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]