商 品 研 究 2025 年 11 月 24 日 棉花：预计维持震荡走势 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 棉花基本面数据 【基本面跟踪】 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2601 | 元/吨 | 13,460 | -0.04% | 13495 | 0.26% | | | CY2601 | 元/吨 | 19,725 | -0.10% | 19805 | 0.41% | | | ICE美棉3 | 美分/磅 | 63.93 | 0.24% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2601 | 手 | 295,438 | 27,671 | 945,741 | 14,640 | | | CY2601 | 手 | 20,225 | -1,999 | 20,948 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有效预报 | 较前日 ...

新民晚报记者了解到，该纺织工业园区通过提供完善的基础设施，吸引企业以租赁方式入驻，构建了从棉花种植到成衣制造的 完整产业链，有效带动了当地就业。 "企业是候鸟，巴楚就是候鸟的天堂。"新疆华彩纺织科技有限公司总经理柳海见这样感慨。作为本次签约合作的棉纺织企业之 一，该企业在北疆至南疆的实地考察中走访了十几个地区、数十家企业与单位，全面了解新疆纺织产业的发展现状。 "最终决定将项目落地于巴楚，不仅是因为巴楚具有显著的战略区位、资源秉赋、政策环境、人文底蕴优势，还有综合配套优 势。"柳海见表示，巴楚县城区与工业园区紧密衔接，生活配套便利，农业产业化与土地流转推动了人口集聚，为招工稳工奠定 了基础。 柳海见介绍，该项目计划总投资10亿元，分三期建设，预计于明年9月建成投产，年产能规划约2万吨，产品将覆盖江浙沪、大 湾区等国内市场，并积极拓展东南亚及海外市场。 罗布麻茶是新疆特色产品，具有保健功效。在农产品精深加工领域，本次推介会签约的红麻深加工项目不仅涉及罗布麻纤维的 再生利用，还将结合本地的棉花秸秆进行综合开发。"新企业的引入将改变当地仅有罗布麻茶初加工的现状，通过新产品的研发 与多元化发展，提升巴楚县农副产品的整 ...

Group 1 - The 10th Huashang Cultural Festival was held in Shangqiu, showcasing the city's historical significance as a commercial hub and providing a platform for cultural exchange among global Chinese merchants [2][21] - The Wangzhuang archaeological site, which dates back approximately 5000 years, was recognized as one of the top ten archaeological discoveries in 2023, highlighting the region's rich cultural heritage and its role in the development of Chinese commerce [3][21] - Shangqiu is increasingly recognized for its strategic position and the growth of local industrial clusters, particularly in manufacturing, which has been bolstered by the return of entrepreneurs and the transfer of industries from eastern regions [6][7] Group 2 - The local economy is diversifying, with significant developments in various sectors such as footwear manufacturing in Suixian, where over 600 shoe-related enterprises have established operations, achieving an annual production capacity of 350 million pairs [10] - Yucheng has become a leading producer of steel tape measures, with an annual output of nearly 1.5 billion units, capturing 85% of the domestic market and 65% of the global market [11] - The diamond industry in Zhecheng has transformed, with the region being a major producer of diamond powder and synthetic diamonds, contributing significantly to high-end manufacturing sectors [13][14] Group 3 - The refrigeration industry in Minquan is thriving, with the production of refrigerators and cold storage vehicles accounting for a significant portion of the national market, and innovations in smart manufacturing are being implemented [15][17] - The establishment of the "Minquan-Qingdao Port" sea-rail intermodal service has enhanced export capabilities for local businesses, allowing them to compete more effectively in the global market [18][19] - The overall economic development in Shangqiu is supported by a comprehensive transportation system and favorable business environment, attracting investment and fostering collaboration with various provinces [21][23]

Core Viewpoint - The cultural heritage of Huang Daopo is a significant resource for both Shanghai and Hainan, and there is a strong call for collaboration to promote and revitalize her legacy in modern times [1][2]. Group 1: Historical Significance - Hainan's cotton spinning technology has a long history, dating back to the Song Dynasty, when it was already advanced, producing unique textiles that were offered as tributes to the imperial court [1]. - Huang Daopo, after learning local cotton spinning techniques in Hainan, returned to Songjiang and innovated the cotton processing methods, addressing key technical challenges in the industry [1]. Group 2: Technological Innovations - Huang Daopo developed the three-spindle spinning wheel, which allowed for the simultaneous spinning of three threads, increasing efficiency by two to three times [1]. - Her innovations included a foot-operated spinning method, which liberated the hands and represented a significant advancement in cotton spinning technology [1]. Group 3: Economic Impact - The innovations introduced by Huang Daopo transformed Songjiang into a cotton spinning center, fostering inter-regional cotton processing trade and providing strong economic momentum for the area's early development [1].

Core Viewpoint - Jiangsu Dasheng Group has launched China's first carbon-neutral smart spinning factory, marking a significant step towards sustainable manufacturing in the textile industry [1] Group 1: Project Overview - The carbon-neutral smart spinning factory began construction in August 2024 with a total investment of 187 million yuan [1] - The project involves a comprehensive intelligent transformation of production equipment, utilizing big data and industrial cloud platforms to integrate production control systems [1] - The factory is expected to produce 28,000 tons of yarn annually while employing fewer than 8 workers for 10,000 spindles [1] Group 2: Efficiency and Sustainability - Production efficiency is projected to increase by over 30%, while comprehensive energy consumption per unit is expected to decrease by over 20% [1] - The factory aims to achieve "near-zero carbon emissions" in its production operations and products [1] Group 3: Future Plans - Over the next year, the group will monitor the progress of emission reduction measures and calculate greenhouse gas emissions and product carbon footprints [1] - The goal is to establish a "green factory" and "clean energy factory" that serves as a benchmark for carbon neutrality in China's cotton textile industry [1]

Core Insights - The city of Binzhou is recognized for its vibrant private economy, with notable achievements in various industries such as aluminum, cotton textiles, and metal sheet production [1] - Binzhou has implemented initiatives to support entrepreneurs, including the "Dreams of Entrepreneurs Action" program, which aims to facilitate business development through a structured support mechanism [2][3] - The city has established a unique platform for government-business communication through "Tea Events," fostering a collaborative environment for addressing business challenges [4][5][6] - Binzhou promotes a culture of recognition for entrepreneurs, hosting events like "Binzhou Entrepreneur Day" to honor outstanding business leaders and enhance the local business climate [7][8] Group 1 - Binzhou is home to 7 companies in the "Top 500 Private Enterprises in China," leading the province in total profits [1] - The city has supported over 1,125 entrepreneurial dreams with credit assistance exceeding 12.2 billion yuan, aiding 248 companies in land allocation [3] - The "Dreams of Entrepreneurs Action" program has created a closed-loop mechanism for addressing business needs, resulting in over 10,000 dreams reported through the online platform [2] Group 2 - The "Tea Events" have facilitated direct communication between government officials and entrepreneurs, resolving 423 out of 495 collected suggestions with an 85% satisfaction rate [6] - The events have led to significant technological advancements, such as the rapid development of high-strength aluminum alloy processes, benefiting over 50 upstream and downstream companies [5] - The city has hosted 100 "Tea Events" over three years, evolving into a distinctive brand for optimizing the business environment [5] Group 3 - Binzhou has launched the "Heart-Safe City" initiative, focusing on creating a supportive environment for businesses and their employees through various welfare programs [7][8] - The city has seen a 7.9% increase in fixed asset investment and a 13.2% rise in manufacturing investment from January to August [8] - The local government has implemented reforms to streamline services for businesses, including a "one-stop" service model and flexible enforcement policies [7][8]

Group 1 - The core point of the article is that Huafu Fashion announced a share transfer agreement where its controlling shareholder, Huafu Holdings, will transfer approximately 100 million shares (5.9% of total shares) to Hangzhou Xingjian Private Fund Management Co., Ltd. at a price of 3.42 CNY per share, totaling approximately 343 million CNY [1][1][1] - The share transfer has been completed with the registration confirmation from China Securities Depository and Clearing Corporation Limited, Shenzhen Branch [1][1][1] - As of the report date, Huafu Fashion's market capitalization is 9.8 billion CNY [1][1][1] Group 2 - For the first half of 2025, Huafu Fashion's revenue composition shows that the cotton textile industry accounts for 98.71%, other cotton textile-related business revenue accounts for 0.89%, and computing and AI account for 0.4% [1][1][1]

Core Viewpoint - Hubei province has achieved significant economic growth, surpassing 6 trillion yuan ahead of the "14th Five-Year Plan" target, driven by its geographical advantages and diverse industrial base [1] Economic Growth and Industrial Development - Hubei's geographical position as a hub along the Yangtze River enhances its connectivity and economic potential [1] - The province has established trillion-yuan industries in automotive, optoelectronics, and health, showcasing its industrial strength [1] - The automotive sector is undergoing a transformation towards new energy vehicles, with companies like Lantu Auto achieving significant sales growth [2][4] Automotive Industry Transformation - Lantu Auto has seen a cumulative sales volume of 68,263 vehicles from January to July this year, marking an 88% year-on-year increase [2] - The factory in Wuhan has a production capacity of 150,000 new energy vehicles annually, with a focus on customized production [4] - In the first seven months of this year, Hubei's passenger car sales reached 462,097 units, with new energy vehicles accounting for 54.43% of the market share, reflecting a 39.52% increase [4] Low-altitude Economy and Innovation - Hubei is developing a low-altitude economy, with a general airport in Zhushan County serving as a testing ground for drones and low-altitude logistics [5][6] - The airport has attracted 18 companies and has established multiple drone production lines, enhancing the local economy [6][7] Agricultural and E-commerce Development - The textile industry in Tianmen has transitioned towards e-commerce, with the clothing e-commerce transaction volume increasing from 7 billion yuan in 2021 to over 50 billion yuan in 2024, achieving an annual growth rate of 92% [8][9] - The mushroom industry in Suixian has also embraced e-commerce, with sales exceeding 1 billion yuan through online platforms [10] Cultural and Tourism Sector Growth - Hubei's cultural and tourism sector is thriving, with significant revenue growth and an increase in tourist numbers, driven by investments in cultural heritage and tourism infrastructure [11][12] - The province aims to establish a "520100" scenic brand system to enhance its tourism appeal [13] Conclusion - Hubei's diverse economic landscape, characterized by industrial transformation, agricultural innovation, and cultural tourism development, positions it as a key player in China's economic growth [1][11]

Report Summary 1) Report Industry Investment Rating - The report maintains a view that the cotton market will show a fluctuating and moderately strong trend [1] 2) Core View of the Report - The cotton market is expected to maintain a fluctuating and moderately strong trend. The overall trading of cotton spot is average, and the basis remains relatively stable. The trading in the pure - cotton yarn market is also general, and the order volume of the cotton fabric market has limited growth [1][2] 3) Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of CF2601 was 14,025 yuan/ton with a daily decline of 1.51% and a night - session closing price of 14,085 yuan/ton with a night - session increase of 0.43%. The trading volume was 685,282 lots, an increase of 1,815 lots compared to the previous day, and the position was 715,524 lots, a decrease of 39,312 lots. The closing price of CY2511 was 20,020 yuan/ton with a daily decline of 0.60% and a night - session closing price of 20,065 yuan/ton with a night - session increase of 0.22%. The trading volume was 11,403 lots, a decrease of 1,999 lots compared to the previous day, and the position was 23,962 lots, an increase of 1,045 lots. The closing price of ICE US Cotton 12 was 66.53 cents/pound [1] - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 7,762, a decrease of 67 compared to the previous day, and the valid forecast was 249 with no change. The number of cotton yarn warehouse receipts was 69, a decrease of 5 compared to the previous day, and the valid forecast was 0 with an increase of 74 [1] - **Spot Price Data**: The price of Northern Xinjiang 3128 machine - picked cotton was 15,277 yuan/ton, a decrease of 210 yuan compared to the previous day, a decline of 1.36%. The price of Southern Xinjiang 3128 machine - picked cotton was 14,973 yuan/ton, a decrease of 210 yuan compared to the previous day, a decline of 1.38%. The price in Shandong was 15,510 yuan/ton, an increase of 170 yuan compared to the previous day, an increase of 1.11%. The price in Hebei was 15,456 yuan/ton, an increase of 148 yuan compared to the previous day, an increase of 0.97%. The 3128B index was 15,479 yuan/ton, an increase of 151 yuan compared to the previous day, an increase of 0.99%. The international cotton index M was 74.16 cents/pound, a decrease of 1 cent compared to the previous day, a decline of 0.92%. The price of pure - cotton carded yarn 32s was 20,780 yuan/ton with no change, and the arrival price of pure - cotton carded yarn 32s was 21,733 yuan/ton, a decrease of 85 yuan compared to the previous day, a decline of 0.39% [1] - **Spread Data**: The CF1 - 5 spread increased by 20 yuan/ton compared to the previous day, and the spread between Northern Xinjiang 3128 machine - picked cotton and CF601 increased by 10 yuan/ton compared to the previous day [1] 3.2 Macro and Industry News - **Domestic Cotton Spot**: According to TTEB information, the overall trading of cotton spot was average, and the basis remained relatively stable. The mainstream sales basis of 2024/25 North and South Xinjiang machine - picked 3129/29 - 30B with impurities within 3.5 was CF01 + 1150 - 1450 [2] - **Domestic Cotton Textile Enterprises**: The trading in the pure - cotton yarn market was general, the sales of spinning mills slowed down, and the market sentiment was more cautious. The price remained stable, and the quotations of spinning mills changed little. The peak - season feeling in the all - cotton fabric market was not obvious, the order volume of weaving factories increased limitedly, the export orders in August recovered, but the subsequent increase was limited. The improvement of domestic orders was not ideal, and a certain proportion of machines in small and medium - sized factories still produced spot goods. Weaving factories mainly focused on sales, and the willingness to hold prices was not strong [2] - **US Cotton**: The ICE cotton futures were closed due to a holiday [3] 3.3 Trend Intensity - The trend intensity of cotton was 0, indicating a neutral trend [5]

Company Overview - Huafu Fashion (SZ 002042) announced the convening of its ninth second board meeting on August 28, 2025, in Shenzhen, discussing the special report on the use of raised funds for the first half of 2025 [1] Financial Performance - For the first half of 2025, Huafu Fashion's revenue composition was as follows: cotton textile industry accounted for 98.71%, other revenues from the cotton textile sector made up 0.89%, and contributions from computing and AI were 0.4% [1]