一是上市乙二醇、苯乙烯期权，实现能化板块实物交割期货品种对应期权工具的全覆盖。2023年5月15 日上市的乙二醇和苯乙烯期权，与相关品种期货形成合力，为液体化工领域构建起了更加丰富的风险管 理工具体系，进一步提升了产业链企业在风险管理上的效率和精度，对于满足企业个性化需求、服务化 工行业高质量发展具有积极意义。 据统计，2025年，乙二醇期权日均成交4.7万手、日均持仓7.1万手，法人客户持仓占比75.4%。苯乙烯 期权日均成交21.2万手、日均持仓11.5万手，法人客户持仓占比51.8%。多家产业企业参与其中。 苯乙烯期权上市以来，中基石化有限公司就在逐步探索利用这一工具升级风险管理方案，比如通过构 建"三领口"期权结构，既实现了风险对冲，也在持有现货或期货多单的同时增厚了收益。 在乙二醇价格在产业估值底部波动时，嘉悦物产集团有限公司利用期权工具在低位价格环境下实施了卖 看涨的套保策略，以此优化贸易成本，增强了贸易活动的灵活性。 通过应用苯乙烯和乙二醇期权，恒力恒源供应链(上海)有限公司将非线性损益嵌入贸易合同中，通过含 权贸易为客户提供保底价销售和封顶价采购等服务，更好地契合上下游企业的需求。 回望"十四 ...

| 看涨期权 | | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 锰硅 | 133.33% | PVC | 41.32% | | 硅铁 | 37.72% | 多晶硅 | 39.68% | | 碳酸锂 | 25.94% | 棕榈油 | 37.41% | | 白糖 | 24.50% | 短纤 | 36.78% | | 铂 | 17.20% | 塑料 | 33.14% | | 液化石油气 | 15.95% | 合成橡胶 | 30.77% | | 燃料油 | 6.89% | 纯苯 | 28.69% | | 铸造铝合金 | 6.09% | 甲醇 | 28.40% | | 豆粕 | 4.12% | 工业硅 | 26.64% | | 铅 | 4.07% | 氧化铝 | 26.41% | 备注：上述涨跌幅统一以各品种主力合约的平值期权为标的，并以其 收盘价作为计算基准。 表 2：期权持仓 商品期权日报(2026 年 02 月 27 日) 表 1：期权行情 | 看涨期权 | | | 看跌期权 | | --- | --- | --- | --- | ...

商品期权日报(2026 年 02 月 25 日) 表 1：期权行情 | 看涨期权 | | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 纯苯 | 157.06% | 多晶硅 | 74.15% | | 棉花 | 98.72% | 螺纹钢 | 34.96% | | 苯乙烯 | 88.56% | 生猪 | 33.71% | | 液化石油气 | 87.91% | 锰硅 | 21.09% | | 白银 | 77.37% | 苹果 | 18.49% | | 原油 | 75.32% | 焦煤 | 9.37% | | 聚丙烯 | 70.15% | 铁矿石 | 8.80% | | 短纤 | 68.18% | 菜粕 | 8.03% | | 天然橡胶 | 58.25% | 氧化铝 | 3.21% | | 塑料 | 56.42% | 硅铁 | 2.27% | | | 看涨期权 | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 纯苯 | 157.06% | 多晶硅 | 74.1 ...

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].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No information provided in the given content. 3. Summary by Relevant Catalogs Option Quotes - **Call Options**: Copper had the highest daily increase of 137.59%, followed by tin (59.18%), aluminum (54.56%), etc. [1] - **Put Options**: Caustic soda had the highest daily increase of 42.22%, followed by sugar (23.39%), soybean meal (22.22%), etc. [1] Option Positions - **Call Options**: Silver had the largest daily change in position of 27,327, followed by caustic soda (11,858), rebar (9,163), etc. [2] - **Put Options**: PVC had the largest daily change in position of 7,424, followed by glass (6,201), soybean meal (5,293), etc. [2] Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had the highest PCR of 1.5216, followed by propylene (1.2604), offset printing paper (1.0672), etc. [5] - **Low - PCR Varieties**: Alumina had the lowest PCR of 0.2117, followed by live pigs (0.2557), soda ash (0.2706), etc. [5] Option Volume Put - Call Ratio (PCR) - **High - PCR Varieties**: Apple had the highest PCR of 1.5728, followed by silver (1.427), iron ore (1.2379), etc. [6] - **Low - PCR Varieties**: Red dates had the lowest PCR of 0.1912, followed by alumina (0.1944), logs (0.2318), etc. [6] Daily Selections - **Call Options**: PVC, red dates, alumina, etc. were selected, with trend degrees ranging from 21 to 53 and put - call ratios from 0.21 to 0.94 [7] - **Put Options**: Lead, eggs, live pigs, etc. were selected, with trend degrees ranging from - 55 to - 45 and put - call ratios from 0.26 to 0.8 [7] Near - Expiry Options - **Call Options**: For lithium carbonate, industrial silicon, polysilicon, and fuel oil, the remaining days were all 3 days, with different break - even prices and price increase requirements for option doubling [8] - **Put Options**: Similar to call options, for these four varieties, the remaining days were 3 days, with different break - even prices and price decrease requirements for option doubling [8]

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].

1. Market Overview - The trading volume of the commodity options market this week was 8,107,246.6, a decrease of 0.35% from last week; the open interest was 8,979,179, a flat compared to last week [5]. - The trading volume of agricultural products was 1,293,877.0, a decrease of 0.63% from last week; the open interest was 3,022,708, a slight decrease of 0.0% [5]. - The trading volume of energy and chemical products was 3,424,908.4, a decrease of 0.85% from last week; the open interest was 3,183,176, a decrease of 0.01% [5]. - The trading volume of black commodities was 406,427.0, a decrease of 0.53% from last week; the open interest was 657,982, a decrease of 0.13% [5]. - The trading volume of precious metals was 1,073,667.6, an increase of 1.41% from last week; the open interest was 534,522, a decrease of 0.03% [5]. - The trading volume of non - ferrous metals and new energy was 1,908,366.6, an increase of 0.41% from last week; the open interest was 1,580,791, an increase of 0.15% [5]. 2. Market Data 2.1 Market Overview - The report provides the flat - volatility, 60 - day quantile, Skew, and 60 - day quantile of various commodity options, such as the flat - volatility of corn options was 9.56% with a 60 - day quantile of 43.33%, and the Skew was 7.15% with a 60 - day quantile of 51.67% [15]. 2.2 - 2.61 Specific Commodity Options - For each of the 61 specific commodity options (including corn, soybean meal, etc.), the report details data such as closing prices, trading volume (including call and put trading volume, total trading volume, and volume PCR), open interest (including call and put open interest, total open interest, and open interest PCR), flat - volatility, HV - 10 days, HV - 20 days, and Skew [16 - 75].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week (January 19 - 23, 2026), the trading activity in the commodity options market slightly declined, with the average daily trading volume at 8.15 million lots and the average daily open interest at 8.62 million lots, showing a week - on - week change of - 8.60% and - 0.35% respectively. Investors are recommended to focus on potential market opportunities in actively traded varieties. [1][7] - The underlying assets of commodity options mainly rose this week. Some commodity options' implied volatility increased on a weekly basis. There were different expectations of market trends in different varieties based on volume PCR and open - interest PCR data. [2][17][18] Summary According to the Table of Contents 1. Commodity Options Market Activity - The trading activity in the commodity options market slightly declined this week. The average daily trading volume was 8.15 million lots, and the average daily open interest was 8.62 million lots, with a week - on - week change of - 8.60% and - 0.35% respectively. - Actively traded varieties included silver (810,000 lots), styrene (660,000 lots), and PTA (440,000 lots). Five varieties had a trading volume increase of over 100%, with significant growth in p - xylene (+165%), log (+163%), and synthetic rubber (+154%). The varieties with a significant decline in trading volume were crude oil (-66%), soybean No. 2 (-51%), and staple fiber (-51%). - The varieties with high average daily open interest were soybean meal (600,000 lots), cotton (560,000 lots), and glass (500,000 lots). The varieties with a rapid week - on - week increase in open interest were tin (+65%), industrial silicon (+46%), and caustic soda (+43%). [1][7] 2. This Week's Main Data Review of Commodity Options 2.1. Underlying Asset Price Movements - The underlying assets of commodity options mainly rose this week. The varieties with high weekly increases included lithium carbonate (+24.16%), silver (+11.04%), and synthetic rubber (+9.44%); the varieties with high weekly declines included glass (-3.54%), live pigs (-3.46%), and caustic soda (-3.04%). [2][17] 2.2. Market Volatility - Some commodity options' implied volatility increased on a weekly basis. 49 varieties' current implied volatility was above the 50th percentile of the past year. The varieties with a large week - on - week increase in implied volatility included synthetic rubber (+22.91pct), gold (+8.63pct), and ethylene glycol (+8.34pct). The varieties with implied volatility at a historical high included synthetic rubber, styrene, nickel, and plastic, and investors were advised to beware of unilateral risks and focus on short - volatility opportunities. The varieties with implied volatility at a historical low included peanuts and rapeseed meal, where buying options were more cost - effective. [2][17] 2.3. Options Market Sentiment - Currently, the volume PCR of lithium carbonate and propylene is at a historical high, indicating a short - term concentrated bearish expectation in the market. The volume PCR of cotton, manganese silicon, ferrosilicon, and iron ore is at a one - year low, indicating a concentrated bullish expectation in the market. The open - interest PCR of silver and lithium carbonate is at a historical high, indicating a high level of bearish sentiment in the market. The open - interest PCR of ethylene glycol, soybean meal, caustic soda, and palm oil is at a one - year low, indicating an accumulation of bullish sentiment in the market. [2][18] 3. Key Data Overview of Major Varieties This chapter mainly presents the key data of major varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data on various varieties can be found on the Dongzheng Finoview official website (https://www.finoview.com.cn/). [22] 3.1. Energy No specific data summary provided, but relevant charts and data sources are mentioned, including those related to trading volume, volatility, open - interest PCR, and volume PCR of crude oil. [23][25][27] 3.2. Chemicals - **PTA**: Relevant charts and data sources are provided for trading volume, volatility, open - interest PCR, and volume PCR. [28][29][35] - **Caustic Soda**: Similar to PTA, relevant charts and data sources for trading volume, volatility, open - interest PCR, and volume PCR are presented. [37][38][39] - **Glass**: The same as above, with relevant charts and data sources for various indicators. [43][44][45] - **Soda Ash**: Relevant information on trading volume, volatility, open - interest PCR, and volume PCR is provided. [49][50][52] 3.3. Precious Metals Relevant information on trading volume, volatility, open - interest PCR, and volume PCR of silver is presented, along with data sources. [58][59][61] 3.4. Ferrous Metals - **Iron Ore**: Information on trading volume, volatility, open - interest PCR, and volume PCR, as well as data sources, is provided. [66][68][70] - **Manganese Silicon**: Similar to iron ore, relevant information and data sources are given. [73][74][75] 3.5. Non - Ferrous Metals - **Copper**: Information on trading volume, volatility, open - interest PCR, and volume PCR, along with data sources, is presented. [81][84][85] - **Aluminum**: Similar to copper, relevant information and data sources are provided. [87][88][90] 3.6. Agricultural Products - **Soybean Meal**: Information on trading volume, volatility, open - interest PCR, and volume PCR, along with data sources, is provided. [93][95][98] - **Palm Oil**: Similar to soybean meal, relevant information and data sources are given. [100][101][102] - **Cotton**: Information on trading volume, volatility, open - interest PCR, and volume PCR, along with data sources, is presented. [108][109][111]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The trading activity in the commodity options market slightly declined this week, with an average daily trading volume of 8.91 million contracts and an average daily open interest of 8.65 million contracts, showing a week-on-week change of -5.28% and +0.30% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [1][7]. - The underlying assets of commodity options showed mixed performance, with non-ferrous metals and precious metals mostly rising. The varieties with higher weekly gains include silver (+20.03%), Shanghai tin (+14.78%), and styrene (+4.10%); those with higher weekly losses include caustic soda (-9.80%), glass (-3.58%), and rapeseed meal (-3.55%) [2][16]. - Most commodity options' implied volatility increased this week, with 51 varieties having their current implied volatility above the 50th percentile of the past year. For varieties with high implied volatility, pay attention to unilateral risks and consider short - volatility opportunities; for those with low implied volatility, buying options has a relatively high cost - performance [2][16]. - The PCR values of certain varieties indicate that the market has concentrated expectations for both upward and downward movements. For example, the trading volume PCR of lithium carbonate, LPG, and propylene is at a historical high, indicating a short - term concentrated expectation of a decline; while the trading volume PCR of crude oil, polysilicon, and rebar is at a one - year low, indicating a concentrated expectation of an increase [3][17]. 3. Summary by Relevant Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume of the commodity options market this week was 8.91 million contracts, and the average daily open interest was 8.65 million contracts, with a week - on - week change of -5.28% and +0.30% respectively [1][7]. - The actively traded varieties this week include silver (690,000 contracts), PTA (620,000 contracts), and glass (580,000 contracts) [1][7]. - Five varieties had a trading volume increase of over 100%, with significant growth in styrene (+192%), fuel oil (+182%), and Shanghai zinc (+164%); while industrial silicon (-85%), polysilicon (-77%), and lithium carbonate (-71%) had significant trading volume declines [1][7]. - The varieties with relatively high average daily open interest this week were cotton (530,000 contracts), soybean meal (500,000 contracts), and glass (470,000 contracts), and fuel oil had a relatively rapid week - on - week increase in open interest (+71%) [1][7]. 3.2 This Week's Main Data Review of Commodity Options 3.2.1 Underlying Asset Price Movements - Non - ferrous metals and precious metals generally rose. High - gain varieties were silver (+20.03%), Shanghai tin (+14.78%), and styrene (+4.10%); high - loss varieties were caustic soda (-9.80%), glass (-3.58%), and rapeseed meal (-3.55%) [2][16]. 3.2.2 Market Volatility - Most commodity options' implied volatility increased this week. Varieties with a large week - on - week increase in implied volatility include silver (+18.611 pct), tin (+15.11 pct), and lithium carbonate (+8.86 pct) [2][16]. - Varieties with implied volatility at a historical high include non - ferrous metals, caustic soda, pure benzene, and PVC; those at a historical low include urea and manganese silicon [2][16]. 3.2.3 Options Market Sentiment - The trading volume PCR of lithium carbonate, LPG, and propylene is at a historical high, indicating a short - term concentrated bet on a decline; the trading volume PCR of crude oil, polysilicon, and rebar is at a one - year low, indicating a concentrated bet on an increase [3][17]. - The open interest PCR of propylene, Shanghai tin, and synthetic rubber is at a historical high, indicating a high level of bearish sentiment; the open interest PCR of log, polysilicon, and live hogs is at a one - year low, indicating a build - up of bullish sentiment [3][17]. 3.3 Key Data Overview of Main Varieties This chapter mainly presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [21]. 3.3.1 Energy - Relevant charts show data on trading volume, volatility, open interest PCR, and trading volume PCR of crude oil [22][24]. 3.3.2 Chemicals - **PTA**: Charts display data on trading volume, volatility, open interest PCR, and trading volume PCR [30][36]. - **Caustic Soda**: Similar data is presented through relevant charts [39][40]. - **Glass**: Key data is shown in corresponding charts [46][47]. - **Soda Ash**: Charts provide data on trading volume, volatility, open interest PCR, and trading volume PCR [54][59]. 3.3.3 Precious Metals - Charts show data on trading volume, volatility, open interest PCR, and trading volume PCR of silver [62][66]. 3.3.4 Ferrous Metals - **Iron Ore**: Relevant charts present data on trading volume, volatility, open interest PCR, and trading volume PCR [69][70]. - **Manganese Silicon**: Key data is shown in corresponding charts [76][77]. 3.3.5 Non - ferrous Metals - **Copper**: Charts display data on trading volume, volatility, open interest PCR, and trading volume PCR [84][89]. - **Aluminum**: Similar data is presented through relevant charts [92][94]. 3.3.6 Agricultural Products - **Soybean Meal**: Charts show data on trading volume, volatility, open interest PCR, and trading volume PCR [98][99]. - **Palm Oil**: Key data is presented in corresponding charts [104][105]. - **Cotton**: Relevant charts provide data on trading volume, volatility, open interest PCR, and trading volume PCR [112][117].