Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The sugar market is experiencing a narrow - range oscillation. The trend strength of sugar is - 1, indicating a weak bearish outlook [1][4] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Prices and Spreads**: The raw sugar price is 17.31 cents/pound, down 0.07; the mainstream spot price is 6140 yuan/ton, down 10; the futures main - contract price is 5835 yuan/ton, up 2. The 91 spread is 136 yuan/ton, down 4; the 15 spread is 46 yuan/ton, up 11; the mainstream spot basis is 305 yuan/ton, down 12 [1] 3.2 Macro and Industry News - **High - frequency Information**: The US dollar index has fallen below 100 again; Brazil's sugarcane crushing progress is slower year - on - year; the USDA expects a 4.73% increase in global sugar production in the 25/26 season. Brazil exported 155 million tons in April, a 18% year - on - year decrease. As of the end of April, India produced 2569 million tons of sugar in the 24/25 season. China's imports of regular sugar, syrup, and premixes from January to April decreased significantly [1] 3.3 Domestic Market - **Production, Consumption, and Import Forecast**: CAOC predicts that China's sugar production will be 1115 million tons in the 24/25 season and 1120 million tons in the 25/26 season; consumption will be 1580 million tons in the 24/25 season and 1590 million tons in the 25/26 season; imports will be 500 million tons in both seasons. As of the end of April, China produced 1111 million tons of sugar in the 24/25 season (+115 million tons), sold 724 million tons (+150 million tons), with a cumulative sales rate of 65.2%. China imported 174 million tons of sugar in the 24/25 season as of the end of April (-138 million tons) [2] 3.4 International Market - **Supply and Production**: ISO expects a global sugar supply shortage of 547 million tons in the 24/25 season (previously 488 million tons). As of May 1, the cumulative sugarcane crushing volume in central - southern Brazil in the 25/26 season decreased by 33 percentage points year - on - year, and the cumulative sugar production was 158 million tons (-100 million tons), with the cumulative MIX down 1.71 percentage points. As of May 15, India produced 2574 million tons of sugar in the 24/25 season (-580 million tons). As of April 9, Thailand produced 1005 million tons of sugar in the 24/25 season (+131 million tons) [3] 3.5 Trend Intensity - The trend intensity of sugar is - 1, within the range of [-2, 2], indicating a weak bearish view [4]

Report Industry Investment Rating - The investment rating for the sugar industry is "shockingly bullish" [1] Core Viewpoints of the Report - The trend strength of sugar is 1, indicating a relatively strong upward trend [3] Summary by Relevant Catalogs Fundamental Tracking - The raw sugar price is 17.74 cents per pound, with a year-on-year increase of 0.33; the mainstream spot price is 6,150 yuan per ton, with a year-on-year decrease of 10; the futures main contract price is 5,863 yuan per ton, with a year-on-year increase of 14 [1] - The 91 spread is 135 yuan per ton, with a year-on-year decrease of 4; the 15 spread is 40 yuan per ton, with a year-on-year increase of 1; the mainstream spot basis is 287 yuan per ton, with a year-on-year decrease of 24 [1] Macro and Industry News - High-frequency information shows that Brazil's sugarcane crushing progress is slower year-on-year; the USDA expects Brazil's sugar production to increase by 2% in the 25/26 season; Brazil exported 1.55 million tons of sugar in April, a year-on-year decrease of 18% [1] - As of the end of April, India produced 25.69 million tons of sugar in the 24/25 season; China's imports of regular sugar, syrup, and premixes from January to April decreased significantly [1] Domestic Market - The CAOC expects China's sugar production to be 11.15 million tons, consumption to be 15.8 million tons, and imports to be 5 million tons in the 24/25 season; in the 25/26 season, production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons [2] - As of the end of April, China produced 11.11 million tons of sugar in the 24/25 season, a year-on-year increase of 1.15 million tons; cumulative sales reached 7.24 million tons, a year-on-year increase of 1.5 million tons, and the cumulative sales rate was 65.2% [2] - China imported 280,000 tons of sugar from January to April, a year-on-year decrease of 970,000 tons [2] International Market - The ISO expects a global sugar supply shortage of 5.47 million tons in the 24/25 season (previously 4.88 million tons) [2] - As of May 1, the cumulative sugarcane crushing volume in the central-southern region of Brazil in the 25/26 season decreased by 33 percentage points year-on-year; cumulative sugar production was 1.58 million tons, a year-on-year decrease of 1 million tons; the cumulative MIX decreased by 1.71 percentage points year-on-year [2] - As of May 15, India produced 25.74 million tons of sugar in the 24/25 season, a year-on-year decrease of 5.8 million tons [2] - As of April 9, Thailand produced 10.05 million tons of sugar in the 24/25 season, a year-on-year increase of 1.31 million tons [2]