市场消息平静，白糖震荡为主

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].