【基本面信息】
　　橡胶：上期所仓单库存小计增加2793吨至202948吨，注册仓单增加720吨至181690吨；截至8月11日青岛地区保税库存减少0.35万吨至13.90万吨，一般贸易库存减少1.56万吨至76.71万吨。中国天然橡胶社会库存158.36万吨，较上期减少1.36万吨。
　　甲醇：库存方面，港口库存总量报96.46万吨，环比+6.21万吨。企业库存环比+1.6万吨，报36.77万吨。传统需求MTBE开工小幅回落，其余均有所走高，总体需求环比改善。江浙MTO开工66.84%，环比+11.95%，整体甲醇制烯烃开工82.06%，环比+3.65%。
　　 PVC：PVC开工小幅回落，社库厂库均小幅去化，预售维持高位。后续检修来看，整体开工至9月仍难以大幅回升。出口成交放缓，后续关注盘面上涨后，下游成交及出口情况。
　　【期权分析及策略建议】
　　（1）橡胶期权
　　橡胶经过近三周以来震荡下行弱势回落后有所反弹回暖上升，跌幅0.04%报收于12975；期权隐含波动率报收于17.35%（+0.21%），持仓量PCR较低位置窄幅盘整报收于0.53。期权分析：标的行情，沪胶空头趋势线下反弹回升，整体表现为市场偏弱势行情；期权角度，持仓量PCR维持在较低水平；波动上，橡胶期权隐含波动率中位数偏上。策略建议：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，若市场行情急速大涨，则逐渐平仓离场，如RU2401期权，S_RU2401P12500@10，S_RU2401P12750@10和S_RU2401C12750@10，S_RU2401C13000@10。
　　（2）甲醇期权
　　甲醇经过前一个多月以来的多头上涨趋势，前一周高位宽幅矩形区间盘整震荡，上周先抑后扬连续大幅下跌后快速上涨回升，延续偏多头上涨趋势，涨幅1.44%报收于2458，期权隐含波动率报收于23.78%（+1.26%），持仓量PCR小幅盘整报收于1.91。期权分析：标的行情，甲醇表现为沿着多头趋势方向震荡上行突破上涨的市场行情；期权角度，持仓量PCR窄幅盘整较高位置水平；波动上，甲醇期权隐含波动率窄幅波动历史偏中位数水平。策略建议：构建偏多头的看涨+看跌期权组合策略，获取时间价值收益和方向性收益，根据市场行情变化，动态地调整持仓Delta，使得持仓保持正数，若市场行情快速大涨或大跌，则逐渐平仓离场，如MA2310期权，S_MA2310C2475@10，S_MA2310C2450@10和S_MA2310C2475@10，S_MA2310C2500@10。
　　（3）PTA期权
　　PTA前一周上升受阻回落连续报收大阴线跌破前一周的涨幅，上周低位宽幅矩形区间盘整，而后款速反弹连续上涨突破上行，涨幅0.87%报收于6036，期权隐含波动率报收于20.06%（+0.66%），持仓量PCR小幅上升维持中兴偏低水平报收于0.79。期权分析：标的行情，PTA表现为短期偏多头的走势形态；期权角度，持仓量PCR逐渐上升维持较低位置；波动上，PTA期权隐含波动率窄幅波动历史中位数水平偏低。策略建议：构建偏多头的卖方看涨+看跌期权组合策略，获取时间价值收益和时间价值收益，动态的调整持仓DELTA，使得持仓保持正数，若市场行情快速大跌或大涨，则逐渐平仓离场，如TA2310期权，S_TA2310C5900@10，S_TA2310C6000@10和S_TA2310C6100@10，S_TA2310C6200@10。
　　（4）塑料期权
　　塑料延续近一个半月以来的震荡上行温和上涨，近两周以来涨幅有所收窄高位大幅下跌后快速反弹上升延续前期多头上涨趋势，涨幅0.01%报收于8335；期权隐含波动率报收于14.00%（-0.24%），持仓量PCR窄幅盘整报收于1.01。期权分析：标的行情，塑料市场行情整体表现为偏多头方向上高位宽幅区间震荡后突破上涨的行情走势；期权角度，持仓量PCR偏中性位置；波动上，塑料期权隐含波动率历史中位数较低位置。策略建议：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，若市场行情快速大涨或大跌，突破损益平衡点，则平仓离场，如L2401期权，S_L2401-P-8300@10，S_L2401-P-8300@10和S_L2401-C-8400@10，S_L2401-C-8500@10。
　　（5）聚丙烯期权
　　聚丙烯维持近两周的宽幅区间盘整震荡，而后连续报收阳线大幅上涨突破近两周以来震荡区间上限，涨幅0.50%报收于7629；期权隐含波动率报收于14.39%（-0.60%），持仓量PC报收于1.08。期权分析：标的行情，塑料表现突破区间上限偏多头上行的行情走势形态；期权角度，持仓量PCR较低位置；波动上，期权隐含波动率历史偏中位数水平。策略建议：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，若市场行情快速大涨或大跌，突破损益平衡点，则平仓离场，如PP2401期权，S_PP2401-P-7600@10，S_PP2401-P-7600@10和S_PP2401-C7800@10，S_PP2401-C-7700@10。
　　（6）PVC期权
　　PVC前一周高位震荡逐渐下跌回落，上周以来逐渐反弹回升，形成近两周先跌后涨，弱势下行震荡回落而后超跌反弹上升的市场行情形态，跌幅0.29%报收于6231；期权隐含波动率报收于17.48%（-0.04%），持仓量PCR窄幅波动报收于0.64。期权分析：标的行情，PVC短期弱势超跌反弹上升的市场行情走势；期权角度，持仓量PCR较低位置；波

研究报告全文：能源化工期权日报期权研究2023年8月22日星期二基本面信息卢品先橡胶上期所仓单库存小计增加2793吨至202948吨注册仓单增加720吨至181690吨截至8月11日青岛地区保税库存减少035万吨至1390万吨一般贸易库存减少156万吨至7671万吨中国天然橡胶社会库存15836万吨投研经理较上期减少136万吨0755-23375252甲醇库存方面港口库存总量报9646万吨环比621万吨企业库存环比16万吨报3677万吨传统需lupxwkqhcn求MTBE开工小幅回落其余均有所走高总体需求环比改善江浙MTO开工6684环比1195整体甲醇制烯烃从业资格号开工8206环比365PVCPVC开工小幅回落社库厂库均小幅去化预售维持高位后续检修来看整体开工至9月仍难以大幅回升F3047321出口成交放缓后续关注盘面上涨后下游成交及出口情况交易咨询号Z0015541期权分析及策略建议1橡胶期权橡胶经过近三周以来震荡下行弱势回落后有所反弹回暖上升跌幅004报收于12975期权隐含波动率报收于常俊萍1735021持仓量PCR较低位置窄幅盘整报收于053期权分析标的行情沪胶空头趋势线下反弹回升期权研究员整体表现为市场偏弱势行情期权角度持仓量PCR维持在较低水平波动上橡胶期权隐含波动率中位数偏上策changjpwkqhcn略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急速大涨则逐渐平仓离场如RU2401期权SRU2401P1250010SRU2401P1275010和SRU2401C1275010SRU2401C1300010从业资格号2甲醇期权F03117406甲醇经过前一个多月以来的多头上涨趋势前一周高位宽幅矩形区间盘整震荡上周先抑后扬连续大幅下跌后快速上涨回升延续偏多头上涨趋势涨幅144报收于2458期权隐含波动率报收于2378126持仓量PCR小幅盘整报收于191期权分析标的行情甲醇表现为沿着多头趋势方向震荡上行突破上涨的市场行情期权角度持仓量PCR窄幅盘整较高位置水平波动上甲醇期权隐含波动率窄幅波动历史偏中位数水平策略建议构建偏多头的看涨看跌期权组合策略获取时间价值收益和方向性收益根据市场行情变化动态地调整持仓Delta使得持仓保持正数若市场行情快速大涨或大跌则逐渐平仓离场如MA2310期权SMA2310C247510SMA2310C245010和SMA2310C247510SMA2310C2500103PTA期权PTA前一周上升受阻回落连续报收大阴线跌破前一周的涨幅上周低位宽幅矩形区间盘整而后款速反弹连续上涨突破上行涨幅087报收于6036期权隐含波动率报收于2006066持仓量PCR小幅上升维持中兴偏低水平报收于079期权分析标的行情PTA表现为短期偏多头的走势形态期权角度持仓量PCR逐渐上升维持较低位置波动上PTA期权隐含波动率窄幅波动历史中位数水平偏低策略建议构建偏多头的卖方看涨看跌期权组合策略获取时间价值收益和时间价值收益动态的调整持仓DELTA使得持仓保持正数若市场行情快速大跌或大涨则逐渐平仓离场如TA2310期权STA2310C590010STA2310C600010和STA2310C610010STA2310C6200104塑料期权塑料延续近一个半月以来的震荡上行温和上涨近两周以来涨幅有所收窄高位大幅下跌后快速反弹上升延续前期多头上涨趋势涨幅001报收于8335期权隐含波动率报收于1400-024持仓量PCR窄幅盘整报收于101期权分析标的行情塑料市场行情整体表现为偏多头方向上高位宽幅区间震荡后突破上涨的行情走势期权角度持仓量PCR偏中性位置波动上塑料期权隐含波动率历史中位数较低位置策略建议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快速大涨或大跌突破损益平衡点则平仓离场如L2401期权SL2401-P-830010SL2401-P-830010和SL2401-C-840010SL2401-C-8500105聚丙烯期权聚丙烯维持近两周的宽幅区间盘整震荡而后连续报收阳线大幅上涨突破近两周以来震荡区间上限涨幅050报收于7629期权隐含波动率报收于1439-060持仓量PC报收于108期权分析标的行情塑料表现突破区间上限偏多头上行的行情走势形态期权角度持仓量PCR较低位置波动上期权隐含波动率历史偏中位数水平策略建议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快速大涨或大跌突破损益平衡点则平仓离场如PP2401期权SPP2401-P-760010SPP2401-P-760010和SPP2401-C-780010SPP2401-C-7700106PVC期权PVC前一周高位震荡逐渐下跌回落上周以来逐渐反弹回升形成近两周先跌后涨弱势下行震荡回落而后超跌反弹上升的市场行情形态跌幅029报收于6231期权隐含波动率报收于1748-004持仓量PCR窄幅波动报收于064期权分析标的行情PVC短期弱势超跌反弹上升的市场行情走势期权角度持仓量PCR较低位置波动上PVC期权隐含波动率中位数水平策略建议构建卖出偏中性的宽跨式期权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或大跌突破损益平衡点则平仓离场如V2401期权SV2401-P-610010SV2401-P-620010和SV2401-C-640010SV2401-C-630010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RURU24011297500-500-004298338716MAMA2310245800350014425296127PTATA2310603600520008733369983LPGPG231050990014800299103610257LL2401833500100001389516231PPPP24017629003800050499418956PVCV2401623100-1800-029798324946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RU240112750461004320012779-3800-030-196001252023-12-25MA231024005450400024151450060-4350142023-09-05TA2310590011950745059452500042-9100142023-09-05PG231049007360188004786-14360-291-31340162023-09-07L2401820027300221008252-4850-058-83001072023-12-07PP2401750024400224507520-4500-059-109501072023-12-07V2401620026500188506277435007045501072023-12-07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MA20UPLOWRU2401189614231735021206122721849MA2310226124992378126226724242110TA2310198920342006066205521661943PG2310266525372612089274530752415L2401141313841400-024138915681210PP2401149313811439-060146416451283V2401180116581748-004188521571612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RU240128521961069-0152870115325053-004MA23107847363504600285369163130191036TA231098243840039-008271729215341079007PG231040993408083-0152497019027076005L240198880308101868366902101-007PP240115209060600071014110980108036V2401218713150600072294314627064-001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13000成交量万80收盘价7012500601196000501200040301150020101100002023-04-132023-04-262023-08-082023-08-212023-02-162023-02-212023-02-242023-03-012023-03-062023-03-092023-03-142023-03-172023-03-222023-03-272023-03-302023-04-042023-04-102023-04-182023-04-212023-05-042023-05-092023-05-122023-05-172023-05-222023-05-252023-05-302023-06-022023-06-072023-06-122023-06-152023-06-202023-06-272023-06-302023-07-052023-07-102023-07-132023-07-182023-07-212023-07-262023-07-312023-08-032023-08-112023-08-16图2甲醇主力合约走势图2800成交量万375收盘价260024610030024002252200150200075180002023-02-212023-06-202023-08-162023-02-162023-02-242023-03-012023-03-062023-03-092023-03-142023-03-172023-03-222023-03-272023-03-302023-04-042023-04-102023-04-132023-04-182023-04-212023-04-262023-05-042023-05-092023-05-122023-05-172023-05-222023-05-252023-05-302023-06-022023-06-072023-06-122023-06-152023-06-272023-06-302023-07-052023-07-102023-07-132023-07-182023-07-212023-07-262023-07-312023-08-032023-08-082023-08-112023-08-21图3PTA主力合约走势图6500480成交量万收盘价60460040060003205500240160500080450002023-02-242023-06-202023-07-312023-02-162023-02-212023-03-012023-03-062023-03-092023-03-142023-03-172023-03-222023-03-272023-03-302023-04-042023-04-102023-04-132023-04-182023-04-212023-04-262023-05-042023-05-092023-05-122023-05-172023-05-222023-05-252023-05-302023-06-022023-06-072023-06-122023-06-152023-06-272023-06-302023-07-05202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