Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The cotton market is in consolidation, waiting for new drivers [1] - The trend strength of cotton is 1, indicating a relatively neutral view [5] Group 3: Summary by Relevant Catalogs Fundamental Tracking - Futures: CF2605 closed at 14,650 yuan/ton with a daily decline of 0.31%, and the night - session closed at 14,580 yuan/ton with a decline of 0.48%. CY2603 closed at 20,515 yuan/ton with a daily increase of 0.05%, and the night - session closed at 20,435 yuan/ton with a decline of 0.39%. ICE US cotton 3 closed at 62.94 cents/pound with a decline of 1.41% [1] - Spot: The price of North Xinjiang 3128 machine - picked cotton was 15,574 yuan/ton, a decrease of 0.23% from the previous day; South Xinjiang 3128 machine - picked cotton was 15,520 yuan/ton, a decrease of 0.21%. The 3128B index was 15,995 yuan/ton, an increase of 0.79% [1] - Spreads: The CF3 - 5 spread was 45 yuan/ton, and the difference between North Xinjiang 3128 machine - picked cotton and CF605 was 920 yuan/ton [1] Macro and Industry News - Domestic cotton spot: The overall trading of cotton spot was light, and the basis was mostly stable. The quotes of 2025/26 South Xinjiang Kashgar machine - picked 3129/29B with impurity within 3 were mostly above CF05 + 950 for self - pick - up in Xinjiang; the mainstream basis of 2025/26 North and South Xinjiang machine - picked 3130/30 with impurity within 3 in Shandong and Henan warehouses was around CF05 + 1600 - 1750 for self - pick - up in the inland [2] - Domestic cotton textile enterprises: The quotes of pure cotton yarn were mostly stable, and the market trading atmosphere was still light. As the Spring Festival approached, some downstream weaving and dyeing factories began to enter the holiday period, and terminal demand continued to shrink. The procurement of downstream was mainly for rigid demand, and the willingness for large - scale restocking was insufficient. The orders of spinning enterprises showed obvious differentiation. Some spinning enterprises had sufficient pre - holiday orders and could maintain normal production, while the new orders of some spinning enterprises declined significantly. The price of open - end spinning decreased slightly recently [2] - US cotton: The ICE cotton futures fell yesterday due to technical selling pressure. The market was still worried about the export prospects of US cotton, and attention was paid to whether the low price could attract spot buyers [2]