some varieties deviated significantly, presenting trading opportunities but also liquidity risks [1][3]. - In the agricultural product sector, the IV of corn options rose by 5.86%, while that of egg options fell by 4.88%. In the energy and chemical sector, the IV of caustic soda options increased by 3.06%, and that of lithium carbonate options decreased by 4.47%. In the metal sector, the IV of each variety showed mixed trends, with the IV of Shanghai silver options dropping by 0.69% [3]. 3. Summary According to the Directory 3.1. Market Quick View 3.1.1. Trading Volume and Open Interest - The report provides detailed trading volume and open - interest data for various commodity options, including information on the underlying asset's closing price, price change, option trading volume, call and put trading volumes, option open interest, call and put open interests, and trading volume and open - interest PCR for each variety [5]. 3.1.2. Volatility - The report presents the implied volatility (IV) data of various commodity options, including the flat - strike IV, IV change in absolute value, historical volatility (30 - day, 60 - day, and 90 - day), and the difference between implied and historical volatility (IV - HV) for each variety [11]. 3.2. Variety Research 3.2.1. Soybean Meal Options - The report includes charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for soybean meal options [13]. 3.2.2. Rapeseed Meal Options - It provides charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for rapeseed meal options [17]. 3.2.3. PTA Options - The report contains charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for PTA options [21]. 3.2.4. Methanol Options - It offers charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for methanol options [23]. 3.2.5. Sugar Options - The report includes charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for sugar options [26]. 3.2.6. Soda Ash Options - It provides charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for soda ash options [31]. 3.2.7. Iron Ore Options - The report contains charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for iron ore options [35]. 3.2.8. Shanghai Silver Options - It offers charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for Shanghai silver options [38]. 3.2.9. Rebar Options - The report includes charts of the volatility smile curve, volatility term structure, recent one - month IV trend, and recent one - month implied - historical volatility difference trend for rebar options [42].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The commodity options market remained highly active this week, with an average daily trading volume of 10.36 million lots and an average daily open interest of 11.49 million lots, showing a -11.14% and +12.58% change respectively. Traders are advised to focus on potential market opportunities in actively - traded varieties [1][8]. - This week, the underlying futures of commodity options pulled back, with 44 varieties closing lower. High - volatility risks should be noted, and short - selling volatility opportunities are recommended. Attention should also be paid to the callback risks of underlying prices and the accumulation of bullish or bearish sentiment in different varieties [2][17]. 3. Summary by Relevant Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume of the commodity options market this week was 10.36 million lots, and the average daily open interest was 11.49 million lots, with a -11.14% and +12.58% change respectively. The market speculation degree was relatively high [1][8]. - Actively - traded varieties in terms of average daily trading volume included glass (1.73 million lots), soda ash (1.3 million lots), and polysilicon (0.88 million lots). Varieties with significant trading volume growth were p - xylene (+158%), red dates (+157%), and apples (+144%), while those with significant declines were tin (-88%) and synthetic rubber (-85%) [1][8]. - Varieties with high average daily open interest were glass (1.24 million lots), soda ash (1.2 million lots), and soybean meal (1.03 million lots). Varieties with rapid open - interest growth were ferrosilicon (+68%) and LPG (+60%) [1][8]. 3.2 Main Data Review of Commodity Options 3.2.1 Underlying Price Movements - This week, the underlying futures of commodity options pulled back, with 44 varieties closing lower. Varieties with high weekly declines included glass (-19.09%), lithium carbonate (-14.41%), soda ash (-12.78%), and industrial silicon (-12.60%) [2][17]. 3.2.2 Market Volatility - The implied volatility of commodity options declined from a high level this week. 34 varieties' current implied volatility was below the 50% percentile of the past - year history. Varieties with high implied volatility included polysilicon, lithium carbonate, ferrosilicon, and industrial silicon [2][17]. 3.2.3 Options Market Sentiment - The volume PCR of varieties such as staple fiber, copper, and p - xylene was at a historical high, indicating strong short - term bearish sentiment. The volume PCR of gold, oilseeds, and synthetic rubber was at a historical low, showing concentrated short - term bullish sentiment [2][17]. - The open - interest PCR of polysilicon, lithium carbonate, and soda ash was at a historical high, indicating a high level of accumulated bearish sentiment. The open - interest PCR of nickel, LPG, and rubber was at a historical low, indicating accumulated bullish sentiment [2][17]. 3.3 Key Data Overview of Main Varieties This chapter presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [21].

1. Report Industry Investment Rating - Not provided in the documents 2. Core Viewpoints of the Report - The current situation is characterized by weak reality and strong expectations, with policy expectations yet to be disproven, and there is a contradiction between macro - expectations and industrial logic [2] - Bullish factors include anti - involution expectations, rising coal costs, commodity resonance, and the upward movement of the futures market stimulating speculative demand and driving a positive feedback between futures and spot prices [2] - Bearish factors are that the medium - to - long - term fundamentals have not improved [2] - Policy expectations persist, and the futures market remains strong. Attention should be paid to the amplitude of the resonance between the macro and industrial sectors and wait for the next policy guidance [2] 3. Summary by Related Content Glass and Soda Ash Price Forecast - The monthly price forecast for glass is in the range of 1200 - 1500, with a current 20 - day rolling volatility of 51.76% and a 3 - year historical percentile of 97.8%. The monthly price forecast for soda ash is in the range of 1200 - 1600, with a current 20 - day rolling volatility of 39.03% and a 3 - year historical percentile of 75.6% [1] Glass and Soda Ash Hedging Strategies Glass - **Inventory Management**: When the finished - product inventory is high and there are concerns about falling glass prices, short glass futures (FG2509) with a 25% hedging ratio at 1500 and sell call options (FG509C1500) with a 50% hedging ratio at 50 - 60 to lock in profits and reduce costs. When the procurement inventory is low and there are concerns about rising glass prices, buy glass futures (FG2509) with a 25% hedging ratio at 1200 and sell put options (FG509P1200) with a 50% hedging ratio at 30 - 50 to lock in procurement costs [1] Soda Ash - **Inventory Management**: When the finished - product inventory is high and there are concerns about falling soda ash prices, short soda ash futures (SA2509) with a 25% hedging ratio at 1600 and sell call options (SA509C1600) with a 50% hedging ratio at 40 - 60. When the procurement inventory is low and there are concerns about rising soda ash prices, buy soda ash futures (SA2509) with a 25% hedging ratio at 1200 - 1250 and sell put options (SA509P1300) with a 50% hedging ratio at 30 - 50 [1] Glass Futures Prices and Spreads - On July 25, 2025, the prices of glass 05, 09, and 01 contracts were 1461, 1362, and 1426 respectively, with daily increases of 1.67%, 4.21%, and 1.71%. The spreads (5 - 9), (9 - 1), and (1 - 5) were 99, - 64, and - 35 respectively, with the (5 - 9) spread decreasing by 31 and the (9 - 1) spread increasing by 31 [2] Glass Spot Prices - On July 25, 2025, the average price of glass in Shahe was 1289.4, an increase of 52.6 from the previous day. The prices in different regions also showed varying degrees of increase, such as a 30 increase in North China and a 10 increase in South China [5] Soda Ash Futures Prices and Spreads - On July 25, 2025, the prices of soda ash 05, 09, and 01 contracts were 1539, 1440, and 1516 respectively, with daily increases of 1.38%, 2.27%, and 2.09%. The spreads (5 - 9), (9 - 1), and (1 - 5) were 99, - 76, and - 23 respectively, with varying degrees of change [6] Soda Ash Spot Prices - On July 25, 2025, the prices of heavy soda ash and light soda ash in different regions all increased to varying degrees, such as a 50 increase in North China and a 70 increase in East China [7] Seasonal Data - There are seasonal data on the daily output of float glass in China, the daily melting volume of photovoltaic glass in China, the capacity utilization rate of soda ash in China, and the loss volume of soda ash in China, as well as the seasonal data of the basis of glass and soda ash contracts in different regions and the seasonal data of the daily sales - to - production ratio of glass in different regions [8][23][28]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The commodity options market showed increased activity this week, with significant growth in both trading volume and open interest. Traders are advised to focus on actively - traded varieties for potential market opportunities [1][7]. - This week, most underlying futures of commodity options rose. Some commodities saw a significant increase in implied volatility, and different strategies are recommended based on high - and low - volatility varieties. The PCR indicators reflect different market sentiment for various commodities, and investors should pay attention to the corresponding risks [2][15]. 3. Summary by Directory 3.1 Commodity Options Market Activity - From June 28 to July 4, 2025, the average daily trading volume of the commodity options market was 6.82 million lots, and the average daily open interest was 9.86 million lots, with a week - on - week increase of 31.43% and 14.86% respectively [1][7]. - Actively - traded varieties in terms of daily average trading volume included industrial silicon (780,000 lots), glass (770,000 lots), and soda ash (750,000 lots). There were 8 varieties with a trading volume increase of over 100%, such as polysilicon (+332%), industrial silicon (+227%), and glass (+116%). The varieties with a significant decline in trading volume were p - xylene (-96%), synthetic rubber (-70%), and tin (-61%) [1][7]. - In terms of open interest, the varieties with high average daily open interest were soda ash (1.1 million lots), glass (930,000 lots), and soybean meal (890,000 lots). The variety with a rapid week - on - week increase in average daily open interest was polysilicon (+121%) [1][7]. 3.2 This Week's Commodity Options Main Data Review - **Underlying Price Movements**: Most underlying futures of commodity options rose this week. The varieties with high weekly increases were industrial silicon (+6.59%), caustic soda (+2.63%), and rebar (+2.57%), while the variety with a high decline was red dates (-2.34%) [2][15]. - **Market Volatility**: Affected by the "anti - involution", the implied volatility of some commodities increased significantly this week, but 39 varieties still had their current implied volatility below the historical 50th percentile. High - volatility varieties included industrial silicon, eggs, and red dates, and investors were advised to beware of one - sided risks and consider short - volatility opportunities. Low - volatility varieties included iron ore, rebar, and vegetable oils, and industrial customers could consider insurance strategies due to the low option - buying prices [2][15]. - **Options Market Sentiment**: The trading volume PCR of varieties such as red dates was at a historical high, indicating a strong short - term bearish sentiment and the need to pay attention to the risk of underlying price corrections. The trading volume PCR of nickel, methanol, ethylene glycol, and styrene was at a historical low, showing a concentrated short - term bullish sentiment. The open interest PCR of lithium carbonate, industrial silicon, and cotton was at a historical high, indicating a high - level accumulated bearish sentiment, while the open interest PCR of copper, nickel, styrene, LPG, and soda ash was at a historical low, indicating an accumulated bullish sentiment [2][15]. 3.3 Main Varieties Key Data Overview This chapter mainly presents the key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data for more varieties can be accessed on the Dongzheng Fancy Micro official website (https://www.finoview.com.cn/) [19]. 3.3.1 Energy No specific data analysis is provided in the text, only chart references are given, including the total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [20][22][23]. 3.3.2 Chemicals - **PTA**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of PTA [27][28][35]. - **Caustic Soda**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of caustic soda [37][38][39]. - **Glass**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of glass [43][44][45]. - **Soda Ash**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of soda ash [51][52][53]. 3.3.3 Precious Metals The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of silver [57][61][58]. 3.3.4 Ferrous Metals - **Iron Ore**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of iron ore [64][65][70]. - **Silicomanganese**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of silicomanganese [72][73][74]. 3.3.5 Non - Ferrous Metals - **Copper**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of copper [80][81][85]. - **Alumina**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of alumina [88][89][91]. 3.3.6 Agricultural Products - **Soybean Meal**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of soybean meal [97][99]. - **Palm Oil**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of palm oil [103][104][105]. - **Cotton**: The text only provides chart references, including the total trading volume, volatility, open interest PCR, and trading volume PCR of cotton [111][112][113].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The energy and chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [9]. - For each sub - sector, specific options strategies and suggestions are provided based on fundamental and market analysis of different underlying assets [9]. - The overall strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Underlying Futures Market Overview - Various energy and chemical option underlying futures are presented, including details such as the latest price, change, change rate, trading volume, and open interest. For example, crude oil (SC2508) has a latest price of 532, a change of 18, and a change rate of 3.50% [4]. 3.2 Option Factors - Volume and Open Interest PCR - PCR indicators (volume PCR and open - interest PCR) are analyzed for different option varieties. These indicators are used to describe the strength of the option underlying market and potential turning points. For instance, the open - interest PCR of crude oil is 1.61 with a change of 0.39 [5]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels for different option underlying assets are determined from the strike prices of the maximum open interest of call and put options. For example, the pressure level of crude oil is 560 and the support level is 450 [6]. 3.4 Option Factors - Implied Volatility - Implied volatility data (including at - the - money implied volatility, weighted implied volatility, etc.) are provided for each option variety. For example, the at - the - money implied volatility of crude oil is 41.58% [7]. 3.5 Strategy and Suggestions - **Crude Oil Options** - Fundamental analysis shows that US employment data is weak and geopolitical conflicts have increased the geopolitical premium of oil prices. The market has a short - term bullish upward trend. - Option factors indicate high implied volatility, strong long - term bullish power, with a pressure level of 560 and a support level of 450. - Strategies include constructing a bullish call spread for directional gains, a neutral short call + put option combination for time - value gains, and a long collar strategy for spot hedging [8]. - **Liquefied Petroleum Gas (LPG) Options** - Fundamental factors such as rising crude oil prices and increased summer oil consumption have affected the LPG market. The market shows an oversold rebound. - Option factors suggest that implied volatility fluctuates around the historical average, and the short - term bearish power is weakening, with a pressure level of 5200 and a support level of 4000. - Strategies include a neutral short call + put option combination and a long collar strategy for spot hedging [10]. - **Methanol Options** - Port inventory has increased, and the market shows a weak bearish oversold rebound. - Option factors indicate that implied volatility fluctuates around the historical average, and the bearish power above is weakening, with a pressure level of 2500 and a support level of 1975. - Strategies include a bullish call spread, a short call + put option combination with a long - biased delta, and a long collar strategy for spot hedging [10]. - **Ethylene Glycol Options** - Port inventory is expected to increase, and the market shows a short - term bullish rise followed by a decline. - Option factors suggest high implied volatility, a range - bound and relatively strong market, with a pressure level of 4500 and a support level of 4300. - Strategies include a short - volatility strategy and a long collar strategy for spot hedging [11]. - **Polyolefin Options (Polypropylene, etc.)** - Polypropylene downstream开工率 is low, and inventory levels vary. The market shows a rebound in a bearish trend. - Option factors indicate that implied volatility is above the historical average, and the open - interest PCR is below 1.00, with a pressure level of 7500 and a support level of 6800. - Strategies include a long collar strategy for spot hedging [11]. - **Rubber Options** - Overseas production is not at a high level, and tire inventory is high. The market shows a bearish downward rebound. - Option factors suggest that implied volatility fluctuates around the average, and the open - interest PCR is below 0.60, with a pressure level of 21000 and a support level of 13000. - Strategies include a bearish put spread, a short call + put option combination with a short - biased delta [12]. - **Polyester Options (PTA, etc.)** - PTA inventory shows a short - term slowdown in destocking. The market shows a high - level shock and decline. - Option factors indicate high implied volatility, a strengthening market, with a pressure level of 5000 and a support level of 3800. - Strategies include a neutral short call + put option combination [13]. - **Caustic Soda Options** - Production has decreased, and inventory has increased. The market shows a bearish downward trend. - Option factors suggest that implied volatility is below the average, and the open - interest PCR is below 0.60, with a pressure level of 2520 and a support level of 2080. - Strategies include a bearish put spread, a short wide - straddle option combination, and a covered spot hedging strategy [14]. - **Soda Ash Options** - The spot market is weak, and the market shows a bearish low - level consolidation. - Option factors indicate that implied volatility is below the historical average, and the open - interest PCR is below 0.50, with a pressure level of 1300 and a support level of 1100. - Strategies include a bearish put spread, a short call + put option combination with a short - biased delta, and a long collar strategy for spot hedging [14]. - **Urea Options** - Inventory has increased, and prices have declined. The market shows an inverted "V" shape. - Option factors suggest that implied volatility is below the average, and the open - interest PCR is above 1.00, with a pressure level of 1900 and a support level of 1700. - Strategies include a bearish put spread, a short call + put option combination with a short - biased delta, and a long collar strategy for spot hedging [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (May 19 - May 23, 2025), the trading volume of the commodity options market declined, with an average daily trading volume of 5.91 million lots and an average daily open interest of 8.29 million lots, showing a -11% and +10% change respectively compared to the previous period. Investors are advised to focus on potential market opportunities in actively traded varieties [1][8]. - This week, the underlying futures of commodity options showed mixed performance, with most chemical and non - ferrous metals declining, and 37 varieties closing higher for the week. Many varieties' implied volatility continued to decline, and the trading and open - interest PCR of some varieties indicated strong short - term bullish or bearish sentiment [2][16]. 3. Summary According to Relevant Catalogs 3.1 Commodity Options Market Activity - This week, the average daily trading volume of actively traded varieties included styrene (750,000 lots), alumina (740,000 lots), and silver (360,000 lots). Alumina had a significant trading volume increase of +165%, while polysilicon decreased by -69% [1][8]. - The varieties with high average daily open interest were soybean meal (790,000 lots), soda ash (490,000 lots), and glass (480,000 lots). Alumina's open interest increased by +107% [1][8]. 3.2 Commodity Options Main Data Review - **Underlying Price Changes**: This week, the underlying futures of commodity options showed mixed performance. The varieties with high weekly gains were alumina (+9.65%), gold (+3.76%), and silver (+2.00%); those with high losses were synthetic rubber (-3.96%), LPG (-3.63%), and ferrosilicon (-3.37%) [2][16]. - **Market Volatility**: Most commodity implied volatilities continued to decline this week, with 39 varieties showing a decline in implied volatility. High - volatility varieties include gold, and low - volatility varieties include oilseeds, rebar, and iron ore [2][16]. - **Options Market Sentiment**: The trading volume PCR of some varieties such as p - xylene, LPG, and polypropylene is at a historical high, indicating strong short - term bearish sentiment. The trading volume PCR of glass and rubber is at a historical low, showing concentrated short - term bullish sentiment [2][16]. 3.3 Key Data Overview of Main Varieties - This chapter presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be accessed on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [20].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The report analyzes the fundamentals, market trends, and volatility of various energy and chemical options, and provides corresponding strategy recommendations [3] 3. Summary by Relevant Catalogs 3.1 Energy and Chemical Option Classification - Energy and chemical options are mainly divided into five categories: basic chemicals, energy, polyester chemicals, polyolefin chemicals, and other chemicals [3] 3.2 Basic Chemicals Sector - **Methanol Options**: The price is under pressure and shows a weak and bearish trend. Implied volatility is above the historical average. A bearish combination strategy of call + put options is recommended [3] - **Rubber Options/Synthetic Rubber Options**: The market shows a weak consolidation and oscillation pattern under bearish pressure. Implied volatility is at a relatively high historical level. A bearish volatility - selling strategy is recommended [3] - **Styrene Options**: Affected by the Sino - US tariff war, downstream demand is weak. The market shows a large - fluctuation and weak trend. Implied volatility remains at a relatively high historical level. A volatility - selling option combination strategy is recommended [4] 3.3 Oil and Gas Sector - **Crude Oil Options**: OPEC+ increases supply, but exports do not increase significantly. The market shows a large - fluctuation pattern under bearish pressure. Implied volatility remains at a relatively high level. A volatility - selling strategy is recommended [4] - **Liquefied Gas Options**: The price has a short - term weak rebound under pressure. Implied volatility is above the historical average. A bearish call + put option combination strategy is recommended, and the position delta should be adjusted dynamically [4] 3.4 Polyester Chemicals Sector - **PX Options/PTA Options**: PTA load is decreasing, and inventory is decreasing year - on - year. The market shows a mild bullish trend under bearish pressure. Implied volatility remains at a relatively high level. A volatility - selling strategy is recommended [5] - **Ethylene Glycol Options**: Port inventory is increasing, and downstream inventory days are rising. The market shows a large - oscillation and short - term weak bearish trend. Implied volatility has risen rapidly to a relatively high historical level. A volatility - selling strategy is recommended [5] - **Short - Fiber Options**: Polyester load is high, but short - fiber load is slightly decreasing. The market shows a rebound pattern under bearish pressure. Implied volatility remains at a relatively high average level. A volatility - selling call + put option combination strategy is recommended [5] 3.5 Polyolefin Chemicals Sector - **Polypropylene Options**: Inventory shows different trends among producers, traders, and ports. The market shows a large - oscillation and weak pattern. Implied volatility is at a relatively high historical level. A bearish call + put option combination strategy is recommended, and the position delta should be adjusted dynamically [6] - **Polyethylene Options**: Producer and trader inventories are increasing. The market shows a weak consolidation pattern under pressure. Implied volatility has risen rapidly to a relatively high level. A bearish directional strategy is recommended [6] - **PVC Options**: Factory and social inventories are decreasing year - on - year. The market shows a weak bearish downward trend. Implied volatility remains at a relatively low level. A bearish directional strategy is recommended [6] 3.6 Data Summary - **Option Underlying Market Data**: Includes closing prices, price changes, trading volumes, and open interest of various option underlying assets [8] - **Option Volume, Open Interest, and Turnover Data**: Volume, open interest, and turnover data of various options, as well as their changes [9] - **Option Volume, Open Interest, and Turnover PCR Data**: PCR data and their changes of various options [10] - **Option Maximum Open Interest at Strike Prices**: Maximum open interest at strike prices, pressure points, and support points of various options [11] - **Option Implied Volatility Data**: Implied volatility, its changes, annual average, call and put implied volatilities, and historical volatility of various options [13]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoint The report conducts a comprehensive analysis of various energy - chemical options, including fundamental, market, and volatility analyses, and provides corresponding strategy suggestions for each type of option [3]. 3. Summary by Category 3.1 Basic Chemicals Sector - **Methanol Option**: Port and enterprise inventories are decreasing, and the market is in a state of recovery with upward pressure. It is recommended to construct a neutral combination of call and put options [3]. - **Rubber/Synthetic Rubber Option**: Tire production rates are declining, and the market shows a weak downward trend. A bear - spread put option strategy is recommended [3]. - **Styrene Option**: Port and factory inventories are decreasing, and the market is in a weak bearish state. A neutral wide - straddle option selling strategy is recommended [4]. 3.2 Oil and Gas Sector - **Crude Oil Option**: OPEC + production is increasing, and the market has short - term recovery characteristics. A volatility strategy of selling put and call options is recommended [4]. - **LPG Option**: Russian exports are decreasing, and domestic inventories are changing. The market shows short - term weakness and recovery. A neutral combination of selling call and put options is recommended [4]. 3.3 Polyester Chemicals Sector - **PX/PTA Option**: PTA inventory is decreasing, and the market is in a weak bearish and volatile state. A neutral option selling strategy is recommended [5]. - **Ethylene Glycol Option**: Inventory trends are mixed, and the market is in a short - term weak state. A neutral option selling strategy is recommended [5]. - **Short - Fiber Option**: Polyester production rates and inventory days are changing, and the market has support and pressure. A neutral option selling strategy is recommended [5]. 3.4 Polyolefin Chemicals Sector - **Polypropylene Option**: Inventories are decreasing, and the market shows a large - amplitude bearish trend. A bearish combination of selling call and put options is recommended [6]. - **Polyethylene Option**: Inventories are changing, and the market is in a weak consolidation state. A bearish directional strategy is recommended [6]. - **PVC Option**: Inventories are decreasing, and the market shows a volatile upward trend. A neutral combination of selling call and put options is recommended [6].