Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - The cotton market continues to be in an adjustment state. The prices of cotton futures and spot have shown certain fluctuations, and the trading atmosphere in the market is relatively weak [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: CF2605 closed at 14,675 yuan/ton yesterday with a daily decline of 0.91%, and its night - session closed at 14,720 yuan/ton with a night - session increase of 0.31%. CY2603 closed at 20,665 yuan/ton yesterday with a daily decline of 0.82%, and its night - session closed at 20,695 yuan/ton with a night - session increase of 0.15%. ICE US cotton 3 closed at 64.62 cents/pound yesterday with a decline of 0.52% [1]. - **Trading Volume and Open Interest**: The trading volume of CF2605 was 437,374 lots, a decrease of 19,780 lots compared with the previous day, and the open interest was 1,212,127 lots, an increase of 435 lots. The trading volume of CY2603 was 6,755 lots, a decrease of 1,999 lots, and the open interest was 15,580 lots, an increase of 1,045 lots [1]. - **Warehouse Receipts**: The number of Zhengzhou cotton warehouse receipts was 9,329, an increase of 493, and the effective forecast was 1,209, a decrease of 403. The number of cotton yarn warehouse receipts was 70, unchanged, and the effective forecast was 7, an increase of 63 [1]. - **Spot Prices**: The price of Northern Xinjiang 3128 machine - picked cotton was 15,510 yuan/ton, a decrease of 130 yuan compared with the previous day, a decline of 0.83%. The price of Southern Xinjiang 3128 machine - picked cotton was 15,500 yuan/ton, a decrease of 130 yuan, a decline of 0.83%. The price in Shandong was 16,060 yuan/ton, a decrease of 7 yuan, a decline of 0.04%. The price in Hebei was 15,971 yuan/ton, a decrease of 12 yuan, a decline of 0.08%. The 3128B index was 15,972 yuan/ton, an increase of 2 yuan, an increase of 0.01%. The international cotton index M was 73.04 cents/pound, an increase of 0.14% [1]. - **Price Spreads**: The CF3 - 5 spread was - 15 yuan/ton, a decrease of 5 yuan compared with the previous day. The spread between Northern Xinjiang 3128 machine - picked cotton and CF605 was 840 yuan/ton, an increase of 10 yuan [1]. 3.2 Macro and Industry News - **Domestic Cotton Spot**: The trading of domestic cotton spot was average, and the basis of spot sales remained stable. The sales basis of 2025/26 Southern Xinjiang machine - picked 3129/29B with impurity within 3 was mostly at CF05 + 850 or above. The price of slightly contaminated cotton was lower, and it was picked up in Xinjiang. The sales basis of 2025/26 Northern Xinjiang machine - picked 3129/29B with impurity within 3 was around CF05 + 1000, and there was no slightly contaminated cotton, also picked up in Xinjiang [2]. - **Domestic Cotton Textile Enterprises**: The price of pure cotton yarn was stable with a slight decline, and the trading atmosphere continued to be weak. The sales of pure cotton yarn categories were significantly differentiated. The sales pressure of low - count and conventional categories was prominent. Some manufacturers had an implicit decline or discount of 100 - 200 yuan/ton in actual transaction prices. The orders of combed high - count yarn continued to be good, the price was firm, and the order scheduling was relatively good [2]. - **US Cotton**: Yesterday, ICE cotton futures declined slightly. Although the weekly export data of US cotton was good, affected by the strengthening of the US dollar, ICE cotton futures failed to exceed the highs of the previous two days and then declined [2]. 3.3 Trend Intensity The trend intensity of cotton is 0, indicating a neutral state [3].

Report Industry Investment Rating - Not provided Core Viewpoints - The short - term trend of cotton is stable, and attention should be paid to the international economic and trade situation [1] - The overall situation of the cotton market is complex, with domestic spot trading showing a certain situation, and the cotton textile enterprise market facing challenges, while ICE cotton maintains a weak trend [1][2][3] Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: CF2601 closed at 13,265 yuan/ton with a daily decline of 0.26% and a night - session closing price of 13,240 yuan/ton with a decline of 0.19%. CY2601 closed at 19,290 yuan/ton with a daily decline of 0.36% and a night - session closing price of 19,280 yuan/ton with a decline of 0.05%. ICE cotton 12 closed at 63.43 cents/pound with a decline of 0.17%. The trading volume of CF2601 was 257,911 lots, a decrease of 166,826 lots from the previous day, and the open interest was 850,743 lots, an increase of 11,250 lots. The trading volume of CY2601 was 10,684 lots, a decrease of 1,999 lots, and the open interest was 16,412 lots, an increase of 1,045 lots [1] - **Warehouse Receipt Data**: The number of Zheng cotton warehouse receipts was 2,823, a decrease of 44, and the effective forecast was 52, an increase of 21. The number of cotton yarn warehouse receipts was 0, unchanged, and the effective forecast was 6, unchanged [1] - **Spot Price Data**: The price of Beijiang 3128 machine - picked cotton was 14,402 yuan/ton, a decrease of 40 yuan or 0.28% from the previous day. The price of Nanjiang 3128 machine - picked cotton was 14,250 yuan/ton, a decrease of 40 yuan or 0.28%. The price in Shandong was 14,758 yuan/ton, a decrease of 44 yuan or 0.30%. The price in Hebei was 14,725 yuan/ton, a decrease of 31 yuan or 0.21%. The 3128B index was 14,755 yuan/ton, a decrease of 34 yuan or 0.23%. The international cotton index M was 71.22 cents/pound, a decrease of 0.29%. The price of pure - cotton carded yarn 32S was 20,440 yuan/ton, unchanged, and the arrival price was 21,254 yuan/ton, an increase of 21 yuan or 0.10% [1] - **Spread Data**: The CF1 - 5 spread was - 55 yuan/ton, an increase of 5 yuan from the previous day. The spread between Beijiang 3128 machine - picked cotton and CF601 was 1,140 yuan/ton, a decrease of 10 yuan [1] Macro and Industry News - **Domestic Cotton Spot Situation**: Cotton spot trading was fair, and spinning enterprises maintained rigid - demand procurement. The mainstream purchase price of 40% lint percentage machine - picked seed cotton in Beijiang was stable at 6.0 - 6.1 yuan/kg, with some higher offers around 6.2 yuan/kg. There were different price quotes for different grades and regions of cotton [2] - **Domestic Cotton Textile Enterprise Situation**: The new orders in the pure - cotton yarn market were weak, the prices of medium - and low - count yarns were under pressure, and varieties below C40S were generally at a loss. The orders for high - count yarns and differentiated varieties were relatively stable, but the overall situation was still difficult to reverse. Xinjiang maintained a relatively high operating rate due to cost advantages [2] - **US Cotton Situation**: ICE cotton futures first fell and then rose, closing slightly lower. Affected by market sentiment towards international economic and trade situations, the fundamentals of US cotton were still weak. Due to the suspension of the release of fundamental data by the US Department of Agriculture, the market lacked data guidance, and ICE cotton remained weak [3] Trend Intensity - The trend intensity of cotton is 0, indicating a neutral trend [5]

Group 1 - The core viewpoint of the articles indicates that cotton futures prices on the ICE are experiencing slight fluctuations, with recent trading showing a marginal increase of 0.01% [1] - On August 13, the opening price for U.S. cotton was reported at 68.40 cents per pound, with a closing price of 67.82 cents per pound, reflecting a decrease of 0.64% [2] - The USDA report has adjusted the U.S. cotton harvested area down by 1.3 million acres to 7.36 million acres due to drought conditions in the southwestern region, despite an increase in yield per acre [2] Group 2 - The total cotton planting area in China is expected to increase by 2025, with high temperatures in Xinjiang in the coming days raising concerns about the impact of weather on the growth of new crops [3]