1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - New Year commodity options have collectively seen an increase in volatility and trading volume. Some varieties in the chemical sector are about to expire, such as short - fiber, methanol, soda ash, glass, bottle chips, caustic soda, propylene, PTA, and sugar 03 series option contracts will expire on Tuesday, while crude oil near - month option contracts will expire on Wednesday. Most implied volatilities are at high levels, and attention should be paid to the risk of rapid time - value erosion [5]. 3. Summary According to Relevant Catalogs 3.1 Market Overview - The trading volume of the commodity option market this week was 9,363,712.6, up 2.45% from last week; the open interest was 8,928,161, up 0.16% from last week. Among them, the trading volume of agricultural products, energy and chemicals, and black products increased, while the trading volume of precious metals decreased, and the trading volume of non - ferrous and new energy products increased significantly [6]. 3.2 Market Data 3.2.1 Market Overview - The report provides the flat - volatility, 60 - day quantile, Skew, and 60 - day quantile data of various commodity options, such as the flat - volatility of corn options being 11.83% and the 60 - day quantile being 93.33% [15]. 3.2.2 - 3.2.61 Various Commodity Options - For each type of commodity option (such as corn, soybean meal, etc.), the report details the closing prices, price changes, remaining trading days, trading volumes (including call, put, and total), trading volume PCR, open interests (including call, put, and total), open interest PCR, flat - volatility, HV - 10 days, HV - 20 days, and Skew of the main and secondary contracts and all contracts [16][17][18]...[76].

能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 原油 | SC2602 | 432 | -6 | -1.46 | 5.20 | -1.41 | 2.96 | -0.08 | | 液化气 | PG2602 | 4,132 | 40 | 0.98 | 8.66 | 1.37 | 5.94 | -0.32 | | 甲醇 | MA2602 | 2,207 | 21 | 0.96 | 13.53 | 3.48 | 4.46 | -0.95 | | 乙二醇 | EG2602 | 3,649 | -57 ...

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. The report analyzes the underlying market, option factors, and offers option strategy recommendations for each option variety [9]. - The overall strategy is to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Underlying Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy and chemical option underlying futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. For example, the latest price of crude oil (SC2602) is 433, with a decrease of 11 and a decline rate of -2.44% [4]. 3.2 Option Factors - Volume and Open Interest PCR - The report provides the trading volume, volume changes, open interest, open interest changes, trading volume PCR, volume PCR changes, open interest PCR, and open interest PCR changes of various energy and chemical options. The volume PCR and open interest PCR are mainly used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the report shows the pressure and support levels of various energy and chemical option underlying assets. For example, the pressure level of crude oil is 540 and the support level is 400 [6]. 3.4 Option Factors - Implied Volatility - The report lists the at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of various energy and chemical options. The weighted implied volatility uses volume - weighted average [7]. 3.5 Option Strategies and Suggestions - **Energy Options (Crude Oil and LPG)**: For crude oil, due to factors such as the delay of data release by the US Energy Department, the interception of Venezuelan VLCCs by the US military, and the decline in exports from Kazakhstan and the Middle East, the market shows a weak trend. Options strategies include constructing short - biased call + put option combination strategies and long collar strategies for spot hedging. For LPG, with limited supply growth and support from chemical demand, the market is also weak. Strategies involve constructing bear put spread strategies and short - biased call + put option combination strategies [8][10]. - **Alcohol Options (Methanol and Ethylene Glycol)**: Methanol has a high inventory expectation, and the market is weak. Strategies include constructing short - biased call + put option combination strategies and long collar strategies. Ethylene glycol has an inventory accumulation expectation, and the market is bearish. Strategies include constructing bear put spread strategies and short - volatility strategies [10][11]. - **Olefin Options (PVC)**: PVC's inventory has decreased, but the market is still under pressure. The strategy mainly focuses on spot long hedging by holding spot long + buying at - the - money put options + selling out - of - the - money call options [11]. - **Rubber Options**: Rubber's inventory is at a medium level, and the production of full - latex is squeezed. The market shows a warming trend. Strategies include constructing neutral - biased call + put option combination strategies [12]. - **Polyester Options (PTA)**: PTA's inventory is decreasing, and the market is short - term strong. Strategies include constructing bull call spread strategies and long - biased call + put option combination strategies [12]. - **Alkali Options (Caustic Soda and Soda Ash)**: Caustic soda's capacity utilization rate has increased, but the market is still weak. Strategies include constructing bear spread strategies and long collar strategies. Soda ash's inventory has decreased, and the market is in a low - level weak shock. Strategies include constructing bear spread strategies and short - volatility combination strategies [13]. - **Urea Options**: Urea's production has decreased, and the market is short - term weak. Strategies include constructing neutral - biased call + put option combination strategies and spot hedging strategies [14].

Core Viewpoint - Options strategies play a significant role in financial markets, providing investors with flexible investment methods for risk management, asset allocation optimization, and enhanced returns [1] Group 1: Four Dimensions of Options Strategies - The theoretical research on options can be categorized into pricing, trading strategies, and risk management, with pricing serving as the foundation for the other two [2] - The four key dimensions affecting options pricing are direction (delta), acceleration (gamma), volatility (vega), and time value (theta), which explain most price changes [2][3] - Various options strategies can be classified based on these dimensions, such as bull spreads and bear spreads under directional strategies, and calendar spreads and selling put options under time value strategies [3] Group 2: Relationship Among the Four Dimensions - Direction and volatility are often the primary focus for investors due to their significant impact on options pricing and potential returns [4] - The relationship between acceleration and time value is typically one of opposition, requiring a balance between the two [8] Group 3: Volatility Strategy Framework - Volatility is crucial in options research, with various strategies based on volatility, including timing strategies and the "volatility smile" arbitrage strategy [9] - Historical and implied volatility are interrelated, with market conditions affecting their dynamics [9] Group 4: Application Case Study - A case study involving a polypropylene production company illustrates the use of a collar strategy to hedge against price declines, where the company bought a put option and sold a call option [10][11] - The company calculated the necessary options to hedge 200 tons of polypropylene, resulting in the purchase of 40 put options and the sale of 40 call options [11][12] - The strategy was executed on June 18, with a closing price of 7214 yuan/ton, establishing a collar with strike prices of 7200 yuan/ton for the put and 7300 yuan/ton for the call [13] Group 5: Risk Management - The primary risks in the collar strategy include the underlying price rising significantly, which could lead to losses on the sold call option, and liquidity issues as the expiration date approaches [12][14] - The company can adjust its options positions based on market trends to mitigate potential losses [12]

Group 1: Report Overview - The report is an energy and chemical options strategy morning report, covering energy (crude oil, LPG), polyolefins (PP, PVC, plastic, styrene), polyesters (PX, PTA, short - fiber, bottle - chip), alkali chemicals (caustic soda, soda ash), and other energy - chemical products like rubber [2][3] - The recommended strategy is to construct an option portfolio strategy mainly based on sellers and spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various underlying futures contracts are presented. For example, the latest price of crude oil SC2601 is 450, with a price change of - 3 and a change rate of - 0.75% [4] Group 3: Option Factor - Volume and Open Interest PCR - The volume PCR and open interest PCR of different option varieties are provided, along with their changes. For instance, the volume PCR of crude oil is 0.47 with a change of - 0.09, and the open interest PCR is 0.69 with a change of - 0.05 [5] Group 4: Option Factor - Pressure and Support Levels - The pressure points, support points, and their offsets, as well as the maximum open interests of call and put options, are given for each option variety. For example, the pressure point of crude oil is 540 and the support point is 430 [6] Group 5: Option Factor - Implied Volatility - The implied volatility data of different option varieties are presented, including at - the - money implied volatility, weighted implied volatility and its change, annual average implied volatility, call and put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 26.915, and the weighted implied volatility is 29.07 with a change of 1.12 [7] Group 6: Strategy and Recommendations for Different Option Varieties Energy - related Options (Crude Oil) - Fundamental analysis: US refinery demand has stabilized and recovered. Shale oil production has slightly declined. OPEC's short - term supply is flat, and Russian exports are not blocked. Kuwait's refinery has resumed earlier than expected, weakening the support for low - sulfur fuel oil [8] - Market analysis: Crude oil prices showed a short - term weak and volatile trend in August, continued to be weak and bearish in September before gradually rebounding, fell sharply in October before rebounding, and showed a complex trend of shock, rebound, and then sharp decline in November [8] - Option factor research: The implied volatility of crude oil options fluctuates above the average level. The open interest PCR is below 0.80, indicating a weak market. The pressure point is 540 and the support point is 430 [8] - Strategy recommendations: Directional strategy - construct a bear spread portfolio of put options; Volatility strategy - construct a short - biased call + put option combination strategy; Spot long - hedging strategy - construct a long collar strategy [8] Energy - related Options (LPG) - Fundamental analysis: US propane inventory is starting to decline but remains at a high level. Crude oil prices are affected by supply surplus and geopolitical issues [10] - Market analysis: LPG prices showed a trend of rising and then falling in September, rebounding in October, and continued to rise in November, showing a pattern of rebound and consolidation after an oversold situation [10] - Option factor research: The implied volatility of LPG options has dropped significantly to near the lower - than - average level. The open interest PCR is around 0.80, indicating a weak market. The pressure point is 4500 and the support point is 4150 [10] - Strategy recommendations: Directional strategy - none; Volatility strategy - construct a long - biased call + put option combination strategy; Spot long - hedging strategy - construct a long collar strategy [10] Alcohol - related Options (Methanol) - Fundamental analysis: Port inventory has decreased, and enterprise inventory is at a relatively low level compared to the same period last year [10] - Market analysis: Methanol prices have been weak since August, showed a rebound after a low - level consolidation in September, and continued to be weak in October and November [10] - Option factor research: The implied volatility of methanol options fluctuates around the historical average level. The open interest PCR is below 0.60, indicating a weak and volatile market. The pressure point is 2300 and the support point is 2000 [10] - Strategy recommendations: Directional strategy - construct a bear spread portfolio of put options; Volatility strategy - construct a short - biased call + put option combination strategy; Spot long - hedging strategy - construct a long collar strategy [10] Other Options (Ethylene Glycol, Polypropylene, Rubber, PTA, Caustic Soda, Soda Ash, Urea) - Similar analysis frameworks are used for these options, including fundamental analysis, market trend analysis, option factor research, and corresponding strategy recommendations [11][12][13][14] Group 7: Charts - There are various charts for different option varieties, such as price trend charts, volume and open interest charts, open interest - PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support point charts [15][16][17]

Group 1: Report Summary - The report is an energy and chemical options strategy morning report dated November 27, 2025, covering various energy and chemical options including energy, polyolefins, polyesters, alkali chemicals, etc [2][3] - The overall strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of multiple underlying futures contracts such as crude oil, liquefied gas, methanol, etc [4] Group 3: Option Factor - Volume and Open Interest PCR - It presents the volume and open interest PCR data of different option varieties, which are used to describe the strength of the underlying option market and the turning point of the underlying market respectively [5] Group 4: Option Factor - Pressure and Support Levels - The pressure and support levels of each option variety are analyzed from the perspective of the strike prices with the largest open interest of call and put options [6] Group 5: Option Factor - Implied Volatility - The report shows the implied volatility data of various options, including at - the - money implied volatility, weighted implied volatility, and its changes, etc [7] Group 6: Strategy and Recommendations for Each Option Variety Crude Oil - Fundamental analysis: US refinery demand has stabilized and rebounded, shale oil production has little fluctuation, OPEC short - term supply is flat, and there are short - term export fluctuations in Libya [8] - Market analysis: The price showed a complex trend of rising and falling in different months [8] - Option factor research: Implied volatility is above the average, open interest PCR is below 0.8, pressure level is 540, and support level is 430 [8] - Strategy: Construct bear spread portfolio for directional strategy, sell call + put options for volatility strategy, and use long collar strategy for spot hedging [8] Liquefied Gas - Fundamental analysis: US propane inventory is high, and crude oil price is affected by supply and geopolitical issues [10] - Market analysis: The price has shown a trend of decline and rebound with pressure [10] - Option factor research: Implied volatility has dropped significantly, open interest PCR is around 0.8, pressure level is 4500, and support level is 4000 [10] - Strategy: Use a neutral call + put option selling strategy for volatility, and long collar strategy for spot hedging [10] Methanol - Fundamental analysis: Port and enterprise inventories are decreasing [10] - Market analysis: The price has been in a weak trend [10] - Option factor research: Implied volatility is around the historical average, open interest PCR is below 0.6, pressure level is 2300, and support level is 2000 [10] - Strategy: Construct bear spread portfolio for directional strategy, sell call + put options for volatility strategy, and use long collar strategy for spot hedging [10] Ethylene Glycol - Fundamental analysis: Port inventory is expected to increase at a slower pace, and the supply - demand balance is expected to improve [11] - Market analysis: The price has been in a weak trend [11] - Option factor research: Implied volatility is below the average, open interest PCR is below 0.7, pressure level is 4500, and support level is 3800 [11] - Strategy: Construct bear spread portfolio for directional strategy, sell options for volatility strategy, and use long + put + short call strategy for spot hedging [11] Polypropylene - Fundamental analysis: Polyolefin inventory pressure is large [11] - Market analysis: The price has been in a weak trend [11] - Option factor research: Implied volatility has dropped to around the average, open interest PCR is around 0.7, pressure level is 7000, and support level is 6300 [11] - Strategy: Construct bear spread portfolio for directional strategy, and use long + put + short call strategy for spot hedging [11] Rubber - Fundamental analysis: Tire factory operating rates are decreasing, and inventory is changing from explicit to implicit [12] - Market analysis: The price has been in a weak consolidation trend [12] - Option factor research: Implied volatility has decreased to below the average, open interest PCR is below 0.6, pressure level is 16000, and support level is 15000 [12] - Strategy: Use a bearish call + put option selling strategy for volatility [12] PTA - Fundamental analysis: PTA inventory has increased slightly, and it is expected to enter a de - stocking phase [12] - Market analysis: The price has shown a trend of rebound with pressure [12] - Option factor research: Implied volatility is above the average, open interest PCR is around 0.7, pressure level is 4700, and support level is 4300 [12] - Strategy: Use a neutral call + put option selling strategy for volatility [12] Caustic Soda - Fundamental analysis: The average utilization rate of caustic soda production capacity has increased [13] - Market analysis: The price has been in a weak bearish trend [13] - Option factor research: Implied volatility is at a relatively high level, open interest PCR is below 0.6, pressure level is 3000, and support level is 2200 [13] - Strategy: Construct bear spread portfolio for directional strategy, and use long collar strategy for spot hedging [13] Soda Ash - Fundamental analysis: Soda ash factory inventory has decreased [13] - Market analysis: The price has been in a low - level weak consolidation trend [13] - Option factor research: Implied volatility is at a relatively high historical level, open interest PCR is below 0.6, pressure level is 1860, and support level is 1100 [13] - Strategy: Construct bear spread portfolio for directional strategy, sell options for volatility strategy, and use long collar strategy for spot hedging [13] Urea - Fundamental analysis: Enterprise inventory has decreased, and port inventory is expected to increase [14] - Market analysis: The price has shown a trend of low - level consolidation and rebound [14] - Option factor research: Implied volatility is around the historical average, open interest PCR is below 0.6, pressure level is 1800, and support level is 1600 [14] - Strategy: Use a neutral call + put option selling strategy for volatility, and use long + put + short call strategy for spot hedging [14] Group 7: Charts for Each Option Variety - Each option variety has corresponding price charts, volume and open interest charts, open interest PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts [16][37][57]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The energy and chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, option strategies and suggestions are provided for selected varieties. Each option variety's report includes analysis of the underlying asset's market, research on option factors, and option strategy recommendations [8]. 3. Summary by Relevant Contents 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interest, and open interest changes of various energy and chemical futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. For example, the latest price of crude oil (SC2601) is 455, with a price change of -3 and a change percentage of -0.61% [3]. 3.2 Option Factors - Volume and Open Interest PCR - The report provides volume and open interest PCR data for different option varieties. The open interest PCR = put option open interest / call option open interest, which describes the strength of the option underlying asset's market; the volume PCR = put option trading volume / call option trading volume, which indicates whether the underlying asset's market is at a turning point [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each option variety are given, along with the corresponding strike prices, pressure point offsets, and support point offsets. For instance, the pressure point of crude oil (SC2601) is 540 with an offset of -50, and the support point is 460 with an offset of 0 [5]. 3.4 Option Factors - Implied Volatility - The report includes data on the at-the-money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call option implied volatility, put option implied volatility, historical 20-day volatility, and the difference between implied and historical volatility for each option variety [6]. 3.5 Strategy and Suggestions 3.5.1 Energy Options - **Crude Oil**: The fundamental situation shows that U.S. refinery demand has stabilized and rebounded, shale oil production has slightly increased, OPEC exports have increased, and European refinery demand is about to enter the peak season. The market has shown a complex price trend since August. Option factors indicate that the implied volatility is above the average, the open interest PCR is below 0.80, and the pressure and support levels are 540 and 460 respectively. Strategies include constructing a short call + put option combination for volatility, and a long collar strategy for spot hedging [7]. - **LPG**: The cost of crude oil is affected by supply and geopolitical issues. The LPG market has shown an oversold rebound and slight consolidation since August. Option factors show that the implied volatility has dropped to below the average, the open interest PCR is around 0.80, and the pressure and support levels are 4400 and 4200 respectively. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [9]. 3.5.2 Alcohol Options - **Methanol**: Port and enterprise inventories are at high levels and difficult to reduce significantly in the short term. The market has been weak since August. Option factors indicate that the implied volatility is around the historical average, the open interest PCR is below 0.80, and the pressure and support levels are 2500 and 2000 respectively. Strategies include constructing a bear spread with put options for direction, a short call + put option combination for volatility, and a long collar strategy for spot hedging [9]. - **Ethylene Glycol**: Port and downstream inventories are high, and domestic production and imports are expected to keep the port inventory in an accumulation cycle. The market has been weak. Option factors show that the implied volatility is below the average, the open interest PCR is around 0.70, and the pressure and support levels are 4500 and 4050 respectively. Strategies include constructing a bear spread with put options for direction, a short volatility strategy for volatility, and a long collar strategy for spot hedging [10]. 3.5.3 Polyolefin Options - **Polypropylene**: PE and PP inventories show different trends. The market has been weak. Option factors indicate that the implied volatility has dropped to around the average, the open interest PCR is around 0.70, and the pressure and support levels are 7000 and 6300 respectively. Strategies include constructing a bear spread with put options for direction, and a long collar strategy for spot hedging [10]. 3.5.4 Rubber Options - **Rubber**: Exchange rubber warehouse receipts are at a ten-year low, and there is an expectation of inventory accumulation. The market has been in a weak consolidation. Option factors show that the implied volatility has dropped to below the average after a sharp rise, the open interest PCR is below 0.60, and the pressure and support levels are 16000 and 14500 respectively. Strategies include constructing a short call + put option combination for volatility [11]. 3.5.5 Polyester Options - **PTA**: The overall social inventory of PTA is increasing, and new installations are expected to continue to increase inventory. The market has shown a rebound with pressure. Option factors indicate that the implied volatility is above the average, the open interest PCR is around 0.70, and the pressure and support levels are 4700 and 4300 respectively. Strategies include constructing a neutral short call + put option combination for volatility [11]. 3.5.6 Alkali Options - **Caustic Soda**: The capacity utilization rate of caustic soda enterprises has increased. The market has been weak. Option factors show that the implied volatility is at a relatively high level, the open interest PCR is below 0.80, and the pressure and support levels are 3000 and 2000 respectively. Strategies include constructing a bear spread for direction, and a long collar strategy for spot hedging [12]. - **Soda Ash**: The factory inventory of soda ash has increased. The market has been in a low-level weak consolidation. Option factors indicate that the implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, and the pressure and support levels are 1860 and 1100 respectively. Strategies include constructing a bear spread for direction, a short volatility combination for volatility, and a long collar strategy for spot hedging [12]. 3.5.7 Other Options - **Urea**: Enterprise inventory is at a high level, and port inventory is decreasing. The market has shown a low-level rebound. Option factors show that the implied volatility is around the historical average, the open interest PCR is below 0.60, and the pressure and support levels are 1800 and 1600 respectively. Strategies include constructing a neutral short call + put option combination for volatility, and a long collar strategy for spot hedging [13].

Report Overview - The report focuses on energy and chemical options, covering various sectors such as energy, alcohols, polyolefins, rubber, polyesters, alkalis, etc. It provides an analysis of the underlying market, option factors, and offers option strategies and suggestions for each selected option variety [8]. 1. Market Overview of Underlying Futures 1.1 Price and Volume Changes - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of multiple energy and chemical futures contracts. For example, the latest price of crude oil (SC2601) is 462, with a price increase of 2 and a price change percentage of 0.43%. Its trading volume is 2.93 million lots, an increase of 0.34 million lots, and the open interest is 2.55 million lots, an increase of 0.16 million lots [3]. 2. Option Factors Analysis 2.1 Volume and Open Interest PCR - The volume and open interest PCR of various option varieties are analyzed. For instance, the volume PCR of crude oil options is 1.00, with a change of 0.15, and the open interest PCR is 0.66, with a change of 0.01. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [4]. 2.2 Pressure and Support Levels - The pressure and support levels of option underlying assets are determined based on the strike prices of the maximum open interest of call and put options. For example, the pressure level of crude oil is 500, and the support level is 450 [5]. 2.3 Implied Volatility - The implied volatility of options is analyzed, including at - the - money implied volatility, weighted implied volatility, and its changes, annual average implied volatility, call and put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 24.1, the weighted implied volatility is 28.90, with a change of 0.91 [6]. 3. Option Strategies and Suggestions for Different Varieties 3.1 Crude Oil Options - **Underlying Market Analysis**: The demand of US refineries has stabilized and rebounded. Shale oil production has slightly increased, and OPEC exports have increased. The European refined oil inventory is in a low - level destocking state, and the crude oil inventory has increased. The crude oil market showed a short - term weak and volatile trend in August, continued to be weak and bearish in September and then gradually rebounded, fell sharply in October and then stopped falling and rebounded, and has shown a weak and bearish sharp decline since November [7]. - **Option Factor Research**: The implied volatility of crude oil options has decreased to near the average. The open interest PCR is below 0.80, indicating a weak market. The pressure level is 500, and the support level is 450 [7]. - **Option Strategy Suggestions**: Directional strategy: None. Volatility strategy: Construct a short - biased call + put option combination strategy to obtain option time value and directional returns, and dynamically adjust the position to keep the delta of the position short. Spot long - hedging strategy: Construct a long collar strategy, holding spot long + buying put options + selling out - of - the - money call options [7]. 3.2 Other Option Varieties - Similar analyses and strategy suggestions are provided for other option varieties such as liquefied petroleum gas, methanol, ethylene glycol, etc., including underlying market analysis, option factor research, and option strategy suggestions [9][10][11]. 4. Charts - The report includes a series of charts for different option varieties, such as price charts, volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts, to visually present the market conditions and option factors of each option variety [14][36][54].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - In the past week, the trading volume of commodity options increased slightly, with only the trading volume of the precious metals sector decreasing. Most varieties are in a volatility - reduction cycle, and it is advisable to move short - option positions to far - month contracts in advance to avoid end - of - contract risks [4]. - The options of the black sector showed increased volatility and trading volume. Affected by the decline in iron ore futures prices, the implied volatility of black options has risen. The previous policy - driven boost has basically been realized, and the market trading logic has returned to fundamentals. There is a lack of new macro - drivers, and the upward momentum of prices has been weakened. The implied volatility still has room to rise, and it is advisable to buy a bearish put spread portfolio to hedge against the downward market [4]. 3. Summary According to the Directory 3.1 Market Overview - The trading volume of commodity options increased slightly last week, with the precious metals sector being the only one with a decline in trading volume. Energy and chemical products such as short - fiber, PTA, methanol, glass, crude oil, caustic soda, soda ash, and bottle chips are about to expire on Wednesday. Most varieties are in a volatility - reduction cycle [4]. - The options of the black sector showed increased volatility and trading volume. The implied volatility of black options has risen due to the decline in iron ore futures prices. The previous policy - driven boost has basically been realized, and the market trading logic has returned to fundamentals [4]. 3.2 Market Data 3.2.1 Market Overview - The table shows the quantitative data of commodity options, including the flat - value volatility, 60 - day quantile, Skew, and 60 - day quantile of various varieties such as corn, soybean meal, and crude oil [12]. 3.2.2 - 3.2.54 Option Data of Each Variety - For each variety (such as corn, soybean meal, etc.), the data includes the closing price, trading volume, open interest, trading volume PCR, open interest PCR, flat - value volatility, HV - 10 days, HV - 20 days, and Skew of the main contract, secondary - main contract, and all contracts [13][14][15] etc.

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The energy and chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and recommendations are provided for selected varieties. Options strategy reports are compiled based on the analysis of the underlying market, option factor research, and option strategy recommendations for each option variety. Strategies mainly involve constructing option combination strategies focused on sellers, as well as spot hedging or covered strategies to enhance returns [8]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy and chemical option underlying futures contracts are presented. For example, the latest price of crude oil (SC2512) is 464, with a price increase of 4 and a price change percentage of 0.91%, trading volume of 8.02 million lots, volume change of -2.85 million lots, open interest of 2.96 million lots, and open interest change of -0.19 million lots [3]. 3.2 Option Factors - Volume and Open Interest PCR - Volume and open interest PCR data for various energy and chemical options are provided. Volume PCR is used to describe whether the underlying market has a turning point, and open interest PCR is used to describe the strength of the option underlying market. For example, the volume PCR of crude oil options is 0.90, with a change of -0.03, and the open interest PCR is 0.66, with a change of -0.03 [4]. 3.3 Option Factors - Pressure and Support Levels - Pressure and support levels for various energy and chemical option underlying contracts are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil (SC2512) is 500, and the support level is 440 [5]. 3.4 Option Factors - Implied Volatility - Implied volatility data for various energy and chemical options are presented, including at-the-money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility. For example, the at-the-money implied volatility of crude oil options is 27.935%, the weighted implied volatility is 29.69%, with a change of -0.19% [6]. 3.5 Strategy and Recommendations 3.5.1 Energy Options - Crude Oil - Fundamental analysis: US refinery demand has stabilized and rebounded. During the recent oil price decline, shale oil production did not significantly decrease. OPEC exports have increased, but most are absorbed by China, so there is no obvious visible inventory in the market. In Europe, the overall refined oil inventory is in a low - level destocking state, and the crude oil inventory has increased, but refinery demand is about to enter the peak season, and the diesel crack spread remains high [7]. - Market analysis: Since July, crude oil prices have gradually weakened and then consolidated in a range. In August, prices first rose and then fell, showing short - term weak fluctuations. In September, the market continued to be weak and bearish before gradually rebounding. In October, prices fell sharply and then stopped falling and rebounded [7]. - Option factor research: The implied volatility of crude oil options has declined to near the average level. The open interest PCR of options is below 0.80, indicating that crude oil has been in a weak market recently. From the perspective of options, the pressure level of crude oil is 500, and the support level is 450 [7]. - Option strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - neutral call + put option combination strategy to obtain option time value and directional returns, and dynamically adjust the position to keep the position delta neutral. Spot long - hedging strategy: Construct a long collar strategy, holding a spot long position + buying a put option + selling an out - of - the - money call option [7]. 3.5.2 Energy Options - Liquefied Petroleum Gas (LPG) - Fundamental analysis: The cost - end crude oil is under pressure from oversupply on one hand and geopolitical issues on the other. Last week, the crude oil price fluctuated around the $65 mark, and OPEC maintained its production increase. US propane inventories continue to accumulate, and the inventory is at a historical high, waiting for an inventory inflection point [9]. - Market analysis: Since August, LPG prices have accelerated their decline, then rebounded and rose, but the upward movement was blocked and then declined. In September, prices first rose and then fell rapidly. In October, prices were first weak and then strong, gradually rebounding and rising, followed by slight fluctuations, showing an oversold rebound market with resistance above [9]. - Option factor research: The implied volatility of LPG options has significantly declined to near the lower - than - average level. The open interest PCR of LPG options is around 0.80, indicating that LPG has been in a weak market recently. From the perspective of options, the pressure level of LPG is 4500, and the support level is 4000 [9]. - Option strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - neutral call + put option combination strategy to obtain option time value and directional returns, and dynamically adjust the position to keep the position delta neutral. Spot long - hedging strategy: Construct a long collar strategy, holding a spot long position + buying a put option + selling an out - of - the - money call option [9]. 3.5.3 Alcohol Options - Methanol - Fundamental analysis: The port inventory of methanol is 150.65 million tons, with a month - on - month decrease of 0.57 million tons, remaining in a high - level shock state and difficult to effectively destock. The enterprise inventory is 37.61 million tons, with a month - on - month increase of 1.57 million tons, and the year - on - year level is low. The enterprise's pending orders are 21.56 million tons, with a month - on - month decrease of 0.01 million tons [9]. - Market analysis: In July, methanol prices rose and then fell, continuously declining and weakening, followed by significant fluctuations. Since August, prices have gradually weakened and trended downward. In September, prices consolidated at a low level and then rebounded. Since October, the market has continued to be weak and bearish, showing a weak market trend with resistance above [9]. - Option factor research: The implied volatility of methanol options fluctuates around the historical average level. The open interest PCR of methanol options is below 0.80, indicating that methanol has been in a weak and fluctuating market recently. From the perspective of options, the pressure level of methanol is 2300, and the support level is 2200 [9]. - Option strategy recommendations: Directional strategy: Construct a bear spread strategy of put options to obtain directional returns. Volatility strategy: Construct a short - bearish call + put option combination strategy to obtain option time value, and dynamically adjust the position to keep the position delta bearish. Spot long - hedging strategy: Construct a long collar strategy, holding a spot long position + buying a put option + selling an out - of - the - money call option. When the market rebounds to the high strike price, close the position in combination with spot sales [9]. 3.5.4 Alcohol Options - Ethylene Glycol - Fundamental analysis: The port inventory of ethylene glycol is 52.3 million tons, with a month - on - month destocking of 5.6 million tons; the downstream factory inventory days are 13.4 days, with a month - on - month decrease of 0.1 days. In the short term, the arrival volume was high last week, and the departure volume was moderately low. The port inventory is expected to accumulate. The domestic production load is at a high level, and the overseas arrival volume is increasing, so ethylene glycol has entered an inventory accumulation period [10]. - Market analysis: In July, ethylene glycol prices were in a low - level weak consolidation and gradually rose, then fell rapidly. In August, prices continued to show slight weak consolidation. Since September, the market has continued to be weak and bearish, showing a weak market trend with resistance above [10]. - Option factor research: The implied volatility of ethylene glycol options fluctuates around the lower - than - average level. The open interest PCR of options is around 0.70, indicating that the bearish force of ethylene glycol has been relatively strong recently. From the perspective of options, the pressure level of ethylene glycol is 4500, and the support level is 4050 [10]. - Option strategy recommendations: Directional strategy: Construct a bear spread strategy of put options to obtain directional returns. Volatility strategy: Construct a short - volatility strategy to obtain time value returns. Spot long - hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [10]. 3.5.5 Polyolefin Options - Polypropylene - Fundamental analysis: The inventory of PE production enterprises is 51.46 million tons, with a month - on - month destocking of - 2.81%, and a year - on - year inventory increase of 2.02%; the inventory of PE traders is 5.00 million tons, with a month - on - month destocking of - 0.70%. The inventory of PP production enterprises is 63.85 million tons, with a month - on - month destocking of - 5.92%, and a year - on - year inventory increase of 12.69%; the inventory of PP traders is 22.00 million tons, with a month - on - month destocking of - 7.80%; the port inventory of PP is 6.68 million tons, with a month - on - month destocking of - 1.62%. The overall inventory pressure of PP is higher than that of PE [10]. - Market analysis: Since July, the decline of polypropylene prices has narrowed, gradually stabilized, and slightly fluctuated upwards, then fell rapidly. In August, prices maintained slight weak fluctuations. Since September, the market has continued to be weak and bearish. In October, prices fell rapidly and then fluctuated at a low level, showing a weak market trend with bearish pressure above [10]. - Option factor research: The implied volatility of polypropylene options has declined to near the average level. The open interest PCR of options is around 0.70, indicating that polypropylene has been weak recently. From the perspective of options, the pressure level of polypropylene is 7000, and the support level is 6300 [10]. - Option strategy recommendations: Directional strategy: None. Volatility strategy: None. Spot long - hedging strategy: Hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [10]. 3.5.6 Rubber Options - Rubber - Fundamental analysis: The social inventory of natural rubber in China is 103.89 million tons, with a month - on - month decrease of 1.1 million tons, a decline of 1%. The total inventory of natural rubber in bonded and general trade in Qingdao is 43.22 million tons, with a month - on - month decrease of 0.53 million tons, a decline of 1.2%. The bonded area inventory is 6.87 million tons, a decline of 1.29%; the general trade inventory is 36.35 million tons, a decline of 1.18% [11]. - Market analysis: Since July, rubber prices have continued to rise in the short term and then reached a peak and fell back. In August, prices gradually recovered and rose, then fluctuated in a range. Since September, the market has continued to be weak and bearish. In October, prices continued to be weak and fluctuated at a low level, showing a weak consolidation market trend with support below and resistance above [11]. - Option factor research: The implied volatility of rubber options has rapidly increased and then declined to near the lower - than - average level. The open interest PCR of rubber options is below 0.60. From the perspective of options, the pressure level of rubber has significantly moved down to 17000, and the support level is 14000 [11]. - Option strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - bearish call + put option combination strategy to obtain option time value and directional returns, and dynamically adjust the position to keep the position delta bearish. Spot hedging strategy: None [11]. 3.5.7 Polyester Options - PTA - Fundamental analysis: The operating load of PTA is 78%, with a month - on - month decrease of 0.8%. In terms of equipment, Yisheng Dalian and Weilian Chemical slightly reduced their loads, Zhongtai is restarting, and the new plant of Shanshan Energy has been put into production. The expected maintenance volume of PTA in November will increase significantly, and the overall load is under great pressure under low processing fees [11]. - Market analysis: In August, PTA prices fell back, then slightly consolidated, and then rebounded rapidly, but the upward movement was blocked and then declined. Since September, the market has continued to be weak and bearish. In October, prices first fell and then rose, followed by slight fluctuations, showing a weak and bearish market trend with resistance above [11]. - Option factor research: The implied volatility of PTA options fluctuates at a relatively high level compared to the average. The open interest PCR of PTA options is around 0.70, indicating that PTA has been in a fluctuating market recently. From the perspective of options, the pressure level of PTA is 4600, and the support level is 4300 [11]. - Option strategy recommendations: Directional strategy: None. Volatility strategy: Construct a short - bearish call + put option combination strategy to obtain option time value, and dynamically adjust the position to keep the position delta bearish. Spot hedging strategy: None [11]. 3.5.8 Energy and Chemical Options - Caustic Soda - Fundamental analysis: The average utilization rate of the production capacity of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above is 84.3%, a month - on - month increase of 3.5%. By region, the production loads in the northwest, north, east, northeast, and south have all increased [12]. - Market analysis: In July, caustic soda prices first rose and then fell. In August, prices fell rapidly and then gradually rebounded, showing short - term bullish upward movement and then high - level fluctuations. Since September, prices have continuously closed with negative candles and gradually weakened. In October, prices fell rapidly, showing a weak and bearish market trend with resistance above recently [12]. - Option factor research: The implied volatility of caustic soda options fluctuates at a relatively high level. The open interest PCR of caustic soda options is below 0.8, indicating that caustic soda has been in a weak and fluctuating market recently. From the perspective of options, the pressure level of caustic soda is 2600, and the support level is 2240 [12]. - Option strategy recommendations: Directional strategy: Construct a bear spread strategy to obtain directional returns. Volatility strategy: None. Spot collar hedging strategy: Hold a spot long position + buy a put option + sell an out - of - the - money call option [12]. 3.5.9 Energy and Chemical Options - Soda Ash - Fundamental analysis: As of October 31, 2025, the in - plant inventory of soda ash is 170.2 million tons, with a month - on - month decrease of 0.01 million tons; the inventory available days are 14.11 days, remaining unchanged month - on - month. The in - plant inventory of heavy soda ash is 88.64 yuan/ton, with a month - on - month decrease of 4.81 yuan/ton; the in - plant inventory of light soda ash is 81.56 yuan/ton, with a month - on - month increase of 4.80 yuan/ton [12]. - Market analysis: Since August, soda ash prices have continued to show weak consolidation. In September, prices fluctuated slightly at a low level and were weak. In October, the market continued to be weak, recently showing a low - level weak fluctuating market trend with support below [12]. - Option factor research: The implied volatility of soda ash options fluctuates at a relatively high historical level. The open interest PCR of soda ash options is below 0.60, indicating strong bearish pressure. From the perspective of options, the pressure level of soda ash is 1300, and the support level is 1100 [12]. - Option strategy recommendations: Directional strategy: Construct a bear spread strategy to obtain directional returns. Volatility strategy: Construct a short - volatility combination strategy to obtain volatility returns. Spot long - hedging strategy: Construct a long collar strategy, holding a spot long position + buying a put option + selling an out - of - the - money call option [12]. 3.5.10 Energy and Chemical Options - Urea - Fundamental analysis: The enterprise inventory of urea is 155.43 million tons, with a month - on - month decrease of 7.59 million tons. Some reserve demands have followed up, and the enterprise inventory has decreased from a high level. The port inventory is 11 million tons, with a month - on - month decrease of 10 million tons, and ports in many places have loaded and cleared the inventory [13]. - Market analysis: In July, urea prices fluctuated widely in a large range under the bearish pressure line and then rose rapidly. In August, prices continued to fluctuate widely