Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The sugar market is waiting for news guidance, with the trend intensity of sugar being neutral [1][4] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - The raw sugar price is 16.34 cents/pound, down 0.16 cents year-on-year; the mainstream spot price is 5,940 yuan/ton, unchanged year-on-year; the futures main contract price is 5,609 yuan/ton, up 5 yuan year-on-year [1] - The 91 spread is 14 yuan/ton, up 27 yuan year-on-year; the 15 spread is 39 yuan/ton, up 2 yuan year-on-year; the mainstream spot basis is 331 yuan/ton, down 5 yuan year-on-year [1] 3.2 Macro and Industry News - Brazil's sugar production needs to be re - evaluated; India's monsoon precipitation is 6.7% higher than the long - period average (LPA) on September 1st; Brazil exported 3.59 million tons of sugar in July, a 5% year - on - year decrease; China imported 740,000 tons of sugar in July, an increase of 320,000 tons [1] 3.3 Domestic Market - CAOC expects China's sugar production in the 24/25 season to be 11.16 million tons, consumption to be 15.8 million tons, and imports to be 5 million tons; in the 25/26 season, production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons [2] - As of the end of May in the 24/25 season, China produced 11.16 million tons of sugar, an increase of 1.2 million tons, and sold 8.11 million tons, an increase of 1.52 million tons, with a cumulative sales rate of 72.7% [2] - As of the end of July in the 24/25 season, China's cumulative sugar imports were 3.24 million tons, a decrease of 340,000 tons; in the 25/26 season, the market expects a decline in the sugar yield and an increase in production costs in Guangxi [2] 3.4 International Market - ISO expects a global sugar supply shortage of 5.47 million tons in the 24/25 season (previously 4.88 million tons) [3] - As of August 1st in the 25/26 season, the cumulative sugarcane crushing volume in Brazil's central - southern region decreased by 8.6 percentage points year - on - year, with cumulative sugar production of 19.27 million tons, a decrease of 1.62 million tons, and the cumulative MIX at 52.06%, an increase of 2.93 percentage points year - on - year [3] - ISMA/NFCSF expects India's total sugar production in the 25/26 season to be 34.9 million tons, compared to 29.5 million tons in the 24/25 season, an increase of 5.4 million tons [3] - OCSB data shows that Thailand's cumulative sugar production in the 24/25 season was 10.08 million tons, an increase of 1.27 million tons [3] 3.5 Trend Intensity - The trend intensity of sugar is 0, indicating a neutral view in the range of [-2, 2] where -2 is the most bearish and 2 is the most bullish [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The price of white sugar follows the price of raw sugar [1] 3. Summary by Relevant Catalogs Fundamental Tracking - Raw sugar price is 16.36 cents/pound, down 0.43 cents year-on-year; mainstream spot price is 6,060 yuan/ton, up 20 yuan year-on-year; futures main contract price is 5,839 yuan/ton, up 13 yuan year-on-year [1] - 91 spread is 169 yuan/ton, down 1 yuan year-on-year; 15 spread is 54 yuan/ton, down 5 yuan year-on-year; mainstream spot basis is 221 yuan/ton, up 7 yuan year-on-year [1] Macro and Industry News - Pakistan approves the import of 500,000 tons of sugar; the crushing progress in the central - southern region of Brazil is still slow, but MIX has increased significantly year-on-year; monsoon precipitation in India is higher than LPA; Brazil exported 3.36 million tons of sugar in June, a 5% year-on-year increase; China imported 420,000 tons of sugar in June [1] Domestic Market - CAOC expects domestic sugar production in the 24/25 season to be 11.16 million tons, consumption to be 15.8 million tons, and imports to be 5 million tons; in the 25/26 season, production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons [2] - As of the end of May in the 24/25 season, national sugar production was 11.16 million tons (+1.2 million tons), cumulative sales were 8.11 million tons (+1.52 million tons), and the cumulative sales rate was 72.7% [2] - As of the end of June in the 24/25 season, China imported 2.51 million tons of sugar (-650,000 tons) [2] International Market - ISO expects a global sugar supply shortage of 5.47 million tons in the 24/25 season (previously 4.88 million tons) [3] - As of July 1 in the 25/26 season, the cumulative sugarcane crushing volume in the central - southern region of Brazil decreased by 14 percentage points year-on-year, cumulative sugar production was 12.25 million tons (-2.04 million tons), and the cumulative MIX was 51.02%, up 2.33 percentage points year-on-year [3] - As of May 15 in the 24/25 season, sugar production in India was 25.74 million tons (-5.8 million tons) [3] - In the 24/25 season, Thailand's cumulative sugar production was 10.08 million tons (+1.27 million tons) [3] Trend Intensity - The trend intensity of white sugar is 0, indicating a neutral view [4]

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Report's Core View The report indicates that the raw sugar price has broken through the support level and declined. The trend strength of sugar is -1, suggesting a bearish outlook [1][4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price Data**: The raw sugar price is 16.91 cents per pound, down 0.34 cents year - on - year. The mainstream spot price is 6120 yuan per ton, down 10 yuan year - on - year. The futures main contract price is 5795 yuan per ton, down 46 yuan year - on - year [1]. - **Spread Data**: The 91 spread is 121 yuan per ton, down 12 yuan year - on - year. The 15 spread is 36 yuan per ton, down 4 yuan year - on - year. The mainstream spot basis is 325 yuan per ton, up 36 yuan year - on - year [1]. 3.2 Macro and Industry News - **High - frequency Information**: Brazil's sugarcane crushing progress is slower than the same period last year. The USDA expects the global sugar production in the 25/26 season to increase by 4.73%. Brazil exported 1.55 million tons of sugar in April, a year - on - year decrease of 18%. As of May 15, India's sugar production in the 24/25 season was 25.74 million tons. China's imports of regular sugar, syrup, and premixed powder from January to April decreased significantly [1]. 3.3 Domestic Market - **Production, Consumption, and Import Forecast**: CAOC predicts that China's sugar production in the 24/25 season will be 11.15 million tons, consumption will be 15.8 million tons, and imports will be 5 million tons. In the 25/26 season, production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons [2]. - **Production and Sales Data**: As of the end of April, China's sugar production in the 24/25 season was 11.11 million tons, an increase of 1.15 million tons. Cumulative sugar sales were 7.24 million tons, an increase of 1.5 million tons, and the cumulative sales rate was 65.2%. China's sugar imports in the 24/25 season were 1.74 million tons, a decrease of 1.38 million tons [2]. 3.4 International Market - **Supply and Demand**: ISO predicts a global sugar supply shortage of 5.47 million tons in the 24/25 season (previously 4.88 million tons) [3]. - **Production Data**: As of May 1, the cumulative sugarcane crushing volume in the central - southern region of Brazil in the 25/26 season decreased by 33 percentage points year - on - year, with cumulative sugar production of 1.58 million tons, a decrease of 1 million tons. As of May 15, India's sugar production in the 24/25 season was 25.74 million tons, a decrease of 5.8 million tons. As of April 9, Thailand's cumulative sugar production in the 24/25 season was 10.05 million tons, an increase of 1.31 million tons [3]. 3.5 Trend Intensity The trend intensity of sugar is -1, indicating a bearish view, with the range of trend intensity being integers from -2 to 2, where -2 is the most bearish and 2 is the most bullish [4].