棉花进口量增加，港口库存回升

Group 1 - In November, the reduction of tariffs between China and the U.S. has led to increased enthusiasm for importing foreign cotton, alongside the arrival of the new season Brazilian cotton, resulting in a month-on-month increase in cotton imports [3][12] - In November 2025, China's cotton import volume reached 118,700 tons, a month-on-month increase of 33.37% and a year-on-year increase of 9.78%. Cumulatively, from January to November 2025, imports totaled 887,800 tons, a year-on-year decrease of 64.10% [3][12] - The opening of the new season Brazilian cotton import window has significantly increased the volume of Brazilian cotton imports, which reached 67,800 tons in November, a month-on-month increase of 218.33%, accounting for 57.07% of total imports for the month [5][14] Group 2 - The inventory of imported cotton at major ports has increased, with a total of 347,000 tons as of December 23, reflecting an increase of 189,000 tons since early November [7][16] - The price difference between domestic and foreign cotton has widened in December, enhancing the cost-effectiveness of foreign cotton, which is expected to further boost import volumes, projected to reach around 150,000 tons [9][18]