Report Summary 1. Investment Ratings for Different Industries - There is no explicit report industry investment rating provided in the content. 2. Core Views - The current situation in the commodity futures and options market is complex, with different trends and influencing factors for each variety. The overall market is affected by factors such as supply and demand, policies, and weather conditions [1][4][6]. 3. Summary by Variety Livestock and Soft Commodities - **Pig**: The short - term view is stable but weak, and the medium - term view is wide - range oscillation. The supply pressure is high in the second quarter due to postponed release of previous fattening and pressure - holding pigs. Consumption is lackluster, and the current supply - strong and demand - weak pattern remains. It is recommended that the breeding side sell out - of - the - money put options [1][2]. - **Sugar**: The short - term view is oscillating and strengthening, and the medium - term view is oscillating and weakening. International factors such as Brazilian weather and Indian production, as well as domestic factors like sales progress and imports, affect the sugar price. It is recommended to wait and see for now [3][4]. Energy Chemicals - **Crude Oil**: The short - term view is to focus on stage rebound opportunities, and the medium - term view is under pressure. OPEC+ policies, Trump's tariff policies, and supply - demand - inventory relationships affect the oil price. It is recommended to buy futures contracts and buy put options for protection [5][6][7]. - **PVC**: The short - term view is gradually bottom - building, and the medium - term view lacks strong driving force for a sharp rise. Cost, supply, demand, and inventory factors affect the PVC price. It is recommended to sell out - of - the - money put options on PVC at an appropriate time [8][9].