Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The report presents data on commodity option market, including option quotes, positions, position put - call ratios (PCR), volume put - call ratios (PCR), daily selections, and near - expiration options, aiming to provide reference information for the commodity option market [1][2][5][6][7][8][9]. 3. Summary by Directory Option Quotes - **Call Options**: Zinc had the highest daily increase of 80.48%, followed by nickel (65.23%) and lead (49.02%). Silver had a 6.21% increase, and log had the lowest increase of 2.78% [1]. - **Put Options**: Bottle chips had the highest daily increase of 42.80%, followed by p - xylene (37.60%) and ferrosilicon (35.56%). Platinum had a 20.06% increase, and rapeseed oil had a 21.68% increase [1]. Option Positions - **Call Options**: PVC had the largest daily change in position of 22,596, followed by fuel oil (17,212) and soda ash (14,800) [2]. - **Put Options**: PVC had a daily change in position of 13,579, PTA had 9,951, and fuel oil had 8,715 [2]. Option Position Put - Call Ratio (PCR) - **High - PCR Varieties**: Tin had the highest PCR of 1.8833, followed by silver (1.6968) and lithium carbonate (1.6747) [5]. - **Low - PCR Varieties**: Alumina had the lowest PCR of 0.2205, followed by live pigs (0.2539) and red dates (0.255) [5]. Option Volume Put - Call Ratio (PCR) - **High - Volume PCR Varieties**: Rapeseed oil had the highest volume PCR of 1.5302, followed by lithium carbonate (1.1558) and tin (1.0823) [6]. - **Low - Volume PCR Varieties**: Red dates had the lowest volume PCR of 0.1034, followed by logs (0.1411) and live pigs (0.1699) [6]. Daily Selections - **Call Options**: Polypropylene, liquefied petroleum gas, silver, etc. were selected, with trend degrees mostly around 53 - 55 and different put - call ratios [7]. - **Put Options**: Pulp, polysilicon, rapeseed meal, etc. were selected, with trend degrees ranging from - 39 to - 55 and different put - call ratios [7]. Near - Expiration Options - **Call Options**: For call options of near - expiration options, such as iron ore, ethylene glycol, and styrene, details of remaining days, option closing prices, break - even points, and target price increases for option doubling are provided [8]. - **Put Options**: For put options of near - expiration options, such as iron ore, ethylene glycol, and styrene, details of remaining days, option closing prices, break - even points, and target price decreases for option doubling are provided [9].

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].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The trading volume of the commodity options market decreased slightly this week, with an average daily trading volume of 6.91 million lots and an average daily open interest of 6.46 million lots, showing a week - on - week change of -16.35% and -35.33% respectively. Investors are advised to focus on potential market opportunities of actively traded varieties [1][7]. - The underlying futures of commodity options showed mixed price movements this week. The varieties with higher weekly increases included lithium carbonate (+14%), polysilicon (+5.34%), and p - xylene (+4.62%); those with higher weekly decreases included rapeseed oil (-6.45%), soybean oil (-3.53%), and apple (-3.36%) [2][17]. - Most commodity options' implied volatility increased this week. 32 varieties' current implied volatility was above the 50% quantile of the past year. For varieties with high implied volatility, investors should beware of unilateral risks and consider short - selling volatility opportunities; for those with low implied volatility, buying options has a higher cost - performance [2][17]. - Different varieties showed different sentiment in the options market. For example, the trading volume PCR of palm oil and PVC was at a historical high, indicating a short - term concentrated bet on price declines; while that of cotton, gold, and others was at a one - year low, indicating a concentrated bet on price increases [2][18]. 3. Summary According to Relevant Catalogs 3.1. Commodity Options Market Activity - This week (2025.12.15 - 2025.12.19), the trading volume of the commodity options market decreased slightly. The average daily trading volume was 6.91 million lots, and the average daily open interest was 6.46 million lots, with week - on - week changes of -16.35% and -35.33% respectively [1][7]. - The actively traded varieties in terms of average daily trading volume this week included silver (1.08 million lots), PVC (0.34 million lots), and glass (0.33 million lots) [1][7]. - There were 4 varieties with a trading volume increase of over 100% this week, with significant growth in p - xylene (+256%), asphalt (+143%), and nickel (+125%). The varieties with obvious trading volume decreases were rapeseed oil (-84%), rapeseed meal (-79%), and corn starch (-64%) [1][7]. - The varieties with high average daily open interest this week were silver (0.5 million lots), glass (0.36 million lots), and soda ash (0.36 million lots). The varieties with a rapid week - on - week increase in average daily open interest were p - xylene (+91%) and tin (+49%) [1][7]. 3.2. This Week's Main Data Review of Commodity Options 3.2.1. Underlying Price Movements - The underlying futures of commodity options showed mixed price movements this week. The varieties with higher weekly increases included lithium carbonate (+14%), polysilicon (+5.34%), and p - xylene (+4.62%); those with higher weekly decreases included rapeseed oil (-6.45%), soybean oil (-3.53%), and apple (-3.36%) [2][17]. 3.2.2. Market Volatility - Most commodity options' implied volatility increased this week. 32 varieties' current implied volatility was above the 50% quantile of the past year. The implied volatility of lithium carbonate, nickel, and polysilicon increased by 4.81, 4.71, and 4.25 percentage points respectively [2][17]. - Varieties with implied volatility at a one - year high included silver, polypropylene, plastic, tin, aluminum, copper, and ethylene glycol. Investors should beware of unilateral risks and consider short - selling volatility opportunities. Varieties with implied volatility at a one - year low included rapeseed meal, soybean oil, and urea, where buying options has a higher cost - performance [2][17]. 3.2.3. Options Market Sentiment - The trading volume PCR of palm oil and PVC was at a historical high, indicating a short - term concentrated bet on price declines; the trading volume PCR of cotton, gold, pure benzene, PTA, zinc, aluminum, etc. was at a one - year low, indicating a concentrated bet on price increases [2][18]. - The open interest PCR of lithium carbonate, silver, iron ore, tin, PTA, etc. was at a historical high, indicating a high - level accumulation of sentiment for betting on price declines; the open interest PCR of rapeseed oil, gold, aluminum, palm oil, etc. was at a one - year low, indicating an accumulation of sentiment for betting on price increases [2][18]. 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 of other varieties can be found on the Dongzheng Finoview official website (https://www.finoview.com.cn/) [23]. 3.3.1. Energy - The report provides charts on the total trading volume, volatility, open interest PCR, and trading volume PCR of crude oil, but no specific data analysis is provided [26][27]. 3.3.2. Chemicals - **PTA**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [32][38]. - **Caustic Soda**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [41][42]. - **Glass**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [47][48]. - **Soda Ash**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [55][56]. 3.3.3. Precious Metals - For silver, charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [63][64]. 3.3.4. Ferrous Metals - **Iron Ore**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [73][74]. - **Manganese Silicide**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [79][80]. 3.3.5. Non - ferrous Metals - **Copper**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [86][88]. - **Aluminum**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [95][97]. 3.3.6. Agricultural Products - **Soybean Meal**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [103][104]. - **Palm Oil**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [109][110]. - **Cotton**: Charts on total trading volume, volatility, open interest PCR, and trading volume PCR are provided, but no specific data analysis [117][118].

Core Viewpoint - The launch of options for rapeseed meal and oil at Zhengzhou Commodity Exchange has significantly transformed risk management in the industry and enhanced China's influence in the global oilseed market. Group 1: Trading Performance - The average daily trading volume of rapeseed meal options has increased from approximately 14,500 contracts in the first year to 196,400 contracts last year, positioning it among the top in global agricultural product options [1] - Rapeseed oil options also showed impressive performance, with trading volume doubling year-on-year in 2023 and a 77.26% increase in trading value in the first quarter of 2025 compared to the previous year [1] Group 2: Risk Management Strategies - The unique value of options has been tested in a volatile market, providing a "insurance" against significant losses, thus ensuring business stability [1] - The cost of buying options is typically only 10% to 30% of the futures margin, significantly reducing financial pressure on enterprises [2] - Options allow for more flexible risk management strategies compared to traditional linear hedging through futures, enabling enterprises to create non-linear, structured strategies [2] Group 3: Market Adaptation - Trade enterprises commonly use a "spot + buy put option" strategy for basic protection, allowing for flexible adjustments based on market conditions [3] - Over 60% of rapeseed oil trade and over 80% of rapeseed meal trade in China utilize a basis pricing model based on futures prices, with options enhancing the fairness and stability of this pricing model [3] Group 4: Global Engagement - The introduction of rapeseed options has attracted foreign traders from over ten countries, providing a convenient risk management channel and enhancing domestic enterprises' risk management capabilities [4] - The development of rapeseed options is facilitating China's transition from a "global oilseed buyer" to a "risk management solution provider," thereby reshaping the global oilseed trade order [4]

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]

Group 1 - The core idea of the news is that finding a suitable trading rhythm in the derivatives market is more important than frequent trading, as demonstrated by the success of a participant, Kan Fulong, in a simulated trading competition [1] - Kan Fulong achieved second place in the options category by employing a "low-frequency heavy position" trading strategy, which emphasizes patience and timing [1] - His trading philosophy was exemplified through two key operations: a successful short-term trade in crude oil options and a mid-term hold in palm oil options, both of which contributed significantly to his profits [1] Group 2 - Kan Fulong also traded other commodities such as rapeseed oil, soybean oil, and rubber, selecting them based on the presence of clear opportunities [2] - He noted that the main difference between simulated and real trading is the psychological state, with real trading introducing emotional fluctuations due to financial pressure [2] - His trading habits include avoiding frequent trades to prevent judgment errors, focusing instead on seizing opportunities with heavy positions when certainty is high [2] Group 3 - Looking ahead, Kan Fulong expressed that his choice of this industry stems from passion rather than the desire for quick wealth, emphasizing the importance of experience-based judgment [3] - He believes that every trade should be based on careful analysis, with the market serving as the ultimate test of his strategies [3] - His success illustrates the principle of "less is more," advocating for patience, in-depth research, and risk management when opportunities arise [3]

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].