Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The domestic sugar market has seen a situation where Guangxi's sugar cane crushing is relatively delayed while Yunnan's sugar crushing progress is faster than the same period last year. The listing of new sugar in Guangxi has led to a decline in Yunnan sugar prices, but processed sugar and beet sugar prices are relatively stable, providing support to Guangxi sugar prices. With the previous negative factors in the market basically digested and the pessimistic sentiment easing, it is expected that the sugar price will fluctuate in the future [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main sugar futures contract is 5405 yuan/ton, with a change of 5; the main contract's open interest is 350,573 lots, a decrease of 10,944 lots; the number of sugar warehouse receipts is 0, with no change; the net long position of the top 20 futures holders is -60,675 lots; the effective warehouse receipt forecast for sugar is 183 pieces, with no change [2] 现货市场 - The estimated import processing price of Brazilian sugar within the quota is 4172 yuan/ton, an increase of 15; that of Thai sugar within the quota is 4218 yuan/ton, an increase of 12. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5289 yuan/ton, an increase of 18; that of Thai sugar outside the quota (50% tariff) is 5349 yuan/ton. The spot price of sugar in Kunming, Yunnan is 5425 yuan/ton, a decrease of 30; in Nanning, Guangxi is 5470 yuan/ton, with no change; in Liuzhou, Guangxi is 5565 yuan/ton, a decrease of 30 [2] Upstream Situation - The national sugar - crop sown area is 1480 thousand hectares, an increase of 60; the sown area of sugar cane in Guangxi is 840.33 thousand hectares, an increase of 5.24 [2] Industry Situation - The national total sugar production is 1236 tons, a decrease of 12; the cumulative sugar production in Yunnan is 1116.21 tons, an increase of 5.49; the cumulative sugar sales in Guangxi is 602.29 tons, an increase of 26.66; the total Brazilian sugar export is 420.5 tons, an increase of 95.92. The import volume of sugar in the current month is 75 tons, an increase of 20; the cumulative import volume is 390 tons, an increase of 74 [2] Downstream Situation - The monthly output of refined sugar is 88.3 tons, an increase of 34.39; the monthly output of soft drinks is 1096.2 tons, a decrease of 495.5 [2] Option Market - The implied volatility of at - the - money call options for sugar is 6.35%, an increase of 0.28; that of at - the - money put options is 6.35%, an increase of 0.28. The 20 - day historical volatility is 6.78%, a decrease of 0.07; the 60 - day historical volatility is 6.81%, a decrease of 0.02 [2] Industry News - As of October 14, 2025, the non - commercial net short position in raw sugar futures was 140,751 lots, an increase of 25,944 lots from the previous week. The long position was 173,974 lots, a decrease of 3,512 lots from the previous week, and the short position was 314,725 lots, an increase of 22,432 lots from the previous week. As of the week of November 26, the number of ships waiting to load sugar at Brazilian ports was 56, down from 61 in the previous week. The quantity of sugar waiting to be shipped was 2.0672 million tons, a 10.1% decrease from 2.2994 million tons in the previous week [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, the price of the Zhengzhou Sugar 2601 contract rebounded with a weekly increase of about 0.88%. The number of ships waiting to load sugar at Brazilian ports decreased, and the amount of sugar waiting to be shipped also declined by 10.1%. In the domestic market, the sugar - cane crushing in Guangxi was relatively delayed, while the progress in Yunnan was faster than last year. The entry of low - priced new sugar from Guangxi into the market drove down the sugar price in Yunnan. Although processed sugar and beet sugar had some impact, their prices were relatively firm, providing support for the sugar price in Guangxi. With the market's major negative factors mostly digested and the pessimistic sentiment easing, the sugar price is expected to fluctuate in the future. Future factors to watch include the domestic new sugar crushing situation and demand [5]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Highlights - **Market Review**: This week, the price of the Zhengzhou Sugar 2601 contract rebounded with a weekly increase of about 0.88% [5]. - **Market Outlook**: As of the week of November 26, the number of ships waiting to load sugar at Brazilian ports decreased from 61 to 56, and the amount of sugar waiting to be shipped dropped from 229.94 million tons to 206.72 million tons, a 10.1% decline. In the domestic market, as of now, 21 sugar mills in Guangxi have started crushing in the 2025/26 season, 36 less than the same period last year, while 9 sugar mills in Yunnan have started, 4 more than last year. The new sugar from Guangxi entered the market, driving down the sugar price in Yunnan. The sugar price is expected to fluctuate in the future [5]. - **Future Focus**: Domestic new sugar crushing situation and demand [6] 3.2 Futures and Spot Market 3.2.1 US Sugar Market - The price of the US Sugar March contract rose this week, with a weekly increase of about 2.37%. As of October 7, 2025, the non - commercial net short position of raw sugar futures was 114,807 lots, an increase of 9,600 lots from the previous week. Long positions decreased by 4,117 lots to 177,486 lots, and short positions increased by 5,483 lots to 292,293 lots [10]. 3.2.2 International Raw Sugar Spot Market - This week, the international raw sugar spot price was 14.32 cents per pound, a decrease of 0.28 cents per pound from last week [17]. 3.2.3 Zhengzhou Sugar Futures Market - The price of the Zhengzhou Sugar 2601 contract rebounded this week, with a weekly increase of about 0.88%. The top 20 net position of Zhengzhou sugar futures was - 60,406 lots, the number of Zhengzhou sugar warehouse receipts was 0, and the valid forecast was 183 [21][27]. - The spread between the Zhengzhou Sugar 1 - 5 contracts was + 73 yuan/ton, and the spot - Zhengzhou sugar basis was + 215 yuan/ton [31]. 3.2.4 Spot Market - As of November 28, the new sugar price in Liuzhou, Guangxi was 5,615 yuan/ton [37]. - This week, the estimated profit of Brazilian sugar within the quota was 1,501 yuan/ton, a decrease of 142 yuan/ton from last week; the estimated profit outside the quota was 183 yuan/ton, a decrease of 140 yuan/ton from last week. The estimated profit of Thai sugar within the quota was 1,234 yuan/ton, a decrease of 79 yuan/ton from last week; the estimated profit outside the quota was 120 yuan/ton, a decrease of 89 yuan/ton from last week [43]. 3.3 Industry Chain Situation 3.3.1 Supply Side - As of the end of October 2025, the national sugar production in the 2024/25 sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [47]. - As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a decrease of 450,000 tons or 27.91% month - on - month, and an increase of 60,100 tons or 5.45% year - on - year [50]. - 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% [54]. 3.3.2 Demand Side - As of the end of October 2025, sugar mills in the 2024/25 crushing season had all stopped crushing. The national sugar production in this sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [60]. - In October 2025, China's monthly production of refined sugar was 883,000 tons, a year - on - year increase of 36.1%. The monthly production of soft drinks was 10.962 million tons, a year - on - year decrease of 1.3% [64]. 3.4 Option and Stock - Related Markets - No specific content analysis for the option market is provided except for the figure of the implied volatility of the at - the - money option of Zhengzhou sugar this week. For the stock - related market, a figure of the price - earnings ratio of Nanning Sugar Industry is given, but no specific analysis [65][70].

Report Title - "Sugar Market Oscillates Downward, Supply Pressure Dominates the Market - Sugar Weekly Report from November 17th to 21st, 2025" [1] Report Author - Yang Jiangtao [1] 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The current sugar market is in a unilateral downward phase. The core contradiction lies in the global supply surplus (ISO forecasts a surplus of 1.63 million tons in the 25/26 sugar season) and the pressure from the listing of new domestic sugar, coupled with the suppression of increased imports, causing prices to continuously break through key support levels. The short - term downward trend has not been reversed. It is expected that sugar futures will continue to search for a bottom in the next 1 - 2 weeks, and attention should be paid to the performance of the key support level at 5,300 yuan/ton [3] 3. Summary by Relevant Catalogs 3.1 Market Review 3.1.1 Weekly Review - In the futures market, the closing price of the No. 11 sugar continuous contract decreased by 1.20% from 14.96 to 14.78, and the closing price of the Zhengzhou sugar main contract decreased by 2.14% from 5,470 to 5,353. In the spot market, the current price in Nanning decreased by 3.18% to 5,480, in Liuzhou by 3.19% to 5,470, and in Kunming by 1.26% to 5,470. The current price of Rizhao Lingyunhai remained unchanged at 5,830. The basis between Liuzhou sugar and the main contract narrowed by 35.00% to 117. The number of warehouse receipts decreased by 7.55% to 7,971, and the total of warehouse receipts and valid forecasts decreased by 7.39% to 8,154. The bullish ratio of Zhengzhou sugar decreased by 10 percentage points to 10%, the bearish ratio increased by 10 percentage points to 55%, and the neutral ratio remained unchanged at 35% [5] 3.1.2 Domestic Futures and Spot - Not detailed in the provided content 3.1.3 Raw Sugar Futures - Not detailed in the provided content 3.2 Fundamental Analysis 3.2.1 China's Sugar Production and Sales - Not detailed in the provided content 3.2.2 Production and Sales of Sugarcane Sugar in Major Domestic Producing Areas - Not detailed in the provided content 3.2.3 Production and Sales of Beet Sugar in Major Domestic Producing Areas - Not detailed in the provided content 3.2.4 China's White Sugar Industrial Inventory - Not detailed in the provided content 3.2.5 China's Sugar Imports and Exports - In October, sugar imports reached 750,000 tons, a year - on - year increase of 39.7%. From January to October, cumulative imports increased by 13.8% year - on - year. Imported sugar continues to suppress the domestic market [3] 3.2.6 Major Sugar Importing Countries of China - Not detailed in the provided content 3.2.7 China's Sugar Import Cost and Profit - For Brazilian sugar, the in - quota processing cost increased by 1.60% to 3,929, the out - of - quota processing cost increased by 1.64% to 5,010. The in - quota import profit decreased by 4.02% to 1,910, and the out - of - quota import profit decreased by 10.66% to 830. For Thai sugar, the in - quota processing cost increased by 1.32% to 3,985, the out - of - quota processing cost increased by 1.38% to 5,083. The in - quota import profit decreased by 3.64% to 1,855, and the out - of - quota import profit decreased by 10.20% to 757 [30] 3.3 International Market Fundamentals 3.3.1 Available Sugar Volume in Brazil - Not detailed in the provided content 3.3.2 Sugarcane Crushing Volume in Brazil - Not detailed in the provided content 3.3.3 Sugar Production in Brazil - Not detailed in the provided content 3.3.4 Ethanol Production in Brazil - Not detailed in the provided content 3.3.5 Sugar Imports and Exports in Brazil - Not detailed in the provided content 3.3.6 International Raw Sugar Premiums and Freight Costs - Not detailed in the provided content

Report Industry Investment Rating - Not available Core View of the Report - This week, the price of the Zhengzhou Sugar 2601 contract fell, with a weekly decline of about 2.12%. The international sugar market is moving towards a looser supply situation, and the raw sugar market lacks positive drivers, with prices remaining low. In the domestic market, the new sugar - crushing season has fully started. As of now, 5 sugar mills in Yunnan and 9 in Guangxi have started crushing, 17 fewer than the same period last year, and the start - up of some sugar mills has been delayed due to rainfall. With the low international raw sugar prices, processing enterprises have high sales profits, and the import of sugar increased significantly in October. The short - term sugar price shows no sign of stopping the decline and is expected to remain weak [5]. Summary by Relevant Catalogs 1. Week - on - Week Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract fell this week, with a weekly decline of about 2.12% [5]. - **Market Outlook**: The international sugar market supply is loosening, and the raw sugar price remains low. In the domestic market, the new crushing season has started, but some mills' operations are delayed. The import supply pressure is obvious, and the short - term sugar price is expected to remain weak [5]. - **Future Focus**: Domestic new sugar crushing situation and demand [6] 2. Futures and Spot Market Futures Market - **ICE US Sugar**: The price of the US Sugar March contract fell this week, with a weekly decline of about 1.14%. As of September 30, 2025, the non - commercial raw sugar futures net short position was 105,207 lots, a decrease of 20,421 lots from the previous week. Long positions increased by 8,568 lots to 181,603 lots, and short positions decreased by 11,853 lots to 286,810 lots [12]. - **Zhengzhou Sugar**: The price of the Zhengzhou Sugar 2601 contract fell this week, with a weekly decline of about 2.12%. The top 20 net positions in the sugar futures were - 65,367 lots, and the number of Zhengzhou sugar warehouse receipts was 7,971 [19][27]. Spot Market - **International Raw Sugar**: The international raw sugar spot price this week was 14.11 cents per pound, up 0.28 cents per pound from last week [16]. - **Domestic Sugar**: As of November 21, the new sugar price in Liuzhou, Guangxi was 5,670 - 5,680 yuan per ton [35]. - **Imported Sugar Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,728 yuan per ton, down 14 yuan per ton from last week; the estimated profit outside the quota was 390 yuan per ton, down 46 yuan per ton. The estimated profit of Thai sugar within the quota was 1,377 yuan per ton, down 79 yuan per ton; outside the quota was 275 yuan per ton, down 88 yuan per ton [42]. 3. Industry Chain Situation Supply Side - **Production**: 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 [47]. - **Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a decrease of 450,000 tons or 27.91% month - on - month, and an increase of 60,100 tons or 5.45% year - on - year [50]. - **Import Volume**: In October 2025, China's sugar import volume was 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 import volume was 3.9 million tons, a year - on - year increase of 12.12% [54]. Demand Side - **Sales Rate**: As of the end of October 2025, the sugar mills in the 2024/25 crushing 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 [60]. - **Related Product Output**: In October 2025, China's monthly output of refined sugar was 883,000 tons, a year - on - year increase of 36.1%. The monthly output of soft drinks was 10.962 million tons, a year - on - year decrease of 1.3% [64]. 4. Options and Stock Market - Related Market - **Options Market**: The implied volatility of at - the - money options for sugar this week is shown in the relevant chart, but no specific data is provided [65]. - **Stock Market**: The chart shows the price - to - earnings ratio of Nanning Sugar Industry, but no specific data is provided [70].

Core Insights - The average price of domestic first-grade white sugar decreased by 1.89% from 5646 CNY/ton at the beginning of the week to 5540 CNY/ton by the weekend [1] - As of November 21, nearly 20 sugar factories in Guangxi have started operations, with more expected to begin next week, marking the peak of the sugar production season [2] - The market is experiencing a divergence in expectations regarding future sugar prices, with no signs of a bottoming out trend observed [3] Price Trends - The closing price for the main white sugar futures contract on November 21 was 5353 CNY/ton, reflecting a decline of 0.48% [1] - The highest and lowest prices during the day were 5389 CNY/ton and 5342 CNY/ton, respectively, with a trading volume of 179,690 contracts [1] Supply and Demand Dynamics - Domestic sugar supply is expected to be ample due to the increased number of sugar factories commencing operations [2] - There has been a notable decline in the import of sugar syrup and premixed powder in October, although the levels remain above market expectations [3] International Market Influences - The Indian Sugar Mills Association has welcomed the government's decision to allow sugar exports and is advocating for an increase in the minimum selling price to 41 INR/kg [2] - The sugar production progress in India and Thailand is being monitored as a key indicator for raw sugar prices [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - This week, the price of the Zhengzhou Sugar 2601 contract decreased slightly, with a weekly decline of about 0.47%. Brazil exported 4.205 million tons of sugar in October, a 13% year - on - year increase. From the 2025/26 sugar season (April - March of the following year) to October 2025, Brazil's cumulative sugar exports were 21.9568 million tons, a 5.27% year - on - year decrease. With strong production increase expectations in India and Thailand, the rebound of the raw sugar price is weak. China's sugar market is less affected by the decline due to import quotas and policies. Guangxi sugar mills are mainly focused on inventory reduction, and the new sugar season is expected to start in mid - to late November, providing some sales opportunities for old sugar. The overall market lacks driving factors, and the price will remain low in the short term. It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. 3. Directory Summaries 3.1 Weekly Key Points Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract decreased slightly this week, with a weekly decline of about 0.47% [5]. - **Market Outlook**: Brazil's sugar exports in October increased year - on - year, but the current sugar season is ending, and exports are expected to decline seasonally. With strong production increase expectations in India and Thailand, the raw sugar price rebounds weakly. China's market is less affected by the decline. Guangxi sugar mills are reducing inventory, and the new sugar season may start late, providing sales opportunities for old sugar. The market lacks driving factors, and the price will be low in the short term. Attention should be paid to the import data for October [5]. - **Trading Strategy**: It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. - **Future Concerns**: Domestic production and sales, and new - season production estimates [6] 3.2 Futures and Spot Market - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 14.17 cents per pound, a decrease of 0.72 cents per pound from last week [15]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2601 contract decreased slightly this week, with a weekly decline of about 0.47%. The latest price was 5457 yuan, up 17 yuan or 0.31%. The trading volume was 140,737 lots, and the open interest was 371,961 lots, a decrease of 486 lots [17]. - **Zhengzhou Sugar Futures Top 20 Positions**: This week, the net position of the top 20 in the Zhengzhou sugar futures was - 58,458 lots, and the number of Zhengzhou sugar warehouse receipts was 7,382 [23]. - **Zhengzhou Sugar Futures Contract Spread**: This week, the spread between the 1 - 5 contracts of Zhengzhou sugar futures was + 60 yuan per ton, and the spot - Zhengzhou sugar basis was + 303 yuan per ton [27]. - **Spot Market Price**: As of November 7, the price of Liuzhou sugar in Guangxi was 5,760 yuan per ton, and the spot price of Kunming sugar in Yunnan was 5,650 yuan per ton [31]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,754 yuan per ton, a decrease of 6 yuan per ton from last week; the estimated profit of Brazilian sugar outside the quota was 541 yuan per ton, an increase of 32 yuan per ton from last week. The estimated profit of Thai sugar within the quota was 1,530 yuan per ton, an increase of 18 yuan per ton from last week; the estimated profit of Thai sugar outside the quota was 456 yuan per ton, an increase of 24 yuan per ton from last week [37]. 3.3 Industrial Chain Situation - **Supply - Production**: As of the end of October 2025, the national sugar production in the 2024/25 sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [42]. - **Supply - Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a decrease of 450,000 tons or 27.91% month - on - month, and an increase of 60,100 tons or 5.45% year - on - year [45]. - **Supply - Import Volume**: In September 2025, China's sugar import volume was 550,000 tons, a 27.78% year - on - year increase and a decrease of 280,000 tons month - on - month. From January to September 2025, the cumulative sugar import volume was 3.16 million tons, a 7.89% year - on - year increase [49]. - **Demand - Sales Rate**: As of the end of October 2025, the sugar mills in the 2024/25 sugar season had all stopped production. The national sugar production in this sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [55]. - **Demand - Finished Sugar and Soft Drink Production**: In September 2025, China's monthly production of finished sugar was 539,100 tons, a 35.4% year - on - year increase. The monthly production of soft drinks was 15.9167 million tons, a 1.9% year - on - year decrease [59]. 3.4 Option and Stock - Related Market - **Option Market**: The implied volatility of the at - the - money options of sugar this week is presented in the relevant chart, but no specific data is provided in the text [61]. - **Stock Market - Nanning Sugar Industry**: The price - to - earnings ratio chart of Nanning Sugar Industry is provided, but no specific analysis is given [65].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - This week, the price of the Zhengzhou Sugar 2601 contract rose slightly with a weekly increase of about 0.63%. The estimated surplus of global sugar in the new season has been mostly revised upwards. The sugar production in Thailand and India has recovered, which has a key impact on the supply side. India will resume sugar exports in the 2025/26 season, with a preliminary market expectation of 2 million tons. In the domestic market, 26 sugar mills in Mongolia and Xinjiang have all started production in the 2025/26 season, with a total expected output of about 1.4 million tons. In the short term, the supply of northern beet sugar will gradually increase. In September 2025, China's sugar imports were 550,000 tons, a decrease of about 280,000 tons from the previous month and an increase of 35.8% year-on-year. From January to September 2025, China's cumulative sugar imports were 3.16 million tons, an increase of 270,000 tons or 9.4% year-on-year. The progress of imported sugar significantly accelerated in the third quarter. According to the forecast of the Market Early - Warning Expert Committee of the Ministry of Agriculture and Rural Affairs, China's total imports this year will exceed 5 million tons. Coupled with the opening of the window for out - of - quota imported sugar, the pressure of future import volume is still obvious. The downstream demand is in a seasonal decline, and it is expected that the demand for refined sugar and beverages will decrease in the future. However, the cost support for the futures price is gradually emerging, and the price is expected to fluctuate. It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5] 3. Summary by Directory 3.1 Week - to - Week Key Points Summary - **Market Review**: This week, the price of the Zhengzhou Sugar 2601 contract rose slightly with a weekly increase of about 0.63% [5] - **Market Outlook**: The estimated surplus of global sugar in the new season has been mostly revised upwards. India will resume sugar exports in the 2025/26 season, with an expected 2 million tons. In the domestic market, 26 sugar mills in Mongolia and Xinjiang have started production, with an expected output of 1.4 million tons. In September 2025, China's sugar imports were 550,000 tons, a decrease of 280,000 tons from the previous month and an increase of 35.8% year - on - year. From January to September 2025, cumulative imports were 3.16 million tons, an increase of 9.4% year - on - year. The annual import volume is expected to exceed 5 million tons. Downstream demand is in a seasonal decline, but the cost support for the futures price is emerging, and the price is expected to fluctuate [5] - **Trading Strategy**: It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5] - **Future Focus**: Domestic production and sales, and new - season output forecast [6] 3.2 Futures and Spot Market - **US Sugar Market**: The price of the US Sugar March contract fell this week, with a weekly decline of about 1.87% [10] - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 15.88 cents per pound, a decrease of 0.53 cents per pound from last week [17] - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2601 contract rose slightly this week, with a weekly increase of about 0.63%. The net position of the top 20 in Zhengzhou sugar futures was - 78,827 lots, and the number of Zhengzhou sugar warehouse receipts was 8,185. The price difference between the 1 - 5 contracts of Zhengzhou sugar futures was + 48 yuan/ton, and the spot - Zhengzhou sugar basis was + 304 yuan/ton [19][26][30] - **Spot Market**: As of October 24, the price of sugar in Liuzhou, Guangxi was 5,780 yuan/ton, in Nanning, Guangxi was 5,750 yuan/ton, and in Kunming, Yunnan was 5,730 yuan/ton. The estimated in - quota profit of Brazilian sugar was 1,624 yuan/ton, an increase of 134 yuan/ton from last week; the estimated out - of - quota profit was 251 yuan/ton, an increase of 152 yuan/ton from last week. The estimated in - quota profit of Thai sugar was 1,310 yuan/ton, an increase of 65 yuan/ton from last week; the estimated out - of - quota profit was 177 yuan/ton, an increase of 105 yuan/ton from last week [36][42] 3.3 Industry Chain Situation - **Supply Side - Production Increase**: As of the end of September 2025, the national sugar production in the 2024/25 sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year. As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a decrease of 27.91% from the previous month and an increase of 5.45% year - on - year. In September 2025, China's sugar imports were 550,000 tons, a year - on - year increase of 27.78% and a month - on - month decrease of 280,000 tons. From January to September 2025, cumulative imports were 3.16 million tons, a year - on - year increase of 7.89% [45][48][52] - **Demand Side - General Sales Rate**: As of the end of September 2025, the 2024/25 sugar - making season ended. The national sugar production was 11.1621 million tons, an increase of 12.03% year - on - year. In September 2025, China's monthly refined sugar production was 539,100 tons, a year - on - year increase of 35.4%, and the monthly soft drink production was 15.9167 million tons, a year - on - year decrease of 1.9% [57][61] 3.4 Options and Stock - Futures Related Market - **Options Market**: The implied volatility of at - the - money options for sugar this week is presented in the chart [62] - **Stock Market - Nanning Sugar Industry**: The price - to - earnings ratio chart of Nanning Sugar Industry is presented [66]

Report Summary - **Report Title**: Sugar Market Weekly Report [2] - **Report Date**: September 26, 2025 [2] - **Researcher**: Wang Cuibing [3] Industry Investment Rating - Not provided Core View - This week, the price of the Zhengzhou Sugar 2601 contract rose slightly, with a weekly increase of about 0.31%. The number of ships waiting to load sugar in Brazilian ports decreased, and export capacity slowed down slightly. Domestically, northern sugar mills have started production on a small scale, and the new - season sugar is expected to increase slightly. Spot prices are stable with a weakening trend. The control of imported syrup from Thailand has been relaxed, and the amount of syrup is expected to increase slightly. The sugar sales progress in Guangxi is slow due to the extrusion of processed sugar. However, typhoon - induced lodging of sugarcane in Guangxi and other places provides short - term support, while sufficient supply suppresses upward movement. It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5][6] Summary by Directory 1. Week - on - Week Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract rose slightly this week, with a weekly increase of about 0.31% [5] - **Market Outlook**: As of the week of September 24, the number of ships waiting to load sugar in Brazilian ports decreased from 85 to 76, and the quantity of waiting - to - be - shipped sugar decreased from 328.27 million tons to 310.39 million tons. The overnight Zhengzhou Sugar 2601 contract closed down 0.05%. Domestically, northern sugar mills started production on a small scale, and new - season sugar is expected to increase slightly. Spot prices are stable with a weakening trend. The control of imported syrup from Thailand is relaxed, and the amount of syrup is expected to rise slightly. The slow sugar sales in Guangxi are affected by processed sugar, but there is short - term support due to typhoon - affected sugarcane lodging, and upward movement is suppressed by sufficient supply [5] - **Trading Strategy**: It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [6] - **Future Focus Factors**: Domestic sugar production and sales situation, new - season output [7] 2. Futures and Spot Market - **US Sugar Market**: The price of the US Sugar March contract rebounded this week, with a weekly increase of about 0.68%. As of September 16, 2025, the non - commercial net short position in raw sugar futures was 106,344 lots, a decrease of 33,266 lots from the previous week; long positions were 175,246 lots, an increase of 5,166 lots; short positions were 281,590 lots, a decrease of 28,100 lots [12] - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 15.72 cents per pound, a decrease of 0.42 cents per pound from last week [17] - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2601 contract rose slightly this week, with a weekly increase of about 0.31%. The net position of the top 20 in Zhengzhou sugar futures was - 80,973 lots, and the number of Zhengzhou sugar warehouse receipts was 9,464 [20][26] - **Zhengzhou Sugar Contract Spread**: The spread between the Zhengzhou Sugar 1 - 5 contracts was + 36 yuan/ton, and the basis of spot - Zhengzhou sugar was + 412 yuan/ton [30] - **Spot Market**: As of September 26, the price of Liuzhou sugar in Guangxi was 5,890 yuan/ton, and the spot price of Kunming sugar in Yunnan was 5,810 yuan/ton [37] - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,506 yuan/ton, a decrease of 119 yuan/ton from last week; the estimated profit outside the quota was 124 yuan/ton, a decrease of 110 yuan/ton. The estimated profit of Thai sugar within the quota was 1,348 yuan/ton, a decrease of 98 yuan/ton; the estimated profit outside the quota was 178 yuan/ton, a decrease of 110 yuan/ton [43] 3. Industry Chain Situation - **Supply Side - Production Increase**: As of the end of August 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% [46] - **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% [49] - **Supply Side - Imported Sugar Quantity**: In August 2025, China's sugar imports were 830,000 tons, a year - on - year increase of 15% and a month - on - month increase of 90,000 tons. From January to August 2025, the cumulative sugar imports were 2.61 million tons, a year - on - year increase of 4.15% [53] - **Demand Side - Sugar Sales Rate**: As of the end of August 2025, all sugar mills in the 2024/25 sugar - pressing season had stopped production. 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%. The cumulative sugar sales were 9.9998 million tons, a year - on - year increase of 1.1388 million tons, and the cumulative sugar sales rate was 89.59%, 0.65 percentage points faster than the same period last year [57] - **Demand Side - Finished Sugar and Soft Drink Production**: In August 2025, China's monthly production of finished sugar was 454,100 tons, a year - on - year increase of 49.3%. The monthly production of soft drinks was 17.7578 million tons, a year - on - year increase of 0.5% [61] 4. Options and Stock - Related Markets - **Options Market**: Information on the implied volatility of at - the - money options for sugar this week is provided, but specific numerical data is not given [62] - **Stock Market - Nanning Sugar Industry**: A graph of the price - to - earnings ratio of Nanning Sugar Industry is presented, but specific analysis is not provided [67]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the price of the Zhengzhou Sugar 2601 contract rose, with a weekly increase of about 0.31%. The price of the ICE US Sugar October contract also rose, with a weekly increase of about 1.41%. The international raw sugar spot price was 16.15 cents per pound, down 0.19 cents per pound from last week [5][11][15]. - Internationally, institutions predict that sugar production in the central - southern region of Brazil in the second half of August will increase by 17.3% to 3.84 million tons, and the sugarcane crushing volume is expected to increase by 9.5% year - on - year to 49.5 million tons. Domestically, the sugar sales data in August was lower than the same period in previous years, but the inventory remained relatively low. Downstream is in the pre - holiday stocking stage, and rigid demand is expected to support prices. In the short term, the decline of sugar prices may be limited [5]. - The recommended trading strategy is to wait and see for the Zhengzhou Sugar 2601 contract in the short term. Future factors to focus on include domestic production and sales and pre - holiday stocking [5]. 3. Summary by Directory 3.1 Weekly Key Points Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract rose this week, with a weekly increase of about 0.31% [5]. - **Market Outlook**: International sugar production in Brazil is expected to increase. Domestically, sales in August were lower than usual, but inventory was low. Downstream stocking may support prices, and short - term price decline may be limited [5]. - **Trading Strategy**: It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. - **Future Focus**: Domestic production and sales and pre - holiday stocking [5]. 3.2 Futures and Spot Market - **US Sugar Futures**: The price of the US Sugar October contract rose this week, with a weekly increase of about 1.41%. As of September 2, 2025, the non - commercial net short position of raw sugar futures was 85,805 lots, an increase of 11,067 lots from the previous week [11]. - **International Raw Sugar Spot**: The international raw sugar spot price was 16.15 cents per pound, down 0.19 cents per pound from last week [15]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2601 contract rose this week, with a weekly increase of about 0.31%. The net position of the top 20 in Zhengzhou sugar futures was - 51,979 lots, and the number of Zhengzhou sugar warehouse receipts was 11,599 [18][23]. - **Zhengzhou Sugar Contract Spread**: The spread between the 1 - 5 contracts of Zhengzhou sugar futures was + 23 yuan/ton, and the spot - Zhengzhou sugar basis was + 430 yuan/ton [27]. - **Spot Market**: As of September 12, the price of Liuzhou sugar in Guangxi was 5,970 yuan/ton, and the spot price of Kunming sugar in Yunnan was 5,850 yuan/ton [34]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,572 yuan/ton, down 42 yuan/ton from last week; the estimated profit outside the quota was 183 yuan/ton, up 31 yuan/ton from last week. The estimated profit of Thai sugar within the quota was 1,365 yuan/ton, down 6 yuan/ton from last week; the estimated profit outside the quota was 177 yuan/ton, up 4 yuan/ton from last week [40]. 3.3 Industry Chain Situation - **Supply Side - Production**: As of the end of August 2025, the national sugar production in the 2024/25 sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [43]. - **Supply Side - Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a decrease of 450,000 tons or 27.91% month - on - month, and an increase of 60,100 tons or 5.45% year - on - year [46]. - **Supply Side - Imported Sugar Quantity**: In July 2025, China's sugar imports were 740,000 tons, a year - on - year increase of 41.56% and a month - on - month increase of 320,000 tons. From January to July 2025, the cumulative sugar imports were 1.78 million tons, a year - on - year increase of 2.41% [50]. - **Demand Side - Sugar Sales Rate**: As of the end of August 2025, the cumulative sugar sales were 9.9998 million tons, an increase of 1.1388 million tons year - on - year, and the cumulative sugar sales rate was 89.59%, an acceleration of 0.65 percentage points year - on - year [54]. - **Demand Side - Finished Sugar and Soft Drink Production**: In July 2025, China's monthly production of finished sugar was 410,000 tons, a year - on - year increase of 64.7%. The monthly production of soft drinks was 17.9663 million tons, a year - on - year increase of 4.7% [58]. 3.4 Option and Stock - Related Market - **Option Market**: Information about the implied volatility of at - the - money options of sugar this week is provided, but no specific data is given [59]. - **Stock Market - Nanning Sugar Industry**: Information about the price - earnings ratio of Nanning Sugar Industry is provided, but no specific analysis is given [64].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - This week, the price of the Zhengzhou Sugar 2601 contract decreased with a weekly decline of approximately 1.45%. The International Sugar Organization (ISO) predicts that the global sugar supply - demand gap in the 2025/26 season will be only 231,000 tons, significantly smaller than the revised value of 4.879 million tons in the 2024/25 season. This gap can be ignored before the new season starts. In China, the sugar sales data in Guangxi and Yunnan in August decreased year - on - year. However, as the downstream is in the stocking period for the Double Festivals, rigid demand is expected to support prices, and short - term sugar price declines may be limited. It is recommended to take a wait - and - see approach for the Zhengzhou Sugar 2601 contract in the short term [5]. 3. Summary by Directory 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 1.45% [5]. - **Market Outlook**: The global sugar supply - demand gap in 2025/26 is expected to be 231,000 tons. In China, August sugar sales in Guangxi and Yunnan decreased year - on - year. Guangxi sold 260,200 tons in August, a year - on - year decrease of 96,900 tons, and Yunnan sold 130,900 tons, a year - on - year decrease of 10,100 tons. But the downstream's Double Festival stocking may support prices [5]. - **Trading Strategy**: It is recommended to take a short - term wait - and - see approach for the Zhengzhou Sugar 2601 contract [5]. - **Future Focus**: Domestic production and sales, and Double Festival stocking [5] 3.2 Futures and Spot Market - **US Sugar Market**: The price of the US Sugar October contract dropped this week, with a weekly decline of about 3.92%. As of August 26, 2025, the non - commercial net short position in raw sugar futures was 74,738 lots, an increase of 4,445 lots from the previous week. Long positions were 190,535 lots, a decrease of 2,556 lots, and short positions were 265,273 lots, an increase of 1,889 lots [11]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 16.8 cents per pound, an increase of 0.06 cents per pound from last week [15]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2601 contract decreased this week, with a weekly decline of about 1.45%. The top 20 net positions in sugar futures were - 44,496 lots, and the Zhengzhou sugar warehouse receipts were 12,476 [19][26]. - **Zhengzhou Sugar Futures Spread**: The 1 - 5 contract spread of Zhengzhou sugar futures was + 14 yuan/ton, and the spot - Zhengzhou sugar basis was + 447 yuan/ton [30]. - **Domestic Spot Market**: As of September 5, the sugar price in Liuzhou, Guangxi was 5,970 yuan/ton, and the spot price of sugar in Kunming, Yunnan was 5,835 yuan/ton [34]. - **Imported Sugar Cost and Profit**: This week, the estimated in - quota profit for Brazilian sugar was 1,527 yuan/ton, an increase of 79 yuan/ton from last week; the out - of - quota profit was 152 yuan/ton, an increase of 75 yuan/ton. The estimated in - quota profit for Thai sugar was 1,371 yuan/ton, an increase of 54 yuan/ton, and the out - of - quota profit was 173 yuan/ton, an increase of 82 yuan/ton [40]. 3.3 Industry Chain - **Supply Side - Production Increase**: As of the end of July 2025, the national 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% [44]. - **Supply Side - Industrial Inventory**: As of the end of July 2025, the national sugar industrial inventory in the 2024/25 sugar - making season was 1.61 million tons, a year - on - year decrease of 100,000 tons, or 5.8% [47]. - **Supply Side - Imported Sugar Quantity**: In July 2025, China's sugar imports were 740,000 tons, a year - on - year increase of 41.56% and a month - on - month increase of 320,000 tons. From January to July 2025, the cumulative sugar imports were 1.78 million tons, a year - on - year increase of 2.41% [52]. - **Demand Side - Faster Sales Rate**: As of the end of July, the cumulative national sugar sales were 9.5498 million tons, a year - on - year increase of 1.2984 million tons, or 15.73%. The cumulative sugar sales rate was 86.56%, 3.74 percentage points faster year - on - year [56]. - **Demand Side - Output of Finished Sugar and Soft Drinks**: In July 2025, China's monthly output of finished sugar was 410,000 tons, a year - on - year increase of 64.7%. The monthly output of soft drinks was 17.9663 million tons, a year - on - year increase of 4.7% [60]. 3.4 Option and Stock - Related Markets - **Option Market**: Information on the implied volatility of at - the - money options for sugar this week is presented in the report, but specific data is not described in the text [61]. - **Stock Market - Nanning Sugar Industry**: The report shows the price - earnings ratio chart of Nanning Sugar Industry, but specific data is not described in the text [65].