Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - Due to favorable weather in US cotton - growing areas and a stronger US dollar, US cotton prices have declined. In the domestic market, cotton is in a de - stocking state, supply is tight before the new cotton is listed, and spot prices are firm. There are expectations for the "Golden September and Silver October" demand peak season. In 2025, China's overall cotton planting area has increased, and attention should be paid to the impact of weather on new crop growth. Before a large amount of new cotton is listed, domestic old - crop supply is tight and demand is expected to improve, but short - term external price drops have dragged down the domestic market. It is expected that futures prices will fluctuate. It is recommended to wait and see [2] Group 3: Summary by Related Catalogs Futures Market - Zhengzhou cotton's main contract closing price was 13,990 yuan/ton, down 55 yuan; cotton futures' top 20 net positions were - 52,030 lots, an increase of 2,488 lots; the main contract's cotton position was 524,531 lots, an increase of 2,765 lots; cotton warehouse receipts were 5,996 lots, a decrease of 135 lots. The main contract closing price of cotton yarn was 19,965 yuan/ton, down 30 yuan; cotton yarn futures' top 20 net positions were - 580 lots, a decrease of 70 lots; the main contract's cotton yarn position was 24,910 lots, an increase of 412 lots; cotton yarn warehouse receipts were 59 lots, a decrease of 1 lot [2] 现货市场 - The China Cotton Price Index (CCIndex: 3128B) was 15,465 yuan/ton, up 53 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn was 20,780 yuan/ton, unchanged. The China Imported Cotton Price Index (FCIndexM: 1% tariff) was 13,492 yuan/ton, up 107 yuan; the China Imported Cotton Price Index (FCIndexM: sliding - duty) was 14,282 yuan/ton, up 62 yuan. The arrival price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn was 21,776 yuan/ton, up 10 yuan; for pure - combed 32 - count cotton yarn, it was 23,475 yuan/ton, up 12 yuan [2] Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 0.54 million tons [2] Industry Situation - The cotton - yarn price difference was 5,315 yuan/ton, a decrease of 53 yuan; the national industrial inventory of cotton was 857,000 tons, an increase of 7,000 tons; the monthly import volume of cotton was 50,000 tons, an increase of 20,000 tons; the monthly import volume of cotton yarn was 110,000 tons, unchanged. The daily profit of imported cotton was 1,231 yuan/ton, a decrease of 67 yuan; the national commercial inventory of cotton was 2.1898 million tons, a decrease of 640,000 tons [2] Downstream Situation - The yarn inventory days were 27.67 days, a decrease of 0.69 days; the inventory days of grey cloth were 36.14 days, a decrease of 1.1 days. The monthly cloth output was 2.7 billion meters, a decrease of 79 million meters; the monthly yarn output was 1.9915 million tons, a decrease of 73,500 tons. The monthly export value of clothing and clothing accessories was 1516.1759 million US dollars, a decrease of 10.4955 million US dollars; the monthly export value of textile yarns, fabrics and products was 1160.4009 million US dollars, a decrease of 44.4198 million US dollars [2] Option Market - The implied volatility of at - the - money call options for cotton was 11.76%, a decrease of 0.47%; the implied volatility of at - the - money put options for cotton was 11.78%, a decrease of 0.45%. The 20 - day historical volatility of cotton was 7.07%, an increase of 0.3%; the 60 - day historical volatility of cotton was 5.45%, an increase of 0.05% [2] Industry News - According to the US Department of Agriculture's crop growth report, as of the week ending August 31, the good - to - excellent rate of US cotton was 51%, down from 54% the previous week and up from 44% the same period last year. The boll - setting rate was 90%, up from 81% the previous week, lower than 94% the same period last year and the five - year average of 93%. The full - boll rate was 28%, up from 20% the previous week, lower than 35% the same period last year and the five - year average of 30%. On Tuesday, the December ICE cotton contract fell 0.72%. On Wednesday, the Cotton 2601 contract fell 0.71%, and the Cotton Yarn 2511 contract fell 0.47% [2]