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].

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].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The IMF has raised the global economic growth forecast for 2026 by 0.2 percentage points to 3.3%, and also increased the growth forecasts for China, the US, the Eurozone, and Japan. AI - driven IT investment growth is becoming an important driver for the global economy [2][16]. - The Chinese economy's 2025 "report card" shows that GDP grew by 5% year - on - year, reaching 140.19 trillion yuan, with the service industry's share in GDP rising to 57.7%, and final consumption contributing 52% to economic growth, while fixed - asset investment declined by 3.8% [2][13]. - In the stock market, on Monday, A - shares had a shrinking - volume oscillation with major indices showing different trends. A - share listed companies' 2025 annual report performance pre - announcements are accelerating, and AI is a strong driver for corporate performance growth [32]. 3. Summary by Relevant Catalogs 3.1 Macro Data - In December 2025, GDP at constant prices had a quarterly - on - quarterly growth of 4.5%, down from 4.8% in the previous period and 5.4% in the same period last year. The manufacturing PMI was 50.1%, slightly up from 49.8% in the previous period, and the non - manufacturing PMI for business activities was 50.2%, up from 50.0% in the previous period [1]. - Social financing scale in December 2025 was 2207.5 billion yuan, down from 3529.9 billion yuan in the previous month and 2853.7 billion yuan in the same period last year. M0, M1, and M2 growth rates showed different trends compared to the previous period and the same period last year [1]. - In December 2025, CPI increased by 0.8% year - on - year, up from - 0.3% in the previous period, and PPI decreased by 1.9% year - on - year, an improvement from - 2.3% in the previous period and the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - China's 2025 economic data shows overall growth in multiple sectors, with a decline in fixed - asset investment, especially in real - estate development investment [2]. - The EU will hold an emergency summit on January 22 to discuss Trump's tariff threat and consider counter - measures, and is preparing to impose retaliatory tariffs on $93 billion worth of US goods [2]. - The Guangzhou Futures Exchange will adjust the daily price limit and margin standards for lithium carbonate futures contracts starting from January 21 [3]. 3.2.2 Metals - COMEX gold futures' February contract reached a record high of $4698 per ounce on January 19, approaching the $4700 mark, driven by geopolitical risks and expectations of a decline in the US dollar's credit. Gold ETFs and futures are more suitable for short - term investment [4]. - Japan will use 39 billion yen in reserve funds to ensure rare - earth supply [5]. - The Shanghai Futures Exchange has approved an increase in tin futures delivery warehouses and their approved storage capacities in Guangdong [6]. 3.2.3 Coal, Coke, Steel, and Minerals - In early January, key steel enterprises' daily crude - steel output was 1.997 million tons, a 10.51% increase from the previous period but a 3.29% decrease year - on - year. Pig - iron and steel production also showed different trends compared to the previous period and the same period last year [7]. - The first shipment of nearly 200,000 tons of Simandou iron ore arrived in China on January 17, which will enhance the global iron - ore supply [7]. - Shanxi produced over 13 billion tons of coal in 2025, and 65 billion tons during the 14th Five - Year Plan period, an increase of 19 billion tons compared to the 13th Five - Year Plan [7]. - Coking coal options were listed on the Dalian Commodity Exchange, enriching the risk - management tools for the coal - coke - steel industry chain [8]. 3.2.4 Energy and Chemicals - Goldman Sachs has raised its 2026 price forecast for TTF natural gas to 36 euros [9]. - Venezuela has officially launched the export of liquefied petroleum gas [9]. - After Maduro's downfall, many trade and oil companies are competing for the deal to export Venezuelan crude oil to the US [9][10]. - China National Coal Group will promote the clean and efficient use of coal, transforming it from a fuel to "raw material + material" [10]. 3.2.5 Agricultural Products - The average price of live pigs rebounded this week. On January 16, the average wholesale price of pork was 18.07 yuan per kilogram, up 0.6% from January 9, and the average price this week was 18 yuan per kilogram, up 0.3% from last week [11]. 3.3 Financial News Compilation 3.3.1 Open Market - On January 19, the central bank conducted 158.3 billion yuan of 7 - day reverse - repurchase operations at a fixed interest rate of 1.40%, with a net injection of 72.2 billion yuan after 86.1 billion yuan of reverse - repurchases matured [12]. 3.3.2 Important News - China's 2025 economic data, including population changes, shows a decrease in the population by 339,000 [13][14]. - In December 2025, housing prices in major Chinese cities showed different trends, with some cities' price declines narrowing and Shanghai's new - home prices rising [14]. - The NDRC and the Ministry of Finance will hold press conferences to introduce relevant economic policies [14]. - Premier Li Qiang emphasized high - quality development, calling for more active fiscal policies and moderately loose monetary policies [15]. - The central bank will announce the January LPR on January 20 [15]. - The Supreme People's Procuratorate has made arrangements to use legal power to serve high - quality development, including cracking down on economic crimes and safeguarding the capital market [17]. - The CSRC's 2026 system work meeting has outlined a clear path for capital - market reform [18]. - In 2025, the number and scale of registered insurance asset - management products decreased [18]. - There is a heated discussion about the "2026 time - deposit maturity wave", with different views on the scale, but most banks are not worried [19]. - There are several bond - related events, such as bond rating changes and early redemptions [20]. 3.3.3 Bond Market Review - The bond market showed an overall weak and oscillating trend, with most Treasury - bond futures closing down, and the yields of major interest - rate bonds in the inter - bank market mostly rising slightly. Some bonds like Vanke and AVIC Industry Finance bonds rose [21]. - The money - market interest rates showed different trends, with some rising and some falling [22][23]. - The yields of some financial bonds were determined in the bidding process, and European bond yields mostly increased [24]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 6.9636 on January 20, up 54 basis points from the previous trading day, and the central parity rate was 7.0051, up 27 basis points [25]. - The US dollar index fell by 0.32% in New York's late trading, and most non - US currencies rose [25]. 3.3.5 Research Report Highlights - Shenwan Fixed - Income states that the issuance of new special bonds this year is faster than in previous years but has not significantly accelerated. The planned issuance of local bonds in Q1 2026 is 2.1179 trillion yuan, similar to the same period in 2025 [27]. - CICC Fixed - Income suggests that in the current fluctuating interest - rate bond yield environment, credit - bond yields may follow the fluctuations, especially for Tier 2 and perpetual bonds. It also recommends paying attention to short - term trading opportunities and non - financial credit bonds with a remaining term of about 5 years. The future spread of science - and - technology innovation bonds depends on the change in the scale of science - and - technology innovation bond ETFs [27]. - CITIC Securities believes that Trump's tariff threat is a means to test the EU's attitude, and the change of Greenland's territory is difficult to achieve. If the US takes real actions, gold may benefit, the US dollar's credit may be damaged, and European assets may be under pressure [28]. 3.4 Stock Market - On Monday, A - shares had a shrinking - volume oscillation. The Shanghai Composite Index rose 0.29% to 4114 points, the Shenzhen Component Index rose 0.09%, the ChiNext Index fell 0.7%, and the total market turnover was 2.73 trillion yuan, down from 3.06 trillion yuan the previous day. Power - infrastructure, AVIC - related, and Hainan Free - Trade - Port concepts led the gains, while semiconductors and consumer electronics led the losses [32]. - The Hong Kong Hang Seng Index fell 1.05% to 26563.9 points, with pharmaceutical stocks leading the decline and aviation stocks rising. South - bound funds had a net purchase of nearly HK$2.3 billion [32]. - A - share listed companies' 2025 annual report performance pre - announcements are accelerating, with 156 out of 451 companies reporting positive pre - announcements, and 42 companies expecting a net - profit increase of over 100% year - on - year [32].

Core Viewpoint - The listing of coking coal options on the Dalian Commodity Exchange enhances risk management tools for the coal, coke, and steel industry [1] Group 1: Industry Overview - Coking coal is a core raw material for the steel and coal chemical industries [1] - China is a major global producer and consumer of coking coal, with a production volume of 165 million tons in 2024, accounting for 53% of global production, and a consumption volume of 206 million tons, representing 63% of global consumption [1] Group 2: Market Development - The Dalian Commodity Exchange launched coking coal futures in 2013 to help the industry manage price volatility risks effectively [1] - Since the launch, the coking coal futures market has operated steadily, with expanding scale and increasing price influence, leading more industry enterprises to utilize coking coal futures for hedging [1] Group 3: Demand for Risk Management - Recent years have seen significant price volatility in coking coal due to multiple factors such as supply and demand and policy changes, increasing the industry's need for refined risk management through derivative tools [1] - Industry insiders believe that the introduction of coking coal options will complement coking coal futures, coking coal futures, and iron ore futures and options, providing a more comprehensive risk management toolset for related industries [1]

Core Viewpoint - The listing of coking coal options on the Dalian Commodity Exchange enhances risk management tools for the coal, coke, and steel industry [1]. Group 1: Market Overview - Coking coal is a core raw material for the steel and coal chemical industries, with China being a significant producer and consumer globally. In 2024, China's main coking coal production is projected to be 165 million tons, accounting for 53% of global production, while consumption is expected to reach 206 million tons, representing 63% of global consumption [1]. Group 2: Risk Management Tools - The Dalian Commodity Exchange launched coking coal futures in 2013 to help the industry manage price volatility. Since then, the futures market has operated smoothly, with expanding scale and effective functionality, leading to increased price influence and more enterprises utilizing futures for hedging [1]. - The recent listing of coking coal options is expected to complement existing futures and options for coking coal, coke, and iron ore, providing a more comprehensive risk management toolset for the industry [1]. Group 3: Industry Demand - Due to significant price fluctuations influenced by supply, demand, and policy factors, there is a growing demand among industry enterprises for refined risk management through derivative tools [1].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a seller's neutral volatility strategy is recommended as they tend to move upwards [2]. - For the black metals sector, which experiences significant fluctuations, a short - volatility combination strategy is suitable [2]. - For precious metals, as they rebound and rise, a bull spread combination strategy is suggested [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various metal futures contracts. For example, the latest price of copper futures (CU2602) is 103,390, down 520 (- 0.50%) with a trading volume of 16.55 million lots and an open interest of 15.95 million lots [3]. 3.2 Option Factors - **Volume and Open Interest PCR**: It shows the volume and open - interest put - call ratios (PCR) of different metal options. For instance, the volume PCR of copper options is 0.40, with a change of - 0.05, and the open - interest PCR is 0.66, with a change of 0.02 [4]. - **Pressure and Support Levels**: The pressure and support levels of option underlying assets are analyzed. The pressure point of copper is 110,000 and the support point is 98,000 [5]. - **Implied Volatility**: The implied volatility data of various metal options are given, including at - the - money implied volatility, weighted implied volatility, and its change, etc. The at - the - money implied volatility of copper is 33.62% [6]. 3.3 Strategy and Recommendations - **Non - ferrous Metals**: - **Copper**: Directional strategy - construct a bull spread combination strategy of call options; volatility strategy - construct a short - volatility seller's option combination strategy; spot long - hedging strategy - hold a spot long position + buy put options + sell out - of - the - money call options [8]. - **Aluminum, Zinc, Nickel, Tin, Lithium Carbonate**: Similar strategies are provided, mainly including directional strategies (such as bull spread combination strategies for some), volatility strategies (such as short - volatility strategies or selling call + put option combination strategies), and spot hedging strategies [10][11][12]. - **Precious Metals (Silver)**: Directional strategy - construct a bull spread combination strategy of call options; volatility strategy - construct a short - volatility option seller's combination strategy with a bullish bias; spot hedging strategy - hold a spot long position + buy put options + sell out - of - the - money call options [13]. - **Black Metals**: - **Rebar**: Volatility strategy - construct a short - volatility selling call + put option combination strategy with a bearish bias; spot long - covered strategy - hold a spot long position + sell call options [14]. - **Iron Ore, Ferroalloys, Industrial Silicon, Glass**: Similar strategies are given, covering directional, volatility, and spot hedging strategies [14][15][16].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For non - ferrous metals, a seller's neutral volatility strategy can be constructed as they tend to move upwards [2]. - For the black - series, a short - volatility combination strategy is suitable due to their large - scale fluctuations [2]. - For precious metals, a bull spread combination strategy can be built as they are rebounding [2]. 3. Summary of Each Section 3.1 Futures Market Overview - The report presents data on the latest prices, price changes, trading volumes, and open interest of various metal futures contracts such as copper, aluminum, zinc, etc. For example, the latest price of copper (CU2602) is 102,220, with a price increase of 1,940 and a trading volume of 30.38 million lots [3]. 3.2 Option Factors - **Volume - to - Open - Interest PCR**: The report provides the volume - to - open - interest PCR data for different metal options, which helps describe the strength and potential turning points of the underlying asset's market. For instance, the volume PCR of copper options is 0.58, with a change of 0.05 [4]. - **Pressure and Support Levels**: The pressure and support levels of each option's underlying asset are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure point of copper is 110,000, and the support point is 98,000 [5]. - **Implied Volatility**: It shows the implied volatility data of various metal options, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of copper options is 31.57% [6]. 3.3 Strategy and Recommendations for Each Metal - **Non - ferrous Metals** - **Copper**: Based on fundamental and market analysis, directional, volatility, and spot hedging strategies are proposed. For example, a bull spread combination strategy can be constructed for directional trading, and a short - volatility seller option combination strategy for volatility trading [8]. - **Aluminum, Zinc, Nickel, Tin, and Lithium Carbonate**: Similar to copper, strategies for each metal are provided according to their fundamentals, market trends, and option factors [10][11][12]. - **Precious Metals** - **Silver**: Considering its fundamentals and market performance, a neutral short - volatility option seller combination strategy and a spot hedging strategy are recommended [13]. - **Black - Series** - **Rebar, Iron Ore, Ferroalloys, Industrial Silicon, and Glass**: Strategies for each product in the black - series are given, including directional, volatility, and spot hedging strategies, based on their supply - demand situations and market trends [14][15][16].

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].