瑞达期货研究院 「2025.11.28」 白糖市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 「 周度要点小结」 行情回顾：本周郑糖2601合约价格反弹，周度涨幅约0.88%。 行情展望：巴西航运机构Williams发布的数据显示，截至11月26日当周巴西港口等 待装运食糖的船只数量为56艘，此前一周为61艘。港口等待装运的食糖数量为 206.72万吨，此前一周229.94万吨下降10.1%。当周等待装运出口的食糖船只数量 减少。国内市场，据不完全统计，截至当前，广西2025/26榨季已21家糖厂开榨， 同比减少36家；云南开榨糖厂已达9家，同比增加4家，广西甘蔗开榨相对延迟， 云南糖开榨进度快于去年同期。广西新糖上市，低价糖源进入市场，带动云南糖价 格下跌，加工糖、甜菜糖虽有一定冲击，但价格相对坚挺，给与广西糖价一定支撑。 另外市场最强利空基本消化，悲观情绪有所缓和，预计后市糖价震荡为主。 未来关注因素： 1、国内新糖开榨情况 2、需求 3 ...

本周观点 | 品种 | 逻辑驱动 | 策略及风险提示 | | --- | --- | --- | | 【现货市场】柳州现货价周跌3.19%至5470元/吨，基差收窄35%至117元/吨，市场 | 情绪偏悲观，看跌比例升至55%。 | | | 【期货市场】主力合约周跌2.14%至5353元/吨，持仓量增长12.55%至41.67万手， | | | | 预计未来1-2周 | | | | 价格连续五日收阴呈现单边下行特征。 | | | | 白糖期货将继续 | | | | 【供应方面】北半球新榨季稳步推进，印度截至11月15日产量达105万吨，国内广 | | | | 向下寻底，关注 | | | | 西新糖集中上市，植被指数显示产量预期良好。 | | | | 5300元/吨关键 | | | | 【需求方面】现货成交持续清淡，加工糖报价局部松动至5750-5890元/吨，消费 | | | | 支撑位表现。 | | | | 支撑明显减弱。 | | | | 风险提示：广西 | | | | 白糖 | 【进口出口】10月食糖进口75万吨同比增39.7%，1-10月累计进口同比增长13.8%， | | | 新糖集中上市加 | | ...

Report Industry Investment Rating - Not available Core View of the Report - This week, the price of the Zhengzhou Sugar 2601 contract fell, with a weekly decline of about 2.12%. The international sugar market is moving towards a looser supply situation, and the raw sugar market lacks positive drivers, with prices remaining low. In the domestic market, the new sugar - crushing season has fully started. As of now, 5 sugar mills in Yunnan and 9 in Guangxi have started crushing, 17 fewer than the same period last year, and the start - up of some sugar mills has been delayed due to rainfall. With the low international raw sugar prices, processing enterprises have high sales profits, and the import of sugar increased significantly in October. The short - term sugar price shows no sign of stopping the decline and is expected to remain weak [5]. Summary by Relevant Catalogs 1. Week - on - Week Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract fell this week, with a weekly decline of about 2.12% [5]. - **Market Outlook**: The international sugar market supply is loosening, and the raw sugar price remains low. In the domestic market, the new crushing season has started, but some mills' operations are delayed. The import supply pressure is obvious, and the short - term sugar price is expected to remain weak [5]. - **Future Focus**: Domestic new sugar crushing situation and demand [6] 2. Futures and Spot Market Futures Market - **ICE US Sugar**: The price of the US Sugar March contract fell this week, with a weekly decline of about 1.14%. As of September 30, 2025, the non - commercial raw sugar futures net short position was 105,207 lots, a decrease of 20,421 lots from the previous week. Long positions increased by 8,568 lots to 181,603 lots, and short positions decreased by 11,853 lots to 286,810 lots [12]. - **Zhengzhou Sugar**: The price of the Zhengzhou Sugar 2601 contract fell this week, with a weekly decline of about 2.12%. The top 20 net positions in the sugar futures were - 65,367 lots, and the number of Zhengzhou sugar warehouse receipts was 7,971 [19][27]. Spot Market - **International Raw Sugar**: The international raw sugar spot price this week was 14.11 cents per pound, up 0.28 cents per pound from last week [16]. - **Domestic Sugar**: As of November 21, the new sugar price in Liuzhou, Guangxi was 5,670 - 5,680 yuan per ton [35]. - **Imported Sugar Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,728 yuan per ton, down 14 yuan per ton from last week; the estimated profit outside the quota was 390 yuan per ton, down 46 yuan per ton. The estimated profit of Thai sugar within the quota was 1,377 yuan per ton, down 79 yuan per ton; outside the quota was 275 yuan per ton, down 88 yuan per ton [42]. 3. Industry Chain Situation Supply Side - **Production**: As of the end of October 2025, the total sugar production in the 2024/25 sugar - making season in China was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [47]. - **Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a decrease of 450,000 tons or 27.91% month - on - month, and an increase of 60,100 tons or 5.45% year - on - year [50]. - **Import Volume**: In October 2025, China's sugar import volume was 750,000 tons, a year - on - year increase of 39.62% and a month - on - month increase of 200,000 tons. From January to October 2025, the cumulative sugar import volume was 3.9 million tons, a year - on - year increase of 12.12% [54]. Demand Side - **Sales Rate**: As of the end of October 2025, the sugar mills in the 2024/25 crushing season had all stopped crushing. The total sugar production in this season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [60]. - **Related Product Output**: In October 2025, China's monthly output of refined sugar was 883,000 tons, a year - on - year increase of 36.1%. The monthly output of soft drinks was 10.962 million tons, a year - on - year decrease of 1.3% [64]. 4. Options and Stock Market - Related Market - **Options Market**: The implied volatility of at - the - money options for sugar this week is shown in the relevant chart, but no specific data is provided [65]. - **Stock Market**: The chart shows the price - to - earnings ratio of Nanning Sugar Industry, but no specific data is provided [70].

据不完全统计，截至11月21日，广西开榨糖厂数量接近20家，预计下周还将有多家糖厂密集开榨，进入 榨季开榨高峰。 据外媒报道，随着印度2025-26糖季的开始，全国制糖企业联合会（NFCSF）对政府允许糖出口的决定 表示欢迎，并敦促政府将糖的最低销售价格（MSP）提高到每公斤41卢比，调整乙醇价格，并批准额外 的糖转用于乙醇生产。 分析观点： 光大期货研报：原糖方面，仍以印度及泰国压榨进度作为指引，近期并无新的消息，以震荡思路对待。 国内更多糖厂开榨，供应充足，10月糖浆及预拌粉进口确有明显下滑，但仍高于市场预期，市场对后市 分歧较大，图形上看并无止跌迹象，仍以下行寻底对待。 据监测，周初国内一级白糖均价为5646元/吨，周末国内一级白糖均价为5540元/吨，价格下跌1.89%。 （11月21日）今日全国白糖价格 一览表 | 规格 | | 品牌/产 | 报价 | 报价类 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | --- | --- | | | | 地 | | 型 | | | | 食品级 | | 湖北七八 | 6500元/ | 市场价 | 湖北省/武汉 | 湖北 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - This week, the price of the Zhengzhou Sugar 2601 contract decreased slightly, with a weekly decline of about 0.47%. Brazil exported 4.205 million tons of sugar in October, a 13% year - on - year increase. From the 2025/26 sugar season (April - March of the following year) to October 2025, Brazil's cumulative sugar exports were 21.9568 million tons, a 5.27% year - on - year decrease. With strong production increase expectations in India and Thailand, the rebound of the raw sugar price is weak. China's sugar market is less affected by the decline due to import quotas and policies. Guangxi sugar mills are mainly focused on inventory reduction, and the new sugar season is expected to start in mid - to late November, providing some sales opportunities for old sugar. The overall market lacks driving factors, and the price will remain low in the short term. It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. 3. Directory Summaries 3.1 Weekly Key Points Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract decreased slightly this week, with a weekly decline of about 0.47% [5]. - **Market Outlook**: Brazil's sugar exports in October increased year - on - year, but the current sugar season is ending, and exports are expected to decline seasonally. With strong production increase expectations in India and Thailand, the raw sugar price rebounds weakly. China's market is less affected by the decline. Guangxi sugar mills are reducing inventory, and the new sugar season may start late, providing sales opportunities for old sugar. The market lacks driving factors, and the price will be low in the short term. Attention should be paid to the import data for October [5]. - **Trading Strategy**: It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. - **Future Concerns**: Domestic production and sales, and new - season production estimates [6] 3.2 Futures and Spot Market - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 14.17 cents per pound, a decrease of 0.72 cents per pound from last week [15]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2601 contract decreased slightly this week, with a weekly decline of about 0.47%. The latest price was 5457 yuan, up 17 yuan or 0.31%. The trading volume was 140,737 lots, and the open interest was 371,961 lots, a decrease of 486 lots [17]. - **Zhengzhou Sugar Futures Top 20 Positions**: This week, the net position of the top 20 in the Zhengzhou sugar futures was - 58,458 lots, and the number of Zhengzhou sugar warehouse receipts was 7,382 [23]. - **Zhengzhou Sugar Futures Contract Spread**: This week, the spread between the 1 - 5 contracts of Zhengzhou sugar futures was + 60 yuan per ton, and the spot - Zhengzhou sugar basis was + 303 yuan per ton [27]. - **Spot Market Price**: As of November 7, the price of Liuzhou sugar in Guangxi was 5,760 yuan per ton, and the spot price of Kunming sugar in Yunnan was 5,650 yuan per ton [31]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,754 yuan per ton, a decrease of 6 yuan per ton from last week; the estimated profit of Brazilian sugar outside the quota was 541 yuan per ton, an increase of 32 yuan per ton from last week. The estimated profit of Thai sugar within the quota was 1,530 yuan per ton, an increase of 18 yuan per ton from last week; the estimated profit of Thai sugar outside the quota was 456 yuan per ton, an increase of 24 yuan per ton from last week [37]. 3.3 Industrial Chain Situation - **Supply - Production**: As of the end of October 2025, the national sugar production in the 2024/25 sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [42]. - **Supply - Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a decrease of 450,000 tons or 27.91% month - on - month, and an increase of 60,100 tons or 5.45% year - on - year [45]. - **Supply - Import Volume**: In September 2025, China's sugar import volume was 550,000 tons, a 27.78% year - on - year increase and a decrease of 280,000 tons month - on - month. From January to September 2025, the cumulative sugar import volume was 3.16 million tons, a 7.89% year - on - year increase [49]. - **Demand - Sales Rate**: As of the end of October 2025, the sugar mills in the 2024/25 sugar season had all stopped production. The national sugar production in this sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [55]. - **Demand - Finished Sugar and Soft Drink Production**: In September 2025, China's monthly production of finished sugar was 539,100 tons, a 35.4% year - on - year increase. The monthly production of soft drinks was 15.9167 million tons, a 1.9% year - on - year decrease [59]. 3.4 Option and Stock - Related Market - **Option Market**: The implied volatility of the at - the - money options of sugar this week is presented in the relevant chart, but no specific data is provided in the text [61]. - **Stock Market - Nanning Sugar Industry**: The price - to - earnings ratio chart of Nanning Sugar Industry is provided, but no specific analysis is given [65].

瑞达期货研究院 「2025.10.24」 白糖市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 添加客服 业务咨询 「 周度要点小结」 行情回顾：本周郑糖2601合约价格小幅上涨，周度涨幅约0.63%。 行情展望：新榨季全球食糖过剩预估值多数上调，泰国和印度糖产量恢复，对供应 端起到关键影响，其中印度将于2025/26榨季恢复食糖出口，市场初步预期为200 万吨。国内市场，2025/26榨季蒙古、新疆合计有26家糖厂全部开榨 ，总产量预期 140万吨左右，短期北方甜菜糖供应将逐渐增加。另外海关总署公布的数据显示， 2025年9月份，我国食糖进口量为55万吨，环比减少约28万吨，同比增加35.8%； 2025年1-9月份，我国累计进口食糖316万吨，同比增加27万吨或9.4%。三季度进 口糖进度明显提速。根据农业农村部市场预警专家委员会预估，本年度我国进口总 量将超500万吨，加之进口糖配额外窗口打开，后期进口量压力仍明显。下游需求 处于季节性回落中，预计后期成品糖及饮料用货减少。不过盘面价格受成本支撑逐 渐显现，预计价格震荡为主。 交易策略 ...

瑞达期货研究院 添加客服 业务咨询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 「 周度要点小结」 「2025.09.26」 白糖市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 行情回顾：本周郑糖2601合约价格小涨，周度涨幅约0.31%。 行情展望：巴西航运机构Williams发布的数据显示，截至9月24日当周巴西港口等 待装运食糖的船只数量为76艘，此前一周为85艘。港口等待装运的食糖数量为 310.39万吨，此前一周328.27万吨。当周等待装运出口的食糖船只数量减少，出口 运力稍放缓。隔夜白糖2601合约收跌0.05%。国内方面，北方糖厂少量开榨，且新 年度糖预计微幅增产，现货价格稳中走弱。当前泰国进口糖浆管控有所放松，预计 后期糖浆数量出现小幅回升。加之广西糖产地销糖进度缓慢，受加工糖挤压。不过 台风天气导致广西等地甘蔗出现倒伏，短期市场情绪影响，下方存支撑，但向上有 供应充足压制。 交易策略：操作上，建议郑糖2601合约短期观望为主。 未来关注因素： 1、国内产销情况 2、新季产量 3 「 期现 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the price of the Zhengzhou Sugar 2601 contract rose, with a weekly increase of about 0.31%. The price of the ICE US Sugar October contract also rose, with a weekly increase of about 1.41%. The international raw sugar spot price was 16.15 cents per pound, down 0.19 cents per pound from last week [5][11][15]. - Internationally, institutions predict that sugar production in the central - southern region of Brazil in the second half of August will increase by 17.3% to 3.84 million tons, and the sugarcane crushing volume is expected to increase by 9.5% year - on - year to 49.5 million tons. Domestically, the sugar sales data in August was lower than the same period in previous years, but the inventory remained relatively low. Downstream is in the pre - holiday stocking stage, and rigid demand is expected to support prices. In the short term, the decline of sugar prices may be limited [5]. - The recommended trading strategy is to wait and see for the Zhengzhou Sugar 2601 contract in the short term. Future factors to focus on include domestic production and sales and pre - holiday stocking [5]. 3. Summary by Directory 3.1 Weekly Key Points Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract rose this week, with a weekly increase of about 0.31% [5]. - **Market Outlook**: International sugar production in Brazil is expected to increase. Domestically, sales in August were lower than usual, but inventory was low. Downstream stocking may support prices, and short - term price decline may be limited [5]. - **Trading Strategy**: It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. - **Future Focus**: Domestic production and sales and pre - holiday stocking [5]. 3.2 Futures and Spot Market - **US Sugar Futures**: The price of the US Sugar October contract rose this week, with a weekly increase of about 1.41%. As of September 2, 2025, the non - commercial net short position of raw sugar futures was 85,805 lots, an increase of 11,067 lots from the previous week [11]. - **International Raw Sugar Spot**: The international raw sugar spot price was 16.15 cents per pound, down 0.19 cents per pound from last week [15]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2601 contract rose this week, with a weekly increase of about 0.31%. The net position of the top 20 in Zhengzhou sugar futures was - 51,979 lots, and the number of Zhengzhou sugar warehouse receipts was 11,599 [18][23]. - **Zhengzhou Sugar Contract Spread**: The spread between the 1 - 5 contracts of Zhengzhou sugar futures was + 23 yuan/ton, and the spot - Zhengzhou sugar basis was + 430 yuan/ton [27]. - **Spot Market**: As of September 12, the price of Liuzhou sugar in Guangxi was 5,970 yuan/ton, and the spot price of Kunming sugar in Yunnan was 5,850 yuan/ton [34]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,572 yuan/ton, down 42 yuan/ton from last week; the estimated profit outside the quota was 183 yuan/ton, up 31 yuan/ton from last week. The estimated profit of Thai sugar within the quota was 1,365 yuan/ton, down 6 yuan/ton from last week; the estimated profit outside the quota was 177 yuan/ton, up 4 yuan/ton from last week [40]. 3.3 Industry Chain Situation - **Supply Side - Production**: As of the end of August 2025, the national sugar production in the 2024/25 sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [43]. - **Supply Side - Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a decrease of 450,000 tons or 27.91% month - on - month, and an increase of 60,100 tons or 5.45% year - on - year [46]. - **Supply Side - Imported Sugar Quantity**: In July 2025, China's sugar imports were 740,000 tons, a year - on - year increase of 41.56% and a month - on - month increase of 320,000 tons. From January to July 2025, the cumulative sugar imports were 1.78 million tons, a year - on - year increase of 2.41% [50]. - **Demand Side - Sugar Sales Rate**: As of the end of August 2025, the cumulative sugar sales were 9.9998 million tons, an increase of 1.1388 million tons year - on - year, and the cumulative sugar sales rate was 89.59%, an acceleration of 0.65 percentage points year - on - year [54]. - **Demand Side - Finished Sugar and Soft Drink Production**: In July 2025, China's monthly production of finished sugar was 410,000 tons, a year - on - year increase of 64.7%. The monthly production of soft drinks was 17.9663 million tons, a year - on - year increase of 4.7% [58]. 3.4 Option and Stock - Related Market - **Option Market**: Information about the implied volatility of at - the - money options of sugar this week is provided, but no specific data is given [59]. - **Stock Market - Nanning Sugar Industry**: Information about the price - earnings ratio of Nanning Sugar Industry is provided, but no specific analysis is given [64].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - This week, the price of the Zhengzhou Sugar 2601 contract decreased with a weekly decline of approximately 1.45%. The International Sugar Organization (ISO) predicts that the global sugar supply - demand gap in the 2025/26 season will be only 231,000 tons, significantly smaller than the revised value of 4.879 million tons in the 2024/25 season. This gap can be ignored before the new season starts. In China, the sugar sales data in Guangxi and Yunnan in August decreased year - on - year. However, as the downstream is in the stocking period for the Double Festivals, rigid demand is expected to support prices, and short - term sugar price declines may be limited. It is recommended to take a wait - and - see approach for the Zhengzhou Sugar 2601 contract in the short term [5]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract fell this week, with a weekly decline of about 1.45% [5]. - **Market Outlook**: The global sugar supply - demand gap in 2025/26 is expected to be 231,000 tons. In China, August sugar sales in Guangxi and Yunnan decreased year - on - year. Guangxi sold 260,200 tons in August, a year - on - year decrease of 96,900 tons, and Yunnan sold 130,900 tons, a year - on - year decrease of 10,100 tons. But the downstream's Double Festival stocking may support prices [5]. - **Trading Strategy**: It is recommended to take a short - term wait - and - see approach for the Zhengzhou Sugar 2601 contract [5]. - **Future Focus**: Domestic production and sales, and Double Festival stocking [5] 3.2 Futures and Spot Market - **US Sugar Market**: The price of the US Sugar October contract dropped this week, with a weekly decline of about 3.92%. As of August 26, 2025, the non - commercial net short position in raw sugar futures was 74,738 lots, an increase of 4,445 lots from the previous week. Long positions were 190,535 lots, a decrease of 2,556 lots, and short positions were 265,273 lots, an increase of 1,889 lots [11]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 16.8 cents per pound, an increase of 0.06 cents per pound from last week [15]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2601 contract decreased this week, with a weekly decline of about 1.45%. The top 20 net positions in sugar futures were - 44,496 lots, and the Zhengzhou sugar warehouse receipts were 12,476 [19][26]. - **Zhengzhou Sugar Futures Spread**: The 1 - 5 contract spread of Zhengzhou sugar futures was + 14 yuan/ton, and the spot - Zhengzhou sugar basis was + 447 yuan/ton [30]. - **Domestic Spot Market**: As of September 5, the sugar price in Liuzhou, Guangxi was 5,970 yuan/ton, and the spot price of sugar in Kunming, Yunnan was 5,835 yuan/ton [34]. - **Imported Sugar Cost and Profit**: This week, the estimated in - quota profit for Brazilian sugar was 1,527 yuan/ton, an increase of 79 yuan/ton from last week; the out - of - quota profit was 152 yuan/ton, an increase of 75 yuan/ton. The estimated in - quota profit for Thai sugar was 1,371 yuan/ton, an increase of 54 yuan/ton, and the out - of - quota profit was 173 yuan/ton, an increase of 82 yuan/ton [40]. 3.3 Industry Chain - **Supply Side - Production Increase**: As of the end of July 2025, the national sugar production in the 2024/25 sugar - making season was 11.1621 million tons, a year - on - year increase of 1.1989 million tons, or 12.03% [44]. - **Supply Side - Industrial Inventory**: As of the end of July 2025, the national sugar industrial inventory in the 2024/25 sugar - making season was 1.61 million tons, a year - on - year decrease of 100,000 tons, or 5.8% [47]. - **Supply Side - Imported Sugar Quantity**: In July 2025, China's sugar imports were 740,000 tons, a year - on - year increase of 41.56% and a month - on - month increase of 320,000 tons. From January to July 2025, the cumulative sugar imports were 1.78 million tons, a year - on - year increase of 2.41% [52]. - **Demand Side - Faster Sales Rate**: As of the end of July, the cumulative national sugar sales were 9.5498 million tons, a year - on - year increase of 1.2984 million tons, or 15.73%. The cumulative sugar sales rate was 86.56%, 3.74 percentage points faster year - on - year [56]. - **Demand Side - Output of Finished Sugar and Soft Drinks**: In July 2025, China's monthly output of finished sugar was 410,000 tons, a year - on - year increase of 64.7%. The monthly output of soft drinks was 17.9663 million tons, a year - on - year increase of 4.7% [60]. 3.4 Option and Stock - Related Markets - **Option Market**: Information on the implied volatility of at - the - money options for sugar this week is presented in the report, but specific data is not described in the text [61]. - **Stock Market - Nanning Sugar Industry**: The report shows the price - earnings ratio chart of Nanning Sugar Industry, but specific data is not described in the text [65].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This week, the price of Zhengzhou Sugar 2601 contract declined with a weekly drop of about 1.16%. Globally, the production outlook of major sugar - producing countries in Asia is favorable, leading to a looser supply expectation. However, the market is concerned about the sugar content of Brazilian sugarcane in the 2025/26 season, and there are signs of improved demand, causing the raw sugar price to maintain a low - level oscillating trend. In the domestic market, the profit window for out - of - quota imports remains open, and the import pressure is released. The sugar import volume in July increased significantly month - on - month, reaching the highest level in the same period in the past decade, and August - September is still the peak period. Beet sugar will start to be crushed in September, increasing the supply temporarily. On the demand side, the pre - holiday stocking for the upcoming double festivals will boost consumption. In terms of inventory, due to the good production and sales progress in the early stage, the inventory pressure is not large, but the number of processed sugar has increased, and the current inventory reduction process has slowed down significantly. For the new crop, the expected output in the new sugar - crushing season is expected to be at a high level in the past four years. Overall, factors such as a large increase in imports, the upcoming crushing of northern sugar mills, and the high expected output in the new season will suppress the sugar price to oscillate downward. It is recommended to hold short positions and set stop - losses to control risks. Future factors to watch include consumption and exports of Brazilian and Indian sugar [7]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Summary - **Market Analysis**: Zhengzhou Sugar 2601 contract price dropped with a 1.16% weekly decline. International raw sugar prices were low - level oscillating. Domestic imports soared, and future supply will increase, while demand will be promoted by pre - holiday stocking. It is recommended to hold short positions and set stop - losses. - **Future Focus**: Consumption and exports of Brazilian and Indian sugar [7] 3.2 Futures and Spot Market - **Futures Market**: The price of ICE US Sugar 10 - month contract rose by about 0.36% this week. As of August 19, 2025, non - commercial long positions of ICE No. 11 sugar decreased by 2.70% month - on - month, non - commercial short positions decreased by 1.34% month - on - month, and non - commercial net positions decreased by 2.60% month - on - month. The top 20 net positions of Zhengzhou sugar futures were - 17,161 lots, and the number of Zhengzhou sugar warehouse receipts was 13,916 [10][19]. - **Spot Market**: As of August 22, 2025, the international spot price of raw sugar was 16.74 cents per pound, down 1.12% month - on - month. As of August 29, the sugar price in Liuzhou, Guangxi was 6,010 yuan per ton, and the spot price of sugar in Kunming, Yunnan was 5,830 yuan per ton. As of August 27, 2025, the estimated import processing price of Brazilian sugar (out - of - quota, 50% tariff) was 5,786 yuan per ton, up 0.29% month - on - month; the in - quota price was 4,552 yuan per ton, up 0.29% month - on - month. The estimated import processing price of Thai sugar (out - of - quota, 50% tariff) was 5,772 yuan per ton, up 0.30% month - on - month; the in - quota price was 4,542 yuan per ton, up 0.29% month - on - month. As of August 18, the in - quota profit of imported Brazilian sugar was 1,278 yuan per ton, down 2.22% month - on - month; the out - of - quota profit was 44 yuan per ton, down 42.86% month - on - month. The in - quota profit of imported Thai sugar was 1,288 yuan per ton, down 2.20% month - on - month; the out - of - quota profit was 58 yuan per ton [13][23][26][31]. 3.3 Industry Chain Situation - **Supply Side**: The 2024/25 sugar - making season ended in late May 2025, with a national sugar production of 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03%. As of July 30, 2025, the industrial inventory was 1.6123 million tons, a year - on - year decrease of 99,500 tons. In July, China's sugar import volume was 740,000 tons, a month - on - month increase of 320,000 tons (76.2%) and a year - on - year increase of 76.4%. From January to July, the sugar import volume was 1.78 million tons, a year - on - year increase of 4% [35][37][42]. - **Demand Side**: As of May 31, 2025, the cumulative national sugar sales volume was 8.1138 million tons, a month - on - month increase of 12.00%, and the sales rate was 72.69%, a month - on - month increase of 11.45%. As of July 31, 2025, the monthly output of refined sugar was 410,000 tons, a month - on - month increase of 21.66%, and the monthly output of soft drinks was 1.79663 million tons, a month - on - month decrease of 2.51% [46][51]. ，3.4 Option and Stock - Futures Correlation Market - **Option Market**: Information about the implied volatility of at - the - money options of sugar this week was provided, but specific data was not detailed in the summary part [52]. - **Stock Market**: Information about the price - earnings ratio of Nanning Sugar Industry was provided, but specific data was not detailed in the summary part [57].