Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Cotton is expected to show a strong and volatile trend in the short - term, driven by macro sentiment. After the new cotton is launched, it will face both the impact of increased supply and the potential "scramble for purchase" risk. Attention should be paid to the purchase price of seed cotton, as well as macro, weather, and expected opening price [2]. - Sugar is expected to continue its narrow - range volatile market until new information breaks the balance. The domestic market is in the double - festival stocking period with moderate trading, and the international market is still trading around the Brazilian sugar - crushing progress [2]. Group 3: Summary by Relevant Catalogs Research Views - **Cotton**: On Monday, ICE U.S. cotton fell 0.93% to 67.38 cents per pound, while CF601 rose 0.75% to 14,120 yuan per ton. The main - contract positions increased by 19,701 lots to 504,600 lots. The cotton arrival price in Xinjiang was 15,100 yuan per ton, down 5 yuan from the previous day, and the China Cotton Price Index for Grade 3128B was 15,235 yuan per ton, down 8 yuan. The international market is affected by macro - level disturbances, and the release of a 200,000 - ton sliding - duty quota for cotton in 2025 in the domestic market eases some concerns about inventory shortages [2]. - **Sugar**: As of the week ending August 20, the number of ships waiting to load sugar at Brazilian ports decreased from 76 to 70, and the quantity of sugar waiting to be shipped decreased by 401,000 tons to 2.9169 million tons, a 12.08% decline. Spot prices in some regions were adjusted slightly. The raw - sugar market is still in a volatile state with insufficient driving forces [2]. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was 45 yuan, up 5 yuan; the main - contract basis was 1,115 yuan, down 98 yuan. The Xinjiang spot price was 15,100 yuan per ton, down 5 yuan, and the national spot price was 15,235 yuan per ton, down 8 yuan [3]. - **Sugar**: The 1 - 5 contract spread was 42 yuan, up 1 yuan; the main - contract basis was 307 yuan, down 18 yuan. The spot prices in Nanning and Liuzhou remained unchanged at 5,970 yuan per ton and 5,995 yuan per ton respectively [3]. Market Information - On August 25, the number of cotton futures warehouse receipts decreased by 94 to 7,104, with 63 valid forecasts. Cotton arrival prices in different domestic regions were reported, and the yarn and short - fiber cloth load and inventory data changed slightly [4]. - On August 25, the spot prices of sugar in Nanning and Liuzhou remained unchanged, and the number of sugar futures warehouse receipts decreased by 170 to 15,385, with 1 valid forecast [4][5]. Chart Analysis - Charts show the historical data of cotton and sugar, including the closing price, basis, 1 - 5 spread, warehouse receipts, and price index of these two commodities [7][15]

Group 1 - ICE cotton prices increased by 0.5% to 67.72 cents per pound, while CF509 rose by 0.51% to 13,830 yuan per ton, with a significant increase in open interest by 3,515 contracts to 546,800 contracts [1] - The price of Xinjiang cotton at the factory was 15,163 yuan per ton, a decrease of 12 yuan from the previous day, and the China cotton price index for grade 3128B was 15,184 yuan per ton, down 9 yuan [1] - The U.S. cotton planting area exceeded expectations, with good growth conditions, and production may be adjusted upward on a month-over-month basis while remaining flat year-over-year, with the USDA report due this Saturday [1] Group 2 - Domestic cotton prices showed a slight increase, with limited driving forces due to low imports, low inventory, and weather disturbances supporting cotton prices, while expectations for new cotton production are strong during the off-season with limited demand [1] - The short-term outlook for Zheng cotton is weak, expected to maintain a range-bound fluctuation, with the September contract likely to perform better than the January contract, while macroeconomic and weather disturbances are to be monitored [1] - In Brazil, sugarcane crushing in the second half of June is estimated at 44.24 million tons, a year-over-year decrease of 9.7%, with sugar production at 2.95 million tons, down 9.8%, and ethanol production at 2.01 billion liters, down 13.1% [1] Group 3 - The current spot prices for white sugar in various regions include 6,040 yuan per ton in Nanning, up 20 yuan from the previous day, and 6,075 yuan per ton in Liuzhou, down 5 yuan [1] - As of July 9, the number of cotton futures warehouse receipts was 9,932, a decrease of 39 from the previous day, with effective forecasts at 266 [1] - The comprehensive load of yarn was 51.3, unchanged from the previous day, while the comprehensive inventory of yarn increased by 0.1 to 29.8; the comprehensive load of short fiber cloth decreased by 0.1 to 48.6, with inventory remaining stable at 33.5 [1]

Group 1: Research Views - The ICE U.S. cotton rose 0.21% on Thursday, closing at 67.91 cents per pound, and CF509 closed flat, at 13,245 yuan per ton. The position of the main contract increased by 4,771 lots to 530,200 lots. The cotton arrival price in Xinjiang was 14,431 yuan per ton, unchanged from the previous day, and the China Cotton Price Index for Grade 3128B was 14,543 yuan per ton, down 1 yuan per ton from the previous day. The short - term Zhengzhou cotton futures price is expected to move up slightly, but the space depends on subsequent implementation [1]. - As of the end of May, the national sugar production was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03%. The cumulative sugar sales were 8.1138 million tons, a year - on - year increase of 1.521 million tons or 23.07%, and the cumulative sugar sales rate was 72.69%, 6.52 percentage points faster than the previous year. The domestic sugar futures price is expected to maintain a weak pattern considering future imported sugar arrival pressure [1]. Group 2: Daily Data Monitoring - For cotton, the 7 - 9 contract spread was - 225, down 5; the main contract basis was 1,298, up 19; the Xinjiang spot price was 14,431, unchanged; and the national spot price was 14,543, down 1 [2]. - For sugar, the 7 - 9 contract spread was 118, down 7; the main contract basis was 415, up 18; the Nanning spot price was 6,090, unchanged; and the Liuzhou spot price was 6,145, unchanged [2]. Group 3: Market Information - On June 5, the number of cotton futures warehouse receipts was 10,939, a decrease of 38 from the previous trading day, with 369 valid forecasts [3]. - On June 5, the domestic cotton arrival prices were 14,431 yuan per ton in Xinjiang, 14,559 yuan per ton in Henan, 14,559 yuan per ton in Shandong, and 14,770 yuan per ton in Zhejiang [3]. - On June 5, the yarn comprehensive load was 54.8, down 0.3 from the previous day; the yarn comprehensive inventory was 25, up 0.1; the short - fiber cloth comprehensive load was 50.1, unchanged; and the short - fiber cloth comprehensive inventory was 31.4, up 0.1 [3]. - On June 5, the sugar spot prices were 6,090 yuan per ton in Nanning and 6,145 yuan per ton in Liuzhou, both unchanged from the previous day [3]. - On June 5, the number of sugar futures warehouse receipts was 29,893, a decrease of 407 from the previous trading day, with 0 valid forecasts [4]. Group 4: Research Team Introduction - Zhang Xiaojin is the director of resource product research at Everbright Futures Research Institute, focusing on the sugar industry [19]. - Zhang Linglu is a resource product analyst at Everbright Futures Research Institute, responsible for research on futures varieties such as urea and soda - ash glass [20]. - Sun Chengzhen is a resource product analyst at Everbright Futures Research Institute, mainly engaged in fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloys [21].