【基本面信息】
　　橡胶：截至2023年3月10日，上期所天然橡胶库存198740（-10）吨，188550（80）吨。20号胶库存41117（3349）吨，仓单32549（4435）吨。上期所加青岛库存103.09（1.88）万吨。
　　PVC：本周PVC整体开工负荷率79.08%，环比下降0.86个百分点；其中电石法PVC开工负荷率77.23%，环比下降1.96个百分点；乙烯法PVC开工负荷率85.34%，环比提升2.83个百分点。
　　甲醇：库存方面，港口库存总量报68.96万吨，环比+0.44万吨。企业库存环比-0.71万吨，报39.86万吨。传统需求方面，本周二甲醚、MTBE、开工回落，甲醛、醋酸、氯化物开工回升，整体小幅走低。江浙MTO开工66.57%，环比+1.19%，整体甲醇制烯烃开工79.84%，环比+4.09%。

研究报告全文：能源化工期权周报期权研究2023年3月13日星期一基本面信息橡胶截至2023年3月10日上期所天然橡胶库存198740-10吨18855080吨20号胶库存411173349吨仓单325494435吨上期所加青岛库存10309188万吨PVC本周PVC整体开工负荷率7908环比下降086个百分点其中电石法PVC开工负荷率7723环比下降196个百分点乙烯法PVC开工负荷率8534环比提升283个百分点甲醇库存方面港口库存总量报6896万吨环比044万吨企业库存环比-071万吨报3986万吨传统卢品先需求方面本周二甲醚MTBE开工回落甲醛醋酸氯化物开工回升整体小幅走低江浙MTO开工6657环比119整体甲醇制烯烃开工7984环比409投研经理行情概要与期权分析0755-23375252标的行情沪胶上周连续报收阴线大幅下跌跌破近一个多月以来的盘整震荡区间下限形成较强的空头下跌lupxwkqhcn趋势周跌幅488报收于11935甲醇延续近两周以来的弱势偏空头震荡下行周跌幅208报收于2547PTA止跌反弹回升后延续近两周以来震荡上行突破上涨而后高位宽幅区间震荡周涨幅028报收于5782塑料前一周冲高从业资格号回落后逐渐下行上周以来延续空头下跌趋势周跌幅196报收于8199聚丙烯空头压力线下区间盘整震荡周跌F3047321幅210报收于7713PVC2305上周反弹上升受阻回落连续大幅下跌先后跌破21天均线喝55天均线周跌幅交易咨询号165报收于6355Z0015541日均成交量上周能源化工类橡胶期权和PVC期权日均成交量大幅度增加而甲醇期权和PTA期权日均成交量则大减少回落其他能源化工类期权日均成交量则小幅变化橡胶期权日均成交量增加157万张至360万张甲醇期权日均成交量减少1331万张至2272万张PTA期权日均成交量减少2050万张至5185万张塑料期权期权日均成交量增加072万张至355万张聚丙烯期权日均成交量增加041万张至286万张PVC期权日均成交量增加199万张至655万张日均持仓量上周能源化工类期权日均持仓量甲醇期权PTA期权和LPG期权大幅度减少下降而其他能源化工期权日均持仓量不同程度均有所增加其中橡胶期权日均持仓量增加117万张至1063万张甲醇期权日均持仓量减少449万张至2551万张PTA期权日均持仓量减少1593万张至4867万张塑料期权日均持仓量增加033万张至341万张聚丙烯期权日均持仓量增加031万张至447万张PVC期权日均持仓量增加097万张至1159万张持仓量PCR一般认为期权的持仓量PCR为100时是多头和空头的分界线期权持仓量PCR站在期权卖方的角度看标的行情的走势上周橡胶期权持仓量PCR窄幅波动收于048甲醇期权持仓量PCR持续下降报收于054PTA期权持仓量PCR持续下降报收于066塑料期权持仓量PCR小幅波动报收于070聚丙烯期权持仓量PCR小幅下跌报收于067PVC期权持仓量PCR维持较低水平报收于045隐含波动率上周能源化工类期权隐含波动率普遍小幅下降回落截止收盘橡胶期权隐含波动率窄幅波动报收于2052甲醇期权隐含波动率窄幅波动报收于1971PTA期权隐含波动率小幅波动报收于2084塑料期权隐含波动率小幅下降报收于1490聚丙烯期权隐含波动率报收于1461PVC期权隐含波动率报收于1843结论与操作建议1橡胶期权沪胶上周连续报收阴线大幅下跌跌破近一个多月以来的盘整震荡区间下限形成较强的空头下跌趋势橡胶期权隐含波动率窄幅波动持仓量PCR维持在较低水平操作建议构建看跌期权熊市价差组合策略获取方向性收益若市场行情急速反弹大涨则逐渐平仓离场如RU2305期权BRU2305P1250010BRU2305P1225010和SRU2305P1125010SRU2305P11500102甲醇期权甲醇延续近两周以来的弱势偏空头震荡下行甲醇期权隐含波动率窄幅波动持仓量PCR快速下降至较低水平操作建议构建卖出偏空头的看涨看跌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涨则逐渐平仓离场如MA305期权SMA305P247510SMA305P250010和STMA305C255010SMA305C2600103PTA期权PTA止跌反弹回升后延续近两周以来震荡上行突破上涨而后高位宽幅区间震荡PTA期权隐含波动率小幅波动持仓量PCR持续下降至较低水平操作建议构建卖出看涨看跌期权偏多性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TA305期权STA305P570010STA305P580010和STA305C600010STA305C5900104PVC期权PVC上周反弹上升受阻回落连续大幅下跌先后跌破21天均线喝55天均线市场行情偏向弱势空头PVC期权隐含波动率小幅波动持仓量PCR维持在较低水平操作建议构建卖出偏空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平仓离场如V2305期权SV2305-P-630010SV2305-P-620010和SV2305-C-650010SV2305-C-6400105塑料期权塑料前一周冲高回落后逐渐下行上周以来延续空头下跌趋势形成短期弱势市场行情形态塑料期权隐含波动率窄幅波动持仓量PCR维持较低水平操作建议构建卖出偏空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快速大涨则平仓离场如L2305期权SL2305-P-800010SL2305-P-810010和SL2305-C-820010SL2305-C-830010一周市场行情回顾期权品种标的合约收盘价涨跌涨跌幅周日均成交量万增减上周日均持仓量万增减RURU230511935-67000-4882519-0432564221MAMA23052547-6100-20814922-00113800704PTATA230557822000-028213855366157382068LPGPG23054814-12800-177245087499137LL23058199-16800-19631401153723-188PPPP23057713-16600-21041521345041791PVCV23056355-8000-16589469266373-750期权总成交与持仓上周日均总成交量万张上周日均总持仓量万张期权品种CallPut合计变化PCRCallPut合计变化PCRRU24989109903597915668044709453536010630411694050MA123847103325227172-133127083153547101524255072-44943066PTA271581246922518503-205019091276554210111486665-159328076LPG184561587834334-12233086130591124524303-15654086L16318191913550971751182034313760341033336068PP15357132112856941380862726017439446993132064PVC3989025639655291994906478337375881159259687048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RU230512000281002620012019-20900-1718400302023-04-24MA23052550465053502543-3350-130-400182023-04-06TA230558008700149505738-2200-038-4450182023-04-06PG2305480014660115404831-2360-0491720202023-04-10L2305820012000128008192-3050-037-700202023-04-10PP2305770012750108007720-18100-229650202023-04-10V230564007650172006305-2900-046-5050202023-04-10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MA20UPLOWRU2305240015372052004209721362058MA2305210618231971112196620471885TA2305211820462084077210322131993PG2305241425052475101260828552361L2305155214411490052154016151465PP2305150614321461-006150015891410V2305193017571843052192220761769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RU230525679173420680215935028590048002MA2305115108105005091-01413694974572054-003TA2305260977231161089-012254071168323066-002PG23054030812420206948096365132027L23051443518335127-0382120614770070000PP230511779181601540592638217732067001V230536386368131010208152637078045001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1400060成交量万收盘价1350050130004012500301199000120002011500101100002022-09-022022-12-162023-01-092022-08-302022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-012022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-11-302022-12-052022-12-082022-12-132022-12-212022-12-262022-12-292023-01-042023-01-122023-01-172023-01-202023-02-012023-02-062023-02-092023-02-142023-02-172023-02-222023-02-272023-03-022023-03-072023-03-10图2甲醇主力合约走势图3000300成交量万收盘价290025028002700200260025410015025001002400230050220002022-11-012022-11-302023-03-102022-08-302022-09-022022-09-072022-09-132022-09-162022-09-212022-09-262022-09-292022-10-112022-10-142022-10-192022-10-242022-10-272022-11-042022-11-092022-11-142022-11-172022-11-222022-11-252022-12-052022-12-082022-12-132022-12-162022-12-212022-12-262022-12-292023-01-042023-01-092023-0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