Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The closing price of the ag2606 contract yesterday was 18,126 yuan, a rise of 598 yuan or 3.41% from the previous day. The trading volume was 881,875 lots, a decrease of 178,429 lots from the previous day, and the open interest was 241,055 lots, an increase of 7,170 lots from the previous day. The implied volatility of AG (silver options) fluctuated above the mean of 0.4823. The open interest PCR of AG options was reported at 0.6843, at the 0.82% level in the past year. The pressure level of the AG option underlying was 36,600, and the support level was 15,000 [6]. - The closing price of the au2606 contract yesterday was 1,020.1 yuan, a rise of 14.68 yuan or 1.46% from the previous day. The trading volume was 33,535 lots, a decrease of 58,160 lots from the previous day, and the open interest was 180,433 lots, a decrease of 520 lots from the previous day. The implied volatility of AU (gold options) fluctuated above the mean of 0.2784. The open interest PCR of AU options was reported at 0.5311, at the 2.45% level in the past year. The pressure level of the AU option underlying was 1,200, and the support level was 1,000 [18]. 3. Summary by Relevant Catalogs 3.1 Silver Options - **Futures Market Data**: The ag2606 contract had a closing price of 18,126, a trading volume of 881,875 lots (a decrease of 178,429 lots from the previous day), and an open interest of 241,055 lots (an increase of 7,170 lots from the previous day) [3]. - **Option Factor - Volume and Open Interest PCR**: For AG (silver call options), the trading volume was 196,657 (a decrease of 17,636), the open interest was 85,367 (an increase of 2,089), the trading volume PCR was 0.63 (a decrease of 0.02), and the open interest PCR was 0.68 (an increase of 0.03). For AG (silver put options), the trading volume was 123,660 (a decrease of 15,130), and the open interest was 58,414 (an increase of 4,340) [4]. - **Option Factor - Pressure and Support**: The AG (silver options) with the ag2605 contract had a strike price at the money of 18,100, a pressure level of 36,600, a support level of 15,000, a weighted implied volatility of 81.88% (a decrease of 4.10%), an annual average implied volatility of 48.23%, and HISV20 of 87.38% [5]. - **Option Strategy Suggestions**: No directional strategy. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income, and dynamically adjust the positions to keep the delta of the positions neutral, such as S_AG2606P18000, S_AG2606C19000 [7]. 3.2 Gold Options - **Futures Market Data**: The au2606 contract had a closing price of 1,020.1, a trading volume of 33,535 lots (a decrease of 58,160 lots from the previous day), and an open interest of 180,433 lots (a decrease of 520 lots from the previous day) [15]. - **Option Factor - Volume and Open Interest PCR**: For AU (gold call options), the trading volume was 54,927 (a decrease of 5,203), the open interest was 47,369 (an increase of 1,122), the trading volume PCR was 0.42 (a decrease of 0.05), and the open interest PCR was 0.53 (an increase of 0.02). For AU (gold put options), the trading volume was 22,912 (a decrease of 4,927), and the open interest was 25,159 (an increase of 1,529) [16]. - **Option Factor - Pressure and Support**: The AU (gold options) with the au2606 contract had a strike price at the money of 1,020, a pressure level of 1,200, a support level of 1,000, a weighted implied volatility of 41.60% (a decrease of 1.53%), an annual average implied volatility of 27.84%, and HISV20 of 44.53% [17]. - **Option Strategy Suggestions**: No directional strategy. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income, and dynamically adjust the positions to keep the delta of the positions neutral, such as S_AU2605P928, S_AU2605C1056 [19].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - For silver options, the ag2606 contract closed at 17,489 yuan yesterday, down 363 yuan or 2.03% from the previous day. The implied volatility of AG (silver options) fluctuates above the mean of 0.4772. The AG option's open interest PCR is at 0.686, at the 0.41% level in the past year. The pressure level is 36,600 and the support level is 15,000. Directional strategy: construct a bear - spread put option strategy. Volatility strategy: construct a short call + put option combination strategy [7][8]. - For gold options, the au2606 contract closed at 998.66 yuan yesterday, down 9.96 yuan or 0.98% from the previous day. The implied volatility of AU (gold options) fluctuates above the mean of 0.2762. The AU option's open interest PCR is at 0.5217, at the 1.63% level in the past year. The pressure level is 1,504 and the support level is 1,000. Directional strategy: none. Volatility strategy: construct a short call + put option combination strategy [20][21]. 3. Summary by Relevant Catalogs 3.1 Silver Options 3.1.1标的期货市场数据 - The trading volume of the aq2606 contract of AG (silver options) is 1,060,300 lots, an increase of 186,734 lots. The open interest is 233,885 lots, an increase of 8,203 lots. The price rose by 482 yuan, with a daily increase of 2.79% [4]. 3.1.2期权因子 - 量仓PCR - The trading volume of silver call options is 214,293 lots, an increase of 94,079 lots. The open interest is 83,278 lots, an increase of 8,717 lots. The trading volume PCR is 0.65, a decrease of 0.4. The open interest PCR is 0.65, a decrease of 0.04. The trading volume of silver put options is 138,790 lots, an increase of 13,133 lots. The open interest is 54,074 lots, an increase of 2,926 lots [5]. 3.1.3行情解读与策略建议 - The ag2606 contract closed at 17,489 yuan yesterday, down 363 yuan or 2.03% from the previous day. The trading volume was 873,570 lots, an increase of 98,452 lots. The open interest was 225,682 lots, an increase of 5,692 lots. The implied volatility of AG (silver options) fluctuates above the mean of 0.4772. The AG option's open interest PCR is at 0.686, at the 0.41% level in the past year. From the perspective of options, the pressure level of the AG option is 36,600 and the support level is 15,000. Directional strategy: construct a bear - spread put option strategy. Volatility strategy: construct a short call + put option combination strategy, dynamically adjust positions to keep the delta of positions neutral, such as S_AG2606P16000, S_AG2606C18000 [7][8]. 3.2 Gold Options 3.2.1标的期货市场数据 - The trading volume of the au2606 contract of AU (gold options) is 393,515 lots, an increase of 77,112 lots. The open interest is 180,953 lots, an increase of 11,870 lots. The price rose by 22.64 yuan, with a daily increase of 2.28% [17]. 3.2.2期权因子 - 量仓PCR - The trading volume of gold call options is 60,130 lots, an increase of 28,254 lots. The open interest is 46,247 lots, an increase of 3,643 lots. The trading volume PCR is 0.46, a decrease of 0.25. The open interest PCR is 0.51, a decrease of 0.01. The trading volume of gold put options is 27,839 lots, an increase of 5,002 lots. The open interest is 23,630 lots, an increase of 1,405 lots [18]. 3.2.3行情解读与策略建议 - The au2606 contract closed at 998.66 yuan yesterday, down 9.96 yuan or 0.98% from the previous day. The trading volume was 316,403 lots, an increase of 25,102 lots. The open interest was 169,083 lots, a decrease of 1,613 lots. The implied volatility of AU (gold options) fluctuates above the mean of 0.2762. The AU option's open interest PCR is at 0.5217, at the 1.63% level in the past year. From the perspective of options, the pressure level of the AU option is 1,504 and the support level is 1,000. Directional strategy: none. Volatility strategy: construct a short call + put option combination strategy, dynamically adjust positions to keep the delta of positions neutral, such as S_AU2605P928, S_AU2605C1056 [20][21].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - No relevant content Group 3: Summary of Related Catalogs Option Quotes - The daily percentage changes of call options for various commodities are as follows: aluminum 110.63%, cast aluminum alloy 52.98%, log 30.00%, polysilicon 25.07%, zinc 24.79%, tin 22.41%, palm oil 21.40%, lithium carbonate 21.29%, gold 20.78%, and ferrosilicon 19.83% [1] - The daily percentage changes of put options for various commodities are as follows: corn 53.85%, caustic soda 43.50%, industrial silicon 41.67%, soda ash 26.67%, corn starch 24.07%, offset printing paper 20.00%, eggs 17.83%, sugar 11.24%, lead 8.19%, and PVC 4.85% [1] Option Positions - The daily changes in call option positions for various commodities are as follows: glass 72484, soda ash 20918, PTA 17053, polysilicon 14673, aluminum 14245, coking coal 14096, rapeseed meal 14071, industrial silicon 12621, corn 12202, and caustic soda 11155 [2] - The daily changes in put option positions for various commodities are as follows: methanol 29780, PTA 14011, glass 11164, lithium carbonate 9399, styrene 7237, ethylene glycol 7034, rapeseed meal 5637, soybean meal 5482, sugar 5166, and iron ore 4908 [2] Option Position Put - Call Ratio (PCR) - High - position PCR varieties and their PCR values are: fuel oil 1.7887, short - fiber 1.5487, styrene 1.5322, methanol 1.5248, crude oil 1.3809, ethylene glycol 1.3654, propylene 1.323, lithium carbonate 1.2158, polypropylene 1.2116, and PTA 1.188 [5] - Low - position PCR varieties and their PCR values are: red dates 0.2068, live pigs 0.207, polysilicon 0.2947, alumina 0.3083, soda ash 0.3261, log 0.3686, urea 0.3696, coking coal 0.3824, apples 0.393, and glass 0.3965 [5] Option Volume Put - Call Ratio (PCR) - High - volume PCR varieties and their PCR values are: propylene 16.4375, short - fiber 7.36, polypropylene 2.0329, iron ore 1.0411, p - xylene 0.9516, cast aluminum alloy 0.9234, copper 0.8426, offset printing paper 0.8077, lead 0.8031, and PTA 0.7501 [6] - Low - volume PCR varieties and their PCR values are: urea 0.1848, polysilicon 0.1914, alumina 0.1967, coking coal 0.2011, live pigs 0.234, palladium 0.2404, tin 0.2569, red dates 0.2611, nickel 0.2795, and aluminum 0.2847 [6] Daily Selections - Call options: manganese silicon (SM606, SM606C6700, trend degree 53, put - call ratio 0.63, remaining days 44), lithium carbonate (lc2607, lc2607 - C - 174000, trend degree 49, put - call ratio 1.22, remaining days 67), synthetic rubber (br2606, br2606C17800, trend degree 49, put - call ratio 0.96, remaining days 56), peanuts (PK610, PK610C8500, trend degree 49, put - call ratio 0.5, remaining days 165), methanol (MA609, MA609C3200, trend degree 45, put - call ratio 1.52, remaining days 135), styrene (eb2606, eb2606 - C - 10800, trend degree 45, put - call ratio 1.53, remaining days 52), urea (UR606, UR606C1900, trend degree 43, put - call ratio 0.37, remaining days 44), polypropylene (pp2606, pp2606 - C - 9600, trend degree 43, put - call ratio 1.21, remaining days 52) [7] - Put options: rapeseed meal (RM609, RM609P2325, trend degree - 55, put - call ratio 0.55, remaining days 135), soybeans No.1 (a2607, a2607 - P - 4400, trend degree - 53, put - call ratio 0.77, remaining days 78), corn (c2607, c2607 - MS - P - 2360, trend degree - 53, put - call ratio 0.53, remaining days 52), alumina (ao2606, ao2606P2850, trend degree - 47, put - call ratio 0.31, remaining days 56), live pigs (lh2607, lh2607 - P - 10800, trend degree - 47, put - call ratio 0.21, remaining days 78), soybean meal (m2607, m2607 - P - 2800, trend degree - 43, put - call ratio 0.85, remaining days 78), soybeans No.2 (b2606, b2606 - P - 3550, trend degree - 37, put - call ratio 0.86, remaining days 52), SSE 50 (IH2606, HO2606 - P - 2800, trend degree - 37, put - call ratio 0.62, remaining days 84) [7] Expiring Options - There are no expiring options on the day [7]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For silver options, the ag2606 contract closed at 17,472 yuan yesterday, down 150 yuan or 0.85% from the previous day, with a trading volume of 775,118 lots (down 192,810 lots) and an open interest of 219,990 lots (up 5,253 lots). The implied volatility of AG (silver options) fluctuated above the mean of 0.4751. The AG option open interest PCR was 0.6945, at the 0.82% level in the past year. The pressure level of the AG option underlying was 36,600, and the support level was 15,000 [6]. - For gold options, the au2606 contract closed at 995.98 yuan yesterday, down 2.76 yuan or 0.27% from the previous day, with a trading volume of 291,301 lots (down 25,881 lots) and an open interest of 170,696 lots (up 1,164 lots). The implied volatility of AU (gold options) fluctuated above the mean of 0.2755. The AU option open interest PCR was 0.5193, at the 1.22% level in the past year. The pressure level of the AU option underlying was 1504, and the support level was 904 [19]. Summary by Directory Silver Options 1.标的期货市场数据 - The AG (silver option) ag2606 contract had a closing price of 1489, a change of 363, a change rate of 2.03%, a trading volume of 873,570 lots, an open interest of 98,452 lots, and a contract change of 225,682 lots [3]. 2.期权因子 - 量仓PCR - The trading volume of AG (silver call options) was 120,214, with a change of 21,818; the open interest was 74,561, with a change of 18. The trading volume PCR was 1.05, with a change of 0.05; the open interest PCR was 0.69, with a change of -0.01. The trading volume of AG (silver put options) was 125,657, with a change of 28,134; the open interest was 51,148, with a change of 3,890 [4]. 3.期权因子 - 压力支撑 - For AG (silver options), the underlying contract was ag2605, the at - the - money strike price was 17,500, the pressure level was 36,600, the support level was 5,000, the weighted implied volatility was 79.42% (down 2.01%), the annual average implied volatility was 47.72%, and HISV20 was 91.27% [5]. 4.行情解读与策略建议 - **行情解读**: As mentioned in the core viewpoints [6]. - **策略建议**: - Directional strategy: Build a bearish put spread strategy to obtain directional returns [7]. - Volatility strategy: Build a strategy of selling call + put options to obtain option time - value returns. Dynamically adjust the positions to keep the delta of the positions neutral, such as S_AG2606P16000, S_AG2606C18000 [7]. Gold Options 1.标的期货市场数据 - The AU (gold option) au2606 contract had a closing price of 998.66, a change of - 9.96, a change rate of - 0.98%, a trading volume of 316,403 lots, an open interest of 169,083 lots, and a contract change of - 1,613 [16]. 2.期权因子 - 量仓PCR - The trading volume of AU (gold call options) was 31,876, with a change of 4,143; the open interest was 42,604, with a change of 1,665. The trading volume PCR was 0.72, with a change of - 0.02; the open interest PCR was 0.52. The trading volume of AU (gold put options) was 22,837, with a change of 2,368; the open interest was 22,225 [17]. 3.期权因子 - 压力支撑 - For AU (gold options), the underlying contract was au2606, the at - the - money strike price was 1000, the pressure level was 1504, the support level was 1000, the weighted implied volatility was 40.25% (down 2.23%), the annual average implied volatility was 27.62%, and HISV20 was 47.05% [18]. 4.行情解读与策略建议 - **行情解读**: As mentioned in the core viewpoints [19]. - **策略建议**: - Directional strategy: None [20]. - Volatility strategy: Build a strategy of selling call + put options to obtain option time - value returns. Dynamically adjust the positions to keep the delta of the positions neutral, such as S_AU2605P928, S_AU2605C1056 [20].

1. Report Sector Investment Rating - No relevant content provided 2. Core View of the Report - For silver (AG) options, the ag2606 contract closed at 17,085 yuan yesterday, up 2.50% from the previous day. The implied volatility of AG options fluctuated above the mean of 0.4703. The AG option position PCR was at 0.7638, at the 0.41% level in the past year. The pressure level of the AG option underlying is 37,600, and the support level is 15,000 [6]. - For gold (AU) options, the au2604 contract closed at 977.28 yuan yesterday, down 1.57% from the previous day. The implied volatility of AU options fluctuated above the mean of 0.2734. The AU option position PCR was at 0.5648, at the 7.76% level in the past year. The pressure level of the AU option underlying is 1,200, and the support level is 904 [18]. 3. Summary by Relevant Catalogs 3.1 Silver (AG) Options 3.1.1 Underlying Futures Market Data - The AG (silver option) with the aa2606 contract had a trading volume of 18,111, a change of 1,197 (7.04%), a trading volume of 967,928 (in ten thousand lots), a change of -279,965, an open interest of 214,737 (in ten thousand lots), and a change of 3,102 [3]. 3.1.2 Option Factor - Volume and Position PCR - For AG (silver call options), the trading volume was 591,150, with a change of 75,295; the open interest was 60,192, with a change of -101,921; the trading volume PCR was 0.84, with a change of -0.22; the open interest PCR was 0.65, with a change of -0.12 [4]. - For AG (silver put options), the trading volume was 495,306, with a change of -48,790; the open interest was 39,029, with a change of -84,795 [4]. 3.1.3 Option Factor - Pressure and Support - The pressure level of the AG option underlying is 37,600, and the support level is 15,000 [6]. 3.1.4 Option Strategy Recommendations - Directional strategy: Construct a bear spread strategy with put options to obtain directional returns [7]. - Volatility strategy: Construct a strategy of selling call + put options to obtain option time - value returns, and dynamically adjust the position to keep the position delta neutral, such as S_AG2606P16000, S_AG2606C18000 [7]. 3.2 Gold (AU) Options 3.2.1 Underlying Futures Market Data - The AU (gold option) with the au2606 contract had a trading volume of 1013.96, a change of 34.72 (3.54%), a trading volume of 317,182 (in ten thousand lots), a change of 317,182, an open interest of 169,532 (in ten thousand lots), and a change of 9,618 [15]. 3.2.2 Option Factor - Volume and Position PCR - For AU (gold call options), the trading volume was 175,282, with a change of 1,199; the open interest was 38,187, with a change of -37,944; the trading volume PCR was 0.77, with a change of -0.32; the open interest PCR was 0.49, with a change of -0.08 [16]. - For AU (gold put options), the trading volume was 134,683, with a change of -54,105; the open interest was 18,591, with a change of -24,410 [16]. 3.2.3 Option Factor - Pressure and Support - The pressure level of the AU option underlying is 1,200, and the support level is 904 [18]. 3.2.4 Option Strategy Recommendations - Directional strategy: Construct a bear spread strategy with put options to obtain directional returns [19]. - Volatility strategy: None [19].

Report Summary 1. Industry Investment Rating No information provided in the content. 2. Core Views - For silver options, the closing price of the ag2606 contract increased by 2.50% to 17085 yuan, with a decrease in both trading volume and open interest. The implied volatility is above the annual average, and the open interest PCR is at a low level. The pressure level is 37600, and the support level is 15000 [3][6]. - For gold options, the closing price of the au2604 contract decreased by 1.57% to 977.28 yuan, also with a decrease in trading volume and open interest. The implied volatility is above the annual average, and the open interest PCR is at a relatively low level. The pressure level is 1200, and the support level is 904 [16][19]. 3. Summary by Directory 3.1 Silver Options - **Market Data**: The latest price of the ag2606 contract is 17085 yuan, up 418 yuan or 2.50% from the previous day. The trading volume is 1247890 lots, a decrease of 11431 lots, and the open interest is 211635 lots, a decrease of 11086 lots [3]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of silver call options is 515855 lots, an increase of 106715 lots, and the open interest is 162113 lots, a decrease of 9059 lots. The trading volume of silver put options is 544096 lots, a decrease of 32357 lots, and the open interest is 123824 lots, an increase of 4978 lots. The trading volume PCR is 1.05, a decrease of 0.35, and the open interest PCR is 0.76, an increase of 0.07 [4]. - **Option Factors - Pressure and Support**: The at - the - money strike price of the ag2604 contract is 17200. The pressure level is 37600, the support level is 15000, the weighted implied volatility is 125.45%, a decrease of 13.00%, the annual average implied volatility is 47.03%, and HISV20 is 91.83% [5]. - **Option Strategies**: For directional strategies, construct a bear put spread strategy to obtain directional returns. For volatility strategies, construct a short call + put option combination strategy to obtain option time - value returns and keep the delta of the position neutral, such as S_AG2606P16000, S_AG2606C18000 [7]. 3.2 Gold Options - **Market Data**: The latest price of the au2604 contract is 977.28 yuan, down 15.62 yuan or 1.57% from the previous day. The trading volume is 282408 lots, a decrease of 104014 lots, and the open interest is 54345 lots, a decrease of 8419 lots [16]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of gold call options is 174083 lots, an increase of 1990 lots, and the open interest is 76131 lots, a decrease of 3264 lots. The trading volume of gold put options is 188788 lots, a decrease of 13050 lots, and the open interest is 43001 lots, an increase of 328 lots. The trading volume PCR is 1.08, a decrease of 0.09, and the open interest PCR is 0.56, an increase of 0.03 [17]. - **Option Factors - Pressure and Support**: The at - the - money strike price of the au2604 contract is 976. The pressure level is 1200, the support level is 904, the weighted implied volatility is 74.75%, a decrease of 5.34%, the annual average implied volatility is 27.34%, and HISV20 is 43.96% [18]. - **Option Strategies**: For directional strategies, construct a bear put spread strategy to obtain directional returns. There is no volatility strategy recommended [20].

Group 1: Report Summary - The report is the Commodity Options Daily Report on March 26, 2026, providing data on option quotes, positions, and other aspects [1] Group 2: Option Quotes - Among call options, industrial silicon had the highest daily increase of 53.11%, followed by lithium carbonate at 51.40%, and synthetic rubber at 44.05%. Among put options, iron ore had the highest daily increase of 47.75%, followed by fuel oil at 42.12%, and asphalt at 36.38% [1] Group 3: Option Positions - In terms of call option position daily changes, p-xylene had the largest increase of 23,812, followed by corn at 20,719, and soda ash at 20,087. For put options, coking coal had an increase of 5,133, methanol had an increase of 4,572, and ethylene glycol had an increase of 4,070 [2] Group 4: Option Position Put - Call Ratio (PCR) - High - position PCR varieties include fuel oil with a PCR of 1.8962, short - fiber with 1.5285, and apple with 1.4112. Low - position PCR varieties include live pigs with 0.2019, red dates with 0.2475, and alumina with 0.3471 [5] Group 5: Option Volume Put - Call Ratio (PCR) - High - volume PCR varieties include propylene with a PCR of 9.625, short - fiber with 9.5778, and polypropylene with 2.3977. Low - volume PCR varieties include red dates with 0.1836, soda ash with 0.2033, and polysilicon with 0.2218 [6] Group 6: Daily Selections - Call option selections include synthetic rubber, ferromanganese silicon, and coking coal. Put option selections include soybeans No.1, soybeans No.2, and rapeseed meal [7] Group 7: Near - Expiry Options - For call options, p - xylene, red dates, and apples are near - expiry. For put options, p - xylene, red dates, and apples are also near - expiry, with corresponding break - even prices and price increase/decrease rates provided [8]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The report presents the daily data of commodity options on March 25, 2026, including option quotes, positions, position put - call ratios (PCR), trading volume PCR, daily selections, and near - expiration options [1][2][5][6][7][8][9] Group 3: Summary by Directory Option Quotes - For call options, tin had the highest daily increase of 173.43%, followed by silver (44.54%), copper (32.25%), etc. For put options, soybeans No.1 had a daily increase of 85.45%, p - xylene 81.80%, and ethylene glycol 54.60% [1] Option Positions - In call options, glass had the largest daily change in position of 18,336, followed by coking coal (14,436) and soybean meal (11,830). In put options, lithium carbonate had a daily change of 9,219, methanol 7,659, and fuel oil 7,363 [2] Option Position Put - Call Ratio (PCR) - High - position PCR varieties included fuel oil (2.0307), p - xylene (1.5707), and short - fiber (1.5258). Low - position PCR varieties included live hogs (0.1924), red dates (0.244), and coking coal (0.368) [5] Option Trading Volume Put - Call Ratio (PCR) - High - trading volume PCR varieties included short - fiber (5.7926), propylene (1.8022), and polypropylene (1.5394). Low - trading volume PCR varieties included coking coal (0.1851), red dates (0.1967), and soda ash (0.217) [6] Daily Selections - Call options: synthetic rubber, coking coal, ferrosilicon, etc. were selected, with trend degrees mostly around 50 and different put - call ratios and remaining days. Put options: aluminum, gold, SSE 50, etc. were selected, with negative trend degrees and corresponding put - call ratios and remaining days [7] Near - Expiration Options - For call options, apples, red dates, p - xylene, etc. were listed, showing the remaining days, option closing prices, underlying settlement prices, break - even points, and target prices and increases for option doubling. For put options, similar information for various varieties was provided, including break - even points and target prices and decreases for option doubling [8][9]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report Core View - No information provided Group 3: Summary Based on Related Catalogs Option Quotes - For call options, propylene had a daily increase of 176.32%, coking coal 152.08%, p-xylene 130.14%, etc [1]. - For put options, gold had a daily increase of 471.43%, apple 179.04%, polycrystalline silicon 107.50%, etc [1]. Option Positions - For call options, glass had a daily position change of 36,125, silver 15,920, soybean meal 15,113, etc [2]. - For put options, methanol had a daily position change of 15,212, p-xylene 15,126, PVC 10,916, etc [2]. Option Position Put - Call Ratio (PCR) - High - position PCR varieties included fuel oil with a PCR of 2.0331, p-xylene 1.8394, apple 1.5461, etc [5]. - Low - position PCR varieties included live pigs with a PCR of 0.1975, red dates 0.2393, urea 0.3621, etc [5]. Option Volume Put - Call Ratio (PCR) - High - volume PCR varieties included propylene with a PCR of 12.1154, short - fiber 7.3289, copper 1.5506, etc [6]. - Low - volume PCR varieties included urea with a PCR of 0.1361, log 0.1478, coking coal 0.1661, etc [6]. Daily Selections - Call options: methanol (MA609C3250), PVC (v2609 - C - 6600), styrene (eb2606 - C - 11000), etc, all with a trend degree of 55 [7]. - Put options: aluminum (al2605P23000), gold (au2606P912), copper (cu2605P88000), etc, all with a trend degree of - 55 [7]. Near - Expiry Options - Call options: silver (ag2604C16700), gold (au2604C1000), cast aluminum alloy (ad2604C22600), etc, with 2 days remaining until expiration [8]. - Put options: silver (ag2604P16600), gold (au2604P992), cast aluminum alloy (ad2604P22400), etc, with 2 days remaining until expiration [9].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For silver options, the ag2606 contract closed at 15,411 yuan yesterday, down 2037 yuan or 11.67% from the previous day. The implied volatility of AG (silver options) fluctuates above the mean of 0.4663. The AG option's open interest PCR is at 0.6943, at the 0.00% level in the past year. The pressure level is 37,600 and the support level is 10,000. It is recommended to construct a bearish option bear spread combination strategy for directional gain [6][7]. - For gold options, the au2604 contract closed at 940 yuan yesterday, down 88.66 yuan or 8.61% from the previous day. The implied volatility of AU (gold options) fluctuates above the mean of 0.2711. The AU option's open interest PCR is at 0.5371, at the 0.82% level in the past year. The pressure level is 1200 and the support level is 904. It is also recommended to construct a bearish option bear spread combination strategy for directional gain [18][19]. Summary by Relevant Catalogs 1. Silver Options 1.1.标的期货市场数据 - The ag2606 contract closed at 15,411 yuan yesterday, down 2037 yuan or 11.67% from the previous day. The trading volume was 1,259,320 lots, an increase of 125,087 lots from the previous day. The open interest was 222,721 lots, an increase of 3,575 lots from the previous day [6]. 1.2. 期权因子 - 量仓PCR - For AG (silver call options), the trading volume was 409,140, with a change of ୧୦୮୧୧. The open interest was 171,172, an increase of 15,920. The trading volume PCR was 1.41, a decrease of 0.08. The open interest PCR was 0.69, a decrease of 0.09. For AG (silver put options), the trading volume was 576,453, an increase of 56,727. The open interest was 118,846, a decrease of 2,874 [4]. 1.3. 期权因子 - 压力支撑 - For AG (silver options) with the ag2604 contract, the at - the - money strike price was 15,500, the pressure level was 37,600, the support level was 10,000, the weighted implied volatility was 138.46%, with a change of 34.02%, the annual average implied volatility was 46.63%, and HISV20 was 81.67% [5]. 1.4. 行情解读与策略建议 - The implied volatility of AG (silver options) fluctuates above the mean of 0.4663. The AG option's open interest PCR is at 0.6943, at the 0.00% level in the past year. From the option perspective, the pressure level is 37,600 and the support level is 10,000. It is recommended to construct a bearish option bear spread combination strategy for directional gain, and there is no volatility strategy [7]. 2. Gold Options 2.1. 标的期货市场数据 - The au2604 contract closed at 940 yuan yesterday, down 88.66 yuan or 8.61% from the previous day. The trading volume was 386,422 lots, an increase of 43,191 lots from the previous day. The open interest was 62,764 lots, a decrease of 6,229 lots from the previous day [18]. 2.2. 期权因子 - 量仓PCR - For AU (gold call options), the trading volume was 172,093, an increase of 42,995. The open interest was 79,395, an increase of 8,686. The trading volume PCR was 1.17, an increase of 0.16. The open interest PCR was 0.54, a decrease of 0.08. For AU (gold put options), the trading volume was 201,838, an increase of 71,056. The open interest was 42,643, a decrease of 932 [16]. 2.3. 期权因子 - 压力支撑 - For AU (gold options) with the au2604 contract, the pressure level and other relevant data are presented in the table, with the pressure level being 1200 and the support level being 904 [17][18]. 2.4. 行情解读与策略建议 - The implied volatility of AU (gold options) fluctuates above the mean of 0.2711. The AU option's open interest PCR is at 0.5371, at the 0.82% level in the past year. From the option perspective, the pressure level is 1200 and the support level is 904. It is recommended to construct a bearish option bear spread combination strategy for directional gain, and there is no volatility strategy [18][19].