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1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The cotton market shows a small positive trend this week, with the main contract closing at 13,640 yuan per ton, up 55 points from last week [1]. - The US plan to increase tariffs on India by 50% brings uncertainty to the Sino - US trade talks. The US cotton boll - setting rate lags behind the five - year average by 1%, new cotton listing in Pakistan slows down, and the harvest in Brazil's main producing areas is slow. Domestically, the low - level lint inventory decreased rapidly last week, and high temperatures continue in Xinjiang this week [2]. - In terms of fundamentals, domestic cotton de - stocking is obvious this week. Downstream textile enterprises are in the off - season, with the startup rate still declining. Enterprises are making normal restocking. Cotton inventory decreased by 555 lots this week, and the basis rate is around 9.1% [3]. - In the 2024/25 season, global cotton production, consumption, trade volume, and beginning and ending inventories have all been adjusted downwards [5]. 3. Summary by Relevant Catalogs Market Review - The main cotton contract closed with a small positive line this week, with a closing price of 13,640 yuan per ton, up 55 points from last week [1] News Situation - The US plan to increase tariffs on India by 50% impacts Sino - US trade talks. The US cotton boll - setting rate lags behind the five - year average by 1%, new cotton listing in Pakistan slows, and the harvest in Brazil's main producing areas is slow. Domestically, low - level lint inventory decreased rapidly last week, and Xinjiang has high temperatures this week [2] Fundamental Situation - Supply: Domestic cotton de - stocking is obvious this week [3] - Demand: Downstream textile enterprises are in the off - season, and the startup rate is still declining, with normal restocking [3] - Inventory: Cotton inventory decreased by 555 lots this week, and the basis rate is around 9.1% [3] Global Supply and Demand Forecast - In the 2024/25 season, global cotton production, consumption, trade volume, and beginning and ending inventories have all been adjusted downwards [5]