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 Core Viewpoints - The short - term upward trend of cotton prices remains unchanged as the downstream consumption is gradually recovering, though new orders are still limited and the pressure on finished product inventory is relatively low. Also, the market is in the traditional consumption peak season of "Golden March and Silver April" [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 15,515 yuan/ton, up 195 yuan; cotton yarn main contract closing price is 21,580 yuan/ton, up 300 yuan - Cotton futures top 20 net positions are - 202,381 hands, up 2,481 hands; cotton yarn futures top 20 net positions are - 1,261 hands, up 130 hands - Cotton main contract positions are 743,527 hands, up 21,849 hands; cotton yarn main contract positions are 14,972 hands, up 889 hands - Cotton warehouse receipts are 12,152 sheets, unchanged; cotton yarn warehouse receipts are 114 sheets, unchanged [2] Spot Market - China Cotton Price Index (CCIndex:3128B) is 16,668 yuan/ton, down 65 yuan; China Yarn Price Index (pure - cotton carded yarn 32 - count) is 22,000 yuan/ton, unchanged - China Imported Cotton Price Index (FCIndexM:1% tariff) is 12,664 yuan/ton; China Imported Cotton Price Index (FCIndexM:sliding duty) is 13,774 yuan/ton - Imported cotton yarn price index (pure - cotton carded yarn 32 - count) to - port price is 21,954 yuan/ton, down 79 yuan; imported cotton yarn price index (pure - cotton combed yarn 32 - count) to - port price is 23,441 yuan/ton, down 84 yuan [2] Upstream Situation - National cotton sowing area is 2,838.3 thousand hectares, up 48.3 thousand hectares; national cotton output is 6.16 million tons, up 540,000 tons [2] Industry Situation - Cotton - yarn price difference is 5,332 yuan/ton, up 65 yuan; national industrial inventory of cotton is 861,000 tons, up 13,000 tons - Cotton import volume is 180,000 tons, up 60,000 tons; cotton yarn import volume is 170,000 tons, up 20,000 tons - Imported cotton profit is 2,894 yuan/ton, down 144 yuan; national commercial inventory of cotton is 5.7887 million tons, up 4,000 tons [2] Downstream Situation - Yarn inventory days are 21.71 days, down 3.41 days; grey cloth inventory days are 33.13 days, down 0.63 days - Cloth output is 3.01 billion meters, up 200 million meters; yarn output is 2.132 million tons, up 93,000 tons - Export value of clothing and clothing accessories is 134,124,120,000 US dollars, up 181,872,600 US dollars; export value of textile yarns, fabrics and products is 125,796,030,000 US dollars, up 303,870,000 US dollars [2] Option Market - Implied volatility of at - the - money call option for cotton is 19.43%, down 1.6%; implied volatility of at - the - money put option for cotton is 19.43%, down 1.64% - 20 - day historical volatility of cotton is 14.33%, down 0.35%; 60 - day historical volatility of cotton is 13.76%, unchanged [2] Industry News - The US Department of Agriculture's March global cotton supply - demand report shows that the 2025/26 global cotton output forecast is 26.3425 million tons, up 246,100 tons from the previous period. Global consumption is reduced by 30,500 tons to 25.8177 million tons, and global ending inventory is increased by 278,700 tons to 16.632 million tons. Import volume is estimated at 9.5603 million tons, and export volume is estimated at 9.5603 million tons, both up from last month - ICE cotton futures rose on Tuesday, supported by a weaker US dollar. The US Department of Agriculture's monthly supply - demand report raised the global output forecast and lowered the consumption forecast, limiting the increase. The ICE May cotton futures contract closed up 0.68 cents, or 1.05%, at 65.30 cents per pound [2]

Report Industry Investment Rating - Not provided Core Viewpoints - In the domestic market, the inventory inflow speed of port cotton has slowed down, while the outflow speed is acceptable due to increased downstream procurement after the Spring Festival. As of February 26, the inventory at major import cotton ports was 53.81 million tons, a month-on-month increase of 0.75%. On the consumption side, Xinjiang textile enterprises have basically resumed work, the spinning operation rate has rebounded, the finished product inventory has increased, and they are mainly shipping previous orders. After the short-term positive factors are digested, the Zhengzhou cotton futures price is in a state of shock adjustment. Attention should be paid to the impact of macro news [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton's main contract closing price was 15,255 yuan/ton, up 30 yuan; cotton yarn's main contract closing price was 21,100 yuan/ton, unchanged. The net position of the top 20 in cotton futures was -189,911 lots, up 1,609 lots; the net position of the top 20 in cotton yarn futures was -1,560 lots, down 163 lots. The main contract position of cotton was 778,613 lots, down 15,900 lots; the main contract position of cotton yarn was 14,509 lots, up 311 lots. The cotton warehouse receipt quantity was 11,371 sheets, up 44 sheets; the cotton yarn warehouse receipt quantity was 0 sheets, unchanged [2] Spot Market - The China Cotton Price Index (CCIndex:3128B) was 16,591 yuan/ton, down 42 yuan; the China Yarn Price Index for pure cotton carded yarn 32s was 21,920 yuan/ton, unchanged. The China Imported Cotton Price Index (FCIndexM:1% tariff) was 12,529 yuan/ton, down 168 yuan; the arrival price of the imported cotton yarn price index for pure cotton carded yarn 32s was 21,810 yuan/ton, up 293 yuan. The China Imported Cotton Price Index (FCIndexM: sliding duty) was 13,688 yuan/ton, down 98 yuan; the arrival price of the imported cotton yarn price index for pure cotton combed yarn 32s was 23,381 yuan/ton, up 383 yuan [2] 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 0.54 million tons [2] Industry Situation - The cotton-yarn price difference was 5,329 yuan/ton, up 42 yuan. The industrial inventory of cotton nationwide was 861,000 tons, up 13,000 tons. The monthly import volume of cotton was 180,000 tons, up 60,000 tons; the monthly import volume of cotton yarn was 170,000 tons, up 20,000 tons. The import cotton profit was 2,903 yuan/ton, up 56 yuan. The commercial inventory of cotton nationwide was 5.7887 million tons, up 4,000 tons [2] Downstream Situation - The inventory days of yarn were 21.71 days, down 3.41 days; the inventory days of grey cloth were 33.13 days, down 0.63 days. The monthly output of cloth was 3.01 billion meters, up 0.2 billion meters; the monthly output of yarn was 2.132 million tons, up 93,000 tons. The monthly export value of clothing and clothing accessories was 134,124,120,000 US dollars, up 181,872,600 US dollars; the monthly export value of textile yarns, fabrics and products was 125,796,030,000 US dollars, up 303,870,000 US dollars [2] Option Market - The implied volatility of at-the-money call options for cotton was 16.35%, down 1.38%; the implied volatility of at-the-money put options for cotton was 16.35%, down 1.38%. The 20-day historical volatility of cotton was 18.47%, up 0.56%; the 60-day historical volatility of cotton was 13.74%, up 0.27% [2] Industry News - As of 24:00 on March 1, 2026, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in accordance with the requirements of the cotton quality inspection system reform plan was 33,138,040 bales, totaling 7,480,305 tons, a year-on-year increase of 13.58%. The cumulative notarized inspection volume of Xinjiang cotton was 7,105,688 tons, a year-on-year increase of 13.82%. Among them, the inspection quantity of saw-toothed fine staple cotton was 32,966,595 bales, the inspection quantity of roller fine staple cotton was 1,980 bales, and the inspection quantity of long-staple cotton was 151,640 bales. The Intercontinental Exchange (ICE) cotton futures fell more than 1% on Monday. The escalation of the Middle East tension prompted the market to take broader risk-averse measures, and the stronger US dollar further put pressure on the market. The ICE May cotton futures contract closed down 1.02 cents, or 1.55%, at 64.59 cents per pound [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - After the short - term bullish data is digested, the Zhengzhou cotton futures price will enter a shock adjustment state again. Attention should be paid to the impact of macro news [2] Group 3: Summary by Related Catalogs Futures Market - Zhengzhou cotton's main contract closing price is 15,225 yuan/ton, down 170 yuan; cotton futures' top 20 net positions are - 191,520 hands, down 9,605 hands; the main contract's cotton position is 794,513 hands, down 43,467 hands; the cotton warehouse receipt quantity is 11,327 sheets, up 155 sheets; China's cotton price index (CCIndex:3128B) is 16,633 yuan/ton; China's imported cotton price index (FCIndexM:1% tariff) is 12,697 yuan/ton, down 57 yuan; China's imported cotton price index (FCIndexM: sliding duty) is 13,786 yuan/ton, down 37 yuan [2] - The main contract closing price of cotton yarn is 21,100 yuan/ton, down 145 yuan; the top 20 net positions of cotton yarn futures are - 1,397 hands, down 68 hands; the main contract's cotton yarn position is 14,198 hands, down 296 hands; the cotton yarn warehouse receipt quantity is 0 sheets; the China yarn price index (pure - combed cotton yarn 32 - count) is 21,920 yuan/ton, up 50 yuan; the arrival price of imported cotton yarn price index (pure - combed cotton yarn 32 - count) is 21,517 yuan/ton, up 54 yuan; the arrival price of imported cotton yarn price index (pure - combed cotton yarn 32 - count) is 22,998 yuan/ton, up 57 yuan [2] Spot Market - The China cotton price index (CCIndex:3128B) is 16,633 yuan/ton; the China imported cotton price index (FCIndexM:1% tariff) is 12,697 yuan/ton, down 57 yuan; the China imported cotton price index (FCIndexM: sliding duty) is 13,786 yuan/ton, down 37 yuan; the arrival price of imported cotton yarn price index (pure - combed cotton yarn 32 - count) is 21,517 yuan/ton, up 54 yuan; the arrival price of imported cotton yarn price index (pure - combed cotton yarn 32 - count) is 22,998 yuan/ton, up 57 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 540,000 tons [2] Industry Situation - The cotton - yarn price difference is 5,287 yuan/ton, an increase of 48 yuan; the industrial inventory of cotton in the whole country is 861,000 tons, an increase of 13,000 tons; the import quantity of cotton is 180,000 tons, an increase of 60,000 tons; the import quantity of cotton yarn is 170,000 tons, an increase of 20,000 tons; the import cotton profit is 2,870 yuan/ton; the commercial inventory of cotton in the whole country is 5.7887 million tons, an increase of 4,000 tons [2] Downstream Situation - The inventory days of yarn are 21.71 days, a decrease of 3.41 days; the inventory days of grey cloth are 33.13 days, a decrease of 0.63 days; the cloth output is 3.01 billion meters, an increase of 200 million meters; the yarn output is 2.132 million tons, an increase of 93,000 tons; the export amount of clothing and clothing accessories is 134,124,120,000 US dollars, an increase of 181,872,600 US dollars; the export amount of textile yarns, fabrics and products is 125,796,030,000 US dollars, an increase of 303,870,000 US dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 17.73%, a decrease of 1.46%; the implied volatility of cotton at - the - money put options is 17.73%, a decrease of 1.46%; the 20 - day historical volatility of cotton is 17.91%, a decrease of 0.43%; the 60 - day historical volatility of cotton is 13.48%, unchanged [2] Industry News - As of February 24, 2026, the non - commercial long positions of US cotton were 103,424 hands, an increase of 3,841 hands from the previous week; the non - commercial short positions were 132,394 hands, a decrease of 22,922 hands from the previous week; the net short positions were 28,970 hands, a decrease of 26,763 hands from the previous week [2] - As of February 27, 2026, the total commercial inventory of cotton was 5.2676 million tons, a decrease of 87,800 tons (a decrease of 1.64%) from the previous week. Among them, the commercial cotton in Xinjiang was 4.1005 million tons, a decrease of 112,600 tons (a decrease of 2.67%) from the previous week; the commercial cotton in the inland area was 629,000 tons, an increase of 20,800 tons (an increase of 3.42%) from the previous week [2] - In the week ending February 19, the net export sales of US upland cotton in the 2025/26 season increased by 253,200 bales, a decrease of 46% from the previous week and a decrease of 12% from the average of the previous four weeks. The export shipment volume of US upland cotton in the 2025/26 season was 193,000 bales, an increase of 12% from the previous week and a decrease of 10% from the average level of the previous four weeks [2] Domestic Market - On the supply side, the warehousing speed of port cotton has slowed down, and the ex - warehouse speed is OK. As of February 26, the inventory of major ports for imported cotton was 538,100 tons, a 0.75% increase from the previous period. On the consumption side, Xinjiang textile enterprises have basically started work, the spinning start - up rate has rebounded, the finished product inventory has increased, and they mainly ship pre - orders [2]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - International market: The latest USDA weekly export data shows that the net signing volume of U.S. 2025/26 upland cotton in the week ending February 12th increased by 102% week - on - week, hitting a new high for the year. The USDA Agricultural Outlook Forum predicts that the global cotton production in 2026/27 will decrease by 3.2% year - on - year, consumption will increase by 1.2%, and ending stocks will decrease by 5.2%, supporting U.S. cotton prices. However, the change in U.S. tariff policies increases macro uncertainties and intensifies market volatility [2]. - Domestic market: On the supply side, domestic commercial inventories are in the destocking phase, with post - holiday restocking intentions, but port inventories are still accumulating and December cotton imports will arrive successively. On the consumption side, textile enterprises had sufficient pre - holiday orders and the market anticipates the traditional post - holiday peak season. Overall, as U.S. cotton prices rise and a decrease in Xinjiang's cotton planting area is expected, the domestic cotton market is boosted, and cotton prices are expected to fluctuate with a slight upward trend. Attention should be paid to the impact of macro news [2]. 3. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price (daily, yuan/ton): 15,285, up 545; cotton yarn main contract closing price (daily, yuan/ton): 21,270, up 740 [2]. - Cotton futures top 20 net positions (lots): - 132,402, down 19,350; cotton yarn futures top 20 net positions (lots): - 606, up 285 [2]. - Main contract positions: cotton (daily, lots): 759,377, up 92,446; cotton yarn (daily, lots): 11,879, up 1,232 [2]. - Warehouse receipt quantity: cotton (daily, sheets): 11,013, up 12; cotton yarn (daily, sheets): 0, unchanged [2]. - China Cotton Price Index: CCIndex: 3128B (daily, yuan/ton): 16,070, down 18; China Yarn Price Index: pure - cotton carded yarn 32s (daily, yuan/ton): 21,535, up 15 [2]. Spot Market - China Imported Cotton Price Index: FCIndexM: 1% tariff (daily, yuan/ton): 12,686, up 170; arrival price of imported cotton yarn price index: pure - cotton carded yarn 32s (daily, yuan/ton): 21,182, up 124 [2]. - China Imported Cotton Price Index: FCIndexM: sliding duty (daily, yuan/ton): 13,787; arrival price of imported cotton yarn price index: pure - cotton combed yarn 32s (daily, yuan/ton): 22,662, up 44 [2]. Upstream Situation - National cotton sowing 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): 5,465, up 33; industrial inventory of cotton: national (monthly, million tons): 86.1, up 1.3 [2]. - Cotton import volume: monthly value (monthly, million tons): 18, up 6; cotton yarn import volume: monthly value (monthly, tons): 170,000, up 20,000 [2]. - Imported cotton profit (daily, yuan/ton): 2,283, up 50; commercial inventory of cotton: national (monthly, million tons): 578.87, up 0.4 [2]. Downstream Situation - Inventory days of yarn (monthly, days): 21.71, down 3.41; inventory days of grey cloth (monthly, days): 33.13, down 0.63 [2]. - Cloth output: monthly value (monthly, billion meters): 30.1, up 2; yarn output: monthly value (monthly, million tons): 213.2, up 9.3 [2]. - Export value of clothing and clothing accessories: monthly value (monthly, million US dollars): 13,412,412, up 1,818,726; export value of textile yarns, fabrics and products: monthly value (monthly, million US dollars): 12,579,603, up 303,870 [2]. Option Market - Implied volatility of at - the - money call options on cotton (%): 13.58, down 0.61; implied volatility of at - the - money put options on cotton (%): 13.54, down 0.62 [2]. - 20 - day historical volatility of cotton (%): 13.41, down 0.37; 60 - day historical volatility of cotton (%): 11.46, down 0.05 [2]. Industry News - According to the U.S. Commodity Futures Trading Commission, as of February 17, 2026, the non - commercial long positions in U.S. cotton were 99,583 lots, a decrease of 258 from the previous week; the non - commercial short positions were 155,316 lots, an increase of 4,149 from the previous week; the net short positions were 55,733 lots, an increase of 407 from the previous week [2]. - According to the Brazilian National Supply Company, as of the week ending February 21, the planting rate of Brazilian cotton in the 2025/26 season was 99.9%, compared with 96.5% in the previous week, 99.9% in the same period last year, and a five - year average of 99.3%, which is the same as last year and faster than the five - year average [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].