1. Report Industry Investment Rating - Not provided 2. Core Views - Cotton is expected to maintain a short - term oscillating market. The downstream is in the traditional peak season of "Golden March and Silver April", but the spinning profit is poor. Domestically, cotton has entered the de - stocking cycle, and the reduction of the cotton planting area in the new year provides medium - to - long - term support for cotton prices. However, the frequent fluctuations of crude oil lead to sharp price changes in chemical fibers, causing cotton to show an oscillating effect. The potential visit of Trump to China in May is expected to provide some support for prices [1]. - Sugar is expected to continue its oscillating upward trend. As of March 24, 46 sugar mills in Guangxi are still in operation, with an increase of 45 compared to the same period last year. The daily cane - crushing capacity of the mills that have completed the crushing is 256,500 tons per day, a decrease of 332,500 tons per day compared to the same period last year. The narrowing import profit indicates that the downside space for sugar is gradually shrinking [1][2]. 3. Summary by Related Content Cotton - The downstream is in the "Golden March and Silver April" traditional peak season, but the spinning profit is poor [1]. - Domestically, cotton has entered the de - stocking cycle, and the reduction of the new - year cotton planting area provides medium - to - long - term support for cotton prices [1]. - Frequent fluctuations in crude oil lead to sharp price changes in chemical fibers, causing cotton to maintain an oscillating effect [1]. - The potential visit of Trump to China in May is expected to provide some support for prices, and the short - term market is expected to oscillate [1]. Sugar - As of March 24, 46 sugar mills in Guangxi are still in operation, an increase of 45 compared to the same period last year. Among the operating mills, nearly one - third are large - scale mills with a daily capacity of over 10,000 tons [1]. - The daily cane - crushing capacity of the mills that have completed the crushing is 256,500 tons per day, a decrease of 332,500 tons per day compared to the same period last year [1]. - In terms of regional distribution, 10 sugar mills in Chongzuo have completed the crushing, with a relatively fast progress; 6 sugar mills in Laibin have completed the crushing, with an accelerating progress; no sugar mills in Liuzhou and Guigang have completed the crushing, and the earliest estimated completion time is the end of March [1]. - The estimated cost of processed and duty - paid Brazilian sugar within the quota is 4,365 yuan/ton, and the estimated cost outside the quota is 5,556 yuan/ton. The estimated profit of processed and duty - paid Brazilian sugar within the quota compared to the Rizhao white sugar spot price is 1,275 yuan/ton, and the profit outside the quota is 84 yuan/ton [2]. - The rise of the outer - market raw sugar narrows the price difference between domestic and foreign sugar. Although the global sugar market is still loose, the raw sugar is gradually emerging from the trough due to the sharp rise in crude oil prices. With the narrowing import profit, the downside space for sugar is gradually shrinking, and it is expected to continue its oscillating upward trend [2].