Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View No clear core view presented in the given content. It mainly provides daily data on iron ore including futures prices, spot prices, basis, spreads, import profits, and more. 3. Summary by Related Catalogs Futures Prices - DCE01: Today's price is 808.5, up 1.0 from yesterday; DCE05 is 786.0, unchanged; DCE09 is 766.0, up 2.0 [2] - Inter - contract spreads: I01 - I05 is 22.5, up 1.0; I05 - I09 is 20.0, down 2.0; I09 - I01 is - 42.5, up 1.0 [2] Spot Prices - Various iron ore spot prices increased compared to the previous day. For example, PB powder (60.8%) rose from 780 to 786, Newman powder from 789 to 796, etc. [2] Basis - The basis of different iron ore varieties to different contracts is provided. For the optimal delivery product (Roy Hill powder), the 01 - contract basis is 34, 05 - contract basis is 55, and 09 - contract basis is 77 [2] Spot Variety Spreads - Spreads between different iron ore varieties changed. For example, the spread of Carajás fines - PB powder increased from 128 to 129 [2] Import Profits - Import profits of different iron ore varieties changed. For example, the import profit of Carajás fines decreased from 18 to 3 [2] Indexes - The Platts 62% iron ore price increased from 105.2 to 106.6, the 65% price remained unchanged at 120.8, and the 58% price increased from 93.3 to 94.6 [2] 内外盘美金价差 - The spreads between SGX and DCE contracts increased. For example, SGX main - DCE01 increased from 7.2 to 7.5 [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Internationally, Brazil is in the peak supply period, and global inventories are gradually accumulating. Although the recent increase in Brazilian sugar production has a negative impact on prices, considering that international sugar prices have fallen to a low level and most of the negative factors have been realized, the low - price sugar has strong support below, and it is expected to fluctuate at a low level in the short term [10]. - In the domestic market, the import volume of sugar in China remained high in August, while the inventory of domestic sugar is low and the sales - to - production ratio is high. Affected by the trend of foreign sugar, both foreign and domestic sugar prices are at a low level. With low domestic sugar inventory and a firm basis, Zhengzhou sugar is expected to oscillate within a range and rebound in the short term [10]. Summary by Directory Part 1: Data Analysis - **Futures Market**: SR09 closed at 5,455, down 14 (-0.26%); SR01 at 5,452, down 9 (-0.16%); SR05 at 5,432, down 14 (-0.26%). The trading volume of SR09 was 535, a decrease of 52; SR01 was 185,371, a decrease of 40,117; SR05 was 15,434, a decrease of 7,294. The open interest of SR09 increased by 264 to 2,042; SR01 increased by 6,523 to 456,830; SR05 increased by 1,083 to 58,239 [5]. - **Spot Market**: The spot prices of sugar in Liuzhou, Kunming, Wuhan, Nanning, Bayuquan, Rizhao, and Xi'an were 5,900, 5,905, 6,090, 5,800, 6,015, 5,930, and 6,280 respectively, with price drops of -40, -25, -35, -30, 0, -20, and -30. The corresponding basis was 448, 453, 638, 348, 563, 478, and 828 [5]. - **Monthly Spread**: The SR5 - SR01 spread was -20, down 5; the SR09 - SR5 spread was 23, unchanged; the SR09 - SR01 spread was 3, down 5 [5]. - **Import Profit**: For Brazilian imports, with an ICE主力 of 16.18, a premium of 0.06, and a freight of 41.50, the in - quota price was 4,449, the out - of - quota price was 5,666, the difference from the Liuzhou price was 234, the difference from the Rizhao price was 264, and the difference from the futures price was -214. For Thai imports, with an ICE主力 of 16.18, a premium of 0.89, and a freight of 18.00, the in - quota price was 4,407, the out - of - quota price was 5,611, the difference from the Liuzhou price was 289, the difference from the Rizhao price was 319, and the difference from the futures price was -159 [5]. Part 2: Market Judgment - **Important Information**: As of the week ending September 16, the total open interest of ICE raw sugar futures + options was 1,021,095 contracts, a decrease of 86,473 from the previous week. Speculative long positions were 165,809 contracts, an increase of 1,119 from the previous week; speculative short positions were 316,860 contracts, a decrease of 30,438 from the previous week; speculative net short positions were 151,051 contracts, a decrease of 31,557 from the previous week [7]. - India's sugar exports this year are expected to be less than 800,000 tons, unable to meet the quota of 1 million tons. So far, about 750,000 tons of export contracts have been signed and about 720,000 tons have been actually exported. It is estimated that the total export volume in the 2024 - 2025 season will be about 775,000 tons [7]. - On September 17, 2025, Hulunbuir Angel Shengtong Sugar Industry started production, marking the official start of the 2025/2026 sugar - making season, 5 days later than the same period last year. It is expected to process about 1 million tons of beets. Due to more rain in the fall, the actual start - up time was 10 days later than planned. Currently, the new - sugar prices of white sugar and rock sugar in Inner Mongolia are 5,700 yuan/ton and 5,730 yuan/ton respectively. Heifeng Agriculture is expected to start production today, 3 days later than last year. Inner Mongolia Lingyunhai Tianshan Sugar Factory is expected to start production on September 25 to produce rock sugar, and Zhangbei and Qianqi Sugar Factories are expected to start production on September 28 to produce rock sugar and white sugar respectively. If they start as scheduled, the start - up time will be significantly earlier than last year [7][9]. - **Trading Strategies**: For unilateral trading, foreign sugar prices are at a low level and are expected to fluctuate at a low level in the short term. Zhengzhou sugar prices are also at a low level, and the downward space is limited. For arbitrage and options, it is recommended to wait and see [11][12][13]. Part 3: Relevant Attachments - The part mainly includes multiple charts such as Guangxi and Yunnan monthly inventory, Guangxi and Yunnan sales - to - production ratio trends, Liuzhou white sugar spot price, and various sugar price spreads and basis charts, with data sources from Galaxy Futures and WIND [14][17][21]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Early - maturing apples have a poor high - quality fruit rate, and it is speculated that Fuji apples may also have a poor high - quality fruit rate. Continuous rainfall in the western production areas is expected to affect the quality. However, considering the current high prices, the apple market is expected to fluctuate in the short term [16] 3. Summary by Relevant Catalogs 3.1 Spot Analysis - This week, the supply of mid - maturing apples is increasing. The overall quality of Hongqian Fuji in the west is okay, but some have average chroma and redness due to long rainfall and short sunshine. The price of high - quality goods remains firm. In Shandong, the inventory goods are sold at a stable pace, with individual townships slowing down. The price of fruit farmers' goods is mainly stable. The Red General in Shandong has started trading, but the overall quality is poor, and it's difficult to organize a large amount of high - quality and red goods. The digestion speed in the sales area is stable, and the profit of early - maturing Fuji for merchants is limited due to high purchase prices [6] - Main production area prices: In Shandong Qixia, the price of 80 first - and second - grade striped apples is 3.50 - 4.50 yuan/jin, and the price of 80 first - and second - grade slice - red apples is 3.30 - 4.20 yuan/jin. For early - maturing varieties, the price of 80 starting Red General is 2.3 - 2.8 yuan/jin. In Shaanxi Yan'an Luochuan, the price of 70 and above early - maturing Fuji is 4.0 - 4.5 yuan/jin for the mainstream market, 4.7 - 4.8 yuan/jin for high - quality goods, and 3.6 - 3.8 yuan/jin for ordinary goods. In Baishui, Shaanxi, the price of 70 starting early - maturing Fuji is 3 - 3.3 yuan/jin [6] 3.2 Supply Analysis - As of September 11, 2025, the national cold - storage inventory ratio is about 1.94%, a decrease of 0.38 percentage points in this cycle (20250905 - 0910), and 0.98 percentage points lower than the same period last year. The inventory removal rate is 96.96%. The cold - storage capacity ratio in Shandong is 3.70%, a decrease of 0.58 percentage points, and the cold - storage shipment volume is slightly higher than last week. The cold - storage capacity ratio in Shaanxi is 1.54%, a decrease of 0.32 percentage points, and Shaanxi cold - storage is gradually clearing inventory [11] - As of September 10, 2025, the apple cold - storage inventory in the national main production areas is 20.91 tons, a decrease of 6.44 tons compared with last week, and the inventory shipment speed in Shandong is slightly accelerating [11] 3.3 Demand Analysis - In the Guangdong Chalong market, the number of early - morning arrival vehicles has slightly increased compared with last week, with an average of about 25.6 vehicles per day. The price of Shandong 80 late Fuji in baskets is 3.8 - 4 yuan/jin, and in boxes is 4.5 - 5.5 yuan/jin. The price of Luochuan Gala is 5.3 - 5.5 yuan/jin for 70 starting in baskets, and 6 - 7 yuan/jin for high - quality fruits. Recently, the arrival volume has increased slightly compared with the off - season, mainly Fuji apples, with a small amount of early - maturing Fuji. The high - quality basket - packed Fuji is sold well, while the box - packed ones are slow [14] - Substitute product price: On September 11, the average wholesale price of 6 key - monitored fruits is 6.84 yuan/kg, slightly lower than last Friday, and it is at the median of the same period in recent years [14] - Profit situation: The profit of 80 first - and second - grade storage merchants in Qixia in the 2024 - 2025 production season is 0.4 yuan/jin, the same as last week [14] - This week, the market arrival volume has increased, the overall sales are good, and the price remains stable. The arrival volume in the wholesale market continues to increase, mainly for the sales of early - maturing apples. The proportion of apples in the cold - storage is small, especially in the northwest. The overall sales of the early - maturing apple market are okay, with a fast sales speed before the Mid - Yuan Festival and a slowdown after the festival [14] 3.4 Trading Strategy - Unilateral: New - season apples may have a poor high - quality fruit rate, but the current price is high, so the market is expected to fluctuate in the short term [16] - Arbitrage: It is recommended to wait and see [16] - Options: It is recommended to wait and see [15]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The U.S. cotton is expected to fluctuate mainly, while Zhengzhou cotton is expected to show a slightly weakening fluctuating trend. It is recommended to trade at an appropriate time. For arbitrage and options, it's advisable to wait and see [9][15] Group 3: Summary by Related Catalogs Market Information - Futures: The closing prices of most cotton and yarn contracts decreased. For example, the CF01 contract closed at 13,610, down 110; the CY09 contract closed at 19,990, down 250. The trading volume and open interest of some contracts changed, with the trading volume of the CF01 contract increasing by 90,576 and the open interest increasing by 13,028 [3] - Spot: The CCIndex3128B price was 15,224 yuan/ton, down 95; the Cot A price was 78.40 cents/pound, down 0.25. The prices of some other spot products also had corresponding changes [3] - Spreads: In cotton and yarn spreads, the 1 - 5 month spread of cotton was -5, down 20; the 1 - 5 month spread of yarn was -465, down 85. There were also changes in cross - variety and internal - external spreads [3] Market News and Views Cotton Market News - As of September 20, 2025, the cotton planting area in India was 10.964 million hectares, a year - on - year decrease of 2.8%. The planting areas in some main producing states had different changes. The final area is expected to be around 10.97 - 11 million hectares, with a year - on - year decrease of about 3% [6] - In 2025, China's cotton planting area was 44.823 million mu, a year - on - year increase of 1.8%. The national expected total output was 7.216 million tons, a year - on - year increase of 8.3%, reaching a new high since 2013 [7] - As of September 16, 2025, the net long position rate of ICE cotton futures funds was -23.31% (a week - on - week increase of 3.73 percentage points) [7] Trading Logic - New cotton is gradually entering the acquisition period, and the market focus is shifting to the opening price of new cotton. The output of Xinjiang cotton is expected to increase more than expected, and the acquisition enthusiasm of ginneries is average. It is expected that there will be no large - scale rush to purchase. The acquisition price is expected to be around 6.2 - 6.3 yuan/kg. With the large - scale listing of new cotton, there will be certain selling hedging pressure on the futures market. The downstream demand in September has slightly improved, but the improvement is limited, so the peak season is expected to be average [8] Trading Strategy - Unilateral: It is expected that the U.S. cotton will fluctuate mainly, and Zhengzhou cotton will show a slightly weakening fluctuating trend. It is recommended to trade at an appropriate time [9] - Arbitrage: Wait and see [9] - Options: Wait and see [9] Cotton Yarn Industry News - The price of the pure cotton yarn market remained stable over the weekend, with general shipment and weak peak - season characteristics, mainly short - term orders. The cash flow of pure cotton spinning enterprises has improved, but inland spinning enterprises are still slightly in the red, so the willingness to increase the operating rate significantly is not high [11] - The shipment of all - cotton grey cloth remained stable with partial weakness. The demand for all - cotton denim was okay, and the order situation this year was better than that of regular cotton cloth. The situation of weaving factories in Shandong was stable, while those in Hubei were under pressure, and some weaving factories reduced the operating rate [11] Options - Volatility: The 120 - day HV of cotton on September 22, 2025, decreased slightly compared with the previous day. The implied volatilities of CF601C14000.CZC, CF601P13600.CZC, and CF601P13400.CZC were 12.6%, 11.8%, and 11.9% respectively [13] - Strategy: The PCR of the main contract of Zhengzhou cotton was 0.7625 for positions and 0.7995 for trading volume. The trading volumes of both call and put options increased. It is recommended to wait and see [14][15] Related Attachments - The report provides multiple charts, including the internal - external cotton price spread under 1% tariff, cotton basis in January, May, and September, CY - CF spreads, and CF inter - month spreads, etc., which visually show the price trends and relationships of relevant products [18][20][25]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The overall egg supply is relatively high compared to previous years. High inventory, low costs, and weak demand have pushed egg prices to their lowest levels in recent years. The recent rebound in egg prices is mainly due to pre - holiday stocking, but as the stocking ends, egg prices are starting to decline. The enthusiasm for culling laying hens decreased as egg prices rebounded [10]. 3. Summary by Directory 3.1 Futures Market - **Futures Prices**: JD01 closed at 3366, down 52 from the previous day; JD05 closed at 3432, down 38; JD09 remained unchanged at 3193 [3]. - **Cross - month Spreads**: The 01 - 05 spread was - 66, down 14; the 05 - 09 spread was 239, down 38; the 09 - 01 spread was - 173, up 52 [3]. - **Price Ratios**: The 01 egg/corn ratio was 1.58, down 0.01; the 01 egg/bean粕 ratio was 1.11, down 0.02. Other ratios also showed minor changes [3]. 3.2 Spot Market - **Egg Prices**: The average price in production areas was 3.67 yuan/jin, down 0.04 yuan/jin; the average price in sales areas was 3.75 yuan/jin, down 0.07 yuan/jin. Prices in most regions were stable, with some fluctuations in a few areas [3]. - **Culled Hen Prices**: The average price of culled hens was 4.55 yuan/jin, up 0.1 yuan/jin from the previous day. Prices in most regions increased [3]. 3.3 Profit Calculation - **Costs**: The average price of corn was 2358 yuan/ton, down 2 yuan; the average price of bean粕 was 3012 yuan/ton, unchanged. The price of egg - laying hen compound feed was 2.55 yuan/jin, down 0.01 yuan/jin [3]. - **Profits**: The profit per laying hen was 30.93 yuan, down 1.04 yuan from the previous day [3]. 3.4 Fundamental Information - **Inventory**: In August, the national inventory of laying hens in production was 1.365 billion, an increase of 0.09 billion from the previous month and a year - on - year increase of 5.9%. It is estimated that the inventory from September to December 2025 will be 1.363 billion, 1.356 billion, 1.356 billion, and 1.352 billion respectively [7]. - **Chick Hatchlings**: In August, the monthly hatchling volume of sample enterprises was 39.81 million, a month - on - month decrease of 0.1% and a year - on - year decrease of 8% [7]. - **Culling Volume**: In the week of September 18, the culling volume of laying hens in the main production areas was 17.61 million, a decrease of 6% from the previous week. The average culling age was 497 days, an increase of 2 days from the previous week [7]. - **Sales Volume**: In the week of September 18, the sales volume of eggs in representative sales areas was 7685 tons, an increase of 5.2% from the previous week [8]. - **Inventory Days**: As of September 18, the average weekly inventory in the production link was 0.91 days, a decrease of 0.02 days; the average weekly inventory in the circulation link was 0.99 days, a decrease of 0.04 days [8]. - **Profits**: As of September 18, the average weekly profit per jin of eggs was 0.45 yuan/jin, an increase of 0.3 yuan/jin; the expected profit per laying hen was 2.97 yuan/hen, a decrease of 0.03 yuan/hen from the previous week [8]. 3.5 Trading Logic The current high supply, low demand, and low egg prices have led to an initial increase in culling enthusiasm. However, as egg prices rebounded, the culling willingness decreased. The recent slowdown in market sales is due to the end of pre - holiday stocking [10]. 3.6 Trading Strategies - **Single - side Trading**: The short - term downward space may be limited, and it is recommended to choose the right opportunity [11]. - **Arbitrage**: It is recommended to wait and see [11]. - **Options**: It is recommended to wait and see [11].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The egg price is expected to decline and then adjust next week as the pre - festival stocking nears its end, and the old hen price is likely to weaken with limited decline [5]. - Considering the current fundamentals, the egg price may face pressure in the short - term as stocking ends, and short - selling at high prices can be considered [17]. 3. Summary by Directory Part One: Logical Analysis and Trading Strategies - **Spot Analysis** - This week, the average egg price in the main producing areas was 3.7 yuan/jin, up 0.29 yuan/jin from last Friday, and in the main selling areas was 3.82 yuan/jin, up 0.24 yuan/jin. The national egg price first rose and then fell. Next week, it may decline and then adjust. - The old hen price first rose and then fell. Next week, it is expected to weaken with a limited decline, and the weekly average price may be between 4.60 - 4.65 yuan/jin [5]. - **Supply Analysis** - From September 4 - 11, the national main - producing area egg - laying hen culling volume was 17.48 million, a 2.3% decrease from the previous week. The average culling age of culled hens was 495 days, unchanged from the previous week. - In August, the national in - production egg - laying hen inventory was 1.365 billion, an increase of 90 million from the previous month and a 5.9% year - on - year increase. The monthly egg - chick hatching volume of sample enterprises was 39.81 million, a 0.1% month - on - month and 8% year - on - year decrease. It is estimated that the in - production egg - laying hen inventory from September to December 2025 will be approximately 1.363 billion, 1.356 billion, 1.356 billion, and 1.352 billion respectively [10]. - **Cost Analysis** - As of September 19, the corn price was around 2360 yuan/ton, the soybean meal price dropped to 3012 yuan/ton, and the comprehensive feed cost was about 2555 yuan/ton, equivalent to about 2.81 yuan/jin for eggs. - As of September 11, the weekly average profit per jin of eggs was 0.15 yuan/jin, an increase of 0.26 yuan/jin from the previous week. On September 12, the expected profit of egg - laying hen farming was 3.01 yuan/bird, a decrease of 0.96 yuan/jin from the previous week [13]. - **Demand Analysis** - As of September 11, the egg sales volume in the representative selling areas was 7303 tons, a 2% decrease from the previous week. - As of September 11, the average weekly inventory in the production link was 0.91 days, a decrease of 0.02 days from the previous week, and in the circulation link was 0.99 days, a decrease of 0.04 days from the previous week. - The vegetable price index and pork price slightly rebounded, with the national average pork wholesale price around 15.58 yuan/kg as of September 18, showing little change from the previous week [16]. - **Trading Strategies** - Trading logic: As the restocking of each link nears its end, the egg spot price has declined. Short - selling at high prices can be considered. - Single - side: Consider short - selling at high prices. - Arbitrage: It is recommended to wait and see. - Options: It is recommended to wait and see [17]. Part Two: Weekly Data Tracking - **Inventory (Zhuochuang)** - Data on the in - production egg - laying hen inventory from 2018 - 2025 is presented, including historical and future estimated data [21]. - **Culling Situation** - Data on the weekly culling volume of egg - laying hens from 2020 - 2025 is provided [22]. - **Cold - Storage Eggs** - No specific content is provided. - **Egg - Laying Hen Farming Situation** - Data on the culling age of hens and the average price of egg - chicks in the main producing areas are involved, but no specific values are given [26]. - **Price Difference and Basis** - Data on the basis of January, May, and September contracts and price differences such as 1 - 5, 5 - 9, 9 - 1 are presented from 2018 - 2025 [29][30][33].

Report Title - Cotton Weekly Report: Cotton Prices Fluctuate Weakly as New Cotton Approaches the Market [1] Report Industry Investment Rating - Not provided in the report Core Viewpoints - As new cotton gradually enters the acquisition phase, the market focus is shifting to the opening price of new cotton. With the arrival of the peak season in September, the improvement in downstream demand is relatively limited. It is expected that the cotton market will show a short - term weak and volatile trend. The increase in Xinjiang cotton production and the general acquisition enthusiasm of ginneries may lead to selling hedging pressure on the market. [26][42] Summary by Directory Part I: Domestic and International Market Analysis International Market Analysis - **US Cotton Market**: With no significant changes in the macro - environment and a high good - quality rate in the current fundamentals, the US cotton market is expected to move in a range - bound manner. As of September 14, the boll opening rate of cotton in 15 major cotton - growing states in the US was 50%, 3 percentage points slower than last year and 1 percentage point faster than the five - year average. The harvest rate was 9%, 1 percentage point slower than last year and 1 percentage point faster than the five - year average. The good - quality rate was 52%, 13 percentage points higher than last year and 10 percentage points higher than the five - year average. [8] - **US Cotton Sales**: In the week ending September 11, 2025/26 US upland cotton weekly contracts reached 42,200 tons, a 44% weekly increase and a 13% increase compared to the average of the previous four weeks. Vietnam contracted 17,500 tons and India contracted 9,500 tons. The weekly shipment of 2025/26 US upland cotton was 27,300 tons, an 8% weekly decrease and an 8% decrease compared to the average of the previous four weeks. [8] - **CFTC Position**: As of September 12, the number of un - priced contracts by sellers on the ON - CALL 2512 contract decreased by 986 to 19,135, a decrease of 20,000 tons compared to last week. The total number of un - priced contracts by sellers in the 25/26 season decreased by 283 to 43,577, equivalent to 990,000 tons, a decrease of 10,000 tons compared to last week. [8] - **Brazil**: Brazil's cotton harvest is basically completed. The processing progress as of September 11 was 36%. Due to the slow harvest, the processing was behind schedule, and the short - term export of new Brazilian cotton declined. According to the quality report in August, indicators such as micronaire and strength declined compared to last year. [8] - **India**: In the week from September 11 to September 17, 2025, the weekly rainfall in India's main cotton - growing areas (93.6%) was 44.1 mm, 11.3 mm higher than the normal level and 33.4 mm higher than last year. From June 1 to September 17, 2025, the cumulative rainfall in the main cotton - growing areas was 893.1 mm, 147.6 mm higher than the normal level. [8] - **Global Situation**: According to the latest USDA September global cotton production and sales forecast, the global cotton production in September was 25.62 million tons, a month - on - month increase of 230,000 tons. China's production increased by 218,000 tons to 7.076 million tons. Total consumption increased by 184,000 tons to 25.68 million tons, and the ending inventory decreased by 168,000 tons to 15.92 million tons. [8] Domestic Market Analysis - **Supply Side**: This week, cotton prices first rose and then fell. The new - season cotton is at the end of the boll - opening stage. In some areas of northern Xinjiang, seed cotton has been sporadically listed, with the purchase price at 6.2 - 6.4 yuan/kg. In southern Xinjiang, the price of seed cotton for wadding is 7.45 - 7.5 yuan/kg, and in inland areas, the price of hand - picked seed cotton is 7.35 - 7.4 yuan/kg. The purchase price is slightly weak, and the new cotton is expected to have a good harvest. The supply of high - quality old cotton is limited, and the price is firm. As of September 12, 2025, the total commercial cotton inventory was 1.2718 million tons, a decrease of 143,800 tons (a decrease of 10.16%) compared to last week. [26] - **Demand Side**: In the pure - cotton yarn market, Zhengzhou cotton futures continued to decline this week, and cotton yarn futures followed suit. In the spot market, the trading volume of the pure - cotton yarn market was average, and the atmosphere was not as good as in previous peak seasons. The price of cotton yarn followed the decline of Zhengzhou cotton, and the price center shifted downward. The inventory of yarn decreased this week, but the decline rate slowed down. [26] Option Trading Strategy - The volatility decreased slightly compared to the previous day. The PCR was 0.7569, and the trading volume PCR of the main contract was 1.0303. The trading volumes of both call and put options increased today, indicating obvious bearish sentiment in the market. It is recommended to wait and see. [40] Futures Trading Strategy - **Single - sided Trading**: It is expected that the US cotton market will mostly move in a range - bound manner in the future, and Zhengzhou cotton is expected to show a slightly weak and volatile trend. It is recommended to trade at an appropriate time. - **Arbitrage**: It is recommended to wait and see. [44] Part II: Weekly Data Tracking - **Domestic - International Price Difference**: The report shows the historical trends of the domestic - international cotton price difference and the 9 - 1 spread trend. - **Mid - end Situation**: Information on the operating loads of pure - cotton yarn mills and full - cotton fabric mills, as well as the inventory days of yarn and fabric, is presented. - **Cotton Inventory**: The report provides data on national commercial cotton inventory, spinning mill industrial cotton inventory, and reserve inventory over different time periods. - **Spot - Futures Basis**: The report shows the basis trends of cotton in different months and the basis of US cotton.

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core View - The poor quality rate of early - maturing apples implies a potentially poor quality rate for Fuji apples. Considering the current high prices, the apple market is expected to fluctuate in the short term [8][9]. Summary by Section Market Information - **Spot Prices**: The Fuji apple price index was 109.43, up 0.07 from the previous trading day. Prices of various apple varieties such as those from different regions remained stable. The average wholesale price of 6 fruits was 6.75, up 0.02 [3]. - **Futures Prices**: AP01 closed at 8291, up 18; AP05 at 8219, down 7; AP10 at 8452, up 11. The spreads between different contracts also changed [3]. - **Basis**: The basis of Qixia first - and second - grade 80 - AP01 was - 673, down 18; Qixia first - and second - grade 80 - AP10 was - 855.0, down 11; Qixia first - and second - grade 80 - AP05 was - 619, up 7 [3]. Market News and Views - **Inventory**: As of September 3, 2025, the cold - storage inventory of apples in major producing areas was 27.35 tons, a decrease of 6.62 tons from the previous week. The inventory turnover rate slightly accelerated [6]. - **Trade Data**: In July 2025, the export volume of fresh apples was about 5.36 tons, a 44.95% increase from the previous month. The import volume was 1.77 tons, a 5.73% decrease from the previous month but an 8.47% increase year - on - year. The cumulative import volume from January to July was 8.66 tons, a 29.76% increase year - on - year [6]. - **Market Conditions**: The transaction price of cold - storage apples in the origin was stable last week, with an increase in packaging quantity and smooth shipments. The supply of Hongjiangjun apples was sufficient, but the supply of high - quality goods was limited. The purchase enthusiasm of wholesalers was fair. The high - price transactions of pre - harvested Fuji apples in the northwest region were reported [6]. - **Profit**: The profit of apple storage merchants for 80 first - and second - grade apples in Qixia during the 2024 - 2025 production season was 0.4 yuan per catty, a decrease of 0.1 yuan per catty from the previous week [7]. - **Spot Price Details**: The mainstream price of apples in Qixia, Shandong was stable. The price of 80 first - and second - grade apples varied according to different sources and colors. The price of Hongjiangjun apples was 1.5 - 1.6 yuan per catty [7]. - **Trading Logic**: Due to the poor quality rate of early - maturing apples and the expected impact of continuous rainfall in the western region on quality, but considering the current high prices, the market is expected to fluctuate in the short term [8]. - **Trading Strategy**: For unilateral trading, new - season apples may have a poor quality rate, and the market is expected to fluctuate in the short term. For arbitrage and options, it is recommended to wait and see [9]. Related Attachments - The report includes multiple figures showing the price trends of different apple varieties, basis, spreads between contracts, apple arrivals at wholesale markets, and the prices of 6 kinds of fruits over different time periods from 2019 - 2025 [13][15][21]

Group 1: Report Overview - Report Title: Apple Weekly: Dual - Festival Stockpiling Progresses, Apple Prices Stable [1] - Researcher: Liu Qiannan [1] Group 2: Investment Rating - Not provided in the report Group 3: Core Viewpoints - Due to the poor quality of early - maturing apples, the price difference between high - quality and low - quality apples is large. The expected poor quality rate of late - maturing Fuji may lead to a relatively high initial purchase price, but the current futures price is not low, so the futures are expected to fluctuate in the short term. The initial purchase price of new - season Fuji will have a significant impact on the futures market [16]. Group 4: Summary by Directory 4.1 Logic Analysis and Trading Strategies 4.1.1 Spot Analysis - During the week, the stockpiling for the Mid - Autumn and National Day festivals continued. The bag - removing work of late - maturing Fuji was sporadic, and rainfall in the west may delay the large - scale bag - removing. In Shandong, the trading price of Red General apples varied widely due to quality differences, with low - quality apples having a price advantage. In the west, the trading of early - maturing Fuji was ending, and some merchants started to order pre - harvested Fuji at a higher price than last year. The inventory of apples in Shandong decreased significantly, and the enthusiasm of merchants to purchase was low [7]. - In Shandong Qixia, the price of farmers' 80 and above general apples was 2.1 - 3.0 yuan/jin, 80 first - and second - grade striped apples were 3.3 - 4.5 yuan/jin, and 80 first - and second - grade patchy red apples were 3.0 - 4.0 yuan/jin. For early - maturing varieties, the price of 80 and above low - quality Red General apples was 1.6 - 1.8 yuan/jin, and good - quality ones were 2.5 - 2.8 yuan/jin. The mainstream price of large - diameter mid - and late - maturing varieties such as Qin脆 and Mid - Autumn King was 4.8 - 5.2 yuan/jin. In Shaanxi Yan'an Luochuan, the price of 70 and above high - quality early - maturing Fuji was around 3.8 yuan/jin, and the general price was 3.5 - 3.7 yuan/jin. The mainstream price of Mid - Autumn King was 4.2 - 4.3 yuan/jin, Qin脆 was 4.8 - 5.2 yuan/jin, and Yanfu 10 was 4.8 - 5.0 yuan/jin [7]. 4.1.2 Supply Analysis - As of September 11, 2025, the national cold - storage inventory ratio was about 1.94%, a decrease of 0.38 percentage points in this period and 0.98 percentage points lower than the same period last year, with a de - stocking rate of 96.96%. In Shandong, the cold - storage capacity ratio was 3.70%, a decrease of 0.58 percentage points, and the cold - storage shipment volume was slightly higher than last week. In Shaanxi, the cold - storage capacity ratio was 1.54%, a decrease of 0.32 percentage points, and the cold - storage was gradually being cleared [12]. - As of September 17, 2025, the apple cold - storage inventory in the main producing areas was 16.32 tons, a decrease of 4.59 tons from last week. The inventory shipment in Shandong slowed down due to the impact of mid - maturing varieties [12]. 4.1.3 Demand Analysis - In the Guangdong Chalong market, the number of early - morning arrival vehicles increased slightly compared to last week, with an average of 31.8 vehicles per day. The mainstream price of Shandong 80 late - maturing Fuji in baskets was 3.8 - 4 yuan/jin, and in boxes was 4.5 - 5.5 yuan/jin. The price of Luochuan Gala in baskets was 5.3 - 5.5 yuan/jin, and high - quality ones were 6 - 7 yuan/jin. The price of Hongqian Fuji was 4 - 4.5 yuan/jin, and the price of Jingning Red Star in boxes was 5 yuan/jin. With the approaching of the dual festivals, the market was stockpiling, but the overall sales were average, and there was a backlog in the transfer warehouse [15]. - On September 11, the average wholesale price of 6 key - monitored fruits was 6.84 yuan/kg, slightly lower than last Friday, and it was at the middle level in recent years [15]. - From 2024 - 2025, the profit of Qixia 80 first - and second - grade apple storage merchants was 0.3 yuan/jin, the same as last week. The market arrival volume increased this week, the overall sales were good, and the price remained stable [15]. 4.1.4 Trading Strategies - Trading Logic: Due to the poor quality rate of early - maturing apples and the expected poor quality rate of late - maturing Fuji, the initial purchase price of late - maturing Fuji is expected to be relatively high. However, considering the current high futures price, the futures are expected to fluctuate in the short term. The initial purchase price of new - season apples will have a significant impact on the market [16]. - Single - side: In the short term, apples are expected to fluctuate due to the expected poor quality rate. The previous high is expected to be the recent high, and there will be significant selling and hedging pressure after the new - season apples are on the market [16]. - Arbitrage: Wait and see [16]. - Options: It is recommended to wait and see [16]. 4.2 Weekly Data Tracking 4.2.1 Apple Supply and Demand - The report presents data on apple exports, planting area, consumption, and production from 2018 - 2023, but specific numerical analysis is not provided in the text [20]. 4.2.2 Inventory and Shipment - The report shows the inventory trends of national, Shandong, and Shaanxi apple cold - storages from 2016/17 - 2024/25, as well as the national cold - storage apple shipment trends during the same period [23][24]. 4.2.3 Spreads and Basis - The report provides data on the current and previous closing prices, price changes of AP01, AP05, AP10, and their spreads, as well as the basis data of Qixia first - and second - grade 80 apples and different - month contracts from 2019 - 2025 [26]. 4.2.4 Spot and Futures Prices - The report shows the current price, previous - day price, and price changes of the Fuji apple price index, Qixia first - and second - grade 80 apples, Penglai first - and second - grade 80 apples, and other spot prices, as well as the average wholesale price of 6 kinds of fruits [27].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The cotton market shows a trend of weakening oscillations. Internationally, the US cotton market is expected to oscillate, while domestically, the Zhengzhou cotton market is expected to oscillate slightly weaker [8][27]. - In September, as new cotton enters the acquisition period, the market focus shifts to the opening price of new cotton. With high expected production in Xinjiang and low enthusiasm among ginning mills for acquisition, large - scale panic buying is not expected. There will be selling hedging pressure on the market as new cotton is listed in large quantities. Although the downstream demand has slightly improved in the peak season, the improvement is limited, and the boosting effect on the market is also limited [27][43]. 3. Summary by Relevant Catalogs 3.1 International Market Analysis - **US Cotton Market**: With no significant changes in the macro - environment and a high good - quality rate in the current fundamentals, the US cotton market is expected to oscillate [8]. - **US Cotton Growth**: As of September 7, the boll - setting rate was 97%, the flocculation rate was 40%, the harvesting rate was 8%, and the good - quality rate was 54%. The growth was accelerating compared to the previous period, and the progress caught up with the five - year average [8]. - **US Cotton Sales**: As of September 4, the weekly signing volume of 2025/26 US upland cotton was 2.94 tons, a 47% weekly decrease and a 33% decrease compared to the average of the previous four weeks. The weekly shipment volume was 2.95 tons, a 16% weekly decrease and a 2% decrease compared to the average of the previous four weeks [8]. - **CFTC Position**: As of September 5, the number of unpriced contracts of sellers on the ON - CALL 2512 contract decreased by 1671 to 20121, a reduction of 40,000 tons compared to the previous week [8]. - **Brazil**: According to the September 2024/25 production forecast by CONAB, the total cotton production in Brazil is expected to be 4.061 million tons, an increase of 126,000 tons from the previous month [8]. - **India**: From September 4 - 10, the weekly rainfall in the main cotton - producing areas was 66.1mm, 28.3mm higher than the normal level and 17.6mm higher than the same period last year. The cumulative rainfall from June 1 - September 10 was 849mm, 107.5mm higher than the normal level [8]. - **Global Situation**: According to the USDA's August global cotton production and sales forecast, the global cotton production in August was 25.39 million tons, a decrease of 391,000 tons from the previous month. The total consumption decreased by 30,000 tons to 25.68 million tons, and the ending inventory decreased by 742,000 tons to 16.09 million tons [8]. 3.2 Domestic Market Logic Analysis - **Market Outlook**: As new cotton enters the acquisition period in September, the market focus shifts to the opening price of new cotton. The downstream demand improvement is limited, and the market is expected to oscillate weakly in the short term [27]. - **Supply Side**: The new - season cotton is growing well, maintaining a harvest expectation. As of mid - August, the national commercial cotton inventory was 1.8202 million tons, at a low level in the same period over the years. As of September 5, the total commercial cotton inventory was 1.4156 million tons, a decrease of 131,400 tons (8.49%) from the previous week [27]. - **Demand Side**: Although it has entered the peak demand season, the downstream demand change is not obvious. As of mid - August, the cotton industrial inventory of cotton textile enterprises was 924,200 tons, and the yarn inventory was 27.23 days, and the gray fabric inventory was 35.14 days. As of September 11, the mainstream spinning mills' operating load was 66.5%, a 0.76% increase from the previous week [27]. 3.3 Option Strategy - **Volatility Judgment**: The HV on the previous day was 10.44697, and the volatility decreased slightly compared to the previous day. - **Option Strategy Recommendation**: The PCR on the previous day was 0.7370, and the trading volume PCR of the main contract was 0.7253. The trading volumes of both call and put options increased today. It is recommended to wait and see [41]. 3.4 Futures Trading Strategy - **Unilateral Trading**: It is expected that the US cotton market will mostly oscillate in the future, and the Zhengzhou cotton market is expected to oscillate slightly weaker. It is recommended to short at high prices [45]. - **Arbitrage**: Wait and see [45]. 3.5 Weekly Data Tracking - **Mid - end Situation**: Data on the operating load of pure cotton yarn mills, full - cotton gray fabric load, yarn inventory days, and gray fabric inventory days are provided, showing the mid - end situation of the cotton industry [52]. - **Cotton Inventory**: Historical data on national commercial cotton inventory, spinning mills' industrial cotton inventory, and reserve inventory are provided [54]. - **Spot - Futures Basis**: Information on the basis of cotton and cotton yarn, including the basis of different contract months and the basis of US cotton, is provided [57].