不完全统计，截至目前不完全统计，25/26榨季广西已开榨糖厂56家，同比减少11家；日榨甘蔗产能42.5万 数据来源第三方(同花顺、wind)，观点仅供参考，市场有风险，投资需谨慎！ 吨，同比减少11.25万吨，本周预计将有10家糖厂开榨。云南开榨糖厂已达12家，同比增加6家。总体上， 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 市场糖源多样，现货价格走弱，后市维持弱势，关注需求变化。 免责声明 白糖产业日报 2025-12-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5245 | -83 主力合约持仓量:白糖(日,手) | 391467 | 149966 | | | 仓单数量:白糖(日,张) | 611 | 215 期货前20名持仓:净买单量:白糖(日,手) | -65573 | -8850 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ ...

今年以来，广西加强糖料蔗生产保护区管理，提升糖料蔗种植面积。截至今年9月底，全区糖料蔗 生产保护区非蔗作物退出面积24.56万亩，新增恢复种植糖料蔗面积27.06万亩。同时，组织实施糖料蔗 良种技术推广补助政策，截至今年10月底，全区糖料蔗良种推广新植面积约531万亩，自2020年实施糖 料蔗良种推广补助政策以来首次突破500万亩，助力全区糖料蔗种植面积大幅提升至1234万亩。 广西着力抓好甘蔗品种研发、育种体系建设和良种推广。目前，在农业农村部中国种业大数据平台 完成登记的甘蔗品种中，广西自育品种占43%。2024/25年榨季，广西糖料蔗良种覆盖率已接近99%，其 中广西自育品种覆盖率达92%以上，为我国实现甘蔗种源自主可控作出重大贡献。 12月10日，记者从自治区发展改革委获悉，2024/25年榨季，全区糖料蔗种植面积1135万亩，同比 增加11万亩；食糖产量646万吨，同比增加28万吨，创近十年新高；产糖率13.3%，同比提高1.22个百分 点，创广西历史最高纪录。广西糖料蔗种植面积与食糖产量连续34个榨季居全国第一。 此外，广西还加大力度延伸糖业产业链，持续推动蔗糖精深加工和副产品高值化利用。来宾市建 ...

研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 行业 白糖日报 日期 2025 年 12 月 11 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 每日报告 一、行情回顾与操作建议 | 表1：期货行情 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨 | | 美分/磅） | | | 持仓量（张） | | | SR601 | 5328 | | | | -0.22% | 241501 | | | SR605 | 5225 | | | | -0.40% | 349420 | | | 美糖 03 | 14.66 | | | -0.16 | -1.08% | 454182 | | | 美糖 | 14.30 | 05 | | -0.1 ...

广农糖业作为广西目前唯一地方国有上市糖企，始终将规范运作与市场信任视为发展的基石。多年来持续提升信息披露质量，严格执行信息披露规则，确保 各类公告的及时性、准确性和完整性，以高度透明赢得市场尊重。在投资者关系方面，公司积极搭建沟通桥梁，通过多元化渠道与方式耐心倾听、细致解 答，有效传递公司价值，增强投资者的理解与信任。同时，公司不断优化治理结构，推动各项制度落实，为公司长期稳健发展提供坚实的制度保障。 未来，广农糖业将继续完善公司治理、强化投资者服务，以持续规范的运作和真诚透明的沟通，推动公司实现高质量发展。（王秋香） 编辑：穆皓 7日，由上海证券报·中国证券网主办的"2025上证（巢湖）上市公司高质量发展大会"举行。凭借在规范信息披露、搭建多维度投资者沟通渠道、优化公司结 构治理等方面的扎实工作，广农糖业董事会秘书滕正朋荣获2025"上证鹰·金质量——精锐董秘奖"。 据悉，本次"上证鹰·金质量奖"评选聚焦在高质量发展上勇于担当的市场经营主体，表彰业绩突出的上市公司与管理者，进一步助力中国资本市场高质量发 展。"精锐董秘奖"不仅是对滕正朋及其证券团队工作的认可，更是资本市场对广农糖业在践行社会责任、恪守规范运 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The market sugar sources are diverse, the spot price is weakening, and the market will remain weak in the future. Attention should be paid to demand changes. The focus of the market has shifted to the pressure on prices brought by the increase in production in the Northern Hemisphere. The reduction of the sugarcane purchase price in Thailand has put pressure on the international raw sugar market. In the domestic market, although the import quota for this year is almost used up, the import cost continues to decrease, and domestic sugar producers are worried that low - priced processed sugar next year will seize the market share. There is competition in the market due to the accelerated sugar - cane pressing in Guangxi [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the futures main contract for sugar is 5328 yuan/ton, a decrease of 15 yuan; the main contract position is 241501 hands, a decrease of 18964 hands; the number of warehouse receipts is 396, an increase of 215; the net long position of the top 20 futures holders is - 56723 hands, an increase of 1625 hands; the effective warehouse receipt forecast is 1705, unchanged [2]. 现货市场 - The import processing estimated price of Brazilian sugar within the quota is 4017 yuan/ton, a decrease of 67 yuan; that of Thai sugar is 4065 yuan/ton, a decrease of 67 yuan. The import estimated price of Brazilian sugar outside the quota (50% tariff) is 5087 yuan/ton, a decrease of 88 yuan; that of Thai sugar is 5151 yuan/ton, a decrease of 87 yuan. The spot prices in Yunnan Kunming, Guangxi Nanning, and Guangxi Liuzhou are 5340 yuan/ton (down 5 yuan), 5370 yuan/ton (down 40 yuan), and 5460 yuan/ton (down 25 yuan) respectively [2]. Upstream Situation - The national sugar - crop sowing area is 1480 thousand hectares, an increase of 60 thousand hectares; the sowing area of sugar - cane in Guangxi is 840.33 thousand hectares, an increase of 5.24 thousand hectares [2]. Industry Situation - The cumulative national sugar production is 1116.21 million tons, an increase of 5.49 million tons; the cumulative sales of cane sugar in Guangxi is 8.94 million tons, a decrease of 593.35 million tons; the cumulative production of cane sugar in Yunnan is 4.48 million tons, a decrease of 237.4 million tons; the total sugar exports from Brazil are 330.2 million tons, a decrease of 90.3 million tons. The monthly sugar import volume is 75 million tons, an increase of 20 million tons, and the cumulative import volume is 390 million tons, an increase of 74 million tons [2]. Downstream Situation - The monthly production of refined sugar is 88.3 million tons, an increase of 34.39 million tons; the monthly production of soft drinks is 1096.2 million tons, a decrease of 495.5 million tons [2]. Option Market - The implied volatility of at - the - money call options for sugar is 10.01%, an increase of 1.39%; that of at - the - money put options is 10%, an increase of 1.38%. The 20 - day historical volatility is 7.1%, an increase of 0.01%; the 60 - day historical volatility is 7.02%, unchanged [2]. Industry News - As of November 4, 2025, the non - commercial net short position in raw sugar futures was 195528 hands, an increase of 28109 hands from the previous week. The long position was 165775 hands, an increase of 1384 hands, and the short position was 361303 hands, an increase of 29493 hands. The most actively traded March raw sugar futures on the ICE fell 0.15 cents or 1.0% to settle at 14.67 cents per pound due to concerns about supply from major producing countries [2]. Sugar - Cane Pressing Situation - As of now, in the 25/26 sugar - pressing season, 56 sugar mills in Guangxi have started pressing, 11 less than the same period last year, with a daily sugar - cane pressing capacity of 42.5 million tons, 11.25 million tons less than the same period last year. 10 more sugar mills are expected to start pressing this week. 12 sugar mills in Yunnan have started pressing, 6 more than the same period last year [2].

上市企业：华资实业（600191）,粤桂股份（000833）,冠农股份（600251）,中粮糖业（600737）,金禾实 业（002597）,广农糖业（000911）,海南椰岛（600238） 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。 相关报告：智研咨询发布的《2026-2032年中国制糖行业市场竞争状况及发展趋向分析报告》 2020-2025年1-10月中国成品糖产量统计图 数据来源：国家统计局，智研咨询整理 根据国家统计局数据显示：2025年10月中国成品糖产量为88.3万吨，同比增长36.1%；2025年1-10月中 国成品糖累计产量为1139.9万吨，累计增长7.8%。 ...

白糖： 消息方面，巴西12月第一周出口糖81.75万吨，日均出口量为16.35万吨，较上年12月全月的日均出口量 13.49万吨增加21%。上年12月全月出口量为283.37万吨。现货报价方面，广西制糖集团报价区间为 5390~5490元/吨，云南制糖集团报价5320~5360元/吨，产区报价持稳；加工糖厂主流报价区间为 5700~5900元/吨，个别下调30元/吨。原糖昨日夜间时段期价下行，刷新短期低点，主要还是因担心产 量过剩。国内现货价格有止跌迹象，关注后期成交情况，盘面暂时呈震荡状态，静待新的驱动。 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 棉花： 白糖： 消息方面，巴西12月第一周出口糖81.75万吨，日均出口量为16.35万吨，较上年12月全月的日均出口量 13.49万吨增加21%。上年12月全月出口量为283.37万吨。现货报价方面，广西制糖集团报价区间为 5390~5490元/吨，云南制糖集团报价5320~5360元/吨，产区报价持稳；加工糖厂主流报价区间为 5700~5900元/吨，个别下调30元/吨。原糖昨日夜间时段期价下行，刷新短期低点，主要还是因担心产 量过剩。 ...

Core Viewpoint - Despite a slight upward trend in New York raw sugar futures prices since November, domestic sugar prices in China are underperforming, with market sentiment leaning towards pessimism regarding future trends [1][4] Group 1: Domestic Sugar Market Conditions - The domestic sugar market is experiencing a phase of supply easing as sugar factories in southern production areas accelerate their operations for the 2025/2026 crushing season, leading to cautious purchasing behavior from traders and food and beverage companies [1][2] - As of mid-November 2025, all old sugar stocks in Guangxi have been cleared, with 74 sugar factories expected to operate, maintaining the same level as the previous season [2] - The total planting area for sugarcane in Guangxi is projected to reach approximately 12.34 million acres, the highest level in nearly a decade, driven by government subsidies and stable cane prices [2][3] Group 2: Production and Yield Estimates - The average sugarcane yield in Guangxi is expected to recover to around 4.5 tons per acre, with total sugarcane crushing volume estimated between 55.35 million and 56 million tons for the 2025/2026 season [3] - The sugar production in Guangxi is projected to be between 6.8 million and 7 million tons, an increase of 340,000 to 540,000 tons compared to the previous season [3] - The sugar production rate in Guangxi has decreased to 9.29%, down 1.63 percentage points year-on-year, with a total sugar output of 13.39 million tons reported by the end of November 2025, a decrease of 37.85 thousand tons year-on-year [3] Group 3: National Sugar Production Outlook - The China Sugar Association anticipates that national sugar production will continue to rise to around 11.7 million tons for the 2025/2026 season, following three consecutive seasons of recovery [4] - However, challenges remain, including high import volumes of sugar solutions and premixed powders, which threaten the domestic sugar industry, as well as pressure on sugar farmers to increase production without corresponding income growth [4] - In October 2025, sugar imports increased by 20.93 thousand tons year-on-year to 746.2 thousand tons, with a cumulative import of 3.9016 million tons from January to October, reflecting a year-on-year increase of 13.69% [4] Group 4: Global Sugar Market Trends - Globally, the main topic is increased production, particularly in India, where significant increases in sugarcane crushing and production are expected, leading to a more relaxed supply situation and limited upward pressure on sugar prices [5]

Core Viewpoint - Despite a slight upward trend in New York raw sugar futures prices since November, domestic sugar prices in China are underperforming, with market sentiment leaning towards pessimism regarding future trends [1] Group 1: Domestic Sugar Market Conditions - The domestic sugar market is experiencing a phase of supply easing as sugar factories in southern production areas accelerate their operations for the 2025/2026 crushing season, leading to cautious purchasing behavior from traders and food and beverage companies [1][2] - As of mid-November 2025, all old sugar stocks in Guangxi have been cleared, with 74 sugar factories expected to operate, maintaining the same level as the previous season [2] - The total planting area for sugarcane in Guangxi is projected to reach approximately 12.34 million acres, the highest level in nearly a decade, driven by government subsidies and stable cane prices [2] Group 2: Production and Yield Estimates - The average sugarcane yield in Guangxi is expected to recover to around 4.5 tons per acre, with total sugarcane crushing volume estimated between 55.35 million to 56 million tons, leading to a sugar production estimate of 6.8 million to 7 million tons, an increase of 340,000 to 540,000 tons compared to the previous season [3] - The sugar production rate in Guangxi is estimated to be between 12.3% and 12.5%, with a reported production of 133,900 tons by the end of November 2025, a decrease of 37,850 tons year-on-year [3] Group 3: National Sugar Production Outlook - The China Sugar Association anticipates that national sugar production for the 2025/2026 season will rebound to around 11.7 million tons, continuing a trend of recovery over the past three seasons [4] - However, challenges remain, including high import volumes of sugar solutions and premixed powders, which threaten the domestic sugar industry, as well as pressure on sugar farmers to increase production without corresponding income growth [4] Group 4: Global Sugar Market Trends - Globally, the main topic is increased production, particularly in India, where significant increases in sugarcane crushing and production are expected, leading to a more relaxed supply situation and limited upward pressure on sugar prices [5]

Core Points - The Guangxi Agricultural Investment Sugar Industry Group has officially commenced the 2025/2026 sugar production season with multiple sugar enterprises starting operations, aiming for a strong performance in the new season [1][5] - The companies are focusing on high-quality production and efficiency, with various measures in place to ensure a successful start to the season [3][4] Group 1: Production Initiatives - The Daqiao Sugar Company was one of the first to start production, achieving the output of first-grade white sugar within 24 hours, 16 hours earlier than the previous season [1] - The Mingyang Sugar Company also reported a successful start, producing first-grade white sugar within 24 hours of operation, with stable quality and quantity [1] - The Lingli Sugar Company produced first-grade white sugar 22 hours after starting operations, emphasizing quality control and efficiency in production processes [3] Group 2: Performance and Capacity - The Dongjiang Sugar Company reported significant improvements in key indicators, producing first-grade white sugar 26 hours after starting, with a focus on cost reduction and profit maximization [4] - The Boxuan Company invested over 60 million yuan in technological upgrades, enhancing core crushing capacity to a historical high of 13,000 tons per day, while optimizing production processes [4] - The Boqing Company achieved a sugarcane processing volume of 216,000 tons and a sugar output of over 23,100 tons, with a first-grade product rate of 100% [4] Group 3: Future Outlook - The Guangxi Agricultural Investment Sugar Industry Group plans to strengthen scientific scheduling and ensure safe and efficient production, aiming for dual improvements in product quality and production efficiency [5]