受供需数据提振，白糖有所支撑

Report Industry Investment Rating - Sugar - Oscillation [1] - Cotton - Oscillation [1] Core Viewpoints - Sugar is supported by supply - demand data, with seasonal consumption recovery due to summer cold - drink demand and significant increase in recent sugar imports. The impact on beet sugar production and post - typhoon sugarcane growth in main producing areas need further attention. [1][3] - Cotton has bottom - line support as commercial inventory is decreasing and the cotton textile peak season is approaching. Although some areas have good growth, the cotton price is expected to range from 14,000 to 16,000 yuan with a potential downward risk after centralized listing. [1][3] - The recommended strategy is to mainly adopt a wait - and - see approach. [3] Summary by Relevant Catalogs Market Quotes - On the futures market, the U.S. sugar closed at 15.77 with a change of 1.55%, and the U.S. cotton closed at 64.19 with a change of - 0.16%. [1] - In the spot market, the Nanning sugar spot price was 5770.0 yuan, the Kunming sugar spot price was 5740.0 yuan, and the Xinjiang cotton spot price was 14500.0 yuan. [1] Supply - Demand Situation - Sugar: Driven by summer cold - drink demand, sugar consumption has a seasonal recovery, and recent sugar imports have increased significantly due to the widening domestic - foreign price difference. [1] - Cotton: In August, high temperatures and low precipitation in Xinjiang and the Yangtze River Basin increased the risk of high - temperature heat damage to cotton. The current commercial cotton inventory is continuously decreasing, and the cotton textile peak season is coming. [1] Inventory and Warehouse Receipts - Zhengzhou sugar warehouse receipts were 8407.0, with a change of - 0.13%; Zhengzhou cotton warehouse receipts were 2598.0, with a change of - 2.07%. [2] Data Overview - External Market Quotes: From October 19 to 20, 2025, the U.S. sugar rose from 15.53 to 15.77 with a change of 1.55%, and the U.S. cotton fell from 64.29 to 64.19 with a change of - 0.16%. [4] - Spot Prices: From October 17 to 20, 2025, the Nanning and Kunming sugar prices both decreased by 0.35%, the cotton index 328 remained unchanged, and the Xinjiang cotton price remained at 14500.0 yuan. [4] - Price Spread Overview: There were various changes in sugar and cotton contract spreads and basis from October 19 - 20, 2025. For example, SR01 - 05 increased by 11.43%, and the cotton 09 basis decreased by 12.12%. [4] - Import Prices: The cotton cotlookA remained at 75.1 from October 17 - 20, 2025. [4] - Profit Space: The sugar import profit remained at 1567.5 from October 17 - 20, 2025. [4] - Options: The implied volatilities of SR601C5400, SR601P5400, CF601C13400, and CF601P13400 were 0.0763, 0.0762, 0.0791, and 0.0796 respectively. [4] - Inventory Warehouse Receipts: From October 17 - 20, 2025, sugar warehouse receipts decreased from 8418.0 to 8407.0 with a change of - 0.13%, and cotton warehouse receipts decreased from 2653.0 to 2598.0 with a change of - 2.07%. [4]