| 张银 投资咨询从业资格号：Z0018397 zhangyin023941@gtjas.com | | | --- | --- | | 目录 | | | 1. 市场综述 | 3 | | 2. 市场数据 | 6 | | 2.1 市场概览 | 6 | | 2.2 玉米期权 | 7 | | 2.3 豆粕期权 | 7 | | 2.4 菜粕期权 | 8 | | 2.5 棕榈油期权 | 8 | | 2.6 豆油期权 | 9 | | 2.7 菜籽油期权 | 9 | | 2.8 花生期权 10 | | | 2.9 黄大豆 1 号期权 10 | | | 2.10 黄大豆 2 号期权 11 | | | 2.11 乙二醇期权 11 | | | 2.12 苯乙烯期权 12 | | | 2.13 白糖期权 12 | | | 2.14 棉花期权 13 | | | 2.15 PTA 期权 13 | | | 2.16 PX 期权 14 | | | 2.17 烧碱期权 14 | | | 2.18 橡胶期权 15 | | | 2.19 BR 橡胶期权 15 | | | 2.20 聚乙烯期权 16 | | | 2.21 聚丙烯期权 16 | | ...

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].

成文日期: 20251212 报告周期:周度 研究员:漆建华(从业资格号:F03099134;投资咨询从业证书号:Z0017731) 豆油期货周报 本周核心观点 本周（20251208-1212）豆油期货市场呈现震荡下跌格局,价格 显著回落，主力合约持仓量大幅增加,同时现货价格保持坚挺. 期现 基差维持高位。这反映出市场多空分歧巨大:空头逻辑在于,国内豆 油商业库存持续攀升至近年高位,现货供应压力沉重,且国际棕榈油 等关联油脂市场表现疲软,共同压制期货盘面;而多头逻辑在于极高 的现货升水所蕴含的期价修复可能. 以及潜在的节前备货需求。此外, 市场对美国生物柴油政策利好兑现的预期有所降温,也削弱了重要的 上行驱动力。 1 期货市场 1.1 合约行情 当周豆油期货市场整体呈现震荡下跌走势,主力合约 y2605 收 于 7,994 元/吨,较上周下跌 88 元/吨,成交量为 1,125,831 手,持 仓量为 592,514 手，持仓量增加 74,932 手。 图 1 豆油期货主力合约日线图 研究热线：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线:4006821188 请务 ...

农产品期权 2025-12-15 农产品期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏弱震荡，油脂类，农副产品维持震荡行情，软商品白糖小幅震荡， 棉花偏强盘整，谷物类玉米和淀粉偏多窄幅盘整。 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

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 ...

报告周期:日度 成文日期: 20251203 研究品种:豆汁 研究员:漆建华(从业资格号:F03099134;投资咨询从业证书号:Z0017731) 豆油期货日报 1 期货市场 1.1 合约行情 图 2 豆油期货各合约日行情数据 | 品种名 称 豆油 豆油 豆油 豆油 | 合约 v2512 y2601 y2603 y2605 | 开盘价 – 8, 288 8, 238 8, 082 | 最高价 - 8, 308 8, 250 8. 124 | 最低价 । 8, 252 8, 196 8, 058 | 收盘价 8, 388 8, 286 8, 228 8, 094 | 前结算 价 8,388 8, 280 8, 218 8, 084 | 结算价 8, 388 8, 278 8, 220 8, 092 | 涨跌 0 ნ 10 10 | 涨跌1 0 -2 2 8 | 成交量 2 161, 570 301, 309 -17, 961 1, 337, 765. 51 876 131.997 490.717 24.128 1,068.137.40 | 持仓量 392 10, 525 | 持仓量 変化 -2 61 | 成交 ...

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].