Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The domestic cotton market is under pressure on the supply side as foreign cotton continues to arrive at ports, leading to a significant increase in inventory and continued supply pressure. On the consumption side, textile enterprises have few new orders, mainly shipping previous orders, and the de - stocking speed of finished products has slowed down. Although the downstream is in the traditional small peak season with some rigid demand support, there is still pressure above, and short - term prices may tend to fluctuate [2]. 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 15,245 yuan/ton, down 50 yuan; cotton futures top 20 net position is - 179,921 hands, down 7,058 hands; main contract position of cotton is 468,553 hands, down 25,027 hands; cotton warehouse receipt quantity is 12,406 sheets, down 14 sheets. - Cotton yarn main contract closing price is 21,565 yuan/ton, up 20 yuan; cotton yarn futures top 20 net position is - 86 hands, up 167 hands; main contract position of cotton yarn is 7,405 hands, down 60 hands; cotton yarn warehouse receipt quantity is - 53 sheets [2]. Spot Market - China Cotton Price Index (CCIndex:3128B) is 16,797 yuan/ton; China Imported Cotton Price Index (FCIndexM:1% tariff) is 14,076 yuan/ton, up 418 yuan; China Imported Cotton Price Index (FCIndexM: sliding duty) is 14,667 yuan/ton, up 277 yuan. - China Yarn Price Index (pure - cotton carded yarn 32 - count) is 22,280 yuan/ton; the arrival price of imported cotton yarn price index (pure - cotton carded yarn 32 - count) is 22,579 yuan/ton, down 71 yuan; the arrival price of imported cotton yarn price index (pure - cotton combed yarn 32 - count) is 24,081 yuan/ton, down 75 yuan [2]. Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, and the national cotton output is 616 tons, an increase of 54 tons [2]. Industry Situation - The price difference between cotton and cotton yarn is 5,483 yuan/ton, up 53 yuan; the industrial inventory of cotton nationwide is 89.4 tons, up 3.3 tons. - The import quantity of cotton is 17 tons, down 4 tons; the import quantity of cotton yarn is 130,000 tons, down 30,000 tons. - The profit of imported cotton is 2,130 yuan/ton, down 330 yuan; the commercial inventory of cotton nationwide is 547.7 tons, down 31.17 tons [2]. Downstream Situation - The inventory days of yarn are 21.45 days, down 0.26 days; the inventory days of grey cloth are 33.24 days, up 0.11 days. - The monthly output of cloth is 30.1 billion meters, up 2 billion meters; the monthly output of yarn is 213.2 tons, up 9.3 tons. - The monthly export value of clothing and accessories is 11,061,465.19 million US dollars, down 2,748,526.81 million US dollars; the monthly export value of textile yarns, fabrics and products is 11,382,891.7 million US dollars, down 2,808,585.3 million US dollars [2]. Option Market - The implied volatility of cotton at - the - money call option is 11.62%, down 3.46%; the implied volatility of cotton at - the - money put option is 11.61%, down 3.47%. - The 20 - day historical volatility of cotton is 9.53%, up 0.25%; the 60 - day historical volatility of cotton is 14.51%, up 0.05% [2]. Industry News - As of 24:00 on March 30, 2026, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in the 2025/26 season is 33,725,907 bales, totaling 7,612,902 tons, a year - on - year increase of 12.32%. The cumulative notarized inspection volume of Xinjiang cotton is 7,218,807 tons, a year - on - year increase of 12.49%. - ICE cotton futures fell on Tuesday, giving back previous gains, as the US Department of Agriculture's planting intention report showed an increase in cotton planting area in 2026. The ICE May cotton futures contract closed down 0.19 cents, or 0.20%, at 70.00 cents per pound [2].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The domestic cotton market has a significant year - on - year increase in imports, and the port inventory maintains a growth trend. The "Golden March" demand in the textile industry starts slowly, with spinning mills' production resuming and yarn transactions being good, and inventories decreasing significantly. It is expected that cotton prices may continue to rise after adjustment [2] 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton's main contract closing price is 15,280 yuan/ton, up 65 yuan; cotton yarn's main contract closing price is 21,535 yuan/ton, up 60 yuan [2] - The net position of the top 20 in cotton futures is - 188,690 hands, down 109 hands; the net position of the top 20 in cotton yarn futures is - 542 hands, down 167 hands [2] - The main contract's open interest for cotton is 577,806 hands, down 14,645 hands; for cotton yarn, it is 14,439 hands, down 360 hands [2] - The cotton warehouse receipt quantity is 12,384 sheets, down 16 sheets; the cotton yarn warehouse receipt quantity is 251 sheets, down 16 sheets [2] Spot Market - The China Cotton Price Index (CCIndex:3128B) is 16,592 yuan/ton, down 57 yuan; the China Yarn Price Index (pure - combed cotton yarn 32 - count) is 22,100 yuan/ton, unchanged [2] - The China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,068 yuan/ton, down 50 yuan; the arrival price of the imported cotton yarn price index (pure - combed cotton yarn 32 - count) is 22,582 yuan/ton, down 32 yuan [2] - The China Imported Cotton Price Index (FCIndexM:sliding - scale duty) is 14,011 yuan/ton, down 41 yuan; the arrival price of the imported cotton yarn price index (pure - combed cotton yarn 32 - count) is 24,006 yuan/ton, up 51 yuan [2] 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] Industry Situation - The cotton - yarn price difference (CY C32S - CC3128B) is 5,508 yuan/ton, up 57 yuan; the national industrial inventory of cotton is 861,000 tons, up 13,000 tons [2] - The monthly import volume of cotton is 180,000 tons, an increase of 60,000 tons; the monthly import volume of cotton yarn is 170,000 tons, an increase of 20,000 tons [2] - The daily import cotton profit is 2,581 yuan/ton, down 16 yuan; the national commercial inventory of cotton is 5.7887 million tons, up 4,000 tons [2] Downstream Situation - The inventory days of yarn are 21.71 days, down 3.41 days; the inventory days of grey cloth are 33.13 days, down 0.63 days [2] - The monthly output of cloth is 3.01 billion meters, an increase of 200 million meters; the monthly output of yarn is 2.132 million tons, an increase of 93,000 tons [2] - The monthly export value of clothing and clothing accessories is 134,124,120,000 US dollars, an increase of 18,187,260,000 US dollars; the monthly export value of textile yarns, fabrics and products is 125,796,030,000 US dollars, an increase of 3,038,700,000 US dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 13.02%, up 0.81%; the implied volatility of cotton at - the - money put options is 13.03%, up 0.82% [2] - The 20 - day historical volatility of cotton is 16.22%, up 0.02%; the 60 - day historical volatility of cotton is 14.34%, down 0.02% [2] Industry News - According to Mysteel research, the national commercial inventory of cotton is declining. As of March 20, 2026, the total commercial inventory of cotton is 5.0399 million tons, a week - on - week decrease of 95,200 tons (a decrease of 1.85%) [2] - According to the USDA report, in the week ending March 12, the net export sales of US upland cotton in the 2025/26 season increased by 196,700 bales, a 22% decrease from the previous week and a 30% decrease from the average of the previous four weeks. The export shipment volume of US upland cotton in the 2025/26 season is 273,900 bales, a 26% decrease from the previous week and an 8% increase from the average of the previous four weeks [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - ICE cotton futures closed lower on Wednesday, hitting a one - week high during the session, affected by the bearish data in the USDA monthly supply - demand report. The ICE May cotton futures contract fell 0.13 cents, or 0.20%, to settle at 65.17 cents per pound. In the domestic market, on the supply side, with a large amount of cotton arriving at ports previously, port inventory has increased significantly, increasing supply - side pressure. As of March 5th, the inventory at major ports for imported cotton was 55.65 tons, a month - on - month increase of 42%. On the consumption side, downstream consumption is gradually recovering. The market is mainly focused on delivering previous orders, with limited new orders. Finished - product inventory has relatively decreased, resulting in limited pressure. Currently in the "Golden March and Silver April" traditional consumption peak season, the short - term upward trend of cotton prices is expected to continue [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price: 15,545 yuan/ton, up 30 yuan; cotton futures top 20 net position: - 209,957 lots, down 7,576 lots; main contract holding volume of cotton: 741,308 lots, down 2,219 lots; cotton warehouse receipt quantity: 12,325 pieces, up 173 pieces. - Cotton yarn main contract closing price: 21,735 yuan/ton, up 155 yuan; cotton yarn futures top 20 net position: - 1,466 lots, down 205 lots; main contract holding volume of cotton yarn: 14,724 lots, down 248 lots; cotton yarn warehouse receipt quantity: 219 pieces, up 105 pieces [2] 3.2 Spot Market - Chinese cotton price index (CCIndex: 3128B): 16,848 yuan/ton, up 180 yuan; Chinese yarn price index (pure cotton carded yarn 32S): 22,000 yuan/ton, unchanged. - Chinese imported cotton price index (FCIndexM: 1% tariff): 12,647 yuan/ton, down 17 yuan; Chinese imported cotton price index (FCIndexM: sliding - scale duty): 13,756 yuan/ton, down 18 yuan. - Arrival price of imported cotton yarn price index (pure cotton carded yarn 32S): 21,995 yuan/ton, up 41 yuan; arrival price of imported cotton yarn price index (pure cotton combed yarn 32S): 23,485 yuan/ton, up 44 yuan [2] 3.3 Upstream Situation - National cotton sowing area: 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output: 6.16 million tons, up 0.54 million tons. - Cotton - yarn price difference: 5,152 yuan/ton, down 180 yuan; national industrial inventory of cotton: 861,000 tons, up 13,000 tons [2] 3.4 Industry Situation - Import volume of cotton: 180,000 tons, up 60,000 tons; import volume of cotton yarn: 170,000 tons, up 20,000 tons. - Import profit of cotton: 3,092 yuan/ton, up 198 yuan; national commercial inventory of cotton: 5.7887 million tons, up 4,000 tons [2] 3.5 Downstream Situation - Inventory days of yarn: 21.71 days, down 3.41 days; inventory days of grey cloth: 33.13 days, down 0.63 days. - Monthly output of cloth: 3.01 billion meters, up 200 million meters; monthly output of yarn: 2.132 million tons, up 93,000 tons. - Monthly export value of clothing and clothing accessories: 134.12412 million US dollars, up 18.18726 million US dollars; monthly export value of textile yarns, fabrics and products: 125.79603 million US dollars, up 3.0387 million US dollars [2] 3.6 Option Market - Implied volatility of at - the - money call options for cotton: 22.65%, up 3.22 percentage points; implied volatility of at - the - money put options for cotton: 22.65%, up 3.22 percentage points. - 20 - day historical volatility of cotton: 14.75%, up 0.43 percentage points; 60 - day historical volatility of cotton: 13.91%, up 0.15 percentage points [2] 3.7 Industry News - According to customs data, from January to February 2026, China's textile and clothing exports reached 50.45 billion US dollars, a year - on - year increase of 17.6%. Among them, textile exports were 25.57 billion US dollars, a year - on - year increase of 20.5%, and clothing exports were 24.87 billion US dollars, a year - on - year increase of 14.8% [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The current supply of domestic and imported cotton is sufficient, and the tradable volume has increased significantly. The inventory of imported cotton at ports remains in a state of more inflow than outflow. Downstream textile enterprises have successively shut down for holidays and suspended raw material procurement, leading to a significant increase in yarn inventory. However, there is a general expectation of a reduction in cotton planting area in the market, which provides strong support for cotton prices. Considering the approaching long - holiday, it is advisable to wait and see in the short term [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price (daily, yuan/ton): 14790, up 45; cotton futures top 20 net positions (lots): - 113217, up 8574; main contract positions: cotton (daily, lots): 693995, down 2417; cotton warehouse receipt quantity (daily, sheets): 10889, up 143 [2] - Cotton yarn main contract closing price (daily, yuan/ton): 20655, up 65; cotton yarn futures top 20 net positions (lots): - 864, up 61; main contract positions: cotton yarn (daily, lots): 10471, down 997; cotton yarn warehouse receipt quantity (daily, sheets): 0, unchanged [2] Spot Market - China Cotton Price Index: CCIndex: 3128B (daily, yuan/ton): 16069, up 40; China Imported Cotton Price Index: FCIndexM: 1% tariff (daily, yuan/ton): 12465, up 47; China Imported Cotton Price Index: FCIndexM: sliding - duty (daily, yuan/ton): 13656, up 41 [2] - China Yarn Price Index: pure - cotton carded yarn 32 - count (daily, yuan/ton): 21520, unchanged; arrival price: Imported Yarn Price Index: pure - cotton carded yarn 32 - count (daily, yuan/ton): 20976, down 11; arrival price: Imported Yarn Price Index: pure - cotton combed yarn 32 - count (daily, yuan/ton): 22535, down 12 [2] Upstream Situation - National cotton sowing area (annual, thousand hectares): 2838.3, up 48.3; national cotton output (annual, ten thousand tons): 616, up 54 [2] Industry Situation - Cotton - yarn price difference (CY C32S - CC3128B, yuan/ton): 5451, down 40; industrial inventory: cotton: national (monthly, ten thousand tons): 84.8, down 0.2 [2] - Cotton: import quantity: monthly value (monthly, ten thousand tons): 18, up 6; cotton yarn: import quantity: monthly value (monthly, tons): 170000, up 20000; imported cotton profit (daily, yuan/ton): 2413, down 1; commercial inventory: cotton: national (monthly, ten thousand tons): 578.47, up 110.11 [2] Downstream Situation - Inventory days: yarn (monthly, days): 25.12, down 1.21; inventory days: grey cloth (monthly, days): 33.76, up 1.42 [2] - Cloth: output: monthly value (monthly, billion meters): 30.1, up 2; yarn: output: monthly value (monthly, ten thousand tons): 213.2, up 9.3 [2] - Clothing and clothing accessories: export amount: monthly value (monthly, ten thousand US dollars): 13412412, up 1818726; textile yarns, fabrics and products: export amount: monthly value (monthly, ten thousand US dollars): 12579603, up 303870 [2] Option Market - Cotton at - the - money call option implied volatility (%): 14.19, up 0.51; cotton at - the - money put option implied volatility (%): 14.16, up 0.49 [2] - Cotton 20 - day historical volatility (%): 13.78, up 0.13; cotton 60 - day historical volatility (%): 11.5, up 0.03 [2] Industry News - According to Mysteel research, the national commercial inventory is in a downward trend. As of February 6, 2026, the total commercial cotton inventory was 552.72 ten thousand tons, a week - on - week decrease of 12.15 ten thousand tons (a decrease of 2.15%). Among them, the commercial cotton in Xinjiang was 441.94 ten thousand tons, a week - on - week decrease of 15.10 ten thousand tons (a decrease of 3.30%); the commercial cotton in the inland area was 59.19 ten thousand tons, a week - on - week increase of 0.90 ten thousand tons (an increase of 1.54%) [2] - ICE cotton futures rose on Wednesday. After hitting a stage low last week, short - covering and the operation of rolling over the March contract to the May contract provided moderate support to the market. The ICE May cotton futures contract closed up 0.26 cents, or 0.41%, at 64.04 cents per pound [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The cost - performance of Brazilian cotton has significantly weakened, and the export of Brazilian cotton faces resistance due to the low - priced US cotton and the increased import of US cotton by Southeast Asian countries. The domestic market has sufficient supply of domestic and imported cotton, with a significant increase in the circulable volume. The port inventory of imported cotton is in a state of more inflow than outflow. Downstream spinning enterprises have successively shut down for holidays, stopped purchasing raw materials, and the yarn inventory has increased significantly. It is advisable to wait and see in the short term considering the approaching long holiday [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - Zhengmian main contract closing price is 14,580 yuan/ton, unchanged; cotton futures top 20 net positions are - 116,637 hands, an increase of 1,801 hands; main contract holdings of cotton are 700,704 hands, a decrease of 270 hands; cotton warehouse receipt quantity is 10,580 sheets, an increase of 5 sheets. The closing price of the main contract of cotton yarn is 20,360 yuan/ton, a decrease of 45 yuan; the top 20 net positions of cotton yarn futures are - 1,168 hands, an increase of 136 hands; the main contract holdings of cotton yarn are 11,525 hands, an increase of 360 hands; the warehouse receipt quantity of cotton yarn is 0 sheets, unchanged [2] 3.2 Spot Market - The China Cotton Price Index (CCIndex:3128B) is 15,967 yuan/ton, a decrease of 58 yuan; the China Yarn Price Index (pure - combed cotton yarn 32 - count) is 21,455 yuan/ton, unchanged. The China Imported Cotton Price Index (FCIndexM:1% tariff) is 12,285 yuan/ton, the China Imported Cotton Price Index (FCIndexM: sliding - duty) is 13,542 yuan/ton. The arrival price of the imported cotton yarn price index (pure - combed cotton yarn 32 - count) is 21,058 yuan/ton, a decrease of 25 yuan; the arrival price of the imported cotton yarn price index (pure - combed cotton yarn 32 - count) is 22,623 yuan/ton, a decrease of 27 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] 3.4 Industry Situation - The cotton - yarn price difference is 5,488 yuan/ton, an increase of 58 yuan; the industrial inventory of cotton nationwide is 848,000 tons, a decrease of 2,000 tons; the import volume of cotton is 180,000 tons, an increase of 60,000 tons; the import volume of cotton yarn is 170,000 tons, an increase of 20,000 tons; the import cotton profit is 2,425 yuan/ton, a decrease of 19 yuan; the commercial inventory of cotton nationwide is 5.7847 million tons, an increase of 1.1011 million tons [2] 3.5 Downstream Situation - The inventory days of yarn are 25.12 days, a decrease of 1.21 days; the inventory days of grey cloth are 33.76 days, an increase of 1.42 days; the monthly output of cloth is 3.01 billion meters, an increase of 0.2 billion meters; the monthly output of yarn is 2.132 million tons, an increase of 0.093 million tons; the monthly export value of clothing and clothing accessories is 134,124,120,000 US dollars, an increase of 18,187,260,000 US dollars; the monthly export value of textile yarns, fabrics and products is 125,796,030,000 US dollars, an increase of 3,038,700,000 US dollars [2] 3.6 Option Market - The implied volatility of cotton at - the - money call options is 13.07%, an increase of 0.08%; the implied volatility of cotton at - the - money put options is 13.07%, an increase of 0.09%; the 20 - day historical volatility of cotton is 13.99%, a decrease of 0.06%; the 60 - day historical volatility of cotton is 11.49%, a decrease of 0.01% [2] 3.7 Industry News - As of February 4, 2026, the cumulative notarized inspection of cotton by national cotton processing enterprises is 32,518,586 bales, totaling 7,340,445 tons, a year - on - year increase of 14.86%. The cumulative notarized inspection volume of Xinjiang cotton is 7,042,923 tons, a year - on - year increase of 16.14%. Brazil exported 316,850 tons of cotton in January, a year - on - year decrease of 23.76% [2]

Report Industry Investment Rating - There is no mention of the industry investment rating in the provided content. Core Viewpoints - The supply pressure in the domestic market is gradually increasing as the quantity of publicly inspected cotton has exceeded 7.2 million tons. The trading volume of imported cotton, mainly Brazilian cotton, has slowed down due to the approaching Spring Festival, with some textile enterprises entering the holiday mode. Considering the approaching long - holiday, it is advisable to wait and see in the short term [2]. Summary by Related Catalogs Futures Market - Zhengzhou cotton's main contract closing price is 14,680 yuan/ton, up 30 yuan; cotton futures' top 20 net positions are - 117,884 hands, up 8,739 hands; the main contract's cotton position is 716,331 hands, down 1,549 hands; cotton's warehouse receipt quantity is 10,438 sheets, up 38 sheets. The main contract closing price of cotton yarn is 20,595 yuan/ton, up 180 yuan; cotton yarn futures' top 20 net positions are - 1,374 hands, up 115 hands; the main contract's cotton yarn position is 8,752 hands, up 4,255 hands; cotton yarn's warehouse receipt quantity is 0 sheets [2]. Spot Market - The China Cotton Price Index (CCIndex:3128B) is 16,002 yuan/ton, up 15 yuan; the China Imported Cotton Price Index (FCIndexM:1% tariff) is 12,357 yuan/ton, down 10 yuan; the China Imported Cotton Price Index (FCIndexM: sliding - duty) is 13,584 yuan/ton, down 12 yuan. The China Yarn Price Index (pure - cotton carded yarn 32 - count) is 21,455 yuan/ton, unchanged; the arrival price of the imported cotton yarn price index (pure - cotton carded yarn 32 - count) is 21,070 yuan/ton, down 4 yuan; the arrival price of the imported cotton yarn price index (pure - cotton combed yarn 32 - count) is 22,636 yuan/ton, down 5 yuan [2]. Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output is 6.16 million tons, up 0.54 million tons. The cotton - yarn price difference is 5,453 yuan/ton, down 15 yuan; the national industrial inventory of cotton is 848,000 tons, down 2,000 tons [2]. Industry Situation - The monthly import quantity of cotton is 180,000 tons, up 60,000 tons; the monthly import quantity of cotton yarn is 170,000 tons, up 20,000 tons. The daily import cotton profit is 2,418 yuan/ton, up 27 yuan; the national commercial inventory of cotton is 5.7847 million tons, up 1.1011 million tons [2]. Downstream Situation - The inventory days of yarn are 25.12 days, down 1.21 days; the inventory days of grey cloth are 33.76 days, up 1.42 days. The monthly output of cloth is 3.01 billion meters, up 0.2 billion meters; the monthly output of yarn is 2.132 million tons, up 93,000 tons. The monthly export value of clothing and clothing accessories is 134,124,120,000 US dollars, up 18,187,260,000 US dollars; the monthly export value of textile yarns, fabrics and products is 125,796,030,000 US dollars, up 3,038,700,000 US dollars [2]. Option Market - The implied volatility of cotton at - the - money call options is 14.21%, up 0.64%; the implied volatility of cotton at - the - money put options is 14.2%, up 0.63%. The 20 - day historical volatility of cotton is 16.26%, down 0.66%; the 60 - day historical volatility of cotton is 11.45%, up 0.01% [2]. Industry News - As of the week of January 31, 2026, the planting rate of Brazil's 2025/26 cotton is 78.6%, up 18 percentage points from the previous week. Brazil's cotton planting progress is faster than the same period of last year and the average of the past five years. The ICE cotton futures fell on Tuesday, but the decline was limited, supported by the falling US dollar, and the market focused on the upcoming data guidance. The ICE March cotton futures contract closed down 0.50 cents, or 0.80%, at 62.31 cents per pound [2]. Inventory Situation - As of January 29, the inventory of imported cotton at major ports increased by 4.25% week - on - week, with a total inventory of 495,400 tons. Among them, the inventory at ports and surrounding warehouses in Shandong (Qingdao, Jinan) is 413,000 tons, down 2.93% year - on - year; the inventory at Zhangjiagang Port and surrounding warehouses in Jiangsu is about 35,000 tons, and the inventory at other ports is about 29,400 tons [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The supply pressure of cotton in the domestic market is gradually increasing as the quantity of officially inspected cotton has exceeded 7.2 million tons. The trading volume of imported cotton, mainly Brazilian cotton, has slowed down due to the approaching Spring Festival and some textile enterprises entering the holiday mode. It's recommended to wait and see in the short - term considering the approaching long holiday [2] 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 14,650 yuan/ton, up 75 yuan; cotton yarn main contract closing price is 20,415 yuan/ton, up 10 yuan - Cotton futures top 20 net positions are - 126,623 lots, down 9,362 lots; cotton yarn futures top 20 net positions are - 1,489 lots, down 87 lots - Cotton main contract open interest is 717,880 lots, down 1,626 lots; cotton yarn main contract open interest is 4,497 lots, down 387 lots - Cotton warehouse receipt quantity is 10,400 sheets, up 75 sheets; cotton yarn warehouse receipt quantity is 0 sheets [2] Spot Market - China's cotton price index (CCIndex: 3128B) is 15,987 yuan/ton, down 83 yuan; China's yarn price index (pure cotton carded yarn 32s) is 21,455 yuan/ton, up 0 yuan - China's imported cotton price index (FCIndexM: 1% tariff) is 12,367 yuan/ton; China's imported cotton price index (FCIndexM: sliding duty) is 13,596 yuan/ton - The arrival price of imported cotton yarn price index (pure cotton carded yarn 32s) is 21,074 yuan/ton, down 322 yuan; the arrival price of imported cotton yarn price index (pure cotton combed yarn 32s) is 22,641 yuan/ton, down 350 yuan [2] Upstream Situation - The national cotton sown area is 2,838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output is 6.16 million tons, up 540,000 tons [2] Industry Situation - The cotton - yarn price difference is 5,468 yuan/ton, up 83 yuan; the national industrial inventory of cotton is 848,000 tons, down 2,000 tons - The monthly import volume of cotton is 180,000 tons, up 60,000 tons; the monthly import volume of cotton yarn is 170,000 tons, up 20,000 tons - The daily profit of imported cotton is 2,391 yuan/ton, down 84 yuan; the national commercial inventory of cotton is 5.7847 million tons, up 1.1011 million tons [2] Downstream Situation - The inventory days of yarn is 25.12 days, down 1.21 days; the inventory days of grey cloth is 33.76 days, up 1.42 days - The monthly output of cloth is 3.01 billion meters, up 200 million meters; the monthly output of yarn is 2.132 million tons, up 93,000 tons - The monthly export value of clothing and clothing accessories is 134,124,120,000 US dollars, up 18,187,260,000 US dollars; the monthly export value of textile yarns, fabrics and products is 125,796,030,000 US dollars, up 3,038,700,000 US dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 13.57%, up 0.14%; the implied volatility of cotton at - the - money put options is 13.57%, up 0.12% - The 20 - day historical volatility of cotton is 16.92%, up 0.08%; the 60 - day historical volatility of cotton is 11.44%, up 0.11% [2] Industry News - The national commercial inventory of cotton is decreasing. As of January 30, 2026, the total commercial inventory of cotton is 5.6487 million tons, down 49,400 tons (0.87% decrease) week - on - week. The commercial cotton in Xinjiang is 4.5704 million tons, down 91,300 tons (1.96% decrease) week - on - week; the commercial cotton in the inland area is 582,900 tons, up 21,700 tons (3.87% increase) week - on - week - ICE cotton futures closed lower on Monday, pressured by a stronger US dollar and broad selling in the commodity market. The March cotton futures contract closed down 0.50 cents, or 0.80%, at 62.67 cents per pound [2] Imported Cotton Port Inventory - As of January 29, the import cotton inventory in major ports increased 4.25% week - on - week, with a total inventory of 495,400 tons. The inventory in Shandong's Qingdao, Jinan ports and surrounding warehouses is 413,000 tons, down 2.93% year - on - year; the inventory in Jiangsu's Zhangjiagang port and surrounding warehouses is about 35,000 tons, and the inventory in other ports is about 29,400 tons [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - The domestic market currently has over 720,000 tons of inspected cotton, increasing supply pressure. Imported cotton is mainly Brazilian cotton, with trading volume slowing down as the Spring Festival approaches and some spinning mills going on holiday. Considering the approaching Spring Festival, it is advisable to take a short - term wait - and - see approach [2] 3. Summary by Directory Futures Market - Zhengzhou cotton main contract closing price: 14,575 yuan/ton, down 95 yuan; cotton futures top 20 net positions: - 117,261 lots, up 19,409 lots; main contract open interest for cotton: 719,506 lots, down 33,772 lots; cotton warehouse receipt quantity: 10,325 lots, up 36 lots; China's imported cotton price index (1% tariff): 16,070 yuan/ton, down 113 yuan - Cotton yarn main contract closing price: 20,405 yuan/ton, down 90 yuan; cotton yarn futures top 20 net positions: - 1,402 lots, up 391 lots; main contract open interest for cotton yarn: 4,884 lots, down 1,005 lots; cotton yarn warehouse receipt quantity: 0 lots, unchanged; China's yarn price index (pure cotton carded 32 - count yarn): 21,455 yuan/ton, up 25 yuan [2] Spot Market - Domestic cotton price: 12,377 yuan/ton, down 108 yuan; China's imported cotton price index (sliding duty): 13,595 yuan/ton, down 69 yuan; arrival price of imported cotton yarn (pure cotton carded 32 - count yarn): 21,396 yuan/ton, up 369 yuan; arrival price of imported cotton yarn (pure cotton combed 32 - count yarn): 22,991 yuan/ton, up 397 yuan [2] Upstream Situation - National cotton sowing area: 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output: 6.16 million tons, up 0.54 million tons [2] Industry Situation - Cotton - yarn price difference: 5,385 yuan/ton, up 138 yuan; national industrial inventory of cotton: 848,000 tons, down 2,000 tons; cotton import volume: 180,000 tons, up 60,000 tons; cotton yarn import volume: 170,000 tons, up 20,000 tons; imported cotton profit: 2,475 yuan/ton, down 44 yuan; national commercial inventory of cotton: 5.7847 million tons, up 1.1011 million tons [2] Downstream Situation - Yarn inventory days: 25.12 days, down 1.21 days; grey fabric inventory days: 33.76 days, up 1.42 days; cloth output: 3.01 billion meters, up 0.2 billion meters; yarn output: 2.132 million tons, up 93,000 tons; export value of clothing and clothing accessories: 134,124,120,000 US dollars, up 18,187,260,000 US dollars; export value of textile yarns, fabrics and products: 125,796,030,000 US dollars, up 3,038,700,000 US dollars [2] Option Market - Implied volatility of at - the - money cotton call options: 13.43%, down 1.25%; implied volatility of at - the - money cotton put options: 13.45%, down 1.2%; 20 - day historical volatility of cotton: 16.84%, up 1.17%; 60 - day historical volatility of cotton: 11.33%, up 0.58% [2] Industry News - As of January 27, 2026, the non - commercial long positions of US cotton were 96,472 lots, an increase of 4,051 lots from the previous week; non - commercial short positions were 135,439 lots, an increase of 17,194 lots from the previous week; net short positions were 38,967 lots, an increase of 13,143 lots from the previous week - ABARES predicts that Australia's cotton output in the 2025/26 season will be 943,000 tons, a year - on - year decrease of 23%, and the planting area will be 406,000 hectares, a year - on - year decrease of 22%. The overall output is still 9% higher than the average of the past decade [2] 提示关注 - As of January 29, the inventory of imported cotton at major ports increased by 4.25% week - on - week, with a total inventory of 495,400 tons. The inventory in Shandong's Qingdao, Jinan ports and surrounding warehouses was 413,000 tons, a year - on - year decrease of 2.93%. The inventory in Zhangjiagang Port and surrounding warehouses in Jiangsu was about 35,000 tons, and the inventory in other ports was about 29,400 tons [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - ICE cotton futures fell on Wednesday due to concerns about the global economy and geopolitical instability, and the market awaited demand signals. The ICE March cotton futures contract settled down 0.04 cents, or 0.06%, at 64.30 cents per pound. - In the domestic market, the national cotton commercial inventory is rising, and market supply is relatively sufficient. Brazilian cotton is arriving in large quantities, further increasing the inventory. - On the downstream demand side, the price of high - count yarn is firm, but overall market demand is weak. However, driven by cost, yarn prices remain stable, and the rebound in China's textile and clothing export growth in December still supports the market. - On the market, supported by stocking demand, it is expected to fluctuate strongly in the short term. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closed at 14,730 yuan/ton, up 195 yuan; cotton futures top 20 net positions were - 152,789 lots, up 3,158 lots; main contract cotton positions were 799,956 lots, up 12,765 lots; cotton warehouse receipts were 9,944 lots, up 301 lots. - Cotton yarn main contract closed at 20,500 yuan/ton, up 15 yuan; cotton yarn futures top 20 net positions were - 1,850 lots, down 189 lots; main contract cotton yarn positions were 15,805 lots, down 1,156 lots; cotton yarn warehouse receipts were 59 lots, down 11 lots. [2] 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B) was 15,839 yuan/ton, up 20 yuan; China Yarn Price Index (pure cotton carded yarn 32 - count) was 21,320 yuan/ton, unchanged. - China Imported Cotton Price Index (FCIndexM:1% tariff) was 12,514 yuan/ton, unchanged; China Imported Cotton Price Index (FCIndexM:sliding - scale duty) was 13,684 yuan/ton, unchanged. - Imported cotton yarn price index (pure cotton carded yarn 32 - count) arrival price was 21,066 yuan/ton, down 6 yuan; imported cotton yarn price index (pure cotton combed yarn 32 - count) arrival price was 22,555 yuan/ton, down 6 yuan. [2] 3.3 Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output was 6.16 million tons, up 540,000 tons. - The cotton - yarn price difference was 5,481 yuan/ton, down 20 yuan; the national industrial cotton inventory was 850,000 tons, up 65,000 tons. [2] 3.4 Industry Situation - Cotton import volume was 120,000 tons, up 30,000 tons; cotton yarn import volume was 150,000 tons, up 10,000 tons. - Imported cotton profit was 2,135 yuan/ton, up 1 yuan; the national commercial cotton inventory was 4.6836 million tons, up 1.753 million tons. [2] 3.5 Downstream Situation - Yarn inventory days were 26.33 days, up 0.21 days; grey fabric inventory days were 32.34 days, up 0.37 days. - Cloth output was 2.81 billion meters, up 0.19 billion meters; yarn output was 2.039 million tons, up 38,000 tons. - Clothing and clothing accessories export amount was 11,593,686 thousand US dollars, up 590,205.57 thousand US dollars; textile yarns, fabrics and products export amount was 12,275,733 thousand US dollars. [2] 3.6 Option Market - Cotton at - the - money call option implied volatility was 12.11%, up 0.12%; cotton at - the - money put option implied volatility was 12.12%, up 0.16%. - Cotton 20 - day historical volatility was 14.16%, down 0.02%; cotton 60 - day historical volatility was 9.1%, unchanged. [2] 3.7 Industry News - Cotton textile enterprises' cotton industrial inventory was increasing steadily and was at a high level compared to the same period last year. As of the end of December, the in - stock cotton industrial inventory of textile enterprises was 983,800 tons, up 44,200 tons from the end of last month. - Brazil's new cotton sowing continued. As of the week of January 17, the planting rate of Brazil's 2025/26 cotton was 36.3%, slower than last year but faster than the five - year average, 7.9 percentage points higher than the five - year average. [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The current national commercial inventory of cotton continues to rise, and market supply is relatively sufficient. Additionally, port pick - up has increased, and Brazilian cotton has started to arrive in large quantities, leading to a continued increase in inventory. In terms of downstream demand, the price of high - count yarn is firm, but overall market demand is weak. However, driven by costs, yarn prices remain stable. Moreover, the growth rate of China's textile and clothing exports in December rebounded compared to the previous month, still supporting the market. On the market, the previous expectation of a decrease in cotton planting area has been reflected in the market, and it is expected to be in an adjustment state in the short term [2] Summary According to Related Catalogs Futures Market - Zhengzhou cotton's main contract closing price is 14,525 yuan/ton, down 20 yuan; cotton yarn's main contract closing price is 20,500 yuan/ton, down 10 yuan. - The net position of the top 20 in cotton futures is - 150,374 lots, an increase of 10,718 lots; the net position of the top 20 in cotton yarn futures is - 1,509 lots, a decrease of 144 lots. - The main contract position of cotton is 788,099 lots, a decrease of 12,920 lots; the main contract position of cotton yarn is 16,289 lots, an increase of 1,511 lots. - The number of cotton warehouse receipts is 9,647 sheets, a decrease of 11 sheets; the number of cotton yarn warehouse receipts is 70 sheets, unchanged [2] 现货市场 - The China Cotton Price Index (CCIndex: 3128B) is 15,856 yuan/ton, down 24 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn is 21,300 yuan/ton, unchanged. - The China Imported Cotton Price Index (FCIndexM: 1% tariff) is 12,582 yuan/ton, unchanged; the arrival price of the Imported Cotton Yarn Price Index for pure - combed 32 - count cotton yarn is 21,059 yuan/ton, down 8 yuan. - The China Imported Cotton Price Index (FCIndexM: sliding - scale tariff) is 13,722 yuan/ton, unchanged; the arrival price of the Imported Cotton Yarn Price Index for pure - combed 32 - count cotton yarn is 22,547 yuan/ton, down 9 yuan [2] Upstream Situation - The national cotton sowing area is 5,444 thousand hectares; the national cotton output is 6160 thousand tons; the national industrial inventory of cotton is 850 thousand tons [2] Industrial Situation - The monthly import volume of cotton is 120 thousand tons, an increase of 30 thousand tons; the monthly import volume of cotton yarn is 150 thousand tons, an increase of 10 thousand tons. - The daily profit of imported cotton is 2,158 yuan/ton, a decrease of 51 yuan; the national monthly commercial inventory of cotton is 468360 tons, an increase of 175300 tons [2] Downstream Situation - The inventory days of yarn are 26.33 days, an increase of 0.21 days; the inventory days of grey cloth are 32.34 days, an increase of 0.37 days. - The monthly output of cloth is 2.81 billion meters, an increase of 0.19 billion meters; the monthly output of yarn is 2039 thousand tons, an increase of 38 thousand tons. - The monthly export value of clothing and clothing accessories is 11,593,686 thousand US dollars; the monthly export value of textile yarns, fabrics and products is 12,275,733,101,731.408 thousand US dollars [2] Option Market - The implied volatility of at - the - money call options for cotton is 12%, a decrease of 1.35%; the implied volatility of at - the - money put options for cotton is 12%, unchanged. - The 20 - day historical volatility of cotton is 14.15%, an increase of 0.13%; the 60 - day historical volatility of cotton is 9.16%, an increase of 0.04% [2] Industry News - Mysteel research shows that the national commercial inventory of cotton is on the rise. As of January 16, 2026, the total commercial inventory of cotton is 5.6863 million tons, a week - on - week increase of 0.1133 million tons (a growth rate of 2.03%). Among them, the commercial cotton in Xinjiang is 4.7063 million tons, a week - on - week increase of 0.0222 million tons (a growth rate of 0.47%); the commercial cotton in the inland area is 0.533 million tons, a week - on - week increase of 0.0436 million tons (a growth rate of 8.91%). - The Intercontinental Exchange (ICE) market was closed on Monday due to the US Martin Luther King Jr. Day holiday [2]