1. Report Summary - **Report Title**: Pioneer Futures Options Daily Report - **Report Date**: October 31, 2025 - **Report Type**: Futures and Options Market Analysis 2. Core Views - The report provides a comprehensive analysis of the options market, including the volatility rankings of various option underlying assets, and offers trading suggestions for volatility trading and risk - free arbitrage in different exchange - listed options [3][5]. 3. Key Information by Category 3.1 Option Underlying Volatility Ranking - The report presents a list of option underlying assets' volatility rankings, including at - the - money implied volatility, 30 - day historical volatility, and daily true volatility. For example, 'ps2512' has an at - the - money implied volatility of 2.7%, ranking 1st; 30 - day historical volatility of 2.1%, ranking 6th; and daily true volatility of 2.9%, ranking 5th [3]. 3.2 Exchange - Listed Options Analysis 3.2.1 Shanghai Stock Exchange Options - **Shanghai 50ETF**: The trading volume of the main options is 755,468 lots, the open interest is 848,612 lots, the trading volume ratio of call options to put options is 1.16, and the weighted average implied volatility is 15.82%. Volatility trading suggestions are to sell the month with the upper curve and buy the month with the lower curve for different months; sell the option with the upper point on the curve and buy the option with the lower point on the curve for the same month. The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 6.58% at the settlement price and 1.26% at the counter - party price [19][22][26]. - **Huatai - Berich CSI 300ETF**: The trading volume of the main options is 797,684 lots, the open interest is 720,276 lots, the trading volume ratio of call options to put options is 1.24, and the weighted average implied volatility is 16.72%. Similar volatility trading suggestions are provided. The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 3.54% at the settlement price and 1.23% at the counter - party price [29][34][38]. - **Southern CSI 500ETF**: The trading volume of the main options is 1,271,310 lots, the open interest is 772,262 lots, the trading volume ratio of call options to put options is 1.09, and the weighted average implied volatility is 20.48%. The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 22.8% at the settlement price and 5.57% at the counter - party price [40][47][49]. - **Huaxia SSE STAR 50 ETF**: The trading volume of the main options is 1,127,777 lots, the open interest is 1,153,991 lots, the trading volume ratio of call options to put options is 1.29, and the weighted average implied volatility is 37.07%. The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 12.7% at the settlement price and 1.58% at the counter - party price [52][56][60]. - **E Fund SSE STAR 50 ETF**: The trading volume of the main options is 218,476 lots, the open interest is 277,730 lots, the trading volume ratio of call options to put options is 1.41, and the weighted average implied volatility is 37.35%. The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 23.5% at the settlement price and 4.61% at the counter - party price [63][69][72]. 3.2.2 Shenzhen Stock Exchange Options - **Harvest CSI 300ETF**: The trading volume of the main options is 116,253 lots, the open interest is 146,481 lots, the trading volume ratio of call options to put options is 1.29, and the weighted average implied volatility is 17.51%. The minimum annualized yield of the optimal arbitrage portfolio held to maturity is 8.65% at the settlement price and 0.10% at the counter - party price [75][83][86]. - **E Fund ChiNext ETF**: The trading volume of the main options is 1,736,584 lots, the open interest is 1,044,215 lots, the trading volume ratio of call options to put options is 1.09, and the weighted average implied volatility is 33.19% [89][91].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report Soft Commodity Sector - **Sugar**: Global sugar supply surplus expectations suppress international sugar prices. In the short - term, ICE raw sugar is expected to remain weak. In China, although there are some positive factors, the medium - long - term pressure on Zhengzhou sugar prices remains, and the rebound space is limited [3]. - **Pulp**: The market risk preference is boosted, but the supply of wood pulp remains high, and the demand improvement is limited. The pulp valuation is not high, but the upward drive is weak, and the rise height may be restricted [4]. - **Double - offset Paper**: The improvement in demand for finished paper is limited, and there is supply pressure. Although there is some cost support, the price is difficult to rise significantly [6]. - **Cotton**: The tariff adjustment in Sino - US trade negotiations supports textile and clothing exports. However, the supply pressure in the northern hemisphere still exists, and the domestic cotton price is expected to fluctuate in a low - level range [8]. Fresh Fruit and Vegetable Sector - **Apple**: The new season's apples have smaller fruit sizes and lower high - quality fruit rates, which support the futures price. However, the lack of consumption growth restricts the upward space. The futures price is expected to fluctuate strongly [9]. - **Jujube**: The futures price has fallen from a high level. The inventory depletion speed has slowed down, and new jujubes are on the market. The futures price is expected to be in a shock - falling state [9]. 3. Summary According to the Directory First Part: Sector Strategy Recommendation Fresh Fruit Futures | Variety | Recommended Strategy | Main Logic | Support Range | Pressure Range | | --- | --- | --- | --- | --- | | Apple 2605 | Hold long positions cautiously | Smaller fruit sizes and lower high - quality fruit rates in the new season, the futures price center moves up | 7900 - 8000 | 9700 - 9800 | | Jujube 2601 | Short at high prices | High futures premium, there is pressure for the futures and spot prices to converge | 10000 - 12000 | 11000 - 11300 | [19] Soft Commodity Futures | Variety | Recommended Strategy | Main Logic | Support Range | Pressure Range | | --- | --- | --- | --- | --- | | Sugar 2601 | Short on rebound | Short - term rebound under the boost of good news, but new sugar is about to be listed, and the global supply - demand is expected to weaken | 5380 - 5400 | 5530 - 5500 | | Pulp 2601 | Short within the range | The valuation is not high, but there is still supply pressure, and the overall increase in finished paper prices is limited | 4800 - 4900 | 5200 - 5300 | | Double - offset Paper 2601 | Short on rebound | The cost support has increased slightly, but the demand still suppresses the price under high supply elasticity | 4100 - 4200 | 4400 - 4500 | | Cotton 2601 | Reduce short positions | The increase in new cotton production is slightly less than expected, and the Sino - US trade relationship eases | 13200 - 13300 | 13700 - 13800 | [19] Second Part: Market News Changes Apple Market - **Fundamental Information**: In September 2025, the export volume of fresh apples was about 70,800 tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32% [20]. - **Spot Market**: The mainstream apple prices in the producing areas remained stable. The trading in Shandong was at its peak, and the acquisition in Shaanxi was in the later stage. The market arrival volume in the sales areas increased, and the sales of high - quality goods were good [20][21]. Jujube Market The physical inventory of 36 sample points was 9103 tons, a month - on - month decrease of 1.04% and a year - on - year increase of 109.22%. New jujubes have not been concentratedly harvested, and some merchants have started to purchase [22]. Sugar Market China has suspended the import of all syrups and premixes since October 27. The sugar production in India in the 2025/26 season is expected to reach 34.9 million tons, a year - on - year increase of 19%. The EU has raised the yield forecast of sugar beets [24]. Pulp Market As of October 27, the weekly pulp inventory in sample areas decreased by 1.58% month - on - month. As of October 28, the steam consumption of a thermal power plant in Baoding decreased, and the operating rate of household paper decreased [26]. Double - offset Paper Market As of October 29, the average theoretical gross profit margin of the double - offset paper industry decreased, and the cost decline was narrower than the revenue decline, resulting in a continuous decline in profitability [27]. Cotton Market In September 2025, Japan's clothing imports increased significantly. The tariff on textile and clothing exports to the US has been reduced, and the export competitiveness will be restored [28]. Third Part: Market Review Futures Market | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2601 | 9268 | 70 | 0.76% | | Jujube 2601 | 10225 | - 270 | - 2.57% | | Sugar 2601 | 5472 | - 22 | - 0.40% | | Pulp 2511 | 4846 | 10 | 0.21% | | Cotton 2601 | 13600 | - 20 | - 0.15% | [29] Spot Market | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 3.75 | 0 | 0.55 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5750 | 0 | - 790 | | Pulp (Shandong Silver Star) | 5500 | 0 | - 700 | | Double - offset Paper (Sun Tianyang - Tianjin) | 4450 | 0 | - 450 | | Cotton (yuan/ton) | 14843 | 3 | - 593 | [34] Fourth Part: Basis Situation No specific summary information provided in the given content, only relevant charts are mentioned. Fifth Part: Inter - month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Prediction | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 1 - 5 | - 456 | 172 | 264 | Oscillatory decline | Short at high prices | | Jujube | 9 - 1 | - 80 | - 75 | - 175 | Range oscillation | Wait - and - see | | Sugar | 1 - 5 | 65 | 1 | 53 | Oscillatory fluctuation | Wait - and - see | | Cotton | 1 - 5 | - 10 | - 5 | 55 | Range fluctuation | Short at high prices | [52] Sixth Part: Futures Position Situation No specific summary information provided in the given content, only relevant charts are mentioned. Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 0 | 0 | 0 | | Sugar | 7541 | - 84 | - 2359 | | Pulp | 224942 | - 486 | - 146925 | | Cotton | 2434 | - 26 | - 865 | [80] Eighth Part: Option - related Data No specific summary information provided in the given content, only relevant charts are mentioned.

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The supply - side acquisition progress of cotton has entered a peak, with acquisition prices basically stable and slightly rising recently, around 6.2 yuan/kg. The demand - side shows little change. Considering the results of Sino - US economic and trade consultations, Zhengzhou cotton is expected to be slightly stronger in the short - term [6]. - For the cotton market, it is expected that the future trend of US cotton will likely be volatile, while Zhengzhou cotton is expected to show a slightly stronger volatile trend. For the cotton trading strategy, it is recommended to wait and see for arbitrage and options [7][8][9]. - In the cotton yarn industry, the trading volume of the pure cotton yarn market is average, with prices remaining stable. Some manufacturers plan to reduce prices to sell goods. Order demand is generally weak, but there are re - order situations due to Double 11, and high - count yarn orders for export are good. The price of all - cotton grey cloth is stable with a slight downward trend, and the inventory of manufacturers is accumulating [9]. 3. Summary by Directory First Part: Market Information - **Futures Market**: It shows the closing prices, price changes, trading volumes, and open interest of various cotton and cotton yarn futures contracts such as CF01, CF05, CY01, etc. For example, the closing price of CF01 contract is 13,600, with a decrease of 20, and the trading volume is 211,342 hands [2]. - **Spot Market**: Lists the prices and price changes of various cotton and cotton yarn spot products, such as the price of CCIndex3128B is 14,843 yuan/ton, with an increase of 13 yuan/ton, and the price of CY IndexC32S is 20,475 yuan/ton, remaining unchanged [2]. - **Price Spreads**: Includes cotton inter - period spreads, cotton yarn inter - period spreads, cross - variety spreads, and internal - external price spreads. For example, the 1 - month to 5 - month cotton inter - period spread is - 10, with a decrease of 5 [2]. Second Part: Market News and Views - **Cotton Market News**: - The Xinjiang cotton road transportation price index on October 30, 2025, was 0.1803 yuan/ton·km, remaining unchanged from the previous period. It is expected to show an overall fluctuating upward trend in the short term [4]. - On October 29, 2025, the machine - picked cotton acquisition index in Xinjiang was 6.28 yuan/kg, a decrease of 0.02 yuan/kg from the previous day, and the hand - picked cotton acquisition index was 7.05 yuan/kg, remaining unchanged [4]. - In September 2025, Japan's clothing imports entered the peak season, with both import volume and value increasing significantly compared to the previous month. The import value was 372.276 billion yen (equivalent to 2.524 billion US dollars), a year - on - year increase of 7.52% and a month - on - month increase of 13.12%. The import volume was 110,000 tons, a year - on - year increase of 5.13% and a month - on - month increase of 21.91% [5]. - The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% counter - tariff on Chinese goods will continue to be suspended for one year. China will adjust its counter - measures accordingly, and both sides agree to extend some tariff exclusion measures [5][6]. - **Trading Logic**: The supply - side acquisition progress is at a peak, and acquisition prices are stable with a slight increase. The demand - side changes little. Considering the Sino - US economic and trade consultation results, Zhengzhou cotton is expected to be slightly stronger in the short term [6]. - **Trading Strategy**: - Unilateral: It is expected that the future trend of US cotton will likely be volatile, while Zhengzhou cotton is expected to show a slightly stronger volatile trend [7]. - Arbitrage: Wait and see [8]. - Options: Wait and see [9]. - **Cotton Yarn Industry News**: - The night - session of Zhengzhou cotton rose yesterday. The trading volume of the pure cotton yarn market is average, with prices remaining stable. Some manufacturers plan to reduce prices to sell goods. Overall order demand is weak, but there are re - order situations due to Double 11, and high - count yarn orders for export are good. The price of Xinjiang - produced high - grade compact - spun C32S is 21,600 - 21,800 yuan/ton [9]. - The price of all - cotton grey cloth is stable with a slight downward trend. Due to weak downstream demand, downstream customers make small - scale purchases. The sales of medium - and high - count grey cloth are not as expected, and the inventory of manufacturers is accumulating [9]. Third Part: Options - **Option Data**: Lists the option contract names, underlying contract prices, closing prices, price changes, implied volatility (IV), and other data of cotton options on October 28, 2025, such as the closing price of CF601C13400.CZC is 240, with a decrease of 10.4% [11]. - **Volatility Judgment**: On October 28, 2025, the 120 - day historical volatility (HV) of cotton decreased slightly compared to the previous day. The implied volatility of CF601 - C - 13400 is 7.5%, that of CF601 - P - 13000 is 10%, and that of CF601 - P - 12400 is 13.5% [11]. - **Option Strategy**: Wait and see [13]. Fourth Part: Related Attachments - It includes multiple charts such as the internal - external cotton price spread under 1% tariff, cotton 1 - month basis, cotton 5 - month basis, etc., which visually show the price trends and relationships of cotton and cotton yarn [15][16][17] [18][19][21][22][23][24][26].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints - The report presents the option market data of various ETFs and futures on October 30, 2025, including option prices, trading volumes, open interests, implied volatilities, etc. It also provides volatility trading suggestions and no - risk arbitrage returns for different options [3][21][22] 3. Summary by Directory 3.1 Shanghai Stock Exchange Options 3.1.1 Shanghai 50ETF - **Basic Information**: The trading volume of the Shanghai 50ETF's main - contract options is 716,537 lots, the open interest is 766,270 lots, the trading volume ratio of call options to put options is 1.41, and the weighted - average implied volatility is 15.68% [21] - **Volatility Trading**: Sell the options with the upper curve in different months or points on the upper curve in the same month, and buy the corresponding lower ones [22] - **No - risk Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 2.03% at the settlement price and 0.63% at the counter - price [26][28] 3.1.2 Huatai - Ber瑞沪深 300ETF - **Basic Information**: The trading volume of the main - contract options is 790,805 lots, the open interest is 660,654 lots, the trading volume ratio of call options to put options is 1.46, and the weighted - average implied volatility is 16.41% [31] - **Volatility Trading**: Similar to the Shanghai 50ETF, sell high and buy low based on the curve position [37] - **No - risk Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 7.10% at the settlement price and 1.25% at the counter - price [39][41] 3.1.3 Southern China CSI 500ETF - **Basic Information**: The trading volume of the main - contract options is 1,263,496 lots, the open interest is 728,253 lots, the trading volume ratio of call options to put options is 1.14, and the weighted - average implied volatility is 20.61% [44] - **Volatility Trading**: Follow the rule of selling high and buying low on the volatility curve [49] - **No - risk Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 30.5% at the settlement price and 6.36% at the counter - price [51][53] 3.1.4 Huaxia Shanghai Science and Technology Innovation Board 50ETF - **Basic Information**: The trading volume of the main - contract options is 1,085,084 lots, the open interest is 1,074,857 lots, the trading volume ratio of call options to put options is 1.64, and the weighted - average implied volatility is 36.68% [55] - **Volatility Trading**: Sell the upper - curve options and buy the lower - curve ones [57] - **No - risk Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 13.0% at the settlement price and 3.81% at the counter - price [61][62] 3.1.5 E Fund Shanghai Science and Technology Innovation Board 50ETF - **Basic Information**: The trading volume of the main - contract options is 183,339 lots, the open interest is 258,779 lots, the trading volume ratio of call options to put options is 2.27, and the weighted - average implied volatility is 36.56% [64] - **Volatility Trading**: Adopt the strategy of selling high and buying low on the volatility curve [68][69] - **No - risk Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 17.6% at the settlement price and 4.69% at the counter - price [73][75] 3.2 Shenzhen Stock Exchange Options 3.2.1 Harvest CSI 300ETF - **Basic Information**: The trading volume of the main - contract options is 125,725 lots, the open interest is 134,920 lots, the trading volume ratio of call options to put options is 1.47, and the weighted - average implied volatility is 17.79% [78] - **Volatility Trading**: Sell options on the upper curve and buy those on the lower curve [84] - **No - risk Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 18.1% at the settlement price and 1.89% at the counter - price [86][87] 3.2.2 E Fund ChiNext ETF - **Basic Information**: The trading volume of the main - contract options is 1,827,537 lots, the open interest is 1,014,874 lots, the trading volume ratio of call options to put options is 1.22, and the weighted - average implied volatility is 34.38% [90] - **Volatility Trading**: Follow the high - selling and low - buying rule on the volatility curve [92] - **No - risk Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 13.1% at the settlement price and 2.96% at the counter - price [96][98]

Core Insights - The SIBO volatility index has decreased to its lowest level in nearly two weeks, indicating a calm surface in the market, but underlying issues may still exist [1] - Individual stock volatility is significantly higher than the index level, suggesting that while the overall market appears stable, specific stocks are experiencing substantial fluctuations [2][4] Volatility Measures - The VIX EQ index, which measures single stock volatility, has recently reached an all-time high, indicating increased anxiety around earnings and valuations, particularly for high-profile tech stocks [3][4] - The widening spread between VIX EQ and VIX typically occurs before earnings announcements, reflecting heightened expectations for stock movements [3] Market Dynamics - The current market environment shows a notable dispersion in stock performance, with large-cap stocks like Apple and Amazon experiencing greater volatility compared to smaller stocks [5] - Despite significant individual stock volatility, the overall index volatility remains muted due to the uncorrelated movements of different sectors [5][6] Investor Sentiment - There has been a noticeable increase in hedging demand among investors, particularly as they seek downside protection and aim to lock in year-to-date gains [9] - The options market is reflecting a low level of volatility, leading to cheaper premiums for both call and put options, which may encourage increased trading activity [16] Bond Market Observations - The bond market has shown a decline in yields while inflation expectations are rising, suggesting that the Federal Reserve may prioritize labor market conditions over inflation risks [12] - This easing of financial conditions has contributed to positive performance across various asset classes [13] Future Outlook - The upcoming earnings season and potential interest rate cuts by the Federal Reserve are expected to influence market volatility, with options pricing indicating a 3% potential move in either direction for the S&P 500 ETF [14][15] - Investors are currently assessing the low levels of volatility as an opportunity to hedge against potential market shifts [17]

Market Summary - The market experienced significant volatility, with the index initially dropping over 1% to below 3880 points before rebounding in the afternoon, ultimately closing at 3922 points, up 0.22% [1][14] - The trading volume remained stable, maintaining above 1.6 trillion [1][14] - The market's upward movement was influenced by expectations surrounding the conclusion of the Fourth Plenary Session, leading to speculation and trading strategies focused on shorting at higher levels as long as historical highs are not breached [1][14] Technical Analysis - Key support level identified at 3880 points, with resistance at 3930 points and a critical point at 3920 [4][15] - The market's performance indicated a deep V-shaped rebound, with a long lower shadow on the daily candlestick chart, suggesting potential for further fluctuations [1][14] Options Market - The options market saw significant activity, with a notable rebound in put options after an initial surge in call options during the morning session [9][10] - The volatility index showed a slight increase, reflecting the market's response to the fluctuations in the underlying index, with a closing volatility of 15.09% [10][13] - The first trading day of new contracts was marked by intense competition between bullish and bearish positions, leading to rapid changes in option values [9][10]

General Motors Co (NYSE:GM) stock is one of the best names on the New York Stock Exchange (NYSE) today, last seen up 12.1% to trade at $65. The automaker reported adjusted third-quarter earnings of $2.80 per share on $48.60 billion in revenue, both of which outpaced estimates. While hiking its full-year guidance, GM also reduced the expected impact of tariffs this year to between $3.5 billion and $4.5 billion.The auto stock is on track for its best single-session gain since March 2020, and hit a four-year h ...

Group 1: Report General Information - Report Title: Cotton and Cotton Yarn Daily Report [2] - Date: October 21, 2024 [2] - Researchers: Wang Xizhen, Liu Qiannan [2] Group 2: Market Information Futures Market - CF01 contract closed at 13,540 with a gain of 75, trading volume of 245,897 hands (down 43,834), and open interest of 593,229 (up 231) [3] - CY01 contract closed at 19,775 with a gain of 170, trading volume of 13,841 hands (up 161), and open interest of 23,282 (up 1,127) [3] Spot Market - CCIndex3128B price was 14,728 yuan/ton, up 49; CY IndexC32S was 20,470 yuan/ton, up 30 [3] - Cot A was 75.65 cents/pound, up 75.10; FCY IndexC33S was 21,200 yuan/ton, down 18 [3] Spreads - Cotton 1 - 5 month spread was -60, up 5;棉纱 1 - 5 month spread was -20, up 95 [3] - CY01 - CF01 spread was 6,235, up 95; 1% tariff内外棉价差 was 3,273, up 1,901 [3] Group 3: Market News and Views Cotton Market News - As of October 17, 2025, the cumulative inspection volume of US upland cotton + Pima cotton was 376,700 tons, accounting for 12% of the annual US cotton production forecast, 27% slower year - on - year [6] - In September 2025, cottonseed imports were about 75,177.17 tons, down 35.84% year - on - year, with an average import price of about $342.25/ton, down 10.91% year - on - year [6] - In September, total retail sales of consumer goods were 419.71 billion yuan, up 3.0% year - on - year. Retail sales of clothing, footwear, and textiles above the designated size were 123.1 billion yuan, up 4.7% year - on - year [7] Trading Logic - During the festival, as new cotton entered the acquisition period, the market focus shifted to the opening price of new cotton. This year, Xinjiang cotton production was high and ginning mills' acquisition enthusiasm was general, with no large - scale rush to buy [8] - The peak season demand in the market was average, and the improvement in downstream demand was limited, so the peak season performance was not expected to be outstanding [8] Trading Strategies - Unilateral: US cotton is expected to fluctuate, and Zhengzhou cotton is also expected to show a fluctuating trend [9] - Arbitrage: Wait and see [10] - Options: Wait and see [11] Cotton Yarn Industry News - Zhengzhou cotton prices continued to rise, but the cotton yarn market was affected by weak downstream demand. The trading volume was average, and spinners and traders were cautious [11] - The cotton fabric market in October was weaker than in September, with demand remaining sluggish. Winter orders were nearing completion, and spring orders were scarce [13] Group 4: Options Option Data - On October 21, 2025, CF601C13400.CZC closed at 247, up 32.1%, with an implied volatility of 9.3% [15] - CF601P13000.CZC closed at 45, down 29.7%, with an implied volatility of 10.9% [15] Volatility and Strategy - The 120 - day HV of cotton was 8.542, slightly lower than the previous day. The implied volatility of relevant options varied [15] - The PCR of the main Zhengzhou cotton contract's open interest was 0.7255, and the PCR of trading volume was 0.6021. Both call and put trading volumes increased [16] - Option strategy: Wait and see [17]

Group 1: Market Information - Futures contracts: CF01 closed at 13465 with a gain of 130, volume of 289,731 (increase of 109660), and open interest of 592,998 (increase of 6531); CF05 closed at 13530 with a gain of 140, volume of 82,594 (increase of 42113), and open interest of 196,748 (increase of 18170); CF09 closed at 13700 with a gain of 135, volume of 635 (increase of 136), and open interest of 1,918 (increase of 238); CY01 closed at 19605 with a gain of 135, volume of 13680 (increase of 1115), and open interest of 22155 (increase of 1484); CY05 closed at 19720 with a gain of 130, volume of 7 (increase of 7), and open interest of 20 (increase of 2); CY09 closed at 19900 with a gain of 155, volume of 1 (increase of 1), and open interest of 4 (no change) [3] - Spot prices: CCIndex3128B was 14679 yuan/ton (up 15), CY IndexC32S was 20440 (no change), Cot A was 75.10 cents/pound, FCY IndexC33S was 21218 (up 4), (FC Index):M: to - port price was 73.40 (no change), Indian S - 6 was 55800 (no change), polyester staple fiber was 7450 (up 70), pure polyester yarn T32S was 10950 (down 50), viscose staple fiber was 13000 (no change), and viscose yarn R30S was 17250 (no change) [3] - Spreads: Cotton 1 - 5 month spread was - 65 (down 10), 5 - 9 month spread was - 170 (up 5), 9 - 1 month spread was 235 (up 5);棉纱 1 - 5 month spread was - 115 (up 5), 5 - 9 month spread was - 180 (down 25), 9 - 1 month spread was 295 (up 20); CY01 - CF01 spread was 6140 (up 5), CY05 - CF05 spread was 6190 (down 10), CY09 - CF09 spread was 6200 (up 20); 1% tariff internal - external cotton spread was 3224 (up 1852), sliding - scale internal - external cotton spread was 1609 (up 1094), internal - external yarn spread was - 778 (down 4) [3] Group 2: Market News and Views Cotton Market News - On October 20, 2025, the Xinjiang - outbound cotton road transport price index was 0.1797 yuan/ton·km, up 0.06% month - on - month. Transport demand and capacity resources both decreased slightly, and the index is expected to fluctuate upward in the short term [6] - In September 2025, China's cotton cloth imports were 3628.19 million meters (up 17.58% year - on - year, down 8.28% month - on - month), 4603.92 tons (up 11.63% year - on - year, down 0.32% month - on - month), and the import value was 28.0053 million US dollars (down 2.47% year - on - year, up 2.23% month - on - month) [6] - As of the week ending October 17, 2025, the cumulative inspection volume of US upland cotton + Pima cotton was 376,700 tons, accounting for 12% of the estimated annual US cotton production, 27% slower than the same period last year. Upland cotton inspection volume was 376,100 tons (13.37% progress, 27% slower), and Pima cotton inspection volume was 600 tons (1% progress, 92% slower) [6] Trading Logic - During the festival, as new cotton entered the acquisition stage, the market focus shifted to the opening price of new cotton. This year, Xinjiang cotton production is high and ginning mills' acquisition enthusiasm is average, with no large - scale rush to buy. Some acquisition prices are around 6 yuan/kg. As new cotton is widely available, there will be selling - hedging pressure on the futures market. The peak season demand in the market is average, and the improvement in downstream demand is limited, so the peak season performance this year is not expected to be outstanding, and the boost to the futures market will be limited [7] Trading Strategy - Single - side: US cotton is expected to fluctuate, and Zhengzhou cotton is also expected to show a volatile trend [9] - Arbitrage: Wait and see [9] - Options: Wait and see [9] Cotton Yarn Industry News - From last week's market sales, fabric mills reported that trading in October was worse than in September. Fabric mills generally expect to maintain just - in - time sales in October, and the market is unlikely to exceed that in September. Currently, the operating rate of knitting circular machine factories in the Guangdong market is mostly 20% - 30%, and the probability of a rebound in the operating rate is high. Fabric mills have low expectations for the market in the second half of the month [8] - On Friday night, Zhengzhou cotton opened and closed higher, and cotton yarn futures followed suit, with the market warming up. There was little change in the trading of pure cotton yarn over the weekend [9] Group 3: Options - Option data: On October 20, 2025, for the option contract CF601C13400.CZC, the underlying contract price was 13465.00, the closing price was 199.00 (up 40.1%); for CF601P13000.CZC, the underlying contract price was 13465.00, the closing price was 53.00 (down 36.9%); for CF601P12400.CZC, the underlying contract price was 13465.00, the closing price was 17.00 (down 20.5%) [12] - Volatility: The 120 - day HV of cotton on this day was 8.542, with a slight decline compared to the previous day. The implied volatility of CF601 - C - 13400 was 9.3%, CF601 - P - 13000 was 10.9%, and CF601 - P - 12400 was 13.9% [12] - Option Strategy: The PCR of the main contract of Zhengzhou cotton was 0.7151, and the volume PCR was 0.7237. Both call and put option volumes increased. The option strategy is to wait and see [13] Group 4: Related Attachments - The report includes figures such as the internal - external cotton price spread under 1% tariff, cotton 1 - month basis, cotton 5 - month basis, cotton 9 - month basis, CY05 - CF05 spread and CY01 - CF01 spread, CF9 - 1 spread, and CF5 - 9 spread [13][18][19][25]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Sugar**: Global sugar production is expected to be high, pressuring sugar prices. However, as the sugar - ethanol price difference narrows, ethanol production provides stronger support for raw sugar. The international market is expected to fluctuate and consolidate. In the domestic market, supply - demand factors are bearish, but cost - side support is strengthening, and it is also expected to fluctuate in the short term [3]. - **Pulp**: Overseas broadleaf pulp is strong, driving up domestic broadleaf pulp prices. The downstream demand for pulp may improve, but global shipping data shows high supply, and the supply pressure in the Chinese market may remain high. The macro - sentiment improvement boosts low - valued pulp, but caution is needed regarding the upside potential [4]. - **Offset Paper**: The spot price of offset paper is stable, and there are expectations of improved demand in the peak season, which supports the futures price. However, the high production capacity may limit the price rebound. Attention can be paid to inter - month reverse spreads and long - pulp short - paper arbitrage [5]. - **Cotton**: The external market price of cotton is expected to be under pressure. In the domestic market, the new - season cotton harvest is progressing, and the production increase is basically certain. There are still pressures on the export side, and the futures price is expected to be weakly volatile [6]. - **Apple**: The supply - side bullish factors of apples have been somewhat realized, and the market is in high - level fluctuations. The poor performance of the good - fruit rate provides support for the far - month contracts [7]. - **Jujube**: The futures price of jujubes rebounded last week. The spot inventory is being depleted, and the price has a seasonal rebound. The current weather is favorable for new - season jujube production [9]. 3. Summary by Directory 3.1 First Part: Sector Strategy Recommendations - **Fresh Fruit Futures**: For Apple 2605, recommend going long on the far - month contract; for Jujube 2601, recommend taking profits on long positions at high prices [17]. - **Soft Commodity Futures**: For Sugar 2601, recommend temporary observation; for Pulp 2511, recommend shorting within the range; for Offset Paper 2601, recommend shorting on rebounds; for Cotton 2601, recommend shorting at high prices [17]. 3.2 Second Part: Sector Weekly Market Review 3.2.1 Futures Market Review | Variety | Closing Price | Weekly Change | Weekly Change Rate | | ---- | ---- | ---- | ---- | | Apple 2601 | 8625 | - 119 | - 1.36% | | Jujube 2601 | 11420 | 275 | 2.47% | | Sugar 2601 | 5412 | - 84 | - 1.53% | | Pulp 2511 | 4838 | 50 | 1.04% | | Offset Paper 2601 | 4202 | 8 | 0.19% | | Cotton 2601 | 13335 | 10 | 0.08% | [18] 3.2.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | ---- | ---- | ---- | ---- | | Apple (yuan/jin) | 3.75 | 0.00 | 0.50 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5790 | 0 | - 750 | | Pulp (Shandong Yinxing) | 5550 | 0 | - 600 | | Cotton (yuan/ton) | 14679 | 15 | - 801 | [25] 3.3 Third Part: Sector Basis Situation The report provides basis charts for Apple, Jujube, Sugar, Pulp, and Cotton, but no specific data analysis is presented [34][37][38][41]. 3.4 Fourth Part: Inter - Month Spread Situation The report provides inter - month spread charts for Apple, Jujube, Sugar, and Cotton, but no specific data analysis is presented [43][45][47]. 3.5 Fifth Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | ---- | ---- | ---- | ---- | | Apple | 0 | 0 | 0 | | Jujube | 0 | 0 | 0 | | Sugar | 8418 | - 20 | - 1300 | | Pulp | 227023 | - 445 | - 176569 | | Cotton | 2653 | - 71 | - 1321 | [48] 3.6 Sixth Part: Option - Related Data 3.6.1 Apple Options - Market logic: New - season apple listing performance is below expectations, and far - month contracts have strong support. - Option strategy: Sell far - month put options [49]. 3.6.2 Sugar Options - Market logic: Cost support exists, but the fundamental situation is mainly bearish. - Option strategy: Sell wide - straddle option strategy [49]. 3.6.3 Cotton Options - Market logic: The concentrated listing of new - season cotton exerts obvious pressure, and the short - term futures price may show a weak trend. - Option strategy: Sell out - of - the - money call options [49]. 3.7 Seventh Part: Sector Futures Fundamental Situation 3.7.1 Apple - **Weather in Producing Areas**: The report provides temperature and precipitation charts for Shandong and Shaanxi, but no specific analysis is presented [62][63]. - **Export Situation**: The report provides a chart of monthly apple export volume, but no specific analysis is presented [64][65]. - **Inventory Situation**: The report provides charts of weekly apple storage inventories in China, Shandong, and Shaanxi, but no specific analysis is presented [66][67]. 3.7.2 Jujube The report provides charts of weekly jujube trading volumes in Henan and Hebei and the daily arrival volume in the Guangdong Ruyifang market, but no specific analysis is presented [68][69]. 3.7.3 Sugar The report provides charts of national sugar industrial inventory, monthly sugar import volume, and sugar spot - futures spread, but no specific analysis is presented [70][71][73][75]. 3.7.4 Pulp The report provides charts of domestic four - port pulp inventory, global producer wood pulp inventory days, pulp product weekly production, and monthly import volume of broadleaf and coniferous pulp, but no specific analysis is presented [77][82][83]. 3.7.5 Offset Paper The report provides charts of offset paper capacity utilization rate, weekly production, enterprise inventory, and apparent consumption, but no specific analysis is presented [84][85]. 3.7.6 Cotton The report provides charts of retail sales and inventory data of clothing in the US, UK, and Japan, as well as domestic cotton industrial and commercial inventories, import volume, and textile industry - related data, but no specific analysis is presented [86][87][88]