1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Soft Commodity Sector - Sugar**: The external raw sugar market continues to decline. Despite a downward adjustment in Brazil's production forecast, strong production increase expectations in the Northern Hemisphere are pressuring prices. In China, imports of syrup premixes in June were still significantly lower year - on - year but increased compared to the previous month. Policy adjustments have shifted imports, but the supply gap is widening. With strong supply and demand of domestic sugar, low inventory pressure on enterprises, and firm spot prices, there is still support for futures prices. However, import pressure is gradually materializing, with 750,000 tons of out - of - quota sugar expected to arrive in July, and large - scale imports of sugarcane in Yunnan this year are also suppressing prices. The Zhengzhou sugar futures are oscillating within a range [3]. - **Soft Commodity Sector - Pulp**: The recent sentiment in the domestic commodity market is positive, and the re - inflation expectation has driven low - priced commodities to strengthen. The fundamentals of the pulp market have changed little. Finished paper prices are weakly stable at low levels, and the off - season impact persists, with little short - term improvement in terminal demand. Suppliers' quotes are firm despite weak demand, port inventories are piling up, and the downstream papermaking market is performing poorly in the off - season, resulting in sufficient overall supply and low buyer replenishment enthusiasm. The market should be cautious about the height of the price increase [4]. - **Soft Commodity Sector - Cotton**: Globally, the new - season cotton market has shifted from a slight de - stocking to a slight stocking situation, putting pressure on the market. High - yielding cotton from South America and Australia is on the market, the good - quality rate of US cotton has slightly improved, and there are no obvious abnormal weather conditions in the production areas for now. However, there are still differences in the planted area, yield per unit, and abandonment rate in the US, which provide potential support and limit the continuous decline of prices. In the domestic market, there is a game between the expectation of tightened supply and weak downstream consumption, and the short - term upward momentum of futures prices has slowed down [5][6]. - **Fresh Fruit Sector - Apple**: Apple futures prices continue to oscillate at high levels. The recent price increase is due to overall positive commodity sentiment, the drive from the jujube market, and its own fundamental support, including low old - season inventory, a slight reduction in new - season production, and a year - on - year increase in the opening price of early - maturing apples. In the later period, low old - season inventory increases the possibility of a supply gap between the old and new seasons, and the high opening price of early - maturing apples further increases the market's expectation of a high opening price, but the extent of the increase is limited, and the actual situation depends on the new - season production, quality, and harvest progress [7]. - **Fresh Fruit Sector - Jujube**: After a continuous sharp rise in commodities, the sentiment has cooled. This week, short - covering has led to a collective sharp rebound in commodities, and jujube futures prices have followed the upward trend. The jujube futures have been in a wide - range oscillation. The warehouse receipts have slightly flowed out, and the 9 - 1 spread has continued to widen and then oscillated more sharply. The current spot inventory of jujubes is seasonally decreasing, but the overall remaining inventory is still not low. Attention should be paid to the weather conditions in the production areas during the fruit - setting period from late July to August [8]. 3. Summary by Directory 3.1 First Part: Sector Strategy Recommendation - **Apple 2510**: Wait for opportunities to short at high prices. The main logic is that general consumption restricts the spot price, the new - season initial production estimate is better than before, and the overall futures price is expected to remain within a range. The support range is 7300 - 7350, and the pressure range is 8000 - 8100 [16]. - **Jujube 2601**: Hold long positions. The main logic is that the overall commodity sentiment is strengthening, and jujubes enter the production - forming period in the third quarter. The support range is 10200 - 10400, and the pressure range is 10500 - 11500 [16]. - **Sugar 2509**: Short - term band trading. The main logic is that the external raw sugar continues to decline, the domestic spot price is firm but import pressure is suppressing, and the futures price is in a narrow - range consolidation. The support range is 5740 - 5760, and the pressure range is 5850 - 5870 [16]. - **Pulp 2507**: Temporarily wait and see. The fundamental situation is stable, finished paper prices are weak, overseas prices have been adjusted downward, and the recent domestic re - inflation trading expectation is positive for pulp. The support range is 5000 - 5100, and the pressure range is 5300 - 5400 [16]. - **Cotton 2509**: Reduce long positions at high prices. The main logic is that previous negative factors have been digested, the spot supply is expected to tighten, and crude oil prices are disturbing the market. The support range is 13200 - 13300, and the pressure range is 14400 - 14500 [16]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamental Information**: In June 2025, the export volume of fresh apples was about 37,000 tons, a month - on - month decrease of 18.62% and a year - on - year decrease of 38.55%. As of July 16, the cold - storage inventory in the main apple - producing areas in China was 806,000 tons, a week - on - week decrease of 108,900 tons. As of July 17, the national apple cold - storage inventory was 734,100 tons, a week - on - week decrease of 90,300 tons and a year - on - year decrease of 435,200 tons. The estimated national apple output from the bagging survey is 36.5904 million tons, a 2.03% decrease from the previous year. According to Mysteel statistics, the 2025 - 2026 apple production season shows a slight increase trend, with the preliminary estimated national output of 37.3664 million tons, an increase of 859,300 tons or 2.35% compared to the 2024 - 2025 season [17]. - **Spot Market Situation**: In the Shandong production area, the mainstream transaction price is stable, storage merchants are willing to sell, and merchants purchase on demand. In the Qixia area, the mainstream transaction price of cold - storage paper - bag Fuji 80 and above first - and second - grade slice - red fruit farmers' goods is 3.0 - 3.8 yuan per jin. In Shaanxi, the Qinyang variety has been gradually listed, with the price in the Qianxian area similar to last year and the price of good - quality goods in the Tongchuan area higher than last year. In the sales areas, the sales speed is slow, and the price is stable [18]. 3.2.2 Jujube Market As of July 18, the physical inventory of 36 sample points was 10,520 tons, a decrease of 168 tons or 1.57% compared to the previous week and a 71.08% increase year - on - year. Affected by the rise in the futures price, the spot prices in various sales areas have slightly increased, and there are more downstream price - inquiring customers. However, due to the off - season, terminal demand support is limited, and market transactions are mainly for goods reselling. Attention should be paid to the flower - setting and fruit - setting situations in the new - season production areas [19]. 3.2.3 Sugar Market As of Wednesday morning, the quoted price of sugar - making enterprises in the Kunming spot market remained at 5860 yuan per ton, the same as the previous day. Some merchants quoted 5830 - 5840 yuan per ton in the Kunming market. The spot market quoted prices of sugar - making enterprises in Guangxi were adjusted down to 6010 - 6030 yuan per ton (sugar factory truck - loading price), and some merchants' quoted prices were adjusted down to 6010 - 6020 yuan per ton (sugar factory truck - loading price) [21]. 3.2.4 Pulp Market Although demand is weak, suppliers' quotes for imported NBSK have been firm in the past week. Port inventories are piling up, and the downstream papermaking market is performing poorly in the off - season, resulting in sufficient overall supply and low buyer replenishment enthusiasm. Arauco announced on July 17 that the order price of its Uruguay Punta Pereira factory's bleached hardwood pulp in July would be reduced by 10 US dollars per ton to 490 US dollars per ton. At the same time, it will resume quoting prices for Chinese customers for its bleached hardwood pulp products from its Chilean pulp mill at 500 US dollars per ton. Brazilian suppliers have informed Chinese buyers that their July bleached hardwood pulp quote is 500 US dollars per ton. The South American bleached hardwood pulp evaluation price is 490 - 500 US dollars per ton, the same as last week [23][25]. 3.2.5 Cotton Market As of July 21, 2025, the cotton in Xinjiang has entered the peak flowering and boll - setting period, with a flowering rate of about 89.2%, a month - on - month increase of 5.8 percentage points. The average number of bolls is 5.3, a month - on - month increase of 1.3. In the main cotton - producing areas of Argentina, the weather has been sunny recently, which is beneficial for new - cotton picking, and the progress is expected to reach 75%. The processing work will continue until September and October [26]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2510 | 7956 | 27 | 0.34% | | Jujube 2509 | 9575 | 90 | 0.95% | | Sugar 2509 | 5834 | 11 | 0.19% | | Pulp 2509 | 5414 | 46 | 0.86% | | Cotton 2509 | 14180 | - 45 | - 0.32% | [26] 3.3.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan per jin) | 3.90 | 0.00 | - 0.25 | | Jujube (yuan per kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan per ton) | 6050 | 0 | - 410 | | Pulp (Shandong Silver Star) | 5950 | 0 | - 150 | | Cotton (yuan per ton) | 15543 | - 6 | - 163 | [34] 3.4 Fourth Part: Basis Situation No specific text content provided, only figure references (Figures 14 - 17). 3.5 Fifth Part: Inter - Month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 10 - 1 | 139 | 13 | 42 | Oscillate repeatedly | Wait and see | | Jujube | 9 - 1 | - 1020 | - 1005 | - 655 | Oscillate within a range | Wait and see | | Sugar | 9 - 1 | 178 | 8 | - 71 | Oscillate within a range | Wait and see | [50] 3.6 Sixth Part: Futures Positioning Situation No specific text content provided, only figure references (Figures 24 - 69). 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 8912 | 0 | - 2704 | | Sugar | 21098 | - 261 | 4877 | | Pulp | 255819 | 0 | - 251790 | | Cotton | 9382 | - 54 | - 2728 | [73] 3.8 Eighth Part: Option - Related Data No specific text content provided, only figure references (Figures 46 - 84).

下面播报名则有声明播完毕后主持人可直接发言谢谢 请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 我先重点讲一下这个现在重点推荐的这个传播板块就是从这个上个月开始六月我们就看出来就是无论是订单量还是这个新造船价格相比之前其实是有了这个显著奇闻的信号这可能也跟中美这个 一定程度的关系改善等有一定的关系过去我们看基本上每周都是新造船价格要么如果扣掉汇率的影响基本上是要么微跌要么持平了但是6月我们看到扣掉汽车船欧元美元汇率的影响其实是有其中两周这个邮轮包括其他船型的新造船其实是有一定的反弹的 然后上周的数据其实也出来了就是看到这个新造船价格基本上是齐稳的只下跌了0.01而6月27号那一周它是上涨了0.12所以从连续两周来看其实还是0.1%的一个 上涨的所以从这个时间点来看就是相对最重要的领先的这个船价已经是有一个这个显著气温的一个趋势这个中美最后谈判这个301调查的这个影响是否会有一定的变化我们认为其实也是有可能 ...