Core Insights - Xinjiang has transformed from a relatively underdeveloped region to a rapidly growing economy, marking its 70th anniversary with significant achievements in GDP and trade [1][3]. Economic Growth - Xinjiang's GDP grew from 1.231 billion yuan in 1955 to over 1 trillion yuan in 2017, and is projected to exceed 2 trillion yuan by 2024, achieving this milestone in just 7 years [1]. - The average annual growth rate since 2012 is 7.04%, indicating a robust economic acceleration [1]. Foreign Trade - Xinjiang's foreign trade has seen explosive growth, with total import and export values surpassing 2,000 billion yuan in 2022, 3,000 billion yuan in 2023, and expected to reach 4,000 billion yuan in 2024 [1]. Agricultural Production - In 2024, Xinjiang's grain yield reached 1,049.7 jin per mu, ranking first in the country, while cotton production totaled 5.686 million tons, accounting for over 92% of national output [1]. Energy Sector - Xinjiang is the largest renewable energy export base in China, with electricity exports exceeding 1 trillion kilowatt-hours for five consecutive years [1]. Infrastructure Development - The region has made significant strides in infrastructure, with a comprehensive transportation network that includes railways reaching all cities and counties, and 28 civil airports, the highest in the country [4]. Industrial Growth - By the end of 2024, Xinjiang had cultivated 11 champion manufacturing enterprises, 52 specialized and innovative "little giant" companies, and 2,742 high-tech enterprises, showcasing its innovation capabilities [2]. Financial Investment - Since 2012, the central government has transferred over 4 trillion yuan to Xinjiang, with additional support from targeted aid programs amounting to over 200 billion yuan [3]. Quality of Life Improvements - By 2024, urban residents' disposable income reached 42,820 yuan, and rural residents' disposable income reached 19,427 yuan, reflecting significant increases since 2012 [6]. - Life expectancy has improved dramatically from 30 years in 1949 to 77 years in 2024, alongside substantial advancements in education and health [6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The current inventory of old cotton is low, which supports cotton prices. Attention should be paid to the listing time of new cotton. However, the downstream spinning profit is poor, and the acceptance of high - priced cotton is limited. The new - season Xinjiang cotton is expected to have a bumper harvest, and there is significant hedging pressure on cotton prices before the new cotton is listed. The overall trend is stable but weak. Attention should be paid to the support level around 13,500 yuan/ton and the centralized listing of machine - picked cotton later [4]. 3. Summary by Relevant Catalogs 3.1 Cotton Price Forecast and Risk Management Strategy - **Price Range Forecast**: The predicted monthly price range of cotton is 13,500 - 14,200 yuan/ton, with a current 20 - day rolling volatility of 0.0882 and a historical percentile (3 - year) of 0.2287 [3]. - **Inventory Management Strategy**: For enterprises with high inventory worried about cotton price drops, they can short Zhengzhou cotton futures (CF2601) at 14,000 - 14,200 yuan/ton with a 50% hedging ratio to lock in profits and cover production costs. They can also sell call options (CF601C14200) at 200 - 250 with a 75% hedging ratio to reduce costs and lock in the spot selling price if the cotton price rises [3]. - **Procurement Management Strategy**: For enterprises with low procurement inventory and hoping to purchase according to orders, they can buy Zhengzhou cotton futures (CF2601) at 13,300 - 13,500 yuan/ton with a 50% hedging ratio to lock in procurement costs in advance. They can also sell put options (CF601P13400) at 300 - 350 with a 50% hedging ratio to reduce procurement costs and lock in the spot cotton purchase price if the cotton price drops [3]. 3.2 Core Contradictions The low inventory of old cotton supports cotton prices, but the poor downstream spinning profit limits the acceptance of high - priced cotton. The new - season Xinjiang cotton is expected to have a bumper harvest, and there is large hedging pressure on cotton prices before the new cotton is listed. The overall trend is stable but weak, and attention should be paid to the support around 13,500 yuan/ton and the centralized listing of machine - picked cotton [4]. 3.3利多解读 - **Inventory Reduction**: Due to the increase in spinning capacity in Xinjiang and a significant reduction in imported cotton this year, the downstream rigid consumption of cotton has increased, and the inventory of Xinjiang cotton has decreased rapidly. As of September 15, the domestic industrial and commercial cotton inventory was 2.038 million tons, a decrease of 336,000 tons from the previous month [5]. - **Retail Sales Growth**: In August, the retail sales of clothing, footwear, hats, and knitted textiles reached 104.5 billion yuan, a year - on - year increase of 3.1% and a month - on - month increase of 8.74%. With the arrival of the "Golden September and Silver October", the downstream sales have improved month - on - month, and the finished - product inventory of yarn and cloth factories has further decreased [5]. 3.4利空解读 - **Bumper Harvest Expectation**: The growth of new cotton in Xinjiang is fast and in good condition. There is an expectation of a bumper harvest in the new season, which will bring large hedging pressure on cotton prices [6]. - **Export Decline**: In August 2025, China's textile and clothing exports were 26.539 billion US dollars, a year - on - year decrease of 5% and a month - on - month decrease of 0.85%. Among them, clothing exports were 14.146 billion US dollars, a year - on - year decrease of 10.04% and a month - on - month decrease of 6.7%, with a relatively obvious decline [6]. 3.5 Market Quotes - **Futures Prices**: The closing prices of cotton 01, 05, and 09 were 13,540, 13,560, and 13,725 yuan/ton respectively, with daily declines of 70, 55, and 80 yuan/ton and decline rates of 0.51%, 0.4%, and 0.58% respectively. The closing prices of棉纱 01, 05, and 09 were 19,635, 19,730, and 0 yuan/ton respectively, with daily declines of 45, 19,730, and 19,990 yuan/ton and decline rates of 0.23%, 100%, and 100% respectively [7]. - **Price Spreads**: The cotton basis was 1,593 yuan/ton with a daily decline of 21 yuan. The spreads of cotton 01 - 05, 05 - 09, and 09 - 01 were - 20, - 165, and 185 yuan/ton respectively, with daily changes of - 15, 25, and - 10 yuan. The cotton - yarn spread was 6,095 yuan/ton with a daily increase of 65 yuan. The domestic - foreign cotton spread was 1,940 yuan/ton with a daily increase of 45 yuan, and the domestic - foreign yarn spread was - 609 yuan/ton with a daily decline of 90 yuan [8]. - **Price Indexes**: The prices of CCI 3128B, CCI 2227B, and CCI 2129B were 15,133, 13,266, and 15,398 yuan/ton respectively, with daily declines of 91, 81, and 99 yuan and decline rates of 0.6%, 0.61%, and 0.64% respectively. The prices of FCI Index S, FCI Index M, and FCI Index L were 13,494, 13,267, and 12,903 yuan/ton respectively, with daily declines of 17 yuan and decline rates of 0.13% [9].

Core Viewpoint - The Xinjiang Uygur Autonomous Region's Urumqi City Market Supervision Bureau is enhancing cotton quality management and regulation to promote the healthy development of the cotton industry and maintain market order [1][2][3] Group 1: Regulatory Measures - A meeting was held to implement the Xinjiang government's plan for improving cotton quality management and to focus on key regulatory tasks [2] - The bureau issued a notice regarding the "Regulatory Protection of Cotton" special rectification work for 2025, outlining measures for cotton quality supervision [2] - The bureau is increasing the frequency of inspections to enhance overall cotton quality levels and is addressing issues related to non-compliance with national standards [2] Group 2: Training and Support - The bureau provided specialized training for 100 cotton purchasing and processing enterprises to help improve cotton quality [1][2] - An expert from Beijing Zhimi Technology Co., Ltd. conducted a live demonstration on the cotton quality traceability system, emphasizing the importance of proper identification and handling of cotton [2] Group 3: Future Plans - The Urumqi City Market Supervision Bureau plans to deploy a team of regulatory and technical personnel to conduct quality supervision checks in cotton purchasing and processing enterprises [3] - The integration of party building and cotton protection efforts is aimed at ensuring stable market operations and effective regulation of enterprise behaviors [3]

1. General Information - The reports cover multiple industries including oils and fats, sugar, cotton, eggs, corn, pigs, and meal products, dated September 15, 2025 [1][4][5][8][11][14][17] 2. Industry - Specific Investment Ratings - No industry investment ratings are provided in the reports 3. Core Views Oils and Fats - CBOT soybean oil may fall again due to seasonal decline in consumption and potential high - throughput of factories. The basis of spot soybean oil will have limited short - term fluctuations. Malaysian palm oil futures are in a consolidation phase, facing potential downward pressure from increasing production and weak export data. The Dalian palm oil futures may follow suit and face a risk of downward break - through. The September 13 USDA report on soybeans is neutral to bearish, and the industrial demand for US soybean oil decreases after summer [1] Sugar - The raw sugar price is expected to maintain a bottom - side oscillation between 15 - 17 cents per pound. Domestic sugar has high inventory pressure, and the short - term futures may stabilize around 5500, but the rebound space is limited. A short - selling strategy on rallies is recommended [4] Cotton - In the short term, domestic cotton prices may fluctuate within a range. As new cotton is expected to be listed in the future, prices may face downward pressure [5] Eggs - Egg prices may rise to the annual high due to increased demand from traders, but the high inventory and cold - storage egg release may limit the increase. After traders finish restocking next week, egg prices in some areas may decline slightly [8][9] Corn - In the short term, the corn market will gradually shift to a supply - demand loosening situation, with the futures oscillating weakly. In the medium term, the bearish situation remains, and a short - selling strategy on rallies is advisable [11] Pigs - The spot pig prices have limited room for further decline due to farmers' reluctance to sell at low prices and secondary fattening. However, considering the supply recovery and uncertain demand, the prices may continue to bottom - out after a short - term rebound [15] Meal Products - The global soybean supply - demand situation has some changes, with US soybean production increasing and the global stocks - to - use ratio slightly decreasing. In China, the concern about future supply is alleviated, and the spot market is loose. However, due to cost support, the decline space of domestic meal products is limited [17] 4. Industry - Specific Summaries Oils and Fats - **Soybean Oil**: The spot price in Jiangsu is 8610 yuan, up 70 yuan (0.82%) from September 11. The Y2601 futures price is 8018 yuan, down 8 yuan (- 0.10%). The basis of Y2601 is 592 yuan, up 78 yuan (15.18%) [1] - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong is 9320 yuan, up 100 yuan (1.08%). The P2601 futures price is 9062 yuan, down 52 yuan (- 0.57%). The basis of P2601 is 258 yuan, up 152 yuan (143.40%). The September import cost in Guangzhou Port is 9679.8 yuan, up 39.2 yuan (0.41%), and the import profit is - 618 yuan, down 91 yuan (- 17.31%) [1] - **Rapeseed Oil**: The spot price of Grade 4 rapeseed oil in Jiangsu is 10040 yuan, up 100 yuan (1.01%). The OI601 futures price is 9547 yuan, down 21 yuan (- 0.53%) [1] Sugar - **Futures Market**: The price of Sugar 2601 is 5540 yuan, down 16 yuan (- 0.29%); Sugar 2605 is 5517 yuan, down 7 yuan (- 0.13%); ICE raw sugar is 15.81 cents per pound, up 0.01 cent (0.06%). The 1 - 5 spread is 23 yuan, down 9 yuan (- 28.13%) [4] - **Spot Market**: The price in Nanning is 5890 yuan, unchanged; in Kunming is 5855 yuan, up 5 yuan (0.09%). The import price of Brazilian sugar within the quota is 4418 yuan, up 20 yuan (0.45%); outside the quota is 5611 yuan, up 26 yuan (0.47%) [4] - **Industry Situation**: The national cumulative sugar production is 1116.21 million tons, up 119.89 million tons (12.03%); sales are 1000.00 million tons, up 114.00 million tons (12.87%). The cumulative sales ratio in the country is 89.60%, up 0.66 percentage points (0.74%); in Guangxi is 89.04%, up 0.62 percentage points (0.70%) [4] Cotton - **Futures Market**: The price of Cotton 2605 is 13820 yuan, up 25 yuan (0.18%); Cotton 2601 is 13860 yuan, up 25 yuan (0.18%); ICE US cotton is 66.76 cents per pound, up 0.02 cent (0.03%). The 5 - 1 spread is - 40 yuan, unchanged [5] - **Spot Market**: The Xinjiang arrival price of 3128B cotton is 15182 yuan, down 4 yuan (- 0.03%); CC Index 3128B is 15248 yuan, down 1 yuan (- 0.01%); FC Index M 1% is 13371 yuan, up 18 yuan (0.13%) [5] - **Industry Situation**: The commercial inventory is 148.17 million tons, down 33.85 million tons (- 18.6%); industrial inventory is 89.23 million tons, down 3.19 million tons (- 3.5%). The import volume is 5.00 million tons, up 2.00 million tons (66.7%) [5] Eggs - **Futures Market**: The price of Egg 11 contract is 3040 yuan per 500KG, down 4 yuan (- 0.13%); Egg 10 contract is 3023 yuan per 500KG, down 20 yuan (- 0.66%). The 11 - 10 spread is 17 yuan, up 16 yuan (1600.00%) [8] - **Spot Market**: The egg - producing area price is 3.54 yuan per jin, up 0.07 yuan (1.92%); the basis is 496 yuan per 500KG, up 70 yuan (16.56%) [8] - **Industry Situation**: The price of egg - laying chicken chicks is 2.60 yuan per chick, down 0.40 yuan (- 13.33%); the price of culled chickens is 4.61 yuan per jin, down 0.01 yuan (- 0.22%); the egg - feed ratio is 2.50, up 0.07 (2.88%); the breeding profit is - 17.89 yuan per chick, up 4.71 yuan (20.84%) [8] Corn - **Corn**: The price of Corn 2511 is 2197 yuan, down 5 yuan (- 0.23%); the Jinzhou Port flat - hatch price is 2310 yuan, unchanged. The basis is 113 yuan, up 5 yuan (4.63%); the 11 - 3 spread is 14 yuan, down 2 yuan (- 12.50%) [11] - **Corn Starch**: The price of Corn Starch 2511 is 2474 yuan, down 3 yuan (- 0.12%); the Changchun spot price is 2560 yuan, unchanged; the Weifang spot price is 2800 yuan, unchanged. The basis is 86 yuan, up 3 yuan (3.61%); the 11 - 3 spread is - 23 yuan, up 4 yuan (14.81%) [11] Pigs - **Futures Market**: The price of Live Pig 2511 is 13255 yuan, down 65 yuan (- 0.49%); Live Pig 2601 is 13690 yuan, down 40 yuan (- 0.29%). The 11 - 1 spread is - 435 yuan, down 25 yuan (- 6.10%) [15] - **Spot Market**: The price in Henan is 13450 yuan, down 50 yuan; in Shandong is 13550 yuan, up 50 yuan; in Sichuan is 13350 yuan, unchanged; in Liaoning is 13100 yuan, unchanged; in Guangdong is 14390 yuan, up 100 yuan; in Hunan is 13210 yuan, unchanged; in Hebei is 13400 yuan, unchanged [15] - **Industry Situation**: The daily slaughter volume of sample points is 148973, up 965 (0.65%); the weekly white - strip price is 0.00 yuan, down 20.1 yuan (- 100.00%); the weekly piglet price is 26.00 yuan, unchanged; the weekly sow price is 32.51 yuan, unchanged; the weekly slaughter weight is 128.32 kg, up 0.1 kg (0.07%); the weekly self - breeding profit is 17 yuan, down 35.8 yuan (- 68.02%); the weekly purchased - pig breeding profit is - 162 yuan, down 35.7 yuan (- 28.27%); the monthly fertile sow inventory is 40420000 heads, down 10000 heads (- 0.02%) [15] Meal Products - **Soybean Meal**: The price of Jiangsu soybean meal is 3050 yuan, up 20 yuan (0.66%); M2601 futures price is 3079 yuan, down 9 yuan (- 0.29%); the basis of M2601 is - 29 yuan, up 29 yuan (50.00%). The import crushing profit for US Gulf shipments is not given; for Brazilian November shipments is 60, down 18 (- 30.0%) [17] - **Rapeseed Meal**: The price of Jiangsu rapeseed meal is 2650 yuan, up 20 yuan (0.76%); RM2601 futures price is 2531 yuan, down 36 yuan (- 1.40%); the basis of RM2601 is 119, up 56 (88.89%). The import crushing profit for Canadian November shipments is 815, down 66 (- 7.49%) [17] - **Soybeans**: The price of Harbin soybeans is 3980 yuan, unchanged; the futures price of the main soybean contract is 3959 yuan, up 14 yuan (0.35%); the basis is 21, down 14 (- 40.00%). The price of imported soybeans in Jiangsu is 3900 yuan, up 100 yuan (2.63%); the futures price of the main soybean - two contract is 3759 yuan, up 4 yuan (0.11%); the basis is 141, up 96 (213.33%) [17] - **Spreads**: The 01 - 05 spread of soybean meal is 259, down 20 (- 7.17%); the 01 - 05 spread of rapeseed meal is 125, down 22 (- 14.97%); the oil - meal ratio of the spot is 2.82, up 0.004 (0.16%); the oil - meal ratio of the main contract is 2.70, up 0.003 (0.12%); the spot soybean - rapeseed meal spread is 400, unchanged; the 2601 spread is 548, up 27 (5.18%) [17]

Core Viewpoint - The export of American cotton to China has decreased by 90% in the first half of 2025, while exports to countries like Vietnam and Pakistan have significantly increased, indicating a shift in trade dynamics due to tariff policies and production relocation in the apparel industry [2][4][6]. Group 1: Changes in Export Destinations - American cotton exports to China fell by 90% in the first half of 2025, while exports to Vietnam increased approximately 2.7 times [4]. - The shift in export destinations is attributed to the tariff policies of the Trump administration and the relocation of apparel production to lower-cost regions outside of China [6]. - The U.S. has reduced tariffs on imports from Vietnam from 46% to 20% and from Pakistan from 29% to 19%, enhancing the competitive position of Southeast and South Asian countries [6]. Group 2: Impact of Tariffs and Trade Policies - The Trump administration's tariffs have led to a significant reduction in cotton exports to China, with a cumulative 145% tariff imposed in April 2025, later negotiated down to 30% [6]. - The ongoing trade tensions and tariff uncertainties are expected to continue influencing the cotton market, with potential impacts on production and pricing [8]. - The USDA projects that U.S. cotton exports will reach 11.9 million bales for the 2024-2025 season, with increases in exports to other regions offsetting the decline to China [9]. Group 3: Price Trends and Market Outlook - Cotton prices have shown weak upward momentum, hovering around 66 cents per pound, slightly below the beginning of the year [11]. - The uncertainty surrounding tariffs and the recovery of textile product demand remains a significant concern for the cotton market [11]. - The potential for increased imports of American cotton may arise as India plans to eliminate cotton import tariffs by September 30 [11].

Group 1 - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 77,699,358.30 yuan, which represents a cash dividend ratio of 25.90% based on the total share capital as of June 30, 2025 [1][52] - The company has announced the date for the fourth extraordinary general meeting of shareholders to be held on September 11, 2025, at 10:30 AM [4][7] - The voting for the upcoming shareholders' meeting will be conducted through a combination of on-site and online voting methods [5][6] Group 2 - The company intends to provide a joint liability guarantee for its subsidiaries, Xinjiang Huijin Logistics and Aksu Yikang Warehousing, for their regulatory cotton storage and cotton futures delivery business [21][30] - The guarantee period for the regulatory cotton storage business is set for two years from the termination of the relevant cooperation agreement, while the guarantee for cotton futures delivery will last for three years from the date the Zhengzhou Commodity Exchange obtains the right to claim against the delivery warehouse [22][27] - The board of directors has unanimously approved the guarantee proposal, emphasizing that it will enhance the market competitiveness of the subsidiaries and contribute to the overall economic benefits for the company and its shareholders [32][42] Group 3 - The company has reported a total of 32.22 billion yuan in external guarantees, which accounts for 89.71% of the company's audited net assets as of the end of 2024 [33][43] - The company has no overdue guarantee matters, and the external guarantee balance is 8.52 billion yuan, representing 23.73% of the company's audited net assets as of the end of 2024 [33][43] - The company has committed to providing a maximum of 9.26 billion yuan in joint liability guarantees for its subsidiaries' banking and financing activities [38][40]

Group 1 - The board meeting of Xinjiang Guannong Co., Ltd. was held on August 26, 2025, with all 9 directors present and no dissenting votes [1][2] - The board approved the asset impairment provision for the first half of 2025, totaling 36.94 million yuan, which includes 3.19 million yuan for credit impairment and 33.75 million yuan for asset impairment [1][2] - The company announced a mid-term dividend plan for 2025, distributing a total of 77.70 million yuan (including tax), which represents 25.90% of the net profit attributable to shareholders for the first half of 2025 [2][3] Group 2 - The board approved a proposal for new guarantees for subsidiaries, allowing up to 926 million yuan in joint liability guarantees for credit and financing activities [3][4] - The company will provide a total of 593 million yuan in guarantees for its subsidiaries, with a maximum of 86 million yuan in counter-guarantees based on shareholding ratios [5][6] - The board also approved guarantees for subsidiaries engaged in cotton storage and futures delivery, with a guarantee period of two to three years depending on the agreement [6][7] Group 3 - The board resolved to convene the fourth extraordinary general meeting of 2025, with all 9 directors voting in favor [7]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - ICE cotton futures are in a range - bound oscillation. The USDA's reduction of the 2025/26 US cotton planting area and production strengthens the support at 66 cents per pound, but the weak global cotton demand leads to poor US cotton export demand, and the upward momentum is insufficient without improvement in US cotton exports or more actual production cuts from major exporters [20]. - Domestic cotton futures rose again this week. The 01 - contract's increase was significantly greater than that of the 09 - contract, and the CF9 - 1 spread continued to widen. The CF509 contract is mainly about delivery logic, and the 01 - contract is affected by import quota policies and external market sentiment, but the expected high - yield of new crops limits the increase. The 01 - contract needs new drivers to break through the previous high, and Zhengzhou cotton futures are expected to maintain an oscillatory trend [20]. 3. Summary by Relevant Catalogs 3.1 Market Data - ICE Cotton Main - continuous: Opened at 66.55, reached a high of 68.50, a low of 66.55, and closed at 67.48, up 0.84 or 1.26%. The trading volume was 141,171 lots, an increase of 24,529 lots, and the open interest was 154,300 lots, a decrease of 5,436 lots [5]. - Zhengzhou Cotton Main - continuous: Opened at 13,645, reached a high of 14,235, a low of 13,615, and closed at 14,120, up 480 or 3.52%. The trading volume was 1,098,037 lots, an increase of 457,089 lots, and the open interest was 477,620 lots, an increase of 216,824 lots [5]. - Cotton Yarn Main - continuous: Opened at 19,580, reached a high of 20,280, a low of 19,550, and closed at 20,185, up 580 or 2.96%. The trading volume was 40,982 lots, an increase of 10,492 lots, and the open interest was 21,336 lots, an increase of 4,283 lots [5]. 3.2 Fundamentals 3.2.1 International Cotton Situation - ICE cotton rose slightly this week. The USDA's monthly supply - demand report on Tuesday was bullish, causing ICE cotton to rise as it unexpectedly cut the 2025/26 US cotton planting area, reducing production and ending stocks. However, concerns about US cotton export prospects led to a decline in the second half of the week, with only a slight weekly increase [6]. - USDA monthly supply - demand report: In the US cotton balance sheet, the 2025/26 US cotton planting area was cut by 840,000 acres, production dropped from 14.6 million bales in July to 13.21 million bales, and exports were cut by 500,000 bales, resulting in ending stocks being cut by 1 million bales to 3.6 million bales. In the global cotton balance sheet, the 2024/25 ending stocks (2025/26 beginning stocks) were cut by 1.73 million bales, mainly in China (1.05 million bales) and Brazil (510,000 bales). The 2025/26 global cotton production was cut by 1.8 million bales, with the US down 1.39 million bales, Central Asia down 310,000 bales, and West Africa down 140,000 bales, while China was up 500,000 bales. Global cotton consumption was cut by 130,000 bales, with India down 500,000 bales, Bangladesh down 300,000 bales, Turkey down 200,000 bales, and Central Asia down 100,000 bales, while China was up 100,000 bales [7]. - US cotton weekly export sales data: As of the week ending August 7, 2025/26 US upland cotton weekly contracts were 54,900 tons, with Vietnam contracting 27,000 tons and Bangladesh 9,100 tons; 2026/27 contracts were 200 tons. The 2025/26 US upland cotton weekly shipments were 32,300 tons, a 22% week - on - week decrease, with Vietnam shipping 7,900 tons and Pakistan 5,900 tons [8]. - Other major cotton - producing and consuming countries: - India: The sowing progress is still slower than last year. As of August 8, the cotton planting area was 10.7 million hectares, a 3.2% year - on - year decrease. The total sales reached 7.4 million bales, and the Cotton Corporation of India's inventory was 2.6 million bales. The season's arrivals reached 30.49 million bales (170 kg per bale) [9]. - Brazil: Exports in July decreased month - on - month and year - on - year. Cotton production was slightly cut to 3.9348 million tons due to a slight cut in the yield forecast in Bahia. July raw cotton exports were 127,000 tons, slightly lower than June and a 24% year - on - year decrease, in line with seasonal patterns. Turkey was the main customer (19%), followed by Bangladesh (16%), Vietnam (14%), and Pakistan (13%) [9]. - Australia: Exports were strong in June. Cotton fields are in pre - sowing preparation. June raw cotton exports were 128,900 tons, higher than the previous month but a 9% year - on - year decrease. China was the largest buyer (23%), followed by India (20%) and Vietnam (18%). From August 2024 to June 2025, the cumulative exports in the first 11 months of the season were 966,500 tons, lower than last year. China accounted for 26%, Vietnam 24%, and India's share rose from 4% in 2023/24 to 13% [10][11]. - Pakistan: Import demand is moderate. The cotton plants are in good condition, and pests are under control. The expected cotton production is between 6.5 and 7.5 million bales. The cotton market supply is limited, and spinners' demand is stable, supporting prices. Many ginneries are over - sold, and the seed - cotton price has strengthened. The cotton import demand remains at a normal level, mainly for Brazilian cotton [11]. - Bangladesh: Cotton import demand may rise, and garment exports were strong in July. After the US tariff policy announcement, textile and garment orders increased. Many manufacturers are seeking to increase the use of US cotton for tariff exemptions. Cotton purchases have increased to meet downstream demand. In July, knitted and woven garment exports were $3.96 billion, a 42% increase from June and a 25% increase from the same period last year [12]. - Southeast Asian textile industry startup rates: As of the week ending August 15, India's textile enterprise startup rate was 73%, unchanged from last week and in August, with a July average of 73.25%; Vietnam's was 63%, unchanged from last week, with an August average of 63.17% and a July average of 64.25%; Pakistan's was 64%, unchanged from last week and in August, with a July average of 62% [12]. 3.2.2 Domestic Cotton Situation - Cotton spot prices rose slightly and trading improved slightly. As of the week ending August 15, domestic cotton futures and spot prices rose slightly, and spot trading was better than last week, but spinners mainly maintained just - in - time purchases. The quality mismatch between Xinjiang and inland spot inventories was more obvious. The low - basis southern Xinjiang lint in Xinjiang warehouses continued to decrease, while there was relatively more southern Xinjiang lint in inland warehouses. Xinjiang warehouses were mainly quoting northern Xinjiang prices, with a small amount of low - basis spot available. The basis was generally stable [13]. - Cotton warehouse receipt situation: As of August 15, there were 7,829 registered No. 1 cotton warehouse receipts and 249 pending receipts, totaling 8,078 receipts, equivalent to 339,276 tons. Among the 2024/25 registered warehouse receipts, there were 7,510 Xinjiang cottons (220 in northern Xinjiang, 407 in southern Xinjiang, and 6,883 in inland warehouses) and 319 local cottons [14]. - Downstream situation improved slightly. The pure - cotton yarn market trading improved, with downstream replenishment purchases increasing. Spinners' quotes rose slightly. In terms of varieties, air - jet spinning and regular varieties had mainly just - in - time transactions. Profits changed little, with inland spinners' C32S cash - flow losses at around 500 yuan per ton and Xinjiang spinners still having a small profit. Spinners' inventories decreased slightly. The startup rate changed little, and inland spinners continued to limit production. The demand improvement in the pure - cotton grey fabric market was not sustainable, and weavers' confidence was still low. Prices were quoted higher, and actual transactions were negotiated based on quantity. Weavers' overall orders did not improve significantly, the startup rate increased slightly, and inventories decreased slowly. There was no improvement in inquiries and samples, and real orders were still scarce. In the export market, some brand traceability orders were placed, and export orders increased slightly month - on - month. Overall, orders in the knitted fabric market increased limitedly, and home textile and woven orders were poor. Weavers mostly maintained a just - in - time purchase strategy, with a slight increase in purchases. The market confidence was generally low [15]. 3.3 Basic Data Charts - The report provides 14 charts, including those on Xinjiang cotton cumulative processing volume, cotton commercial inventory, spinners' cotton inventory, weavers' yarn inventory, spinning enterprises'棉纱 inventory, cotton - cloth enterprises' cotton - cloth inventory, yarn enterprises' startup rate, cotton - cloth enterprises' startup rate, pure - cotton yarn profit, pure - cotton cloth CGC32 profit, cotton 9 - 1 spread, cotton import profit, cotton basis, and Zhengzhou cotton warehouse receipts [17][18][19]. 3.4 Operation Suggestions - ICE cotton futures are expected to remain range - bound. The reduction of US cotton planting area and production strengthens the support, but the weak global demand restricts the upward momentum. - Domestic cotton futures are expected to oscillate. The 01 - contract needs new drivers to break through the previous high, and attention should be paid to the external cotton market and Xinjiang weather [20].

Report Industry Investment Ratings - Not provided in the given content Core Views - **Domestic Economy**: In July, China's export performance was strong, with non-US countries supporting exports and electromechanical products showing competitive advantages. However, future export growth is expected to decline gradually, and the decision - makers' policies are expected to improve the price index [2]. - **RMB Exchange Rate**: The US dollar is weak, and non - US currencies are generally strong. The short - term exchange rate between the US dollar and the RMB is expected to be supported in the range of 7.15 - 7.23, with a likely anchor at 7.20 [3]. - **Stock Index**: The domestic economic data did not exceed market expectations, and the short - term market is expected to continue the trend of shrinking volume and oscillation. Wait for the release of domestic financial data and US inflation data [5]. - **Treasury Bonds**: The liquidity has improved, and the primary market situation is better than expected. It is recommended to hold long positions [6]. - **Container Shipping**: The SCFI European line continues to decline. The futures price is expected to be in a volatile or slightly declining trend in the short - to - medium term [8]. - **Precious Metals**: Gold and silver are expected to be bullish in the medium - to - long term and strong in the short term. It is recommended to buy on dips [12]. - **Aluminum Industry Chain**: Aluminum prices are expected to fluctuate at a high level, alumina is expected to be in a weak oscillation, and casting aluminum alloy is expected to oscillate [13][14][15]. - **Nickel and Stainless Steel**: The nickel and stainless - steel market is expected to oscillate in the range of 118,000 - 126,000 yuan/ton and 12,500 - 13,100 yuan/ton respectively [16]. - **Lithium Carbonate**: The supply of lithium resources is expected to tighten, and investors need to be cautious about holding positions [17]. - **Industrial Silicon and Polysilicon**: Industrial silicon is expected to be in a volatile and slightly upward state, and polysilicon is expected to be in a wide - range oscillation [21]. - **Black Metals**: Steel products are expected to be in a volatile and slightly upward state in the short term, and iron ore is in a narrow - range oscillation. Coal and coke are not pessimistic in the medium - to - long term, and ferroalloys are recommended to be lightly bought on dips [22][24][28]. - **Energy and Chemicals**: Crude oil is at risk of decline, LPG remains in a loose situation, PTA - PX is recommended to expand the processing fee, ethylene glycol is recommended to be bought on dips, methanol 09 is weak, PP and PE are in an oscillatory state, PVC is to be short - allocated, pure benzene and styrene have weak short - term unilateral drives, fuel oil is weak, low - sulfur fuel oil is dragged down by crude oil, asphalt is in a weak oscillation, urea is in a weak oscillation, and glass, soda ash, and caustic soda are in a game between reality and expectation [30][32][37][40][42][43][46][48][50] Summary by Relevant Catalogs Macro - **Domestic**: In July, China's CPI was flat year - on - year, and the decline of PPI narrowed. The export was strong, and the decision - makers introduced a series of livelihood policies [1][2]. - **Overseas**: The US non - farm payrolls data was revised downwards, and the market's expectation of the Fed's interest rate cut increased. There were various international events such as potential US - Russia cease - fire agreements and tariff policies [1] RMB Exchange Rate - **Market Performance**: The on - shore RMB against the US dollar depreciated. The US dollar index was weak, and non - US currencies were strong [2][3] - **Influencing Factors**: The market's expectation of the Fed's interest rate cut, the US domestic economic situation, China's export performance, and the central bank's guidance [3][4] Stock Index - **Market Review**: The stock index oscillated, and the trading volume decreased. The futures index volume decreased, and the bullish sentiment declined [5] - **Influencing Factors**: Domestic economic data, policy support, and the upcoming release of financial and inflation data [5] Treasury Bonds - **Market Performance**: Treasury futures opened high and closed low, then rebounded. The liquidity improved, and the primary market situation was better than expected [5][6] - **Influencing Factors**: Liquidity improvement, the issuance of local bonds, and the impact of VAT adjustment [6] Container Shipping - **Market Performance**: The container shipping index (European line) futures oscillated, and the SCFI European line continued to decline [7][8] - **Influencing Factors**: Shipping company performance, geopolitical risks, and shipping company price adjustments [8] Precious Metals - **Market Performance**: Gold and silver prices fluctuated, affected by tariff policies and Fed news. Fund positions and inventory changed [9][10][11] - **Influencing Factors**: US tariff policies, Fed interest rate cut expectations, and China's gold reserve increase [9][10] Aluminum Industry Chain - **Aluminum**: The price oscillated, affected by inventory and the approaching peak season [13] - **Alumina**: The supply was excessive, the price was under pressure, and the cost was the support [14] - **Casting Aluminum Alloy**: The supply and demand were good, and the price followed the aluminum price [15] Nickel and Stainless Steel - **Market Performance**: The prices oscillated, and the fundamentals provided some support [16] - **Influencing Factors**: Supply and demand of nickel ore, nickel iron, and stainless steel, and macro - level factors such as tariffs and interest rate cut expectations [16] Lithium Carbonate - **Market Performance**: The futures price rose, and the inventory increased [16][17] - **Influencing Factors**: Mine - end news, production and demand of the lithium battery industry chain, and the suspension of mining operations [16][17] Industrial Silicon and Polysilicon - **Market Performance**: The prices oscillated, and the production and demand of the industry changed [17][18][19] - **Influencing Factors**: Production capacity changes, market demand, and the adjustment of registered brands [18][19][20] Black Metals - **Steel Products**: The prices oscillated, and the supply and demand were affected by production restrictions and market demand [22] - **Iron Ore**: The price oscillated in a narrow range, and the supply and demand were affected by coal prices and steel demand [22][23][24] - **Coal and Coke**: The prices oscillated strongly, and the supply and demand were affected by production inspections, imports, and downstream demand [24][25] - **Ferroalloys**: The prices fluctuated with coal prices, and the supply and demand were affected by steel production and raw material supply [26][27][28] Energy and Chemicals - **Crude Oil**: The price declined, and the supply and demand were affected by seasonal factors and geopolitical events [28][29][30] - **LPG**: The price was under pressure, and the supply was loose while the demand was slightly improved [31][32] - **PTA - PX**: The price followed the cost, and there was a supply - demand gap in August [32][33] - **Ethylene Glycol**: The price oscillated, and the supply and demand were in a weak balance [36] - **Methanol**: The 09 contract was weak, and the port inventory increased [37][38] - **PP and PE**: The prices oscillated, and the supply and demand were in a state of change [39][40][42] - **PVC**: The price was high - valued and high - inventory, and it was recommended to be short - allocated [43] - **Pure Benzene and Styrene**: The short - term unilateral drive was weak, and the supply and demand situation was different [43][44][46] - **Fuel Oil and Low - Sulfur Fuel Oil**: The prices were affected by supply, demand, and inventory factors [46] - **Asphalt**: The price was in a weak oscillation, and the supply and demand were affected by weather and funds [47][48] - **Urea**: The price was in a weak oscillation, and the supply and demand were affected by export and agricultural demand [49][50] - **Glass, Soda Ash, and Caustic Soda**: The prices were in a game between reality and expectation, and the supply and demand were different [50][51][53]

Core Viewpoint - The article highlights the transformation of the cotton industry in China through the establishment of the "Yinmianhui" platform by Hubei Yinfeng Industrial Group, which integrates the entire cotton supply chain and enhances trading efficiency, thereby positioning itself as a leader in the market. Group 1: Platform Overview - The "Yinmianhui" platform, launched in May 2024, has achieved a cumulative transaction volume of over 901,200 tons of cotton and a total transaction value of 12.662 billion yuan within just over a year [1][3]. - The platform connects over 660 cotton industry chain enterprises, facilitating direct transactions between cotton farmers and textile manufacturers, significantly reducing the number of intermediaries involved in traditional cotton trading [2][4]. Group 2: Market Impact - The platform has captured approximately 11% of the national cotton sales market, with a total sales volume of 7.69 million tons in 2024, establishing itself as a dominant player in the central region's cotton industry [3]. - The integration of technology has improved procurement efficiency by 50% to 70%, allowing companies to place large orders with ease, akin to online shopping [2][8]. Group 3: Risk Management and Financial Support - "Yinmianhui" provides systematic and standardized futures and options tools to help textile enterprises and traders hedge against market risks, thus enhancing supply chain resilience [4][8]. - The platform utilizes advanced technologies to generate "minimum purchase prices" based on market data, allowing businesses to focus on operations rather than market speculation [4][8]. Group 4: Agricultural Support and Employment - The company has expanded its operations in Xinjiang, managing over 60,000 acres of land and operating more than ten ginning factories, with an annual procurement of approximately 300,000 tons of seed cotton [7][8]. - The initiative has created job opportunities for over 500 local residents in Xinjiang, demonstrating the company's commitment to regional development and agricultural support [6][7]. Group 5: Technological Integration - The platform employs advanced agricultural technologies, such as drone management and mechanized harvesting, to enhance cotton production efficiency in Xinjiang [6][7]. - The introduction of modern irrigation techniques and smart planting models in Hubei aims to promote mechanized cotton production, further integrating the cotton supply chain [7][8].