1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The Wind Commodity Index rose 1.37%. Different sub - indexes showed various trends, with the Wind Coal - Coking - Steel - Ore Index surging 11.3% and the Wind Non - metallic Building Materials Index soaring 19.41%, while the Wind Agricultural and Sideline Products Index dropped 3.22% [4]. - Most commodity varieties rose this week. For example, the coking coal index soared 36.04%, and the glass index jumped 25.51%, while the container shipping European line index tumbled 6.98% [7]. - From the perspective of positions, the total commodity positions decreased slightly this week. Some varieties like stainless steel, Shanghai tin, and live pigs had a relatively high increase in positions. Currently, the position percentiles of coking coal, hot - rolled coil, and soybean meal are above 90% [8]. - In terms of volatility, the volatility percentiles of glass and industrial silicon are above 90%, while those of many other varieties are below 10% [8]. - Regarding the basis, some futures like red dates and polyethylene have a large discount, while glass and manganese silicon have a large premium [8]. - The market is in the stage of incremental capital entry. Capital inflows are prominent in coking coal, lithium carbonate, etc., indicating increased short - term divergence. Capital outflows are significant in iron ore, soda ash, etc., suggesting reduced short - term divergence [9]. - The net positions of some varieties are consistently long, indicating a long - term bullish view; some are consistently short, indicating a long - term bearish view. Some varieties' net position changes turn long or short, reflecting short - term views [10]. 3. Summary According to Relevant Catalogs 3.1 Plate and Variety Price Changes - **Plate Changes**: The Wind Commodity Index rose 1.37%, the Wind Precious Metals Index rose 0.76%, the Wind Non - ferrous Metals Index fell 1.77%, the Wind Coal - Coking - Steel - Ore Index soared 11.3%, the Wind Energy Index fell 0.3%, the Wind Chemical Index soared 7.14%, the Wind Non - metallic Building Materials Index soared 19.41%, the Wind Oilseeds and Oils Index fell 1.51%, the Wind Soft Commodities Index rose 0.7%, the Wind Grains Index fell 0.55%, and the Wind Agricultural and Sideline Products Index fell 3.22% [4]. - **Variety Changes**: Most varieties rose. Coking coal, glass, soda ash, polysilicon, and coke indexes had significant increases, while the container shipping European line index, rapeseed meal index, etc. declined [7]. 3.2 Strategy Signals - Different varieties have different operation suggestions based on factors such as volatility percentile, position percentile, and technical analysis. For example, for precious metals, Shanghai silver suggests holding long positions, and Shanghai gold suggests waiting and seeing. Many varieties in different sectors like non - ferrous metals, black metals, energy, chemicals, and agricultural products also have corresponding long - holding, short - holding, or waiting - and - seeing suggestions [8]. 3.3 Capital Tracking - **Precipitated Capital**: Varieties with more precipitated capital include Shanghai gold, Shanghai silver, Shanghai copper, soybean meal, and iron ore, indicating greater long - term market interest. Those with less precipitated capital include early indica rice, japonica rice, etc., indicating lower long - term market interest [9]. - **Capital Flow**: Capital inflows are prominent in coking coal, lithium carbonate, Shanghai gold, etc., suggesting increased short - term divergence. Capital outflows are significant in iron ore, soda ash, etc., suggesting reduced short - term divergence [9]. 3.4 Member Positions - **Net Positions**: Some varieties have consistent long - term net long positions (e.g., Shanghai silver, Shanghai gold), and some have consistent long - term net short positions (e.g., glass, soda ash). - **Net Position Changes**: Some varieties' net position changes turn long (e.g., Shanghai gold, Shanghai aluminum), and some turn short (e.g., iron ore, coke), reflecting short - term market views [10].

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 current market is mainly influenced by domestic macro - policies. The release of the Politburo meeting announcement and the expiration of overseas tariff extension on August 12 are important time nodes. The supply - side policies of traditional industries are emerging, and the expectation of infrastructure driving economic growth is strengthened. The market sentiment is high, and it should be treated with a bullish mindset in the short term, but also beware of callback risks if the market accelerates [4] - For coking coal, the resumption of mining operations is less than expected, while downstream replenishment enthusiasm is high. The inventory is continuously transferred from mines to downstream. For coke, the second - round price increase has been implemented, and the third - round is expected to be implemented soon. The demand for coke is strong, and the overall supply - demand gap is widening [4] 3. Summaries According to Relevant Catalogs Coking Coal Supply and Demand - The resumption of mining operations is less than expected. The operating rate of 523 mines is 86.07% (+0.55), and the operating rate of 110 coal washing plants is 62.31% (-0.54). The production rate of 230 independent coking enterprises is 73.61% (+0.71) [2] Inventory - Upstream inventory is decreasing, and downstream inventory is increasing. The refined coal inventory of 523 mines is 339.07 million tons (-38.11), the refined coal inventory of coal washing plants is 191.54 million tons (-5.53), the inventory of 247 steel mills is 791.1 million tons (+8.17), the inventory of 230 coking enterprises is 790.19 million tons (+37.75), and the port inventory is 321.5 million tons (-0.14) [2] Spot Price and Spread - The price of Mongolian 5 coking coal is 1029 yuan/ton (+0), the active contract price is 1198.5 yuan/ton (+63), the basis is - 149.5 yuan/ton (-63), and the 9 - 1 monthly spread is - 66 yuan/ton (-6) [1] Coke Supply and Demand - The demand has increased more than expected, and the supply - demand gap has widened. The production rate of 230 independent coking enterprises is 73.61% (+0.71), the capacity utilization rate of 247 steel mills is 90.89% (+0.99), and the daily average pig iron output is 242.44 million tons (+2.63) [3] Inventory - Upstream inventory is decreasing, and downstream inventory is increasing. The inventory of 230 coking enterprises is 55.55 million tons (-4.03), the inventory of 247 steel mills is 638.99 million tons (+1.19), and the port inventory is 199.11 million tons (-0.97) [3] Spot Price, Spread and Profit - The price of quasi - first - grade coke at Tianjin Port is 1320 yuan/ton (+0), the active contract price is 1735 yuan/ton (+27.5), the basis is - 316 yuan/ton (-27.5), and the 9 - 1 monthly spread is - 50.5 yuan/ton (-15). The second - round price increase has been implemented, and the third - round is expected to be implemented soon [3] Strategy Recommendations - In general, take a bullish approach in the short term, but beware of callback risks if the market accelerates. For coking coal, the resumption of mining operations is less than expected, and downstream replenishment is active. For coke, the second - round price increase has been implemented, and the third - round is expected to be implemented soon. If steel prices continue to rise, the industrial chain profit is expected to be transmitted upstream [4]

1. Report Industry Investment Rating - The report gives a bullish rating for both coke and coking coal [1] 2. Core Viewpoints - The current market is mainly influenced by domestic macro - policies. The release of the Politburo meeting notice and the expiration of overseas tariff extension on August 12 are important time points. In the short - term, a bullish approach is recommended, but beware of callback risks if the market accelerates [5] - For coking coal, mine production recovery is slow, while downstream replenishment enthusiasm is high. Inventory is shifting from mines to downstream. For coke, the first round of price increase has been implemented, and there is still an expectation of further increases. The overall supply - demand of coke is tight, and if steel prices continue to rise, industrial chain profits may be transmitted upstream [6] - The news of the National Energy Administration's verification of coal mine over - production has heated up the market. The market sentiment is positive, and the monthly spread has started to go into positive arbitrage, indicating a reversal of industrial expectations [7] 3. Summary by Related Catalogs 3.1 Coking Coal 3.1.1 Market Conditions - Spot prices have increased, and futures are rising rapidly. Mongolian 5 prime coking coal is reported at 1029 yuan/ton (+0), and the active contract is reported at 1135.5 yuan/ton (+87). The basis is - 86.5 yuan/ton (-87), and the September - January spread is - 60 yuan/ton (+28.5) [2] 3.1.2 Supply - Mine production recovery is below expectations. The operating rate of 523 mines is reported at 86.07% (+0.55), and the operating rate of 110 coal washing plants is reported at 62.85% (+0.53) [2] 3.1.3 Demand - The productivity of 230 independent coking enterprises is reported at 72.9% (+0.18), showing flat demand [2] 3.1.4 Inventory - Upstream inventory is decreasing, and downstream inventory is increasing. The clean coal inventory of 523 mines is reported at 339.07 million tons (-38.11), the clean coal inventory of coal washing plants is 191.54 million tons (-5.53), the inventory of 247 steel mills is 791.1 million tons (+8.17), the inventory of 230 coking enterprises is 790.19 million tons (+37.75), and the port inventory is 321.5 million tons (-0.14) [3] 3.2 Coke 3.2.1 Market Conditions - Spot prices have increased, and futures are rising rapidly. The quasi - first - grade coke in Tianjin Port is reported at 1320 yuan/ton (+50), and the active contract is reported at 1707.5 yuan/ton (+10). The basis is - 288 yuan/ton (+43.76), and the September - January spread is - 35.5 yuan/ton (+19) [4] 3.2.2 Supply - The productivity of 230 independent coking enterprises is reported at 72.9% (+0.18), and supply recovery is limited due to high raw material costs and delayed price increases [4][6] 3.2.3 Demand - Demand has increased more than expected, and the supply - demand gap has widened. The capacity utilization rate of 247 steel mills is reported at 90.89% (+0.99), and the daily average pig iron output is 242.44 million tons (+2.63) [4] 3.2.4 Inventory - Upstream inventory is decreasing, and downstream inventory is increasing. The inventory of 230 coking enterprises is 55.55 million tons (-4.03), the inventory of 247 steel mills is 638.99 million tons (+1.19), and the port inventory is 199.11 million tons (-0.97) [4]

Report Industry Investment Rating - Sugar: Sideways [1] - Cotton: Sideways [1] Core Viewpoints of the Report - Sugar: Affected by the continuous drought from autumn to spring, the emergence and early growth of sugarcane in Guangxi were 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 may lead to pests and diseases and requires early prevention. Internationally, attention should continue to be paid to the sugar production progress in Brazil 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, with the growth progress 4 to 7 days earlier than in 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 decreasing, but the downstream market shows obvious off - season characteristics, and textile enterprises are cautious in raw material procurement. Therefore, attention should be paid to the impact of weather changes and tariff uncertainties [1]. Summary by Relevant Catalogs Data Overview 1. Foreign Market Quotes - US sugar (USD): On July 21, 2025, it was 16.36, and on July 22, 2025, it was 16.26, a decrease of 0.61% [3]. - US cotton (USD): On July 21, 2025, it was 68.09, and on July 22, 2025, it was 68.26, an increase of 0.25% [3]. 2. Spot Prices - Sugar (Nanning): On July 21, 2025, it was 6060.0, and on July 22, 2025, it was 6050.0, a decrease of 0.17% [3]. - Sugar (Kunming): On July 21, 2025, it was 5920.0, and on July 22, 2025, it remained 5920.0, with a 0.00% change [3]. - Cotton Index 328: On July 21, 2025, it was 3281, and on July 22, 2025, it was 3280, a decrease of 0.26% [3]. - Cotton (Xinjiang): On July 21, 2025, it was 15400.0, and on July 22, 2025, it was 15500.0, an increase of 0.65% [3]. 3. Spread Overview - SR01 - 05: On July 21, 2025, it was 54.0, and on July 22, 2025, it was 49.0, a decrease of 9.26% [3]. - SR05 - 09: On July 21, 2025, it was - 223.0, and on July 22, 2025, it was - 219.0, a decrease of 1.79% [3]. - SR09 - 01: On July 21, 2025, it was 169.0, and on July 22, 2025, it was 170.0, an increase of 0.59% [3]. - CF01 - 05: On July 21, 2025, it was 45.0, and on July 22, 2025, it was 40.0, a decrease of 11.11% [3]. - CF05 - 09: On July 21, 2025, it was - 240.0, and on July 22, 2025, it was - 235.0, a decrease of 2.08% [3]. - CF09 - 01: On July 21, 2025, it was 195.0, and on July 22, 2025, it remained 195.0, with a 0.00% change [3]. - Sugar 01 basis: On July 21, 2025, it was 250.0, and on July 22, 2025, it was 267.0, an increase of 6.80% [3]. - Sugar 05 basis: On July 21, 2025, it was 304.0, and on July 22, 2025, it was 316.0, an increase of 3.95% [3]. - Sugar 09 basis: On July 21, 2025, it was 81.0, and on July 22, 2025, it was 97.0, an increase of 19.75% [3]. - Cotton 01 basis: On July 21, 2025, it was 1599.0, and on July 22, 2025, it was 1519.0, a decrease of 5.00% [3]. - Cotton 05 basis: On July 21, 2025, it was 1644.0, and on July 22, 2025, it was 1559.0, a decrease of 5.17% [3]. - Cotton 09 basis: On July 21, 2025, it was 1404.0, and on July 22, 2025, it was 1324.0, a decrease of 5.70% [3]. 4. Import Prices - Cotton cotlookA: On July 21, 2025, it was 79.45, and on July 22, 2025, it was 78.65, a decrease of 1.01% [3]. 5. Profit Margins - Sugar import profit: On July 21, 2025, it was 1613.0, and on July 22, 2025, it was 1630.0, an increase of 1.05% [3]. 6. Options - SR509C5800: Implied volatility is 0.0871, and the futures underlying is SR509, with a historical volatility of 7.03 [3]. - SR509P5800: Implied volatility is 0.0845 [3]. - CF509C14200: Implied volatility is 0.1357, and the futures underlying is CF509, with a historical volatility of 8.59 [3]. - CF509P14200: Implied volatility is 0.1357 [3]. 7. Warehouse Receipts (sheets) - Sugar: On July 21, 2025, it was 21437.0, and on July 22, 2025, it was 21359.0, a decrease of 0.36% [3]. - Cotton: On July 21, 2025, it was 9501.0, and on July 22, 2025, it was 9436.0, a decrease of 0.68% [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 investment rating for both sugar and cotton is "Sideways" [1] 2. Core Viewpoints 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, making it prone to pests and diseases, which require early prevention. Internationally, continued attention should be paid to the sugar production progress in Brazil and the growth of sugar crops in the Northern Hemisphere [1] - Cotton: Most cotton-producing areas in the country 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, continuous attention should be paid to the impact of weather changes and tariff uncertainties [1] 3. Summary by Relevant Catalogs 3.1 Data Overview - **External Market Quotes**: On July 21 - 22, 2025, the price of US sugar decreased by 0.61% from $16.36 to $16.26, and the price of US cotton increased by 0.25% from $68.09 to $68.26 [3] - **Spot Prices**: From July 21 - 22, 2025, the price of sugar in Nanning decreased by 0.17% from 6060.0 to 6050.0, remained unchanged in Kunming at 5920.0. The cotton index 328 decreased by 0.26% from 3281 to 3280, and the price of cotton in Xinjiang increased by 0.65% from 15400.0 to 15500.0 [3] - **Spread Overview**: From July 21 - 22, 2025, most sugar and cotton spreads changed, with some increasing and some decreasing. For example, SR01 - 05 decreased by 9.26% from 54.0 to 49.0, and CF01 - 05 decreased by 11.11% from 45.0 to 40.0 [3] - **Import Prices**: The price of cotton cotlookA remained unchanged at 79.45 from July 21 - 22, 2025 [3] - **Profit Margins**: The sugar import profit remained unchanged at 1613.0 from July 21 - 22, 2025 [3] - **Options**: Information on various sugar and cotton option contracts, including implied volatility and historical volatility, is provided [3] - **Warehouse Receipts**: From July 21 - 22, 2025, the number of sugar warehouse receipts decreased by 0.36% from 21437.0 to 21359.0, and the number of cotton warehouse receipts decreased by 0.68% from 9501.0 to 9436.0 [3] 3.2 Company Introduction - The report is produced by Cinda Futures Co., Ltd., a large - scale futures company in China. 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 member of relevant associations [8]

1. Report Industry Investment Rating - The investment rating for the stock index is "Oscillation" [1] 2. Core Viewpoints of the Report - In the short - term, market sentiment remains strong. Although there is hesitation during the market upswing, the willingness of funds to support the market is strong, and the retracement of the stock index is less than expected. Some funds are rushing ahead due to short - term pricing of medium - term factors. However, investors have significant differences at the current level, and a market consensus has not been formed. Considering the strong technical resistance at the March high and the expected weakening of China's economic data in the second half of the year, the timing for a new full - scale bull market has not arrived. Overall, the short - term baseline prediction is the preparation period for a bull market. Given the early entry of some funds, it is recommended to be cautious when going long this week (either wait and see or conduct intraday short - term long positions). If there is a sharp decline later, it can be regarded as a good opportunity to re - enter the market with long positions. In terms of style, a light - position left - hand layout for IH - IM can be started this week [3] 3. Summary by Relevant Catalogs 3.1 Macro Stock Market Information - From 1998 to the end of the second quarter of 2025, Chinese public funds created a profit of 5.94 trillion yuan for holders. At the end of the second quarter, the market scale of public funds reached a new high of 33.73 trillion yuan. China's LPR in July remained unchanged for the second consecutive month, with the 1 - year variety at 3.0% and the over - 5 - year variety at 3.5%. Monetary policy has entered an observation period, and the unchanged LPR quote is in line with market expectations [4] 3.2 Stock Index Disk Review 3.2.1 Disk Tracking - In the previous trading day, the A - share market oscillated upwards. Among the four major indices, the Shanghai Composite 50 Index rose 0.28%, the CSI 300 Index rose 0.67%, the CSI 500 Index rose 1.01%, and the CSI 1000 Index rose 0.92%. In terms of sectors, building materials (+5.45%) and construction machinery (+4.00%) led the gains, while education (-0.79%) and banking (-0.77%) lagged. More than 4,000 stocks rose, and 130 stocks hit the daily limit, indicating a good profit - making effect [4] 3.2.2 Technical Tracking - The stock indices generally approached the March high. The daily and weekly lines have turned into a bullish trend, indicating short - term market strength, while the monthly line remains in an oscillating market [4] 3.2.3 Fund Flow - The trading volume of the A - share market yesterday increased to around 1.7 trillion yuan, and investor sentiment was moderately bullish [4] 3.3 Core Logic Summary - Short - term market sentiment is strong, but there are differences among investors. The start of a new full - scale bull market is not yet due to technical resistance and economic data expectations. It is recommended to be cautious when going long in the short - term, and a sharp decline can be an opportunity to re - enter the market. A light - position left - hand layout for IH - IM can be started this week [3] 3.4 Operation Suggestions 3.4.1 Futures Operation - In the short - term, the market is in a strong oscillation. Pay attention to the resistance at the March high. It is recommended that investors wait and see or conduct intraday short - term long positions. The styles of large - and small - cap stocks alternate, and a left - hand layout for IH - IM can be started this week [3] 3.4.2 Options Operation - The implied volatility of stock index options has slightly declined, with the at - the - money IV of the CSI 300 for the current month fluctuating between 13 - 14%. During the oscillation period, it is recommended to wait for the volatility to rise before intervening in short - term double - selling [3]

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 market is currently dominated by the expectation of domestic supply - side policies. Before August 12th, the market is mainly focused on risk prevention. With the upcoming release of the steady - growth plan for ten key industries by the Ministry of Industry and Information Technology and the start of the Yarlung Zangbo River hydropower project, market sentiment has been boosted. In the short term, a bullish approach can be taken, but the risk of a callback should be watched [4]. - For coking coal, the mine output recovery is slow, while downstream replenishment enthusiasm is high. The inventory is shifting from mines to downstream. For coke, the first round of spot price increases has been implemented, and there are expectations for further increases. The supply - demand gap for coke is widening. If steel prices continue to rise, the industrial chain profits may be transmitted upstream [5]. 3. Summary According to Relevant Catalogs 3.1 Related News - The Ministry of Industry and Information Technology stated that a steady - growth plan for ten key industries, including steel, non - ferrous metals, and petrochemicals, is即将出台 [1]. - On July 19th, the Yarlung Zangbo River hydropower project officially started, with a total investment of 1.2 trillion yuan, six times that of the Three Gorges Project [1]. 3.2 Coking Coal 3.2.1 Price and Basis - The price of Mongolian 5 coking coal is reported at 1,008 yuan/ton (+58). The active contract is reported at 1,006 yuan/ton (+80). The basis is 22 yuan/ton (-22), and the 9 - 1 month spread is - 50 yuan/ton (-0.5) [1]. 3.2.2 Supply and Demand - The production recovery at the mine end is slower than expected, while demand remains flat. The operating rate of 523 mines is reported at 86.07% (+0.55), and the operating rate of 110 coal washing plants is reported at 62.85% (+0.53). The production rate of 230 independent coking enterprises is reported at 72.9% (+0.18) [2]. 3.2.3 Inventory - Upstream inventory is decreasing, while downstream inventory is increasing. The clean coal inventory of 523 mines is reported at 339.07 million tons (-38.11), and the clean coal inventory of coal washing plants is 191.54 million tons (-5.53). The inventory of 247 steel mills is 791.1 million tons (+8.17), and the inventory of 230 coking enterprises is 790.19 million tons (+37.75). The port inventory is 321.5 million tons (-0.14) [2]. 3.3 Coke 3.3.1 Price and Basis - The price of quasi - first - grade coke at Tianjin Port is reported at 1,270 yuan/ton (+0), and the second - round spot price increase has started. The active contract is reported at 1,603 yuan/ton (+85). The basis is - 237 yuan/ton (-85), and the 9 - 1 month spread is - 51 yuan/ton (-6) [3]. 3.3.2 Supply and Demand - Demand has increased more than expected, and the supply - demand gap has widened. The production rate of 230 independent coking enterprises is reported at 72.9% (+0.18). The capacity utilization rate of 247 steel mills is reported at 90.89% (+0.99), and the daily average pig iron output is 242.44 million tons (+2.63) [3]. 3.3.3 Inventory - Upstream inventory is decreasing, while downstream inventory is increasing. The inventory of 230 coking enterprises is 55.55 million tons (-4.03), the inventory of 247 steel mills is 638.99 million tons (+1.19), and the port inventory is 199.11 million tons (-0.97) [3]. 3.4 Strategy Recommendations - In the short term, a bullish approach can be taken, but if the market accelerates, the risk of a callback should be watched. For J09 and JM09, it is recommended to reduce long positions on rallies and re - enter the market on pullbacks [4][5].

1. Report Industry Investment Rating - Sugar: Oscillation [1] - Cotton: Oscillation [1] 2. Core Viewpoints 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 may lead 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 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, it is necessary to continuously monitor the impact of weather changes and tariff uncertainties [1]. 3. Summary According to the Directory 3.1 Data Overview 3.1.1 Outer - Market Quotes - US sugar (USD): On July 20, 2025, it was 16.79, and on July 21, 2025, it was 16.36, with a decline of 2.56% [3]. - US cotton (USD): On July 20, 2025, it was 68.76, and on July 21, 2025, it was 68.09, with a decline of 0.97% [3]. 3.1.2 Spot Prices - Sugar (Nanning): On July 18, 2025, it was 6050.0, and on July 21, 2025, it was 6060.0, with an increase of 0.17% [3]. - Sugar (Kunming): On July 18, 2025, it was 5920.0, and on July 21, 2025, it was 5920.0, with no change [3]. - Cotton Index 328: On July 18, 2025, it was 3281, and on July 21, 2025, it was 3280, with a decline of 0.52% [3]. - Cotton (Xinjiang): On July 18, 2025, it was 15300.0, and on July 21, 2025, it was 15400.0, with an increase of 0.65% [3]. 3.1.3 Spread Overview - SR01 - 05: On July 20, 2025, it was 59.0, and on July 21, 2025, it was 54.0, with a decline of 8.47% [3]. - SR05 - 09: On July 20, 2025, it was - 229.0, and on July 21, 2025, it was - 223.0, with a decline of 2.62% [3]. - SR09 - 01: On July 20, 2025, it was 170.0, and on July 21, 2025, it was 169.0, with a decline of 0.59% [3]. - CF01 - 05: On July 20, 2025, it was 50.0, and on July 21, 2025, it was 45.0, with a decline of 10.00% [3]. - CF05 - 09: On July 20, 2025, it was - 355.0, and on July 21, 2025, it was - 240.0, with a decline of 32.39% [3]. - CF09 - 01: On July 20, 2025, it was 305.0, and on July 21, 2025, it was 195.0, with a decline of 36.07% [3]. - Sugar 01 basis: On July 20, 2025, it was 264.0, and on July 21, 2025, it was 250.0, with a decline of 5.30% [3]. - Sugar 05 basis: On July 20, 2025, it was 323.0, and on July 21, 2025, it was 304.0, with a decline of 5.88% [3]. - Sugar 09 basis: On July 20, 2025, it was 94.0, and on July 21, 2025, it was 81.0, with a decline of 13.83% [3]. - Cotton 01 basis: On July 20, 2025, it was 1543.0, and on July 21, 2025, it was 1599.0, with an increase of 3.63% [3]. - Cotton 05 basis: On July 20, 2025, it was 1593.0, and on July 21, 2025, it was 1644.0, with an increase of 3.20% [3]. - Cotton 09 basis: On July 20, 2025, it was 1238.0, and on July 21, 2025, it was 1404.0, with an increase of 13.41% [3]. 3.1.4 Import Prices - Cotton cotlookA: On July 18, 2025, it was 79.5, and on July 21, 2025, it was 79.5, with no change [3]. 3.1.5 Profit Margins - Sugar import profit: On July 18, 2025, it was 1506.5, and on July 21, 2025, it was 1506.5, with no change [3]. 3.1.6 Options - SR509C5800: Implied volatility is 0.0791, and the futures underlying is SR509 with a historical volatility of 7.02 [3]. - SR509P5800: Implied volatility is 0.0806 [3]. - CF509C14200: Implied volatility is 0.1252, and the futures underlying is CF509 with a historical volatility of 9.03 [3]. - CF509P14200: Implied volatility is 0.1226 [3]. 3.1.7 Warehouse Receipts (sheets) - Sugar: On July 18, 2025, it was 21477.0, and on July 21, 2025, it was 21437.0, with a decline of 0.19% [3]. - Cotton: On July 18, 2025, it was 9532.0, and on July 21, 2025, it was 9501.0, with a decline of 0.33% [3]. 3. Company Information - The company is CINDA Futures Co., Ltd., a limited - liability company specializing in domestic futures business, wholly - owned by CINDA Securities Co., Ltd., with a registered capital of 600 million RMB. It has various memberships and observer statuses in multiple exchanges and associations [8].

1. Report Industry Investment Ratings - Sugar: Oscillating [1] - Cotton: Oscillating [1] 2. Core Views of the Report - Sugar is affected by the continuous drought from autumn to spring, with unfavorable emergence and early - stage growth of sugarcane in Guangxi, while beet grows well overall but there are potential pest problems in Inner Mongolia. International factors include the need to monitor Brazil's sugar production progress and Northern Hemisphere sugar crop growth [1]. - Most cotton - growing areas in China have entered the budding - to - flowering stage, with growth 4 to 7 days ahead of previous years. High - temperature risks in Xinjiang in July and the cautious raw - material procurement of textile enterprises due to the off - season market require continuous attention to weather changes and tariff uncertainties [1]. 3. Summary by Related Content 3.1 Data Overview 3.1.1 Outer - Market Quotes - US sugar price remained at $16.79 from July 19th to 20th, with a 0.00% change [3]. - US cotton price remained at $68.76 from July 19th to 20th, with a 0.00% change [3]. 3.1.2 Spot Prices - Nanning sugar price remained at 6050.0 from July 17th to 18th, with a 0.00% change [3]. - Kunming sugar price remained at 5905.0 from July 17th to 18th, with a 0.00% change [3]. - Cotton Index 328 increased from 3280 to 3281 from July 17th to 18th, with a 1.00% change [3]. - Xinjiang cotton price increased from 15200.0 to 15300.0 from July 17th to 18th, with a 0.66% change [3]. 3.1.3 Spread Overview - All sugar and cotton spreads (SR01 - 05, SR05 - 09, etc.) remained unchanged from July 19th to 20th, with a 0.00% change [3]. 3.1.4 Import Prices - Cotton cotlookA increased from 79.3 to 79.5 from July 17th to 18th, with a 0.25% change [3]. 3.1.5 Profit Margins - Sugar import profit remained at 1579.0 from July 17th to 18th, with a 0.00% change [3]. 3.1.6 Options - SR509C5800 has an implied volatility of 0.0745 and a historical volatility of 7.05 for the underlying SR509 [3]. - SR509P5800 has an implied volatility of 0.0746 [3]. - CF509C14200 has an implied volatility of 0.1198 and a historical volatility of 9.16 for the underlying CF509 [3]. - CF509P14200 has an implied volatility of 0.1251 [3]. 3.1.7 Warehouse Receipts - Sugar warehouse receipts decreased from 21857.0 to 21477.0 from July 17th to 18th, with a - 1.74% change [3]. - Cotton warehouse receipts decreased from 9585.0 to 9532.0 from July 17th to 18th, with a - 0.55% change [3]. 3.2 Company Information - CINDA Futures Co., Ltd. is a limited - liability company specializing in domestic futures business, wholly - owned by CINDA Securities Co., Ltd., with a registered capital of 600 million RMB. It holds various memberships in multiple exchanges and associations [8].

Report Industry Investment Rating - The investment rating for both sugar and cotton is "Oscillation" [1] Core Viewpoints - For 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 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 continuously monitored [1] - For cotton, most cotton production areas in China have entered the budding to flowering stage, with the growth progress 4 to 7 days earlier than in 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 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 and Spread - From July 16 to July 17, 2025, the price of US sugar increased by 1.21% from 16.55 to 16.75 US dollars, and the price of US cotton increased by 0.41% from 68.56 to 68.84 US dollars. The spot price of sugar in Nanning and Kunming remained unchanged, while the cotton index 328 decreased by 0.54% from 3281 to 3280, and the price of cotton in Xinjiang decreased by 0.65% from 15300 to 15200 [3] - The spreads SR01 - 05, SR05 - 09, SR09 - 01, CF01 - 05, CF05 - 09, and CF09 - 01 all showed varying degrees of increase, with CF05 - 09 and CF09 - 01 having relatively large increases of 109.68% and 132.00% respectively. The basis of sugar and cotton contracts generally decreased [3] Import Price and Profit - The import price of cotton cotlookA remained unchanged at 79.3 from July 16 to July 17, 2025, and the sugar import profit also remained unchanged at 1579 [3] Option and Warehouse Receipt - The implied volatility of SR509C5800 is 0.0713, and the historical volatility of its futures underlying SR509 is 7.31. The implied volatility of SR509P5800 is 0.0737. The implied volatility of CF509C14200 is 0.1274, and the historical volatility of its futures underlying CF509 is 9.16. The implied volatility of CF509P14200 is 0.1287 [3] - From July 16 to July 17, 2025, the number of sugar warehouse receipts decreased by 1.94% from 22289 to 21857, and the number of cotton warehouse receipts decreased by 0.60% from 9643 to 9585 [3] Company Introduction - Cinda Futures Co., Ltd. is a limited liability company specialized 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 [9] - The company 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 [9]