Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint - The ISO predicts that the global sugar production in the 2025/26 season will be 181.29 million tons, a decrease of 480,000 tons from the previous forecast; the global sugar consumption will be 180.07 million tons, a decrease of 70,000 tons from the previous forecast; the global sugar market surplus will be 1.22 million tons, a decrease of 410,000 tons from the previous forecast [2]. - ICE raw sugar futures fell on Tuesday, retreating from a five - month high on Monday. The increase in sugar production in Thailand, a major exporter, restricts the rise of sugar prices. The most actively traded May raw sugar futures on ICE fell 0.03 cents or 0.20%, settling at 15.52 cents per pound. With Brazilian sugar not yet being crushed and the international market in a news vacuum, raw sugar prices lack more upward drivers and are expected to remain volatile [2]. - In the domestic market, the beet sugar production in the north has ended, basically in line with expectations, while the cane sugar production has exceeded expectations. The domestic sugar production is expected to be around 12 million tons. Currently, the sugar market is in a situation of strong supply and weak demand, and there is some pressure on prices [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for sugar was 5,356 yuan/ton, a decrease of 42 yuan; the main contract position was 243,255 hands, a decrease of 25,931 hands [2]. - The number of sugar warehouse receipts was 16,862, with no change; the net long position of the top 20 futures holders was - 113,172 hands, an increase of 7,706 hands [2]. - The total number of effective warehouse receipt forecasts for sugar was 0, with no change [2]. 现货市场 - The estimated import - processing price of Brazilian sugar within the quota was 4,306 yuan/ton, a decrease of 13 yuan; the estimated import - processing price of Thai sugar within the quota was 4,252 yuan/ton, a decrease of 13 yuan [2]. - The estimated import price of Brazilian sugar outside the quota (50% tariff) was 5,465 yuan/ton; the estimated import price of Thai sugar outside the quota (50% tariff) was 5,395 yuan/ton [2]. - The spot price of white sugar in Kunming, Yunnan was 5,290 yuan/ton, a decrease of 5 yuan; the spot price of white sugar in Nanning, Guangxi was 5,410 yuan/ton, a decrease of 10 yuan; the spot price of white sugar in Liuzhou, Guangxi was 5,430 yuan/ton, a decrease of 10 yuan [2]. Upstream Situation - The national sugar - crop sown area was 1,480 thousand hectares, an increase of 60 thousand hectares; the sown area of sugar - cane in Guangxi was 840.33 thousand hectares, an increase of 5.24 thousand hectares [2]. Industry Situation - The total export volume of Brazilian sugar in the month was 222.97 million tons, a decrease of 12 million tons [2]. - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota was 1,084 yuan/ton, a decrease of 12 yuan; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) was 1,138 yuan/ton [2]. - The price difference between imported Thai sugar and Liuzhou sugar within the quota was - 75 yuan/ton, a decrease of 9 yuan; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) was - 9 yuan/ton [2]. - The monthly import volume of sugar was 240,000 tons, a decrease of 40,000 tons; the cumulative import volume of sugar was 520,000 tons [2]. - The cumulative sales volume of cane sugar in Guangxi was 199.23 million tons, an increase of 44.17 million tons; the cumulative sales volume of cane sugar in Yunnan was 69.75 million tons, an increase of 16.55 million tons [2]. - The cumulative production volume of cane sugar in Guangxi was 565.13 million tons, an increase of 162.23 million tons; the cumulative production volume of cane sugar in Yunnan was 149.34 million tons, an increase of 50.93 million tons [2]. Downstream Situation - The monthly production volume of refined sugar was 359.04 million tons; the monthly production volume of soft drinks was 1,342.1 million tons, an increase of 296.4 million tons [2]. Option Market - The implied volatility of at - the - money call options for sugar was 8.56%, a decrease of 4.86%; the implied volatility of at - the - money put options for sugar was 8.56%, a decrease of 4.85% [2]. - The 20 - day historical volatility of sugar was 11.16%, an increase of 0.29%; the 60 - day historical volatility of sugar was 9.4%, an increase of 0.16% [2].

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core View of the Report - In the domestic market, the cumulative sugar imports from January to February increased significantly year - on - year, far exceeding market expectations. The General Administration of Customs data shows that from January to February 2026, China imported 520,000 tons of sugar cumulatively, a year - on - year increase of 44 tons or 563.1%. As of now, it's estimated that 19 sugar mills in Guangxi have completed the sugar - pressing process in the 25/26 sugar - making season, 49 fewer than the same period last year. It's generally expected that there will be a wave of concentrated sugar - pressing completion in late March. However, the sugar import data in January and February far exceeded expectations, putting some pressure on the market [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main sugar futures contract was 5,453 yuan/ton, up 14 yuan; the main contract position was 340,678 lots, down 13,362 lots; the number of sugar warehouse receipts was 16,342, unchanged; the net long position of the top 20 futures positions was - 120,460 lots, down 5,066 lots; the estimated import processing price of Brazilian sugar within the quota was 4,292 yuan/ton, up 116 yuan; the estimated import processing price of Thai sugar within the quota was 4,228 yuan/ton, up 162 yuan [2] 3.2 Spot Market - The estimated import price of Brazilian sugar outside the quota (50% tariff) was 5,446 yuan/ton, and that of Thai sugar was 5,363 yuan/ton. The spot price of white sugar in Kunming, Yunnan was 5,330 yuan/ton, up 15 yuan; the spot price in Nanning, Guangxi was 5,470 yuan/ton, up 30 yuan; the spot price of white sugar in Liuzhou, Guangxi was 5,480 yuan/ton, up 30 yuan [2] 3.3 Upstream Situation - The national sugar - crop sowing area was 1,480 thousand hectares, up 60 thousand hectares; the sowing area of sugar - cane in Guangxi was 840.33 thousand hectares, up 5.24 thousand hectares [2] 3.4 Industry Situation - Brazil's total sugar exports were 2.2297 million tons, up 212,200 tons. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota was 1,093 yuan/ton, down 76 yuan; the price difference between imported Thai sugar and Liuzhou sugar within the quota was 1,157 yuan/ton, down 84 yuan; the price difference between imported Brazilian sugar and Liuzhou sugar outside the quota (50% tariff) was - 61 yuan/ton, down 111 yuan; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) was 22 yuan/ton, down 122 yuan. The monthly sugar import volume was not provided, and the cumulative import volume was 4.92 million tons, up 580,000 tons. The cumulative sales volume of cane sugar in Guangxi was 155.06 million tons, up 66.58 million tons; in Yunnan, it was 53.2 million tons, up 25.06 million tons. The cumulative output of cane sugar in Guangxi was 4.029 million tons, up 2.0871 million tons; in Yunnan, it was 984,100 tons, up 591,800 tons [2] 3.5 Downstream Situation - The monthly output of refined sugar was 359,040 tons, up 228,740 tons; the monthly output of soft drinks was 1.3421 million tons, up 296,400 tons [2] 3.6 Option Market - The implied volatility of at - the - money call options for sugar was 11.69%, up 0.44%; the implied volatility of at - the - money put options was 11.68%, up 0.43%. The 20 - day historical volatility was 11.37%, down 0.05%; the 60 - day historical volatility was 10.23%, down 0.45% [2] 3.7 Industry News - According to the US Commodity Futures Trading Commission, as of March 17, 2026, the non - commercial net short position in raw sugar futures was 207,755 lots, a decrease of 1,000 lots from the previous week. The long position was 192,309 lots, a decrease of 6,055 lots from the previous week, and the short position was 400,064 lots, a decrease of 7,055 lots from the previous week. The Indian government recently approved sugar exports within the quota, but the industry was dissatisfied with the export period. In addition, rainfall in the central - southern region of Brazil may delay the start of the 2026/27 annual sugar - cane pressing activity [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The sugar price may experience short - term shock adjustment due to the unexpectedly high sugar import data in January and February, which brings pressure to the market, despite the possible upcoming first peak of sugar mill closures in the 25/26 sugar - making season in Guangxi [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the futures main contract for sugar is 5417 yuan/ton, with a month - on - month increase of 74; the main contract position is 372,106 hands, with a month - on - month decrease of 15,641 hands; the warehouse receipt quantity is 16,342 sheets, with no month - on - month change; the net long position of the top 20 futures holders is - 118,317 hands; the effective warehouse receipt forecast is 0 sheets [2] 3.2 Spot Market - The estimated import processing price of Brazilian sugar within the quota is 4103 yuan/ton, with a month - on - month increase of 50; that of Thai sugar is 4031 yuan/ton, with a month - on - month increase of 50. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5200 yuan/ton, with a month - on - month increase of 66; that of Thai sugar is 5106 yuan/ton. The spot price of white sugar in Yunnan Kunming is 5315 yuan/ton, with a month - on - month increase of 5; in Guangxi Nanning, it is 5430 yuan/ton, with a month - on - month increase of 10; in Liuzhou, Guangxi, it is 5450 yuan/ton, with no month - on - month change [2] 3.3 Upstream Situation - The national sugar - crop sown area is 1480 thousand hectares, with an increase of 60 thousand hectares; the sown area of sugar - cane in Guangxi is 840.33 thousand hectares, with an increase of 5.24 thousand hectares. Brazil's total sugar export volume in the month is 222.97 million tons, with an increase of 21.22 million tons. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1305 yuan/ton, with a month - on - month decrease of 78; that of Thai sugar is 1377 yuan/ton, with a month - on - month decrease of 78. The price difference outside the quota (50% tariff) for Brazilian sugar is 208 yuan/ton, with a month - on - month decrease of 94; that of Thai sugar is 302 yuan/ton, with a month - on - month decrease of 94 [2] 3.4 Industry Situation - The monthly import volume of sugar in February 2026 is 240,000 tons, an increase of 200,000 tons year - on - year; the cumulative import volume from January to February is 520,000 tons, an increase of 440,000 tons or 563.1% year - on - year. The cumulative sales volume of cane sugar in Guangxi is 155.06 million tons, with an increase of 66.58 million tons; in Yunnan, it is 53.2 million tons, with an increase of 25.06 million tons. The cumulative output of cane sugar in Guangxi is 402.9 million tons, with an increase of 208.71 million tons; in Yunnan, it is 98.41 million tons, with an increase of 59.18 million tons [2] 3.5 Downstream Situation - The monthly output of refined sugar is 359.04 million tons, with an increase of 228.74 million tons; the monthly output of soft drinks is 1342.1 million tons, with an increase of 296.4 million tons [2] 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 9.53%, with a month - on - month decrease of 3.28%; that of at - the - money put options is 9.62%, with a month - on - month decrease of 3.18%. The 20 - day historical volatility is 10.51%, with a month - on - month increase of 1.04%; the 60 - day historical volatility is 10.33%, with a month - on - month increase of 0.22% [2] 3.7 Industry News - In February 2026, China's sugar import volume was 240,000 tons, a year - on - year increase of 200,000 tons; from January to February, the cumulative import volume was 520,000 tons, a year - on - year increase of 440,000 tons or 563.1%. The most actively traded May raw sugar futures on the Intercontinental Exchange (ICE) rose 0.35 cents or 2.40% to settle at 14.45 cents per pound on Wednesday. Brazil exported 724,280 tons of sugar in the first two weeks of March, with a daily average export volume of 72,400 tons, a 25% decrease compared to the daily average export volume of 96,550 tons in March of the previous year. The total export volume in March of the previous year was 1.8344 million tons [2]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The domestic sugar price is under pressure on the upper side of the market, and the short - term sugar price has entered an adjustment phase. The 25/26 sugar - pressing season in Guangxi may see the first peak of sugar mill closures this week [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main sugar futures contract is 5343 yuan/ton, and the main contract position is 387,747 hands, a decrease of 29,190 hands. The number of sugar warehouse receipts is 16,342, and the net long position of the top 20 futures holders is - 119,726 hands, an increase of 10,572 hands. The effective warehouse receipt forecast is 0 [2] 3.2 Spot Market - The estimated import - processing price of Brazilian sugar within the quota is 4103 yuan/ton, and that of Thai sugar is 4031 yuan/ton, with a month - on - month increase of 50 yuan/ton. The estimated price of imported Thai sugar outside the quota (50% tariff) is 5106 yuan/ton, with a month - on - month increase of 66 yuan/ton. The spot price of sugar in Yunnan Kunming is 5310 yuan/ton, and that in Guangxi Nanning is 5420 yuan/ton, a decrease of 40 yuan/ton. The spot price of white sugar in Liuzhou, Guangxi is 5450 yuan/ton, a decrease of 20 yuan/ton [2] 3.3 Upstream Situation - The national sugar - crop sown area is 1480 thousand hectares, and the sown area of sugar - cane in Guangxi is 840.33 thousand hectares, an increase of 5.24 thousand hectares. Brazil's total sugar exports in a certain month are 222.97 million tons, a decrease of 78 million tons. The monthly import volume of sugar is 302 million tons, and the cumulative import volume is 492 million tons. The cumulative sales volume of cane sugar in Guangxi is 155.06 million tons, an increase of 66.58 million tons, and in Yunnan is 53.2 million tons. The cumulative output of cane sugar in Guangxi is 402.9 million tons, an increase of 208.71 million tons, and in Yunnan is 98.41 million tons, an increase of 59.18 million tons [2] 3.4 Downstream Situation - The monthly output of refined sugar is 228.74 million tons, and the monthly output of soft drinks is 1342.1 million tons, an increase of 296.4 million tons [2] 3.5 Option Market - The implied volatility of at - the - money call options for sugar is 12.81%, a decrease of 2.4%, and that of at - the - money put options is 12.8%, a decrease of 2.42%. The 20 - day historical volatility is 9.47%, and the 60 - day historical volatility is 10.1%, an increase of 0.33% [2] 3.6 Industry News - As of March 15, 2025/26, India's sugar output reached 26.214 million tons, a year - on - year increase of about 10.5%. There are currently 157 sugar mills in operation, compared with 182 in the same period last year. ICE's most actively traded May raw sugar futures rose 0.26 cents or 1.80% to settle at 14.45 cents per pound. Brazil exported 724,280 tons of sugar in the first two weeks of March, with a daily average export volume of 72,400 tons, a 25% decrease compared with the daily average export volume of 96,550 tons in March last year [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Brazilian sugar exports in the first two weeks of March 2026 were 724,280 tons, with a daily average of 72,400 tons, a 25% decrease compared to the daily average of the whole month of March last year. The total export volume in March last year was 1.8344 million tons [2]. - In the domestic market, as of now, 8 sugar mills in Guangxi have shut down in the 25/26 sugar - making season, 50 less than the same period last year, and the first peak of shutdowns may occur this week. The spot price has strong support at the bottom, and the price center continues to rise. Attention should be paid to the impact of the macro - environment on the market [2]. 3. Summary by Related Catalogs Futures Market - The closing price of the main sugar futures contract was 5,406 yuan/ton, and the main contract position was 416,937 lots, a decrease of 1,263 lots [2]. - The number of sugar warehouse receipts was 16,342, and the net long position of the top 20 futures holders was - 130,298 lots [2]. - The estimated import processing price of Brazilian sugar within the quota was 4,053 yuan/ton, a decrease of 36 yuan/ton; the estimated import processing price of Thai sugar within the quota was 3,981 yuan/ton, a decrease of 48 yuan/ton [2]. 现货市场 - The estimated import price of Brazilian sugar outside the quota (50% tariff) was 5,134 yuan/ton, and the estimated import price of Thai sugar outside the quota (50% tariff) was 5,040 yuan/ton [2]. - The spot price of white sugar in Kunming, Yunnan was 5,330 yuan/ton, a decrease of 5 yuan/ton; the spot price of white sugar in Nanning, Guangxi was 5,460 yuan/ton, unchanged; the spot price of white sugar in Liuzhou, Guangxi was 5,470 yuan/ton, a decrease of 10 yuan/ton [2]. Upstream Situation - The national sugar - crop sown area was 1,480 thousand hectares, and the sown area of sugar - cane in Guangxi was 840.33 thousand hectares, an increase of 5.24 thousand hectares [2]. Industry Situation - The total export volume of Brazilian sugar was 2.2297 million tons, and the import volume of sugar in the current month was 580,000 tons, an increase of 140,000 tons; the cumulative import volume was 492,000 tons [2]. - The cumulative sales volume of cane sugar in Guangxi was 155,060 tons, an increase of 66,580 tons; the cumulative sales volume in Yunnan was 53,200 tons [2]. - The cumulative output of cane sugar in Guangxi was 402,900 tons, an increase of 208,710 tons; the cumulative output in Yunnan was 98,410 tons, an increase of 59,180 tons [2]. Downstream Situation - The monthly output of refined sugar was 228,740 tons, and the monthly output of soft drinks was 1.3421 million tons, an increase of 296,400 tons [2]. Option Market - The implied volatility of at - the - money call options for sugar was 15.21%, and the implied volatility of at - the - money put options was 15.22%, an increase of 1.72 percentage points [2]. - The 20 - day historical volatility of sugar was 8.15%, and the 60 - day historical volatility was 9.77%, a decrease of 0.02 percentage points [2]. Industry News - Brazilian foreign trade data shows that the daily average sugar export volume in the first two weeks of March 2026 decreased by 25% compared to March last year [2]. - The most actively traded May raw sugar futures on the Intercontinental Exchange (ICE) fell 0.19 cents or 1.30% on Monday, and the settlement price was 14.19 cents per pound [2].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In the short - term, the supply of sugar continues to increase as the sugarcane crushing volume and sugar production in Thailand have turned from decline to increase, and the sugar content in sugarcane and sugar production rate continue to rise. However, due to significant disturbances in the energy market, the raw sugar price may move upwards. In the domestic market, as of now in the 25/26 sugar - making season, 8 sugar mills in Guangxi have completed the sugar - making process, 50 fewer than the same period last year, and the first peak of sugar - making completion may come this week. Also, Zhengzhou sugar prices are boosted by the external market, with the price center continuing to rise. Later, attention should be paid to the impact of the macro - environment on the market [2] Summary by Relevant Catalogs Futures Market - The closing price of the sugar futures main contract is 5472 yuan/ton with a change of 25, and the main contract position volume is 418,200 hands with a change of 2015. The number of sugar warehouse receipts is 16,342, and the net long position volume of the top 20 futures positions is - 120,011 hands with a change of 2956. The total forecast of effective warehouse receipts is 0 with a change of - 684 [2] Spot Market - The estimated import - processed price of Brazilian sugar within the quota is 4083 yuan/ton with a change of 15, and that of Thai sugar is 4011 yuan/ton with a change of 32. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5174 yuan/ton, and that of Thai sugar is 5080 yuan/ton. The spot price of white sugar in Kunming, Yunnan is 5335 yuan/ton with no change, and in Nanning, Guangxi is 5460 yuan/ton with a change of - 10. The spot price of white sugar in Liuzhou, Guangxi is 5480 yuan/ton with no change [2] Upstream Situation - The national sugar - crop sown area is 1480 thousand hectares with a change of 60, and the sown area of sugar - cane in Guangxi is 840.33 thousand hectares with a change of 5.24. The total export volume of Brazilian sugar is 222.97 million tons with a change of - 7. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is - 16 yuan/ton, and outside the quota (50% tariff) is 1405 yuan/ton. The price difference between imported Thai sugar and Liuzhou sugar within the quota is 242 yuan/ton with a change of - 12 [2] Industry Situation - The monthly import volume of sugar is 58 million tons with a change of 14, and the cumulative import volume is 492 million tons. The cumulative sales volume of cane sugar in Guangxi is 155.06 million tons with a change of 66.58, and in Yunnan is 25.06 million tons. The cumulative production volume of cane sugar in Guangxi is 402.9 million tons with a change of 208.71, and in Yunnan is 59.18 million tons [2] Downstream Situation - The monthly production volume of refined sugar is 228.74 million tons, and that of soft drinks is 1342.1 million tons with a change of 296.4 [2] Option Market - The implied volatility of at - the - money call options for sugar is 13.51% with a change of 0.51, and that of at - the - money put options is 13.5% with a change of 0.51. The 20 - day historical volatility of sugar is 8.12% with a change of 0.11, and the 60 - day historical volatility is 9.79% with a change of 0.06 [2] Industry News - The Brazilian Institute of Geography and Statistics (IBGE) predicts that Brazil's sugar - cane planting area in 2026 will be 9.373731 million hectares, a 1.3% decrease from last month's forecast and a 2.0% decrease from last year. The estimated sugar - cane output is 700.3801 million tons, a 0.9% decrease from last month's forecast and a 0.4% decrease from last year. As of March 11, 2025/26 sugar - making season in Thailand, the cumulative sugar - cane crushing volume is 88.3668 million tons, a 0.48% year - on - year increase; the sugar output is 9.7927 million tons, a 2.98% year - on - year increase; the sugar content in sugar - cane is 12.80%, a 0.22 percentage - point increase from the same period last year; and the sugar production rate is 111.08%, a 0.269 percentage - point increase [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The domestic market shows that as of the end of February, Guangxi's cumulative sugar sales decreased by 891,000 tons year-on-year, the sales rate dropped by 11.50 percentage points year-on-year, the single - month sugar production in February increased by 72,200 tons year-on-year, the single - month sugar sales decreased by 60,700 tons year-on-year, and the industrial inventory increased by 375,200 tons year-on-year. Although Guangxi's sugar sales rate is low, single - month production is higher than last year, and sales are lower than last year, with an overall increase in industrial inventory. However, due to external factors and the current sugar price being near the cost, it is expected that the medium - to - long - term price center will move up relatively [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the futures main contract for sugar is 5,409 yuan/ton, a decrease of 27 yuan; the main contract position is 409,849 hands, a decrease of 28,178 hands; the number of sugar warehouse receipts is 15,930, an increase of 984; the net long position of the top 20 futures positions is - 117,114 hands; the effective warehouse receipt forecast is 1,120, a decrease of 1,144 [2] 3.2 Spot Market - The estimated import processing price of Brazilian sugar within the quota is 4,164 yuan/ton, an increase of 109 yuan; the estimated import processing price of Thai sugar within the quota is 4,083 yuan/ton, an increase of 110 yuan; the estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,279 yuan/ton; the estimated import price of Thai sugar outside the quota (50% tariff) is 5,173 yuan/ton; the spot price of white sugar in Kunming, Yunnan is 5,325 yuan/ton, a decrease of 50 yuan; the spot price of white sugar in Nanning, Guangxi is 5,440 yuan/ton, a decrease of 80 yuan; the spot price of white sugar in Liuzhou, Guangxi is 5,450 yuan/ton, a decrease of 70 yuan [2] 3.3 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 840.33 thousand hectares, an increase of 5.24 thousand hectares [2] 3.4 Industry Situation - Brazil's total sugar exports in the month are 2.2297 million tons, an increase of 212,200 tons; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,281 yuan/ton, a decrease of 22 yuan; the price difference between imported Thai sugar and Liuzhou sugar within the quota is 1,362 yuan/ton, a decrease of 23 yuan; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is 166 yuan/ton, a decrease of 56 yuan; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) is 272 yuan/ton, a decrease of 56 yuan; the monthly import volume of sugar is 580,000 tons, an increase of 140,000 tons; the cumulative import volume of sugar is 4.92 million tons, an increase of 580,000 tons; the cumulative sales volume of cane sugar in Guangxi is 1.5506 million tons, an increase of 665,800 tons; the cumulative sales volume of cane sugar in Yunnan is 532,000 tons, an increase of 250,600 tons; the cumulative output of cane sugar in Guangxi is 4.029 million tons, an increase of 2.0871 million tons; the cumulative output of cane sugar in Yunnan is 984,100 tons, an increase of 591,800 tons [2] 3.5 Downstream Situation - The monthly output of refined sugar is 359,040 tons, an increase of 228,740 tons; the monthly output of soft drinks is 1.3421 million tons, an increase of 296,400 tons [2] 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 14.12%, an increase of 3.25 percentage points; the implied volatility of at - the - money put options for sugar is 14.11%, an increase of 3.23 percentage points; the 20 - day historical volatility of sugar is 9.31%, an increase of 0.76 percentage points; the 60 - day historical volatility of sugar is 9.85%, an increase of 0.27 percentage points [2] 3.7 Industry News - Brazil's foreign trade secretariat data shows that in the first week of March, Brazil exported 444,600 tons of sugar, with a daily average export volume of 88,900 tons, an 8% decrease compared to the daily average export volume of 96,550 tons in March of the previous year. The total export volume in March of the previous year was 1.8344 million tons. The ICE raw sugar futures rose on Monday as the conflict between the US - Israel and Iran disrupted oil supply, driving up crude oil prices and raising concerns that Brazilian sugarcane processing plants would reduce sugar production and increase ethanol production. The most actively traded May raw sugar futures on ICE closed up 0.49 cents or 3.50% at 14.59 cents per pound [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - International market: During the Spring Festival holiday, the price of the US ICE raw sugar main May contract rebounded. The decrease in squeezable sugarcane in Brazil boosted the price. Brazil's sugar export volume in the first three weeks of February increased, and the number of ships waiting to load sugar and the quantity of sugar waiting to be shipped decreased. Brazil's sugarcane is in the relative off - season of the harvest period [2]. - Domestic market: As of now, the production and sales progress in China is slow, but there is a strong expectation of increased sugar production in Guangxi in the 2025/2026 sugar season. The industrial inventory is still in the rising cycle, and the supply is at its peak. After the festival, it faces a phased consumption off - season, and sugar prices may remain weak. However, in the short term, driven by the rebound of international raw sugar prices, sugar prices showed relative resilience after the holiday [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the futures main contract of sugar is 5229 yuan/ton, with a month - on - month increase of 18; the main contract position is 431,165 hands, with a month - on - month increase of 10,907. The number of sugar warehouse receipts is 14,461, with no change; the net long position of the top 20 futures positions is - 69,236 hands, with a month - on - month decrease of 6,782. The total number of effective warehouse receipt forecasts is 717, with no change [2]. Spot Market - The estimated import processing price of Brazilian sugar within the quota is 3,866 yuan/ton, with a month - on - month increase of 96; that of Thai sugar is 3,805 yuan/ton, with a month - on - month increase of 96. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 4,891 yuan/ton, with a month - on - month increase of 126; that of Thai sugar is 4,811 yuan/ton, with a month - on - month increase of 126. The spot price of white sugar in Yunnan Kunming is 5,165 yuan/ton, with a month - on - month decrease of 5; that in Guangxi Nanning is 5,330 yuan/ton, with no change. The spot price of white sugar in Liuzhou, Guangxi is 5,350 yuan/ton, with no change [2]. Upstream Situation - The national sugar - crop sown area is 1,480 thousand hectares, with an increase of 60. The sown area of sugar - cane in Guangxi is 840.33 thousand hectares, with an increase of 5.24. The cumulative sales volume of cane sugar in Guangxi is 155.06 million tons, with an increase of 66.58. The cumulative output of cane sugar in Yunnan is 98.41 million tons, with an increase of 59.18. Brazil's total sugar export volume is 201.75 million tons, with a month - on - month decrease of 89.55 [2]. Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,404 yuan/ton, with a month - on - month decrease of 121; that of Thai sugar is 1,465 yuan/ton, with a month - on - month decrease of 121. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is 379 yuan/ton, with a month - on - month decrease of 151; that of Thai sugar is 459 yuan/ton, with a month - on - month decrease of 151. The monthly import volume of sugar is 58 million tons, with an increase of 14; the cumulative import volume is 492 million tons, with an increase of 58 [2]. Downstream Situation - The monthly output of refined sugar is 359.04 million tons, with an increase of 228.74. The monthly output of soft drinks is 1,342.1 million tons, with an increase of 296.4 [2]. Option Market - The implied volatility of at - the - money call options for sugar is 7.7%, with a month - on - month decrease of 1.71. The implied volatility of at - the - money put options for sugar is 7.65%, with a month - on - month decrease of 1.77. The 20 - day historical volatility of sugar is 9.63%, with a month - on - month decrease of 0.05. The 60 - day historical volatility of sugar is 9.02%, with a month - on - month decrease of 0.12 [2]. Industry News - According to the US Commodity Futures Trading Commission, as of February 17, 2026, the non - commercial net short position in raw sugar futures was 253,592 hands, an increase of 18,191 hands from the previous week. The long position was 171,981 hands, an increase of 4,563 hands from the previous week, and the short position was 425,573 hands, an increase of 22,754 hands from the previous week. Brazil exported 1.8006 million tons of sugar in the first three weeks of February, with an average daily export volume of 138,500 tons, a 52% increase compared to the average daily export volume of 91,300 tons in February of the previous year. The total export volume in February of the previous year was 1.8251 million tons [2].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Views of the Report - The domestic total sugar production in the new crushing season is expected to be 11.56 million tons, an increase of 394,000 tons year-on-year [2] - The ICE raw sugar futures fell on Wednesday, and the current global sugar supply surplus expectation is weighing on the market [2] - After the Spring Festival stocking in China ended, the sales in the sales areas were relatively light, and the inventory willingness of traders and end - users was not strong, leading to a decline in sales [2] - After the production expectation is confirmed, the sugar price will be adjusted. The production and sales data in the main producing areas of Guangxi, Yunnan, and Guangdong are average, and the spot price remains stable. It is expected that the Zhengzhou sugar price will fluctuate within a narrow range [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of sugar was 5,254 yuan/ton, down 12 yuan; the main contract position was 443,331 lots, down 8,525 lots [2] - The number of sugar warehouse receipts was 14,461, unchanged; the net long position of the top 20 futures holders was -61,353 lots, up 407 lots [2] - The effective warehouse receipt forecast for sugar was 258, unchanged [2] 现货市场 - The estimated import processing price of Brazilian sugar within the quota was 3,900 yuan/ton, down 57 yuan; that of Thai sugar was 3,891 yuan/ton, down 57 yuan [2] - The estimated import price of Brazilian sugar outside the quota (50% tariff) was 4,935 yuan/ton, down 75 yuan; that of Thai sugar was 4,923 yuan/ton, down 74 yuan [2] - The spot price of sugar in Kunming, Yunnan was 5,175 yuan/ton, unchanged; in Nanning, Guangxi was 5,330 yuan/ton, unchanged; in Liuzhou, Guangxi was 5,350 yuan/ton, unchanged [2] Upstream Situation - The national sugar - crop sown area was 1,480 thousand hectares, an increase of 60 thousand hectares; the sown area of sugar - cane in Guangxi was 840.33 thousand hectares, an increase of 5.24 thousand hectares [2] Industry Situation - The cumulative sales volume of cane sugar in Guangxi was 884,800 tons; the cumulative output of cane sugar in Yunnan was 392,300 tons [2] - The total sugar export volume from Brazil was 2.0175 million tons, a decrease of 895,500 tons [2] - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar (within the quota) was 1,404 yuan/ton, an increase of 62 yuan; that of Thai sugar was 1,413 yuan/ton, an increase of 62 yuan [2] - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar (outside the quota, 50% tariff) was 369 yuan/ton, an increase of 80 yuan; that of Thai sugar was 381 yuan/ton, an increase of 79 yuan [2] - The monthly import volume of sugar was 580,000 tons, an increase of 140,000 tons; the cumulative import volume was 4.92 million tons, an increase of 580,000 tons [2] Downstream Situation - The monthly output of refined sugar was 3.5904 million tons, an increase of 2.2874 million tons; the monthly output of soft drinks was 13.421 million tons, an increase of 2.964 million tons [2] Option Market - The implied volatility of at - the - money call options for sugar was 9.41%, down 0.23%; that of put options was 9.42%, down 0.22% [2] - The 20 - day historical volatility of sugar was 9.68%, down 0.48%; the 60 - day historical volatility was 9.14%, up 0.01% [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - After the Chinese New Year stocking ended, the sales volume in the sales areas declined due to weak inventory - holding willingness of traders and end - users. After the production volume data is expected to be released, the price will be adjusted. The production and sales data in major sugar - producing areas such as Guangxi, Yunnan, and Guangdong are average, and the spot price is mainly stable. It is expected that the price of Zhengzhou sugar futures will fluctuate in a narrow range. With the approaching long holiday, risk control is necessary [2]. 3. Summary by Category 3.1 Futures Market - The closing price of the main sugar futures contract is 5,278 yuan/ton, with a month - on - month increase of 17; the main contract position is 458,435 lots, with a month - on - month increase of 4,522; the number of sugar warehouse receipts is 14,461, with no month - on - month change; the net long position of the top 20 futures holders is - 63,314 lots, with a month - on - month increase of 1,744; the effective warehouse receipt forecast is 258, with no month - on - month change [2]. 3.2 Spot Market - The estimated import processing price of Brazilian sugar within the quota is 3,957 yuan/ton, with a month - on - month increase of 45; that of Thai sugar is 3,948 yuan/ton, with a month - on - month increase of 45. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,010 yuan/ton, with a month - on - month increase of 60; that of Thai sugar is 4,997 yuan/ton, with a month - on - month increase of 59. The spot price of sugar in Yunnan Kunming is 5,175 yuan/ton, with a month - on - month increase of 20; in Guangxi Nanning is 5,330 yuan/ton, with a month - on - month increase of 20; and in Guangxi Liuzhou is 5,350 yuan/ton, with a month - on - month increase of 20 [2]. 3.3 Upstream Situation - The national sugar - crop planting area is 1,480 thousand hectares, with a year - on - year increase of 60; the planting area of sugarcane in Guangxi is 840.33 thousand hectares, with a year - on - year increase of 5.24 [2]. 3.4 Industry Situation - The cumulative sales volume of cane sugar in Guangxi is 88.48 million tons, with a month - on - month increase of 79.54; the cumulative output of cane sugar in Yunnan is 39.23 million tons, with a month - on - month increase of 34.75. The total sugar exports from Brazil in a month is 201.75 million tons, with a month - on - month decrease of 89.55. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,342 yuan/ton, with a month - on - month decrease of 18; that of Thai sugar is 1,351 yuan/ton, with a month - on - month decrease of 18. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is 289 yuan/ton, with a month - on - month decrease of 33; that of Thai sugar is 302 yuan/ton, with a month - on - month decrease of 32. The monthly import volume of sugar is 58 million tons, with a month - on - month increase of 14; the cumulative import volume is 492 million tons, with a month - on - month increase of 58 [2]. 3.5 Downstream Situation - The monthly output of refined sugar is 359.04 million tons, with a month - on - month increase of 228.74; the monthly output of soft drinks is 1,342.1 million tons, with a month - on - month increase of 296.4 [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 9.53%, with a month - on - month increase of 0.31; that of at - the - money put options is 9.48%, with a month - on - month increase of 0.21. The 20 - day historical volatility of sugar is 10.33%, with a month - on - month increase of 0.29; the 60 - day historical volatility is 9.16%, with a month - on - month increase of 0.06 [2]. 3.7 Industry News - According to the export data released by the Brazilian Foreign Trade Secretariat, Brazil exported 762,400 tons of sugar in the first week of February, with an average daily export volume of 152,500 tons, a 67% increase compared to the average daily export volume of 91,300 tons in the whole of February last year. The total export volume in February last year was 1,825,100 tons. The most actively traded March raw sugar futures on the Intercontinental Exchange (ICE) rose 0.24 cents, or 1.70%, to settle at 14.35 cents per pound on Monday due to the U.S. dollar index hitting a one - week low, which promoted short - covering operations in the sugar futures market. Brazil exported 2.0175 billion tons of sugar in January, a 2.09% year - on - year decrease. As of January 2026 in the 2025/26 sugar - crushing season (April - March of the following year), the cumulative sugar exports from Brazil reached 30.23 billion tons, a 7.15% year - on - year decrease. The year - on - year sugar exports from Brazil in January changed from an increase to a decrease, and the supply pressure decreased slightly [2].