二 〇 二 六 年 度 2026 年 3 月 1 日 棉花：稳步上涨 20260301 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 报告导读： 截至 2 月 27 日的当周 ICE 棉花期货先涨后跌，周线收十字星，周初 ICE 棉花延续上周五的上涨势 头，并且中国棉花期货大涨也对 ICE 棉花期货构成正面影响，但是周四中国棉花期货冲高回落，加上美棉 周度出口数据不佳，未能延续前一周的强劲势头，ICE 棉花期货出现回落。 国内棉花期货长假回来后大涨，主要是技术性买盘推动，由于下游纺织企业尚未完全复工，且节前纱 厂的原料库存较充足，所以现货交投清淡，关注未来几周棉花现货的实际成交情况，从商业库存变化以及 产业情绪来看，对棉花的需求和价格仍然持乐观的预期，目前限制棉花期货上涨的因素主要是缺乏新的驱 动、以及内外棉价差过大引发的棉花和棉纱进口增加的担忧。预计郑棉期货将维持偏强走势，关注 3-4 月 棉花现货需求及新作种植情况。 请务必阅读正文之后的免责条款部分 1 国 泰 君 安 期 货 研 究 所 期货研究 （正文） 1. 行情数据 | | 开盘价 | 最高价 | 最低价 | 收盘价 ...

瑞达期货研究院 「2026.02.13」 棉花（纱）市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 行情展望：据美国农业部(USDA)报告显示，2月5日止当周，2025/26年度美国陆地 棉出口销售净增23.1万包，较前周减少8%，较前四周均值减少23%。2025/26年度 美国陆地棉出口装运量18.86万包，较前周减少20%，较前四周平均水平减少10%。 当周美国棉花出口签约量、装运量双双减少。国内市场：当前国产棉、进口棉等供 应充足，外棉入库明显增加，临近春节放假，下游备货减少。据Mysteel调研显示， 截至2月12日，进口棉主要港口库存周环比增加3.16%，总库存53.22万吨。内地纺 企普遍停机放假，发运基本暂停，疆内开机基本稳定，库存增加明显。不过市场普 遍存在植棉面积调减预期，对棉价形成有力支撑。考虑到当前长假在即，短期暂且 观望为主。 未来交易提示： 1、关注外棉价格变化2、需求3、库存情况 3 「 期现市场情况」 美棉市场 图 ...

瑞达期货研究院 「2026.01.30」 棉花（纱）市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 「 周度要点小结」 行情回顾：本周郑棉主力2605合约价格微跌，周度跌幅约0.17%。 行情展望：据ABARES的预测，2025/26年度澳大利亚棉花产量为94.3万吨，同比减 少23%，种植面积为40.6万公顷，同比减少22%，灌溉田面积减少主要是灌溉水不 足，早地田面积减少的原因是土壤水分偏低且其他作物收益好。不过其他地区的单 产偏高弥补了产量损失，整体产量仍比近十年平均值偏高9%。国内市场：当前公检 棉数量已超720万吨，供应压力逐渐增加。进口棉仍以巴西棉为主，交易量有所放缓， 主要由于春节临近，部分纺企进入放假模式。据Mysteel调研显示，截止至1月29日， 进口棉主要港口库存周环比增加4.25%，总库存49.54万吨，其中，山东地区青岛、 济南港口及周边仓41.3万吨，同比减少2.93%，江苏地区张家港港口及周边仓库进口 棉库存约3. ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the price of the main contract of Zhengzhou cotton 2605 increased with a weekly gain of about 0.72%. Considering the boost from holiday stockpiling and the reduction in cotton planting area, it is expected that the cotton price will still maintain a possible upward trend in the future [5]. - According to a report from a Brazilian authority, in December 2025, Brazil exported 452,500 tons of cotton, a year - on - year increase of 28.2%. In the first five months of the 2025/26 season, the cumulative export was 1.405 million tons, a year - on - year increase of 15.7%, reaching the highest export volume from August to December in history [5]. - As of the end of December 2025, the national commercial cotton inventory in China was 5.7847 million tons, a month - on - month increase of 23.51% and a year - on - year slight increase of 1.75%, at a high level in the same period. However, driven by the combination of downstream rigid demand replenishment and the expectation of reduced planting in the future, the short - term inventory pressure is expected to be controllable [5]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Review**: The price of the main contract of Zhengzhou cotton 2605 increased this week, with a weekly gain of about 0.72% [5]. - **Market Outlook**: Brazil's cotton exports increased significantly in December 2025 and the first five months of the 2025/26 season. China's commercial cotton inventory was at a high level at the end of December 2025, but the short - term inventory pressure is controllable. The cotton price is expected to maintain a possible upward trend [5]. - **Future Trading Tips**: Pay attention to changes in foreign cotton prices, demand, and inventory conditions [6]. 3.2 Futures and Spot Market - **US Cotton Market**: The price of the US cotton March contract decreased this week, with a weekly decline of about 1.32%. As of January 13, 2026, the non - commercial long positions of US cotton were 88,834 lots, an increase of 7,425 lots from the previous week; the non - commercial short positions were 116,265 lots, an increase of 5,936 lots from the previous week; the net short positions were 27,431 lots, a decrease of 1,489 lots from the previous week [11]. - **Foreign Cotton Spot Market**: In the week ending January 8, the net export sales of US upland cotton in the 2025/26 season reached 339,700 bales, a high for the season. The international cotton spot price this week was 74.55 cents per pound, a decrease of 0.5 cents per pound from last week [17]. - **Futures Market**: The price of the Zhengzhou cotton 2605 contract increased this week, with a weekly gain of about 0.72%, while the price of the cotton yarn futures 2603 contract decreased by 0.15%. As of this week, the net positions of the top 20 in cotton futures were - 164,119 lots, and in cotton yarn futures were - 1,836 lots. The number of cotton futures warehouse receipts at the Zhengzhou Commodity Exchange was 9,972, and the number of cotton yarn futures warehouse receipts was 0 [21][27][31]. - **Spot Market**: As of January 23, 2026, the spot price index of cotton 3128B was 15,870 yuan per ton, and the spot price index of Chinese cotton yarn C32S was 21,320 yuan per ton [42][53]. - **Imported Cotton (Yarn) Cost**: As of January 22, the import cotton price with sliding - scale duty was 13,684 yuan per ton, a decrease of 51 yuan per ton from last week; the import cotton quota price was 12,514 yuan per ton, a decrease of 102 yuan per ton from last week. The import cotton yarn price indices for different varieties were also provided [59]. - **Imported Cotton Price Cost - Profit**: As of January 22, the estimated profit of imported cotton with sliding - scale duty was 2,135 yuan per ton, a decrease of 100 yuan per ton from last week; the estimated profit of imported cotton with quota was 1,828 yuan per ton, a decrease of 49 yuan per ton from last week [62]. 3.3 Industry Chain - **Supply - Side - Commercial Cotton Inventory**: As of the end of December 2025, the national commercial cotton inventory was 5.7847 million tons, a month - on - month increase of 23.51% and a year - on - year slight increase of 1.75%. At the end of December, the in - stock industrial cotton inventory of textile enterprises was 983,800 tons, an increase of 44,200 tons from the end of the previous month [67]. - **Supply - Side - Imported Cotton Volume**: In December 2025, China's total cotton import volume was about 180,000 tons, a month - on - month increase of 60,000 tons and a year - on - year increase of 31%. From January to December 2025, China's cumulative cotton import volume was 1.07 million tons, a year - on - year decrease of 59.1%. In December 2025, China's imported cotton yarn volume was 170,000 tons, a month - on - month increase of 60,000 tons and a year - on - year increase of 20,000 tons [70]. - **Mid - end Industry - Demand - Side - Yarn and Grey Cloth Inventory**: As of the end of November, the yarn inventory of textile enterprises was 26.33 days, an increase of 0.21 days from the previous month, and the grey cloth inventory was 32.34 days, an increase of 0.37 days from the previous month [73]. - **Terminal Consumption - Demand - Side - Textile and Garment Export Volume**: In December 2025, China's textile and garment export volume was 25.99 billion US dollars, a year - on - year decrease of 7.4% and a month - on - month increase of 8.9%. Among them, textile exports were 12.58 billion US dollars, a year - on - year decrease of 4.2%; clothing exports were 13.41 billion US dollars, a year - on - year decrease of 10.2% [79]. - **Downstream Terminal Consumption - Demand - Side - Domestic Garment Retail Sales**: As of October 31, 2025, the cumulative retail sales of clothing were 864.54 billion yuan, a month - on - month increase of 13.90%, and the cumulative year - on - year growth rate was 2.9%, a month - on - month increase of 20.83% [83]. 3.4 Options and Stock Market - Related Market - **Options Market**: The implied volatility of at - the - money options for cotton this week was presented in the report, but specific data was not mentioned [84]. - **Stock Market - Xinjiang Nongkai Development Co., Ltd.**: The price - earnings ratio trend of Xinjiang Nongkai Development Co., Ltd. was shown in the report, but specific data was not mentioned [87].

行业 棉花 日期 2026 年 1 月 21 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | 数据来源：Wind，建信期货研究发展部 郑棉震荡调整。现货方面，最新棉花价格指数 328 级在 15856 元/吨，较上一 交易日跌 24 元/吨。2025/26 南疆喀什机采 31 级双 29/ ...

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View - This week, the price of the main Zhengzhou cotton 2605 contract decreased, with a weekly decline of approximately 0.58%. The US cotton 3 - month contract price rose, with a weekly increase of about 0.23%. The 2025/26 US upland cotton export sales and shipments showed positive trends. In the domestic market, the national commercial cotton inventory continued to rise, and the market supply was relatively sufficient. The downstream demand was generally weak, but the yarn price remained stable due to cost - driven factors. The 12 - month textile and clothing export growth rate rebounded. The previous expectation of reduced cotton planting area has been reflected in the market, and it is expected to enter an adjustment phase in the short term [5][11][19]. 3. Summary by Directory 3.1 Week - to - Week Key Points Summary - **Market Review**: The price of the main Zhengzhou cotton 2605 contract decreased, with a weekly decline of approximately 0.58% [5]. - **Market Outlook**: US cotton export sales and shipments were strong. In the domestic market, the commercial cotton inventory increased, and the downstream demand was weak but supported by cost and export data. The market is expected to enter an adjustment phase in the short term [5]. - **Future Trading Tips**: Pay attention to changes in foreign cotton prices, demand, and inventory [6]. 3.2 Futures and Spot Market - **US Cotton Market**: The US cotton 3 - month contract price rose by about 0.23% this week. As of January 6, 2026, the non - commercial long positions of US cotton were 81,409 lots, an increase of 247 lots from the previous week; the non - commercial short positions were 110,329 lots, a decrease of 1,790 lots from the previous week; the net short positions were 28,920 lots, a decrease of 2,037 lots from the previous week [11]. - **Foreign Cotton Spot Market**: As of January 8, the net increase in 2025/26 US upland cotton export sales was 339,700 bales, a record high for the year. The international cotton spot price this week was 75.05 cents per pound, unchanged from last week [16]. - **Futures Market**: The price of the Zhengzhou cotton 2605 contract decreased by about 0.58% this week, and the yarn futures 2603 contract decreased by 0.75%. As of this week, the net positions of the top 20 in cotton futures were - 168,795 lots, and those in yarn futures were - 1,467 lots. The Zhengzhou Commodity Exchange's cotton futures warehouse receipts were 9,666, and the yarn futures warehouse receipts were 70 [19][25][31]. - **Spot Market**: As of January 16, 2026, the spot price index of cotton 3128B was 15,931 yuan per ton, and the spot price index of Chinese yarn C32S was 21,300 yuan per ton. The 5 - 9 contract spread of Zhengzhou cotton was - 155 yuan per ton, and the spot price spread between cotton 3128B and yarn C32S was 5,369 yuan per ton [35][40][51]. - **Imported Cotton (Yarn) Cost**: As of January 15, the import cotton price with sliding - scale duty was 13,735 yuan per ton, a decrease of 19 yuan per ton from last week; the import cotton quota price was 12,616 yuan per ton, a decrease of 18 yuan per ton from last week. The import yarn price index showed different prices for different varieties [55]. - **Imported Cotton Price Cost - Profit**: As of January 15, the estimated profit of imported cotton with sliding - scale duty was 2,235 yuan per ton, an increase of 205 yuan per ton from last week; the estimated profit of imported cotton with quota was 1,629 yuan per ton, an increase of 204 yuan per ton from last week [58]. 3.3 Industry Situation - **Supply - Side**: As of the end of November 2025, the national commercial cotton inventory was 4.6836 million tons, an increase of 1.753 million tons from the previous month, a growth rate of 59.82%, and 10,000 tons higher than the same period last year, a growth rate of 0.21%. The in - stock industrial cotton inventory of textile enterprises was 939,600 tons, an increase of 51,400 tons from the end of the previous month. In November 2025, China's total cotton import volume was about 120,000 tons, a month - on - month increase of 30,000 tons, a year - on - year increase of 9.4%. From January to November 2025, the cumulative imported cotton was 890,000 tons, a year - on - year decrease of 64%. The imported yarn volume in November 2025 was 110,000 tons, a month - on - month decrease of 30,000 tons [63][70]. - **Mid - End Industry**: As of the end of November, the yarn inventory of textile enterprises was 26.33 days, an increase of 0.21 days from the previous month, and the grey fabric inventory was 32.34 days, an increase of 0.37 days from the previous month [73]. - **Terminal Consumption**: In December 2025, China's textile and clothing export volume was 25.99 billion US dollars, a year - on - year decrease of 7.4%, and a month - on - month increase of 8.9%. As of October 31, 2025, the cumulative retail sales of domestic clothing were 864.54 billion yuan, a month - on - month increase of 13.90%, and the cumulative year - on - year increase was 2.9%, a month - on - month increase of 20.83% [79][83]. 3.4 Options and Stock Market - Related Market - **Options Market**: The implied volatility of at - the - money cotton options this week is presented in the report, but no specific data is provided [84]. - **Stock Market**: The report shows the price - to - earnings ratio trend of Xinjiang Nongkai Development Co., Ltd., but no specific analysis is provided [87].

Report Overview - Report Date: January 15, 2026 [2] - Reported Industry: Cotton [1] - Research Analysts: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] Report Core Views - The Zhengzhou Cotton futures market is experiencing a wide - range shock adjustment in the short term, awaiting new driving forces, while the medium - to - long - term positive trend remains unchanged [8] - The international cotton market has relatively balanced supply and demand, with a slight positive bias in the USDA monthly report [8] - The domestic cotton market shows a decline in the planned cotton - planting area in 2026, and the textile and clothing exports in December 2025 decreased year - on - year [8][9] Summary by Section 1. Market Review and Operation Suggestions - **Domestic Spot Market**: The latest 328 - grade cotton price index is 15,970 yuan/ton, up 187 yuan/ton from the previous trading day. The mainstream basis of machine - picked cotton in southern and northern Xinjiang is relatively high. The cotton yarn market has general trading, with few new orders, and the full - cotton grey fabric market is still dull, but some areas have started pre - holiday replenishment [7] - **Overseas Market**: The USDA monthly report lowered the US cotton production in the 2025/26 season by 80,000 tons to 3.03 million tons, and the global cotton production by 80,000 tons to 26 million tons, while increasing global cotton consumption by 70,000 tons to 25.89 million tons. The net long position of the CFTC US cotton fund has been rising, and the external market has recovered [8] - **Domestic Market Data**: As of January 13, 2026, the national cumulative inspection volume was 6.8473 million tons, an increase of 28,100 tons from the previous day. The planned cotton - planting area in 2026 is 44.386 million mu, a year - on - year decrease of 1%. In December 2025, the total textile and clothing exports were 25.992 billion US dollars, a month - on - month increase of 7.4% and a year - on - year decrease of 8.9% [8] 2. Industry News - In December 2025, China's textile and clothing exports were 25.992 billion US dollars, a year - on - year decrease of 7.4%. From January to December 2025, the cumulative exports were 293.767 billion US dollars, a year - on - year decrease of 2.4% [9] - As of January 13, 2026, the national cumulative inspection volume was 6.8473 million tons, an increase of 28,100 tons from the previous day, including 6.7654 million tons in Xinjiang and 46,500 tons in the inland areas [9] 3. Data Overview - The report presents multiple charts related to cotton, including price indices, spot and futures prices, basis changes, spreads between different contracts, commercial and industrial inventories, and exchange rates [16][18][19]

【棉花市场消息速递】 据巴西农业部下属的国家商品供应公司CONAB，截至1月10日，巴西棉花播种率为31.9%，上周为 31.2%，去年同期为33.5%，五年均值为24.2%。 北京时间1月13日，美国洲际交易所(ICE)棉花期货价格继续上行，开盘报64.93美分/磅，现报65.08美分/ 磅，涨幅0.22%，盘中最高触及65.14美分/磅，最低下探64.93美分/磅。 更新时间： 棉花期货行情回顾： 1月12日美国洲际交易所(ICE)棉花期货行情 品种 开盘价 最高价 最低价 收盘价 美棉花 64.47 65.25 64.47 65.02 0.93% 农业农村部发布1月中国农产品供需形势分析：2025/26年度中国棉花生产预测与国家统计局公布数据基 本一致，本月数据根据国家统计局公告进行微调。其中，棉花播种面积调至2979千公顷，较上年增 5.0%；单位面积产量调至每公顷2229公斤，较上年增2.6%；总产量调至664万吨，较上年增7.7%。 2026年1月第2周，共计6个工作日，巴西累计装出未加工的棉花13.63万吨，去年1月为41.56万吨。日均 装运量为2.27万吨/日，较去年1月的1.89万吨/日增 ...

（来源：锦桥纺织网） 来源：锦桥纺织网 1月9日(周五)，据美国农业部(USDA)的数据，截至2026年1月8日(周四)当周，美棉现货平均报价较前周 上涨24点。 当周，七个指定市场的基础品质棉花(色度41、叶屑4、纤维34、马克隆值35-36及43-49、强力27.0- 28.9、整齐度81.0-81.9)平均报价为60.90美分/磅，高于前周的60.66美分/磅，但低于去年同期的64.17美 分/磅。 日均报价介于1月2日(上周五)低点60.30美分/磅和1月6日(周二)高点61.35美分/磅之间。 本周累计降水量在微量到约0.25英寸之间。随着本周期推进，日间最高气温从华氏60余度逐步回升至70 余度。 产区采棉条件良好，田间农事得以有序推进。部分轧花厂已完成本年度的棉花打包作业，其余轧花厂则 继续加工厂区内积压的棉包。 棉农、轧花厂、行业相关人士均已着手筹备出席2026年初召开的各类行业会议。 西南部市场 截至2026年1月8日当周，棉花现货交易量总计163163包，前周为74541包，去年同期为64464包。 2025/26年度(8月1日开始)的现货总成交量为704986包，上年度同期为433136 ...

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - This week, the price of the main Zhengzhou Cotton 2605 contract rose first and then fell, with a weekly increase of about 0.62%. The US cotton export signing volume continued to decline, while the domestic cotton market supply was relatively sufficient, and the inventory continued to increase. The downstream textile enterprises had limited orders, and some weaving mills might have an early holiday. However, the market generally expected a decline in the cotton planting area in the new year, which supported the cotton market to a certain extent. The short - term cotton price center is expected to continue to rise. Attention should be paid to the impact of macro and policy factors [8] Summary by Directory 1. Week - by - Week Highlights Summary Market Review - This week, the price of the main Zhengzhou Cotton 2605 contract rose first and then fell, with a weekly increase of about 0.62% [8] Market Outlook - As of the week ending January 1, 2026, the net increase in export sales of US upland cotton in the 2025/26 season was 98,000 bales, a decrease of 27% from the previous week and 49% from the average of the previous four weeks. The export shipment volume was 154,000 bales, an increase of 9% from the previous week and 18% from the average of the previous four weeks. The domestic cotton market supply is relatively sufficient, and the inventory continues to increase. The downstream textile enterprises have limited orders, and some weaving mills may have an early holiday. The short - term cotton price center is expected to continue to rise [8] Future Trading Tips - Pay attention to changes in foreign cotton prices, demand, and inventory [9] 2. Futures and Spot Market US Cotton Market - This week, the price of the US cotton March contract rose, with a weekly increase of about 0.78%. As of December 30, 2025, the non - commercial long positions of US cotton were 81,162 lots, an increase of 722 lots from the previous week; the non - commercial short positions were 112,119 lots, an increase of 46 lots from the previous week; the net short positions were 30,957 lots, a decrease of 676 lots from the previous week [14] Foreign Cotton Spot Market - As of the week ending January 1, 2026, the net increase in export sales of US upland cotton in the 2025/26 season was 98,000 bales, a decrease of 27% from the previous week and 49% from the average of the previous four weeks. This week, the international cotton spot price was 75.05 cents per pound, an increase of 0.75 cents per pound from the previous week [20] Futures Market - This week, the price of the Zhengzhou Cotton 2605 contract rose first and then fell, with a weekly increase of about 0.62%. The cotton yarn futures 2603 contract rose 0.51%. As of this week, the net positions of the top twenty in cotton futures were - 177,522 lots, and the net positions of the top twenty in cotton yarn futures were - 1,948 lots. The number of Zhengzhou Commodity Exchange cotton futures warehouse receipts was 7,388, and the number of cotton yarn futures warehouse receipts was 20 [23][30][34] Spot Market - As of January 9, 2026, the spot price index of cotton 3128B was 15,930 yuan per ton. The spot price of Chinese cotton yarn C32S was 21,300 yuan per ton, CY index: OEC10s (rotor - spun yarn) was 15,130 yuan per ton; CY index: OEC10s (combed yarn) was 24,300 yuan per ton [45][55] Imported Cotton (Yarn) Cost - As of January 9, 2026, the sliding - scale duty price of imported cotton was 13,729 yuan per ton, a decrease of 201 yuan per ton from the previous week; the quota price of imported cotton was 12,599 yuan per ton, a decrease of 323 yuan per ton from the previous week. As of January 8, 2026, the import cotton yarn price index (FCY Index): port pick - up price: C21S was 20,155 yuan per ton; C32S was 21,326 yuan per ton; JC32S was 23,080 yuan per ton [59] Imported Cotton Price Cost - Profit - As of January 9, 2026, the estimated profit of imported cotton with sliding - scale duty was 2,263 yuan per ton, an increase of 637 yuan per ton from the previous week; the estimated profit of imported cotton with quota was 1,475 yuan per ton, an increase of 759 yuan per ton from the previous week [63] 3. Industry Situation Supply Side - As of the end of November 2025, the national commercial cotton inventory was 4.6836 million tons, an increase of 1.753 million tons from the previous month, an increase of 59.82%, and 10,000 tons higher than the same period last year, an increase of 0.21%. The in - stock industrial cotton inventory of textile enterprises was 939,600 tons, an increase of 51,400 tons from the end of the previous month. In November 2025, China's total cotton imports were about 120,000 tons, a month - on - month increase of 30,000 tons, a year - on - year increase of 9.4%; from January to November 2025, China's cumulative cotton imports were 890,000 tons, a year - on - year decrease of 64%. In November 2025, China imported 110,000 tons of cotton yarn, a month - on - month decrease of 30,000 tons [68][75] Mid - end Industry - As of the end of November 2025, the yarn inventory of textile enterprises was 26.33 days, an increase of 0.21 days from the previous month. The grey fabric inventory was 32.34 days, an increase of 0.37 days from the previous month [78] Terminal Consumption - In November 2025, China's textile and clothing export volume was 23.87 billion US dollars, a year - on - year decrease of 1.2%, a month - on - month increase of 7.20%. Among them, textile exports were 12.28 billion US dollars, a year - on - year increase of 1%; clothing exports were 11.59 billion US dollars, a year - on - year decrease of 10.9%. As of October 31, 2025, the cumulative retail sales of clothing were 864.54 billion yuan, a month - on - month increase of 13.90%, and the cumulative year - on - year increase was 2.9%, a month - on - month increase of 20.83% [84][88] 4. Options and Stock - related Markets Options Market - This week's implied volatility of at - the - money options for cotton is presented in the report, but specific data is not detailed [89] Stock Market - The report shows the price - earnings ratio trend of Xinjiang Nongkai Development Co., Ltd., but no specific analysis is provided [92]