Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Views - International sugar prices are expected to oscillate at the bottom in the short - term. Domestic sugar is expected to show an oscillatory trend in the near future [8][9]. Group 3: Summary by Directory 3.1 Data Analysis - **Futures Market**: SR09 closed at 5,269 with a rise of 3 (0.06%), trading volume of 9,154 (a decrease of 7505), and an increase in open interest of 1,495. SR01 closed at 5,278 with a rise of 14 (0.27%), trading volume of 1,423 (a decrease of 1,667), and a decrease in open interest of 1,391. SR05 closed at 5,257 with a rise of 6 (0.11%), trading volume of 136,106 (a decrease of 64,247), and an increase in open interest of 6,906 [3]. - **Spot Market**: The spot price of sugar in Liuzhou was 5,370 yuan/ton (a decrease of 20), in Kunming 5,200 yuan/ton (a decrease of 10), in Wuhan 5,650 yuan/ton (unchanged), in Nanning 5,330 yuan/ton (a decrease of 10), in Rizhao 5,545 yuan/ton (unchanged), and in Xi'an 5,790 yuan/ton (a decrease of 20). The basis in Liuzhou was 113, in Kunming - 57, in Wuhan 393, in Nanning 73, and in Rizhao 288 [3]. - **Monthly Spread**: The spread of SR05 - SR01 was - 21 (a decrease of 8), SR09 - SR05 was 12 (a decrease of 3), and SR09 - SR01 was - 9 (a decrease of 11) [3]. - **Import Profit**: For Brazilian imports, the quota - within price was 3,946 yuan/ton, the out - of - quota price was 5,010 yuan/ton, the spread with Liuzhou was 360, and the spread with Rizhao was 535. For Thai imports, the quota - within price was 3,994 yuan/ton, the out - of - quota price was 5,072 yuan/ton, the spread with Liuzhou was 298, and the spread with Rizhao was 473 [3]. 3.2 Market Judgment - **Important Information**: As of January 5, all 19 sugar mills in Guangdong for the 25/26 crushing season have started production. By the end of December 2025, the cumulative sugar production in Guangdong was 86,600 tons (compared to 116,300 tons in the same period last year), with a sugar yield of 8.72% (compared to 9.397% last year). The price of sulfured sugar of Guangdong Jinling in the 25/26 crushing season was 5,310 yuan/ton, and carbonated sugar was 5,550 yuan/ton (an increase of 10 yuan/ton in the afternoon). On January 5, the sugar futures market fluctuated and closed higher. The spot price of sugar in the main producing areas was basically stable in the afternoon, but the secondary quotes of Nanhua and Yingmao were raised by 10 yuan/ton, and the overall trading volume was average. As of December 31, 2025, India's sugar production in the 2025/26 crushing season reached 1.1897 million tons, a nearly 25% increase compared to the same period last year; 504 sugar mills had started production, 12 more than the same period last year [4][5][7]. - **Logical Analysis**: Internationally, Brazilian sugarcane is expected to gradually enter the end of the crushing season. The cumulative sugar production in the central - southern region of Brazil was 39.904 million tons, an increase of 543,000 tons compared to the same period last year. The supply pressure of Brazilian sugar will gradually ease, and the market focus has shifted to the Northern Hemisphere. Most sugar production in the Northern Hemisphere is in an increasing cycle, but the final realization of the production increase may affect the market trend. In the short - term, the US sugar price is technically building a bottom, but there is a lack of upward driving force. Domestically, the current sugar price is low, in the low - price range over the years. After the previous unexpected decline, the short - covering market has been repaired. The high processing cost of domestic sugar (most sugar mills in Guangxi have a cost of over 5,400 yuan/ton) provides some support for the market. The upward trend of the US sugar price on the external market has an upward driving effect on Zhengzhou sugar. However, considering that China is in the peak sugar - crushing season and there is still some sales pressure, and the global sugar production is expected to increase in the 25/26 season, the sugar price is expected to face significant pressure near the upper oscillation platform. In the short - term, the price is expected to oscillate [8]. 3.3 Trading Strategies - **Unilateral**: International sugar prices are expected to oscillate at the bottom in the short - term, and domestic sugar is expected to show an oscillatory trend [9]. - **Arbitrage**: Adopt a wait - and - see approach [10]. - **Options**: Sell put options [10]. 3.4 Related Attachments - The report provides multiple charts showing data on monthly inventory, monthly output, spot prices, basis, and price spreads of sugar in Guangxi and Yunnan, with data sources from Galaxy Futures and WIND [12][13][16][18][20][23].

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The international sugar market is expected to trade in a low - range. The 25/26 sugar season is anticipated to see a restorative increase in global sugar production and inventory accumulation, with prices under pressure. Attention should be paid to Brazil's production and export rhythm, as well as India's output and relevant industrial policies [3][29]. - The domestic market maintains the expectation of a weak basis. In the 25/26 sugar season, domestic sugar production is expected to continue to rise, but production costs in the Guangxi region may increase due to a decline in the sugar extraction rate. Zhengzhou sugar prices follow the trend of raw sugar, and trading revolves around the import rhythm. The cost of out - of - quota imports is relatively low, and both regular and irregular imports remain at a high level. Focus on changes in import policies [3][29]. Summary by Relevant Catalogs 1. Macro Data - The US dollar index is 98.03 (previous value 98.71), and the US dollar to Brazilian real exchange rate is 5.54 (previous value 5.52) [1][6]. - The WTI crude oil price is $56.93 per barrel, a 1.84% increase [1][6]. 2. Industry Data 2.1 Market Price and Trading Data - The active contract price of New York raw sugar is 15.17 cents per pound, a 2.15% increase. The spot quotation of Guangxi sugar groups is 5,360 yuan per ton, an increase of 80 yuan per ton from last week. The main contract of Zhengzhou sugar is reported at 5,285 yuan per ton, an increase of 197 yuan per ton from last week, and the basis of the main contract has significantly decreased [1][2][14]. - As of the end of last week, the warehouse receipts of Zhengzhou white sugar were 5,038 lots [15]. - As of December 16, in the CFTC's latest position report on New York raw sugar, long positions of funds decreased by 42 lots, short positions decreased by 11,030 lots, and net long positions increased by 10,988 lots to - 166,702 lots, a slight increase [1][15]. 2.2 Industry Supply - Demand Data - Global supply - demand: ISO predicts a supply shortage of 2.92 million tons in the 24/25 sugar season and a supply surplus of 1.63 million tons in the 25/26 sugar season [19]. - Brazil: As of December 1, in the 25/26 sugar season, the cumulative sugarcane crushed in the central - southern region of Brazil was 592 million tons, a 1.92% decrease from the same period last year; sugar production was 39.9 million tons, a 1.13% increase; alcohol production was 29.53 billion liters, a 5.43% decrease; the cumulative ratio of sugar - used cane was 51.12%, compared with 48.34% in the same period last year [19]. - India: As of December 15, in the 25/26 sugar season, India produced 7.79 million tons of sugar, a year - on - year increase of 1.72 million tons. ISMA/NFCSF predicts that the total sugar production in India in the 25/26 sugar season will be 34.35 million tons (previous forecast 34.9 million tons), with 3.4 million tons of sugar used for ethanol production and a net sugar production of 30.95 million tons; in the 24/25 sugar season, it was 29.5 million tons (with a net sugar production of 26.1 million tons) [19]. - Thailand: As of December 24, in the 25/26 sugar season, Thailand produced 1 million tons of sugar, a year - on - year decrease of 170,000 tons [20]. - China: CAOC predicts that in the 25/26 sugar season, domestic sugar production will be 11.7 million tons (previous forecast 11.2 million tons), consumption will be 15.7 million tons (previous forecast 15.9 million tons), and imports will be 5 million tons. In November 2025, 440,000 tons of sugar were imported, and the cumulative sugar imports in the 25/26 sugar season were 1.19 million tons, an increase of 120,000 tons. In November 2025, the combined imports of syrup and premixed powder were 110,000 tons, and the cumulative imports in the 25/26 sugar season were 230,000 tons, a decrease of 220,000 tons [2][20]. 3. Operation Suggestions - International market: Trade in a low - range. The market is in a weak - expectation pattern. The 25/26 sugar season is expected to see a restorative increase in global sugar production and inventory accumulation, which is bearish. New York raw sugar will trade in a low - range. Although sugar prices have fallen to a phased low, the cost of corn ethanol has pulled down the valuation. Pay attention to Brazil's production and export rhythm, as well as India's output and relevant industrial policies [3][29]. - Domestic market: Maintain the expectation of a weak basis. In the 25/26 sugar season, domestic sugar production is expected to continue to increase, but production costs in the Guangxi region may increase due to a decline in the sugar extraction rate. Zhengzhou sugar prices follow the trend of raw sugar, and trading revolves around the import rhythm. The cost of out - of - quota imports is relatively low, and both regular and irregular imports remain at a high level. Focus on changes in import policies [3][29].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint of the Report - In the short - term, under the weak trend of domestic and international sugar prices, the price of the main contract (SR601) of white sugar futures may continue to show a weak and volatile trend [16] 3. Summary According to the Catalog 3.1 Futures Market 3.1.1 Contract Market - On November 5, 2025, the price of the main contract (SR601) of Zhengzhou Commodity Exchange's white sugar futures showed a weak and volatile trend, closing at 5441 yuan/ton, down 47 yuan/ton or 0.86% from the previous day. The trading volume was 184,476 lots, the open interest was 367,492 lots, and the daily increase in positions was - 1330 lots. The total long positions of the Top20 members in the main contract (SR601) of white sugar futures were 250,486 lots with a long position difference of 2,705 lots, and the total short positions were 292,279 lots with a short position difference of 3,970 lots [2] - The closing prices, price changes, trading volumes, open interests, daily position changes and amplitudes of other contracts (SR511, SR603, SR605) are also provided [3] 3.1.3 Options Market - On this day, a total of 81,238 lots of white sugar options were traded, with 47,103 lots of call options and 34,135 lots of put options. The open interest of the variety was 306,152 lots, the open interest of call options was 194,706 lots, the open interest of put options was 111,446 lots, and the open interest PCR was 0.5724 [3] 3.2 Spot Market 3.2.1 Spot Quotation - According to Wind data, the domestic white sugar spot quotation on this day was 5,723 yuan/ton, down 29 yuan/ton from the previous observation day [7] 3.2.2 Registered Warehouse Receipts - The total number of registered warehouse receipts for white sugar futures on this day was 7,422, a decrease of 10 from the previous trading day [10] 3.3 Influencing Factors 3.3.1 External Market Quotes - On November 4, the opening price of the main contract of ICE raw sugar was 14.65 cents/pound, the highest price was 14.72 cents/pound, the lowest price was 14.13 cents/pound, and the closing price was 14.21 cents/pound, down 0.44 cents/pound or 3.00% from the previous day. The open interest was 478,904 lots, and the daily increase in positions was 3,720 lots [11] 3.3.2 Basis Data - The white sugar basis on this day was 299 yuan/ton, and the basis continued to strengthen [14] 3.4 Market Outlook - The domestic white sugar spot price has weakened again, and the price of the main contract of ICE white sugar futures has failed to rebound and turned down. On the futures market, the price of the main contract (SR601) of white sugar futures opened low and moved lower, showing a weak and volatile trend throughout the day [16]

Report Summary 1. Investment Rating - There is no information about the industry investment rating in the report. 2. Core View - The domestic Nanning warehouse white sugar spot price remains stable, the ICE white sugar futures main contract price continues to be weak, and the overall support for domestic white sugar futures prices is average. The price of the white sugar futures main contract (SR601) continues a small - scale rebound and shows a strong trend throughout the day. In the short term, due to the divergence in the price trends of domestic and foreign white sugar, there may still be significant differences between bulls and bears in the price of the white sugar futures main contract (SR601), and the price may generally continue a wide - range volatile trend at a low level [15][16]. 3. Summary by Directory 3.1 Futures Market - **Contract行情**: On October 29, 2025, the price of the Zhengzhou Commodity Exchange white sugar futures main contract (SR601) fluctuated strongly throughout the day, closing at 5,494 yuan/ton, up 35 yuan/ton or 0.64% from the previous day. The trading volume was 182,203 lots, the open interest was 391,035 lots, and the daily increase in positions was - 9,001 lots. The total long positions of the Top20 members of the white sugar futures main contract (SR601) were 261,716 lots, with a long position difference of - 4,043 lots, and the total short positions were 313,807 lots, with a short position difference of - 13,851 lots [2]. - **Variety Price**: Different white sugar futures contracts showed different price changes. For example, SR511 closed at 5,426 yuan/ton, up 39 yuan/ton or 0.72%; SR603 closed at 2,459 yuan/ton, up 32 yuan/ton or 0.59%, etc. [3]. - **Option Market**: The total trading volume of white sugar options on this day was 69,226 lots, with 44,991 lots for call options and 24,235 lots for put options. The open interest of the variety was 289,843 lots, with 180,934 lots for call options and 108,909 lots for put options. The open interest PCR was 0.6019 [3]. 3.2 Spot Market - **Spot Quote**: The spot price of white sugar in Nanning warehouse on this day was 5,750 yuan/ton, unchanged from the previous observation day [6]. - **Registered Warehouse Receipts**: The total number of registered warehouse receipts for white sugar futures on this day was 7,625, a decrease of 70 from the previous trading day [9][10]. 3.3 Influencing Factors - **External Market Quotes**: On October 28, the opening price of the ICE raw sugar main contract was 14.5 cents/pound, the highest price was 14.59 cents/pound, the lowest price was 14.28 cents/pound, and the closing price was 14.39 cents/pound, down 0.07 cents/pound or 0.48% from the previous day. The open interest was 466,050 lots, and the daily increase in positions was - 3,573 lots [11]. - **Basis Data**: The white sugar basis on this day was 286 yuan/ton, and the basis continued to weaken [14].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The report presents the latest data on the sugar market, including prices, spreads, and supply - demand situations both domestically and internationally, along with macro and industry news [1][2][3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price Data**: The raw sugar price is 16.55 cents per pound, down 0.12; the mainstream spot price is 5940 yuan per ton, unchanged; the futures main contract price is 5547 yuan per ton, down 2 [1] - **Spread Data**: The 15 - spread is 23 yuan per ton, unchanged; the 59 - spread is - 6 yuan per ton, up 1; the mainstream spot basis is 393 yuan per ton, up 2 [1] 3.2 Macro and Industry News - India's monsoon precipitation has strengthened again. Brazil's exports have declined, with 374 tons exported in August (down 5% year - on - year) and 359 tons in July (down 5% year - on - year). Conab has lowered Brazil's 25/26 sugar production forecast to 4450 tons from 4590 tons. China imported 74 tons of sugar in July, an increase of 32 tons [1] 3.3 Domestic Market - CAOC predicts that China's sugar production will be 1116 tons in the 24/25 season and 1120 tons in the 25/26 season, with consumption of 1580 tons and 1590 tons respectively, and imports of 500 tons in both seasons. As of May 31, 24/25 season production was 1116 tons (up 120 tons), sales were 811 tons (up 152 tons), and the sales rate was 72.7%. As of July 31, 24/25 season cumulative imports were 324 tons (down 34 tons). In the 25/26 season, the market expects a decline in Guangxi's sugar yield and an increase in production costs [2] 3.4 International Market - ISO forecasts a global sugar supply shortage of 23 tons in the 25/26 season and 488 tons in the 24/25 season. As of August 16, 25/26 season, Brazil's central - southern region had a 6.6 - percentage - point decline in cumulative sugarcane crushing, with 2289 tons of sugar produced (down 112 tons), and the MIX was 52.51% (up 3.37 percentage points). ISMA/NFCSF predicts India's 25/26 season sugar production to be 3490 tons (up 540 tons from 24/25). Thailand's 24/25 season production was 1008 tons (up 127 tons) [3] 3.5 Trend Intensity - The sugar trend intensity is 0, indicating a neutral outlook [4]

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The international sugar market is expected to operate weakly. The industry is in a pattern of strong current situation but weak expectations. The global sugar supply was in a large shortage in the 24/25 sugar season, while the north and south hemispheres are expected to have a restorative increase in production and inventory in the 25/26 sugar season. The New York raw sugar is expected to have a weak and volatile trend [3][30]. - The domestic sugar market has a bearish basis. In the 24/25 sugar season, the domestic market is expected to have continuous production increase and cost decrease, with tightened import policies for syrup and premixed powder. In the 25/26 sugar season, the sugar yield in Guangxi is expected to decline and the production cost to rise. Zhengzhou sugar futures will follow the trend of raw sugar, and the trading rhythm will revolve around the import rhythm [3][30]. Summary by Relevant Catalogs 1. Macro Data - Exchange rates: The US dollar index is 97.62 (previous value: 97.74), and the US dollar to Brazilian real exchange rate is 5.37 (previous value: 5.40) [6]. - Crude oil: The WTI crude oil price is $62.6 per barrel (+1.02%) [6]. 2. Industry Data 2.1 Market Price and Trading Data - Price and basis: The price of the active contract of New York raw sugar is 15.81 cents per pound (+1.48%). The spot price of Guangxi Group is 5,940 yuan per ton, up 30 yuan per ton from last week; the main contract of Zhengzhou sugar futures is at 5,540 yuan per ton, up 17 yuan per ton from last week; the basis of the main contract has increased slightly. CAOC expects the domestic sugar production in the 24/25 sugar season to be 11.16 million tons, consumption to be 15.8 million tons, and imports to be 5 million tons. In the 25/26 sugar season, domestic sugar production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons [14]. - Warehouse receipts: As of last weekend, the warehouse receipts of Zhengzhou white sugar were 11,599 lots [14]. - CFTC latest position report (New York raw sugar): As of September 9, long positions of funds decreased by 13,118 lots, short positions increased by 31,561 lots, and net long positions decreased by 44,679 lots year - on - year to - 152,698 lots, a significant decrease in net long positions [14]. 2.2 Industry Supply and Demand Data - Global supply and demand: ISO expects a supply shortage of 4.88 million tons in the 24/25 sugar season and 0.23 million tons in the 25/26 sugar season [19]. - Brazil: As of August 16, in the 25/26 sugar season, the cumulative crushed sugarcane in the central - southern region of Brazil was 354 million tons, a 6.6% decrease from the same period last year; sugar production was 22.89 million tons, a 4.7% decrease; alcohol production was 16.07 billion liters, a 12% decrease; the cumulative sugar - using cane ratio was 52.51%, compared with 49.14% in the same period last year [19]. - India: As of May 15, in the 24/25 sugar season, India produced 25.74 million tons of sugar, a year - on - year decrease of 5.8 million tons. ISMA/NFCSF expects the total sugar production in India to be 34.9 million tons in the 25/26 sugar season and 29.5 million tons in the 24/25 sugar season [19]. - Thailand: In the 24/25 sugar season, Thailand produced 10.08 million tons of sugar, a year - on - year increase of 1.27 million tons [20]. - China: CAOC expects the domestic sugar production in the 24/25 sugar season to be 11.16 million tons, consumption 15.8 million tons, and imports 5 million tons; in the 25/26 sugar season, production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons. Customs data shows that in July 2025, 0.74 million tons of sugar were imported, and the cumulative sugar imports in the 24/25 sugar season were 3.25 million tons [20]. 3. Operation Suggestions - International market: It is expected to operate weakly. Pay attention to the production and export rhythm in Brazil and relevant industrial policies in India [3][30]. - Domestic market: The basis is bearish. The trading rhythm will revolve around the import rhythm. Pay attention to the import situation of sugar, syrup, and premixed powder [3][30].