Report Industry Investment Rating - Sugar - Sideways [1] - Cotton - Sideways [1] Core Viewpoints - The demand for cold drinks during the summer vacation has driven a seasonal recovery in sugar consumption, and recent sugar imports have increased significantly due to the widening price difference between domestic and foreign markets. Meanwhile, unfavorable weather conditions in Inner Mongolia and typhoon - related impacts in Guangdong and Guangxi may affect sugar production, and further tracking and evaluation are needed [1][3]. - In August, high temperatures and low precipitation in Xinjiang and the Yangtze River Basin posed a high risk of heat damage to cotton. However, the continuous decline in commercial cotton inventory and the upcoming peak season for cotton textile provide bottom - support for cotton prices. Although the growth conditions are generally good, there is a risk of price decline after the centralized listing of cotton, and the cotton price is expected to range from 14,000 to 16,000 yuan [1][3]. Directory Summaries Market Quotes - **External Market Quotes**: On November 6, 2025, the closing price of US sugar was 14.22, with a change of 0.71%; the closing price of US cotton was 64.48, with a change of - 0.91% [1][4]. - **Spot Prices**: As of November 6, 2025, the spot price of sugar in Nanning was 5,750 yuan, and that in Kunming was 5,660 yuan; the spot price of cotton in Xinjiang was 14,650 yuan, with a change of 0.34% [1][4]. - **Price Spreads**: For sugar, SR01 - 05, SR09 - 01 and other spreads showed significant changes; for cotton, CF01 - 05 had a change of 100.00% [4]. - **Import Prices**: The import price of cotton cotlookA remained unchanged on November 6, 2025, at 76.55 [4]. - **Profit Margins**: The sugar import profit remained at 1,781.0 on November 6, 2025 [4]. - **Options**: The implied volatility of SR601C5400 was 0.0758, and that of CF601C13600 was 0.0719 [4]. - **Inventory Warehouse Receipts**: As of November 6, 2025, the number of Zhengzhou sugar warehouse receipts was 7,422.0, with no change; the number of Zhengzhou cotton warehouse receipts was 2,769.0, with a change of 0.62% [2][4] Supply and Demand - **Sugar**: The demand for cold drinks during the summer vacation has driven a seasonal recovery in sugar consumption, and recent sugar imports have increased significantly due to the widening price difference between domestic and foreign markets [1]. - **Cotton**: In August, high temperatures and low precipitation in Xinjiang and the Yangtze River Basin posed a high risk of heat damage to cotton. Currently, the commercial cotton inventory is continuously decreasing, and the peak season for cotton textile is approaching, providing bottom - support for cotton prices [1]. Conclusion - **Sugar**: In August, excessive rainfall in Inner Mongolia was unfavorable for sugar beet sugar accumulation and harvesting, and the sugar factory startup time was postponed. In late September and early October, typhoons in Guangdong, Guangxi and other major sugar - cane producing areas caused sugar - cane lodging, and the post - disaster recovery of sugar - cane growth needs continuous attention [3]. - **Cotton**: The meteorological conditions during the cotton growth period were suitable, and the yield per unit area and quality in some areas were higher than expected. As of October 6, the cotton picking progress in Xinjiang was 24.9%, 0.9 percentage points higher than the same period last year. The opening price of seed cotton was slightly lower than the same period last year, and there is a risk of price decline after centralized listing. The cotton price is expected to range from 14,000 to 16,000 yuan [3]. Strategy Recommendations - Adopt a wait - and - see approach [3]

期货研究报告 宏观金融研究 [Table_ReportType] 股指日报 走势评级： 短期-震荡 中短期-看涨 宋婧琪 从业资格证号：F03100886 投资咨询证号：Z0021165 联系电话：0571-28132632 邮箱：songjingqi@cindasc.com 信达期货有限公司 CINDAFUTURESCO.LTD 杭州市萧山区钱江世纪城天人大厦19-20楼 邮编：311200 成交热度下降，短期延续盘整态势 [Table_ReportDate] 报告日期： 2025 年 11 月 4 日 报告内容摘要: [Table_Summary] 宏观股市信息： 股指盘面回顾： 核心逻辑小结： 上周股指冲高回落。风格方面，中证 1000、中证 500 指数延续上涨态势，但 涨幅较前一周有所收窄；沪深 300、上证 50 等大盘指数则表现偏弱。本周 起，政策与事件再次进入空窗期，关注两点：1）短期上攻动能转弱，前高突 破压力需警惕。上周，受"十五五"规划建议稿发布、中美会晤举行及美联 储释放降息信号等利好密集推动，投资者入场情绪曾再度升温。但从行情持 续性观察，当前市场上攻动力已较三季度明显转弱，具体表现 ...

Report Industry Investment Rating - The investment rating for coking coal is bullish, and for coke is also bullish [1] Core Viewpoints - The Sino-US trade risk is controllable, and the supply and demand of coking coal and coke are tight. It is recommended to hold long positions [1] Summary by Directory Information - The US cancels the so - called "fentanyl tariff" on Chinese goods, suspends the implementation of the 50% penetration rule for export control and the 301 investigation measures on China's maritime, logistics and shipbuilding industries for one year. China adjusts the corresponding counter - measures [1] Disk Coking Coal - As of the close on October 30th, Mongolian 5 prime coking coal was reported at 1,332 yuan/ton (+0), and the spot was strengthening. The active contract was reported at 1,288 yuan/ton (-14). The basis was +114 yuan/ton (+14), and the January - May spread was -71 yuan/ton (+5.5) [1] Coke - As of the close on October 30th, the quasi - first - grade coke at Tianjin Port was reported at 1,570 yuan/ton (+0), and the third round of price increases was initiated in some areas. The active contract was reported at 1,786.5 yuan/ton (-14.5). The basis was -98 yuan/ton (+14.5), and the January - May spread was -140.5 yuan/ton (+2.5) [2] Supply Coking Coal - The operating rate of 523 mines was reported at 85.06% (-2.27), and the capacity utilization rate of 314 coal washing plants was reported at 36.87% (+1.08). Mine production decreased, while the operation of coal washing plants increased [2] Coke - The production rate of 230 independent coking enterprises was reported at 73.16% (-0.83), and the supply continued to shrink [2] Demand Coking Coal - The production rate of 230 independent coking enterprises was reported at 73.16% (-0.83), and the demand decreased [2] Coke - The capacity utilization rate of 247 steel mills was reported at 90.33% (-0.22), and the daily average pig iron output was 240.95 million tons (-0.59) [3] Inventory Coking Coal - The clean coal inventory of 523 mines was reported at 189.54 million tons (-15.87), the clean coal inventory of coal washing plants was 289.62 million tons (-0.79), the inventory of 247 steel mills was 782.96 million tons (-5.36), the inventory of 230 coking enterprises was 885.26 (+32), and the port inventory was 275.65 million tons (+2.94) [3] Coke - The inventory of 230 coking enterprises was 37.49 million tons (-0.1), the inventory of 247 steel mills was 633.16 million tons (-6.28), and the port inventory was 200.09 million tons (+4.94) [3] Conclusion Coking Coal - The supply of coking coal continues to shrink. Spot transactions remain at a high level. The upstream mines reduce their clean coal inventory, while the downstream coking enterprises replenish their inventory, and the inventory reduction shifts downstream. Recently, the prices of coking coal in many places have been raised, and the overall spot is strong. It is recommended to hold long positions in JM01 and be vigilant against callbacks [3] Coke - Due to environmental protection restrictions in Tangshan and the continuous narrowing of steel mill profits, the pig iron output of steel mills has decreased, and coking enterprises have continuously reduced production, resulting in a tight supply. The second - round price increase of the spot has been implemented, and the third - round price increase has been initiated in some areas. It is recommended to hold long positions in J01 lightly [4] Strategy Suggestion - Hold long positions in JM01; hold long positions in J01 lightly [5]

1. Report Industry Investment Rating - Sugar - Oscillation [1] - Cotton - Oscillation [1] 2. Core View of the Report - Sugar consumption has seasonally rebounded due to the demand for cold drinks in summer, and sugar imports have increased significantly recently. The impact of rainfall in Inner Mongolia on sugar beet production and the growth recovery of sugarcane after typhoon disasters in Guangdong and Guangxi need further attention. Sugar prices are under short - term pressure due to the lack of driving force in foreign sugar [1][3]. - In August, cotton in Xinjiang and the Yangtze River Basin faced a high risk of high - temperature heat damage. With the continuous decline of commercial cotton inventory and the upcoming peak season of cotton textile, there is bottom support for cotton prices. Although the growth meteorological conditions are good and the picking progress is ahead of schedule, the cotton price is expected to run in the range of 14,000 - 16,000 yuan and there is a downward risk after the centralized listing of seed cotton [1][3]. - The recommended strategy is to wait and see [3]. 3. Summary According to Relevant Catalogs 3.1 Market Information - On October 30, 2025, the spot price of sugar in Nanning was 5,750 yuan, in Kunming was 5,720 yuan, and the spot price of cotton in Xinjiang was 14,650 yuan [1]. - The closing price of U.S. sugar was 14.43, with a change of 0.28%. The closing price of U.S. cotton was 65.95, with a change of 1.38% [1]. 3.2 Inventory and Warehouse Receipts - Zhengzhou sugar warehouse receipts were 7,625, with a change of - 0.91%. Zhengzhou cotton warehouse receipts were 2,460, with a change of - 0.45% [2]. 3.3 Data Comparison 3.3.1 Outer - Market Quotes | Commodity | Oct 28, 2025 | Oct 29, 2025 | Change | | --- | --- | --- | --- | | U.S. Sugar (USD) | 14.39 | 14.43 | 0.28% | | U.S. Cotton (USD) | 65.05 | 65.95 | 1.38% | [4] 3.3.2 Spot Prices | Commodity | Oct 28, 2025 | Oct 29, 2025 | Change | | --- | --- | --- | --- | | Sugar (Nanning) | 5,750.0 | 5,750.0 | 0.00% | | Sugar (Kunming) | 5,720.0 | 5,720.0 | 0.00% | | Cotton Index 328 | 3,281 | 3,280 | 0.07% | | Cotton (Xinjiang) | 14,700.0 | 14,650.0 | - 0.34% | [4] 3.3.3 Price Spreads | Commodity Spread | Oct 28, 2025 | Oct 29, 2025 | Change | | --- | --- | --- | --- | | SR01 - 05 | 65.0 | 64.0 | - 1.54% | | SR05 - 09 | - 8.0 | - 7.0 | - 12.50% | | SR09 - 01 | - 57.0 | - 57.0 | 0.00% | | CF01 - 05 | - 5.0 | - 5.0 | 0.00% | | CF05 - 09 | - 155.0 | - 155.0 | 0.00% | | CF09 - 01 | 160.0 | 160.0 | 0.00% | [4] 3.3.4 Basis | Commodity Basis | Oct 28, 2025 | Oct 29, 2025 | Change | | --- | --- | --- | --- | | Sugar 01 Basis | 237.0 | 226.0 | - 4.64% | | Sugar 05 Basis | 302.0 | 290.0 | - 3.97% | | Sugar 09 Basis | 294.0 | 283.0 | - 3.74% | | Cotton 01 Basis | 1,265.0 | 1,220.0 | - 3.56% | | Cotton 05 Basis | 1,260.0 | 1,215.0 | - 3.57% | | Cotton 09 Basis | 1,105.0 | 1,060.0 | - 4.07% | [4] 3.3.5 Import Prices | Commodity | Oct 28, 2025 | Oct 29, 2025 | Change | | --- | --- | --- | --- | | Cotton CotlookA | 75.95 | 75.95 | 0.00% | [4] 3.3.6 Profit Margins | Commodity | Oct 28, 2025 | Oct 29, 2025 | Change | | --- | --- | --- | --- | | Sugar Import Profit | 1,795.5 | 1,795.5 | 0.00% | [4] 3.3.7 Options | Option Contract | Implied Volatility | Futures Underlying | Historical Volatility | | --- | --- | --- | --- | | SR601C5500 | 0.0734 | SR601 | 7.2 | | SR601P5500 | 0.0735 | | | | CF601C13600 | 0.0746 | CF601 | 7.99 | | CF601P13600 | 0.0759 | | | [4] 3.3.8 Inventory Warehouse Receipts | Commodity | Oct 28, 2025 | Oct 29, 2025 | Change | | --- | --- | --- | --- | | Sugar | 7,695.0 | 7,625.0 | - 0.91% | | Cotton | 2,471.0 | 2,460.0 | - 0.45% | [4]

走势评级： 锌——震荡偏多 [Table_Chart] 楼家豪 从业资格证号：F3080463 投资咨询证号：Z0018424 联系电话：0571-28132615 邮箱：loujiahao@cindasc.com 前期利空兑现，轻仓做多 [Table_ReportDate] 报告日期： 2025 年 10 月 29 日 报告内容摘要: 宏观&行业消息：【澳大利亚金融家成立投资公司，投身战略金属热潮】 SHMET10 月 28 日讯，10 月 27 日，总部位于澳大利亚的资源投资者 Taurus 的 前高管周二成立了一家公司，该公司可以为全球多个战略金属项目的每一个项 目提供高达 5 亿美元的资金，以帮助填补初级矿产商的资金缺口。管理合伙人 Martin Boland 称，该公司正在评估单个项目高达 5 亿美元的投资机会。它将 投资于铜、贵金属、散货和一些工业金属等基本金属的开发商，但不投资于西 非等金属加工行业。（文华财经）。 盘面：昨日夜盘沪锌主力合约收于 22410 元/吨，涨幅 0.18%；成交量 5.4 万 手，持仓量减少 2163 手至 11.85 万手。从技术面来看，小型双底结构形成后 继续向上 ...

1. Report Industry Investment Rating - Sugar - Volatile [1] - Cotton - Volatile [1] 2. Core Viewpoints of the Report - Sugar consumption has seasonally recovered due to the demand for summer cold drinks, and recent sugar imports have increased significantly due to the widening price gap between domestic and foreign markets. The impact of rainfall in Inner Mongolia and typhoons in Guangdong and Guangxi on sugar production needs further tracking and evaluation. Sugar prices are under short - term pressure [1][3] - High temperatures and low precipitation in Xinjiang and the Yangtze River Basin in August pose a high risk of heat damage to cotton. Current commercial cotton inventories are decreasing, and with the upcoming peak season for cotton textile, there is bottom support for cotton prices. Cotton prices are expected to range between 14,000 - 16,000 yuan [1][3] 3. Summary According to Relevant Catalogs 3.1 Market Quotes - **External Market Quotes**: On October 28, 2025, the price of US sugar was 14.39 US dollars, with a decline of 0.55%; the price of US cotton was 65.05 US dollars, with an increase of 0.62% [4] - **Spot Prices**: On October 28, 2025, the spot price of sugar in Nanning was 5,750 yuan, unchanged; in Kunming, it was 5,720 yuan, a decline of 0.09%. The price of cotton index 328 was 3,280 yuan, a decline of 0.02%; the price of Xinjiang cotton was 14,700 yuan, an increase of 0.34% [4] - **Spread**: The spreads of SR01 - 05, SR09 - 01, and SR05 - 09 of sugar were 65.0, - 57.0, and - 8.0 respectively, with changes of 41.30%, 62.86%, and - 27.27%. The spreads of CF01 - 05, CF05 - 09, and CF09 - 01 of cotton were - 5.0, - 155.0, and 160.0 respectively, with changes of - 50.00%, - 3.12%, and - 5.88% [4] - **Import Prices**: On October 28, 2025, the import price of cotton cotlookA was 75.6 US dollars, unchanged [4] - **Profit Margins**: On October 28, 2025, the sugar import profit was 1,770.5 yuan, unchanged [4] - **Options**: The implied volatilities of SR601C5500, SR601P5500, CF601C13600, and CF601P13600 were 0.0757, 0.0751, 0.0734, and 0.0738 respectively [4] - **Inventory Warrants**: On October 28, 2025, the number of Zhengzhou sugar warrants was 7,695, a decline of 1.28%; the number of Zhengzhou cotton warrants was 2,471, a decline of 0.68% [2][4] 3.2 Supply and Demand - **Sugar**: Sugar consumption has seasonally recovered due to the demand for summer cold drinks, and recent sugar imports have increased significantly due to the widening price gap between domestic and foreign markets [1] - **Cotton**: High temperatures and low precipitation in Xinjiang and the Yangtze River Basin in August pose a high risk of heat damage to cotton. Current commercial cotton inventories are decreasing, and with the upcoming peak season for cotton textile, there is bottom support for cotton prices [1] 3.3 Conclusion - **Sugar**: In August, excessive rainfall in Inner Mongolia was not conducive to sugar beet sugar accumulation and harvesting, and the sugar factory start - up time was postponed. In late September and early October, typhoons in Guangdong, Guangxi and other major sugarcane - producing areas caused sugarcane lodging. The impact on sugar production needs further tracking and evaluation [3] - **Cotton**: The meteorological conditions during the cotton growth period were suitable, and the yield and quality in some areas were higher than expected. As of October 6, the cotton picking progress in Xinjiang was 24.9%, 0.9 percentage points higher than the same period last year. The opening price of seed cotton was flat or slightly lower year - on - year, and there was a downward risk after the centralized listing. Cotton prices are expected to range between 14,000 - 16,000 yuan [3] 3.4 Strategy Suggestion - It is recommended to mainly adopt a wait - and - see strategy [3]

1. Report Industry Investment Rating - The investment rating for crude oil is "Oscillation" [1] 2. Core Viewpoints of the Report - Crude oil's short - term driving force has weakened. After the geopolitical and macro - level positive factors are digested, the market has returned to an oscillatory state. The fundamental pressure remains unsolved, and there is strong resistance at the $65 level. Attention should be focused on the OPEC+ meeting results, and be vigilant against unexpectedly negative news [2] 3. Summaries Based on Relevant Catalogs Market Structure - Multiple charts present the WTI, Brent, and SC crude oil forward curves and monthly spreads, including data from the latest, one - week ago, and two - weeks ago, which help analyze the market structure [6][10][13] Supply - The OPEC+ meeting is the focus, with the market expecting a slight increase in production. However, the quota negotiation of Iraq may bring unexpectedly negative impacts. Geopolitical factors such as events in Venezuela and Russia have not caused supply disruptions for now, but potential disturbances need to be monitored. Overall, the supply is relatively loose, suppressing the upward movement of oil prices [2] Demand - The improvement in the macro - economic sentiment has not effectively translated into increased crude oil demand. Funds prefer the stock market, and crude oil shows weakness among commodities. The expectation of a Fed rate cut is neutral, and it is difficult to boost demand in the short term. If the economy weakens more than expected, it may have complex impacts [2] Inventory - According to API data for the week ending October 25, U.S. commercial crude oil inventories increased by 1.001 million barrels, gasoline inventories decreased by 2.1 million barrels, distillate inventories decreased by 1.3 million barrels, and Cushing crude oil inventories decreased by 343,000 barrels. The overall inventory change has a neutral impact on oil prices. The current contango structure of the crude oil market reflects concerns about future supply gluts [2] Position/US Dollar - Multiple charts show the WTI and Brent fund positions, total positions, and the US dollar index, which are important for analyzing market sentiment and the relationship between the crude oil market and the US dollar [31][32]

期货研究报告 宏观金融研究 [Table_ReportType] 股指日报 走势评级： 短期-震荡 中短期-看涨 宋婧琪 从业资格证号：F03100886 投资咨询证号：Z0021165 联系电话：0571-28132632 邮箱：songjingqi@cindasc.com 信达期货有限公司 CINDAFUTURESCO.LTD 杭州市萧山区钱江世纪城天人大厦19-20楼 邮编：311200 本周政策密集期，多头建议谨慎乐观，短线持仓 [Table_ReportDate] 报告日期： 2025 年 10 月 28 日 报告内容摘要: [Table_Summary] 宏观股市信息： 股指盘面回顾： 核心逻辑小结： 本周关注两个方面：1）政策事件催化继续。上周四中全会顺利闭幕，其释 放的政策信号基本符合市场预期，对短期行情虽有提振作用，但力度相对有 限。接下来，市场焦点将转向预计本周发布的十五五规划《建议》稿，以及 月底 APEC 领导人非正式会议上中美元首会晤的进展，预计市场交易热度（尤 其是中小资金）仍会维持在一个偏高的位置；2）市场分歧尚未结束。值得 注意的是，上周股指虽有反弹，但成交量并未出现有效放大（ ...

Report Industry Investment Rating - Sugar - Oscillation [1] - Cotton - Oscillation [1] Core Viewpoints - The weak US dollar boosts commodity prices, and soft commodities receive short - term support. It is recommended to mainly adopt a wait - and - see strategy [1][3] Summary by Related Catalogs Information - Nanning sugar spot price is 5750.0 yuan, Kunming sugar spot price is 5725.0 yuan, and Xinjiang cotton spot price is 14650.0 yuan [1] Market - US sugar closes at 14.47, with a change of - 3.34%. US cotton closes at 64.65, with a change of 0.73% [1] Supply and Demand - Sugar: Driven by the demand for cold drinks in summer, sugar consumption has seasonally recovered. Due to the widening price difference between domestic and foreign markets, recent sugar imports have increased significantly [1] - Cotton: In August, the temperature in cotton - growing areas in Xinjiang and the Yangtze River Basin was high and precipitation was low, posing a high risk of heat damage to cotton. Currently, the commercial cotton inventory is continuously decreasing, and as the peak season for cotton textile is approaching, there is bottom - support for cotton prices [1] Inventory and Warehouse Receipts - Zhengzhou sugar warehouse receipts are 7795.0, with a change of - 4.76%; Zhengzhou cotton warehouse receipts are 2488.0, with a change of - 0.60% [2] Conclusion - Sugar: In August, there was excessive rainfall in Inner Mongolia, which was not conducive to the sugar accumulation and harvesting of sugar beets, and the start - up time of sugar mills was postponed. The impact on sugar beet production needs further tracking and evaluation. At the end of September and early October, major sugar - cane producing areas such as Guangdong and Guangxi were affected by typhoons, resulting in sugar - cane lodging. The post - disaster growth and recovery of sugar cane need continuous attention [3] - Cotton: The meteorological conditions during the cotton - growing period were suitable, and the yield per unit area and quality in some areas were higher than expected. Some areas have entered the centralized harvesting period. As of October 6, the cotton - picking progress in Xinjiang was 24.9%, 0.9 percentage points higher than the same period last year. The opening price of seed cotton was flat to slightly lower year - on - year, and there is a downward risk after the centralized listing. The cotton price is expected to range from 14000 to 16000 yuan [3] Data Quick View Foreign Market Quotes - US sugar (in dollars) was 14.97 on October 26, 2025, and 14.47 on October 27, 2025, with a change of - 3.34% - US cotton (in dollars) was 64.18 on October 26, 2025, and 64.65 on October 27, 2025, with a change of 0.73% [4] Spot Prices - Sugar (Nanning) was 5750.0 on October 24 and October 27, 2025, with a change of 0.00% - Sugar (Kunming) was 5730.0 on October 24, 2025, and 5725.0 on October 27, 2025, with a change of - 0.09% - Cotton Index 328 was 3281 on October 24, 2025, and 3280 on October 27, 2025, with a change of 0.20% - Cotton (Xinjiang) was 14650.0 on October 24 and October 27, 2025, with a change of 0.00% [4] Spread Quick View - SR01 - 05 was 48.0 on October 26, 2025, and 46.0 on October 27, 2025, with a change of - 4.17% - SR05 - 09 was - 14.0 on October 26, 2025, and - 11.0 on October 27, 2025, with a change of - 21.43% - SR09 - 01 was - 34.0 on October 26, 2025, and - 35.0 on October 27, 2025, with a change of 2.94% - CF01 - 05 was 0.0 on October 26, 2025, and - 10.0 on October 27, 2025, with a change of - inf% - CF05 - 09 was - 160.0 on October 26 and October 27, 2025, with a change of 0.00% - CF09 - 01 was 160.0 on October 26, 2025, and 170.0 on October 27, 2025, with a change of 6.25% - Sugar 01 basis was 284.0 on October 26, 2025, and 280.0 on October 27, 2025, with a change of - 1.41% - Sugar 05 basis was 332.0 on October 26, 2025, and 326.0 on October 27, 2025, with a change of - 1.81% - Sugar 09 basis was 318.0 on October 26, 2025, and 315.0 on October 27, 2025, with a change of - 0.94% - Cotton 01 basis was 1263.0 on October 26, 2025, and 1268.0 on October 27, 2025, with a change of 0.40% - Cotton 05 basis was 1263.0 on October 26, 2025, and 1258.0 on October 27, 2025, with a change of - 0.40% - Cotton 09 basis was 1103.0 on October 26, 2025, and 1098.0 on October 27, 2025, with a change of - 0.45% [4] Import Prices - Cotton cotlookA was 75.55 on October 24 and October 27, 2025, with a change of 0.00% [4] Profit Margins - Sugar import profit was 1650.5 on October 24 and October 27, 2025, with a change of 0.00% [4] Options - For SR601C5400, the implied volatility is 0.0752, and the historical volatility of the futures underlying SR601 is 7.1 - For SR601P5400, the implied volatility is 0.0743 - For CF601C13600, the implied volatility is 0.074, and the historical volatility of the futures underlying CF601 is 7.97 - For CF601P13600, the implied volatility is 0.0752 [4] Inventory and Warehouse Receipts (in pieces) - Sugar was 8185.0 on October 24, 2025, and 7795.0 on October 27, 2025, with a change of - 4.76% - Cotton was 2503.0 on October 24, 2025, and 2488.0 on October 27, 2025, with a change of - 0.60% [4]

Report Industry Investment Rating - Sugar - Oscillation [1] - Cotton - Oscillation [1] Core Viewpoints - Sugar consumption has seasonally recovered due to the demand for summer cold drinks, and sugar imports have increased significantly recently due to the widening price difference between domestic and foreign markets. The impact of delayed sugar factory start - up in Inner Mongolia and typhoon - affected sugarcane in Guangdong and Guangxi on sugar production needs further tracking. [1][3] - Cotton has bottom - line support as commercial inventories are decreasing and the cotton textile peak season is approaching. Although the meteorological conditions during the growth period were suitable and the picking progress in Xinjiang is ahead of last year, the cotton price is expected to range from 14,000 to 16,000 yuan with a potential downward risk after the centralized listing. The strategy suggestion is to wait and see. [1][3] Summary by Relevant Catalogs Information - Nanning sugar spot price is 5,750.0 yuan, Kunming sugar spot price is 5,730.0 yuan, and Xinjiang cotton spot price is 14,600.0 yuan. [1] Disk - US sugar closed at 15.13, with a change of - 0.72%. US cotton closed at 63.65, with a change of - 1.18%. [1] Supply and Demand - Sugar: Summer cold drink demand drives seasonal recovery in sugar consumption, and sugar imports have increased significantly due to the widening domestic - foreign price difference. [1] - Cotton: In August, high temperatures and low precipitation in Xinjiang and the Yangtze River Basin increased the risk of heat damage to cotton. Current commercial cotton inventories are decreasing, and the upcoming cotton textile peak season provides bottom - line support for cotton prices. [1] Inventory and Warehouse Receipts - Zhengzhou sugar warehouse receipts are 8,313.0, with a change of - 0.75%; Zhengzhou cotton warehouse receipts are 2,565.0, with a change of - 0.54%. [2] Data Quick View Outer - Market Quotes - US sugar decreased from 15.24 to 15.13, a change of - 0.72%; US cotton decreased from 64.41 to 63.65, a change of - 1.18%. [4] Spot Prices - Nanning sugar decreased from 5,770.0 to 5,750.0, a change of - 0.35%; Kunming sugar decreased from 5,740.0 to 5,730.0, a change of - 0.17%. The cotton index 328 increased from 3,281 to 3,280, a change of 0.30%; Xinjiang cotton increased from 14,550.0 to 14,600.0, a change of 0.34%. [4] Spread Quick View - SR01 - 05 increased from 42.0 to 43.0, a change of 2.38%; SR05 - 09 decreased from - 14.0 to - 18.0, a change of 28.57%; SR09 - 01 increased from - 28.0 to - 25.0, a change of - 10.71%. CF01 - 05 increased from - 60.0 to - 40.0, a change of - 33.33%; CF05 - 09 increased from - 170.0 to - 165.0, a change of - 2.94%; CF09 - 01 decreased from 230.0 to 205.0, a change of - 10.87%. [4] Import Prices - Cotton cotlookA remained at 75.6, a change of 0.00%. [4] Profit Margins - Sugar import profit remained at 1,567.5, a change of 0.00%. [4] Options - SR601C5400 has an implied volatility of 0.0767 and a historical volatility of 7.17 for the futures underlying SR601; SR601P5400 has an implied volatility of 0.076. CF601C13600 has an implied volatility of 0.0786 and a historical volatility of 7.98 for the futures underlying CF601; CF601P13600 has an implied volatility of 0.0781. [4] Inventory and Warehouse Receipts - Sugar warehouse receipts decreased from 8,376.0 to 8,313.0, a change of - 0.75%; cotton warehouse receipts decreased from 2,579.0 to 2,565.0, a change of - 0.54%. [4] Conclusion - Sugar: In August, excessive rainfall in Inner Mongolia affected sugar beet sugar production, and typhoons in September and October affected sugarcane in Guangdong and Guangxi. The impact on sugar production needs further tracking. [3] - Cotton: The meteorological conditions during the growth period were suitable, and as of October 6, the cotton picking progress in Xinjiang was 24.9%, 0.9 percentage points higher than the same period last year. The opening price of seed cotton was flat to slightly lower year - on - year, and there is a downward risk after centralized listing. The cotton price is expected to range from 14,000 to 16,000 yuan. [3] Strategy Suggestion - Wait and see [3]