Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report focuses on the fundamentals of the sugar market, including price data, macro and industry news, and production and consumption forecasts. It suggests paying attention to the new sugar trading volume and policy changes in China's syrup and premix imports [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Price Data**: The raw sugar price is 14.75 cents/pound, down 0.1; the mainstream spot price is 5650 yuan/ton, down 110; the futures main price is 5458 yuan/ton, down 12 [1]. - **Spread Data**: The 15 spread is 60 yuan/ton, down 6; the 59 spread is 0 yuan/ton, down 4; the mainstream spot basis is 192 yuan/ton, down 98 [1]. 3.2 Macro and Industry News - **Policy**: Pay attention to China's syrup and premix import policy changes [1]. - **Production**: The 25/26 sugar season's Indian sugar export quota is 1.5 million tons; Brazil's sugar production in the first half of October increased by 1% year - on - year; China imported 550,000 tons of sugar in September, an increase of 150,000 tons [1]. - **Export**: Brazil exported 4.2 million tons in October, a 13% year - on - year increase [1]. 3.3 Domestic Market - **25/26 Forecast**: CAOC expects domestic sugar production to be 11.7 million tons, consumption to be 15.7 million tons, and imports to be 5 million tons [2]. - **24/25 Statistics**: As of the end of September, the national sugar production was 11.16 million tons, an increase of 1.2 million tons; the cumulative sales were 10.48 million tons, an increase of 870,000 tons; the cumulative sales rate was 93.9%, a decrease of 2.6 percentage points; the cumulative imports were 4.63 million tons, a decrease of 120,000 tons [2]. - **Regional Forecast**: In the 25/26 sugar season, the Guangxi Sugar Association expects Guangxi's sugar production to be about 6.7 million tons, with a lower sugar yield and unchanged sugarcane purchase price; the Yunnan Sugar Association expects Yunnan's production to be about 2.6 million tons [2]. 3.4 International Market - **Supply Forecast**: ISO forecasts a global sugar supply shortage of 230,000 tons in the 25/26 sugar season and 4.88 million tons in the 24/25 sugar season [3]. - **Brazil Data**: As of November 1, the cumulative cane crushing volume in the central - southern region of Brazil in the 25/26 sugar season decreased by 1.97 percentage points year - on - year, and the cumulative sugar production was 38.09 million tons, an increase of 610,000 tons [3]. - **India Forecast**: ISMA/NFCSF expects India's total sugar production in the 25/26 sugar season to be 34.35 million tons, with 3.4 million tons used for ethanol production and a net sugar production of 30.95 million tons [3]. - **Thailand Data**: Thailand's cumulative sugar production in the 24/25 sugar season was 10.08 million tons, an increase of 1.27 million tons [3]. 3.5 Trend Intensity The sugar trend intensity is 0, indicating a neutral outlook, with the value ranging from - 2 (most bearish) to 2 (most bullish) [4]

Report Summary 1) Report Industry Investment Rating No information provided 2) Core Viewpoints The report focuses on the sugar market, covering domestic and international supply - demand situations, and key data such as prices, production, and consumption, suggesting to pay attention to India's sugarcane crushing situation and China's syrup and pre - mixed powder import policy changes [1] 3) Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Prices and Spreads**: The raw sugar price is 14.57 cents/pound with a year - on - year increase of 0.29; the mainstream spot price is 5760 yuan/ton with no year - on - year change; the futures main contract price is 5478 yuan/ton with a year - on - year decrease of 2. The 15 spread is 67 yuan/ton with a year - on - year decrease of 2; the 59 spread is 6 yuan/ton with a year - on - year decrease of 1; the mainstream spot basis is 282 yuan/ton with a year - on - year increase of 2 [1] 3.2 Macro and Industry News - **High - frequency Information**: Pay attention to China's syrup and pre - mixed powder import policy changes. The 25/26 sugar season's Indian sugar export quota is 1.5 million tons. Brazil's sugar production in the first half of October increased by 1% year - on - year, and its exports in October were 4.2 million tons, a 13% year - on - year increase. China imported 550,000 tons of sugar in September, an increase of 150,000 tons [1] 3.3 Domestic Market - **Production, Consumption and Import**: CAOC expects the domestic sugar production in the 25/26 sugar season to be 11.7 million tons (previously 11.2 million tons), consumption to be 15.7 million tons (previously 15.9 million tons), and imports to be 5 million tons. As of the end of September in the 24/25 sugar season, national sugar production was 11.16 million tons (+1.2 million tons), cumulative sales were 10.48 million tons (+870,000 tons), and the cumulative sales rate was 93.9% (a 2.6 - percentage - point decrease). Cumulative sugar imports were 4.63 million tons (-120,000 tons). The 25/26 sugar season's expected sugar production in Guangxi is about 6.7 million tons with a declining sugar yield and unchanged sugarcane purchase prices, and about 2.6 million tons in Yunnan [2] 3.4 International Market - **Supply and Production**: ISO first predicts a 230,000 - ton global sugar supply shortage in the 25/26 sugar season and a 4.88 - million - ton shortage in the 24/25 sugar season. As of October 16 in the 25/26 sugar season, the cumulative sugarcane crushing volume in Brazil's central - southern region decreased by 2.78 percentage points year - on - year, with cumulative sugar production of 36.02 million tons (+320,000 tons) and a cumulative MIX of 52.36%, a 3.62 - percentage - point year - on - year increase. ISMA/NFCSF expects India's total sugar production in the 25/26 sugar season to be 34.35 million tons (previously 34.9 million tons), with 3.4 million tons used for ethanol production and a net sugar production of 30.95 million tons. Thailand's cumulative sugar production in the 24/25 sugar season was 10.08 million tons (+1.27 million tons) [3] 3.5 Trend Intensity - **Sugar Trend Intensity**: The sugar trend intensity is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [4]

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints - The 25/26 sugar season shows a complex supply - demand situation globally and in China. Globally, there is a projected supply shortage, while in China, production is expected to increase and consumption may slightly decline [2][3]. - The trend intensity of sugar is -1, indicating a weak - bearish outlook [4]. 3) Summary by Relevant Catalogs Fundamental Tracking - Sugar price data: The raw sugar price is 14.26 cents/pound (YoY +0.13), the mainstream spot price is 5760 yuan/ton (YoY 0), and the futures main - contract price is 5475 yuan/ton (YoY +18). Regarding spreads, the 15 - spread is 70 yuan/ton (YoY +10), the 59 - spread is 2 yuan/ton (YoY - 3), and the mainstream spot basis is 285 yuan/ton (YoY - 18) [1]. Macro and Industry News - High - frequency information: Pay attention to China's syrup and premix import policy changes. The 25/26 sugar export quota of India is 1.5 million tons. Brazil's sugar production in the first half of October increased by 1% YoY, and its exports in October were 4.2 million tons (YoY +13%). China imported 550,000 tons of sugar in September (+150,000 tons) [1]. Domestic Market - CAOC predicts that the domestic sugar production in the 25/26 season will be 11.7 million tons (previous value 11.2 million tons), consumption will be 15.7 million tons (previous value 15.9 million tons), and imports will be 5 million tons. As of the end of September in the 24/25 season, China produced 11.16 million tons of sugar (+1.2 million tons), sold 10.48 million tons (+870,000 tons), with a cumulative sales rate of 93.9% (down 2.6 percentage points), and imported 4.63 million tons of sugar (-120,000 tons). The Guangxi Sugar Association expects Guangxi's sugar production in the 25/26 season to be around 6.7 million tons with a declining sugar - extraction rate and unchanged sugar - cane purchase price, and the Yunnan Sugar Association expects Yunnan's production to be around 2.6 million tons [2]. International Market - ISO predicts a global sugar supply shortage of 23,000 tons in the 25/26 season and 488,000 tons in the 24/25 season. As of October 16 in the 25/26 season, the cumulative sugar - cane crushing volume in Brazil's central - southern region decreased by 2.78 percentage points YoY, with cumulative sugar production of 36.02 million tons (+320,000 tons) and a cumulative MIX of 52.36% (up 3.62 percentage points YoY). ISMA/NFCSF predicts that India's total sugar production in the 25/26 season will be 34.35 million tons (previous value 34.9 million tons), with 3.4 million tons used for ethanol production and a net sugar production of 30.95 million tons. Thailand's cumulative sugar production in the 24/25 season was 10.08 million tons (+1.27 million tons) [3]. Trend Intensity - The trend intensity of sugar is -1, within the range of [-2, 2], indicating a weak - bearish view [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report focuses on the sugar market, highlighting the need to monitor changes in India's sugar and ethanol shares. It presents data on sugar fundamentals, macro and industry news, and market trends in both domestic and international markets [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Data - The raw sugar price is 15.24 cents per pound, down 0.53 from the previous period. The mainstream spot price is 5750 yuan per ton, unchanged. The futures主力 price is 5438 yuan per ton, up 10. The 15 - spread is 42 yuan per ton, up 3, and the 59 - spread is - 14 yuan per ton, unchanged. The mainstream spot basis is 312 yuan per ton, down 10 [1]. 3.2 Macro and Industry News - Brazil's sugar production in the second half of September increased by 11% year - on - year, but its exports decreased, raising concerns about global consumption. Brazil exported 325 million tons in September, a 16% year - on - year decrease; 374 million tons in August, a 5% year - on - year decrease; and 359 million tons in July, a 5% year - on - year decrease. Conab lowered Brazil's production forecast for the 25/26 season to 4.45 billion tons from 4.59 billion tons. China imported 55 million tons of sugar in September, an increase of 15 million tons [1]. 3.3 Domestic Market - CAOC expects China's sugar production to be 1.116 billion tons in the 24/25 season, with consumption of 1.58 billion tons and imports of 500 million tons. For the 25/26 season, production is expected to be 1.12 billion tons, consumption 1.59 billion tons, and imports 500 million tons. As of the end of May in the 24/25 season, China produced 1.116 billion tons of sugar, an increase of 120 million tons, and sold 811 million tons, an increase of 152 million tons, with a cumulative sales rate of 72.7%. As of the end of September in the 24/25 season, China imported 463 million tons of sugar, a decrease of 12 million tons. In the 25/26 season, the market expects a decline in the sugar yield and an increase in production costs in Guangxi [2]. 3.4 International Market - ISO forecasts a global sugar supply shortage of 23 million tons in the 25/26 season and 488 million tons in the 24/25 season. As of October 1 in the 25/26 season, the cumulative cane crushing volume in Brazil's central - southern region decreased by 2.99 percentage points year - on - year, with cumulative sugar production of 3.352 billion tons, an increase of 28 million tons, and a cumulative MIX of 52.68%, up 3.84 percentage points. ISMA/NFCSF predicts India's total sugar production to be 3.49 billion tons in the 25/26 season, up from 2.95 billion tons in the 24/25 season. Thailand's cumulative sugar production in the 24/25 season was 1.008 billion tons, an increase of 127 million tons [3]. 3.5 Trend Intensity The sugar trend intensity is - 1, indicating a relatively bearish outlook. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4].

Report Summary 1) Investment Rating No investment rating for the industry is provided in the report. 2) Core View The report presents a comprehensive overview of the sugar market, highlighting the production, consumption, and trade trends in both domestic and international markets. It shows an increase in Brazilian sugar production but a decline in exports, and anticipates supply shortages in the global market in the 25/26 and 24/25 seasons. Meanwhile, the domestic market is expected to have stable production and consumption, with concerns about a decrease in the sugar extraction rate and an increase in production costs in Guangxi during the 25/26 season. The trend strength of sugar is rated as -1, indicating a weak bearish outlook [1][2][3][4]. 3) Summary by Directory Fundamental Data - The raw sugar price is 15.85 cents per pound, with a year - on - year increase of 0.18; the mainstream spot price is 5770 yuan per ton, down 10 yuan year - on - year; the futures main contract price is 5408 yuan per ton, up 5 yuan year - on - year. The 15 spread is 34 yuan per ton, up 2 yuan year - on - year; the 59 spread is - 17 yuan per ton, up 1 yuan year - on - year; the mainstream spot basis is 362 yuan per ton, down 15 yuan year - on - year [1] Macro and Industry News - High - frequency information shows that Brazil's sugar production in the second half of September increased by 11% year - on - year, while its exports declined, raising concerns about global consumption. In September, Brazil exported 325 million tons, a 16% year - on - year decrease; in August, it exported 374 million tons, a 5% year - on - year decrease; in July, it exported 359 million tons, a 5% year - on - year decrease. Conab lowered its forecast for Brazil's production in the 25/26 season to 4450 million tons from the previous 4590 million tons. China imported 83 million tons of sugar in August, an increase of 6 million tons [1] Domestic Market - CAOC estimates that China's sugar production in the 24/25 season will be 1116 million tons, consumption will be 1580 million tons, and imports will be 500 million tons; in the 25/26 season, production will be 1120 million tons, consumption will be 1590 million tons, and imports will be 500 million tons. As of the end of May in the 24/25 season, China produced 1116 million tons of sugar, an increase of 120 million tons, and sold 811 million tons, an increase of 152 million tons, with a cumulative sales rate of 72.7%. As of the end of August in the 24/25 season, China had imported 408 million tons of sugar, a decrease of 27 million tons. The market expects a decline in the sugar extraction rate and an increase in production costs in Guangxi during the 25/26 season [2] International Market - ISO forecasts a global sugar supply shortage of 23 million tons in the 25/26 season and 488 million tons in the 24/25 season. As of October 1 in the 25/26 season, the cumulative sugarcane crushing volume in the central - southern region of Brazil decreased by 2.99 percentage points year - on - year, with cumulative sugar production of 3352 million tons, an increase of 28 million tons, and a cumulative MIX of 52.68%, a year - on - year increase of 3.84 percentage points. ISMA/NFCSF predicts that India's total sugar production in the 25/26 season will be 3490 million tons, up from 2950 million tons in the 24/25 season. Thailand's cumulative sugar production in the 24/25 season was 1008 million tons, an increase of 127 million tons [3] Trend Strength - The trend strength of sugar is rated as - 1, with a range of [-2, 2], indicating a weak bearish outlook [4]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View of the Report The report focuses on the sugar market, highlighting the need to monitor the impact of Super Typhoon "Hagasha" on sugar - cane growing areas. It also presents various data on the supply and demand of sugar in domestic and international markets, as well as changes in production, sales, and exports [1][2][3]. 3. Summary According to Relevant Catalogs 3.1 Fundamentals Tracking - The current price of raw sugar is 15.85 cents per pound, with a year - on - year decrease of 0.33. The mainstream spot price is 5850 yuan per ton, down 60 yuan year - on - year, and the futures main contract price is 5452 yuan per ton, down 9 yuan year - on - year [1]. - The 15 spread is 20 yuan per ton, up 5 yuan year - on - year, and the 59 spread is - 23 yuan per ton, unchanged year - on - year. The mainstream spot basis is 398 yuan per ton, down 51 yuan year - on - year [1]. 3.2 Macro and Industry News - High - frequency information indicates the need to pay attention to the impact of Super Typhoon "Hagasha" on sugar - producing areas. In Brazil, sugar production in the second half of August increased by 18% year - on - year, while exports decreased, with 374 tons exported in August, a 5% year - on - year reduction, and 359 tons in July, also a 5% year - on - year reduction [1]. - Conab lowered the forecast for Brazil's sugar production in the 25/26 season to 44.5 million tons from the previous 45.9 million tons. China imported 830,000 tons of sugar in August, an increase of 60,000 tons [1]. 3.3 Domestic Market - CAOC predicts that in the 24/25 season, China's sugar production will be 11.16 million tons, consumption 15.8 million tons, and imports 5 million tons. In the 25/26 season, production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons [2]. - As of the end of May in the 24/25 season, China produced 11.16 million tons of sugar, an increase of 1.2 million tons, and sold 8.11 million tons, an increase of 1.52 million tons, with a cumulative sales rate of 72.7%. As of the end of August, the cumulative sugar imports in the 24/25 season were 4.08 million tons, a decrease of 270,000 tons [2]. - In the 25/26 season, the market anticipates a decline in the sugar yield and an increase in production costs in Guangxi [2]. 3.4 International Market - ISO forecasts a global sugar supply shortage of 230,000 tons in the 25/26 season and 4.88 million tons in the 24/25 season [3]. - As of September 1 in the 25/26 season, the cumulative sugar - cane crushing volume in the central - southern region of Brazil decreased by 4.8 percentage points year - on - year, with cumulative sugar production of 26.76 million tons, a decrease of 520,000 tons, and the cumulative MIX at 52.76%, an increase of 3.67 percentage points year - on - year [3]. - ISMA/NFCSF predicts that India's total sugar production in the 25/26 season will be 34.9 million tons, up from 29.5 million tons in the 24/25 season. Thailand's cumulative sugar production in the 24/25 season was 10.08 million tons, an increase of 1.27 million tons [3]. 3.5 Trend Intensity - The trend intensity of sugar is 0, indicating a neutral sentiment, with the value ranging from - 2 (most bearish) to 2 (most bullish) [4].

Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The sugar market is expected to mainly experience range-bound oscillations [1] 3. Summary by Catalog 3.1 Fundamental Tracking - The raw sugar price is 16.52 cents per pound, with a year-on-year increase of 0.05 cents; the mainstream spot price is 5,940 yuan per ton, unchanged year-on-year; the futures main contract price is 5,540 yuan per ton, a year-on-year decrease of 16 yuan [1] - The 91 spread is 0 yuan per ton, a year-on-year increase of 26 yuan; the 15 spread is 23 yuan per ton, a year-on-year decrease of 9 yuan; the mainstream spot basis is 400 yuan per ton, a year-on-year increase of 16 yuan [1] 3.2 Macro and Industry News - High-frequency information reveals that India's monsoon precipitation has strengthened again, and Brazil's exports have declined, raising concerns about global consumption. Brazil exported 3.74 million tons in August, a 5% year-on-year decrease, and 3.59 million tons in July, also a 5% year-on-year decrease [1] - Conab has lowered the forecast for Brazil's sugar production in the 25/26 season to 44.5 million tons, down from the previous estimate of 45.9 million tons [1] - China imported 740,000 tons of sugar in July, an increase of 320,000 tons [1] 3.3 Domestic Market - CAOC predicts that China's sugar production in the 24/25 season will be 11.16 million tons, consumption will be 15.8 million tons, and imports will be 5 million tons. For the 25/26 season, production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons [2] - As of the end of May in the 24/25 season, China produced 11.16 million tons of sugar, an increase of 1.2 million tons, and sold 8.11 million tons, an increase of 1.52 million tons. The cumulative sugar sales rate was 72.7% [2] - As of the end of July in the 24/25 season, China's cumulative sugar imports were 3.24 million tons, a decrease of 340,000 tons [2] - In the 25/26 season, the market anticipates a decline in the sugar yield rate and an increase in production costs in Guangxi [2] 3.4 International Market - ISO's initial forecast indicates a global sugar supply shortage of 230,000 tons in the 25/26 season and 4.88 million tons in the 24/25 season [3] - As of August 16 in the 25/26 season, the cumulative sugarcane crushing volume in Brazil's central-southern region decreased by 6.6 percentage points year-on-year, with cumulative sugar production at 22.89 million tons, a decrease of 1.12 million tons. The cumulative MIX was 52.51%, a year-on-year increase of 3.37 percentage points [3] - ISMA/NFCSF predicts that India's total sugar production in the 25/26 season will be 34.9 million tons, up from 29.5 million tons in the 24/25 season, an increase of 5.4 million tons [3] - Thailand's cumulative sugar production in the 24/25 season was 10.08 million tons, an increase of 1.27 million tons [3] 3.5 Trend Intensity - The trend intensity of sugar is 0, indicating a neutral outlook [4]

Report Summary 1) Report Industry Investment Rating No investment rating provided in the report. 2) Core Viewpoints The report focuses on the sugar market, highlighting concerns about global consumption due to decreased Brazilian exports, and presents supply - demand data for both domestic and international markets, indicating potential supply shortages in the 25/26 and 24/25 sugar - crushing seasons [1][2][3]. 3) Summary by Relevant Catalogs a) Sugar Fundamental Data - The current raw sugar price is 16.54 cents per pound, with a year - on - year increase of 0.05; the mainstream spot price is 5920 yuan per ton with no year - on - year change; the futures main contract price is 5535 yuan per ton, up 17 yuan year - on - year [1]. - The 91 spread is - 10 yuan per ton, down 22 yuan year - on - year; the 15 spread is 28 yuan per ton, up 7 yuan year - on - year; the mainstream spot basis is 385 yuan per ton, down 17 yuan year - on - year [1]. b) Macro and Industry News - Indian monsoon precipitation has strengthened again. Brazilian exports have declined, with 374 tons exported in August, a 5% year - on - year decrease, and 359 tons in July, also a 5% year - on - year decrease. Conab has lowered the 25/26 Brazilian sugar production forecast to 4450 tons from the previous 4590 tons. China imported 74 tons of sugar in July, an increase of 32 tons [1]. c) Domestic Market - CAOC predicts that the domestic sugar production in the 24/25 sugar - crushing season will be 1116 million tons, consumption 1580 million tons, and imports 500 million tons; in the 25/26 season, production will be 1120 million tons, consumption 1590 million tons, and imports 500 million tons [2]. - As of the end of May in the 24/25 season, the national sugar production was 1116 million tons, an increase of 120 million tons; cumulative sales were 811 million tons, an increase of 152 million tons; the cumulative sales rate was 72.7%. As of the end of July, cumulative imports in the 24/25 season were 324 million tons, a decrease of 34 million tons [2]. - In the 25/26 season, the market anticipates a decline in the sugar yield and an increase in production costs in Guangxi [2]. d) International Market - ISO forecasts a global sugar supply shortage of 23 million tons in the 25/26 season and 488 million tons in the 24/25 season [3]. - As of August 16 in the 25/26 season, the cumulative sugarcane crushing volume in the central - southern region of Brazil decreased by 6.6 percentage points year - on - year, with cumulative sugar production of 2289 million tons, a decrease of 112 million tons, and the cumulative MIX was 52.51%, up 3.37 percentage points year - on - year [3]. - ISMA/NFCSF expects the total sugar production in India in the 25/26 season to be 3490 million tons, compared to 2950 million tons in the 24/25 season, an increase of 540 million tons [3]. - OCSB data shows that the cumulative sugar production in Thailand in the 24/25 season was 1008 million tons, an increase of 127 million tons [3]. e) Trend Intensity The sugar trend intensity is 0, indicating a neutral stance [4].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The decline in Brazil's sugar exports has raised concerns about global consumption, and there are supply shortages in both the global and domestic sugar markets [1][2][3] Summary by Relevant Catalogs Fundamental Tracking - The raw sugar price is 15.7 cents per pound, down 0.35 from the previous period; the mainstream spot price is 5,920 yuan per ton, down 10; the futures main contract price is 5,533 yuan per ton, down 29. The 91 spread is 31 yuan per ton, up 3; the 15 spread is 19 yuan per ton, down 11; the mainstream spot basis is 387 yuan per ton, up 19 [1] Macro and Industry News - India's monsoon precipitation as of September 4 was 8.8% higher than the long - period average (LPA). Conab lowered Brazil's 25/26 sugar production forecast to 44.5 million tons from 45.9 million tons. Brazil's sugar exports decreased, with August exports at 3.74 million tons, a 5% year - on - year decrease, and July exports at 3.59 million tons, also a 5% year - on - year decrease. China imported 740,000 tons of sugar in July, an increase of 320,000 tons [1] Domestic Market - CAOC predicts that in the 24/25 sugar season, China's sugar production will be 11.16 million tons, consumption 15.8 million tons, and imports 5 million tons; in the 25/26 sugar season, production will be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons. As of the end of May 24/25, China produced 11.16 million tons of sugar, an increase of 1.2 million tons, and sold 8.11 million tons, an increase of 1.52 million tons, with a cumulative sales rate of 72.7%. As of the end of July 24/25, China's cumulative sugar imports were 3.24 million tons, a decrease of 340,000 tons. In the 25/26 sugar season, the market expects a decline in the sugar yield and an increase in production costs in Guangxi [2] International Market - ISO forecasts a global sugar supply shortage of 23,000 tons in the 25/26 sugar season and 488,000 tons in the 24/25 sugar season. As of August 1, 25/26, the cumulative sugarcane crushing volume in Brazil's central - southern region decreased by 8.6 percentage points year - on - year, with cumulative sugar production of 19.27 million tons, a decrease of 1.62 million tons, and the cumulative MIX at 52.06%, up 2.93 percentage points year - on - year. ISMA/NFCSF predicts that India's total sugar production in the 25/26 sugar season will be 34.9 million tons, an increase of 5.4 million tons from 24/25. Thailand's cumulative sugar production in the 24/25 sugar season was 10.08 million tons, an increase of 1.27 million tons [3] Trend Intensity - The trend intensity of sugar is - 1, indicating a relatively bearish outlook [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The sugar market is waiting for news guidance, with the trend intensity of sugar being neutral [1][4] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - The raw sugar price is 16.34 cents/pound, down 0.16 cents year-on-year; the mainstream spot price is 5,940 yuan/ton, unchanged year-on-year; the futures main contract price is 5,609 yuan/ton, up 5 yuan year-on-year [1] - The 91 spread is 14 yuan/ton, up 27 yuan year-on-year; the 15 spread is 39 yuan/ton, up 2 yuan year-on-year; the mainstream spot basis is 331 yuan/ton, down 5 yuan year-on-year [1] 3.2 Macro and Industry News - Brazil's sugar production needs to be re - evaluated; India's monsoon precipitation is 6.7% higher than the long - period average (LPA) on September 1st; Brazil exported 3.59 million tons of sugar in July, a 5% year - on - year decrease; China imported 740,000 tons of sugar in July, an increase of 320,000 tons [1] 3.3 Domestic Market - CAOC expects China's sugar production in the 24/25 season to be 11.16 million tons, consumption to be 15.8 million tons, and imports to be 5 million tons; in the 25/26 season, production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons [2] - As of the end of May in the 24/25 season, China produced 11.16 million tons of sugar, an increase of 1.2 million tons, and sold 8.11 million tons, an increase of 1.52 million tons, with a cumulative sales rate of 72.7% [2] - As of the end of July in the 24/25 season, China's cumulative sugar imports were 3.24 million tons, a decrease of 340,000 tons; in the 25/26 season, the market expects a decline in the sugar yield and an increase in production costs in Guangxi [2] 3.4 International Market - ISO expects a global sugar supply shortage of 5.47 million tons in the 24/25 season (previously 4.88 million tons) [3] - As of August 1st in the 25/26 season, the cumulative sugarcane crushing volume in Brazil's central - southern region decreased by 8.6 percentage points year - on - year, with cumulative sugar production of 19.27 million tons, a decrease of 1.62 million tons, and the cumulative MIX at 52.06%, an increase of 2.93 percentage points year - on - year [3] - ISMA/NFCSF expects India's total sugar production in the 25/26 season to be 34.9 million tons, compared to 29.5 million tons in the 24/25 season, an increase of 5.4 million tons [3] - OCSB data shows that Thailand's cumulative sugar production in the 24/25 season was 10.08 million tons, an increase of 1.27 million tons [3] 3.5 Trend Intensity - The trend intensity of sugar is 0, indicating a neutral view in the range of [-2, 2] where -2 is the most bearish and 2 is the most bullish [4]