金属期权 2025-08-26 金属期权策略早报 | 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 | 金属期权策略早报概要：（1）有色金属偏弱震荡，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属高位盘整震荡有所回落，构建现货避险策略。 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

商品期权周报 I 2025/08/18—2025/08/22 隐波下降，市场震荡回落 本周摘要 波动率方面，截至本周五收盘，原油期权隐含波动率 28.91%,较 一周前下降-4.35%。碳酸锂期权隐含波动率 42.69%,较一周前下 降-5.54%。螺纹钢期权隐含波动率 11.35%,较一周前下降- 0.46%。纯碱期权隐含波动率 18.20%,较一周前下降-1.48%。黄 金期权隐含波动率 15.51%,较一周前下降-0.25%,较一周前下降- 1.48%。白银期权隐含波动率 18.06%,较一周前下降-0.21%。棕 榈油期权隐含波动率 15.61%,较一周前上升 0.14%。豆油期权隐 含波动率 21.60%,较一周前上升 2.06%。菜油期权隐含波动率 19.84%,较一周前下降-0.35%。橡胶期权隐含波动率 12.69%,较 一周前下降-2.85%。 本周商品期权成交量较上周大幅下降 24.45%，持仓量较上周下 降 24.29%。本周商品期权市场情绪较上周显著降温，期权隐含 波动率普遍下降。碳酸锂、纯碱期权隐含波动率较上周五下降均 超 4 个百分点，目前分别处于历史 60%-70%，30%-40 ...

金属期权 2025-08-25 金属期权策略早报 | 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 | 金属期权策略早报概要：（1）有色金属偏弱震荡，构建卖方中性波动率策略策略；（2）黑色系维持大幅度波动的 行情走势，适合构建做空波动率组合策略；（3）贵金属高位盘整震荡有所回落，构建现货避险策略。 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （ ...

金属期权 2025-08-22 金属期权策略早报 | 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 | 表2：期权因子—量仓PCR | 期权品种 | 成交量 | 量变化 | 持仓量 | 仓变化 | 成交量 | 量PCR | 持仓量 | 仓PCR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | PCR | 变化 | PCR | 变化 | | 铜 | 78,247 | -4,389 | 118,896 | -300 | 0.77 | -0.16 | 0.87 | -0.01 | | 铝 | 48,439 ...

在 2025 年的资本市场格局中，理性投资者逐渐摒弃单一资产押注策略，转而构建包含权益类、固收类和实物资产的组合配置。以 （08566.HK/6QKI2）为代表的新兴产业龙头股、（08566.HK/S886S）这类高评级公司债以及现货黄金的三维组合，正在成为主流配置方案。 港股市场持续显现结构性机会，如（08566.HK/BO3E1）在 AI 医疗领域的突破使其年内涨幅达 45%，而（08566.HK/S03OZ）受益于新能源基建 政策，股息率稳定在 5.2% 以上。但个股波动风险不容忽视，建议通过（08566.HK/0FHWC）等 ETF 产品实现行业分散。债券市场方面，以 （08566.HK/UVZRW）为代表的绿色债券收益率突破 6.5%，（08566.HK/VBOCK）这类可转债则提供攻守兼备特性。但需警惕 （08566.HK/A9AA7）等地产债的信用风险边际变化。 黄金作为传统避险资产，在美联储降息周期中展现独特配置价值。实物黄金与（08566.HK/HJTJ7）黄金 ETF 的组合，既满足流动性需求又规避 交易损耗。值得注意的是，数字货币波动性加大背景下，（08566.HK/29N6B）这类黄金 ...

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Report Summary 1. Investment Rating The report does not provide an overall investment rating for the metal options industry. 2. Core Viewpoints - The non - ferrous metals are in a weak and volatile state, and a seller's neutral volatility strategy is recommended. - The black metals show significant fluctuations, and a short - volatility portfolio strategy is suitable. - The precious metals are consolidating at high levels with a slight decline, and a spot hedging strategy is advised [2]. 3. Summary by Relevant Catalogs 3.1. Futures Market Overview - **Copper (CU2510)**: The latest price is 78,700, up 150 (0.19%). The trading volume is 4.84 million lots (up 2.48 million lots), and the open interest is 13.98 million lots (up 0.18 million lots) [3]. - **Aluminum (AL2510)**: The latest price is 20,565, up 75 (0.37%). The trading volume is 12.82 million lots (up 2.30 million lots), and the open interest is 22.80 million lots (down 0.67 million lots) [3]. - Other metals such as zinc, lead, nickel, etc., also have detailed price, trading volume, and open - interest data provided in the report [3]. 3.2. Option Factors - Volume and Open Interest PCR - **Copper**: The volume PCR is 0.93 (up 0.19), and the open - interest PCR is 0.88 (up 0.07) [4]. - **Aluminum**: The volume PCR is 1.26 (up 0.09), and the open - interest PCR is 0.91 (unchanged) [4]. 3.3. Option Factors - Pressure and Support Levels - **Copper**: The pressure point is 80,000, and the support point is 78,000 [5]. - **Aluminum**: The pressure point is 20,800, and the support point is 20,000 [5]. 3.4. Option Factors - Implied Volatility - **Copper**: The at - the - money implied volatility is 8.38%, and the weighted implied volatility is 13.00% (down 0.73%) [6]. - **Aluminum**: The at - the - money implied volatility is 9.10%, and the weighted implied volatility is 12.07% (down 0.58%) [6]. 3.5. Strategy and Recommendations - **Non - ferrous Metals (e.g., Copper)**: - **Fundamentals**: The combined inventory of the three major exchanges increased by 0.7 million tons, with the SHFE inventory increasing by 0.4 million tons to 8.6 million tons [7]. - **Market Analysis**: Since June, it has shown a bullish trend, with a high - level consolidation pattern since August [7]. - **Option Strategy**: Build a short - volatility seller's option portfolio strategy and a spot long - hedging strategy [7]. - **Precious Metals (e.g., Gold)**: - **Fundamentals**: The US CPI and core CPI data in July have different year - on - year and month - on - month changes [12]. - **Market Analysis**: Shanghai gold has been in a high - level consolidation and decline recently [12]. - **Option Strategy**: Construct a neutral short - volatility option seller's portfolio strategy and a spot hedging strategy [12]. - **Black Metals (e.g., Rebar)**: - **Fundamentals**: The social inventory of rebar increased by 6.8% week - on - week, and the factory inventory increased by 2.4% week - on - week [13]. - **Market Analysis**: Since June, it has been in a low - level consolidation and then a rebound, followed by a decline recently [13]. - **Option Strategy**: Build a bear - spread option strategy, a short - volatility strategy, and a spot long - covered call strategy [13].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For non - ferrous metals, construct a seller neutral volatility strategy as they are in a weak and volatile state [2] - For the black series, build a short - volatility combination strategy due to their large - amplitude fluctuations [2] - For precious metals, construct a spot hedging strategy as they are consolidating at high levels and have declined [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of 17 metal futures contracts including copper, aluminum, and zinc are presented [3] 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various metal options are provided, which are used to describe the strength of options underlying market trends and the turning points of the underlying market trends respectively [4] 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of various metal options are given [5] 3.4 Option Factors - Implied Volatility - The implied volatility data of various metal options are presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Build a short - volatility seller option portfolio strategy and a spot long - hedging strategy [7] - **Aluminum/Alumina**: Construct a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Zinc/Lead**: Build a short - neutral call + put option combination strategy and a spot collar strategy [9] - **Nickel**: Construct a short - bearish call + put option combination strategy and a spot covered - call strategy [10] - **Tin**: Build a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: Construct a short - bullish call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - **Gold/Silver**: Build a neutral short - volatility option seller combination strategy and a spot hedging strategy [12] 3.5.3 Black Series - **Rebar**: Construct a bearish call spread strategy, a short - bearish call + put option combination strategy, and a spot covered - call strategy [13] - **Iron Ore**: Build a short - bearish call + put option combination strategy and a spot collar strategy [13] - **Ferroalloys**: Build a short - volatility strategy for manganese silicon [14] - **Industrial Silicon/Polysilicon**: Construct a short - volatility call + put option combination strategy and a spot hedging strategy [14] - **Glass**: Build a bearish call spread strategy, a short - volatility call + put option combination strategy, and a spot collar strategy [15] 3.6 Charts - Price charts, option volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts of various metals such as copper, aluminum, and zinc are provided [18][38][57]

1. Report Industry Investment Rating - No information provided in the document. 2. Core Views of the Report - The non - ferrous metals are in a moderately bullish and volatile trend, and a seller's neutral volatility strategy is recommended; the black metals are experiencing significant fluctuations, suitable for a short - volatility portfolio strategy; the precious metals are consolidating at high levels, and a spot hedging strategy is suggested [2]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - Copper (CU2509) is priced at 78,840, down 180 (-0.23%), with a trading volume of 4.48 million lots (down 0.53 million) and an open interest of 14.74 million lots (down 0.51 million) [3]. - Aluminum (AL2509) is at 20,615, up 5 (0.02%), trading volume of 10.94 million lots (up 1.30 million), and open interest of 17.30 million lots (down 2.08 million) [3]. - Similar data is provided for other metals such as zinc, lead, nickel, etc. 3.2 Option Factors - Volume and Open Interest PCR - For copper, the volume PCR is 0.63 (up 0.01), and the open - interest PCR is 0.78 (unchanged) [4]. - Aluminum has a volume PCR of 1.04 (up 0.37) and an open - interest PCR of 0.87 (down 0.04) [4]. - Similar data is available for other metals. 3.3 Option Factors - Pressure and Support Levels - Copper has a pressure point at 80,000 (offset - 2,000) and a support point at 78,000 (offset 0) [5]. - Aluminum's pressure point is 21,000 (offset 0) and support point is 20,000 (offset 0) [5]. - Similar data for other metals is presented in the report. 3.4 Option Factors - Implied Volatility - Copper's at - the - money implied volatility is 8.89%, weighted implied volatility is 14.24% (up 0.48%), and the difference between implied and historical volatility is - 5.44 [6]. - Aluminum's at - the - money implied volatility is 9.23%, weighted implied volatility is 13.24% (up 0.47%), and the difference between implied and historical volatility is - 2.32 [6]. - Similar data for other metals is provided. 3.5 Strategy and Recommendations 3.5.1 Non - ferrous Metals - **Copper**: Fundamental analysis shows that the inventory of the three major exchanges has increased by 0.7 million tons. The market has been in a high - level consolidation since June. The implied volatility is at the historical average, and the open - interest PCR is below 0.80. Recommended strategies include a short - volatility seller's option portfolio and a spot long - hedging strategy [7]. - **Aluminum**: The domestic inventory has increased. The market shows a bullish trend with high - level consolidation. The implied volatility is below the historical average, and the open - interest PCR is around 0.80. Recommended strategies include a short - neutral call + put option combination and a spot collar strategy [9]. - Similar analyses and strategies are provided for zinc, lead, nickel, tin, and lithium carbonate. 3.5.2 Precious Metals - **Gold**: The US CPI data shows a complex situation. The market is in a short - term strong consolidation. The implied volatility is around the historical average, and the open - interest PCR is below 0.60. Recommended strategies include a short - neutral volatility option seller's combination and a spot hedging strategy [12]. - **Silver**: Similar to gold, with specific market analysis and recommended strategies [12]. 3.5.3 Black Metals - **Rebar**: The social and factory inventories have increased. The market has been in a consolidation with some rebounds. The implied volatility is at a relatively high level, and the open - interest PCR is around 0.60. Recommended strategies include a short - neutral call + put option combination and a spot long - covered call strategy [13]. - **Iron ore**: The port inventory has increased, and the market is in a moderately bullish consolidation. The implied volatility is above the historical average, and the open - interest PCR is above 1.00. Recommended strategies include a short - neutral call + put option combination and a spot long - collar strategy [13]. - Similar analyses and strategies are provided for ferroalloys, industrial silicon, polysilicon, and glass.

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report provides a comprehensive analysis of the metal options market, covering various metals such as non - ferrous metals, precious metals, and black metals. It analyzes the fundamentals, market trends, and option factors of each metal, and gives corresponding option strategies and suggestions [8] 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, including copper, aluminum, zinc, etc [3] 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of different metal options are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market [4] 3.2.2 Pressure and Support Levels - The pressure points, support points, maximum call option open interest, and maximum put option open interest of different metal options are provided, which are used to analyze the pressure and support levels of the underlying assets [5] 3.2.3 Implied Volatility - The implied volatility of different metal options is presented, including at - the - money implied volatility, weighted implied volatility, etc [6] 3.3 Strategy and Suggestions 3.3.1 Non - ferrous Metals - **Copper Options**: Build a short - volatility seller option portfolio strategy for volatility strategies and a spot hedging strategy for spot long - position hedging [7] - **Aluminum/Alumina Options**: Construct a neutral short - call + short - put option portfolio strategy for volatility strategies and a spot collar strategy for spot long - position hedging [9] - **Zinc/Lead Options**: Build a neutral short - call + short - put option portfolio strategy for volatility strategies and a spot collar strategy for spot long - position hedging [9] - **Nickel Options**: Construct a short - bearish call + short - put option portfolio strategy for volatility strategies and a spot long - position hedging strategy [10] - **Tin Options**: Build a short - volatility strategy for volatility strategies and a spot collar strategy for spot long - position hedging [10] - **Lithium Carbonate Options**: Construct a short - bullish call + short - put option portfolio strategy for volatility strategies and a spot long - position hedging strategy [11] 3.3.2 Precious Metals - **Gold/Silver Options**: Build a neutral short - volatility option seller portfolio strategy for volatility strategies and a spot hedging strategy for spot long - position hedging [12] 3.3.3 Black Metals - **Rebar Options**: Build a neutral short - call + short - put option portfolio strategy for volatility strategies and a spot covered - call strategy for spot long - position hedging [13] - **Iron Ore Options**: Build a neutral short - call + short - put option portfolio strategy for volatility strategies and a long - position collar strategy for spot long - position hedging [13] - **Ferroalloy Options**: Build a short - volatility strategy for volatility strategies and no spot hedging strategy [14] - **Industrial Silicon/Polysilicon Options**: Build a short - volatility short - call + short - put option portfolio strategy for volatility strategies and a spot long - position hedging strategy [14] - **Glass Options**: Build a short - volatility short - call + short - put option portfolio strategy for volatility strategies and a long - position collar strategy for spot long - position hedging [15]