Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The global sugar supply has shifted from shortage to surplus, putting downward pressure on raw sugar prices. The supply pressure of new domestic crops has increased year - on - year. It is expected that Zhengzhou sugar will face upward pressure and mainly follow the trend of raw sugar [4] Group 3: Summary of Relevant Data Domestic Data - In Guangxi Nanning warehouse, the price is 0, with no change, and the basis with SR01 is - 5366, up 15; in Shandong Rizhao, the price is 5820, with no change, the premium is 100, and the basis with SR01 is 354, up 15 [4] - SR01 price is 5366, down 15; SR05 price is 5320, down 18; SR01 - 05 spread is 46, up 3 [4] - The exchange rate of RMB against the US dollar is 7.1318, up 0.0039 [4] International Data - The ICE raw sugar主力 price is 14.66, with no change; the London white sugar主力 price is 573, up 3; the Brent crude oil主力 price is 63.66, with no change [4] - The exchange rate of the Brazilian real against the RMB is 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB is 0.084, down 0.0004 [4]