1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View of the Report The report focuses on the sugar market, highlighting the need to monitor the impact of Super Typhoon "Hagasha" on sugar - cane growing areas. It also presents various data on the supply and demand of sugar in domestic and international markets, as well as changes in production, sales, and exports [1][2][3]. 3. Summary According to Relevant Catalogs 3.1 Fundamentals Tracking - The current price of raw sugar is 15.85 cents per pound, with a year - on - year decrease of 0.33. The mainstream spot price is 5850 yuan per ton, down 60 yuan year - on - year, and the futures main contract price is 5452 yuan per ton, down 9 yuan year - on - year [1]. - The 15 spread is 20 yuan per ton, up 5 yuan year - on - year, and the 59 spread is - 23 yuan per ton, unchanged year - on - year. The mainstream spot basis is 398 yuan per ton, down 51 yuan year - on - year [1]. 3.2 Macro and Industry News - High - frequency information indicates the need to pay attention to the impact of Super Typhoon "Hagasha" on sugar - producing areas. In Brazil, sugar production in the second half of August increased by 18% year - on - year, while exports decreased, with 374 tons exported in August, a 5% year - on - year reduction, and 359 tons in July, also a 5% year - on - year reduction [1]. - Conab lowered the forecast for Brazil's sugar production in the 25/26 season to 44.5 million tons from the previous 45.9 million tons. China imported 830,000 tons of sugar in August, an increase of 60,000 tons [1]. 3.3 Domestic Market - CAOC predicts that in the 24/25 season, China's sugar production will be 11.16 million tons, consumption 15.8 million tons, and imports 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%. As of the end of August, the cumulative sugar imports in the 24/25 season were 4.08 million tons, a decrease of 270,000 tons [2]. - In the 25/26 season, the market anticipates a decline in the sugar yield and an increase in production costs in Guangxi [2]. 3.4 International Market - ISO forecasts a global sugar supply shortage of 230,000 tons in the 25/26 season and 4.88 million tons in the 24/25 season [3]. - As of September 1 in the 25/26 season, the cumulative sugar - cane crushing volume in the central - southern region of Brazil decreased by 4.8 percentage points year - on - year, with cumulative sugar production of 26.76 million tons, a decrease of 520,000 tons, and the cumulative MIX at 52.76%, an increase of 3.67 percentage points year - on - year [3]. - ISMA/NFCSF predicts that India's total sugar production in the 25/26 season will be 34.9 million tons, up from 29.5 million tons in the 24/25 season. 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 sentiment, with the value ranging from - 2 (most bearish) to 2 (most bullish) [4].

期 货 研 究 2025 年 09 月 15 日 白糖：区间震荡为主 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtjas.com 【基本面跟踪】 国际市场：ISO 首次预计 25/26 榨季全球食糖供应短缺 23 万吨，24/25 榨季全球食糖供应短缺 488 万吨。 UNICA 数据显示，截至 8 月 16 日，25/26 榨季巴西中南部甘蔗累积压榨量同比下降 6.6 个百分点，累计产 糖 2289 万吨（-112 万吨），累计 MIX52.51% 同比提高 3.37 个百分点。ISMA/NFCSF 预计，25/26 榨季印度 总糖产量 3490 万吨，24/25 榨季为 2950 万吨（+540 万吨）。OCSB 数据显示，24/25 榨季泰国累计产糖 1008 万吨（+127 万吨）。 【趋势强度】 白糖基本面数据 | | 价格 | 同比 | | 价差 | 同比 | | --- | --- | --- | --- | --- | --- | | 原糖价格（美分/磅） | 16.52 | 0.05 | 91 价差（元/吨） | 0 | 26 | | 主流现货价格（元/吨） | ...

期 货 研 究 2025 年 09 月 11 日 白糖：关注巴西出口 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtjas.com 【基本面跟踪】 白糖基本面数据 | | 价格 | 同比 | | 价差 | 同比 | | --- | --- | --- | --- | --- | --- | | 原糖价格（美分/磅） | 16.54 | 0.05 | 91 价差（元/吨） | -10 | -22 | | 主流现货价格（元/吨） | 5920 | 0 | 15 价差（元/吨） | 28 | 7 | | 期货主力价格（元/吨） | 5535 | 17 | 主流现货基差（元/吨） | 385 | -17 | 资料来源：同花顺，国泰君安期货研究 【宏观及行业新闻】 高频信息：印度季风降水量再度增强。巴西出口下降，引发对于全球消费的担忧。巴西 8 月出口 374 万 吨，同比减少 5%；巴西 7 月出口 359 万吨，同比减少 5%。Conab 下调 25/26 榨季巴西产量至 4450 万吨，前 值 4590 万吨。中国 7 月进口食糖 74 万吨（+32 万吨）。 【趋势强度】 白糖趋势强 ...

期 货 研 究 白糖基本面数据 | | 价格 | 同比 | | 价差 | 同比 | | --- | --- | --- | --- | --- | --- | | 原糖价格（美分/磅） | 15.7 | -0.35 | 91 价差（元/吨） | 31 | 3 | | 主流现货价格（元/吨） | 5920 | -10 | 15 价差（元/吨） | 19 | -11 | | 期货主力价格（元/吨） | 5533 | -29 | 主流现货基差（元/吨） | 387 | 19 | 资料来源：同花顺，国泰君安期货研究 2025 年 09 月 05 日 白糖：巴西出口同比下降 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtjas.com 【基本面跟踪】 【宏观及行业新闻】 高频信息：印度季风降水量较 LPA 高 8.8%（9 月 4 日）。Conab 下调 25/26 榨季巴西产量至 4450 万吨， 前值 4590 万吨。巴西出口下降，引发对于全球消费的担忧。巴西 8 月出口 374 万吨，同比减少 5%；巴西 7 月出口 359 万吨，同比减少 5%。中国 7 月进口食糖 74 万吨（+3 ...

【宏观及行业新闻】 期 货 研 究 2025 年 09 月 02 日 白糖：等待消息指引 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtjas.com 【基本面跟踪】 白糖基本面数据 | | 价格 | 同比 | | 价差 | 同比 | | --- | --- | --- | --- | --- | --- | | 原糖价格（美分/磅） | 16.34 | -0.16 | 91 价差（元/吨） | 14 | 27 | | 主流现货价格（元/吨） | 5940 | 0 | 15 价差（元/吨） | 39 | 2 | | 期货主力价格（元/吨） | 5609 | 5 | 主流现货基差（元/吨） | 331 | -5 | 资料来源：同花顺，国泰君安期货研究 期货研究 高频信息：巴西产量需要被重估。印度季风降水量较 LPA 高 6.7%（9 月 1 日）。巴西 7 月出口 359 万吨， 同比减少 5%。中国 7 月进口食糖 74 万吨（+32 万吨）。 国内市场：CAOC 预计 24/25 榨季国内食糖产量为 1116 万吨，消费量为 1580 万吨，进口量为 500 万吨； CAOC 预 ...

期 货 研 究 2025 年 08 月 27 日 白糖：维持区间整理思维 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtjas.com 【基本面跟踪】 国际市场：ISO 预计 24/25 榨季全球食糖供应短缺 547 万吨 (前值短缺 488 万吨)。UNICA 数据显示，截 至 8 月 1 日，25/26 榨季巴西中南部甘蔗累积压榨量同比下降 8.6 个百分点，累计产糖 1927 万吨（-162 万 吨），累计 MIX52.06% 同比提高 2.93 个百分点。ISMA/NFCSF 预计，25/26 榨季印度总糖产量 3490 万吨， 24/25 榨季为 2950 万吨（+540 万吨）。OCSB 数据显示，24/25 榨季泰国累计产糖 1008 万吨（+127 万吨）。 【趋势强度】 白糖趋势强度：0 ■ 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示 最看空，2 表示最看多。 国 泰 君 安 期 货 研 究 所 白糖基本面数据 | | 价格 | 同比 | | 价差 | 同比 | | --- | --- | --- | --- ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The report focuses on the sugar market, covering price data, macro and industry news, and production, consumption, and import forecasts in domestic and international markets [1][2][3] Group 3: Summary Based on Related Content 1. Sugar Fundamental Data - The raw sugar price is 16.09 cents/pound, down 0.16 from the previous period; the mainstream spot price is 5990 yuan/ton, unchanged; the futures main contract price is 5697 yuan/ton, down 21 [1] - The 91 spread is 59 yuan/ton, down 23; the 15 spread is 64 yuan/ton, up 2; the mainstream spot basis is 293 yuan/ton, up 21 [1] 2. Macro and Industry News - High - frequency information shows that the sugarcane crushing progress in the central - southern region of Brazil has accelerated; India's monsoon precipitation is higher than the long - period average (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] 3. Domestic Market - CAOC predicts that the domestic sugar production in the 24/25 sugar - crushing season will be 11.16 million tons, consumption will be 15.8 million tons, and imports will be 5 million tons; in the 25/26 sugar - crushing season, production will be 11.2 million tons, consumption will be 15.9 million tons, and imports will be 5 million tons [2] - As of the end of May in the 24/25 sugar - crushing season, the national sugar production was 11.16 million tons (+1.2 million tons), cumulative sugar sales were 8.11 million tons (+1.52 million tons), and the cumulative sugar sales rate was 72.7% [2] - As of the end of June in the 24/25 sugar - crushing season, China's cumulative sugar imports were 2.51 million tons (-650,000 tons) [2] 4. International Market - ISO predicts a global sugar supply shortage of 5.47 million tons in the 24/25 sugar - crushing season (previously forecasted a shortage of 4.88 million tons) [3] - As of July 16 in the 25/26 sugar - crushing season, the cumulative sugarcane crushing volume in the central - southern region of Brazil decreased by 9.6 percentage points year - on - year, with cumulative sugar production of 15.66 million tons (-1.59 million tons), and the cumulative MIX was 51.02%, up 2.69 percentage points year - on - year [3] - As of May 15 in the 24/25 sugar - crushing season, India's sugar production was 25.74 million tons (-5.8 million tons) [3] - In the 24/25 sugar - crushing season, Thailand's cumulative sugar production was 10.08 million tons (+1.27 million tons) [3] 5. Sugar Trend Intensity - The sugar trend intensity is 0, indicating a neutral outlook [4]

Report Industry Investment Rating - The investment rating for the sugar industry is bullish sentiment [1] Core Viewpoints - The global sugar market in the 24/25 season is expected to face a supply shortage, and the domestic market also has a supply - demand gap, but the specific situation varies by region [2][3] Summary by Relevant Catalogs Fundamental Tracking - The raw sugar price is 16.57 cents per pound, with a year - on - year increase of 0.33; the mainstream spot price is 6,030 yuan per ton, a year - on - year decrease of 10; the futures main contract price is 5,866 yuan per ton, a year - on - year increase of 32. The 91 spread is 198 yuan per ton, a year - on - year increase of 20; the 15 spread is 53 yuan per ton, a year - on - year increase of 2; the mainstream spot basis is 164 yuan per ton, a year - on - year decrease of 42 [1] Macro and Industry News - Pakistan has approved the import of 500,000 tons of sugar; the sugarcane crushing progress in central - southern Brazil is still slow, but the MIX is significantly higher year - on - year; the monsoon precipitation in India is higher than the long - period average (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 predicts that the domestic sugar production in the 24/25 season will be 11.16 million tons, consumption will be 15.8 million tons, and imports will be 5 million tons; in the 25/26 season, production will be 11.2 million tons, consumption will be 15.9 million tons, and imports will be 5 million tons. As of the end of May in the 24/25 season, the 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%. As of the end of June, the 24/25 season imports were 2.51 million tons (-650,000 tons) [2] International Market - ISO predicts a global sugar supply shortage of 5.47 million tons in the 24/25 season (previously a shortage of 4.88 million tons). As of July 1 in the 25/26 season, the cumulative sugarcane crushing volume in central - southern Brazil decreased by 14 percentage points year - on - year, with cumulative sugar production of 12.25 million tons (-2.04 million tons), and the cumulative MIX was 51.02%, a 2.33 - percentage - point increase year - on - year. As of May 15 in the 24/25 season, India's sugar production was 25.74 million tons (-5.8 million tons), and Thailand's cumulative sugar production was 10.08 million tons (+1.27 million tons) [3] Trend Intensity - The trend intensity of sugar is 0, indicating a neutral stance [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 2) Core View of the Report - The sugar market shows narrow - range fluctuations, with various supply - demand factors influencing both domestic and international markets [1] 3) Summary by Relevant Catalogs Fundamental Tracking - **Price Data**: The raw sugar price is 16.3 cents/pound, with a year - on - year decrease of 0.27; the mainstream spot price is 6060 yuan/ton, unchanged year - on - year; the futures main contract price is 5817 yuan/ton, with a year - on - year increase of 7 [1] - **Spread Data**: The 91 spread is 178 yuan/ton, with a year - on - year decrease of 3; the 15 spread is 57 yuan/ton, with a year - on - year increase of 3; the mainstream spot basis is 243 yuan/ton, with a year - on - year decrease of 7 [1] Macro and Industry News - Pakistan has approved the import of 500,000 tons of sugar; the sugarcane crushing progress in the central - southern region of Brazil is still slow, but the MIX has increased significantly year - on - year; the monsoon precipitation in India is higher than the Long - Period Average (LPA); Brazil exported 3.36 million tons of sugar in June, a 5% year - on - year increase; China imported 350,000 tons of sugar in May [1] Domestic Market - CAOC predicts that the domestic sugar production in the 24/25 sugar - crushing season will be 11.16 million tons, consumption will be 15.8 million tons, and imports will be 5 million tons; in the 25/26 sugar - crushing season, production will be 11.2 million tons, consumption will be 15.9 million tons, and imports will be 5 million tons [2] - As of the end of May in the 24/25 sugar - crushing season, the national sugar production was 11.16 million tons (+1.2 million tons), cumulative sugar sales were 8.11 million tons (+1.52 million tons), and the cumulative sugar sales rate was 72.7%. China's sugar imports were 2.1 million tons (-1.04 million tons) [2] International Market - ISO predicts a global sugar supply shortage of 5.47 million tons in the 24/25 sugar - crushing season (previously a shortage of 4.88 million tons) [2] - As of July 1, in the 25/26 sugar - crushing season, the cumulative sugarcane crushing volume in the central - southern region of Brazil decreased by 14 percentage points year - on - year, and the cumulative sugar production was 12.25 million tons (-2.04 million tons), with the cumulative MIX increasing by 2.33 percentage points year - on - year [2] - As of May 15 in the 24/25 sugar - crushing season, India's sugar production was 25.74 million tons (-5.8 million tons), and Thailand's cumulative sugar production was 10.08 million tons (+1.27 million tons) [2] Trend Intensity - The trend intensity of sugar is 0, with the value range being integers in the [-2, 2] interval, representing a neutral outlook [3]