商品研究 | 走势评级: | 自糖 | 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 市场等待美农数据，棉花震荡运行 [T报ab告le日_R期ep：ortDate] 2025-08-07 报告内容摘要: [Table_Summary] 白糖：受秋冬春连旱影响，广西甘蔗出苗和前期生长不利，甘蔗长势和株 数较去年同期偏矮偏少。甜菜长势总体良好，但内蒙古产区近期降水偏多， 易发生病虫害，需提前防治。国际方面，后期需继续关注巴西产糖进度和北 半球糖料生长情况。 软商品日报 走势评级： 白糖——震荡 棉花——震荡 棉花：全国大部分棉花产区已进入现蕾至开花阶段，生长进度比往年提前 了 4 到 7 天。根据中国气象局的气候预测，7 月份新疆地区的气温将持续偏 高，高温天数也将超过往年同期，这使得棉花面临较高的热害风险。目前， 棉花库存总量持续减少，但下游市场表现出明显的淡季特征，纺织企业在原 料采购上显得 ...

1. Report Industry Investment Rating - The report gives a bullish rating for both coke and coking coal [1] 2. Core Viewpoints - After major macro - events are finalized, market uncertainty decreases, and the market will return to the industrial logic [4] - For coking coal, the long - term agreement price of major mines in Shanxi has increased, the spot price is firm, the mine's inventory is transferred to downstream, and the spot trading volume is high. The coking coal market is expected to remain strong, but its upward space depends on whether other black - sector varieties can catch up. In the short - term, it is recommended to hold and add positions to J01/JM01 contracts [4][5] - For coke, the fifth round of spot price increase has been implemented, with limited room for further increase. The demand for coke remains resilient due to high production enthusiasm of steel mills. Coke enterprises are reducing inventory, and the inventory in ports is increasing [4] 3. Summary by Relevant Catalogs Coking Coal Supply and Demand - The operating rates of 523 mines and 110 coal - washing plants have decreased, and the production rate of 230 independent coking enterprises has also slightly declined [2] Inventory - Upstream mines and coal - washing plants are reducing inventory, while downstream steel mills and coking enterprises are increasing inventory. Port inventory has decreased [2] Spot Price and Spread - The spot price of Mongolian 5 coking coal is stable at 1150 yuan/ton. The active contract price is 1221 yuan/ton, up 39 yuan. The basis is - 51 yuan/ton, down 39 yuan, and the 9 - 1 month spread is - 147 yuan/ton, down 11.5 yuan [2] Coke Supply and Demand - The production rate of 230 independent coking enterprises has slightly decreased, and the capacity utilization rate of 247 steel mills and the daily average pig - iron output have also declined. Supply and demand are flat month - on - month, but there is still a gap [3] Inventory - Coking enterprises are reducing inventory, steel mills' inventory has decreased, and port inventory has increased [3] Spot Price, Spread and Profit - The price of quasi - first - grade coke in Tianjin Port is 1470 yuan/ton after the fifth round of price increase. The active contract price is 1644.5 yuan/ton, up 10 yuan. The basis is - 64 yuan/ton, up 10 yuan, and the 9 - 1 month spread is - 88 yuan/ton, down 14.5 yuan [3]

Report Industry Investment Rating - Industrial silicon: Oscillation [1] - Polysilicon: Oscillation [1] Core Viewpoints of the Report - Industrial silicon's spot price continues to weaken, and the market is mainly oscillating. The supply pressure will increase in the short term, and the demand may decline significantly after the downstream production cut. The inventory begins to be depleted, but there is still a possibility of further decline following the fundamentals [1][2]. - For polysilicon, the expectation of supply - side reform in the photovoltaic industry still exists. The short - term sentiment turns to the fundamentals, and the price has fallen back. The supply is still under pressure, and the demand is expected to decline. The price has rebounded but may still have a short - term correction [3]. - The trading logic suggests that the fundamentals of both industrial silicon and polysilicon are currently weak, and there is a short - term risk of decline with the exchange's intervention. The recommended operation is to short industrial silicon on rallies and wait and see for polysilicon [4]. Summary by Related Catalogs Industrial Silicon Supply Side - The spot price of East China non - oxygenated 553 silicon is 9000 - 9200 yuan/ton, down 200 yuan/ton from the previous trading day. In July, the output of industrial silicon rose to 330,000 tons, 10,000 tons more than in June. The output increase mainly comes from the southwest region, while the output in Xinjiang decreased slightly. Although the production cut by leading enterprises at the end of June relieved the supply pressure, the supply pressure will continue to increase in the short term due to the resumption of production in the southwest [2]. Downstream Demand Side - The output of polysilicon increased slightly in June, reaching 101,000 tons. After the end of the photovoltaic installation rush, the demand for polysilicon is expected to decline, but it may increase during the wet season. In the long term, the expectation of production cut due to supply - side reform is strong. The combined production cut of organic silicon monomer manufacturers has ended, but the demand for industrial silicon has declined due to short - term production stagnation. The demand for industrial silicon from alloy silicon remains stable [2]. Inventory - The inventory of industrial silicon has started to be depleted, but the social inventory has accumulated again. This week's inventory increased by 5,000 tons compared with last week, and the current social inventory is reported at 540,000 tons [2]. Polysilicon Supply Side - The price of polysilicon has rebounded, and the spot price of re - feeding material has been continuously raised to 46,000 yuan/ton. The output in June was 101,000 tons, and it is expected to increase to about 108,000 tons in July, so the supply side is still under pressure [3]. Downstream Demand Side - With the gradual withdrawal of photovoltaic subsidies and the entry of the power market into the market - oriented trading stage, the terminal installation was over - consumed in the first half of the year. The installation in June was only 13GW, showing a sharp decline. The expectation of weakening photovoltaic installation in the second half of the year is strengthened, and the demand for polysilicon will decline to a large extent [3]. Inventory - The current polysilicon inventory is about 229,000 tons, and part of the inventory has been registered on the disk. The industry still has a large pressure to reduce inventory [3].

Report Industry Investment Rating - Both sugar and cotton are rated as "sideways" [1] Core Viewpoints - Sugar: Affected by consecutive droughts from autumn to spring, sugarcane emergence and early growth in Guangxi are unfavorable, with shorter and fewer sugarcane plants compared to the same period last year. Beet growth is generally good, but recent heavy rainfall in Inner Mongolia may lead to pests and diseases. Internationally, attention should be paid to Brazil's sugar production progress and the growth of sugar crops in the Northern Hemisphere [1]. - Cotton: Most cotton - growing areas in China have entered the budding to flowering stage, 4 to 7 days earlier than usual. High temperatures in Xinjiang in July pose a heat - damage risk. Cotton inventory is decreasing, but the downstream market is in a slack season, and textile enterprises are cautious in raw material procurement. Weather changes and tariff uncertainties need to be monitored [1]. Data Summary Price Changes - **Foreign Market Quotes**: From August 3 to August 4, 2025, the price of US sugar increased by 0.31% from 16.2 to 16.25 dollars, and US cotton rose by 0.30% from 66.42 to 66.62 dollars [3]. - **Spot Prices**: The price of sugar in Nanning remained unchanged at 6030.0 yuan from August 1 to August 4, 2025. In Kunming, it decreased by 0.26% from 5880.0 to 5865.0 yuan. The cotton index 328 dropped by 0.70% from 3281 to 3280, and cotton in Xinjiang fell by 1.30% from 15400.0 to 15200.0 yuan [3]. Spread Changes - **Sugar Spreads**: From August 3 to August 4, 2025, SR01 - 05 increased by 24.00% from 50.0 to 62.0, SR05 - 09 decreased by 11.66% from - 163.0 to - 144.0, and SR09 - 01 dropped by 27.43% from 113.0 to 82.0 [3]. - **Cotton Spreads**: CF01 - 05 decreased by 18.18% from 55.0 to 45.0, CF05 - 09 fell by 41.38% from 145.0 to 85.0, and CF09 - 01 increased by 35.00% from - 200.0 to - 130.0 [3]. Basis Changes - **Sugar Basis**: From August 1 to August 4, 2025, the basis of sugar 01 decreased by 11.92% from 260.0 to 229.0, sugar 05 decreased by 6.13% from 310.0 to 291.0, and sugar 09 remained unchanged at 147.0 [3]. - **Cotton Basis**: The basis of cotton 01 decreased by 8.61% from 1475.0 to 1348.0, cotton 05 dropped by 8.95% from 1530.0 to 1393.0, and cotton 09 decreased by 11.76% from 1675.0 to 1478.0 [3]. Other Data - **Import Price**: The import price of cotton cotlookA decreased by 1.27% from 78.5 to 77.5 from August 1 to August 4, 2025 [3]. - **Profit Margin**: The import profit of sugar increased by 1.41% from 1597.0 to 1619.5 from August 1 to August 4, 2025 [3]. - **Option Data**: For options, SR509C5700 has an implied volatility of 0.0764 with a historical volatility of 7.06 for the underlying SR509; SR509P5700 has an implied volatility of 0.0707. CF509C13600 has an implied volatility of 0.096 with a historical volatility of 9.18 for the underlying CF509; CF509P13600 has an implied volatility of 0.0937 [3]. - **Warehouse Receipts**: From August 1 to August 4, 2025, the number of sugar warehouse receipts decreased by 0.36% from 19443.0 to 19373.0, and cotton warehouse receipts decreased by 1.40% from 8807.0 to 8684.0 [3]. Company Information - Report research is conducted by CINDA Futures Co., Ltd., a wholly - owned subsidiary of CINDA Securities Co., Ltd., with a registered capital of 600 million yuan. It is a large - scale and reputable domestic futures company, holding memberships in multiple exchanges [8].

1. Report Industry Investment Rating - The investment rating for the industry is "Oscillation" [1] 2. Core Viewpoints of the Report - After the popularity of major financial concepts such as stablecoins ebbed, the market mainly engaged in thematic speculation around "anti - involution" and the Yaxia Hydropower Station in July. There were signs of increasing divergence in funds regarding the cyclical style at the end of the month, and the market was in a relatively strong oscillatory state [3] - In August, there are limited expected macro - level positives. Domestically, after the tone - setting of the Political Bureau meeting, there are no obvious over - expected clues in the short term, and the policy is mainly about implementation. Overseas, Sino - US trade negotiations are ongoing, and issues like the change of the Fed Chairman will indirectly affect foreign investors' willingness to participate in the A - share market [3] - Investors are advised to prepare for defense in August. In the first half of the month, there may be a phased pull - back in stock indices due to strengthened technical pressure. In a six - month perspective, the four major indices are expected to approach the 2023 highs, with small - cap indices like CSI 500 and CSI 1000 performing better in a liquidity - easing cycle [3] 3. Summary by Relevant Catalogs 3.1 Macro Stock Market Information - The central bank, the financial regulatory administration, and the CSRC plan to further clarify the specific requirements for risk - based customer due diligence of financial institutions. For remittances of over RMB 5,000 or foreign currency equivalent to $1,000, the identity of the remitter should be verified [5] - Beijing has introduced 16 measures to promote the development of future industries, focusing on areas such as urban transportation and medical health, and exploring the opening of application demonstration scenarios [5] 3.2 Stock Index盘面回顾 (Stock Index Market Review) - In the previous trading day, the A - share market opened lower and closed higher. Among the four major indices, the Shanghai 50 rose 0.55%, the CSI 300 rose 0.39%, the CSI 500 rose 0.78%, and the CSI 1000 rose 1.04%. The precious metals (+3.84%) and aerospace and military industries (+3.59%) led the gains, while the education (-0.72%) and automobile (-0.66%) sectors lagged. There were more than 3,800 rising stocks and 70 daily limit stocks, indicating a good profit - making effect [5] - The daily and weekly lines maintained an upward trend, indicating short - term market strength, while the monthly line remained in an oscillatory state [5] - The trading volume of the A - share market dropped to around 1.5 trillion yuan, and the trading enthusiasm declined marginally [5] 3.3 Core Logic Summary - After the decline of major financial concepts, the market had new themes in July, and there were signs of divergence in the cyclical style. In August, with limited macro - level positives, investors should be defensive, especially in the first half of the month. In the medium - term, small - cap indices are expected to perform better [3] 3.4 Operation Suggestions - In futures operations, it is recommended to switch to a defensive state temporarily, choose to wait and see or conduct short - term long positions intraday. Buying on dips is a good opportunity, and IH - IM can be pre - arranged on the left side [4] - In options operations, the implied volatility of stock index options has decreased. During the narrow - range oscillation period, the cost - effectiveness of participating in options is not high, and it is recommended to wait for a second wave of rising volatility [4]

1. Report Industry Investment Rating - The report gives a "Bullish" rating for both coke and coking coal [1] 2. Core Views of the Report - With major macro - events settled this week and reduced uncertainties, the market will return to the industrial logic. For coking coal, the long - term agreement price of major mines in Shanxi has increased, the spot price is firm, the mine - end production recovery is slow, and downstream replenishment is enthusiastic. For coke, the fifth round of spot price increase has been implemented, and further price increase requires an increase in downstream steel prices. The demand for coke remains resilient, and the coking enterprise inventory is continuously decreasing [4] - Last week, the market dropped sharply due to exchange supervision and under - expected macro - events. The coking coal market may see a battle between long and short positions in the future, which will determine the short - term trend. It is recommended to move J09 and JM09 long positions to far - month contracts and hold them with a light position, and then add positions opportunistically [5] 3. Summary by Related Catalogs 3.1 Related News - In August, the railway long - term agreement prices of major mines in Shanxi increased. The price of main coking coal rose by 150 - 200 yuan/ton, fat coal by 200 yuan/ton, 1/3 coking coal by 150 yuan/ton, lean coal by 130 yuan/ton, gas coal by 150 yuan/ton, and meager lean coal by 130 yuan/ton [1] 3.2 Coking Coal 3.2.1 Price and Basis - The spot price of Mongolian No. 5 main coking coal was stable at 1150 yuan/ton, the active contract was at 1141 yuan/ton (+48.5), the basis was 29 yuan/ton (-48.5), and the September - January spread was - 135.5 yuan/ton (-28) [2] 3.2.2 Supply and Demand - The operating rate of 523 mines was 86.31% (-0.59), the operating rate of 110 coal washing plants was 61.51% (-0.8), and the production rate of 230 independent coking enterprises was 73.48% (-0.13) [2] 3.2.3 Inventory - The clean coal inventory of 523 mines was 248.26 million tons (-30.18), the clean coal inventory of coal washing plants was 166.38 million tons (-9.23), the inventory of 247 steel mills was 803.79 million tons (+4.28), the inventory of 230 coking enterprises was 844.06 million tons (+2.85), and the port inventory was 282.11 million tons (-10.23) [2] 3.3 Coke 3.3.1 Price and Basis - The price of quasi - first - grade coke at Tianjin Port was 1470 yuan/ton (+50), the fifth round of price increase was implemented. The active contract was at 1615 yuan/ton (+30), the basis was - 34 yuan/ton (+24), and the September - January spread was - 60.5 yuan/ton (-21.5) [3] 3.3.2 Supply and Demand - The production rate of 230 independent coking enterprises was 73.48% (-0.13), the capacity utilization rate of 247 steel mills was 90.24% (-0.57), and the daily average pig iron output was 240.71 million tons (-1.52) [3] 3.3.3 Inventory - The inventory of 230 coking enterprises was 46.52 million tons (-3.6), the inventory of 247 steel mills was 626.69 million tons (-13.29), and the port inventory was 215.1 million tons (+16.97) [3] 3.4 Strategy Recommendations - Move J09 and JM09 long positions to far - month contracts, hold them with a light position, and add positions opportunistically later [5]

Group 1: Report Industry Investment Ratings - The investment ratings for both sugar and cotton are "sideways" [1] Group 2: Core Views of the Report - Sugar: Affected by the consecutive drought from autumn to spring, the emergence and early growth of sugarcane in Guangxi are unfavorable, with the growth and number of plants shorter and fewer than the same period last year. Although the growth of sugar beets is generally good, recent heavy rainfall in the Inner Mongolia production area makes it prone to pests and diseases, which need to be prevented in advance. Internationally, the sugar production progress in Brazil and the growth of sugar crops in the Northern Hemisphere need to be continuously monitored [1] - Cotton: Most cotton production areas in China have entered the budding to flowering stage, with the growth progress 4 to 7 days ahead of previous years. According to the climate forecast of the China Meteorological Administration, the temperature in Xinjiang will continue to be high in July, and the number of high - temperature days will exceed the same period in previous years, posing a high risk of heat damage to cotton. Currently, the total cotton inventory is continuously decreasing, but the downstream market shows obvious off - season characteristics, and textile enterprises are cautious in raw material procurement. Therefore, the impact of weather changes and tariff uncertainties needs to be continuously monitored [1] Group 3: Data Summary 1. Price Data - **External Market Quotes**: From August 2, 2025, to August 3, 2025, the price of US sugar remained at $16.2, with a 0.00% change, and the price of US cotton remained at $66.42, with a 0.00% change [3] - **Spot Prices**: From August 1, 2025, to August 4, 2025, the price of sugar in Nanning remained at 6030.0, with a 0.00% change; the price of sugar in Kunming dropped from 5880.0 to 5865.0, a - 0.26% change; the cotton index 328 dropped from 3281 to 3280, a - 0.70% change; the price of cotton in Xinjiang dropped from 15400.0 to 15200.0, a - 1.30% change [3] 2. Spread Data - From August 2, 2025, to August 3, 2025, all spreads (SR01 - 05, SR05 - 09, etc.) and basis (sugar 01 basis, cotton 01 basis, etc.) remained unchanged, with a 0.00% change [3] 3. Import Price and Profit Data - From August 1, 2025, to August 4, 2025, the import price of cotton cotlookA remained at 78.5, with a 0.00% change, and the sugar import profit remained at 1597.0, with a 0.00% change [3] 4. Option Data - For options, the implied volatility of SR509C5700 is 0.0804, and the historical volatility of its futures underlying SR509 is 7.11; the implied volatility of SR509P5700 is 0.0795; the implied volatility of CF509C13600 is 0.1024, and the historical volatility of its futures underlying CF509 is 9.12; the implied volatility of CF509P13600 is 0.0983 [3] 5. Warehouse Receipt Data - From August 1, 2025, to August 4, 2025, the number of sugar warehouse receipts decreased from 19443.0 to 19373.0, a - 0.36% change, and the number of cotton warehouse receipts decreased from 8807.0 to 8684.0, a - 1.40% change [3] Group 4: Company Information - Xinda Futures Co., Ltd. is a limited - liability company specializing in domestic futures business. It is wholly - owned by Xinda Securities Co., Ltd., with a registered capital of 600 million RMB. It is one of the large - scale, standardized, and high - reputation futures companies in China. It is a full - settlement member of the China Financial Futures Exchange, a full - fledged member of the Shanghai Futures Exchange, Zhengzhou Commodity Exchange, and Dalian Commodity Exchange, a member of the Shanghai International Energy Exchange and Guangzhou Futures Exchange, an observer of the China Securities Association, and an observer member of the Asset Management Association of China [8]

Report Industry Investment Rating - The investment rating for crude oil is "sideways" [1] Core Viewpoints - The crude oil market is currently caught in a three - way tug - of - war among geopolitical disturbances, macroeconomic concerns, and weakening fundamentals. Short - term geopolitical risks, especially the US policy towards Russia after August 8, remain a major source of price fluctuations, but the premium caused by these risks has partially subsided and its sustainability is questionable. Macroeconomic recession fears have reignited, increasing market volatility and downside risks. The OPEC+ decision to maintain production increases, combined with the approaching end of the seasonal demand peak, will continue to exert pressure on the medium - term fundamentals. Without a major geopolitical supply disruption, time is more of a negative factor for the crude oil market, and the upside potential is limited [3] Summary by Related Catalogs Market Structure - The report presents the WTI, Brent, and SC forward curves and their respective monthly spreads, showing data from the latest, one - week ago, and two - week ago periods [10][14][16] Supply - The OPEC+ JMMC meeting confirmed a planned production increase of 547,000 barrels per day in September, which means the first - phase two - year复产 plan will be completed one year ahead of schedule. The current production increase is inappropriate given the weakening demand outlook. The US crude oil production, rig count, and North American active fracturing fleet numbers are also presented, along with the production of OPEC+ member countries. The US refinery operating rate and the operating rate of Shandong local refineries (atmospheric and vacuum distillation units) are shown as well [3][20][24] Demand - The report shows the production of crude oil from countries such as Russia, Mexico, Kazakhstan, Oman, Azerbaijan, and Malaysia, which reflects the supply situation from major producing countries and is related to the overall demand in the market [31] Inventory - Data on US crude oil inventories, including strategic petroleum reserves, commercial crude oil in the US, and commercial crude oil in Cushing, are presented. Additionally, the inventories of gasoline, aviation kerosene, and distillate fuel oil in the US are shown [27][29] Position/US Dollar - Information on WTI and Brent fund positions, including non - reportable long and short positions, as well as the total positions of WTI and Brent, is provided. The US dollar index is also presented [32][33]

徐浩然—有色分析师 从业资格证号：F03120971 联系电话：0571-28132578 邮箱：xuhaoran@cindasc.com 期货研究报告 商品研究 [Table_ReportType] 工业硅/多晶硅早报 走势评级： 工业硅：震荡 多晶硅：震荡 楼家豪—有色分析师 从业资格证号：F3080463 投资咨询证号：Z0018424 联系电话：0571-28132615 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 双硅大幅回落，供给侧改革情绪衰退 [Table_ReportDate] 报告日期： 2025 年 8 月 4 日 报告内容摘要: ◆相关咨询： 本次硅煤价格调涨，主要受成本、供给和需求三方面的共同 促动，使价格呈现 30-110 元/吨的小幅反弹，而对工业硅而言，按全煤工艺 计算，预计成本将增加 140-170 元/吨。 ◆基本面： 工业硅：现货价格方面，华东不通氧 553#硅在 9500-9600 元/吨，较上一交 易日持平。供给方面：6 月份工业硅产量再度抬升至 32.6 万吨，较 5 月提高 2w 吨，新疆地 ...

Report Industry Investment Rating - The trend ratings for both sugar and cotton are "sideways" [1] Core Viewpoints - Sugar: Affected by consecutive droughts from autumn to spring, the emergence and early growth of sugarcane in Guangxi are unfavorable, with the growth and plant number shorter and fewer compared to the same period last year. Beet growth is generally good, but recent heavy rainfall in Inner Mongolia may lead to pests and diseases. Internationally, the sugar production progress in Brazil and the growth of sugar crops in the Northern Hemisphere need to be monitored [1] - Cotton: Most cotton - growing areas in China have entered the budding to flowering stage, with the growth progress 4 to 7 days ahead of previous years. In July, Xinjiang is expected to have higher - than - normal temperatures, posing a high risk of heat damage to cotton. Although the total cotton inventory is decreasing, the downstream market shows off - season characteristics, and textile enterprises are cautious in raw material procurement. Weather changes and tariff uncertainties need continuous attention [1] Data Summary 1. Price Data - **External Market Quotes**: On August 2, 2025, the price of US sugar was 16.2 dollars, and on August 3, 2025, it remained at 16.2 dollars, with a 0.00% change. The price of US cotton was 66.42 dollars on both August 2 and 3, 2025, with a 0.00% change [3] - **Spot Prices**: From July 31 to August 1, 2025, the price of sugar in Nanning remained at 6030.0, with a 0.00% change; the price of sugar in Kunming dropped from 5900.0 to 5880.0, a - 0.34% change. The cotton index 328 decreased from 3281 to 3280, a - 0.42% change, while the price of cotton in Xinjiang increased from 15350.0 to 15400.0, a 0.33% change [3] 2. Spread Data - From August 2 to 3, 2025, the spreads of SR01 - 05, SR05 - 09, SR09 - 01, CF01 - 05, CF05 - 09, and CF09 - 01 all had 0.00% changes. The basis of sugar 01, 05, 09 and cotton 01, 05, 09 also remained unchanged with 0.00% changes [3] 3. Import - related Data - From July 31 to August 1, 2025, the import price of cotton cotlookA increased from 77.95 to 78.5, a 0.71% change. The sugar import profit remained at 1606.0, with a 0.00% change [3] 4. Option Data - For options, the implied volatility of SR509C5700 is 0.0804, and the historical volatility of its futures underlying SR509 is 7.11. The implied volatility of SR509P5700 is 0.0795. The implied volatility of CF509C13600 is 0.1024, and the historical volatility of its futures underlying CF509 is 9.12. The implied volatility of CF509P13600 is 0.0983 [3] 5. Warehouse Receipt Data - From July 31 to August 1, 2025, the number of sugar warehouse receipts decreased from 19473.0 to 19443.0, a - 0.15% change, and the number of cotton warehouse receipts decreased from 8940.0 to 8807.0, a - 1.49% change [3] Company Information - The report is produced by Cinda Futures Co., Ltd., a large - scale domestic futures company with a registered capital of 600 million RMB, wholly - owned by Cinda Securities Co., Ltd. It holds various memberships in multiple exchanges and associations [2][8]