1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The soft - commodity and fresh - produce sectors have different market logics and trading strategies. For example, Zheng sugar has limited downside space and is recommended for light - position short - term long positions; pulp has limited upside space and is advised to go short on rallies [3]. - In the fresh - produce sector, apples are expected to have a slow upward trend in the overall price center, and long positions can be held cautiously; jujubes are in a situation of supply and demand both being strong, and different trading strategies are proposed according to different positions [7][9]. 3. Summary by Relevant Catalogs 3.1 First Part: Sector Strategy Recommendation - **Fresh - produce Futures**: For Apple 2605, it is recommended to hold long positions cautiously, with a support range of 8800 - 8900 and a pressure range of 11000 - 11500. For Jujube 2605, short - term buying on dips is recommended, with a support range of 8700 - 9000 and a pressure range of 9500 - 9800 [17]. - **Soft - commodity Futures**: For Sugar 2605, light - position short - term long positions are recommended, with a support range of 5200 - 5230 and a pressure range of 5350 - 5380. For Pulp 2605, short - position operations within the range are recommended, with a support range of 5300 - 5350 and a pressure range of 5550 - 5700. For Double - offset Paper 2605, range operations are recommended, with a support range of 4000 - 4100 and a pressure range of 4300 - 4350. For Cotton 2605, long positions can be held cautiously, with a support range of 13500 - 13600 and a pressure range of 15400 - 15500 [17]. 3.2 Second Part: Market News Changes - **Apple Market**: In November 2025, the export volume of fresh apples increased. As of January 8, 2026, the inventory in the main producing areas decreased year - on - year. The spot price in Shandong and Shaanxi remained stable, and the sales area was also stable [18]. - **Jujube Market**: As of January 11, the sample - point inventory decreased month - on - month. The acquisition in the producing areas was basically over, and the market was expected to enter a peak sales period with the approach of the festival [21]. - **Sugar Market**: India, Thailand, and Brazil have different production and export situations. The global sugar supply is relatively sufficient, and the international sugar price is expected to be weak [22]. - **Pulp Market**: The price of needle and broad - leaf pulp increased, and the supply pressure gradually eased, but the upward space was limited due to the weak downstream market [3]. - **Double - offset Paper Market**: The operating rate of double - offset paper enterprises increased, the inventory decreased, but the overall demand was still under pressure [4]. - **Cotton Market**: In December 2025, the export volume of Bangladeshi clothing and Chinese textiles and clothing had different year - on - year and month - on - month changes [30]. 3.3 Third Part: Market Review - **Futures Market Review**: The closing prices, daily changes, and daily change rates of Apple 2605, Jujube 2605, Sugar 2605, Pulp 2605, and Cotton 2605 are provided [31]. - **Spot Market Review**: The spot prices, month - on - month changes, and year - on - year changes of apples, jujubes, sugar, pulp, double - offset paper, and cotton are presented [36]. 3.4 Fourth Part: Basis Situation No specific content summary provided in the given text, only relevant figure references. 3.5 Fifth Part: Inter - month Spread Situation - Apple 5 - 10 spread is expected to be oscillating strongly, and buying on dips is recommended. - Jujube 9 - 1 spread is expected to be range - oscillating, and it is recommended to wait and see. - Sugar 5 - 9 spread is expected to be oscillating, and it is recommended to wait and see. - Cotton 5 - 9 spread is expected to be oscillating weakly, and selling on rallies is recommended [55]. 3.6 Sixth Part: Futures Position Situation No specific content summary provided in the given text, only relevant figure references. 3.7 Seventh Part: Futures Warehouse Receipt Situation - The warehouse receipt quantities, month - on - month changes, and year - on - year changes of apples, jujubes, sugar, pulp, and cotton are given [84]. 3.8 Eighth Part: Option - related Data No specific content summary provided in the given text, only relevant figure references.

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Sugar**: Brazilian sugarcane production recovery exceeds expectations, putting pressure on the global sugar market. In China, new - season sugar production is expected to increase, and imports are high, but the spot price is stable due to thin inventory. Zhengzhou sugar futures are hovering at a low level [4]. - **Pulp**: As the peak season approaches, downstream demand for pulp replenishment may increase, but the magnitude is uncertain. The pulp market is stabilizing, and the recent listing of offset paper may support pulp futures. However, the upward drive for pulp prices is insufficient, and it is likely to trade in a low - level range [5]. - **Offset Paper**: The spot price of offset paper is stable, and there are expectations of improved demand in the peak season, which supports the futures price. But the fundamental situation is still weak, and the upward price movement may be limited [7][8]. - **Cotton**: The USDA September report has a slightly positive impact on the global cotton market, but the market is still under pressure. In China, there is a game between tight old - season supply and expected loose new - season supply, and cotton futures are likely to fluctuate within a range [9]. - **Apples**: The impact of the old - season apples on the market is coming to an end. The market is focused on the new - season production and quality. Apple futures are expected to trade within a range [10]. - **Jujubes**: The jujube futures price fell sharply. The inventory is being depleted, and the market is in a state of seeking a direction. Aggressive investors can short the 2601 contract, while cautious investors can hold a short 01 and long 05 spread position [11]. 3. Summary by Directory 3.1 First Part: Sector Strategy Recommendations - **Fresh Fruit Futures**: For Apple 2601, use a range - trading strategy with a support range of 7500 - 7600 and a pressure range of 8500 - 8600. For Jujube 2601, consider shorting at high prices, with a support range of 10500 - 11000 and a pressure range of 11500 - 12000 [19]. - **Soft Commodity Futures**: For Sugar 2601, stay on the sidelines. For Pulp 2511, take a bearish view within the range. For Offset Paper 2601, short on rebounds. For Cotton 2601, use a range - trading strategy [19]. 3.2 Second Part: Market News Changes - **Apple Market**: In July, China's fresh apple exports increased month - on - month but decreased year - on - year. As of September, the cold - storage inventory decreased. Different institutions have different estimates of the new - season apple production. The spot price in Shandong is stable, and the market in the sales area is also stable [20][21][22]. - **Jujube Market**: The inventory of 36 sample points decreased slightly. The market in the sales area is light, and the mentality of holders is divided [23]. - **Sugar Market**: The USDA's September report shows the sugar production and inventory/consumption ratio in the US. The ICE 11 - sugar non - commercial net short position increased. The domestic sugar spot price is stable [24][26]. - **Pulp Market**: The decline in domestic spot and futures prices of bleached softwood pulp has suppressed import volume. The price of bleached hardwood pulp has been raised twice [29]. - **Offset Paper Market**: The market is basically stable. The trading atmosphere is weak, and prices in different regions are stable [30][31]. - **Cotton Market**: India's cotton production and import expectations have increased, and its ending inventory has risen. In the US, the sales and inventory data of clothing and fabric in July show certain trends [32][33]. 3.3 Third Part: Market Review - **Futures Market**: The closing prices, daily changes, and daily change rates of Apple 2601, Jujube 2601, Sugar 2601, Pulp 2511, and Cotton 2601 are provided [34]. - **Spot Market**: The spot prices, month - on - month changes, and year - on - year changes of apples, jujubes, sugar, pulp, offset paper, and cotton are presented [39]. 3.4 Fourth Part: Basis Situation No specific analysis content provided, only related charts are mentioned [51]. 3.5 Fifth Part: Inter - month Spread Situation The inter - month spreads of apples, jujubes, sugar, and cotton are in a state of range - bound trading, and the recommended strategy is to stay on the sidelines [59]. 3.6 Sixth Part: Futures Positioning Situation No specific analysis content provided, only related charts are mentioned [68]. 3.7 Seventh Part: Futures Warehouse Receipt Situation The warehouse receipt quantities, month - on - month changes, and year - on - year changes of apples, jujubes, sugar, pulp, and cotton are given [88]. 3.8 Eighth Part: Option - related Data - **Apple Options**: No specific data analysis provided, only related charts are mentioned [89]. - **Sugar Options**: No specific data analysis provided, only related charts are mentioned [96]. - **Cotton Options**: No specific data analysis provided, only related charts are mentioned [101].