行业 白糖日报 日期 2025 年 4 月 29 日 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 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 请阅读正文后的声明 ＃summary＃ 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） | 涨跌 | ...

全球糖市纵览（2025/4/28） 华金期货 研究院 糖 市 信 息 汇 总 市场焦点 巴西：新榨季即将开始，关注天气及开榨进度 印度：榨季内产糖降低 至4月中，印度累计产糖2542.5万吨，较去年同期减少574万吨，降幅18.42%； 泰国：预计24/25产糖量增加 截至3月23日，泰国产糖量为997.58万吨，较去年同期的870.6万吨增加126.98万吨，增幅14.58%。 国内：逐步收榨，库存偏高 比增117万吨）、销糖量600万吨（同比增126万吨），销售进度55.8%（同比快6.3%） 新季：广西4月2日全部收榨，总产糖量645万吨，同比增27万吨；截止3月底，全国总产糖量1075万吨（同 库存：3 月国内糖工业库存回落明显。 巳西：ICE-乙醇折糖价差3.3，大稳小劢； 价格信息 观点 国内斱面，未来进口糖及替代品将成为夏季市场供应端最大的变量。建议白糖短期震荡思路对徃，相关企业根据生产 情况开展保值操作。 基本面 CFTC净多持仏：净多持仏增加，仍处往年同期低位； 双周数据：至3月底，巳西24/25累计产糖4016.9万吨，同比降5.3%。 出口：3月出口185万吨，榨季内累计已出口3525万 ...

Core Insights - The article highlights the successful implementation of a financial model that supports the sugarcane industry in Yunnan Province, China, through innovative credit products and supply chain financing [1][2]. Group 1: Financial Support and Innovations - The Construction Bank's Wenshan branch provided a loan of 200,000 yuan for sugarcane farmers, enabling them to upgrade to new varieties and drip irrigation systems, resulting in a 30% improvement in crop conditions compared to the previous year [1]. - The Wenshan branch also allocated 40 million yuan in supply chain loans to the Yunnan Funing Xianggui Sugar Industry Co., which led to equipment upgrades, increasing sugar extraction rates by 1.2 percentage points and allowing for an additional 30 tons of sugar production daily [1]. Group 2: Economic Impact and Growth - The comprehensive output value of the sugarcane industry in Funing County has increased by 40% over the past three years, benefiting nearly 50,000 farmers with an average income increase of over 8,500 yuan [2]. - The total output value of the sugarcane industry in the county has surpassed 440 million yuan, with additional processing projects for by-products contributing an extra 300 yuan per acre [2].

二 〇 二 五 年 度 2025 年 04 月 27 日 白糖：关注内外价差机会 周小球 投资咨询从业资格号：Z0001891 zhouxiaoqiu@gtht.com 报告导读： （1）本周市场回顾 国际市场方面，美元指数 99.58（前值 99.23），美元兑巴西雷亚尔 5.68（前值 5.86），WTI 原油价 格 63.17 美元/桶（-0.91%），纽约原糖活跃合约价格 18.16 美分/磅（+2.19%）。截至 4 月 22 日，基金 多单减少 3360 手，基金空单增加 1135 手，净多单同比减少 4495 手至 45862 手，净多单小幅减少。 UNICA 数据显示，截至 3 月 31 日，24/25 榨季巴西中南部累计产糖 4017 万吨，同比减少 225 万吨。 ISMA/NFCSF 数据显示，截至 4 月 15 日，24/25 榨季印度产糖 2543 万吨，同比减少 574 万吨。OCSB 数 据显示，截至 4 月 9 日，24/25 榨季泰国产糖 1005 万吨，同比增加 131 万吨。 国内市场方面，广西集团现货报价 6190 元/吨，环比上周上涨 20 元/吨；郑糖主力报 597 ...

不确定性增加 郑糖关注广西天气 白糖 2025 年 4 月 27 日 主要结论 白糖：国际市场来看：巴西新年度糖产量下调。印度收榨进度同比加快，最 终产量或低于 2600 万吨，难以实现出口。巴西开榨初期压榨进度同比大幅上升。 消费整体缺乏提振。 国内市场来看，国产糖销售进度较快，库存压力偏低。国内主产区发生旱灾， 甘蔗生长受影响。但前期国内进口窗口打开，5 月进口到港或大幅增加。消费转 入淡季。糖价主要需要关注天气因素后期的变化，如果风险被放大，糖价有上行 动力。如果后期降雨充分，糖价面临淡季以及进口增加的压力，存在回落风险。 操作建议：郑糖波段交易为主。 国信期货交易咨询业务资格： 证监许可【2012】116 号 国信期货白糖月报 国信期货研究 Page 1 分析师：侯雅婷 从业资格号：F3037058 投资咨询号：Z0013232 电话：021-55007766-305169 邮箱：15227@guosen.com.cn 作者保证报告所采用的数据均来自合 规渠道， 分析逻辑基于本人的职业理 解，通过合理判断 并得出结论，力求 客观、公正，结论不受任何第三方的 授意、影响，特此声明。 独立性申明： 请务必 ...

三、分红送配方案情况 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 前十大流通股东累计持有： 24016.96万股，累计占流通股比： 59.99%，较上期变化： 8151.83万股。 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0683 | 0.0688 | -0.73 | -1.1429 | | 每股净资产（元） | 0.31 | 0.24 | 29.17 | 0.1 | | 每股公积金(元) | 4.89 | 4.89 | 0 | 4.82 | | 每股未分配利润(元) | -5.96 | -6.03 | 1.16 | -6.10 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 32.52 | 33.65 | -3.36 | 28.38 | | 净利润(亿元) | 0.27 | 0.28 | -3.57 | -4.58 | | 净资产收益率(%) | 2 ...

Core Viewpoint - The company has effectively utilized its raised funds in accordance with regulatory requirements, with no instances of mismanagement or violation of fund usage guidelines [7][9]. Fund Utilization Summary - As of December 31, 2024, the raised funds in various branches of Agricultural Bank of China and Industrial and Commercial Bank of China have been fully utilized, and the special accounts for these funds have been closed [1]. - The actual investment amount from self-raised funds prior to the non-public offering was RMB 275.45 million [2]. - There are no instances of using idle raised funds to temporarily supplement working capital as of December 31, 2024 [3]. - The company has not engaged in cash management or investment in related products with idle raised funds as of December 31, 2024 [4]. Changes in Fund Utilization - In October 2020, the company approved a change in the use of raised funds, reallocating RMB 88.53 million from certain projects to others, including RMB 20 million to Xinjiang Sifang Industrial Co., Ltd. and RMB 68.53 million to Beihai Sugar Industry [5]. - In February 2022, the company terminated certain investment projects and permanently supplemented working capital with the remaining raised funds amounting to RMB 86.4 million [6]. - In December 2023, the company announced the completion of certain projects and the termination of others, reallocating RMB 46.73 million to permanently supplement working capital [6]. Compliance and Audit Reports - The board of directors believes that the company has disclosed the storage and actual usage of raised funds in a timely, truthful, accurate, and complete manner, complying with regulatory requirements [7]. - The audit report from Tianzhi International Accounting Firm confirms the pre-investment of raised funds [2]. - The special report on the storage and usage of raised funds reflects the company's compliance with relevant regulations [8]. - The sponsor institution, CITIC Jian Investment Securities, has verified that the company's usage of raised funds aligns with regulatory requirements and does not harm shareholder interests [9]. Additional Information - The company does not have instances of multiple financings with separate fund utilization in the same year [10].

Adecoagro (AGRO) Q4 2024 Earnings Call March 14, 2025 08:00 AM ET Company Participants Mariano Bosch - Co-Founder, CEO & DirectorEmilio Gnecco - CFO & Chief Legal OfficerRenato Junqueira - VP of the Sugar, Ethanol and Energy BusinessIsabella Simonato Alonso - Managing DirectorLarissa Pérez - Equity Research Associate Conference Call Participants Gustavo Troyano - Equity AnalystMatheus Enfeldt - Equity AnalystJulia Rizzo - Analyst Operator Good morning, ladies and gentlemen, and thank you for waiting. At thi ...