1. Report Industry Investment Rating There is no mention of the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - **Soft Commodity Sector** - **Sugar**: International factors such as high - priced Brazilian ethanol and potentially lower Indian sugar production improve the global sugar supply - demand situation. In China, with southern sugar mills starting to finish the crushing season, the domestic sugar market fundamentals are also improving. Zhengzhou sugar futures may rise in a wide - range oscillation [3]. - **Pulp**: The spot market is in a state of buyer - seller game. Although the downstream demand for finished paper has improved in the peak season, the positive impact of seasonal demand fluctuations is not obvious. The cost support has increased, but the weak fundamentals remain. The pulp price may rebound in the short - term, but the upward space is limited [3]. - **Double - offset Paper**: The operating rate is rising, but the demand is mainly for rigid needs. The cost - side driving force is not strong, and the supply is still relatively loose. It is expected to maintain a range - bound arrangement in the short - term, and the rebound height is limited [4]. - **Fresh Fruit Sector** - **Apple**: The decline in apple futures prices is due to market differences in delivery value. The supply side has medium - term support, but the consumption side lacks driving force. The futures price is expected to fluctuate in a high - level range [6]. - **Jujube**: The jujube futures price has rebounded from the bottom and then entered a narrow - range oscillation. The spot inventory is gradually reaching its seasonal peak and then declining. The futures - spot price difference has been alleviated. Different trading strategies are recommended according to different positions [7]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Fresh Fruit Futures** - **Apple 2605**: Recommend to reduce or exit long positions at high prices. The supply side has medium - term support, but the marginal driving force is decreasing, and the futures price fluctuates in a high - level range. The support range is 9000 - 9200, and the pressure range is 11000 - 11500 [15]. - **Jujube 2605**: Recommend to reduce short positions. The agricultural products are rebounding from the low level, and the jujube spot inventory is reaching its peak and then declining. The support range is 8900 - 9000, and the pressure range is 9300 - 9700 [15]. - **Soft Commodity Futures** - **Sugar 2605**: Recommend to hold long positions with a light position. The supply - demand fundamentals are improving, and the supply pressure in China is weakening. The support range is 5250 - 5300, and the pressure range is 5600 - 5650 [15]. - **Pulp 2605**: Recommend to short at high prices. Although there is bottom support, the upward space is limited due to high inventory and weak fundamentals. The support range is 5000 - 5100, and the pressure range is 5350 - 5400 [15]. - **Double - offset Paper 2605**: Recommend range - bound operation. The spot market improvement is limited, and the cost - side driving force is general. The support range is 4000 - 4100, and the pressure range is 4250 - 4300 [15]. 3.2 Second Part: Plate Weekly Market Review - **Futures Market Review** - Apple 2605 closed at 9967, with a weekly decline of 754 and a decline rate of 7.03%. - Jujube 2605 closed at 8870, with a weekly increase of 30 and an increase rate of 0.34%. - Sugar 2605 closed at 5464, with a weekly increase of 25 and an increase rate of 0.46%. - Pulp 2605 closed at 5202, with a weekly increase of 38 and an increase rate of 0.74%. - Double - offset Paper 2602 closed at 4308, with a weekly increase of 212 and an increase rate of 5.18% [16]. - **Spot Market Review** - The spot price of apples is 4.70 yuan per catty, with no change compared to the previous period and an increase of 0.55 yuan year - on - year. - The spot price of jujubes is 9.40 yuan per kilogram, with a decrease of 0.10 yuan compared to the previous period and a decrease of 5.30 yuan year - on - year. - The spot price of sugar is 5460 yuan per ton, with no change compared to the previous period and a decrease of 705 yuan year - on - year. - The spot price of pulp (Shandong Silver Star) is 5180 yuan, with a decrease of 40 yuan compared to the previous period and a decrease of 1300 yuan year - on - year [21]. 3.3 Third Part: Plate Basis Situation The report provides basis data charts for jujube, sugar, and pulp main - continuous contracts, but no specific data analysis is given [29][31][34]. 3.4 Fourth Part: Inter - month Spread Situation The report provides spread data charts for apples, jujubes, and sugar in different months, but no specific data analysis is given [37][39][41]. 3.5 Fifth Part: Futures Warehouse Receipt Situation - Apple: The number of warehouse receipts is 0, with no change compared to the previous period and the same as the same period last year. - Jujube: The number of warehouse receipts is 4273, an increase of 161 compared to the previous period and a decrease of 2198 compared to the same period last year. - Sugar: The number of warehouse receipts is 16342, with no change compared to the previous period and a decrease of 11068 compared to the same period last year. - Pulp: The number of warehouse receipts is 185562, a decrease of 1000 compared to the previous period and a decrease of 189546 compared to the same period last year [41]. 3.6 Sixth Part: Option - related Data - **Option Strategy Recommendation** - Apple 2605: Recommend to sell out - of - the - money put options. - Jujube 2605: Recommend to sell deep out - of - the - money call options. - Sugar 2605: Recommend to sell out - of - the - money put options [41]. - **Apple Option Data** The report provides charts of apple option trading volume, open interest, put - call ratio, and historical volatility, but no specific data analysis is given [44]. - **Sugar Option Data** The report provides charts of sugar option trading volume, open interest, put - call ratio, historical volatility, and implied volatility, but no specific data analysis is given [45]. 3.7 Seventh Part: Plate Futures Fundamental Situation - **Apple** - **Production Area Weather**: The report provides charts of minimum temperature and precipitation in apple - producing areas such as Shandong and Shaanxi, but no specific data analysis is given [48]. - **Export Situation**: The report provides a chart of apple export volume, but no specific data analysis is given [53]. - **Inventory Situation**: The report provides charts of national apple inventory, Shandong and Shaanxi weekly apple storage inventory, but no specific data analysis is given [54]. - **Jujube** The report provides charts of jujube trading volume in Henan and Hebei, and the daily arrival volume in Guangdong Ruyifang Market, but no specific data analysis is given [58]. - **Sugar** The report provides charts of national sugar industrial inventory, monthly sugar import volume, and sugar spot - futures price difference, but no specific data analysis is given [60]. - **Pulp** The report provides charts of domestic four - port pulp inventory, global pulp producer inventory days, and production volume of various paper products, but no specific data analysis is given [64]. - **Double - offset Paper** The report provides charts of double - offset paper capacity utilization rate, production volume, enterprise inventory, and apparent consumption, but no specific data analysis is given [78].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - **Soft Commodity Sector** - **Sugar**: The global sugar surplus situation in the 2025/26 season has improved. The tension in the Middle East may suppress the international sugar - making ratio, and the sugar production in India may be lower than expected. In China, southern sugar mills are starting to finish the crushing season, and the domestic sugar market fundamentals are also improving. Zhengzhou sugar futures may rise in a wide - range shock [4]. - **Pulp**: Affected by the Middle East geopolitical conflict, overseas suppliers have proposed to raise the US dollar quotes, but domestic buyers resist. The downstream finished paper market is gradually improving after the festival, but the seasonal demand increase is not obvious. The cost - side support may appear, and further short - selling of pulp needs to be cautious [5]. - **Double - offset Paper**: After the festival, the operating rate has rebounded from a low level, but the downstream demand is mainly for rigid procurement. The cost support has weakened, and the demand in March enters the peak season, but it may be difficult to change the supply - loose state. It will maintain a low - level range fluctuation in the short term [6]. - **Cotton**: Geopolitical conflicts continue to disrupt the market. The global and US cotton supply - demand situation in the 2026/27 season is expected to improve, and China's processing trade quota has been implemented. The short - term domestic cotton price has a small adjustment, but the medium - term support will limit the continuous decline of futures prices [8]. - **Fresh Fruit and Vegetable Sector** - **Apple**: The apple price has rebounded from a low level this week. The supply - side support still exists, but the consumption - side drive is insufficient. The price is expected to fluctuate in a high - level range. The focus is on consumption realization and new - season weather [9]. - **Jujube**: The jujube futures price was in a weak shock at a low level on Thursday. The spot inventory is gradually reaching the seasonal peak and then declining. The futures - spot price difference contradiction has been alleviated [11]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendation - **Fresh Fruit and Vegetable Futures** - **Apple 2605**: Recommend to reduce or exit long positions at high prices. The supply - side support exists, but the consumption support is insufficient, and the price will continue to fluctuate in a high - level range. The support interval is 9000 - 9200, and the pressure interval is 11000 - 11500 [20]. - **Jujube 2605**: Recommend to buy on dips in the short - term. The expected production reduction may gradually be reflected in the far - month contracts, and the spot inventory is starting to decline seasonally. The support interval is 8700 - 9000, and the pressure interval is 9500 - 9800 [20]. - **Soft Commodity Futures** - **Sugar 2605**: Recommend to hold long positions cautiously. The international sugar supply surplus situation has improved, and the supply - demand fundamentals in China are improving, but the supply is still sufficient. The support interval is 5250 - 5300, and the pressure interval is 5600 - 5650 [20]. - **Pulp 2605**: Recommend to short on rallies. The increase in the outer - disk price of broad - leaf pulp drives the pulp futures to strengthen, but the peak - season demand for finished paper needs to be verified, and the supply - demand improvement of bleached softwood pulp is limited. The support interval is 5000 - 5100, and the pressure interval is 5350 - 5400 [20]. - **Double - offset Paper 2605**: Recommend to operate within the range. The spot market is stable, but the demand has entered the off - season. Pay attention to the support situation after the basis expands due to the further decline of the disk. The support interval is 4000 - 4100, and the pressure interval is 4250 - 4300 [20]. - **Cotton 2605**: Recommend to reduce long positions at high prices. The import of cotton and cotton yarn has increased significantly year - on - year, which exerts short - term pressure, but the outer - disk stabilizes and rebounds, and the medium - term upward expectation of the price remains unchanged. The support interval is 14900 - 15000, and the pressure interval is 16300 - 16500 [20]. 3.2 Second Part: Market News Changes - **Apple Market** - **Fundamental Information**: In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. As of March 19, 2026, the cold - storage inventory of apples in the main producing areas in China was 4.1892 million tons, a week - on - week decrease of 251,200 tons and a year - on - year decrease of 249,400 tons [21]. - **Spot Market Situation**: The mainstream apple prices in the producing areas are stable this week. In Shandong, the mainstream transaction price is stable, and the procurement by domestic traders is average. In Shaanxi, the mainstream price is stable, and the price of some high - end goods has increased slightly. In other producing areas, the prices are generally stable. In the sales areas, the arrival volume has changed little, the sales speed is slow, and the overall demand is average [21][22][23]. - **Jujube Market**: As of March 5, the physical inventory of 36 sample points was 11,700 tons, a week - on - week decrease of 117 tons, a month - on - month decrease of 0.99%, and a year - on - year increase of 7.39%. The overall trading atmosphere in the market is stable [24]. - **Sugar Market**: From March 18 - 19, 5 more sugar mills in Guangxi finished the crushing season. As of now, 19 sugar mills in the 2025/26 crushing season in Guangxi have finished the crushing season, with a crushing capacity of 177,000 tons per day, a year - on - year decrease of 363,000 tons per day. As of March 15, the sugar production in India in the 2025/26 crushing season reached 26.214 million tons, a year - on - year increase of 2.49 million tons. The number of ships waiting to load sugar in Brazilian ports has increased, and the quantity of sugar waiting to be shipped has also increased. The import of sugar in China from January to February 2026 has increased significantly year - on - year [24]. - **Pulp Market**: After the Spring Festival, the price of South American BHK pulp has increased. The price increase is mainly driven by supply concerns. Buyers are cautious, and the domestic market transaction is weak, with an increase in port inventory [28]. - **Double - offset Paper Market**: The inventory days of double - offset paper have decreased, but the decline rate has narrowed. The operating load rate has increased slightly, but the increase rate has also narrowed. The new orders in the market are limited, and the overall inventory - reduction speed of the industry has decreased [29]. - **Cotton Market**: In January, Greece exported about 22,000 tons of cotton, a month - on - month increase of 12.5% and a year - on - year decrease of 21.2%. The main export destination is Turkey, accounting for 53% [30]. 3.3 Third Part: Market Review - **Futures Market Review** | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2605 | 10611 | 490 | 4.84% | | Jujube 2605 | 8825 | 30 | 0.34% | | Sugar 2605 | 5417 | 74 | 1.38% | | Pulp 2605 | 5104 | 64 | 1.27% | | Cotton 2605 | 15150 | - 60 | - 0.39% | [31] - **Spot Market Review** | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 4.45 | 0.00 | 0.45 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5430 | 10 | - 730 | | Pulp (Shandong Yinxing) | 5050 | - 80 | - 1450 | | Double - offset Paper (Taiyang Tianyang - Tianjin) | 4350 | 0 | - 800 | | Cotton (yuan/ton) | 16722 | - 175 | 1848 | [37] 3.4 Fourth Part: Basis Situation There is no specific text description about the basis situation, but there are relevant figures such as "Apple 5 - month basis", "Jujube main contract basis", etc. [51][52][54] 3.5 Fifth Part: Inter - month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 5 - 10 | 1784 | 449 | 1984 | Oscillate strongly | Buy on dips | | Jujube | 5 - 9 | - 390 | - 20 | 20 | Reverse spread at high prices | Wait and see | | Sugar | 5 - 9 | - 23 | 4 | - 163 | Oscillate | Wait and see | | Cotton | 5 - 9 | - 105 | - 10 | 40 | Oscillate weakly | Short on rallies | [60] 3.6 Sixth Part: Futures Positioning Situation There are relevant figures about the top 20 rankings of long and short positions, trading volume changes, and net long and short position changes of various varieties, but no specific text description [65][67][72] 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 4112 | 0 | - 1813 | | Sugar | 16342 | 0 | - 12092 | | Pulp | 182075 | - 9993 | - 195383 | | Cotton | 12437 | - 43 | 3367 | [84] 3.8 Eighth Part: Option - related Data - **Apple Option Data**: There are figures about option trading volume, open interest, put - call ratio, and historical volatility, but no specific text description [87][88] - **Sugar Option Data**: There are figures about option trading volume, open interest, put - call ratio, and historical volatility, but no specific text description [91][93] - **Cotton Option Data**: There are figures about option trading volume, open interest, put - call ratio, and historical volatility, but no specific text description [96][99]

1. Report Industry Investment Rating There is no information provided in the text about the report industry investment rating. 2. Core Views of the Report - **Sugar**: The global sugar surplus situation in the 2025/26 season has improved, and the new Brazilian sugar - cane crushing season is approaching. The supply - demand fundamentals in China are also improving. It is recommended to consider long - position opportunities after the Zhengzhou sugar main contract stabilizes [2]. - **Pulp**: The energy price decline has dragged down pulp. The pulp's own fundamentals are under slight pressure, but cost - side support may emerge. It is advisable to close short positions at low levels, wait and see, and try long - positions when the market stabilizes [2][5]. - **Double - offset paper**: The post - holiday demand is still recovering, and the cost support has weakened. The short - term price will fluctuate in a low - level range. It is recommended to hold short positions lightly and pay attention to the support level [6][8]. - **Cotton**: Geopolitical conflicts continue to affect the market. The global cotton supply in the 2025/26 season is expected to be loose, but the new - season supply - demand is expected to improve. The domestic cotton price is expected to move up. It is recommended to hold long positions in the 05 contract carefully [8]. - **Apple**: The supply side provides medium - term support, but the consumption side lacks continuous impetus. The price is expected to fluctuate in a high - level range. It is recommended to reduce or exit long positions at high prices [9]. - **Red dates**: The futures price is in a bottom - oscillating state. It is recommended to exit short positions below 9000 points in the 2605 contract. Long - position holders can buy protective put options, and cautious investors can hold a reverse spread strategy of short 2605 and long 2609 [10][11]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Fresh fruit futures**: For Apple 2605, reduce or exit long positions at high prices; for Red dates 2605, buy at low prices in the short - term [19]. - **Soft commodity futures**: For Sugar 2605, take a long - position operation; for Pulp 2605, take a short - position operation; for Double - offset paper 2605, operate within a range; for Cotton 2605, hold long positions carefully [19]. 3.2 Second Part: Market News Changes - **Apple market**: In December 2025, the export volume of fresh apples increased. As of March 12, 2026, the inventory in major apple - producing areas decreased. The spot price in Shandong and Shaanxi is stable, and the sales in the sales area are okay [20][21][22]. - **Red dates market**: As of March 5, the inventory of 36 sample physical warehouses decreased slightly, and the market trading atmosphere is stable [23]. - **Sugar market**: The number of ships waiting to load sugar in Brazilian ports and the amount of sugar waiting to be shipped increased. In the 2025/26 sugar - cane crushing season, the number of operating sugar mills in India decreased, and the sugar production increased. Brazil's estimated sugar - cane planting area and output decreased. The short - selling sentiment in the ICE sugar No. 11 futures market weakened [25]. - **Pulp market**: After the Spring Festival, the price of South American BHK pulp increased. The price increase was driven by supply concerns, but end - users' resistance increased, and the domestic market transaction was weak [27]. - **Double - offset paper market**: The inventory days decreased, the de - stocking speed slowed down, and the start - up load rate increased slightly [28]. - **Cotton market**: India's clothing export volume decreased in February 2026. Egypt's cotton net signing and shipment volume decreased. Brazil's cotton production in the 2025/26 season is expected to be 379.5 million tons, with a decrease in planting area and an increase in consumption and export [29]. 3.3 Third Part: Market Review - **Futures market**: The closing prices of Apple 2605, Red dates 2605, Sugar 2605, Pulp 2605, and Cotton 2605 changed, with daily price changes of 0.54%, - 0.50%, - 1.21%, - 2.75%, and - 0.42% respectively [30]. - **Spot market**: The spot prices of Apple, Red dates, Sugar, Pulp, Double - offset paper, and Cotton changed, with different year - on - year and month - on - month changes [35]. 3.4 Fourth Part: Basis Situation There is no specific text description in the given content, but there are relevant figures such as Apple 5 - month basis, Red dates main contract basis, etc. 3.5 Fifth Part: Inter - month Spread Situation - Apple 5 - 10 spread is 1331, with a negative 24 change compared to the previous period, and it is expected to be oscillating and strengthening. It is recommended to go long at low prices. - Red dates 5 - 9 spread is - 375, with no change compared to the previous period. It is recommended to wait and see. - Sugar 5 - 9 spread is - 30, with a negative 1 change compared to the previous period. It is expected to oscillate. It is recommended to wait and see. - Cotton 5 - 9 spread is - 75, with no change compared to the previous period. It is expected to be oscillating and weakening. It is recommended to go short at high prices [56]. 3.6 Sixth Part: Futures Position Situation There are figures showing the top 20 rankings of long and short positions, trading volume, net long and net short changes of Apple, Red dates, Sugar, Pulp, and Cotton, but no specific text description. 3.7 Seventh Part: Futures Warehouse Receipt Situation - Apple has 0 warehouse receipts, with no change compared to the previous period and the same period last year. - Red dates have 4027 warehouse receipts, with no change compared to the previous period and a decrease of 1900 compared to the same period last year. - Sugar has 16342 warehouse receipts, with no change compared to the previous period and a decrease of 12042 compared to the same period last year. - Pulp has 192068 warehouse receipts, an increase of 452 compared to the previous period and a decrease of 203453 compared to the same period last year. - Cotton has 12482 warehouse receipts, a decrease of 13 compared to the previous period and an increase of 3360 compared to the same period last year [88]. 3.8 Eighth Part: Option - related Data There are figures showing option trading volume, open interest, put - call ratio, and historical volatility of Apple, Sugar, and Cotton, but no specific text description.

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - The global sugar supply surplus situation has improved, and the Zhengzhou sugar main contract can consider buying on dips. The supply - demand fundamentals of domestic sugar are improving, and the Brazilian new crushing season and weather need attention. [4] - For pulp, overseas supply has positive news, and cost and freight increase expectations support prices, but the improvement in fundamentals is limited, and the rebound height is restricted. [4][5] - Double - offset paper is expected to fluctuate in a low - level range, and the upward driving force of cost is temporarily weak. [6][7] - The external cotton market is expected to bottom out and rebound, and the domestic cotton price has medium - term support. The future rise requires resonance between the external market and downstream consumption. [8] - Apple prices are expected to maintain a high - level range, and the focus of market game will shift to consumption expectations and new - season weather. [10] - Red dates are in bottom - range fluctuations, and the futures price has changed from a high premium to a discount to the spot price. [12] 3. Summary by Directory 3.1 First Part: Plate Strategy Recommendation - **Apple 2605**: Recommend reducing long positions on rallies. The supply side provides support, and the price is expected to remain in a high - level range. Support is 9000 - 9200, and resistance is 11000 - 11500. [20] - **Red dates 2605**: Recommend short - term buying on dips. The expected production reduction may gradually appear in the far - month contracts, and the spot inventory has started to peak and decline. Support is 8700 - 9000, and resistance is 9500 - 9800. [20] - **Sugar 2605**: Recommend a bullish operation. The international sugar supply surplus situation has improved, and the southern sugar mills in China are starting to reduce production, with improving supply - demand fundamentals. Support is 5300 - 5320, and resistance is 5600 - 5650. [20] - **Pulp 2605**: Recommend shorting on rallies. The rise in the external market of broad - leaf pulp drives the pulp futures to strengthen, but the peak - season demand for finished paper needs verification, and the supply - demand improvement of bleached softwood kraft pulp is limited. Support is 5130 - 5200, and resistance is 5350 - 5400. [20] - **Double - offset paper 2605**: Recommend range - bound operation. The spot market is stable, but demand has entered the off - season. Short - term attention should be paid to the support situation after the disk further declines and the basis widens. Support is 4000 - 4100, and resistance is 4250 - 4300. [20] - **Cotton 2605**: Recommend holding long positions cautiously. The long - term positive expectations remain, and the medium - term support has not changed. However, the rise of the external market price has not been confirmed, and the internal - external price difference restricts the domestic price. The short - term price may continue to consolidate. Support is 14000 - 14200, and resistance is 15800 - 16000. [20] 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamental Information**: In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. As of March 5, 2026, the cold - storage inventory of apples in the main producing areas was 470,520 tons, a week - on - week decrease of 239,600 tons and a year - on - year decrease of 316,700 tons. [21] - **Spot Market**: In Shandong, the price of high - quality late - maturing bagged Fuji apples is stable, and there are more foreign traders purchasing medium - and small - sized fruits. In Shaanxi, the mainstream price is stable, and the number of merchants has increased, mainly purchasing high - quality goods. In the sales areas, the arrival of goods has increased, and the mainstream price remains stable. [21][22][23] 3.2.2 Red Dates Market As of March 5, the physical inventory of 36 sample points was 11,817 tons, a week - on - week decrease of 35 tons, a month - on - month decrease of 0.30%, and a year - on - year increase of 8.04%. The market is slowly recovering after the Spring Festival, and the downstream replenishment is average, with a slow de - stocking speed. [24] 3.2.3 Sugar Market - The market's expectation of the Middle East military conflict is fluctuating, and attention should be paid to the Middle East situation and crude oil supply. - As of March 11, 8 sugar mills in Guangxi have shut down in the 2025/26 crushing season, 50 less than the same period last year, with a shutdown capacity of 60,000 tons per day, 426,000 tons per day less than the same period last year. - The estimated cost of processing Brazilian sugar within the quota is 4035 yuan/ton, and the estimated cost outside the quota is 5126 yuan/ton. - India's sugar production in the 2025 - 26 season may be 28.3 million tons, a 4.4% reduction from the previous estimate. - The ISO predicts that the global sugar production in the 2025/26 crushing season will be 181.29 million tons, a 480,000 - ton reduction from the previous prediction. - Datagro estimates that there will be a supply gap of 800,000 tons in the 2025/26 crushing season. - As of March 3, 2026, the non - commercial net long position of ICE sugar was - 245,034 contracts. [26] 3.2.4 Pulp Market After the Spring Festival, the price of South American BHK pulp increased by $10 per ton to $590 - 600 per ton. Sellers plan to raise the price by another $20 per ton in March. The terminal users' resistance is increasing, and the domestic market transaction is weak, with port inventory increasing by 205,000 tons. The prices of Canadian and Nordic NBSK pulp remain stable. [28] 3.2.5 Double - offset Paper Market Last Thursday, the inventory days of double - offset paper decreased by 2.05% compared with the previous Thursday, and the decline rate narrowed by 0.40 percentage points this week. The industry's overall de - stocking speed has decreased. The operating load rate this week is 57.43%, a month - on - month increase of 0.07 percentage points, and the increase rate narrowed by 0.67 percentage points. [29] 3.2.6 Cotton Market - The USDA's March report shows that the global cotton production in the 2025/26 season is expected to increase by 247,000 tons to 26.343 million tons, and consumption is expected to decrease by 30,000 tons to 25.817 million tons. The ending inventory will increase by 278,000 tons to 16.631 million tons. - In February, Vietnam's cotton imports were 104,000 tons, a month - on - month decrease of 31.6% and a year - on - year decrease of 39.6%. [30] 3.3 Third Part: Market Review 3.3.1 Futures Market Review | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2605 | 10236 | - 67 | - 0.65% | | Red dates 2605 | 9140 | 155 | 1.73% | | Sugar 2605 | 5423 | 14 | 0.26% | | Pulp 2605 | 5260 | 16 | 0.31% | | Cotton 2605 | 15515 | 195 | 1.27% | [31] 3.3.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 4.45 | 0.00 | 0.45 | | Red dates (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5420 | - 20 | - 640 | | Pulp (Shandong Yinxing) | 5280 | - 20 | - 1270 | | Double - offset paper (Taiyang Tianyang - Tianjin) | 4350 | 0 | - 800 | | Cotton (yuan/ton) | 16668 | - 65 | 1775 | [36] 3.4 Fourth Part: Basis Situation No specific summary information is provided in the text, only relevant figures are mentioned. 3.5 Fifth Part: Inter - month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 5 - 10 | 1579 | - 77 | 1965 | Bullish consolidation | Buy on dips | | Red dates | 5 - 9 | - 395 | - 25 | 35 | Sell in a bear spread | Wait and see | | Sugar | 5 - 9 | - 25 | - 3 | - 182 | Fluctuating | Wait and see | | Cotton | 5 - 9 | - 15 | 45 | 155 | Bearish consolidation | Sell on rallies | [59] 3.6 Sixth Part: Futures Position Situation No specific summary information is provided in the text, only relevant figures are mentioned. 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Red dates | 4027 | - 4 | - 1726 | | Sugar | 16342 | 412 | - 11792 | | Pulp | 170311 | 1741 | - 201820 | | Cotton | 12152 | 202 | 3684 | [91] 3.8 Eighth Part: Option - related Data No specific summary information is provided in the text, only relevant figures are mentioned.

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core Views of the Report Soft Commodity Sector - **Sugar**: The supply of sugar is relatively sufficient, but the fundamental outlook may improve. Zhengzhou sugar futures may continue to bottom - out and fluctuate in the short term [3]. - **Pulp**: Although Brazilian eucalyptus pulp has announced a price increase and energy prices have strengthened, the improvement in the supply - demand situation of bleached softwood kraft pulp (NBSK) is limited. Before new supply - side positive factors emerge, the upside potential of pulp prices is still limited [4]. - **Offset Paper**: The cost support for offset paper has weakened, and the spot price is relatively stable. The futures price is expected to fluctuate with the basis [6]. - **Cotton**: There is still a long - term positive outlook, but the short - term upward momentum is insufficient. The futures price is expected to continue to fluctuate strongly [9]. Fresh Fruit and Nut Sector - **Apple**: Supported by low inventory, the futures price may continue to fluctuate strongly. The overall market logic remains unchanged, and the price is expected to maintain a high - level range - bound and upward trend [11]. - **Jujube**: The futures price has bottomed out and rebounded, and the contradiction between the futures and spot prices has been alleviated. It is recommended to close short positions below 9000 points for the 2605 contract [12]. 3. Summary by Directory First Part: Sector Strategy Recommendations - **Fresh Fruit and Nut Futures**: For Apple 2605, hold long positions cautiously; for Jujube 2605, buy on dips in the short term [20]. - **Soft Commodity Futures**: For Sugar 2605, wait and see; for Pulp 2605, short on rallies; for Offset Paper 2605, trade in the range; for Cotton 2605, hold long positions cautiously [20]. Second Part: Market News Changes Apple Market - **Fundamental Information**: In December 2025, the export volume of fresh apples increased. As of February 26, 2026, the cold - storage inventory in the main producing areas decreased year - on - year [21]. - **Spot Market Situation**: The transaction in the producing areas ended this week, and the price remained stable. The supply in the sales areas gradually recovered after the Spring Festival, and the price was stable [21][23]. Jujube Market As of February 9, the physical inventory of 36 sample points decreased month - on - month. Due to the dispersed acquisition structure and cautious market expectations, holders tend to sell before the Spring Festival [24]. Sugar Market India has adjusted its sugar production and sales data. Brazil's sugar production in some periods has decreased, but the cumulative production has increased slightly. The yield forecast of the upcoming Brazilian sugarcane crop has been slightly lowered [26]. Pulp Market The Chinese pulp market continues to weaken due to falling futures prices and weakening demand for key resale varieties. The prices of NBSK from Canada and Northern Europe remain stable [29]. Offset Paper Market This week, the inventory days of offset paper decreased, the decline narrowed, the operating rate increased slightly, and the increase also narrowed. The overall inventory reduction speed of the industry has slowed down [30]. Cotton Market In December 2025, the import volume and amount of US textiles and clothing changed, and the sales data of the US clothing industry also showed different trends. Indonesia's cotton imports increased month - on - month but decreased year - on - year [31][32]. 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 [32]. Spot Market Review The spot prices, month - on - month changes, and year - on - year changes of apple, jujube, sugar, pulp, offset paper, and cotton are presented [41]. Fourth Part: Basis Situation No specific text summary is provided in the content, only relevant figures are mentioned. Fifth Part: Inter - month Spread Situation The current values, month - on - month changes, year - on - year changes, trend predictions, and recommended strategies of the inter - month spreads of apple, jujube, sugar, and cotton are given [63]. Sixth Part: Futures Positioning Situation No specific text summary is provided in the content, only relevant figures are mentioned. Seventh Part: Futures Warehouse Receipt Situation The warehouse receipt quantities, month - on - month changes, and year - on - year changes of apple, jujube, sugar, pulp, and cotton are provided [96]. Eighth Part: Option - related Data No specific text summary is provided in the content, only relevant figures are mentioned.

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - **Soft Commodity Sector** - **Sugar**: The international sugar supply surplus situation has improved but not reversed. The domestic sugar supply is relatively sufficient, which suppresses the sugar price in the short - term. The Zhengzhou sugar futures may continue to bottom - build and fluctuate. [3] - **Pulp**: The price increase of Brazilian broad - leaf pulp and the strengthening of energy prices are positive for pulp futures, but the improvement of the supply - demand situation of bleached softwood kraft pulp is limited, and the upside is still cautious. [4] - **Double - offset Paper**: The cost support weakens, and the spot price is relatively stable. The futures price is expected to fluctuate with the basis. [5][6] - **Cotton**: The cotton price has a mid - term upward trend due to the contraction of domestic planting area and the tightening of supply at the end of the year. However, the short - term upward momentum is insufficient, and the futures price is expected to be bullish and volatile. [7] - **Fresh Fruit Sector** - **Apple**: The overall futures price is expected to remain high and fluctuate strongly. The supply tightening provides support. [8] - **Jujube**: The futures price is in a narrow - range shock. The spot inventory is seasonally peaking and falling, and the contradiction between futures and spot prices is alleviated. [9] 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendation - **Fresh Fruit Futures** - **Apple 2605**: Hold long positions cautiously. The supply - side support remains, but the continuous driving force is slightly insufficient. The support range is 9000 - 9200, and the pressure range is 11000 - 11500. [17] - **Jujube 2605**: Buy on dips in the short - term. The expectation of production reduction may be gradually reflected in the far - month contracts, and the spot inventory begins to peak and decline. The support range is 8700 - 9000, and the pressure range is 9500 - 9800. [17] - **Soft Commodity Futures** - **Sugar 2605**: Wait and see for the time being. The situation of sugar supply surplus at home and abroad is expected to improve, and Zhengzhou sugar is bottom - building at a low level. The support range is 5100 - 5150, and the pressure range is 5330 - 5350. [17] - **Pulp 2605**: Short on rallies. The increase in the external price of broad - leaf pulp drives the pulp futures to strengthen, but the peak - season demand for finished paper remains to be verified, and the supply - demand improvement of bleached softwood kraft pulp is limited. The support range is 5130 - 5200, and the pressure range is 5350 - 5400. [17] - **Double - offset Paper 2605**: Operate within the range. The spot market is stable, but the demand has entered the off - season. Pay attention to the support situation after the futures price further declines and the basis widens. The support range is 4000 - 4100, and the pressure range is 4250 - 4300. [17] - **Cotton 2605**: Hold long positions cautiously. The long - term bullish expectation remains, the mid - term support is unchanged, but the upward trend of the external price has not been confirmed, and the domestic - foreign price difference restricts the domestic price. The futures price may continue to be bullish and volatile in the short - term. The support range is 14000 - 14200, and the pressure range is 15800 - 16000. [17] 3.2 Second Part: Market News Changes - **Apple Market** - **Fundamental Information**: In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. As of February 12, 2026, the cold - storage inventory of apples in the main producing areas was 531,510 tons, a week - on - week decrease of 320,000 tons and a year - on - year decrease of 574,000 tons. [18] - **Spot Market Situation**: The price of high - quality late - maturing bagged Fuji apples in Shandong and Shaanxi is stable. The market in the sales area is generally stable. [18][19][20] - **Jujube Market**: As of February 9, the physical inventory of 36 sample points was 11,888 tons, a week - on - week decrease of 1255 tons, a month - on - month decrease of 9.55%, and a year - on - year increase of 12.84%. [21] - **Sugar Market**: Brazil's central - southern region is expected to produce 40.5 million tons of sugar in the 2026/27 season, the same as the previous year. India's sugar production is expected to be 33 million tons, and the domestic supply is still abundant. Thailand's sugar production from the 2025/26 season to February 15 decreased by 4.83% year - on - year. [24] - **Pulp Market**: The Chinese pulp market continues to weaken. The price of imported NBSK has declined, and the inventory in major ports has increased. [27] - **Double - offset Paper Market**: The inventory days of double - offset paper decreased by 2.05% week - on - week, and the decline rate narrowed. The operating load rate was 57.43%, with a slight increase. [28] - **Cotton Market**: As of February 15, the national commercial cotton inventory was 5.5037 million tons, a decrease of 285,000 tons from the end of January, a decrease of 4.92%, and 177,400 tons lower than the same period last year, a decrease of 3.12%. The industrial inventory of textile enterprises was 1.0292 million tons, an increase of 75,600 tons year - on - year and 28,200 tons month - on - month. [29] 3.3 Third Part: Market Review - **Futures Market Review** - **Apple 2605**: The closing price was 9749, with a daily increase of 44 and a daily increase rate of 0.45%. [30] - **Jujube 2605**: The closing price was 8910, with a daily increase of 65 and a daily increase rate of 0.73%. [30] - **Sugar 2605**: The closing price was 5248, with a daily increase of 19 and a daily increase rate of 0.36%. [30] - **Pulp 2605**: The closing price was 5348, with a daily increase of 8 and a daily increase rate of 0.15%. [30] - **Cotton 2605**: The closing price was 15380, with a daily increase of 95 and a daily increase rate of 0.62%. [30] - **Spot Market Review** - **Apple**: The spot price was 4.45 yuan per catty, with no month - on - month change and a year - on - year increase of 0.45 yuan. [37] - **Jujube**: The spot price was 9.40 yuan per kilogram, a month - on - month decrease of 0.10 yuan and a year - on - year decrease of 5.30 yuan. [37] - **Sugar**: The spot price was 5330 yuan per ton, with no month - on - month change and a year - on - year decrease of 750 yuan. [37] - **Pulp**: The spot price of Shandong Yinxing pulp was 5350 yuan, a month - on - month increase of 50 yuan and a year - on - year decrease of 1290 yuan. [37] - **Double - offset Paper**: The spot price of Taiyang Tianyang double - offset paper in Tianjin was 4350 yuan, with no month - on - month change and a year - on - year decrease of 700 yuan. [37] - **Cotton**: The spot price was 16329 yuan per ton, a month - on - month increase of 259 yuan and a year - on - year increase of 1348 yuan. [37] 3.4 Fourth Part: Basis Situation There is no specific text description of the basis situation, only relevant figures are provided, including the basis of apple, jujube, sugar, pulp, and cotton. [51][52][54][56] 3.5 Fifth Part: Inter - month Spread Situation - **Apple 5 - 10 Spread**: The current value is 1293, with a month - on - month increase of 13 and a year - on - year increase of 1888. It is expected to fluctuate strongly, and the recommended strategy is to buy on dips. [57] - **Jujube 5 - 9 Spread**: The current value is - 235, with a month - on - month decrease of 10 and a year - on - year increase of 180. It is recommended to wait and see. [57] - **Sugar 5 - 9 Spread**: The current value is - 19, with a month - on - month decrease of 6 and a year - on - year decrease of 140. It is expected to fluctuate, and the recommended strategy is to wait and see. [57] - **Cotton 5 - 9 Spread**: The current value is 95, with a month - on - month increase of 40 and a year - on - year increase of 240. It is expected to fluctuate weakly, and the recommended strategy is to sell on rallies. [57] 3.6 Sixth Part: Futures Position Situation There is no specific text description, only relevant figures are provided, including the top 20 long and short positions, trading volume, and net long and short positions of apple, jujube, sugar, pulp, and cotton. [64][66][68] 3.7 Seventh Part: Futures Warehouse Receipt Situation - **Apple**: The number of warehouse receipts is 0, with no month - on - month and year - on - year changes. [89] - **Jujube**: The number of warehouse receipts is 3869, with no month - on - month change and a year - on - year decrease of 828. [89] - **Sugar**: The number of warehouse receipts is 14461, with no month - on - month change and a year - on - year decrease of 9501. [89] - **Pulp**: The number of warehouse receipts is 155621, with no month - on - month change and a year - on - year decrease of 198281. [89] - **Cotton**: The number of warehouse receipts is 11124, a month - on - month increase of 111 and a year - on - year increase of 4031. [89] 3.8 Eighth Part: Option - related Data - **Apple Options**: There are figures on trading volume, open interest, put - call ratio, and historical volatility. [93][94] - **Sugar Options**: There are figures on trading volume, open interest, put - call ratio, and historical volatility. [98][100] - **Cotton Options**: There are figures on trading volume, open interest, put - call ratio, and historical volatility. [104][105]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - For the soft commodity sector, the supply of white sugar is relatively sufficient, but the fundamental outlook may improve. Zhengzhou white sugar futures may build a bottom and accumulate strength in the short - term, with limited downside space and insufficient short - term upward drivers. For pulp, the downstream is in the off - season, and the pulp is under short - term pressure, but the probability of the pulp futures falling below 5000 is low. For double - offset paper, the spot price is stable, and the cost support weakens, and the futures price is expected to fluctuate with the basis. For cotton, the long - term bullish expectations continue, and the futures price is expected to continue to oscillate strongly [3][4][5][8]. - For the fresh fruit sector, the apple futures price is expected to maintain a high - level range - bound and strong fluctuation, and the decline space may be limited. The jujube futures price is in a narrow - range shock at a low level, and the contradiction between futures and spot price has been alleviated [9][10]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Fresh Fruit Futures** - **Apple 2605**: Hold long positions cautiously. The supply - side support remains, but the continuous driving force is slightly insufficient, and it maintains a high - level range - bound fluctuation. The support range is 8800 - 8900, and the pressure range is 11000 - 11500 [19]. - **Jujube 2605**: Buy on dips in the short - term. The expected production reduction may gradually be reflected in the far - month contracts, and the spot inventory begins to peak and decline. The support range is 8700 - 9000, and the pressure range is 9500 - 9800 [19]. - **Soft Commodity Futures** - **White Sugar 2605**: Wait and see for the time being. The situation of oversupply of sugar at home and abroad is expected to improve, and Zhengzhou white sugar is building a bottom at a low level. The support range is 5100 - 5150, and the pressure range is 5330 - 5350 [19]. - **Pulp 2605**: Allocate lightly long. The downstream is in the off - season, and the pulp lacks new bullish factors. It is under short - term pressure, but there may still be cost support from warehouse receipts. The support range is 5130 - 5200, and the pressure range is 5360 - 5400 [19]. - **Double - Offset Paper 2605**: Operate within the range. The spot market is stable, but the demand has entered the off - season. In the short - term, pay attention to the support situation after the futures price further declines and the basis widens. The support range is 4000 - 4100, and the pressure range is 4250 - 4300 [19]. - **Cotton 2605**: Hold long positions cautiously. The long - term bullish expectations remain, and the medium - term support is unchanged. However, the upward trend of the external market price has not been confirmed, and the internal - external price difference restricts the domestic price. The futures price may continue to oscillate strongly in the short - term. The support range is 13700 - 13800, and the pressure range is 15700 - 15800 [19]. 3.2 Second Part: Market News Changes - **Apple Market** - **Fundamental Information**: In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. As of February 11, 2026, the cold - storage inventory of apples in the main producing areas was 5.8815 million tons, a week - on - week decrease of 316,500 tons. As of February 12, 2026, it was 5.3151 million tons, a week - on - week decrease of 320,000 tons and a year - on - year decrease of 574,000 tons [20]. - **Spot Market Situation**: In Shandong, the price of high - quality late - maturing bagged Fuji apples in stock is stable. After the Spring Festival, some merchants restock, and the trading volume in cold storage is not large. In Shaanxi, the mainstream price is stable, and the cold - storage trading volume is average. The sales area is generally stable [20][21][22]. - **Jujube Market**: As of February 9, the physical inventory of 36 sample points was 11,888 tons, a week - on - week decrease of 1255 tons, a month - on - month decrease of 9.55% and a year - on - year increase of 12.84%. Due to the dispersed acquisition structure in the 2025 production season and the cautious expectations for the new - season market after the Spring Festival, current holders tend to actively sell goods before the Spring Festival to reduce inventory pressure [23]. - **White Sugar Market**: India's sugar production is expected to be reduced to 33 million tons, but the domestic supply is still abundant. In the second half of January 2025/26, the sugar production in the central - southern region of Brazil was only 5000 tons, a year - on - year decrease of 36%. As of the end of January 2025/26, the cumulative sugar production in the central - southern region of Brazil was 40.24 million tons, a year - on - year increase of 0.86%. Pecege Consulting and Project Company lowered the yield forecast of sugarcane in the central - southern region of Brazil. As of February 15, 2025/26, Thailand's cumulative sugar production was 6.8356 million tons, a year - on - year decrease of 4.83%. In the 2025/26 sugar - making season, one sugar factory in Guangxi and two in Zhanjiang have shut down for production [25]. - **Pulp Market**: Affected by the decline in futures prices and the weakening of demand for key resale varieties, the Chinese pulp market continues to weaken. The spot price of imported NBSK has also declined, but the prices of NBSK from Canada and Northern Europe remain stable [29]. - **Double - Offset Paper Market**: The inventory days of double - offset paper decreased by 2.05% week - on - week, and the decline rate narrowed. The start - up load rate was 57.43%, a week - on - week increase of 0.07 percentage points, and the increase rate narrowed [30]. - **Cotton Market**: As of the week of February 20, 2026, the cumulative inspection volume of U.S. upland cotton and Pima cotton was 3.0275 million tons, accounting for 99.9% of the annual estimated output, 5% slower year - on - year. As of February 21, the cotton planting in Brazil in the 2025/26 season was 99.9% completed, the same as the previous year [31]. 3.3 Third Part: Market Review - **Futures Market Review** | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2605 | 9705 | - 130 | - 1.32% | | Jujube 2605 | 8845 | 0 | 0.00% | | White Sugar 2605 | 5229 | 18 | 0.35% | | Pulp 2605 | 5340 | 80 | 1.52% | | Cotton 2605 | 15285 | 545 | 3.70% | [32] - **Spot Market Review** | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 4.45 | 0.00 | 0.45 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | White Sugar (yuan/ton) | 5330 | 0 | - 770 | | Pulp (Shandong Yinxing) | 5300 | 0 | - 1380 | | Double - Offset Paper (Taiyang Tianyang - Tianjin) | 4350 | 0 | - 700 | | Cotton (yuan/ton) | 16070 | - 18 | 1077 | [37] 3.4 Fourth Part: Basis Situation There is no specific text description of the basis situation in the content, only relevant charts are provided [51][52][54]. 3.5 Fifth Part: Inter - Month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 5 - 10 | 1365 | - 56 | 1989 | Oscillate strongly | Buy on dips | | Jujube | 5 - 9 | - 225 | - 30 | 185 | Reverse spread on highs | Wait and see | | White Sugar | 5 - 9 | - 13 | - 2 | - 138 | Oscillate | Wait and see | | Cotton | 5 - 9 | 55 | 115 | 205 | Oscillate weakly | Sell on highs | [59] 3.6 Sixth Part: Futures Positioning Situation There is no specific text description of the futures positioning situation in the content, only relevant charts are provided [66][70][76]. 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 3869 | 103 | - 828 | | White Sugar | 14461 | 0 | - 9501 | | Pulp | 155621 | 1009 | - 196180 | | Cotton | 11013 | 12 | 3907 | [91] 3.8 Eighth Part: Option - Related Data There is no specific text description of the option - related data in the content, only relevant charts are provided [94][102][107].

1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views of the Report - The soft commodity sector is facing different market conditions. The sugar market has sufficient global supply, and the domestic sugar supply is also abundant. The pulp market has relatively stable prices, but the overall supply is not tight, and the demand from downstream paper mills is weak. The double - offset paper market has cost - support weakening and faces demand pressure. In the fresh fruit and vegetable sector, the apple market has strong mid - line supply support but weak marginal drivers, and the jujube market is entering the consumption peak season with inventory starting to decline [3][5][7]. - Different trading strategies are recommended for each variety. For example, for sugar, consider short - selling on rebounds; for pulp, switch from one - sided short - allocation to range trading; for double - offset paper, reduce long positions on high prices and try short - allocation; for apples, adopt a long - thinking strategy; for jujubes, aggressive investors can hold reverse spreads or long positions with protective put options [4][5][7][8]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations - For fresh fruit and vegetable futures, recommend holding long positions in Apple 2605 cautiously with a support range of 8800 - 8900 and a pressure range of 11000 - 11500. For Jujube 2605, recommend reducing short positions with a support range of 8900 - 9000 and a pressure range of 9300 - 9700 [16]. - For soft commodity futures, recommend temporarily observing Sugar 2605 with a support range of 5070 - 5100 and a pressure range of 5270 - 5300. For Pulp 2605, recommend range trading with a support range of 5200 - 5300 and a pressure range of 5550 - 5600. For Double - offset Paper 2605, recommend trying short - selling on high prices with a support range of 4000 - 4050 and a pressure range of 4250 - 4300 [16]. 3.2 Second Part: Sector Weekly Market Review 3.2.1 Futures Market Review - Apple 2605 closed at 9535, down 6 points or 0.06% for the week; Jujube 2605 closed at 8800, down 75 points or 0.85% for the week; Sugar 2605 closed at 5180, down 78 points or 1.48% for the week; Pulp 2605 closed at 5398, up 36 points or 0.67% for the week; Double - offset Paper 2602 closed at 4226, up 178 points or 4.40% for the week [17]. 3.2.2 Spot Market Review - The spot price of apples is 4.70 yuan per jin, with no change from the previous period and an increase of 0.45 yuan year - on - year. The spot price of jujubes is 9.40 yuan per kilogram, down 0.10 yuan from the previous period and down 5.30 yuan year - on - year. The spot price of sugar is 5280 yuan per ton, up 20 yuan from the previous period and down 630 yuan year - on - year. The spot price of pulp (Shandong Yinxing) is 5400 yuan, with no change from the previous period and down 1150 yuan year - on - year [23]. 3.3 Third Part: Sector Basis Situation The report provides basis data charts for apple, jujube, sugar, and pulp, including Apple 5 - month basis, Jujube main - continuous basis, Sugar main - continuous basis, and Pulp main - continuous basis, but no specific data analysis is given [28][31][33][34]. 3.4 Fourth Part: Inter - monthly Spread Situation The report provides inter - monthly spread charts for apple, jujube, and sugar, such as Apple 5 - 10 spread, Apple 1 - 5 spread, Jujube 1/5 spread, Jujube 5/9 spread, Sugar 5 - 9 spread, and Sugar 9 - 1 spread, but no specific data analysis is given [37][39][41]. 3.5 Fifth Part: Futures Warehouse Receipt Situation - The warehouse receipt volume of apples is 0, with no change from the previous period and no change year - on - year. - The warehouse receipt volume of jujubes is 3298, with no change from the previous period and a decrease of 706 year - on - year. - The warehouse receipt volume of sugar is 13745, a decrease of 11 from the previous period and a decrease of 10383 year - on - year. - The warehouse receipt volume of pulp is 139554, with no change from the previous period and a decrease of 197742 year - on - year [42]. 3.6 Sixth Part: Option - related Data 3.6.1 Option Strategy Recommendations - For Apple 2605, recommend selling out - of - the - money put options as the bullish factors have been partially realized and the price increase has slowed down. - For Jujube 2605, recommend selling deep out - of - the - money call options as new jujubes are concentrated on the market and the spot inventory is high. - For Sugar 2605, recommend considering selling both call and put options as there are differences in China's sugar production and the international market has oversupply [42]. 3.6.2 Apple Option Data The report provides charts of apple option trading volume, open interest, put - call ratio of open interest and trading volume, historical volatility, etc., but no specific data analysis is given [44]. 3.6.3 Sugar Option Data The report provides charts of sugar option trading volume, open interest, put - call ratio of trading volume and open interest, historical volatility, implied volatility, etc., but no specific data analysis is given [45][46]. 3.7 Seventh Part: Sector Futures Fundamental Situation 3.7.1 Apple - **Weather Conditions in Producing Areas**: The report provides charts of minimum temperature and precipitation in Shandong and Shaanxi, which are major apple - producing areas, but no specific data analysis is given [49][50]. - **Export Situation**: The report provides a chart of the monthly apple export volume, but no specific data analysis is given [53]. - **Inventory Situation**: The report provides charts of national apple inventory, weekly apple inventory in Shandong and Shaanxi, but no specific data analysis is given [53][55]. 3.7.2 Jujube The report provides charts of weekly jujube trading volume in Henan and Hebei, and daily arrival volume of jujubes at Guangdong Ruyifang Market, but no specific data analysis is given [57]. 3.7.3 Sugar The report provides charts of national sugar industrial inventory (newly added), monthly sugar import volume, and sugar spot - futures difference, but no specific data analysis is given [59][60][62]. 3.7.4 Pulp The report provides charts of domestic 4 - port pulp inventory, global pulp producer inventory days, weekly production volume of various types of paper, and import volume of broad - leaf and coniferous pulp, but no specific data analysis is given [64][65][74]. 3.7.5 Double - offset Paper The report provides charts of double - offset paper capacity utilization rate, weekly production volume, enterprise inventory, and apparent consumption volume, but no specific data analysis is given [76][79].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - For the soft commodity sector, the overall supply of sugar is relatively abundant, and the Zhengzhou sugar futures may continue to be weak in the near term. The upward space of pulp is limited, and there is support at the bottom. The upward space of double - offset paper futures is also restricted, and cotton prices are expected to rise in the medium - term with short - term adjustments. - For the fresh fruit sector, the apple futures may experience high - level adjustments in the short - term and support in the medium - term. The jujube futures may have a short - term bottom - support and a transition to a supply - demand balance situation [2][9][10]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendation - **Apple 2605**: Recommend to reduce long positions. The support from factors such as new - season output, good - fruit rate, and peak - value decline year - on - year still exists, but the suppression of insufficient consumption growth has increased. The support range is 8800 - 8900, and the pressure range is 11000 - 11500 [20]. - **Jujube 2605**: Recommend short - term buying on dips. The expected reduction in production may gradually be reflected in the far - month contracts, and the spot inventory has started to decline seasonally. The support range is 8700 - 9000, and the pressure range is 9500 - 9800 [20]. - **Sugar 2605**: Recommend short - term short positions with a light position. The international and domestic sugar supplies are relatively abundant. The support range is 5070 - 5100, and the pressure range is 5270 - 5300 [20]. - **Pulp 2605**: Recommend short positions within the range. Although there are still positive factors in supply and warehouse - receipt cost increase, the downstream performance has been average recently, which may put pressure on the market. The support range is 5200 - 5300, and the pressure range is 5550 - 5600 [20]. - **Double - offset paper 2605**: Recommend range - bound operations. The spot market is stable, and the basis has expanded to support the market temporarily. However, the subsequent publication orders may weaken, and the price increase is limited due to low capacity utilization. The support range is 4000 - 4100, and the pressure range is 4300 - 4350 [20]. - **Cotton 2605**: Recommend to reduce long positions. The foreign market is operating at a low level, while the domestic market has positive expectations. The far - end positive expectations are strong, but the short - term sentiment has retreated, and the price may be adjusted. The support range is 13500 - 13600, and the pressure range is 15400 - 15500 [20]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamental Information**: In November 2025, the export volume of fresh apples was about 121,600 tons, a month - on - month increase of 51.28% and a year - on - year increase of 12.42%. As of January 15, 2026, the cold - storage inventory of apples in the main producing areas was 655,570 tons, a week - on - week decrease of 178,000 tons and a year - on - year decrease of 488,000 tons [21]. - **Spot Market**: The prices in Shandong and Shaanxi production areas are stable. In Shandong, the sales volume has slightly increased, and in Shaanxi, the cold - storage packaging volume is acceptable during the Spring Festival stocking period [21][22]. 3.2.2 Jujube Market As of January 11, the physical inventory of 36 sample points was 15,300 tons, a week - on - week decrease of 349 tons, a month - on - month decrease of 2.23%, and a year - on - year increase of 41.27%. The acquisition in the production areas has basically ended, and the market is expected to enter a peak sales period with the approaching of the Lunar New Year [23]. 3.2.3 Sugar Market - In December 2025, the average sugarcane yield in the central - southern region of Brazil was 73.4 tons per hectare, a year - on - year increase of 26.6%. From January 1 to 20, 2026, Brazil exported 1.4366 million tons of sugar and molasses, a year - on - year increase of 9.09%. - As of January 13, 2026, the non - commercial net long position of ICE sugar was - 165,711 contracts, indicating strong bearish sentiment. As of January 15, 2026, the sugar production in India reached 15.885 million tons, higher than the same period last year. From the 2025/26 sugar - crushing season to January 17, 2026, the sugar production in Thailand decreased by 16.09% year - on - year [25]. 3.2.4 Pulp Market The Chinese pulp market demand has significantly slowed down. The futures market fluctuations have made traders and investors cautious. The price of NBSK has dropped, and traders expect further price declines and have raised the forward resale quotes [29]. 3.2.5 Double - offset Paper Market As of Thursday this week, the inventory days of double - offset paper decreased by 2.05% compared with last Thursday, and the decline rate narrowed month - on - month. The industry's overall inventory - reduction speed has decreased, and the operating load rate was 57.43%, with a marginal increase [30]. 3.2.6 Cotton Market - In December 2025, China's cotton cloth imports increased year - on - year and month - on - month in terms of meters, weight, and amount. The export volume and amount of cotton yarn decreased year - on - year but increased month - on - month. - In December 2025, India's textile exports decreased year - on - year, while clothing exports increased. Japan's cotton imports reached the highest level since September 2024. As of January 15, 2026, the new - season seed - cotton listing volume in Pakistan was basically the same as the previous year [31]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review - Apple 2605 closed at 9371, up 26 or 0.28% [32]. - Jujube 2605 closed at 8700, down 115 or 1.30% [32]. - Sugar 2605 closed at 5183, down 61 or 1.16% [32]. - Pulp 2605 closed at 5376, up 14 or 0.26% [32]. - Cotton 2605 closed at 14525, down 20 or 0.14% [32]. 3.3.2 Spot Market Review - The spot price of apples was 4.45 yuan per catty, with no month - on - month change and a year - on - year increase of 0.45 yuan [40]. - The spot price of jujubes was 9.40 yuan per kilogram, a month - on - month decrease of 0.10 yuan and a year - on - year decrease of 5.30 yuan [40]. - The spot price of sugar was 5330 yuan per ton, a month - on - month decrease of 20 yuan and a year - on - year decrease of 600 yuan [40]. - The spot price of pulp (Shandong Yinxing) was 5400 yuan, with no month - on - month change and a year - on - year decrease of 1180 yuan [40]. - The spot price of double - offset paper (Taiyang Tianyang - Tianjin) was 4350 yuan, a month - on - month decrease of 100 yuan and a year - on - year decrease of 600 yuan [40]. - The spot price of cotton was 15856 yuan per ton, a month - on - month decrease of 24 yuan and a year - on - year increase of 1076 yuan [40]. 3.4 Fourth Part: Basis Situation No specific numerical analysis content is provided, only relevant charts are mentioned, including the basis of Apple 5 - month, Jujube main contract, Sugar main continuous contract, Pulp main continuous contract, and Cotton 5 - month [51][54][57]. 3.5 Fifth Part: Inter - month Spread Situation - **Apple 5 - 10 spread**: The current value is 1249, a month - on - month decrease of 121 and a year - on - year increase of 1769. It is expected to fluctuate strongly, and the recommended strategy is to buy on dips [59]. - **Jujube 5 - 9 spread**: The current value is - 240, with no month - on - month change and a year - on - year increase of 90. It is recommended to wait and see [59]. - **Sugar 5 - 9 spread**: The current value is - 17, a month - on - month decrease of 1 and a year - on - year decrease of 149. It is expected to fluctuate, and the recommended strategy is to wait and see [59]. - **Cotton 5 - 9 spread**: The current value is - 175, a month - on - month decrease of 10 and a year - on - year decrease of 10. It is expected to fluctuate weakly, and the recommended strategy is to sell on rallies [59]. 3.6 Sixth Part: Futures Positioning Situation No specific numerical analysis content is provided, only relevant charts are mentioned, including the top 20 long and short positions, trading volume, and net long and short position changes of apples, jujubes, sugar, pulp, and cotton [66][70][77]. 3.7 Seventh Part: Futures Warehouse - receipt Situation - The warehouse - receipt volume of apples is 0, with no month - on - month or year - on - year change [91]. - The warehouse - receipt volume of jujubes is 3298, with no month - on - month change and a year - on - year decrease of 706 [91]. - The warehouse - receipt volume of sugar is 14439, a month - on - month increase of 313 and a year - on - year decrease of 9692 [91]. - The warehouse - receipt volume of pulp is 139554, a month - on - month decrease of 30 and a year - on - year decrease of 201310 [91]. - The warehouse - receipt volume of cotton is 9647, a month - on - month decrease of 11 and a year - on - year increase of 3167 [91]. 3.8 Eighth Part: Option - related Data No specific numerical analysis content is provided, only relevant charts are mentioned, including the trading volume, open interest, put - call ratio, and historical volatility of apple, sugar, and cotton options [94][101][108].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The Zhengzhou sugar futures price is under pressure due to India's increased sugar production and global oversupply, but there may be support during the Brazilian off - season and the Ramadan stocking period. It is recommended to wait and see and consider double - selling out - of - the - money options [4]. - The pulp market has limited upside space before further overseas supply cuts or new production cut news, and the 2605 contract is recommended to be short - allocated on rallies [4]. - The double - offset paper price is under pressure due to weakened cost support, but the widening basis may support the futures price. It is recommended to close long positions and wait and see [5][6]. - The cotton futures price may adjust narrowly in the short term and is expected to move up in the medium - to - long term. It is recommended to hold long positions in the 05 contract cautiously [7]. - The apple futures price may adjust at a high level in the short term and is expected to be supported in the medium term. It is recommended to buy on dips [8]. - The jujube futures price is oscillating at a low level and may rise. Aggressive investors can hold reverse spreads or long positions with protective puts [9][10]. Summary by Directory Part 1: Plate Strategy Recommendation - **Fruit Futures**: - Apple 2605: Reduce long positions. The supply has medium - term support but the marginal driving force is decreasing. The support interval is 8800 - 8900, and the pressure interval is 11000 - 11500 [18]. - Jujube 2605: Reduce short positions. The spot market has entered the consumption peak season, and inventory has peaked and started to decline. The support interval is 8900 - 9000, and the pressure interval is 9300 - 9700 [18]. - **Soft Commodity Futures**: - Sugar 2605: Wait and see. There are differences in China's sugar production rate, and the international market supply is still sufficient. The support interval is 5200 - 5230, and the pressure interval is 5350 - 5380 [18]. - Pulp 2605: Try short - allocation. The impact of supply bullish factors is weakening, and the downstream paper products are in the off - season. The short - term pulp price is under pressure, but the low point of the futures price follows the rising cost of warehouse receipts. The support interval is 5300 - 5350, and the pressure interval is 5550 - 5600 [18]. - Double - offset Paper 2605: Wait and see. The fundamental situation has not changed much. The short - term futures price fluctuates with the pulp price, and the widening basis supports the double - offset paper futures price. The support interval is 4000 - 4100, and the pressure interval is 4300 - 4400 [18]. - Cotton 2605: Reduce long positions. There is a game between strong expectation and weak reality, and the futures price is expected to move up. The support interval is 13500 - 13500, and the pressure interval is 15400 - 15500 [18]. Part 2: Plate Weekly Market Review - **Futures Market Review**: - Apple 2605: The closing price is 9541, down 148 (- 1.53%) for the week [19]. - Jujube 2605: The closing price is 8875, down 275 (- 3.01%) for the week [19]. - Sugar 2605: The closing price is 5258, down 30 (- 0.57%) for the week [19]. - Pulp 2605: The closing price is 5362, down 188 (- 3.39%) for the week [19]. - Double - offset Paper 2602: The closing price is 4048, down 148 (- 3.53%) for the week [19]. - Cotton 2605: The closing price is 14590, down 85 (- 0.58%) for the week [19]. - **Spot Market Review**: - Apple: The spot price is 4.70 yuan/jin, with no change from the previous period and an increase of 0.45 yuan year - on - year [24]. - Jujube: The spot price is 9.40 yuan/kg, down 0.10 yuan from the previous period and down 5.30 yuan year - on - year [24]. - Sugar: The spot price is 5360 yuan/ton, with no change from the previous period and a decrease of 550 yuan year - on - year [24]. - Pulp: The spot price of Shandong Yinxing pulp is 5550 yuan, with no change from the previous period and a decrease of 1000 yuan year - on - year [24]. - Cotton: The spot price is 15931 yuan/ton, down 41 yuan from the previous period and an increase of 1182 yuan year - on - year [24]. Part 3: Plate Basis Situation No specific text summary information provided, only figure references [29][30]. Part 4: Inter - month Spread Situation No specific text summary information provided, only figure references [34][36]. Part 5: Futures Warehouse Receipt Situation - Apple: The number of warehouse receipts is 0, with no change from the previous period and no change year - on - year [42]. - Jujube: The number of warehouse receipts is 3271, an increase of 60 from the previous period and a decrease of 699 year - on - year [42]. - Sugar: The number of warehouse receipts is 14126, with no change from the previous period and a decrease of 7939 year - on - year [42]. - Pulp: The number of warehouse receipts is 149134, with no change from the previous period and a decrease of 196156 year - on - year [42]. - Cotton: The number of warehouse receipts is 9666, an increase of 337 from the previous period and an increase of 3166 year - on - year [42]. - Cotton Yarn: The number of warehouse receipts is 70, with no change from the previous period and an increase of 7 year - on - year [42]. Part 6: Option - related Data - **Option Strategy Recommendation**: - Apple 2605: Sell out - of - the - money put options as the bullish factors have been partially realized, and the futures price is in the high - level range [45]. - Jujube 2605: Sell deep out - of - the - money call options as new jujubes are concentrated on the market and the spot inventory is high [45]. - Sugar 2605: Consider double - selling call and put options as there are differences in China's sugar production and the international market supply is in surplus [45]. - Cotton 2605: Sell out - of - the - money put options as there is a game between strong expectation and weak reality, and the futures price is expected to move up [45]. - Pulp 2605: Sell put options with an exercise price of 4900 and call options with an exercise price of 5300 as there is cost support but weak upward fundamental driving force [45]. - **Option Data Figures**: There are figures for option trading volume, open interest, put - call ratios, historical volatility, and implied volatility of apple, sugar, and cotton, but no specific text summary [46][48][54]. Part 7: Plate Futures Fundamental Situation - **Apple**: - **Weather Conditions in Producing Areas**: There are figures for minimum temperature and precipitation in Shandong and Shaanxi, but no specific text summary [56]. - **Export Situation**: There is a figure for apple export volume, but no specific text summary [59]. - **Inventory Situation**: There are figures for China's weekly apple storage inventory, as well as in Shandong and Shaanxi, but no specific text summary [60]. - **Jujube**: There are figures for jujube trading volume in Henan and Hebei and the arrival volume in Guangdong Ruyifang Market, but no specific text summary [61]. - **Sugar**: There are figures for national sugar industrial inventory, monthly import volume, and the spot - futures spread, but no specific text summary [63][65][67]. - **Pulp**: There are figures for domestic pulp inventory, global producer inventory days, paper product weekly production, and pulp import volume, but no specific text summary [71][75][76]. - **Double - offset Paper**: There are figures for double - offset paper capacity utilization, production, enterprise inventory, and apparent consumption, but no specific text summary [78]. - **Cotton**: There are figures for retail sales, inventory, and consumption data in the US, UK, and Japan, as well as China's cotton industrial and commercial inventory, import volume, and textile industry data, but no specific text summary [81][82][88].