行业 白糖日报 日期 2025 年 12 月 3 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 | ...

Sugar Industry - India's latest crushing data shows a total of 48.6 million tons of sugarcane crushed as of November 30, 2025, an increase of 15.2 million tons or 45.5% compared to the same period last year [2][6] - Sugar production reached 4.135 million tons, up by 1.375 million tons or 49.81% year-on-year [2][6] - Current spot prices for new sugar in Guangxi range from 5,460 to 5,650 CNY/ton, with a slight decrease of 10 to 20 CNY/ton; Yunnan's new sugar prices are between 5,300 and 5,460 CNY/ton, down by 20 CNY/ton [2][6] - The raw sugar market has experienced wide fluctuations recently, with increased production suppressing price increases, while Brazilian ethanol prices provide support [2][6] - The market's confidence in sugar prices hitting new lows is insufficient, leading to a rebound in futures prices, with a focus on building a bottom [2][6] Cotton Industry - ICE cotton prices fell by 0.03%, closing at 64.61 cents per pound, while CF601 rose by 0.29% to 13,800 CNY/ton [3][7] - The main contract's open interest decreased by 2,787 contracts to 544,200 contracts, and the cotton 3128B spot price index increased by 20 CNY/ton to 14,590 CNY/ton [3][7] - Macroeconomic factors remain volatile, with reports indicating a dovish stance from the newly appointed Federal Reserve chair, and a high probability of a 25 basis point rate cut in December [3][7] - Recent U.S. cotton export reports show a decline in net signed contracts, negatively impacting cotton prices [3][7] - The domestic market is expected to experience a short-term range-bound trading pattern, with supply pressures gradually easing over time, providing potential support for cotton prices in the medium to long term [3][7]

Group 1: Report Overview - The report is a daily sugar report dated December 2, 2025, prepared by the Agricultural Products Research Institute of Galaxy Futures [2][3] Group 2: Data Analysis Futures Market - SR09 closed at 5,328, down 17 (-0.32%), with a trading volume of 6,072 (up 4,346) and an open interest of 21,363 (up 1,386) - SR01 closed at 5,382, down 23 (-0.43%), with a trading volume of 163,973 (up 30,236) and an open interest of 338,486 (down 12,087) - SR05 closed at 5,316, down 17 (-0.32%), with a trading volume of 58,088 (up 25,109) and an open interest of 221,789 (up 6,405) [3] Spot Market - The spot price of white sugar in Liuzhou was 5,565, down 20; in Kunming, 5,415, down 10; in Wuhan, 5,850, unchanged; in Nanning, 5,510, down 20; in Rizhao, 5,750, unchanged; and in Xi'an, 6,060, down 20 [3] Monthly Spread - The SR05 - SR01 spread was -66, up 6; the SR09 - SR05 spread was 12, unchanged; and the SR09 - SR01 spread was -54, up 6 [3] Import Profit - For Brazilian imports, the ICE主力 was 14.74, the quota - within price was 4,021, the out - of - quota price was 5,107, with a spread of 458 against Liuzhou, 643 against Rizhao, and 275 against the futures market - For Thai imports, the ICE主力 was 14.74, the quota - within price was 4,067, the out - of - quota price was 5,168, with a spread of 397 against Liuzhou, 582 against Rizhao, and 214 against the futures market [3] Group 3: Important Information Brazil - In the first half of November 2025, the sugarcane crushing volume in the central - southern region of Brazil was 18.761 million tons, up 235,200 tons (14.34%) year - on - year; sugar production was 983,000 tons, up 79,000 tons (8.69%) year - on - year - From the start of the 2025/26 season to the first half of November, the cumulative crushing volume was 576.253 million tons, down 7.341 million tons (-1.26%) year - on - year; cumulative sugar production was 39.179 million tons, up 800,000 tons (2.09%) year - on - year [5] India - As of November 30, 2025, in the 2025/26 season, the cumulative sugarcane crushing volume in India was 48.6 million tons, up 15.2 million tons (45.5%) year - on - year; sugar production was 4.135 million tons, up 1.375 million tons (49.81%) year - on - year [6][8] China (Guangxi) - On November 30, 2025, six sugar mills in Guangxi started crushing. In Chongzuo, the sugarcane planting area in 2025 was 4.1 million mu, and the estimated sugarcane crushing volume in the new season will be 18.27 million tons, up 960,000 tons from the previous season [8] Group 4: Market Analysis International Market - Brazilian sugarcane is entering the harvest stage, and the sugar - making ratio has decreased. The supply pressure of Brazilian sugar will gradually ease, and international sugar prices are showing signs of bottoming out, with short - term prices expected to be slightly stronger [9] Domestic Market - Domestic sugar mills are starting to crush, and the supply pressure will increase. However, due to tightened imports of syrup and premixed powder and high production costs, domestic sugar prices are expected to oscillate at a low level [9] Group 5: Trading Strategies - **Unilateral Trading**: Consider short - term long positions at low prices as the supply pressure from Brazil is easing, and domestic sugar prices have limited downside due to high production costs [10] - **Arbitrage**: Hold a wait - and - see attitude [11] - **Options**: Sell put options at low prices [11] Group 6: Related Charts - The report includes charts on Guangxi and Yunnan's monthly sugar inventories, cumulative sales - to - production ratios, Liuzhou's white sugar spot price, Liuzhou - Kunming sugar spot price spread, sugar basis for different contract months, and price spreads between different sugar futures contracts [12][13][16]

（来源：沐甜科技） 来源：沐甜科技 广西截止11月末广西第三方库存为3.06万吨，同比增加1.64万吨。与近五年广西11月末第三方在库库存 均值13.59万吨相比，库存仍偏低。 云南截止11月末云南第三方库存为13.79万吨，同比增加9.02万吨。与五年来云南11月末第三方库存均值 19.26万吨，数据中性偏多。 广西、云南截止11月末第三方累计库存为16.85万吨，同比增加10.66万吨。两地累计库存增加主要受北 方新榨季生产提速，加之广西、云南开榨，新糖陆续上市，阶段性食糖供应增加。另外，广西大部分糖 厂开榨时间比预期晚，已开榨的糖厂主要以兑现前期预售糖为主，市场现货有限。鉴于广西、云南集中 开榨时间在12月，大量新糖上市前，两地销售压力不大。 ...

白糖产业日报 2025-12-02 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 一定冲击，但价格相对坚挺，给与广西糖价一定支撑。另外市场前期利空基本消化，悲观情绪有所缓和， 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 预计后市糖价震荡为主。 免责声明 | 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) | 5382 | -23 主力合约持仓量:白糖(日,手) | 338486 | -12087 | | | 仓单数量:白糖(日,张) | 0 | ...

12月2日，粤桂股份涨5.18%，截至发稿，报21.11元/股，成交7.99亿元，换手率8.60%，总市值169.32亿 元。 资料显示，广西粤桂广业控股股份有限公司位于广东省广州市荔湾区流花路85号建工大厦3层，成立日 期1994年10月5日，上市日期1998年11月11日，公司主营业务涉及机制糖(白砂糖、赤砂糖)的生产和销 售,纸浆(本色浆、漂白浆)和机制纸(文化纸、特种纸)的生产和销售,硫铁矿的开采、加工、销售,硫酸、 试剂酸(精制硫酸)、铁矿粉(硫铁矿烧渣)和磷肥(普通过磷酸钙)的生产和销售。同时,继续开展加工贸易 糖业务。主营业务收入构成为：硫精矿37.15%，机制糖21.46%，浆13.92%，其他7.53%，硫酸5.79%， 铁矿粉4.79%，银粉2.30%，磷肥1.89%，块矿1.40%，贸易业务0.97%，-3mm矿0.96%，文化纸0.67%， 氨基磺酸0.58%，试剂硫酸0.50%，出口手捡矿0.08%。 从粤桂股份十大流通股东角度 数据显示，天弘基金旗下1只基金位居粤桂股份十大流通股东。天弘中证食品饮料ETF（159736）三季 度新进十大流通股东，持有股数158.64万股，占流通股的 ...

行业 白糖日报 日期 2025 年 12 月 2 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 | 涨跌幅 | 持仓量 ...

人民财讯12月1日电，中粮科技（000930）12月1日公告，为积极拓展功能糖等产业，补足西北区域淀粉 糖布局空白，公司拟投资8.8亿元建设平凉25万吨/年淀粉糖及1万吨/年阿洛酮糖新建项目，建设周期为 自董事会批复项目之日至投料试车共20个月。 ...

2025年12月01日 本周重要气象提示——中国 12月是我国南方地区进入集中开榨期，晴朗的天气有利于甘蔗糖分的积累和甘蔗的砍运。 截至11月27日，广西已经有21家糖厂开榨，同比减少36家，日榨产15万吨，同比减少31.6万吨。 当前广西、云南地区整体天气较为干燥，有利于糖分积累。 本周重要气象提示——巴西 南华浩淞白糖期货气象分析报告 ——巴西中南部降水偏少不利于甘蔗拔节 边舒扬（投资咨询资格证号：Z0012647） 交易咨询业务资格：证监许可【2011】1290号 当前巴西中南部进入甘蔗的压榨后期，对于当前需要收获的甘蔗而言，需要晴朗少雨的天气，有利于机 械收割，减少甘蔗含水量，提升蔗糖分。需要昼夜温差大，有利于甘蔗糖分转化与累积。 巴西中南部现在逐步进入雨季，压榨量开始下降，不过近期降水又有所减少。 巴西中南部近期降水减少，对于新榨季的甘蔗生长造成一定影响，不利于甘蔗的拔节。 本周重要气象提示——印度 当前印度甘蔗处于工艺成熟期，正是糖分积累的冲刺阶段，甘蔗停止营养生长，茎秆蔗糖浓度达到年度 峰值，汁液浓稠度最佳，即将步入榨糖黄金窗口期。印度马邦、卡邦已于11月开始压榨。 理想的降雨条件是日降雨量＜1 ...

白糖产业周报 2025/11/30 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相 ...