热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：云糖网 一、 数据速览 | >>> 中华人民共和国海关总署 | | | | 当好让党放心 让人民满意的 | 守国门 | | --- | --- | --- | --- | --- | --- | | 首页 政务服务 | 机构设置 | 新闻发布 | 政务公开 | 互动交流 专 | | | 置: 首页 > 改务公开 > 政府信息公开专栏 > 法定主动公开内容 > 海关统计 > 统计月报 > 主要统计数据 | | | | | | | | | | | | | 当月比去年同期土 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 商品名称 | 计量单 15 | 11月 | | 1室11月累计 | | | | 累计比去年同期土% | | | | | 数元 | 金额 | 數量 | 金额 | 數量 | 金额 | 數量 | 金额 | | 食糖 | 万吨 | | 128, 660 | 434 | 1, 377, 754 | -18.2 | -35.8 | 9.7 | ...

数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据中国海关数据显示：2025年10月中国食糖进口数量为75万吨，同比增长39%，进口金额为3.16亿美 元，同比增长8.4%。 近一年中国食糖进口情况统计图 上市企业：中粮糖业（600737），广农糖业（000911） 相关报告：智研咨询发布的《2025-2031年中国食糖行业市场全景评估及投资前景规划报告》 ...

Group 1 - The core viewpoint of the article highlights the significant growth in China's sugar imports, with a notable increase in both quantity and value in September 2025 compared to the previous year [1][2] - According to data from Chinese customs, the sugar import volume reached 550,000 tons in September 2025, representing a year-on-year increase of 35.8% [1] - The import value for the same period was $23.5 million, reflecting a year-on-year growth of 12.1% [1] Group 2 - The report titled "2025-2031 China Sugar Industry Market Panorama Assessment and Investment Prospect Planning" by Zhiyan Consulting provides insights into the future of the sugar industry in China [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Newly - estimated global sugar surplus in the new season has been mostly raised, with sugar production in Thailand and India recovering, which will have a key impact on the supply side. India is expected to resume sugar exports in the 2025/26 season, with a preliminary market expectation of 200 million tons. In the domestic market, 26 sugar mills in Mongolia and Xinjiang have started production in the 2025/26 season, with an expected total output of about 1.4 million tons, and short - term northern beet sugar supply will gradually increase. China's sugar imports in September 2025 were 550,000 tons, a month - on - month decrease of about 280,000 tons and a year - on - year increase of 35.8%. From January to September 2025, China's cumulative sugar imports were 3.16 million tons, a year - on - year increase of 270,000 tons or 9.4%. The import of sugar in the third quarter significantly accelerated. According to the forecast of the Market Early - Warning Expert Committee of the Ministry of Agriculture and Rural Affairs, China's total imports this year will exceed 5 million tons, and with the opening of the out - of - quota window for imported sugar, the pressure of later imports remains obvious. Downstream demand is in a seasonal decline, and it is expected that the demand for refined sugar and beverages will decrease later. However, the futures price is supported by cost, and the price is expected to fluctuate mainly [2] Summary by Relevant Catalogs Futures Market - The closing price of the main sugar futures contract was 5,445 yuan/ton, a decrease of 1 yuan; the main contract position was 401,598 lots, a decrease of 6,562 lots; the number of sugar warehouse receipts was 7,795, a decrease of 390; the net long position of the top 20 futures positions was - 79,016 lots; the total forecast of effective warehouse receipts for sugar was 586, unchanged [2] 现货市场 - The estimated import processing price of Brazilian sugar within the quota was 4,166 yuan/ton, a decrease of 29 yuan; the estimated import processing price of Thai sugar within the quota was 4,223 yuan/ton, a decrease of 37 yuan; the estimated price of imported Brazilian sugar outside the quota (50% tariff) was 5,282 yuan/ton; the estimated price of imported Thai sugar outside the quota (50% tariff) was 5,356 yuan/ton; the spot price of white sugar in Kunming was 5,725 yuan/ton, a decrease of 5 yuan; the spot price in Nanning was 5,750 yuan/ton, unchanged; the spot price in Liuzhou was 5,780 yuan/ton, unchanged [2] Upstream Situation - The national sugar - crop sown area was 1,480 thousand hectares, an increase of 60 thousand hectares; the sown area of sugar - cane in Guangxi was 835.09 thousand hectares, a decrease of 12.86 thousand hectares; the cumulative national sugar production was 11.1621 million tons, an increase of 5.49 million tons; the national sugar sales rate was 89.9%; the cumulative national sugar sales volume was 9.9998 million tons; the monthly sugar import volume was 550,000 tons, a decrease of 280,000 tons [2] Industry Situation - Brazil's total sugar exports were 3.2458 million tons, a decrease of 0.4982 million tons; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota was 1,367 yuan/ton, an increase of 4 yuan; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) was 251 yuan/ton, an increase of 12 yuan; the price difference between imported Thai sugar and Liuzhou sugar within the quota was 1,310 yuan/ton, an increase of 4 yuan; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) was 177 yuan/ton, an increase of 12 yuan [2] Downstream Situation - The monthly output of refined sugar was 454,100 tons, an increase of 44,100 tons; the monthly output of soft drinks was 1.7758 million tons, a decrease of 20,800 tons [2] Option Market - The implied volatility of at - the - money call options for sugar was 9.17%, an increase of 0.91%; the implied volatility of at - the - money put options for sugar was 9.22%, an increase of 0.94%; the 20 - day historical volatility of sugar was 7.72%, a decrease of 0.73%; the 60 - day historical volatility of sugar was 7.26%, a decrease of 0.02% [2] Industry News - According to data released by Brazilian shipping agency Williams, as of the week ending October 22, the number of ships waiting to load sugar at Brazilian ports was 86, compared with 90 the previous week. The amount of sugar waiting to be loaded at ports was 3.384 million tons, compared with 3.7272 million tons the previous week [2]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints - The ISO predicts a global sugar supply deficit of 231,000 tons in the 25/26 season, a significant reduction from the previous forecast. Conab estimates Brazil's central - southern sugar production in the 25/26 season to be 40.6 million tons, a 3.1% decrease from the previous estimate. As of the end of August 2025, China's cumulative sugar production in the 24/25 season was 11.1621 million tons, cumulative sales were 10 million tons, and the sales rate was 89.6%. In August 2025, China imported 830,000 tons of sugar, a year - on - year increase of 60,000 tons [5]. - International raw sugar has fallen below 16 cents again, and domestic Zhengzhou sugar has oscillated downward, hitting a two - year low. With the approaching end of the domestic consumption peak season and a significant increase in imported sugar, the main 01 contract of Zhengzhou sugar futures generally oscillates weakly [6]. - There are both positive and negative factors. Positive factors include good domestic consumption, reduced inventory, increased syrup tariffs, and the change in the US cola formula to use sucrose. Negative factors are the increase in global sugar production, expected global supply surplus in the new season, the oscillation of foreign sugar prices around 16 cents per pound, the opening of the import profit window, and increased import impact [8]. Group 3: Summary by Directory 1. Previous Day Review - Not provided in the content 2. Daily Tips - **Fundamentals**: The ISO expects a 231,000 - ton global sugar supply deficit in the 25/26 season, a large reduction from the previous forecast. Conab estimates Brazil's central - southern sugar production in the 25/26 season to be 40.6 million tons, down 3.1% from the previous estimate. As of the end of August 2025, China's cumulative sugar production in the 24/25 season was 11.1621 million tons, cumulative sales were 10 million tons, and the sales rate was 89.6%. In August 2025, China imported 830,000 tons of sugar, up 60,000 tons year - on - year; in July, the total import of syrup and premixes was 159,800 tons, down 68,500 tons year - on - year. The situation is neutral [5]. - **Basis**: The Liuzhou spot price is 5960, and the basis is 486 (01 contract), with the spot price at a premium to the futures price, which is positive [7]. - **Inventory**: As of the end of August, the industrial inventory in the 24/25 season was 1.16 million tons, which is positive [7]. - **Market**: The 20 - day moving average is downward, and the K - line is below the 20 - day moving average, which is negative [7]. - **Main Position**: The position is bearish, the net short position is decreasing, and the main trend is unclear, which is negative [7]. 3. Today's Focus - Not provided in the content 4. Fundamental Data - **Supply - demand situation**: Different institutions have different forecasts for the 25/26 season. The ISO predicts a 231,000 - ton deficit, Czarnikow predicts a 4.7 - million - ton surplus, and StoneX predicts a 1.21 - million - ton surplus [36]. - **Sugar production and sales in China**: As of the end of August 2025, China's cumulative sugar production in the 24/25 season was 11.1621 million tons, cumulative sales were 10 million tons, and the sales rate was 89.6%. In August 2025, China imported 830,000 tons of sugar, up 60,000 tons year - on - year; in July, the total import of syrup and premixes was 159,800 tons, down 68,500 tons year - on - year [5]. - **Price and cost**: The cost of imported raw sugar after processing and paying 50% tariff has shown different levels in different months from 2024 to 2025 [40]. 5. Position Data - The main position is bearish, the net short position is decreasing, and the main trend is unclear, which is negative [7]

Core Insights - The Chinese sugar industry is experiencing significant growth in imports, with a notable increase in both quantity and value [1][2]. Group 1: Import Data - In July 2025, China's sugar imports reached 740,000 tons, representing a year-on-year increase of 76.4% [1]. - The import value for the same period was $329 million, which is a 49.4% increase compared to the previous year [1]. Group 2: Companies Involved - The listed companies in the sugar industry include COFCO Sugar Holdings (600737) and Guangnong Sugar Industry (000911) [1]. Group 3: Market Research - The data is sourced from the General Administration of Customs of China and compiled by Zhiyan Consulting, which specializes in industry research and consulting services [2].

Group 1 - The core viewpoint of the article highlights the significant increase in China's sugar imports, with a reported quantity of 420,000 tons in June 2025, representing a year-on-year growth of 1434.9% and an import value of 203 million USD, which is a year-on-year increase of 1058.7% [1][2] Group 2 - The companies mentioned in the article include COFCO Sugar Industry (600737) and Guangnong Sugar Industry (000911) [1] - The data regarding sugar imports is sourced from the General Administration of Customs of China and compiled by Zhiyan Consulting [2]