Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The long - term outlook for sugar is positive due to the formula change of Coca - Cola, but the 25/26 global sugar market is expected to be in surplus. For example, Czarnikow predicts a 750 - million - ton surplus, and USDA forecasts a 1139.7 - million - ton surplus with a 4.7% increase in production and a 1.4% increase in consumption [4][9]. - The domestic sugar market has good consumption and decreasing inventory. The import tariff of syrup has increased since January 2025. The 09 contract is approaching the delivery month, with a current discount of about 300, and it is expected to oscillate between 5800 - 6000 to complete the convergence of the spot - futures price difference [5][7][9]. 3. Summary by Directory 3.1 Previous Day's Review No content related to the previous day's review is provided. 3.2 Daily Tips - **Fundamentals**: The formula change of Coca - Cola is a long - term positive factor. However, the global sugar supply is expected to be in surplus in the 25/26 period. As of the end of May 2025, the cumulative sugar production in the 24/25 season was 1116.21 million tons, and the cumulative sales were 811.38 million tons, with a sales rate of 72.69% (66.17% in the same period last year). In June 2025, China imported 42 million tons of sugar, an increase of 39 million tons year - on - year, and the total import of syrup and premixed powder was 11.57 million tons, a decrease of 10.32 million tons year - on - year [4]. - **Basis**: The Liuzhou spot price is 6120, with a basis of 281 for the 09 contract, indicating a premium over the futures price, which is a positive signal [6]. - **Inventory**: As of the end of May 2025, the industrial inventory in the 24/25 season was 304.83 million tons, which is a positive factor [6]. - **Market**: The 20 - day moving average is upward, and the K - line is above the 20 - day moving average, showing a positive trend [6]. - **Main Position**: The net short position is decreasing, but the main trend is not clear, showing a negative signal [6]. - **Expectation**: Domestic sugar is about to be cleared from inventory. It is currently the consumption peak season, and the market sales are good. The 09 contract is approaching the delivery month, and it is expected to oscillate between 5800 - 6000 [5]. 3.3 Today's Focus No content related to today's focus is provided. 3.4 Fundamental Data - **Global Supply - Demand Balance**: In the 25/26 period, the global sugar production is expected to be 2.02 billion tons (a record - high second), the consumption is 1.98 billion tons, with a surplus of 270 million tons. The inventory - to - consumption ratio is between 52% - 54%, and the global trade volume is 6200 million tons [36]. - **Institutional Forecasts**: Different institutions have different forecasts for the 25/26 global sugar market surplus, such as USDA forecasting a 1139.7 - million - ton surplus, Datagro forecasting a 258 - million - ton surplus, etc. [39]. - **Domestic Data**: The sugar - crop planting area, yield, import, consumption, and price data from 2024/25 to 2025/26 are provided, showing the development trend of the domestic sugar market [41]. 3.5 Position Data No content related to position data is provided.

Group 1: Report Information - Report Name: Sugar Daily Report [1] - Date: July 22, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - **Futures Market**: On Friday, the New York raw sugar futures rebounded slightly. The main October contract closed up 0.3% to 16.79 cents per pound. The London ICE white sugar futures' main October contract closed up 0.8% to $487.70 per ton. The news that Coca - Cola was called on by the US President to resume using sucrose as a raw material stimulated the sugar price to some extent, but Coca - Cola's response was not positive. The main logic supporting the strength of raw sugar was the poor production data in Brazil. The Zhengzhou sugar main contract fluctuated within a narrow range. The 09 contract closed at 5,839 yuan per ton, up 11 yuan or 0.19%, with an increase of 7,069 contracts in positions. The domestic spot prices in the producing areas rose slightly, with the price in Nanning at 6,100 yuan and in Kunming at 5,860 yuan. Zhengzhou sugar followed the rhythm of raw sugar. Fundamentally, the import volume increased in June, and the pressure of processed sugar would increase later. Although the domestic commodity market generally rose recently due to the anti - involution theme, Zhengzhou sugar was basically unaffected [7][8] Group 3: Industry News - **Import Data**: In June 2025, China imported 11.55 tons of syrup and premixed powder (tax - included tariff numbers 1702.90, 2106.906), a year - on - year decrease of 10.35 tons. From January to June 2025, the total import was 45.91 tons, a year - on - year decrease of 49.24 tons. As of June in the 2024/25 sugar - crushing season, the total import was 109.83 tons, a year - on - year decrease of 26.95 tons. In June 2025, China imported 42 tons of sugar, a year - on - year increase of 39.23 tons. From January to June 2025, China imported 105.08 tons of sugar, a year - on - year decrease of 25.12 tons, a decline of 19.29%. As of June in the 2024/25 sugar - crushing season, China imported 251.26 tons of sugar, a year - on - year decrease of 64.93 tons, a decline of 20.54% [9] - **Production Data**: In June 2025, China's dairy product output was 254.6 tons, a year - on - year increase of 4.1%; from January to June, it was 1,433 tons, a year - on - year decrease of 0.3%. In June 2025, China's beverage output was 1,842.8 tons, a year - on - year increase of 3.2%; from January to June, it was 9,308.9 tons, a year - on - year increase of 2.9% [9] - **Shipping Data**: As of the week ending July 15, the number of ships waiting to load sugar at Brazilian ports was 77, compared with 90 in the previous week. The quantity of sugar waiting to be loaded at ports was 309.43 tons (the quantity of high - grade raw sugar was 304.18 tons), compared with 368.55 tons in the previous week, a month - on - month decrease of 59.12 tons, a decline of 16.04%. The quantity of sugar waiting for export at Santos Port was 239.61 tons, and at Paranagua Port was 45.12 tons [9] Group 4: Data Overview - **Figures**: The report includes figures such as the spot price trend, the basis of the 2509 contract, the SR9 - 1 spread, the import profit of Brazilian raw sugar, the number of Zhengzhou Commodity Exchange warehouse receipts, the Brazilian real exchange rate, and the trading volume and positions of the top 20 seats of the Zhengzhou sugar main contract [15][18][20] - **Table**: The table shows the trading volume, position changes, and other data of the top 20 members in the Zhengzhou sugar futures market [22]

Report Summary 1. Investment Rating The report does not provide an overall industry investment rating. 2. Core View The international sugar market has entered the accelerated production period of the new crushing season in the central - southern region of Brazil. The UNICA bi - weekly production data will be the key variable guiding market sentiment. The domestic sugar market is affected by multiple factors. Although there is short - term upward momentum due to the positive macro - atmosphere, the 09 contract is expected to decline from a high level later due to factors such as a significant drop in demand, potential continuous import volume increase, and strong industrial hedging forces [9]. 3. Summary by Directory 3.1 Week - to - Week Core Points and Strategies - **Supply**: As of the end of May 2025, the total sugar production in the 2024/25 sugar - making season in China was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03%. In the central - southern region of Brazil, the cumulative crushing volume decreased by 14.06% year - on - year, and the cumulative sugar production decreased by 14.25% year - on - year. The impact on price is considered neutral [9]. - **Demand**: Currently, the price of processed sugar is stable. Yunnan sugar has a cost - performance advantage over processed sugar and has better transactions than Guangxi sugar, but the overall market transaction is average, with a downward impact on price [9]. - **Inventory**: As of the end of May 2025, the industrial inventory was 3.0483 million tons. As of late May, the inventory in third - party warehouses in Guangxi was about 1.38 million tons, slightly higher than the average of the past five years. As of July 18, the total number of registered sugar warrants decreased compared to last week, with a downward impact on price [9]. - **Warehouse Receipts**: The impact on price is considered neutral [9]. - **Basis**: The quotes of sugar - making groups in Guangxi and Yunnan have changed slightly, and the quotes of processed sugar factories are stable. The market maintains a demand - based procurement rhythm, with a neutral impact on price [9]. - **Profit**: The out - of - quota import cost from Brazil has increased slightly, and the out - of - quota import profit remains flat, with a downward impact on price [9]. - **Macro**: There are expectations of China's CPI and PPI bottoming out. The market anticipates an increase in incremental policies, especially as the end - of - year policy - making meetings approach, which may drive the market up, with an upward impact on price [9]. - **Strategy**: Gradually arrange 09 short positions at high prices. Although the domestic market may still have upward momentum in the short - term, the 09 contract is expected to decline from a high level later [9]. 3.2 This Week's Sugar Market News - **Brazil's Production Data**: In the second half of June, in the central - southern region of Brazil, the sugarcane crushing volume decreased by 12.86% year - on - year, and the sugar production decreased by 12.98% year - on - year. From the start of the 2025/26 crushing season to the second half of June, the cumulative crushing volume decreased by 14.06% year - on - year, and the cumulative sugar production decreased by 14.25% year - on - year [14]. - **Sugar Use in Beverages**: Trump claimed that Coca - Cola would use sucrose in its US - market beverages, and Coca - Cola thanked him and promised to share more details. PepsiCo said it would use sucrose if consumers demand it [15]. 3.3 Weekly Sugar Data - **Domestic Production**: In the 2024 - 2025 period, the domestic sugar production was 11.16 million tons, a year - on - year increase of 12.03%, slightly lower than expected [20]. - **Domestic Sales**: As of the end of June, the cumulative sugar sales were 7.3834 million tons, a year - on - year increase of 7.34%, and the cumulative sales rate was 74.11%. As of the end of May, the cumulative sugar sales were 8.1138 million tons, a year - on - year increase of 23.07%, and the cumulative sales rate was 72.69% [24][27]. - **Brazilian Exports and Domestic Imports**: The report mentions relevant data sources but does not elaborate on specific data [30]. - **Imports of Domestic Substitute Syrups and Premixed Powders**: In May, the total import of syrups and premixed powders was 64,200 tons, a year - on - year decrease of 150,700 tons. From January to May, the total import was 346,800 tons, a year - on - year decrease of 385,800 tons [34]. - **Out - of - Quota Import Cost**: The out - of - quota import cost increased slightly this week [38]. - **Warehouse Receipt Quantity**: As of July 18, the total number of registered sugar warrants was 21,477, a decrease from last week's 22,850 [43].

Report Title - Sugar Data Daily Report [2] Core View - The rebound of the international raw sugar from the bottom has driven the rebound of the domestic market, but the upside space remains limited. Internationally, the supply side continues to recover this season. Brazil's new season is progressing smoothly, but the increase in Brazil's production may be lower than expected. Benefiting from favorable monsoon weather, the production in India and Thailand is expected to rebound. Domestically, the new season is expected to see a significant increase in production to a historical high, and the domestic market may continue to be under pressure, but the downside space is also limited [3] Industry Investment Rating - Not provided Market Data Summary Spot Prices - Guangxi Nanning Warehouse: 6140 yuan/ton, no change [3] - Yunnan Kunming: 5905 yuan/ton, no change [3] - Yunnan Dali: 5800 yuan/ton, no change [3] - Shandong Rizhao: 6135 yuan/ton, no change [3] Futures Prices - SR09: 5817, up 7 [3] - SR01: 5639, up 10 [3] Exchange Rates - RMB to USD: 7.1865, down 0.0080 [3] - Brazilian Real to RMB: 1.2818, up 0.0212 [3] - Indian Rupee to RMB: 0.084, down 0.0004 [3] International Futures Prices - ICE Raw Sugar Main Contract: 16.56, no change [3] - London White Sugar Main Contract: 573, up 3 [3] - Brent Crude Oil Main Contract: 70.63, no change [3] Spreads - SR09 - SR01: 178, down 3 [3]

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年7月15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：由于国内产白糖即将清库，进口未大量到港，短期青黄不接， ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Internationally, with Brazil approaching its supply peak, global sugar inventories are expected to enter an accumulation phase. The selling pressure after the new Brazilian sugar - cane crushing season has started will drag down the raw sugar price center. The expected increase in Brazilian production and the expected increase in sugar production in the Northern Hemisphere's new season will suppress the raw sugar price. Domestically, the fast sales - to - production ratio may support the sugar price, but the large - scale entry of imported sugar into the domestic market may drag down the sugar price. Considering the recent weak trend of raw sugar, the sugar price will maintain a weak operation in the short term [4]. - Raw sugar is expected to maintain a weak and oscillating trend in the short term due to the expected global supply - demand surplus, but there may be buying support at lower levels. In China, the faster - than - expected sales - to - production ratio supports the spot price, but due to the short - term weakness of raw sugar, the rising profit of out - of - quota imports, and the upcoming pressure of processed sugar supply, Zhengzhou sugar futures are expected to follow the raw sugar price passively [5]. 3. Summary by Relevant Sections 3.1 Data Analysis - **Futures Market**: For SR2509, the closing price was 5,805, up 26 (0.46%), with a trading volume of 163,903 (up 15.64%) and an open interest of 298,087 (up 3.77%); for SR2601, the closing price was 5,632, up 26 (0.46%), with a trading volume of 21,265 (up 20.44%) and an open interest of 107,409 (up 2.23%); for SR2511, the closing price was 5,690, up 21 (0.37%), with a trading volume of 23,328 (down 0.21%) and an open interest of 55,383 (up 2.26%) [3]. - **Spot Market**: The spot prices in different regions were as follows: 6120 in Liuzhou, 5895 in Kunming, 6040 in Nanning, 6150 in Bayuquan, 6135 in Rizhao, and 6410 in Xi'an. The price in Kunming increased by 30, and the price in Xi'an increased by 20. The basis in Liuzhou was 430, in Kunming was 205, in Nanning was 350, in Bayuquan was 460, in Rizhao was 445, and in Xi'an was 720 [3]. - **Monthly Spread**: The SR11 - SR01 spread was 58, down 5; the SR09 - SR11 spread was 115, up 225; the SR09 - SR01 spread was 173, unchanged [3]. - **Import Profit**: For Brazilian imports, the in - quota price was 4445, the out - of - quota price was 5682, with a spread of 438 compared to Liuzhou, 453 compared to Rizhao, and - 50 compared to the futures market. For Thai imports, the in - quota price was 4494, the out - of - quota price was 5694, with a spread of 426 compared to Liuzhou, 441 compared to Rizhao, and - 62 compared to the futures market [3]. 3.2 Market Outlook - **International**: Brazil's approaching supply peak will lead to global inventory accumulation. The new Brazilian crushing season's selling pressure and production increase expectations, along with the expected increase in the Northern Hemisphere's new - season production, will suppress the raw sugar price. Attention should be paid to Brazil's production progress and actual production increase [4]. - **Domestic**: The fast sales - to - production ratio supports the sugar price, but the large - scale entry of imported sugar and the weak raw sugar trend will drag down the domestic sugar price in the short term [4]. 3.3 Trading Strategies - **Single - side Trading**: Zhengzhou sugar futures will mainly follow the raw sugar price and maintain an oscillating trend in the short term [6]. - **Arbitrage**: Adopt a wait - and - see approach [7]. - **Options**: Use out - of - the - money ratio spread options [10].

Report Overview - The report is a daily data report on sugar, providing price data and market analysis [2][3] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - The rebound of the international raw sugar market has driven the domestic market up, but the upside space remains limited [3] - Internationally, the supply side continues to recover this season, with the new Brazilian season progressing smoothly, but the increase in Brazilian production may be less than expected [3] - India and Thailand's production is expected to recover due to favorable monsoon weather [3] - Domestically, the new season is expected to see a significant increase in production, which may put continuous pressure on the domestic market, but the downside space is also limited [3] Data Summary Domestic Sugar Price - On July 9, 2025, the price per ton of sugar in Nanning Warehouse, Guangxi was 6,120 yuan, unchanged from the previous day, with a basis of 341 yuan against SR09, a decrease of 32 yuan [3] - The price in Kunming, Yunnan was 6,365 yuan, an increase of 500 yuan, with a basis of 468 yuan against SR09 [3] - The price in Dali, Yunnan was 5,770 yuan, unchanged, with a basis of 131 yuan against SR09, a decrease of 32 yuan [3] - The price in Rizhao, Shandong was 6,135 yuan, unchanged, with a basis of 256 yuan against SR09, a decrease of 32 yuan [3] Futures Market - SR09 closed at 5,779 yuan, an increase of 32 yuan; SR01 closed at 5,606 yuan, an increase of 17 yuan [3] - The spread between SR09 and SR01 was 173 yuan, an increase of 15 yuan [3] Exchange Rates and International Commodity Prices - The RMB to USD exchange rate was 7.1995, an increase of 0.0075; the Brazilian Real to RMB exchange rate was 1.2818, an increase of 0.0212; the Indian Rupee to RMB exchange rate was 0.084, a decrease of 0.0004 [3] - The ICE raw sugar main contract was at 16.15, unchanged; the London white sugar main contract was at 573, an increase of 3; the Brent crude oil main contract was at 70.03, unchanged [3]

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 交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年7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。 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：目前国内产白糖即将清库，进口糖利润窗口打开，未来销售进 ...

交易咨询业务资格：证监许可【2012】1091号 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。 2、基差：柳州现货6120，基差373（09合约），升水期货；偏多。 3、库存：截至5月底24/25榨季工业库存304.83万吨；偏多。 4、盘面：20日均线走平，k线在20日均线上方，偏多。 5、主力持仓：持仓偏多，净持仓多增，主力趋势不明朗，偏多。 6、预期：郑糖主力09受压5800关口，短期震荡回落。目前国内产白糖即将清库，进口糖利润窗口 打开，未来销售进口糖为主。09合约短期5700-5800区间震荡。 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年7月7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：国内郑糖目前表现为近强远弱，主要是09合约临近交割期，本 ...