1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core View of the Report - The sharp decline in the raw sugar price has dragged down the domestic white sugar price, causing it to open lower and decline. However, the expected increase in demand limits the decline. In the later stage, both supply and demand will be strong, leading to more volatile prices. It is recommended to pay attention to the arrival of goods at ports and summer consumption [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for sugar is 5,766 yuan/ton, a decrease of 9 yuan. The main contract's open interest is 302,138 lots, a decrease of 7,673 lots. The number of sugar warehouse receipts is 23,575, a decrease of 174. The net long position of the top 20 futures holders is -21,701 lots, an increase of 9,455 lots. The estimated effective warehouse receipt forecast is 0 [2]. 3.2 Spot Market - The estimated import processing price of Brazilian sugar within the quota is 4,342 yuan/ton, an increase of 46 yuan. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,511 yuan/ton, an increase of 60 yuan. The estimated import processing price of Thai sugar within the quota is 4,392 yuan/ton, an increase of 46 yuan. The estimated import price of Thai sugar outside the quota (50% tariff) is 5,576 yuan/ton. The spot price of white sugar in Kunming is 5,895 yuan/ton, unchanged. The spot price in Nanning is 6,070 yuan/ton, a decrease of 20 yuan. The spot price in Liuzhou is 6,150 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The national sugar - crop sown area is 1,480 thousand hectares, an increase of 60 thousand hectares. The sown area of sugar - cane in Guangxi is 835.09 thousand hectares, a decrease of 12.86 thousand hectares. The national sugar production cumulative value is 304.83 million tons, an increase of 5.49 million tons. The national industrial sugar inventory is 111.621 million tons. The national cumulative sugar sales volume is 81.138 million tons, a decrease of 81,430 tons. The national sugar sales rate is 72.69%, an increase of 7.47 percentage points. The monthly sugar import volume is 350,000 tons, an increase of 220,000 tons. The total monthly sugar exports from Brazil are 2.2566 million tons, an increase of 704,000 tons [2]. 3.4 Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,603 yuan/ton, a decrease of 72 yuan. The price difference between imported Thai sugar and Liuzhou sugar within the quota is 1,553 yuan/ton, a decrease of 72 yuan. The price difference between imported Brazilian sugar and Liuzhou sugar outside the quota (50% tariff) is 434 yuan/ton, a decrease of 86 yuan. The price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) is 369 yuan/ton, a decrease of 86 yuan [2]. 3.5 Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, an increase of 2.6 percentage points. The cumulative year - on - year growth rate of soft drink production is 3%, a decrease of 0.9 percentage points [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 6.41%, a decrease of 1.98 percentage points. The implied volatility of at - the - money put options for sugar is 6.42%, a decrease of 1.97 percentage points. The 20 - day historical volatility of sugar is 7.44%, an increase of 0.01 percentage points. The 60 - day historical volatility of sugar is 8.71%, a decrease of 0.16 percentage points [2]. 3.7 Industry News - As of June 30, a sugar factory in Tiandong has cleared its inventory of "Dongxing" brand sugar, becoming the 6th sugar factory in South China, Guangxi to clear its inventory in the 24/25 sugar - crushing season, an increase of 4 compared to the same period last year. Currently, only 3 sugar factories have not cleared their inventory. Internationally, with the arrival of the monsoon season, the prospects of major sugar - producing countries in Asia have improved, and the expectation of loose supply has suppressed the decline of raw sugar prices [2].