Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The domestic sugar market shows a complex situation with both positive and negative factors. The 09 contract is expected to fluctuate around 5800, and the spot price is likely to decline due to the approaching clearance of domestic sugar stocks and increased imports in July [6][10]. - The global sugar market is shifting from shortage to surplus in the 25/26 season, but there are differences in institutional forecasts [37][40]. 3. Summary by Directory 3.1 Previous Day's Review No relevant content provided. 3.2 Daily Tips - **Fundamentals**: Czarnikow predicts a 750 - million - ton surplus in the global sugar market in the 25/26 season, and USDA expects a 4.7% increase in global sugar production and a 1.4% increase in consumption, resulting in a 1.1397 - billion - ton surplus. As of the end of May 2025, China's cumulative sugar production in the 24/25 season was 11.1621 million tons, cumulative sugar sales were 8.1138 million tons, and the sales rate was 72.69%. In May 2025, China imported 350,000 tons of sugar, a year - on - year increase of 330,000 tons, and imported 64,200 tons of syrup and premixed powder, a year - on - year decrease of 150,700 tons. This is a bearish factor [5]. - **Basis**: The spot price in Liuzhou is 6120, and the basis for the 09 contract is 312, indicating a premium over the futures price, which is a bullish factor [7]. - **Inventory**: As of the end of May, the industrial inventory in the 24/25 sugar - crushing season was 3.0483 million tons, which is a bullish factor [7]. - **Market**: The 20 - day moving average is upward, and the K - line is above the 20 - day moving average, which is a bullish factor [7]. - **Main Position**: The net short position is decreasing, but the main trend is unclear, which is a bearish factor [7]. - **Leverage**: Positive factors include good domestic consumption, reduced inventory, increased syrup tariffs, and short - term low out - of - quota imports. Negative factors include increased global sugar production, a surplus in the new season, the international sugar price falling below 17 cents per pound, and an open import profit window [8]. 3.3 Today's Focus No relevant content provided. 3.4 Fundamental Data - **Global Sugar Supply - Demand Balance in 25/26**: The global production is 202 million tons, consumption is 198 million tons, with a surplus of 2.7 million tons. The inventory - to - consumption ratio is 52% - 54%, and the global trade volume is 62 million tons [37]. - **Institutional Forecasts in the Past 3 Months**: USDA predicts a surplus of 1.1397 million tons (doubling year - on - year), Datagro predicts a surplus of 258,000 tons, ISO predicts a possible surplus in the 25/26 season after a shortage in the 24/25 season, and StoneX predicts a global production increase of 3.3 million tons and a surplus of 430,000 tons [40]. - **China's Sugar Supply - Demand Balance**: In the 25/26 season, the sugar - cane planting area is 1.23 million hectares, beet planting area is 210,000 hectares, sugar production is 11.2 million tons, imports are 5 million tons, consumption is 15.9 million tons, and the balance change is 120,000 tons. The international sugar price is expected to be between 16.5 - 21.5 cents per pound, and the domestic sugar price is expected to be between 5800 - 6500 yuan per ton [42]. 3.5 Position Data No relevant content provided.

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The domestic white sugar produced is about to be cleared from inventory, and the profit window for imported sugar has opened. In the future, sales will mainly consist of imported sugar. Considering that most of the imported sugar is still in transit, the impact on domestic spot prices is relatively small. The 09 contract will fluctuate around 5800 in the short term [6][10]. - There are both positive and negative factors in the sugar market. Positive factors include good domestic consumption, reduced inventory, and increased syrup tariffs. Negative factors include increased global sugar production, a surplus in the new year's global supply, the opening of the import profit window, and increased import impact [8]. Summary by Directory 1. Previous Day's Review - Not provided in the content 2. Daily Tips - **Fundamentals**: Czarnikow predicts a global sugar market surplus of 7.5 million tons in the 25/26 season. USDA expects global sugar production to increase by 4.7% year-on-year and consumption to grow by 1.4% in the 25/26 season, with a surplus of 11.397 million tons. As of the end of May 2025, in the 24/25 season, China had produced 11.1621 million tons of sugar, sold 8.1138 million tons, with a sales rate of 72.69% (66.17% in the same period last year). In May 2025, China imported 350,000 tons of sugar, a year-on-year increase of 330,000 tons, and imported 64,200 tons of syrup and premixed powder, a year-on-year decrease of 150,700 tons. This is bearish [5]. - **Basis**: The spot price in Liuzhou is 6130, with a basis of 325 (for the 09 contract), which is at a premium to the futures. This is bullish [7]. - **Inventory**: As of the end of May, the industrial inventory in the 24/25 sugar season was 3.0483 million tons. This is bullish [7]. - **Market**: The 20-day moving average is upward, and the K-line is above the 20-day moving average. This is bullish [7]. - **Main Position**: The position is bullish, but the net long position is decreasing, and the main trend is unclear. This is bullish [7]. - **Expectation**: Currently, domestic white sugar production is about to clear inventory, and the profit window for imported sugar has opened. In the future, sales will mainly consist of imported sugar. Considering that most of the imported sugar is still in transit, the impact on domestic spot prices is relatively small. The 09 contract will fluctuate around 5800 in the short term [6][10]. 3. Today's Focus - Not provided in the content 4. Fundamental Data - **25/26 Global White Sugar Supply and Demand Balance Forecast**: The global production is expected to reach 202 million tons, a record second high, with Brazil, India, and Thailand leading the increase. The global consumption is expected to be 198 million tons, with Asian demand growing by 1.3% and African demand growing at the fastest rate of 2.2%. There will be a surplus of 2.7 million tons, shifting from a shortage to a surplus, but institutional forecasts vary. The inventory-to-consumption ratio is between 52% - 54%, with inventory pressure easing but still below the long-term average. The global trade volume is expected to be 62 million tons, with Brazil's exports accounting for over 50% and Thailand's exports returning to a high level [36]. - **Recent 3-Month Institutional Forecasts**: USDA predicts a surplus of 11.397 million tons (doubling year-on-year), with Brazil and India's increased production leading to a loose supply pattern. Datagro predicts a surplus of 2.58 million tons, due to India's resumption of exports and Brazil's high production. ISO forecasts that the 24/25 shortage of 4.88 million tons may turn into a surplus in 25/26, with regional shortages easing. StoneX expects a global production increase of 3.3 million tons and a surplus of 4.3 million tons, as weak consumption growth cannot offset the supply pressure [39]. - **China's Sugar Data**: From 2023/24 to 2025/26, the sugarcane and beet planting areas, harvest areas, yields, and sugar production are expected to remain relatively stable. China's sugar imports are expected to be 5 million tons each year, and consumption is expected to increase slightly to 15.9 million tons. The international sugar price is expected to be in the range of 16.5 - 21.5 cents per pound, and the domestic sugar price is expected to be in the range of 5800 - 6500 yuan per ton [41]. 5. Position Data - Not provided in the content

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint The report indicates that the Zhengzhou Sugar (SR) 09 contract is under pressure at the 5800 mark and is expected to experience short - term oscillatory decline. With domestic - produced sugar nearing clearance and the profit window for imported sugar opening, future sales will mainly focus on imported sugar. It suggests a bearish strategy for the 09 contract when prices approach 5800 [5][9]. 3. Summary by Directory 3.1. Previous Day Review No content related to the previous day's review is provided. 3.2. Daily Hints - **Fundamentals**: Czarnikow predicts a 750 - million - ton surplus in the global sugar market for the 25/26 season. The USDA expects global sugar production to increase by 4.7% and consumption by 1.4% in the 25/26 season, resulting in a surplus of 1139.7 million tons. As of the end of May 2025, China's cumulative sugar production in the 24/25 season was 1116.21 million tons, cumulative sales were 811.38 million tons, and the sales rate was 72.69% (compared to 66.17% in the same period last year). In May 2025, China imported 35 million tons of sugar, a year - on - year increase of 33 million tons, and imported 6.42 million tons of syrup and premixed powder, a year - on - year decrease of 15.07 million tons. This situation is considered bearish [4]. - **Basis**: The spot price in Liuzhou is 6130, and the basis for the 09 contract is 376, indicating a premium over the futures price, which is considered bullish [6]. - **Inventory**: As of the end of May, the industrial inventory in the 24/25 sugar - crushing season was 304.83 million tons, which is considered bullish [6]. - **Market Chart**: The 20 - day moving average is flat, and the K - line is above the 20 - day moving average, which is considered bullish [6]. - **Main Position**: The position is bullish, with a net increase in long positions, but the main trend is unclear, which is considered bullish [6]. - **Expectation**: The SR 09 contract is under pressure at the 5800 mark and is expected to decline in the short - term. Domestic - produced sugar is about to be cleared, and the profit window for imported sugar is open. Future sales will mainly rely on imported sugar. A bearish strategy is recommended for the 09 contract when prices approach 5800 [5][9]. 3.3. Today's Focus No content related to today's focus is provided. 3.4. Fundamental Data - **Global Supply and Demand Forecast**: Different institutions have varying forecasts for the 25/26 global sugar supply - demand balance. For example, Czarnikow predicts a 750 - million - ton surplus, Datagro predicts a 258 - million - ton surplus, and the USDA predicts a 1139.7 - million - ton surplus. The overall trend shows a shift from shortage to surplus, but institutional forecasts vary. The global production is expected to reach 2.02 billion tons (a record - high second), mainly driven by increased production in Brazil, India, and Thailand. Global consumption is expected to be 1.98 billion tons, with Asia's demand increasing by 1.3% and Africa having the fastest growth rate at 2.2%. The supply - demand gap shows a surplus of 270 million tons [4][9][36]. - **Domestic Data**: As of May 2025, China's sugar - related data includes cumulative production, sales, sales rate, import volume, etc. The sales rate is higher than the same period last year, and the import volume of sugar has increased significantly year - on - year, while the import volume of syrup and premixed powder has decreased [4]. 3.5. Position Data The main position is bullish, with a net increase in long positions, but the main trend is unclear [6].

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年7月4日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 白糖： 1、基本面：Czarnikow：25/26年度全球糖市供应过剩750万吨。USDA：预计25/26年度全球食糖产 量同比增长4.7%，消费增长1.4%，过剩1139.7万吨。2025年5月底，24/25年度本期制糖全国累计 产糖1116.21万吨；全国累计销糖811.38万吨；销糖率72.69%（去年同期66.17%）。2025年5月中 国进口食糖35万吨，同比增加33万吨；进口糖浆及预混粉等三项合计6.42万吨，同比减少15.07万 吨。偏空。 6、预期：外糖持续走低，国内郑糖目前表现为近强远弱，主要是09合约 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年7月3日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 白糖： 数据来源：大越整理 1、基本面：Czarnikow：25/26年度全球糖市供应过剩750万吨。USDA：预计25/26年度全球食糖产 量同比增长4.7%，消费增长1.4%，过剩1139.7万吨。2025年5月底，24/25年度本期制糖全国累计 产糖1116.21万吨；全国累计销糖811.38万吨；销糖率72.69%（去年同期66.17%）。2025年5月中 国进口食糖35万吨，同比增加33万吨；进口糖浆及预混粉等三项合计6.42万吨，同比减少15.07万 吨。偏空。 6、预期：夜盘外糖持续走低，郑糖主力09上方5 ...

交易咨询业务资格：证监许可【2012】1091号 白糖： 白糖早报——2025年7月2日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 1、基本面：USDA：预计25/26年度全球食糖产量同比增长4.7%，消费增长1.4%，过剩1139.7万吨。 Green Pool：25/26榨季全球食糖产量增长5.3%，达1.991亿吨。25年1月1日起，进口糖浆及预混 粉关税从12%调整到20%。2025年5月底，24/25年度本期制糖全国累计产糖1116.21万吨；全国累计 销糖811.38万吨；销糖率72.69%（去年同期66.17%）。2025年5月中国进口食糖35万吨，同比增加 33万吨；进口糖浆及预混粉等三项合计6.42万吨，同比减少15.07万 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年6月18日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 • 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建 议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 | | 日捷古报 | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 期价 地区 进口原糖加工后价(50%天祝) 墓差 进口价差 | 现价 | 现价受动 | | 库存情况 | | SR2509 | 5691 439 -44 | | | | 国储库存约700万吨 | | SR2 ...

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The global sugar supply is expected to be in surplus in the 2025/26 season, with major institutions forecasting an increase in production and a relatively slower growth in consumption. The international sugar price is likely to continue to weaken, and the opening of the import profit window will increase imports, which will have a negative impact on domestic prices. Zhengzhou sugar is expected to maintain a weak pattern in the medium - term, and the short - term support level for the main 09 contract is around 5600. Traders are advised to adopt a short - selling strategy on rallies [4][5][7]. 3. Summary According to the Table of Contents 3.1. Previous Day's Review No information provided. 3.2. Daily Hints - **Fundamentals**: The USDA predicts that in the 2025/26 season, global sugar production will increase by 4.7% year - on - year, consumption will grow by 1.4%, and there will be a surplus of 11.397 million tons. Green Pool forecasts that the global sugar production in the 2025/26 season will increase by 5.3% to 199.1 million tons. From January 1, 2025, the import tariff on syrup and premixed powder has been adjusted from 12% to 20%. As of the end of May 2025, the cumulative sugar production in the 2024/25 season in China was 11.1621 million tons, the cumulative sugar sales were 8.1138 million tons, and the sales rate was 72.69% (66.17% in the same period last year). In April 2025, China imported 130,000 tons of sugar, an increase of 80,000 tons year - on - year, and the total import of syrup and premixed powder was 85,400 tons, a decrease of 105,500 tons year - on - year. Overall, the fundamentals are bearish [4]. - **Basis**: The spot price in Liuzhou is 6130, and the basis for the 09 contract is 466, indicating a premium over the futures price, which is bullish [6]. - **Inventory**: As of the end of May 2025, the industrial inventory in the 2024/25 season was 3.0483 million tons, which is bullish [6]. - **Market Chart**: The 20 - day moving average is downward, and the K - line is below the 20 - day moving average, which is bearish [6]. - **Main Position**: The net long position is decreasing, but the main trend is still bullish [6]. 3.3. Today's Focus No information provided. 3.4. Fundamental Data - **Global Supply - Demand Forecast**: Different institutions have different forecasts for the 2025/26 global sugar supply - demand balance. The USDA predicts a surplus of 11.397 million tons, Datagro forecasts a surplus of 258,000 tons, ISO indicates a possible shift from a deficit in 2024/25 to a surplus in 2025/26, and StoneX forecasts a global production increase of 3.3 million tons and a surplus of 430,000 tons. The overall trend shows an increase in supply and a relatively slower growth in demand [4][9][36]. - **Domestic Supply - Demand Data**: In 2025, China's sugar production, sales, and import data show that the domestic sugar market has its own characteristics. The cumulative sugar production in the 2024/25 season was 11.1621 million tons, and the cumulative sales were 8.1138 million tons. In April 2025, the sugar import was 130,000 tons, an increase of 80,000 tons year - on - year [4][9]. 3.5. Position Data No information provided.

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年6月10日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 白糖： 1、基本面：USDA：预计25/26年度全球食糖产量同比增长4.7%，消费增长1.4%，过剩1139.7万吨。 Green Pool：25/26榨季全球食糖产量增长5.3%，达1.991亿吨。25年1月1日起，进口糖浆及预混 粉关税从12%调整到20%，调整后的关税接近原糖配额外进口关税。2025年5月底，24/25年度本期 制糖全国累计产糖1116.21万吨；全国累计销糖811.38万吨；销糖率72.69%（去年同期66.17%）。 2025年4月中国进口食糖13万吨，同比增加8万吨，进口糖浆及预混粉等三项合 ...

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The global sugar supply is expected to be in surplus in the next year, with USDA predicting a 4.7% year-on-year increase in global sugar production, a 1.4% increase in consumption, and a surplus of 11.397 million tons in the 25/26 season. Green Pool forecasts a 5.3% increase in global sugar production to 199.1 million tons in the 25/26 season. As the price of foreign sugar weakens, the import profit window opens, and subsequent imports are likely to increase, which will have a negative impact on domestic prices. Zhengzhou sugar generally maintains a weak pattern, and the strategy of shorting on rallies during intraday trading is recommended [4][5]. - There are both positive and negative factors in the domestic sugar market. Positive factors include good domestic consumption, reduced inventory, and increased syrup tariffs. Negative factors include the increase in global sugar production, the expected global supply surplus in the new year, the drop in foreign sugar prices below 17 cents per pound, and the increased import impact [7]. Summary by Directory 1. Previous Day Review No information provided in the report. 2. Daily Tips - **Fundamentals**: USDA predicts a 4.7% year-on-year increase in global sugar production, a 1.4% increase in consumption, and a surplus of 11.397 million tons in the 25/26 season. Green Pool forecasts a 5.3% increase in global sugar production to 199.1 million tons in the 25/26 season. Since January 1, 2025, the tariff on imported syrup and premixed powder has been adjusted from 12% to 20%, approaching the tariff for out-of-quota imported raw sugar. As of the end of April 2025, the cumulative sugar production in the 24/25 season in China was 11.1072 million tons, the cumulative sugar sales were 7.2446 million tons, and the sales rate was 65.22% (compared to 57.73% in the same period last year). In April 2025, China imported 130,000 tons of sugar, an increase of 80,000 tons year-on-year, and the total import of syrup and premixed powder was 85,400 tons, a decrease of 105,500 tons year-on-year [4]. - **Basis**: The spot price in Liuzhou is 6,190 yuan, and the basis for the 09 contract is 460 yuan, with the spot price at a premium to the futures price, which is a positive factor [6]. - **Inventory**: As of the end of April, the industrial inventory in the 24/25 season was 3.8626 million tons, which is a positive factor [6]. - **Market**: The 20-day moving average is downward, and the K-line is below the 20-day moving average, indicating a negative factor [6]. - **Main Position**: The position is bullish, with the net long position increasing, but the main trend is unclear, which is a positive factor [6]. 3. Today's Focus No information provided in the report. 4. Fundamental Data - **Global Sugar Supply and Demand Balance Sheet (USDA)**: From 2017 - 2024, data on initial inventory, total sugar production, total supply, domestic consumption, total consumption, ending inventory, and inventory-consumption ratio are presented, showing the changing trends of global sugar supply and demand over the years [38]. - **China's Sugar Supply and Demand Balance Sheet**: Data from 2022/23 - 2024/25 (April estimates) are provided, including sugarcane and beet planting and harvesting areas, sugar production, imports, consumption, balance changes, international and domestic sugar prices, etc., reflecting the supply and demand situation of China's sugar market [42]. - **China's Sugar Supply and Demand Balance Sheet (Brick)**: From 2017 - 2024, data on initial inventory, production, imports, total domestic supply, domestic consumption, total domestic consumption, ending inventory, and inventory-consumption ratio are presented, showing the changing trends of China's sugar supply and demand over the years [45]. 5. Position Data No information provided in the report.