1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - This week, the price of the Zhengzhou Sugar 2601 contract decreased with a weekly decline of about 1.43%. Internationally, in the second half of August 2025, sugar production data in southern Brazil generally met expectations, and the sugar production progress accelerated. Domestically, in August 2025, China's sugar imports increased both month - on - month and year - on - year. With the Mid - Autumn Festival stocking mostly completed, northern sugar mills about to start production, and a slight expected increase in sugar production in the new season, the spot price is weakening steadily. There is no obvious positive driving force in the short term, so it is expected to fluctuate weakly. It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. 3. Summary According to the Directory 3.1 Week - on - Week Key Points Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract decreased this week, with a weekly decline of about 1.43% [5]. - **Market Outlook**: In Brazil, in the second half of August 2025, 50.06 million tons of sugarcane were crushed, a year - on - year increase of 10.686%, and 3.87 million tons of sugar were produced, a year - on - year increase of 18.21%. In China, in August 2025, sugar imports were 830,000 tons, a month - on - month increase of 90,000 tons or 12.16%, and a year - on - year increase of 7.5%. With the end of Mid - Autumn Festival stocking, northern sugar mills about to start production, and a slight expected increase in new - season sugar production, the market is expected to fluctuate weakly [5]. - **Trading Strategy**: It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. - **Future Focus**: Domestic production and sales, and new - season output [6]. 3.2 Futures and Spot Market - **ICE US Sugar**: The price of the US Sugar March contract decreased this week, with a weekly decline of about 2.42%. As of September 9, 2025, the non - commercial net short position of raw sugar futures was 139,610 lots, an increase of 53,805 lots from the previous week. Long positions decreased by 14,220 lots to 170,080 lots, and short positions increased by 39,585 lots to 309,690 lots [12]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 16.15 cents per pound, a decrease of 0.19 cents per pound from last week [16]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2601 contract decreased this week, with a weekly decline of about 1.43%. The net position of the top 20 futures holders was - 73,276 lots, and the number of Zhengzhou Sugar warehouse receipts was 10,364 [17][24]. - **Zhengzhou Sugar Futures Spread and Basis**: The spread between the 1 - 5 contracts of Zhengzhou Sugar futures was + 15 yuan per ton, and the spot - Zhengzhou Sugar basis was + 479 yuan per ton [29]. - **Spot Market Price**: As of September 19, the price of sugar in Liuzhou, Guangxi was 5,940 yuan per ton, and the spot price of sugar in Kunming, Yunnan was 5,850 yuan per ton [36]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,527 yuan per ton, a decrease of 45 yuan per ton from last week; the estimated profit outside the quota was 143 yuan per ton, a decrease of 61 yuan per ton from last week. The estimated profit of Thai sugar within the quota was 1,381 yuan per ton, an increase of 1 yuan per ton from last week; the estimated profit outside the quota was 197 yuan per ton, a decrease of 1 yuan per ton from last week [42]. 3.3 Industry Chain Situation - **Supply - Production**: As of the end of August 2025, the total sugar production in the 2024/25 sugar - making season in China was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03% [45]. - **Supply - Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a month - on - month decrease of 450,000 tons or 27.91%, and a year - on - year increase of 60,100 tons or 5.45% [48]. - **Supply - Import Volume**: In August 2025, China's sugar imports were 830,000 tons, a year - on - year increase of 15% and a month - on - month increase of 90,000 tons. From January to August 2025, the cumulative sugar imports were 2.61 million tons, a year - on - year increase of 4.15% [52]. - **Demand - Sales Rate**: As of the end of August 2025, all sugar mills in the 2024/25 sugar - pressing season had stopped production. The total sugar production in this sugar - making season was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03%. The cumulative sugar sales were 9.9998 million tons, a year - on - year increase of 1.1388 million tons, and the cumulative sugar sales rate was 89.59%, 0.65 percentage points faster than the same period last year [56]. - **Demand - Production of Finished Sugar and Soft Drinks**: In August 2025, China's monthly production of finished sugar was 454,100 tons, a year - on - year increase of 49.3%. The monthly production of soft drinks was 17.7578 million tons, a year - on - year increase of 0.5% [60]. 3.4 Option and Stock - Related Markets - **Option Market**: Information about the implied volatility of at - the - money options for sugar this week is presented, but no specific data is given in the summary part [61]. - **Stock Market - Nanning Sugar Industry**: A chart of the price - earnings ratio of Nanning Sugar Industry is provided, but no specific data is summarized [66].