Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In 2025, the gold and silver markets showed significant upward trends. The outlook for the precious metals market in 2026 remains optimistic. The continued fiscal expansion of major countries, the expected further decline of the US dollar, and the existence of stagflation risks in the US may further support the investment demand for gold. The industrial and investment demand for silver may also remain strong [2]. Summary by Directory Part I: Review of Precious Metals Market Gold Market Review - **Historical Gold Market Review**: Gold has experienced three major bull markets in the past 60 years. From 1971 - 1980, the price rose from $35/ounce to $850/ounce, a nearly 24 - fold increase. From 1980 - 2000, it was a bear market. From 2001 - 2011, the price soared from $255/ounce to $1920/ounce, a 650% increase. From 2016 - 2025, it entered a new bull market [6]. - **2025 Gold Market Review**: Affected by factors such as the implementation of the US tariff policy, the Fed's interest - rate cuts, and geopolitical crises, the London spot gold price rose from $2610.85/ounce at the end of 2024 to over $4500/ounce at the end of 2025, a cumulative increase of over 70%. The SHFE gold futures also showed a similar trend [13]. Silver Market Review - **Historical Silver Market Review**: Over the past 60 years, international silver prices have fluctuated significantly. From 1971 - 1980, it soared from $1.5/ounce to $49.45/ounce. From 1980 - 2000, it plummeted. From 2001 - 2011, it rose from $4/ounce to $49/ounce. From 2021 - 2025, it was driven by multiple factors to break through $80/ounce [18]. - **2025 Silver Market Review**: The London spot silver price rose from $28.91/ounce at the end of 2024 to over $80/ounce at the end of 2025, with a maximum annual increase of over 170%. The SHFE silver also showed a similar upward trend [23]. Part II: Analysis of the Impact of Macroeconomic and Geopolitical Factors on Precious Metals Prices Impact of the US Economic Situation on Precious Metals Prices - **Impact of the US Interest - Rate Cut Cycle**: The expectation of the US interest - rate cut cycle is one of the underlying logics supporting the sharp rise in precious metals prices. In 2025, the Fed cut interest rates three times, weakening the yields of traditional assets and increasing the attractiveness of gold [31]. - **Impact of the US Economy**: In 2025, the US economy maintained a certain growth rate, but the "Big and Beautiful" tax and expenditure bill worsened the medium - and long - term fiscal prospects, consolidating the bullish trend of gold [33]. - **Impact of the US Dollar Index Trend**: The US dollar index has a negative correlation with precious metals prices. In 2025, the weakening dollar index supported precious metals prices, but in 2026, its support may weaken [49]. Impact of Central Bank Gold Purchases on Precious Metals Prices - In recent years, global central banks have continuously increased their gold reserves. In 2025, central banks' gold - buying pace accelerated in the third quarter. In 2026, the pace of central bank gold allocation may slow down [51]. Impact of Geopolitical Crises on Precious Metals Prices - Geopolitical conflicts such as the Middle East situation, the Russia - Ukraine conflict, and the Palestine - Israel conflict have increased market uncertainty, leading investors to turn to gold for risk - aversion. They also affect the supply and demand pattern of gold [56]. Part III: Analysis of Precious Metals Supply and Demand Gold Supply and Demand Analysis - **Supply Analysis**: In the first three quarters of 2025, domestic raw material gold production was 271.782 tons, and imported raw material gold production was 121.149 tons. The global total gold supply in the first three quarters was 3717.4 tons [59]. - **Demand Analysis**: The global total gold demand in the first three quarters of 2025 was 3717.4 tons, showing a slight upward trend. China's gold consumption decreased by 7.95% year - on - year [63]. - **Inventory Analysis**: In 2025, SHFE gold inventory continued to rise, while COMEX gold inventory remained stable after an initial increase and then gradually declined slightly [65]. Silver Supply and Demand Analysis - **Supply Analysis**: It is expected that the global silver supply in 2025 will increase by 2% year - on - year to 1030.6 million ounces, mainly due to a 2% increase in mined silver [69]. - **Demand Analysis**: It is expected that the global silver demand in 2025 will decrease by 1% year - on - year to 1148.3 million ounces. Industrial demand will decrease slightly, while investment demand will increase by 7% [75]. - **Inventory Analysis**: SHFE, COMEX, and Shanghai Gold Exchange silver inventories all showed significant fluctuations in 2025 [78]. Part IV: Arbitrage and Position Analysis of the Precious Metals Market Gold Market Arbitrage and Position Analysis - **Domestic Gold Spot - Futures Arbitrage Analysis**: In 2025, the basis of SHFE gold futures active contracts was mostly negative, with occasional positive values presenting arbitrage opportunities [88]. - **Gold Inter - Period Arbitrage Analysis**: The inter - period spread of SHFE gold futures active contracts and continuous contracts was mostly positive, with occasional large declines presenting arbitrage opportunities [91]. - **Gold - Silver Ratio Analysis**: In 2025, the gold - silver ratio fluctuated sharply, and its future direction is difficult to judge after breaking through the previous range [95]. - **Analysis of SHFE Gold Positions and Capital Inflows**: In 2025, domestic institutional net long positions in SHFE gold futures showed fluctuations, and the inflow of funds increased with the rise in gold prices [97]. Silver Market Arbitrage and Position Analysis - **Silver Basis Analysis**: In 2025, the basis of SHFE silver futures active contracts was mostly negative, with large positive spreads appearing at the end of the year [106]. - **Silver Inter - Period Spread Analysis**: The inter - period spread of SHFE silver futures active contracts and continuous contracts was mostly positive, with occasional large fluctuations [108]. - **Analysis of SHFE Silver Positions and Capital Inflows**: In 2025, domestic institutional net long positions in SHFE silver futures showed fluctuations, and the inflow of funds increased significantly with the rise in silver prices [111]. Part V: Analysis and Strategies of Precious Metals Options - The implied volatility of gold and silver options has increased in recent years. The put - call ratio of gold options indicates a bullish market, while that of silver options shows more fluctuations, especially increasing when the silver price rises sharply [121]. - Different options strategies can be considered according to different price and volatility expectations, such as buying at - the - money call options, selling out - of - the - money put options, selling strangles, and buying straddles [122]. Part VI: Seasonal Analysis of Precious Metals - Based on a five - year seasonal analysis, precious metals have a relatively high probability of rising in March, April, and October and a relatively high probability of falling in June [137]. Part VII: Outlook on Factors Affecting Precious Metals Prices in 2026 and Technical Analysis - **Prediction of the Fed's Interest - Rate Cut Rhythm in 2026 and Its Impact on Precious Metals Prices**: It is expected that the Fed will cut interest rates by 75 basis points in 2026, which is beneficial to precious metals prices [146]. - **Orientation of US Government Policies in 2026 and Their Impact on Precious Metals Prices**: The US economy is expected to grow, and the government will maintain a high fiscal deficit rate. The new Fed chairman may be more dovish, which is conducive to the rise of precious metals prices [150]. - **Impact of Gold Supply - Demand Balance on Gold Prices**: In 2025, gold investment demand increased significantly. In 2026, the gold market outlook remains optimistic, and the strategic value of allocating gold is still stable [151]. - **Technical Analysis of Precious Metals Price Trends**: Technically, COMEX gold has strong support at $3500/ounce and $4000/ounce, and COMEX silver may have strong support at $50/ounce and $35/ounce [155]. Part VIII: Outlook on Precious Metals Prices in 2026 and Strategy Recommendations - In 2026, the global macro - game pattern remains unchanged. The continuous expansion of fiscal deficits in major economies, the Fed's interest - rate cuts, and geopolitical uncertainties are expected to support precious metals prices. Buying on dips can be considered as a trading strategy [160].

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]

有迹象显示，银行和贸易商们正竞相扩大贵金属交易部门和仓储物流能力，以把握今年黄金创纪录涨势 带来的机遇——这轮历史性的黄金大牛市，让沉寂多时的实物黄金交易和仓储托管业务，突然跃升为了 金融界"最暴利"的领域之一。 2025年黄金和白银价格的飙升行情，近期仍在不断再度加速。周三现货黄金价格首次突破每盎司4500美 元，银价本周则跨越每盎司70美元的里程碑。今年以来，金银累计涨幅分别达到了71%和150%。 数据分析公司Crisil Coalition Greenwich数据显示，在贵金属价格大涨的背景下，今年前九个月主要银 行贵金属交易部门的收入，已较2024年同期飙升了五成。 Crisil研究经理Callum Minns表示，"今年贵金属市场蕴藏巨大利润空间，各方都表现得相当积极。" 他补充道，对于顶尖银行而言，贵金属在其整体市场业务中所占的比例正变得越来越大。 根据Crisil的数据显示，今年1月至9月期间，12家业务领先银行的贵金属交易收入达到了约14亿美元， 这意味着2025年有望成为银行黄金交易史上第二好的年份，仅次于2020年。 招兵买马、布局金库 市场参与者透露，就连一些此前关闭贵金属交易部门的银 ...

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].

金属期权 2025-12-22 金属期权策略早报 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 铜 | CU2602 | 93,560 | 840 | 0.91 | 17.27 | 1.27 | 23.77 | 0.64 | | 铝 | AL2602 | 22,245 | 205 | 0.93 | 22.56 | 3.72 | 31.51 | 2.09 | | 锌 | ZN2602 | 23,090 | 70 | 0.30 | 8.84 | 0.20 | 8.64 | 0.26 | | 铅 | PB2602 | 17,005 | 155 | 0.92 | 5.65 | 2.52 | 6.22 | 0.65 | | 镍 | NI2602 | 117,430 | 1,170 | 1.01 | 16.58 | 10.28 ...

Group 1: Report Overview - Report Title: Metal Options Strategy Morning Report [1] - Date: December 18, 2025 - Report Summary: The report provides an analysis of the metal options market, including the performance of various metal futures, option factors, and trading strategies [2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - The有色金属 sector is expected to move upward, and a neutral volatility strategy for sellers is recommended [2] - The黑色系 sector is expected to maintain high volatility, and a short volatility strategy is recommended [2] - The贵金属 sector is expected to rebound, and a bull spread strategy is recommended [2] Group 4: Futures Market Overview - Copper (CU2601): The latest price is 92,680, up 380 (0.41%) from the previous day. The trading volume is 6.63 million lots, down 3.58 million lots, and the open interest is 13.65 million lots, down 0.93 million lots [3] - Aluminum (AL2601): The latest price is 21,985, up 145 (0.66%) from the previous day. The trading volume is 4.34 million lots, down 2.73 million lots, and the open interest is 12.40 million lots, down 0.85 million lots [3] - Zinc (ZN2601): The latest price is 23,045, up 135 (0.59%) from the previous day. The trading volume is 12.06 million lots, down 1.80 million lots, and the open interest is 5.92 million lots, down 1.40 million lots [3] - Lead (PB2601): The latest price is 16,825, up 55 (0.33%) from the previous day. The trading volume is 4.02 million lots, down 0.05 million lots, and the open interest is 2.69 million lots, down 0.28 million lots [3] - Nickel (NI2601): The latest price is 113,300, up 570 (0.51%) from the previous day. The trading volume is 13.96 million lots, down 1.77 million lots, and the open interest is 9.41 million lots, down 1.15 million lots [3] - Tin (SN2601): The latest price is 334,240, up 9,230 (2.84%) from the previous day. The trading volume is 16.68 million lots, down 5.58 million lots, and the open interest is 3.21 million lots, down 0.02 million lots [3] - Alumina (AO2601): The latest price is 2,573, up 23 (0.90%) from the previous day. The trading volume is 19.30 million lots, down 9.09 million lots, and the open interest is 18.04 million lots, down 1.05 million lots [3] - Gold (AU2602): The latest price is 982.48, up 5.18 (0.53%) from the previous day. The trading volume is 27.59 million lots, down 1.80 million lots, and the open interest is 19.71 million lots, up 0.09 million lots [3] - Silver (AG2602): The latest price is 15,594, up 589 (3.93%) from the previous day. The trading volume is 162.71 million lots, up 5.57 million lots, and the open interest is 38.90 million lots, up 2.49 million lots [3] - Lithium Carbonate (LC2602): The latest price is 106,900, up 7,560 (7.61%) from the previous day. The trading volume is 3.36 million lots, up 2.37 million lots, and the open interest is 3.36 million lots, down 0.06 million lots [3] - Industrial Silicon (SI2602): The latest price is 8,480, up 50 (0.59%) from the previous day. The trading volume is 4.29 million lots, up 1.59 million lots, and the open interest is 9.10 million lots, down 0.06 million lots [3] - Polysilicon (PS2602): The latest price is 62,175, up 2,490 (4.17%) from the previous day. The trading volume is 4.47 million lots, up 1.45 million lots, and the open interest is 3.58 million lots, down 0.19 million lots [3] - Rebar (RB2601): The latest price is 3,130, up 35 (1.13%) from the previous day. The trading volume is 6.27 million lots, down 1.26 million lots, and the open interest is 22.66 million lots, down 1.52 million lots [3] - Iron Ore (I2602): The latest price is 793.00, up 12.00 (1.54%) from the previous day. The trading volume is 0.55 million lots, down 0.03 million lots, and the open interest is 7.18 million lots, down 0.02 million lots [3] - Manganese Silicon (SM2602): The latest price is 5,744, up 2 (0.03%) from the previous day. The trading volume is 1.65 million lots, up 0.06 million lots, and the open interest is 2.96 million lots, down 0.09 million lots [3] - Silicon Iron (SF2602): The latest price is 5,428, up 50 (0.93%) from the previous day. The trading volume is 5.39 million lots, up 0.50 million lots, and the open interest is 3.79 million lots, up 0.22 million lots [3] - Glass (FG2602): The latest price is 1,013, up 17 (1.71%) from the previous day. The trading volume is 2.90 million lots, up 0.59 million lots, and the open interest is 4.11 million lots, up 0.05 million lots [3] Group 5: Option Factors Volume and Open Interest PCR - The PCR indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [4] Pressure and Support Levels - The pressure and support levels are determined by the strike prices with the largest open interest of call and put options [5] Implied Volatility - The implied volatility reflects the market's expectation of the future volatility of the underlying asset [6] Group 6: Strategy Recommendations Copper Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [7] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value returns [7] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [7] Aluminum Options - Directional Strategy: None [9] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [9] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [9] Zinc Options - Directional Strategy: None [9] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [9] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [9] Nickel Options - Directional Strategy: None [10] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [10] - Spot Hedging Strategy: Construct a covered call strategy by holding a long position in the spot market and selling call options [10] Tin Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [10] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value returns [10] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [10] Lithium Carbonate Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [11] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [11] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [11] Silver Options - Directional Strategy: Construct a bull spread strategy using call options to obtain directional returns [12] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [12] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [12] Rebar Options - Directional Strategy: None [13] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [13] - Spot Hedging Strategy: Construct a covered call strategy by holding a long position in the spot market and selling call options [13] Iron Ore Options - Directional Strategy: None [13] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [13] - Spot Hedging Strategy: Construct a long collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [13] Manganese Silicon Options - Directional Strategy: None [14] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value returns [14] - Spot Hedging Strategy: None [14] Industrial Silicon Options - Directional Strategy: Construct a bear spread strategy using put options to obtain directional returns [14] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value and directional returns [14] - Spot Hedging Strategy: Construct a spot collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [14] Glass Options - Directional Strategy: Construct a bear spread strategy using put options to obtain directional returns [15] - Volatility Strategy: Construct a short volatility strategy using put and call options to obtain time value [15] - Spot Hedging Strategy: Construct a long collar strategy by holding a long position in the spot market, buying put options, and selling out-of-the-money call options [15]

"期货公司提升服务实体经济能力专班"活动走进湖南长沙 从利润分配角度看，他表示，在金价持续上涨过程中，主要利润集聚在矿端，冶炼端和精炼端并不会分 享到太多红利。"原料端矿粉定价都是按照上海黄金交易所的基准价折合一个系数给冶炼端，冶炼端加 工后再扣减加工费卖给精炼厂，因此，在金价上涨过程中，矿山企业的收益比较好，冶炼端主要赚取加 工费，精炼端主要赚取市场价差。"他解释道。 "我们是湖南黄金的三级子公司，主要从事黄金精炼深加工及投资金条加工贸易业务，拥有100吨/年的 黄金提纯加工生产线。"湖南黄金珠宝公司业务负责人杨镝向记者介绍，目前公司生产的"辰州 牌"99.99%标准金锭，是上海黄金交易所、上期所的交割认证品牌。 他表示，公司的主要营收来自回收金的精炼加工，主要利润来源是回收金价格与上海黄金交易所基准价 的差价。近两年，回收金市场火热，价差空间比较大，公司回收金精炼的业务量明显增加。 在贵金属价格处于历史高位的背景下，如何有效管理风险、锁定经营利润，成为产业链企业面临的核心 问题。近日，由上期所主办的"期货公司提升服务实体经济能力专班"活动走进湖南长沙。此次活动不仅 聚焦提升期货从业人员的专业服务能力，更通 ...

全球央行购金节奏放缓，黄金市场失去重要上涨动力 金至尊的黄金和铂金价格分别是1334元/克和672元/克，菜百的黄金价格较低，为1290元/克，铂金价格为560元/克，还提供了基础银价，为13.49元/克。 中国黄金的基础金价为954元/克，零售价为970元/克，回收价为951元/克，周大生、潮宏基等品牌的黄金和铂金价格也分别为1336元/克和672元/克。 宝庆银楼的黄金和铂金价格相对较低，分别为1258元/克和368元/克，太阳金店和齐鲁金店的黄金价格分别为1149元/克和1146元/克，铂金价格分别为519元/ 克和559元/克。 亚一金店、高赛尔、千禧之星等品牌的黄金和铂金价格也有所记录，分别为1336元/克和600元/克，以及金条969元/克和银条14.42元/克，吉盟珠宝、东祥金 店、萃华金店等品牌的黄金和铂金价格也有所更新，分别为1337元/克和672元/克，1328元/克和364元/克等。 黄金期货主力合约在958元每克附近来回震荡，图表上能看出一个典型的牛旗形态，老凤祥的导购小王说，铂金价格跌了，买金条的人倒多了，估计都在等 着黄金也涨起来。 12月12日，国内黄金市场有点热闹，上海金交所的 ...

Group 1 - The core strategy of the team is options trading, emphasizing a "technical focus with macro support" approach [2] - The team employs various strategies such as bull spreads, bear spreads, butterfly arbitrage, and iron condors, covering multiple options products with a focus on financial options [2] - The team has established a comprehensive risk management system, including diversified positions, pressure testing before orders, real-time position tracking, and regular reviews by risk management personnel [2] Group 2 - The team has a stable fund management scale of over 47 million yuan, with an expected annual return of 12% to 20% and a maximum drawdown controlled within 5% [1] - The team has learned to control net value fluctuations by locking in profits during rapid arbitrage gains and adjusting positions based on market reversals [3] - The team effectively managed risks during extreme market conditions, demonstrating strong trading and risk management capabilities [3]

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]