1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report presents data on commodity option daily market, including option price changes, position changes, put - call ratios of positions and trading volumes, daily option selections, and information on near - expiration options [1][2][5][6][7][8] 3. Summary by Relevant Catalogs Option Price Changes - Among call options, lead had the highest daily increase of 85.52%, followed by alumina (37.79%), manganese silicon (30.71%), etc. Among put options, pulp had the highest daily increase of 65.62%, followed by offset printing paper (61.90%), zinc (43.77%), etc [1] Option Position Changes - For call options, sugar had the largest daily position change of 16314, followed by corn (15329), fuel oil (15196), etc. For put options, methanol had the largest daily position change of 16448, followed by cotton (10035), asphalt (9572), etc [2] Option Position Put - Call Ratio (PCR) - High - position PCR varieties included p - xylene (1.9066), fuel oil (1.6502), apple (1.5912), etc. Low - position PCR varieties included live pigs (0.2179), red dates (0.2275), coking coal (0.3493), etc [5] Option Trading Volume Put - Call Ratio (PCR) - High - trading - volume PCR varieties included short - fiber (2.0144), propylene (1.8318), soybean No.2 (1.1925), etc. Low - trading - volume PCR varieties included logs (0.132), red dates (0.1439), alumina (0.2123), etc [6] Daily Option Selections - Call option selections included iron ore, alumina, manganese silicon, etc. Put option selections included gold, zinc, live pigs, etc [7] Near - Expiration Options - For call options, fuel oil, SSE 50, CSI 300, and CSI 1000 options were listed. For put options, fuel oil, SSE 50, CSI 300, and CSI 1000 options were also listed, along with information on remaining days, option closing prices, underlying settlement prices, break - even points, and option doubling points [8]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the daily data on commodity options, including option quotes, positions, put - call ratios of positions and trading volumes, daily selections, and information on near - expiration options [1] 3. Summary by Directory 3.1 Option Quotes - Among call options, asphalt had the highest daily increase of 68.16%, followed by log at 51.79% and plastic at 46.71%. Among put options, lead had the highest daily increase of 82.89%, followed by rapeseed meal at 60.95% and live pigs at 56.25% [1] 3.2 Option Positions - For call options, styrene had the largest daily change in position of 85,909, followed by PVC at 54,660 and soybean meal at 39,675. For put options, styrene had a daily change in position of 61,647, PVC at 45,757 and PTA at 16,271 [2] 3.3 Option Position Put - Call Ratio (PCR) - High - position PCR varieties included p - xylene with a PCR of 1.9246, fuel oil at 1.8953, and apple at 1.6672. Low - position PCR varieties included live pigs with a PCR of 0.2292, red dates at 0.2309, and urea at 0.3616 [5] 3.4 Option Trading Volume Put - Call Ratio (PCR) - High - trading - volume PCR varieties included short - fiber with a PCR of 2.2882, silver at 1.3686, and copper at 1.3311. Low - trading - volume PCR varieties included red dates with a PCR of 0.1402, alumina at 0.2019, and industrial silicon at 0.2037 [6] 3.5 Daily Selections - Call option selections included PTA, ethylene glycol, sugar, etc., all with a trend degree of 55. Put option selections included zinc, gold, lead, etc., with trend degrees ranging from - 9 to - 55 [7] 3.6 Near - Expiration Options - For call options, iron ore needed the underlying price to rise by 2.11% to break even, ethylene glycol by 2.18%, and styrene by 2.49%. For put options, iron ore needed the underlying price to fall by 0.99% to break even, ethylene glycol by 2.24%, and styrene by 2.61% [8][9]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report presents the daily data of commodity options on March 10, 2026, including option quotes, option positions, option position put - call ratios (PCR), option trading volume put - call ratios (PCR), daily preferred options, and near - maturity options [1][2][5][6][7][8][9]. 3. Summary by Relevant Catalog Option Quotes - Among call options, short - fiber had the highest daily increase of 241.94%, followed by crude oil with 232.02% and asphalt with 213.04%. Among put options, palladium had the highest daily increase of 56.89%, followed by nickel with 26.26% and corn starch with 23.61% [1]. Option Positions - In call options, corn had the largest daily change in position of 28813, followed by sugar with 9143 and corn starch with 5166. In put options, soybean meal had the largest daily change in position of 27520, followed by fuel oil with 27171 and methanol with 25419 [2]. Option Position Put - Call Ratios (PCR) - High - position PCR varieties included fuel oil with 2.3886, crude oil with 2.1135, and apple with 1.902. Low - position PCR varieties included live pigs with 0.2505, red dates with 0.2593, and alumina with 0.3405 [5]. Option Trading Volume Put - Call Ratios (PCR) - High - trading volume PCR varieties included propylene with 8.9256, pure benzene with 4.3629, and short - fiber with 2.6259. Low - trading volume PCR varieties included red dates with 0.0661, live pigs with 0.1081, and coking coal with 0.1562 [6]. Daily Preferred Options - For call options, recommended varieties included asphalt, aluminum, and synthetic rubber, with a trend degree of 55. For put options, recommended varieties included SSE 50, copper, and zinc, with negative trend degrees [7]. Near - Maturity Options - For call options, taking glass as an example, with a remaining period of 2 days, the option closing price was 9.0, the underlying settlement price was 1134.0, the break - even underlying price was 1150.0 (a 1.41% increase), and the underlying price for the option to double was 1160.0 (a 2.29% increase). For put options, taking glass as an example, with a remaining period of 2 days, the option closing price was 28.5, the underlying settlement price was 1134.0, the break - even underlying price was 1090.5 (a - 3.84% decrease), and the underlying price for the option to double was 1061.0 (a - 6.44% decrease) [8][9].

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

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - No relevant information provided Group 3: Option Quotes - The daily price increase rates of call options for tin, caustic soda, and copper are 145.46%, 114.29%, and 39.01% respectively. The daily price increase rates of put options for log, styrene, and asphalt are 62.50%, 54.94%, and 40.30% respectively [1]. Group 4: Option Positions - The daily changes in call option positions for soda ash, glass, and methanol are 28,697, 19,552, and 18,395 respectively. The daily changes in put option positions for caustic soda, PTA, and glass are 24,635, 18,672, and 14,859 respectively [2]. Group 5: Option Position Put - Call Ratio PCR - High - position PCR varieties include apple (1.6364), offset printing paper (1.2648), and propylene (1.0963). Low - position PCR varieties include soda ash (0.2516), live pigs (0.2569), and alumina (0.2755) [5]. Group 6: Option Trading Volume Put - Call Ratio PCR - High - trading - volume PCR varieties include apple (1.6044), offset printing paper (1.1722), and iron ore (1.1403). Low - trading - volume PCR varieties include ethylene glycol (0.1602), Chinese dates (0.183), and lead (0.2236) [6]. Group 7: Daily Selections - Call option selections include alumina (ao2605C2900), sugar (SR605C5300), and peanuts (PK605C8000). Put option selections include ethylene glycol (eg2605 - P - 3550), industrial silicon (si2605 - P - 8100), and plastic (l2605 - P - 6500) [7]. Group 8: Near - Expiration Options - For call options of near - expiration options, such as cotton (CF603C14800), the remaining days are 2, the option closing price is 22.0, and the break - even target price is 14,825.0 with a break - even target increase rate of 1.02%. For put options, such as cotton (CF603P14600), the break - even target price is 14,552.0 with a break - even target decrease rate of - 0.84% [8][9].

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

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

Core Viewpoint - The article emphasizes the strategic opportunities and responsibilities of China's capital markets as they enter the "15th Five-Year Plan" period, focusing on high-quality development and reform initiatives across various exchanges [3][4][6]. Group 1: Shanghai Stock Exchange (SSE) - SSE aims to enhance market stability and investor confidence by improving risk monitoring and promoting high-quality listed companies through actions like dividend repurchases [4]. - The exchange will leverage the Sci-Tech Innovation Board as a testing ground for reforms, focusing on attracting resources to strategic emerging industries [4]. - SSE is committed to strengthening regulatory measures against fraud and enhancing investor protection through technology [4][5]. Group 2: Shenzhen Stock Exchange (SZSE) - SZSE plans to enhance its institutional adaptability to foster a high-quality listing environment, particularly for innovative companies [8][9]. - The exchange will promote coordinated development of investment and financing, encouraging companies to increase dividends and share buybacks [9]. - SZSE aims to strengthen its international presence by enhancing communication and cooperation within the Greater Bay Area and expanding its global outreach [9][10]. Group 3: Beijing Stock Exchange (BSE) - BSE expresses gratitude towards the Securities Times for its support in promoting market development and aims to enhance collaboration for capital market reform [13]. - The exchange emphasizes the importance of media in conveying market policies and fostering a positive environment for high-quality development [13]. Group 4: Dalian Commodity Exchange (DCE) - DCE focuses on enhancing its product offerings and risk management tools, successfully launching new futures and options to meet industry needs [26]. - The exchange is committed to expanding its international reach by increasing the number of products available to foreign investors [26][27]. - DCE aims to strengthen its governance and operational standards to align with international practices [26]. Group 5: Zhengzhou Commodity Exchange (ZCE) - ZCE emphasizes the importance of political leadership and regulatory compliance in maintaining market stability and supporting the real economy [20][21]. - The exchange plans to enhance its service capabilities by developing new products and expanding its role in supporting national strategies [21][22]. - ZCE aims to improve investor education and protection mechanisms to foster a more informed investment environment [22]. Group 6: Guangzhou Futures Exchange (GFE) - GFE is committed to promoting green development and supporting the transition to a low-carbon economy through innovative financial products [31][34]. - The exchange plans to enhance its market functions by introducing new green commodities and expanding its international partnerships [34][35]. - GFE aims to align its operations with national strategies for sustainable development and actively participate in global green finance initiatives [35][36].

Core Viewpoint - The Shanghai Futures Exchange (SHFE) is committed to becoming a world-class exchange by enhancing product offerings, improving risk management, and increasing international influence in the new year [2][3][4] Group 1: Product Development and Market Functionality - SHFE has successfully launched new futures and options products, including aluminum alloy, printing paper, fuel oil, asphalt, and pulp options, to support the modernization of the industrial system [3] - The number of products available for Qualified Foreign Institutional Investors (QFII) has increased to 32, facilitating a more open market environment [3] - The exchange has authorized the delivery settlement price of natural rubber futures to overseas markets, enhancing the global service capability of "Chinese prices" [3] Group 2: Risk Management and Operational Stability - SHFE is focused on strengthening market risk management and ensuring the safe operation of the system, which effectively protects investors' legal rights [3] - The exchange has established 138 integrated service bases nationwide to support enterprises in cost reduction and risk management [3] Group 3: Strategic Goals and Future Plans - In the new year, SHFE will implement the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on optimizing product functionality and building a robust risk control and regulatory framework [4] - The exchange aims to enhance the international influence of "Shanghai prices" and contribute to the construction of an international financial center [4]

Core Viewpoint - The "15th Five-Year Plan" marks a new journey for China's capital markets, emphasizing high-quality development and reform to support the modernization of the economy [2][5]. Group 1: Shanghai Stock Exchange (SSE) - SSE aims to enhance market stability and maintain a focus on risk prevention, strong regulation, and promoting high-quality development [3][4]. - The exchange has become the third-largest stock market globally and the largest bond market, with a strong position in ETF and options trading [3]. - SSE plans to leverage the Sci-Tech Innovation Board as a testing ground for reforms and to attract resources to strategic emerging industries [4]. Group 2: Shenzhen Stock Exchange (SZSE) - SZSE is committed to supporting the Guangdong-Hong Kong-Macao Greater Bay Area and aims to become a world-class exchange by 2035 [6][7]. - The exchange will enhance its institutional adaptability and promote the development of high-quality innovative companies [7]. - SZSE emphasizes the importance of investor returns and aims to strengthen the coordination of investment and financing [8]. Group 3: Beijing Stock Exchange (BSE) - BSE expresses gratitude to the Securities Times for its support in promoting the development of the new third board market [9]. - The exchange aims to enhance its role in capital market reform and development through collaboration with media and stakeholders [9]. Group 4: Shanghai Futures Exchange (SHFE) - SHFE focuses on enhancing product functionality and supporting the modernization of industrial systems [11]. - The exchange has expanded the range of products available for qualified foreign institutional investors (QFII) and aims to strengthen its international presence [11]. - SHFE is committed to maintaining market stability and protecting investor rights through robust risk management [12]. Group 5: Zhengzhou Commodity Exchange (ZCE) - ZCE emphasizes the importance of serving the real economy and enhancing its regulatory framework [13][14]. - The exchange plans to develop new products and deepen its service capabilities to support national strategies [14]. - ZCE aims to strengthen investor education and improve market communication to foster a rational investment environment [15]. Group 6: Dalian Commodity Exchange (DCE) - DCE has successfully launched new futures products and enhanced its risk management tools [17]. - The exchange is expanding its international reach by increasing the number of products available to foreign investors [17]. - DCE is focused on digital transformation to improve service quality and operational efficiency [17]. Group 7: China Financial Futures Exchange (CFFEX) - CFFEX aims to enhance its service to the real economy and improve market resilience through effective risk management [19][20]. - The exchange is committed to strengthening its regulatory framework and promoting long-term capital market stability [19]. - CFFEX plans to collaborate with media to effectively communicate the role of capital markets in supporting the economy [20]. Group 8: Guangzhou Futures Exchange (GFEX) - GFEX is dedicated to promoting green development and supporting the transition to a low-carbon economy [21][23]. - The exchange has successfully launched new green products and aims to enhance its international cooperation [22][23]. - GFEX plans to focus on product innovation and deepen its market services to better meet industry needs [23][24].