Report Industry Investment Rating - Not provided in the report Core Viewpoints - The price of Zhengzhou Sugar 2605 contract rose this week with a weekly increase of about 0.46%. The Brazilian sugar has not been crushed, and the international market news is in a vacuum period. The raw sugar price lacks more upward drivers and is expected to remain volatile. The number of vessels waiting to load sugar at Brazilian ports and the quantity of sugar waiting to be shipped are decreasing. In the domestic market, the beet sugar production in the north has ended, and the cane sugar production has exceeded expectations. The domestic sugar production is expected to be around 12 million tons. The current sugar market is in a situation of strong supply and weak demand, and there is some pressure on the price. However, the high energy prices drive the strong sentiment of commodities, which provides support for sugar. It is expected that the domestic sugar price will fluctuate and strengthen [5]. Summary by Directory 1. Week - by - Week Summary - **Market Review**: The price of Zhengzhou Sugar 2605 contract rose this week, with a weekly increase of about 0.46% [5]. - **Market Outlook**: The Brazilian sugar has not been crushed, and the international raw sugar price is expected to remain volatile. The number of vessels waiting to load sugar at Brazilian ports decreased from 40 to 34, and the quantity of sugar waiting to be shipped decreased from 1282700 tons to 1063700 tons. In the domestic market, the beet sugar production in the north has ended, and the cane sugar production has exceeded expectations. The domestic sugar production is expected to be around 12 million tons. The current sugar market is in a situation of strong supply and weak demand, but high energy prices provide support. The domestic sugar price is expected to fluctuate and strengthen [5]. - **Future Focus**: Domestic imports and demand [6] 2. Futures and Spot Market - **US Sugar Market**: The price of the US Sugar May contract rose this week, with a weekly increase of about 1.41%. As of March 17, 2026, the non - commercial net short position of raw sugar futures was 207755 lots, a decrease of 1000 lots from the previous week. The long position was 192309 lots, a decrease of 6055 lots from the previous week, and the short position was 400064 lots, a decrease of 7055 lots from the previous week [10]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 15 cents per pound, an increase of 0.39 cents per pound from last week [16]. - **Zhengzhou Sugar Futures**: The price of Zhengzhou Sugar 2605 contract rose this week, with a weekly increase of about 0.46%. The net position of the top 20 in Zhengzhou sugar futures was - 113790 lots, and the number of Zhengzhou sugar warehouse receipts was 16342 [20][28]. - **Zhengzhou Sugar Contract Spread**: The spread between the 5 - 9 contracts of Zhengzhou sugar futures was - 23 yuan per ton, and the basis of spot - Zhengzhou sugar was - 4 yuan per ton [32]. - **Spot Market Price**: As of March 27, the sugar price in Liuzhou, Guangxi was 5460 yuan per ton, and the sugar price in Nanning was 5460 yuan per ton [39]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1149 yuan per ton, a decrease of 29 yuan per ton from last week; the estimated profit of Brazilian sugar outside the quota was - 92 yuan per ton, a decrease of 142 yuan per ton from last week; the estimated profit of Thai sugar within the quota was 1138 yuan per ton, a decrease of 103 yuan per ton from last week; the estimated profit of Thai sugar outside the quota was - 9 yuan per ton, a decrease of 153 yuan per ton from last week [45]. 3. Industry Chain Situation - **Supply - side - Production Increase**: The domestic sugar production in the main producing areas is increasing [46]. - **Supply - side - Industrial Inventory**: Information about industrial inventory is presented in the report, but no specific data summary is provided [49]. - **Supply - side - Imported Sugar Quantity**: In February 2026, China's sugar imports were 240000 tons, a year - on - year increase of 314.29% and a month - on - month decrease of 40000 tons. From January to February 2026, the cumulative sugar imports were 520000 tons, a year - on - year increase of 293.33% [53]. - **Demand - side - Sugar Sales Rate**: The sugar sales rate is average [54]. - **Demand - side - Output of Refined Sugar and Soft Drinks**: Information about the monthly output of refined sugar and soft drinks is presented, but no specific data summary is provided [60]. 4. Options and Stock - Futures Related Market - **Options Market**: Information about the implied volatility of at - the - money options of sugar this week is presented, but no specific data summary is provided [63]. - **Stock Market - Nanning Sugar Industry**: Information about the price - earnings ratio of Nanning Sugar Industry is presented, but no specific data summary is provided [68].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the price of the Zhengzhou Sugar 2605 contract decreased with a weekly decline of about 0.15%. Thailand's 2025/26 sugar - crushing season as of March 11 showed an increase in cane crushing and sugar production, with rising sugar content and sugar - making rate. Short - term supply continues to increase, but the raw sugar price may rise due to energy market disturbances. In the domestic market, as of now, 8 sugar mills in Guangxi have completed the crushing process in the 25/26 season, 50 less than the same period last year, and the first peak of crushing completion may come next week. Zhengzhou sugar prices are boosted by the external market, and future attention should be paid to the impact of the macro - environment on the market [6]. - Future factors to watch include domestic imports and demand [7]. Summary by Directory 1. Week - to - Week Summary - **Market Review**: The price of the Zhengzhou Sugar 2605 contract decreased this week, with a weekly decline of about 0.15% [6]. - **Market Outlook**: Thailand's 2025/26 sugar - crushing season as of March 11 had a cumulative cane crushing volume of 88.3668 million tons, a year - on - year increase of 0.48%; sugar production was 9.7927 million tons, a year - on - year increase of 2.98%; the sugar content of cane was 12.80%, an increase of 0.22% compared to 12.58% in the same period last year; the sugar - making rate was 111.08%, an increase of 0.269%. In the domestic market, 8 sugar mills in Guangxi have completed the crushing process in the 25/26 season, 50 less than the same period last year, and the first peak of crushing completion may come next week. Zhengzhou sugar prices are boosted by the external market [6]. 2. Futures and Spot Market - **US Sugar Market**: The price of the US Sugar May contract increased this week, with a weekly increase of about 7.01%. As of March 10, 2026, the non - commercial net short position of raw sugar futures was 208,755 lots, a decrease of 36,279 lots from the previous week. Long positions were 198,364 lots, an increase of 5,051 lots from the previous week, and short positions were 407,119 lots, a decrease of 31,228 lots from the previous week [13]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 14.61 cents per pound, an increase of 0.34 cents per pound from last week [17]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2605 contract decreased this week, with a weekly decline of about 0.15%. The net position of the top 20 in the Zhengzhou sugar futures was - 115,394 lots, and the number of Zhengzhou sugar warehouse receipts was 16,342 [20][27]. - **Zhengzhou Sugar Contract Spread**: The spread between the 5 - 9 contracts of Zhengzhou sugar futures was - 30 yuan per ton, and the basis of spot - Zhengzhou sugar was + 11 yuan per ton [32]. - **Spot Market**: As of March 20, the price of white sugar in Liuzhou, Guangxi was 5,450 yuan per ton, and the price of sugar in Nanning was 5,440 yuan per ton [38]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,294 yuan per ton, a decrease of 123 yuan per ton from last week; the estimated profit of Brazilian sugar outside the quota was 50 yuan per ton, a decrease of 204 yuan per ton from last week; the estimated profit of Thai sugar within the quota was 1,241 yuan per ton, a decrease of 180 yuan per ton from last week; the estimated profit of Thai sugar outside the quota was 144 yuan per ton, a decrease of 216 yuan per ton from last week [44]. 3. Industry Chain Situation - **Supply Side - Production Increase**: Not detailed in the content about the specific increase situation, just mentioned that the supply side is mainly about production increase [45]. - **Supply Side - Industrial Inventory**: Not detailed in the content [48]. - **Supply Side - Imported Sugar Quantity**: In February 2026, China's sugar import volume was 240,000 tons, a year - on - year increase of 314.29% and a month - on - month decrease of 40,000 tons. From January to February 2026, the cumulative sugar import volume was 520,000 tons, a year - on - year increase of 293.33% [52]. - **Demand Side - Sugar Sales Rate**: The sugar sales rate is average, but no specific data is provided [53]. - **Demand Side - Output of Finished Sugar and Soft Drinks**: Not detailed in the content [59]. 4. Options and Stock - Related Market - **Options Market**: This week's implied volatility of at - the - money options for sugar is mentioned, but no specific data is provided [63]. - **Stock Market - Nanning Sugar Industry**: The price - to - earnings ratio of Nanning Sugar Industry is presented in a chart, but no specific analysis is provided [67].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - International sugar prices are expected to maintain a slightly bullish and volatile trend due to high international oil prices and the downward revision of sugar production forecasts by major sugar - producing countries [9] - In the domestic market, although there is pressure on the supply side as domestic sugar production is likely to increase significantly during the peak crushing season, and large sugar imports from January to February have a negative impact on the market, considering the low sugar prices, possible tightening of import policies, and high oil prices, the downward space for sugar prices is relatively limited [9] - For trading strategies, in the short - term, international sugar prices are expected to be slightly bullish and volatile. Zhengzhou sugar prices have dropped sharply but the downward space is limited. It is recommended to wait for the price to stabilize, then buy low and sell high through rolling operations. For arbitrage, it is advisable to wait and see, and for options, it is recommended to sell put options [10][11][12] Summary by Directory Part 1: Data Analysis - **Futures Market**: SR09 closed at 5,440 with a rise of 70 (1.30%), trading volume of 117,032 (a decrease of 11,627), and an open interest of 221,864 (an increase of 5,080); SR01 closed at 5,570 with a rise of 61 (1.11%), trading volume of 3,327 (a decrease of 825), and an open interest of 19,402 (a decrease of 597); SR05 closed at 5,417 with a rise of 74 (1.38%), trading volume of 337,734 (a decrease of 31,600), and an open interest of 372,106 (a decrease of 15,641) [3] - **Spot Market**: In the spot market, the prices in different regions showed different changes. For example, the price in Liuzhou was 5470 with no change, while the price in Kunming was 5315 with an increase of 5 [3] - **Basis**: The basis in different regions also varied. For example, the basis in Liuzhou was 53, while in Kunming it was - 102 [3] - **Inter - month Spread**: The SR05 - SR01 spread was - 153 with a rise of 13; the SR09 - SR05 spread was 23 with a decrease of 4; the SR09 - SR01 spread was - 130 with a rise of 9 [3] - **Import Profit**: For Brazilian imports, with an ICE main contract price of 14.77, a premium of 0.30, and a freight of 47.00, the in - quota price was 4133, the out - of - quota price was 5253, the spread with Liuzhou was 217, the spread with Rizhao was 387, and the spread with the futures price was 164. For Thai imports, with an ICE main contract price of 14.77, a premium of 1.22, and a freight of 18.00, the in - quota price was 4060, the out - of - quota price was 5159, the spread with Liuzhou was 311, the spread with Rizhao was 481, and the spread with the futures price was 258 [3] Part 2: Market Judgment - **Important Information**: In February, the actual arrival of out - of - quota raw sugar was 0 tons, and the forecasted arrival in March was also 0 tons. As of the week of March 18, the number of ships waiting to load sugar in Brazilian ports decreased from 47 to 40, and the quantity of sugar waiting to be shipped decreased from 1.5619 million tons to 1.2827 million tons. From March 18 - 19, 5 large - scale sugar mills in Guangxi completed the sugar - pressing process. As of now, 19 sugar mills in the 2025/2026 sugar - pressing season in Guangxi have completed the process, 49 less than the same period last year, and the sugar - pressing capacity has decreased by 363,000 tons per day compared to the same period last year [5] - **Logical Analysis**: Internationally, the sugar production increase in India and Thailand this season is likely to be lower than market expectations, and many global institutions are lowering their sugar production forecasts for the 2026/2027 season, which supports international sugar prices. Domestically, although there is supply - side pressure due to the peak crushing season and expected significant increase in sugar production, considering factors such as low sugar prices, possible tightening of import policies, and high oil prices, the downward space for sugar prices is limited [9] - **Trading Strategies**: For single - side trading, wait for the price to stabilize and then buy low and sell high through rolling operations. For arbitrage, wait and see. For options, sell put options [10][11][12] Part 3: Related Attachments - The report provides multiple charts, including monthly inventory and production in Guangxi and Yunnan, Liuzhou white sugar spot price, Liuzhou - Kunming sugar spot price spread, white sugar basis for different months, and spreads between different futures contracts [16][19][23][26][29][31]

Group 1: Report Summary - The price of Zhengzhou Sugar 2605 contract rose this week, with a weekly increase of about 1.42% [5][19] - Thailand's 2025/26 sugar cane crushing season shows an increase in supply, with cumulative cane crushing and sugar production up year-on-year [5] - In the domestic market, 8 sugar mills in Guangxi have shut down in the 25/26 season, and the first wave of shutdowns may come next week [5] Group 2: Futures and Spot Market Futures Market - The price of the US Sugar May contract rose this week, with a weekly increase of about 2.41% [12] - As of March 3, 2026, the non-commercial net short position of raw sugar futures decreased by 1089 lots, with long positions increasing by 9867 lots and short positions increasing by 8778 lots [12] - The price of Zhengzhou Sugar 2605 contract rose this week, with a weekly increase of about 1.42% [19] - The net position of the top 20 in the Zhengzhou Sugar futures is -122967 lots, and the warehouse receipts are 16342 [25] - The spread between the 5-9 contracts of Zhengzhou Sugar futures is -36 yuan/ton, and the basis of spot - Zhengzhou Sugar is +33 yuan/ton [29] Spot Market - The international raw sugar spot price is 14.27 cents/lb, up 0.27 cents/lb from last week [16] - As of March 13, the sugar price in Liuzhou, Guangxi is 5480 yuan/ton, and the price in Nanning is 5470 yuan/ton [35] - The estimated profit of Brazilian sugar within the quota is 1412 yuan/ton, down 28 yuan/ton from last week; the estimated profit outside the quota is 254 yuan/ton, down 26 yuan/ton from last week [41] - The estimated profit of Thai sugar within the quota is 1421 yuan/ton, up 2 yuan/ton from last week; the estimated profit outside the quota is 360 yuan/ton, down 26 yuan/ton from last week [41] Group 3: Industry Chain Supply Side - In December 2025, China's sugar imports were 580,000 tons, a year-on-year increase of 316.67% and a month-on-month increase of 140,000 tons. From January to December 2025, the cumulative sugar imports were 4.92 million tons, a year-on-year increase of 950% [50] Demand Side - In December 2025, China's monthly output of refined sugar was 3.5904 million tons, a year-on-year increase of 11%. The monthly output of soft drinks was 13.4214 million tons, a year-on-year increase of 1.1% [61] Group 4: Option and Stock Market Option Market - The implied volatility of the at-the-money option of sugar this week is presented in the chart [62] Stock Market - The price-earnings ratio of Nanning Sugar Industry is shown in the chart [67]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The price of Zhengzhou Sugar 2605 contract rose this week, with a weekly increase of about 1.31%. The northern hemisphere sugar production is in the realization stage, and the raw sugar price is expected to continue to fluctuate in the short term. The Spring Festival stocking in China is nearing the end, and the stocking demand is lower than the same period last year. The support of the spot price is gradually weakening. The bearish factors in the fundamentals have continued to the present and are fully reflected in the price. The current market is in the bottom - building stage. Although there are no obvious bullish factors, the bearish factors have been gradually realized, and there are no new bearish factors. The price is blocked from further decline, and it is expected to fluctuate in the short term. Pay attention to the release of production and sales data in the future [5]. 3. Summary by Directory 3.1 Week - to - Week Summary - Zhengzhou Sugar 2605 contract price rose this week, with a weekly increase of about 1.31%. The raw sugar price is expected to continue to fluctuate in the short term. The Spring Festival stocking demand in China is lower than the same period last year, and the spot price support is weakening. The market is in the bottom - building stage, and it is expected to fluctuate in the short term. Future attention factors include domestic imports and demand [5][6]. 3.2 Futures and Spot Market 3.2.1 US Sugar Market - The price of the US Sugar March contract fell this week, with a weekly decline of about 0.14%. As of January 20, 2026, the non - commercial net short position of raw sugar futures was 178,348 lots, an increase of 12,637 lots from the previous week. The long position was 143,656 lots, an increase of 162 lots from the previous week, and the short position was 322,004 lots, an increase of 12,799 lots from the previous week [12]. 3.2.2 International Raw Sugar Spot Price - This week, the international raw sugar spot price was 14.51 cents per pound, an increase of 0.05 cents per pound from last week [16]. 3.2.3 Zhengzhou Sugar Futures - The price of Zhengzhou Sugar 2605 contract rose this week, with a weekly increase of about 1.31%. The net position of the top 20 in Zhengzhou Sugar futures was - 73,438 lots, and the number of Zhengzhou Sugar warehouse receipts was 14,119. The price difference between the 5 - 9 contracts of Zhengzhou Sugar futures was - 16 yuan/ton, and the basis of spot - Zhengzhou Sugar was + 132 yuan/ton [20][27][31]. 3.2.4 Spot Market - As of January 30, the price of new sugar in Liuzhou, Guangxi was 5,380 yuan/ton, and the price of sugar in Nanning was 5,350 yuan/ton. The estimated profit of Brazilian sugar within the quota was 1,343 yuan/ton, an increase of 95 yuan/ton from last week; the estimated profit of Brazilian sugar outside the quota was 135 yuan/ton, an increase of 4 yuan/ton from last week; the estimated profit of Thai sugar within the quota was 1,157 yuan/ton, a decrease of 23 yuan/ton from last week; the estimated profit of Thai sugar outside the quota was 68 yuan/ton, a decrease of 29 yuan/ton from last week [37][43]. 3.3 Industry Chain Situation 3.3.1 Supply Side - In December 2025, China's sugar imports were 580,000 tons, a year - on - year increase of 316.67% and a month - on - month increase of 140,000 tons. From January to December 2025, the cumulative sugar imports were 4.92 million tons, a year - on - year increase of 950% [52]. 3.3.2 Demand Side - In December 2025, China's monthly output of refined sugar was 3.5904 million tons, a year - on - year increase of 11%. The monthly output of soft drinks was 13.4214 million tons, a year - on - year increase of 1.1% [63]. 3.4 Option and Stock Market - Not detailed in the report for specific analysis of option and stock market, only relevant charts are presented.

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - This week, the price of the Zhengzhou Sugar 2605 contract decreased with a weekly decline of approximately 1.48%. The 12 - second - half sugar production in Brazil decreased year - on - year, and as the crushing season nears its end, the supply of squeezable sugarcane is decreasing, which is expected to provide some support for the raw sugar price. The domestic fundamentals are relatively flat. With the Spring Festival stocking nearly over and the continuous increase of goods at ports in sales areas, the spot price has been lowered under the background of a lackluster peak season, and the futures market may continue to decline due to the lack of spot support [5]. - Future factors to watch include domestic imports and demand [6]. 3. Summary by Relevant Catalogs 3.1 Week - by - Week Summary - Market review: The price of the Zhengzhou Sugar 2605 contract decreased this week, with a weekly decline of about 1.48% [5]. - Market outlook: In the second half of December 2025, sugar production in the central - southern region of Brazil decreased by 14.90% year - on - year, and the supply is expected to decrease in the future, supporting the raw sugar price. In China, the Spring Festival stocking is almost over, the spot price has been lowered, and the futures price may continue to decline [5]. - Future factors to watch: Domestic imports and demand [6] 3.2 Futures and Spot Market 3.2.1 US Sugar Market - The price of the US Sugar March contract decreased this week, with a weekly decline of about 0.20%. As of January 13, 2026, the non - commercial net short position of raw sugar futures was 165,711 lots, an increase of 11,613 lots from the previous week. Long positions decreased by 3,058 lots to 143,494 lots, and short positions increased by 8,555 lots to 309,205 lots [12]. 3.2.2 International Raw Sugar Spot Price - This week, the international raw sugar spot price was 14.67 cents per pound, an increase of 0.05 cents per pound from last week [16]. 3.2.3 Zhengzhou Sugar Futures - The price of the Zhengzhou Sugar 2605 contract decreased this week, with a weekly decline of about 1.48%. The 5 - 9 contract spread of Zhengzhou Sugar futures was - 15 yuan/ton, and the spot - Zhengzhou Sugar basis was + 160 yuan/ton [19][29]. 3.2.4 Spot Market - As of January 23, the new sugar price in Liuzhou, Guangxi was 5,340 yuan/ton, and the sugar price in Nanning was 5,320 yuan/ton [35]. - This week, the estimated in - quota profit for Brazilian sugar was 1,308 yuan/ton, a decrease of 80 yuan/ton from last week; the out - of - quota profit was 131 yuan/ton, a decrease of 56 yuan/ton. The estimated in - quota profit for Thai sugar was 1,180 yuan/ton, a decrease of 36 yuan/ton from last week; the out - of - quota profit was 97 yuan/ton, a decrease of 25 yuan/ton [41]. 3.3 Industry Chain Situation 3.3.1 Supply Side - In December 2025, China's sugar imports were 580,000 tons, a year - on - year increase of 316.67% and a month - on - month increase of 140,000 tons. From January to December 2025, the cumulative sugar imports were 4.92 million tons, a year - on - year increase of 950% [50]. 3.3.2 Demand Side - In December 2025, China's monthly output of refined sugar was 3.5904 million tons, a year - on - year increase of 11%. The monthly output of soft drinks was 13.4214 million tons, a year - on - year increase of 1.1% [60]. 3.4 Options and Stock - Futures Correlation Market 3.4.1 Options Market - No specific analysis results are provided, only the implied volatility chart of the at - the - money options of sugar this week is mentioned [61]. 3.4.2 Stock Market - No specific analysis results are provided, only the price - to - earnings ratio chart of Nanning Sugar Industry is mentioned [66].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the price of Zhengzhou Sugar 2605 contract rose with a weekly increase of about 0.70%. The overall data of the domestic sugar market is slightly bearish, but the market's expectation of a decline in Brazil's export prospects supports the sugar market. In the short - term, sugar prices are expected to fluctuate [5]. - Future factors to watch include the domestic new sugar crushing situation and demand [6]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Review**: The price of Zhengzhou Sugar 2605 contract increased by about 0.70% this week [5]. - **Market Outlook**: As of January 7, 2026, in the 2025/26 crushing season in Thailand, the cumulative sugarcane crushing volume was 16.9782 million tons, a year - on - year decrease of 25.35%; sugar production was 1.5309 million tons, a year - on - year decrease of 27.03%. In December 2025 in China, Guangxi's monthly sugar production was 1.808 million tons, a year - on - year decrease of 431,000 tons, and monthly sugar sales were 795,400 tons, a year - on - year decrease of 551,800 tons. As of December 31, 2025, Yunnan's cumulative sugar production was 392,300 tons, higher than the same period of the previous crushing season, and cumulative sugar sales were 281,400 tons, slightly better than the same period last year [5]. 3.2 Futures and Spot Market - **ICE US Sugar**: The price of the US Sugar March contract rose this week, with a weekly increase of about 2.47%. As of December 30, 2025, the non - commercial net short position of raw sugar futures was 137,822 lots, a decrease of 11,719 lots from the previous week [12]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 14.78 cents per pound, a decrease of 0.15 cents per pound from last week [16]. - **Zhengzhou Sugar Futures**: The price of Zhengzhou Sugar 2605 contract increased by about 0.70% this week. The top 20 net positions of Zhengzhou sugar futures were - 68,838 lots, and the number of Zhengzhou sugar warehouse receipts was 6,005 [19][25]. - **Zhengzhou Sugar Contract Spread**: The spread between the 5 - 9 contracts of Zhengzhou sugar futures was - 11 yuan/ton, and the spot - Zhengzhou sugar basis was + 102 yuan/ton [27]. - **Spot Market**: As of January 9, the price of new sugar in Liuzhou, Guangxi was 5,390 yuan/ton, and the price of sugar in Nanning was 5,370 yuan/ton [34]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,361 yuan/ton, an increase of 117 yuan/ton from last week; the estimated profit outside the quota was 199 yuan/ton, an increase of 102 yuan/ton from last week. The estimated profit of Thai sugar within the quota was 1,228 yuan/ton, an increase of 74 yuan/ton from last week; the estimated profit outside the quota was 140 yuan/ton, an increase of 105 yuan/ton from last week [40]. 3.3 Industry Chain Situation - **Supply Side** - **Domestic Sugar Production**: No specific data on the cumulative value of domestic sugar production was provided in the text, only the data of Guangxi and Yunnan were mentioned [42]. - **Industrial Inventory**: No specific data on industrial inventory was provided [45]. - **Imported Sugar Quantity**: In November 2025, China's sugar imports were 440,000 tons, a year - on - year decrease of 23.08% and a month - on - month decrease of 310,000 tons. From January to November 2025, the cumulative sugar imports were 4.34 million tons, a year - on - year increase of 8.74% [49]. - **Demand Side** - **Sugar Sales Rate**: The sugar sales rate was average. In November 2025, China's monthly production of refined sugar was 1.303 million tons, a year - on - year decrease of 3.8%, and the monthly production of soft drinks was 10.457 million tons, a year - on - year increase of 0.4% [57]. 3.4 Option and Stock - Related Markets - **Option Market**: Information on the implied volatility of at - the - money options of white sugar this week was presented, but no specific data was provided [58]. - **Stock Market**: Information on the price - earnings ratio of Nanning Sugar Industry was presented, but no specific data was provided [63].

Group 1: Report Overview - Report Title: "白糖市场弱势下行，供应压力主导盘面 -- 白糖周报2025年12月15日 - 19日" [1] - Author: Yang Jiangtao [1] - Professional Certificate Number: F03117249 [1] - Transaction Consultation Number: Z0022644 [1] - Contact Information: 0371 - 58620082 [1] Group 2: This Week's View Core View - The sugar market is in a downward trend, driven by supply pressure, with the price expected to maintain a weak and volatile bottom - seeking pattern in the next 1 - 2 weeks [3] Market Conditions - **Spot Market**: Spot prices generally declined. Liuzhou spot price dropped 1.88% week - on - week to 5,230 yuan/ton, and the market sentiment was pessimistic with a 70% bearish ratio. The basis strengthened to 142 yuan/ton, a 1320% week - on - week surge, indicating that the futures decline was greater than that of the spot [3] - **Futures Market**: The main contract price fell 2.29% during the week, closing at 5,088 yuan/ton, breaking through the previous support. The open interest increased significantly by 21.8% to 523,000 lots, showing significant short - position increasing pressure, and the price fluctuation showed a one - way downward feature [3] - **Supply**: The new domestic sugar - pressing season has fully started, with southern sugar mills starting production intensively, and the supply pressure of new sugar on the market continues. The total of warehouse receipts and valid forecasts was 5,101, a 142.79% week - on - week surge, confirming the registration pressure of new sugar [3] - **Demand**: Terminal procurement was cautious, and demand was weak. The bearish sentiment in the market was strong, with the bearish ratio increasing by 27.27% month - on - month to 70%, indicating that downstream players were generally pessimistic about the future market [3] - **Import and Export**: In October, the sugar import volume increased by 39.7% year - on - year, and the supply channels were loose. The in - quota import profit was substantial (1,861 yuan/ton for Brazilian sugar), and the out - of - quota profit was also positive, with the import window remaining open [3] - **Cost and Profit**: The domestic production cost supported the price, but the import processing cost decreased by 1.41% - 2.21% month - on - month. The out - of - quota import profit increased by 6.2% - 12.93% month - on - month, and the import hedging pressure remained high [3] - **Inventory**: The number of futures warehouse receipts was 3,611, a 491% week - on - week surge, and the valid forecast was 1,490. The inventory pressure was rapidly becoming apparent in the form of warehouse receipts [3] Group 3: Market Review Weekly Review | Category | Region | Last Friday | This Friday | Weekly Price Change | | --- | --- | --- | --- | --- | | Futures | 11 - day sugar continuous contract closing price | 15.1 | 14.82 | - 1.85% | | | Zhengzhou sugar main contract closing price | 5320 | 5088 | - 4.36% | | Spot | Nanning current price | 5340 | 5240 | - 1.87% | | | Liuzhou current price | 5330 | 5230 | - 1.88% | | | Kunming current price | 5280 | 5180 | - 1.89% | | | Rizhao Lingyunhai current price | 5800 | 5780 | - 0.34% | | Basis | Liuzhou sugar and main contract basis | 10 | 142 | 1320.00% | | | Warehouse receipt quantity | 611 | 3611 | 491.00% | | | Valid forecast | 1490 | 1490 | 0.00% | | | Total: Warehouse receipts + valid forecasts | 2101 | 5101 | 142.79% | | CFTC Non - commercial Position | Long | 337475 | | VALUE! | | | Short | 154913 | | VALUE! | | | Net long | - 182562 | | VALUE! | | Market Sentiment | Zhengzhou sugar bullish ratio (%) | 10 | 10 | 0 | | | Zhengzhou sugar bearish ratio (%) | 55 | 70 | 15 | | | Zhengzhou sugar neutral ratio (%) | 35 | 20 | - 15 | [6] Group 4: Fundamental Analysis China Sugar Production and Sales - Not detailed in the provided content China's Main Sugar - Producing Areas (Cane Sugar) - Not detailed in the provided content China's Main Sugar - Producing Areas (Beet Sugar) - Not detailed in the provided content China's White Sugar Industrial Inventory - Not detailed in the provided content China's Sugar Import and Export - Not detailed in the provided content China's Main Sugar Importing Countries - Not detailed in the provided content China's Sugar Import Cost and Profit | Country | Project | | Last Week's Price | This Week's Price | Price Change | | --- | --- | --- | --- | --- | --- | | Brazil | Processing cost | In - quota | 3960 | 3904 | - 1.41% | | | | Out - of - quota | 5050 | 4976 | - 1.47% | | | Import profit | In - quota | 1832 | 1861 | 1.58% | | | | Out - of - quota | 742 | 788 | 6.20% | | | Premium/discount | | - 0.19 | 0.03 | 115.79% | | | Shipping cost | | 37.08 | 35.27 | - 4.88% | | Thailand | Processing cost | In - quota | 4013 | 3926 | - 2.17% | | | Import profit | In - quota | 1779 | 1839 | 3.37% | | | | Out - of - quota | 5118 | 5005 | - 2.21% | | | | Out - of - quota | 673 | 760 | 12.93% | | | Premium/discount | | 0.89 | 0.89 | 0.00% | | | Shipping cost | | 18 | 18 | 0.00% | [31] Group 5: International Market Fundamentals Brazil's Available Sugar Volume - Not detailed in the provided content Brazil's Sugarcane Crushing Volume - Not detailed in the provided content Brazil's Sugar Production Volume - Not detailed in the provided content Brazil's Ethanol Production Volume - Not detailed in the provided content Brazil's Sugar Import and Export - Not detailed in the provided content International Raw Sugar Premium/Discount and Shipping Cost - Not detailed in the provided content

Report Overview - Report Title: Sugar Market Weekly Report [2] - Report Date: December 19, 2025 [2] - Researcher: Wang Cuibing [3] 1. Report Industry Investment Rating - Not provided in the report 2. Report Core View - This week, the price of the Zhengzhou Sugar 2601 contract declined with a weekly drop of about 2.42%. The Brazilian sugarcane crushing and sugar production in the second half of November 2025 decreased year - on - year, and the Brazilian crushing is coming to an end with a seasonal reduction in supply. In the domestic market, the number of sugar mills in operation is increasing, and the industrial inventory of domestic sugar is in a seasonal growth trend. However, the sugar import volume in November decreased both month - on - month and year - on - year. Overall, with sufficient supply and weak spot prices, the futures market is dragged down, and it is expected to maintain a weak operation in the later period [5]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Summary - **Market Performance**: The price of the Zhengzhou Sugar 2601 contract dropped by about 2.42% this week [5]. - **Supply Situation**: In Brazil, in the second half of November 2025, 15.993 million tons of sugarcane were crushed, a 21.08% year - on - year decrease, and 724,000 tons of sugar were produced, a 32.94% year - on - year decrease. In the domestic market, as of now, 68 sugar mills in Guangxi have started operation in the 2025/26 sugar - making season, 6 less than the same period last year; 31 sugar mills in Yunnan have started operation, 2 more than the same period last year. In November 2025, China's sugar import volume was 440,000 tons, a 41.3% month - on - month decrease and an 18.2% year - on - year decrease [5]. - **Market Outlook**: With sufficient supply and weak spot prices, the futures market is expected to remain weak. Future factors to watch include the domestic new sugar crushing situation and demand [5][6] 3.2 Futures and Spot Market - **US Sugar Market**: The price of the US Sugar March contract declined by about 4.17% this week. As of November 25, 2025, the non - commercial net short position of US raw sugar futures was 194,604 lots, an increase of 6,204 lots from the previous week [12]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 14.58 cents per pound, an increase of 0.07 cents per pound from last week [16]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2605 contract dropped by about 2.42% this week. The net position of the top 20 in Zhengzhou sugar futures was - 86,656 lots, and the number of Zhengzhou sugar warehouse receipts was 3,611 [18][25]. - **Zhengzhou Sugar Contract Spread**: The spread between the 5 - 9 contracts of Zhengzhou sugar futures was - 7 yuan per ton, and the basis of spot - Zhengzhou sugar was + 292 yuan per ton [29]. - **Spot Market**: As of December 19, the new sugar price in Liuzhou, Guangxi was 5,380 yuan per ton, and the sugar price in Nanning was 5,310 yuan per ton [35]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,308 yuan per ton, a decrease of 42 yuan per ton from last week; the estimated profit of Brazilian sugar outside the quota was 76 yuan per ton, a decrease of 52 yuan per ton from last week. The estimated profit of Thai sugar within the quota was 1,145 yuan per ton, a decrease of 30 yuan per ton from last week; the estimated profit of Thai sugar outside the quota was 48 yuan per ton, a decrease of 16 yuan per ton from last week [41] 3.3 Industrial Chain Situation - **Supply - Side - Production Increase**: As of the end of October 2025, the total sugar production in the 2024/25 sugar - making season was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03% [45]. - **Supply - Side - Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a month - on - month decrease of 450,000 tons or 27.91%, and a year - on - year increase of 60,100 tons or 5.45% [48]. - **Supply - Side - Imported Sugar Quantity**: In November 2025, China's sugar import volume was 440,000 tons, a year - on - year decrease of 23.08% and a month - on - month decrease of 310,000 tons. From January to November 2025, the cumulative sugar import volume was 4.34 million tons, a year - on - year increase of 8.74% [52]. - **Demand - Side - Sugar Sales Rate**: As of the end of October 2025, the sugar mills in the 2024/25 sugar - making season had all completed the crushing process. The total sugar production in this sugar - making season was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03% [58]. - **Demand - Side - Monthly Output of Refined Sugar and Soft Drinks**: In November 2025, China's monthly refined sugar output was 1.303 million tons, a year - on - year decrease of 3.8%. China's monthly soft drink output was 10.457 million tons, a year - on - year increase of 0.4% [62] 3.4 Option and Stock - Related Markets - **Option Market**: The report mentions the implied volatility of at - the - money options for sugar this week but does not provide specific data [63] - **Stock Market - Nanning Sugar Industry**: The report shows the price - to - earnings ratio chart of Nanning Sugar Industry but does not provide specific data [67]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - This week, the price of the Zhengzhou Sugar 2601 contract declined, with a weekly drop of approximately 0.36%. The new sugar - making season is entering its peak, supply is increasing, and the spot price is weakening. Without positive drivers, the sugar price is expected to fluctuate at a low level in the future [5]. - Future factors to watch include the domestic new sugar crushing situation and demand [6]. 3) Summaries by Relevant Catalogs 3.1 Week - to - Week Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract fell this week, with a weekly decline of about 0.36% [5]. - **Market Outlook**: As of the week ending December 10, the number of ships waiting to load sugar at Brazilian ports decreased to 44 from 53 the previous week, and the quantity of sugar waiting to be shipped dropped to 1.5131 million tons from 1.826 million tons, a 17.14% decline. In the domestic market, the prices of processed sugar and beet sugar are relatively stable. With the arrival of new sugar from Guangxi in the sales areas and poor market transactions, competition among the three sugar sources has a negative impact on prices. As of now, 66 sugar mills in Guangxi have started crushing in the 25/26 season, 5 fewer than the same period last year, with a daily sugar - cane crushing capacity of 537,500 tons, a decrease of 29,000 tons year - on - year. Four more mills are expected to start next week. In Yunnan, 26 sugar mills have started crushing, 9 more than last year, and more than half of the mills have begun operations [5]. 3.2 Futures and Spot Market - **US Sugar Futures**: The price of the US Sugar March contract rose this week, with a weekly increase of about 0.27%. As of November 4, 2025, the non - commercial net short position in raw sugar futures was 195,528 lots, an increase of 28,109 lots from the previous week. Long positions were 165,775 lots, up 1,384 lots, and short positions were 361,303 lots, an increase of 29,493 lots [12]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 14.59 cents per pound, a decrease of 0.22 cents per pound from last week [16]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2605 contract declined this week, with a weekly drop of approximately 0.36%. The net position of the top 20 in Zhengzhou sugar futures was - 63,969 lots, and the number of Zhengzhou sugar warehouse receipts was 611 [20][27]. - **Zhengzhou Sugar Futures Spread**: The spread between the 5 - 9 contracts of Zhengzhou sugar futures was - 22 yuan/ton, and the spot - Zhengzhou sugar basis was + 246 yuan/ton [32]. - **Spot Market Price**: As of December 12, the new sugar price in Liuzhou, Guangxi was 5,460 yuan/ton, and the sugar price in Nanning was 5,400 yuan/ton [38]. - **Imported Sugar Cost and Profit**: This week, the estimated profit for in - quota Brazilian sugar was 1,380 yuan/ton, a decrease of 31 yuan/ton from last week; the estimated profit for out - of - quota Brazilian sugar was 128 yuan/ton, a decrease of 49 yuan/ton. The estimated profit for in - quota Thai sugar was 1,175 yuan/ton, a decrease of 53 yuan/ton; the estimated profit for out - of - quota Thai sugar was 64 yuan/ton, a decrease of 52 yuan/ton [44]. 3.3 Industry Chain Situation - **Supply Side - Production Increase**: As of the end of October 2025, the total sugar production in the 2024/25 sugar - making season in China was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [48]. - **Supply Side - Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 116,230 tons, a month - on - month decrease of 45,000 tons or 27.91%, and a year - on - year increase of 6,010 tons or 5.45% [51]. - **Supply Side - Imported Sugar Quantity**: In October 2025, China's sugar imports were 750,000 tons, a year - on - year increase of 39.62% and a month - on - month increase of 200,000 tons. From January to October 2025, the cumulative sugar imports were 3.9 million tons, a year - on - year increase of 12.12% [55]. - **Demand Side - Sugar Sales Rate**: As of the end of October 2025, the sugar mills in the 2024/25 sugar - making season had all stopped crushing. The total sugar production in this season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [61]. - **Demand Side - Finished Sugar and Soft Drink Production**: In October 2025, China's monthly finished sugar production was 883,000 tons, a year - on - year increase of 36.1%. The monthly soft drink production was 10.962 million tons, a year - on - year decrease of 1.3% [65]. 3.4 Option and Stock - Related Markets - **Option Market**: Information about the implied volatility of at - the - money options for sugar this week is presented, but no specific value is mentioned in the text [66]. - **Stock Market - Nanning Sugar Industry**: A chart of the price - to - earnings ratio of Nanning Sugar Industry is provided, but no specific analysis or value is given in the text [70].