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Group 1: Report Industry Investment Ratings - The investment ratings for cotton, sugar, and pulp are all neutral [2][6][8] Group 2: Report Core Views - For cotton, in the short - term, the domestic market faces downstream and price - difference pressures with a risk of high - level correction. In the long - term, the upward space depends on policy implementation. The global market has short - term supply pressure and weak consumption, while the US cotton is in a low - valuation range [2] - For sugar, the 2025/26 global sugar market is in surplus. In the short - term, the trade flow is in a tight balance, and in the long - term, the market should not be overly pessimistic. The domestic market has increasing supply and inventory pressure, and the price is expected to oscillate at the bottom [4][6] - For pulp, overseas supply is disrupted, and there is a pre - Spring Festival restocking expectation. The short - term trend is expected to be slightly stronger in oscillation, but the upward height depends on demand improvement and inventory digestion [8] Group 3: Summary by Related Contents Cotton Market News and Key Data - Futures: The closing price of cotton 2605 contract was 14,675 yuan/ton, down 135 yuan/ton (- 0.91%) from the previous day. Spot: The Xinjiang arrival price of 3128B cotton was 15,727 yuan/ton, up 10 yuan/ton; the national average price was 15,972 yuan/ton, up 2 yuan/ton [1] - India's 2025/26 cotton production increased by 130,000 tons, domestic demand by 170,000 tons, and exports decreased by 50,000 tons compared to last month's assessment. Compared with the previous year, the ending inventory increased by 800,000 tons [1] Market Analysis - Internationally, the new cotton in the Northern Hemisphere is on the market, with high supply pressure and weak consumption. The US cotton export is slow, and it is under short - term pressure. Domestically, the 2025/26 cotton production increased, the commercial inventory rose seasonally, the downstream orders declined, and the inventory increased. The annual supply - demand is expected to be balanced, with a possible inventory shortage at the end of the year [2] Strategy - Neutral. Be vigilant against high - level correction in the short term, and the long - term upward space depends on policy implementation [2] Sugar Market News and Key Data - Futures: The closing price of sugar 2605 contract was 5,280 yuan/ton, down 19 yuan/ton (- 0.36%) from the previous day. Spot: The sugar price in Nanning, Guangxi was 5,360 yuan/ton, down 10 yuan/ton; in Kunming, Yunnan it was 5,215 yuan/ton, down 15 yuan/ton [2] - As of January 12, 2026, Punjab, India had crushed over 18.647 million tons of sugarcane, producing 1.712 million tons of sugar [3] Market Analysis - The global 2025/26 sugar market is in surplus. In the short term, the trade flow is in a tight balance, and in the long term, the market should not be overly pessimistic. Domestically, sugar production is increasing, the supply is growing seasonally, and the import pressure remains high [4][5] Strategy - Neutral. The price may oscillate at the bottom in the short - to - medium term, with limited downward space [6] Pulp Market News and Key Data - Futures: The closing price of pulp 2605 contract was 5,436 yuan/ton, down 58 yuan/ton (- 1.06%) from the previous day. Spot: The price of Chilean Silver Star softwood pulp in Shandong was 5,515 yuan/ton, down 35 yuan/ton; the price of Russian softwood pulp was 5,090 yuan/ton, down 45 yuan/ton [6] - The import wood pulp spot market price turned weak. The price of imported softwood pulp in some markets decreased by 10 - 50 yuan/ton, and the price of imported hardwood pulp in some markets decreased by 10 - 20 yuan/ton [6] Market Analysis - Supply: Overseas pulp mills had shutdown and maintenance. Demand: European port inventory decreased, and domestic port inventory was high but decreased slightly in December. The expanding paper production capacity will increase the demand for pulp [7] Strategy - Neutral. The short - term trend is expected to be slightly stronger in oscillation, and the upward height depends on demand and inventory [8]