Report Summary 1. Report Industry Investment Rating No investment rating provided in the report [2] 2. Core Viewpoints - The 2025/26 global cotton supply - demand report is relatively positive for the cotton market as global production and consumption are adjusted upwards while the estimated ending inventory is adjusted downwards. Domestically, the inventory remains low, the market supply is still tight, downstream orders have slightly increased, and spinning mills' operation rate remains low. It is recommended to wait and see in the short - term [2] 3. Summary by Directory 3.1 Futures Market - Zhengzhou cotton main contract closing price is 13,885 yuan/ton, up 25 yuan; cotton yarn main contract closing price is 19,900 yuan/ton, up 55 yuan [2] - Cotton futures top 20 net positions are - 30,405 lots, down 1,108 lots; cotton yarn futures top 20 net positions are - 314 lots, down 26 lots [2] - Cotton main contract positions are 498,295 lots, down 8,077 lots; cotton yarn main contract positions are 21,140 lots, down 346 lots [2] - Cotton warehouse receipts are 4,899 sheets, down 118 sheets; cotton yarn warehouse receipts are 89 sheets, down 1 sheet [2] - China Cotton Price Index (CCIndex:3128B) is 15,249 yuan/ton; China Yarn Price Index (pure - cotton carded yarn 32 - count) is 20,755 yuan/ton, up 10 yuan [2] 3.2 Spot Market - China's imported cotton price index (FCIndexM:1% tariff) is 13,371 yuan/ton, up 18 yuan; the arrival price of imported cotton yarn price index (pure - cotton carded yarn 32 - count) is 21,462 yuan/ton, up 4 yuan [2] - China's imported cotton price index (FCIndexM:sliding - scale duty) is 14,205 yuan/ton, up 5 yuan; the arrival price of imported cotton yarn price index (pure - cotton combed yarn 32 - count) is 22,817 yuan/ton, up 4 yuan [2] 3.3 Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output is 6.16 million tons, an increase of 0.54 million tons [2] - The cotton - yarn price difference is 5,506 yuan/ton, up 9 yuan; the national industrial inventory of cotton is 870,000 tons, up 13,000 tons [2] 3.4 Industry Situation - Cotton import volume is 50,000 tons, up 20,000 tons; cotton yarn import volume is 110,000 tons, unchanged [2] - Imported cotton profit is 1,043 yuan/ton, down 6 yuan; the national commercial inventory of cotton is 1.4817 million tons, down 0.7081 million tons [2] 3.5 Downstream Situation - Yarn inventory days are 27.67 days, down 0.69 days; grey fabric inventory days are 36.14 days, down 1.1 days [2] - Cloth production is 2.7 billion meters, down 0.079 billion meters; yarn production is 1.9915 million tons, down 0.0735 million tons [2] - The monthly export value of clothing and clothing accessories is 1.5161759 billion US dollars, down 104.955 million US dollars; the monthly export value of textile yarns, fabrics and products is 1.1604009 billion US dollars, down 444.198 million US dollars [2] 3.6 Option Market - Cotton at - the - money call option implied volatility is 11.03%, down 0.16%; cotton at - the - money put option implied volatility is 11.03%, down 0.16% [2] - Cotton 20 - day historical volatility is 9.38%, up 0.31%; cotton 60 - day historical volatility is 6.99%, up 0.05% [2] 3.7 Industry News - As of September 9, 2025, US cotton futures non - commercial long positions decreased by 301 lots, non - commercial short positions increased by 2,821 lots, and net short positions increased by 3,122 lots [2] - In the 2025/26 US cotton supply - demand outlook for September, production is expected to increase by 10,000 bales to 13.2 million bales, while export, consumption, import and inventory remain unchanged [2] - The global cotton supply - demand report in September shows that the 2025/26 global cotton production forecast is 25.622 million tons, up 231,000 tons; global consumption is up 183,000 tons to 25.872 million tons; global ending inventory is down 168,000 tons to 15.924 million tons [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - Due to favorable weather in US cotton - growing areas and a stronger US dollar, US cotton prices have declined. In the domestic market, cotton is in a de - stocking state, supply is tight before the new cotton is listed, and spot prices are firm. There are expectations for the "Golden September and Silver October" demand peak season. In 2025, China's overall cotton planting area has increased, and attention should be paid to the impact of weather on new crop growth. Before a large amount of new cotton is listed, domestic old - crop supply is tight and demand is expected to improve, but short - term external price drops have dragged down the domestic market. It is expected that futures prices will fluctuate. It is recommended to wait and see [2] Group 3: Summary by Related Catalogs Futures Market - Zhengzhou cotton's main contract closing price was 13,990 yuan/ton, down 55 yuan; cotton futures' top 20 net positions were - 52,030 lots, an increase of 2,488 lots; the main contract's cotton position was 524,531 lots, an increase of 2,765 lots; cotton warehouse receipts were 5,996 lots, a decrease of 135 lots. The main contract closing price of cotton yarn was 19,965 yuan/ton, down 30 yuan; cotton yarn futures' top 20 net positions were - 580 lots, a decrease of 70 lots; the main contract's cotton yarn position was 24,910 lots, an increase of 412 lots; cotton yarn warehouse receipts were 59 lots, a decrease of 1 lot [2] 现货市场 - The China Cotton Price Index (CCIndex: 3128B) was 15,465 yuan/ton, up 53 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn was 20,780 yuan/ton, unchanged. The China Imported Cotton Price Index (FCIndexM: 1% tariff) was 13,492 yuan/ton, up 107 yuan; the China Imported Cotton Price Index (FCIndexM: sliding - duty) was 14,282 yuan/ton, up 62 yuan. The arrival price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn was 21,776 yuan/ton, up 10 yuan; for pure - combed 32 - count cotton yarn, it was 23,475 yuan/ton, up 12 yuan [2] Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 0.54 million tons [2] Industry Situation - The cotton - yarn price difference was 5,315 yuan/ton, a decrease of 53 yuan; the national industrial inventory of cotton was 857,000 tons, an increase of 7,000 tons; the monthly import volume of cotton was 50,000 tons, an increase of 20,000 tons; the monthly import volume of cotton yarn was 110,000 tons, unchanged. The daily profit of imported cotton was 1,231 yuan/ton, a decrease of 67 yuan; the national commercial inventory of cotton was 2.1898 million tons, a decrease of 640,000 tons [2] Downstream Situation - The yarn inventory days were 27.67 days, a decrease of 0.69 days; the inventory days of grey cloth were 36.14 days, a decrease of 1.1 days. The monthly cloth output was 2.7 billion meters, a decrease of 79 million meters; the monthly yarn output was 1.9915 million tons, a decrease of 73,500 tons. The monthly export value of clothing and clothing accessories was 1516.1759 million US dollars, a decrease of 10.4955 million US dollars; the monthly export value of textile yarns, fabrics and products was 1160.4009 million US dollars, a decrease of 44.4198 million US dollars [2] Option Market - The implied volatility of at - the - money call options for cotton was 11.76%, a decrease of 0.47%; the implied volatility of at - the - money put options for cotton was 11.78%, a decrease of 0.45%. The 20 - day historical volatility of cotton was 7.07%, an increase of 0.3%; the 60 - day historical volatility of cotton was 5.45%, an increase of 0.05% [2] Industry News - According to the US Department of Agriculture's crop growth report, as of the week ending August 31, the good - to - excellent rate of US cotton was 51%, down from 54% the previous week and up from 44% the same period last year. The boll - setting rate was 90%, up from 81% the previous week, lower than 94% the same period last year and the five - year average of 93%. The full - boll rate was 28%, up from 20% the previous week, lower than 35% the same period last year and the five - year average of 30%. On Tuesday, the December ICE cotton contract fell 0.72%. On Wednesday, the Cotton 2601 contract fell 0.71%, and the Cotton Yarn 2511 contract fell 0.47% [2]

Report Summary 1. Report Industry Investment Rating No information is provided regarding the report industry investment rating. 2. Report's Core View In the pre - new cotton - dominant period, the supply of old cotton in the domestic market is tight, and with the expectation of improved demand, the spot price is firm, with the futures price expected to fluctuate upward. It is recommended to wait and see for the time being [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton's main contract closing price is 14,045 yuan/ton, up 20 yuan; cotton yarn's main contract closing price is 19,995 yuan/ton, down 25 yuan [2]. - Net positions of the top 20 in cotton futures are - 54,518 lots, a decrease of 2,529 lots; for cotton yarn futures, it's - 510 lots, an increase of 10 lots [2]. - The main contract positions of cotton are 521,766 lots, a decrease of 7,167 lots; for cotton yarn, it's 24,498 lots, an increase of 536 lots [2]. - Cotton warehouse receipts are 6,131 sheets, a decrease of 189 sheets; cotton yarn warehouse receipts are 60 sheets, an increase of 3 sheets [2]. - China's cotton price index (CCIndex:3128B) is 15,479 yuan/ton, up 151 yuan; China's yarn price index for pure - combed 32 - count cotton yarn is 20,780 yuan/ton, unchanged [2]. 3.2 Spot Market - China's imported cotton price index (FCIndexM:1% tariff) is 13,492 yuan/ton, up 107 yuan; the arrival price of imported pure - combed 32 - count cotton yarn is 21,766 yuan/ton, up 33 yuan [2]. - China's imported cotton price index (FCIndexM:sliding - scale duty) is 14,282 yuan/ton, up 62 yuan; the arrival price of imported pure - combed 32 - count cotton yarn is 23,463 yuan/ton, up 35 yuan [2]. 3.3 Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output is 6.16 million tons, an increase of 540,000 tons [2]. 3.4 Industry Situation - The cotton - yarn price difference is 5,301 yuan/ton, a decrease of 151 yuan; the national industrial inventory of cotton is 85.7 million tons, an increase of 0.7 million tons [2]. - The monthly import volume of cotton is 5 million tons, an increase of 2 million tons; the monthly import volume of cotton yarn is 110,000 tons, unchanged [2]. - The profit from imported cotton is 1,298 yuan/ton, an increase of 252 yuan; the national commercial inventory of cotton is 218.98 million tons, a decrease of 64 million tons [2]. 3.5 Downstream Situation - The yarn inventory days are 27.67 days, a decrease of 0.69 days; the grey - cloth inventory days are 36.14 days, a decrease of 1.1 days [2]. - The monthly cloth output is 2.7 billion meters, a decrease of 0.79 billion meters; the monthly yarn output is 1.9915 million tons, a decrease of 73,500 tons [2]. - The monthly export value of clothing and clothing accessories is 15,161,759,000 US dollars, a decrease of 104,955,000 US dollars; the monthly export value of textile yarns, fabrics and products is 11,604,009,000 US dollars, a decrease of 444,198,000 US dollars [2]. 3.6 Option Market - The implied volatility of at - the - money call options for cotton is 12.23%, an increase of 0.41%; the implied volatility of at - the - money put options for cotton is 12.23%, an increase of 0.38% [2]. - The 20 - day historical volatility of cotton is 6.77%, an increase of 0.26%; the 60 - day historical volatility of cotton is 5.4%, a decrease of 0.34% [2]. 3.7 Industry News - As of August 29, 2025, the national commercial cotton inventory is 1.547 million tons, a week - on - week decrease of 165,600 tons (a decrease of 9.67%). Among them, the commercial cotton in Xinjiang is 849,000 tons, a week - on - week decrease of 135,200 tons (a decrease of 13.74%); the commercial cotton in the inland area is 386,800 tons, a week - on - week decrease of 15,900 tons (a decrease of 3.95%) [2]. - ICE was closed on Monday. On Tuesday, the cotton 2601 contract rose 0.18%, and the cotton yarn 2511 contract rose 0.20%. Domestically, cotton is in the de - inventory stage, and the supply is tight before the new cotton is launched, with the spot price firm [2]. - China's quota for the sliding - scale duty on imported cotton for processing trade in 2025 is 200,000 tons [2].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Due to the strengthening of the US dollar, the ICE cotton futures price closed lower. Domestically, cotton is in a de - stocking state, with a tight supply before the new cotton is on the market, and the spot price is firm. [2] - The total quota of China's 2025 cotton import sliding - duty processing trade is 200,000 tons, which puts short - term pressure on the cotton main contract futures price. [2] - On the demand side, although inland textile enterprises have no profit, there are certain expectations for the upcoming "Golden September and Silver October" demand peak season. The start - up rate of some previously shut - down enterprises has slightly increased. [2] - In 2025, China's overall cotton planting area has increased. Attention should be paid to the impact of weather on the growth of new crops. [2] - Overall, the short - term price is expected to fluctuate. In the medium term, the price is suppressed by the expected increase in new cotton production. It is recommended to go long on dips and control risks. [2] 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price: 14,100 yuan/ton, down 20 yuan; cotton futures top 20 net positions: - 57,567 hands, down 3,023 hands; main contract holdings of cotton: 508,064 hands, up 3,455 hands; cotton warehouse receipts: 6,977 sheets, down 127 sheets; China Cotton Price Index (CCIndex: 3128B): 15,334 yuan/ton, up 99 yuan; China Imported Cotton Price Index (FCIndexM: 1% tariff): 13,610 yuan/ton, up 104 yuan; China Imported Cotton Price Index (FCIndexM: sliding - duty): 14,367 yuan/ton. [2] - Cotton yarn main contract closing price: 20,130 yuan/ton, down 35 yuan; cotton yarn futures top 20 net positions: - 516 hands, up 193 hands; main contract holdings of cotton yarn: 22,263 hands, down 13 hands; cotton yarn warehouse receipts: 63 sheets, unchanged; China Yarn Price Index (pure cotton carded yarn 32 - count): 20,760 yuan/ton, up 20 yuan; arrival price of imported cotton yarn price index (pure cotton carded yarn 32 - count): 21,880 yuan/ton, down 11 yuan; arrival price of imported cotton yarn price index (pure cotton combed yarn 32 - count): 23,749 yuan/ton, down 12 yuan. [2] Spot Market - The relevant price data in the futures market also reflects the spot market situation to some extent, including the price changes of domestic and imported cotton and cotton yarn. [2] Upstream Situation - The national cotton sowing area in 2025 is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output is 6.16 million tons, an increase of 0.54 million tons. [2] Industry Situation - Cotton - yarn price difference (CY C32S - CC3128B): 5,426 yuan/ton, down 79 yuan; industrial inventory of cotton nationwide: 857,000 tons, up 7,000 tons; cotton import volume in the current month: 50,000 tons, up 20,000 tons; cotton yarn import volume in the current month: 110,000 tons, unchanged; import cotton profit: 868 yuan/ton, down 78 yuan; commercial inventory of cotton nationwide: 2.1898 million tons, down 640,000 tons. [2] Downstream Situation - Yarn inventory days: 27.67 days, down 0.69 days;坯布 inventory days: 36.14 days, down 1.1 days; cloth output in the current month: 2.7 billion meters, down 0.79 billion meters; yarn output in the current month: 2.065 million tons, up 0.114 million tons; monthly export value of clothing and clothing accessories: 1,516,175,900 US dollars, down 10,495,500 US dollars; monthly export value of textile yarns, fabrics and products: 1,160,400,900 US dollars, down 44,419,800 US dollars. [2] Option Market - Implied volatility of at - the - money call options for cotton: 11.34%, up 0.26%; implied volatility of at - the - money put options for cotton: 11.35%, up 0.24%; 20 - day historical volatility of cotton: 8.38%, up 0.15%; 60 - day historical volatility of cotton: 5.68%, down 0.06%. [2] Industry News - China's 2025 cotton import sliding - duty processing trade quota is 200,000 tons. As of the week ending August 24, 2025, the good - to - excellent rate of US cotton was 54%, compared with 55% in the previous week and 40% in the same period last year. On Monday, the ICE December cotton contract closed down 0.91%. On Tuesday, the cotton 2601 contract closed down 0.11%, and the cotton yarn 2511 contract closed down 0.15%. [2]

1. Report Industry Investment Rating - No investment rating provided in the report 2. Core Viewpoints of the Report - The ICE cotton futures price will fluctuate in the short - term, and attention should be paid to the USDA weekly export sales report [2] - Domestically, cotton is in a de - stocking state, supply is tight before the new cotton is on the market, and the spot price and basis are firm [2] - The textile industry is in the off - season of consumption, mainland spinning mills have no profit, the overall operating rate continues to decline, and enterprises mainly purchase raw materials as needed, hoping that the "Golden September and Silver October" will bring an opportunity for demand improvement [2] - In 2025, the overall cotton planting area in China has increased, and attention should be paid to the impact of weather on the growth of new crops [2] - Currently, the domestic old - crop supply is tight, which supports the cotton price fluctuations, but the weak downstream demand limits the upside space. The price will maintain a high - level shock in the short - term. If the future demand improves marginally, the price center may move up slightly. It is recommended to wait and see for now [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price: 14,030 yuan/ton, down 25 yuan; cotton futures top 20 net position: - 48,506 lots, down 639 lots; main contract holding volume of cotton: 481,950 lots, up 3,484 lots; cotton warehouse receipt quantity: 7,335 lots, down 120 lots; China Cotton Price Index (CCIndex:3128B): 15,210 yuan/ton, down 30 yuan [2] - Cotton yarn main contract closing price: 20,060 yuan/ton, down 5 yuan; cotton yarn futures top 20 net position: - 363 lots, down 97 lots; main contract holding volume of cotton yarn: 22,074 lots, down 75 lots; cotton yarn warehouse receipt quantity: 69 lots, unchanged; China Yarn Price Index (pure cotton carded yarn 32S): 20,700 yuan/ton, unchanged [2] - China Imported Cotton Price Index (FCIndexM:1% tariff): 13,541 yuan/ton, unchanged; China Imported Cotton Price Index (FCIndexM: sliding - duty tax): 14,320 yuan/ton, unchanged [2] 3.2 Spot Market - The arrival price of the imported cotton yarn price index (pure cotton carded yarn 32S): 22,035 yuan/ton, down 10 yuan; the arrival price of the imported cotton yarn price index (pure cotton combed yarn 32S): 23,912 yuan/ton, down 11 yuan [2] 3.3 Upstream Situation - The national cotton sowing area: 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output: 6.16 million tons, an increase of 0.54 million tons [2] 3.4 Industry Situation - Cotton - yarn price difference: 5,460 yuan/ton, an increase of 3 yuan; industrial inventory of cotton nationwide: 857,000 tons, an increase of 7,000 tons; monthly import volume of cotton: 50,000 tons, an increase of 20,000 tons; monthly import volume of cotton yarn: 110,000 tons, unchanged [2] - Imported cotton profit: 894 yuan/ton, down 20 yuan; commercial inventory of cotton nationwide: 2.1898 million tons, down 0.64 million tons [2] 3.5 Downstream Situation - Yarn inventory days: 27.67 days, down 0.69 days; inventory days of grey cloth: 36.14 days, down 1.1 days; monthly cloth output: 2.7 billion meters, down 0.079 billion meters; monthly yarn output: 2.065 million tons, an increase of 0.114 million tons [2] - Monthly export value of clothing and clothing accessories: 151,617.59 million US dollars, down 10,495.5 thousand US dollars; monthly export value of textile yarns, fabrics and products: 116,040.09 million US dollars, down 44,419.8 thousand US dollars [2] 3.6 Option Market - Implied volatility of at - the - money call option for cotton: 10.53%, an increase of 0.09%; implied volatility of at - the - money put option for cotton: 10.53%, an increase of 0.07%; 20 - day historical volatility of cotton: 7.78%, an increase of 0.2%; 60 - day historical volatility of cotton: 5.65%, a decrease of 0.04% [2] 3.7 Industry News - On August 21, the spinning profit was - 1,354.2 yuan/ton, an increase of 22 yuan/ton. The raw material cotton price decreased, and the spinning mills' spot - on - hand profit increased slightly [2] - On Wednesday, the ICE cotton December contract closed flat. On Thursday, the cotton 2601 contract rose 0.11%, and the cotton yarn 2511 contract rose 0.05% [2]

Report Industry Investment Rating - No information provided Core View of the Report - Internationally, ICE cotton futures prices are rising with short - term volatility. Domestically, cotton is in a de - stocking state, supply is tight before the new cotton is on the market, and spot prices and basis are firm. On the demand side, it's the off - season for textile consumption, spinning mills have no profit, the overall operating rate is declining, and raw material purchases are mainly for rigid demand, hoping for demand improvement in the "Golden September and Silver October". In 2025, China's cotton planting area has increased, and attention should be paid to the impact of weather on new crops. Overall, tight supply of old crops supports price fluctuations, but expected increase in new crop output and weak downstream demand limit the upside. The market is expected to maintain a high - level volatile trend, and it is recommended to wait and see [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 14,055 yuan/ton, down 45 yuan; cotton yarn main contract closing price is 20,065 yuan/ton, down 80 yuan. - Cotton futures top 20 net positions are - 47,867 lots, an increase of 11,592 lots; cotton yarn futures top 20 net positions are - 266 lots, an increase of 194 lots. - Cotton main contract open interest is 478,466 lots, down 10,082 lots; cotton yarn main contract open interest is 22,149 lots, an increase of 235 lots. - Cotton warehouse receipts are 7,455 lots, down 141 lots; cotton yarn warehouse receipts are 69 lots, unchanged [2] 现货市场 - China Cotton Price Index (CCIndex:3128B) is 15,240 yuan/ton, down 3 yuan; China Yarn Price Index for pure - cotton carded yarn 32s is 20,700 yuan/ton, unchanged. - China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,593 yuan/ton, up 52 yuan; China Imported Cotton Price Index (FCIndexM: sliding - duty) is 14,349 yuan/ton, up 29 yuan. - Arrival price of imported cotton yarn price index for pure - cotton carded yarn 32s is 22,045 yuan/ton, down 88 yuan; for pure - cotton combed yarn 32s is 23,923 yuan/ton, down 89 yuan [2] Upstream Situation - National cotton sown area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; national cotton output is 6.16 million tons, an increase of 540,000 tons [2] Industry Situation - Cotton - yarn price difference is 5,460 yuan/ton, up 3 yuan; national industrial inventory of cotton is 857,000 tons, an increase of 7,000 tons. - Monthly import volume of cotton is 50,000 tons, an increase of 20,000 tons; monthly import volume of cotton yarn is 110,000 tons, unchanged. - Imported cotton profit is 894 yuan/ton, down 20 yuan; national commercial inventory of cotton is 2.1898 million tons, down 640,000 tons [2] Downstream Situation - Yarn inventory days are 27.67 days, down 0.69 days;坯布 inventory days are 36.14 days, down 1.1 days. - Monthly cloth output is 2.7 billion meters, down 79 million meters; monthly yarn output is 2.065 million tons, an increase of 114,000 tons. - Monthly export value of clothing and clothing accessories is 1.5161759 billion US dollars, down 10.4955 million US dollars; monthly export value of textile yarns, fabrics and products is 1.1604009 billion US dollars, down 44.4198 million US dollars [2] Option Market - Implied volatility of at - the - money cotton call options is 10.44%, down 0.4%; implied volatility of at - the - money cotton put options is 10.46%, down 0.36%. - 20 - day historical volatility of cotton is 7.57%, up 0.17%; 60 - day historical volatility of cotton is 5.68%, up 0.02% [2] Industry News - India has suspended the 11% import tariff on cotton until September 30. On Tuesday, the ICE December cotton contract closed down 0.46%. On Wednesday, the cotton 2601 contract closed down 0.5%, and the cotton yarn 2511 contract closed down 0.45% [2]

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core View The domestic old - crop cotton supply is tight, which supports price fluctuations, but weak downstream demand restricts the upside. The cotton market is expected to maintain a high - level volatile trend. It is recommended to wait and see for now [2]. Summary by Directory 1. Market Data - **Futures Market**: The closing price of Zhengzhou cotton's main contract was 14,125 yuan/ton (up 5 yuan), and that of the main cotton yarn contract was 20,155 yuan/ton (down 30 yuan). The net position of the top 20 in cotton futures was - 63,829 lots (down 3,972 lots), and for cotton yarn futures it was - 421 lots (up 34 lots). The main - contract positions of cotton and cotton yarn were 486,067 lots (up 8,447 lots) and 21,948 lots (up 612 lots) respectively. The cotton and cotton - yarn warehouse receipt numbers were 7,762 (down 67) and 69 (down 5) respectively [2]. - **Spot Market**: The China Cotton Price Index (CCIndex:3128B) was 15,234 yuan/ton (up 18 yuan), and the China Yarn Price Index for pure - cotton carded 32 - count yarn was 20,720 yuan/ton (unchanged). The China Imported Cotton Price Index (FCIndexM:1% tariff) was 13,558 yuan/ton (down 18 yuan), and the arrival price of imported pure - cotton carded 32 - count yarn was 22,128 yuan/ton (down 3 yuan) [2]. - **Upstream Situation**: The national cotton sowing area was 2,838.3 thousand hectares (up 48.3 thousand hectares), and the national cotton output was 616 tons (up 54 tons) [2]. - **Industry Situation**: The cotton - yarn price difference was 5,486 yuan/ton (down 18 yuan). The national industrial inventory of cotton was 85 tons (up 2.4 tons), and the national commercial inventory of cotton was 282.98 tons (down 62.89 tons). The import volume of cotton was 5 tons (up 2 tons), and that of cotton yarn was 110,000 tons (up 10,000 tons). The profit of imported cotton was 890 yuan/ton (up 20 yuan) [2]. - **Downstream Situation**: The yarn inventory days were 23.86 days (up 1.52 days), and the grey - cloth inventory days were 35.46 days (up 2.57 days). The monthly cloth output was 2.779 billion meters (up 0.109 billion meters), and the monthly yarn output was 206.5 tons (up 11.4 tons). The monthly export value of clothing and clothing accessories was 1,526,671,400 US dollars (up 168,897,700 US dollars), and that of textile yarns, fabrics and products was 1,204,820,700 US dollars (down 58,356,600 US dollars) [2]. - **Option Market**: The implied volatility of at - the - money call options for cotton was 10.9% (down 0.19%), and that of at - the - money put options was 10.88% (down 0.18%). The 20 - day historical volatility of cotton was 7.2% (up 0.19%), and the 60 - day historical volatility was 5.64% (up 0.04%) [2]. 2. Industry News - China's cotton imports in July were 5 tons, a year - on - year decrease of 73.2%. From January to July, the cumulative import of cotton was 52 tons, a year - on - year decrease of 74.2% [2]. - As of August 15, 2025, the total commercial inventory of cotton was 1.8561 million tons, a week - on - week decrease of 150,600 tons (a decrease of 7.50%). In Xinjiang, the commercial inventory of cotton was 1.1319 million tons, a week - on - week decrease of 150,000 tons (a decrease of 11.70%); in inland areas, it was 418,900 tons, a week - on - week increase of 14,900 tons (an increase of 3.69%) [2]. - The December ICE cotton contract closed down 0.16% last Friday. The January 2026 cotton contract closed up 0.11% on Monday, and the November 2025 cotton - yarn contract closed down 0.22%. The US Department of Agriculture's export sales report showed that for the week ending August 7, the net increase in US cotton export sales for the current market year was 242,000 bales, and that for the next year was 1,100 bales [2].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report Affected by the rise in the grain market and the decline in the good - quality rate of US cotton, US cotton rose slightly. Waiting for the USDA monthly supply - demand report. The joint statement of the China - US Stockholm economic and trade talks indicates that both sides have suspended the implementation of mutual 24% tariffs for another 90 days. Domestically, cotton is in a de - stocking state, and the supply is tight before the new cotton is on the market, with a firm basis. On the demand side, the off - season consumption characteristics of the textile industry are evident. Mainland textile enterprises have no profit, and the overall operating rate continues to decline. Enterprises' procurement of raw materials is mainly for rigid demand. In terms of new crops, China's total cotton planting area increased in 2025. High temperatures in Xinjiang in the next few days require attention to the impact of weather on new crop growth. Overall, although the current tight supply supports cotton prices, weak downstream demand and market expectations for quotas limit the upside space. It is expected to fluctuate in the short term. It is recommended to wait and see for now [2]. 3. Summary by Related Catalogs 3.1. Futures Market - Zhengzhou cotton's main contract closing price was 13,980 yuan/ton, up 300 yuan; cotton yarn's main contract closing price was 20,015 yuan/ton, up 225 yuan. - The net position of the top 20 in cotton futures was - 30,886 hands, a decrease of 6,095 hands; the net position of the top 20 in cotton yarn futures was - 175 hands, a decrease of 272 hands. - The main contract position of cotton was 412,957 hands, an increase of 166,751 hands; the main contract position of cotton yarn was 18,627 hands, an increase of 745 hands. - The cotton warehouse receipt quantity was 8,087 sheets, a decrease of 85 sheets; the cotton yarn warehouse receipt quantity was 74 sheets, a decrease of 1 sheet [2]. 3.2. Spot Market - The China Cotton Price Index (CCIndex:3128B) was 15,177 yuan/ton, up 16 yuan; the China Yarn Price Index for pure - cotton carded yarn 32 - count was 20,620 yuan/ton, unchanged. - The China Imported Cotton Price Index (FCIndexM:1% tariff) was 13,402 yuan/ton, up 17 yuan; the China Imported Cotton Price Index (FCIndexM:sliding - scale duty) was 14,226 yuan/ton, up 6 yuan. - The arrival price of the imported cotton yarn price index for pure - cotton carded yarn 32 - count was 22,149 yuan/ton, up 19 yuan; the arrival price of the imported cotton yarn price index for pure - cotton combed yarn 32 - count was 24,030 yuan/ton, up 21 yuan [2]. 3.3. Upstream Situation - The national cotton sown area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 0.54 million tons [2]. 3.4. Industry Situation - The cotton - yarn price difference was 5,443 yuan/ton, a decrease of 16 yuan. - The industrial inventory of cotton nationwide was 850,000 tons, an increase of 24,000 tons. - The monthly import volume of cotton was 30,000 tons, a decrease of 10,000 tons; the monthly import volume of cotton yarn was 110,000 tons, an increase of 10,000 tons. - The profit of imported cotton was 941 yuan/ton, a decrease of 41 yuan. - The commercial inventory of cotton nationwide was 2.8298 million tons, a decrease of 0.6289 million tons [2]. 3.5. Downstream Situation - The yarn inventory days were 23.86 days, an increase of 1.52 days; the inventory days of grey cloth were 35.46 days, an increase of 2.57 days. - The monthly cloth output was 2.779 billion meters, an increase of 0.109 billion meters; the monthly yarn output was 2.065 million tons, an increase of 0.114 million tons. - The monthly export value of clothing and clothing accessories was 1.5266714 billion US dollars, an increase of 0.1688977 billion US dollars; the monthly export value of textile yarns, fabrics and products was 1.2048207 billion US dollars, a decrease of 0.0583566 billion US dollars [2]. 3.6. Option Market - The implied volatility of cotton at - the - money call options was 13.48%, an increase of 4.81 percentage points; the implied volatility of cotton at - the - money put options was 13.48%, an increase of 4.81 percentage points. - The 20 - day historical volatility of cotton was 11.24%, an increase of 0.08 percentage points; the 60 - day historical volatility of cotton was 7.79%, an increase of 0.01 percentage points [2]. 3.7. Industry News - The joint statement of the China - US Stockholm economic and trade talks indicates that both sides have suspended the implementation of mutual 24% tariffs for another 90 days. - As of the week ending August 10, 2025, the good - quality rate of US cotton was 53%, down from 55% the previous week and up from 46% in the same period last year. - On Monday, the ICE cotton December contract rose 0.3%. On Tuesday, the cotton 2601 contract rose 0.79%, and the cotton yarn 2511 contract rose 1.52% [2].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - Due to the weakening US dollar and short - covering, the price of US cotton futures has stabilized and rebounded, awaiting the weekly export report [2]. - In the domestic market, cotton is in a de - stocking state, with no news on quotas and tight supply before the new cotton is launched. The consumption off - season characteristics of the textile industry are evident, with mainland spinning mills having no profit, a continuous decline in the overall operating rate, and enterprises purchasing raw materials mainly for immediate needs [2]. - In 2025, China's overall cotton planting area has increased. The highest temperature in Xinjiang has decreased this week, reducing the impact of weather factors. Currently, cotton is in the process of roll - over. The cotton 2601 contract shows a rebound trend. Although the current supply is tight, weak downstream demand, increased new - crop area and output, reduced influence of weather factors, and market expectations for quotas are expected to limit the rebound space, resulting in overall volatile fluctuations. It is recommended to wait and see for now [2]. 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price (daily, yuan/ton): 13,690, up 35; cotton yarn main contract closing price (daily, yuan/ton): 19,710, up 40 [2]. - Cotton futures top 20 net positions (lots): - 27,507, down 1,391; cotton yarn futures top 20 net positions (lots): 22, down 30 [2]. - Main contract open interest: cotton (daily, lots): 281,472, down 10,958; cotton yarn (daily, lots): 13,482, up 2,614 [2]. - Warehouse receipt quantity: cotton (daily, sheets): 8,464, down 99; cotton yarn (daily, sheets): 88, unchanged [2]. Spot Market - China Cotton Price Index: CCIndex: 3128B (daily, yuan/ton): 15,178, up 9; China Yarn Price Index: pure - cotton carded yarn 32S (daily, yuan/ton): 20,640, down 30 [2]. - China Imported Cotton Price Index: FCIndexM: 1% tariff (daily, yuan/ton): 13,480, up 59; arrival price of imported cotton yarn price index: pure - cotton carded yarn 32S (daily, yuan/ton): 22,154, up 18 [2]. - China Imported Cotton Price Index: FCIndexM: sliding - scale tariff (daily, yuan/ton): 14,282, up 49; arrival price of imported cotton yarn price index: pure - cotton combed yarn 32S (daily, yuan/ton): 24,035, up 19 [2]. Upstream Situation - National cotton sown area (annual, thousand hectares): 2,838.3, up 48.3; national cotton output (annual, million tons): 6.16, up 0.54 [2]. Industry Situation - Cotton - yarn price difference (CY C32S - CC3128B, yuan/ton): 5,462, down 39; industrial inventory of cotton: national (monthly, million tons): 85, up 2.4 [2]. - Cotton import quantity: monthly value (monthly, million tons): 3, down 1; cotton yarn import quantity: monthly value (monthly, tons): 110,000, up 10,000 [2]. - Imported cotton profit (daily, yuan/ton): 936, up 5; commercial inventory of cotton: national (monthly, million tons): 282.98, down 62.89 [2]. Downstream Situation - Yarn inventory days (monthly, days): 23.86, up 1.52; inventory days of grey fabric (monthly, days): 35.46, up 2.57 [2]. - Cloth output: monthly value (monthly, billion meters): 27.79, up 1.09; yarn output: monthly value (monthly, million tons): 206.5, up 11.4 [2]. - Monthly clothing and clothing accessories export value (monthly, million US dollars): 1,526,671.4, up 168,897.7; monthly textile yarn, fabric and product export value (monthly, million US dollars): 1,204,820.7, down 58,356.6 [2]. Option Market - Implied volatility of at - the - money call options on cotton (%): 10.36, up 2.2; implied volatility of at - the - money put options on cotton (%): 10.36, up 2.2 [2]. - 20 - day historical volatility of cotton (%): 11.25, down 0.02; 60 - day historical volatility of cotton (%): 8.05, down 1.13 [2]. Industry News - According to Mysteel research, the national commercial inventory of cotton is decreasing. As of August 1, 2025, the total commercial inventory of cotton was 2.1571 million tons, a week - on - week decrease of 0.1485 million tons (a decrease of 6.44%). Among them, the commercial inventory of cotton in Xinjiang was 1.4111 million tons, a week - on - week decrease of 0.1322 million tons (a decrease of 8.57%), and the commercial inventory of cotton in the inland area was 0.4106 million tons, a week - on - week increase of 0.0016 million tons (an increase of 0.39%) [2]. - On Tuesday, the December ICE cotton contract closed up 0.81%. On Wednesday, the cotton 2509 contract rose 0.15%, and the cotton yarn 2511 contract closed down 0.23% [2].

Report Industry Investment Rating - No relevant content provided Core View of the Report - Although the cotton 2509 contract rebounded with reduced positions, the downstream demand remained weak, the new crop area and output increased, the weather theme cooled down, and the market had expectations for quotas. Therefore, the cotton 2509 contract maintained a low and weak market. It is recommended to short on rallies and pay attention to risk control [2] Summary by Related Catalogs Futures Market - The closing price of the main Zhengzhou cotton contract was 13,675 yuan/ton, up 90 yuan; the closing price of the main cotton yarn contract was 19,825 yuan/ton, up 85 yuan. The net position of the top 20 in cotton futures was -23,840 lots, a decrease of 5,776 lots; the net position of the top 20 in cotton yarn futures was 19 lots, a decrease of 2 lots. The position volume of the main cotton contract was 304,033 lots, a decrease of 21,780 lots; the position volume of the main cotton yarn contract was 3,880 lots, a decrease of 430 lots. The number of cotton warehouse receipts was 8,684, a decrease of 123; the number of cotton yarn warehouse receipts was 88, a decrease of 1 [2] - The China Cotton Price Index (CCIndex:3128B) was 15,153 yuan/ton, down 107 yuan; the China Yarn Price Index (pure cotton carded yarn 32S) was 20,670 yuan/ton, unchanged. The China Imported Cotton Price Index (FCIndexM:1% tariff) was 13,551 yuan/ton, down 30 yuan; the arrival price of the Imported Cotton Yarn Price Index (pure cotton carded yarn 32S) was 22,121 yuan/ton, down 11 yuan. The China Imported Cotton Price Index (FCIndexM:sliding duty) was 14,318 yuan/ton; the arrival price of the Imported Cotton Yarn Price Index (pure cotton combed yarn 32S) was 23,999 yuan/ton, down 102 yuan [2] Spot Market - The arrival price of the Imported Cotton Yarn Price Index (pure cotton carded yarn 32S) was 22,121 yuan/ton, down 11 yuan; the arrival price of the Imported Cotton Yarn Price Index (pure cotton combed yarn 32S) was 23,999 yuan/ton, down 102 yuan [2] Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 0.54 million tons. The cotton - yarn price difference was 5,517 yuan/ton, an increase of 107 yuan; the industrial inventory of cotton nationwide was 850,000 tons, an increase of 24,000 tons [2] Industry Situation - The import volume of cotton in the current month was 30,000 tons, a decrease of 10,000 tons; the import volume of cotton yarn in the current month was 110,000 tons, an increase of 10,000 tons. The profit of imported cotton was 942 yuan/ton, a decrease of 46 yuan; the commercial inventory of cotton nationwide was 2.8298 million tons, a decrease of 0.6289 million tons [2] Downstream Situation - The yarn inventory days were 23.86 days, an increase of 1.52 days; the inventory days of grey cloth were 35.46 days, an increase of 2.57 days. The monthly cloth output was 2.779 billion meters, an increase of 0.109 billion meters; the monthly yarn output was 2.065 million tons, an increase of 0.114 million tons. The monthly export value of clothing and clothing accessories was 1.5266714 billion US dollars, an increase of 0.1688977 billion US dollars; the monthly export value of textile yarns, fabrics and products was 1.2048207 billion US dollars, a decrease of 0.0583566 billion US dollars [2] Option Market - The implied volatility of the at - the - money call option for cotton was 10.5%, a decrease of 1.94%; the implied volatility of the at - the - money put option for cotton was 10.49%, a decrease of 1.95%. The 20 - day historical volatility of cotton was 10.87%, an increase of 0.32%; the 60 - day historical volatility of cotton was 9.05%, a decrease of 0.1% [2] Industry News - As of July 31, the operating load of spinning enterprises in mainstream areas was 66.6%, a decrease of 1.48% month - on - month, and the operating rate continued to decline. Last Friday, the December ICE cotton contract closed down 1.19%. The cotton 2509 contract rose 0.23%, and the cotton yarn 2509 contract closed up 0.33%. Internationally, affected by the sluggish market sentiment, the US cotton futures price declined. The US Department of Agriculture's export sales report showed that in the week ended July 24, the net export sales of US upland cotton in the 2024/25 market year increased by 39,100 bales, a sharp decrease from the previous week but a significant increase from the average of the previous four weeks. In the same week, the net export sales of US upland cotton in the 2025/26 market year increased by 71,700 bales [2] New Crop Situation - In 2025, the overall cotton planting area in China increased, and the maximum temperature in Xinjiang would decrease next week, and the weather theme cooled down [2]