Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report analyzes the market data, option factors, and provides trading strategies for various olefin - related options, including BZ (pure benzene), EB (styrene), L (plastic), PL (propylene), and PP (polypropylene) options. Due to geopolitical risks, it is not recommended to use seller - based volatility strategies [7][20][32][44][57] Summary by Related Catalogs 1. BZ (Pure Benzene) Option - **Market Data**: The bz2605 contract closed at 8790 yuan yesterday, down 254 yuan (-2.80%) from the previous day. The trading volume was 36024 lots, a decrease of 2455 lots, and the open interest was 24404 lots, a decrease of 1488 lots [3][6] - **Option Factors**: The implied volatility of BZ (pure benzene option) fluctuates above the mean of 0.2160. The option's open - interest PCR is 0.9096, at the 76.61% level in the past year. The pressure level is 10200, and the support level is 4900 [5][6] - **Trading Strategies**: Build a bull - spread combination strategy of call options to obtain directional returns, such as B BZ2605C8400, S BZ2605C10000. Do not recommend seller - based volatility strategies [7] 2. EB (Styrene) Option - **Market Data**: The eb2605 contract closed at 10597 yuan yesterday, down 235 yuan (-2.16%) from the previous day. The trading volume was 791380 lots, a decrease of 98765 lots, and the open interest was 223609 lots, a decrease of 11872 lots [16][19] - **Option Factors**: The implied volatility of EB (styrene option) fluctuates above the mean of 0.2892. The option's open - interest PCR is 1.5338, at the 97.96% level in the past year. The pressure level is 11800, and the support level is 8000 [18][19] - **Trading Strategies**: Build a bull - spread combination strategy of call options to obtain directional returns, such as B EB2605C10000, S EB2605C11200. Do not recommend seller - based volatility strategies [20] 3. L (Plastic) Option - **Market Data**: The l2605 contract closed at 8614 yuan yesterday, down 404 yuan (-4.47%) from the previous day. The trading volume was 830040 lots, a decrease of 60698 lots, and the open interest was 299225 lots, a decrease of 24962 lots [28][31] - **Option Factors**: The implied volatility of L (plastic option) fluctuates above the mean of 0.1838. The option's open - interest PCR is 0.979, at the 93.47% level in the past year. The pressure level is 9000, and the support level is 7000 [31] - **Trading Strategies**: No directional strategy is provided. Do not recommend seller - based volatility strategies [32] 4. PL (Propylene) Option - **Market Data**: The PL605 contract closed at 8795 yuan yesterday, down 353 yuan (-3.85%) from the previous day. The trading volume was 11847 lots, a decrease of 3618 lots, and the open interest was 6170 lots, a decrease of 2083 lots [40][43] - **Option Factors**: The implied volatility of PL (propylene option) fluctuates above the mean of 0.1647. The option's open - interest PCR is 1.3352, at the 95.78% level in the past year. The pressure level is 6900, and the support level is 5700 [42][43] - **Trading Strategies**: Build a bull - spread combination strategy of call options to obtain directional returns. Do not recommend seller - based volatility strategies [44] 5. PP (Polypropylene) Option - **Market Data**: The pp2605 contract closed at 9103 yuan yesterday, down 391 yuan (-4.11%) from the previous day. The trading volume was 912841 lots, a decrease of 119622 lots, and the open interest was 319551 lots, a decrease of 18026 lots [53][56] - **Option Factors**: The implied volatility of PP (polypropylene option) fluctuates above the mean of 0.1721. The option's open - interest PCR is 1.2555, at the 99.59% level in the past year. The pressure level and support level are both 8000 [55][56] - **Trading Strategies**: Build a bull - spread combination strategy of call options to obtain directional returns. Do not recommend seller - based volatility strategies [57]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the given content. 2. Core Viewpoints - For all options (BZ, EB, L, PL, PP), it is recommended to construct a bull spread combination strategy of call options for directional strategies to obtain directional returns, and due to large geopolitical risks, strategies mainly based on sellers (such as single - selling and double - selling) are not recommended for volatility strategies [7][19][31][43][56] 3. Summary by Relevant Catalogs 3.1 BZ (Pure Benzene Option) - **标的期货市场数据**: The bz2605 contract had a closing price of 9062 yuan, a rise of 370 yuan (4.25%), a trading volume of 38479 lots, a decrease of 4642 lots compared to the previous day, an open interest of 25892 lots, and an increase of 294 lots [3] - **期权因子 - 量仓PCR**: The trading volume of BZ (pure benzene call option) was 395 lots, a decrease of 117 lots; the open interest was 2604 lots, an increase of 39 lots; the trading volume PCR was 0.71, an increase of 0.01; the open interest PCR was 0.87, an increase of 0.01. The trading volume of BZ (pure benzene put option) was 282 lots, a decrease of 76 lots; the open interest was 2272 lots, an increase of 47 lots [4] - **期权因子 - 压力支撑**: The underlying contract was bz2605, the at - the - money strike price was 9000 yuan, the resistance level was 10000 yuan, the support level was 4900 yuan, the weighted implied volatility was 80.22%, an increase of 2.69%, the annual average implied volatility was 21.28%, and HISV20 was 63.44% [5] - **行情解读与策略建议**: The bz2605 contract's closing price yesterday was 8880 yuan, a rise of 559 yuan (6.71%) compared to the previous day, with a trading volume of 43121 lots, an increase of 21774 lots, and an open interest of 25598 lots, an increase of 2377 lots. The implied volatility of BZ (pure benzene option) fluctuated above the mean of 0.2095. The open interest PCR of BZ options was reported at 0.8674, at the 57.99% level in the past year. From the perspective of options, the resistance level of the BZ option underlying was 10200 yuan, and the support level was 4900 yuan. Directional strategy: Construct a bull spread combination strategy of call options, such as B BZ2605C8200, S BZ2605C8800. Volatility strategy: Due to large geopolitical risks, strategies mainly based on sellers are not recommended [6][7] 3.2 EB (Styrene Option) - **标的期货市场数据**: The eb2605 contract had a closing price of 10789 yuan, a rise of 3.43%, a trading volume of 890145 lots, a decrease of 78174 lots compared to the previous day, an open interest of 235481 lots, and a decrease of 8979 lots [15] - **期权因子 - 量仓PCR**: The trading volume of EB (styrene call option) was 133646 lots, an increase of 6354 lots; the open interest was 42487 lots, a decrease of 2375 lots; the trading volume PCR was 0.47, an increase of 0.04; the open interest PCR was 1.53, an increase of 0.24. The trading volume of EB (styrene put option) was 62792 lots, an increase of 8155 lots; the open interest was 65097 lots, an increase of 7237 lots [16] - **期权因子 - 压力支撑**: The underlying contract was eb2605, the at - the - money strike price was 10800 yuan, the resistance level was 11800 yuan, the support level was 8000 yuan, the weighted implied volatility was 69.70%, a decrease of 2.08%, the annual average implied volatility was 28.73%, and HISV20 was 57.94% [17] - **行情解读与策略建议**: The eb2605 contract's closing price yesterday was 10624 yuan, a rise of 595 yuan (5.93%) compared to the previous day, with a trading volume of 968319 lots, an increase of 448162 lots, and an open interest of 244460 lots, an increase of 46526 lots. The implied volatility of EB (styrene option) fluctuated above the mean of 0.2852. The open interest PCR of EB options was reported at 1.2897, at the 92.24% level in the past year. From the perspective of options, the resistance level of the EB option underlying was 11800 yuan, and the support level was 8000 yuan. Directional strategy: Construct a bull spread combination strategy of call options, such as B EB2605C10000, S EB2605C11200. Volatility strategy: Due to large geopolitical risks, strategies mainly based on sellers are not recommended [18][19] 3.3 L (Plastic Option) - **标的期货市场数据**: The l2605 contract had a closing price of 8804 yuan, a rise of 0.03%, a trading volume of 890738 lots, an increase of 231692 lots compared to the previous day, an open interest of 324187 lots, and a decrease of 2555 lots [27] - **期权因子 - 量仓PCR**: The trading volume of L (plastic call option) was 10277 lots, an increase of 5813 lots; the open interest was 32297 lots, a decrease of 566 lots; the trading volume PCR was 0.68, a decrease of 0.35; the open interest PCR was 0.95, an increase of 0.03. The trading volume of L (plastic put option) was 7006 lots, an increase of 2416 lots; the open interest was 30669 lots, an increase of 415 lots [28] - **期权因子 - 压力支撑**: The underlying contract was 12605, the at - the - money strike price was 8800 yuan, the resistance level was 9000 yuan, the support level was 7000 yuan, the weighted implied volatility was 56.21%, an increase of 4.84%, the annual average implied volatility was 18.21%, and HISV20 was 51.91% [29] - **行情解读与策略建议**: The l2605 contract's closing price yesterday was 8868 yuan, a rise of 149 yuan (1.70%) compared to the previous day, with a trading volume of 659046 lots, a decrease of 74629 lots, and an open interest of 326742 lots, an increase of 4709 lots. The implied volatility of L (plastic option) fluctuated above the mean of 0.1802. The open interest PCR of L options was reported at 0.9206, at the 88.98% level in the past year. From the perspective of options, the resistance level of the L option underlying was 9000 yuan, and the support level was 7000 yuan. Directional strategy: Construct a bull spread combination strategy of call options. Volatility strategy: Due to large geopolitical risks, strategies mainly based on sellers are not recommended [30][31] 3.4 PL (Propylene Option) - **标的期货市场数据**: The PL605 contract had a closing price of 8944 yuan, a rise of 0.04%, a trading volume of 15465 lots, an increase of 4478 lots compared to the previous day, an open interest of 8253 lots, and a decrease of 2597 lots [39] - **期权因子 - 量仓PCR**: The trading volume of PL (propylene call option) was 6 lots; the open interest was 2446 lots; the trading volume PCR was 16.44, an increase of 8.6; the open interest PCR was 1.32, an increase of 0.03. The trading volume of PL (propylene put option) was 263 lots, an increase of 20 lots; the open interest was 3236 lots [40] - **期权因子 - 压力支撑**: The underlying contract was PL605, the at - the - money strike price was 8900 yuan, the resistance level was 6900 yuan, the support level was 5700 yuan, the weighted implied volatility was 91.39%, an increase of 10.86%, the annual average implied volatility was 16.11%, and HISV20 was 69.27% [41] - **行情解读与策略建议**: The PL605 contract's closing price yesterday was 9000 yuan, a rise of 151 yuan (1.70%) compared to the previous day, with a trading volume of 10987 lots, a decrease of 1733 lots, and an open interest of 10850 lots, a decrease of 488 lots. The implied volatility of PL (propylene option) fluctuated above the mean of 0.1574. The open interest PCR of PL options was reported at 1.2913, at the 90.85% level in the past year. From the perspective of options, the resistance level of the PL option underlying was 6900 yuan, and the support level was 5700 yuan. Directional strategy: Construct a bull spread combination strategy of call options. Volatility strategy: Due to large geopolitical risks, strategies mainly based on sellers are not recommended [42][43] 3.5 PP (Polypropylene Option) - **标的期货市场数据**: The pp2605 contract had a closing price of 9269 yuan, a rise of 0.43%, a trading volume of 1032460 lots, an increase of 165049 lots compared to the previous day, an open interest of 337577 lots, and a decrease of 19730 lots [52] - **期权因子 - 量仓PCR**: The trading volume of PP (polypropylene call option) was 9425 lots, an increase of 2169 lots; the open interest was 53041 lots, an increase of 560 lots; the trading volume PCR was 2.03, a decrease of 0.03; the open interest PCR was 1.21, a decrease of 0.01. The trading volume of PP (polypropylene put option) was 19160 lots, an increase of 4223 lots; the open interest was 64265 lots, an increase of 334 lots [53] - **期权因子 - 压力支撑**: The underlying contract was pp2605, the at - the - money strike price was 9300 yuan, the resistance level was 8000 yuan, the support level was 8000 yuan, the weighted implied volatility was 56.56%, an increase of 2.61%, the annual average implied volatility was 17.03%, and HISV20 was 55.48% [54] - **行情解读与策略建议**: The pp2605 contract's closing price yesterday was 9313 yuan, a rise of 248 yuan (2.73%) compared to the previous day, with a trading volume of 867414 lots, a decrease of 163332 lots, and an open interest of 357307 lots, an increase of 13997 lots. The implied volatility of PP (polypropylene option) fluctuated above the mean of 0.1684. The open interest PCR of PP options was reported at 1.2182, at the 99.59% level in the past year. From the perspective of options, the resistance level of the PP option underlying was 8000 yuan, and the support level was 7000 yuan. Directional strategy: Construct a bull spread combination strategy of call options. Volatility strategy: Due to large geopolitical risks, strategies mainly based on sellers are not recommended [55][56]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - For all the analyzed options (BZ, EB, L, PL, PP), the implied volatility maintains above the mean level, and the持仓 - volume PCR is at a certain high - level position in the past year. It is recommended to construct a bull - spread combination strategy of call options for directional trading, and not to adopt seller - based strategies due to high geopolitical risks [6][18][30][42][54] 3. Summary According to Related Catalogs 3.1 BZ (Pure Benzene Option) - **标的期货市场数据**: The bz2605 contract had a closing price of 8420 yuan yesterday, up 155 yuan (1.87%) from the previous day. The trading volume was 21347 lots, a decrease of 10144 lots, and the open interest was 23221 lots, an increase of 1004 lots. The trading volume of the option was 31210000 lots, and the open interest was 255980000 lots [3][6] - **期权因子 - 量仓PCR**: The trading volume of BZ (pure benzene call option) was 512, with a change of 225; the open interest was 2565, with a change of 176. The trading - volume PCR was 0.7, with a change of - 0.01; the open - interest PCR was 0.87, with a change of 0.01 [4] - **期权因子 - 压力支撑**: The pressure level of the BZ option underlying was 10200, and the support level was 4900 [5] - **行情解读与策略建议**: The implied volatility of BZ (pure benzene option) fluctuated above the mean of 0.2063. The open - interest PCR of BZ options was reported at 0.861, at the 51.79% level in the past year. It is recommended to construct a bull - spread combination strategy of call options (e.g., B BZ2605C8200, S BZ2605C8800) for directional trading, and not to adopt seller - based strategies [6][7] 3.2 EB (Styrene Option) - **标的期货市场数据**: The eb2605 contract had a closing price of 10046 yuan yesterday, up 67 yuan (0.67%) from the previous day. The trading volume was 520157 lots, a decrease of 240341 lots, and the open interest was 197934 lots, a decrease of 4161 lots. The trading volume of the option was 9683190000 lots, and the open interest was 2444600000 lots [15][18] - **期权因子 - 量仓PCR**: The trading volume of EB (styrene call option) was 127292, with a change of 1101; the open interest was 44862, with a change of 7056. The trading - volume PCR was 0.43, with a change of - 0.44; the open - interest PCR was 1.29, with a change of - 0.18 [16] - **期权因子 - 压力支撑**: The pressure level of the EB option underlying was 11800, and the support level was 8000 [17] - **行情解读与策略建议**: The implied volatility of EB (styrene option) fluctuated above the mean of 0.2831. The open - interest PCR of EB options was reported at 1.4678, at the 97.55% level in the past year. It is recommended to construct a bull - spread combination strategy of call options (e.g., B EB2605C10000, S EB2605C11200) for directional trading, and not to adopt seller - based strategies [18][19] 3.3 L (Plastic Option) - **标的期货市场数据**: The l2605 contract had a closing price of 8767 yuan yesterday, up 88 yuan (1.01%) from the previous day. The trading volume was 733675 lots, a decrease of 324254 lots, and the transfer volume was 322033 lots, an increase of 2213 lots. The trading volume of the option was 6590460000 lots, and the open interest was 276710000 lots [27][30] - **期权因子 - 量仓PCR**: The trading volume of L (plastic call option) was 4464, with a change of - 1109; the open interest was 32863, with a change of 361. The trading - volume PCR was 1.03, with a change of - 0.45; the open - interest PCR was 0.92, with a change of - 0.01 [28] - **期权因子 - 压力支撑**: The pressure level of the L option underlying was 9000, and the support level was 7000 [29] - **行情解读与策略建议**: The implied volatility of L (plastic option) fluctuated above the mean of 0.1786. The open - interest PCR of L options was reported at 0.9343, at the 89.39% level in the past year. It is recommended to construct a bull - spread combination strategy of call options for directional trading, and not to adopt seller - based strategies [30][31] 3.4 PL (Propylene Option) - **标的期货市场数据**: The PL605 contract had a closing price of 8851 yuan yesterday, up 96 yuan (1.09%) from the previous day. The trading volume was 12720 lots, a decrease of 5152 lots, and the open interest was 11338 lots, a decrease of 736 lots. The trading volume of the option was 109870000 lots, and the open interest was 108500000 lots [39][42] - **期权因子 - 量仓PCR**: The trading volume of PL (propylene call option) was not clearly given; the open interest was 2448. The trading - volume PCR was 7.84, with a change of 6.54; the open - interest PCR was 1.29 [40] - **期权因子 - 压力支撑**: The pressure level of the PL option underlying was 6900, and the support level was 5700 [41] - **行情解读与策略建议**: The implied volatility of PL (propylene option) fluctuated above the mean of 0.1541. The open - interest PCR of PL options was reported at 1.2939, at the 91.41% level in the past year. It is recommended to construct a bull - spread combination strategy of call options for directional trading, and not to adopt seller - based strategies [42][43] 3.5 PP (Polypropylene Option) - **标的期货市场数据**: The pp2605 contract had a closing price of 9120 yuan yesterday, up 213 yuan (2.39%) from the previous day. The trading volume was 1030750 lots, a decrease of 155550 lots, and the open interest was 343310 lots, an increase of 112 lots. The trading volume of the option was 8674140000 lots, and the open interest was 3573070000 lots [51][54] - **期权因子 - 量仓PCR**: The trading volume of PP (polypropylene call option) was 7256, with a change of - 1640; the open interest was 52481. The trading - volume PCR was 2.06, with a change of 0.2; the open - interest PCR was 1.22, with a change of 0.01 [52] - **期权因子 - 压力支撑**: The pressure level of the PP option underlying was 8000, and the support level was 7000 [53] - **行情解读与策略建议**: The implied volatility of PP (polypropylene option) fluctuated above the mean of 0.1666. The open - interest PCR of PP options was reported at 1.2043, at the 99.18% level in the past year. It is recommended to construct a bull - spread combination strategy of call options for directional trading, and not to adopt seller - based strategies [54][55]

Group 1: Report Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core View - The report presents data on commodity option quotes, positions, and other aspects on March 30, 2026, including daily price changes, position changes, put - call ratios of positions and trading volumes, daily option selections, and information on expiring options [1][2][5][6][7]. Group 3: Summary by Directory Option Quotes - **Call Option Daily Price Changes**: Carbonate lithium had the highest daily increase of 95.41%, followed by manganese silicon at 83.44%, and styrene at 62.23% [1]. - **Put Option Daily Price Changes**: Peanuts had the highest daily increase of 66.80%, followed by platinum at 49.50%, and soybeans at 48.28% [1]. Option Positions - **Call Option Position Daily Changes**: Glass had the largest increase of 34,643, followed by soda ash at 9,430, and coking coal at 9,105 [2]. - **Put Option Position Daily Changes**: Methanol had an increase of 18,877, carbonate lithium had 14,577, and glass had 12,020 [2]. Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Fuel oil had the highest PCR of 1.7745, followed by short - fiber at 1.5527, and methanol at 1.4271 [5]. - **Low - PCR Varieties**: Red dates had the lowest PCR of 0.1947, followed by live pigs at 0.2018, and alumina at 0.3312 [5]. Option Trading Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Short - fiber had the highest PCR of 59.1765, followed by propylene at 7.8387, and bottle chips at 2.5729 [6]. - **Low - PCR Varieties**: Offset printing paper had the lowest PCR of 0.0583, followed by manganese silicon at 0.2205, and zinc at 0.2299 [6]. Daily Option Selections - **Call Options**: Synthetic rubber, manganese silicon, and methanol were selected, with trend degrees of 53, 49, and 43 respectively [7]. - **Put Options**: Soybeans, rapeseed meal, and rebar were selected, with trend degrees of - 55, - 51, and - 49 respectively [7]. Expiring Options - There were no expiring options on the day [7].

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoint The report provides market data, option factor analysis, and strategy suggestions for multiple olefin - related options, including BZ (pure benzene), EB (styrene), L (plastic), PL (propylene), and PP (polypropylene). It suggests constructing a bull spread combination strategy of call options for directional trading and warns against seller - based strategies due to geopolitical risks [7][20][32][44][56]. Summary by Directory 1. BZ (Pure Benzene) - **Market Data**: The latest price of bz2605 is 8420, with a 1.87% increase. The trading volume is 21347 (in ten - thousand hands) with a decrease of 10144, and the open interest is 23221 (in ten - thousand hands) with an increase of 1004 [3]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of BZ (pure benzene call option) is 287 with an increase of 169, and the open interest is 2389 with an increase of 142. The trading volume PCR is 0.71 with a decrease of 0.84, and the open interest PCR is 0.86 with a decrease of 0.02 [4]. - **Option Factor - Pressure and Support**: The at - the - money strike price is 8400, the resistance level is 10200, the support level is 4900, the weighted implied volatility is 68.73% with a decrease of 12.33%, the annual average implied volatility is 20.63%, and HISV20 is 62.94% [5]. - **Market Interpretation and Strategy Suggestion**: The bz2605 contract closed at 8313 yuan yesterday, down 300 yuan or 3.48% from the previous day. The trading volume decreased by 7709 to 31491 hands, and the open interest increased by 55 to 22217 hands. The implied volatility of BZ (pure benzene option) fluctuates above the mean of 0.0000. The open interest PCR of BZ options is 0.8776, at the 65.27% level in the past year. The resistance level is 10200, and the support level is 4900. Suggest constructing a bull spread combination strategy of call options for directional trading and avoid seller - based strategies [6][7]. 2. EB (Styrene) - **Market Data**: The latest price of eb2605 is 10046, with a 0.67% increase. The trading volume is 520157 (in ten - thousand hands) with a decrease of 240341, and the open interest is 197934 (in ten - thousand hands) with a decrease of 4161 [16]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of EB (styrene call option) is 61197 with a decrease of 34, and the open interest is 37806 with an increase of 145. The trading volume PCR is 0.87 with a decrease of 0.24, and the open interest PCR is 1.47 with an increase of 0.09 [17]. - **Option Factor - Pressure and Support**: The at - the - money strike price is 2831, the resistance level is 11800, the support level is 8000, the weighted implied volatility is 56.53%, and HISV20 is 55.13% [18]. - **Market Interpretation and Strategy Suggestion**: The eb2605 contract closed at 10105 yuan yesterday, down 273 yuan or 2.63% from the previous day. The trading volume decreased by 127616 to 760498 hands, and the open interest decreased by 3023 to 202095 hands. The implied volatility of EB (styrene option) fluctuates above the mean of 0.0000. The open interest PCR of EB options is 1.3797, at the 95.92% level in the past year. The resistance level is 11800, and the support level is 8000. Suggest constructing a bull spread combination strategy of call options for directional trading and avoid seller - based strategies [19][20]. 3. L (Plastic) - **Market Data**: The latest price of l2605 is 8715, down 383 yuan or 4.20% from the previous day. The trading volume is 1057930 (in ten - thousand hands) with a decrease of 75737, and the open interest is 319820 (in ten - thousand hands) with an increase of 4893 [31]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of L (plastic call option) is 5573 with a decrease of 7211, and the open interest is 32502 with an increase of 250. The trading volume PCR is 1.48 with an increase of 0.37, and the open interest PCR is 0.93 [29]. - **Option Factor - Pressure and Support**: The at - the - money strike price is 8800, the resistance level is 9000, the support level is 7000, the weighted implied volatility is 50.17% with a decrease of 4.49%, the annual average implied volatility is 17.86%, and HISV20 is 53.56% [30]. - **Market Interpretation and Strategy Suggestion**: The implied volatility of L (plastic option) fluctuates above the mean of 0.0000. The open interest PCR of L options is 0.9341, at the 88.98% level in the past year. The resistance level is 9000, and the support level is 7000. Suggest constructing a bull spread combination strategy of call options for directional trading and avoid seller - based strategies [31][32]. 4. PL (Propylene) - **Market Data**: The latest price of PL605 is 8851, with a 1.09% increase. The trading volume is 12720 (in ten - thousand hands) with a decrease of 5152, and the open interest is 11338 (in ten - thousand hands) with a decrease of 736 [40]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of PL (propylene call option) is 27, and the open interest is 2440. The trading volume PCR decreased by 8.33, and the open interest PCR is 1.29 with a decrease of 0.01 [41]. - **Option Factor - Pressure and Support**: The at - the - money strike price is 8900, the resistance level is 6900, the support level is 5700, the weighted implied volatility is 69.62% with an increase of 3.81%, and HISV20 is 70.62% [42]. - **Market Interpretation and Strategy Suggestion**: The PL605 contract closed at 8752 yuan yesterday, down 447 yuan or 4.85% from the previous day. The trading volume decreased by 11822 to 17872 hands, and the open interest decreased by 1004 to 12074 hands. The implied volatility of PL (propylene option) fluctuates above the mean of 0.0000. The open interest PCR of PL options is 1.3081, at the 94.44% level in the past year. The resistance level is 6900, and the support level is 5700. Suggest constructing a bull spread combination strategy of call options for directional trading and avoid seller - based strategies [43][44]. 5. PP (Polypropylene) - **Market Data**: The latest price of pp2605 is 9120. The trading volume is 1030750 (in ten - thousand hands) with a decrease of 155550, and the open interest is 343310 (in ten - thousand hands) with an increase of 4112 [52]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of PP (polypropylene call option) is 8896 with a decrease of 6421, and the open interest is 52484. The trading volume PCR is 1.86 with a decrease of 0.54, and the open interest PCR increased by 0.01 [53]. - **Option Factor - Pressure and Support**: The at - the - money strike price is 9100, the resistance level is 8000, the support level is 7000, the weighted implied volatility is 51.78% with a decrease of 0.91%, the annual average implied volatility is 16.66%, and HISV20 is 56.71% [54]. - **Market Interpretation and Strategy Suggestion**: The pp2605 contract closed at 8975 yuan yesterday, down 367 yuan or 3.92% from the previous day. The trading volume decreased by 142543 to 1186300 hands, and the open interest decreased by 360 to 339198 hands. The implied volatility of PP (polypropylene option) fluctuates above the mean of 0.0000. The open interest PCR of PP options is 1.1899, at the 98.78% level in the past year. The resistance level is 8000, and the support level is 7000. Suggest constructing a bull spread combination strategy of call options for directional trading and avoid seller - based strategies [55][56].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For all the analyzed options (BZ, EB, L, PL, PP), the implied volatility maintains above the annual average level, and the recommended directional strategy is to construct a bull spread combination strategy of call options to obtain directional returns. Due to large geopolitical risks, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [6][19][31][43][55] Summary by Relevant Catalogs 1. BZ (Pure Benzene Option) - **Market Data**: The bz2605 contract closed at 9205 yuan yesterday, up 941 yuan (11.38%) from the previous day. The trading volume was 37,727 lots, an increase of 9,546 lots, and the open interest was 23,666 lots, an increase of 2,322 lots [6] - **Option Factors - Quantity and Position PCR**: The trading volume of BZ (pure benzene call option) was 486, a decrease of 1,251; the open interest was 2,290. The trading volume PCR was 0.48, an increase of 0.08; the open - interest PCR was 0.8, an increase of 0.02 [4] - **Option Factors - Pressure and Support**: The underlying contract is bz2605, the at - the - money strike price is 9200, the pressure level is 10200, the support level is 4900, the weighted implied volatility is 84.05%, an increase of 9.34%, the annual average implied volatility is 19.69%, and HISV20 is 44.60% [5] - **Strategy Suggestions**: Directional strategy: Construct a bull spread combination strategy of call options. Volatility strategy: Due to large geopolitical risks, strategies dominated by sellers are not recommended [7] 2. EB (Styrene Option) - **Market Data**: The eb2605 contract closed at 11,070 yuan yesterday, up 1,033 yuan (10.29%) from the previous day. The trading volume was 835,232 lots, an increase of 835,232 lots, and the open interest was 238,613 lots, an increase of 54,633 lots [19] - **Option Factors - Quantity and Position PCR**: The trading volume of EB (styrene call option) was 104,852, an increase of 34,120; the open interest was 39,620, a decrease of 55. The trading volume PCR was 0.43, a decrease of 0.38; the open - interest PCR was 1.19, an increase of 0.01 [17] - **Option Factors - Pressure and Support**: The underlying contract is eb2605, the at - the - money strike price is 1000, the pressure level is 11800, the support level is 8000, the weighted implied volatility is 50%, an increase of 13.39%, the annual average implied volatility is 27.68%, and HISV20 is 39.97% [18] - **Strategy Suggestions**: Directional strategy: Construct a bull spread combination strategy of call options. Volatility strategy: Due to large geopolitical risks, strategies dominated by sellers are not recommended [20] 3. L (Plastic Option) - **Market Data**: The l2605 contract closed at 9,523 yuan yesterday, up 786 yuan (8.99%) from the previous day. The trading volume was 867,839 lots, an increase of 74,466 lots, and the open interest was 373,237 lots, an increase of 36,927 lots [31] - **Option Factors - Quantity and Position PCR**: The trading volume of the plastic call option was 10,486, an increase of 6,712; the open interest was 27,585, an increase of 2,532. The trading volume PCR was 0.68, a decrease of 0.2; the open - interest PCR was 0.99, a decrease of 0.09 [29] - **Option Factors - Pressure and Support**: The underlying contract is 12605, the at - the - money strike price is 9500, the pressure level is 9000, the support level is 7000, the weighted implied volatility is 67.58%, an increase of 11.89%, the annual average implied volatility is 17.32%, and HISV20 is 40.05% [30] - **Strategy Suggestions**: Directional strategy: Construct a bull spread combination strategy of call options. Volatility strategy: Due to large geopolitical risks, strategies dominated by sellers are not recommended [32] 4. PL (Propylene Option) - **Market Data**: The PL605 contract closed at 9,859 yuan yesterday, up 1,091 yuan (12.44%) from the previous day. The trading volume was 21,073 lots, an increase of 1,333 lots, and the open interest was 15,262 lots, a decrease of 310 lots [43] - **Option Factors - Quantity and Position PCR**: The trading volume of PL (propylene call option) was 26, an increase of 121; the open interest was 2,657. The trading volume PCR was 12.12, an increase of 9.41; the open - interest PCR was 1.17, an increase of 0.01 [41] - **Option Factors - Pressure and Support**: The underlying contract is PL605, the at - the - money strike price is 9900, the pressure level is 6900, the support level is 5700, the weighted implied volatility is 89.58%, an increase of 32.82%, the annual average implied volatility is 14.59%, and HISV20 is 47.34% [42] - **Strategy Suggestions**: Directional strategy: Construct a bull spread combination strategy of call options. Volatility strategy: Due to large geopolitical risks, strategies dominated by sellers are not recommended [44] 5. PP (Polypropylene Option) - **Market Data**: The pp2605 contract closed at 9,793 yuan yesterday, up 808 yuan (8.99%) from the previous day. The trading volume was 1,011,730 lots, a decrease of 9,447 lots, and the open interest was 399,150 lots, an increase of 37,873 lots [55] - **Option Factors - Quantity and Position PCR**: The trading volume of PP (polypropylene call option) was 14,236, an increase of 4,012; the open interest was 51,571, an increase of 573. The trading volume PCR was 0.45, a decrease of 0.22; the open - interest PCR was 1.15, an increase of 0.07 [53] - **Option Factors - Pressure and Support**: The underlying contract is pp2605, the at - the - money strike price is 9800, the pressure level is 8000, the support level is 7000, the weighted implied volatility is 62.79%, an increase of 7.35%, the annual average implied volatility is 16.13%, and HISV20 is 42.11% [54] - **Strategy Suggestions**: Directional strategy: Construct a bull spread combination strategy of call options. Volatility strategy: Due to large geopolitical risks, strategies dominated by sellers are not recommended [56]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - For all the studied olefin - related options (BZ, EB, L, PL, PP), it is recommended to construct a bull spread strategy of call options for directional trading to obtain directional returns, and due to large geopolitical risks, strategies mainly based on sellers (such as single - selling and double - selling) are not recommended for volatility trading [7][20][32][44][56] 3. Summary by Related Contents 3.1 BZ (Pure Benzene) - **Market Data**: The bz2605 contract closed at 833 yuan yesterday, down 187 yuan or 2.19% from the previous day. The trading volume was 28,181 lots, an increase of 28,181 lots, and the open interest was 21,344 lots, an increase of 66 lots [6] - **Option Factors - Volume and Position PCR**: The trading volume of BZ (pure benzene call options) was 1,737, with a change of 1,028; the open interest was 2,291, with a change of 211. The trading volume PCR was 0.4, with a change of - 0.13; the open interest PCR was 0.78, with a change of 0.03 [4] - **Option Factors - Pressure and Support**: The pressure level of the BZ option underlying is 10,200, and the support level is 4,900 [6] - **Option Strategies**: Directional strategy is to construct a bull spread strategy of call options, e.g., B BZ2605C8200, S BZ2605C8800; volatility strategy is not to use seller - based strategies due to geopolitical risks [7] 3.2 EB (Styrene) - **Market Data**: The eb2604 contract closed at 10,104 yuan yesterday, down 253 yuan or 2.44% from the previous day. The trading volume was 411,605 lots, a decrease of 282,361 lots, and the open interest was 73,665 lots, a decrease of 27,131 lots [19] - **Option Factors - Volume and Position PCR**: The trading volume of EB (styrene call options) was 70,732, with a change of - 19,799; the open interest was 39,675, with a change of 4,506. The trading volume PCR was 0.81, with a change of 0.35; the open interest PCR was 1.18, with a change of - 0.07 [17] - **Option Factors - Pressure and Support**: The pressure level of the EB option underlying is 11,800, and the support level is 8,000 [19] - **Option Strategies**: Directional strategy is to construct a bull spread strategy of call options, e.g., B EB2605C10000, S EB2605C11200; volatility strategy is not to use seller - based strategies due to geopolitical risks [20] 3.3 L (Plastic) - **Market Data**: The l2605 contract closed at 8,818 yuan yesterday, down 84 yuan or 0.94% from the previous day. The trading volume was 793,373 lots, a decrease of 184,739 lots, and the open interest was 336,310 lots, a decrease of 20,434 lots [31] - **Option Factors - Volume and Position PCR**: The trading volume of L (plastic call options) was 3,774, with a change of - 5,630; the open interest was 25,053, with a change of 323. The trading volume PCR was 0.88, with a change of 0.39; the open interest PCR was 1.08 [29] - **Option Factors - Pressure and Support**: The pressure level of the L option underlying is 9,000, and the support level is 7,000 [31] - **Option Strategies**: Directional strategy is to construct a bull spread strategy of call options; volatility strategy is not to use seller - based strategies due to geopolitical risks [32] 3.4 PL (Propylene) - **Market Data**: The PL605 contract closed at 8,840 yuan yesterday, up 23 yuan or 0.26% from the previous day. The trading volume was 19,740 lots, an increase of 698 lots, and the open interest was 15,572 lots, a decrease of 268 lots [43] - **Option Factors - Volume and Position PCR**: The trading volume of PL (propylene call options) was 147, and the open interest was 2,659. The trading volume PCR was 2.71, with a change of 0.75; the open interest PCR was 1.15, with a change of 0.01 [41] - **Option Factors - Pressure and Support**: The pressure level of the PL option underlying is 6,900, and the support level is 5,700 [43] - **Option Strategies**: Directional strategy is to construct a bull spread strategy of call options; volatility strategy is not to use seller - based strategies due to geopolitical risks [44] 3.5 PP (Polypropylene) - **Market Data**: The pp2605 contract closed at 9,019 yuan yesterday, down 95 yuan or 1.04% from the previous day. The trading volume was 1,021,170 lots, a decrease of 167,543 lots, and the open interest was 361,277 lots, a decrease of 29,253 lots [55] - **Option Factors - Volume and Position PCR**: The trading volume of PP (polypropylene call options) was 10,224, with a change of - 5,425; the open interest was 50,998, with a change of 1,454. The trading volume PCR was 1.67, with a change of 0.64; the open interest PCR was 1.08, with a change of - 0.01 [53] - **Option Factors - Pressure and Support**: The pressure level of the PP option underlying is 8,000, and the support level is 7,000 [55] - **Option Strategies**: Directional strategy is to construct a bull spread strategy of call options; volatility strategy is not to use seller - based strategies due to geopolitical risks [56]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For all five types of options (BZ, EB, L, PL, PP), the implied volatility remains above the annual average level, and the recommended directional strategy is to construct a bull spread portfolio of call options to obtain directional returns. Due to significant geopolitical risks, strategies dominated by sellers (such as single selling and double selling) are not recommended [7][18][30][41][51]. Summary by Related Catalogs 1. BZ (Pure Benzene Option) - **Futures Market Data**: The bz2604 contract closed at 8375 yuan yesterday, up 91 yuan or 1.09% from the previous day. The trading volume was 18,772 lots, a decrease of 11,251 lots from the previous day, and the open interest was 11,644 lots, a decrease of 1,709 lots [3][6]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of BZ (pure benzene call option) was 709 lots, a decrease of 474 lots, and the open interest was 2,080 lots, a decrease of 26 lots. The trading volume PCR was 0.53, an increase of 0.1, and the open interest PCR was 0.75, an increase of 0.02 [4]. - **Option Factor - Pressure and Support**: The strike price of the at - the - money option for BZ (pure benzene option) was 8400, the resistance level was 10200, and the support level was 4900. The weighted implied volatility was 76.87%, an increase of 6.58%, and the annual average implied volatility was 19.04% [5]. - **Strategy Suggestions**: Directional strategy: construct a bull spread portfolio of call options; Volatility strategy: due to significant geopolitical risks, strategies dominated by sellers are not recommended [7]. 2. EB (Styrene Option) - **Futures Market Data**: The eb2604 contract closed at 10,218 yuan yesterday, up 180 yuan or 1.79% from the previous day. The trading volume was 693,966 lots, a decrease of 99,417 lots from the previous day, and the open interest was 100,796 lots, a decrease of 31,083 lots [14][17]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of EB (styrene call option) was 90,531 lots, an increase of 26,908 lots, and the open interest was 35,169 lots, an increase of 1,014 lots. The trading volume PCR was 0.46, a decrease of 0.12, and the open interest PCR was 1.24, an increase of 0.19 [15]. - **Option Factor - Pressure and Support**: The strike price of the at - the - money option for EB (styrene option) was 10200, the resistance level was 11800, and the support level was 8000. The weighted implied volatility was 71.26%, an increase of 3.73%, and the annual average implied volatility was 27.27% [16][17]. - **Strategy Suggestions**: Directional strategy: construct a bull spread portfolio of call options; Volatility strategy: due to significant geopolitical risks, strategies dominated by sellers are not recommended [18]. 3. L (Plastic Option) - **Futures Market Data**: The l2605 contract closed at 8916 yuan yesterday, up 383 yuan or 4.48% from the previous day. The trading volume was 978,112 lots, an increase of 188,753 lots from the previous day, and the open interest was 356,744 lots, an increase of 12,786 lots [26][29]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of L (plastic call option) was 9,404 lots, an increase of 4,240 lots, and the open interest was 24,730 lots, an increase of 418 lots. The trading volume PCR was 0.49, a decrease of 0.93, and the open interest PCR was 1.08, an increase of 0.02 [27]. - **Option Factor - Pressure and Support**: The strike price of the at - the - money option for L (plastic option) was 8900, the resistance level was 9000, and the support level was 7000. The weighted implied volatility was 57.25%, an increase of 10.45%, and the annual average implied volatility was 16.93% [28][29]. - **Strategy Suggestions**: Directional strategy: construct a bull spread portfolio of call options; Volatility strategy: due to significant geopolitical risks, strategies dominated by sellers are not recommended [30]. 4. PL (Propylene Option) - **Futures Market Data**: The PL605 contract closed at 8949 yuan yesterday, up 542 yuan or 6.44% from the previous day. The trading volume was 19,042 lots, an increase of 8,102 lots from the previous day, and the open interest was 15,840 lots, an increase of 1,943 lots [37][40]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of PL (propylene call option) was 140 lots, a decrease of 160 lots, and the open interest was 2,592 lots, a decrease of 132 lots. The trading volume PCR was 1.96, an increase of 1.16, and the open interest PCR was 1.14, an increase of 0.07 [38]. - **Option Factor - Pressure and Support**: The strike price of the at - the - money option for PL (propylene option) was 8900, the resistance level was 6900, and the support level was 5700. The weighted implied volatility was 62.12%, an increase of 17.60%, and the annual average implied volatility was 13.99% [39][40]. - **Strategy Suggestions**: Directional strategy: construct a bull spread portfolio of call options; Volatility strategy: due to significant geopolitical risks, strategies dominated by sellers are not recommended [41]. 5. PP (Polypropylene Option) - **Futures Market Data**: The pp2605 contract closed at 9158 yuan yesterday, up 428 yuan or 4.90% from the previous day. The trading volume was 1,188,720 lots, an increase of 242,930 lots from the previous day, and the open interest was 390,530 lots, an increase of 17,954 lots [47][50]. - **Option Factor - Volume and Open Interest PCR**: The trading volume of PP (polypropylene call option) was 15,649 lots, an increase of 10,199 lots, and the open interest was 49,544 lots, an increase of 825 lots. The trading volume PCR was 1.03, a decrease of 0.85, and the open interest PCR was 1.1, an increase of 0.07 [48]. - **Option Factor - Pressure and Support**: The strike price of the at - the - money option for PP (polypropylene option) was 9200, the resistance level was 8000, and the support level was 7000. The weighted implied volatility was 56.80%, an increase of 10.08%, and the annual average implied volatility was 15.75% [49][50]. - **Strategy Suggestions**: Directional strategy: construct a bull spread portfolio of call options; Volatility strategy: due to significant geopolitical risks, strategies dominated by sellers are not recommended [51].

1. Report Industry Investment Rating - No relevant content found in the provided text. 2. Core Viewpoints of the Report - The report provides an early morning analysis of olefin - related options, including data on underlying futures markets, option factors (volume - position PCR and pressure - support levels), and offers corresponding option strategy suggestions for different olefin products [6][19][32]. - For all olefin products (BZ, EB, L, PL, PP), the implied volatility of options remains above the annual average level, and the recommended directional strategy is to construct a bull spread combination strategy of call options to obtain directional returns. Due to large geopolitical risks, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [7][20][33]. 3. Summary by Relevant Catalogs 3.1 BZ (Pure Benzene) - **Underlying Futures Market Data**: The bz2604 contract closed at 8154 yuan yesterday, down 108 yuan or 1.30% from the previous day. The trading volume was 30,023 lots, a decrease of 4,988 lots from the previous day, and the open interest was 13,353 lots, a decrease of 4,468 lots from the previous day [3][6]. - **Option Factors - Volume - Position PCR**: The trading volume of BZ (pure benzene call options) was 1,183 lots, a decrease of 2,343 lots; the open interest was 2,106 lots, an increase of 644 lots. The trading volume PCR was 0.43, a decrease of 0.47; the open - interest PCR was 0.73, a decrease of 0.09 [4]. - **Option Factors - Pressure - Support**: The underlying contract of BZ (pure benzene options) is bz2605, with an at - the - money strike price of 8,200. The pressure level is 10,200, the support level is 4,900, the weighted implied volatility is 70.29%, a decrease of 10.22%, the annual average implied volatility is 18.73%, and HISV20 is 41.26% [5]. - **Option Strategy Suggestions**: Directional strategy: Construct a bull spread combination strategy of call options to obtain directional returns. Volatility strategy: Due to large geopolitical risks, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [7]. 3.2 EB (Styrene) - **Underlying Futures Market Data**: The eb2604 contract closed at 9,968 yuan yesterday, down 12 yuan or 0.12% from the previous day. The trading volume was 793,383 lots, a decrease of 247,765 lots from the previous day, and the open interest was 131,879 lots, a decrease of 51,714 lots from the previous day [16][19]. - **Option Factors - Volume - Position PCR**: The trading volume of EB (styrene call options) was 63,623 lots, a decrease of 1,011,330 lots; the open interest was 34,155 lots, an increase of 11,616 lots. The trading volume PCR was 0.58, a decrease of 0.39; the open - interest PCR was 1.06, a decrease of 0.1 [17]. - **Option Factors - Pressure - Support**: The underlying contract of EB (styrene options) is eb2605, with an at - the - money strike price of 10,000. The pressure level is 11,800, the support level is 8,000, the weighted implied volatility is 67.53%, a decrease of 7.81%, the annual average implied volatility is 27.05%, and HISV20 is 37.45% [18]. - **Option Strategy Suggestions**: Directional strategy: Construct a bull spread combination strategy of call options to obtain directional returns. Volatility strategy: Due to large geopolitical risks, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [20]. 3.3 L (Plastic) - **Underlying Futures Market Data**: The l2605 contract closed at 8,431 yuan yesterday, down 66 yuan or 0.77% from the previous day. The trading volume was 789,359 lots, a decrease of 60,471 lots from the previous day, and the open interest was 343,958 lots, an increase of 10,242 lots from the previous day [29][32]. - **Option Factors - Volume - Position PCR**: The trading volume of L (plastic call options) was 5,164 lots, a decrease of 4,732 lots; the open interest was 24,312 lots, an increase of 721 lots. The trading volume PCR was 1.42, an increase of 0.34; the open - interest PCR was 1.05, an increase of 0.05 [30]. - **Option Factors - Pressure - Support**: The underlying contract of L (plastic options) is l2605, with an at - the - money strike price of 8,400. The pressure level is 8,200, the support level is 7,000, the weighted implied volatility is 46.80%, a decrease of 2.67%, the annual average implied volatility is 16.74%, and HISV20 is 36.38% [31]. - **Option Strategy Suggestions**: Directional strategy: Construct a bull spread combination strategy of call options to obtain directional returns. Volatility strategy: Due to large geopolitical risks, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [33]. 3.4 PL (Propylene) - **Underlying Futures Market Data**: The PL605 contract closed at 8,313 yuan yesterday, down 29 yuan or 0.34% from the previous day. The trading volume was 10,940 lots, a decrease of 2,118 lots from the previous day, and the open interest was 13,897 lots, a decrease of 438 lots from the previous day [41][44]. - **Option Factors - Volume - Position PCR**: The trading volume of PL (propylene call options) was 300 lots, an increase of 193 lots; the open interest was 2,724 lots, an increase of 91 lots. The trading volume PCR was 0.8, a decrease of 1.03; the open - interest PCR was 1.07, a decrease of 0.01 [42]. - **Option Factors - Pressure - Support**: The underlying contract of PL (propylene options) is PL605, with an at - the - money strike price of 8,300. The pressure level is 6,900, the support level is 5,700, the weighted implied volatility is 44.51%, a decrease of 13.57%, the annual average implied volatility is 13.73%, and HISV20 is 41.53% [43]. - **Option Strategy Suggestions**: Directional strategy: Construct a bull spread combination strategy of call options to obtain directional returns. Volatility strategy: Due to large geopolitical risks, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [45]. 3.5 PP (Polypropylene) - **Underlying Futures Market Data**: The pp2605 contract closed at 8,628 yuan yesterday, down 20 yuan or 0.23% from the previous day. The trading volume was 945,787 lots, an increase of 22,516 lots from the previous day, and the open interest was 372,576 lots, a decrease of 725 lots from the previous day [53][56]. - **Option Factors - Volume - Position PCR**: The trading volume of PP (polypropylene call options) was 5,450 lots, a decrease of 12,393 lots; the open interest was 48,719 lots, an increase of 1,118 lots. The trading volume PCR was 1.87, an increase of 0.82; the open - interest PCR was 1.03, an increase of 0.04 [54]. - **Option Factors - Pressure - Support**: The underlying contract of PP (polypropylene options) is pp2605, with an at - the - money strike price of 8,600. The pressure level is 8,000, the support level is 7,000, the weighted implied volatility is 46.72%, a decrease of 5.27%, the annual average implied volatility is 15.56%, and HISV20 is 38.08% [55]. - **Option Strategy Suggestions**: Directional strategy: Construct a bull spread combination strategy of call options to obtain directional returns. Volatility strategy: Due to large geopolitical risks, strategies dominated by sellers (such as single - selling and double - selling) are not recommended [57].

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - For all the options (BZ, EB, L, PL, PP), the implied volatility maintains above the annual average level, and the recommended directional strategy is to construct a bull spread portfolio of call options to obtain directional returns. Due to high geopolitical risks, seller - based strategies are not recommended [6][19][31][43][56] 3. Summary by Related Catalogs 3.1 BZ (Pure Benzene Option) - **标的期货市场数据**: The bz2604 contract closed at 8443 yuan yesterday, up 0.14% from the previous day, with a trading volume of 35011 lots (down 6180 lots) and an open interest of 17821 lots (down 2668 lots) [3][6] - **期权因子 - 量仓PCR**: Call option volume is 3526 (down 725), open interest is 1462 (down 4930); put option volume is 3188 (down 281), open interest is 1196 (down 8928). Volume PCR is 0.9 (up 0.09), open interest PCR is 0.82 (down 0.77) [4] - **期权因子 - 压力支撑**: The underlying contract is bz2605, the at - the - money strike price is 8600, the resistance level is 7000, the support level is 4900, the weighted implied volatility is 79.81% (down 77.14%), the annual average implied volatility is 18.44%, and HISV20 is 41.67% [5] - **行情解读与策略建议**: Implied volatility fluctuates above the average of 0.1844. The open interest PCR of BZ options is 0.8181, at the 38.51% level in the past year. Directional strategy: construct a bull spread portfolio of call options; Volatility strategy: not recommend seller - based strategies [6][7] 3.2 EB (Styrene Option) - **标的期货市场数据**: The eb2604 contract closed at 10204 yuan yesterday, up 0.75% from the previous day, with a trading volume of 1041150 lots (down 275752 lots) and an open interest of 183593 lots (down 18111 lots) [16][19] - **期权因子 - 量仓PCR**: Call option volume is 1074950 (up 308762), open interest is 22539 (down 157913); put option volume is 1042160 (up 418770), open interest is 26087 (down 232278). Volume PCR is 0.97 (up 0.16), open interest PCR is 1.16 (down 0.27) [17] - **期权因子 - 压力支撑**: The underlying contract is eb2605, the at - the - money strike price is 10200, the resistance level is 11800, the support level is 8000, the weighted implied volatility is 75.34% (down 35.18%), the annual average implied volatility is 26.85%, and HISV20 is 39.84% [18] - **行情解读与策略建议**: Implied volatility fluctuates above the average of 0.2685. The open interest PCR of EB options is 1.1574, at the 89.39% level in the past year. Directional strategy: construct a bull spread portfolio of call options; Volatility strategy: not recommend seller - based strategies [19][20] 3.3 L (Plastic Option) - **标的期货市场数据**: The l2605 contract closed at 8496 yuan yesterday, down 1.57% from the previous day, with a trading volume of 849830 lots (down 133475 lots) and an open interest of 333716 lots (down 11231 lots) [28][31] - **期权因子 - 量仓PCR**: Call option volume is 9896 (down 5415), open interest is 23591 (down 9319); put option volume is 10675 (down 3781), open interest is 23719 (down 14630). Volume PCR is 1.08 (up 0.13), open interest PCR is 1.01 (down 0.16) [29] - **期权因子 - 压力支撑**: The underlying contract is 12605, the at - the - money strike price is 8500, the resistance level is 7000, the support level is 6500, the weighted implied volatility is 48.61% (down 48.72%), the annual average implied volatility is 16.60%, and HISV20 is 35.63% [30] - **行情解读与策略建议**: Implied volatility fluctuates above the average of 0.1660. The open interest PCR of L options is 1.0054, at the 95.51% level in the past year. Directional strategy: construct a bull spread portfolio of call options; Volatility strategy: not recommend seller - based strategies [31][32] 3.4 PL (Propylene Option) - **标的期货市场数据**: The PL605 contract closed at 8410 yuan yesterday, down 0.97% from the previous day, with a trading volume of 13058 lots (down 6809 lots) and an open interest of 14335 lots (down 174 lots) [40][43] - **期权因子 - 量仓PCR**: Call option volume is 107 (down 41), open interest is 2633; put option volume is 196 (up 18), open interest is 2845. Volume PCR is 1.83 (up 0.63), open interest PCR is 1.08 (up 0.03) [41] - **期权因子 - 压力支撑**: The underlying contract is PL605, the at - the - money strike price is 8400, the resistance level is 6900, the support level is 5700, the weighted implied volatility is 58.08% (down 6.91%), the annual average implied volatility is 13.55%, and HISV20 is 40.84% [42] - **行情解读与策略建议**: Implied volatility fluctuates above the average of 0.1355. The open interest PCR of PL options is 1.0805, at the 83.97% level in the past year. Directional strategy: construct a bull spread portfolio of call options; Volatility strategy: not recommend seller - based strategies [43][44] 3.5 PP (Polypropylene Option) - **标的期货市场数据**: The pp2605 contract closed at 8671 yuan yesterday, down 1.46% from the previous day, with a trading volume of 923271 lots (down 256023 lots) and an open interest of 373301 lots (down 42481 lots) [53][56] - **期权因子 - 量仓PCR**: Call option volume is 17843 (down 6696), open interest is 47601 (down 11912); put option volume is 18716 (down 1232), open interest is 47138 (down 18674). Volume PCR is 1.05 (up 0.24), open interest PCR is 0.99 (down 0.12) [54] - **期权因子 - 压力支撑**: The underlying contract is pp2605, the at - the - money strike price is 8700, the resistance level is 8000, the support level is 7000, the weighted implied volatility is 50.96% (down 34.72%), the annual average implied volatility is 15.41%, and HISV20 is 36.94% [55] - **行情解读与策略建议**: Implied volatility fluctuates above the average of 0.1541. The open interest PCR of PP options is 0.9903, at the 85.71% level in the past year. Directional strategy: construct a bull spread portfolio of call options; Volatility strategy: not recommend seller - based strategies [56][57]