Report Industry Investment Rating - Not provided Core View of the Report - Collar options, a strategy combining buying put options and selling call options, can be applied in three scenarios: raw material procurement, inventory management, and profit locking, which can precisely control risk exposure and help sugar enterprises operate stably. In the current situation where domestic and foreign sugar prices are continuously fluctuating, sugar enterprises can use collar options to manage risk exposure [1][5][12] Summary by Relevant Catalog Characteristics and Advantages of Collar Options - Collar options are a strategy that combines buying put options to protect against downside risks and selling call options to obtain premiums. Its core is to limit the asset price fluctuation range within a preset interval, which can be regarded as a protective put option plus a covered call option, using the income from the covered strategy to offset the cost of the protective strategy [1] - For sugar enterprises, collar options are particularly suitable. Sugar prices are affected by seasonality, policies, and international sugar price fluctuations. Option risk management strategies are more flexible than futures strategies. The cost of collar options is lower than that of buying put options for hedging, and they can lock in the minimum and maximum expected selling prices [3] Comparison of Different Hedging Methods | Hedging Method | Hedging Effect | Hedging Cost | Flexibility | Applicable Situation | | --- | --- | --- | --- | --- | | Futures Hedging | Lock in downside risk and give up upside gain | High margin requirement | Fixed price | Sufficient funds, suitable for long - term hedging | | Buying Put Option Hedging | Lock in downside risk and retain upside gain | Low capital occupation (pay premium) | Customizable strike price | Limited funds, prevent short - term pullback in a bull market | | Collar Option Hedging | Limit price range | Pay premium | Customizable strike price | Sideways market, suitable for long - term hedging | [4] Application Scenarios of Collar Options Raw Material Procurement - A sugar - making enterprise can lock in the current sugarcane purchase cost by locking in the future sugar selling price. For example, it can buy a put option with an exercise price of 5200 yuan/ton and sell a call option with an exercise price of 5500 yuan/ton. If the sugar price drops to 4800 yuan/ton, the enterprise can exercise the option to reduce losses; if the sugar price rises to 5600 yuan/ton, it can still lock in the actual selling price of 5500 yuan/ton [6] Inventory Management - When a sugar - making enterprise has inventory backlog, it can buy a put option with an exercise price of 5200 yuan/ton and sell a call option with an exercise price of 5500 yuan/ton. When the sugar price falls below 5200 yuan/ton, the put option compensates for inventory losses; when the sugar price is between 5200 - 5500 yuan/ton, the inventory value is stable. The strategy can generate net premium income at the beginning and reduce inventory management costs [7] Profit Locking - A sugar - making enterprise can select the strike price of the collar option according to the production plan to compress the sugar price fluctuation range to the target profit interval (such as 5200 - 5500 yuan/ton) to ensure a stable processing profit. It can also adjust the strike price dynamically according to market expectations [9]

可用于原料采购、库存管理及利润锁定三大场景 领子期权是一种由买入看跌期权（保护下行风险）和卖出看跌期权（获取权利金）组合而成的策略，其核心 是将资产价格波动范围限定在预设区间内。领子期权可应用于原料采购、库存管理及利润锁定三大场景，精 准控制风险敞口，助力企业稳健经营。 领子期权是一种由买入看跌期权（保护下行风险）和卖出看跌期权（获取权利金）组合而成的策略，其核心 是将资产价格波动范围限定在预设区间内。领子期权可以看作一个保护性看跌期权加一个备兑看涨期权，即 利用备兑策略的收益来摊薄保护性策略的成本。 图为领子期权的到期损益 对白糖企业而言，这一策略尤其适用。首先，白糖价格受季节性（如甘蔗收割周期）、政策（如进口配额） 及国际糖价波动影响，从企业稳健经营的角度来说，更适合使用风险管理策略套期保值（下称套保）。期权 风险管理策略往往比期货风险管理策略更具灵活性。其次，相比买入认沽的保护性期权策略，领子期权策略 的成本更低，因为卖出看涨期权的权利金可覆盖部分买入看跌期权费用，降低套保成本。最后，从套保效果 来看，当白糖价格大跌时，看跌期权可以锁定最低销售价；当白糖价格大涨时，虽然放弃部分超额收益，但 是看涨期权行 ...