棉花：延续强势20260226

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The cotton market continues to be strong. The ICE cotton futures rebounded, closing up about 1% due to short - covering and the rise of Chinese cotton futures [1][3]. - The trend strength of cotton is 1, indicating a relatively strong trend [5]. According to Related Catalogs 1. Cotton Fundamental Data - Futures Prices: CF2605 closed at 15,380 yuan/ton with a daily increase of 0.62% and a night - session closing price of 15,540 yuan/ton with a night - session increase of 1.04%. CY2605 closed at 21,315 yuan/ton with a daily increase of 0.21% and a night - session closing price of 21,450 yuan/ton with a night - session increase of 0.63%. ICE cotton 5 closed at 66.16 cents/pound with a 1.01% increase [1]. - Trading Volume and Open Interest: The trading volume of CF2605 was 840,688 lots, an increase of 223,113 lots from the previous day, and the open interest was 1,169,274 lots, an increase of 69,884 lots. The trading volume of CY2605 was 15,055 lots, a decrease of 1,999 lots, and the open interest was 12,630 lots, an increase of 1,045 lots [1]. - Warehouse Receipts: The number of Zheng cotton warehouse receipts was 11,124, an increase of 111, and the effective forecast was 1,205, an increase of 64. The number of cotton yarn warehouse receipts was 0, unchanged, and the effective forecast was 39, a decrease of 39 [1]. - Spot Prices: The price of North Xinjiang 3128 machine - picked cotton was 16,524 yuan/ton, an increase of 100 yuan/ton (0.61%) from the previous day. The price of South Xinjiang 3128 machine - picked cotton was 16,460 yuan/ton, an increase of 100 yuan/ton (0.61%). The price in Shandong was 16,388 yuan/ton, an increase of 275 yuan/ton (1.71%), and in Hebei was 16,410 yuan/ton, an increase of 324 yuan/ton (2.01%). The 3128B index was 16,329 yuan/ton, an increase of 259 yuan/ton (1.61%). The Cotlook:A index was 75.55 cents/pound, a decrease of 0.26% [1]. - Price Spreads: The CF3 - 5 spread was 155 yuan/ton, an increase of 40 yuan/ton from the previous day. The spread between North Xinjiang 3128 machine - picked cotton and CF605 was 1,140 yuan/ton, an increase of 10 yuan/ton [1]. 2. Macro and Industry News - Domestic Cotton Spot: The willingness to trade in the domestic cotton spot market is not strong, and the transactions are light. Most transactions are at fixed prices, but there are not many fixed - price offers. Different types of cotton in North Xinjiang have different price ranges for fixed - price offers [1][2]. - Domestic Cotton Textile Enterprises: The number of spinning enterprises quoting prices in the pure - cotton yarn market has increased. Large - scale spinning enterprises have a relatively high price increase, while small - scale spinning enterprises' price increases are mostly in the range of 200 - 300 yuan/ton. The trading of pure - cotton yarn has not recovered as the downstream is still in the process of resuming work. Weaving factories have increased their resumption of work and their operating rates have recovered. They are mainly producing pre - holiday orders and regular varieties, and new orders are still unclear. Weaving factories are still waiting and watching, and some plan to raise prices according to market conditions [1][2]. - US Cotton: The ICE cotton futures continued to rebound, closing up about 1% due to short - covering and the rise of Chinese cotton futures [1][3].