1. Report Industry Investment Ratings - Cotton: Neutral [2] - Sugar: Neutral [6] - Pulp: Neutral [8] 2. Core Views of the Report - The global cotton supply - demand pattern has changed from loose to tight according to USDA, but the realization of the production cut in some countries is uncertain. In China, the low commercial inventory supports cotton prices in the short - term, yet the new cotton's concentrated listing may bring pressure [2]. - For sugar, the Brazilian sugar production forecast is revised down, and the high import volume in China suppresses sugar prices in the short - term. The sugar price is expected to be range - bound in the short - term and may have a tail - end rise in the fourth quarter [4][6]. - Regarding pulp, the supply pressure remains in the second half of the year, and the terminal demand improvement is limited. Pulp prices are expected to continue to oscillate at a low level in the short - term [8]. 3. Summary by Related Catalogs Cotton Market News and Key Data - Futures: The closing price of the cotton 2601 contract was 14,075 yuan/ton, down 25 yuan/ton (-0.18%) from the previous day. Spot: The Xinjiang factory price of 3128B cotton was 15,249 yuan/ton, up 14 yuan/ton; the national average price was 15,342 yuan/ton, up 8 yuan/ton. In July, Bangladesh imported about 139,000 tons of cotton, a 13.0% increase from June and a 1.2% increase from the same period last year [1]. Market Analysis - Internationally, the USDA's adjustment of cotton production needs verification, but the US cotton balance sheet may improve, supporting international cotton prices. Domestically, the low commercial inventory supports cotton prices, but the new cotton's concentrated listing may bring pressure [2]. Strategy - Be neutral. Pay attention to the peak - season demand. If the demand improves, cotton prices may be strong before the new cotton is listed; otherwise, there will be pressure [2]. Sugar Market News and Key Data - Futures: The closing price of the sugar 2601 contract was 5,620 yuan/ton, down 12 yuan/ton (-0.21%) from the previous day. Spot: The sugar price in Nanning, Guangxi was 5,950 yuan/ton, unchanged from the previous day. Brazil's 2025/26 sugar production forecast was revised down by 3.1% to 44.5 million tons [2][3]. Market Analysis - For raw sugar, the high sugar - making ratio in Brazil is offset by low cane quality, restricting the decline. For Zhengzhou sugar, the high import volume suppresses prices [4]. Strategy - Be neutral. The sugar price is expected to be range - bound in the short - term and may rise in the fourth quarter [6]. Pulp Market News and Key Data - Futures: The closing price of the pulp 2511 contract was 5,010 yuan/ton, down 60 yuan/ton (-1.18%) from the previous day. Spot: The price of Chilean Silver Star softwood pulp in Shandong was 5,735 yuan/ton, down 55 yuan/ton; the price of Russian softwood pulp was 5,065 yuan/ton, down 45 yuan/ton [7]. Market Analysis - Supply: The pulp import volume increased in the first half of 2025, and domestic production capacity will be put into operation. The port inventory is high, and the supply pressure remains. Demand: The consumption in Europe and the US is weak, and the domestic demand is also lackluster [8]. Strategy - Be neutral. The pulp price is expected to oscillate at a low level in the short - term [8].