Group 1: Industry Investment Rating - No industry investment rating is provided in the report. Group 2: Core Viewpoints - Zhengzhou sugar is expected to maintain a weak and volatile trend due to factors such as increased global sugar supply, upcoming imports, and the impact of low - cost substitutes [4]. Group 3: Summary by Relevant Catalogs Domestic Sugar Market Data - On June 27, 2025, the spot price of sugar in Nanning, Guangxi was 6150 yuan/ton, up 10 yuan; in Kunming, Yunnan was 5890 yuan/ton, unchanged; in Dali, Yunnan was 5830 yuan/ton, unchanged; in Rizhao, Shandong was 6160 yuan/ton, unchanged [3]. - The price of SR09 was 5792 yuan, up 2 yuan; SR01 was 5600 yuan, down 1 yuan; SR09 - 01 was 192 yuan, up 3 yuan [3]. International Data - The exchange rate of RMB to USD was 7.1895, up 0.0004; Real to RMB was 1.2818, up 0.0212; Rupee to RMB was 0.084, down 0.0004 [3]. - The price of ICE raw sugar main contract was 16.69, up 0.31; London white sugar main contract was 573, up 3; Brent crude oil main contract was 66.34, down 0.4 [3]. Market Situation Analysis - In the second half of April in the central - southern region of Brazil, the sugarcane crushing volume increased year - on - year, the sugar - making ratio remained high, and the expected sugar production in the 2025/2026 crushing season may reach 42 million tons, strengthening the pattern of loose global supply [4]. - In the early stage, when ICE raw sugar fell below 18 cents/pound, it triggered domestic sugar purchases by ship. The near - month purchase volume exceeded one million tons, and imported sugar is expected to arrive at ports from mid - to - late June, increasing supply pressure in the third quarter [4]. - The cost of out - of - quota imported Brazilian sugar dropped to 5980 yuan/ton, and the price difference with domestic spot goods narrowed to 150 yuan/ton, which stimulates subsequent purchases [4]. - From January to March, the import of syrup and premixed powder was 242,000 tons (equivalent to about 156,000 tons of sugar), and low - cost substitutes continue to squeeze the consumption space of domestic - produced sugar [4].