Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - The supply is diversified during the new sugar - cane crushing season transition period. The competition between processed sugar and domestic sugar intensifies. The market is expected to maintain range - bound trading. It's necessary to be vigilant about the risks of declining import costs and unmet demand expectations. If Brazil's sugar production exceeds expectations or India relaxes sugar exports, raw sugar prices may test previous lows [3][4]. 3) Summary by Related Content Domestic Sugar Price and Futures Data - On September 17, 2025, the spot sugar prices varied by region: 5970 yuan/ton in Nanning Warehouse, Guangxi; 5860 yuan/ton in Kunming, Yunnan (down 5 yuan); 5715 yuan/ton in Dali, Yunnan; 6000 yuan/ton in Rizhao, Shandong. SR09 futures price was 5519 yuan (down 11 yuan), and SR01 was 5529 yuan (down 18 yuan). The spread between SR09 - 01 was - 10 (up 7) [4]. Exchange Rate and International Commodity Data - The exchange rate of RMB against the US dollar was 7.1276 (down 0.0093), the exchange rate of the Brazilian real against the RMB was 1.2818 (up 0.0212), and the exchange rate of the Indian rupee against the RMB was 0.084 (down 0.0004). The ICE raw sugar main contract price was 15.88 (unchanged), the London white sugar main contract price was 573 (up 3), and the Brent crude oil main contract price was 68.49 (unchanged) [4].

Group 1: Report Industry Investment Rating - Not provided Group 2: Report's Core View - During the new crushing season alternation period, the supply is diversified, the competition between processed sugar and domestic sugar intensifies, and it is expected to maintain range - bound fluctuations [3] - If Brazil's production exceeds expectations or India relaxes exports, raw sugar may test the previous low again [3] Group 3: Summary by Relevant Catalogs Domestic Sugar Price and Futures Data - In the domestic market, on August 18, 2025, the spot price of sugar in Nanning Warehouse, Guangxi was 6040 yuan/ton with no change; in Kunming, Yunnan it was 5855 yuan/ton, down 5 yuan; in Dali, Yunnan it was 5850 yuan/ton, up 100 yuan; in Rizhao, Shandong it was 6050 yuan/ton with no change [3] - SR09 was 5736, down 4; SR01 was 5672, up 8; SR09 - 01 was 64, down 12 [3] Exchange Rate and International Commodity Data - The exchange rate of RMB against the US dollar was 7.2015, up 0.0020; the exchange rate of the real against the RMB was 1.2818, up 0.0212; the exchange rate of the rupee against the RMB was 0.084, down 0.0004 [3] - The ice raw sugar主力 was 16.47 with no change; the London white sugar主力 was 573, up 3; the Brent crude oil主力 was 66.13 with no change [3]