1. Report Industry Investment Rating - The report gives a bullish rating for both coke and coking coal [1] 2. Core Viewpoints of the Report - The Politburo meeting emphasized capacity governance in key industries and the regulation of disorderly competition. Some long - position funds took early profit due to previous under - performing policies and over - hyped expectations. The Sino - US trade talks extended the tariff suspension period by 90 days. The market trend on Thursday and Friday after important events will affect the subsequent strength. Although the market dipped after the Politburo meeting announcement on Wednesday, it rebounded. The market continued to decline on Thursday, with coking coal hitting the daily limit down, and it's still uncertain whether it has stabilized. After the major uncertainty is removed, the market will trade based on the long - term logic [4] - For coking coal, mine production declined, downstream restocking enthusiasm was high, and spot transaction rates were at a high level. Mine inventories were continuously transferred to downstream, and steel mills' restocking speeded up slightly this week. For coke, after the third and fourth rounds of price increases were quickly implemented, the fifth round was postponed, but the expectation of further price increases remained. High blast furnace profits supported coke demand [4] - Considering the coking coal's recent trends and positions, short - term funds that entered the market after the 23rd are likely to be stopped out. The current position has dropped significantly, and the price has almost returned to the level before the 23rd. The coking coal's trend in recent days is crucial for determining the future price direction. After the market sentiment is released, the profit distribution logic in the industrial chain will be traded. After coking coal hit the daily limit down on Thursday, the black - commodity sector rebounded at night, indicating a warming sentiment. The short - term market will fluctuate widely. It is recommended to hold long positions in J09 and JM09 lightly, shift positions to the January contract as long - positions dominate the shift, and decide whether to increase positions after the outcome of the long - short battle is clear [4][5] 3. Summaries According to Relevant Catalogs Coking Coal Supply and Demand - Supply decreased slightly while demand increased. The operating rate of 523 mines was 86.9% (+0.83), and that of 110 coal - washing plants was 61.51% (-0.8). The production rate of 230 independent coking enterprises was 73.61% (+0.71) [2] Inventory - Upstream inventory decreased while downstream inventory increased. The clean coal inventory of 523 mines was 278.44 million tons (-60.63), and that of coal - washing plants was 175.61 million tons (-15.93). The inventory of 247 steel mills was 799.51 million tons (+8.41), and that of 230 coking enterprises was 841.21 million tons (+51.02). The port inventory was 292.34 million tons (-29.16) [2] Spot Price and Spread - The spot price of Mongolian 5 coking coal was 1150 yuan/ton (-0), and the active contract price was 1045.5 yuan/ton (-71.5). The basis was +124.5 yuan/ton (+71.5), and the 9 - 1 month spread was -89.5 yuan/ton (+26) [1] Coke Supply and Demand - Demand remained high, and supply increased slightly. The production rate of 230 independent coking enterprises was 73.61% (+0.71). The capacity utilization rate of 247 steel mills was 90.81% (-0.08), and the daily average pig iron output was 242.23 million tons (-0.21) [3] Inventory - Upstream inventory decreased while downstream inventory increased. The inventory of 230 coking enterprises was 50.12 million tons (-5.43), that of 247 steel mills was 639.98 million tons (+0.99), and the port inventory was 198.13 million tons (-0.98) [3] Spot Price, Spread and Profit - The price of quasi - first - grade coke at Tianjin Port was 1420 yuan/ton (+0). Some regions initiated the fifth round of price increases, and the active contract price was 1601 yuan/ton (-75.5). The basis was -74 yuan/ton (+75.5), and the 9 - 1 month spread was -53.5 yuan/ton (+10) [3]

商品研究 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 请务必阅读正文之后的免责条款 1 | 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 受美棉出口数据压制，棉花震荡调整 [T报ab告le日_R期ep：ortDate] 2025-08-01 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 ...

-------------------- 商品研究 -------------------- [Table_ReportType] 煤焦早报 ----------------- 期 走势评级： 焦炭——看涨 焦煤——看涨 刘开友—黑色研究员 从业资格证号：F03087895 投资咨询证号：Z0019509 联系电话：0571-28132535 邮箱：liukaiyou@cindasc.com 信达期货股份有限公司 CINDAFUTURESCO.LTD 杭州市萧山区钱江世纪城天人大厦19-20楼 邮编：311200 宏观事件落定，情绪逐步回归，关注盘面博弈结果 报告内容摘要: 报告日期： [Table_ReportDate] 2025 年 7 月 31 日 [Table_Summary] 相关资讯： 焦煤： 现货偏强，期货宽幅震荡。蒙 5#主焦煤报 1150 元/吨(-0)，现货回落。活跃合约报 1117 元/吨(-3.5)。基差+53 元/吨(+3.5)，9-1 月差-115.5 元/吨（-21.5）。 供给小幅回落，需求有所回升。523 家矿山开工率报 86.9%（+0.83），110 家洗煤 厂开工率报 ...

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 受巴西产量强劲压制，白糖震荡调整 [T报ab告le日_R期ep：ortDate] 2025-07-31 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 ...

Report Industry Investment Rating - Sugar: Swing [1] - Cotton: Swing [1] Core View of the Report - Sugar: Affected by the continuous drought from autumn to spring, the emergence and early growth of sugarcane in Guangxi are unfavorable, with the growth and plant number shorter and fewer than the same period last year. The growth of sugar beets is generally good, but there has been excessive rainfall in the Inner Mongolia production area recently, which is prone to pests and diseases and requires early prevention and control. 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 - growing 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 remain high in July, and the number of high - temperature days will exceed the same period in previous years, exposing cotton to a high risk of heat damage. 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]. Summary based on Related Catalogs Data Overview 1. Foreign Market Quotes - US sugar (USD): On July 28, 2025, it was 16.43, and on July 29, 2025, it was 16.56, with a growth rate of 0.79% [3]. - US cotton (USD): On July 28, 2025, it was 68.3, and on July 29, 2025, it was 67.66, with a decline rate of - 0.94% [3]. 2. Spot Prices - Sugar (Nanning): It remained at 6050.0 from July 28 to July 29, 2025, with a growth rate of 0.00% [3]. - Sugar (Kunming): It remained at 5915.0 from July 28 to July 29, 2025, with a growth rate of 0.00% [3]. - Cotton Index 328: On July 28, 2025, it was 3281, and on July 29, 2025, it was 3280, with a decline rate of - 0.19% [3]. - Cotton (Xinjiang): On July 28, 2025, it was 15400.0, and on July 29, 2025, it was 15450.0, with a growth rate of 0.32% [3]. 3. Spread Overview - SR01 - 05: On July 28, 2025, it was 62.0, and on July 29, 2025, it was 61.0, with a decline rate of - 1.61% [3]. - SR05 - 09: On July 28, 2025, it was - 205.0, and on July 29, 2025, it was - 197.0, with a decline rate of - 3.90% [3]. - SR09 - 01: On July 28, 2025, it was 143.0, and on July 29, 2025, it was 136.0, with a decline rate of - 4.90% [3]. - CF01 - 05: On July 28, 2025, it was 65.0, and on July 29, 2025, it was 60.0, with a decline rate of - 7.69% [3]. - CF05 - 09: On July 28, 2025, it was - 75.0, and on July 29, 2025, it was 40.0, with a decline rate of - 153.33% [3]. - CF09 - 01: On July 28, 2025, it was 10.0, and on July 29, 2025, it was - 100.0, with a decline rate of - 1100.00% [3]. - Sugar 01 basis: On July 28, 2025, it was 213.0, and on July 29, 2025, it was 184.0, with a decline rate of - 13.62% [3]. - Sugar 05 basis: On July 28, 2025, it was 275.0, and on July 29, 2025, it was 245.0, with a decline rate of - 10.91% [3]. - Sugar 09 basis: On July 28, 2025, it was 70.0, and on July 29, 2025, it was 48.0, with a decline rate of - 31.43% [3]. - Cotton 01 basis: On July 28, 2025, it was 1544.0, and on July 29, 2025, it was 1555.0, with a growth rate of 0.71% [3]. - Cotton 05 basis: On July 28, 2025, it was 1609.0, and on July 29, 2025, it was 1615.0, with a growth rate of 0.37% [3]. - Cotton 09 basis: On July 28, 2025, it was 1534.0, and on July 29, 2025, it was 1655.0, with a growth rate of 7.89% [3]. 4. Import Prices - Cotton cotlookA: It remained at 78.7 from July 28 to July 29, 2025, with a growth rate of 0.00% [3]. 5. Profit Margins - Sugar import profit: It remained at 1600.5 from July 28 to July 29, 2025, with a growth rate of 0.00% [3]. 6. Options - SR509C5900: Implied volatility is 0.1005, and the futures underlying is SR509, with a historical volatility of 6.73 [3]. - SR509P5900: Implied volatility is 0.0997 [3]. - CF509C14000: Implied volatility is 0.1358, and the futures underlying is CF509, with a historical volatility of 8.71 [3]. - CF509P14000: Implied volatility is 0.1332 [3]. 7. Warehouse Receipts (sheets) - Sugar: On July 28, 2025, it was 20150.0, and on July 29, 2025, it was 19746.0, with a decline rate of - 2.00% [3]. - Cotton: On July 28, 2025, it was 9226.0, and on July 29, 2025, it was 9156.0, with a decline rate of - 0.76% [3]. Company Information - Cinda Futures Co., Ltd. is a limited liability company specializing in domestic futures business. It is wholly - owned by Cinda 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].

1. Report Industry Investment Rating - The report gives a bullish rating for both coke and coking coal [1] 2. Core Viewpoints - Recently, the Sino - US trade talks have made new progress, and the two sides have extended the tariff suspension period by 90 days. Due to previous policies falling short of expectations and over - hyped recent expectations, some long - position funds may take early profits. The market focuses on anti - involution in this meeting. If there is more incremental information, the anti - involution hype may continue. After the Dalian Commodity Exchange lowered the trading limit of coking coal on Friday, the coking coal market saw a sharp fall at night, with signs of long - position stampede. Short - term macro uncertainties increase, and the market is likely to experience significant volatility. If long - position investors leave the market on a large scale, coking coal may be weak in the future; if there is a stalemate between long and short positions and the market can oscillate at a high level, coking coal is still expected to reach new highs after the emotional release [4] - In terms of coking coal, the mine - end production recovery is slow, while downstream replenishment enthusiasm is high, and spot transactions remain at a high level. Mines' inventories are continuously transferred to downstream. Although steel mills' replenishment speed is slower than that of coke enterprises, it has slightly accelerated this week. For coke, the third and fourth rounds of spot price increases are expected to be quickly implemented next week, and the expectation of further price increases remains. Although blast furnace profits have slightly declined, they are still at a relatively high level, and coke demand remains resilient [5] - Based on the recent trends and positions of coking coal, from the 21st to the 22nd, the exit of short - position investors accelerated the market, and from the 23rd to the 25th, long - position investors further pushed up the market. It is possible that the long - position investors who entered the market after the 23rd are new short - term funds and are most likely to be stopped out. Currently, the price has basically returned to the gap area on the 23rd, erasing the gains from last Wednesday to Friday. Recently, the coal - coke market rebounded, and it is recommended to hold long positions in J09 and JM09 lightly and make further decisions after the outcome of the long - short tug - of war becomes clear [6] 3. Summary by Relevant Catalogs 3.1 Coking Coal 3.1.1 Supply and Demand - Supply: The operating rate of 523 mines was reported at 86.9% (+0.83), and the operating rate of 110 coal washing plants was reported at 62.31% (-0.54) [2] - Demand: The production rate of 230 independent coke enterprises was reported at 73.61% (+0.71) [2] 3.1.2 Inventory - Upstream inventory decreased: The clean coal inventory of 523 mines was reported at 2.7844 million tons (-606,300 tons), and the clean coal inventory of coal washing plants was 1.7561 million tons (-159,300 tons) [2] - Downstream inventory increased: The inventory of 247 steel mills was 7.9951 million tons (+84,100 tons), and the inventory of 230 coke enterprises was 8.4121 million tons (+510,200 tons). Port inventory was 2.9234 million tons (-291,600 tons) [2] 3.1.3 Spot Price and Spread - Spot price: Mongolian 5 coking coal was reported at 1,150 yuan/ton (-93 yuan), and the active contract was reported at 1,120.5 yuan/ton (+20 yuan) [2] - Basis: The basis was +49.5 yuan/ton (-113 yuan), and the September - January spread was -94 yuan/ton (-14.5 yuan) [2] 3.2 Coke 3.2.1 Supply and Demand - Supply: The production rate of 230 independent coke enterprises was reported at 73.61% (+0.71) [3] - Demand: The capacity utilization rate of 247 steel mills was reported at 90.81% (-0.08), and the daily average pig iron output was 2.4223 million tons (-21,000 tons) [3] 3.2.2 Inventory - Upstream inventory decreased: The inventory of 230 coke enterprises was 501,200 tons (-54,300 tons) [3] - Downstream inventory increased: The inventory of 247 steel mills was 6.3998 million tons (+9,900 tons), and port inventory was 1.9813 million tons (-9,800 tons) [3] 3.2.3 Spot Price, Spread and Profit - Spot price: The quasi - first - grade coke at Tianjin Port was reported at 1,420 yuan/ton (+50 yuan), and the active contract was reported at 1,633 yuan/ton (+24.5 yuan) [3] - Basis: The basis was -106 yuan/ton (+29.26 yuan), and the September - January spread was -57.5 yuan/ton (-15.5 yuan) [3] - Profit: Although blast furnace profits have slightly declined, they are still at a relatively high level, and coke demand remains resilient [5]

Report Industry Investment Rating - The investment rating for both sugar and cotton is "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 number of plants shorter and fewer than the same period last year. The growth of sugar beets is generally good, but there has been excessive rainfall in the Inner Mongolia production area recently, which is prone to pests and diseases and requires early prevention. Internationally, the progress of sugar production 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, exposing cotton to a high risk of heat damage. 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] Data Summary Price Data - **Outer - market Quotes**: From July 27 to 28, 2025, the price of US sugar increased by 0.92% from 16.28 to 16.43 US dollars, and the price of US cotton increased by 0.10% from 68.23 to 68.3 US dollars [3] - **Spot Prices**: From July 25 to 28, 2025, the price of sugar in Nanning remained unchanged at 6050.0 yuan, the price of sugar in Kunming decreased by 0.08% from 5920.0 to 5915.0 yuan, the cotton index 328 decreased by 0.39% from 3281 to 3280, and the price of cotton in Xinjiang decreased by 0.32% from 15450.0 to 15400.0 yuan [3] Spread Data - From July 27 to 28, 2025, most sugar and cotton spreads showed a downward trend, with the SR09 - 01 spread decreasing by 15.88% and the CF09 - 01 spread decreasing by 81.82%. However, the basis of sugar 09 and cotton 01, 05, 09 showed an upward trend, with the basis of sugar 09 increasing by 59.09% [3] Import and Profit Data - From July 25 to 28, 2025, the import price of cotton cotlookA remained unchanged at 79.2, and the import profit of sugar remained unchanged at 1641.5 [3] Option and Volatility Data - The implied volatility of SR509C5800 is 0.0868, and the historical volatility of its futures underlying SR509 is 6.89; the implied volatility of CF509C14000 is 0.1383, and the historical volatility of its futures underlying CF509 is 8.52 [3] Warehouse Receipt Data - From July 25 to 28, 2025, the number of sugar warehouse receipts decreased by 2.38% from 20642.0 to 20150.0, and the number of cotton warehouse receipts decreased by 0.42% from 9265.0 to 9226.0 [3] Company Information - The report is produced 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 high - reputation futures company in China, with memberships in multiple exchanges and observer status in relevant associations [8]

1. Report Industry Investment Rating - The trend rating for coke is bullish, and for coking coal is also bullish [1] 2. Core Views of the Report - In the short - term, macro uncertainties increase and market sentiment fluctuates greatly. Next week, the market is likely to experience significant volatility. If bulls exit en masse, coking coal may be weak in the coming period; if there is a stalemate between bulls and bears and the price can oscillate at a high level, coking coal is still expected to reach a new high after the sentiment is released [4] - For coking coal, the mine - end production resumes slowly, downstream replenishment enthusiasm is high, and spot transactions remain at a high level. Mines' inventory is continuously transferred to downstream. For coke, the fourth round of price increase is likely to be implemented soon, and there are still expectations for further price increases. The demand for coke remains resilient [3][4] 3. Summaries According to Relevant Catalogs 3.1 Coking Coal 3.1.1 Spot and Futures - Spot is strong, futures decline. Mongolian 5 prime coking coal is reported at 1,200 yuan/ton (unchanged), the active contract is reported at 1,100.5 yuan/ton (-158.5). The basis is +119.5 yuan/ton (+118.5), and the 9 - 1 month spread is -79.5 yuan/ton (-20) [1] 3.1.2 Supply and Demand - Both supply and demand increase slightly. The operating rate of 523 mines is reported at 86.9% (+0.83), the operating rate of 110 coal washing plants is reported at 62.31% (-0.54), and the productivity of 230 independent coking enterprises is reported at 73.61% (+0.71) [2] 3.1.3 Inventory - Upstream destocks, downstream restocks. The clean coal inventory of 523 mines is reported at 278.44 million tons (-60.63), the clean coal inventory of coal washing plants is 175.61 million tons (-15.93). The inventory of 247 steel mills is 799.51 million tons (+8.41), the inventory of 230 coking enterprises is 841.21 million tons (+51.02), and the port inventory is 292.34 million tons (-29.16) [2] 3.2 Coke 3.2.1 Spot and Futures - Spot prices are expected to rise, futures decline. Tianjin Port's quasi - first - grade coke is reported at 1,370 yuan/ton (unchanged), and the fourth round of price increase is likely to be implemented soon. The active contract is reported at 1,763 yuan/ton (+28). The basis is -135 yuan/ton (+154.5), and the 9 - 1 month spread is -42 yuan/ton (+6) [3] 3.2.2 Supply and Demand - Demand remains high, supply increases slightly. The productivity of 230 independent coking enterprises is reported at 73.61% (+0.71). The capacity utilization rate of 247 steel mills is reported at 90.81% (-0.08), and the average daily pig iron output is 242.23 million tons (-0.21) [3] 3.2.3 Inventory - Upstream destocks, downstream restocks. The inventory of 230 coking enterprises is 50.12 million tons (-5.43), the inventory of 247 steel mills is 639.98 million tons (+0.99), and the port inventory is 198.13 million tons (-0.98) [3] 3.3 Strategy Recommendations - Hold J09 and JM09 long positions lightly this week and wait for the price to stabilize before re - entering the market [4][5]

1. Report Industry Investment Rating - Sugar: Oscillation [1] - Cotton: Oscillation [1] 2. Core Views of the Report - Sugar: Affected by the continuous 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. The growth of sugar beets is generally good, but there has been excessive rainfall in the Inner Mongolia production area recently, which is prone to pests and diseases and requires early prevention. Internationally, it is necessary to continue to monitor the sugar production progress in Brazil and the growth of sugar crops in the Northern Hemisphere [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 remain 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. Textile enterprises are cautious in raw material procurement. Therefore, it is necessary to continuously monitor the impact of weather changes and tariff uncertainties [1]. 3. Summary According to the Data Directory 3.1 Outer Market Quotes - US sugar (in dollars): The price decreased from 16.57 on July 24, 2025, to 16.28 on July 25, 2025, with a decline of 1.75% [3]. - US cotton (in dollars): The price decreased from 68.74 on July 24, 2025, to 68.23 on July 25, 2025, with a decline of 0.74% [3]. 3.2 Spot Prices - Sugar (Nanning): The price remained at 6050.0 from July 24 to 25, 2025, with a 0.00% change [3]. - Sugar (Kunming): The price increased from 5910.0 on July 24, 2025, to 5920.0 on July 25, 2025, with an increase of 0.17% [3]. - Cotton Index 328: The price decreased from 3281 on July 24, 2025, to 3280 on July 25, 2025, with a decline of 0.09% [3]. - Cotton (Xinjiang): The price increased from 15400.0 on July 24, 2025, to 15450.0 on July 25, 2025, with an increase of 0.32% [3]. 3.3 Spread Overview - SR01 - 05: The spread increased from 53.0 on July 24, 2025, to 63.0 on July 25, 2025, with an increase of 18.87% [3]. - SR05 - 09: The spread increased from - 251.0 on July 24, 2025, to - 233.0 on July 25, 2025, with a decline of 7.17% [3]. - SR09 - 01: The spread decreased from 198.0 on July 24, 2025, to 170.0 on July 25, 2025, with a decline of 14.14% [3]. - CF01 - 05: The spread remained at 75.0 from July 24 to 25, 2025, with a 0.00% change [3]. - CF05 - 09: The spread increased from - 170.0 on July 24, 2025, to - 130.0 on July 25, 2025, with a decline of 23.53% [3]. - CF09 - 01: The spread decreased from 95.0 on July 24, 2025, to 55.0 on July 25, 2025, with a decline of 42.11% [3]. - Sugar 01 basis: The basis decreased from 242.0 on July 24, 2025, to 214.0 on July 25, 2025, with a decline of 11.57% [3]. - Sugar 05 basis: The basis decreased from 295.0 on July 24, 2025, to 277.0 on July 25, 2025, with a decline of 6.10% [3]. - Sugar 09 basis: The basis remained at 44.0 from July 24 to 25, 2025, with a 0.00% change [3]. - Cotton 01 basis: The basis decreased from 1498.0 on July 24, 2025, to 1434.0 on July 25, 2025, with a decline of 4.27% [3]. - Cotton 05 basis: The basis decreased from 1573.0 on July 24, 2025, to 1509.0 on July 25, 2025, with a decline of 4.07% [3]. - Cotton 09 basis: The basis decreased from 1403.0 on July 24, 2025, to 1379.0 on July 25, 2025, with a decline of 1.71% [3]. 3.4 Import Prices - Cotton cotlookA: The price increased from 78.7 on July 24, 2025, to 79.2 on July 25, 2025, with an increase of 0.64% [3]. 3.5 Profit Margins - Sugar import profit: The profit remained at 1582.0 from July 24 to 25, 2025, with a 0.00% change [3]. 3.6 Options - SR509C5900: Implied volatility is 0.1037, and the futures underlying is SR509 with a historical volatility of 6.95 [3]. - SR509P5900: Implied volatility is 0.1111 [3]. - CF509C14200: Implied volatility is 0.1531, and the futures underlying is CF509 with a historical volatility of 8.6 [3]. - CF509P14200: Implied volatility is 0.1511 [3]. 3.7 Warehouse Receipts (in pieces) - Sugar: The number of warehouse receipts decreased from 20940.0 on July 24, 2025, to 20642.0 on July 25, 2025, with a decline of 1.42% [3]. - Cotton: The number of warehouse receipts decreased from 9337.0 on July 24, 2025, to 9265.0 on July 25, 2025, with a decline of 0.77% [3]. 4. Company Information - The report is from Cinda Futures Co., Ltd., a limited - liability company specializing in domestic futures business. It is wholly - owned by Cinda Securities Co., Ltd., with a registered capital of 600 million RMB. It has various memberships in multiple futures exchanges and is an observer of relevant associations [8].

情绪退潮，焦炭四轮提涨有望落地，多单减仓 -------------------- 商品研究 -------------------- [Table_ReportType] 煤焦早报 ----------------- 期 走势评级： 焦炭——看涨 焦煤——看涨 刘开友—黑色研究员 从业资格证号：F03087895 投资咨询证号：Z0019509 联系电话：0571-28132535 邮箱：liukaiyou@cindasc.com 信达期货股份有限公司 CINDAFUTURESCO.LTD 杭州市萧山区钱江世纪城天人大厦19-20楼 邮编：311200 报告内容摘要: 报告日期： [Table_ReportDate] 2025 年 7 月 28 日 [Table_Summary] 相关资讯： 1. 大商所发布，经研究决定，自 2025 年 7 月 29 日交易时（即 7 月 28 日夜盘交易小 节时）起，非期货公司会员或者客户在焦煤期货 JM2509 合约上单日开仓量不得超 过 500 手，在焦煤期货其他合约上单日开仓量不得超过 2,000 手。 焦煤： 现货上调，期货偏强。蒙 5#主焦煤报 1200 元/ ...