Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The SR2601 contract is in a phase of fluctuating downward, and the future price center is expected to decline. Globally, the production increase cycle is not over, and the medium - to - long - term supply is expected to remain in a loose pattern. [3] Summary by Directory 产业链操作建议 - Sugar mills with inventory worried about price drops can hedge 100% of unsold inventory by selling SR601 at 5700 yuan/ton and 50% by selling SR601P5300 at 30 yuan/ton. - Traders planning to build inventory can buy 50% of SR601C5700 at 31 yuan/ton to hedge against price increases. - Sugar - using enterprises can follow similar strategies for both procurement and inventory management, and should also pay attention to UNICA bi - weekly data, China Sugar Association's production, sales and inventory data, and customs import data. [5] 日糖周度数据汇总 - Futures prices decreased this week compared to last week. For example, the 1 - month closing price dropped from 5496 yuan/ton to 5412 yuan/ton. - Spot prices in major regions also decreased, such as the price of Nanning white sugar dropping from 5800 yuan/ton to 5790 yuan/ton. - The basis increased slightly as the futures price decline was greater than the spot price decline. As of October 17, the basis of Zhengzhou sugar 01 was 378 yuan/ton. [8] 白糖主要市场价格及价差 - The international raw sugar futures price fluctuated downward this week due to the expected oversupply. - Zhengzhou sugar followed the raw sugar price to decline and then rebounded slightly, with the center of gravity moving down. - The spot price of white sugar first stabilized and then declined. After the National Day holiday, the short - term replenishment demand ended, and the price was under pressure due to the increasing supply of beet sugar. [13][14] 国际供给 巴西生产情况 - As of the second half of September in the 2025/26 crushing season, the cumulative sugar production in Brazil reached 33.524 million tons, a year - on - year increase of 0.84%. The production is expected to increase to about 41 million tons. - In the second half of September, the sugar production in the central - southern region was 3.137 million tons (a year - on - year increase of 10.76%), and the ethanol production was 2.213 billion liters (a year - on - year decrease of 1.50%). - As of October 10, the ethanol - to - gasoline ratio in Brazil was 67.69%, and the ethanol - converted sugar price was about 14.11 cents/pound, with the raw sugar having an advantage of about 1.90 cents/pound over the ethanol - converted sugar. - As of September 30, the sugar inventory in Brazil was 11.00674 million tons, close to the level of the same period last year. [39][46][51] 印度及泰国生产情况 - India's 2025/26 crushing season is expected to have a recovery - type increase in production. The ISMA estimates that the total sugar production will increase by 18% to about 34.9 million tons. - Thailand's 2024/25 crushing season's sugar production exceeded 10 million tons. In the 2025/26 crushing season, the production is expected to continue to increase slightly due to factors such as favorable weather and government support. [65][68] 全球生产信息 - The global sugar supply in the 2024/25 crushing season was in a loose pattern with marginal tightening. In the 2025/26 crushing season, the supply is expected to turn loose, with different institutions having different forecasts, such as Czarnikov predicting a supply surplus of 7.45 million tons. [73] 国内供给 - In the 2025/26 crushing season, the production is expected to increase to around 11.5 million tons. Inner Mongolia and Xinjiang have started the sugar - making process. - From January to August 2025, China imported 2.0121 million tons of sugar, a year - on - year increase of 121,000 tons, an increase of 4.86%. - The import of syrup and premixed powder is under control, but the import of products under the 2106.906 tax code still shows a significant year - on - year increase. [81][97][119] 销售情况 - There are two traditional peak demand seasons for white sugar in a year: the summer cold drink season and the Spring Festival stocking season. - After the National Day holiday, there was a short - term replenishment demand, but most traders and terminal enterprises still adopted a "buy - as - you - go" strategy due to the continuous decline in sugar prices, and the market digestion speed was slow. [129] 库存情况 - As the new crushing season of beet sugar begins and the domestic sugar sales progress is average, the inventory is expected to gradually increase after November. - As of the end of September 2025, the industrial inventory in Guangxi was 442,100 tons, a year - on - year increase of 170,700 tons; in Yunnan, as of the end of August, the industrial inventory was 204,700 tons, a year - on - year increase of 92,900 tons. [136] CFTC持仓 - Not elaborated on in terms of specific analysis in the given content, only presenting relevant data charts of ICE11 - number sugar positions.

1. Report Industry Investment Ratings - The investment rating for both sugar and cotton is "sideways" [1] 2. Core Views of the Report - In the 2024/25 season, sugar mills in major producing regions except Yunnan have finished crushing, and a recovery in sugar production is certain. Holiday consumption during May Day has boosted sugar demand and supported stable sugar prices. Internationally, Brazil's sugar production in the 2025/26 season is gradually ramping up, but due to weather factors, its sugar output is uncertain. It is expected that international sugar prices will fluctuate weakly in the short term. Attention should be paid to the planting and growth of sugarcane and beets in China, as well as Brazil's sugar production progress [1] - Due to the US tariff hikes on Chinese exports, China's textile and clothing exports have slowed down, with consumption decreasing by 200,000 tons to 7.6 million tons and imports decreasing by 200,000 tons to 1.5 million tons. Recently, high temperatures in most parts of Xinjiang are generally favorable for cotton sowing [1] 3. Summary by Relevant Catalog Data Overview - **External Quotes**: On April 26 - 27, 2025, the price of US sugar was $18.16 with a 0.00% change, and the price of US cotton was $68.7 with a 0.00% change [3] - **Spot Prices**: From April 25 - 27, 2025, the price of sugar in Nanning remained at 6,210 yuan with a 0.00% change, the price in Kunming dropped from 6,010 yuan to 6,000 yuan with a -0.17% change; the cotton index 328 decreased from 3,281 to 3,280 with a -0.03% change, and the price of cotton in Xinjiang remained at 14,000 yuan with a 0.00% change [3] - **Spread Overview**: Most sugar and cotton spreads remained unchanged from April 26 - 27, 2025, except for some changes in basis spreads. For example, the basis of sugar 01 decreased by 5.62%, and the basis of cotton 01 increased by 1.00% [3] - **Import Prices**: The price of cotton cotlookA remained at 80.55 from April 25 - 27, 2025, with a 0.00% change [3] - **Profit Margins**: The sugar import profit remained at 1,295 from April 25 - 27, 2025, with a 0.00% change [3] - **Options**: The implied volatility of SR509C6000 is 0.1105, and the historical volatility of its futures underlying SR509 is 8.88; the implied volatility of CF509C13000 is 0.12, and the historical volatility of its futures underlying CF509 is 11.97 [3] - **Warehouse Receipts**: The number of sugar and cotton warehouse receipts remained unchanged from April 25 - 27, 2025, with 28,756 for sugar and 10,555 for cotton [3] Company Information - Xinda Futures Co., Ltd. is a limited - liability company specializing in domestic futures business. It is wholly - owned by Xinda Securities Co., Ltd., with a registered capital of 600 million yuan. It has various memberships in multiple futures exchanges [9]