Group 1: Report Industry Investment Rating - The investment rating for the cotton in the farming, forestry, and livestock sector is "Oscillating" [2] Group 2: Core View of the Report - The USDA monthly report was bearish but did not drag down the upward movement of the external market. The main 05 contract settled at 65.3 cents, with a gain of over 1%. Zhengzhou cotton had a catch - up rise in the night session, and the main contract broke through the 15,500 yuan/ton mark again. Overall, under the dual influence of the decline in the new - season planting area and the need to verify peak - season demand, Zhengzhou cotton has short - term correction pressure and a long - term bullish outlook [2] Group 3: Summary by Related Catalogs Market Review - Zhengzhou cotton had a total trading volume of 606,268 and an open interest of 1,130,526. The settlement prices were 15,285 for the May contract, 15,345 for the September contract, and 15,655 for the January contract. The ICE May contract settled at 65.30, up 68 points; the July contract was at 67.17, up 60 points; the December contract was at 69.85, up 52 points, with a trading volume of about 72,000 lots [2] Important Information - On March 9, spinning enterprises in the Bortala region of northern Xinjiang purchased machine - picked new cotton of color - grade double 29 with less than 2.7% impurity in Xinjiang warehouses. The basis transaction price for the 2605 contract was 1,350 - 1,450 yuan/ton, and the pick - up price was 16,600 - 16,750 yuan/ton, up 30 - 50 yuan/ton from the previous day [2] - Thunderstorms brought precipitation to the cotton - growing area in South Texas, and the central - southern cotton - growing area experienced severe convective weather [2] - In February, Brazil's cotton export volume was 270,000 tons, a 14.7% decrease from the previous month (317,000 tons) and a 1.5% decrease year - on - year (275,000 tons) [2] - On March 9, the cotton yarn futures had increased trading volume and decreased open interest, with prices rising, and the spot prices rose slightly. Affected by the large fluctuations in crude oil, cotton prices rose and fell rapidly today. The overall quotation in the cotton yarn spot market was raised, with the high increase being 300 - 500 yuan and the low increase being 100 - 200 yuan, but the downstream acceptance was low, and there were real - order discounts. Some spinning enterprises in the inland did not raise prices [2] Market Logic - The bearish USDA monthly report did not prevent the upward movement of the external market. Zhengzhou cotton had a catch - up rise at night. In the short term, there is correction pressure, and in the long term, it maintains a bullish view [2] Trading Strategy - Hold long positions in the 05 contract below 15,300 yuan/ton and control the position [2]

1. Report Industry Investment Rating - The investment rating for the cotton industry is "Oscillating" [2] 2. Core View of the Report - ICE US cotton futures closed higher on Friday but declined on a weekly basis. The main 05 contract settled at 64.20 cents, with a gain of 0.25% and a weekly decline of over 2%. Zhengzhou cotton rose and then fell, and the main contract did not break through the 15,500 yuan/ton mark. Under the dual influence of the decline in the planting area in the new season and the need to verify peak - season demand, Zhengzhou cotton faces short - term callback pressure and a bullish long - term outlook [2] 3. Summary according to Relevant Catalogs 3.1 Market Conditions Review - Zhengzhou cotton had a total trading volume of 391,727 and an open interest of 1,167,705. The settlement prices were 15,255 for the May contract, 15,330 for the September contract, and 15,630 for the January contract. The ICE March contract settled at 63.19, up 16 points; the May contract at 64.20, up 16 points; and the July contract at 66.16, up 16 points, with a trading volume of about 54,000 lots [2] 3.2 Important Information - On March 4, spinning enterprises in the Kashgar region of southern Xinjiang purchased machine - picked new cotton with a double - 29 non - main color grade and less than 2.9% impurity in the Xinjiang warehouse. The basis transaction price for the 2605 contract was 1,150 - 1,250 yuan/ton, and the pick - up price was 16,350 - 16,550 yuan/ton, basically the same as the previous day [2] - The warm and dry weather continued, and there was a chance of precipitation in the cotton - growing area of South Texas in the United States [2] - According to the final report data of the Pakistan Cotton Growers Association (PCGA) for the 2025/26 season, the cumulative listed volume of seed cotton converted to lint cotton was about 869,000 tons, a year - on - year increase of 1.2% (compared to about 856,000 tons) [2] - On March 4, the cotton yarn futures increased in volume and decreased in open interest, with the price remaining flat, and the spot market was stable. The yarn prices in the market continued to be stable. After the Spring Festival, a small amount of transactions took place, but there was still no significant improvement in new orders for spinning enterprises [2] 3.3 Market Logic - ICE US cotton futures closed higher on Friday but declined on a weekly basis. The main 05 contract settled at 64.20 cents, with a gain of 0.25% and a weekly decline of over 2%, having declined for two consecutive weeks. Zhengzhou cotton rose and then fell, and the main contract did not break through the 15,500 yuan/ton mark. Under the dual influence of the decline in the planting area in the new season and the need to verify peak - season demand, Zhengzhou cotton faces short - term callback pressure and a bullish long - term outlook [2] 3.4 Trading Strategy - Hold long positions for the 05 contract below 15,300 yuan/ton [2]