Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Views - International sugar prices are expected to oscillate at the bottom in the short - term. Domestic sugar is expected to show an oscillatory trend in the near future [8][9]. Group 3: Summary by Directory 3.1 Data Analysis - **Futures Market**: SR09 closed at 5,269 with a rise of 3 (0.06%), trading volume of 9,154 (a decrease of 7505), and an increase in open interest of 1,495. SR01 closed at 5,278 with a rise of 14 (0.27%), trading volume of 1,423 (a decrease of 1,667), and a decrease in open interest of 1,391. SR05 closed at 5,257 with a rise of 6 (0.11%), trading volume of 136,106 (a decrease of 64,247), and an increase in open interest of 6,906 [3]. - **Spot Market**: The spot price of sugar in Liuzhou was 5,370 yuan/ton (a decrease of 20), in Kunming 5,200 yuan/ton (a decrease of 10), in Wuhan 5,650 yuan/ton (unchanged), in Nanning 5,330 yuan/ton (a decrease of 10), in Rizhao 5,545 yuan/ton (unchanged), and in Xi'an 5,790 yuan/ton (a decrease of 20). The basis in Liuzhou was 113, in Kunming - 57, in Wuhan 393, in Nanning 73, and in Rizhao 288 [3]. - **Monthly Spread**: The spread of SR05 - SR01 was - 21 (a decrease of 8), SR09 - SR05 was 12 (a decrease of 3), and SR09 - SR01 was - 9 (a decrease of 11) [3]. - **Import Profit**: For Brazilian imports, the quota - within price was 3,946 yuan/ton, the out - of - quota price was 5,010 yuan/ton, the spread with Liuzhou was 360, and the spread with Rizhao was 535. For Thai imports, the quota - within price was 3,994 yuan/ton, the out - of - quota price was 5,072 yuan/ton, the spread with Liuzhou was 298, and the spread with Rizhao was 473 [3]. 3.2 Market Judgment - **Important Information**: As of January 5, all 19 sugar mills in Guangdong for the 25/26 crushing season have started production. By the end of December 2025, the cumulative sugar production in Guangdong was 86,600 tons (compared to 116,300 tons in the same period last year), with a sugar yield of 8.72% (compared to 9.397% last year). The price of sulfured sugar of Guangdong Jinling in the 25/26 crushing season was 5,310 yuan/ton, and carbonated sugar was 5,550 yuan/ton (an increase of 10 yuan/ton in the afternoon). On January 5, the sugar futures market fluctuated and closed higher. The spot price of sugar in the main producing areas was basically stable in the afternoon, but the secondary quotes of Nanhua and Yingmao were raised by 10 yuan/ton, and the overall trading volume was average. As of December 31, 2025, India's sugar production in the 2025/26 crushing season reached 1.1897 million tons, a nearly 25% increase compared to the same period last year; 504 sugar mills had started production, 12 more than the same period last year [4][5][7]. - **Logical Analysis**: Internationally, Brazilian sugarcane is expected to gradually enter the end of the crushing season. The cumulative sugar production in the central - southern region of Brazil was 39.904 million tons, an increase of 543,000 tons compared to the same period last year. The supply pressure of Brazilian sugar will gradually ease, and the market focus has shifted to the Northern Hemisphere. Most sugar production in the Northern Hemisphere is in an increasing cycle, but the final realization of the production increase may affect the market trend. In the short - term, the US sugar price is technically building a bottom, but there is a lack of upward driving force. Domestically, the current sugar price is low, in the low - price range over the years. After the previous unexpected decline, the short - covering market has been repaired. The high processing cost of domestic sugar (most sugar mills in Guangxi have a cost of over 5,400 yuan/ton) provides some support for the market. The upward trend of the US sugar price on the external market has an upward driving effect on Zhengzhou sugar. However, considering that China is in the peak sugar - crushing season and there is still some sales pressure, and the global sugar production is expected to increase in the 25/26 season, the sugar price is expected to face significant pressure near the upper oscillation platform. In the short - term, the price is expected to oscillate [8]. 3.3 Trading Strategies - **Unilateral**: International sugar prices are expected to oscillate at the bottom in the short - term, and domestic sugar is expected to show an oscillatory trend [9]. - **Arbitrage**: Adopt a wait - and - see approach [10]. - **Options**: Sell put options [10]. 3.4 Related Attachments - The report provides multiple charts showing data on monthly inventory, monthly output, spot prices, basis, and price spreads of sugar in Guangxi and Yunnan, with data sources from Galaxy Futures and WIND [12][13][16][18][20][23].

Core Viewpoint - The company successfully passed the Non-GMO Identity Preservation (IP) verification audit conducted by the international authority SGS, ensuring the purity of its non-GMO products [2][6]. Group 1: Certification and Audit - The audit took place from December 28 to 31, 2025, covering products such as maltodextrin, crystalline fructose, anhydrous sugar, corn protein powder, and spray-dried corn skin [2][6]. - SGS experts conducted a comprehensive verification of the company's entire control system, from raw material selection to production site control and full-process testing [8]. Group 2: Quality Control and Management - The company received high praise for its quality control capabilities and the effectiveness of its traceability system, which meets global market requirements for non-GMO products [8]. - The Non-GMO IP verification aims to prevent potential contamination by genetically modified components throughout the production supply chain through stringent quality control and the establishment of complete traceability information [3][6]. Group 3: Future Commitment - The company is committed to maintaining its quality standards and providing high-quality products to the industry and customers, reinforcing its product quality safety measures [8].

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！ 观望为主。 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 白糖产业日报 2026-01-05 | 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) | 5257 | 6 主力合约持仓量:白糖(日,手) | 422565 | 6906 -3022 | | | 仓单数量:白糖(日,张) | 6005 | 823 期货前20名持仓:净买单量:白糖(日,手) | -65309 | | | | 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/ | 4563 | 873 | | | | 现货市场 | | 4085 5177 | 36 进口加工估算价(配额内):泰国糖(日,元/ | 4131 5236 | 34 45 | | | 吨) 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) 48 进口泰糖估算价 ...

Core Viewpoint - The report highlights the competitive landscape and development trends of the sugar industry in China from 2026 to 2032, indicating a decline in sugar production in November 2025 while showing an overall increase in production for the year [1] Industry Summary - According to the National Bureau of Statistics, China's refined sugar production in November 2025 was 1.3 million tons, representing a year-on-year decrease of 3.8% [1] - From January to November 2025, the cumulative refined sugar production in China reached 12.633 million tons, reflecting a cumulative growth of 7.8% compared to the previous year [1] - The report is based on data compiled by Zhiyan Consulting, a leading industry consulting firm in China, which has been focused on industry research for over a decade [1]

Sugar Market Overview - Raw sugar prices in December fluctuated between 14.3 and 15.3 cents per pound. As of December 15, 2025, India's sugar production for the 2025/26 season reached 7.825 million tons, an increase of 1.697 million tons or 27.69% year-on-year. The number of sugar mills in operation was 478, slightly up from 477 the previous year [2][11] - Thailand's cumulative sugarcane crushing volume as of December 27 was 14.0733 million tons, down by 2.8243 million tons or 16.71% year-on-year. The sugar content in sugarcane was 11.44%, a decrease of 0.07% from the previous year, while the sugar extraction rate increased to 9.09%, up by 0.095% year-on-year. The total sugar production was 1.2793 million tons, down by 240.6 thousand tons or 15.83% year-on-year [2][11] Domestic Market Insights - In December, the new sugar prices from Guangxi Sugar Group ranged from 5,310 to 5,410 yuan per ton, a decrease of approximately 150 yuan per ton. Yunnan Sugar Group's new sugar prices were between 5,140 and 5,240 yuan per ton, also down by about 150 yuan per ton. The main processing sugar factory prices ranged from 5,780 to 5,900 yuan per ton [3][12] - In November 2025, China imported 440 thousand tons of sugar, a decrease of 93.4 thousand tons year-on-year. From January to November 2025, sugar imports totaled 4.3416 million tons, an increase of 376.4 thousand tons or 9.49% year-on-year. For the 2025/26 season, sugar imports reached 1.1862 million tons, up by 115.9 thousand tons or 10.83% year-on-year [3][13] Market Sentiment and Future Outlook - The current market remains relatively calm, with no new updates from Brazil. The production progress in the Northern Hemisphere is the main focus, with India's production significantly ahead year-on-year. However, raw sugar prices have not yet reached levels that would allow India to export, indicating that production issues are more of an emotional restraint rather than an actual increase in trade flows. Future attention will be on India's latest production estimates [4][14] - The domestic sugar market experienced a decline in prices due to optimistic production expectations, leading to a recovery after an oversold situation. January is expected to see continued high production levels, but with ample supply, further price increases may face challenges. The market is expected to stabilize around 5,300 yuan per ton, with a focus on inventory accumulation before the upcoming holiday [4][14]

糖价跌至低位， 短线估值反弹 白糖月报 2026/01/04 13352843071 yangzeyuan@wkqh.cn 从业资格号：F03116327 交易咨询号：Z0019233 杨泽元（农产品组） CONTENTS 目录 01 月度评估及策略推荐 03 国内市场情况 02 价差走势回顾 04 国际市场情况 01 月度评估及策略推荐 月度评估及策略推荐 甘蔗生长周期和主要食糖生产国榨季起止 ◆ 市场回顾：外盘方面，12月原糖价格偏弱震荡，截至12月31日ICE原糖3月合约收盘价报14.95美分/磅，较之前一月下跌0.26美分/磅，跌幅 1.71%；价差方面，原糖3-5月差报0.33美分/磅，较之前一月下跌0.18美分/磅；伦敦白糖3-5月差报2.2美元/吨，较之前一月下跌3美元/吨； 3月合约原白价差报97美元/吨，较之前一月下跌3美元/吨。国内方面，12月郑糖价格先抑后扬，郑糖5月合约收盘价报5251元/吨，较之前一 月下跌76元/吨，跌幅1.43%。广西现货报5320元/吨，较之前一月下跌130元/吨；基差报69元/吨，较之前一月下跌54元/吨；1-5价差报13元 /吨，较之前一月下跌60元/吨；配 ...

（来源：沐甜科技） 来源：沐甜科技 沐甜4日讯 今天白糖期货市场休市。下午主产区白糖现货报价基本持稳，总体成交一般。具体情况如 下： 广西： 南宁中间商站台基准价5340元/吨；仓库报价5350元/吨，报价不变，成交一般。 南宁集团厂内车板报价5590-5340元/吨，报价不变，成交一般。 昆明中间商报价5200-5220元/吨，大理报价5170元/吨，祥云报价5180-5210元/吨，报价不变，成交一 般。 昆明集团报价5200-5210元/吨，大理报价5160-5170元/吨，报价不变，成交一般。 广东： 湛江中间商报价暂无。 新疆： 中粮厂仓报价5150-5250元/吨，报价不变，成交一般。 内蒙： 柳州中间商站台基准价5380-5420元/吨；仓库报价5360-5380元/吨， 报价不变，成交一般。 柳州集团仓库车板报价5360-5380元/吨，报价不变，成交一般。 云南： 凌云海25/26榨季白砂糖报价5850元/吨，绵白糖报价5950元/吨，报价不变，成交一般。（沐甜采编） 新浪合作大平台期货开户 安全快捷有保障 ...

Core Viewpoint - The global sugar market is expected to experience a supply surplus of 7.4 million tons in the 2025/2026 season, marking a ten-year high, with a contrasting situation in the domestic market where both domestic production and high import levels exert pressure on sugar prices [1][3]. Global Sugar Market Analysis - Brazil's sugar production for the 2025/2026 season reached 39.9 million tons by mid-November, a year-on-year increase of 1.13%, despite lower yields due to reduced rainfall [2]. - India's sugarcane minimum purchase price has been raised to 3,550 rupees per ton, leading to an expansion in planting area to 5.724 million hectares and a projected sugar production of 30.95 million tons, with a significant year-on-year increase of 27.69% [2]. - Thailand's sugar production is expected to rise to 11 million tons due to high sugarcane purchase prices, with exports reaching 5.1349 million tons in the first ten months of 2025, indicating increased export pressure [2]. Domestic Sugar Market Pressure - China's domestic sugar production for the 2025/2026 season is projected at 11.8 million tons, with significant increases in Guangxi and Yunnan provinces, while Guangdong's production slightly decreased due to typhoon impacts [4]. - High import levels are evident, with Brazil exporting 4.3718 million tons of sugar to China from January to November 2025, and an estimated total import of 4.9 million tons for the year [4]. - The domestic sugar consumption structure shows a strong industrial demand but weak consumer demand, with industrial consumption rising while beverage and dairy production has declined [4]. Key Factors to Monitor - The sugar-ethanol ratio is a critical factor affecting sugar production, with Brazil's ethanol production accounting for 50% of global output; a decline in the sugar-ethanol ratio could lead to reduced sugar production [5]. - India's export policy will significantly influence sugar prices, with a potential increase in exportable sugar to 2 million tons if domestic prices fall below export parity [5]. Long-term Outlook - The European sugar market is expected to see a decline in production due to falling sugar prices, with the average price in the 2024/2025 season at 555 euros per ton, significantly lower than the previous season [6]. - Thailand's sugarcane purchase price is set at 890 baht per ton, which may reduce farmers' willingness to plant sugarcane [6]. - The global sugar market is anticipated to continue its supply surplus trend, with strong production momentum from Brazil and India, while China faces dual pressures from increased domestic production and high import levels [6].

Core Viewpoint - The global sugar market is expected to experience a supply surplus of 7.4 million tons in the 2025/2026 season, marking a ten-year high, with a contrasting situation in the domestic market where both domestic production and high import levels exert pressure on sugar prices [1][3]. Global Sugar Market Overview - Brazil's sugar production for the 2025/2026 season reached 39.9 million tons as of mid-November, a year-on-year increase of 1.13%. Despite lower yields due to reduced rainfall, the sugar-to-ethanol ratio improved to 51.12%, offsetting the impact of lower yields [3]. - India's sugarcane minimum purchase price was raised to 3,550 rupees per ton, leading to an increase in planting area to 5.724 million hectares and an expected sugar production of 30.95 million tons, with a 27.69% year-on-year increase in production [3]. - Thailand's sugar production is projected to rise to 11 million tons, driven by high sugarcane purchase prices and increased planting area [3]. - Global sugar consumption is estimated at 177.8 million tons, while production is expected to be 185.3 million tons, resulting in a supply surplus of 7.4 million tons [3]. Domestic Sugar Market Dynamics - China's domestic sugar production for the 2025/2026 season is projected at 11.8 million tons, with significant increases in Guangxi and Yunnan provinces. However, Guangdong's production is slightly down due to typhoon impacts [5]. - High import levels are evident, with Brazil exporting 4.3718 million tons of sugar to China from January to November, and an estimated total import of 4.9 million tons for the year. The cost advantage of imported sugar is significant, with costs approximately 3,380 yuan per ton lower than domestic prices [5]. - The domestic sugar consumption structure shows a strong industrial demand but weak consumer demand, with industrial consumption rising while beverage and dairy production has declined [5]. Key Factors to Monitor - The sugar-ethanol ratio is a critical factor affecting sugar production, particularly in Brazil, where the ethanol production capacity is expanding. A drop in the sugar-ethanol ratio could lead to reduced sugar production [7]. - India's export policy will significantly influence sugar prices, with a potential increase in exportable sugar if domestic prices fall below export parity [7]. - Long-term trends indicate that declining sugar prices in Europe may lead to reduced production in the region, with a projected decrease in sugar beet planting area and production [8].

据外媒报道，印度尼西亚负责协调食品事务的高级官员TatangYuliono周二表示，印尼计划在2026年为工业用途进口约310万吨食糖。 国际糖业组织(ISO)将2025/26年度供需平衡由此前预期的小幅短缺修正为过剩162.5万吨，并预计全球糖产量同比增长3.2%至1.818亿吨。 据外媒报道，根据印度马哈拉施特拉邦糖业委员会发布的数据，截至2025年12月28日，马哈拉施特拉邦的糖厂已压榨了5153万吨甘蔗，生产了 截至2025年12月31日当周，白糖期货主力合约收于5251元/吨，周K线收阴，持仓量环比上周减持33275手。 本周(12月29日-12月31日)市场上看，白糖期货周内开盘报5277元/吨，最高触及5280元/吨，最低下探至5225元/吨，周度涨跌幅达-0.51%。 消息面回顾： 国投安信期货：巴西方面，12月降雨有所增加，前期干旱略有缓解，关注后续天气情况。从基本面看，国际市场供应较为充足，美糖上方仍面临 一定压力。国内方面，从交易逻辑来看，市场的交易重心转向新榨季的产量。目前广西生产进度偏慢，产糖量同比偏低,近期郑糖有所反弹。不 过，从产量预期来看，今年广西天气条件较为有利，25/26榨 ...