Report Industry Investment Rating - Sugar - Oscillation [1] - Cotton - Oscillation [1] Core Viewpoints - The weakening US dollar provides support, and soft commodities will experience short - term oscillations [1] - For sugar, from July, extreme precipitation in Yunnan and Inner Mongolia may affect sugar production. Summer cold drink consumption drives seasonal growth in sugar demand. Recent sugar imports have increased significantly due to the expanded price difference between domestic and foreign markets, but the annual import volume is still expected to be within the forecast range [1][3] - For cotton, most cotton - growing areas in China are at the peak of flowering, and some areas in Xinjiang have entered the boll - opening stage. The overall growth progress is earlier than usual. In August, cotton in Xinjiang and the Yangtze River Basin is at high risk of heat damage. Currently, commercial cotton inventories are decreasing, and with the upcoming peak season for cotton textile, cotton prices are supported [1][3] - The recommended strategy is to mainly adopt a wait - and - see approach [3] Summary by Related Catalogs Information - Nanning sugar spot price is 5900.0 yuan, Kunming sugar spot price is 5850.0 yuan, and Xinjiang cotton spot price is 15300.0 yuan [1] Market - US sugar closed at 16.05, with a change of - 0.56%. US cotton closed at 66.23, with a change of 0.27% [1] Supply and Demand - Sugar: Driven by summer cold drink demand, sugar consumption has a seasonal recovery. Due to the expanded price difference between domestic and foreign markets, recent sugar imports have increased significantly [1] - Cotton: In August, high temperatures and low precipitation in Xinjiang and the Yangtze River Basin increase the risk of heat damage to cotton. Current commercial cotton inventories are decreasing, and with the upcoming peak season for cotton textile, cotton prices have bottom - end support [1] Inventory and Warehouse Receipts - Zhengzhou sugar warehouse receipts are 12782.0, with a change of - 3.18%. Zhengzhou cotton warehouse receipts are 5996.0, with a change of - 2.20% [2] Data Quick View - **External Market Quotes**: On September 3, 2025, compared with September 2, 2025, US sugar decreased by 0.56% to 16.05 US dollars, and US cotton increased by 0.27% to 66.23 US dollars [4] - **Spot Prices**: On September 3, 2025, compared with September 2, 2025, Nanning and Kunming sugar spot prices remained unchanged; the cotton index 328 decreased by 0.34% to 3280, and Xinjiang cotton decreased by 0.65% to 15300.0 yuan [4] - **Price Difference Quick View**: There were significant changes in the price differences between different futures contracts of sugar and cotton, and the basis of sugar and cotton futures also changed to different degrees [4] - **Import Prices**: The import price of cotton cotlookA remained unchanged at 77.95 on September 3, 2025, compared with September 2, 2025 [4] - **Profit Margins**: The sugar import profit remained unchanged at 1550.0 on September 3, 2025, compared with September 2, 2025 [4] - **Options**: Different sugar and cotton option contracts have corresponding implied volatilities and historical volatilities [4] - **Inventory Warehouse Receipts**: On September 3, 2025, compared with September 2, 2025, sugar warehouse receipts decreased by 3.18% to 12782.0, and cotton warehouse receipts decreased by 2.20% to 5996.0 [4]

1. Report Industry Investment Rating - Short - term: Oscillation - Medium - short - term: Bullish [1] 2. Core Viewpoints of the Report - The recent spot market sentiment continues to heat up, especially in the ChiNext and growth sectors, which have reached new highs. The market is rising amidst divergence, and there are several short - term changes to note, including potential index weakness after sufficient chip turnover, the derivatives entering a defensive state, and significant sector differentiation. The report believes that factors such as the full release of domestic macro - risks and the start of the overseas interest - rate cut cycle support a long - term bullish view on stock indices, with short - term issues only related to the pace of increase. The market currently lacks the conditions for a fast - bull market. [3] 3. Summary by Relevant Catalogs 3.1 Core Logic Summary - The spot market sentiment is warming up, especially in the ChiNext and growth sectors. Short - term changes include: the market rising amidst divergence with increased intraday pull - backs after trading volume exceeds 3 trillion; derivatives entering a defensive state with increased hedging demand; and significant sector differentiation with limited spread of the profit - making effect. The report is bullish on stock indices in the long - term and suggests short - term intraday long positions and waiting for further adjustments for long - term long positions. [3] 3.2 Operation Suggestions - **Futures**: Short - term long positions should set stop - loss and take - profit levels in a timely manner (consider daily closing). Long - term long positions should wait for further adjustments. - **Options**: The implied volatility of stock index options declined slightly yesterday. The absolute level of volatility is high, and the high - level oscillation may last for a long time. Investors with double - selling positions can take appropriate profits, and those holding until maturity need to be aware of potential margin fluctuations. [4] 3.3 Macro Stock Market Information 3.3.1 Policy and Social Data - The "Implementation Plan for the Fiscal Interest Subsidy Policy for Personal Consumption Loans" was officially implemented on September 1st, and pilot banks and other institutions began accepting subsidy applications. - From July 1st to August 31st, the cumulative cross - regional population flow in the whole society reached 11.697 billion person - times, a year - on - year increase of 7%. Among them, the volume of self - driving trips on highways reached 8.7 billion person - times, accounting for 70% of the cross - regional population flow. [5] 3.3.2 Market Tracking - In the previous trading day, the A - share market showed resilience and closed in the green. The Shanghai 50 Index rose 0.16%, the CSI 300 Index rose 0.60%, the CSI 500 Index rose 0.94%, and the CSI 1000 Index rose 0.84%. The precious metals (+6.67%) and communication equipment (+3.99%) sectors led the gains, while the insurance (-2.32%) and banking (-1.09%) sectors lagged. More than 3,200 stocks rose, and 123 stocks hit the daily limit, indicating a good profit - making effect. [5] 3.3.3 Technical Tracking - Short - term high - level divergence has emerged, and the upward momentum shows signs of weakening. In terms of trends, the four major stock indices have broken through their 2023 highs, and the daily and weekly lines maintain an upward trend, with the bullish signal continuing. [5] 3.3.4 Capital Flow - The trading volume of the A - share market remained flat yesterday, maintaining around 2.7 trillion throughout the day, a decline from last week. However, the trading heat is still at a historical high, and the short - term chip turnover rate is relatively fast. [5]

商品研究 | 走势评级： | 白糖——震荡 | | --- | --- | | | 棉花——震荡 | 张秀峰—分析师 从业资格证号：F0289189 投资咨询证号：Z0011152 联系电话：0571-28132619 邮箱：zhangxiufeng@cindasc.com 期货研究报告 巴基斯坦洪水引发产量担忧，棉花短期震荡 [T报ab告le日_R期ep：ortDate] 2025-09-02 报告内容摘要: [Table_Summary] 资讯：南宁白糖现货价 5910.0 元，昆明白糖现货价 5825.0 元，新疆棉花 现货价 15250.0 元。 软商品日报 盘面：美白糖收 16.34，涨跌幅 0.00%。美棉花收 66.53，涨跌幅 0.00%。 棉花——震荡 供需： 白糖：受暑期冷饮需求带动，食糖消费季节性回暖。由于国内外价差扩大， 近期食糖进口增长明显。 棉花：8 月新疆和长江流域棉区气温偏高、降水偏少，棉花遭受高温热害风 险较高。当前棉花商业库存持续下降，同时棉纺织旺季即将到来，棉价存在 底部支撑。 库存仓单：郑糖仓单 13434.0 张，涨跌幅为-3.46%；郑棉仓单 6320.0 张， 涨 ...

商品研究 | | | 张秀峰—分析师 从业资格证号：F0289189 投资咨询证号：Z0011152 联系电话：0571-28132619 邮箱：zhangxiufeng@cindasc.com 期货研究报告 印度降雨或高于预期，棉花短期震荡 [T报ab告le日_R期ep：ortDate] 2025-09-01 报告内容摘要: [Table_Summary] 资讯：南宁白糖现货价 5960.0 元，昆明白糖现货价 5825.0 元，新疆棉花 现货价 15250.0 元。 软商品日报 盘面：美白糖收 16.34，涨跌幅 0.00%。美棉花收 66.53，涨跌幅 0.00%。 棉花——震荡 供需： 白糖：受暑期冷饮需求带动，食糖消费季节性回暖。由于国内外价差扩大， 近期食糖进口增长明显。 棉花：8 月新疆和长江流域棉区气温偏高、降水偏少，棉花遭受高温热害风 险较高。当前棉花商业库存持续下降，同时棉纺织旺季即将到来，棉价存在 底部支撑。 请务必阅读正文之后的免责条款 1 库存仓单：郑糖仓单 13916.0 张，涨跌幅为-4.29%；郑棉仓单 6514.0 张， 涨跌幅为-3.07%。 结论： 白糖：7 月起，云南、 ...

Report Industry Investment Rating - Not provided Core View - 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. However, the total annual import volume is still expected to be within the expected range. In July, extreme precipitation in Yunnan and Inner Mongolia may have affected sugar cane and sugar beet crops, and the potential impact on sugar production needs continuous monitoring. [1][2] - Most cotton - growing areas in China are at the peak of flowering, and some areas in Xinjiang have entered the boll - opening stage, with the overall growth progress ahead of previous years. In August, cotton in Xinjiang and the Yangtze River Basin is at high risk of heat damage. Currently, the commercial inventory of cotton is decreasing, and the peak season for cotton textile is approaching, so cotton prices are supported. [1][2] - The recommended strategy is to mainly wait and see. [2] Summary by Relevant Catalogs Information - Nanning sugar spot price is 5920.0 yuan, Kunming sugar spot price is 5845.0 yuan, and Xinjiang cotton spot price is 15250.0 yuan. [1] Market - The closing price of US sugar is 16.44, with a change of 0.12%. The closing price of US cotton is 66.65, with a change of - 0.03%. [1] Supply and Demand - Sugar: Driven by summer cold drink demand, sugar consumption has seasonally recovered, 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 pose a high risk of heat damage to cotton. The current commercial inventory of cotton is decreasing, and the peak season for cotton textile is approaching, providing support for cotton prices. [1] Inventory and Warehouse Receipts - Zhengzhou sugar warehouse receipts are 14906.0, with a change of - 2.67%. Zhengzhou cotton warehouse receipts are 6859.0, with a change of - 1.69%. [1] Data Quick View External Market Quotes - The price of US sugar increased from 16.42 on August 26, 2025, to 16.44 on August 27, 2025, with a change of 0.12%. The price of US cotton decreased from 66.67 to 66.65, with a change of - 0.03%. [3] Spot Prices - The price of sugar in Nanning decreased from 5950.0 yuan to 5920.0 yuan, with a change of - 0.50%. The price of sugar in Kunming decreased from 5860.0 yuan to 5845.0 yuan, with a change of - 0.26%. The cotton index 328 changed from 3281 to 3280, with a change of 0.05%. The price of cotton in Xinjiang increased from 15100.0 yuan to 15250.0 yuan, with a change of 0.99%. [3] Spread Quick View - SR01 - 05 increased from 33.0 to 34.0, with a change of 3.03%. SR05 - 09 increased from - 79.0 to - 45.0, with a change of - 43.04%. SR09 - 01 decreased from 46.0 to 11.0, with a change of - 76.09%. CF01 - 05 remained unchanged at 45.0, with a change of 0.00%. CF05 - 09 decreased from 275.0 to 270.0, with a change of - 1.82%. CF09 - 01 increased from - 320.0 to - 315.0, with a change of - 1.56%. [3] - The basis of sugar 01 decreased from 228.0 to 225.0, with a change of - 1.32%. The basis of sugar 05 decreased from 261.0 to 259.0, with a change of - 0.77%. The basis of sugar 09 increased from 182.0 to 214.0, with a change of 17.58%. The basis of cotton 01 increased from 1234.0 to 1267.0, with a change of 2.67%. The basis of cotton 05 increased from 1279.0 to 1312.0, with a change of 2.58%. The basis of cotton 09 increased from 1554.0 to 1582.0, with a change of 1.80%. [3] Import Prices - The price of cotton cotlookA remained unchanged at 78.9 on August 26 and 27, 2025, with a change of 0.00%. [3] Profit Margin - The profit of sugar imports remained unchanged at 1516.0 on August 26 and 27, 2025, with a change of 0.00%. [3] Options - For SR601C5600, the implied volatility is 0.0854, and the historical volatility of the futures underlying SR601 is 6.39. For SR601P5600, the implied volatility is 0.0837. For CF601C14000, the implied volatility is 0.1079, and the historical volatility of the futures underlying CF601 is 5.66. For CF601P14000, the implied volatility is 0.1044. [3] Inventory Warehouse Receipts - The number of sugar warehouse receipts decreased from 15315.0 on August 26, 2025, to 14906.0 on August 27, 2025, with a change of - 2.67%. The number of cotton warehouse receipts decreased from 6977.0 to 6859.0, with a change of - 1.69%. [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 指数高位分歧，进入短期筑顶阶段 [Table_ReportDate] 报告日期： 2025 年 08 月 27 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： 近期牛市氛围不断升温推动股指保持强势运行，资金试图挖掘各类牛市线 索。上周股指的上涨主要围绕 1）杰克逊霍尔会议释放的鸽派信号、2）居民 存款向股市迁移的预期发酵展开。我们认为，当前 A 股已进入赚钱效应的正 向循环阶段，中长期趋势上暂无重大风险扰动，可继续以做多思路对待。需 要注意的是，短期杠杆资金攀升令慢牛行情加速演化，而从 ETF 份额回落、 期权隐含波动率放大有限、板块轮动速度偏快等现象来看，投资者间的 ...

Report Industry Investment Rating - Sugar - Oscillation [1] - Cotton - Oscillation [1] Core View of the Report - The consumption of sugar has seasonally recovered due to the demand for summer cold drinks, and sugar imports have increased significantly recently. However, the total annual import volume is still expected to be within the anticipated range. The extreme precipitation in Yunnan and Inner Mongolia since July may have an impact on sugar production, and continuous monitoring is required. [1][3] - The cotton in most parts of the country is in the peak flowering period, and some areas in Xinjiang have entered the boll - opening and flocculation stage, with the overall growth progress ahead of previous years. In August, cotton in Xinjiang and the Yangtze River Basin is at high risk of heat damage. Currently, the commercial inventory of cotton is continuously decreasing, and the peak season for cotton textile is approaching, so the cotton price is supported at the bottom. [1][3] - The recommended strategy is to mainly wait and see. [3] Summary According to Relevant Catalogs Information - Nanning sugar spot price is 5,950 yuan, Kunming sugar spot price is 5,860 yuan, and Xinjiang cotton spot price is 15,100 yuan. [1] Disk - US sugar closed at 16.42, with a change of 0.18%. US cotton closed at 66.67, with a change of - 1.05%. [1] Supply and Demand - Sugar: The demand for sugar 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. [1] - Cotton: In August, the temperature in the cotton - growing areas of Xinjiang and the Yangtze River Basin is high and the precipitation is low, so the risk of heat damage to cotton is relatively high. Currently, the commercial inventory of cotton is continuously decreasing, and the peak season for cotton textile is approaching, so the cotton price has bottom support. [1] Inventory and Warehouse Receipts - Zhengzhou sugar warehouse receipts are 15,315, with a change of - 0.45%. Zhengzhou cotton warehouse receipts are 6,977, with a change of - 1.79%. [2] Data Quick View Outer - Market Quotes - US sugar: On August 25, 2025, it was 16.39 dollars, and on August 26, 2025, it was 16.42 dollars, with a change of 0.18%. - US cotton: On August 25, 2025, it was 67.38 dollars, and on August 26, 2025, it was 66.67 dollars, with a change of - 1.05%. [4] Spot Prices - Sugar (Nanning): On August 25, 2025, it was 5,970 yuan, and on August 26, 2025, it was 5,950 yuan, with a change of - 0.34%. - Sugar (Kunming): On August 25, 2025, it was 5,860 yuan, and on August 26, 2025, it was 5,860 yuan, with a change of 0.00%. - Cotton Index 328: On August 25, 2025, it was 3,281, and on August 26, 2025, it was 3,280, with a change of 0.65%. - Cotton (Xinjiang): On August 25, 2025, it was 15,100 yuan, and on August 26, 2025, it was 15,100 yuan, with a change of 0.00%. [4] Spread Quick View - SR01 - 05: On August 25, 2025, it was 42.0, and on August 26, 2025, it was 33.0, with a change of - 21.43%. - SR05 - 09: On August 25, 2025, it was - 74.0, and on August 26, 2025, it was - 79.0, with a change of 6.76%. - SR09 - 01: On August 25, 2025, it was 32.0, and on August 26, 2025, it was 46.0, with a change of 43.75%. - CF01 - 05: On August 25, 2025, it was 45.0, and on August 26, 2025, it was 45.0, with a change of 0.00%. - CF05 - 09: On August 25, 2025, it was 275.0, and on August 26, 2025, it was 275.0, with a change of 0.00%. - CF09 - 01: On August 25, 2025, it was - 320.0, and on August 26, 2025, it was - 320.0, with a change of 0.00%. - Sugar 01 basis: On August 25, 2025, it was 172.0, and on August 26, 2025, it was 228.0, with a change of 32.56%. - Sugar 05 basis: On August 25, 2025, it was 214.0, and on August 26, 2025, it was 261.0, with a change of 21.96%. - Sugar 09 basis: On August 25, 2025, it was 140.0, and on August 26, 2025, it was 182.0, with a change of 30.00%. - Cotton 01 basis: On August 25, 2025, it was 1,115.0, and on August 26, 2025, it was 1,234.0, with a change of 10.67%. - Cotton 05 basis: On August 25, 2025, it was 1,160.0, and on August 26, 2025, it was 1,279.0, with a change of 10.26%. - Cotton 09 basis: On August 25, 2025, it was 1,435.0, and on August 26, 2025, it was 1,554.0, with a change of 8.29%. [4] Import Prices - Cotton cotlookA: On August 25, 2025, it was 78.9, and on August 26, 2025, it was 78.9, with a change of 0.00%. [4] Profit Margins - Sugar import profit: On August 25, 2025, it was 1,515.0, and on August 26, 2025, it was 1,515.0, with a change of 0.00%. [4] Options - SR601C5600: Implied volatility is 0.0865, and the futures underlying is SR601, with a historical volatility of 6.38. - SR601P5600: Implied volatility is 0.0863. - CF601C14000: Implied volatility is 0.1046, and the futures underlying is CF601, with a historical volatility of 5.63. - CF601P14000: Implied volatility is 0.1048. [4] Inventory Warehouse Receipts (sheets) - Sugar: On August 25, 2025, it was 15,385.0, and on August 26, 2025, it was 15,315.0, with a change of - 0.45%. - Cotton: On August 25, 2025, it was 7,104.0, and on August 26, 2025, it was 6,977.0, with a change of - 1.79%. [4]

Report Industry Investment Rating - The investment rating for sugar is "Sideways" [1]. - The investment rating for cotton is "Sideways" [1]. Core Viewpoints - The strengthening US dollar suppresses commodity prices, leading to short - term adjustments in soft commodities [1]. - For sugar, seasonal consumption growth is driven by summer cold - drink demand, and recent sugar imports have increased significantly due to the widening price difference between domestic and foreign markets. However, the total annual import volume is still expected to be within the forecast range. Extreme precipitation in Yunnan and Inner Mongolia since July may affect sugar production, and continuous monitoring is required [1][3]. - For cotton, most cotton - growing areas in China are at the peak of flowering, with some areas in Xinjiang entering the boll - opening and flocculation stage, and the overall growth progress is ahead of previous years. In August, cotton in Xinjiang and the Yangtze River Basin faces a high risk of heat damage. With the continuous decline of commercial cotton inventory and the approaching peak season of cotton textile, cotton prices are supported [1][3]. Summary by Related Catalogs Information - The spot price of sugar in Nanning is 5970.0 yuan, in Kunming is 5860.0 yuan, and the spot price of cotton in Xinjiang is 15100.0 yuan [1]. Market - The closing price of US sugar is 16.39, with a change of - 0.30%. The closing price of US cotton is 67.38, with a change of - 0.91% [1]. Supply and Demand - Sugar: Driven by summer cold - drink demand, sugar consumption has a seasonal recovery. Due to the widening price difference between domestic and foreign markets, recent sugar imports have increased significantly [1]. - Cotton: In August, high temperatures and low precipitation in Xinjiang and the Yangtze River Basin increase the risk of heat damage to cotton. The continuous decline of commercial cotton inventory and the approaching peak season of cotton textile provide support for cotton prices [1]. Inventory and Warehouse Receipts - The number of Zhengzhou sugar warehouse receipts is 15385.0, with a change of - 1.09%. The number of Zhengzhou cotton warehouse receipts is 7104.0, with a change of - 1.31% [2]. Data Overview - **Foreign Market Quotes**: On August 25, 2025, the price of US sugar was 16.39 dollars, down 0.30% from the previous day; the price of US cotton was 67.38 dollars, down 0.91% [4]. - **Spot Prices**: From August 22 to 25, 2025, the price of Nanning sugar remained unchanged at 5970.0 yuan; the price of Kunming sugar rose from 5855.0 yuan to 5860.0 yuan, an increase of 0.09%; the cotton index 328 decreased from 3281 to 3280, a decrease of 0.05%; the price of Xinjiang cotton rose from 15050.0 yuan to 15100.0 yuan, an increase of 0.33% [4]. - **Price Difference Overview**: From August 24 to 25, 2025, the price differences of SR01 - 05, SR05 - 09, SR09 - 01, CF01 - 05, CF05 - 09, and CF09 - 01 all changed to varying degrees, with the largest increase of 22.11% and the largest decrease of 42.86%. The basis of sugar and cotton contracts also changed, with the largest increase of 8.53% and the largest decrease of 8.08% [4]. - **Import Prices**: From August 22 to 25, 2025, the price of cotton cotlookA remained unchanged at 78.9 [4]. - **Profit Margins**: From August 22 to 25, 2025, the profit from sugar imports remained unchanged at 1515.0 [4]. - **Options**: For options such as SR601C5700, SR601P5700, CF601C14200, and CF601P14200, the implied volatility and historical volatility of the underlying futures are provided [4]. - **Inventory and Warehouse Receipts**: From August 22 to 25, 2025, the number of sugar warehouse receipts decreased from 15555.0 to 15385.0, a decrease of 1.09%; the number of cotton warehouse receipts decreased from 7198.0 to 7104.0, a decrease of 1.31% [4]. Strategy Suggestion - It is recommended to mainly adopt a wait - and - see strategy [3].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The consumption of sugar has seasonally recovered due to the demand for summer cold drinks. The import of sugar has increased significantly recently due to the widening price difference between domestic and international markets, but the total annual import volume is still expected to be within the anticipated range. However, in July, Yunnan and Inner Mongolia experienced extreme precipitation, which may have affected the sugar cane and sugar beet crops, and the potential impact on sugar production needs continuous monitoring [1][2]. - Most cotton - growing areas in China are at the peak of flowering, and some areas in Xinjiang have entered the boll - opening stage, with the overall growth progress ahead of previous years. In August, cotton in Xinjiang and the Yangtze River Basin is at high risk of heat damage due to high temperatures and low precipitation. Currently, the commercial inventory of cotton is continuously decreasing, and the peak season for cotton textile is approaching, so the cotton price is supported [1][2]. - The recommended strategy is to mainly adopt a wait - and - see approach [2]. Summary by Relevant Catalogs Data on Commodity Prices and Fluctuations - **External Market Quotes**: On August 23 - 24, 2025, the price of US sugar was 16.44 dollars with a 0.00% change, and the price of US cotton was 68.0 dollars with a 0.00% change [3]. - **Spot Prices**: From August 21 - 22, 2025, the price of Nanning sugar was 5970.0 yuan with a 0.00% change, the price of Kunming sugar was 5855.0 yuan with a 0.00% change, the cotton index 328 changed from 3281 to 3280 with a 0.22% change, and the price of Xinjiang cotton changed from 15100.0 yuan to 15050.0 yuan with a - 0.33% change [3]. - **Price Spreads**: From August 23 - 24, 2025, all the price spreads of SR01 - 05, SR05 - 09, SR09 - 01, CF01 - 05, CF05 - 09, CF09 - 01, and the basis of sugar and cotton contracts had a 0.00% change [3]. - **Import Prices**: From August 21 - 22, 2025, the price of cotton cotlookA was 78.9 with a 0.00% change [3]. - **Profit Margins**: From August 21 - 22, 2025, the sugar import profit was 1515.0 with a 0.00% change [3]. - **Options**: For options such as SR601C5700, SR601P5700, CF601C14000, and CF601P14000, the implied volatility and historical volatility data are provided [3]. - **Inventory Warehouse Receipts**: From August 21 - 22, 2025, the number of Zhengzhou sugar warehouse receipts decreased from 15751.0 to 15555.0 with a - 1.24% change, and the number of Zhengzhou cotton warehouse receipts decreased from 7335.0 to 7198.0 with a - 1.87% change [1][3].

1. Report Industry Investment Rating - The investment rating for sugar is "sideways", and for cotton is also "sideways" [1] 2. Core View of the Report - Sugar consumption has a seasonal uptick due to summer cold - drink demand, and sugar imports have increased significantly recently due to the widening domestic - foreign price gap. However, the overall annual import volume is still expected to be within the anticipated range. Extreme precipitation in Yunnan and Inner Mongolia since July may affect sugar production, and continuous monitoring is required. - Cotton is at risk of heat damage in Xinjiang and the Yangtze River Basin in August due to high temperatures and low precipitation. Cotton commercial inventory is decreasing, and with the upcoming peak season for cotton textile, cotton prices are supported at the bottom. The overall strategy recommendation is to wait and see [1][3] 3. Summary by Relevant Contents 3.1 Market Information - Spot prices: Nanning sugar spot price is 5970.0 yuan, Kunming sugar spot price is 5855.0 yuan, and Xinjiang cotton spot price is 15100.0 yuan [1] - Futures closing prices and changes: U.S. sugar closed at 16.36, with a change of - 1.33%; U.S. cotton closed at 67.47, with a change of - 0.09% [1] 3.2 Supply and Demand - Sugar: Summer cold - drink demand drives seasonal recovery in sugar consumption. The widening domestic - foreign price gap has led to a significant increase in recent sugar imports [1] - Cotton: In August, high temperatures and low precipitation in Xinjiang and the Yangtze River Basin increase the risk of heat damage to cotton. Current cotton commercial inventory is decreasing, and the upcoming cotton textile peak season provides support for cotton prices [1] 3.3 Inventory and Warehouse Receipts - Zhengzhou sugar warehouse receipts are 15751.0, with a change of - 3.03%; Zhengzhou cotton warehouse receipts are 7335.0, with a change of - 1.61% [2] 3.4 Data Quick View - **Futures price changes**: U.S. sugar decreased from 16.58 to 16.36 (-1.33%), and U.S. cotton decreased from 67.53 to 67.47 (-0.09%) - **Spot price changes**: Nanning and Kunming sugar spot prices remained unchanged; the cotton index 328 decreased from 3281 to 3280 (-0.20%), and Xinjiang cotton spot price remained unchanged - **Spread changes**: For example, SR01 - 05 decreased from 43.0 to 42.0 (-2.33%), and CF01 - 05 increased from 15.0 to 25.0 (66.67%) - **Import price**: Cotton cotlookA remained at 78.95 - **Profit margin**: Sugar import profit remained at 1565.0 - **Options**: For SR601C5700, implied volatility is 0.08, and the historical volatility of the futures underlying is 6.1; for CF601C14000, implied volatility is 0.105, and the historical volatility of the futures underlying is 5.61 [4]