Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - International sugar prices are under pressure due to the good production prospects of major Asian sugar - producing countries, strong production signs in Brazil, and falling oil prices, resulting in a weak downward adjustment of raw sugar prices. In the domestic market, the profit window for out - of - quota imports is open, releasing import pressure. The demand side has备货 demand in the food and beverage industry due to hot summer weather, and seasonal consumption of cold drinks is picking up. The inventory pressure is not significant, but the de - stocking process has slowed down. Overall, the weak trend of the outer market drags down the domestic sugar futures price, and with the continuous opening of the import profit window and strengthened import expectations, the short - term trend is mainly weak and volatile [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main sugar futures contract is 5683 yuan/ton, a decrease of 14 yuan/ton; the main contract position is 172,520 lots, a decrease of 12,539 lots. The number of warehouse receipts is 18,802, a decrease of 458; the net long position of the top 20 futures holders is - 11,036 lots, a decrease of 6371 lots. The estimated import and processing price of Brazilian sugar within the quota is 4433 yuan/ton, an increase of 3 yuan/ton; that of Thai sugar is 4508 yuan/ton, an increase of 2 yuan/ton. The estimated price of imported Brazilian sugar outside the quota (50% tariff) is 5630 yuan/ton, an increase of 3 yuan/ton; that of Thai sugar is 5728 yuan/ton, a decrease of 28 yuan/ton [2]. 3.2现货市场 - The spot price of white sugar in Kunming is 5840 yuan/ton, a decrease of 25 yuan/ton; in Nanning is 6000 yuan/ton, a decrease of 30 yuan/ton; in Liuzhou is 6050 yuan/ton, a decrease of 30 yuan/ton [2]. 3.3 Upstream Situation - The national sugar - cane planting area is 1480 thousand hectares, an increase of 60 thousand hectares; the sugar - cane planting area in Guangxi is 835.09 thousand hectares, a decrease of 12.86 thousand hectares. The national cumulative sugar production is 1116.21 million tons, an increase of 5.49 million tons; the cumulative sugar sales volume is 811.38 million tons, an increase of 86.92 million tons. The national industrial sugar inventory is 304.83 million tons, a decrease of 81.43 million tons; the national sugar sales rate is 72.69%, an increase of 7.47 percentage points. The monthly import volume of sugar is 420,000 tons, an increase of 70,000 tons; the monthly total sugar exports from Brazil are 335.9 million tons, an increase of 110.24 million tons [2]. 3.4 Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1448 yuan/ton, a decrease of 8 yuan/ton; that of Thai sugar is 1373 yuan/ton, a decrease of 7 yuan/ton. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is 251 yuan/ton, a decrease of 8 yuan/ton; that of Thai sugar is 153 yuan/ton, an increase of 23 yuan/ton [2]. 3.5 Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%; the cumulative year - on - year growth rate of soft drink production is 2.9%, a decrease of 0.1 percentage points [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 7.64%, an increase of 0.99 percentage points; that of at - the - money put options is 7.64%, an increase of 0.99 percentage points. The 20 - day historical volatility of sugar is 7.36%, an increase of 0.09 percentage points; the 60 - day historical volatility is 6.88%, a decrease of 0.18 percentage points [2]. 3.7 Industry News - In July in Guangxi, the single - month sugar sales volume was 355,500 tons, a year - on - year decrease of 217,800 tons; the industrial inventory was 968,900 tons, a year - on - year decrease of 113,000 tons. As of the end of July, the cumulative sugar sales volume in Guangxi was 5.4961 million tons, a year - on - year increase of 396,600 tons; the sales rate was 85.01%, a year - on - year increase of 2.51 percentage points. In the 2024/25 sugar - making season in Guangxi, the cumulative sugar - cane crushing volume was 48.5954 million tons, a year - on - year decrease of 2.5847 million tons; the output of blended sugar was 6.465 million tons, a year - on - year increase of 283,600 tons; the sugar - making rate was 13.30%, a year - on - year increase of 1.22 percentage points. On Tuesday, the October ICE raw sugar contract closed down 0.98%. On Wednesday, the sugar 2509 contract closed down 0.42% [2].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Internationally, the rainy season has led to a positive supply outlook in major Asian sugar - producing countries, causing a bearish supply expectation over the raw sugar market. However, lower - than - expected ATR in Brazil's central - southern region and potential demand from countries like Pakistan, the Philippines, and Iran provide some support, with prices hovering at low levels in the short term [2]. - Domestically, there is a divergence in price strength between domestic and foreign markets. The profit window for out - of - quota imports has opened, leading to a significant increase in imports in June, which suppresses sugar prices. On the demand side, the hot summer weather boosts the demand for food and beverage inventory and seasonal consumption of cold drinks, providing some support [2]. - Overall, the slowdown of the decline in the external market weakens its drag on domestic prices. The peak domestic demand season boosts the sugar futures price, but the increase in imports and the global supply surplus expectation limit the upside potential. The price will mainly fluctuate. It is recommended to wait and see [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the sugar futures main contract is 5867 yuan/ton, up 22 yuan; the main contract's open interest is 310,650 lots, down 14,181 lots; the number of sugar warehouse receipts is 19,746, down 404; the net long position of the top 20 futures holders is 947 lots; the total valid warehouse receipt forecast is 0 [2]. 现货市场 - The estimated import processing price of Brazilian sugar within the quota is 4458 yuan/ton, down 54 yuan; outside the quota (50% tariff), it is 5662 yuan/ton, down 72 yuan. The estimated import processing price of Thai sugar within the quota is 4509 yuan/ton, down 55 yuan; outside the quota (50% tariff), it is 5729 yuan/ton, down 71 yuan. The spot prices in Kunming, Nanning, and Liuzhou are 5915 yuan/ton, 6050 yuan/ton, and 6120 yuan/ton respectively, with no change [2]. Upstream Situation - The national sugar - crop sown area is 1480 thousand hectares, up 60 thousand hectares; the sown area of sugar - cane in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares. The national cumulative sugar production is 11.1621 million tons, up 54,900 tons; the cumulative sugar sales volume is 8.1138 million tons, up 869,200 tons. The national industrial sugar inventory is 3.0483 million tons, down 814,300 tons; the national sugar sales rate is 72.69%, up 7.47 percentage points. The monthly import volume of sugar is 420,000 tons, up 70,000 tons; the monthly total sugar exports from Brazil are 3.359 million tons, up 1.1024 million tons [2]. Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1502 yuan/ton, up 53 yuan; outside the quota (50% tariff), it is 298 yuan/ton, up 71 yuan. The price difference between imported Thai sugar and Liuzhou sugar within the quota is 1451 yuan/ton, up 54 yuan; outside the quota (50% tariff), it is 231 yuan/ton, up 70 yuan [2]. Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, up 2.6 percentage points; the cumulative year - on - year growth rate of soft drink production is 2.9%, down 0.1 percentage point [2]. Option Market - The implied volatility of at - the - money call options for sugar is 9.83%, down 0.39 percentage points; the implied volatility of at - the - money put options is 9.82%, down 0.41 percentage points. The 20 - day historical volatility is 5.01%, up 0.41 percentage points; the 60 - day historical volatility is 6.89%, down 0.06 percentage points [2]. Industry News - Brazil exported 3.17573456 million tons of sugar in the first four weeks of July, with an average daily export volume of 167,143.92 tons, a 2% increase compared to the average daily export volume in July last year. On Monday, the ICE raw sugar October contract rose 0.92%, and the sugar 2509 contract rose 0.17% [2].

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - Internationally, the monsoon season brings a good supply outlook for major Asian sugar - producing countries, with a loose supply expectation suppressing raw sugar prices. However, Coca - Cola's switch to using sucrose and a significant year - on - year increase in China's raw sugar imports bring some support from the demand side, causing short - term prices to hover at low levels. - Domestically, there is a divergence in the strength of internal and external prices. The profit window for out - of - quota imports is open, and the import pressure is released. In June, China imported 420,000 tons of sugar, a significant year - on - year increase, which suppresses sugar prices. On the demand side, during the summer consumption peak season, the food and beverage industry has inventory needs, and seasonal consumption such as cold drinks is picking up, providing some support for prices. Overall, domestic demand is recovering, the performance of sugar futures prices is stronger than that of the external market, with multiple long and short factors intertwined, and the overall trend is regarded as volatile. It is recommended to pay attention to the arrival of goods at ports and summer consumption. Operationally, it is recommended to wait and see for the time being. [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the futures main contract for sugar is 5,839 yuan/ton, with a ring - to - ring increase of 13 yuan/ton; the main contract position is 337,153 lots, with an increase of 7,565 lots. - The number of warehouse receipts is 21,437, a decrease of 40; the net long position of the top 20 futures holders is - 3,908 lots, an increase of 6,702 lots. - The estimated import processing price of Brazilian sugar within the quota is 4,476 yuan/ton, an increase of 1 yuan/ton; the estimated import processing price of Thai sugar within the quota is 4,606 yuan/ton, an increase of 1 yuan/ton. [2] 现货市场 - The spot price of white sugar in Kunming is 5,905 yuan/ton, unchanged; in Nanning, it is 6,050 yuan/ton, unchanged; in Liuzhou, it is 6,120 yuan/ton, unchanged. [2] Upstream Situation - The national sugar - crop sown area is 1,480 thousand hectares, an increase of 60 thousand hectares; the sown area of sugar - cane in Guangxi is 835.09 thousand hectares, a decrease of 12.86 thousand hectares. - The national cumulative sugar production is 11.1621 million tons, an increase of 54,900 tons; the national cumulative sugar sales volume is 8.1138 million tons, an increase of 869,200 tons. - The national industrial sugar inventory is 3.0483 million tons, a decrease of 814,300 tons; the national sugar sales rate is 72.69%, an increase of 7.47 percentage points. - The monthly import volume of sugar is 350,000 tons, an increase of 220,000 tons; the monthly total sugar exports from Brazil are 3.359 million tons, an increase of 1.1024 million tons. [2] Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,486 yuan/ton, a decrease of 2 yuan/ton; the price difference between imported Thai sugar and Liuzhou sugar within the quota is 1,356 yuan/ton, a decrease of 2 yuan/ton. - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is 275 yuan/ton, a decrease of 3 yuan/ton; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) is 107 yuan/ton, a decrease of 2 yuan/ton. [2] Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, an increase of 2.6 percentage points; the cumulative year - on - year growth rate of soft drink production is 3%, a decrease of 0.9 percentage points. [2] Option Market - The implied volatility of at - the - money call options for sugar is 6.16%, an increase of 0.46 percentage points; the implied volatility of at - the - money put options for sugar is 6.16%, an increase of 0.46 percentage points. - The 20 - day historical volatility of sugar is 5.25%, a decrease of 1.05 percentage points; the 60 - day historical volatility of sugar is 7.05%, a decrease of 0.26 percentage points. [2] Industry News - According to traders, from January 20th to mid - July this year, India's sugar exports were around 700,000 tons. - Internationally, the monsoon season has come, and the supply outlook of major Asian sugar - producing countries is good. The expectation of loose supply suppresses raw sugar prices. However, Coca - Cola's switch to using sucrose and a significant year - on - year increase in China's raw sugar imports bring some support from the demand side. [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - Recent domestic sugar prices fluctuate with raw sugar, but due to rising domestic demand, they perform better than the international market. Later, both supply and demand will be strong, leading to increased price volatility. It is recommended to wait and see for now and pay attention to the arrival of imported sugar and summer consumption [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main sugar futures contract is 5828 yuan/ton, up 20 yuan; the position of the main contract is 321,770 lots, up 8,938 lots. The number of sugar warehouse receipts is 21,857, down 432. The net long position of the top 20 futures holders is -14,462 lots [2]. - The estimated import processing price of Brazilian sugar within the quota is 4,476 yuan/ton, up 1 yuan; that of Thai sugar is 4,606 yuan/ton, up 1 yuan. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,687 yuan/ton, up 2 yuan; that of Thai sugar is 5,855 yuan/ton, up 1 yuan [2]. 现货市场 - The spot price of white sugar in Kunming is 5,905 yuan/ton, unchanged; in Nanning is 6,050 yuan/ton, unchanged; in Liuzhou is 6,120 yuan/ton, unchanged [2]. Upstream Situation - The national sugar - crop sown area is 1,480 thousand hectares, up 60 thousand hectares; the sown area of sugar - cane in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares [2]. - The cumulative national sugar production is 11.1621 million tons, up 54,900 tons; the cumulative sales volume is 8.1138 million tons, up 869,200 tons. The national industrial sugar inventory is 3.0483 million tons, down 814,300 tons; the national sales rate is 72.69%, up 7.47 percentage points [2]. - The monthly import volume of sugar is 350,000 tons, up 220,000 tons; the monthly total sugar exports from Brazil are 3.359 million tons, up 1.1024 million tons [2]. Industry Situation - The price difference between imported Brazilian sugar within the quota and the current price of Liuzhou sugar is 1,486 yuan/ton, down 2 yuan; that of Thai sugar is 1,356 yuan/ton, down 2 yuan [2]. - The price difference between imported Brazilian sugar outside the quota (50% tariff) and the current price of Liuzhou sugar is 275 yuan/ton, down 3 yuan; that of Thai sugar is 107 yuan/ton, down 2 yuan [2]. Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, up 2.6 percentage points; the cumulative year - on - year growth rate of soft drink production is 3%, down 0.9 percentage points [2]. Option Market - The implied volatility of at - the - money call options for sugar is 7.2%, down 0.27 percentage points; that of at - the - money put options is also 7.2%, down 0.27 percentage points [2]. - The 20 - day historical volatility of sugar is 6.51%, down 0.1 percentage points; the 60 - day historical volatility is 7.29%, down 0.23 percentage points [2]. Industry News - In June, China's refined sugar production was 337,000 tons, a year - on - year increase of 31.6%. From January to June, the cumulative production was 9.404 million tons, a year - on - year increase of 5.7% [2]. - Internationally, with the monsoon season coming, the supply outlook of major Asian sugar - producing countries is good, and the expectation of loose supply suppresses raw sugar prices. However, the sugar production in the central - southern region of Brazil decreased in the second half of June, providing some support and limiting short - term decline [2]. - From the second half of June, the sugar - cane crushing volume in the central - southern region of Brazil was 42.706 million tons, a year - on - year decrease of 12.86%. The sugar production in the central - southern region was 2.845 million tons, a 12.98% decrease compared to the average of the past three years [2]. - According to Brazilian foreign trade data, Brazil exported 1.36992641 million tons of sugar in the first two weeks of July, with an average daily export volume of 152,214.05 tons, a 7.44% decrease compared to the average daily export volume in July last year [2].

Report Industry Investment Rating - Not provided in the content Core View of the Report - Domestic white sugar prices fluctuate with raw sugar, but domestic demand recovery makes it stronger than the foreign market. Later, supply and demand will be strong, and price fluctuations will intensify. It is recommended to wait and see and pay attention to arrivals and summer consumption [2] Summary by Related Catalogs Futures Market - The closing price of the main futures contract for white sugar is 5808 yuan/ton, up 6 yuan; the main contract position is 312,832 lots, down 4,282 lots [2] - The number of warehouse receipts is 22,289, down 313; the net long position of the top 20 futures holders is -19,210 lots [2] - The estimated import processing price of Brazilian sugar within the quota is 4,414 yuan/ton, down 60 yuan; that of Thai sugar is 4,543 yuan/ton, down 60 yuan [2] - The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,605 yuan/ton, down 79 yuan; that of Thai sugar is 5,774 yuan/ton, down 78 yuan [2] 现货市场 - The spot price of white sugar in Kunming is 5,905 yuan/ton, unchanged; in Nanning is 6,050 yuan/ton, down 10 yuan; in Liuzhou is 6,120 yuan/ton, down 10 yuan [2] Upstream Situation - The national sugar - cane planting area is 1,480 thousand hectares, up 60 thousand hectares; the planting area of sugar - cane in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares [2] - The national cumulative sugar production is 11.1621 million tons, up 54,900 tons; the cumulative sugar sales volume is 8.1138 million tons, up 869,200 tons [2] - The national industrial sugar inventory is 3.0483 million tons, down 814,300 tons; the national sugar sales rate is 72.69%, up 7.47 percentage points [2] - The monthly import volume of sugar is 350,000 tons, up 220,000 tons; the monthly export volume of sugar from Brazil is 3.359 million tons, up 1.1024 million tons [2] Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,561 yuan/ton, up 77 yuan; that of Thai sugar is 1,432 yuan/ton, up 77 yuan [2] - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is 370 yuan/ton, up 96 yuan; that of Thai sugar is 201 yuan/ton, up 95 yuan [2] Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, up 2.6 percentage points; the cumulative year - on - year growth rate of soft drink production is 3%, down 0.9 percentage points [2] Option Market - The implied volatility of at - the - money call options for white sugar is 7.47%, up 0.2 percentage points; that of put options is 7.47%, up 0.2 percentage points [2] - The 20 - day historical volatility of white sugar is 6.62%, up 0.04 percentage points; the 60 - day historical volatility is 7.53%, up 0.01 percentage points [2] Industry News - Pakistan cancelled a large - scale sugar import tender and submitted a revised tender to import 50,000 tons of sugar [2] - In the international market, the rainy season in Asia makes the supply outlook good, suppressing raw sugar prices. However, the sugar production in the central - southern region of Brazil decreased in the second half of June, providing some support [2] Data from Brazil - In the second half of June, the sugar - cane crushing volume in the central - southern region of Brazil was 42.706 million tons, a year - on - year decline of 12.86%; the sugar production was 2.845 million tons, a 12.98% decrease compared to the three - year average [2] - In the first two weeks of July, Brazil exported 1,369,926.41 tons of sugar, with an average daily export volume of 152,214.05 tons, a 7.44% decrease compared to the average daily export volume in July last year [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - International sugar supply is expected to be loose due to the good supply prospects in major Asian sugar - producing countries during the monsoon season and the increase in Brazilian exports, which suppresses raw sugar prices. However, Pakistan's plan to import 500,000 tons and the year - on - year decrease in sugar production in the central - southern region of Brazil in the second half of June provide short - term support for raw sugar [2]. - In the domestic market, there is a divergence in price trends between domestic and international markets. The profit window for out - of - quota imports is open, which will release import pressure and suppress sugar prices. On the demand side, the peak summer consumption season and the restocking demand in the food and beverage industry, along with the recovery of seasonal consumption such as cold drinks, provide some support for prices. Overall, the domestic sugar price has been fluctuating following raw sugar, but due to the recovery of domestic demand, it has performed stronger than the international market. In the later stage, both supply and demand will be strong, leading to more volatile prices. Attention should be paid to the arrival of imported sugar and summer consumption [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the futures main contract for sugar is 5,805 yuan/ton, with a month - on - month increase of 26 yuan/ton. The main contract's open interest is 298,087 lots, an increase of 10,840 lots [2]. - The number of sugar warehouse receipts is 22,934, a decrease of 53. The net long position of the top 20 futures holders is - 23,947 lots, an increase of 10,763 lots [2]. - The estimated import - processing price of Brazilian sugar within the quota is 4,457 yuan/ton, a decrease of 30 yuan/ton; that of Thai sugar is 4,498 yuan/ton, a decrease of 30 yuan/ton [2]. 3.2 Spot Market - The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,662 yuan/ton, a decrease of 39 yuan/ton; that of Thai sugar is 5,715 yuan/ton, a decrease of 39 yuan/ton [2]. - The spot price of white sugar in Kunming is 5,895 yuan/ton, a decrease of 470 yuan/ton; in Nanning, it is 6,040 yuan/ton, an increase of 20 yuan/ton; in Liuzhou, it is 6,120 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The national sugar - crop planting area is 1,480 thousand hectares, an increase of 60 thousand hectares. The planting area of sugarcane in Guangxi is 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2]. 3.4 Industry Situation - The cumulative national sugar production is 11.1621 million tons, an increase of 54,900 tons. The cumulative national sugar sales volume is 8.1138 million tons, an increase of 869,200 tons [2]. - The national industrial sugar inventory is 3.0483 million tons, a decrease of 814,300 tons. The national sugar sales rate is 72.69%, an increase of 7.47 percentage points [2]. - The monthly sugar import volume is 350,000 tons, an increase of 220,000 tons. The monthly total sugar exports from Brazil are 3.359 million tons, an increase of 1.1024 million tons [2]. 3.5 Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, an increase of 2.6 percentage points. The cumulative year - on - year growth rate of soft drink production is 3%, a decrease of 0.9 percentage points [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 7.59%, a decrease of 0.65 percentage points. The implied volatility of at - the - money put options for sugar is 7.6%, a decrease of 0.71 percentage points [2]. - The 20 - day historical volatility of sugar is 6.73%, a decrease of 0.57 percentage points. The 60 - day historical volatility of sugar is 7.55%, a decrease of 0.24 percentage points [2]. 3.7 Industry News - According to Brazilian shipping agency Williams, as of the week ending July 9, the number of ships waiting to load sugar at Brazilian ports was 90, up from 80 the previous week. The quantity of sugar waiting to be shipped at ports was 3.6855 million tons, up from 3.2059 million tons the previous week [2].

Group 1: Overall Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Viewpoints - Internationally, the arrival of the monsoon season has led to a favorable supply outlook in major Asian sugar - producing countries. Coupled with the year - on - year increase in Brazil's exports, the expectation of loose supply has suppressed the raw sugar price. Brazil's sugar exports in June were 3.359 million tons, a year - on - year increase of 5.24%, but the cumulative sugar exports from the 2025/26 crushing season to June were 7.1682 million tons, a year - on - year decrease of 9.09%. Domestically, the price trends at home and abroad are diverging, the profit window for out - of - quota imports is open, and import pressure will be released, suppressing sugar prices. On the demand side, during the summer consumption peak season, the food and beverage industry has inventory needs, and the seasonal consumption of cold drinks has recovered, providing some support for prices. In general, recent raw sugar fluctuations indirectly affect the domestic white sugar trend, but domestic demand has rebounded, performing stronger than the overseas market. In the later stage, both supply and demand will be strong, and price fluctuations will intensify. Attention should be paid to the arrival of imported sugar and summer consumption [2]. Group 3: Summary by Directory 1. Futures Market - The closing price of the main futures contract for sugar was 5,779 yuan/ton, up 32 yuan; the main contract's open interest was 287,247 lots, down 7,728 lots; the number of warehouse receipts was 22,987, down 105; the net long position of the top 20 futures holders was - 34,710 lots, up 4,107 lots; the total effective warehouse receipt forecast was 106, unchanged [2]. 2. Spot Market - The estimated import - processing price of Brazilian sugar within the quota was 4,457 yuan/ton, down 30 yuan; that of Thai sugar was 4,498 yuan/ton, down 30 yuan. The estimated import price of Brazilian sugar outside the quota (50% tariff) was 5,662 yuan/ton, and that of Thai sugar was 5,715 yuan/ton. The spot price of white sugar in Kunming was 6,365 yuan/ton, up 500 yuan; in Nanning, it was 6,040 yuan/ton, up 20 yuan; in Liuzhou, it was 6,120 yuan/ton, unchanged [2]. 3. Upstream Situation - The national sugar - crop planting area was 1,480 thousand hectares, up 60 thousand hectares; the sugar - cane planting area in Guangxi was 835.09 thousand hectares, down 12.86 thousand hectares [2]. 4. Industry Situation - The cumulative national sugar production was 11.1621 million tons, up 5.49 million tons; the cumulative national sugar sales volume was 8.1138 million tons, up 869,200 tons; the national industrial sugar inventory was 3.0483 million tons, down 814,300 tons; the national sugar sales rate was 72.69%, up 7.47 percentage points; the monthly sugar import volume was 350,000 tons, up 220,000 tons; Brazil's monthly sugar export volume was 3.359 million tons, up 1.1024 million tons [2]. 5. Downstream Situation - The cumulative year - on - year growth rate of refined sugar production was 16.7%, up 2.6 percentage points; the cumulative year - on - year growth rate of soft drink production was 3%, down 0.9 percentage points [2]. 6. Option Market - The implied volatility of at - the - money call options for sugar was 8.24%, down 0.05 percentage points; that of at - the - money put options was 8.31%, up 0.01 percentage points; the 20 - day historical volatility was 7.31%, down 0.07 percentage points; the 60 - day historical volatility was 7.79%, down 0.03 percentage points [2]. 7. Industry News - An S&P Global survey showed that sugar production in the central - southern region of Brazil in the second half of June was expected to decrease by 9.8% to 2.95 million tons. Internationally, with the arrival of the monsoon season, the supply outlook of major Asian sugar - producing countries was good, and Brazil's export volume increased year - on - year, leading to an expectation of loose supply that suppressed raw sugar prices [2].

1. Report Industry Investment Rating - No information provided on industry investment rating 2. Core View of the Report - Internationally, the arrival of the monsoon season has improved the outlook for major sugar - producing countries in Asia, and the expectation of loose supply has suppressed raw sugar prices. However, less rainfall in southern India has weakened the optimistic expectation, and the sugar production in the central - southern region of Brazil in the first half of June decreased by 22.1% year - on - year, limiting the decline. Domestically, in May 2025, China's sugar imports increased significantly, and the import pressure has risen. But approaching the summer consumption peak season, the food and beverage industry has inventory needs, and seasonal consumption such as cold drinks may recover, providing some support for prices, showing a short - term rebound trend. Later, attention should be paid to the arrival of goods at ports and summer consumption [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the sugar futures main contract is 5775 yuan/ton, down 32 yuan; the main contract position is 309,811 lots, down 2551 lots; the number of sugar warehouse receipts is 23,749, unchanged; the net long position of the top 20 futures positions is - 31,156 lots, up 471 lots; the effective warehouse receipt forecast is 0, unchanged [2] 3.2 Spot Market - The estimated import - processing price of Brazilian sugar within the quota is 4334 yuan/ton, down 84 yuan; that of Thai sugar is 4384 yuan/ton, down 44 yuan. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5501 yuan/ton, down 110 yuan; that of Thai sugar is 5566 yuan/ton, down 57 yuan. The spot price of white sugar in Kunming is 5895 yuan/ton, unchanged; in Nanning is 6090 yuan/ton, up 10 yuan; in Liuzhou is 6150 yuan/ton, unchanged [2] 3.3 Upstream Situation - The national sugar - crop sowing area is 1480 thousand hectares, up 60 thousand hectares; the sowing area of sugar - cane in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares [2] 3.4 Industry Situation - The cumulative national sugar production is 1116.21 million tons, up 5.49 million tons; the cumulative national sugar sales volume is 811.38 million tons, up 86.92 million tons; the national industrial sugar inventory is 304.83 million tons, down 81.43 million tons; the national sugar sales rate is 72.69%, up 7.47 percentage points; the monthly sugar import volume is 350,000 tons, up 220,000 tons; the monthly total sugar exports from Brazil are 225.66 million tons, up 70.4 million tons [2] 3.5 Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, up 2.6 percentage points; the cumulative year - on - year growth rate of soft - drink production is 3%, down 0.9 percentage points [2] 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 8.39%, down 0.11 percentage points; that of at - the - money put options is 8.39%, down 0.11 percentage points. The 20 - day historical volatility of sugar is 7.43%, down 0.07 percentage points; the 60 - day historical volatility is 8.87%, up 0.02 percentage points [2] 3.7 Industry News - The Brazilian Sugarcane Association reported that in the first half of June, sugar production in the central - southern region of Brazil decreased by 22.1% year - on - year to 2.45 million tons. Sugar mills used 51.54% of the sugarcane to produce sugar, compared with 49.68% in the same period of the previous season; the sugar yield per ton of sugarcane decreased by 4.37% year - on - year to 128.66 kg/ton [2]

Report Summary 1. Industry Investment Rating - No investment rating provided in the report 2. Core View - Internationally, the improved outlook of major Asian sugar - producing countries with expected restorative production increases and increased supply from Brazil are suppressing sugar prices. Domestically, the opening of the import window and rising import pressure are weighing on sugar prices. However, approaching the summer consumption peak, the food and beverage industry's inventory demand and the recovery of seasonal consumption such as cold drinks are providing some support, slowing down the price decline. Attention should be paid to arrivals at ports and summer consumption boosts [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the sugar futures main contract is 5679 yuan/ton, down 12 yuan; the main contract position is 371,817 lots, up 2,505 lots. The sugar warehouse receipt quantity is 28,399 sheets, down 187 sheets; the net long position of the top 20 futures holders is - 56,003 lots, down 2,195 lots. The total effective warehouse receipt forecast is 0 [2] 3.2 Spot Market - The estimated import - processing price of Brazilian sugar within the quota is 4,446 yuan/ton, down 30 yuan; that of Thai sugar is 4,468 yuan/ton, down 30 yuan. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,647 yuan/ton, and that of Thai sugar is 5,676 yuan/ton. The spot price of white sugar in Kunming is 5,865 yuan/ton, unchanged; in Nanning it is 6,040 yuan/ton, up 10 yuan; in Liuzhou it is 6,120 yuan/ton, down 10 yuan [2] 3.3 Upstream Situation - The national sugar - crop sown area is 1,480 thousand hectares, up 60 thousand hectares. The sown area of sugar - cane in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares [2] 3.4 Industry Situation - The national cumulative sugar production is 1,110.72 million tons, up 36.01 million tons; the cumulative sugar sales volume is 724.46 million tons, up 124.88 million tons. The national industrial sugar inventory is 386.26 million tons, down 88.95 million tons; the national sugar sales rate is 65.22%, up 9.43 percentage points. The monthly sugar import volume is 130,000 tons, up 60,000 tons. Brazil's monthly sugar export volume is 2.2566 billion tons, up 704,000 tons. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,452 yuan/ton, up 45 yuan; that of Thai sugar is 1,430 yuan/ton, up 45 yuan. Outside the quota (50% tariff), the price difference for Brazilian sugar is 251 yuan/ton, up 54 yuan; for Thai sugar it is 222 yuan/ton, up 54 yuan [2] 3.5 Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, up 2.6 percentage points; the cumulative year - on - year growth rate of soft drink production is 3.9%, up 0.9 percentage points [2] 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 8.82%, down 0.05 percentage points; that of at - the - money put options is 8.77%, down 0.11 percentage points. The 20 - day historical volatility is 5.57%, up 0.39 percentage points; the 60 - day historical volatility is 8.58%, down 0.37 percentage points [2] 3.7 Industry News - China imported 350,000 tons of sugar in May, a year - on - year increase of 330,000 tons. From January to May, the cumulative sugar import volume was 630,000 tons, a year - on - year decrease of 50.1% [2]

1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - Internationally, the improved outlook of major sugar - producing countries in Asia with expected restorative production increases suppresses sugar prices. Domestically, the opening of the import window raises future import pressure, pushing sugar prices down. However, approaching the summer consumption peak season, the food and beverage industry has restocking needs, and seasonal consumption like cold drinks may pick up, providing some support for prices. The sugar futures market rebounds in the short - term following the external market, and future focus should be on arrivals at ports and summer consumption stimulants [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the sugar futures main contract is 5,691 yuan/ton, up 24 yuan; the main contract position is 369,312 lots, down 1,260 lots; the number of sugar warehouse receipts is 28,586, unchanged; the net long position of the top 20 futures holders is - 53,808 lots; the total forecast of effective warehouse receipts is 0, unchanged; the estimated import - processing price of Brazilian sugar (within quota) is 4,446 yuan/ton, down 30 yuan; the estimated import - processing price of Thai sugar (within quota) is 4,468 yuan/ton, down 30 yuan [2]. 现货市场 - The estimated price of imported Brazilian sugar (out - of - quota, 50% tariff) is down 39 yuan; the estimated price of imported Thai sugar (out - of - quota, 50% tariff) is down 39 yuan; the spot price of white sugar in Kunming is 5,865 yuan/ton, up 30 yuan; the spot price in Nanning is 6,030 yuan/ton, up 10 yuan; the spot price in Liuzhou is 6,130 yuan/ton, unchanged [2]. Upstream Situation - The national sugar - crop planting area is 1,480 thousand hectares, up 60 thousand hectares; the sugar - cane planting area in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares [2]. Industry Situation - The national cumulative sugar production is 1,110.72 million tons, up 36.01 million tons; the cumulative national sugar sales volume is 724.46 million tons, up 124.88 million tons; the national industrial sugar inventory is 386.26 million tons, down 88.95 million tons; the national sugar sales rate is 65.22%, up 9.43 percentage points; the monthly sugar import volume is 130,000 tons, up 60,000 tons; the total monthly sugar exports from Brazil are 225.66 million tons, up 70.4 million tons; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar (within quota) is 1,452 yuan/ton, up 45 yuan; the price difference between imported Thai sugar and Liuzhou sugar (within quota) is 1,430 yuan/ton, up 45 yuan; the price difference between imported Brazilian sugar and Liuzhou sugar (out - of - quota, 50% tariff) is 251 yuan/ton, up 54 yuan; the price difference between imported Thai sugar and Liuzhou sugar (out - of - quota, 50% tariff) is 222 yuan/ton, up 54 yuan [2]. Downstream Situation - The cumulative year - on - year increase in refined sugar production is 16.7%, up 2.6 percentage points; the cumulative year - on - year increase in soft - drink production is 3.9%, up 0.9 percentage points [2]. Option Market - The implied volatility of at - the - money call options for sugar is 8.82%, down 0.05 percentage points; the implied volatility of at - the - money put options for sugar is 8.77%, down 0.11 percentage points; the 20 - day historical volatility of sugar is 5.18%, down 0.09 percentage points; the 60 - day historical volatility of sugar is 8.94%, unchanged [2]. Industry News - Data from the Brazilian Sugarcane Industry Association shows that in the second half of May, sugar mills in the central - southern region of Brazil crushed 47.843 million tons of sugarcane, a year - on - year increase of 5.47%; produced 2.951 million tons of sugar, a year - on - year increase of 8.86%; ethanol production decreased by 3.12% year - on - year to 2.057 billion liters. Sugar mills used 51.85% of sugarcane for sugar production, compared with 48.2% in the same period of the previous season; the sugar output per ton of sugarcane decreased by 4.06% year - on - year to 124.87 kg/ton [2].