Group 1: Overall Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Viewpoints - Internationally, the arrival of the monsoon season has led to a favorable supply outlook in major Asian sugar - producing countries. Coupled with the year - on - year increase in Brazil's exports, the expectation of loose supply has suppressed the raw sugar price. Brazil's sugar exports in June were 3.359 million tons, a year - on - year increase of 5.24%, but the cumulative sugar exports from the 2025/26 crushing season to June were 7.1682 million tons, a year - on - year decrease of 9.09%. Domestically, the price trends at home and abroad are diverging, the profit window for out - of - quota imports is open, and import pressure will be released, suppressing sugar prices. On the demand side, during the summer consumption peak season, the food and beverage industry has inventory needs, and the seasonal consumption of cold drinks has recovered, providing some support for prices. In general, recent raw sugar fluctuations indirectly affect the domestic white sugar trend, but domestic demand has rebounded, performing stronger than the overseas market. In the later stage, both supply and demand will be strong, and price fluctuations will intensify. Attention should be paid to the arrival of imported sugar and summer consumption [2]. Group 3: Summary by Directory 1. Futures Market - The closing price of the main futures contract for sugar was 5,779 yuan/ton, up 32 yuan; the main contract's open interest was 287,247 lots, down 7,728 lots; the number of warehouse receipts was 22,987, down 105; the net long position of the top 20 futures holders was - 34,710 lots, up 4,107 lots; the total effective warehouse receipt forecast was 106, unchanged [2]. 2. Spot Market - The estimated import - processing price of Brazilian sugar within the quota was 4,457 yuan/ton, down 30 yuan; that of Thai sugar was 4,498 yuan/ton, down 30 yuan. The estimated import price of Brazilian sugar outside the quota (50% tariff) was 5,662 yuan/ton, and that of Thai sugar was 5,715 yuan/ton. The spot price of white sugar in Kunming was 6,365 yuan/ton, up 500 yuan; in Nanning, it was 6,040 yuan/ton, up 20 yuan; in Liuzhou, it was 6,120 yuan/ton, unchanged [2]. 3. Upstream Situation - The national sugar - crop planting area was 1,480 thousand hectares, up 60 thousand hectares; the sugar - cane planting area in Guangxi was 835.09 thousand hectares, down 12.86 thousand hectares [2]. 4. Industry Situation - The cumulative national sugar production was 11.1621 million tons, up 5.49 million tons; the cumulative national sugar sales volume was 8.1138 million tons, up 869,200 tons; the national industrial sugar inventory was 3.0483 million tons, down 814,300 tons; the national sugar sales rate was 72.69%, up 7.47 percentage points; the monthly sugar import volume was 350,000 tons, up 220,000 tons; Brazil's monthly sugar export volume was 3.359 million tons, up 1.1024 million tons [2]. 5. Downstream Situation - The cumulative year - on - year growth rate of refined sugar production was 16.7%, up 2.6 percentage points; the cumulative year - on - year growth rate of soft drink production was 3%, down 0.9 percentage points [2]. 6. Option Market - The implied volatility of at - the - money call options for sugar was 8.24%, down 0.05 percentage points; that of at - the - money put options was 8.31%, up 0.01 percentage points; the 20 - day historical volatility was 7.31%, down 0.07 percentage points; the 60 - day historical volatility was 7.79%, down 0.03 percentage points [2]. 7. Industry News - An S&P Global survey showed that sugar production in the central - southern region of Brazil in the second half of June was expected to decrease by 9.8% to 2.95 million tons. Internationally, with the arrival of the monsoon season, the supply outlook of major Asian sugar - producing countries was good, and Brazil's export volume increased year - on - year, leading to an expectation of loose supply that suppressed raw sugar prices [2].

1. Report Industry Investment Rating - No information provided on industry investment rating 2. Core View of the Report - Internationally, the arrival of the monsoon season has improved the outlook for major sugar - producing countries in Asia, and the expectation of loose supply has suppressed raw sugar prices. However, less rainfall in southern India has weakened the optimistic expectation, and the sugar production in the central - southern region of Brazil in the first half of June decreased by 22.1% year - on - year, limiting the decline. Domestically, in May 2025, China's sugar imports increased significantly, and the import pressure has risen. But approaching the summer consumption peak season, the food and beverage industry has inventory needs, and seasonal consumption such as cold drinks may recover, providing some support for prices, showing a short - term rebound trend. Later, attention should be paid to the arrival of goods at ports and summer consumption [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the sugar futures main contract is 5775 yuan/ton, down 32 yuan; the main contract position is 309,811 lots, down 2551 lots; the number of sugar warehouse receipts is 23,749, unchanged; the net long position of the top 20 futures positions is - 31,156 lots, up 471 lots; the effective warehouse receipt forecast is 0, unchanged [2] 3.2 Spot Market - The estimated import - processing price of Brazilian sugar within the quota is 4334 yuan/ton, down 84 yuan; that of Thai sugar is 4384 yuan/ton, down 44 yuan. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5501 yuan/ton, down 110 yuan; that of Thai sugar is 5566 yuan/ton, down 57 yuan. The spot price of white sugar in Kunming is 5895 yuan/ton, unchanged; in Nanning is 6090 yuan/ton, up 10 yuan; in Liuzhou is 6150 yuan/ton, unchanged [2] 3.3 Upstream Situation - The national sugar - crop sowing area is 1480 thousand hectares, up 60 thousand hectares; the sowing area of sugar - cane in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares [2] 3.4 Industry Situation - The cumulative national sugar production is 1116.21 million tons, up 5.49 million tons; the cumulative national sugar sales volume is 811.38 million tons, up 86.92 million tons; the national industrial sugar inventory is 304.83 million tons, down 81.43 million tons; the national sugar sales rate is 72.69%, up 7.47 percentage points; the monthly sugar import volume is 350,000 tons, up 220,000 tons; the monthly total sugar exports from Brazil are 225.66 million tons, up 70.4 million tons [2] 3.5 Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, up 2.6 percentage points; the cumulative year - on - year growth rate of soft - drink production is 3%, down 0.9 percentage points [2] 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 8.39%, down 0.11 percentage points; that of at - the - money put options is 8.39%, down 0.11 percentage points. The 20 - day historical volatility of sugar is 7.43%, down 0.07 percentage points; the 60 - day historical volatility is 8.87%, up 0.02 percentage points [2] 3.7 Industry News - The Brazilian Sugarcane Association reported that in the first half of June, sugar production in the central - southern region of Brazil decreased by 22.1% year - on - year to 2.45 million tons. Sugar mills used 51.54% of the sugarcane to produce sugar, compared with 49.68% in the same period of the previous season; the sugar yield per ton of sugarcane decreased by 4.37% year - on - year to 128.66 kg/ton [2]

Report Summary 1. Industry Investment Rating - No investment rating provided in the report 2. Core View - Internationally, the improved outlook of major Asian sugar - producing countries with expected restorative production increases and increased supply from Brazil are suppressing sugar prices. Domestically, the opening of the import window and rising import pressure are weighing on sugar prices. However, approaching the summer consumption peak, the food and beverage industry's inventory demand and the recovery of seasonal consumption such as cold drinks are providing some support, slowing down the price decline. Attention should be paid to arrivals at ports and summer consumption boosts [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the sugar futures main contract is 5679 yuan/ton, down 12 yuan; the main contract position is 371,817 lots, up 2,505 lots. The sugar warehouse receipt quantity is 28,399 sheets, down 187 sheets; the net long position of the top 20 futures holders is - 56,003 lots, down 2,195 lots. The total effective warehouse receipt forecast is 0 [2] 3.2 Spot Market - The estimated import - processing price of Brazilian sugar within the quota is 4,446 yuan/ton, down 30 yuan; that of Thai sugar is 4,468 yuan/ton, down 30 yuan. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,647 yuan/ton, and that of Thai sugar is 5,676 yuan/ton. The spot price of white sugar in Kunming is 5,865 yuan/ton, unchanged; in Nanning it is 6,040 yuan/ton, up 10 yuan; in Liuzhou it is 6,120 yuan/ton, down 10 yuan [2] 3.3 Upstream Situation - The national sugar - crop sown area is 1,480 thousand hectares, up 60 thousand hectares. The sown area of sugar - cane in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares [2] 3.4 Industry Situation - The national cumulative sugar production is 1,110.72 million tons, up 36.01 million tons; the cumulative sugar sales volume is 724.46 million tons, up 124.88 million tons. The national industrial sugar inventory is 386.26 million tons, down 88.95 million tons; the national sugar sales rate is 65.22%, up 9.43 percentage points. The monthly sugar import volume is 130,000 tons, up 60,000 tons. Brazil's monthly sugar export volume is 2.2566 billion tons, up 704,000 tons. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,452 yuan/ton, up 45 yuan; that of Thai sugar is 1,430 yuan/ton, up 45 yuan. Outside the quota (50% tariff), the price difference for Brazilian sugar is 251 yuan/ton, up 54 yuan; for Thai sugar it is 222 yuan/ton, up 54 yuan [2] 3.5 Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, up 2.6 percentage points; the cumulative year - on - year growth rate of soft drink production is 3.9%, up 0.9 percentage points [2] 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 8.82%, down 0.05 percentage points; that of at - the - money put options is 8.77%, down 0.11 percentage points. The 20 - day historical volatility is 5.57%, up 0.39 percentage points; the 60 - day historical volatility is 8.58%, down 0.37 percentage points [2] 3.7 Industry News - China imported 350,000 tons of sugar in May, a year - on - year increase of 330,000 tons. From January to May, the cumulative sugar import volume was 630,000 tons, a year - on - year decrease of 50.1% [2]

1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - Internationally, the improved outlook of major sugar - producing countries in Asia with expected restorative production increases suppresses sugar prices. Domestically, the opening of the import window raises future import pressure, pushing sugar prices down. However, approaching the summer consumption peak season, the food and beverage industry has restocking needs, and seasonal consumption like cold drinks may pick up, providing some support for prices. The sugar futures market rebounds in the short - term following the external market, and future focus should be on arrivals at ports and summer consumption stimulants [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the sugar futures main contract is 5,691 yuan/ton, up 24 yuan; the main contract position is 369,312 lots, down 1,260 lots; the number of sugar warehouse receipts is 28,586, unchanged; the net long position of the top 20 futures holders is - 53,808 lots; the total forecast of effective warehouse receipts is 0, unchanged; the estimated import - processing price of Brazilian sugar (within quota) is 4,446 yuan/ton, down 30 yuan; the estimated import - processing price of Thai sugar (within quota) is 4,468 yuan/ton, down 30 yuan [2]. 现货市场 - The estimated price of imported Brazilian sugar (out - of - quota, 50% tariff) is down 39 yuan; the estimated price of imported Thai sugar (out - of - quota, 50% tariff) is down 39 yuan; the spot price of white sugar in Kunming is 5,865 yuan/ton, up 30 yuan; the spot price in Nanning is 6,030 yuan/ton, up 10 yuan; the spot price in Liuzhou is 6,130 yuan/ton, unchanged [2]. Upstream Situation - The national sugar - crop planting area is 1,480 thousand hectares, up 60 thousand hectares; the sugar - cane planting area in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares [2]. Industry Situation - The national cumulative sugar production is 1,110.72 million tons, up 36.01 million tons; the cumulative national sugar sales volume is 724.46 million tons, up 124.88 million tons; the national industrial sugar inventory is 386.26 million tons, down 88.95 million tons; the national sugar sales rate is 65.22%, up 9.43 percentage points; the monthly sugar import volume is 130,000 tons, up 60,000 tons; the total monthly sugar exports from Brazil are 225.66 million tons, up 70.4 million tons; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar (within quota) is 1,452 yuan/ton, up 45 yuan; the price difference between imported Thai sugar and Liuzhou sugar (within quota) is 1,430 yuan/ton, up 45 yuan; the price difference between imported Brazilian sugar and Liuzhou sugar (out - of - quota, 50% tariff) is 251 yuan/ton, up 54 yuan; the price difference between imported Thai sugar and Liuzhou sugar (out - of - quota, 50% tariff) is 222 yuan/ton, up 54 yuan [2]. Downstream Situation - The cumulative year - on - year increase in refined sugar production is 16.7%, up 2.6 percentage points; the cumulative year - on - year increase in soft - drink production is 3.9%, up 0.9 percentage points [2]. Option Market - The implied volatility of at - the - money call options for sugar is 8.82%, down 0.05 percentage points; the implied volatility of at - the - money put options for sugar is 8.77%, down 0.11 percentage points; the 20 - day historical volatility of sugar is 5.18%, down 0.09 percentage points; the 60 - day historical volatility of sugar is 8.94%, unchanged [2]. Industry News - Data from the Brazilian Sugarcane Industry Association shows that in the second half of May, sugar mills in the central - southern region of Brazil crushed 47.843 million tons of sugarcane, a year - on - year increase of 5.47%; produced 2.951 million tons of sugar, a year - on - year increase of 8.86%; ethanol production decreased by 3.12% year - on - year to 2.057 billion liters. Sugar mills used 51.85% of sugarcane for sugar production, compared with 48.2% in the same period of the previous season; the sugar output per ton of sugarcane decreased by 4.06% year - on - year to 124.87 kg/ton [2].

Report Industry Investment Rating - There is no information about the industry investment rating in the report. Core View of the Report - Internationally, with the arrival of the monsoon season, the outlook for major sugar - producing countries in Asia has improved, and there is an expectation of a restorative increase in production, which suppresses sugar prices. Domestically, the import window has opened, and the subsequent import pressure has increased, also putting downward pressure on sugar prices. As the summer consumption peak approaches, the food and beverage industry has inventory - stocking needs, and the seasonal consumption of cold drinks and other products may pick up in the future, providing support for sugar prices. Attention should be paid to the arrival of imported sugar and the boost from summer consumption later [2]. Summary According to Relevant Catalogs Futures Market - The closing price of the futures main contract for sugar was 5,668 yuan/ton, a decrease of 49 yuan; the main contract position was 358,131 lots, an increase of 15,605 lots. The number of sugar warehouse receipts was 29,216, a decrease of 227; the net long position of the top 20 futures holders was - 34,863 lots, a decrease of 7,844 lots. The estimated import - processing price of Brazilian sugar within the quota was 4,571 yuan/ton, an increase of 42 yuan; the estimated import - processing price of Thai sugar within the quota was 4,580 yuan/ton, an increase of 42 yuan [2]. 现货市场 - The spot price of white sugar in Kunming was 5,875 yuan/ton, a decrease of 25 yuan; in Nanning, it was 6,050 yuan/ton, a decrease of 30 yuan; in Liuzhou, it was 6,150 yuan/ton, a decrease of 20 yuan. The estimated import price of Brazilian sugar outside the quota (50% tariff) was 5,822 yuan/ton, an increase of 55 yuan; the estimated import price of Thai sugar outside the quota (50% tariff) was 5,822 yuan/ton, an increase of 55 yuan [2]. Upstream Situation - The national sugar - crop sown area was 1,480 thousand hectares, an increase of 60 thousand hectares; the sown area of sugar - cane in Guangxi was 835.09 thousand hectares, a decrease of 12.86 thousand hectares. The national cumulative sugar production was 11.1072 million tons, an increase of 0.3601 million tons; the cumulative sugar sales volume was 7.2446 million tons, an increase of 1.2488 million tons. The national industrial sugar inventory was 3.8626 million tons, a decrease of 0.8895 million tons; the national sugar sales rate was 65.22%, an increase of 9.43 percentage points. The monthly import volume of sugar was 130,000 tons, an increase of 60,000 tons; the monthly total sugar exports from Brazil were 1.5526 million tons, a decrease of 0.2986 million tons [2]. Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota was 1,386 yuan/ton, a decrease of 71 yuan; the price difference between imported Thai sugar and Liuzhou sugar within the quota was 1,377 yuan/ton, a decrease of 71 yuan. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) was 147 yuan/ton, a decrease of 83 yuan; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) was 135 yuan/ton, a decrease of 84 yuan [2]. Downstream Situation - The cumulative year - on - year growth rate of refined sugar production was 16.7%, an increase of 2.6 percentage points; the cumulative year - on - year growth rate of soft drink production was 3.9%, an increase of 0.9 percentage points [2]. Option Market - The implied volatility of at - the - money call options for sugar was 8.21%, a decrease of 0.58 percentage points; the implied volatility of at - the - money put options for sugar was 8.2%, a decrease of 0.58 percentage points. The 20 - day historical volatility of sugar was 6.33%, an increase of 0.38 percentage points; the 60 - day historical volatility of sugar was 9.16%, an increase of 0.16 percentage points [2]. Industry News - On June 11, the sales profit of white sugar produced from imported Brazilian raw sugar in China was about 1,995 yuan/ton (within the tariff quota, 15% tariff) or 777 yuan/ton (outside the tariff quota, 50% tariff); the sales profit of white sugar produced from imported Thai raw sugar was about 1,964 yuan/ton (within the tariff quota, 15% tariff) or 737 yuan/ton (outside the tariff quota, 50% tariff) [2].