Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The domestic market is in the best window period for import profit in the past five years, and the pressure of import supply in the second half of the year may increase. Assuming that the outer - disk price does not rebound significantly, the probability of the Zhengzhou sugar price continuing to decline in the future is relatively high [9][10] Group 3: Summary according to the Directory 3.1 Zhoudu Evaluation and Strategy Recommendation - **International Market Review**: This week, the raw sugar price fell. As of Friday, the closing price of the ICE raw sugar October contract was reported at 16.28 cents per pound, a decrease of 0.51 cents per pound from the previous week, with a decline rate of 3.04%. In June, the sugar - cane yield in the central - southern region of Brazil decreased. From June 2025 to the 2025/26 crushing season, the sugar content (ATR) decreased from 125.2 kg/ton to 121.4 kg/ton, a year - on - year decrease of 3.1%; the average yield (TCH) decreased from 88.9 tons/ha to 79.3 tons/ha, a year - on - year decrease of 10.8%. As of the week of July 23, the number of ships waiting to load sugar at Brazilian ports was 76, and the quantity of sugar waiting to be shipped was 3.3408 million tons, a week - on - week increase of 246,500 tons [9] - **Domestic Market Review**: This week, the Zhengzhou sugar price rose slightly. As of Friday, the closing price of the Zhengzhou sugar September contract was reported at 5,876 yuan per ton, an increase of 50 yuan per ton from the previous week, with a growth rate of 0.86%. In June 2025, China imported 115,500 tons of syrup and premixed powder, a year - on - year decrease of 103,500 tons. From January to June 2025, China imported 459,100 tons of syrup and premixed powder, a year - on - year decrease of 492,400 tons [9] - **Viewpoints and Strategies**: With the current good import profit window in the domestic market, the import supply pressure may increase in the second half of the year. Assuming no significant rebound in the outer - disk price, the Zhengzhou sugar price is likely to continue to decline [9][10] - **Fundamental Evaluation**: On July 26, 2025, the basis was 164 yuan/ton, and the multi - empty score was - 0.5; the Zhengzhou sugar 9 - 1 spread was 198 yuan/ton, and the multi - empty score was + 0; the production - sales area spread was - 120 yuan/ton, and the multi - empty score was + 0; the raw - white sugar spread was 115 US dollars/ton, and the multi - empty score was + 0; the raw sugar - alcohol spread was 3.34 cents per pound, and the multi - empty score was + 0; the cost of the October contract within the quota was 4,544 yuan/ton, and the cost outside the quota was 5,672 yuan/ton, and the multi - empty score was - 1. The overall valuation of the disk is high [10] - **Trading Strategy Suggestion**: No trading strategy suggestions were provided [11] 3.2 Spread Trend Review - **Spot Price and Basis**: The report shows the price trend of first - grade white granulated sugar in Nanning, Guangxi, and the basis chart of Nanning spot - Zhengzhou sugar main contract from 2021 to 2025 [17][18] - **Spot - to - Spot Spread**: It includes the processing sugar basis and the production - sales area spread charts from 2021 to 2025, as well as the Zhengzhou sugar 1 - 5 and 9 - 1 spread charts of different contract periods [20][21][24] - **Internal - External Spread**: It presents the charts of the profit of out - of - quota spot import, out - of - quota disk import, raw sugar 10 - 3 and 3 - 5 spreads, London white sugar 8 - 10 and 10 - 3 spreads, raw - white sugar spreads, raw sugar spot premium and discount, and sugar - alcohol ratio from 2021 to 2025 [25][26][28] 3.3 Domestic Market Situation - **National Output**: The report shows the monthly and cumulative sugar production charts in China from 20/21 to 24/25 [41][42] - **Sugar Import Volume**: It includes the monthly and annual cumulative sugar import volume charts, as well as the monthly and annual cumulative import volume charts of syrup and premixed powder from 2021 to 2025 [44][45][47] - **National Sales Volume**: It shows the monthly sugar sales volume and cumulative sales progress charts in China from 20/21 to 24/25 [49][50] - **National Industrial Inventory**: It presents the monthly industrial inventory chart in China from 2021 to 2025 and the Guangxi three - party warehouse inventory chart from 20/21 to 24/25 [52][53] 3.4 International Market Situation - **CFTC Position**: The report shows the CFTC fund net position and commercial net position charts from 2021 to 2025 [57][58] - **Brazilian Central - Southern Production Situation**: It includes the bi - weekly and cumulative sugar production, cumulative sugar - making ratio of sugar cane, and cumulative sugar - cane crushing volume charts in the central - southern region of Brazil from 21/22 to 25/26 [59][60][62] - **Indian Output**: It shows the bi - weekly and cumulative sugar production charts in India from 20/21 to 24/25 [64][65] - **Thai Output**: It presents the bi - weekly and cumulative sugar production charts in Thailand from 20/21 to 24/25 [67][68] - **Brazilian Shipment Volume**: It includes the sugar inventory chart in the central - southern region of Brazil from 2022 to 2025 and the chart of the quantity of sugar waiting to be shipped at Brazilian ports from 21/22 to 25/26 [70][71]