Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The implied volatility has risen, and the market has seen a significant increase [1] Summary by Relevant Catalogs Option Market Data - Financial Options - 50ETF options had an average daily trading volume of 771,000 contracts this week, a -0.47% decrease from the previous week. The put - call trading ratio was 0.88, higher than the historical average, and the put - call holding ratio last week was 1.01, also higher than the historical average [1] - Huatai - Baorui 300ETF options had an average daily trading volume of 952,900 contracts and an average daily open interest of 1,334,700 contracts [1] - Southern China CSI 500ETF options had an average daily trading volume of 1,366,300 contracts and an average daily open interest of 1,283,900 contracts [1] - Huaxia SSE STAR 50ETF options had an average daily trading volume of 1,210,800 contracts and an average daily open interest of 2,298,000 contracts [1] - Shenzhen 100ETF options had an average daily trading volume of 61,100 contracts and an average daily open interest of 117,100 contracts [1] - GEM ETF options had an average daily trading volume of 1,774,600 contracts and an average daily open interest of 1,807,500 contracts [1] - CSI 300 index options had an average daily trading volume of 91,900 lots and an average daily open interest of 197,700 lots [1] - CSI 1000 index options had an average daily trading volume of 226,500 lots and an average daily open interest of 332,900 lots [1] Option Market Data - Volatility - As of the close on Friday, the implied volatility of CSI 300 index options was 15.33%, a 0.23% increase from a week ago; the implied volatility of 50ETF options was 12.47%, a 0.14% decrease from a week ago; the implied volatility of CSI 1000 index options was 18.88%, a 1.47% increase from a week ago [2] - In commodity options, the implied volatility of crude oil options was 15.53%, a 0.12% increase from a week ago; the implied volatility of lithium carbonate options was 52.67%, an 11.30% increase from a week ago; the implied volatility of rebar options was 25.43%, a 3.86% increase from a week ago; the implied volatility of soda ash options was 24.79%, a 1.26% increase from a week ago; the implied volatility of gold options was 25.43%, a 3.86% increase from a week ago; the implied volatility of silver options was 57.34%, a 13.60% increase from a week ago; the implied volatility of palm oil options was 16.62%, a -0.17% decrease from a week ago; the implied volatility of soybean oil options was 10.43%, a -0.52% decrease from a week ago; the implied volatility of rapeseed oil options was 15.26%, a 0.33% increase from a week ago; the implied volatility of rubber options was 18.83%, a 2.62% increase from a week ago [2]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The market showed a narrow - range oscillation this week, with a significant increase in the implied volatility of metal options. In the financial options market, the trading volume of 50ETF options increased compared to the previous week, and the put - call trading ratio decreased, while the put - call holding ratio increased. Different types of options had various changes in trading volume, holding volume, and implied volatility [1][2]. 3. Summary by Category Financial Options - **Trading Volume and Holding Volume**: 50ETF options had an average daily trading volume of 1.0623 million contracts this week, a 37.14% increase from the previous week. The put - call trading ratio was 0.83, lower than the historical average, and the put - call holding ratio last week was 1.01, higher than the historical average. Other options such as Huatai - Baorui 300ETF options, Southern China CSI 500ETF options, etc., also had corresponding average daily trading and holding volumes [1]. - **Implied Volatility**: As of the close on Friday, the implied volatility of CSI 300 index options was 15.10%, a 1.06% increase from a week ago; the implied volatility of 50ETF options was 12.61%, a 1.09% increase; the implied volatility of CSI 1000 index options was 17.41%, a 0.16% decrease [2]. Commodity Options - **Implied Volatility**: As of the close on Friday, the implied volatility of crude oil options was 15.41%, a 0.53% decrease from a week ago; the implied volatility of lithium carbonate options was 41.37%, an 8.43% increase; the implied volatility of rebar options was 21.57%, a 2.26% increase; the implied volatility of soda ash options was 23.53%, a 1.01% increase; the implied volatility of gold options was 21.57%, a 2.26% increase; the implied volatility of silver options was 43.74%, a 6.02% increase; the implied volatility of palm oil options was 16.79%, a 0.34% increase; the implied volatility of soybean oil options was 10.95%, a 0.71% decrease; the implied volatility of rapeseed oil options was 14.93%, a 1.86% increase; the implied volatility of rubber options was 16.20%, a 0.85% increase [2].

周度报告——商品期权 商品期权周报：2025 年第 51 周 ★ 风险提示 模型风险、政策风险、末日轮极端行情 报告日期： 2025 年 12 月 21 日 ★ 商品期权市场活跃度 本周（2025.12.15-2025.12.19）商品期权市场成交小幅萎缩， 日均成交量为 691 万手，日均持仓量为 646 万手，环比变化 分别为-16.35%和-35.33%。分品种来看，本周日均成交活跃的 品种主要包括白银（108 万手）、PVC（34 万手）、玻璃（33 万手）。此外，本周共有 4 个品种成交增长超过 100%，成交 量增长较为显著的品种为对二甲苯（+256%）、沥青（+143%）、 镍（+125%）。与此同时，成交量下降较为明显的品种则有 菜油（-84%）、菜粕（-79%）、玉米淀粉（-64%）。从持仓 量数据来看，本周日均持仓量较高的品种为白银（50 万手）、 玻璃（36 万手）和纯碱（36 万手）。日均持仓量环比增长较 为迅速的品种为对二甲苯（+91%）、锡（+49%）。建议投 资者可重点关注交易活跃品种可能存在的市场机会。 ★ 商品期权主要数据点评 标的涨跌情况：本周商品期权标的期货涨跌互见。周度 ...

郑商所菜粕、菜油期权上市以来，整体运行稳健，交易规模跃升至全球前列，不仅深刻改变了产业的风 险管理逻辑，而且成为提升我国在全球油脂油料市场影响力的重要抓手。 统计数据显示，郑商所菜粕期权日均成交量已从上市首年的约1.45万手增长至去年的19.64万手，市场规 模跻身全球农产品期权前列。菜油期权同样表现亮眼，在2023年成交量实现同比翻番的基础上，2025年 第一季度成交金额同比增长77.26%。 在价格剧烈波动的市场环境中，期权工具的独特价值经受住了考验，并在实践中大放异彩。2025年，菜 系市场成为期权功能发挥的"试金石"。 建发物产有限公司创新衍生品部经理杨卓向期货日报记者分享了今年3月的实践案例。当时我国针对原 产于加拿大的菜系产品加征关税，菜粕价格应声上涨。"在市场波动中，若买入看跌期权进行套保，相 较于传统的期货空头套保，能够大幅减少因期货价格上涨而产生的亏损。"他表示，尽管买入期权会产 生一定的权利金成本，但在面对极端行情时，这一成本可以转化为避免巨额损失的"保险"，保障了企业 经营的稳定性。 "买入期权风险可控，且没有追加保证金的压力，让企业经营规划更加稳定。"物产中大化工集团农产品 交易部经理 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The implied volatility of precious metals has increased, and the financial and commodity markets have shown narrow - range fluctuations [1] Summary by Related Catalogs Financial Options - **Trading Volume and Open Interest**: The average daily trading volume of 50ETF options was 596,400 contracts, a - 20.44% decline from the previous week. The put - call trading ratio was 0.83, lower than the historical average. The put - call open interest ratio was 1.07, higher than the historical average. Other ETF and index options also had corresponding trading volumes and open interests, such as the average daily trading volume of Huatai - Baorui 300ETF options being 754,000 contracts and the average daily open interest being 1,263,900 contracts [1] - **Implied Volatility**: As of the end of this Friday's trading, the implied volatility of CSI 300 index options was 13.36%, a 0.53% decline from a week ago; the implied volatility of 50ETF options was 10.97%, a 0.87% decline from a week ago; the implied volatility of CSI 1000 index options was 17.02%, a 0.73% decline from a week ago [2] Commodity Options - **Implied Volatility**: As of the end of this Friday's trading, the implied volatility of crude oil options was 16.91%, a - 0.18% decline from a week ago; the implied volatility of lithium carbonate options was 34.69%, a - 2.74% decline from a week ago; the implied volatility of rebar options was 20.43%, a 2.25% increase from a week ago; the implied volatility of silver options was 39.72%, an 8.53% increase from a week ago [2]

在风云变幻的衍生品市场中，找到适合自己的节奏远比频繁交易更为重要。在期货日报和文华财经联合 主办的第三届全国期货（期权）模拟交易大赛中，一位选择以逸待劳、静候时机的选手——阚富龙，凭 借其独特的"低频重仓"交易理念，取得了期权组第二名的好成绩。 阚富龙在接受采访时表示，本次参赛的初衷就是检验自己的交易策略。从最终结果来看，他的策略经受 住了市场的考验，达到了预期的目标。据了解，比赛期间，他使用的主要是买入看涨期权策略，跟随波 段，看准时机，且不拘泥于固定的持仓时间，展现出策略上的灵活性。 回顾整个赛程，两次精准的波段操作为阚富龙的账户贡献了绝大部分利润，而这两次操作也完美体现了 他的交易哲学。 一是交易原油期权。据他介绍，6月13日，他观察到原油日线级别向上，小时图实现突破，于是果断入 场。当天市场走出一波流畅上涨行情，他持有的期权合约获益颇丰。当天，他就了结了头寸。这是一场 经典的"当天进当天出"的短线"闪电战"。 二是交易棕榈油期权。7—8月，他捕捉到棕榈油日线级别的上涨行情，此次他选择耐心持有，最终实现 了预期收益。这展现了他对中期波段的把握能力。 除了原油和棕榈油，阚富龙还操作了菜油、豆油和橡胶等品种 ...

Report Summary - The report focuses on the option market from November 24 to November 28, 2025, covering financial and commodity options, with a decline in implied volatility and an overall rise in the financial and commodity markets [1]. Financial Options Trading Volume and Open Interest - 50ETF options had an average daily trading volume of 749,700 contracts, a -7.02% decrease from the previous week. The put - call trading volume ratio was 1.02, lower than the previous week but higher than the historical average. The put - call open interest ratio was 0.99, higher than the previous week and the historical average [1]. - Other ETF and index options also had corresponding average daily trading volumes and open interests, such as Huatai - Ba瑞 300ETF options with an average daily trading volume of 1,045,400 contracts and an average daily open interest of 1,325,000 contracts [1]. Implied Volatility - As of the end of Friday, the implied volatility of CSI 300 index options was 13.89%, a 2.10% decrease from a week ago; 50ETF options was 11.84%, a 2.43% decrease; and CSI 1000 index options was 17.75%, a 2.11% decrease [2]. Commodity Options Implied Volatility - As of the end of Friday, the implied volatility of most commodity options decreased, such as crude oil options (17.09%, -0.86% decrease), lithium carbonate options (37.43%, -6.50% decrease), etc. However, the implied volatility of palm oil, rapeseed oil, and rubber options increased [2].

Report Summary Core View - The implied volatility has increased, and the financial and commodity markets have generally declined. In the financial options market, the trading volume of put options is higher than that of call options, and the put - call trading ratio and put - call holding ratio are higher than historical average levels. In the commodity options market, the implied volatility of different varieties shows different trends [1][2]. Option Market Data Financial Options - 50ETF options had an average daily trading volume of 806,300 contracts this week, a 0.00% decrease from the previous week. The put - call trading ratio was 1.04, which decreased compared to the previous week but remained higher than the historical average. The put - call holding ratio last week was 0.98, a decrease from the previous week and higher than the historical average [1][4]. - Huatai - Ba瑞 300ETF options had an average daily trading volume of 989,500 contracts and an average daily holding volume of 1,469,300 contracts. Southern China Securities 500ETF options had an average daily trading volume of 1,455,500 contracts and an average daily holding volume of 1,453,600 contracts. Huaxia Shanghai - Shenzhen Science and Technology Innovation 50ETF options had an average daily trading volume of 1,184,400 contracts and an average daily holding volume of 2,476,900 contracts. Shenzhen 100ETF options had an average daily trading volume of 87,000 contracts and an average daily holding volume of 139,800 contracts. ChiNext ETF options had an average daily trading volume of 1,846,500 contracts and an average daily holding volume of 1,983,300 contracts. CSI 300 index options had an average daily trading volume of 118,800 lots and an average daily holding volume of 210,900 lots. CSI 1000 index options had an average daily trading volume of 269,300 lots and an average daily holding volume of 323,100 lots [1][4]. Volatility - As of the close on Friday, the implied volatility of CSI 300 index options was 18.48%, a 2.49% increase from a week ago. The implied volatility of 50ETF options was 15.69%, a 1.42% increase from a week ago. The implied volatility of CSI 1000 index options was 22.97%, a 3.11% increase from a week ago [2][4]. Commodity Options Implied Volatility - As of the close on Friday, the implied volatility of crude oil options was 17.94%, a - 0.26% decrease from a week ago. The implied volatility of lithium carbonate options was 43.94%, a 9.42% increase from a week ago. The implied volatility of rebar options was 22.61%, a 0.37% increase from a week ago. The implied volatility of soda ash options was 23.03%, a - 0.44% decrease from a week ago. The implied volatility of gold options was 22.61%, with a 0.37% increase and a - 0.26% decrease from a week ago. The implied volatility of silver options was 31.28%, a 0.45% increase from a week ago. The implied volatility of palm oil options was 17.35%, a 0.89% increase from a week ago. The implied volatility of soybean oil options was 12.60%, a 0.66% increase from a week ago. The implied volatility of rapeseed oil options was 13.46%, a 0.56% increase from a week ago. The implied volatility of rubber options was 17.63%, a 0.34% increase from a week ago [2][5].

Report Overview - The report is a daily data report on commodity options provided by ITC Guomao Futures, covering information on historical volatility, implied volatility, and price changes of various commodities [4][5]. Key Information 1. Price and Volatility of Commodities - **Metals**: For example, the price of Shanghai Aluminum was 21,630 with a 0.31% change and a daily volatility of 27.00%, and its historical volatilities (HV20, HV40, HV60, HV120) were 10%, 9%, 8%, 9% respectively; Shanghai Copper had a price of 86,320, a 0.04% change, a daily volatility of 21.55%, and historical volatilities of 18%, 19%, 16%, 13% [5]. - **Energy and Chemicals**: Methanol had a price of 2,125, a 0.24% change, a daily volatility of 31.30%, and historical volatilities of 21%, 17%, 17%, 21%; Crude Oil had a price of 460.4, a -0.37% change, a daily volatility of 34.39%, and historical volatilities of 23%, 25%, 23%, 32% [5]. - **Agricultural Products**: Corn had a price of 2,154, a 0.75% change, a daily volatility of 21.05%, and historical volatilities of 10%, 10%, 13%, 11%; Soybean Meal had a price of 3,068, a 0.95% change, a daily volatility of 18.87%, and historical volatilities of 14%, 15%, 15%, 13% [5]. 2. Implied Volatility and Related Data - Different commodities have different implied volatilities and主力平值IV分位值. For example, the主力平值IV of Eggs was 30% with a 1.46%主力平值IV分位值; that of Polysilicon was 51% with a 13%主力平值IV分位值 [6]. 3. Historical Trends - The report presents the historical trends of some commodities such as Industrial Silicon, Iron Ore, Soybean Oil, Rapeseed Oil, Rubber, and Crude Oil, including the relationship between the closing price, HV60, and主力平值隐波 [8].

Group 1 - The implied volatility of various commodity options has decreased, indicating a cooling market sentiment [1] - As of the latest closing, the implied volatility for crude oil options is 28.91%, down 4.35% from the previous week [1] - Lithium carbonate options implied volatility stands at 42.69%, a decrease of 5.54% week-over-week [1] Group 2 - The trading volume of commodity options has significantly dropped by 24.45% compared to the previous week [1] - Open interest in commodity options has also decreased by 24.29% week-over-week, reflecting a notable decline in market activity [1] - The implied volatility for lithium carbonate and soda ash options has fallen by over 4 percentage points, currently positioned in the historical 60%-70% and 30%-40% percentile levels, respectively [1]