Report Industry Investment Rating - Not provided Core Viewpoints - The market is concerned about the situation of new cotton listing. The overall trading of domestic cotton spot is sluggish, with less inventory of high - quality lint. The pre - sale of some new cotton has relatively good transactions, and most of the spot sales basis is stable. The trading in the pure - cotton yarn market is mediocre, weaker than the same period in previous years. The sales of all - cotton grey fabrics remain stable, with thick - type fabrics having better sales [1][2]. Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: CF2601 closed at 13,885 yuan/ton yesterday with a daily increase of 0.18%, and 13910 yuan/ton in the night session with a night - session increase of 0.18%. CY2511 closed at 19,900 yuan/ton yesterday with a daily increase of 0.28%, and 20025 yuan/ton in the night session with a night - session increase of 0.63%. ICE US cotton 12 closed at 66.82 cents/pound yesterday with a daily increase of 0.09% [1]. - **Trading Volume and Position**: The trading volume of CF2601 yesterday was 279,205 lots, an increase of 70,791 lots compared with the previous day, and the position was 693,565 lots, a decrease of 7,369 lots. The trading volume of CY2511 yesterday was 11,551 lots, a decrease of 1,999 lots, and the position was 21,140 lots, an increase of 1,045 lots [1]. - **Warehouse Receipts**: The number of Zhengzhou cotton warehouse receipts yesterday was 4,899, a decrease of 118, and the effective forecast was 2, an increase of 2. The number of cotton yarn warehouse receipts was 89, a decrease of 1, and the effective forecast was 0, an increase of 90 [1]. - **Spot Prices**: The price of Northern Xinjiang 3128 machine - picked cotton was 15,152 yuan/ton, an increase of 25 yuan compared with the previous day, with a growth rate of 0.17%. The price of Southern Xinjiang 3128 machine - picked cotton was 14,845 yuan/ton, an increase of 25 yuan, with a growth rate of 0.17%. The price of cotton in Shandong remained unchanged at 15,282 yuan/ton. The price of cotton in Hebei was 15,215 yuan/ton, an increase of 7 yuan, with a growth rate of 0.05%. The 3128B index was 15,249 yuan/ton, an increase of 1 yuan, with a growth rate of 0.01%. The international cotton index M was 74.43 cents/pound, an increase of 0.23% [1]. - **Price Spreads**: The CF1 - 5 spread was 35 yuan/ton, a decrease of 5 yuan compared with the previous day. The spread between Northern Xinjiang 3128 machine - picked cotton and CF601 was 1,270 yuan/ton, unchanged from the previous day [1]. Macro and Industry News - **Domestic Cotton Spot**: The overall trading of cotton spot is sluggish. The inventory of high - quality lint is low, and the pre - sale of some new cotton has relatively good transactions. Most of the spot sales basis remains stable. The purchase price of seed cotton for wadding in Southern Xinjiang over the weekend has cooled down, and the current mainstream purchase price is around 7.4 - 7.45 yuan/kg, with cottonseed at 2.4 - 2.5 yuan/kg [2]. - **Domestic Cotton Textile Enterprises**: The trading in the pure - cotton yarn market is mediocre, weaker than the same period in previous years. Downstream enterprises mainly make rigid - demand purchases, and spinning enterprises negotiate real orders. Recently, with the decline of cotton prices, the cash flow of spinning enterprises has slightly improved. The sales of all - cotton grey fabrics remain stable, and the current market is mainly dominated by thick - type fabrics [2]. - **US Cotton Situation**: Yesterday, ICE cotton futures continued to fluctuate in a narrow range, with relatively light market news and trading [3]. Trend Intensity - The trend intensity of cotton is 0, indicating a neutral trend [5].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View The report tracks the fundamentals of cotton, including futures prices, trading volumes, positions, warehouse receipts, and spot prices. It also provides macro and industry news, indicating that the overall trading of cotton spot is sluggish, the trading of the pure - cotton yarn market is lukewarm, and ICE cotton futures are fluctuating narrowly. The trend strength of cotton is rated as neutral [1][2][4]. 3) Summary by Related Catalogs [Fundamental Tracking] - **Futures Prices**: CF2601 closed at 13,860 yuan/ton yesterday with a daily increase of 0.18%, and the night - session closing price was 13,900 yuan/ton with a night - session increase of 0.29%. CY2511 closed at 19,845 yuan/ton yesterday with a decline of 0.13%, and the night - session closing price was 19,935 yuan/ton with an increase of 0.45%. ICE cotton 12 was at 66.76 cents/pound with an increase of 0.03% [1]. - **Trading Volume and Position**: The trading volume of CF2601 was 208,414 lots, a decrease of 314 lots compared with the previous day, and the position was 700,934 lots, a decrease of 2,806 lots. The trading volume of CY2511 was 10,916 lots, a decrease of 1,999 lots, and the position was 21,486 lots, an increase of 1,045 lots [1]. - **Warehouse Receipts**: The number of Zhengzhou cotton warehouse receipts was 5,017, a decrease of 142, and the effective forecast was 0. The number of cotton yarn warehouse receipts was 90, a decrease of 1, and the effective forecast was 85 [1]. - **Spot Prices**: The price of Beijiang 3128 machine - picked cotton was 15,127 yuan/ton, an increase of 10 yuan compared with the previous day. The price of Nanjiang 3128 machine - picked cotton was 14,820 yuan/ton, an increase of 10 yuan. The price in Shandong was 15,282 yuan/ton, an increase of 8 yuan. The price in Hebei was 15,208 yuan/ton, a decrease of 8 yuan. The 3128B index was 15,248 yuan/ton, a decrease of 1 yuan [1]. - **Price Spreads**: The CF1 - 5 spread was 40 yuan/ton, unchanged from the previous day. The spread between Beijiang 3128 machine - picked cotton and CF601 was 1,270 yuan/ton, a decrease of 20 yuan [1]. [Macro and Industry News] - **Domestic Cotton Spot**: The overall trading of cotton spot is sluggish, the inventory of high - quality lint is low, and the pre - sale of some new cotton has relatively good transactions. The spot sales basis is mostly stable. The mainstream sales basis of 2024/25 Nanjiang machine - picked 3129/29 - 30B with impurities within 3.5 is CF01 + 1200 - 1350, and some are lower than this price, for inland self - pick - up. The sales basis of 2024/25 Beijiang Production and Construction Corps Agricultural Division 8 machine - picked 4129/29B with impurities within 3 is CF01 + 1500 and above, for Xinjiang self - pick - up [1][2]. - **Domestic Cotton Textile Enterprises**: The trading of the pure - cotton yarn market is lukewarm, weaker than the same period in previous years. Downstream weaving mills make just - in - time purchases, and cotton yarn prices are mainly stable, with real orders negotiated. The all - cotton grey fabric market has little change. Weaving mills say that in - machine orders are being continuously produced, but the order volume has decreased year - on - year, and it is difficult to get follow - up orders. Grey fabric prices are negotiated according to the quantity [1][2]. - **US Cotton**: Last Friday, ICE cotton futures first fell and then rose, continuing to fluctuate narrowly within the day. The USDA monthly supply and demand report basically met market expectations. The production of US cotton in the 25/26 season was slightly adjusted, and exports and ending stocks remained unchanged. In the global market, the beginning inventory, production, and consumption of Chinese cotton in the 25/26 season were mainly adjusted [1][2]. [Trend Strength] The trend strength of cotton is 0, indicating a neutral rating. The range of trend strength is an integer within the [-2, 2] interval, with -2 being the most bearish and 2 being the most bullish [4].

Core Insights - Huarong County has developed its local specialty industries significantly, with modern agriculture and green food processing industries generating over 40 billion yuan in total output value [1] - The county has achieved a land transfer rate of 65% and an agricultural mechanization rate of 80.6%, indicating a strong shift towards modern agricultural practices [1] - The income gap between urban and rural residents in Huarong County has narrowed from a ratio of 2.48 in 2012 to 1.38 in 2024, reflecting economic development and improved living standards [1] Group 1: Agricultural Development - Huarong County has a cotton planting area that once reached 500,000 mu and has developed a concentrated area of mustard greens covering 200,000 mu [1] - The area for crayfish farming has reached 345,000 mu through a "shrimp-rice intercropping" model [1] - The county has established over 3,300 new types of operating entities to support agricultural development [2] Group 2: Industry Integration and Infrastructure - Huarong County has integrated its agricultural development goals into government work reports to enhance collaboration across different administrative levels [2] - The county has attracted and nurtured 32 leading enterprises in the mustard industry, with a total of 268 strong agricultural processing enterprises [2] - Nearly 1 billion yuan has been invested in infrastructure, including the establishment of a mustard industry park with standardized factories covering 200,000 square meters [3] Group 3: Ecological and Sustainable Practices - Huarong County prioritizes ecological protection, avoiding high-pollution projects and implementing strict environmental regulations [3] - The county aims to address issues such as urban-rural development imbalance and insufficient modern agricultural development [3] - The county's leadership emphasizes the importance of creating a new agricultural platform system that integrates government and enterprise efforts for sustainable development [4][5]

Economic Overview - Hubei's economic total has surpassed 6 trillion yuan, achieving the "14th Five-Year Plan" target one year ahead of schedule [3][4] - The province's growth is driven by the integration of traditional industries and new economic drivers, leveraging its geographical advantages as a central hub in China [3][4] Industrial Transformation - Hubei is undergoing significant industrial transformation, particularly in the automotive sector, with a focus on transitioning from traditional vehicles to new energy vehicles [6][7] - The automotive industry in Hubei is set to exceed 1 trillion yuan in scale by 2024, with new energy vehicles accounting for a growing share of the market [7] Emerging Industries - Hubei is actively developing low-altitude economy initiatives, including the establishment of a general airport in Zhushan County, which serves as a testing ground for drones and low-altitude logistics [8][9] - The province's high-tech manufacturing sector has seen a 13.5% increase in value added, contributing significantly to overall industrial growth [9] Regional Specialization - Hubei's traditional industries are evolving, with regions like Tianmen leveraging their textile heritage to establish a strong e-commerce presence, resulting in a significant increase in transaction volumes [11][12] - The agricultural sector is also thriving, with regions like Suizhou focusing on specialty products like mushrooms, achieving substantial export growth [13] Cultural and Tourism Development - The cultural and tourism sector in Hubei is becoming a key driver of economic growth, with significant increases in visitor numbers and revenue [16][17] - Initiatives like the digital transformation of cultural sites, such as Wudang Mountain, are enhancing visitor experiences and driving tourism growth [18][19]

Group 1 - The core viewpoint of the news is the training organized by Zhengzhou Commodity Exchange to enhance the research capabilities of cotton and cotton yarn futures analysts, focusing on industry needs and market dynamics [1][4] - Approximately 160 analysts from futures companies, risk management subsidiaries, and industry chain enterprises participated in the training, which covered various aspects such as spot market trends, futures business rules, and risk management practices [1][4] - The training included insights from industry experts, providing a comprehensive understanding of the cotton textile industry's current situation and future trends, highlighting challenges such as insufficient terminal demand and pressure on corporate profits [1][2] Group 2 - The improvement of futures business rules is essential for ensuring stable market operations and enhancing the efficiency of futures functions, with key revisions including adjustments to delivery price spreads and optimization of quality inspection fees [2] - From January to July 2025, the cotton yarn futures market saw significant growth, with an average daily trading volume of 6,837 contracts, a 109% year-on-year increase, and an average daily open interest of 19,700 contracts, a 323% increase [2] - The training emphasized innovative risk management tools, with practical applications of "basis trading and options" discussed, showcasing how these strategies can help enterprises mitigate price decline risks and optimize hedging effects [2][3] Group 3 - The training also focused on constructing a market research framework that combines industry and macroeconomic drivers, emphasizing the need for a dynamic analysis of supply-demand balance and economic cycles [3] - Analysts expressed that the training broadened their perspectives and enhanced their ability to serve real enterprises, integrating macroeconomic conditions and industry status into their market assessments [4] - The overall goal of the training is to improve analysts' understanding and application of futures tools, thereby supporting the cotton and cotton yarn industries in pricing and risk management, contributing to high-quality development [4]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - The cotton futures price is expected to fluctuate with a slight upward trend, and attention should be paid to the situation of new cotton crops [1] 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: - CF2601 closed at 14,070 yuan/ton yesterday with a daily decline of 0.04%, and 14,270 yuan/ton in the night session with a night - session increase of 1.42%. Its trading volume was 288,889 lots, an increase of 26,527 lots from the previous day, and the open interest was 700,389 lots, a decrease of 8,588 lots [1]. - CY2511 closed at 20,090 yuan/ton yesterday with a daily decline of 0.05%, and 20,175 yuan/ton in the night session with a night - session increase of 0.42%. Its trading volume was 6,502 lots, a decrease of 1,999 lots from the previous day, and the open interest was 22,701 lots, an increase of 1,045 lots [1]. - ICE Cotton No. 12 closed at 67.28 cents/pound yesterday with an increase of 0.95% [1]. - **Warehouse Receipt Data**: - The number of Zhengzhou cotton warehouse receipts was 7,762, a decrease of 67 from the previous day, and the effective forecast was 249, unchanged from the previous day [1]. - The number of cotton yarn warehouse receipts was 69, a decrease of 5 from the previous day, and the effective forecast was 0, an increase of 74 from the previous day [1]. - **Spot Price Data**: - The price of Northern Xinjiang 3128 machine - picked cotton was 15,317 yuan/ton, a decrease of 5 yuan from the previous day with a decline of 0.03% [1]. - The price of Southern Xinjiang 3128 machine - picked cotton was 15,013 yuan/ton, unchanged from the previous day [1]. - The price in Shandong was 15,358 yuan/ton, a decrease of 15 yuan from the previous day with a decline of 0.10% [1]. - The price in Hebei was 15,306 yuan/ton, an increase of 9 yuan from the previous day with an increase of 0.06% [1]. - The 3128B index was 15,336 yuan/ton, a decrease of 6 yuan from the previous day with a decline of 0.04% [1]. - The International Cotton Index: M: CNCottonM was 74.24 cents/pound, a decrease of 0.07 cents from the previous day with a decline of 0.09% [1]. - The price of pure - cotton carded yarn 32 - count was 20,760 yuan/ton, unchanged from the previous day [1]. - The arrival price of pure - cotton carded yarn 32 - count was 21,865 yuan/ton, a decrease of 32 yuan from the previous day with a decline of 0.15% [1]. - **Spread Data**: - The CF9 - 1 spread was - 295 yuan/ton, a decrease of 10 yuan from the previous day [1]. - The spread between Northern Xinjiang 3128 machine - picked cotton and CF509 was 1,250 yuan/ton, unchanged from the previous day [1]. Macro and Industry News - **Domestic Cotton Spot**: The overall trading of domestic cotton spot was rather sluggish, with partial areas performing well, and the basis remained stable. The mainstream sales basis of 2024/25 North and South Xinjiang machine - picked cotton (3129/29 - 30B, impurity within 3.5) was CF01 + 1150 - 1400, and most of the Southern Xinjiang lint was quoted at 1150 - 1300 for inland self - pick - up. The 2024/25 Northern Xinjiang Corps machine - picked cotton (4129/29~30B, impurity within 3) was traded around CF09 + 1700 for in - Xinjiang self - pick - up [1][2]. - **Domestic Cotton Textile Enterprises**: The trading in the pure - cotton yarn market slowed down. Spinning mills reported that orders were not as good as those in the middle of the month. The market mainly sold varieties of C40S and below, and the feedback on high - count yarn was average. Cotton yarn prices were mainly stable, and spinning mills had a certain willingness to hold prices, but high - priced transactions were difficult [1][2]. - **US Cotton**: Yesterday, ICE cotton futures rose slightly. After falling below 67 cents/pound again, commercial and technical buying pushed it to rebound. The weekly US cotton export sales data was still average. As of the week ending August 21, the net increase in US cotton export sales for the 25/26 season was 179,300 bales [1][2]. Trend Intensity - The trend intensity of cotton is 0, indicating a neutral trend [4]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The futures price of cotton is fluctuating and showing a slightly stronger trend [1]. Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: CF2601 closed at 14,030 yuan/ton with 0.00% daily increase and 14,155 yuan/ton in the night session with 0.89% increase; CY2511 closed at 20,060 yuan/ton with 0.00% daily increase and 20,180 yuan/ton in the night session; ICE US cotton 12 rose 0.79% to 68 cents/pound. For trading volume and open interest, CF2601 had 214,219 contracts traded with an increase of 16,126 from the previous day and an open interest of 727,579 contracts with a decrease of 6,325; CY2511 had 5,396 contracts traded with a decrease of 1,999 and an open interest of 21,958 contracts with an increase of 1,045 [1]. - **Warehouse Receipt Data**: Zhengzhou cotton had 7,198 warehouse receipts with a decrease of 137 and 63 valid forecasts with a decrease of 125; cotton yarn had 64 warehouse receipts with a decrease of 5 and 0 valid forecasts with an increase of 69 [1]. - **Spot Price Data**: The price of Northern Xinjiang 3128 machine - picked cotton was 15,272 yuan/ton with no change; Southern Xinjiang 3128 machine - picked cotton was 14,963 yuan/ton with no change; the price in Shandong was 15,243 yuan/ton with an increase of 35 (0.23%); in Hebei, it was 15,249 yuan/ton with an increase of 45 (0.30%); the 3128B index was 15,243 yuan/ton with an increase of 33 (0.22%); the international cotton index M was 74.95 cents/pound with a decrease of 0.24%. The price of pure - cotton carded yarn 32S was 20,720 yuan/ton with an increase of 20 (0.10%), and its arrival price was 22,053 yuan/ton with an increase of 18 (0.08%) [1]. - **Spread Data**: The CF9 - 1 spread was - 270 yuan/ton with a decrease of 10; the spread between Northern Xinjiang 3128 machine - picked cotton and CF509 was 1,240 yuan/ton with no change [1]. 2. Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading had partial good transactions. Southern Xinjiang cotton was mostly traded inland. The sales basis of inland warehouse cotton spot was stable, and the shipment was average. Spinning mills mainly made rigid - demand purchases. The mainstream sales basis of 2024/25 North and South Xinjiang machine - picked 3129/29 - 30B with impurity within 3.5 was CF09 + 1400 - 1550, inland self - pick; the mainstream sales basis of 2024/25 Northern Xinjiang local machine - picked 4129/29B with impurity within 3.5 was CF01+1300 and above, Xinjiang self - pick [2]. - **Domestic Cotton Textile Enterprises**: The trading in the pure - cotton yarn market was okay. Spinning mills' inventory continued to decline. Inland spinning mills had a cash - flow loss of about 500 yuan/ton, and the current production - restriction situation had no improvement. The pure - cotton grey fabric market was generally stable and weak, with limited market improvement. The downstream inquiry and transaction were average, and the inventory pressure of weaving factories slowly decreased [2]. - **US Cotton**: Last Friday, ICE cotton futures rose slightly, driven by the US interest - rate cut expectation [3]. 3. Trend Intensity - The trend intensity of cotton is 0, indicating a neutral view. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [4][5].

Report Summary Report Industry Investment Rating No information provided. Core Viewpoints - The cotton spot trading is average, with textile enterprises mainly making rigid - demand purchases. The spot basis remains relatively stable. The trading in the pure - cotton yarn market has rebounded, but overall it is still average, and the yarn price continues to rise slightly. The ICE cotton futures are in short - term oscillation waiting for new drivers [2]. Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: For CF2601, the closing price was 14,100 yuan/ton with a daily decline of 0.18%, and the night - session closing price was 14,100 yuan/ton with no change. The trading volume was 209,409 lots, a decrease of 31,617 lots from the previous day, and the open interest was 759,524 lots, a decrease of 4,507 lots. For CY2511, the closing price was 20,145 yuan/ton with a daily decline of 0.05%, and the night - session closing price was 20,160 yuan/ton with a 0.07% increase. The trading volume was 7,879 lots, a decrease of 1,999 lots from the previous day, and the open interest was 21,914 lots, an increase of 1,045 lots. The ICE US cotton 12 closed at 67.53 cents/pound, a 0.46% decline [1]. - **Warehouse Receipt Data**: The number of Zhengzhou cotton warehouse receipts was 7,762, a decrease of 67 from 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 from the previous day, and the valid forecast was 0, an increase of 74 [1]. - **Spot Price Data**: The price of Northern Xinjiang 3128 machine - picked cotton was 15,292 yuan/ton, an increase of 50 yuan/ton (0.33%) from the previous day; the price of Southern Xinjiang 3128 machine - picked cotton was 14,983 yuan/ton, an increase of 50 yuan/ton (0.33%) from the previous day. The 3128B index was 15,243 yuan/ton, an increase of 9 yuan/ton (0.06%) from the previous day. The international cotton index M was 75.34 cents/pound, an increase of 0.26 cents/pound (0.35%) from the previous day. The price of pure - cotton carded yarn 32s was 20,700 yuan/ton, a decrease of 20 yuan/ton (- 0.10%) from the previous day [1]. - **Spread Data**: The CF9 - 1 spread was - 295 yuan/ton, a decrease of 10 yuan/ton from the previous day; the spread between Northern Xinjiang 3128 machine - picked cotton and CF509 was 1,190 yuan/ton, an increase of 80 yuan/ton from the previous day [1]. 2. Macro and Industry News - **Domestic Cotton Spot**: According to TTEB information, the cotton spot trading is average, with textile enterprises mainly making rigid - demand purchases. The offers of cotton in inland warehouses are relatively numerous, and the spot basis remains relatively stable. Different regions and qualities of cotton have different sales bases [2]. - **Domestic Cotton Textile Enterprises**: The trading in the pure - cotton yarn market has rebounded, with increased downstream restocking purchases, but overall it is still average. The feedback from textile enterprises varies greatly, and the yarn price continues to rise slightly [2]. - **US Cotton**: The ICE cotton futures declined slightly yesterday. The US Department of Agriculture lowered the US cotton production and ending stocks for the 25/26 season, providing support for the ICE cotton futures. The ICE cotton is in short - term oscillation waiting for new drivers [2]. 3. Trend Intensity The trend intensity of cotton is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [5].

Group 1 - The company reported a revenue of 3.591 billion yuan for the first half of 2025, representing a year-on-year decrease of 9.99% [1] - The net profit attributable to shareholders increased to 390 million yuan, showing a year-on-year growth of 67.53% [1] - The basic earnings per share were reported at 0.26 yuan [1] Group 2 - The company proposed a cash dividend of 1.5 yuan per 10 shares (including tax) [1]

Core Viewpoint - The cotton fiber industry in China is undergoing a critical transformation, driven by policies promoting intelligent, green, and high-value upgrades, with a focus on domestic demand recovery and export resilience despite import restrictions [1][4][14]. Group 1: Industry Overview - Cotton fiber, a natural seed fiber primarily composed of cellulose, is essential in the textile industry due to its unique structure, which provides softness and moisture absorption [2]. - The industry is categorized into three types based on botanical varieties: short-staple cotton, long-staple cotton, and coarse cotton, and further classified by processing methods and quality indicators [2]. Group 2: Development Background - China has established a systematic policy framework to support the cotton fiber industry, including various development guidelines aimed at technological innovation, green manufacturing, and digital empowerment [4]. - Xinjiang, as a major cotton-producing region, has implemented policies to enhance the cotton and textile industry through subsidies and support for intelligent and green upgrades [4]. Group 3: Current Industry Status - The cotton textile industry in China is experiencing a recovery, with a June 2025 industry prosperity index reaching 50.3%, indicating a return to growth driven by improved domestic consumption and macroeconomic signals [7]. - The domestic cotton market is projected to see an increase in production to 6.664 million tons in the 2024/25 season, while consumption is expected to decrease to 7.8 million tons, leading to a "production increase, demand decrease" scenario [14]. Group 4: Industry Chain Analysis - The cotton fiber industry chain is characterized by upstream large-scale planting, midstream intelligent processing, and downstream diversified applications, with Xinjiang accounting for 90% of national production [9]. - The downstream sector is expanding into high-value areas such as medical cotton products and biodegradable fibers, while the export sector is transitioning towards ODM/OBM models [9][11]. Group 5: Competitive Landscape - The competitive landscape of the cotton fiber industry is marked by a "dual tower" structure, with leading companies like Weiqiao Textile and Huafu Fashion dominating the market through comprehensive industry chain layouts and technological innovation [18][20]. - The industry is witnessing a trend towards increased concentration, with a significant number of small and medium enterprises seeking breakthroughs through equipment upgrades and market repositioning [18]. Group 6: Future Trends - The industry is moving towards intelligent and green transformations, with advancements in biotechnology and digital technology reshaping traditional planting and processing methods [23][24]. - There is a growing emphasis on sustainable development and circular economy practices, with organic cotton production expanding and new biomanufacturing techniques emerging [25][26].