1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - Globally, the increase in production in major sugar-producing regions is being realized. Brazil's cumulative sugar production is expected to reach a historically high level, and the fundamental outlook for raw sugar is weak, with a potential short - term rebound after over - decline. In the domestic market, the price of Zhengzhou sugar is expected to be slightly stronger in the short term due to factors such as lower - than - expected domestic sugar production increase and the suspension of imports of some enterprises' syrups and premixes [9] 3. Summary by Directory 3.1 Data Analysis - **Futures Market**: For futures contracts SR09, SR01, and SR05, the closing prices are 5,434, 5,499, and 5,433 respectively, with price increases of 12, 16, and 20, and price increase percentages of 0.22%, 0.29%, and 0.37% respectively. The trading volumes are 1,509, 173,994, and 20,199, and the changes in trading volumes are 817, 6,995, and 6,306. The open interests are 9,065, 372,791, and 97,748, with changes of - 2, 21, and 2,235 [3] - **Spot Prices**: The spot prices of sugar in different regions such as Liuzhou, Dali, Wuhan, Nanning, etc. are reported. For example, the price in Liuzhou is 5,760 with no change, while the price in Dali is 5,905 with a decrease of 15 [3] - **Spread Analysis**: The SR5 - SR01 spread is - 66, the SR09 - SR5 spread is 1, and the SR09 - SR01 spread is - 65, with changes of 0, - 8, and - 4 respectively. The import profit analysis shows that for Brazilian imports, the in - quota price is 3,961 and the out - of - quota price is 5,030, with spreads of 730, 820, and 469 compared to Liuzhou, Rizhao, and the futures market respectively. For Thai imports, the in - quota price is 4,020 and the out - of - quota price is 5,107, with corresponding spreads [3] 3.2 Market Outlook and Strategy - **Important Information**: In the first half of October 2025, in the central - southern region of Brazil, the sugarcane crushing volume was 34.037 million tons, a year - on - year increase of 0.30%. The sugar production was 2.484 million tons, a year - on - year increase of 1.25%. India's Uttar Pradesh government raised the sugarcane purchase price, which is expected to bring an additional income of about 300 billion rupees (about 24.1 billion yuan) to local sugarcane farmers. The sugar production situation in the main domestic producing areas in the 2025/26 season is relatively clear, with an expected national sugar production of 11.56 million tons, an increase of 394,000 tons compared to the previous season [5][7][8] - **Logical Analysis**: Internationally, the increase in Brazilian sugar production is approaching reality, and the support of ethanol for sugar has weakened, so the raw sugar price is expected to be weak in the long - term with a short - term rebound. Domestically, considering the start of sugar mills and the lower - than - expected increase in sugar production, as well as the suspension of some imports, the price of Zhengzhou sugar is expected to be slightly stronger in the short term [9] - **Trading Strategy**: For unilateral trading, it is recommended to wait and see as the international sugar price is expected to be weak in the long - term and may rebound in the short - term, and the domestic sugar price may be slightly stronger in the short - term. For arbitrage and option trading, it is also recommended to wait and see [10] 3.3 Related Attachments - The report provides multiple charts, including those showing the monthly inventory in Guangxi and Yunnan, the sales - to - production ratio in Guangxi and Yunnan, the spot price of Liuzhou sugar, the spot price spread between Liuzhou and Kunming, the basis of different futures contracts, and the spread between different futures contracts, with data sources from Galaxy Futures and WIND [12][13][17]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The short - term external sugar price is weak, while the domestic Zhengzhou sugar price is relatively strong. In the long - term, the divergence between domestic and foreign trends of Zhengzhou sugar's main 01 contract is unsustainable. The pressure around 5500 - 5600 increases, and the probability of short - sellers re - entering the market rises [5][8] - There are both positive and negative factors in the sugar market. Positive factors include good domestic consumption, reduced inventory, increased syrup tariffs, and the long - term positive impact of the change in the US cola formula to use sucrose. Negative factors include the increase in global sugar production and the expected surplus in the new year, the opening of the import profit window due to the drop in external sugar prices, and the intensified import impact [6] 3. Summary According to the Table of Contents 3.1 Previous Day's Review - Not provided in the content 3.2 Daily Tips - **Fundamentals**: Brazil's central - southern region produced 3601.6 million tons of sugar in the current sugar - making season as of the first half of October, a year - on - year increase of 0.9%. Different institutions have different forecasts for the 25/26 global sugar supply situation. Czarnikow raised the 25/26 global sugar surplus forecast to 740 million tons, 120 million tons higher than the August forecast. StoneX predicted a 277 - million - ton surplus, while ISO estimated a 23.1 - million - ton supply gap, significantly reduced from the previous prediction. In 2025, China's sugar production, sales, and import data also showed changes. By the end of August 2025, the cumulative sugar production in the 24/25 season was 1116.21 million tons, the cumulative sales were 1000 million tons, and the sales rate was 89.6%. In September 2025, China imported 55 million tons of sugar, a year - on - year increase of 15 million tons, and the total import of syrup and premixed powder was 15.14 million tons, a year - on - year decrease of 13.51 million tons. Overall, the fundamentals are bearish [4] - **Basis**: The spot price in Liuzhou is 5760, and the basis for the 01 contract is 277, with the spot price at a premium to the futures price, which is bullish [5] - **Inventory**: As of the end of August in the 24/25 sugar - making season, the industrial inventory was 116 million tons, which is neutral [5] - **Market Chart**: The 20 - day moving average is upward, and the K - line is above the 20 - day moving average, which is bullish [5] - **Main Position**: The net short position increased, and the main trend is bearish, which is bearish [5] 3.3 Today's Focus - Not provided in the content 3.4 Fundamental Data - **Global Supply Forecast**: Different institutions have different forecasts for the 25/26 global sugar supply. For example, Green Pool predicted a 5.3% increase in global sugar production in the 25/26 season, USDA expected a 4.7% year - on - year increase in global sugar production and a 1.4% increase in consumption, resulting in a surplus. SCA Brasil estimated that the sugar production in Brazil's central - southern region in the 25/26 season would be 3910 million tons, and Conab predicted 4060 million tons [8] - **Domestic Supply and Demand**: The domestic sugar supply - demand balance shows a narrowing gap in the medium - long term. The average domestic sugar spot sales price is around 6000. Since January 2025, the import tariff on syrup has increased, approaching the tariff on out - of - quota imported raw sugar [8] - **Import and Tariff**: In September 2025, China imported 55 million tons of sugar, a year - on - year increase of 15 million tons, and the total import of syrup and premixed powder was 15.14 million tons, a year - on - year decrease of 13.51 million tons. From January 1, 2025, the import tariff on syrup and premixed powder was adjusted from 12% to 20% [4][8] 3.5 Position Data - Not provided in the content

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report - Near the new crops in the Northern Hemisphere and the listing of domestic cane sugar, Zhengzhou sugar is expected to be mainly in a weak - oscillating pattern. The large current import volume of raw sugar and the gradual release of the pressure of imported sugar arriving at ports, with an import cost of 5300 - 5400, suppress the futures market. The first sugar mills in Yunnan started squeezing two days ago, and sugar mills in Guangxi are expected to start concentrated squeezing in mid - to - late November, which may create new selling pressure. However, as the current futures price is close to the domestic sugar - making cost, the futures market is expected to show a resistant decline before the listing of new domestic sugar [3]. 3) Summary by Relevant Catalog Domestic Spot Price and Futures Price - In the domestic spot market, on October 28, 2025, the price in Nanning Warehouse, Guangxi was 5780 yuan/ton with no change; in Kunming, Yunnan, it was 5720 yuan/ton, down 5 yuan; in Dali, Yunnan, it was 5565 yuan/ton with no change; in Rizhao, Shandong, it was 5850 yuan/ton, down 20 yuan. The basis and its changes are also provided. In the futures market, SR01 was 5483 yuan, up 38 yuan, and SR05 was 5418 yuan, up 19 yuan. The spread between SR01 and SR05 was 19 [3]. International Exchange Rate and Commodity Price - The exchange rate of RMB against the US dollar was 7.124, down 0.0023; the exchange rate of the Brazilian real against the RMB was 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB was 0.084, down 0.0004. The price of ICE raw sugar's main contract was 14.47 with no change, the price of London white sugar's main contract was 573, up 3, and the price of Brent crude oil's main contract was 65.04 with no change [3].

Group 1 - The core viewpoint of the article indicates that domestic white sugar futures are stabilizing, with prices reflecting a slight decline in the early trading session on October 27 [1] - The main contract for white sugar closed at 5439 yuan/ton, down by 12 yuan, with a decrease of 0.22%, and trading within a range of 5414 to 5451 yuan [1] - As of late October, sugar production in Guangxi is nearing the end of its sales phase, with the new crushing season expected to start in early November [1] Group 2 - In the 2024/25 crushing season, Guangxi is projected to produce 6.465 million tons of sugar, representing a year-on-year increase of 4.59%, with a sugar production rate of 13.30%, up by 1.22 percentage points [1] - Cumulative sugar sales reached 6.0229 million tons by the end of September, an increase of 112,900 tons year-on-year, with a sales-to-production ratio of 93.16%, down by 2.45 percentage points [1] - The industrial inventory at the end of September stood at 442,100 tons, reflecting a year-on-year increase of 17.07%, while the monthly sales for September were 266,600 tons, a decrease of 186,800 tons year-on-year [1]

Core Viewpoint - Domestic white sugar futures are stabilizing, with prices reflecting a slight decline as the new sugar production season approaches in Guangxi [1] Group 1: Market Performance - On October 27, the main 2601 contract closed at 5439 yuan/ton, down 12 yuan, a decrease of 0.22%, with a high of 5451 yuan and a low of 5414 yuan [1] - Current spot prices from sugar enterprises remain around 5700 yuan/ton, while merchant quotes have been adjusted down to between 5620 and 5680 yuan/ton [1] Group 2: Production and Sales Data - For the 2024/25 sugar production season, Guangxi is expected to produce 6.465 million tons of sugar, an increase of 4.59% year-on-year, with a sugar production rate of 13.30%, up by 1.22 percentage points [1] - As of the end of September, cumulative sugar sales reached 6.0229 million tons, an increase of 112,900 tons year-on-year, with a sales-to-production ratio of 93.16%, down by 2.45 percentage points [1] - The industrial inventory at the end of September stood at 442,100 tons, an increase of 17.07% year-on-year, while the monthly sales in September were 266,600 tons, a decrease of 18.68% year-on-year [1]

原糖延续跌势， 郑糖维持弱震荡 白糖周报 2025/10/25 13352843071 yangzeyuan@wkqh.cn 从业资格号：F03116327 交易咨询号：Z0019233 杨泽元（农产品组） CONTENTS 目录 01 周度评估及策略推荐 03 国内市场情况 ◆ 市场回顾：外盘方面，本周原糖价格延续下跌，截至周五ICE原糖3月合约收盘价报14.97美分/磅，较之前一周下跌0.56美分/磅，跌幅3.61%； 价差方面，原糖3-5月差震荡，报0.48美分/磅，较之前一周下跌0.02美分/磅；伦敦白糖3-5月差走强，报4.8美元/吨，较之前一周上涨2.7 美元/吨；3月合约原白价差震荡，报95美元/吨，较之前一周上涨1美元/吨。国内方面，本周郑糖价格震荡，截至周五郑糖1月合约收盘价报 5446元/吨，较之前一周上涨34元/吨，涨幅0.63%。广西现货报5690元/吨，较之前一周下跌30元/吨；基差走弱，报244元/吨，之前一周下 跌64元/吨；1-5价差震荡，报48元/吨，较之前一周上涨13元/吨；配额外现货进口利润增加，报726元/吨，较之前一周上周89元/吨。 ◆ 行业消息：据咨询公司Data ...

Group 1: Report Information - Report title: Sugar Data Daily [3] - Date: October 23, 2025 [4] - Analyst: Xie Wei, with futures qualification number F03087820 and investment consulting number Z0019508 [4] Group 2: Sugar Price Data Domestic Spot Prices - In Nanning warehouse, Guangxi, the price is 5800 yuan/ton, down 10 yuan, with a basis of 374 yuan to SR01, up 2 yuan [4] - In Kunming, the price is 5730 yuan/ton, down 10 yuan, with a basis of 404 yuan to SR01, up 2 yuan [4] - In Dali, Yunnan, the price is 5575 yuan/ton, down 25 yuan, with a basis of 289 yuan to SR01, down 13 yuan [4] - In Rizhao, Shandong, the price is 5870 yuan/ton, unchanged, with a basis of 344 yuan to SR01, up 12 yuan [4] Domestic Futures Prices - SR01 is 5426 yuan/ton, down 12 yuan; SR01 - 05 is 43 [4] - SR05 is 5383 yuan/ton, down 13 yuan [4] International Data - The exchange rate of RMB to USD is 7.1416, up 0.0036; ICE raw sugar主力 is 15.24, unchanged [4] - The exchange rate of Brazilian real to RMB is 1.2818, up 0.0212; London white sugar主力 is 573, up 3 [4] - The exchange rate of Indian rupee to RMB is 0.084, down 0.0004; Brent crude oil主力 is 61.66, unchanged [4] Group 3: Core View - Typhoons around the National Day have adversely affected sugarcane harvesting and production in South China, with sugarcane lodging and flooding in the producing areas. Also, there is a seasonal upward momentum for sugar prices during the short - term gap between old and new crops after the festival. In the medium term, the rain - heat conditions in the southern main producing areas are suitable this year, and the sugarcane growth is very good. After the new sugar is launched, the expected rebound space is relatively limited [4] Group 4: Related Charts - Charts show domestic white sugar industrial inventory, Brazilian sugar out - of - quota import profit, Liuzhou - 01 basis, and Zhengzhou sugar 1 - 5 month spread [5][6]

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年10月23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：Czarnikow:上调25/26年度全球食糖过剩预期至740万吨，比8月份预估高出120万吨。 StoneX:预计25/26年度全球糖市供应过剩277万吨。ISO:预计25/26年度全球食糖供应缺口为23.1 万吨，比之前预计缺口大幅减少。2025年8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1000万吨；销糖率89.6%。2025年9月中国进口食糖55万吨，同比增加15万吨；进口 糖浆及预混粉等三项合计15.14万吨，同比减少13.51万吨。偏空。 2、基差：柳州现货5 ...

大宗商品研究所 农产品研发报告 研究员：刘倩楠 期货从业证号： F3013727 投资咨询证号： Z0014425 联系方式： 白糖日报 2025 年 10 月 22 日 白糖日报 第一部分 数据分析 liuqiannan_qh@china stock.com.cn | 期货盘面 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,401 | -9 | -0.17% | 1,514 | 969 | 7,161 | 266 | | SR01 | | 5,426 | -12 | -0.22% | 211,578 | 84079 | 417,296 | -4406 | | SR05 | | 5,383 | -13 | -0.24% | 25,895 | 15290 | 87,758 | 5008 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | ...

Group 1: Report Information - Report Name: Sugar Daily Report [2] - Date: October 21, 2025 [2] - Researcher: Liu Qiannan [4] Group 2: Data Analysis Futures Market - SR09: Closing price 5,410, up 7 (0.13%), volume 545 (-264), open interest 6,895 (+54) [5] - SR01: Closing price 5,438, up 10 (0.18%), volume 127,499 (-48,383), open interest 421,702 (-4,713) [5] - SR05: Closing price 5,396, up 7 (0.13%), volume 10,605 (-10,631), open interest 82,750 (-131) [5] Spot Market - Spot prices in different regions: Liuzhou 5,810, Kunming 5,905, Wuhan 6,060, Nanning 5,770, Bayuquan 6,015, Rizhao 5,870, Xi'an 6,210, all unchanged [5] - Basis: Liuzhou 372, Kunming 467, Wuhan 622, Nanning 332, Bayuquan 577, Rizhao 432, Xi'an 772 [5] Inter - month Spreads - SR5 - SR01: Spread -42, down 3; SR09 - SR5: Spread 14, unchanged; SR09 - SR01: Spread -28, down 3 [5] Import Profits - Brazil: ICE主力 15.77, premium (0.41), freight 42.00, in - quota price 4,212, out - of - quota price 5,357, spread with Liuzhou 453, spread with Rizhao 513, spread with futures 81 [5] - Thailand: ICE主力 15.77, premium 0.89, freight 18.00, in - quota price 4,269, out - of - quota price 5,431, spread with Liuzhou 379, spread with Rizhao 439, spread with futures 7 [5] Group 3: Market Analysis Important Information - Brazil exported 2,334,620.93 tons of sugar in the first three weeks of October, with a daily average of 179,586.23 tons, up 6% from the daily average in October last year (169,516.64 tons). Last year's October export volume was 3,729,366.09 tons [7] - Processing sugar quotes were stable or down, with general trading volume [8] - Typhoon "Fengshen" and cold air will bring strong wind and rain to South China and the northern South China Sea from October 21 - 22, and cold air will cause temperature drops in South and East China [9] Logical Analysis - Internationally, global main production areas are increasing production. Brazil's cumulative sugar production has exceeded last year's level, and the bi - weekly sugar production is likely to be higher than last year's. The decline in crude oil prices weakens ethanol's support for sugar, and the raw sugar market is bearish [10] - Domestically, the domestic market is currently supplied mainly by imported sugar. With the weakening of foreign sugar prices, Zhengzhou sugar is expected to follow the foreign market in the short term [10] Trading Strategies - Unilateral: International sugar prices have broken through the previous low and are bearish in the long - term. After a short - term sharp decline, there may be a rebound. The domestic market is expected to be affected by the foreign market and may fluctuate and repair. It is recommended to short at high prices [11] - Arbitrage: Wait and see [11] - Options: Wait and see [11] Group 4: Related Attachments - Figures include monthly inventory in Guangxi and Yunnan, sales - to - production ratios in Guangxi and Yunnan, Liuzhou spot prices, Liuzhou - Kunming spot price spreads, basis and inter - month spreads of different contracts [14][15][18]