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].

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].

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].

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].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - From December 8 - 12, 2025, the soybean oil futures market showed a volatile downward trend with a significant price drop, a substantial increase in the main contract's open interest, and a firm spot price, resulting in a high basis. The market has large long - short differences. The short logic is the high domestic commercial inventory of soybean oil and the weak performance of related international palm oil markets, while the long logic is the potential for futures price repair due to the high spot premium and potential pre - holiday stocking demand. The reduced expectation of the US biodiesel policy's positive impact also weakened the upward driving force [2]. 3. Summary by Directory 3.1 Futures Market - **Contract Market**: The soybean oil futures market showed a volatile downward trend. The main contract y2605 closed at 7,994 yuan/ton, down 88 yuan/ton from last week. The trading volume was 1,125,831 lots, and the open interest was 592,514 lots, an increase of 74,932 lots [3]. - **Variety Price**: The total trading volume of soybean oil contracts was 1,764,400 lots, and the total open interest was 827,587 lots, an increase of 9,865 lots compared to last week [5]. - **Related Market**: The total trading volume of soybean oil options was 174,652 lots, the open interest was 93,424 lots, an increase of 5,154 lots, and the number of exercised options was 5 lots [6]. 3.2 Spot Situation - As of Friday of the current week, the spot price of Grade - 1 soybean oil in Zhangjiagang was 8,480 yuan/ton, the settlement price of the main contract y2605 was 8,016 yuan/ton, and the basis was 464 yuan/ton [7]. 3.3 Influencing Factors - On December 11, commodity funds net - sold 3,500 lots of CBOT soybean futures contracts, 1,500 lots of corn futures contracts, 2,500 lots of soybean meal futures contracts, and 500 lots of soybean oil futures contracts, and net - bought 1,000 lots of wheat futures contracts [9]. 3.4 Market Outlook - The soybean oil market is expected to enter a high - volatility stage. The core contradiction is how to narrow the gap between the "extremely high basis" and the "high - inventory reality" through price movements. The possibility of the spot price falling towards the futures price to repair the basis is greater. Attention should be paid to the start and intensity of pre - holiday stocking, international crude oil prices, the US RVO final plan, South American soybean产区 weather, and Malaysian palm oil production and inventory [10].

Report Summary - The report is an early morning report on agricultural product options dated December 15, 2025 [1] - The overall market shows that oilseeds and oils are weakly volatile, while agricultural by - products and soft commodities have mixed trends. The strategy suggests constructing an option portfolio mainly composed of sellers, along with spot hedging or covered strategies to enhance returns [2] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - **Market Trends**: Oilseeds and oils are in a weakly volatile state, agricultural by - products and soft commodities maintain a volatile market, and grains show a slightly bullish and narrow - range consolidation [2] - **Strategies**: Construct an option portfolio mainly with sellers, and use spot hedging or covered strategies to increase returns [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report shows the latest prices, price changes, trading volumes, and open interest changes of various agricultural product options, including soybeans, soybean meal, palm oil, etc. For example, the latest price of soybean No. 1 (A2603) is 4,126, down 20 with a decline rate of 0.48%, and the trading volume is 1.25 million lots [3] 3.2 Option Factors 3.2.1 Volume - to - Open Interest PCR - It provides information on the volume - to - open interest PCR (Put - to - Call Ratio) of different option varieties, which helps to analyze the strength and potential turning points of the option underlying markets. For instance, the volume PCR of soybean No. 1 is 0.74 with a change of 0.06, and the open interest PCR is 1.08 with a change of - 0.01 [4] 3.2.2 Pressure and Support Levels - The pressure and support levels of each option variety are presented. For example, the pressure level of soybean No. 1 is 4,250, and the support level is 4,100 [5] 3.2.3 Implied Volatility - The implied volatility data of various option varieties are given, including at - the - money implied volatility, weighted implied volatility, and their changes compared to the annual average. For example, the at - the - money implied volatility of soybean No. 1 is 11.62%, and the weighted implied volatility is 13.72% with a change of 0.21% [6] 3.3 Strategies and Recommendations for Different Option Varieties 3.3.1 Oilseeds and Oils Options - **Soybean No. 1**: Based on fundamental and market analysis, it suggests constructing a short neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7] - **Soybean Meal**: With the analysis of fundamentals and market trends, it recommends constructing a short neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [9] - **Palm Oil**: Considering the market situation, it proposes a bearish call spread strategy for direction, a short bearish call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9] - **Peanut**: Given the current situation, it suggests a long collar strategy for spot hedging [10] 3.3.2 Agricultural By - products Options - **Live Hogs**: Based on the analysis, it recommends a short bearish call + put option combination strategy for volatility and a covered call strategy for spot [10] - **Eggs**: It suggests a short bearish call + put option combination strategy for volatility [11] - **Apples**: It recommends a short bullish call + put option combination strategy for volatility and a long collar strategy for spot hedging [11] - **Jujubes**: It suggests a short bearish wide - straddle option combination strategy for volatility and a covered call strategy for spot hedging [12] 3.3.3 Soft Commodities Options - **Sugar**: It recommends a short bearish call + put option combination strategy for volatility and a long collar strategy for spot hedging [12] - **Cotton**: It suggests a short neutral call + put option combination strategy for volatility and a long collar strategy for spot [13] 3.3.4 Grains Options - **Corn**: It recommends a short neutral call + put option combination strategy for volatility [13] - **Starch**: Although not detailed in the summary part, relevant data and analysis are provided for it in the report [300 - 316] 3.3.5 Other Options - **Log**: The report provides relevant data and analysis, but specific strategy recommendations are not emphasized [317 - 336]

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]