Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - Near the new crops in the Northern Hemisphere and the domestic cane sugar listing, Zhengzhou sugar is expected to be mainly in a weak - oscillating pattern. The large current import volume of raw sugar and the gradually released pressure of imported sugar arriving at ports, along with an import cost of 5300 - 5400, are suppressing the futures market. The start of sugar mills in Yunnan and the upcoming concentrated start of sugar mills in Guangxi in mid - to - late November may create new selling pressure. However, as the current futures price is close to the domestic sugar - making cost, the futures market is expected to show a resistive decline before the new domestic sugar is listed [4]. 3. Summary by Related Catalogs Domestic Spot Price - In the domestic spot market, on November 10, 2025, the price per ton of sugar in Nanning Warehouse, Guangxi was 5730 yuan, down 30 yuan; in Kunming, it was 5650 yuan, unchanged; in Dali, Yunnan, it was 5500 yuan, unchanged; in Rizhao, Shandong, it was 5820 yuan, unchanged [4]. Futures Market Data - SR01 was at 5475, up 18; SRO5 was at 5405, up 8; the spread between SR01 - 05 was 70, up 10 [4]. Exchange Rates and International Futures - The exchange rate of RMB against the US dollar was 7.1378, down 0.0015; the exchange rate of the Brazilian real against the RMB was 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB was 0.084, down 0.0004. The ice raw sugar main contract was at 14.13, unchanged; the London white sugar main contract was at 573, up 3; the Brent crude oil main contract was at 63.7, unchanged [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Internationally, with Brazil approaching its supply peak, global sugar inventories are expected to enter an accumulation phase. The short - term sugar price is affected by Brazilian production data, and the long - term trend depends on Brazil's production progress and actual output increase [4]. - Domestically, the fast production and sales speed supports sugar prices, but the upcoming large - scale import of sugar and the recent weakness of raw sugar may drag down domestic sugar prices. The short - term sugar price is expected to be weak [4]. - Raw sugar prices are falling due to expected global supply increases, and Brazilian sugar production changes are crucial. Domestic sugar prices are expected to follow raw sugar prices in the short term [5]. 3. Summary by Directory First Part: Data Analysis - **Futures Data**: SR2511 closed at 5,710, down 11 (0.20%), with a trading volume of 171,885 (down 10.50%) and an open interest of 349,073 (down 1.34%); SR2507 closed at 5,744, down 6 (0.10%), with a trading volume of 1,817 (down 21.38%) and an open interest of 11,080 (down 5.23%); SR2509 closed at 5,597, down 22 (0.39%), with a trading volume of 22,478 (down 26.02%) and an open interest of 51,737 (up 0.95%) [3]. - **Spot Prices**: In different regions, the spot prices in Liuzhou were 6090, in Kunming were 5860 - 6040, in Zhanjiang were 6175, in Nanning were 6160, in Bayuquan were 6420, in Rizhao were 6420, and in Xi'an were 6420 [3]. - **Import Data**: For Brazilian imports, the ICE主力 was 16.52, with a quota - free price of 4395, a tariff - included price of 5617, a spread of 473 compared to Liuzhou, 543 compared to Rizhao, and 127 compared to the futures market. For Thai imports, the ICE主力 was 16.52, with a quota - free price of 4431, a tariff - included price of 5664, a spread of 426 compared to Liuzhou, 496 compared to Rizhao, and 80 compared to the futures market [3]. Second Part: Market Judgment - **International Market**: Brazil's approaching supply peak will lead to global inventory accumulation. Short - term price is affected by production data, and long - term needs to focus on production progress and actual output increase [4]. - **Domestic Market**: Fast production and sales support prices, but incoming sugar imports and weak raw sugar may drag down prices. The short - term sugar price will be weak [4]. - **Logic Analysis**: Raw sugar is falling due to supply expectations, and Brazilian production is key. Domestic sugar prices will follow raw sugar in the short term [5]. - **Trading Strategies**: - Unilateral: The short - term trend is expected to be weak [6]. - Arbitrage: Hold a wait - and - see attitude [7]. - Options: Consider out - of - the - money ratio spread options or selling wide - straddle options [10]. Third Part: Related Attachments The report includes figures such as Guangxi monthly inventory, Yunnan monthly inventory, new industrial inventory, domestic sugar cumulative production - sales rate, Liuzhou white sugar spot price, Liuzhou - Kunming sugar spot spread, sugar September basis, and Zhengzhou sugar 5 - 9 spread, with data from Galaxy Futures and WIND [11][13][16].