Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall data of the domestic sugar market is neutral to bearish, with a year - on - year decrease in both sugar production and sales in Guangxi in February, while Yunnan has a faster sugar production progress and slightly better sales than the same period last year. However, the market's expectation of the decline in Brazil's export prospects supports the sugar market, and sugar prices are expected to fluctuate in the short term [2] 3. Summary of Each Section According to the Catalog 3.1 Futures Market - The closing price of the main futures contract for sugar is 5299 yuan/ton, with a change of 46; the main contract position is 428965 hands, a decrease of 984. The number of sugar warehouse receipts is 240, and the net long position of the top 20 futures holders is - 65851 hands, an increase of 2305. The effective warehouse receipt forecast is 1829, a decrease of 240. The estimated import - processing price of Brazilian sugar within the quota is 4036 yuan/ton, a decrease of 15; the estimated price of imported Brazilian sugar outside the quota (50% tariff) is 4086 yuan/ton, a decrease of 15. The estimated import - processing price of Thai sugar within the quota is 5112 yuan/ton, and the estimated price of imported Thai sugar outside the quota (50% tariff) is 5178 yuan/ton, a decrease of 19 [2] 3.2 Spot Market - The spot price of sugar in Kunming, Yunnan is 5230 yuan/ton, unchanged; the spot price in Nanning, Guangxi is 5370 yuan/ton, an increase of 10; the spot price in Liuzhou, Guangxi is 5370 yuan/ton, unchanged [2] 3.3 Upstream Situation - The national sugar - crop sowing area is 1480 thousand hectares, an increase of 60. The sowing area of sugar - cane in Guangxi is 840.33 thousand hectares, an increase of 5.24. The cumulative sales of cane sugar in Guangxi is 8.94 million tons, a decrease of 593.35. The cumulative output of cane sugar in Yunnan is 4.48 million tons, a decrease of 237.4. The total export volume of Brazilian sugar is 291.3 million tons, an increase of 15 [2] 3.4 Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 212 yuan/ton, an increase of 20; the price difference outside the quota (50% tariff) is 1238 yuan/ton, an increase of 19. The price difference between imported Thai sugar and Liuzhou sugar within the quota and outside the quota (50% tariff) is also provided. The monthly import volume of sugar is 44 million tons, a decrease of 31, and the cumulative import volume is 434 million tons [2] 3.5 Downstream Situation - The monthly output of refined sugar is 130.3 million tons, and the monthly output of soft drinks is 1045.7 million tons, a decrease of 50.5 [2] 3.6 Option Market - The implied volatility of the at - the - money call option for sugar is 9.24%, a decrease of 0.22; the implied volatility of the at - the - money put option is also 9.24%, a decrease of 0.22. The 20 - day historical volatility is 10.83%, an increase of 0.01; the 60 - day historical volatility is 7.63%, an increase of 0.09 [2] 3.7 Industry News - According to Unica, in the first half of December 2025, sugarcane crushing in the central - southern region of Brazil was 5.92 million tons, a year - on - year decrease of 32.8%; sugar production was 254,200 tons, a year - on - year decrease of 28.80%. As of December 16, 2025/26 crushing season (April 2025 - March 2026), the cumulative sugarcane crushing in the central - southern region of Brazil was 598 million tons, a year - on - year decrease of 2.36%, the cumulative sugar production was 40.158 million tons, a year - on - year increase of 0.86%, and the cumulative sugar - making ratio was 50.91%, 2.72 percentage points higher than 48.19% in the same period last year. ICE's most actively traded March raw sugar futures rose on Tuesday due to the decline in sugar production in the central - southern region of Brazil in the first half of December [2] 3.8 Viewpoint Summary and Prompt Attention - The futures closed up 0.05 cents or 0.30%, at 14.89 cents per pound. In the domestic market, the production and sales data of the main producing areas showed that in December, the monthly sugar production in Guangxi was 1.808 million tons, a year - on - year decrease of 431,000 tons, and the monthly sugar sales was 795,400 tons, a year - on - year decrease of 551,800 tons. As of December 31, 2025, the cumulative sugar production in Yunnan was 392,300 tons, higher than 326,900 tons in the same period of the previous crushing season; the cumulative sugar sales in Yunnan was 281,400 tons, compared with 267,100 tons in the same period last year [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View The overall data of the domestic sugar market is slightly bearish, but the market's expectation of a decline in Brazil's export prospects supports the sugar market. In the short term, sugar prices are expected to fluctuate mainly [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the futures main contract for sugar was 5253 yuan/ton, a decrease of 32 yuan; the main contract position was 429949 lots, a decrease of 1446 lots; the number of warehouse receipts was 9499, an increase of 560; the net buying volume of the top 20 futures positions was -68156 lots; the effective warehouse receipt forecast was 2069, a decrease of 560 [2]. 3.2现货市场 - The import processing estimated price of Brazilian sugar within the quota was 4036 yuan/ton, a decrease of 15 yuan; the import processing estimated price of Thai sugar within the quota was 4086 yuan/ton, a decrease of 15 yuan; the estimated price of imported Brazilian sugar outside the quota (50% tariff) was 5112 yuan/ton, a decrease of 20 yuan; the estimated price of imported Thai sugar outside the quota (50% tariff) was 5178 yuan/ton; the spot price of white sugar in Yunnan Kunming was 5230 yuan/ton, unchanged; the spot price of white sugar in Guangxi Nanning was 5360 yuan/ton, unchanged; the spot price of white sugar in Guangxi Liuzhou was 5370 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The national sugar - cane planting area was 1480 thousand hectares; the cumulative sales volume of cane sugar in Guangxi was 8.94 million tons; the planting area of sugar - cane in Guangxi was 840.33 thousand hectares; the cumulative output of cane sugar in Yunnan was 4.48 million tons; the total export volume of Brazilian sugar was 291.3 million tons, a decrease of 38.9 million tons; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota was 1288 yuan/ton, an increase of 15 yuan [2]. 3.4 Industry Situation - The price difference between imported Thai sugar and Liuzhou sugar within the quota was 1238 yuan/ton; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) was 146 yuan/ton; the monthly import volume of sugar was 44 million tons, a decrease of 31 million tons; the cumulative import volume of sugar was 434 million tons [2]. 3.5 Downstream Situation - The monthly output of refined sugar was 130.3 million tons, an increase of 42 million tons; the monthly output of soft drinks was 1045.7 million tons, a decrease of 50.5 million tons [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar was 9.24%, a decrease of 0.22%; the implied volatility of at - the - money put options for sugar was 9.24%, a decrease of 0.22%; the 20 - day historical volatility of sugar was 10.82%, a decrease of 0.06%; the 60 - day historical volatility of sugar was 7.54%, unchanged [2]. 3.7 Industry News - Brazil exported 74.05 million tons of sugar in the first two weeks of January, with a daily average export volume of 12.34 million tons, a 32% increase compared to the daily average export volume of 9.37 million tons in January of the previous year. The total export volume in January of the previous year was 206.2 million tons. The ICE raw sugar futures fell on Monday, but the decline was limited by the weakening of the US dollar. The most actively traded March raw sugar futures fell 0.05 cents or 0.30%, settling at 14.84 cents per pound [2]. 3.8 Viewpoint Summary - In December, the monthly sugar output in Guangxi was 180.8 million tons, a year - on - year decrease of 43.1 million tons, and the monthly sales volume was 79.54 million tons, a year - on - year decrease of 55.18 million tons. As of December 31, 2025, the cumulative sugar output in Yunnan was 39.23 million tons, higher than 32.69 million tons in the same period of the previous crushing season; the cumulative sugar sales volume in Yunnan was 28.14 million tons, compared with 26.71 million tons in the same period of last year [2].

1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report [1][2] 2. Core View of the Report - The market has diverse sugar sources, and the spot price is weak. The market is expected to remain weak in the future, and attention should be paid to demand changes [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the futures main contract of sugar is 5337 yuan/ton, with a month - on - month increase of 34; the main contract position is 289,716 lots, with a month - on - month decrease of 27,587 [2] - The number of sugar warehouse receipts is 181, with a month - on - month increase of 181; the net long position of the top 20 futures positions is - 52,900 lots, with a month - on - month decrease of 3,536 [2] - The total forecast of effective sugar warehouse receipts is 1,490, with a month - on - month increase of 1,309 [2] 3.2 Spot Market - The estimated import processing price of Brazilian sugar (within quota) is 4,079 yuan/ton, with a month - on - month decrease of 15; that of Thai sugar (within quota) is 4,127 yuan/ton, with a month - on - month decrease of 16 [2] - The estimated import price of Brazilian sugar (out - of - quota, 50% tariff) is 5,168 yuan/ton; that of Thai sugar (out - of - quota, 50% tariff) is 5,231 yuan/ton [2] - The spot price of sugar in Kunming, Yunnan is 5,345 yuan/ton, with a month - on - month decrease of 25; in Nanning, Guangxi is 5,410 yuan/ton, with no change; in Liuzhou, Guangxi is 5,485 yuan/ton, with no change [2] 3.3 Upstream Situation - The national sugar crop sown area is 1,480 thousand hectares, with a year - on - year increase of 60; the sown area of sugar cane in Guangxi is 840.33 thousand hectares, with a year - on - year increase of 5.24 [2] - The cumulative national sugar production is 1,116.21 million tons, with a month - on - month increase of 5.49; the cumulative sales of Guangxi cane sugar is 8.94 million tons, with a month - on - month decrease of 593.35 [2] - The cumulative production of Yunnan cane sugar is 4.48 million tons, with a month - on - month decrease of 237.4; the total Brazilian sugar exports are 330.2 million tons, with a month - on - month decrease of 90.3 [2] 3.4 Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar (within quota) is 1,240 yuan/ton, with a month - on - month decrease of 16; that of Thai sugar (within quota) is 1,192 yuan/ton [2] - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar (out - of - quota, 50% tariff) is 151 yuan/ton, with a month - on - month decrease of 11; that of Thai sugar (out - of - quota, 50% tariff) is 88 yuan/ton, with a month - on - month decrease of 11 [2] - The monthly import volume of sugar is 75 million tons, with a month - on - month increase of 20; the cumulative import volume is 390 million tons, with a month - on - month increase of 74 [2] 3.5 Downstream Situation - The monthly production of refined sugar is 88.3 million tons, with a month - on - month increase of 34.39; the monthly production of soft drinks is 1,096.2 million tons, with a month - on - month decrease of 495.5 [2] 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 8.81%, with a month - on - month decrease of 2.07; that of at - the - money put options is 8.81%, with a month - on - month decrease of 2.06 [2] - The 20 - day historical volatility of sugar is 6.72%, with a month - on - month increase of 0.03; the 60 - day historical volatility is 6.87%, with a month - on - month decrease of 0.01 [2] 3.7 Industry News - As of October 28, 2025, the non - commercial net short position of raw sugar futures was 167,419 lots, an increase of 27,018 lots from the previous week. The long position was 164,391 lots, a decrease of 957 lots from the previous week, and the short position was 331,810 lots, an increase of 26,061 lots from the previous week [2] - Brazil's sugar exports in November were 330.2 million tons, a year - on - year decrease of 2.59%. The focus of the market is on the pressure on prices caused by the increase in production in the Northern Hemisphere, and the reduction of the sugar cane purchase price in Thailand also brings pressure to the international raw sugar market [2] 3.8 Industry Situation in China - This year's import quota is basically used up, but the import cost continues to decrease. Domestic sugar producers are worried that low - priced processed sugar next year will seize the market. The sugar - pressing speed in Guangxi is accelerating, leading to market competition [2] - As of now, 44 sugar mills in Guangxi have started production in the 25/26 crushing season, 21 less than the same period last year, with a daily sugar - cane crushing capacity of 346,000 tons, 175,500 tons less than the same period last year. 12 sugar mills in Yunnan have started production, 6 more than the same period last year [2]

1. Overall Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views 2.1 Oils and Fats - Palm oil: Malaysian BMD crude palm oil futures are under pressure and may fall further, with potential support at 4000 - 4100 ringgit. Dalian palm oil futures are also under pressure, expected to test 8500 - 8600 yuan for support. Overall, a view of near - term weakness and long - term strength is maintained [1]. - Soybean oil: There are both bullish and bearish factors. The overall supply - demand pattern is oversupplied, but due to factors such as high Brazilian soybean prices and potential factory shutdowns, the spot basis quote has limited short - term fluctuation space [1]. 2.2 Corn and Corn Starch - Corn: Currently, the supply is abundant, and the price is in a downward channel. The demand is mainly for rigid needs, and the futures market is expected to fluctuate weakly and approach the new - season cost price of 2050 yuan. In the long - term, it will be in a tight - balance pattern with policy support [2]. - Corn starch: The price of corn starch 2601 has increased slightly, and the market situation is affected by the corn market [2]. 2.3 Meal Products - Meal products: The expectation of China purchasing US soybeans has increased, and the domestic cost support remains. With high domestic soybean and soybean meal inventories and poor crushing margins, the domestic soybean meal trend is expected to be strong [5]. 2.4 Live Pigs - Live pigs: The market supply is relatively loose, and the pig price has weakened. There may be short - term support from secondary fattening, but there will be increased supply pressure in November and December, and the futures market is following the spot market down [7]. 2.5 Sugar - Sugar: The expected increase in supply surplus and weak energy prices have led to a weakening of raw sugar prices. Domestic sugar prices are also under pressure but have cost support at around 5400 yuan, and the market is expected to maintain a low - level oscillation [10]. 2.6 Cotton - Cotton: The new cotton cost provides support, but there is also hedging pressure. The downstream demand is weak, and the cotton price is expected to oscillate within a range in the short term [12]. 2.7 Eggs - Eggs: The short - term supply - demand imbalance persists, and the price is expected to be in a state of being difficult to rise or fall. With the slow recovery of demand, the price may gradually rise, with a reference range of 2900 - 3300 [14]. 3. Summary by Related Catalogs 3.1 Oils and Fats - **Soybean oil**: On October 31, the spot price in Jiangsu was 8400 yuan, unchanged from the previous day; the futures price of Y2601 was 8128 yuan, down 40 yuan (- 0.49%); the basis was 272 yuan, up 40 yuan (17.24%) [1]. - **Palm oil**: On October 31, the spot price in Guangdong was 8700 yuan, down 50 yuan (- 0.57%); the futures price of P2601 was 8764 yuan, down 64 yuan (- 0.72%); the basis was - 64 yuan, up 14 yuan (17.95%) [1]. - **Rapeseed oil**: On October 31, the spot price in Jiangsu was 9750 yuan, down 50 yuan (- 0.51%); the futures price of O1601 was 9422 yuan, down 107 yuan (- 1.12%); the basis was 328 yuan, up 57 yuan (21.03%) [1]. 3.2 Corn and Corn Starch - **Corn**: On November 3, the flat - hatch price of corn 2601 in Jinzhou Port was 2130 yuan, up 19 yuan (0.90%); the basis was 0 yuan, down 9 yuan (- 100.00%); the 1 - 5 spread was - 97 yuan, up 5 yuan (4.90%) [2]. - **Corn starch**: On November 3, the price of corn starch 2601 was 2440 yuan, up 21 yuan (0.87%); the basis was 70 yuan, down 21 yuan (- 23.08%); the 1 - 5 spread was - 108 yuan, up 3 yuan (2.70%) [2]. 3.3 Meal Products - **Soybean meal**: On November 3, the spot price in Jiangsu was 3020 yuan, up 50 yuan (1.68%); the futures price of M2601 was 3021 yuan, up 27 yuan (0.90%); the basis was - 1 yuan, up 23 yuan (95.83%) [5]. - **Rapeseed meal**: On November 3, the spot price in Jiangsu was 2470 yuan, down 10 yuan (- 0.40%); the futures price of RM2601 was 2388 yuan, down 13 yuan (- 0.54%); the basis was 82 yuan, up 3 yuan (3.80%) [5]. 3.4 Live Pigs - **Futures**: On November 3, the price of live pigs 2605 was 11895 yuan, down 5 yuan (- 0.04%); the price of live pigs 2601 was 11815 yuan, down 65 yuan (- 0.55%); the 1 - 5 spread was - 80 yuan, down 60 yuan (- 300.00%) [7]. - **Spot**: The spot prices in different regions showed slight fluctuations, with the price in Henan at 12500 yuan, up 50 yuan; the price in Shandong at 12550 yuan, unchanged; etc [7]. 3.5 Sugar - **Futures**: On November 3, the price of sugar 2601 was 5483 yuan, up 11 yuan (0.20%); the price of sugar 2605 was 5413 yuan, up 6 yuan (0.11%); the 1 - 5 spread was 70 yuan, up 5 yuan (7.69%) [10]. - **Spot**: The spot price in Nanning was 5750 yuan, unchanged; the spot price in Kunming was 5710 yuan, down 10 yuan (- 0.17%); the Nanning basis was 337 yuan, down 6 yuan (- 1.75%); the Kunming basis was 297 yuan, down 16 yuan (- 5.11%) [10]. 3.6 Cotton - **Futures**: On November 3, the price of cotton 2605 was 13605 yuan, down 2 yuan (- 0.04%); the price of cotton 2601 was 13595 yuan, down 5 yuan (- 0.04%); the 5 - 1 spread was 10 yuan, unchanged [12]. - **Spot**: The Xinjiang arrival price of 3128B was 14674 yuan, up 16 yuan (0.11%); the CC Index of 3128B was 14860 yuan, up 17 yuan (0.11%); the 3128B - 01 contract spread was 1069 yuan, up 21 yuan (2.00%) [12]. 3.7 Eggs - **Futures**: On November 3, the price of the egg 12 - contract was 3146 yuan, down 11 yuan (- 0.35%); the price of the egg 01 - contract was 3318 yuan, down 35 yuan (- 1.04%); the basis was - 203 yuan, up 21 yuan (9.39%); the 12 - 01 spread was - 172 yuan, up 24 yuan (12.24%) [14]. - **Related indicators**: The egg - laying hen chick price was 2.80 yuan, up 0.15 yuan (5.66%); the culled hen price was 4.11 yuan, down 0.18 yuan (- 4.20%); the egg - feed ratio was 2.35, up 0.04 (1.73%); the breeding profit was - 26.10 yuan, up 2.61 yuan (9.09%) [14].

1. Report Industry Investment Rating No information provided in the reports. 2. Core Views of the Reports Oils and Fats - Malaysian BMD crude palm oil futures are expected to remain weakly volatile, with a chance of a short - term rebound in the 4200 - 4250 ringgit range. Dalian palm oil futures may follow the downward trend of Malaysian palm oil. Domestic soybean oil fundamentals are bearish, and the 1 - month contract of Dalian soybean oil may test the 8000 - yuan support and may break it [1]. Meal Products - Although domestic soybean and soybean meal inventories are at a high level, the cost - side support is strengthening. The trend of domestic soybean meal is expected to be bullish as it is difficult to source cheap soybeans in the near term [3]. Livestock (Pigs) - The secondary fattening enthusiasm has declined, and the market supply is relatively loose. Pig prices have weakened from a strong position. In the short term, prices may not fall significantly, but there will be an increase in the number of pigs for sale in November and December, and risks should be monitored around the Winter Solstice [4]. Sugar - Brazilian sugar supply is expected to be abundant, and raw sugar prices will remain weakly volatile. Domestic sugar prices have limited downward momentum as they approach the production cost, and the current bottom - shock pattern may continue [9]. Cotton - The downstream textile enterprises' demand for cotton is resilient, and the rising cost of new cotton provides support. However, cotton prices may face hedging pressure, and short - term prices are expected to fluctuate within a range [10]. Corn - Due to sufficient grain sources in the Northeast and the behavior of farmers in North China, the overall corn price is stable with limited upside. With the supply pressure remaining, the futures market will maintain a low - level shock in the short term [11]. Eggs - Egg supply is sufficient, and demand may first increase and then decrease this week. Egg prices are expected to rise slightly and then stabilize, with overall pressure [17]. 3. Summary by Directory Oils and Fats - **Soybean Oil**: The spot price in Jiangsu is 8400 yuan, the Y2601 futures price is 8168 yuan, and the basis is 232 yuan. The market is affected by the outcome of the Sino - US summit, and there is a risk of the 1 - month contract testing the 8000 - yuan support [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong is 8750 yuan. The BMD crude palm oil futures are weakly volatile, and Dalian palm oil may follow the downward trend [1]. - **Rapeseed Oil**: The spot price of third - grade rapeseed oil in Jiangsu is 9800 yuan, and the OI601 futures price is 9529 yuan [1]. Meal Products - **Soybean Meal**: The spot price in Jiangsu is 2970 yuan, the M2601 futures price is 2994 yuan, and the basis is - 24 yuan. The cost - side support is strengthening, and the trend is expected to be bullish [3]. - **Rapeseed Meal**: The spot price in Jiangsu is 2480 yuan, the RM2601 futures price is 2401 yuan, and the basis is 79 yuan [3]. - **Soybeans**: The spot price of Harbin soybeans is 3900 yuan, the main contract of Soybean No. 1 is 4103 yuan, and the basis is - 203 yuan. The spot price of imported soybeans in Jiangsu is 3940 yuan, the main contract of Soybean No. 2 is 3704 yuan, and the basis is 236 yuan [3]. Livestock (Pigs) - **Futures**: The 2605 contract price is 11900 yuan/ton, the 2601 contract price is 11880 yuan/ton, and the 1 - 5 spread is - 20 yuan [4]. - **Spot**: The spot prices in Henan, Shandong, Sichuan and other regions have different degrees of decline or stability [4]. Sugar - **Futures**: The 2601 contract price is 5472 yuan/ton, the 2605 contract price is 5407 yuan/ton, and the ICE raw sugar main contract is 14.25 cents/lb [9]. - **Spot**: The spot price in Nanning is 5720 yuan/ton, and the basis is 343 yuan [9]. Cotton - **Futures**: The 2605 contract price is 13610 yuan/ton, the 2601 contract price is 13600 yuan/ton, and the ICE US cotton main contract is 65.09 cents/lb [10]. - **Spot**: The Xinjiang arrival price of 3128B cotton is 14658 yuan/ton, and the CC Index of 3128B is 14843 yuan/ton [10]. Corn - **Corn**: The 2601 contract price is 2111 yuan/ton, the Jinzhou Port FAS price is 2120 yuan/ton, and the basis is 9 yuan [11]. - **Corn Starch**: The 2601 contract price is 2419 yuan/ton, the Changchun spot price is not provided, and the Weifang spot price is 2750 yuan/ton [11]. Eggs - **Futures**: The December contract price is 3157 yuan/500KG, the January contract price is 3353 yuan/500KG, and the 12 - 01 spread is - 196 yuan [16]. - **Spot**: The egg - producing area price is 2.93 yuan/T, and the basis is - 224 yuan/500KG [16].