【基本面信息】
　　橡胶：截至2022年12月30日，上期所天然橡胶库存186702（6089）吨，仓单165010（ 7270）吨，20号胶库存33698（-403）吨，仓单29213（404）吨。
　　甲醇：上游开工75.16%，环比-0.13%。库存方面，港口库存总量报62.06万吨，环比-2.42万吨，同比仍偏低。企业库存环比+0.38万吨，报51.51万吨。
　　PVC：生产企业方面，当下多数地区PVC生产企业报价企稳为主，出货表现正常，部分企业尚可维持供需平衡，但仍有个别企业存在累库情况，目前电石法PVC生产装置开工71.27%，供应强劲。
　　聚丙烯：2022年12月份国内聚丙烯装置检修损失量为32.05万吨，较上月增加6.20万吨，增幅为24%。较去年同期（2021年12月26.05万吨）增加6万吨，增幅为23%。
　　【期权分析及操作建议】
　　（1）橡胶期权
　　橡胶昨日大幅上扬夜盘延续上涨趋势，突破一周以来的震荡区间上限，涨幅1.83%报收于13075；期权隐含波动率下降0.23%报收于21.53%，持仓量PCR维持低位报收于0.67。操作建议，沪胶大幅上涨突破近两周以来矩形区间上限，上方有前期高点压力；橡胶期权隐含波动率窄幅波动，持仓量PCR维持在较低水平。构建卖出看涨+看跌期权偏多头组合策略，获取方向性收益和时间价值收益，若市场行情快速大涨，则逐渐平仓离场，如RU2305期权，S_RU2305C12750@10，S_RU2305C13000@10和S_RU2305P13000@10，S_RU2305P12750@10。
　　（2）甲醇期权
　　甲醇MA303上周超跌反弹逐渐回暖上升突破上涨，市场行情短期偏多头，涨幅0.19%报收于2665，期权隐含波动率上升2.09%报收于24.93%，持仓量PCR报收于0.88。操作建议，甲醇短期市场行情偏多头逐渐上行，突破近期高点压力；甲醇期权隐含波动率小幅上升，持仓量PCR仍维持在较低水平。构建卖出偏多头的宽跨式期权组合策略，获取时间价值和方向性收益，若市场行情快速大跌，则逐渐平仓离场，如MA2303期权，S_MA2303C2750@10，S_MA2303C2700@10和S_TMA2303P2650@10，S_MA2303P2600@10。
　　（3）PTA期权
　　PTA（TA303）低位反弹“V”型反转回暖上升延续近三周以来的偏多头上涨行情，上周以来高位盘整震荡，涨幅0.62%报收于5512，期权隐含波动率急速上涨6.40%报收于24.98%，持仓量PCR小幅下降报收于0.81。操作建议，PTA超跌反弹“V”型反转而后形成近三周以来的偏多头上涨趋势，上周以来高位盘整震荡；PTA期权隐含波动率小幅波动，持仓量PCR维持在较高水平。构建卖出看涨+看跌期权偏多头组合策略，获取时间价值和方向性收益，若市场行情快速大涨或大跌，则逐渐平仓离场，如TA2303期权，S_TA2303C5700@10，S_TA2303C5600@10和S_TA2303P5500@10，S_TA2303P5400@10。
　　（4）塑料期权
　　塑料（L2305）延续一个半月以来的震荡上行温和上涨趋势，而后一周多以来围绕20天均线附近大幅波动，涨幅0.23%报收于8178；期权隐含波动率下降0.15%报收于18.88%，持仓量PCR快速下降报收于0.89。操作上建议，塑料震荡上行多头上涨，短期趋势上大幅波动的行情格局；塑料期权隐含波动率小幅下降，持仓量PCR快速下降至1.00以下。构建卖出偏多头的宽跨式期权组合策略，获取时间价值收益和方向性收益，若市场行情急速大涨或大跌，则平仓离场，如L2305期权，S_L2305-C-8200@10，S_L2305-C-8300@10和S_L2305-P-8200@10，S_L2305-P-8100@10。
　　（5）聚丙烯期权
　　聚丙烯上周以来宽幅矩形区间盘整震荡，有所反弹上升，上方有前期高点压力，涨幅0.38%报收于7847；期权隐含波动率下降0.10%报收于18.20%，持仓量PC小幅下降报收于1.10。操作上建议，聚丙烯延续区间震荡逐渐上行的市场行情格局，上方有前期高点压力，下方有中期多头趋势方向支撑，期权隐含波动率小幅度下降，持仓量PCR有所下降仍维持在较高水平，构建卖出看涨+看跌期权偏多头组合策略，获取时间价值和方向性收益，若市场行情快速大跌，则平仓离场，如PP2305，S_PP2305-C-8000@10，S_PP2305-C-7900@10和_PP2305-P-7800@10，S_PP2305-P7700@10。
　　（6）PVC期权
　　PVC延续建三周以来的高位宽幅矩形区间盘整震荡，涨幅0.98%报收于6300；期权隐含波动率上升0.21%报收于24.00%，持仓量PCR报收于0.73。操作上建议，PVC维持宽幅区间震荡行情格局；PVC期权隐含波动率小幅上升，持仓量PCR维持在较低水平。构建卖出看涨+看跌期权空头组合策略，获取时间价值和方向性收益，若市场行情快速大涨至低行权价，则平仓离场，如V2305期权，S_V2305-C-6400@10，S_V2305-C-6300@10和S_V2305-P-6300@10，S_V2305-P-6200@10。
　　

研究报告全文：能源化工期权日报期权研究2023年1月4日星期三基本面信息橡胶截至2022年12月30日上期所天然橡胶库存1867026089吨仓单1650107270吨20号胶库存33698-403吨仓单29213404吨甲醇上游开工7516环比-013库存方面港口库存总量报6206万吨环比-242万吨同比仍偏低企业库存环比038万吨报5151万吨PVC生产企业方面当下多数地区PVC生产企业报价企稳为主出货表现正常部分企业尚可维持供需平衡卢品先但仍有个别企业存在累库情况目前电石法PVC生产装置开工7127供应强劲聚丙烯2022年12月份国内聚丙烯装置检修损失量为3205万吨较上月增加620万吨增幅为24较去年同投研经理期2021年12月2605万吨增加6万吨增幅为230755-23375252lupxwkjyqhcom期权分析及操作建议1橡胶期权从业资格号橡胶昨日大幅上扬夜盘延续上涨趋势突破一周以来的震荡区间上限涨幅183报收于13075期权隐含波动F3047321率下降023报收于2153持仓量PCR维持低位报收于067操作建议沪胶大幅上涨突破近两周以来矩形区间上交易咨询号限上方有前期高点压力橡胶期权隐含波动率窄幅波动持仓量PCR维持在较低水平构建卖出看涨看跌期权偏Z0015541多头组合策略获取方向性收益和时间价值收益若市场行情快速大涨则逐渐平仓离场如RU2305期权SRU2305C1275010SRU2305C1300010和SRU2305P1300010SRU2305P12750102甲醇期权甲醇MA303上周超跌反弹逐渐回暖上升突破上涨市场行情短期偏多头涨幅019报收于2665期权隐含波动率上升209报收于2493持仓量PCR报收于088操作建议甲醇短期市场行情偏多头逐渐上行突破近期高点压力甲醇期权隐含波动率小幅上升持仓量PCR仍维持在较低水平构建卖出偏多头的宽跨式期权组合策略获取时间价值和方向性收益若市场行情快速大跌则逐渐平仓离场如MA2303期权SMA2303C275010SMA2303C270010和STMA2303P265010SMA2303P2600103PTA期权PTATA303低位反弹V型反转回暖上升延续近三周以来的偏多头上涨行情上周以来高位盘整震荡涨幅062报收于5512期权隐含波动率急速上涨640报收于2498持仓量PCR小幅下降报收于081操作建议PTA超跌反弹V型反转而后形成近三周以来的偏多头上涨趋势上周以来高位盘整震荡PTA期权隐含波动率小幅波动持仓量PCR维持在较高水平构建卖出看涨看跌期权偏多头组合策略获取时间价值和方向性收益若市场行情快速大涨或大跌则逐渐平仓离场如TA2303期权STA2303C570010STA2303C560010和STA2303P550010STA2303P5400104塑料期权塑料L2305延续一个半月以来的震荡上行温和上涨趋势而后一周多以来围绕20天均线附近大幅波动涨幅023报收于8178期权隐含波动率下降015报收于1888持仓量PCR快速下降报收于089操作上建议塑料震荡上行多头上涨短期趋势上大幅波动的行情格局塑料期权隐含波动率小幅下降持仓量PCR快速下降至100以下构建卖出偏多头的宽跨式期权组合策略获取时间价值收益和方向性收益若市场行情急速大涨或大跌则平仓离场如L2305期权SL2305-C-820010SL2305-C-830010和SL2305-P-820010SL2305-P-8100105聚丙烯期权聚丙烯上周以来宽幅矩形区间盘整震荡有所反弹上升上方有前期高点压力涨幅038报收于7847期权隐含波动率下降010报收于1820持仓量PC小幅下降报收于110操作上建议聚丙烯延续区间震荡逐渐上行的市场行情格局上方有前期高点压力下方有中期多头趋势方向支撑期权隐含波动率小幅度下降持仓量PCR有所下降仍维持在较高水平构建卖出看涨看跌期权偏多头组合策略获取时间价值和方向性收益若市场行情快速大跌则平仓离场如PP2305SPP2305-C-800010SPP2305-C-790010和PP2305-P-780010SPP2305-P-7700106PVC期权PVC延续建三周以来的高位宽幅矩形区间盘整震荡涨幅098报收于6300期权隐含波动率上升021报收于2400持仓量PCR报收于073操作上建议PVC维持宽幅区间震荡行情格局PVC期权隐含波动率小幅上升持仓量PCR维持在较低水平构建卖出看涨看跌期权空头组合策略获取时间价值和方向性收益若市场行情快速大涨至低行权价则平仓离场如V2305期权SV2305-C-640010SV2305-C-630010和SV2305-P-630010SV2305-P-620010市场行情期权品种标的合约收盘价涨跌涨跌幅成交量万成交额亿RURU2305130750023500183410052642MAMA23032665005000199092417PTATA2303551200340006215454232LPGPG230243070031000728827542LL23058178001900023263810764PPPP23057847003000038365314277PVCV23056300006100098876527345数据来源wind资讯五矿期货期权事业部主力期货合成期权期权标的合约平值期权权利金C权利金P合成价格涨跌涨跌幅升贴水剩余天数到期日RU230513000596005200013076359002821001112023-04-24MA230326508100595026722550096650312023-02-03TA2303550015500125505530-350-0061750312023-02-03PG230243007120492043228220194150062023-01-09L230582003000029600820449000602600972023-04-10PP230578003100024450786651000651850972023-04-10V230563003080028600632249500792200972023-04-10数据来源wind资讯五矿期货期权事业部注平值是以主力月合约call与put权利金相减最小为基准平值合成期权升贴水平值call权利金-pu权利金-标的价格主力期权合约隐含波动率期权标的合约IMP-CIMP-PIMP-T变化MA20UPLOWRU2305227718992153-023210822032012MA2303250824692493209225624472065TA2303242225892498640233125612101PG2302301927472920-177289830282768L2305182119701888-015186619271804PP2305180418351820-010181419271700V2305249623082400021252426982349数据来源wind资讯五矿期货期权事业部主力期权合约持仓量PCR期权标的合约量-Call量-Put量-PCR变化持仓-Call持仓-Put持仓-PCR变化RU2305141336903049-0162002213487067-001MA23032494614794059-0642169419111088-012TA23033388828159083-0163823931135081-004PG230224979143440570112665914226053006L230525362081082-01257645102089-004PP23052459254210303260656690110-004V230570817439105-0271906513954073002数据来源wind资讯五矿期货期权事业部标的价量关系图1橡胶主力合约走势图15000成交量万7014500收盘价60140005013500130700040130003012500120002011500101100002022-08-242022-09-062022-12-202023-01-032022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-292022-09-012022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-032022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-232022-12-28图2甲醇主力合约走势图2900成交量万3002800收盘价2669002700225260015025002400752300220002022-07-052022-11-032022-12-282022-06-302022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-122022-12-152022-12-202022-12-232023-01-03图3PTA主力合约走势图8000320成交量7500万70002406500600055300016055005000804500400002022-07-082022-11-032022-12-122022-06-302022-07-052022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032022-08-082022-08-112022-08-162022-08-192022-08-242022-08-292022-09-012022-09-062022-09-092022-09-152022-09-202022-09-232022-09-282022-10-102022-10-132022-10-182022-10-212022-10-262022-10-312022-11-082022-11-112022-11-162022-11-212022-11-242022-11-292022-12-022022-12-072022-12-152022-12-202022-12-232022-12-282023-01-03标的价量关系图4LPG主力合约走势图700025成交量万收盘价65002060001555001050005450002022-09-092022-10-312022-12-122022-06-302022-07-052022-07-082022-07-132022-07-182022-07-212022-07-262022-07-292022-08-032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