Core Insights - The article highlights the transformation of small food workshops in Dinghe Village, Linping District, into standardized and brand-oriented operations, particularly focusing on the "Dinghe Zongzi Workshop" [1][2] - The initiative aims to ensure food safety and improve production conditions through personalized development plans and the implementation of the "5S" management model [1][2] Group 1: Standardization and Safety - The "Dinghe Zongzi Workshop" has adopted standardized processes for hygiene and production, leading to increased customer trust and repeat business [1] - The Linping District Market Supervision Bureau has equipped key areas of the "Yiying Gongfu Workshop" with video surveillance to create a transparent food processing environment [2] Group 2: Economic Impact - The sales revenue of the "Dinghe Zongzi Workshop" reached 670,000 yuan last year, with expectations to exceed 1.15 million yuan this year [2] - The average annual income increase for employees in the "Yiying Gongfu Workshop" is projected to exceed 20,000 yuan, while the collective operating income for Dinghe Village is expected to rise by over 800,000 yuan [2] Group 3: Future Development - The Linping District plans to continue supporting small food workshops by improving production conditions, enhancing equipment and management, and integrating local culture with rural revitalization efforts [2]

Core Insights - The launch of the "Daguanshan Peach Craft Beer" marks a significant step in the deep processing of peaches in the village of Binkiao, aiming to enhance the value of local peach production [1] - The innovative approach of integrating agriculture and tourism has led to increased income for local farmers and a thriving local economy [2][3] Group 1: Product Development - The collaboration between the village's strong company and beverage R&D firms aims to extend the industrial chain and develop high-value peach beverage products [1] - The development process faced challenges in preserving the natural sweetness and aroma of peaches during fermentation, requiring numerous trials and adjustments [1] Group 2: Economic Impact - The transformation of peaches into craft beer has improved sales conditions for local farmers, with pre-signed purchase agreements from breweries leading to better prices [2] - The introduction of the "Peach Blossom Chicken" farming model has created a closed-loop system that benefits both peach trees and chicken production, generating an annual output value of nearly 700,000 yuan [2] Group 3: Tourism and Community Engagement - The village has capitalized on its cultural heritage and natural resources by developing tourism projects such as educational camps and camping, attracting over 150,000 visitors in 2024 and generating over 10 million yuan in tourism revenue [3] - The integration of agriculture and tourism has created a vibrant local economy, enhancing the overall quality of life for residents [3]

Group 1 - The announcement of a 30% tariff on EU goods by the US government starting August 1 has created uncertainty across various industries in Europe [1] - The agricultural processing industry, particularly those linked to seasonal products, is entering its peak production season amid concerns over potential high tariffs [1] - Greece is one of the largest exporters of canned peaches in the world, with total exports of canned peaches and other packaged peach products exceeding 600 million euros annually, of which approximately 120 million euros come from the US market [1]

在徐拥军眼里，山东得天独厚的农产品资源、优质稳定的原料和绿色食品生产基地是工业园发展的重要 支撑。 "山东是优质粮食生产大省，工业园周边周边毗邻山东优质花生及小麦的主产区，而花生、小麦正是我 们的主要产品原料，大大降低了企业的原料收储成本。"徐拥军算了一笔账："以花生为例，现在园区年 均消耗花生18万吨，全部来自山东本地。我们投产后探索订单"农业+标准化生产"模式，建立万亩高油 酸花生绿色种植基地，带动胶州、平度等地300多个农户增收，亩产效益提升1.2万元。" "我们最初计划投资3亿美元建粮油加工厂，如今三期项目正在建设中，总投资追加到18亿美元。"园区 总经理徐拥军指着连片的厂房感慨道，"是山东、青岛的产业生态让我们敢把'试验田'变成'主战场'。" 作为山东省重点外商投资项目，益海嘉里(青岛)食品工业园项目由世界500强——新加坡丰益国际投资 建设，是国内规模最大、品类最全的综合性食品园区之一。落地6年来，项目经过两次增资，投资规模 从3亿美元攀升至18亿美元，分三期建设，其中一期已经投产，主要进行面粉加工、花生榨油、芝麻榨 油等。 6月24日，在位于胶州市洋河镇的益海嘉里(青岛)食品工业园内的车间内，各 ...

Core Insights - Shandong Province is a major agricultural exporter in China, leading the nation in agricultural product exports with a total export value of 804.7 billion yuan in the first half of 2023, reflecting a growth of 3.5% [3][4] - The province has 21 brands included in the National Agricultural Brand Boutique Cultivation Program, the highest in the country, and 171 brands listed under the "Good Products Shandong" brand [3] Export Performance - The main categories of agricultural exports, including vegetables, seafood, and fruits, have shown strong growth, with vegetable and edible fungus exports reaching 206.8 billion yuan (up 1%), seafood at 175.9 billion yuan (up 16%), and dried and fresh fruits and nuts at 50.3 billion yuan (up 20.1%) [3][4] - Ten out of 16 cities in Shandong reported positive growth in agricultural exports, with Zaozhuang and Weihai showing growth rates of 19.2% and 12.1%, respectively [4] Market Expansion - Exports to major markets such as Japan (161.9 billion yuan, up 2.2%), ASEAN (137.7 billion yuan, up 6.6%), and the EU (117 billion yuan, up 4.1%) have all increased [4] - Emerging markets have also seen significant growth, with exports to the Arab League, Africa, Central Asia, and India growing by 28.1%, 33.8%, 38.5%, and 32.6%, respectively [4] Business Dynamics - A total of 6,082 enterprises engaged in agricultural exports were recorded, an increase of 522 from the previous year, with private enterprises accounting for 5,527 of these, contributing 644.6 billion yuan in export value [4][5] - The provincial government is focused on enhancing the agricultural value chain and promoting deep integration of agricultural production and processing, which has led to a continuous increase in agricultural export value for 26 years [5][6] Value Addition - The average export price of dried garlic reached 24.3 yuan per kilogram, significantly higher than the 9 yuan per kilogram for fresh garlic, indicating a successful strategy in increasing the value of agricultural products [5] - The government is implementing measures to facilitate agricultural exports, including promoting AEO certification for food processing enterprises and providing support for companies entering international markets [5][6]

Group 1 - The 2025 Hangzhou International Humanoid Robot and Robotics Technology Exhibition showcased many companies from traditional sectors like bearings and motors, reflecting the strong development momentum of traditional industries in Zhejiang [1] - From January to May, the industrial added value of 17 key traditional manufacturing industries in Zhejiang increased by 6.6% year-on-year, accounting for 55.6% of the province's total industrial added value [1] - Zhejiang has issued measures to support the renewal and development of traditional industries, emphasizing that traditional industries can coexist and promote new productive forces [1] Group 2 - Companies like Noli Intelligent Equipment Co., Ltd. are innovating by integrating AI and automation into their products, such as advanced forklifts that can navigate autonomously [2] - Zhejiang Meixinda Textile Printing and Dyeing Technology Co., Ltd. has adopted a culture of "full staff innovation," increasing R&D investment from 3% to 6.1% of revenue, leading to significant product advancements [3][4] - Traditional industries in Zhejiang are increasingly adopting cutting-edge technologies like big data and AI to transform their production processes and business models [4] Group 3 - Zhejiang Changsheng Sliding Bearing Co., Ltd. has successfully transitioned from a traditional enterprise to a player in the emerging market of humanoid robots by developing key components [5] - Traditional enterprises face three main challenges in their transformation: breaking habitual thinking, acquiring talent, and achieving integration of new technologies [6][7] - The integration of AI and traditional manufacturing processes is crucial for enhancing productivity and competitiveness in Zhejiang's traditional industries [8] Group 4 - The average labor productivity in Zhejiang's traditional manufacturing sector is 261,000 yuan per person, lower than the overall industrial average of 291,000 yuan [9] - Companies are encouraged to leverage technological and industrial innovations to create new growth opportunities and improve their market positions [9][10] - The government has initiated reforms to enhance collaboration between enterprises and research institutions, facilitating the commercialization of innovative technologies [10] Group 5 - In Shaoxing, the local government is promoting advanced technologies in the printing and dyeing industry, resulting in a 30% increase in product added value through the adoption of digital printing [11] - Zhejiang has organized over 200 investment and financing roadshows this year, facilitating financing of over 3.4 billion yuan to support the transformation of small and medium-sized enterprises [12] - The government aims to provide long-term support and confidence to traditional industries to help them rejuvenate and thrive in the new economic landscape [12]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The overall market shows a complex and volatile trend, with different industries affected by various factors such as supply - demand relationships, geopolitical situations, weather conditions, and trade policies. Short - term market risk preference is slightly bullish, and the market style suggests increasing the allocation of technology growth assets on the basis of dividend assets [2][49]. Summary by Industry Energy and Chemicals - **Crude Oil**: Overnight international oil prices declined. In July, the negative impact of trade wars may outweigh the positive impact of geopolitical factors, causing oil prices to be under pressure. In August, there is a possibility of a price increase if the European diesel contradiction persists [2]. - **Fuel Oil & Low - sulfur Fuel Oil**: Under the OPEC+ production increase plan, the supply of high - sulfur heavy resources is expected to rise. FU cracking is expected to continue its downward trend, while LU's single - side trend follows crude oil, and its cracking may enter an oscillatory pattern [22]. - **Asphalt**: The supply increase of asphalt needs further observation, demand remains weak but has recovery potential, and inventory at a low level supports prices. The single - side trend follows crude oil, and the upward driving force is limited before demand improves [23]. - **Liquefied Petroleum Gas**: Middle East production pressure persists, overseas prices are oscillating weakly, and the domestic market is experiencing weak supply and demand. The futures market is oscillating weakly [24]. - **Urea**: The supply is abundant, agricultural demand is approaching the end of the peak season, and the market is expected to be in a state of balanced supply and demand. The market is likely to oscillate within a certain range [25]. - **Methanol**: The import volume has increased significantly, and ports are accumulating inventory. Some domestic enterprises may postpone maintenance. The domestic supply supports the market, and attention should be paid to macro and downstream device changes [26]. - **Pure Benzene**: The cost support weakens as oil prices decline, and there is supply pressure in the short term. There is an expectation of seasonal improvement in the third - quarter, and it is recommended to use a monthly spread band - trading strategy [27]. - **Benzene Ethylene**: The cost end is oscillating, the supply is sufficient, and the downstream demand is weak, resulting in poor spot trading [28]. - **Polypropylene & Plastic**: The polyethylene supply pressure increases as maintenance devices restart, and the demand is weak. Polypropylene has bottom support from maintenance devices, but the demand is still weak [29]. - **PVC & Caustic Soda**: PVC supply increases, demand is weak, and inventories are accumulating. Caustic soda is under pressure at a high level, and the futures price is expected to be weak [30]. - **PX & PTA**: PX supply - demand improves, but PTA demand weakens, dragging down PX. PTA has a driving force for upward repair of processing margins [31]. - **Ethylene Glycol**: There is a possibility of supply contraction, and it is recommended to have a short - term long position, with the main risk being a decline in oil prices [32]. - **Short Fiber & Bottle Chip**: Short fiber demand shows resilience, and it can be treated bullishly. Bottle chip production is cut, orders are weak, and the spot profit is recovering [33]. Metals - **Precious Metals**: The performance of precious metals is sensitive to event - driven factors, and they are expected to oscillate. Attention should be paid to the US retail sales data [3]. - **Copper**: The copper price oscillated and closed lower. It is recommended that short - position holders consider option strategies [4]. - **Aluminum**: The Shanghai aluminum market is fluctuating narrowly, and there is short - term callback pressure due to inventory accumulation in the off - season [5]. - **Alumina**: The upward trend of the alumina spot price eases, the production capacity is in a surplus state, and the futures price is unlikely to decline significantly [6]. - **Cast Aluminum Alloy**: It follows the trend of Shanghai aluminum, with weak demand but certain resilience due to tight scrap aluminum supply [7]. - **Zinc**: The supply is increasing, the demand is weak, and the price is running weakly. It is recommended to short on rebounds [8]. - **Lead**: The price is under pressure to decline, and it is advisable to wait for low - buying opportunities [9]. - **Nickel & Stainless Steel**: The Shanghai nickel market has room for rebound, and it is advisable to wait for a better short - selling position. The stainless steel market is in the off - season, and the spot trading is weak [10]. - **Tin**: The tin price declined, and it is recommended to short [11]. - **Carbonate Lithium**: The price is oscillating and rebounding, but the supply is abundant, and it is advisable to start short - position layout [12]. - **Industrial Silicon**: The futures price is slightly correcting, the fundamentals are improving marginally, and it is expected to oscillate strongly. Attention should be paid to the change in warehouse receipts [13]. - **Polysilicon**: The futures price is rebounding, and it is expected to oscillate strongly in the short term, with policy expectations as the main trading logic [14]. - **Rebar & Hot Rolled Coil**: The steel price is strengthening again. The demand is weak, and the market is waiting for the implementation of substantial measures. The short - term trend may be volatile [15]. - **Iron Ore**: The price is rising. The supply is relatively stable, the demand is at a relatively high level, and the short - term trend follows that of steel products, with limited upward space [16]. - **Coke**: The price is oscillating downward. The price increase is expected to be implemented, and the price follows that of steel products [17]. - **Coking Coal**: The price is oscillating downward. The supply is increasing, and the price follows that of steel products [18]. - **Silicon Manganese**: The price is under pressure, and it follows the trend of rebar [19]. - **Silicon Iron**: The price is under pressure, and it follows the trend of rebar [20]. Agricultural Products - **Soybean & Soybean Meal**: There is news about a potential Sino - US trade agreement, which affects the prices of US soybeans and domestic soybean meal. Attention should be paid to trade news and weather in the US soybean - producing areas [37]. - **Soybean Oil & Palm Oil**: The price of US soybeans is rising, and attention should be paid to weather in the US soybean - producing areas. Palm oil is in an adjustment state. It is recommended to take a long - position strategy for vegetable oils in the long term [38]. - **Rapeseed Meal & Rapeseed Oil**: The price of Canadian rapeseed is likely to oscillate weakly in the short term. The domestic rapeseed market is expected to oscillate due to factors such as potential imports from Australia [39]. - **Soybean No. 1**: The domestic soybean price is rebounding. Attention should be paid to weather in the northeastern region and policy changes [40]. - **Corn**: The Dalian corn price is oscillating downward. The US corn is growing well, and the domestic corn market may continue to decline [41]. - **Live Pig**: The futures price of live pigs has dropped significantly, and the supply is abundant. The price is expected to decline in the medium term [42]. - **Egg**: The egg futures price is oscillating and correcting. The short - term downward space is limited, and the long - term cycle has not reached the bottom [43]. - **Cotton**: The US cotton is growing well, and the USDA report is bearish. The Zhengzhou cotton price is restricted by weak demand, but the inventory is expected to be tight, and it is advisable to wait and see [44]. - **Sugar**: The US sugar price is under pressure, and the domestic sugar price is expected to oscillate. Attention should be paid to production data and weather [45]. - **Apple**: The futures price is oscillating. The new - season apple production is estimated to be bearish, and a short - position strategy is recommended [46]. - **Timber**: The timber price is oscillating. The supply is limited, but the demand is in the off - season, and it is advisable to wait and see [47]. - **Pulp**: The pulp futures price is slightly declining. The supply is relatively loose, the demand is weak, and it is advisable to wait and see or conduct short - term operations [48]. Others - **Container Freight Index (European Line)**: The 08 contract will converge with the spot price, and the upward space of the far - month contract is limited. Attention should be paid to the spot price [21]. - **Stock Index**: The short - term market risk preference is slightly bullish. In terms of market style, it is recommended to increase the allocation of technology growth assets on the basis of dividend assets [49]. - **Treasury Bond**: The treasury bond futures price is oscillating. The global interest - rate cut trend is slowing down, and the domestic bond market may experience increased volatility [50].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Cotton futures prices reached a new high for the year. The trend strength of cotton is neutral with a value of 0 [1][4]. - Domestic cotton spot trading was average, with local basis - locked transactions and stable overall basis. The cotton yarn market was lackluster, and the cotton fabric market had few real orders and high inventory [2]. - ICE cotton futures fluctuated narrowly after two consecutive days of gains and were waiting for the export sales data on Thursday [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - CF2509 closed at 13,990 yuan/ton yesterday with a daily increase of 1.01%, and 14,165 yuan/ton in the night session with a night - session increase of 1.25%. Trading volume was 386,635 lots, an increase of 89,128 lots from the previous day, and the open interest was 883,428 lots, an increase of 37,744 lots [1]. - CY2509 closed at 20,180 yuan/ton yesterday with a daily increase of 0.65%, and 20,360 yuan/ton in the night session with a night - session increase of 0.89%. Trading volume was 7,504 lots, a decrease of 1,999 lots from the previous day, and the open interest was 20,395 lots, an increase of 1,045 lots [1]. - ICE cotton 12 closed at 68.56 cents/pound yesterday with a decrease of - 0.01% [1]. - **Warehouse Receipt Data**: - Zhengzhou cotton warehouse receipts were 9,643, a decrease of 73 from the previous day, and the effective forecast was 223, unchanged from the previous day [1]. - Cotton yarn warehouse receipts were 98, unchanged from the previous day, and the effective forecast was 0, an increase of 98 from the previous day [1]. - **Spot Data**: - The price of Beijiang 3128 machine - picked cotton was 15,320 yuan/ton, an increase of 120 yuan/ton from the previous day with a growth rate of 0.79%. The price of Nanjiang 3128 machine - picked cotton was 14,990 yuan/ton, an increase of 120 yuan/ton from the previous day with a growth rate of 0.81% [1]. - The price in Shandong was 15,226 yuan/ton, a decrease of 38 yuan/ton from the previous day with a decline rate of - 0.25%. The price in Hebei was 15,313 yuan/ton, a decrease of 49 yuan/ton from the previous day with a decline rate of - 0.32% [1]. - The 3128B index was 15,272 yuan/ton, a decrease of 30 yuan/ton from the previous day with a decline rate of - 0.20%. The international cotton index M was 76.14 cents/pound, an increase of 0.58% from the previous day [1]. - The price of pure - cotton carded yarn 32S was 20,520 yuan/ton, unchanged from the previous day. The arrival price of pure - cotton carded yarn 32S was 22,122 yuan/ton, an increase of 13 yuan/ton from the previous day with a growth rate of 0.06% [1]. - **Spread Data**: - The CF9 - 1 spread was 95 yuan/ton, a decrease of 30 yuan/ton from the previous day. The spread between Beijiang 3128 machine - picked cotton and CF509 was 1,330 yuan/ton, a decrease of 20 yuan/ton from the previous day [1]. 3.2 Macro and Industry News - **Domestic Cotton Spot**: According to TTEB, cotton spot trading was average, with local basis - locked transactions and stable overall basis. Different regions and qualities of cotton had different basis quotes [2]. - **Domestic Cotton Textile Enterprises**: The pure - cotton yarn market had little change in trading, and the overall atmosphere was still dull. Yarn prices were stable with a slight upward trend, and downstream enterprises were gradually digesting the previous price increases. The off - season continued, and spinning mills continued to reduce production by lowering the operating rate to relieve inventory pressure. The all - cotton fabric market had few real orders, and manufacturers had high inventory and poor sales [2]. - **US Cotton**: ICE cotton futures fluctuated narrowly after two consecutive days of gains and were waiting for the export sales data on Thursday [2]. 3.3 Trend Strength The trend strength of cotton is 0, indicating a neutral trend, with the value ranging from - 2 (most bearish) to 2 (most bullish) [4].

Group 1: Company Performance and Strategy - The report highlights that Guoquan (锅圈) is expected to achieve a net profit of approximately 180-210 million yuan in H1 2025, representing a year-on-year increase of about 111%-146% compared to 85.5 million yuan in H1 2024 [4] - The core operating profit for Guoquan is projected to be around 180-210 million yuan, up approximately 44%-68% from 125 million yuan in the same period last year, driven by revenue growth and operational efficiency improvements [4] - Guoquan continues to implement its community central kitchen strategy, expanding its instant retail store network and enhancing store operational efficiency through a multi-channel approach [4] Group 2: Market Trends and Competitive Landscape - Jitu Express (极兔速递) has seen a significant increase in business volume, achieving 1.69 billion parcels in Q2 2025, a year-on-year growth of 65.9%, benefiting from the e-commerce demand in Southeast Asia and effective pricing strategies [8][9] - The company is expected to maintain its aggressive pricing strategy to capture more market share, with a projected revenue growth of 16% to 149.94 billion yuan by 2027 [11] - The report indicates that the demand for AI chips in China is anticipated to reach approximately 50 billion USD in the next two to three years, with Nvidia's H20 chip resuming supply in China potentially boosting its market presence [14][18] Group 3: Collaborations and Partnerships - Shengqu Games (盛趣游戏) has entered into a deep cooperation agreement with Tianqiong Interactive to explore the multi-dimensional value of the "Legend" IP, which is expected to enhance the ecosystem of these classic IPs in the mobile and film sectors [22] - The partnership allows Tianqiong Interactive exclusive rights to various derivative products related to the "Legend" and "Legend World" games, while Shengqu Games will focus on developing official products to improve user experience [22] Group 4: Policy and Urban Development Insights - The report discusses the central urban work conference held in July 2025, emphasizing the need for cities to transition from large-scale expansion to improving existing urban quality, aligning with the "People's City" concept [24][25] - It outlines the importance of innovation, livability, environmental sustainability, resilience, and cultural preservation in building "good cities" that meet the aspirations of the people [25][29][30]

1. Report Industry Investment Rating Most of the industries in the report are rated as "oscillating", with the exception of the log industry which is rated as "oscillating weakly", and the sugar industry which is expected to "oscillate weakly" in the long - term and "oscillate" in the short - term [7][8][9][10][12][14][16][17][18]. 2. Core View of the Report The report analyzes multiple agricultural and related industries, finding that most industries are currently in an oscillating state. Some industries face supply - demand imbalances, such as the oversupply in the hog industry; others are affected by factors like weather, policies, and trade relations, such as the possible weather - related speculation in natural rubber and the impact of trade agreements on protein meal [1][7][8]. 3. Summary by Variety 3.1 Oils and Fats - **View**: Oscillating and differentiating, with soybean and rapeseed oils oscillating strongly yesterday. - **Logic**: Good growth of US soybeans, a decrease in US soybean oil inventory, an increase in the expected demand for soybean oil in biodiesel, and the Brazilian biodiesel blending ratio increase. However, there is also pressure from the increase in palm oil production and the high inventory of domestic rapeseed oil [7]. 3.2 Protein Meal - **View**: Due to the signing of the Sino - Australian trade memorandum of understanding, the double - meal oscillated and slightly declined. - **Logic**: Abroad, the growth of US soybeans is smooth, but the export prospects are worrying; Brazil's exports are still high. Domestically, the signing of the Sino - Australian memorandum implies new Australian seed imports, with supply pressure leading to weak spot prices, but concerns about Sino - US trade support the futures prices. It is expected to oscillate in the short - term and be strong in the long - term [8]. 3.3 Corn/Starch - **View**: Spot transactions are light, and futures and spot prices oscillate weakly. - **Logic**: Futures prices rebounded slightly during the day and then fell back. On the spot side, supply at ports and deep - processing plants decreased, and there were price adjustments at some deep - processing plants. Deep - processing production and consumption data changed slightly, and there is a risk of supply shortage before the new grain is listed in large quantities [9][10]. 3.4 Hogs - **View**: Upstream slaughtering puts pressure on hog prices. - **Logic**: In the short - term, large hogs are being slaughtered at an accelerated pace, but the average weight has bottomed out and rebounded, and farmers are still reluctant to sell standard hogs. In the medium - term, the number of new - born piglets has been increasing, and there is room for an increase in hog slaughter in the second half of the year. In the long - term, the current production capacity is still high. The demand for pork has increased week - on - week, and the weight - reduction trend is blocked. In the short - term, the market has positive sentiment, but in the medium - and long - term, there is supply pressure in the third quarter [1][10]. 3.5 Natural Rubber - **View**: There may be weather - related speculation, but the expected increase is limited. - **Logic**: The rubber price rose rapidly at the end of trading yesterday, possibly due to weather - related speculation about a typhoon landing in Hainan Island or external capital. The trading logic follows the macro - sentiment, and the fundamentals are currently stable. The supply is affected by the rainy season, and the demand is relatively stable [12][13]. 3.6 Synthetic Rubber - **View**: The futures price rebounded after a decline. - **Logic**: The futures price followed the commodity adjustment and then rebounded due to the impact of natural rubber. The upward driving force is not obvious, but there is support from the macro - environment and the improvement in butadiene trading. It is expected to oscillate within a range [14]. 3.7 Cotton - **View**: Cotton prices increased with increased positions, breaking through the 14,000 - yuan mark. - **Logic**: In the medium - and long - term, the cotton market is loose, and the new cotton in Xinjiang is expected to increase in production. The demand is in the off - season, but the current commercial inventory is low. Yesterday, the futures price increased with increased positions, but there are multiple factors restricting further increases, and there is a risk of decline when new cotton is listed in large quantities [14]. 3.8 Sugar - **View**: Sugar prices fluctuated within a narrow range. - **Logic**: In the medium - and long - term, sugar prices are under downward pressure due to the expected supply surplus in the 25/26 sugar - making season. In the short - term, the decline in Brazilian sugar production and high domestic sales rates support sugar prices, but the increase in Brazilian production and exports and domestic imports will increase supply pressure [16]. 3.9 Pulp - **View**: The trend is dominated by the macro - environment, with a stalemate - type fluctuation. - **Logic**: The futures price fluctuated horizontally, and the supply - demand relationship is in a stalemate. The upward driving force comes from the macro - environment, but there is pressure at 5200 - 5300 yuan. In the short - term, there is a slight rebound space, and in the medium - term, there may be a phased increase, but the height is limited [17]. 3.10 Logs - **View**: There are few fundamental contradictions, and the short - term futures price oscillates. - **Logic**: Spot prices are weak due to the impact of delivery products, and the cost of importers has increased. Although it is the off - season, the overall demand is stable, and the market is in the bottom - building stage. There is no clear driving force for upward or downward movement in the short - term [18][19].