Core Insights - The agricultural cooperation between Central Asian countries and China is expanding, benefiting more people in the region [1] Group 1: Agricultural Technology Exchange - The collaboration includes exchanges between universities and farms, with a focus on smart agriculture and greenhouse technology [2][3] - Chinese institutions, such as Northwest A&F University, are sharing advanced agricultural technologies, including real-time monitoring systems for crop production [2] - The Kazakh government is promoting the enhancement of agricultural intelligence, which aligns with China's technological advancements [3] Group 2: Investment and Employment Opportunities - Chinese companies, like Xi'an Aijiu Group, have established processing facilities in Kazakhstan, creating job opportunities for local residents [4] - The group has signed a 1.5 million mu "contract farming" agreement to address local farmers' funding and market access issues [4] - The investment has led to significant local employment and skill development, with local workers receiving training from Chinese experts [4] Group 3: Cotton Industry Collaboration - China has been actively collaborating with Central Asian countries in the cotton sector, leveraging the region's favorable growing conditions [5][6] - Joint laboratories and technology demonstration zones have been established to enhance cotton production and processing techniques [6] - The cooperation has resulted in a complete cotton industry chain in Tajikistan, from planting to processing [6][7] Group 4: Broader Agricultural Cooperation - The agricultural cooperation extends beyond cotton to include rice, veterinary science, and fruit tree cultivation [7] - The partnership aims to improve the overall agricultural research and industry standards in Central Asian countries [7] - The long-term nature of agricultural investments necessitates building strong relationships with local communities and stakeholders [7]

Core Viewpoint - The article highlights the successful implementation of China's subsurface drip irrigation technology in Uzbekistan, significantly improving cotton yields and promoting agricultural modernization in the region [1][5]. Group 1: Technology Implementation - The introduction of subsurface drip irrigation technology from China has transformed cotton farming practices in Uzbekistan, addressing issues of low yield and water wastage associated with traditional irrigation methods [1][5]. - Abdullah Bekmatov, a local cotton farmer, reported that his cotton yield increased by 30% to 50% compared to other farmers after adopting the drip irrigation technology [1]. - In 2023, Bekmatov achieved a cotton yield of over 430 kilograms per mu, with some plots reaching 450 kilograms, effectively doubling his previous output [2]. Group 2: Challenges and Solutions - Initial skepticism among local farmers regarding the cost and complexity of the new technology posed a challenge to its adoption [3]. - To overcome these challenges, a hands-on approach was taken, with Chinese experts providing practical training on irrigation techniques and water-fertilizer management [4]. - The success of Bekmatov's farming practices has inspired greater trust and interest among local farmers, leading to wider adoption of the technology [4]. Group 3: Broader Impact - The collaboration between Chinese agricultural experts and Uzbek farmers is part of a larger initiative under the Belt and Road Initiative, focusing on agricultural modernization in Uzbekistan [5]. - The spread of subsurface drip irrigation technology is seen as a catalyst for revitalizing local agriculture and enhancing bilateral relations between China and Uzbekistan [5].

Group 1 - The core viewpoint of the article highlights the significant progress in cotton cultivation in China, with a total planting area reaching 44.823 million acres this year, showing good growth conditions [1] - The "Sustainable Development of Chinese Cotton" project initiated by the China Cotton Association has made notable advancements in Xinjiang, with 1.2 million acres of certified cotton fields producing a total of 430,000 tons of "sustainable cotton" [1]

Core Insights - The total cotton planting area in China has reached 44.823 million acres this year, with favorable growth conditions reported [1] - The cotton planting area in the Xinjiang region has reached 40.9 million acres, showing a year-on-year increase of 3.3% [1] - Current weather conditions in Xinjiang are slightly warmer than usual, with less rainfall, which is beneficial for cotton production [1] Industry Summary - The cotton planting area in the Yellow River and Yangtze River basins remains stable, indicating consistent agricultural practices in these regions [1] - By the end of May, most cotton in Xinjiang has entered the budding stage, suggesting a timely growth cycle [1] - Advanced agricultural technology, such as smart valves and climate stations, is being utilized in cotton farming, promoting digitalization and precision agriculture [1]

智通财经6月12日电，中华全国供销合作总社中国棉花协会今天（12日）发布，今年全国棉花种植面积 达到4482.3万亩，目前长势良好。中国棉花协会发布的数据显示，黄河流域、长江流域棉花种植面积保 持稳定，新疆棉花种植面积达4090万亩，同比增长3.3%。当前新疆棉区长势良好，5月底新疆大部棉花 进入现蕾期。进入6月后，全疆平均气温较常年略偏高，降水较常年偏少，气象条件对棉花生产较有 利。 今年我国棉花种植面积达4482.3万亩 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The textile industry is showing characteristics of the off - season in consumption. Enterprises have poor performance in new orders, with limited overall increase in summer orders. Orders are mostly short, fast, and small, and some enterprises are reducing shifts and overall operating rates are slowly decreasing. Some spinning enterprises are in an inventory - accumulation state with poor profit margins, which affects their raw material procurement willingness, and they are cautious in raw material procurement, only replenishing inventory according to actual production needs [2] Group 3: Summary by Related Catalogs Futures Market - Zhengzhou cotton main contract closing price is 13,495 yuan/ton, up 135 yuan; cotton futures top 20 net positions are - 32,615 hands, down 26,520 hands; main contract cotton positions are 538,461 hands, up 7,811 hands; cotton warehouse receipts are 10,835 pieces, down 35 pieces. The main contract closing price of cotton yarn is 19,740 yuan/ton, up 110 yuan; cotton yarn futures top 20 net positions are 159 hands, down 105 hands; main contract cotton yarn positions are 14,414 hands, up 1,822 hands; cotton yarn warehouse receipts are 0 pieces [2] Spot Market - China's cotton price index (CCIndex:3128B) is 13,695 yuan/ton, up 49 yuan; China's imported cotton price index (FCIndexM:1% tariff) is 14,620 yuan/ton, up 59 yuan; China's imported cotton price index (FCIndexM:sliding - scale duty) is 14,416 yuan/ton, up 38 yuan. China's yarn price index (pure - cotton carded yarn 32 - count) is 20,300 yuan/ton, unchanged; the arrival price of imported cotton yarn price index (pure - cotton carded yarn 32 - count) is 21,815 yuan/ton, up 92 yuan; the arrival price of imported cotton yarn price index (pure - cotton combed yarn 32 - count) is 23,690 yuan/ton, up 10 yuan [2] Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output is 6.16 million tons, up 0.54 million tons [2] Industry Situation - The cotton - yarn price difference is 5,680 yuan/ton, down 59 yuan; the national industrial inventory of cotton is 833,000 tons, down 31,000 tons; the monthly import volume of cotton is 60,000 tons, down 10,000 tons; the monthly import volume of cotton yarn is 120,000 tons, down 10,000 tons; the import cotton profit is 145 yuan/ton, down 20 yuan; the national commercial inventory of cotton is 4.1526 million tons, down 0.687 million tons [2] Downstream Situation - The yarn inventory days are 21.12 days, up 0.14 days; the坯布 inventory days are 32.54 days, up 1.37 days; the monthly cloth output is 2.72 billion meters, down 0.159 billion meters; the monthly yarn output is 1.987 million tons, down 0.1835 million tons; the monthly export value of clothing and clothing accessories is 1,160,655,800 US dollars, up 25,528,300 US dollars; the monthly export value of textile yarns, fabrics and products is 1,257,966,400 US dollars, up 52,872,600 US dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 6.93%, down 3.84 percentage points; the implied volatility of cotton at - the - money put options is 6.93%, down 3.83 percentage points; the 20 - day historical volatility of cotton is 9.62%, up 0.34 percentage points; the 60 - day historical volatility of cotton is 12.54%, up 0.12 percentage points [2] Industry News - In Xinjiang, it is expected that from June 9th to 13th, there will be high - temperature weather above 35°C in most parts of the Southern Xinjiang Basin and some areas in Eastern Xinjiang, with local maximum temperatures above 37°C and even above 40°C in some areas of Turpan and Hami. Most of the cotton in Xinjiang is in the budding stage, and fruits are in the flowering and fruit - setting stage. The risk of high - temperature heat damage in the budding stage of cotton in most parts of Southern Xinjiang is high or very high, and the risk of high - temperature heat damage in the red - date planting areas in Southern and Eastern Xinjiang is very high. Internationally, as of the week ending June 1st, 2025, the sowing of US cotton is 66% complete, 14% higher than the previous week, 2% lower than the same period last year, and 3% lower than the five - year average [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - ICE cotton lacks fundamental upward drivers and is expected to maintain low - level fluctuations until there are new weather problems in US cotton - growing areas or significant changes in US trade agreements [4][16] - Domestic cotton futures follow the overall financial market sentiment. Concerns about tightening domestic cotton inventories drive the basis stronger, but if the downstream business situation deteriorates, the de - stocking momentum may slow, and the basis may not continue to rise. Cotton futures are also expected to maintain low - level fluctuations [1][16] Summary by Relevant Catalogs 1.行情数据 - ICE cotton main contract: opened at 65.16, reached a high of 66.70, a low of 64.71, and closed at 65.58, up 0.49 (0.75%). The trading volume was 131,983 lots, an increase of 48,661 lots, and the open interest was 111,792 lots, an increase of 543 lots [4] - Zhengzhou cotton main contract: opened at 13,305, reached a high of 13,395, a low of 13,200, and closed at 13,360, up 85 (0.64%). The trading volume was 678,385 lots, a decrease of 189,744 lots, and the open interest was 530,650 lots, a decrease of 15,282 lots [4] - Cotton yarn main contract: opened at 19,555, reached a high of 19,690, a low of 19,415, and closed at 19,630, up 105 (0.54%). The trading volume was 19,681 lots, a decrease of 14,623 lots, and the open interest was 12,592 lots, an increase of 7,506 lots [4] 2. 基本面 2.1 International Cotton Situation - **ICE cotton trend**: This week, it fluctuated within a narrow range with a weak overall trend. It once rebounded by over 2% on Monday due to a weaker US dollar and a sharp rise in crude oil prices but failed to sustain the upward momentum. Favorable weather in US cotton - growing areas is conducive to catching up with the sowing progress, causing it to fall again [4] - **US cotton weekly export sales data**: As of the week ending May 29, 2024/25 US upland cotton weekly contracts were 24,900 tons, a 7% weekly decrease and a 2% decrease from the four - week average. 2025/26 US upland cotton cumulative contracts were 303,200 tons, a 25% year - on - year decline. 2024/25 US upland cotton weekly shipments were 71,700 tons, a 15% month - on - month increase and a 1% increase from the four - week average [5] - **Other major cotton - producing and consuming countries**: - India: Sowing in northern India is going smoothly. The domestic market price shows a differentiated trend. About 80% - 85% of the estimated sowing area in northern India has been completed, and it is expected to finish all sowing by June 10 [6] - Brazil: The domestic textile industry has grown. The 2025 season's lint output in Mato Grosso is expected to reach a record high of 2.76 million tons. From January to April 2025, Brazilian textile production increased by 13.7% year - on - year, and the industry added 8,000 jobs [6] - Pakistan: Cotton import demand is low. The sowing progress in Sindh is far behind last year. The national cotton planting area is expected to reach 95% of last year's, with a preliminary estimated output of 6.5 - 7.5 million bales. The domestic market trading has slowed down, and import demand remains low [7] - Bangladesh: There are some positive news in energy and government budgets. Due to the approaching Eid al - Fitr holiday, textile enterprises' procurement pace has slowed down. The energy supply problem of textile enterprises may be alleviated, and the government has announced the next fiscal year's budget [8] - Australia: The 2024/25 lint output forecast has been raised to 1.2 million tons, an 11.1% increase from the previous forecast and about a 12% increase from the 2023/24 season [9] - **Southeast Asian textile industry startup rates**: As of the week ending June 6, India's textile enterprise startup rate was 74%, Vietnam's was 65%, and Pakistan's was 33.5% [9] 2.2 Domestic Cotton Situation - **Zhengzhou cotton futures and basis**: From May 30, domestic cotton futures and spot prices first fell and then rose. The spot trading was relatively light, but there were large local trading volumes. Some textile enterprises and traders continued to lock in cotton spot purchases. The cotton spot sales basis showed a stable - to - strong trend [10] - **Cotton warehouse receipts**: As of June 6, there were 10,870 registered warehouse receipts and 371 forecast warehouse receipts for No. 1 cotton, totaling 11,241 receipts, equivalent to 472,122 tons [10] - **Downstream market**: - Cotton yarn market: The market continued to be weak, with light trading. Weaving yarn performed better than knitting yarn. Cotton yarn prices continued to decline slightly, and spinning enterprises' profits continued to deteriorate. Spinning enterprise inventories continued to accumulate, and the startup rate decreased [11] - Cotton fabric market: The off - season atmosphere continued. After the Dragon Boat Festival, weavers' production enthusiasm was low, and production was controlled. The startup rate continued to decline, and subsequent orders were weak, with inventory rising [11] 3. 基础数据图表 - The report provides 14 charts, including those related to Xinjiang cotton cumulative processing volume, cotton commercial inventory, spinning enterprises' cotton inventory, etc., but no specific data analysis in the text [13][14][15] 4. 操作建议 - ICE cotton is expected to maintain low - level fluctuations until there are new factors. Domestic cotton futures are also expected to maintain low - level fluctuations, and the stability of cotton demand is based on low cotton prices [16]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The fundamentals of cotton provide limited driving force, and it is expected to operate slightly weaker within a range. In the international market, due to continuous macro - disturbances and limited fundamental driving forces, ICE cotton is expected to maintain a low - level oscillating performance. In the domestic market, terminal demand is a major factor affecting cotton prices, and the Zhengzhou cotton futures price is expected to operate slightly weaker within a range in the short term [4][11][12]. Summary According to Relevant Catalogs Supply - **Global Production Forecast**: The USDA May report predicts that the global cotton production in the 2025/26 season will be 25.651 million tons, a year - on - year decrease of 710,000 tons or 2.7%. China's production is expected to be 6.314 million tons, a decrease of 653,000 tons or 9.4%, but the market believes the USDA underestimates it. Brazil's production is estimated at 3.974 million tons, a 7.4% increase; the US production is expected to be 3.157 million tons, a 0.6% increase; Australia's production is expected to be 893,000 tons, a 26.8% decrease [6][38]. - **US Drought Impact**: The area affected by drought in the US is gradually decreasing. As of May 20, 2025, the US drought - affected area accounted for 31.65% (D1 - D4 level), a month - on - month decrease of 1.60 percentage points [42][45]. - **US Planting Progress**: As of May 25, 2025, the US cotton planting progress was 52%, 4 percentage points lower than the five - year average [50]. - **China's Planting Area**: China's new cotton planting area in Xinjiang may increase slightly year - on - year, and China's cotton is still likely to have a good harvest this year [12]. - **China's Pima Cotton Sales**: As of May 22, 2025, China's cotton sales volume was 5.546 million tons, and the sales rate was 83.10%, both higher than the same period in previous years [56]. Demand - **Global Consumption Forecast**: The USDA May report predicts that the global cotton consumption in the 2025/26 season will be 25.708 million tons, a year - on - year increase of 304,000 tons or 1.2%. China's consumption is expected to be 7.947 million tons, a decrease of 109,000 tons [7][57]. - **US Retail Sales**: In April 2025, the US clothing and clothing accessories retail sales were $25.837 billion, a month - on - month decrease of 0.4% and a year - on - year increase of 3.5% [60]. - **Overseas Textile Enterprises' Operating Rates**: As of May 30, 2025, Vietnam's textile enterprises' operating rate was 65%, a week - on - week decrease of 1 percentage point; India's was 75%, a decrease of 0.5 percentage points; Pakistan's was 58.5%, remaining flat [63]. - **China's Retail Sales**: In April 2025, China's clothing, footwear, and textile products retail sales were 108.8 billion yuan, a year - on - year increase of 2.2%; from January to April, the cumulative retail sales were 493.9 billion yuan, a cumulative year - on - year increase of 3.1%. The growth rate was lower than that of social retail sales [7][66]. - **Yarn and Grey Cloth Operating Loads**: As of May 30, 2025, the yarn comprehensive operating load was 55.28%, a week - on - week increase of 0.48 percentage points; the pure - cotton yarn mill load was 54.08%, a decrease of 0.12 percentage points. The short - fiber cloth comprehensive load was 51.84%, a week - on - week decrease of 1.22 percentage points; the all - cotton grey cloth load was 49.52%, a decrease of 1.6 percentage points [7][67][70]. Import and Export - **Global Import Forecast**: The global cotton import volume in the 2025/26 season is expected to be 9.759 million tons, an increase of 510,000 tons year - on - year. China's import volume is expected to be 1.524 million tons, an increase of 218,000 tons [8][71]. - **China's Textile and Clothing Exports**: In April 2025, China's textile yarn, fabric, and related product export value was $12.58 billion, a year - on - year increase of 3.2%; from January to April, the cumulative export value was $45.848 billion, a year - on - year increase of 3.8%. The clothing and clothing accessories export value was $11.607 billion, a year - on - year decrease of 1.17%; from January to April, the cumulative export was $44.62 billion, a year - on - year decrease of 1.5% [8][81]. - **China's Cotton Imports**: In April 2025, China imported 60,000 tons of cotton, at a low level in recent years [83]. - **China's Cotton Yarn Imports**: In April 2025, China imported 120,000 tons of cotton yarn, a slight month - on - month decrease [88]. Inventory - **US Retail and Wholesaler Inventories**: In March 2025, the US clothing and clothing accessories retail inventory was $58.329 billion, a month - on - month decrease of 0.15% and a year - on - year increase of 3.66%. The wholesaler inventory was $27.813 billion, a month - on - month decrease of 0.79% and a year - on - year decrease of 6.46% [101]. - **Yarn and Grey Cloth Inventories**: As of May 30, 2025, the yarn comprehensive inventory was 23.74 days, a week - on - week increase of 0.54 days; the short - fiber cloth comprehensive inventory was 30.92 days, a week - on - week increase of 0.36 days [102]. - **Spinning Enterprises' Inventories**: As of May 30, 2025, the spinning enterprises' cotton inventory was 33.42 days, a week - on - week increase of 0.08 days; the cotton yarn inventory was 20.5 days, a week - on - week increase of 0.68 days [104]. - **Weaving Mills' Inventories**: As of May 30, 2025, the weaving mills' cotton yarn inventory was 8.02 days, a week - on - week decrease of 0.78 days; the all - cotton grey cloth inventory was 33.1 days, a week - on - week increase of 0.62 days [105]. - **China's Commercial Cotton Inventory**: As of mid - May 2025, China's commercial cotton inventory was 3.834 million tons, a month - on - month decrease of 318,600 tons, at a low level in recent years [9]. Options - **Cotton Option Volatility**: The historical volatility of cotton options decreased month - on - month [114].

Core Viewpoint - Recent rebound in cotton prices is primarily influenced by substantial progress in high-level economic talks between China and the U.S., although macroeconomic uncertainties and favorable weather conditions for the new crop year may limit the extent of price increases [1][2][3] Group 1: Economic Factors - The high-level economic talks on May 10-11 resulted in significant tariff reductions, boosting market sentiment and leading to a rebound in cotton prices [1] - G7 finance ministers discussed imposing tariffs on small packages from China, with China's apparel exports to G7 countries (excluding the U.S.) accounting for 19.2% of total exports, which could significantly impact cotton demand [1][2] Group 2: Market Demand - Downstream enterprises reported a surge in shipments to the U.S. following the tariff reductions, but the overall demand remains weak due to several factors, including previous stockpiling and the cancellation of the small package tax exemption [2] - The 24% tariff suspension is temporary (90 days), creating uncertainty in global trade dynamics, which makes enterprises cautious about new orders [2] Group 3: Production Outlook - New cotton planting is nearly complete, with initial weather conditions being favorable, leading to optimistic expectations for increased production in Xinjiang [2] - The cotton production in Xinjiang is projected to reach a ten-year high, which may exert strong upward pressure on prices and limit the current rebound [2][3]

在村民努尔海的600亩棉田，智能化植保设备正在进行叶面喷施作业。"技术人员提前两周就来讲解病 虫害防治方案，现在每天能处理600亩地，比人工效率提升10倍。"努尔海坦言，从播种时的精量点播 到现在的机械化田管，全程科技赋能让棉农尝到甜头。据了解，该镇今年棉田机械化中耕率达100%， 配套推广的生物防治技术覆盖率超80%。 "种子落地，田管跟进。我们建立了'技术人员包村、村干部包户'的双包联机制。"大河沿子镇党委委员 仝军介绍，全镇已组建12支田管服务小队，针对不同地块制定"个性化"管理方案。目前全镇化调作业 完成率达90%，中耕进度过半，预计5月20日前全面完成苗期管理关键环节。下一步将重点推进病虫害 绿色防控，通过性诱剂、杀虫灯等物理防治手段，实现农药使用量同比减少20%的目标。 据悉，大河沿子镇棉花种植面积占精河县40%以上，近年来通过构建"良种繁育+全程机械化+科技服 务"产业体系，棉花单产和质量水平位居全疆前列。此次田管行动的高效推进，不仅为年度丰收奠定基 础，更成为当地农业现代化发展的生动注脚。 当前正值棉花田间管理关键期，新疆精河县大河沿子镇抢抓农时推进"早化调、早中耕"田管策略，全 镇21万亩棉 ...