Group 1: Report Industry Investment Ratings - The investment rating for both sugar and cotton is "sideways" [1] Group 2: Core Views of the Report - For sugar, extreme rainfall in Yunnan and Inner Mongolia since July has damaged local sugarcane and beets, and the potential impact on sugar production needs continuous monitoring. Summer cold - drink consumption drives seasonal growth in sugar demand. Recently, sugar imports have increased significantly due to the expanding domestic - foreign price gap, but the annual import volume is still expected to be within the forecast range [1] - For cotton, most cotton - growing areas in China are at the peak of blooming, and some parts of Xinjiang have entered the boll - opening stage, with the overall growth progress ahead of previous years. According to the China Meteorological Administration, cotton in Xinjiang and the Yangtze River Basin may face high - temperature heat damage in August. Currently, commercial cotton inventories are decreasing, and the peak season for cotton textile is approaching, which supports cotton prices [1] Group 3: Summary According to Data Tables 1. Price and Spread Data - **Foreign Market Quotes**: On August 13 - 14, 2025, the price of US sugar decreased from 16.83 dollars to 16.58 dollars, a decline of 1.49%, and the price of US cotton dropped from 67.7 dollars to 67.59 dollars, a decrease of 0.16% [3] - **Spot Prices**: From August 13 to 14, 2025, the price of sugar in Nanning increased from 5970.0 to 5980.0, a rise of 0.17%, and in Kunming, it increased from 5855.0 to 5860.0, a rise of 0.09%. The cotton index 328 decreased from 3281 to 3280, a decline of 0.17%, and the price of cotton in Xinjiang remained unchanged at 15050.0 [3] - **Spreads**: For sugar spreads such as SR01 - 05, SR05 - 09, SR09 - 01, and for cotton spreads like CF01 - 05, CF05 - 09, CF09 - 01, most showed a downward trend from August 13 to 14, 2025. For example, SR01 - 05 decreased from 51.0 to 40.0, a decline of 21.57%, and CF01 - 05 decreased from 40.0 to 30.0, a decline of 25.00% [3] - **Basis**: For sugar basis (01, 05, 09) and cotton basis (01, 05, 09), the changes were mixed. For instance, the sugar 01 basis increased from 198.0 to 201.0, a rise of 1.52%, while the cotton 09 basis decreased from 1358.0 to 1339.0, a decline of 1.40% [3] 2. Other Data - **Import Price**: The import price of cotton cotlookA remained unchanged at 79.95 from August 13 to 14, 2025 [3] - **Profit Space**: The sugar import profit remained unchanged at 1454.0 from August 13 to 14, 2025 [3] - **Options**: The implied volatility of SR601C5700 is 0.0872, and its underlying futures is SR601 with a historical volatility of 6.26. The implied volatility of CF601C14200 is 0.1134, and its underlying futures is CF601 with a historical volatility of 5.6 [3] - **Warehouse Receipts**: From August 13 to 14, 2025, the number of sugar warehouse receipts decreased from 17529.0 to 17284.0, a decline of 1.40%, and the number of cotton warehouse receipts decreased from 8006.0 to 7922.0, a decline of 1.05% [3] Group 4: Company Information - CINDA Futures Co., Ltd. is a limited - liability company specializing in domestic futures business, wholly - owned by CINDA Securities Co., Ltd., with a registered capital of 600 million RMB. It has memberships in multiple futures exchanges and is an observer of relevant industry associations [8]