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].

Group 1: Core View - The report predicts that Zhengzhou sugar will mainly fluctuate weakly as the new crops in the Northern Hemisphere and domestic cane sugar are approaching the market. The large current import volume of raw sugar and the gradual release of the pressure of imported sugar arriving at ports, along with an import cost of 5300 - 5400, are suppressing the market. With the recent start of sugar - cane crushing in Yunnan and the upcoming concentrated start in Guangxi in mid - to - late November, new selling pressure may form. However, as the current market price is close to the domestic sugar - making cost, the market is expected to show a resistant decline before the new domestic sugar hits the market [3] Group 2: Sugar Price Data Domestic Spot Prices - In Nanning Warehouse, Guangxi, the price per ton is 5780, with no change, and the basis with SR01 is 286, a decrease of 11 [3] - In Kunming, Yunnan, the price is 5720, no change, with a basis of 326 and a decrease of 11 compared to SR01 [3] - In Dali, Yunnan, the price is 5565, no change, with a basis of 211 and a decrease of 11 compared to SR01 [3] - In Rizhao, Shandong, the price is 5850, no change, with a basis of 256 and a decrease of 11 compared to SR01 [3] Futures Prices - SR01 is at 5494, an increase of 11, and the spread between SR01 and SR05 is 64, a decrease of 1 [3] - SR05 is at 5430, an increase of 12 [3] International Prices - The ice raw sugar main contract is at 14.39, with no change [3] - The London white sugar main contract is at 573, an increase of 3 [3] - The Brent crude oil main contract is at 63.86, with no change [3] Group 3: Exchange Rate and Other Data - The exchange rate of RMB against the US dollar is 7.1164, a decrease of 0.0076 [3] - The exchange rate of the Brazilian real against the RMB is 1.2818, an increase of 0.0212 [3] - The exchange rate of the Indian rupee against the RMB is 0.084, a decrease of 0.0004 [3]