商 品 研 究 2025 年 6 月 10 日 棉花：继续受市场情绪影响 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | -0.23% | | | CF2509 CY2509 | 元/吨 元/吨 | 13,495 19,740 | 1.01% 0.56% | 13465 19695 | -0.22% | | | ICE美棉07 | 美分/磅 | 65.97 | 0.59% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2509 | 手 | 358,684 | 44,190 | 775,318 | 24,946 | | | CY2509 | 手 | 5,612 | -1,999 | 14,414 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有效预报 | 较前日 ...

棉花：市场情绪好转带动郑棉期货反弹 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2509 | 元/吨 | 13,360 | 0.87% | 13435 | 0.56% | | | CY2509 | 元/吨 | 19,630 | 0.18% | 19685 | 0.28% | | | ICE美棉07 | 美分/磅 | 65.58 | 0.40% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2509 | 手 | 314,494 | 132,900 | 750,372 | 12,557 | | | CY2509 | 手 | 7,918 | -1,999 | 12,592 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有效预报 | 较前日变动 | | | 郑棉 | 张 | 10 ...

巴基斯坦的行为造成居民区大量停电，民众晚上只能点蜡烛来维持照明，多个工业区的大型机械设备停 止了运作。巴基斯坦拆东墙，补西墙，用大量电力来挖矿，希望能够获得巨大的经济利益。如此孤注一 掷的赌博行为存在极大的隐患，且不说引起民怨和工业区生产的直接经济损失，将所有的希望押在挖矿 上，一旦出现技术原因或者自然原因造成设备损坏，挖矿被迫中止，经济来源会被直接掐断，国内将会 出现经济混乱，甚至崩溃的结果。 而挖矿带来的利益是否能弥补之前的损失也尚未可知，毕竟谁也没法预测矿物及其附属产物的升值和贬 值。这是一场豪赌，要么填补上经济漏洞，要么一亏到底，血本无归。而国外的资本也时刻关注挖矿的 实际经济收益，一旦出现了异常状况，极有可能撤资，搬走，挖矿工程就会破产，到时候挖矿作业就是 烂尾楼，亏钱的买卖。 5月25日，巴基斯坦在全国范围内支持比特币挖矿和人工智能数据中心建设，已分配2000兆瓦电力用于 挖矿，同时增加高科技就业岗位。此外，巴基斯坦财政部还宣称，萨希瓦尔，中国枢纽和卡姆西港部分 发电项目也将被改用投入挖矿计划。 巴基斯坦近年来发展主要依靠农业，农业占据了经济部分的大头，但农业带来的收益有限。工业依靠棉 纺织业，但 ...

商 品 研 究 2025 年 6 月 3 日 棉花：上涨动能不足 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2509 | 元/吨 | 13,275 | -0.34% | - | - | | | CY2507 | 元/吨 | 19,525 | -0.10% | - | - | | | ICE美棉07 | 美分/磅 | 66.18 | 1.67% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2509 | 手 | 203,391 | -60,819 | 725,116 | -3,567 | | | CY2507 | 手 | 6,105 | -1,999 | 5,086 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有效预报 | 较前日变动 | | | 郑棉 | 张 | 11 ...

文｜《好博会》报道组 闫妍 人物：山东华信纤维素有限公司的海外运营负责人 刘铮 转型求生： "就在我们与 TikTok 、 Temu 敲定进军北美市场的当口，甚至已经谈了 1200 位达人海外 带货，马上要落地转化了，听到消息的时候就像遭了一记闷棍，整个团队瞬间懵了。" 回顾起那个瞬间，刘铮记忆犹新。之后的几天，她盯着电脑屏幕上的关税新闻，看着不断加 征的关税数字像"刀"一样劈下来，之前反复核算的利润表瞬间都变成了废纸。 刘铮是山东华信纤维素有限公司的海外运营负责人，公司主要从事医用级脱脂棉及相关产品 的生产，并建设了国内外唯一一条脱脂棉生产线，其产品广泛应用于医疗、卫生巾、棉柔巾 等领域，既为全棉时代等国内企业提供原材料，同时也做外贸出口的生意，积极拓展海外市 场。 作为一家原材料企业，这两年想要扬帆出海，绝非易事。刘铮谈到，"一是，近几年棉花原 材料价格成倍的增长，我们所依赖的高品质棉花主要依赖从北美、澳洲等进口，国内主要采 用新疆棉，但进口的成本越来越高；二是，看似轻盈的棉花，其实非常占用货舱空间，所以 这个行业的海运运费特别高，想要拓展海外市场本身就存在着很多挑战，付出成本太高；三 是，国际经贸环境和 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report Cotton prices fluctuate with market sentiment. The domestic cotton spot market has light trading, while the cotton yarn market has fair transactions and slightly rising prices. The cotton fabric market has slightly improved, but overall orders are still insufficient, and export orders have limited improvement. ICE cotton continues to decline, lacking upward momentum in the short term [1][2][3]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: CF2509 closed at 13,390 yuan/ton with a daily decline of 0.19%, and CY2507 closed at 19,620 yuan/ton with a daily decline of 0.41%. ICE cotton 07 closed at 65.14 cents/pound with a daily decline of 0.53%. The trading volume of CF2509 decreased by 35,159 lots to 245,332 lots, and the trading volume of CY2507 decreased by 1,999 lots to 4,054 lots [1]. - **Spot Data**: The price of North Xinjiang 3128 machine - picked cotton was 14,448 yuan/ton, a decrease of 20 yuan compared to the previous day. The price of South Xinjiang 3128 machine - picked cotton was 14,243 yuan/ton, also a decrease of 20 yuan. The 3128B index was 14,577 yuan/ton, an increase of 53 yuan [1]. - **Spread Data**: The CF9 - 1 spread was - 55 yuan/ton, with a 20 - yuan change compared to the previous day. The spread between North Xinjiang 3128 machine - picked cotton and CF509 was 1,060 yuan/ton, with a 10 - yuan change [1]. Macro and Industry News - **Domestic Cotton Spot**: The overall trading of cotton spot is still light, and most spot basis prices are stable. Different grades of cotton in Xinjiang have different sales basis prices, and the cotton outbound freight by truck has little change [2]. - **Domestic Cotton Textile Enterprises**: The transaction of pure cotton yarn is fair, the price is slightly rising, the inventory of spinning mills has decreased, but the profit has deteriorated. The transaction of cotton fabric has slightly improved, some orders have returned, but overall orders are still insufficient, and export orders have limited improvement [2]. - **US Cotton**: ICE cotton continued to decline last Friday. The weather in the US cotton - growing areas is good, and the market is concerned about the progress of trade negotiations between the US and other countries. There is a lack of upward momentum in the short term [3]. Trend Intensity The cotton trend intensity is - 1, indicating a relatively bearish view [5].

2025年5月11日 软商品分析师 陈 乔 从业资格号： F0310227 交易咨询从业证书号：Z0015805 联系电话：0531-81916297 公司地址：济南市市中区经七路86号证券大厦15、16层 公司网址：http://www.ztqh.com 交易咨询资格号：证监许可[2012]112 目录 1 2 企业利用期货的创新模式介绍 3 4 国内棉市供需及产业数据 国际棉市供需数据 现货与价差 市场行情概述 5 汇率走势 中泰期货棉纺产业周报 棉市偏弱震荡，关注月度供需报告 | | | | | | | 国际市场 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 上期 | | 本期 | | 环比 | 预期 | 思路 | 备注 | | 全球棉花产量 （万吨） | 2636 93 . | 2635 | 40 . | -0 . | 06% | 预期下降 | | USDA 4月供需报告 | | 全球棉花库存 | | | | | | | 下一年度供给预期 | | | | 1707 59 | 1719 | 15 | 0 | 68% | ...

Core Insights - Rongti Technology, led by founder Wang Yichao, is a leading enterprise in the installation and renovation of elevators in existing residential buildings in Qingdao, with a projected completion of over 100 elevator installation projects this year, setting a new record [1][7] Company Overview - Founded in 2014 by Wang Yichao, a retired naval officer, Rongti Technology has grown from installing 1 elevator in its first year to over 100 elevators annually, showcasing significant business expansion [3][6] - The company employs over 30 veterans, forming a technical team with experience in national defense engineering, and has installed more than 400 elevators across over 50 communities in Qingdao, achieving a 100% government acceptance rate for completed projects [3][7] Business Strategy - The company has successfully navigated challenges in the elevator installation market, such as differing opinions among residents and funding issues, by implementing innovative measures like modular pre-assembly and rapid installation techniques [6][8] - Rongti Technology aims to extend its warranty period to 10 years, significantly longer than the industry standard of 2 years, to address residents' concerns and enhance post-installation service [8] Market Expansion - The company has expanded its operations beyond Qingdao to cities like Beijing, Jinan, and others, maintaining a zero accident rate in its projects [7] - In addition to elevator installation and renovation, Rongti Technology is diversifying into areas such as large-scale machinery remanufacturing, supply chain financial management, and high-end cotton textile industry investment [8] Future Outlook - The company plans to leverage technological innovation and quality service to become a leader in the elevator installation and renovation market, while also encouraging more veterans to engage in entrepreneurship [9]

商 品 研 究 2025 年 5 月 6 日 棉花：仍缺乏上涨驱动 【宏观及行业新闻】 国内棉花现货概况：根据 TTEB 信息显示，棉花现货基差暂稳。2024/25 南疆机采 3129/29~30B 杂 3.5 内较多销售基差在 CF09+750 上下，部分高报至 CF09+850 以上，疆内自提；2024/25 北疆机采 4129/29~30B 杂 3.5 内较多销售基差在 CF09+1000 及以上，少量低价在 CF09+950~1000，疆内自提。 2024/25 北疆兵团机采 4129/29B 杂 3.5 内部分成交基差在 CF09+1250~1300，疆内自提。 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2509 CY2507 | 元/吨 元/吨 | 12,750 18,790 | -0.70% -0.16% | - - | - - | | | ...

商 品 研 究 2025 年 4 月 29 日 棉花：需求继续限制郑棉期货反弹动能 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 【基本面跟踪】 棉花基本面数据 | | 名 称 | 单 位 | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | --- | | | CF2509 | 元/吨 | 12,950 | -0.31% | 12880 | -0.54% | | | CY2507 | 元/吨 | 18,920 | -0.08% | 18870 | -0.26% | | | ICE美棉07 | 美分/磅 | 67.56 | -1.66% | | - | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | CF2509 | 手 | 276,902 | 22,870 | 760,649 | -12,543 | | | CY2507 | 手 | 2,949 | -1,999 | 22,279 | 1,045 | | | | | 昨日仓单量 | 较前日变动 | 有 ...